EX-99.2 3 tsmc2024q4unconsolidatedfia.htm EX-99.2
English Translation of Financial Statements Originally Issued in Chinese
Taiwan Semiconductor Manufacturing Company Limited
Parent Company Only Financial Statements for the
Years Ended December 31, 2024 and 2023 and
Independent Auditors’ Report

勤業眾信
勤業眾信聯合會計師事務所
110016 台北市信義區松仁路 100 號 20 樓
Deloitte & Touche
20F, Taipei Nan Shan Plaza
No. 100, Songren Rd.,
Xinyi Dist., Taipei 110016, Taiwan
Tel :+886 (2) 2725-9988
Fax:+886 (2) 4051-6888
www.deloitte.com.tw
INDEPENDENT AUDITORS’ REPORT
The Board of Directors and Shareholders
Taiwan Semiconductor Manufacturing Company Limited
Opinion
We have audited the accompanying parent company only financial statements of Taiwan Semiconductor Manufacturing Company Limited (the “Company”), which comprise the parent company only balance sheets as of December 31, 2024 and 2023, and the parent company only statements of comprehensive income, changes in equity and cash flows for the years then ended, and notes to the parent company only financial statements, including material accounting policy information (collectively referred to as the “parent company only financial statements”).
In our opinion, the accompanying parent company only financial statements present fairly, in all material respects, the parent company only financial position of the Company as of December 31, 2024 and 2023, and its parent company only financial performance and its parent company only cash flows for the years then ended in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers.
Basis for Opinion
We conducted our audits in accordance with the Regulations Governing Financial Statement Audit and Attestation Engagements of Certified Public Accountants and the Standards on Auditing of the Republic of China. Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the Parent Company Only Financial Statements section of our report. We are independent of the Company in accordance with The Norm of Professional Ethics for Certified Public Accountant of the Republic of China, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the parent company only financial statements for the year ended December 31, 2024. These matters were addressed in the context of our audit of the parent company only financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
Key audit matter for the Company’s parent company only financial statements for the year ended December 31, 2024 is stated as follows:
Property, plant and equipment (PP&E) – commencement of depreciation related to PP&E classified as equipment under installation and construction in progress (EUI/CIP)
Refer to Notes 4, 5 and 13 to the parent company only financial statements.
- 1 -

The Company’s evaluation of when to commence depreciation of EUI/CIP involves determining when the assets are available for their intended use. The criteria the Company uses to determine whether EUI/CIP are available for their intended use involves subjective judgments and assumptions about the conditions necessary for the assets to be capable of operating in the intended manner. Changes in these assumptions could have a significant impact on when depreciation is recognized.
Given the subjectivity in determining the date to commence depreciation of EUI/CIP, performing audit procedures to evaluate the reasonableness of the Company’s judgments and assumptions required a high degree of auditor judgment. Consequently, the validity of commencement of depreciation related to PP&E classified as EUI/CIP is identified as a key audit matter.
Our audit procedures related to the evaluation of when to commence depreciation of EUI/CIP included the following, among others:
1.We read the Company’s policy and understood the criteria used to determine when to commence depreciation.
2.We tested the effectiveness of the controls over the evaluation of when to commence depreciation of EUI/CIP.
3.We sampled the year-end balance of EUI/CIP and performed the following for each selection:
a.Evaluated whether the selection did not meet the criteria specified by the Company for commencement of depreciation.
b.Observed the assets and evaluated their status.
4.We sampled and evaluated whether the selection of EUI/CIP met the criteria specified by the Company for commencement of depreciation during the year.
5.We sampled and evaluated whether the selection of EUI/CIP met the criteria specified by the Company for commencement of depreciation subsequent to year end.
Responsibilities of Management and Those Charged with Governance for the Parent Company Only Financial Statements
Management is responsible for the preparation and fair presentation of the parent company only financial statements in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers, and for such internal control as management determines is necessary to enable the preparation of parent company only financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the parent company only financial statements, management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
Those charged with governance (including members of the Audit and Risk Committee) are responsible for overseeing the Company’s financial reporting process.
Auditors’ Responsibilities for the Audit of the Parent Company Only Financial Statements
Our objectives are to obtain reasonable assurance about whether the parent company only financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Standards on Auditing of the Republic of China will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if,
- 2 -

individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these parent company only financial statements.
As part of an audit in accordance with the Standards on Auditing of the Republic of China, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
1.Identify and assess the risks of material misstatement of the parent company only financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
2.Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control.
3.Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
4.Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors’ report to the related disclosures in the parent company only financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors’ report. However, future events or conditions may cause the Company to cease to continue as a going concern.
5.Evaluate the overall presentation, structure and content of the parent company only financial statements, including the disclosures, and whether the parent company only financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
6.Obtain sufficient and appropriate audit evidence regarding the financial information of the entities or business activities within the Company to express an opinion on the parent company only financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the parent company only financial statements for the year ended December 31, 2024 and are therefore the key audit matters. We describe these matters in our auditors’ report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
- 3 -

The engagement partners on the audits resulting in this independent auditors’ report are Shih Tsung Wu and Shang Chih Lin.
Deloitte & Touche
Taipei, Taiwan
Republic of China
February 12, 2025
Notice to Readers
The accompanying parent company only financial statements are intended only to present the financial position, financial performance and cash flows in accordance with accounting principles and practices generally accepted in the Republic of China and not those of any other jurisdictions. The standards, procedures and practices to audit such parent company only financial statements are those generally applied in the Republic of China.
For the convenience of readers, the independent auditors’ report and the accompanying parent company only financial statements have been translated into English from the original Chinese version prepared and used in the Republic of China. If there is any conflict between the English version and the original Chinese version or any difference in the interpretation of the two versions, the Chinese-language independent auditors’ report and parent company only financial statements shall prevail.
- 4 -

Taiwan Semiconductor Manufacturing Company Limited
PARENT COMPANY ONLY BALANCE SHEETS

(In Thousands of New Taiwan Dollars)

|  | December 31, 2024 |  | December 31, 2023
ASSETS |  | Amount |  | % |  | Amount |  | %
CURRENT ASSETS |  |  |  |  |  |  |  |
Cash and cash equivalents (Note 6) |  | $ | 1,035,061,499 |  |  |  | 17 |  |  | $ | 718,703,712 |  |  |  | 15 |
Financial assets at fair value through profit or loss (Note 7) |  |  | 13,174 |  |  |  | - |  |  |  | 624,685 |  |  |  | - |
Financial assets at amortized cost (Note 8) |  |  | 14,208,158 |  |  |  | - |  |  |  | 18,371,705 |  |  |  | - |
Notes and accounts receivable, net (Note 10) |  |  | 39,497,003 |  |  |  | 1 |  |  |  | 33,557,279 |  |  |  | 1 |
Receivables from related parties (Note 30) |  |  | 210,300,175 |  |  |  | 4 |  |  |  | 155,261,877 |  |  |  | 3 |
Other receivables from related parties (Note 30) |  |  | 5,313,087 |  |  |  | - |  |  |  | 4,360,322 |  |  |  | - |
Inventories (Notes 5 and 11) |  |  | 270,716,472 |  |  |  | 4 |  |  |  | 238,259,195 |  |  |  | 5 |
Other financial assets |  |  | 4,927,482 |  |  |  | - |  |  |  | 4,321,083 |  |  |  | - |
Other current assets |  |  | 29,528,046 |  |  |  | 1 |  |  |  | 12,328,706 |  |  |  | - |
Total current assets |  |  | 1,609,565,096 |  |  |  | 27 |  |  |  | 1,185,788,564 |  |  |  | 24 |
NONCURRENT ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial assets at fair value through other comprehensive income |  |  | 1,058,347 |  |  |  | - |  |  |  | 960,950 |  |  |  | - |
Investments accounted for using equity method (Note 12) |  |  | 1,758,587,882 |  |  |  | 29 |  |  |  | 1,094,695,092 |  |  |  | 23 |
Property, plant and equipment (Notes 5 and 13) |  |  | 2,537,292,611 |  |  |  | 42 |  |  |  | 2,453,465,322 |  |  |  | 50 |
Right-of-use assets (Notes 5 and 14) |  |  | 37,899,147 |  |  |  | 1 |  |  |  | 37,872,705 |  |  |  | 1 |
Intangible assets (Notes 5 and 15) |  |  | 20,452,082 |  |  |  | - |  |  |  | 17,684,064 |  |  |  | - |
Deferred income tax assets (Notes 5 and 23) |  |  | 60,178,345 |  |  |  | 1 |  |  |  | 62,356,061 |  |  |  | 1 |
Refundable deposits |  |  | 3,783,511 |  |  |  | - |  |  |  | 3,433,404 |  |  |  | - |
Other noncurrent assets (Note 30) |  |  | 8,432,279 |  |  |  | - |  |  |  | 17,823,122 |  |  |  | 1 |
Total noncurrent assets |  |  | 4,427,684,204 |  |  |  | 73 |  |  |  | 3,688,290,720 |  |  |  | 76 |
TOTAL |  | $ | 6,037,249,300 |  |  |  | 100 |  |  | $ | 4,874,079,284 |  |  |  | 100 |
LIABILITIES AND EQUITY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
CURRENT LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial liabilities at fair value through profit or loss (Note 7) |  | $ | 439,110 |  |  |  | - |  |  | $ | 25,673 |  |  |  | - |
Hedging financial liabilities (Notes 9 and 27) |  |  | - |  |  |  | - |  |  |  | 27,290,400 |  |  |  | 1 |
Accounts payable |  |  | 64,054,077 |  |  |  | 1 |  |  |  | 47,643,493 |  |  |  | 1 |
Payables to related parties (Note 30) |  |  | 10,137,811 |  |  |  | - |  |  |  | 10,119,695 |  |  |  | - |
Salary and bonus payable |  |  | 37,440,411 |  |  |  | 1 |  |  |  | 27,754,742 |  |  |  | 1 |
Accrued profit sharing bonus to employees and compensation to directors (Note 26) |  |  | 70,520,129 |  |  |  | 1 |  |  |  | 50,642,488 |  |  |  | 1 |
Payables to contractors and equipment suppliers |  |  | 150,280,751 |  |  |  | 3 |  |  |  | 84,146,173 |  |  |  | 2 |
Cash dividends payable (Note 18) |  |  | 220,418,821 |  |  |  | 4 |  |  |  | 168,558,461 |  |  |  | 3 |
Income tax payable (Notes 5 and 23) |  |  | 146,420,994 |  |  |  | 2 |  |  |  | 98,564,981 |  |  |  | 2 |
Long-term liabilities - current portion (Notes 16 and 27) |  |  | 24,397,381 |  |  |  | - |  |  |  | 6,997,710 |  |  |  | - |
Accrued expenses and other current liabilities (Notes 5, 14, 19, 27 and 30) |  |  | 449,236,841 |  |  |  | 7 |  |  |  | 241,858,508 |  |  |  | 5 |
Total current liabilities |  |  | 1,173,346,326 |  |  |  | 19 |  |  |  | 763,602,324 |  |  |  | 16 |
NONCURRENT LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bonds payable (Notes 16 and 27) |  |  | 453,839,281 |  |  |  | 8 |  |  |  | 439,869,855 |  |  |  | 9 |
Deferred income tax liabilities (Notes 5 and 23) |  |  | 3,925,320 |  |  |  | - |  |  |  | - |  |  |  | - |
Lease liabilities (Notes 5, 14 and 27) |  |  | 27,206,865 |  |  |  | 1 |  |  |  | 26,959,435 |  |  |  | - |
Net defined benefit liability (Note 17) |  |  | 7,580,657 |  |  |  | - |  |  |  | 9,257,224 |  |  |  | - |
Guarantee deposits |  |  | 837,379 |  |  |  | - |  |  |  | 915,344 |  |  |  | - |
Others (Notes 19 and 30) |  |  | 81,968,305 |  |  |  | 1 |  |  |  | 174,561,475 |  |  |  | 4 |
Total noncurrent liabilities |  |  | 575,357,807 |  |  |  | 10 |  |  |  | 651,563,333 |  |  |  | 13 |
Total liabilities |  |  | 1,748,704,133 |  |  |  | 29 |  |  |  | 1,415,165,657 |  |  |  | 29 |
EQUITY ATTRIBUTABLE TO SHAREHOLDERS OF THE PARENT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital stock (Note 18) |  |  | 259,327,332 |  |  |  | 4 |  |  |  | 259,320,710 |  |  |  | 5 |
Capital surplus (Notes 18 and 25) |  |  | 73,260,765 |  |  |  | 2 |  |  |  | 69,876,381 |  |  |  | 2 |
Retained earnings (Note 18) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Appropriated as legal capital reserve |  |  | 311,146,899 |  |  |  | 5 |  |  |  | 311,146,899 |  |  |  | 6 |
Unappropriated earnings |  |  | 3,606,105,124 |  |  |  | 60 |  |  |  | 2,846,883,893 |  |  |  | 59 |
|  |  | 3,917,252,023 |  |  |  | 65 |  |  |  | 3,158,030,792 |  |  |  | 65 |
Others (Notes 18 and 25) |  |  | 38,705,047 |  |  |  | - |  |  |  | (28,314,256 | ) |  |  | (1 | )
Total equity |  |  | 4,288,545,167 |  |  |  | 71 |  |  |  | 3,458,913,627 |  |  |  | 71 |
TOTAL |  | $ | 6,037,249,300 |  |  |  | 100 |  |  | $ | 4,874,079,284 |  |  |  | 100 |

The accompanying notes are an integral part of the parent company only financial statements.
- 5 -

Taiwan Semiconductor Manufacturing Company Limited
PARENT COMPANY ONLY STATEMENTS OF COMPREHENSIVE INCOME

(In Thousands of New Taiwan Dollars, Except Earnings Per Share)

|  | 2024 |  | 2023
|  | Amount |  | % |  | Amount |  | %
NET REVENUE (Notes 5, 19 and 30) |  | $ | 2,880,383,350 |  |  |  | 100 |  |  | $ | 2,153,285,095 |  |  |  | 100 |
COST OF REVENUE (Notes 5, 11, 26, 30 and 32) |  |  | 1,306,140,916 |  |  |  | 45 |  |  |  | 1,022,660,164 |  |  |  | 47 |
GROSS PROFIT |  |  | 1,574,242,434 |  |  |  | 55 |  |  |  | 1,130,624,931 |  |  |  | 53 |
OPERATING EXPENSES (Notes 5, 26 and 30) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Research and development |  |  | 198,449,799 |  |  |  | 7 |  |  |  | 178,725,098 |  |  |  | 9 |
General and administrative |  |  | 50,832,908 |  |  |  | 2 |  |  |  | 39,890,037 |  |  |  | 2 |
Marketing |  |  | 6,264,188 |  |  |  | - |  |  |  | 5,118,396 |  |  |  | - |
Total operating expenses |  |  | 255,546,895 |  |  |  | 9 |  |  |  | 223,733,531 |  |  |  | 11 |
OTHER OPERATING INCOME AND EXPENSES, NET (Notes 13, 26 and 32) |  |  | (1,549,447 | ) |  |  | - |  |  |  | 481,455 |  |  |  | - |
INCOME FROM OPERATIONS |  |  | 1,317,146,092 |  |  |  | 46 |  |  |  | 907,372,855 |  |  |  | 42 |
NON-OPERATING INCOME AND EXPENSES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Share of profits of subsidiaries and associates (Note 12) |  |  | 66,000,702 |  |  |  | 2 |  |  |  | 52,587,403 |  |  |  | 2 |
Interest income (Note 20) |  |  | 27,338,300 |  |  |  | 1 |  |  |  | 17,825,551 |  |  |  | 1 |
Other income |  |  | 199,890 |  |  |  | - |  |  |  | 230,801 |  |  |  | - |
Foreign exchange gain (loss), net (Note 33) |  |  | 9,988,417 |  |  |  | - |  |  |  | (3,238,713 | ) |  |  | - |
Finance costs (Note 21) |  |  | (5,400,986 | ) |  |  | - |  |  |  | (4,600,793 | ) |  |  | - |
Other gains and losses, net (Note 22) |  |  | (7,663,446 | ) |  |  | - |  |  |  | 7,594,132 |  |  |  | - |
Total non-operating income and expenses |  |  | 90,462,877 |  |  |  | 3 |  |  |  | 70,398,381 |  |  |  | 3 |
INCOME BEFORE INCOME TAX |  |  | 1,407,608,969 |  |  |  | 49 |  |  |  | 977,771,236 |  |  |  | 45 |
INCOME TAX EXPENSE (Notes 5 and 23) |  |  | 234,341,266 |  |  |  | 8 |  |  |  | 139,273,572 |  |  |  | 6 |
NET INCOME |  |  | 1,173,267,703 |  |  |  | 41 |  |  |  | 838,497,664 |  |  |  | 39 |
OTHER COMPREHENSIVE INCOME (LOSS) (Notes 5, 12, 17, 18 and 23) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Items that will not be reclassified subsequently to profit or loss: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Remeasurement of defined benefit obligation |  |  | 144,365 |  |  |  | - |  |  |  | (623,356 | ) |  |  | - |
Unrealized gain/(loss) on investments in equity instruments at fair value through other comprehensive income |  |  | 97,396 |  |  |  | - |  |  |  | (53,665 | ) |  |  | - |
Gain on hedging instruments |  |  | 5,041 |  |  |  | - |  |  |  | 39,898 |  |  |  | - |
Share of other comprehensive gain of subsidiaries and associates |  |  | 4,911,549 |  |  |  | - |  |  |  | 2,049,357 |  |  |  | - |
Income tax benefit (expense) related to items that will not be reclassified subsequently |  |  | (38,869 | ) |  |  | - |  |  |  | 124,646 |  |  |  | - |
|  |  | 5,119,482 |  |  |  | - |  |  |  | 1,536,880 |  |  |  | - |

(Continued)
- 6 -

Taiwan Semiconductor Manufacturing Company Limited
PARENT COMPANY ONLY STATEMENTS OF COMPREHENSIVE INCOME

(In Thousands of New Taiwan Dollars, Except Earnings Per Share)

|  | 2024 |  | 2023
|  | Amount |  | % |  | Amount |  | %
Items that may be reclassified subsequently to profit or loss: |  |  |  |  |  |  |  |
Exchange differences arising on translation of foreign operations |  | $ | 65,330,074 |  |  |  | 2 |  |  | $ | (13,645,829 | ) |  |  | - |
Share of other comprehensive gain of subsidiaries and associates |  |  | 2,119,357 |  |  |  | - |  |  |  | 4,120,827 |  |  |  | - |
|  |  | 67,449,431 |  |  |  | 2 |  |  |  | (9,525,002 | ) |  |  | - |
Other comprehensive income (loss), net of income tax |  |  | 72,568,913 |  |  |  | 2 |  |  |  | (7,988,122 | ) |  |  | - |
TOTAL COMPREHENSIVE INCOME |  | $ | 1,245,836,616 |  |  |  | 43 |  |  | $ | 830,509,542 |  |  |  | 39 |
EARNINGS PER SHARE (NT$, Note 24) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic earnings per share |  | $ | 45.25 |  |  |  |  |  |  | $ | 32.34 |  |  |  |  |
Diluted earnings per share |  | $ | 45.25 |  |  |  |  |  |  | $ | 32.34 |  |  |  |  |

The accompanying notes are an integral part of the parent company only financial statements.
(Concluded)
- 7 -

Taiwan Semiconductor Manufacturing Company Limited
PARENT COMPANY ONLY STATEMENTS OF CHANGES IN EQUITY

(In Thousands of New Taiwan Dollars)

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Others |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Unrealized |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Gain (Loss) on |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Financial |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Assets at Fair |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Foreign |  | Value Through |  |  |  | Unearned |  |  |  |  |  |
|  | Capital Stock - Common Stock |  |  |  | Retained Earnings |  | Currency |  | Other |  | Gain (Loss) on |  | Stock-Based |  |  |  |  |  |
|  | Shares |  |  |  |  |  | Legal Capital |  | Special Capital |  | Unappropriated |  |  |  | Translation |  | Comprehensive |  | Hedging |  | Employee |  |  |  | Treasury |  | Total
|  | (In Thousands) |  | Amount |  | Capital Surplus |  | Reserve |  | Reserve |  | Earnings |  | Total |  | Reserve |  | Income |  | Instruments |  | Compensation |  | Total |  | Stock |  | Equity
BALANCE, JANUARY 1, 2023 |  |  | 25,930,380 |  |  | $ | 259,303,805 |  |  |  | $ | 69,330,328 |  |  |  | $ | 311,146,899 |  |  |  | $ | 3,154,310 |  |  |  | $ | 2,323,223,479 |  |  |  | $ | 2,637,524,688 |  |  |  | $ | (11,743,301 | ) |  |  | $ | (10,056,353 | ) |  |  | $ | 1,479,181 |  |  |  | $ | (185,153 | ) |  |  | $ | (20,505,626 | ) |  |  | $ | - |  |  |  | $ | 2,945,653,195 |
Appropriations of earnings |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Special capital reserve |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (3,154,310 | ) |  |  | 3,154,310 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Cash dividends to shareholders |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (317,663,220 | ) |  |  | (317,663,220 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (317,663,220 | )
Total |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (3,154,310 | ) |  |  | (314,508,910 | ) |  |  | (317,663,220 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (317,663,220 | )
Net income |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 838,497,664 |  |  |  | 838,497,664 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 838,497,664 |
Other comprehensive income (loss), net of income tax |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (484,898 | ) |  |  | (484,898 | ) |  |  | (13,573,468 | ) |  |  | 6,108,369 |  |  |  | (38,125 | ) |  |  | - |  |  |  | (7,503,224 | ) |  |  | - |  |  |  | (7,988,122 | )
Total comprehensive income (loss) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 838,012,766 |  |  |  | 838,012,766 |  |  |  | (13,573,468 | ) |  |  | 6,108,369 |  |  |  | (38,125 | ) |  |  | - |  |  |  | (7,503,224 | ) |  |  | - |  |  |  | 830,509,542 |
Employee restricted shares retired |  |  | (419 | ) |  |  | (4,195 | ) |  |  | 4,195 |  |  |  | - |  |  |  | - |  |  |  | 4,614 |  |  |  | 4,614 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 4,614 |
Share-based payment arrangements |  |  | 2,110 |  |  |  | 21,100 |  |  |  | 564,868 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (108,281 | ) |  |  | (108,281 | ) |  |  | - |  |  |  | 477,687 |
Disposal of investments in equity instruments at fair value through other comprehensive income |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 151,944 |  |  |  | 151,944 |  |  |  | - |  |  |  | (151,944 | ) |  |  | - |  |  |  | - |  |  |  | (151,944 | ) |  |  | - |  |  |  | - |
Basis adjustment for loss on hedging instruments |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (45,181 | ) |  |  | - |  |  |  | (45,181 | ) |  |  | - |  |  |  | (45,181 | )
Adjustments to share of changes in equities of associates |  |  | - |  |  |  | - |  |  |  | (18,155 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (18,155 | )
From share of changes in equities of subsidiaries |  |  | - |  |  |  | - |  |  |  | (21,268 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (21,268 | )
Donation from shareholders |  |  | - |  |  |  | - |  |  |  | 16,413 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 16,413 |
BALANCE, DECEMBER 31, 2023 |  |  | 25,932,071 |  |  |  | 259,320,710 |  |  |  | 69,876,381 |  |  |  | 311,146,899 |  |  |  | - |  |  |  | 2,846,883,893 |  |  |  | 3,158,030,792 |  |  |  | (25,316,769 | ) |  |  | (4,099,928 | ) |  |  | 1,395,875 |  |  |  | (293,434 | ) |  |  | (28,314,256 | ) |  |  | - |  |  |  | 3,458,913,627 |
Appropriations of earnings |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash dividends to shareholders |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (414,915,586 | ) |  |  | (414,915,586 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (414,915,586 | )
Total |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (414,915,586 | ) |  |  | (414,915,586 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (414,915,586 | )
Net income |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,173,267,703 |  |  |  | 1,173,267,703 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,173,267,703 |
Other comprehensive income (loss), net of income tax |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 126,040 |  |  |  | 126,040 |  |  |  | 65,579,764 |  |  |  | 6,948,818 |  |  |  | (85,709 | ) |  |  | - |  |  |  | 72,442,873 |  |  |  | - |  |  |  | 72,568,913 |
Total comprehensive income (loss) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,173,393,743 |  |  |  | 1,173,393,743 |  |  |  | 65,579,764 |  |  |  | 6,948,818 |  |  |  | (85,709 | ) |  |  | - |  |  |  | 72,442,873 |  |  |  | - |  |  |  | 1,245,836,616 |
Employee restricted shares retired |  |  | (1,402 | ) |  |  | (14,018 | ) |  |  | 14,018 |  |  |  | - |  |  |  | - |  |  |  | 19,934 |  |  |  | 19,934 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 19,934 |
Share-based payment arrangements |  |  | 5,313 |  |  |  | 53,130 |  |  |  | 2,584,257 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (1,414,645 | ) |  |  | (1,414,645 | ) |  |  | - |  |  |  | 1,222,742 |
Treasury stock acquired |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (3,089,177 | ) |  |  | (3,089,177 | )
Treasury stock retired |  |  | (3,249 | ) |  |  | (32,490 | ) |  |  | (7,080 | ) |  |  | - |  |  |  | - |  |  |  | (3,049,607 | ) |  |  | (3,049,607 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 3,089,177 |  |  |  | - |
Disposal of investments in equity instruments at fair value through other comprehensive income |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 3,772,747 |  |  |  | 3,772,747 |  |  |  | - |  |  |  | (4,009,066 | ) |  |  | - |  |  |  | - |  |  |  | (4,009,066 | ) |  |  | - |  |  |  | (236,319 | )
Basis adjustment for gain (loss) on hedging instruments |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 141 |  |  |  | - |  |  |  | 141 |  |  |  | - |  |  |  | 141 |
Adjustments to share of changes in equities of associates |  |  | - |  |  |  | - |  |  |  | 870,000 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 870,000 |
From differences between equity purchase price and carrying amount arising from actual acquisition or disposal of subsidiaries |  |  | - |  |  |  | - |  |  |  | 5,284 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 5,284 |
From share of changes in equities of subsidiaries |  |  | - |  |  |  | - |  |  |  | (90,978 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (90,978 | )
Donation from shareholders |  |  | - |  |  |  | - |  |  |  | 8,883 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 8,883 |
BALANCE, DECEMBER 31, 2024 |  |  | 25,932,733 |  |  | $ | 259,327,332 |  |  |  | $ | 73,260,765 |  |  |  | $ | 311,146,899 |  |  |  | $ | - |  |  |  | $ | 3,606,105,124 |  |  |  | $ | 3,917,252,023 |  |  |  | $ | 40,262,995 |  |  |  | $ | (1,160,176 | ) |  |  | $ | 1,310,307 |  |  |  | $ | (1,708,079 | ) |  |  | $ | 38,705,047 |  |  |  | $ | - |  |  |  | $ | 4,288,545,167 |

