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Monday 23 August, 2004

Taiwan Opp Fund Ltd

Re: Change of Custodian etc

Taiwan Opportunities Fund Ltd
23 August 2004


For Immediate Release

23rd August 2004



The Board of Taiwan Opportunities Fund Limited ('the Company') is pleased to
announce the following changes, which took effect from 13 August 2004:

•         The Northern Trust Company was appointed as the Company's Custodian;

•         Forum Fund Services Ltd. was appointed as subscription, redemption and
paying agent. They will also act as accounting agent and provide various
accounting services to the Company. They will act as first point of reference
for all shareholder queries and the contact details are given below.

•         Martin Currie (Bermuda) Limited, a wholly owned subsidiary of Martin
Currie Limited, continues to be appointed as Bermudian administrator and is
responsible for carrying out the functions of an administrator under Bermuda law
or satisfying itself that such services required of an administrator under
Bermuda law are being provided by appropriately qualified and experienced

The Custodian

The Northern Trust Company ('the Custodian') was appointed, pursuant to an
agreement dated 13 August 2004, with the Company to act as the Company's global
custodian. State Street Bank Luxembourg S.A. previously acted in such capacity
and resigned with effect from 13 August 2004. Under this agreement the Custodian
has the power to appoint sub-custodians, agents or nominees and to delegate
certain custodial and other functions where necessary to any such
sub-custodians, agents or nominees. The agreement excludes the Custodian from
any liability except in the case of negligence, fraud or wilful misconduct by
it, its agents or sub-custodians and provides that the Company will indemnify
the Custodian for any loss incurred by it in the performance of its obligations
except in the case of fraud, negligence or wilful misconduct on its part.

Northern Trust Corporation is a leading provider of investment management, asset
and fund administration, fiduciary and banking solutions for corporations,
institutions and affluent individuals worldwide. Northern Trust, a multibank
holding company based in Chicago, has a growing network of offices in 15 U.S.
states and has international offices in six countries. As of June 30, 2004,
Northern Trust had assets

under administration of $2.3 trillion, assets under investment management of
$527 billion and banking assets of $41 billion. Northern Trust, founded in 1889,
has earned distinction as an industry leader in combining high-touch service and
expertise with innovative products and technology.  The Custodian may appoint
sub-custodians to provide custody for the assets of the Company provided that
the Custodian exercises reasonable skill, care and diligence in the selection of
a suitable sub-custodian and shall be responsible to the Company for the
duration of the sub-custody agreement for satisfying itself as to the ongoing
suitability of the sub-custodian to provide custodial services to the Company.
The Custodian will maintain an appropriate level of supervision over any such
sub-custodian and make appropriate enquiries, periodically, to confirm that the
obligations of the sub-custodian continue to be competently discharged. The
Custodian shall nevertheless not be liable or responsible for the safekeeping of
any assets of the Company held by a sub-custodian and in particular shall not be
liable to the Company for the loss of any assets held by any sub-custodian.

The Custodian has agreed that all securities of the Company held by the
Custodian shall be held in segregated accounts identifiable as the securities of
the Company and distinguishable from the Custodian's own assets.  Accordingly,
the Company's securities would not be available, subject to applicable law, to
the Custodian or its liquidators or creditors in the event of the Custodian's
insolvency. The Custodian shall seek so far as it is able to ensure that
securities held by sub-custodians shall similarly be held in segregated
accounts. The HongKong & Shanghai Banking Corporation acts as sub-custodian in
respect of all the assets held through the UBS Investment Bank Quota and the
Martin Currie Quota, and in respect of the UBS Investment Bank Quota does not
hold such assets to the order of the Company or the Custodian. The Company's
assets held through the Company's sub-account with Martin Currie are segregated
from those of Martin Currie and the HongKong Bank and are therefore held to the
order of the Company or the Custodian. UBS Investment Bank and Martin Currie
shall ensure that all investments of the Company made through their respective
Quotas will be segregated in their books and records from the assets of UBS
Investment Bank or Martin Currie (as the case may be) and their other clients
held in the same Quota. All the Company assets held in the Martin Currie Quota
will be held to the order of the Custodian. Neither the Custodian, UBS
Investment Bank nor Martin Currie is responsible for any acts or omissions of
Hong Kong Bank or any custodian utilised by any other QFII through whom the
Company may from time to time invest.

