6-K 1 h03307e6vk.htm FORM 6-K
1934 Act Registration No. 1-14700
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
For the month of April 2009
Taiwan Semiconductor Manufacturing Company Ltd.
(Translation of Registrant’s Name Into English)
No. 8, Li-Hsin Rd. 6,
Hsinchu Science Park,
Taiwan
(Address of Principal Executive Offices)
(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)

Form 20-F þ |  | Form 40-F o

(Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.)

Yes o |  | No þ

(If “Yes” is marked, indicated below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82: .)

#####

FOR IMMEDIATE RELEASE
CONTACT
Elizabeth Sun / Harrison Hsueh
Investor Relations Division
TSMC
invest@tsmc.com
886-3-568-2085/ 2088
Topics in This Report

• |  | Revenue Analysis
• |  | Profit & Expense Analysis
• |  | Financial Condition Review
• |  | Cash Flow
• |  | CapEx & Capacity
• |  | Recap of Recent Important Events & Announcements

1Q09 |  | Quarterly Management Report April 30, 2009

Operating Results Review:
Summary:

(Amounts are on consolidated basis and are in NT |  |  |  |  |  |  |  |  |  |
billions except otherwise noted) |  | 1Q09 |  | 4Q08 |  | 1Q08 |  | QoQ |  | YoY
EPS (NT$ per common share) |  |  | 0.06 |  |  |  | 0.48 |  |  |  | 1.08 |  |  |  | (87.5 | %) |  |  | (94.4 | %)
(US$ per ADR unit) |  |  | 0.01 |  |  |  | 0.07 |  |  |  | 0.17 |  |  |  |  |  |  |  |  |
Consolidated Net Sales |  |  | 39.50 |  |  |  | 64.56 |  |  |  | 87.48 |  |  |  | (38.8 | %) |  |  | (54.8 | %)
Gross Profit |  |  | 7.48 |  |  |  | 20.19 |  |  |  | 38.24 |  |  |  | (63.0 | %) |  |  | (80.4 | %)
Gross Margin |  |  | 18.9 | % |  |  | 31.3 | % |  |  | 43.7 | % |  |  |  |  |  |  |  |
Operating Expense |  |  | (6.27 | ) |  |  | (8.17 | ) |  |  | (9.12 | ) |  |  | (23.3 | %) |  |  | (31.2 | %)
Operating Income |  |  | 1.21 |  |  |  | 12.02 |  |  |  | 29.12 |  |  |  | (89.9 | %) |  |  | (95.8 | %)
Operating Margin |  |  | 3.1 | % |  |  | 18.6 | % |  |  | 33.3 | % |  |  |  |  |  |  |  |
Non-Operating Items |  |  | (0.46 | ) |  |  | 1.07 |  |  |  | 2.45 |  |  |  |  |  |  |  |  |
Net Income |  |  | 1.56 |  |  |  | 12.45 |  |  |  | 28.14 |  |  |  | (87.5 | %) |  |  | (94.5 | %)
Net Profit Margin |  |  | 3.9 | % |  |  | 19.3 | % |  |  | 32.2 | % |  |  |  |  |  |  |  |
Wafer Shipment (kpcs 8 inch-equiv.) |  |  | 892 |  |  |  | 1,532 |  |  |  | 2,196 |  |  |  | (41.8 | %) |  |  | (59.4 | %)

Note: |  | Total outstanding shares were 25,626mn units on 3/31/09

Financial Highlights:
First Quarter 2009

• |  | Consolidated net sales were NT$39.50 billion, representing a 38.8% sequential decline from 4Q08 and a 54.8% decline compared to 1Q08;
• |  | Gross margin was 18.9%, 12.4 percentage points lower than 4Q08 and 24.8 percentage points lower than 1Q08.
• |  | Operating margin was 3.1%, 15.5 percentage points lower than 4Q08 and 30.2 percentage points lower than 1Q08. Operating expenses were NT$6.27 billion, NT$1.90 billion lower than the previous quarter.
• |  | The combined result from non-operating income and long-term investment losses was a loss of NT$0.46 billion, compared to a gain of NT$1.07 billion in 4Q08 and a gain of NT$2.45 billion in 1Q08;
• |  | Consolidated net income attributable to shareholders of the parent company was NT$1.56 billion, with net profit margin of 3.9% and diluted EPS of NT$0.06.

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April 30, 2009 |  | Page 2

I. Revenue Analysis
I. Wafer Sales Analysis

By Application |  | 1Q09 |  | 4Q08 |  | 1Q08
Computer |  |  | 26 | % |  |  | 32 | % |  |  | 34 | %
Communication |  |  | 46 | % |  |  | 43 | % |  |  | 42 | %
Consumer |  |  | 21 | % |  |  | 19 | % |  |  | 17 | %
Industrial/Others |  |  | 7 | % |  |  | 6 | % |  |  | 8 | %

By Technology |  | 1Q09 |  | 4Q08 |  | 1Q08
45/40nm |  |  | 1 | % |  |  | 0 | % |  |  | 0 | %
65nm |  |  | 23 | % |  |  | 27 | % |  |  | 15 | %
90nm |  |  | 25 | % |  |  | 21 | % |  |  | 28 | %
0.11/0.13um |  |  | 16 | % |  |  | 17 | % |  |  | 20 | %
0.15/0.18um |  |  | 21 | % |  |  | 22 | % |  |  | 23 | %
0.25/0.35um |  |  | 11 | % |  |  | 10 | % |  |  | 10 | %
0.50um+ |  |  | 3 | % |  |  | 3 | % |  |  | 4 | %

By Customer Type |  | 1Q09 |  | 4Q08 |  | 1Q08
Fabless/System |  |  | 77 | % |  |  | 72 | % |  |  | 71 | %
IDM |  |  | 23 | % |  |  | 28 | % |  |  | 29 | %