The accompanying notes are an integral part of the parent company only financial statements.
- 8 -

Taiwan Semiconductor Manufacturing Company Limited
PARENT COMPANY ONLY STATEMENTS OF CASH FLOWS

(In Thousands of New Taiwan Dollars)

|  | 2024 |  | 2023
CASH FLOWS FROM OPERATING ACTIVITIES |  |  |  |
Income before income tax |  | $ | 1,407,608,969 |  |  | $ | 977,771,236 |
Adjustments for: |  |  |  |  |  |  |  |
Depreciation expense |  |  | 625,747,423 |  |  |  | 500,300,771 |
Amortization expense |  |  | 9,129,469 |  |  |  | 9,197,976 |
Expected credit losses recognized (reversal) on investments in debt instruments |  |  | (2,551 | ) |  |  | 5,789 |
Finance costs |  |  | 5,400,986 |  |  |  | 4,600,793 |
Share of profits of subsidiaries and associates |  |  | (66,000,702 | ) |  |  | (52,587,403 | )
Interest income |  |  | (27,338,300 | ) |  |  | (17,825,551 | )
Share-based compensation |  |  | 1,242,676 |  |  |  | 482,302 |
Loss on disposal or retirement of property, plant and equipment, net |  |  | 2,458,920 |  |  |  | 76,638 |
Gain on disposal or retirement of intangible assets, net |  |  | (6,206 | ) |  |  | (3,045 | )
Impairment loss on property, plant and equipment |  |  | 1,102,946 |  |  |  | - |
Gain on disposal of investments accounted for using equity method, net |  |  | (7,126 | ) |  |  | - |
Loss on foreign exchange, net |  |  | 4,316,514 |  |  |  | 183,093 |
Dividend income |  |  | (199,890 | ) |  |  | (214,911 | )
Others |  |  | (458,276 | ) |  |  | (317,394 | )
Changes in operating assets and liabilities: |  |  |  |  |  |  |  |
Financial instruments at fair value through profit or loss |  |  | 1,029,990 |  |  |  | (24,326 | )
Notes and accounts receivable, net |  |  | (5,939,724 | ) |  |  | 7,754,557 |
Receivables from related parties |  |  | (55,038,298 | ) |  |  | 17,782,935 |
Other receivables from related parties |  |  | (938,597 | ) |  |  | 2,115,413 |
Inventories |  |  | (32,457,277 | ) |  |  | (29,976,300 | )
Other financial assets |  |  | (167,618 | ) |  |  | (1,019,979 | )
Other current assets |  |  | (19,891,135 | ) |  |  | (7,799,552 | )
Other noncurrent assets |  |  | (3,360,036 | ) |  |  | (720,278 | )
Accounts payable |  |  | 16,410,584 |  |  |  | (1,089,049 | )
Payables to related parties |  |  | 20,011 |  |  |  | 67,281 |
Salary and bonus payable |  |  | 9,685,669 |  |  |  | (3,553,878 | )
Accrued profit sharing bonus to employees and compensation to directors |  |  | 19,877,641 |  |  |  | (10,749,687 | )
Accrued expenses and other current liabilities |  |  | 115,859,695 |  |  |  | (42,119,570 | )
Other noncurrent liabilities |  |  | 10,344,601 |  |  |  | 12,836,220 |
Net defined benefit liability |  |  | (1,532,202 | ) |  |  | (687,223 | )
Cash generated from operations |  |  | 2,016,898,156 |  |  |  | 1,364,486,858 |
Income taxes paid |  |  | (181,322,787 | ) |  |  | (157,403,955 | )
Net cash generated by operating activities |  |  | 1,835,575,369 |  |  |  | 1,207,082,903 |
CASH FLOWS FROM INVESTING ACTIVITIES |  |  |  |  |  |  |  |
Acquisitions of: |  |  |  |  |  |  |  |
Financial assets at amortized cost |  |  | (44,368,311 | ) |  |  | (51,099,687 | )
Investments accounted for using equity method |  |  | (3,738,753 | ) |  |  | - |
Equity interest in subsidiary |  |  | - |  |  |  | (3,359 | )
Property, plant and equipment |  |  | (644,734,446 | ) |  |  | (634,971,543 | )
Intangible assets |  |  | (8,053,430 | ) |  |  | (4,898,499 | )
Proceeds from disposal or redemption of: |  |  |  |  |  |  |  |
Financial assets at amortized cost |  |  | 48,840,000 |  |  |  | 81,900,000 |
Property, plant and equipment |  |  | 1,634,456 |  |  |  | 1,369,856 |
Intangible assets |  |  | 8,323 |  |  |  | 3,078 |
Proceeds from return of capital of investments in equity instruments at fair value through other comprehensive income |  |  | - |  |  |  | 125 |

(Continued)
- 9 -

Taiwan Semiconductor Manufacturing Company Limited
PARENT COMPANY ONLY STATEMENTS OF CASH FLOWS

(In Thousands of New Taiwan Dollars)

|  | 2024 |  | 2023
Interest received |  | $ | 26,599,749 |  |  | $ | 16,851,011 |
Other dividends received |  |  | 199,890 |  |  |  | 214,911 |
Dividends received from investments accounted for using equity method |  |  | 5,097,471 |  |  |  | 3,849,295 |
Refundable deposits paid |  |  | (312,809 | ) |  |  | (1,703,523 | )
Refundable deposits refunded |  |  | 278,903 |  |  |  | 359,682 |
Net cash used in investing activities |  |  | (618,548,957 | ) |  |  | (588,128,653 | )
CASH FLOWS FROM FINANCING ACTIVITIES |  |  |  |  |  |  |  |
Increase (decrease) in hedging financial liabilities - bank loans |  |  | (26,496,570 | ) |  |  | 27,908,580 |
Proceeds from issuance of bonds |  |  | 34,300,000 |  |  |  | 85,700,000 |
Repayment of bonds |  |  | (7,000,000 | ) |  |  | (18,100,000 | )
Payments for transaction costs attributable to the issuance of bonds |  |  | (35,681 | ) |  |  | (88,681 | )
Treasury stock acquired |  |  | (3,089,177 | ) |  |  | - |
Repayment of the principal portion of lease liabilities |  |  | (2,257,534 | ) |  |  | (2,094,258 | )
Interest paid |  |  | (5,864,077 | ) |  |  | (4,724,074 | )
Guarantee deposits received |  |  | 4,677 |  |  |  | 187,164 |
Guarantee deposits refunded |  |  | (93,242 | ) |  |  | (286,036 | )
Cash dividends |  |  | (363,055,226 | ) |  |  | (291,721,852 | )
Disposal of ownership interests in subsidiaries (without losing control) |  |  | 1,021 |  |  |  | - |
Payment of partial acquisition of interests in subsidiaries |  |  | (528,037,569 | ) |  |  | (326,167,994 | )
Proceeds from partial disposal of interests in subsidiaries |  |  | 946,001 |  |  |  | 244,376 |
Donation from shareholders |  |  | 8,752 |  |  |  | 16,340 |
Net cash used in financing activities |  |  | (900,668,625 | ) |  |  | (529,126,435 | )
NET INCREASE IN CASH AND CASH EQUIVALENTS |  |  | 316,357,787 |  |  |  | 89,827,815 |
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR |  |  | 718,703,712 |  |  |  | 628,875,897 |
CASH AND CASH EQUIVALENTS, END OF YEAR |  | $ | 1,035,061,499 |  |  | $ | 718,703,712 |

The accompanying notes are an integral part of the parent company only financial statements.
(Concluded)
- 10 -

Taiwan Semiconductor Manufacturing Company Limited
NOTES TO PARENT COMPANY ONLY FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023

(Amounts in Thousands of New Taiwan Dollars, Unless Specified Otherwise)

1. GENERAL
Taiwan Semiconductor Manufacturing Company Limited (the “Company” or “TSMC”), a Republic of China (R.O.C.) corporation, was incorporated on February 21, 1987. The Company is a dedicated foundry in the semiconductor industry which engages mainly in the manufacturing, sales, packaging, testing and computer-aided design of integrated circuits and other semiconductor devices and the manufacturing of masks.
On September 5, 1994, the Company’s shares were listed on the Taiwan Stock Exchange (TWSE). On October 8, 1997, the Company listed some of its shares of stock on the New York Stock Exchange (NYSE) in the form of American Depositary Shares (ADSs).
The address of its registered office and principal place of business is No. 8, Li-Hsin Rd. 6, Hsinchu Science Park, Taiwan.
2. THE AUTHORIZATION OF FINANCIAL STATEMENTS
The accompanying parent company only financial statements were approved and authorized for issue by the Board of Directors on February 12, 2025.
3. APPLICATION OF NEW AND REVISED INTERNATIONAL FINANCIAL REPORTING STANDARDS
a.Initial application of the amendments to the International Financial Reporting Standards (IFRS), International Accounting Standards (IAS), IFRIC Interpretations (IFRIC), and SIC Interpretations (SIC) (collectively, “IFRS Accounting Standards”) endorsed and issued into effect by the Financial Supervisory Commission (FSC)
The initial application of the amendments to the IFRS Accounting Standards endorsed and issued into effect by the FSC did not have a material impact on the accounting policies of the Company.
b.The IFRS Accounting Standards issued by International Accounting Standards Board (IASB), but not yet endorsed and issued into effect by the FSC

New, Amended and Revised Standards and Interpretations |  | Effective Date Issued by IASB
Annual Improvements to IFRS Accounting Standards - Volume 11 |  | January 1, 2026
Amendments to IFRS 9 and IFRS 7 “Amendments to the Classification and Measurement of Financial Instruments” |  | January 1, 2026
Amendments to IFRS 9 and IFRS 7 “Contracts Referencing Nature-dependent Electricity” |  | January 1, 2026
Amendments to IFRS 10 and IAS 28 “Sale or Contribution of Assets between an Investor and its Associate or Joint Venture” |  | To be determined by IASB
IFRS 18 “Presentation and Disclosure in Financial Statements” |  | January 1, 2027

- 11 -

IFRS 18 “Presentation and Disclosure in Financial Statements”
IFRS 18 will supersede IAS 1 “Presentation of Financial Statements”. The main changes comprise:
•Items of income and expenses included in the statement of profit or loss shall be classified into the operating, investing, financing, income taxes and discontinued operations categories.
•The statement of profit or loss shall present totals and subtotals for operating profit or loss, profit or loss before financing and income taxes and profit or loss.
•Provides guidance to enhance the requirements of aggregation and disaggregation: The Company shall identify the assets, liabilities, equity, income, expenses and cash flows that arise from individual transactions or other events and shall classify and aggregate them into groups based on shared characteristics, so as to result in the presentation in the primary financial statements of line items that have at least one similar characteristic. The Company shall disaggregate items with dissimilar characteristics in the primary financial statements and in the notes. The Company labels items as “other” only if it cannot find a more informative label.
Except for the above impact, as of the date the accompanying parent company only financial statements were issued, the Company continues in evaluating other impacts of the above amended standards and interpretations on its financial position and financial performance from the initial adoption of the aforementioned standards or interpretations and related applicable period. The related impact will be disclosed when the Company completes its evaluation.
4. SUMMARY OF MATERIAL ACCOUNTING POLICY INFORMATION
For the convenience of readers, the accompanying parent company only financial statements have been translated into English from the original Chinese version prepared and used in the R.O.C. If there is any conflict between the English version and the original Chinese version or any difference in the interpretation of the two versions, the Chinese-language parent company only financial statements shall prevail.
Statement of Compliance
The accompanying parent company only financial statements have been prepared in conformity with the Regulations Governing the Preparation of Financial Reports by Securities Issuers (the “Accounting Standards Used in Preparation of the Parent Company Only Financial Statements”).
Basis of Preparation
The accompanying parent company only financial statements have been prepared on the historical cost basis except for financial instruments that are measured at fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for the assets.
When preparing the parent company only financial statements, the Company account for subsidiaries and associates by using the equity method. In order to agree with the amount of net income, other comprehensive income and equity attributable to shareholders of the parent in the consolidated financial statements, the differences of the accounting treatment between the parent company only basis and the consolidated basis are adjusted under the heading of investments accounted for using equity method, share of profits of subsidiaries and associates and share of other comprehensive income of subsidiaries and associates in the parent company only financial statements.
Foreign Currencies
In preparing the parent company only financial statements, transactions in currencies other than the entity’s functional currency (foreign currencies) are recognized at the rates of exchange prevailing at the dates of the
- 12 -

transactions. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Such exchange differences are recognized in profit or loss in the year in which they arise. Non-monetary items measured at fair value that are denominated in foreign currencies are retranslated at the rates prevailing at the date when the fair value was determined. Exchange differences arising on the retranslation of non-monetary items are included in profit or loss for the year except for exchange differences arising on the retranslation of non-monetary items in respect of which gains and losses are recognized directly in other comprehensive income, in which case, the exchange differences are also recognized directly in other comprehensive income. Non-monetary items that are measured in terms of historical cost in foreign currencies are not retranslated.
For the purposes of presenting parent company only financial statements, the assets and liabilities of the Company’s foreign operations are translated into NT$ using exchange rates prevailing at the end of each reporting period. Income and expense items are translated at the average exchange rates for the period. Exchange differences arising, if any, are recognized in other comprehensive income and accumulated in equity.
Classification of Current and Noncurrent Assets and Liabilities
Current assets are assets held for trading purposes and assets expected to be converted to cash, sold or consumed within one year from the end of the reporting period. Current liabilities are obligations incurred for trading purposes and obligations expected to be settled within one year from the end of the reporting period. Assets and liabilities that are not classified as current are noncurrent assets and liabilities, respectively.
Cash Equivalents
Cash equivalents, for the purpose of meeting short-term cash commitments, consist of highly liquid time deposits and investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.
Financial Instruments
Financial assets and liabilities shall be recognized when the Company becomes a party to the contractual provisions of the instruments.
Financial assets and liabilities are initially recognized at fair values. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognized immediately in profit or loss.
Financial Assets
The classification of financial assets depends on the nature and purpose of the financial assets and is determined at the time of initial recognition. Regular way purchases or sales of financial assets are recognized and derecognized on a trade date or settlement date basis for which financial assets were classified in the same way, respectively. Regular way purchases or sales are purchases or sales of financial assets that require delivery of assets within the time frame established by regulation or convention in the marketplace.
a. Category of financial assets and measurement
Financial assets are classified into the following categories: financial assets at FVTPL, investments in equity instruments at FVTOCI and financial assets at amortized cost.
- 13 -

1) Financial asset at FVTPL
For certain financial assets which include debt instruments that do not meet the criteria of amortized cost or FVTOCI, it is mandatorily required to measure them at FVTPL. Any gain or loss arising from remeasurement is recognized in profit or loss. The net gain or loss recognized in profit or loss incorporates any interest earned on the financial asset.
2) Investments in equity instruments at FVTOCI
On initial recognition, the Company may irrevocably designate investments in equity investments that is not held for trading as at FVTOCI.
Investments in equity instruments at FVTOCI are subsequently measured at fair value with gains and losses arising from changes in fair value recognized in other comprehensive income and accumulated in other equity.
Dividends on these investments in equity instruments at FVTOCI are recognized in profit or loss when the Company’s right to receive the dividends is established, unless the Company’s rights clearly represent a recovery of part of the cost of the investment.
3) Measured at amortized cost
Cash and cash equivalents, commercial paper, notes and accounts receivable (including related parties), other receivables, refundable deposits and temporary payments (including those classified under other current assets and other noncurrent assets) are measured at amortized cost.
Subsequent to initial recognition, financial assets measured at amortized cost are measured at amortized cost, which equals to carrying amount determined by the effective interest method less any impairment loss.
b. Impairment of financial assets
At the end of each reporting period, a loss allowance for expected credit loss is recognized for financial assets at amortized cost (including accounts receivable).
The loss allowance for accounts receivable is measured at an amount equal to lifetime expected credit losses. For financial assets at amortized cost, when the credit risk on the financial instrument has not increased significantly since initial recognition, a loss allowance is recognized at an amount equal to expected credit loss resulting from possible default events of a financial instrument within 12 months after the reporting date. If, on the other hand, there has been a significant increase in credit risk since initial recognition, a loss allowance is recognized at an amount equal to expected credit loss resulting from all possible default events over the expected life of a financial instrument.
The Company recognizes an impairment loss in profit or loss for all financial instruments with a corresponding adjustment to their carrying amount through a loss allowance account.
c. Derecognition of financial assets
The Company derecognizes a financial asset only when the contractual rights to the cash flows from the financial asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the financial asset to another entity.
On derecognition of a financial asset at amortized cost in its entirety, the difference between the asset’s carrying amount and the sum of the consideration received and receivable is recognized in profit or loss. However, on derecognition of an investment in an equity instrument at FVTOCI, the cumulative gain or
- 14 -

loss that had been recognized in other comprehensive income is transferred directly to retained earnings, without recycling through profit or loss.
Financial Liabilities and Equity Instruments
Classification as debt or equity
Debt and equity instruments issued by the Company are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument.
Equity instruments
An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by the Company are recognized at the proceeds received, net of direct issue costs.
Financial liabilities
Financial liabilities are subsequently measured either at amortized cost using effective interest method or at FVTPL.
Financial liabilities are classified as at fair value through profit or loss when the financial liability is either held for trading or is designated as at fair value through profit or loss.
Financial liabilities at fair value through profit or loss are stated at fair value, with any gains or losses arising on remeasurement recognized in profit or loss.
Financial liabilities other than those held for trading purposes and designated as at FVTPL are subsequently measured at amortized cost at the end of each reporting period.
Derecognition of financial liabilities
The Company derecognizes financial liabilities when, and only when, the Company’s obligations are discharged, cancelled or they expire. The difference between the carrying amount of the financial liability derecognized and the consideration paid and payable is recognized in profit or loss.
Derivative Financial Instruments
Derivative financial instruments are initially recognized at fair value at the date the derivative contracts are entered into and are subsequently remeasured to their fair value at the end of each reporting period. The resulting gain or loss is recognized in profit or loss immediately unless the derivative financial instrument is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
Hedge Accounting
a. Cash flow hedge
The Company designates certain hedging instruments, such as forward contracts, to partially hedge its foreign exchange rate risks associated with certain highly probable forecast transactions (capital expenditures). The effective portion of changes in the fair value of hedging instruments is recognized in other comprehensive income. When forecast transactions actually take place, the accumulated gains or losses that were recognized in other comprehensive income are transferred from equity to the initial cost of the hedged items. The gains or losses from hedging instruments relating to the ineffective portion are recognized immediately in profit or loss.
- 15 -

The Company prospectively discontinues hedge accounting only when the hedging relationship ceases to meet the qualifying criteria; for instance, when the hedging instrument expires or is sold, terminated or exercised.
b. Hedges of net investments in foreign operations
The Company designates certain hedging instruments, such as bank loans denominated in foreign currency, as a hedge of net investments in foreign operations to manage the exchange differences arising on translation of foreign operations due to currency fluctuations. Any gains or losses on the hedging instrument relating to the effective portion of the hedge are recognized in other comprehensive income and accumulated under the heading of foreign currency translation reserve. The gains or losses relating to the ineffective portion are recognized immediately in profit or loss.
The gains and losses on the hedging instrument relating to the effective portion of the hedge, which were accumulated in the foreign currency translation reserve, are reclassified to profit or loss on the disposal or partial disposal of a foreign operation.
Inventories
Inventories are stated at the lower of cost or net realizable value. Inventories are recorded at standard cost and adjusted to approximate weighted-average cost at the end of the reporting period. Net realizable value represents the estimated selling price of inventories less all estimated costs of completion and costs necessary to make the sale.
Investments Accounted for Using Equity Method
Investments accounted for using the equity method include investments in subsidiaries and associates.
Investment in subsidiaries
A subsidiary is an entity that is controlled by the Company.
Under the equity method, an investment in a subsidiary is initially recognized at cost and adjusted thereafter to recognize the Company’s share of profit or loss and other comprehensive income of the subsidiary as well as the distribution received. The Company also recognized its share in the changes in the equity of subsidiaries.
Changes in the Company’s ownership interests in subsidiaries that do not result in the Company losing control over the subsidiaries are accounted for as equity transactions. Any difference between the carrying amount of the subsidiary and the fair value of the consideration paid or received is recognized directly in equity.
When the Company loses control of a subsidiary, any retained investment of the former subsidiary is measured at the fair value at that date. A gain or loss is recognized in profit or loss and calculated as the difference between (a) the aggregate of the fair value of consideration received and the fair value of any retained interest at the date when control is lost; and (b) the previous carrying amount of the investments in such subsidiary. In addition, the Company shall account for all amounts previously recognized in other comprehensive income in relation to the subsidiary on the same basis as would be required if the subsidiary had directly disposed of the related assets and liabilities.
When the Company transacts with its subsidiaries, profits and losses resulting from the transactions with the subsidiaries are recognized in the Company’s parent company only financial statements only to the extent of interests in the subsidiaries that are not owned by the Company.
- 16 -

