TSMC Reports 95% Increase in Record Year Profit Quarterly Net Income Reached NT$22 Billion

  IV - 3. Debt Service
     (Amount: NT$ billion)                    4Q04        3Q04        4Q03
     Cash & S-T Investments                  118.5       124.4       110.8
     Interest-Bearing Debt                    30.0        35.0        35.0
     Net Cash Reserves                        88.5        89.4        75.8

  Debt Service:

Net cash reserves, defined as the excess of cash and short-term investments over interest-bearing debt, decreased by NT$0.9 billion to NT$88.5 billion in 4Q04.

Interest-bearing debt reduced to NT$30 billion as NT$5 billion bonds were redeemed in this quarter.

  V. Cash Flow & CapEx

  V - 1. Cash Flow Analysis
     (Amount: NT$ billion)                    4Q04        3Q04        4Q03

     Net Income                               22.2        27.9        16.0
     Depreciation & Amortization              16.6        15.4        15.5
     Other Op Sources/(Uses)                  (2.1)       (5.1)       (0.0)
     Total Op Sources/(Uses)                  36.7        38.2        31.5
     Capital Expenditure                     (20.5)      (16.5)      (12.8)
     Short Term Investment                    (6.9)       (4.9)       (0.9)
     Long Term Investment                    (17.0)       (7.3)       (2.0)
     Other Investing Sources/(Uses)           (0.0)       (0.4)       (0.2)
     Net Investing Sources/(Uses)            (44.4)      (29.1)      (15.9)
     Cash dividends paid to common
      stocks                                   0.0       (12.2)        0.0
     Bonus paid to Employees                   0.0        (0.7)        0.0
     Payment on long-term bonds payable       (5.0)        0.0         0.0
     Other Financing Sources/(Uses)           (0.1)       (0.1)       (0.1)
     Net Financing Sources/(Uses)             (5.1)      (12.9)       (0.1)
     Net Cash Position Changes               (12.8)       (3.9)       15.6
     Cash Balance                             65.5        78.3        98.3

  Summary of Cash Flow:

During the quarter, TSMC generated NT$36.7 billion operating cash inflow mainly from net income of NT$22.2 billion and depreciation & amortization of NT$16.6 billion. This was partially offset by increases in working capital.

Net cash used in investing activities totaled NT$44.4 billion including (i) capital spending of NT$20.5 billion, (ii) a continued accumulation of NT$6.9 billion in short-term investments, and (iii) long-term investments of NT$3.5 billion in government and corporate bonds, NT$2.9 billion capital injection to TSMC (Shanghai), and NT$5.6 billion in a structured note and a NT$4.9 billion reclassification of such notes.

A net cash outflow of NT$5.1 billion in financing activities was largely attributable to the Company's NT$5.0 billion bond redemption.

  As a result, TSMC ended the quarter with a cash balance of NT$65.5 billion.

  Operating Cash Flow Trend:

Operating cash flow of NT$36.7 billion was slightly lower than the previous quarter due mainly to lower net income. To view V-2. Operating Cash Flow Trend, please visit http://www.tsmc.com/uploadfile/ir/quarterly/index_charts.pdf .

   (in US$ million)             1Q04   2Q04   3Q04   4Q04    2004
   TSMC                          489    683    484    621   2,277
   WaferTech                      14     27     26      5      72
   TSMC (Shanghai)                 1      9      8     51      69
                  Total          504    719    518    677   2,418

  Capital Spending:

Capital expenditures for TSMC alone during the quarter totaled US$621 million. Most of the spending was for 12-inch capacity ramp-up in Fab 12 and Fab 14.

Capital spending for WaferTech was US$5 million, and US$51 million for TSMC (Shanghai).

For Year 2004, total capital expenditures for TSMC as a group amounted to US$2.4 billion, including US$2.3 billion for TSMC, US$72 million for WaferTech, and US$69 million for TSMC (Shanghai).

  VI. Recap of Recent Important Events & Announcements

  -- TSMC Verifies Fully Functional 90 Nanometer Chips Using Immersion
     Lithography Tools (2004/12/22)

  -- TSMC Holds A Special Shareholders' Meeting To Approve Amendment of
     Dividend Policy (2004/12/21)

  -- TSMC 0.18-Micron High-Voltage Technology Goes to Volume Production

    --  TSMC  Is  Awarded  Best  IR  by  A  Taiwan  Company  by  IR  Magazine  (2004/11/04)

    --  TSMC  Board  of  Directors  Proposes  Amendment  of  Dividend  Policy

    --  TSMC  Aims  to  be  Best  Partner  in  "Invented/Made  in  China"  Arena

    --  Freescale  and  TSMC  to  Develop  Silicon-on-Insulator  Technology


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