By Geography |  | 1Q09 |  | 4Q08 |  | 1Q08
North America |  |  | 68 | % |  |  | 72 | % |  |  | 76 | %
Asia Pacific |  |  | 14 | % |  |  | 11 | % |  |  | 11 | %
China |  |  | 3 | % |  |  | 2 | % |  |  | 1 | %
Europe |  |  | 12 | % |  |  | 11 | % |  |  | 9 | %
Japan |  |  | 3 | % |  |  | 4 | % |  |  | 3 | %

Revenue Analysis:
Application—First quarter revenue was NT$39.50 billion, better than the revised guidance, primarily due to continued rush orders from customers especially from the mainland Chinese market. In 1Q09, demand continued to be weaker across all applications compared to 4Q08. On a sequential basis, revenues from computer, communication, and consumer applications decreased 53%, 36%, and 32%, respectively.
Technology—Revenue from 45/40nm reached 1% of total wafer sales in 1Q09. Meanwhile, revenue from 65nm and 90nm were 23% and 25% of total wafer sales, respectively. Overall, revenues from advanced technologies (0.13-micron and below) accounted for 65% of total wafer sales.
Customer—Revenues from IDM customers accounted for 23% of total wafer sales in 1Q09, lower than 28% in 4Q08, primarily due to increasing in-sourcing of those customers in the weak demand environment.
Geography—In 1Q09, revenues from customers based in North America accounted for 68% of total wafer sales, lower than 72% in 4Q08. Meanwhile, sales from customers in Asia Pacific, China, Europe, and Japan accounted for 14%, 3%, 12% and 3% of wafer sales, respectively.
II. Profit & Expense Analysis
II — 1. Gross Profit Analysis

(In NT billions) |  | 1Q09 |  | 4Q08 |  | 1Q08
COGS |  |  | 32.02 |  |  |  | 44.37 |  |  |  | 49.24 |
Depreciation |  |  | 18.97 |  |  |  | 19.29 |  |  |  | 18.12 |
Other MFG Cost |  |  | 13.05 |  |  |  | 25.08 |  |  |  | 31.12 |
Gross Profit |  |  | 7.48 |  |  |  | 20.19 |  |  |  | 38.24 |
Gross Margin |  |  | 18.9 | % |  |  | 31.3 | % |  |  | 43.7 | %

Gross Profit Analysis:
Gross margin in 1Q09 was 18.9%, down 12.4 percentage points from 4Q08, mainly driven by a sharp decline of production activities, partially balanced by cost improvement, a more favorable exchange rate, and less employee profit sharing expenses.

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II — 2. Operating Expenses

(In NT billions) |  | 1Q09 |  | 4Q08 |  | 1Q08
Total Operating Exp. |  |  | 6.27 |  |  |  | 8.17 |  |  |  | 9.12 |
SG&A |  |  | 2.54 |  |  |  | 3.34 |  |  |  | 3.85 |
Research & Development |  |  | 3.73 |  |  |  | 4.83 |  |  |  | 5.27 |
Total Operating Exp. as a % of Sales |  |  | 15.9 | % |  |  | 12.7 | % |  |  | 10.4 | %

Operating Expenses:
Total operating expenses for 1Q09 decreased to NT$6.27 billion, representing 15.9% of net sales, higher than 12.7% of net sales in 4Q08.
Research and development expenditures decreased by NT$1.10 billion sequentially, mainly due to lower level of employee profit sharing and less development expenses related to 40nm technologies.
SG&A expenses decreased by NT$0.80 billion from 4Q08 level. The decrease was mainly due to lower level of employee profit sharing and more stringent expense control.
II — 3. Non-Operating Items

(In NT billions) |  | 1Q09 |  | 4Q08 |  | 1Q08
Non-Operating Inc./(Exp.) |  |  | 0.35 |  |  |  | 1.41 |  |  |  | 1.87 |
Net Interest Income/(Exp.) |  |  | 0.88 |  |  |  | 1.18 |  |  |  | 1.19 |
Other Non-Operating |  |  | (0.53 | ) |  |  | 0.23 |  |  |  | 0.68 |
L-T Investments |  |  | (0.81 | ) |  |  | (0.34 | ) |  |  | 0.58 |
SSMC |  |  | (0.32 | ) |  |  | (0.07 | ) |  |  | 0.38 |
Others |  |  | (0.49 | ) |  |  | (0.27 | ) |  |  | 0.20 |
Total Non-Operating Items |  |  | (0.46 | ) |  |  | 1.07 |  |  |  | 2.45 |

Non-Operating Items:
For 1Q09, combined result from non-operating income and long-term investment losses was a net loss of NT$0.46 billion.
Non-operating income was NT$0.35 billion, lower than NT$1.41 billion in 4Q08, primarily due to less interest income, disposal and impairment losses of financial assets, and the absence of litigation compensation.
Net investment losses increased by NT$0.47 billion to NT$0.81 billion, mainly due to weaker business in VIS and SSMC.
III. Financial Condition Review
III — 1. Liquidity Analysis
(Selected Balance Sheet Items)

(In NT billions) |  | 1Q09 |  | 4Q08 |  | 1Q08
Cash & Marketable Securities |  |  | 229.79 |  |  |  | 211.45 |  |  |  | 210.31 |
Accounts Receivable — Trade |  |  | 13.82 |  |  |  | 18.50 |  |  |  | 37.95 |
Inventory |  |  | 14.78 |  |  |  | 14.88 |  |  |  | 21.89 |
Total Current Assets |  |  | 268.56 |  |  |  | 252.62 |  |  |  | 281.46 |
Accounts Payable |  |  | 10.97 |  |  |  | 14.04 |  |  |  | 22.59 |
Current Portion of Bonds Payable |  |  | 0.00 |  |  |  | 8.00 |  |  |  | 8.00 |
Accrued Bonus to Employees, Directors and Supervisors |  |  | 15.64 |  |  |  | 15.37 |  |  |  | 4.37 |
Accrued Liabilities and Others |  |  | 18.76 |  |  |  | 19.40 |  |  |  | 27.08 |
Total Current Liabilities |  |  | 45.37 |  |  |  | 56.81 |  |  |  | 62.04 |
Current Ratio (x) |  |  | 5.9 |  |  |  | 4.4 |  |  |  | 4.5 |
Net Working Capital |  |  | 223.19 |  |  |  | 195.81 |  |  |  | 219.42 |

Liquidity Analysis:
At the end of 1Q09, total current assets increased by NT$15.94 billion to NT$268.56 billion, mainly contributed by the free cash flow of NT$21.17 billion (please refer to page 5) generated during this quarter.
Total current liabilities decreased by NT$11.44 billion in 1Q09, primarily resulting from the repayment of corporate bond and a decline in payables to contractors and equipment suppliers.
Net working capital was NT$223.19 billion and current ratio increased to 5.9x.