Investment in associates
An associate is an entity over which the Company has significant influence and that is neither a subsidiary nor a joint venture. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies.
The operating results and assets and liabilities of associates are incorporated in these parent company only financial statements using the equity method of accounting. Under the equity method, an investment in an associate is initially recognized in the statement of financial position at cost and adjusted thereafter to recognize the Company’s share of profit or loss and other comprehensive income of the associate as well as the distribution received. The Company also recognizes its share in the changes in the equities of associates.
Any excess of the cost of acquisition over the Company’s share of the net fair value of the identifiable assets, liabilities and contingent liabilities of an associate recognized at the date of acquisition is recognized as goodwill, which is included within the carrying amount of the investment. Any excess of the Company’s share of the net fair value of the identifiable assets, liabilities and contingent liabilities over the cost of acquisition, after reassessment, is recognized immediately in profit or loss.
When necessary, the entire carrying amount of the investment (including goodwill) is tested for impairment as a single asset by comparing its recoverable amount (higher of value in use and fair value less costs to sell) with its carrying amount. Any impairment loss recognized forms part of the carrying amount of the investment. Any reversal of that impairment loss is recognized to the extent that the recoverable amount of the investment subsequently increases.
When the Company subscribes to additional shares in an associate at a percentage different from its existing ownership percentage, the resulting carrying amount of the investment differs from the amount of the Company’s proportionate interest in the net assets of the associate. The Company records such a difference as an adjustment to investments with the corresponding amount charged or credited to capital surplus. If the Company’s ownership interest is reduced due to the additional subscription to the shares of associate by other investors, the proportionate amount of the gains or losses previously recognized in other comprehensive income in relation to that associate shall be reclassified to profit or loss on the same basis as would be required if the associate had directly disposed of the related assets or liabilities.
When the Company transacts with an associate, profits and losses resulting from the transactions with the associate are recognized in the Company’s parent company only financial statements only to the extent of interests in the associate that are not owned by the Company.
Property, Plant and Equipment
Property, plant and equipment are measured at cost less accumulated depreciation and accumulated impairment. Costs include any incremental costs that are directly attributable to the construction, acquisition of the item of property, plant and equipment or borrowing costs eligible for capitalization.
Property, plant and equipment in the course of construction for production, supply or administrative purposes are carried at cost, less any recognized impairment loss. Such assets are classified to the appropriate categories of property, plant and equipment when completed and ready for intended use. Depreciation of these assets, on the same basis as other identical categories of property, plant and equipment, commences when the assets are available for their intended use.
Depreciation is recognized so as to write off the cost of the assets less their residual values over their useful lives, and it is computed using the straight-line method mainly over the following estimated useful lives: buildings (assets used by the Company and assets subject to operating leases) - 10 to 20 years; machinery and equipment (assets used by the Company and assets subject to operating leases) - 5 years; and office equipment - 5 years. The estimated useful lives, residual values and depreciation method are reviewed at the end of each
- 17 -

reporting period, with the effect of any changes in estimates accounted for on a prospective basis. Land is not depreciated.
An item of property, plant and equipment is derecognized upon disposal or when no future economic benefits are expected to arise from the continued use of the assets. Any gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognized in profit or loss.
Leases
For a contract that contains a lease component and non-lease component, the Company may elect to account for the lease and non-lease components as a single lease component.
The Company as lessor
Rental income from operating lease is recognized on a straight-line basis over the term of the lease.
The Company as lessee
Except for payments for low-value asset leases and short-term leases (leases of machinery and equipment and others) which are recognized as expenses on a straight-line basis, the Company recognizes right-of-use assets and lease liabilities for all leases at the commencement date of the lease.
Right-of-use assets are measured at cost. The cost of right-of-use assets comprises the initial measurement of lease liabilities adjusted for lease payments and initial direct costs made at or before the commencement date, plus an estimate of costs needed to restore the underlying assets. Subsequent measurement is calculated as cost less accumulated depreciation and accumulated impairment loss and adjusted for changes in lease liabilities as a result of lease term modifications or other related factors. Right-of-use assets are presented separately in the parent company only balance sheets.
Right-of-use assets are depreciated using the straight-line method from the commencement dates to the earlier of the end of the useful lives of the right-of-use assets or the end of the lease terms. If the lease transfers ownership of the underlying assets to the Company by the end of the lease terms or if the cost of right-of-use assets reflects that the Company will exercise a purchase option, the Company depreciates the right-of-use assets from the commencement dates to the end of the useful lives of the underlying assets.
Lease liabilities are measured at the present value of the lease payments. Lease payments comprise fixed payments, variable lease payments which depend on an index or a rate and the exercise price of a purchase option if the Company is reasonably certain to exercise that option. The lease payments are discounted using the lessee’s incremental borrowing rates.
Subsequently, lease liabilities are measured at amortized cost using the effective interest method, with interest expense recognized over the lease terms. When there is a change in a lease term, a change in future lease payments resulting from a change in an index or a rate used to determine those payments, or a change in the assessment of an option to purchase an underlying asset, the Company remeasures the lease liabilities with a corresponding adjustment to the right-of-use assets. Lease liabilities are presented on a separate line in the parent company only balance sheets.
Intangible Assets
Goodwill
Goodwill arising on an acquisition of a business is carried at cost as established at the date of acquisition of the business less accumulated impairment losses, if any.
- 18 -

Other intangible assets
Other separately acquired intangible assets with finite useful lives are carried at cost less accumulated amortization and accumulated impairment losses. Amortization is recognized using the straight-line method over the following estimated useful lives: Technology license fees - the estimated life of the technology or the term of the technology transfer contract; software and system design costs - 3 years or contract period; patent and others - the economic life or contract period. The estimated useful life and amortization method are reviewed at the end of each reporting period, with the effect of any changes in estimate being accounted for on a prospective basis.
Impairment of Tangible Assets, Right-of-use Assets and Intangible Assets
Goodwill
Goodwill is not amortized and instead is tested for impairment annually, or more frequently when there is an indication that the cash generating unit may be impaired. For the purpose of impairment testing, goodwill is allocated to each of the Company’s cash generating units or groups of cash-generating units that are expected to benefit. If the recoverable amount of a cash generating unit is less than its carrying amount, the difference is allocated first to reduce the carrying amount of any goodwill allocated to such cash-generating unit and then to the other assets of the cash generating unit pro rata based on the carrying amount of each asset in the cash generating unit. Any impairment loss for goodwill is recognized directly in profit or loss. An impairment loss recognized for goodwill is not reversed in subsequent periods.
Tangible assets, right-of-use assets and other intangible assets
At the end of each reporting period, the Company reviews the carrying amounts of its tangible assets (property, plant and equipment), right-of-use assets and other intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss. When it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs. When a reasonable and consistent basis of allocation can be identified, corporate assets are also allocated to individual cash-generating units, or otherwise they are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset or cash-generating unit is estimated to be less than its carrying amount, the carrying amount of the asset or cash-generating unit is reduced to its recoverable amount. An impairment loss is recognized immediately in profit or loss.
When an impairment loss subsequently reverses, the carrying amount of the asset or a cash-generating unit is increased to the revised estimate of its recoverable amount, but the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset or cash-generating unit in prior years. A reversal of an impairment loss is recognized immediately in profit or loss.
Revenue Recognition
The Company recognizes revenue when performance obligations are satisfied. The performance obligations are satisfied when customers obtain control of the promised goods which is generally when the goods are delivered to the customers’ specified locations.
- 19 -

Revenue from sale of goods is measured at the fair value of the consideration received or receivable. Revenue is reduced for estimated customer returns, rebates and other similar allowances. Estimated sales returns and other allowances is generally made and adjusted based on historical experience and the consideration of varying contractual terms to recognize refund liabilities, which is classified under accrued expenses and other current liabilities.
In principle, payment term granted to customers is due 30 days from the invoice date or 15 days from the end of the month of when the invoice is issued. Due to the short term nature of the receivables from sale of goods with the immaterial discounted effect, the Company measures them at the original invoice amounts without discounting.
Employee Benefits
Short-term employee benefits
Liabilities recognized in respect of short-term employee benefits are measured at the undiscounted amount of the benefits expected to be paid in exchange for service rendered by employees.
Retirement benefits
For defined contribution retirement benefit plans, payments to the benefit plan are recognized as an expense when the employees have rendered service entitling them to the contribution. For defined benefit retirement benefit plans, the cost of providing benefit is recognized based on actuarial calculations.
Defined benefit costs (including service cost, net interest and remeasurement) under the defined benefit retirement benefit plans are determined using the Projected Unit Credit Method. Service cost (including current service cost), and net interest on the net defined benefit liability (asset) are recognized as employee benefits expense in the period they occur. Remeasurement, comprising actuarial gains and losses and the return on plan assets (excluding interest), is recognized in other comprehensive income in the period in which they occur. Remeasurement recognized in other comprehensive income is reflected immediately in retained earnings and will not be reclassified to profit or loss.
Net defined benefit liability represents the actual deficit in the Company’s defined benefit plan.
Treasury Stock
Treasury stock represents the outstanding shares that the Company buys back from market, which is stated at cost and shown as a deduction in shareholders’ equity. When the Company retires treasury stock, the treasury stock account is reduced and the common stock as well as the capital surplus - additional paid-in capital are reversed on a pro rata basis. When the book value of the treasury stock exceeds the sum of the par value and additional paid-in capital, the difference is charged to capital surplus - treasury stock transactions and to retained earnings for any remaining amount.
Share-based payment arrangements
a. Equity-settled share-based payment arrangements
Restricted shares for employees are expensed on a straight-line basis over the vesting period, based on the fair value at the grant date and the Company’s best estimate of the number expected to ultimately vest, with a corresponding increase in other equity - unearned stock-based employee compensation.
When restricted shares for employees are issued, other equity - unearned stock-based employee compensation is recognized on the grant date, with a corresponding increase in capital surplus - restricted shares for employees. Dividends paid to employees on restricted shares which do not need to be returned if employees resign in the vesting period are recognized as expenses upon the dividend declaration with a corresponding adjustment in retained earnings.
- 20 -

At the end of each reporting period, the Company revises its estimate of the number of restricted shares for employees that are expected to vest. The impact from such revision is recognized in profit or loss so that the cumulative expenses reflect the revised estimate, with a corresponding adjustment to capital surplus - restricted shares for employees.
b. Cash-settled share-based payment arrangements
For cash-settled share-based payments, a liability is recognized for the services acquired, measured at the fair value of the liability incurred. At the end of each reporting period until the liability is settled, and at the date of settlement, the fair value of the liability is remeasured, with any changes in fair value recognized in profit or loss.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
Income tax on unappropriated earnings is expensed in the year the shareholders approved the appropriation of earnings which is the year subsequent to the year the earnings are generated.
Adjustments of prior years’ tax liabilities are added to or deducted from the current year’s tax provision.
Deferred tax
Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities in the parent company only financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognized for all taxable temporary differences. Deferred tax assets are generally recognized for all deductible temporary differences, net operating loss carryforwards and tax credits for research and development expenses to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilized.
Deferred tax liabilities are recognized for taxable temporary differences associated with investments in subsidiaries and associates, except where the Company is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments are only recognized to the extent that it is probable that there will be sufficient taxable profits against which to utilize the benefits of the temporary differences and they are expected to reverse in the foreseeable future.
The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the deferred tax asset to be recovered. The deferred tax assets which originally not recognized is also reviewed at the end of each reporting period and recognized to the extent that it is probable that sufficient taxable profits will be available to allow all or part of the deferred tax asset to be recovered.
Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the year in which the liability is settled or the asset is realized, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax for the year
Current and deferred tax are recognized in profit or loss, except when they relate to items that are recognized in other comprehensive income or directly in equity, in which case, the current and deferred tax are also recognized in other comprehensive income or directly in equity, respectively.
- 21 -

5. MATERIAL ACCOUNTING JUDGMENTS AND KEY SOURCES OF ESTIMATION AND UNCERTAINTY
In the application of the aforementioned Company’s accounting policies, the Company is required to make judgments, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the year in which the estimate is revised if the revision affects only that year, or in the year of the revision and future years if the revision affects both current and future years.
Material Accounting Judgments
Revenue Recognition
The Company recognizes revenue when the conditions described in Note 4 are satisfied.
Commencement of Depreciation Related to Property, Plant and Equipment Classified as Equipment under Installation and Construction in Progress (EUI/CIP)
As described in Note 4, commencement of depreciation related to EUI/CIP involves determining when the assets are available for their intended use. The criteria the Company uses to determine whether EUI/CIP are available for their intended use involves subjective judgments and assumptions about the conditions necessary for the assets to be capable of operating in the intended manner.
Judgments on Lease Terms
In determining a lease term, the Company considers all facts and circumstances that create an economic incentive to exercise or not to exercise an option, including any expected changes in facts and circumstances from the commencement date until the exercise date of the option. Main factors considered include contractual terms and conditions covered by the optional periods, and the importance of the underlying asset to the lessee’s operations, etc. The lease term is reassessed if a significant change in circumstances that are within the control of the Company occurs.
Key Sources of Estimation and Uncertainty
Estimation of Sales Returns and Allowances
Sales returns and other allowance is estimated and recorded based on historical experience and in consideration of different contractual terms. The amount is deducted from revenue in the same period the related revenue is recorded. The Company periodically reviews the reasonableness of the estimates.
Valuation of Inventory
Inventories are stated at the lower of cost or net realizable value, and the Company uses estimate to determine the net realizable value of inventory at the end of each reporting period.
The Company estimates the net realizable value of inventory for normal waste, obsolescence and unmarketable items at the end of reporting period and then writes down the cost of inventories to net realizable value. The net realizable value of the inventory is determined mainly based on assumptions of future demand within a specific time horizon.
- 22 -

Impairment of Tangible Assets, Right-of-use Assets and Intangible Assets Other than Goodwill
In the process of evaluating the potential impairment of tangible assets, right-of-use assets and intangible assets other than goodwill, the Company determines the independent cash flows, useful lives, expected future revenue and expenses related to the specific asset groups with the consideration of the nature of semiconductor industry. Any change in these estimates based on changed economic conditions or business strategies could result in significant impairment charges or reversal in future years.
Realization of Deferred Income Tax Assets
Deferred tax assets are recognized to the extent that it is probable that future taxable profits will be available against which those deferred tax assets can be utilized. Assessment of the realization of the deferred tax assets requires subjective judgment and estimate, including the future revenue growth and profitability, tax holidays, the amount of tax credits can be utilized and feasible tax planning strategies. Any changes in the global economic environment, the industry trends and relevant laws and regulations could result in significant adjustments to the deferred tax assets.
Determination of Lessees’ Incremental Borrowing Rates
In determining a lessee’s incremental borrowing rate used in discounting lease payments, the Company mainly takes into account the market risk-free rates, the estimated lessee’s credit spreads and secured status in a similar economic environment.
6. CASH AND CASH EQUIVALENTS

|  | December 31, 2024 |  | December 31, 2023
Cash and deposits in banks |  | $ | 1,031,883,302 |  |  | $ | 710,158,232 |
Commercial paper |  |  | 1,998,549 |  |  |  | - |
Repurchase agreements |  |  | 1,179,648 |  |  |  | 1,106,892 |
Money market funds |  |  | - |  |  |  | 7,438,588 |
|  | $ | 1,035,061,499 |  |  | $ | 718,703,712 |

Deposits in banks consisted of highly liquid time deposits that were readily convertible to known amounts of cash and were subject to an insignificant risk of changes in value.
7. FINANCIAL ASSETS AND LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS

|  | December 31, 2024 |  | December 31, 2023
Financial assets |  |  |  |
Mandatorily measured at FVTPL |  |  |  |
Forward exchange contracts |  | $ | 13,174 |  |  | $ | 624,685 |
Financial liabilities |  |  |  |  |  |  |  |
Held for trading |  |  |  |  |  |  |  |
Forward exchange contracts |  | $ | 439,110 |  |  | $ | 25,673 |

- 23 -

The Company entered into forward exchange contracts to manage exposures due to fluctuations of foreign exchange rates. These forward exchange contracts did not meet the criteria for hedge accounting. Therefore, the Company did not apply hedge accounting treatment for these forward exchange contracts.
Outstanding forward exchange contracts consisted of the following:

|  |  |  | Contract Amount
|  | Maturity Date |  | (In Thousands)
December 31, 2024 |  |  |  |  |  |
Sell US$ |  | January 2025 to March 2025 |  | US$ | 3,256,945 |
December 31, 2023 |  |  |  |  |  |
Sell NT$ |  | January 2024 |  | NT$ | 26,251,763 |
Sell US$ |  | January 2024 |  | US$ | 829,000 |

8. FINANCIAL ASSETS AT AMORTIZED COST

|  | December 31, 2024 |  | December 31, 2023
Commercial paper |  | $ | 14,221,737 |  |  | $ | 18,387,835 |
Less: Allowance for impairment loss |  |  | (13,579 | ) |  |  | (16,130 | )
|  | $ | 14,208,158 |  |  | $ | 18,371,705 |

Refer to Note 29 for information relating to the credit risk management and expected credit loss for financial assets at amortized cost.
9. HEDGING FINANCIAL INSTRUMENTS

|  | December 31, 2024 |  | December 31, 2023
Financial liabilities- current |  |  |  |
Hedges of net investments in foreign operations |  |  |  |
Bank loans |  | $ | - |  |  | $ | 27,290,400 |

Cash flow hedge
The Company entered into forward exchange contracts to partially hedge foreign exchange rate risks associated with certain highly probable forecast transactions (capital expenditures). The hedge ratio is adjusted in response to the changes in the financial market and capped at 100%. The forward exchange contracts have maturities of 12 months or less.
On the basis of economic relationships, the Company expects that the value of forward exchange contracts and the value of hedged transactions will change in opposite directions in response to movements in foreign exchange rates.
- 24 -

The main source of hedge ineffectiveness in these hedging relationships is driven by the effect of the counterparty’s own credit risk on the fair value of forward exchange contracts. No other sources of ineffectiveness have emerged from these hedging relationships during the hedging period. Refer to Note 18 (d) for gain or loss arising from changes in the fair value of hedging instruments and the amount transferred to initial carrying amount of hedged items.
The effect for the years ended December 31, 2024 and 2023 is detailed below:

|  | Change in Value Used for Calculating Hedge Ineffectiveness
|  | Years Ended December 31
Hedging Instruments/Hedged Items |  | 2024 |  | 2023
Hedging Instruments |  |  |  |
Forward exchange contracts |  | $ | 5,041 |  |  | $ | 39,898 |
Hedged Items |  |  |  |  |  |  |  |
Forecast transaction (capital expenditures) |  | $ | (5,041 | ) |  | $ | (39,898 | )

Hedges of net investments in foreign operations
The Company has designated the bank loans denominated in foreign currency as a hedge of net investments in foreign operations to manage its foreign currency risk arising from investment in overseas subsidiaries.
The main source of hedge ineffectiveness in these hedging relationships is driven by the material difference between the notional amount of bank loans denominated in foreign currency and the net investment in foreign operations. No other sources of ineffectiveness have emerged from these hedging relationships during the hedging period. Refer to Note 18 (d) for gain or loss arising from changes in the fair value of hedging instruments.
The following tables summarize the information relating to the hedges of net investments in foreign operations.
December 31, 2023

Hedging Instruments |  | Contract Amount (In Thousands) |  | Annual Interest Rate |  | Maturity |  | Balance in Other Equity (Continuing Hedges)
Bank loans |  | JPY 124,500,000 |  | 0% |  | Due by April 2024 |  | $ 618,180

The effect for the years ended December 31, 2024 and 2023 is detailed below:

|  | Change in Value Used for Calculating Hedge Ineffectiveness
|  | Years Ended December 31
Hedging Instruments/Hedged Items |  | 2024 |  | 2023
Hedging Instruments |  |  |  |
Bank loans |  | $ | 793,830 |  |  | $ | 618,180 |
Hedged Items |  |  |  |  |  |  |  |
Net investments in foreign operations |  | $ | (793,830 | ) |  | $ | (618,180 | )

- 25 -

10. NOTES AND ACCOUNTS RECEIVABLE, NET

|  | December 31, 2024 |  | December 31, 2023
At amortized cost |  |  |  |
Notes and accounts receivable |  | $ | 34,036,332 |  |  | $ | 28,676,101 |
Less: Loss allowance |  |  | (451,913 | ) |  |  | (530,139 | )
|  |  | 33,584,419 |  |  |  | 28,145,962 |
At FVTOCI |  |  | 5,912,584 |  |  |  | 5,411,317 |
|  | $ | 39,497,003 |  |  | $ | 33,557,279 |

The Company signed a contract with the bank to sell certain accounts receivable without recourse and transaction cost required. These accounts receivable are classified as at FVTOCI because they are held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets.
In principle, the payment term granted to customers is due 30 days from the invoice date or 15 days from the end of the month when the invoice is issued. Aside from recognizing impairment loss for credit-impaired accounts receivable, the Company recognizes loss allowance based on the expected credit loss ratio of customers by different risk levels with consideration of factors of historical loss ratios and customers’ financial conditions, competitiveness and business outlook. For accounts receivable past due over 90 days without collaterals or guarantees, the Company recognizes loss allowance at full amount.
Aging analysis of notes and accounts receivable

|  | December 31, 2024 |  | December 31, 2023
Not past due |  | $ | 38,633,320 |  |  | $ | 33,618,149 |
Past due |  |  |  |  |  |  |  |
Past due within 30 days |  |  | 1,315,596 |  |  |  | 469,269 |
Less: Loss allowance |  |  | (451,913 | ) |  |  | (530,139 | )
|  | $ | 39,497,003 |  |  | $ | 33,557,279 |

All of the Company’s accounts receivable classified as at FVTOCI were not past due.
Movements of the loss allowance for accounts receivable

|  | Years Ended December 31
|  | 2024 |  | 2023
Balance, beginning of year |  | $ | 530,139 |  |  | $ | 330,686 |
Provision (Reversal) |  |  | (78,226 | ) |  |  | 199,453 |
Balance, end of year |  | $ | 451,913 |  |  | $ | 530,139 |

For the years ended December 31, 2024 and 2023, the changes in loss allowance were mainly due to the variations in the balance of accounts receivable of different risk levels.
- 26 -

11. INVENTORIES

|  | December 31, 2024 |  | December 31, 2023
Finished goods |  | $ | 33,980,459 |  |  | $ | 33,839,662 |
Work in process |  |  | 178,296,363 |  |  |  | 153,362,168 |
Raw materials |  |  | 44,017,395 |  |  |  | 37,279,545 |
Supplies and spare parts |  |  | 14,422,255 |  |  |  | 13,777,820 |
|  | $ | 270,716,472 |  |  | $ | 238,259,195 |

Write-down of inventories to net realizable value (excluding earthquake losses) and reversal of write-down of inventories resulting from the increase in net realizable value were included in the cost of revenue, which were as follows. Please refer to related earthquake losses in Note 32.

|  | Years Ended December 31
|  | 2024 |  | 2023
Net inventory losses (reversal of write-down of inventories) |  | $ | (79,431 | ) |  | $ | 3,526,480 |

