TSMC Board of Directors Approves Issue of Overseas Convertible Bonds

Science-Based Industrial Park, Hsin-Chu, Taiwan, May 14, 1997 - At Taiwan Semiconductor Manufacturing Company's (TSMC) Board of Directors and Supervisors Meeting held yesterday, the board approved the issuing of overseas convertible bonds in an amount of not more than US$350 million for capital expenditure and other long-term investments in these two years.

Mr. Y.C. Huang, TSMC spokesman, stated that immediately after the shareholders meeting yesterday, the company held a Board of Directors and Supervisors Meeting. Apart from the approval of the issuing of overseas convertible bonds, the board also approved the promotion of Mr. Rick Tsai to Executive Vice President, Mr. Gary Tseng, Quincy Lin and Stephen T. Tso to Senior Vice Presidents, and Mr. J.B. Chen to Vice President.