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III — 2. Receivable/Inventory Days

(In Number of Days) |  | 1Q09 |  | 4Q08 |  | 1Q08
Days of Receivable |  |  | 38 |  |  |  | 46 |  |  |  | 43 |
Days of Inventory |  |  | 44 |  |  |  | 40 |  |  |  | 46 |

Receivable and Inventory Days:
Sequentially, days of receivable decreased by eight days to 38 days in 1Q09, mainly due to a lower level of business activities.
Days of inventory increased by four days to 44 days, reflecting an improving business outlook for 2Q09.
III — 3. Debt Service

(In NT billions) |  | 1Q09 |  | 4Q08 |  | 1Q08
Cash & Marketable Securities |  |  | 229.79 |  |  |  | 211.45 |  |  |  | 210.31 |
Interest-Bearing Debt |  |  | 16.00 |  |  |  | 23.44 |  |  |  | 22.88 |
Net Cash Reserves |  |  | 213.79 |  |  |  | 188.01 |  |  |  | 187.43 |

Debt Service:
Net cash reserves — defined as the excess of cash and short-term marketable securities over interest-bearing debt — increased by NT$25.78 billion to NT$213.79 billion at the end of 1Q09, primarily due to free cash flow of NT$21.17 billion generated during this quarter.
IV. Cash Flow
IV — 1.1. Cash Flow Analysis

(In NT billions) |  | 1Q09 |  | 4Q08 |  | 1Q08
Net Income |  |  | 1.56 |  |  |  | 12.45 |  |  |  | 28.14 |
Depreciation & Amortization |  |  | 20.48 |  |  |  | 20.96 |  |  |  | 19.83 |
Other Operating Sources/(Uses) |  |  | 4.75 |  |  |  | 29.83 |  |  |  | 9.33 |
Total Operating Sources/(Uses) |  |  | 26.79 |  |  |  | 63.24 |  |  |  | 57.30 |
Capital Expenditure |  |  | (5.62 | ) |  |  | (11.26 | ) |  |  | (15.31 | )
Marketable Financial Instruments |  |  | 13.80 |  |  |  | 30.31 |  |  |  | 12.91 |
Other Investing Sources/(Uses) |  |  | (0.04 | ) |  |  | (1.04 | ) |  |  | (0.73 | )
Net Investing Sources/(Uses) |  |  | 8.14 |  |  |  | 18.01 |  |  |  | (3.13 | )
Repayment of Bonds Payable |  |  | (8.00 | ) |  |  | 0.00 |  |  |  | 0.00 |
Purchase of Treasury Stock |  |  | 0.00 |  |  |  | 0.00 |  |  |  | (3.05 | )
Other Financing Sources/(Uses) |  |  | 0.12 |  |  |  | (0.30 | ) |  |  | (0.24 | )
Net Financing Sources/(Uses) |  |  | (7.88 | ) |  |  | (0.30 | ) |  |  | (3.29 | )
Net Cash Position Changes |  |  | 27.05 |  |  |  | 80.95 |  |  |  | 50.88 |
Exchange Rate Changes & Others |  |  | 1.60 |  |  |  | 1.21 |  |  |  | (1.59 | )
Ending Cash Balance |  |  | 223.26 |  |  |  | 194.61 |  |  |  | 144.28 |

Summary of Cash Flow:
Cash generated from operating activities totaled NT$26.79 billion during 1Q09, down from NT$63.24 billion in 4Q08, mainly due to lower level of business activities.
Net cash generated from investing activities was NT$8.14 billion in 1Q09, reflecting capital expenditure of NT$5.62 billion and a net decrease of NT$13.80 billion in marketable financial instruments.
As a result, TSMC ended 1Q09 with a cash balance of NT$223.26 billion.

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IV-2. Operating and Free Cash Flows
Operating and Free Cash Flows:
Cash flows generated from operating activities were NT$26.79 billion during the quarter. Free cash flow, defined as the excess of operating cash flows over capital expenditures, totaled NT$21.17 billion in 1Q09, compared to NT$51.98 billion in 4Q08.
V. CapEx & Capacity
V — 1. Capital Expenditures

(In US millions) |  | 1Q09 |  | 4Q08
TSMC |  |  | 161 |  |  |  | 326 |
XinTec and GUC |  |  | 2 |  |  |  | 2 |
TSMC China & WaferTech |  |  | 3 |  |  |  | 12 |
Other TSMC Subsidiaries |  |  | 0 |  |  |  | 2 |
Total TSMC |  |  | 166 |  |  |  | 342 |

Capital Expenditures:
Capital expenditures for TSMC on a consolidated basis totaled US$166 million in 1Q09.
For year 2009, total capital expenditures for TSMC is expected to be around US$1.5 billion, compared with US$1.9 billion spent in 2008.
V-2. Capacity