12. INVESTMENTS ACCOUNTED FOR USING EQUITY METHOD
Investments accounted for using the equity method consisted of the following:

|  | December 31, 2024 |  | December 31, 2023
Subsidiaries |  | $ | 1,721,166,777 |  |  | $ | 1,065,078,454 |
Associates |  |  | 37,421,105 |  |  |  | 29,616,638 |
|  | $ | 1,758,587,882 |  |  | $ | 1,094,695,092 |

a. Investments in subsidiaries
Subsidiaries consisted of the following:

|  |  |  | Place of |  | Carrying Amount |  | Percentage of Ownership
Subsidiaries |  | Principal Activities |  | Incorporation and Operation |  | December 31, 2024 |  | December 31, 2023 |  | December 31, 2024 |  | December 31, 2023
TSMC Global Ltd. (TSMC Global) |  | Investment activities |  | Tortola, British Virgin Islands |  | $ | 772,437,954 |  |  | $ | 441,225,883 |  |  | 100% |  | 100%
TSMC Arizona Corporation (TSMC Arizona) |  | Manufacturing, sales and testing of integrated circuits and other semiconductor devices |  | Phoenix, Arizona, U.S.A. |  |  | 544,359,678 |  |  |  | 298,604,975 |  |  | 100% |  | 100%
TSMC Nanjing Company Limited (TSMC Nanjing) |  | Manufacturing, sales, testing and computer-aided design of integrated circuits and other semiconductor devices |  | Nanjing, China |  |  | 116,846,280 |  |  |  | 87,625,830 |  |  | 100% |  | 100%
TSMC China Company Limited (TSMC China) |  | Manufacturing, sales, testing and computer-aided design of integrated circuits and other semiconductor devices |  | Shanghai, China |  |  | 110,272,686 |  |  |  | 95,419,097 |  |  | 100% |  | 100%
TSMC Partners, Ltd. (TSMC Partners) |  | Investing in companies involved in the design, manufacture, and other related business in the semiconductor industry and other investment activities |  | Tortola, British Virgin Islands |  |  | 76,694,630 |  |  |  | 68,143,719 |  |  | 100% |  | 100%

(Continued)
- 27 -

|  |  |  | Place of |  | Carrying Amount |  | Percentage of Ownership
Subsidiaries |  | Principal Activities |  | Incorporation and Operation |  | December 31, 2024 |  | December 31, 2023 |  | December 31, 2024 |  | December 31, 2023
Japan Advanced Semiconductor Manufacturing, Inc. (JASM) |  | Manufacturing, sales and testing of integrated circuits and other semiconductor devices |  | Kumamoto, Japan |  | $ | 57,173,512 |  |  | $ | 47,087,140 |  |  |  | 73% |  |  |  | 71% |
European Semiconductor Manufacturing Company (ESMC) GmbH (ESMC) |  | Manufacturing, sales and testing of integrated circuits and other semiconductor devices |  | Dresden, Germany |  |  | 17,510,070 |  |  |  | 4,768,013 |  |  |  | 70% |  |  |  | 100% |
VisEra Technologies Company Ltd. (VisEra Tech) |  | Research, design, development, manufacturing, sales, packaging and test of color filter |  | Hsinchu, Taiwan |  |  | 12,204,760 |  |  |  | 11,261,961 |  |  |  | 67% |  |  |  | 67% |
TSMC North America |  | Selling and marketing of integrated circuits and other semiconductor devices |  | San Jose, California, U.S.A. |  |  | 7,856,923 |  |  |  | 6,278,751 |  |  |  | 100% |  |  |  | 100% |
Emerging Fund, L.P. (Emerging Fund) |  | Investing in technology start-up companies |  | Cayman Islands |  |  | 3,214,022 |  |  |  | 1,901,742 |  |  |  | 99.9% |  |  |  | 99.9% |
TSMC Japan 3DIC R&D Center, Inc. (TSMC 3DIC) |  | Engineering support activities |  | Yokohama, Japan |  |  | 1,343,370 |  |  |  | 1,224,449 |  |  |  | 100% |  |  |  | 100% |
TSMC Europe B.V. (TSMC Europe) |  | Customer service and supporting activities |  | Amsterdam, the Netherlands |  |  | 631,939 |  |  |  | 592,499 |  |  |  | 100% |  |  |  | 100% |
TSMC Design Technology Japan, Inc. (TSMC JDC) |  | Engineering support activities |  | Yokohama, Japan |  |  | 418,383 |  |  |  | 394,191 |  |  |  | 100% |  |  |  | 100% |
TSMC Japan Limited (TSMC Japan) |  | Customer service and supporting activities |  | Yokohama, Japan |  |  | 129,226 |  |  |  | 130,403 |  |  |  | 100% |  |  |  | 100% |
TSMC Korea Limited (TSMC Korea) |  | Customer service and supporting activities |  | Seoul, Korea |  |  | 43,764 |  |  |  | 44,599 |  |  |  | 100% |  |  |  | 100% |
VentureTech Alliance Fund III, L.P. (VTAF III) |  | Investing in technology start-up technology companies |  | Cayman Islands |  |  | 23,334 |  |  |  | 257,540 |  |  |  | 98% |  |  |  | 98% |
VentureTech Alliance Fund II, L.P. (VTAF II) |  | Investing in technology start-up technology companies |  | Cayman Islands |  |  | 6,246 |  |  |  | 117,662 |  |  |  | 98% |  |  |  | 98% |
|  |  |  |  |  | $ | 1,721,166,777 |  |  | $ | 1,065,078,454 |  |  |  |  |  |  |  |  |

(Concluded)
The Company increased its investment in TSMC Global for the amount of NT$261,677,200 thousand in 2024.
The Company increased its investment in TSMC Arizona for the amount of NT$236,121,500 thousand and NT$292,649,510 thousand in both of 2024 and 2023, respectively. As of December 31, 2024, an amount of NT$44,236,800 thousand is recorded under accrued expenses and other current liabilities.
The Company increased its investment in JASM for the amount of NT$15,754,106 thousand and NT$28,062,957 thousand in both of 2024 and 2023, respectively. JASM has increased its capital and converted its preferred shares to common shares in July 2024. The increase in capital resulted in changes in shareholding rights from 71% to 73% and voting rights from 81% to 73%, respectively.
As VisEra’s employees continue to exercise their employee share options, the Company’s ownership in VisEra continues to decline. This transaction was accounted for as an equity transaction since the transaction did not change the Company’s control over VisEra.
ESMC was established in June 2023, and the Company increased its investment in ESMC for the amount of NT$13,299,041 thousand and NT$4,814,293 thousand in both of 2024 and 2023, respectively. The Company sold its 10% shares to Robert Bosch GmbH, Infineon Technologies AG and NXP Semiconductors N.V. in January 2024, respectively. After selling shares, The Company’s shareholding in ESMC decreased from 100% to 70%. This transaction was accounted for as an equity transaction since the transaction did not change the Company’s control over ESMC.
VTAF II, VTAF III and Growth Fund are under liquidation procedures.
- 28 -

b. Investments in associates
Associates consisted of the following:

|  |  |  | Place of |  | Carrying Amount |  | % of Ownership and Voting Rights Held by the Company
Name of Associate |  | Principal Activities |  | Incorporation and Operation |  | December 31, 2024 |  | December 31, 2023 |  | December 31, 2024 |  | December 31, 2023
Vanguard International Semiconductor Corporation (VIS) |  | Manufacturing, sales, packaging, testing and computer-aided design of integrated circuits and other semiconductor devices and the manufacturing and design service of masks |  | Hsinchu, Taiwan |  | $ | 18,300,373 |  |  | $ | 13,590,430 |  |  | 28% |  | 28%
Systems on Silicon Manufacturing Company Pte Ltd. (SSMC) |  | Manufacturing and sales of integrated circuits and other semiconductor devices |  | Singapore |  |  | 11,387,185 |  |  |  | 9,728,801 |  |  | 39% |  | 39%
Xintec Inc. (Xintec) |  | Wafer level chip size packaging and wafer level post passivation interconnection service |  | Taoyuan, Taiwan |  |  | 4,220,609 |  |  |  | 3,759,701 |  |  | 41% |  | 41%
Global Unichip Corporation (GUC) |  | Researching, developing, manufacturing, testing and marketing of integrated circuits |  | Hsinchu, Taiwan |  |  | 3,512,938 |  |  |  | 2,537,706 |  |  | 35% |  | 35%
|  |  |  |  |  | $ | 37,421,105 |  |  | $ | 29,616,638 |  |  |  |  |

The Company increased its investment in VIS for the amount of NT$3,738,753 thousand in 2024.
As of December 31, 2024 and 2023, no investments in associates are individually material to the Company. Please refer to the parent company only statements of comprehensive income for recognition of share of both profit (loss) and other comprehensive income (loss) of associates that are not individually material.
The market prices of the associates’ ownership held by the Company in publicly traded stocks calculated by the closing price are summarized as follows. The closing price represents the quoted price in active markets, the level 1 fair value measurement.

Name of Associate |  | December 31, 2024 |  | December 31, 2023
GUC |  | $ | 63,495,488 |  |  | $ | 81,236,875 |
VIS |  | $ | 50,620,261 |  |  | $ | 37,834,215 |
Xintec |  | $ | 22,033,821 |  |  | $ | 14,188,445 |

13. PROPERTY, PLANT AND EQUIPMENT

|  | December 31, 2024 |  | December 31, 2023
Assets used by the Company |  | $ | 2,537,292,598 |  |  | $ | 2,453,454,729 |
Assets subject to operating leases |  |  | 13 |  |  |  | 10,593 |
|  | $ | 2,537,292,611 |  |  | $ | 2,453,465,322 |

- 29 -

Assets used by the Company

|  | Land |  | Buildings |  | Machinery and Equipment |  | Office Equipment |  | Equipment under Installation and Construction in Progress |  | Total |
Cost |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at January 1, 2024 |  | $ | 3,212,000 |  |  | $ | 758,806,526 |  |  | $ | 5,131,811,792 |  |  | $ | 92,701,801 |  |  | $ | 396,791,113 |  |  | $ | 6,383,323,232 |  |
Additions |  |  | - |  |  |  | 55,597,044 |  |  |  | 467,354,678 |  |  |  | 9,549,218 |  |  |  | 179,051,731 |  |  |  | 711,552,671 |  |
Disposals or retirements |  |  | - |  |  |  | (114,103 | ) |  |  | (37,743,247 | ) |  |  | (7,947,490 | ) |  |  | - |  |  |  | (45,804,840 | ) |
Transfers from assets subject to operating leases |  |  | - |  |  |  | - |  |  |  | 56,487 |  |  |  | - |  |  |  | - |  |  |  | 56,487 |  |
Balance at December 31, 2024 |  | $ | 3,212,000 |  |  | $ | 814,289,467 |  |  | $ | 5,561,479,710 |  |  | $ | 94,303,529 |  |  | $ | 575,842,844 |  |  | $ | 7,049,127,550 |  |
Accumulated depreciation and impairment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at January 1, 2024 |  | $ | - |  |  | $ | 356,622,537 |  |  | $ | 3,510,736,003 |  |  | $ | 61,719,223 |  |  | $ | 790,740 |  |  | $ | 3,929,868,503 |  |
Additions |  |  | - |  |  |  | 48,163,277 |  |  |  | 563,408,071 |  |  |  | 11,207,118 |  |  |  | - |  |  |  | 622,778,466 |  |
Disposals or retirements |  |  | - |  |  |  | (110,393 | ) |  |  | (33,910,889 | ) |  |  | (7,947,402 | ) |  |  | - |  |  |  | (41,968,684 | ) |
Transfers from assets subject to operating leases |  |  | - |  |  |  | - |  |  |  | 53,721 |  |  |  | - |  |  |  | - |  |  |  | 53,721 |  |
Impairment |  |  | - |  |  |  | - |  |  |  | 1,102,946 |  |  |  | - |  |  |  | - |  |  |  |  | 1,102,946 |  |
Balance at December 31, 2024 |  | $ | - |  |  | $ | 404,675,421 |  |  | $ | 4,041,389,852 |  |  | $ | 64,978,939 |  |  | $ | 790,740 |  |  | $ | 4,511,834,952 |  |
Carrying amounts at December 31, 2024 |  | $ | 3,212,000 |  |  | $ | 409,614,046 |  |  | $ | 1,520,089,858 |  |  | $ | 29,324,590 |  |  | $ | 575,052,104 |  |  | $ | 2,537,292,598 |
Cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at January 1, 2023 |  | $ | 3,212,000 |  |  | $ | 588,665,721 |  |  | $ | 4,073,634,985 |  |  | $ | 78,940,726 |  |  | $ | 1,157,545,820 |  |  | $ | 5,901,999,252 |
Additions (deductions) |  |  | - |  |  |  | 170,726,292 |  |  |  | 1,092,820,315 |  |  |  | 17,029,650 |  |  |  | (760,754,707 | ) |  |  | 519,821,550 |
Disposals or retirements |  |  | - |  |  |  | (585,487 | ) |  |  | (34,652,800 | ) |  |  | (3,268,575 | ) |  |  | - |  |  |  | (38,506,862 | )
Transfers from assets subject to operating leases |  |  | - |  |  |  | - |  |  |  | 80,370 |  |  |  | - |  |  |  | - |  |  |  | 80,370 |
Transfers to assets subject to operating leases |  |  | - |  |  |  | - |  |  |  | (71,078 | ) |  |  | - |  |  |  | - |  |  |  | (71,078 | )
Balance at December 31, 2023 |  | $ | 3,212,000 |  |  | $ | 758,806,526 |  |  | $ | 5,131,811,792 |  |  | $ | 92,701,801 |  |  | $ | 396,791,113 |  |  | $ | 6,383,323,232 |
Accumulated depreciation and impairment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at January 1, 2023 |  | $ | - |  |  | $ | 315,107,562 |  |  | $ | 3,098,295,994 |  |  | $ | 55,147,258 |  |  | $ | 790,740 |  |  | $ | 3,469,341,554 |
Additions |  |  | - |  |  |  | 42,097,968 |  |  |  | 445,570,821 |  |  |  | 9,840,540 |  |  |  | - |  |  |  | 497,509,329 |
Disposals or retirements |  |  | - |  |  |  | (582,993 | ) |  |  | (33,138,618 | ) |  |  | (3,268,575 | ) |  |  | - |  |  |  | (36,990,186 | )
Transfers from assets subject to operating leases |  |  | - |  |  |  | - |  |  |  | 53,537 |  |  |  | - |  |  |  | - |  |  |  | 53,537 |
Transfers to assets subject to operating leases |  |  | - |  |  |  | - |  |  |  | (45,731 | ) |  |  | - |  |  |  | - |  |  |  | (45,731 | )
Balance at December 31, 2023 |  | $ | - |  |  | $ | 356,622,537 |  |  | $ | 3,510,736,003 |  |  | $ | 61,719,223 |  |  | $ | 790,740 |  |  | $ | 3,929,868,503 |
Carrying amounts at December 31, 2023 |  | $ | 3,212,000 |  |  | $ | 402,183,989 |  |  | $ | 1,621,075,789 |  |  | $ | 30,982,578 |  |  | $ | 396,000,373 |  |  | $ | 2,453,454,729 |  |

The significant part of the Company’s buildings includes main plants, mechanical and electrical power equipment and clean rooms, and the related depreciation is calculated using the estimated useful lives of 20 years, 10 years and 10 years, respectively.
In the second quarter of 2024, the Company recognized an impairment loss due to partial machinery and equipment damage caused by an earthquake, which rendered them unusable. Please refer to the related earthquake losses in Note 32.
Information about capitalized interest is set out in Note 21.
- 30 -

14. LEASE ARRANGEMENTS
a. Right-of-use assets

|  | December 31, 2024 |  | December 31, 2023
Carrying amounts |  |  |  |
Land |  | $ | 36,615,988 |  |  | $ | 37,039,145 |
Buildings |  |  | 1,262,910 |  |  |  | 811,037 |
Office equipment |  |  | 20,249 |  |  |  | 22,523 |
|  | $ | 37,899,147 |  |  | $ | 37,872,705 |

|  | Years Ended December 31
|  | 2024 |  | 2023
Additions to right-of-use assets |  | $ | 3,809,970 |  |  | $ | 1,657,886 |
Depreciation of right-of-use assets |  |  |  |  |  |  |  |
Land |  | $ | 2,523,492 |  |  | $ | 2,439,615 |
Buildings |  |  | 421,268 |  |  |  | 330,361 |
Office equipment |  |  | 16,383 |  |  |  | 16,193 |
|  | $ | 2,961,143 |  |  | $ | 2,786,169 |

b. Lease liabilities

|  | December 31, 2024 |  | December 31, 2023
Carrying amounts |  |  |  |
Current portion (classified under accrued expenses and other current liabilities) |  | $ | 2,497,939 |  |  | $ | 2,122,132 |
Noncurrent portion |  |  | 27,206,865 |  |  |  | 26,959,435 |
|  | $ | 29,704,804 |  |  | $ | 29,081,567 |

Ranges of discount rates for lease liabilities are as follows:

|  | December 31, 2024 |  | December 31, 2023
Land |  | 0.39%-2.30% |  | 0.39%-2.30%
Buildings |  | 0.40%-2.04% |  | 0.57%-1.76%
Office equipment |  | 0.28%-1.74% |  | 0.28%-1.73%

c. Material terms of right-of-use assets
The Company leases land and buildings mainly for the use of plants and offices with lease terms of 1 to 22 years. The lease contracts for land located in the R.O.C. specify that lease payments will be adjusted every 2 years on the basis of changes in announced land value prices. The Company does not have purchase options to acquire the leasehold land and buildings at the end of the lease terms.
- 31 -

d. Other lease information

|  | Years Ended December 31
|  | 2024 |  | 2023
Expenses relating to short-term leases |  | $ | 164,904 |  |  | $ | 1,212,080 |
Total cash outflow for leases |  | $ | 2,807,980 |  |  | $ | 4,128,092 |

15. INTANGIBLE ASSETS

|  | Goodwill |  | Technology License Fees |  | Software and System Design Costs |  | Patent and Others |  | Total |
Cost |  |  |  |  |  |  |  |  |  |  |
Balance at January 1, 2024 |  | $ | 1,567,756 |  |  | $ | 26,166,275 |  |  | $ | 47,949,736 |  |  | $ | 12,216,770 |  |  | $ | 87,900,537 |  |
Additions |  |  | - |  |  |  | 2,379,507 |  |  |  | 8,602,555 |  |  |  | 923,349 |  |  |  | 11,905,411 |  |
Disposals or retirements |  |  | - |  |  |  | - |  |  |  | (5,182,563 | ) |  |  | (7,890 | ) |  |  | (5,190,453 | ) |
Balance at December 31, 2024 |  | $ | 1,567,756 |  |  | $ | 28,545,782 |  |  | $ | 51,369,728 |  |  | $ | 13,132,229 |  |  | $ | 94,615,495 |  |
Accumulated amortization and impairment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at January 1, 2024 |  | $ | - |  |  | $ | 20,436,014 |  |  | $ | 39,211,353 |  |  | $ | 10,569,106 |  |  | $ | 70,216,473 |  |
Additions |  |  | - |  |  |  | 2,729,999 |  |  |  | 5,413,650 |  |  |  | 985,820 |  |  |  | 9,129,469 |  |
Disposals or retirements |  |  | - |  |  |  | - |  |  |  | (5,182,529 | ) |  |  | - |  |  |  | (5,182,529 | ) |
Balance at December 31, 2024 |  | $ | - |  |  | $ | 23,166,013 |  |  | $ | 39,442,474 |  |  | $ | 11,554,926 |  |  | $ | 74,163,413 |  |
Carrying amounts at December 31, 2024 |  | $ | 1,567,756 |  |  | $ | 5,379,769 |  |  | $ | 11,927,254 |  |  | $ | 1,577,303 |  |  | $ | 20,452,082 |  |
Cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at January 1, 2023 |  | $ | 1,567,756 |  |  | $ | 25,706,243 |  |  | $ | 47,821,483 |  |  | $ | 11,668,271 |  |  | $ | 86,763,753 |
Additions |  |  | - |  |  |  | 460,032 |  |  |  | 4,417,438 |  |  |  | 548,499 |  |  |  | 5,425,969 |
Disposals or retirements |  |  | - |  |  |  | - |  |  |  | (4,289,185 | ) |  |  | - |  |  |  | (4,289,185 | )
Balance at December 31, 2023 |  | $ | 1,567,756 |  |  | $ | 26,166,275 |  |  | $ | 47,949,736 |  |  | $ | 12,216,770 |  |  | $ | 87,900,537 |
Accumulated amortization and impairment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at January 1, 2023 |  | $ | - |  |  | $ | 17,643,661 |  |  | $ | 38,255,701 |  |  | $ | 9,408,287 |  |  | $ | 65,307,649 |
Additions |  |  | - |  |  |  | 2,792,353 |  |  |  | 5,244,804 |  |  |  | 1,160,819 |  |  |  | 9,197,976 |
Disposals or retirements |  |  | - |  |  |  | - |  |  |  | (4,289,152 | ) |  |  | - |  |  |  | (4,289,152 | )
Balance at December 31, 2023 |  | $ | - |  |  | $ | 20,436,014 |  |  | $ | 39,211,353 |  |  | $ | 10,569,106 |  |  | $ | 70,216,473 |
Carrying amounts at December 31, 2023 |  | $ | 1,567,756 |  |  | $ | 5,730,261 |  |  | $ | 8,738,383 |  |  | $ | 1,647,664 |  |  | $ | 17,684,064 |

The Company’s goodwill has been tested for impairment at the end of the annual reporting period and the recoverable amount is determined based on the value in use. The value in use was calculated based on the cash flow forecast from the financial budgets covering the future five-year period, and the Company used annual discount rates of 9.3% and 9.0% in its test of impairment as of December 31, 2024 and 2023, respectively, to reflect the relevant specific risk in the cash-generating unit.
For the years ended December 31, 2024 and 2023, the Company did not recognize any impairment loss on goodwill.
- 32 -

16. BONDS PAYABLE

|  | December 31, 2024 |  | December 31, 2023
Domestic unsecured bonds |  | $ | 478,536,000 |  |  | $ | 447,194,000 |
Less: Discounts on bonds payable |  |  | (299,338 | ) |  |  | (326,435 | )
Less: Current portion |  |  | (24,397,381 | ) |  |  | (6,997,710 | )
|  | $ | 453,839,281 |  |  | $ | 439,869,855 |

The major terms of domestic unsecured bonds are as follows:

Issuance |  | Tranche |  | Issuance Period |  | Total Issue Amount |  | Coupon Rate |  | Repayment and Interest Payment
NT$ unsecured bonds |  |  |  |  |  |  |  |  |  |
101-4 |  | C |  | January 2013 to January 2023 |  | $ | 3,000,000 |  |  | 1.49% |  | Bullet repayment; interest payable annually
102-1 |  | C |  | February 2013 to February 2023 |  |  | 3,600,000 |  |  | 1.50% |  | The same as above
102-2 |  | B |  | July 2013 to July 2023 |  |  | 3,500,000 |  |  | 1.70% |  | The same as above
102-4 |  | E |  | September 2013 to March 2023 |  |  | 5,400,000 |  |  | 2.05% |  | The same as above
|  | F |  | September 2013 to September 2023 |  |  | 2,600,000 |  |  | 2.10% |  | The same as above
109-1 |  | A |  | March 2020 to March 2025 |  |  | 3,000,000 |  |  | 0.58% |  | The same as above
|  | B |  | March 2020 to March 2027 |  |  | 10,500,000 |  |  | 0.62% |  | The same as above
|  | C |  | March 2020 to March 2030 |  |  | 10,500,000 |  |  | 0.64% |  | The same as above
109-2 |  | A |  | April 2020 to April 2025 |  |  | 5,900,000 |  |  | 0.52% |  | The same as above
|  | B |  | April 2020 to April 2027 |  |  | 10,400,000 |  |  | 0.58% |  | The same as above
|  | C |  | April 2020 to April 2030 |  |  | 5,300,000 |  |  | 0.60% |  | The same as above
109-3 |  | A |  | May 2020 to May 2025 |  |  | 4,500,000 |  |  | 0.55% |  | The same as above
|  | B |  | May 2020 to May 2027 |  |  | 7,500,000 |  |  | 0.60% |  | The same as above
|  | C |  | May 2020 to May 2030 |  |  | 2,400,000 |  |  | 0.64% |  | The same as above