The Custodian charges custody fees at varying rates, depending on the countries
in which the Company has invested and such fees will be payable quarterly.
Custody fee rates for investments vary between 0.0125 per cent. and 0.11 per
cent. per annum of the value of such assets and transaction fee rates vary
between £20 and £70 for each transaction settled through the Custodian. The
Custodian shall pay the fees of any sub-custodian appointed by the Custodian.
The custodian agreement may be terminated by 30 days' written notice on the part
of the Company or 30 days' written notice from the Custodian.

Accounting Services

Forum Fund Services Ltd ('the Accounting Agent') was appointed pursuant to an
agreement dated 13 August 2004 with the Company to provide certain accounting
services and act as the subscription and redemption agent to the Company. Forum
is a member of Citigroup.  State Street Bank Luxembourg S.A. previously acted in
such capacity and resigned with effect from 13 August 2004.

The Accounting Agent will be responsible for the calculation of the net asset
value and all Subscription and Redemption Prices, for processing all
applications for subscriptions and redemptions and for maintaining the
accounting records of the Company. The Custodian and Accounting Agent will not
be responsible for approving the valuations of unlisted investments and other
securities for which prices are not available. This role will continue to be
filled by the Directors of the Company. The agreement excludes the Accounting
Agent from any liability except in the case of fraud, dishonesty, gross
negligence or reckless disregard on its part or that of its agents or employees.

The Accounting Agent will charge fees accruing weekly and payable monthly based
on the month-end assets of the Company. The fees range from 0.6 per cent. and
0.10 per cent. per annum and there is a monthly minimum charge. The Accounting
Agent will also charge separately for undertaking financial reporting and for
its services as subscription and redemption agent. The Accounting Agent will be
entitled to out-of-pocket expenses from the Company. This agreement may be
terminated by 90 days' written notice from either party or as soon as
practicable in the event of a material breach by or the insolvency of either

Bermuda Administrator

Pursuant to a Supplemental Agreement dated 28 July 2000, between the Company and
Martin Currie (Bermuda) Limited, the latter agreed to provide all the services
required to be performed by a Bermuda administrator under Bermuda law or to
satisfy itself that such services are being performed by an appropriately
experienced third party.  This Agreement is supplemental to the existing
Management Agreement between the Company and Martin Currie (Bermuda) Limited and
the terms of such agreement remain otherwise fully in tact. No additional fees
will currently be payable to Martin Currie (Bermuda) Limited in respect of these
extra responsibilities.

Dealing in shares of the Company

The weekly dealing day for the Company (i.e. Friday) remains unchanged save that
for the purposes of determining dealing days, a day which is a Bank holiday in
Bermuda shall not be treated as a Business Day and all deadlines will now relate
to Bermuda times. Indicative net asset values will be issued on a daily basis.


Investors wishing to subscribe should complete a subscription form and fax it to
Forum Fund Services Ltd. (Attn:  Asha Furbert on fax number +441 296-1301) by
5pm (Bermuda time) on the relevant dealing day.


All transfer documentation should also be sent to Asha Furbert, Forum Fund
Services Ltd.


Investors wishing to redeem shares should complete a redemption form and fax it
to Forum Fund Services Ltd. (Attn: Asha Furbert on fax number +441 296 1301) by
5pm (Bermuda time) on the business day before dealing day. The original
documentation should also be sent to Forum Fund Services Ltd. by post to the
address shown below.

Redemption of shares held through Euroclear and Clearstream should be made in
accordance with the procedures from time to time of Euroclear or Clearstream (as
the case may be). Such Euroclear or Clearstream procedures require Shareholders
to give notice to Euroclear or Clearstream to comply with the notice
requirements of the Company.

Any specific queries on redemptions & subscriptions should now be directed

Forum Fund Services Ltd.

Washington Mall, 3rd Floor

Church Street, Hamilton, HM 11 Bermuda

Tel. No: 001 441 296 1300

Fax: 001 441 296 1301

The Board wishes to apologise for the delay in releasing the announcement to the
Irish Stock Exchange but this was due to an administrative error.


Martin Currie Investment Management Limited           Jason Bibb

Phone: (+44 131) 479 4736

NCB Stockbrokers Limited                                                 Joanne

                Phone: (+353 1) 611 5913

This announcement has been issued through the Companies Announcement Service of

The Irish Stock Exchange

                      This information is provided by RNS
            The company news service from the London Stock Exchange                                                                                                                                                                                  

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