|  | 4Q08 |  | 1Q09 |  | 2Q09 |  | 3Q09 |  | 4Q09 |  | 2009
Fab / (Wafer size) |  | (A) |  | (A) |  | (F) |  | (F) |  | (F) |  | (F)
Fab-2 (6”)(1) |  |  | 272 |  |  |  | 274 |  |  |  | 280 |  |  |  | 283 |  |  |  | 283 |  |  |  | 1,121 |
Fab-3 (8”) |  |  | 274 |  |  |  | 286 |  |  |  | 289 |  |  |  | 292 |  |  |  | 283 |  |  |  | 1,150 |
Fab-5 (8”) |  |  | 161 |  |  |  | 162 |  |  |  | 149 |  |  |  | 144 |  |  |  | 144 |  |  |  | 599 |
Fab-6 (8”) |  |  | 282 |  |  |  | 295 |  |  |  | 284 |  |  |  | 287 |  |  |  | 287 |  |  |  | 1,154 |
Fab-8 (8”) |  |  | 272 |  |  |  | 275 |  |  |  | 271 |  |  |  | 265 |  |  |  | 255 |  |  |  | 1,066 |
Fab-12 (12”)(2) |  |  | 221 |  |  |  | 218 |  |  |  | 219 |  |  |  | 218 |  |  |  | 254 |  |  |  | 909 |
Fab-14 (12”)(2) |  |  | 236 |  |  |  | 238 |  |  |  | 236 |  |  |  | 228 |  |  |  | 227 |  |  |  | 928 |
WaferTech (8”) |  |  | 106 |  |  |  | 106 |  |  |  | 107 |  |  |  | 109 |  |  |  | 109 |  |  |  | 431 |
TSMC China (8”) |  |  | 128 |  |  |  | 128 |  |  |  | 134 |  |  |  | 135 |  |  |  | 135 |  |  |  | 531 |
TSMC total capacity (8” equiv. Kpcs) |  |  | 2,405 |  |  |  | 2,431 |  |  |  | 2,414 |  |  |  | 2,394 |  |  |  | 2,455 |  |  |  | 9,695 |
SSMC (8”) |  |  | 73 |  |  |  | 64 |  |  |  | 65 |  |  |  | 65 |  |  |  | 65 |  |  |  | 259 |
Total managed capacity (8” equiv. Kpcs) |  |  | 2,478 |  |  |  | 2,495 |  |  |  | 2,479 |  |  |  | 2,460 |  |  |  | 2,520 |  |  |  | 9,954 |

(1) |  | Figures represent number of 6” wafers. Conversion to 8”-equivalent wafers is obtained by dividing this number by 1.78
(2) |  | Figures represent number of 12” wafers. Conversion to 8”-equivalent wafers is obtained by multiplying this number by 2.25

Capacity:
Total managed capacity was 2,495K 8-inch equivalent wafers in the first quarter, increased by 0.7% from 2,478K in 4Q08.
Total managed capacity in 2009 is expected to reach 9,954K 8-inch equivalent wafers, representing an increase of 6% from 9,377K 8-inch equivalent wafers in 2008, while capacity for 12-inch wafer fabs is expected to increase by 11%, reaching 41.5% of total capacity.

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April 30, 2009 |  | Page 6

VI. Recap of Recent Important Events & Announcements

• |  | TSMC Qualifies New 0.18-Micron Embedded Flash Family (2009/03/31)
• |  | Ciranova and TSMC Announce Strategic Partnership on Advanced PDK Technology (2009/03/24)
• |  | Barron’s Names Dr. Rick Tsai to its Most Respected CEO List (2009/03/23)
• |  | Intel, TSMC Reach Agreement to Collaborate on Technology Platform, IP Infrastructure, SoC Solutions (2009/03/02)
• |  | TSMC and Tela Innovations Announce Strategic Partnership to Enhance Design and Process Co- Optimization (2009/02/24)
• |  | TSMC Board Proposes Dividend of NT$3.0 Cash and 0.5% Stock Per Share (2009/02/10)

* |  | Please visit TSMC’s Web site (http://www.tsmc.com) for details about these and other announcements.

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|  | TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED AND SUBSIDIARIES Consolidated Condensed Balance Sheets (Expressed in Millions of New Taiwan Dollars (“NTD”) and U.S. Dollars (“USD”))(1)