(Continued)
- 33 -

Issuance |  | Tranche |  | Issuance Period |  | Total Issue Amount |  | Coupon Rate |  | Repayment and Interest Payment
109-4 |  | A |  | July 2020 to July 2025 |  | $ | 5,700,000 |  |  | 0.58% |  | Two equal installments in last two years; interest payable annually
|  | B |  | July 2020 to July 2027 |  |  | 6,300,000 |  |  | 0.65% |  | The same as above
|  | C |  | July 2020 to July 2030 |  |  | 1,900,000 |  |  | 0.67% |  | The same as above
109-5 |  | A |  | September 2020 to September 2025 |  |  | 4,800,000 |  |  | 0.50% |  | The same as above
|  | B |  | September 2020 to September 2027 |  |  | 8,000,000 |  |  | 0.58% |  | The same as above
|  | C |  | September 2020 to September 2030 |  |  | 2,800,000 |  |  | 0.60% |  | The same as above
109-6 (Green bond) |  | A |  | December 2020 to December 2025 |  |  | 1,600,000 |  |  | 0.40% |  | The same as above
|  | B |  | December 2020 to December 2027 |  |  | 5,600,000 |  |  | 0.44% |  | The same as above
|  | C |  | December 2020 to December 2030 |  |  | 4,800,000 |  |  | 0.48% |  | The same as above
109-7 |  | A |  | December 2020 to December 2025 |  |  | 1,900,000 |  |  | 0.36% |  | The same as above
|  | B |  | December 2020 to December 2027 |  |  | 10,200,000 |  |  | 0.41% |  | The same as above
|  | C |  | December 2020 to December 2030 |  |  | 6,400,000 |  |  | 0.45% |  | The same as above
110-1 |  | A |  | March 2021 to March 2026 |  |  | 4,800,000 |  |  | 0.50% |  | Bullet repayment; interest payable annually
|  | B |  | March 2021 to March 2028 |  |  | 11,400,000 |  |  | 0.55% |  | The same as above
|  | C |  | March 2021 to March 2031 |  |  | 4,900,000 |  |  | 0.60% |  | The same as above
110-2 |  | A |  | May 2021 to May 2026 |  |  | 5,200,000 |  |  | 0.50% |  | The same as above
|  | B |  | May 2021 to May 2028 |  |  | 8,400,000 |  |  | 0.58% |  | The same as above
|  | C |  | May 2021 to May 2031 |  |  | 5,600,000 |  |  | 0.65% |  | The same as above
110-3 |  | A |  | June 2021 to June 2026 |  |  | 6,900,000 |  |  | 0.52% |  | The same as above
|  | B |  | June 2021 to June 2028 |  |  | 7,900,000 |  |  | 0.58% |  | The same as above
|  | C |  | June 2021 to June 2031 |  |  | 4,900,000 |  |  | 0.65% |  | The same as above
110-4 |  | A |  | August 2021 to August 2025 |  |  | 4,000,000 |  |  | 0.485% |  | The same as above
|  | B |  | August 2021 to August 2026 |  |  | 8,000,000 |  |  | 0.50% |  | The same as above
|  | C |  | August 2021 to August 2028 |  |  | 5,400,000 |  |  | 0.55% |  | The same as above
|  | D |  | August 2021 to August 2031 |  |  | 4,200,000 |  |  | 0.62% |  | The same as above

(Continued)
- 34 -

Issuance |  | Tranche |  | Issuance Period |  | Total Issue Amount |  | Coupon Rate |  | Repayment and Interest Payment
110-6 |  | A |  | October 2021 to April 2026 |  | $ | 3,200,000 |  |  | 0.535% |  | Bullet repayment; interest payable annually
|  | B |  | October 2021 to October 2026 |  |  | 6,900,000 |  |  | 0.54% |  | The same as above
|  | C |  | October 2021 to October 2028 |  |  | 4,600,000 |  |  | 0.60% |  | The same as above
|  | D |  | October 2021 to October 2031 |  |  | 1,600,000 |  |  | 0.62% |  | The same as above
110-7 |  | A |  | December 2021 to December 2026 |  |  | 7,700,000 |  |  | 0.65% |  | The same as above
|  | B |  | December 2021 to June 2027 |  |  | 3,500,000 |  |  | 0.675% |  | The same as above
|  | C |  | December 2021 to December 2028 |  |  | 5,500,000 |  |  | 0.72% |  | The same as above
111-1 (Green bond) |  | A |  | January 2022 to January 2027 |  |  | 2,100,000 |  |  | 0.63% |  | The same as above
|  | B |  | January 2022 to January 2029 |  |  | 3,300,000 |  |  | 0.72% |  | The same as above
111-2 |  | A |  | March 2022 to September 2026 |  |  | 3,000,000 |  |  | 0.84% |  | The same as above
|  | B |  | March 2022 to March 2027 |  |  | 9,600,000 |  |  | 0.85% |  | The same as above
|  | C |  | March 2022 to March 2029 |  |  | 1,600,000 |  |  | 0.90% |  | The same as above
111-3 (Green bond) |  | - |  | May 2022 to May 2027 |  |  | 6,100,000 |  |  | 1.50% |  | The same as above
111-4 (Green bond) |  | A |  | July 2022 to July 2026 |  |  | 1,200,000 |  |  | 1.60% |  | The same as above
|  | B |  | July 2022 to July 2027 |  |  | 10,100,000 |  |  | 1.70% |  | The same as above
|  | C |  | July 2022 to July 2029 |  |  | 1,200,000 |  |  | 1.75% |  | The same as above
|  | D |  | July 2022 to July 2032 |  |  | 1,400,000 |  |  | 1.95% |  | The same as above
111-5 |  | A |  | August 2022 to June 2027 |  |  | 2,000,000 |  |  | 1.65% |  | The same as above
|  | B |  | August 2022 to August 2027 |  |  | 8,900,000 |  |  | 1.65% |  | The same as above
|  | C |  | August 2022 to August 2029 |  |  | 2,200,000 |  |  | 1.65% |  | The same as above
|  | D |  | August 2022 to August 2032 |  |  | 2,500,000 |  |  | 1.82% |  | The same as above
111-6 (Green bond) |  | A |  | October 2022 to October 2027 |  |  | 5,700,000 |  |  | 1.75% |  | The same as above
|  | B |  | October 2022 to October 2029 |  |  | 1,000,000 |  |  | 1.80% |  | The same as above
|  | C |  | October 2022 to October 2032 |  |  | 3,500,000 |  |  | 2.00% |  | The same as above

(Continued)
- 35 -

Issuance |  | Tranche |  | Issuance Period |  | Total Issue Amount |  | Coupon Rate |  | Repayment and Interest Payment
112-1 (Green bond) |  | A |  | March 2023 to March 2028 |  | $ | 12,200,000 |  |  | 1.54% |  | Bullet repayment; interest payable annually
|  | B |  | March 2023 to March 2030 |  |  | 2,300,000 |  |  | 1.60% |  | The same as above
|  | C |  | March 2023 to March 2033 |  |  | 4,800,000 |  |  | 1.78% |  | The same as above
112-2 (Green bond) |  | A |  | May 2023 to May 2028 |  |  | 13,100,000 |  |  | 1.60% |  | The same as above
|  | B |  | May 2023 to May 2030 |  |  | 2,300,000 |  |  | 1.65% |  | The same as above
|  | C |  | May 2023 to May 2033 |  |  | 5,300,000 |  |  | 1.82% |  | The same as above
112-3 |  | A |  | June 2023 to June 2028 |  |  | 11,400,000 |  |  | 1.60% |  | The same as above
|  | B |  | June 2023 to June 2030 |  |  | 2,600,000 |  |  | 1.65% |  | The same as above
|  | C |  | June 2023 to June 2033 |  |  | 6,000,000 |  |  | 1.80% |  | The same as above
112-4 |  | A |  | August 2023 to August 2028 |  |  | 7,300,000 |  |  | 1.60% |  | The same as above
|  | B |  | August 2023 to August 2030 |  |  | 700,000 |  |  | 1.65% |  | The same as above
|  | C |  | August 2023 to August 2033 |  |  | 7,900,000 |  |  | 1.76% |  | The same as above
112-5 |  | A |  | October 2023 to October 2028 |  |  | 4,300,000 |  |  | 1.62% |  | The same as above
|  | B |  | October 2023 to October 2033 |  |  | 5,500,000 |  |  | 1.76% |  | The same as above
113-1 (Green bond) |  | A |  | March 2024 to March 2029 |  |  | 12,000,000 |  |  | 1.64% |  | The same as above
|  | B |  | March 2024 to March 2034 |  |  | 10,800,000 |  |  | 1.76% |  | The same as above
113-2 (Green bond) |  | A |  | May 2024 to May 2029 |  |  | 4,900,000 |  |  | 1.98% |  | The same as above
|  | B |  | May 2024 to May 2034 |  |  | 6,600,000 |  |  | 2.10% |  | The same as above

(Concluded)

Issuance |  | Tranche |  | Issuance Period |  | Total Issue Amount (US$ in Thousands) |  | Coupon Rate |  | Repayment and Interest Payment
US$ unsecured bonds |  |  |  |  |  |  |  |  |  |  |  |  |
109-1 |  |  | - |  | September 2020 to September 2060 |  | US$ | 1,000,000 |  |  | 2.70% |  | Bullet repayment (callable on the 5th anniversary of the issue date and every anniversary thereafter); interest payable annually
110-5 |  |  | - |  | September 2021 to September 2051 |  |  | 1,000,000 |  |  | 3.10% |  | The same as above

- 36 -

17. RETIREMENT BENEFIT PLANS
a. Defined contribution plans
The plan under the R.O.C. Labor Pension Act (the “Act”) is deemed a defined contribution plan. Pursuant to the Act, the Company has made monthly contributions equal to 6% of each employee’s monthly salary to employees’ pension accounts. Accordingly, the Company recognized expenses of NT$4,537,289 thousand and NT$4,154,345 thousand for the years ended December 31, 2024 and 2023, respectively.
b. Defined benefit plans
The Company has defined benefit plans under the R.O.C. Labor Standards Law that provide benefits based on an employee’s length of service and average monthly salary for the six-month period prior to retirement. The Company contributes an amount equal to 2% of salaries paid each month to their respective pension funds (the Funds), which are administered by the Labor Pension Fund Supervisory Committee (the Committee) and deposited in the Committee’s name in the Bank of Taiwan. Before the end of each year, the Company assesses the balance in the Funds. If the amount of the balance in the Funds is inadequate to pay retirement benefits for employees who conform to retirement requirements in the next year, the Company is required to fund the difference in one appropriation that should be made before the end of March of the next year. The Funds are operated and managed by the government’s designated authorities; as such, the Company does not have any right to intervene in the investments of the Funds.
Amounts recognized in respect of these defined benefit plans were as follows:

|  | Years Ended December 31
|  | 2024 |  | 2023
Current service cost |  | $ | 153,020 |  |  | $ | 139,101 |
Net interest expense |  |  | 122,660 |  |  |  | 142,291 |
Components of defined benefit costs recognized in profit or loss |  |  | 275,680 |  |  |  | 281,392 |
Remeasurement on the net defined benefit liability: |  |  |  |  |  |  |  |
Return on plan assets (excluding amounts included in net interest expense) |  |  | (774,583 | ) |  |  | (16,252 | )
Actuarial loss arising from experience adjustments |  |  | 911,752 |  |  |  | 68,342 |
Actuarial (gain) loss arising from changes in financial assumptions |  |  | (281,534 | ) |  |  | 571,266 |
Components of defined benefit costs recognized in other comprehensive income |  |  | (144,365 | ) |  |  | 623,356 |
Total |  | $ | 131,315 |  |  | $ | 904,748 |

The pension costs of the aforementioned defined benefit plans were recognized in profit or loss by the following categories:

|  | Years Ended December 31
|  | 2024 |  | 2023
Cost of revenue |  | $ | 178,507 |  |  | $ | 182,333 |
Research and development expenses |  |  | 75,259 |  |  |  | 76,120 |
General and administrative expenses |  |  | 18,424 |  |  |  | 19,248 |
Marketing expenses |  |  | 3,490 |  |  |  | 3,691 |
|  | $ | 275,680 |  |  | $ | 281,392 |

- 37 -

The amounts arising from the defined benefit obligation of the Company were as follows:

|  | December 31, 2024 |  | December 31, 2023
Present value of defined benefit obligation |  | $ | 18,332,160 |  |  | $ | 17,995,066 |
Fair value of plan assets |  |  | (10,751,503 | ) |  |  | (8,737,842 | )
Net defined benefit liability |  | $ | 7,580,657 |  |  | $ | 9,257,224 |

Movements in the present value of the defined benefit obligation were as follows:

|  | Years Ended December 31
|  | 2024 |  | 2023
Balance, beginning of year |  | $ | 17,995,066 |  |  | $ | 17,483,951 |
Current service cost |  |  | 153,020 |  |  |  | 139,101 |
Interest expense |  |  | 242,788 |  |  |  | 303,970 |
Remeasurement: |  |  |  |  |  |  |  |
Actuarial loss arising from experience adjustments |  |  | 911,752 |  |  |  | 68,342 |
Actuarial (gain) loss arising from changes in financial assumptions |  |  | (281,534 | ) |  |  | 571,266 |
Benefits paid from plan assets |  |  | (679,084 | ) |  |  | (556,455 | )
Benefits paid directly by the Company |  |  | (9,848 | ) |  |  | (15,109 | )
Balance, end of year |  | $ | 18,332,160 |  |  | $ | 17,995,066 |

Movements in the fair value of the plan assets were as follows:

|  | Years Ended December 31
|  | 2024 |  | 2023
Balance, beginning of year |  | $ | 8,737,842 |  |  | $ | 8,162,860 |
Interest income |  |  | 120,128 |  |  |  | 161,679 |
Remeasurement: |  |  |  |  |  |  |  |
Return on plan assets (excluding amounts included in net interest expense) |  |  | 774,583 |  |  |  | 16,252 |
Contributions from employer |  |  | 1,798,034 |  |  |  | 953,506 |
Benefits paid from plan assets |  |  | (679,084 | ) |  |  | (556,455 | )
Balance, end of year |  | $ | 10,751,503 |  |  | $ | 8,737,842 |

The fair value of the plan assets by major categories at the end of reporting period was as follows:

|  | December 31, 2024 |  | December 31, 2023
Cash |  | $ | 1,569,719 |  |  | $ | 1,351,744 |
Equity instruments |  |  | 6,245,548 |  |  |  | 4,998,919 |
Debt instruments |  |  | 2,936,236 |  |  |  | 2,387,179 |
|  | $ | 10,751,503 |  |  | $ | 8,737,842 |

- 38 -

The actuarial valuations of the present value of the defined benefit obligation were carried out by qualified actuaries. The principal assumptions of the actuarial valuation were as follows:

|  | Measurement Date
|  | December 31, 2024 |  | December 31, 2023
Discount rate |  | 1.60% |  | 1.40%
Future salary increase rate |  | 4.00% |  | 4.00%

Through the defined benefit plans under the R.O.C. Labor Standards Law, the Company is exposed to the following risks:
1) Investment risk: The pension funds are invested in equity and debt securities, bank deposits, etc. The investment is conducted at the discretion of the government’s designated authorities or under the mandated management. However, under the R.O.C. Labor Standards Law, the rate of return on assets shall not be less than the average interest rate on a two-year time deposit published by the local banks and the government is responsible for any shortfall in the event that the rate of return is less than the required rate of return.
2) Interest risk: A decrease in the government bond interest rate will increase the present value of the defined benefit obligation; however, this will be partially offset by an increase in the return on the debt investments of the plan assets.
Assuming a hypothetical decrease in interest rate at the end of the reporting period contributed to a decrease of 0.5% (and not below 0.0%) in the discount rate and all other assumptions were held constant, the present value of the defined benefit obligation would increase by NT$717,535 thousand and NT$757,663 thousand as of December 31, 2024 and 2023, respectively.
3) Salary risk: The present value of the defined benefit obligation is calculated by reference to the future salaries of plan participants. As such, an increase in the salary of the plan participants will increase the present value of the defined benefit obligation.
Assuming the expected salary rate increases by 0.5% at the end of the reporting period and all other assumptions were held constant, the present value of the defined benefit obligation would increase by NT$697,715 thousand and NT$735,167 thousand as of December 31, 2024 and 2023, respectively.
The sensitivity analysis presented above may not be representative of the actual change in the defined benefit obligation as it is unlikely that the change in assumptions would occur in isolation of one another as some of the assumptions may be correlated.
Furthermore, in presenting the above sensitivity analysis, the present value of the defined benefit obligation has been calculated using the projected unit credit method at the end of the reporting period, which is the same as that applied in calculating the defined benefit obligation liability.
The Company expects to make contributions of NT$1,869,955 thousand to the defined benefit plans in the next year starting from December 31, 2024. The weighted average duration of the defined benefit obligation is 8 years.
- 39 -

18. EQUITY
a. Capital stock

|  | December 31, 2024 |  | December 31, 2023
Authorized shares (in thousands) |  |  | 28,050,000 |  |  |  | 28,050,000 |
Authorized capital |  | $ | 280,500,000 |  |  | $ | 280,500,000 |
Issued and paid shares (in thousands) |  |  | 25,932,733 |  |  |  | 25,932,071 |
Issued capital |  | $ | 259,327,332 |  |  | $ | 259,320,710 |

The par value of issued common shares is NT$10 per share. A holder of common shares has one vote for each common share and is entitled to receive dividends.
The authorized shares include 500,000 thousand shares allocated for the exercise of employee stock options.
On September 1, 2024, March 1, 2024 and March 1, 2023, the Company issued employee restricted stock awards (RSAs) for its employees in a total of 2,353 thousand shares, 2,960 thousand shares and 2,110 thousand shares, respectively, with a par value of NT$10 per share. The aforementioned issuance of new shares was approved by the relevant authority and the registration has been completed.
During the first quarter of 2024 and 2023, the Company reclaimed 1,402 thousand and 419 thousand employee restricted shares, respectively, that were unvested. On June 5, 2024 and May 9, 2023, the Company’s Board of Directors resolved to cancel the aforementioned shares. Subsequently, the Company completed the registration for share cancellation. Refer to Note 26 for information on RSAs.
On August 13, 2024, TSMC’s Board of Directors resolved to cancel 3,249 thousand treasury shares. Refer to Note 18(e) for further information.
As of December 31, 2024, the Company’s total issued and outstanding ADSs were 1,062,769 thousand units, representing 5,313,844 thousand common shares.
b. Capital surplus
The categories of uses and the sources of capital surplus based on regulations were as follows:

|  | December 31, 2024 |  | December 31, 2023
May be used to offset a deficit, distributed as cash dividends, or transferred to share capital |  |  |  |
Additional paid-in capital |  | $ | 24,809,704 |  |  | $ | 24,406,854 |
From merger |  |  | 22,800,434 |  |  |  | 22,803,291 |
From convertible bonds |  |  | 8,891,257 |  |  |  | 8,892,371 |
From difference between the consideration received and the carrying amount of the subsidiaries’ net assets during actual disposal |  |  | 8,411,566 |  |  |  | 8,406,282 |
Donations - donated by shareholders |  |  | 11,275 |  |  |  | 11,275 |

(Continued)
- 40 -

|  | December 31, 2024 |  | December 31, 2023
May only be used to offset a deficit |  |  |  |
From share of changes in equities of subsidiaries |  | $ | 4,108,958 |  |  | $ | 4,199,936 |
From share of changes in equities of associates |  |  | 1,172,396 |  |  |  | 302,396 |
Donations - unclaimed dividend |  |  | 78,976 |  |  |  | 70,093 |
May not be used for any purpose |  |  |  |  |  |  |  |
Employee restricted shares |  |  | 2,976,199 |  |  |  | 783,883 |
|  | $ | 73,260,765 |  |  | $ | 69,876,381 |

(Concluded)
If such capital surplus is distributed as transferred to share capital, it is limited to a certain percentage of the Company’s paid-in capital each year.
c. Retained earnings and dividend policy
The Company’s Articles of Incorporation provide that, earnings distribution may be made on a quarterly basis after the close of each quarter. Distribution of earnings by way of cash dividends should be approved by the Company’s Board of Directors and reported to the Company’s shareholders in its meeting. When allocating earnings, the Company shall first estimate and reserve the taxes to be paid, offset its losses, set aside a legal capital reserve at 10% of the remaining earnings (until the accumulated legal capital reserve equals the Company’s paid-in capital), then set aside a special capital reserve in accordance with relevant laws or regulations or as requested by the authorities in charge. Any balance left over shall be allocated according to relevant laws and the Company’s Articles of Incorporation.
The Company’s Articles of Incorporation also provide that profits of the Company may be distributed by way of cash dividend and/or stock dividend. However, distribution of earnings shall be made preferably by way of cash dividend. Distribution of earnings may also be made by way of stock dividend, provided that the ratio for stock dividend shall not exceed 50% of the total distribution.
The legal capital reserve may be used to offset a deficit, or be distributed as dividends in cash or stocks for the portion in excess of 25% of the paid-in capital if the Company incurs no loss.
Pursuant to existing regulations, the Company is required to set aside an additional special capital reserve equivalent to the net debit balance of the other components of stockholders’ equity, such as the accumulated balance of the foreign currency translation reserve, the effectiveness of hedges of net investments in foreign operations, unrealized valuation gain or loss from fair value through other comprehensive income financial assets and gain or loss from changes in fair value of hedging instruments in cash flow hedges, etc. For the subsequent decrease in the deduction amount to stockholders’ equity, any special reserve appropriated may be reversed to the extent that the net debit balance reverses.
The appropriations of 2024, 2023 and 2022 quarterly earnings have been approved by the Company’s Board of Directors in its meeting, respectively. The appropriations and cash dividends per share were as follows:

|  | Fourth Quarter |  | Third Quarter |  | Second Quarter |  | First Quarter
Resolution Date of TSMC’s |  | of 2024 |  | of 2024 |  | of 2024 |  | of 2024
Board of Directors in its |  | February 12, |  | November 12, |  | August 13, |  | May 10,
meeting |  | 2025 |  | 2024 |  | 2024 |  | 2024
Special capital reserve |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | (28,020,822 | )
Cash dividends to shareholders |  | $ | 116,697,300 |  |  | $ | 116,697,300 |  |  | $ | 103,721,521 |  |  | $ | 103,734,517 |
Cash dividends per share (NT$) |  | $ | 4.50 |  |  | $ | 4.50 |  |  | $ | 4.00 |  |  | $ | 4.00 |

- 41 -

|  | Fourth Quarter |  | Third Quarter |  | Second Quarter |  | First Quarter
Resolution Date of the |  | of 2023 |  | of 2023 |  | of 2023 |  | of 2023
Company’s Board of |  | February 6, |  | November 14, |  | August 8, |  | May 9,
Directors in its meeting |  | 2024 |  | 2023 |  | 2023 |  | 2023
Special capital reserve |  | $ | 28,020,822 |  |  | $ | (17,228,363 | ) |  | $ | (6,365,562 | ) |  | $ | 3,273,452 |
Cash dividends to shareholders |  | $ | 90,762,248 |  |  | $ | 90,762,248 |  |  | $ | 77,796,213 |  |  | $ | 77,796,213 |
Cash dividends per share (NT$) |  | $ | 3.50 |  |  | $ | 3.50 |  |  | $ | 3.00 |  |  | $ | 3.00 |

|  | Fourth Quarter |  | Third Quarter |  | Second Quarter |  | First Quarter
Resolution Date of the |  | of 2022 |  | of 2022 |  | of 2022 |  | of 2022
Company’s Board of |  | February 14, |  | November 8, |  | August 9, |  | May 10,
Directors in its meeting |  | 2023 |  | 2022 |  | 2022 |  | 2022
Special capital reserve |  | $ | 17,166,163 |  |  | $ | (31,910,353 | ) |  | $ | (12,002,798 | ) |  | $ | (15,541,054 | )
Cash dividends to shareholders |  | $ | 71,308,546 |  |  | $ | 71,308,547 |  |  | $ | 71,308,546 |  |  | $ | 71,308,546 |
Cash dividends per share (NT$) |  | $ | 2.75 |  |  | $ | 2.75 |  |  | $ | 2.75 |  |  | $ | 2.75 |

