page chairman s statement 2 report of the investment 5 manager portfolio snapshot 10 investments 11 financial statements 13 notes to 16 independent 20 registered public accounting firm other information 21 summary dividend 22 reinvestment and cash purchase plan directors officers 24 annual august 31 2004 taiwan fund inc what inside dear shareholders we are pleased present for fiscal year ended during net asset value nav decreased by 0 85 as restated in us dollar terms 1 new nt same period stock exchange index taiex creased 38 increased 03 depreciated against 35 this underperformed 3 on was trading at 99 per share reflecting a discount 14