|  |  |  |  |  |  |  |  |  |  |  |  |  | December 31, 2008 |  |  | March 31, 2008 |  |  |  |  |  |  |
|  | March 31, 2009 (unaudited) |  |  | (audited) |  |  | (unaudited) |  |  | QoQ |  |  | YoY |
|  | USD |  |  | NTD |  |  | % |  |  | NTD |  |  | % |  |  | NTD |  |  | % |  |  | Amount |  |  | % |  |  | Amount |  |  | % |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and Cash Equivalents |  | $ | 6,583 |  |  | $ | 223,262 |  |  |  | 40.4 |  |  | $ | 194,614 |  |  |  | 34.8 |  |  | $ | 144,277 |  |  |  | 24.2 |  |  | $ | 28,648 |  |  |  | 14.7 |  |  | $ | 78,985 |  |  |  | 54.7 |
Investments in Marketable Financial Instruments |  |  | 192 |  |  |  | 6,527 |  |  |  | 1.2 |  |  |  | 16,836 |  |  |  | 3.0 |  |  |  | 66,034 |  |  |  | 11.1 |  |  |  | (10,309 | ) |  |  | (61.2 | ) |  |  | (59,507 | ) |  |  | (90.1 | )
Accounts Receivable — Trade, Net |  |  | 408 |  |  |  | 13,822 |  |  |  | 2.5 |  |  |  | 18,497 |  |  |  | 3.3 |  |  |  | 37,950 |  |  |  | 6.3 |  |  |  | (4,675 | ) |  |  | (25.3 | ) |  |  | (24,128 | ) |  |  | (63.6 | )
Inventories, Net |  |  | 436 |  |  |  | 14,775 |  |  |  | 2.7 |  |  |  | 14,877 |  |  |  | 2.7 |  |  |  | 21,890 |  |  |  | 3.7 |  |  |  | (102 | ) |  |  | (0.7 | ) |  |  | (7,115 | ) |  |  | (32.5 | )
Other Current Assets |  |  | 299 |  |  |  | 10,171 |  |  |  | 1.8 |  |  |  | 7,795 |  |  |  | 1.4 |  |  |  | 11,304 |  |  |  | 1.9 |  |  |  | 2,376 |  |  |  | 30.5 |  |  |  | (1,133 | ) |  |  | (10.0 | )
Total Current Assets |  |  | 7,918 |  |  |  | 268,557 |  |  |  | 48.6 |  |  |  | 252,619 |  |  |  | 45.2 |  |  |  | 281,455 |  |  |  | 47.2 |  |  |  | 15,938 |  |  |  | 6.3 |  |  |  | (12,898 | ) |  |  | (4.6 | )
Long-Term Investments |  |  | 1,052 |  |  |  | 35,682 |  |  |  | 6.5 |  |  |  | 39,982 |  |  |  | 7.2 |  |  |  | 33,693 |  |  |  | 5.6 |  |  |  | (4,300 | ) |  |  | (10.8 | ) |  |  | 1,989 |  |  |  | 5.9 |
Property, Plant and Equipment |  |  | 25,568 |  |  |  | 867,199 |  |  |  | 156.9 |  |  |  | 862,461 |  |  |  | 154.3 |  |  |  | 817,464 |  |  |  | 136.9 |  |  |  | 4,738 |  |  |  | 0.5 |  |  |  | 49,735 |  |  |  | 6.1 |
Less: Accumulated Depreciation |  |  | (18,873 | ) |  |  | (640,121 | ) |  |  | (115.8 | ) |  |  | (618,816 | ) |  |  | (110.7 | ) |  |  | (555,854 | ) |  |  | (93.1 | ) |  |  | (21,305 | ) |  |  | 3.4 |  |  |  | (84,267 | ) |  |  | 15.2 |
Property, Plant and Equipment, Net |  |  | 6,695 |  |  |  | 227,078 |  |  |  | 41.1 |  |  |  | 243,645 |  |  |  | 43.6 |  |  |  | 261,610 |  |  |  | 43.8 |  |  |  | (16,567 | ) |  |  | (6.8 | ) |  |  | (34,532 | ) |  |  | (13.2 | )
Other Assets |  |  | 633 |  |  |  | 21,458 |  |  |  | 3.8 |  |  |  | 22,671 |  |  |  | 4.0 |  |  |  | 20,285 |  |  |  | 3.4 |  |  |  | (1,213 | ) |  |  | (5.4 | ) |  |  | 1,173 |  |  |  | 5.8 |
Total Assets |  | $ | 16,298 |  |  | $ | 552,775 |  |  |  | 100.0 |  |  | $ | 558,917 |  |  |  | 100.0 |  |  | $ | 597,043 |  |  |  | 100.0 |  |  |  | ($6,142 | ) |  |  | (1.1 | ) |  |  | ($44,268 | ) |  |  | (7.4 | )
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts Payable |  | $ | 172 |  |  | $ | 5,824 |  |  |  | 1.1 |  |  | $ | 6,043 |  |  |  | 1.1 |  |  | $ | 10,338 |  |  |  | 1.7 |  |  |  | ($219 | ) |  |  | (3.6 | ) |  |  | ($4,514 | ) |  |  | (43.7 | )
Payables to Contractors and Equipment Suppliers |  |  | 152 |  |  |  | 5,145 |  |  |  | 0.9 |  |  |  | 7,999 |  |  |  | 1.4 |  |  |  | 12,256 |  |  |  | 2.1 |  |  |  | (2,854 | ) |  |  | (35.7 | ) |  |  | (7,111 | ) |  |  | (58.0 | )
