The R.O.C. Taiwan Fund Responds To SEC Filing

Business Wire, Jan 15, 2003

Business Editors

NEW YORK--(BUSINESS WIRE)--Jan. 15, 2003

The R.O.C. Taiwan Fund (NYSE: ROC)(the "Trust") responded today to certain statements in a Schedule 13D filing with the Securities and Exchange Commission made on January 13 by a group including Laxey Partners Limited.

The Schedule 13D filing referred to a letter from Laxey to the Trust dated January 2, 2003 in which Laxey has requested that a proposal to terminate the Trust's investment contract with International Investment Trust Company Limited be submitted for consideration by the Trust's shareholders at the Trust's next Annual Meeting. In a letter dated January 10, 2003, the Trust advised Laxey that its proposal failed to comply with applicable SEC rules and offered Laxey the opportunity to correct the deficiencies relating to the proposal. The Schedule 13D filing also asserted that a December amendment to the By-Laws of the Trust appears to be contrary to certain information that was included in the Trust's proxy statement for its 2002 Annual Meeting of Shareholders.

The action taken by the Trust last December to amend its By-Laws was not contrary to any information included in the Trust's proxy statement last year and is consistent with applicable SEC rules. That amendment also will have no impact on the proposal made by Laxey. If Laxey complies with applicable SEC rules in a timely manner, the proposal made by Laxey will be presented to the Trust's shareholders at the Trust's 2003 Annual Meeting of Shareholders. If Laxey is unable or unwilling to comply with applicable SEC rules, the Board of Trustees of the Trust will make a determination in due course regarding whether it is in the best interest of the Trust and its shareholders for Laxey's proposal to be presented. As required by the Trust's Amended and Restated Declaration of Trust and By-Laws, the shareholders of the Trust will have an opportunity at the Trust's 2003 Annual Meeting of Shareholders to vote on a binding resolution to convert the Trust into an open-end investment company.

The R.O.C. Taiwan Fund is listed and publicly traded in the United States, and is organized for investment in securities of R.O.C. issuers by non-R.O.C. investors. The Fund's investment adviser and manager is International Investment Trust Company Limited.