The quarterly cash dividends per share is affected by the subsequent number of outstanding ordinary shares, the information of the actual payout is available at the Market Observation Post System website.
d. Others
Changes in others were as follows:

|  | Year Ended December 31, 2024
|  | Foreign Currency Translation Reserve |  | Unrealized Gain (Loss) on Financial Assets at FVTOCI |  | Gain (Loss) on Hedging Instruments |  | Unearned Stock-Based Employee Compensation |  | Total
Balance, beginning of year |  | $ | (25,316,769 | ) |  | $ | (4,099,928 | ) |  | $ | 1,395,875 |  |  | $ | (293,434 | ) |  | $ | (28,314,256 | )
Exchange differences arising on translation of foreign operations |  |  | 64,536,244 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 64,536,244 |
Gain (loss) on hedging instruments designated as hedges of net investments in foreign operations |  |  | 793,830 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 793,830 |
Unrealized gain (loss) on financial assets at FVTOCI |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity instruments |  |  | - |  |  |  | 97,396 |  |  |  | - |  |  |  | - |  |  |  | 97,396 |
Disposal of investments in equity instruments at fair value through other comprehensive income |  |  | - |  |  |  | (4,009,066 | ) |  |  | - |  |  |  | - |  |  |  | (4,009,066 | )
Gain (loss) arising on changes in the fair value of hedging instruments |  |  | - |  |  |  | - |  |  |  | 5,041 |  |  |  | - |  |  |  | 5,041 |
Transferred to initial carrying amount of hedged items |  |  | - |  |  |  | - |  |  |  | 141 |  |  |  | - |  |  |  | 141 |
Issuance of employee restricted stock |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (2,637,387 | ) |  |  | (2,637,387 | )
Share-based payment expenses recognized |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,222,742 |  |  |  | 1,222,742 |
Share of other comprehensive income (loss) of subsidiaries and associates |  |  | 249,690 |  |  |  | 6,861,418 |  |  |  | (90,750 | ) |  |  | - |  |  |  | 7,020,358 |
Income tax effect |  |  | - |  |  |  | (9,996 | ) |  |  | - |  |  |  | - |  |  |  | (9,996 | )
Balance, end of year |  | $ | 40,262,995 |  |  | $ | (1,160,176 | ) |  | $ | 1,310,307 |  |  | $ | (1,708,079 | ) |  | $ | 38,705,047 |

- 42 -

|  | Year Ended December 31, 2023
|  | Foreign Currency Translation Reserve |  | Unrealized Gain (Loss) on Financial Assets at FVTOCI |  | Gain (Loss) on Hedging Instruments |  | Unearned Stock-Based Employee Compensation |  | Total
Balance, beginning of year |  | $ | (11,743,301 | ) |  | $ | (10,056,353 | ) |  | $ | 1,479,181 |  |  | $ | (185,153 | ) |  | $ | (20,505,626 | )
Exchange differences arising on translation of foreign operations |  |  | (14,264,009 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (14,264,009 | )
Gain (loss) on hedging instruments designated as hedges of net investments in foreign operations |  |  | 618,180 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 618,180 |
Unrealized gain (loss) on financial assets at FVTOCI |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity instruments |  |  | - |  |  |  | (53,665 | ) |  |  | - |  |  |  | - |  |  |  | (53,665 | )
Disposal of investments in equity instruments at fair value through other comprehensive income |  |  | - |  |  |  | (151,944 | ) |  |  | - |  |  |  | - |  |  |  | (151,944 | )
Gain (loss) arising on changes in the fair value of hedging instruments |  |  | - |  |  |  | - |  |  |  | 39,898 |  |  |  | - |  |  |  | 39,898 |
Transferred to initial carrying amount of hedged items |  |  | - |  |  |  | - |  |  |  | (45,181 | ) |  |  | - |  |  |  | (45,181 | )
Issuance of employee restricted stock |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (585,968 | ) |  |  | (585,968 | )
Share-based payment expenses recognized |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 477,687 |  |  |  | 477,687 |
Share of other comprehensive income (loss) of subsidiaries and associates |  |  | 72,361 |  |  |  | 6,162,059 |  |  |  | (78,023 | ) |  |  | - |  |  |  | 6,156,397 |
Income tax effect |  |  | - |  |  |  | (25 | ) |  |  | - |  |  |  | - |  |  |  | (25 | )
Balance, end of year |  | $ | (25,316,769 | ) |  | $ | (4,099,928 | ) |  | $ | 1,395,875 |  |  | $ | (293,434 | ) |  | $ | (28,314,256 | )

The aforementioned other equity includes the changes in other equities of the Company and the Company’s share of its subsidiaries and associates.
e. Treasury stock
For the Company’s shareholders’ interests, the Company’s Board of Directors approved a share buyback program on June 5, 2024 to repurchase 3,249 thousand shares. The Company has completed this share buyback program during the second quarter of 2024. On August 13, 2024, the Company’s Board of Directors resolved to cancel the 3,249 thousand shares and set September 1, 2024 as the record date for capital reduction. The registration for share cancellation was completed on September 11, 2024.
19. NET REVENUE
a. Disaggregation of revenue from contracts with customers

|  | Years Ended December 31
Product |  | 2024 |  | 2023
Wafer |  | $ | 2,510,017,254 |  |  | $ | 1,881,677,167 |
Others |  |  | 370,366,096 |  |  |  | 271,607,928 |
|  | $ | 2,880,383,350 |  |  | $ | 2,153,285,095 |

|  | Years Ended December 31
Geography |  | 2024 |  | 2023
Taiwan |  | $ | 270,413,546 |  |  | $ | 149,777,343 |
United States |  |  | 1,986,303,602 |  |  |  | 1,404,615,395 |
China |  |  | 331,673,315 |  |  |  | 267,154,140 |
Japan |  |  | 144,239,882 |  |  |  | 132,072,000 |
Europe, the Middle East and Africa |  |  | 102,760,879 |  |  |  | 117,348,237 |
Others |  |  | 44,992,126 |  |  |  | 82,317,980 |
|  | $ | 2,880,383,350 |  |  | $ | 2,153,285,095 |

- 43 -

The Company categorized the net revenue mainly based on the countries where the customers are headquartered.

|  | Years Ended December 31
Platform |  | 2024 |  | 2023
High Performance Computing |  | $ | 1,468,508,854 |  |  | $ | 931,334,614 |
Smartphone |  |  | 1,000,995,664 |  |  |  | 810,053,991 |
Internet of Things |  |  | 164,847,295 |  |  |  | 161,685,797 |
Automotive |  |  | 138,885,986 |  |  |  | 133,741,115 |
Digital Consumer Electronics |  |  | 47,850,715 |  |  |  | 46,994,528 |
Others |  |  | 59,294,836 |  |  |  | 69,475,050 |
|  | $ | 2,880,383,350 |  |  | $ | 2,153,285,095 |

|  | Years Ended December 31
Resolution |  | 2024 |  | 2023
3-nanometer |  | $ | 456,947,662 |  |  | $ | 106,434,419 |
5-nanometer |  |  | 859,687,087 |  |  |  | 628,017,081 |
7-nanometer |  |  | 416,558,462 |  |  |  | 357,653,571 |
16-nanometer |  |  | 202,383,587 |  |  |  | 191,789,213 |
20-nanometer |  |  | 4,076,441 |  |  |  | 10,379,144 |
28-nanometer |  |  | 188,214,493 |  |  |  | 187,423,174 |
40/45-nanometer |  |  | 108,591,498 |  |  |  | 115,017,630 |
65-nanometer |  |  | 93,007,404 |  |  |  | 107,582,277 |
90-nanometer |  |  | 21,525,204 |  |  |  | 25,772,497 |
0.11/0.13 micron |  |  | 52,372,598 |  |  |  | 47,043,623 |
0.15/0.18 micron |  |  | 90,757,845 |  |  |  | 86,716,114 |
0.25 micron and above |  |  | 15,894,973 |  |  |  | 17,848,424 |
Wafer revenue |  | $ | 2,510,017,254 |  |  | $ | 1,881,677,167 |

b. Contract balances

|  | December 31, 2024 |  | December 31, 2023 |  | January 1, 2023
Contract liabilities (classified under accrued expenses and other current liabilities) |  | $ | 81,204,467 |  |  | $ | 47,760,098 |  |  | $ | 62,380,554 |

The changes in the contract liability balances primarily result from the timing difference between the satisfaction of performance obligation and the customer’s payment.
The Company recognized revenue from the beginning balance of contract liability, which amounted to NT$46,809,520 thousand and NT$61,349,317 thousand for the years ended December 31, 2024 and 2023, respectively.
- 44 -

c. Temporary receipts from customers

|  | December 31, 2024 |  | December 31, 2023
Current portion (classified under accrued expenses and other current liabilities) |  | $ | 198,602,570 |  |  | $ | 114,639,514 |
Noncurrent portion (classified under other noncurrent liabilities) |  |  | 75,410,459 |  |  |  | 163,655,128 |
|  | $ | 274,013,029 |  |  | $ | 278,294,642 |

The Company’s temporary receipts from customer are payments made by customers to the Company to retain the Company’s capacity. When the terms and conditions set forth in the agreements are subsequently satisfied, the treatment of temporary receipts, either by refund or by accounts receivable offsetting, will be determined by mutual consent.
d. Refund liabilities
Estimated sales returns and other allowances is made and adjusted based on historical experience and the consideration of varying contractual terms. As of December 31, 2024 and 2023, the aforementioned refund liabilities amounted to NT$60,197,285 thousand and NT$36,144,370 thousand (classified under accrued expenses and other current liabilities), respectively.
20. INTEREST INCOME

|  | Years Ended December 31
|  | 2024 |  | 2023
Interest income |  |  |  |
Cash and cash equivalents |  | $ | 27,032,709 |  |  | $ | 17,414,490 |
Financial assets at amortized cost |  |  | 305,591 |  |  |  | 411,061 |
|  | $ | 27,338,300 |  |  | $ | 17,825,551 |

21. FINANCE COSTS

|  | Years Ended December 31
|  | 2024 |  | 2023
Interest expense |  |  |  |
Corporate bonds |  | $ | 6,057,480 |  |  | $ | 5,019,826 |
Lease liabilities |  |  | 331,894 |  |  |  | 334,971 |
Bank loans |  |  | - |  |  |  | 262 |
Others |  |  | 1,271 |  |  |  | 2,103 |
Less: Capitalized interest under property, plant and equipment |  |  | (989,659 | ) |  |  | (756,369 | )
|  | $ | 5,400,986 |  |  | $ | 4,600,793 |

Information about capitalized interest is as follows:

|  | Years Ended December 31
|  | 2024 |  | 2023
Capitalization rate |  | 1.20%-1.32% |  | 1.08%-1.20%

- 45 -

22. OTHER GAINS AND LOSSES, NET

|  | Years Ended December 31
|  | 2024 |  | 2023
Gain on disposal of investments accounted for using equity method, net |  | $ | 7,126 |  |  | $ | - |
Gain (loss) on financial instruments at FVTPL, net |  |  |  |  |  |  |  |
Mandatorily measured at FVTPL |  |  | (7,881,159 | ) |  |  | 7,243,770 |
Provision for (reversal of) expected credit loss for financial assets |  |  |  |  |  |  |  |
Financial assets at amortized cost |  |  | 2,551 |  |  |  | (5,789 | )
Other gains, net |  |  | 208,036 |  |  |  | 356,151 |
|  | $ | (7,663,446 | ) |  | $ | 7,594,132 |

23. INCOME TAX
a. Income tax expense recognized in profit or loss
Income tax expense consisted of the following:

|  | Years Ended December 31
|  | 2024 |  | 2023
Current income tax expense |  |  |  |
Current tax expense recognized in the current year |  | $ | 235,089,738 |  |  | $ | 134,436,152 |
Income tax adjustments for prior years |  |  | (7,144,098 | ) |  |  | 34,145 |
Other income tax adjustments |  |  | 331,459 |  |  |  | 234,902 |
|  |  | 228,277,099 |  |  |  | 134,705,199 |
Deferred income tax expense |  |  |  |  |  |  |  |
Income tax adjustments for prior years |  |  | 3,925,320 |  |  |  | - |
The origination and reversal of temporary differences |  |  | 2,138,847 |  |  |  | 4,568,373 |
|  |  | 6,064,167 |  |  |  | 4,568,373 |
Income tax expense recognized in profit or loss |  | $ | 234,341,266 |  |  | $ | 139,273,572 |

A reconciliation of income before income tax and income tax expense recognized in profit or loss was as follows:

|  | Years Ended December 31
|  | 2024 |  | 2023
Income before tax |  | $ | 1,407,608,969 |  |  | $ | 977,771,236 |
Income tax expense at the statutory rate |  | $ | 281,521,794 |  |  | $ | 195,554,247 |
Tax effect of adjusting items: |  |  |  |  |  |  |  |
Adjusting items in determining taxable income |  |  | (6,175,639 | ) |  |  | (7,861,524 | )
Additional income tax on unappropriated earnings |  |  | 6,483,623 |  |  |  | 9,468,943 |
The origination and reversal of temporary differences |  |  | 2,138,847 |  |  |  | 3,623,335 |
Income tax credits |  |  | (46,740,040 | ) |  |  | (61,780,476 | )
|  |  | 237,228,585 |  |  |  | 139,004,525 |

(Continued)
- 46 -

|  | Years Ended December 31
|  | 2024 |  | 2023
Income tax adjustments on prior years |  | $ | (3,218,778 | ) |  | $ | 34,145 |
Other income tax adjustments |  |  | 331,459 |  |  |  | 234,902 |
Income tax expense recognized in profit or loss |  | $ | 234,341,266 |  |  | $ | 139,273,572 |

(Concluded)
For the years ended December 31, 2024 and 2023, the Company applied a tax rate of 20% subject to the R.O.C. Income Tax Law.
b. Deferred income tax balance
The analysis of deferred income tax assets and liabilities was as follows:

|  | December 31, 2024 |  | December 31, 2023
Deferred income tax assets |  |  |  |
Temporary differences |  |  |  |
Depreciation |  | $ | 32,784,174 |  |  | $ | 40,726,261 |
Refund liability |  |  | 13,146,474 |  |  |  | 9,348,138 |
Unrealized exchange losses |  |  | 9,078,243 |  |  |  | 7,096,229 |
Unrealized loss on inventories |  |  | 2,701,995 |  |  |  | 2,702,288 |
Net defined benefit liability |  |  | 1,415,946 |  |  |  | 1,729,672 |
Others |  |  | 1,051,513 |  |  |  | 753,473 |
|  | $ | 60,178,345 |  |  | $ | 62,356,061 |
Deferred income tax liabilities |  |  |  |  |  |  |  |
Temporary differences |  |  |  |  |  |  |  |
Subsidiary’s projected earnings distribution |  | $ | (3,925,320 | ) |  | $ | - |

|  | Year Ended December 31, 2024
|  |  |  | Recognized in |  |
|  | Balance, |  |  |  | Other |  |
|  | Beginning of |  |  |  | Comprehensive |  | Balance,
|  | Year |  | Profit or Loss |  | Income |  | End of Year
Deferred income tax assets |  |  |  |  |  |  |  |
Temporary differences |  |  |  |  |  |  |  |
Depreciation |  | $ | 40,726,261 |  |  | $ | (7,942,087 | ) |  | $ | - |  |  | $ | 32,784,174 |
Refund liability |  |  | 9,348,138 |  |  |  | 3,798,336 |  |  |  | - |  |  |  | 13,146,474 |
Unrealized exchange losses |  |  | 7,096,229 |  |  |  | 1,982,014 |  |  |  | - |  |  |  | 9,078,243 |
Unrealized loss on inventories |  |  | 2,702,288 |  |  |  | (293 | ) |  |  | - |  |  |  | 2,701,995 |
Net defined benefit liability |  |  | 1,729,672 |  |  |  | (284,853 | ) |  |  | (28,873 | ) |  |  | 1,415,946 |
Others |  |  | 753,473 |  |  |  | 308,036 |  |  |  | (9,996 | ) |  |  | 1,051,513 |
|  | $ | 62,356,061 |  |  | $ | (2,138,847 | ) |  | $ | (38,869 | ) |  | $ | 60,178,345 |
Deferred income tax liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Temporary differences |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Subsidiary’s projected earnings distribution |  | $ | - |  |  | $ | (3,925,320 | ) |  | $ | - |  |  | $ | (3,925,320 | )

- 47 -

|  | Year Ended December 31, 2023
|  |  |  | Recognized in |  |
|  | Balance, |  |  |  | Other |  |
|  | Beginning of |  |  |  | Comprehensive |  | Balance,
|  | Year |  | Profit or Loss |  | Income |  | End of Year
Deferred income tax assets |  |  |  |  |  |  |  |
Temporary differences |  |  |  |  |  |  |  |
Depreciation |  | $ | 44,989,153 |  |  | $ | (4,262,892 | ) |  | $ | - |  |  | $ | 40,726,261 |
Refund liability |  |  | 12,002,094 |  |  |  | (2,653,956 | ) |  |  | - |  |  |  | 9,348,138 |
Unrealized exchange losses |  |  | 5,779,739 |  |  |  | 1,316,490 |  |  |  | - |  |  |  | 7,096,229 |
Unrealized loss on inventories |  |  | 2,260,011 |  |  |  | 442,277 |  |  |  | - |  |  |  | 2,702,288 |
Net defined benefit liability |  |  | 1,722,005 |  |  |  | (117,004 | ) |  |  | 124,671 |  |  |  | 1,729,672 |
Others |  |  | 955,059 |  |  |  | (201,561 | ) |  |  | (25 | ) |  |  | 753,473 |
|  | $ | 67,708,061 |  |  | $ | (5,476,646 | ) |  | $ | 124,646 |  |  | $ | 62,356,061 |
Deferred income tax liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Temporary differences |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Others |  | $ | (908,273 | ) |  | $ | 908,273 |  |  | $ | - |  |  | $ | - |

c. The deductible temporary differences for which no deferred income tax assets have been recognized
As of December 31, 2024 and 2023, the aggregate deductible temporary differences for which no deferred income tax assets have been recognized amounted to NT$52,979,425 thousand and NT$52,686,244 thousand, respectively.
d. The information of unrecognized deferred income tax liabilities associated with investments
As of December 31, 2024 and 2023, the aggregate taxable temporary differences associated with investments in subsidiaries not recognized as deferred income tax liabilities amounted to NT$327,787,523 thousand and NT$254,182,901 thousand, respectively.
e. Income tax examination
The tax authorities have examined income tax returns of the Company through 2022. All investment tax credit adjustments assessed by the tax authorities have been recognized accordingly.
24. EARNINGS PER SHARE

|  | Years Ended December 31
|  | 2024 |  | 2023
Basic EPS |  | $ | 45.25 |  |  | $ | 32.34 |
Diluted EPS |  | $ | 45.25 |  |  | $ | 32.34 |

EPS is computed as follows:

|  | Years Ended December 31
|  | 2024 |  | 2023
Basic EPS |  |  |  |
Net income available to common shareholders |  | $ | 1,173,267,703 |  |  | $ | 838,497,664 |
Weighted average number of common shares outstanding used in the computation of basic EPS (in thousands) |  |  | 25,927,556 |  |  |  | 25,929,223 |
Basic EPS (in dollars) |  | $ | 45.25 |  |  | $ | 32.34 |

(Continued)
- 48 -

|  | Years Ended December 31
|  | 2024 |  | 2023
Diluted EPS |  |  |  |
Net income available to common shareholders |  | $ | 1,173,267,703 |  |  | $ | 838,497,664 |
Weighted average number of common shares outstanding used in the computation of basic EPS (in thousands) |  |  | 25,927,556 |  |  |  | 25,929,223 |
Effects of all dilutive potential common shares (in thousands) |  |  | 2,089 |  |  |  | 44 |
Weighted average number of common shares used in the computation of diluted EPS (in thousands) |  |  | 25,929,645 |  |  |  | 25,929,267 |
Diluted EPS (in dollars) |  | $ | 45.25 |  |  | $ | 32.34 |

(Concluded)
25. SHARE-BASED PAYMENT ARRANGEMENTS
a. Equity-settled share-based payment- RSAs
The RSAs in each year are as follows:

|  | 2024 RSAs |  | 2023 RSAs |  | 2022 RSAs |  | 2021 RSAs
Resolution Date of TSMC’s shareholders in its meeting |  | June 4, 2024 |  | June 6, 2023 |  | June 8, 2022 |  | July 26, 2021
Resolution Date of TSMC’s Board of Directors in its meeting |  | August 13, 2024 |  | February 6, 2024 |  | February 14, 2023 |  | February 15, 2022
Issuance of stocks (in thousands) |  | 2,353 |  | 2,960 |  | 2,110 |  | 1,387
Available for issuance (in thousands) |  | 1,832 |  | - |  | - |  | -
Eligible employees |  | Executive officers |  | Executive officers |  | Executive officers |  | Executive officers
Grant date/Issuance date |  | September 1, 2024 |  | March 1, 2024 |  | March 1, 2023 |  | March 1, 2022

Vesting conditions of the aforementioned arrangement are as follow:
1) The RSAs granted to eligible employees can only be vested if
•the employee remains employed by the Company or the subsidiaries on the last date of each vesting period;
•during the vesting period, the employee may not breach any agreement with the Company or the subsidiaries or violate the Company’s work rules; and
•certain employee performance metrics and the Company’s or the subsidiaries’ business performance metrics are met.
2) The maximum percentage of granted RSAs that may be vested each year shall be as follows: one-year anniversary of the grant: 50%; two-year anniversary of the grant: 25%; and three-year anniversary of the grant: 25%; provided that the actual percentage and number of the RSAs to be vested in each year will be calculated based on the achievement of the Company’s business performance metrics.
3) For eligible executive officers of the Company: The maximum number of RSAs that may be vested in each year will be set as 110%, among which 100% will be subject to a calculation based on the Company’s relative Total Shareholder Return (“TSR”, including capital gains and dividends) achievement to determine the number of RSAs to be vested; this number will be further subject to a modifier to increase or decrease up to 10% based on the Compensation and People Development Committee evaluation of the Company’s Environmental, Social, and Governance (“ESG”) achievements. The number of shares so calculated should be rounded down to the nearest integral.
- 49 -

The Company’s TSR relative to the TSR of S&P 500 IT Index | Ratio of Shares to be Vested
Above the Index by X percentage points | 50% + X * 2.5%, with the maximum of 100%
Equal to the Index | 50%
Below the Index by X percentage points | 50% - X * 2.5%, with the minimum of 0%

4) Restrictions imposed on the employees’ rights in the RSAs before the vesting conditions are fulfilled:
•During each vesting period, no employee granted RSAs, except for inheritance, may sell, pledge, transfer, give to another person, create any encumbrance on, or otherwise dispose of, any shares under the unvested RSAs.
•Before the vesting conditions are fulfilled, the attendance, proposal rights, speech rights, voting rights and etc. shall be exercised by the engaged trustee/custodian on the employee’s behalf. Any other shareholder rights including but not limited to the entitlement to any distribution regarding dividends, bonuses and capital reserve, and the subscription right of the new shares issued for any capital increase, are the same as those of holders of common shares of the Company.
5) Details of granted RSAs in each year are as follows:

|  | 2024 RSAs |  | 2023 RSAs |  | 2022 RSAs |  | 2021 RSAs
|  | Number of Shares (In Thousands) |  | Number of Shares (In Thousands) |  | Number of Shares (In Thousands) |  | Number of Shares (In Thousands)
Balance, beginning of year |  |  | - |  |  |  | - |  |  |  | 2,110 |  |  |  | 694 |
Issuance of stocks |  |  | 2,353 |  |  |  | 2,960 |  |  |  | - |  |  |  | - |
Canceled shares |  |  | - |  |  |  | - |  |  |  | (1,055 | ) |  |  | (347 | )
Balance, end of year |  |  | 2,353 |  |  |  | 2,960 |  |  |  | 1,055 |  |  |  | 347 |
Weighted-average fair value of RSAs (in dollars) |  | $ | 662.42 |  |  | $ | 364.43 |  |  | $ | 277.71 |  |  | $ | 325.81 |