Accrued Expenses and Other Current Liabilities |  |  | 1,006 |  |  |  | 34,120 |  |  |  | 6.1 |  |  |  | 34,543 |  |  |  | 6.2 |  |  |  | 31,162 |  |  |  | 5.2 |  |  |  | (423 | ) |  |  | (1.2 | ) |  |  | 2,958 |  |  |  | 9.5 |
Current Portion of Bonds Payable and Long-Term Liabilities |  |  | 8 |  |  |  | 286 |  |  |  | 0.1 |  |  |  | 8,222 |  |  |  | 1.5 |  |  |  | 8,280 |  |  |  | 1.4 |  |  |  | (7,936 | ) |  |  | (96.5 | ) |  |  | (7,994 | ) |  |  | (96.5 | )
Total Current Liabilities |  |  | 1,338 |  |  |  | 45,375 |  |  |  | 8.2 |  |  |  | 56,807 |  |  |  | 10.2 |  |  |  | 62,036 |  |  |  | 10.4 |  |  |  | (11,432 | ) |  |  | (20.1 | ) |  |  | (16,661 | ) |  |  | (26.9 | )
Bonds Payable |  |  | 133 |  |  |  | 4,500 |  |  |  | 0.8 |  |  |  | 4,500 |  |  |  | 0.8 |  |  |  | 4,500 |  |  |  | 0.8 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Other Long-Term Liabilities |  |  | 518 |  |  |  | 17,587 |  |  |  | 3.2 |  |  |  | 17,237 |  |  |  | 3.1 |  |  |  | 17,537 |  |  |  | 2.9 |  |  |  | 350 |  |  |  | 2.0 |  |  |  | 50 |  |  |  | 0.3 |
Total Liabilities |  |  | 1,989 |  |  |  | 67,462 |  |  |  | 12.2 |  |  |  | 78,544 |  |  |  | 14.1 |  |  |  | 84,073 |  |  |  | 14.1 |  |  |  | (11,082 | ) |  |  | (14.1 | ) |  |  | (16,611 | ) |  |  | (19.8 | )
Shareholders’ Equity Attributable to Shareholders of the Parent Capital Stock at Par Value |  |  | 7,556 |  |  |  | 256,260 |  |  |  | 46.4 |  |  |  | 256,254 |  |  |  | 45.8 |  |  |  | 256,292 |  |  |  | 42.9 |  |  |  | 6 |  |  |  | 0.0 |  |  |  | (32 | ) |  |  | (0.0 | )
Capital Surplus |  |  | 1,473 |  |  |  | 49,965 |  |  |  | 9.0 |  |  |  | 49,875 |  |  |  | 8.9 |  |  |  | 51,696 |  |  |  | 8.7 |  |  |  | 90 |  |  |  | 0.2 |  |  |  | (1,731 | ) |  |  | (3.3 | )
Legal Capital Reserve(2) |  |  | 1,985 |  |  |  | 67,324 |  |  |  | 12.2 |  |  |  | 67,324 |  |  |  | 12.0 |  |  |  | 56,406 |  |  |  | 9.4 |  |  |  | — |  |  |  | — |  |  |  | 10,918 |  |  |  | 19.4 |
Special Capital Reserve(2) |  |  | 12 |  |  |  | 392 |  |  |  | 0.1 |  |  |  | 392 |  |  |  | 0.1 |  |  |  | 630 |  |  |  | 0.1 |  |  |  | — |  |  |  | — |  |  |  | (238 | ) |  |  | (37.8 | )
Unappropriated Earnings(2) |  |  | 3,063 |  |  |  | 103,896 |  |  |  | 18.8 |  |  |  | 102,338 |  |  |  | 18.3 |  |  |  | 151,597 |  |  |  | 25.4 |  |  |  | 1,558 |  |  |  | 1.5 |  |  |  | (47,701 | ) |  |  | (31.5 | )
Treasury Stock |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (918 | ) |  |  | (0.2 | ) |  |  | — |  |  |  | — |  |  |  | 918 |  |  |  | (100.0 | )
Others |  |  | 109 |  |  |  | 3,710 |  |  |  | 0.6 |  |  |  | 194 |  |  |  | 0.1 |  |  |  | (6,410 | ) |  |  | (1.0 | ) |  |  | 3,516 |  |  |  | 1813.8 |  |  |  | 10,120 |  |  |  | (157.9 | )
Total Equity Attributable to Shareholders of the Parent |  |  | 14,198 |  |  |  | 481,547 |  |  |  | 87.1 |  |  |  | 476,377 |  |  |  | 85.2 |  |  |  | 509,293 |  |  |  | 85.3 |  |  |  | 5,170 |  |  |  | 1.1 |  |  |  | (27,746 | ) |  |  | (5.4 | )
Minority Interests |  |  | 111 |  |  |  | 3,766 |  |  |  | 0.7 |  |  |  | 3,996 |  |  |  | 0.7 |  |  |  | 3,677 |  |  |  | 0.6 |  |  |  | (230 | ) |  |  | (5.7 | ) |  |  | 89 |  |  |  | 2.4 |
Total Shareholders’ Equity |  |  | 14,309 |  |  |  | 485,313 |  |  |  | 87.8 |  |  |  | 480,373 |  |  |  | 85.9 |  |  |  | 512,970 |  |  |  | 85.9 |  |  |  | 4,940 |  |  |  | 1.0 |  |  |  | (27,657 | ) |  |  | (5.4 | )
Total Liabilities & Shareholders’ Equity |  | $ | 16,298 |  |  | $ | 552,775 |  |  |  | 100.0 |  |  | $ | 558,917 |  |  |  | 100.0 |  |  | $ | 597,043 |  |  |  | 100.0 |  |  |  | ($6,142 | ) |  |  | (1.1 | ) |  |  | ($44,268 | ) |  |  | (7.4 | )