The RSAs in each year are measured at fair value at grant date by using the binominal tree approach. Relevant information is as follows:

|  | 2024 RSAs |  | 2023 RSAs |  | 2022 RSAs |  | 2021 RSAs
|  | September 1, 2024 |  | March 1, 2024 |  | March 1, 2023 |  | March 1, 2022
Stock price at measurement date (in dollars) |  | $ | 944 |  |  | $ | 689 |  |  | $ | 511 |  |  | $ | 604 |
Expected price volatility |  |  | 25.51%-29.87% |  |  |  | 24.77%-26.12% |  |  |  | 29.34%-32.11% |  |  |  | 25.34%-28.28% |
Expected life |  |  | 1-3 years |  |  |  | 1-3 years |  |  |  | 1-3 years |  |  |  | 1-3 years |
Risk-free interest rate |  |  | 1.40% |  |  |  | 1.16% |  |  |  | 1.06% |  |  |  | 0.57% |

Refer to Note 26 for the compensation costs of the RSAs recognized by the Company.
b. Cash-settled share-based payment arrangements
The cash-settled share-based payment arrangements in each year are as follows:

|  | 2023 Plan |  | 2022 Plan |  | 2021 Plan
Resolution Date of the Company’s Board of Directors in its meeting |  | February 6, 2024 |  | February 14, 2023 |  | February 15, 2022
Issuance of units (in thousands) (Note) |  | 550 |  | 400 |  | 236
Grant date |  | March 1, 2024 |  | March 1, 2023 |  | March 1, 2022

Note: One unit of the right represents a right to the market value of one the Company’s common share when vested.
- 50 -

The vesting conditions and the ratio of units to be vested for key management personnel of the plan are the same as the aforementioned RSAs.
The fair value of compensation costs for the cash-settled share-based payment was measured by using binominal tree approach and will be measured at each reporting period until settlement. Relevant information is as follows:

|  | Years Ended December 31
|  | 2024 |  | 2023
|  | 2023 Plan |  | 2022 Plan |  | 2021 Plan |  | 2022 Plan |  | 2021 Plan
Stock price at measurement date (in dollars) |  | $ | 1,090 |  |  | $ | 1,090 |  |  | $ | 1,090 |  |  | $ | 593 |  |  | $ | 593 |
Expected price volatility |  |  | 25.61%-30.78% |  |  |  | 25.61%-30.78% |  |  |  | 25.61%~30.78% |  |  |  | 24.76%-29.05% |  |  |  | 24.76%-29.05% |
Residual life |  |  | 1-3 years |  |  |  | 1-2 years |  |  |  | 1 year |  |  |  | 1-3 years |  |  |  | 1-2 years |
Risk-free interest rate |  |  | 1.45% |  |  |  | 1.41% |  |  |  | 1.37% |  |  |  | 1.15% |  |  |  | 1.14% |

Refer to Note 26 for the compensation costs of the cash-settled share-based payment recognized by the Company. As of December 31, 2024 and 2023, the liabilities under cash-settled share-based payment arrangement amounted to NT$455,728 thousand and NT$62,695 thousand, respectively.
26. ADDITIONAL INFORMATION OF EXPENSES BY NATURE

|  | Years Ended December 31
|  | 2024 |  | 2023
a.Depreciation of property, plant and equipment and right-of-use assets |  |  |  |
Recognized in cost of revenue |  | $ | 590,881,553 |  |  | $ | 471,343,567 |
Recognized in operating expenses |  |  | 34,858,056 |  |  |  | 28,951,931 |
Recognized in other operating income and expenses |  |  | 7,814 |  |  |  | 5,273 |
|  | $ | 625,747,423 |  |  | $ | 500,300,771 |
b. Amortization of intangible assets |  |  |  |  |  |  |  |
Recognized in cost of revenue |  | $ | 6,320,646 |  |  | $ | 6,515,540 |
Recognized in operating expenses |  |  | 2,808,823 |  |  |  | 2,682,436 |
|  | $ | 9,129,469 |  |  | $ | 9,197,976 |
c. Employee benefits expenses |  |  |  |  |  |  |  |
Post-employment benefits |  |  |  |  |  |  |  |
Defined contribution plans |  | $ | 4,537,289 |  |  | $ | 4,154,345 |
Defined benefit plans |  |  | 275,680 |  |  |  | 281,392 |
|  |  | 4,812,969 |  |  |  | 4,435,737 |
Share-based payments |  |  |  |  |  |  |  |
Equity-settled |  |  | 1,242,676 |  |  |  | 482,302 |
Cash-settled |  |  | 403,486 |  |  |  | 61,329 |
|  |  | 1,646,162 |  |  |  | 543,631 |
Other employee benefits |  |  | 248,455,483 |  |  |  | 195,611,221 |
|  | $ | 254,914,614 |  |  | $ | 200,590,589 |

(Continued)
- 51 -

|  | Years Ended December 31
|  | 2024 |  | 2023
Employee benefits expense summarized by function |  |  |  |
Recognized in cost of revenue |  | $ | 152,156,491 |  |  | $ | 122,143,462 |
Recognized in operating expenses |  |  | 102,758,123 |  |  |  | 78,447,127 |
|  | $ | 254,914,614 |  |  | $ | 200,590,589 |

(Concluded)
According to the Company’s Articles of Incorporation, the Company shall allocate compensation to directors and profit sharing bonus to employees of the Company not more than 0.3% and not less than 1% of annual profits during the period, respectively.
The Company accrued profit sharing bonus to employees based on a percentage of net income before income tax, profit sharing bonus to employees and compensation to directors during the period; compensation to directors was expensed based on estimated amount payable. If there is a change in the proposed amounts after the annual parent company only financial statements are authorized for issue, the differences are recorded as a change in accounting estimate. Accrued profit sharing bonus to employees is illustrated below:

|  | Years Ended December 31
|  | 2024 |  | 2023
Profit sharing bonus to employees |  | $ | 70,296,283 |  |  | $ | 50,090,533 |

The Company’s profit sharing bonus to employees and compensation to directors for 2024, 2023 and 2022 had been approved by the Board of Directors of the Company, as illustrated below:

|  | Years Ended December 31
|  | 2024 |  | 2023 |  | 2022
Resolution Date of the Company’s Board of |  | February 12, |  | February 6, |  | February 14,
Directors in its meeting |  | 2025 |  | 2024 |  | 2023
Profit sharing bonus to employees |  | $ | 70,296,283 |  |  | $ | 50,090,533 |  |  | $ | 60,702,047 |
Compensation to directors |  | $ | 358,989 |  |  | $ | 551,955 |  |  | $ | 690,128 |

There is no significant difference between the aforementioned approved amounts and the amounts charged against earnings of 2024, 2023 and 2022, respectively.
The information about the appropriations of the Company’s profit sharing bonus to employees and compensation to directors is available at the Market Observation Post System website.
27. CASH FLOW INFORMATION
a. Non-cash transactions

|  | Years Ended December 31
|  | 2024 |  | 2023
Additions of property, plant and equipment |  | $ | 711,552,671 |  |  | $ | 519,821,550 |
Exchange of assets |  |  | (109,273 | ) |  |  | (78,036 | )
Changes in payables to contractors and equipment suppliers |  |  | (65,724,334 | ) |  |  | 115,944,500 |
Transferred to initial carrying amount of hedged items |  |  | 5,041 |  |  |  | 39,898 |
Capitalized interests |  |  | (989,659 | ) |  |  | (756,369 | )
Payments for acquisition of property, plant and equipment |  | $ | 644,734,446 |  |  | $ | 634,971,543 |

- 52 -

b. Reconciliation of liabilities arising from financing activities

|  |  |  |  |  | Non-cash Changes |  |
|  | Balance as of January 1, 2024 |  | Financing Cash Flow |  | Foreign Exchange Movement |  | Leases Modifications |  | Other Changes (Note) |  | Balance as of December 31, 2024
Hedging financial liabilities- bank loans |  | $ | 27,290,400 |  |  | $ | (26,496,570 | ) |  | $ | (793,830 | ) |  | $ | - |  |  | $ | - |  |  | $ | - |
Bonds payable |  |  | 446,867,565 |  |  |  | 27,264,319 |  |  |  | 4,038,045 |  |  |  | - |  |  |  | 66,733 |  |  |  | 478,236,662 |
Lease liabilities |  |  | 29,081,567 |  |  |  | (2,587,809 | ) |  |  | (3 | ) |  |  | 2,879,155 |  |  |  | 331,894 |  |  |  | 29,704,804 |
Total |  | $ | 503,239,532 |  |  | $ | (1,820,060 | ) |  | $ | 3,244,212 |  |  | $ | 2,879,155 |  |  | $ | 398,627 |  |  | $ | 507,941,466 |

|  |  |  |  |  | Non-cash Changes |  |
|  | Balance as of January 1, 2023 |  | Financing Cash Flow |  | Foreign Exchange Movement |  | Leases Modifications |  | Other Changes (Note) |  | Balance as of December 31, 2023
Hedging financial liabilities- bank loans |  | $ | - |  |  | $ | 27,908,580 |  |  | $ | (618,180 | ) |  | $ | - |  |  | $ | - |  |  | $ | 27,290,400 |
Bonds payable |  |  | 379,230,474 |  |  |  | 67,511,319 |  |  |  | 67,916 |  |  |  | - |  |  |  | 57,856 |  |  |  | 446,867,565 |
Lease liabilities |  |  | 29,623,262 |  |  |  | (2,429,250 | ) |  |  | - |  |  |  | 1,552,584 |  |  |  | 334,971 |  |  |  | 29,081,567 |
Total |  | $ | 408,853,736 |  |  | $ | 92,990,649 |  |  | $ | (550,264 | ) |  | $ | 1,552,584 |  |  | $ | 392,827 |  |  | $ | 503,239,532 |

Note: Other changes include amortization of bonds payable and financial cost of lease liabilities.
28. CAPITAL MANAGEMENT
The objective of the Company’s capital management is to maintain a capital structure that ensures liquidity and supports a solid investment grade credit rating. The capital structure includes both debt and equity. The Company adjusts its capital structure mainly through changes in the level of debt and adjustments of dividend payout to shareholders.
The Company’s capital management policy remained unchanged in 2024. The Company’s current credit ratings are AA- from Standard & Poor’s and Aa3 from Moody’s, same as those as of December 31, 2023.
29. FINANCIAL INSTRUMENTS
a. Categories of financial instruments

|  | December 31, 2024 |  | December 31, 2023
Financial assets |  |  |  |
FVTPL (Note 1) |  | $ | 13,174 |  |  | $ | 624,685 |
FVTOCI (Note 2) |  |  | 6,970,931 |  |  |  | 6,372,267 |
Amortized cost (Note 3) |  |  | 1,306,159,488 |  |  |  | 944,953,016 |
|  | $ | 1,313,143,593 |  |  | $ | 951,949,968 |
Financial liabilities |  |  |  |  |  |  |  |
FVTPL (Note 4) |  | $ | 439,110 |  |  | $ | 25,673 |
Hedging financial liabilities |  |  | - |  |  |  | 27,290,400 |
Amortized cost (Note 5) |  |  | 1,370,620,974 |  |  |  | 1,124,627,242 |
|  | $ | 1,371,060,084 |  |  | $ | 1,151,943,315 |

Note 1: Financial assets mandatorily measured at FVTPL.
Note 2: Including notes and accounts receivable (net) and equity investments.
- 53 -

Note 3: Including cash and cash equivalents, financial assets at amortized cost, notes and accounts receivable (including related parties), other receivables, refundable deposits, and temporary payments (including those classified under other current assets and other noncurrent assets).
Note 4: Held for trading.
Note 5: Including accounts payable (including related parties), payables to contractors and equipment suppliers, cash dividends payable, accrued expenses and other current liabilities, bonds payable, guarantee deposits and other noncurrent liabilities.
b. Financial risk management objectives
The Company manages its exposure to foreign currency risk, interest rate risk, equity price risk, credit risk and liquidity risk with the objective to reduce the potentially adverse effects the market uncertainties may have on its financial performance.
The plans for material treasury activities are reviewed by the Audit and Risk Committee and/or Board of Directors in accordance with procedures required by relevant regulations or internal controls. During the implementation of such plans, the Company must comply with certain treasury procedures that provide guiding principles for overall financial risk management and segregation of duties.
c. Market risk
The Company is exposed to the financial market risks, primarily changes in foreign currency exchange rates, interest rates and equity prices. A portion of these risks is hedged.
Foreign currency risk
Substantially all the Company’s sales are denominated in U.S. dollars and over half of its capital expenditures are denominated in currencies other than NT dollars, primarily in U.S. dollars, Japanese yen and Euros. As a result, any significant fluctuations to its disadvantage in the exchanges rate of NT dollar against such currencies, in particular a weakening of U.S. dollar against NT dollars, would have an adverse impact on the revenue and operating profit as expressed in NT dollar. The Company uses foreign currency derivative contracts and non-derivative financial instruments, such as currency forwards, currency swaps and bank loans denominated in foreign currency, to protect against currency exchange rate risks associated with non-NT dollar-denominated monetary assets and liabilities, certain forecasted transactions, and net investments in foreign operations. These hedges reduce, but do not entirely eliminate, the effect of foreign currency exchange rate movements on the assets and liabilities.
Based on a sensitivity analysis performed on the Company’s total monetary assets and liabilities for the years ended December 31, 2024 and 2023, a hypothetical adverse foreign currency exchange rate change of 10% would have decreased its net income by NT$2,471,332 thousand and NT$726,145 thousand, respectively, after taking into account hedges and offsetting positions.
Interest rate risk
The Company is exposed to interest rate risks primarily in relation to its bank deposits and outstanding debt. Changes in interest rates affect the interest earned on the Company’s bank deposits, as well as the interest paid on its debt. Because all of the Company’s bonds issued are fixed-rate and measured at amortized cost, changes in interest rates would not affect the future cash flows or the carrying amount.
- 54 -

Other price risk
The Company is exposed to equity price risk arising from financial assets at FVTOCI.
Assuming a hypothetical decrease of 10% in prices of the equity investments at the end of the reporting period for the years ended December 31, 2024 and 2023, the other comprehensive income would have decreased by NT$84,668 thousand and NT$76,876 thousand, respectively.
d. Credit risk management
Credit risk refers to the risk that a counterparty may default on its contractual obligations resulting in financial losses to the Company. The Company is exposed to credit risks from operating activities, primarily accounts receivable, and from investing activities, primarily deposits, fixed-income investments and other financial instruments with banks. Credit risk is managed separately for business related and financial related exposures. As of the end of the reporting period, the Company’s maximum credit risk exposure is equal to the carrying amount of financial assets.
Business related credit risk
The Company’s accounts receivable are from its customers worldwide. The majority of the Company’s outstanding accounts receivable are not covered by collaterals or guarantees. While the Company has procedures to monitor and manage credit risk exposure on accounts receivable, there is no assurance such procedures will effectively eliminate losses resulting from its credit risk. This risk is heightened during periods when economic conditions worsen.
As of December 31, 2024 and 2023, the Company’s ten largest customers accounted for 84% and 85% of accounts receivable, respectively. The Company considers the concentration of credit risk for the remaining accounts receivable not material.
Financial credit risk
The Company mitigates its financial credit risk by selecting counterparties with investment grade credit ratings and by limiting the exposure to any individual counterparty. The Company regularly monitors and reviews the limit applied to counterparties and adjusts the limit according to market conditions and the credit standing of the counterparties.
The Company assesses the 12-month expected credit loss and lifetime expected credit loss based on the probability of default and loss given default provided by external credit rating agencies. The current credit risk assessment policies are as follows:

Category |  | Description |  | Basis for Recognizing Expected Credit Loss |  | Expected Credit Loss Ratio
Performing |  | Credit rating is investment grade on valuation date |  | 12 months expected credit loss |  | 0-0.1%
Doubtful |  | Credit rating is non-investment grade on valuation date |  | Lifetime expected credit loss-not credit impaired |  | -
In default |  | Credit rating is CC or below on valuation date |  | Lifetime expected credit loss-credit impaired |  | -
Write-off |  | There is evidence indicating that the debtor is in severe financial difficulty and the Company has no realistic prospect of recovery |  | Amount is written off |  | -

- 55 -

For the years ended December 31, 2024 and 2023, the expected credit loss decreased NT$2,551 thousand and increased NT$5,789 thousand, respectively. The changes were mainly due to increased investment amount and adjusted investment portfolio.
e. Liquidity risk management
The objective of liquidity risk management is to ensure the Company has sufficient liquidity to fund its business operations over the next 12 months. The Company manages its liquidity risk by maintaining adequate cash and cash equivalents, financial assets at amortized cost-current and sufficient cost-efficient funding.
The table below summarizes the maturity profile of the Company’s financial liabilities based on contractual undiscounted payments, including principal and interest.

|  | Less Than 1 Year |  | 1-3 Years |  | 3-5 Years |  | More Than 5 Years |  | Total
December 31, 2024 |  |  |  |  |  |  |  |  |  |
Non-derivative financial liabilities |  |  |  |  |  |  |  |  |  |
Accounts payable (including related parties) |  | $ | 74,191,888 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 74,191,888 |
Payables to contractors and equipment suppliers |  |  | 150,280,751 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 150,280,751 |
Accrued expenses and other current liabilities |  |  | 365,027,676 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 365,027,676 |
Bonds payable |  |  | 30,503,009 |  |  |  | 164,569,011 |  |  |  | 133,348,645 |  |  |  | 228,284,664 |  |  |  | 556,705,329 |
Lease liabilities (including those classified under accrued expenses and other current liabilities) (Note) |  |  | 2,895,659 |  |  |  | 4,998,837 |  |  |  | 4,397,192 |  |  |  | 20,373,710 |  |  |  | 32,665,398 |
Others |  |  | - |  |  |  | 80,424,861 |  |  |  | 1,202,936 |  |  |  | - |  |  |  | 81,627,797 |
|  |  | 622,898,983 |  |  |  | 249,992,709 |  |  |  | 138,948,773 |  |  |  | 248,658,374 |  |  |  | 1,260,498,839 |
Derivative financial instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Forward exchange contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Outflows |  |  | 97,621,287 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 97,621,287 |
Inflows |  |  | (97,162,228 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (97,162,228 | )
|  |  | 459,059 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 459,059 |
|  | $ | 623,358,042 |  |  | $ | 249,992,709 |  |  | $ | 138,948,773 |  |  | $ | 248,658,374 |  |  | $ | 1,260,957,898 |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-derivative financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hedging financial liabilities-bank loans |  | $ | 27,290,400 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 27,290,400 |
Accounts payable (including related parties) |  |  | 57,763,188 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 57,763,188 |
Payables to contractors and equipment suppliers |  |  | 84,146,173 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 84,146,173 |
Accrued expenses and other current liabilities |  |  | 191,976,278 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 191,976,278 |
Bonds payable |  |  | 12,455,260 |  |  |  | 96,892,557 |  |  |  | 190,937,676 |  |  |  | 222,606,055 |  |  |  | 522,891,548 |
Lease liabilities (including those classified under accrued expenses and other current liabilities) (Note) |  |  | 2,457,570 |  |  |  | 4,475,101 |  |  |  | 4,203,205 |  |  |  | 21,136,670 |  |  |  | 32,272,546 |
Others |  |  | - |  |  |  | 165,188,432 |  |  |  | 6,303,135 |  |  |  | 2,908,666 |  |  |  | 174,400,233 |
|  |  | 376,088,869 |  |  |  | 266,556,090 |  |  |  | 201,444,016 |  |  |  | 246,651,391 |  |  |  | 1,090,740,366 |
Derivative financial instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Forward exchange contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Outflows |  |  | 51,741,026 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 51,741,026 |
Inflows |  |  | (52,317,678 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (52,317,678 | )
|  |  | (576,652 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (576,652 | )
|  | $ | 375,512,217 |  |  | $ | 266,556,090 |  |  | $ | 201,444,016 |  |  | $ | 246,651,391 |  |  | $ | 1,090,163,714 |

- 56 -

Note: Information about the maturity analysis for lease liabilities more than 5 years:

|  | 5-10 Years |  | 10-15 Years |  | 15-20 Years |  | More Than 20 Years |  | Total
December 31, 2024 |  |  |  |  |  |  |  |  |  |
Lease liabilities |  | $ | 9,910,952 |  |  | $ | 6,805,189 |  |  | $ | 3,540,742 |  |  | $ | 116,827 |  |  | $ | 20,373,710 |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Lease liabilities |  | $ | 9,629,306 |  |  | $ | 7,088,110 |  |  | $ | 4,101,046 |  |  | $ | 318,208 |  |  | $ | 21,136,670 |

f. Fair value of financial instruments
1) Fair value measurements recognized in the parent company only balance sheets
Fair value measurements are grouped into Levels 1 to 3 based on the degree to which the fair value is observable:
•Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities;
•Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and
•Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs).
2) Fair value of financial instruments that are measured at fair value on a recurring basis
Fair value hierarchy
The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis:

|  | December 31, 2024
|  | Level 2 |  | Level 3 |  | Total
Financial assets at FVTPL |  |  |  |  |  |
Mandatorily measured at FVTPL |  |  |  |  |  |
Forward exchange contracts |  | $ | 13,174 |  |  | $ | - |  |  | $ | 13,174 |
Financial assets at FVTOCI |  |  |  |  |  |  |  |  |  |  |  |
Investments in equity instruments |  |  |  |  |  |  |  |  |  |  |  |
Non-publicly traded equity investments |  | $ | - |  |  | $ | 1,058,347 |  |  | $ | 1,058,347 |
Notes and accounts receivable, net |  |  | 5,912,584 |  |  |  | - |  |  |  | 5,912,584 |
|  | $ | 5,912,584 |  |  | $ | 1,058,347 |  |  | $ | 6,970,931 |
Financial liabilities at FVTPL |  |  |  |  |  |  |  |  |  |  |  |
Held for trading |  |  |  |  |  |  |  |  |  |  |  |
Forward exchange contracts |  | $ | 439,110 |  |  | $ | - |  |  | $ | 439,110 |

- 57 -

|  | December 31, 2023
|  | Level 2 |  | Level 3 |  | Total
Financial assets at FVTPL |  |  |  |  |  |
Mandatorily measured at FVTPL |  |  |  |  |  |
Forward exchange contracts |  | $ | 624,685 |  |  | $ | - |  |  | $ | 624,685 |
Financial assets at FVTOCI |  |  |  |  |  |  |  |  |  |  |  |
Investments in equity instruments |  |  |  |  |  |  |  |  |  |  |  |
Non-publicly traded equity investments |  | $ | - |  |  | $ | 960,950 |  |  | $ | 960,950 |
Notes and accounts receivable, net |  |  | 5,411,317 |  |  |  | - |  |  |  | 5,411,317 |
|  | $ | 5,411,317 |  |  | $ | 960,950 |  |  | $ | 6,372,267 |
Financial liabilities at FVTPL |  |  |  |  |  |  |  |  |  |  |  |
Held for trading |  |  |  |  |  |  |  |  |  |  |  |
Forward exchange contracts |  | $ | 25,673 |  |  | $ | - |  |  | $ | 25,673 |

Reconciliation of Level 3 fair value measurements of financial assets
The financial assets measured at Level 3 fair value were equity investments classified as financial assets at FVTOCI. Reconciliations for the years ended December 31, 2024 and 2023 were as follows:

|  | Years Ended December 31
|  | 2024 |  | 2023
Balance, beginning of year |  | $ | 960,950 |  |  | $ | 1,014,741 |
Recognized in other comprehensive income or loss |  |  | 97,397 |  |  |  | (53,666 | )
Disposals and proceeds from return of capital of investments |  |  | - |  |  |  | (125 | )
Balance, end of year |  | $ | 1,058,347 |  |  | $ | 960,950 |

Valuation techniques and assumptions used in Level 2 fair value measurement
The fair values of financial assets and financial liabilities are determined as follows:
•Forward exchange contracts are measured using forward exchange rates and discount rates derived from quoted market prices.
•The fair value of accounts receivable classified as at FVTOCI is determined by the present value of future cash flows based on the discount rate that reflects the credit risk of counterparties.
Valuation techniques and assumptions used in Level 3 fair value measurement
The fair values of non-publicly traded equity investments are mainly determined by using the asset approach and market approach.
The asset approach takes into account the net asset value measured at the fair value by independent parties.
- 58 -