Note:
(1) |  | Amounts in New Taiwan dollars have been translated into U.S. dollars at the rate of NT$33.917 as of March 31, 2009.
(2) |  | Certain prior period balances have been reclassified to conform to the current period presentation.

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|  | TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED AND SUBSIDIARIES Unaudited Consolidated Condensed Income Statements For the Three Months Ended March 31, 2009, December 31, 2008, and March 31, 2008 (Expressed in Millions of New Taiwan Dollars (“NTD”) and U.S. Dollars (“USD”) (1) Except for Per Share Amounts and Shares Outstanding)

|  | 1Q 2009 |  |  | 4Q 2008 |  |  | 1Q 2008 |  |  | QoQ |  |  | YoY |
|  | USD |  |  | NTD |  |  | % |  |  | NTD |  |  | % |  |  | NTD |  |  | % |  |  | Amount |  |  | % |  |  | Amount |  |  | % |
Net Sales |  | $ | 1,164 |  |  | $ | 39,500 |  |  |  | 100.0 |  |  | $ | 64,562 |  |  |  | 100.0 |  |  | $ | 87,480 |  |  |  | 100.0 |  |  |  | ($25,062 | ) |  |  | (38.8 | ) |  |  | ($47,980 | ) |  |  | (54.8 | )
Cost of Sales |  |  | (943 | ) |  |  | (32,020 | ) |  |  | (81.1 | ) |  |  | (44,367 | ) |  |  | (68.7 | ) |  |  | (49,241 | ) |  |  | (56.3 | ) |  |  | 12,347 |  |  |  | (27.8 | ) |  |  | 17,221 |  |  |  | (35.0 | )
Gross Profit |  |  | 221 |  |  |  | 7,480 |  |  |  | 18.9 |  |  |  | 20,195 |  |  |  | 31.3 |  |  |  | 38,239 |  |  |  | 43.7 |  |  |  | (12,715 | ) |  |  | (63.0 | ) |  |  | (30,759 | ) |  |  | (80.4 | )
Operating Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Research and Development Expenses |  |  | (110 | ) |  |  | (3,729 | ) |  |  | (9.4 | ) |  |  | (4,826 | ) |  |  | (7.5 | ) |  |  | (5,270 | ) |  |  | (6.0 | ) |  |  | 1,097 |  |  |  | (22.7 | ) |  |  | 1,541 |  |  |  | (29.2 | )
General and Administrative Expenses |  |  | (47 | ) |  |  | (1,595 | ) |  |  | (4.0 | ) |  |  | (2,285 | ) |  |  | (3.5 | ) |  |  | (2,662 | ) |  |  | (3.0 | ) |  |  | 690 |  |  |  | (30.2 | ) |  |  | 1,067 |  |  |  | (40.1 | )
Sales and Marketing Expenses |  |  | (28 | ) |  |  | (947 | ) |  |  | (2.4 | ) |  |  | (1,062 | ) |  |  | (1.7 | ) |  |  | (1,184 | ) |  |  | (1.4 | ) |  |  | 115 |  |  |  | (10.8 | ) |  |  | 237 |  |  |  | (20.0 | )
Total Operating Expenses |  |  | (185 | ) |  |  | (6,271 | ) |  |  | (15.9 | ) |  |  | (8,173 | ) |  |  | (12.7 | ) |  |  | (9,116 | ) |  |  | (10.4 | ) |  |  | 1,902 |  |  |  | (23.3 | ) |  |  | 2,845 |  |  |  | (31.2 | )
Income from Operations |  |  | 36 |  |  |  | 1,209 |  |  |  | 3.1 |  |  |  | 12,022 |  |  |  | 18.6 |  |  |  | 29,123 |  |  |  | 33.3 |  |  |  | (10,813 | ) |  |  | (89.9 | ) |  |  | (27,914 | ) |  |  | (95.8 | )
Non-Operating Income, Net |  |  | 10 |  |  |  | 353 |  |  |  | 0.9 |  |  |  | 1,412 |  |  |  | 2.2 |  |  |  | 1,872 |  |  |  | 2.1 |  |  |  | (1,059 | ) |  |  | (75.1 | ) |  |  | (1,519 | ) |  |  | (81.2 | )
Investment Gains (Loss) |  |  | (24 | ) |  |  | (813 | ) |  |  | (2.1 | ) |  |  | (340 | ) |  |  | (0.5 | ) |  |  | 577 |  |  |  | 0.7 |  |  |  | (473 | ) |  |  | 138.6 |  |  |  | (1,390 | ) |  |  | (240.7 | )
Income before Income Tax |  |  | 22 |  |  |  | 749 |  |  |  | 1.9 |  |  |  | 13,094 |  |  |  | 20.3 |  |  |  | 31,572 |  |  |  | 36.1 |  |  |  | (12,345 | ) |  |  | (94.3 | ) |  |  | (30,823 | ) |  |  | (97.6 | )
Income Tax Benefits (Expenses) |  |  | 22 |  |  |  | 739 |  |  |  | 1.9 |  |  |  | (452 | ) |  |  | (0.7 | ) |  |  | (3,336 | ) |  |  | (3.8 | ) |  |  | 1,191 |  |  |  | (263.5 | ) |  |  | 4,075 |  |  |  | (122.2 | )
Net Income |  |  | 44 |  |  |  | 1,488 |  |  |  | 3.8 |  |  |  | 12,642 |  |  |  | 19.6 |  |  |  | 28,236 |  |  |  | 32.3 |  |  |  | (11,154 | ) |  |  | (88.2 | ) |  |  | (26,748 | ) |  |  | (94.7 | )
Minority Interests |  |  | 2 |  |  |  | 71 |  |  |  | 0.1 |  |  |  | (196 | ) |  |  | (0.3 | ) |  |  | (93 | ) |  |  | (0.1 | ) |  |  | 267 |  |  |  | (136.3 | ) |  |  | 164 |  |  |  | (176.8 | )
Net Income Attributable to Shareholders of the Parent |  |  | 46 |  |  |  | 1,559 |  |  |  | 3.9 |  |  |  | 12,446 |  |  |  | 19.3 |  |  |  | 28,143 |  |  |  | 32.2 |  |  |  | (10,887 | ) |  |  | (87.5 | ) |  |  | (26,584 | ) |  |  | (94.5 | )
Earnings per Share — Diluted |  | $ | 0.00 |  |  | $ | 0.06 |  |  |  |  |  |  | $ | 0.48 |  |  |  |  |  |  | $ | 1.08 |  |  |  |  |  |  |  | ($0.42 | ) |  |  | (87.5 | ) |  |  | ($1.02 | ) |  |  | (94.4 | )
Earnings per ADR — Diluted(2) |  | $ | 0.01 |  |  | $ | 0.30 |  |  |  |  |  |  | $ | 2.42 |  |  |  |  |  |  | $ | 5.38 |  |  |  |  |  |  |  | ($2.12 | ) |  |  | (87.5 | ) |  |  | ($5.08 | ) |  |  | (94.4 | )
Weighted Average Outstanding Shares — Diluted (‘M) (3) |  |  |  |  |  |  | 25,792 |  |  |  |  |  |  |  | 25,655 |  |  |  |  |  |  |  | 26,167 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

Note:
(1) |  | Amounts in New Taiwan dollars have been translated into U.S. dollars at the weighted average rate of NTD 33.922 for the first quarter of 2009.
(2) |  | 1 ADR equals 5 ordinary shares.
(3) |  | Total diluted weighted average outstanding shares were 26,167M shares for 1Q08 after the retroactive adjustments for stock dividends and stock bonus.

#####

|  | TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED AND SUBSIDIARIES Consolidated Condensed Statements of Cash Flows For The Three Months Ended March 31, 2009, December 31, 2008, and March 31, 2008 (Expressed in Millions of New Taiwan Dollars (“NTD”) and U.S. Dollars (“USD”)) (1)

|  | 1Q 2009 |  |  | 4Q 2008 |  |  | 1Q 2008 |
|  | (unaudited) |  |  | (unaudited) |  |  | (unaudited) |
|  | USD |  |  | NTD |  |  | NTD |  |  | NTD |
Cash Flows from Operating Activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Income |  | $ | 46 |  |  | $ | 1,559 |  |  | $ | 12,446 |  |  | $ | 28,143 |
Net Income (Loss) Attributable to Minority Interest |  |  | (2 | ) |  |  | (71 | ) |  |  | 196 |  |  |  | 93 |
Depreciation & Amortization |  |  | 604 |  |  |  | 20,483 |  |  |  | 20,961 |  |  |  | 19,831 |
Deferred Income Tax |  |  | (41 | ) |  |  | (1,394 | ) |  |  | 154 |  |  |  | 435 |
Equity in Loss (Earnings) of Equity Method Investees, Net |  |  | 24 |  |  |  | 813 |  |  |  | 340 |  |  |  | (577 | )
Changes in Working Capital & Others |  |  | 159 |  |  |  | 5,398 |  |  |  | 29,147 |  |  |  | 9,370 |
Net Cash Provided by Operating Activities |  |  | 790 |  |  |  | 26,788 |  |  |  | 63,244 |  |  |  | 57,295 |
Cash Flows from Investing Activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Acquisitions of: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Marketable Financial Instruments |  |  | (273 | ) |  |  | (9,251 | ) |  |  | (33,059 | ) |  |  | (13,902 | )
Investments Accounted for Using Equity Method |  |  | — |  |  |  | — |  |  |  | (1 | ) |  |  | — |
Property, Plant and Equipment |  |  | (166 | ) |  |  | (5,617 | ) |  |  | (11,258 | ) |  |  | (15,313 | )
Financial Assets Carried at Cost |  |  | (2 | ) |  |  | (83 | ) |  |  | (73 | ) |  |  | (213 | )
Proceeds from Disposal or Maturity of: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Marketable Financial Instruments |  |  | 680 |  |  |  | 23,053 |  |  |  | 63,368 |  |  |  | 26,816 |
Property, Plant and Equipment |  |  | — |  |  |  | 2 |  |  |  | 24 |  |  |  | 1 |
Financial Assets Carried at Cost |  |  | — |  |  |  | — |  |  |  | 73 |  |  |  | 93 |
Others |  |  | 1 |  |  |  | 32 |  |  |  | (1,061 | ) |  |  | (607 | )
Net Cash Provided by (Used In) Investing Activities |  |  | 240 |  |  |  | 8,136 |  |  |  | 18,013 |  |  |  | (3,125 | )
Cash Flows from Financing Activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Decrease in Guarantee Deposits |  |  | (5 | ) |  |  | (165 | ) |  |  | (140 | ) |  |  | (371 | )
Proceeds from Exercise of Stock Options |  |  | — |  |  |  | 15 |  |  |  | 5 |  |  |  | 81 |
Repayment of Long-Term Bonds Payable |  |  | (236 | ) |  |  | (8,000 | ) |  |  | — |  |  |  | — |
Repurchase of Treasury Stock |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (3,054 | )
Others |  |  | 9 |  |  |  | 275 |  |  |  | (163 | ) |  |  | 58 |
Net Cash Used in Financing Activities |  |  | (232 | ) |  |  | (7,875 | ) |  |  | (298 | ) |  |  | (3,286 | )
Net Increase in Cash and Cash Equivalents |  |  | 798 |  |  |  | 27,049 |  |  |  | 80,959 |  |  |  | 50,884 |
Effect of Exchange Rate Changes and Others |  |  | 47 |  |  |  | 1,599 |  |  |  | 1,209 |  |  |  | (1,593 | )
Cash and Cash Equivalents at Beginning of Period |  |  | 5,737 |  |  |  | 194,614 |  |  |  | 112,446 |  |  |  | 94,986 |
Cash and Cash Equivalents at End of Period |  | $ | 6,582 |  |  | $ | 223,262 |  |  | $ | 194,614 |  |  | $ | 144,277 |

Note: |  | (1) Amounts in New Taiwan dollars have been translated into U.S. dollars at the weighted average rate of NTD33.922 for the three months ended March 31, 2009.

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TSMC 2009 First Quarter Investor Conference April 30, 2009

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Agenda Welcome Elizabeth Sun 1Q09 Financial Results and 2Q09 Outlook Lora Ho CEO Comments Rick Tsai Q&A Rick Tsai / Lora Ho

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Safe Harbor Notice TSMC's statements of its current expectations are forward- looking statements subject to significant risks and uncertainties and actual results may differ materially from those contained in the forward-looking statements. Information as to those factors that could cause actual results to vary can be found in TSMC's Annual Report on Form 20-F filed with the United States Securities and Exchange Commission (the "SEC") on April 17, 2009 and such other documents as TSMC may file with, or submit to, the SEC from time to time. Except as required by law, we undertake no obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise.

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1Q09 Financial Highlights Total outstanding shares were 25,626mn units on 3/31/09 Annualized ROE for the quarter based on average equity attributable to shareholders of the parent.

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Income Statements

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1Q09 Revenue by Applications

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1Q09 Revenue by Technology

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Balance Sheets & Key Indices Asset productivity = Annualized net sales / Average net fixed assets. (1)

#####

Cash Flows Free cash flow = Operating cash flow - Capital expenditures. (1)

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Figures represent number of 6" wafers. Conversion to 8"-equivalent wafers is obtained by dividing this number by 1.78. Figures represent number of 12" wafers. Conversion to 8"-equivalent wafers is obtained by multiplying this number by 2.25. Installed Capacity 2009 Overall Capacity +6%; Advanced Capacity +11%

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Capital Expenditures

#####

2Q09 Guidance Revenue is expected to be between NT$71 billion and NT$74 billion, at a forecast exchange rate of 33.62 NT dollars to 1 US dollar averaged over 2Q09. Gross profit margin is expected to be between 43.5% and 45.5 %. Operating profit margin is expected to be between 30.5 % and 32.5 %. 2009 capital expenditure will be around US$1.5 billion

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Recap of Recent Major Events TSMC Qualifies New 0.18-Micron Embedded Flash Family ( 2009/03/31 ) Ciranova and TSMC Announce Strategic Partnership on Advanced PDK Technology ( 2009/03/24 ) Barron's Names Dr. Rick Tsai to its Most Respected CEO List ( 2009/03/23 ) Intel, TSMC Reach Agreement to Collaborate on Technology Platform, IP Infrastructure, SoC Solutions ( 2009/03/02 ) TSMC and Tela Innovations Announce Strategic Partnership to Enhance Design and Process Co-Optimization ( 2009/02/24 ) TSMC Board Proposes Dividend of NT$3.0 Cash and 0.5% Stock Per Share ( 2009/02/10 ) * Please visit TSMC's Web site (http://www.tsmc.com) for details and other announcements.

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http://www.tsmc.com invest@tsmc.com

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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

| Taiwan Semiconductor Manufacturing Company Ltd. |
Date: April 30, 2009 | By | /s/ Lora Ho |
|  | Lora Ho |
|  | Vice President & Chief Financial Officer |