The market approach is used to arrive at their fair values, for which the recent financing activities of investees, the market transaction prices of the similar companies and market conditions are considered.
3) Fair value of financial instruments that are not measured at fair value
Except as detailed in the following table, the Company considers that the carrying amounts of financial instruments in the parent company only financial statements that are not measured at fair value approximate their fair values.
Fair value hierarchy
The table below sets out the fair value hierarchy for the Company’s financial assets and liabilities which are not required to be measured at fair value:

|  | December 31, 2024
|  | Carrying |  | Level 2
|  | Amount |  | Fair Value
Financial assets |  |  |  |
Financial assets at amortized costs |  |  |  |
Commercial paper |  | $ | 14,208,158 |  |  | $ | 14,222,713 |
Financial liabilities |  |  |  |  |  |  |  |
Financial liabilities at amortized costs |  |  |  |  |  |  |  |
Bonds payable |  | $ | 478,236,662 |  |  | $ | 444,114,272 |

|  | December 31, 2023
|  | Carrying |  | Level 2
|  | Amount |  | Fair Value
Financial assets |  |  |  |
Financial assets at amortized costs |  |  |  |
Commercial paper |  | $ | 18,371,705 |  |  | $ | 18,385,329 |
Financial liabilities |  |  |  |  |  |  |  |
Financial liabilities at amortized costs |  |  |  |  |  |  |  |
Bonds payable |  | $ | 446,867,565 |  |  | $ | 418,841,652 |

Valuation techniques and assumptions used in Level 2 fair value measurement
The fair value of the Company’s bonds payable is determined by quoted market prices provided by third party pricing services.
The fair value of commercial paper is determined by the present value of future cash flows based on the discounted curves that are derived from the quoted market prices.
- 59 -

30. RELATED PARTY TRANSACTIONS
The significant transactions between the Company and its related parties, other than those disclosed in other notes, are summarized as follows:
a. Related party name and categories

Related Party Name |  | Related Party Categories
TSMC Arizona |  | Subsidiaries
TSMC China |  | Subsidiaries
TSMC Nanjing |  | Subsidiaries
JASM |  | Subsidiaries
ESMC |  | Subsidiaries
VisEra Tech |  | Subsidiaries
TSMC North America |  | Subsidiaries
TSMC 3DIC |  | Subsidiaries
TSMC Europe |  | Subsidiaries
TSMC JDC |  | Subsidiaries
TSMC Japan |  | Subsidiaries
TSMC Korea |  | Subsidiaries
TSMC Design Technology Canada Inc. (TSMC Canada) |  | Indirect Subsidiaries
TSMC Technology, Inc. (TSMC Technology) |  | Indirect Subsidiaries
TSMC Washington, LLC (TSMC Washington) |  | Indirect Subsidiaries
GUC and its subsidiaries (GUC) |  | Associates
VIS and its subsidiaries (VIS) |  | Associates
SSMC |  | Associates
Xintec |  | Associates

b. Net revenue

|  |  |  | Years Ended December 31
|  |  |  | 2024 |  | 2023
Item |  | Related Party Name/Categories |  |  |  |
Net revenue from sale of goods |  | TSMC North America |  | $ | 2,057,313,208 |  |  | $ | 1,459,559,406 |
|  | Associates |  |  | 7,080,991 |  |  |  | 8,903,425 |
|  | Other subsidiaries |  |  | 1,688,771 |  |  |  | 579,810 |
|  |  |  | $ | 2,066,082,970 |  |  | $ | 1,469,042,641 |

c. Purchases

|  | Years Ended December 31
|  | 2024 |  | 2023
Related Party Categories |  |  |  |
Subsidiaries |  | $ | 104,615,531 |  |  | $ | 96,198,620 |
Associates |  |  | 4,619,621 |  |  |  | 4,562,206 |
|  | $ | 109,235,152 |  |  | $ | 100,760,826 |

- 60 -

d. Receivables from related parties

|  |  |  | December 31, 2024 |  | December 31, 2023
Item |  | Related Party Name/Categories |  |  |  |
Receivables from related |  | TSMC North America |  | $ | 209,056,572 |  |  | $ | 154,789,324 |
parties |  | Associates |  |  | 1,120,441 |  |  |  | 471,728 |
|  | Other subsidiaries |  |  | 123,162 |  |  |  | 825 |
|  |  |  | $ | 210,300,175 |  |  | $ | 155,261,877 |
Other receivables from related |  | TSMC North America |  | $ | 5,050,233 |  |  | $ | 3,747,684 |
parties |  | Other subsidiaries |  |  | 262,603 |  |  |  | 540,767 |
|  | Associates |  |  | 251 |  |  |  | 71,871 |
|  |  |  | $ | 5,313,087 |  |  | $ | 4,360,322 |

e. Other noncurrent assets

|  |  |  | December 31, 2024 |  | December 31, 2023
Item |  | Related Party Name |  |  |  |
Temporary payments |  | JASM |  | $ | - |  |  | $ | 12,132,766 |

f. Payables to related parties

|  |  |  | December 31, 2024 |  | December 31, 2023
Item |  | Related Party Name/Categories |  |  |  |
Payables to related parties |  | TSMC Nanjing |  | $ | 4,473,370 |  |  | $ | 5,064,282 |
|  | TSMC China |  |  | 1,848,450 |  |  |  | 2,312,769 |
|  | Xintec |  |  | 987,992 |  |  |  | 1,020,153 |
|  | Other subsidiaries |  |  | 2,389,993 |  |  |  | 1,176,420 |
|  | Other associates |  |  | 438,006 |  |  |  | 546,071 |
|  |  |  | $ | 10,137,811 |  |  | $ | 10,119,695 |

g. Accrued expenses and other current liabilities

|  |  |  | December 31, 2024 |  | December 31, 2023
Item |  | Related Party Name/Categories |  |  |  |
Other payables and other |  | Subsidiaries |  | $ | 1,489,450 |  |  | $ | 1,150,882 |
current liabilities |  | Associates |  |  | - |  |  |  | 1,666,113 |
|  |  |  | $ | 1,489,450 |  |  | $ | 2,816,995 |

(Continued)
- 61 -

|  |  |  | December 31, 2024 |  | December 31, 2023
Temporary receipts |  | TSMC North America |  | $ | 178,396,827 |  |  | $ | 99,904,122 |
|  | Associates |  |  | 672,001 |  |  |  | 153,735 |
|  |  |  | $ | 179,068,828 |  |  | $ | 100,057,857 |

(Concluded)
h. Other noncurrent liabilities

|  |  |  | December 31, 2024 |  | December 31, 2023
Item |  | Related Party Name |  |  |  |
Temporary receipts |  | TSMC North America |  | $ | 71,433,597 |  |  | $ | 134,052,101 |
|  | Associates |  |  | 409,600 |  |  |  | 153,735 |
|  |  |  | $ | 71,843,197 |  |  | $ | 134,205,836 |

i. Others

|  |  |  | Years Ended December 31
|  |  |  | 2024 |  | 2023
Item |  | Related Party Categories |  |  |  |
Manufacturing expenses |  | Associates |  | $ | 5,221,103 |  |  | $ | 5,032,445 |
|  | Subsidiaries |  |  | 17,189 |  |  |  | 11,504 |
|  |  |  | $ | 5,238,292 |  |  | $ | 5,043,949 |
Research and development |  | Subsidiaries |  | $ | 7,181,542 |  |  | $ | 5,865,252 |
expenses |  | Associates |  |  | 397,058 |  |  |  | 305,073 |
|  |  |  | $ | 7,578,600 |  |  | $ | 6,170,325 |

The sales prices and payment terms to related parties were not significantly different from those of sales to third parties. For other related party transactions, price and terms were determined in accordance with mutual agreements.
The Company leased factory and office from associates. The lease terms and prices were both determined in accordance with mutual agreements. The rental expenses were paid to associates monthly; the related expenses were both classified under manufacturing expenses.
The Company deferred the disposal gain or loss derived from sales of property, plant and equipment to related parties using equity method, and then recognized such gain or loss over the depreciable lives of the disposed assets.
- 62 -

j. Compensation of key management personnel
The compensation to directors and other key management personnel were as follows:

|  | Years Ended December 31
|  | 2024 |  | 2023
Short-term employee benefits |  | $ | 4,230,478 |  |  | $ | 3,271,057 |
Post-employment benefits |  |  | 3,135 |  |  |  | 3,208 |
Share-based payments |  |  | 1,357,432 |  |  |  | 525,808 |
|  | $ | 5,591,045 |  |  | $ | 3,800,073 |

The compensation to directors and other key management personnel were determined by the Compensation and People Development Committee of the Company in accordance with the individual performance and market trends.
31. SIGNIFICANT CONTINGENT LIABILITIES AND UNRECOGNIZED COMMITMENTS
Significant contingent liabilities and unrecognized commitments of the Company as of the end of the reporting period, excluding those disclosed in other notes, were as follows:
a.Under a technical cooperation agreement with Industrial Technology Research Institute, the R.O.C. Government or its designee approved by the Company can use up to 35% of the Company’s capacity provided the Company’s outstanding commitments to its customers are not prejudiced. The term of this agreement is for five years beginning from January 1, 1987 and is automatically renewed for successive periods of five years unless otherwise terminated by either party with one year prior notice. As of the end of reporting period, the R.O.C. Government did not invoke such right.
b.Under a Shareholders Agreement entered into with Philips and EDB Investments Pte Ltd. on March 30, 1999, the parties formed a joint venture company, SSMC, which is an integrated circuit foundry in Singapore. The Company’s equity interest in SSMC was 32%. Nevertheless, in September 2006, Philips spun-off its semiconductor subsidiary which was renamed as NXP B.V. Further, the Company and NXP B.V. purchased all the SSMC shares owned by EDB Investments Pte Ltd. pro rata according to the Shareholders Agreement on November 15, 2006. After the purchase, the Company and NXP B.V. currently own approximately 39% and 61% of the SSMC shares, respectively. The Company and NXP B.V. are required, in the aggregate, to purchase at least 70% of SSMC’s capacity, but the Company alone is not required to purchase more than 28% of the capacity. If any party defaults on the commitment and the capacity utilization of SSMC falls below a specific percentage of its capacity, the defaulting party is required to compensate SSMC for all related unavoidable costs. There was no default from the aforementioned commitment as of the end of reporting period.
c.The Company entered into long-term purchase agreements of materials and supplies and agreements of waste disposal with multiple suppliers. The relative minimum fulfillment quantity and price are specified in the agreements.
d.The Company entered into a long-term purchase agreement of equipment. The relative fulfillment quantity and price are specified in the agreement.
e.The Company entered into long-term energy purchase agreements with multiple suppliers. The relative fulfillment period, quantity and price are specified in the agreements.
f.As of the end of reporting period, the Company provided endorsement guarantees of NT$2,726,733 thousand to its subsidiary, TSMC North America, in respect of providing endorsement guarantees for office leasing contract.
- 63 -

g.As of the end of reporting period, the Company provided a NT$245,760,000 thousand endorsement guarantee for its subsidiary, TSMC Global, in respect of its issuance of US dollar-denominated senior unsecured corporate bonds.
h.As of the end of reporting period, the Company provided a NT$470,136,259 thousand endorsement guarantee for its subsidiary, TSMC Arizona, in respect of its issuance of US dollar-denominated senior unsecured corporate bonds and operation needs.
i.The Company entrusted financial institutions to provide performance guarantees mainly for import and export of goods, lease agreement and energy purchase agreement. As of December 31, 2024 and 2023, the aforementioned guarantee amounted to NT$10,315,609 thousand and NT$8,012,973 thousand, respectively.
32. SIGNIFICANT LOSS FROM DISASTER
On April 3, 2024, an earthquake struck Taiwan. The resulting damage was mostly to inventories, machinery and equipment. In the second quarter of 2024, the Company recognized related earthquake losses to be approximately NT$3 billion, net of insurance claim. Such losses were primarily included in the cost of revenue and other operating income and expenses in net amounts.
In January 2025, several earthquakes struck Taiwan. The resulting damage was mostly to inventories, machinery and equipment. Based on a preliminary assessment, the Company estimated related earthquake losses to be approximately NT$5.3 billion, net of insurance claim, and will recognize it in the first quarter of 2025.
33. EXCHANGE RATE INFORMATION OF FOREIGN-CURRENCY FINANCIAL ASSETS AND LIABILITIES
The following information was summarized according to the foreign currencies other than the functional currency of the Company. The exchange rates disclosed were used to translate the foreign currencies into the functional currency. The significant financial assets and liabilities denominated in foreign currencies were as follows:

|  | Foreign Currencies (In Thousands) |  | Exchange Rate (Note) |  | Carrying Amount (In Thousands)
December 31, 2024 |  |  |  |  |  |
Financial assets |  |  |  |  |  |
Monetary items |  |  |  |  |  |
USD |  | $ | 17,852,987 |  |  |  | 32.768 |  |  | $ | 585,006,683 |
EUR |  |  | 585,645 |  |  |  | 34.102 |  |  |  | 19,971,653 |
JPY |  |  | 116,712,205 |  |  |  | 0.2092 |  |  |  | 24,416,193 |
Financial liabilities |  |  |  |  |  |  |  |  |  |  |  |
Monetary items |  |  |  |  |  |  |  |  |  |  |  |
USD |  |  | 15,423,526 |  |  |  | 32.768 |  |  |  | 505,398,116 |
EUR |  |  | 732,065 |  |  |  | 34.102 |  |  |  | 24,964,882 |
JPY |  |  | 117,290,411 |  |  |  | 0.2092 |  |  |  | 24,537,154 |

(Continued)
- 64 -

|  | Foreign Currencies (In Thousands) |  | Exchange Rate (Note) |  | Carrying Amount (In Thousands)
December 31, 2023 |  |  |  |  |  |
Financial assets |  |  |  |  |  |
Monetary items |  |  |  |  |  |
USD |  | $ | 13,930,953 |  |  |  | 30.747 |  |  | $ | 428,335,022 |
EUR |  |  | 408,480 |  |  |  | 34.175 |  |  |  | 13,959,812 |
JPY |  |  | 7,683,178 |  |  |  | 0.2192 |  |  |  | 1,684,153 |
Financial liabilities |  |  |  |  |  |  |  |  |  |  |  |
Monetary items |  |  |  |  |  |  |  |  |  |  |  |
USD |  |  | 13,381,760 |  |  |  | 30.747 |  |  |  | 411,448,963 |
EUR |  |  | 778,452 |  |  |  | 34.175 |  |  |  | 26,603,608 |
JPY |  |  | 194,498,358 |  |  |  | 0.2192 |  |  |  | 42,634,040 |

(Concluded)
Note: Exchange rate represents the number of NT dollar for which one foreign currency could be exchanged.
Please refer to the parent company only statements of comprehensive income for the total of realized and unrealized foreign exchange gain and loss for the years ended December 31, 2024 and 2023, respectively. Since there were varieties of foreign currency transactions of the Company, the Company was unable to disclose foreign exchange gain (loss) towards each foreign currency with significant impact.
34. ADDITIONAL DISCLOSURES
Following are the additional disclosures required by the Securities and Futures Bureau for the Company:
a.Financings provided: See Table 1 attached;
b.Endorsement/guarantee provided: See Table 2 attached;
c.Marketable securities held (excluding investments in subsidiaries and associates): See Table 3 attached;
d.Marketable securities acquired and disposed of at costs or prices of at least NT$300 million or 20% of the paid-in capital: See Table 4 attached;
e.Acquisition of individual real estate properties at costs of at least NT$300 million or 20% of the paid-in capital: See Table 5 attached;
f.Disposal of individual real estate properties at prices of at least NT$300 million or 20% of the paid-in capital: None;
g.Total purchases from or sales to related parties of at least NT$100 million or 20% of the paid-in capital: See Table 6 attached;
h.Receivables from related parties amounting to at least NT$100 million or 20% of the paid-in capital: See Table 7 attached;
- 65 -

i.Information about the derivative financial instruments transaction: See Notes 7 and 9;
j.Names, locations, and related information of investees over which the Company exercises significant influence (excluding information on investment in mainland China): See Table 8 attached;
k.Information on investment in mainland China
1) The name of the investee in mainland China, the main businesses and products, its issued capital, method of investment, information on inflow or outflow of capital, percentage of ownership, income (losses) of the investee, share of profits/losses of investee, ending balance, amount received as dividends from the investee, and the limitation on investee: See Table 9 attached.
2) Significant direct or indirect transactions with the investee, its prices and terms of payment, unrealized gain or loss, and other related information which is helpful to understand the impact of investment in mainland China on financial reports: See Note 30.
l.Information of major shareholders
List of all shareholders with ownership of 5 percent or greater showing the names and the number of shares and percentage of ownership held by each shareholder: See Table 10 attached.
35. OPERATING SEGMENTS INFORMATION
The Company has provided the operating segments disclosure in the consolidated financial statements.
- 66 -

TABLE 1
Taiwan Semiconductor Manufacturing Company Limited and Investees
FINANCINGS PROVIDED
FOR THE YEAR ENDED DECEMBER 31, 2024

(Amounts in Thousands of New Taiwan Dollars, Unless Specified Otherwise)

No. | Financing Company | Counterparty | Financial Statement Account | Related Party | Maximum Balance for the Period (Foreign Currencies in Thousands) (Note 4) | Ending Balance (Foreign Currencies in Thousands) (Note 4) | Amount Actually Drawn (Foreign Currencies in Thousands) | Interest Rate | Nature for Financing | Transaction Amounts | Reason for Financing | Allowance for Bad Debt | Collateral | Financing Limits for Each Borrowing Company (Notes 1 to 3) | Financing Company’s Total Financing Amount Limits (Notes 1 to 3)
Item | Value
0 | TSMC | TSMC Arizona | Other receivables from related parties | Yes | $ (US$ | 98,304,000 3,000,000 | $ ) | $ | - |  | $ | - |  |  | - |  | The need for short-term financing | $ | - |  | Capacity installation and working capital | $ | - |  |  | - |  | $ | - |  | $ | 428,854,517 |  | $ | 857,709,033 |
1 | TSMC China | TSMC Nanjing | Other receivables from related parties | Yes | $ (RMB (US$ | 54,256,720 8,800,000 450,000 | $ )& ) | $ (RMB (US$ | 41,685,000 6,000,000 450,000 | $ )& ) | $ (RMB | 26,939,400 6,000,000 | $ ) |  | 1.30%-1.50% |  | The need for short-term and long-term financing |  | - |  | Operating capital |  | - |  |  | - |  |  | - |  |  | 110,511,314 |  |  | 110,511,314 |
2 | TSMC Development | TSMC Washington | Other receivables from related parties | Yes | $ (US$ | 1,966,080 60,000 | $ ) | $ (US$ | 1,966,080 60,000 | $ ) | $ (US$ | 983,040 30,000 | $ ) |  | - |  | The need for short-term financing |  | - |  | Operating capital |  | - |  |  | - |  |  | - |  |  | 35,183,067 |  |  | 35,183,067 |

Note 1: The amount available for lending to TSMC Arizona from TSMC shall not exceed ten percent (10%) of the net worth of TSMC, and the total amount available for lending from TSMC to borrowers shall not exceed twenty percent (20%) of the net worth of TSMC.
Note 2: The aggregate amount available for lending to TSMC Nanjing from TSMC China and the aggregate amount of lending from TSMC China shall not exceed the net worth of TSMC China.
Note 3: The aggregate amount available for lending to TSMC Washington from TSMC Development and the aggregate amount of lending from TSMC Development shall not exceed the net worth of TSMC Development.
Note 4: The maximum balance for the period and ending balance represent the amounts approved by the Board of Directors.
- 67 -

TABLE 2
Taiwan Semiconductor Manufacturing Company Limited and Investees
ENDORSEMENTS/GUARANTEES PROVIDED
FOR THE YEAR ENDED DECEMBER 31, 2024

(Amounts in Thousands of New Taiwan Dollars, Unless Specified Otherwise)

No. | Endorsement/ Guarantee Provider | Guaranteed Party | Limits on Endorsement/ Guarantee Amount Provided to Each Guaranteed Party (Notes 1 and 2) | Maximum Balance for the Period (Foreign Currencies in Thousands) (Note 3) | Ending Balance (Foreign Currencies in Thousands) (Note 3) | Amount Actually Drawn (US$ in Thousands) | Amount of Endorsement/ Guarantee Collateralized by Properties | Ratio of Accumulated Endorsement/ Guarantee to Net Equity per Latest Financial Statements | Maximum Endorsement/ Guarantee Amount Allowable (Notes 1 and 2) | Guarantee Provided by Parent Company | Guarantee Provided by A Subsidiary | Guarantee Provided to Subsidiaries in Mainland China
Name | Nature of Relationship
0 | TSMC | TSMC North America | Subsidiary | $ | 1,715,418,067 |  | $ (US$ | 2,726,733 83,213 | ) | $ (US$ | 2,726,733 83,213 | ) | $ (US$ | 2,726,733 83,213 | ) | $ | - |  |  | 0.06% |  | $ | 1,715,418,067 |  | Yes | No | No
|  | TSMC Global | Subsidiary |  | 1,715,418,067 |  | (US$ | 245,760,000 7,500,000 | ) | (US$ | 245,760,000 7,500,000 | ) | (US$ | 245,760,000 7,500,000 | ) |  | - |  |  | 5.73% |  |  | 1,715,418,067 |  | Yes | No | No
|  | TSMC Arizona | Subsidiary |  | 1,715,418,067 |  | (US$ | 470,136,259 14,347,420 | ) | (US$ | 470,136,259 14,347,420 | ) | (US$ | 312,358,339 9,532,420 | ) |  | - |  |  | 10.96% |  |  | 1,715,418,067 |  | Yes | No | No
1 | TSMC Japan | TSMC JDC | The same parent company |  | 323,065 |  | (JPY | 276,144 1,320,000 | ) | (JPY | 276,144 1,320,000 | ) | (JPY | 276,144 1,320,000 | ) |  | - |  |  | 0.01% |  |  | 323,065 |  | No | No | No

Note 1: TSMC's individual endorsement/guarantee limits for TSMC North America, TSMC Global, and TSMC Arizona, as well as the total external endorsement/guarantee limits for TSMC and its subsidiaries, shall not exceed forty percent (40%) of TSMC’s net worth.
Note 2: The total amount of the endorsement/guarantee provided by TSMC Japan to TSMC JDC and the total amount of the endorsement/guarantee provided by TSMC Japan shall not exceed two hundred and fifty percent (250%) of TSMC Japan’s net worth.
Note 3: The maximum balance for the period and ending balance represent the amounts approved by the Board of Directors.
- 68 -

TABLE 3
Taiwan Semiconductor Manufacturing Company Limited and Investees
MARKETABLE SECURITIES HELD

DECEMBER 31, 2024 (Amounts in Thousands of New Taiwan Dollars, Unless Specified Otherwise)

Held Company Name | Marketable Securities Type and Name | Relationship with the Company | Financial Statement Account | December 31, 2024 | Note
Shares/Units (In Thousands) | Carrying Value (Foreign Currencies in Thousands) | Percentage of Ownership (%) | Fair Value (Foreign Currencies in Thousands)
TSMC | Non-publicly traded equity investments |  |  |  |  |  |  |
| United Industrial Gases Co., Ltd. |  | - |  | Financial assets at fair value through other comprehensive income |  | 21,230 |  | $ | 505,114 |  |  | 10 |  | $ | 505,114 |  |
| Shin-Etsu Handotai Taiwan Co., Ltd. |  | - |  | 〃 |  | 10,500 |  |  | 448,560 |  |  | 7 |  |  | 448,560 |  |
| Global Investment Holding Inc. |  | - |  | 〃 |  | 10,442 |  |  | 104,673 |  |  | 6 |  |  | 104,673 |  |
| Commercial paper |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Cathay Financial Holding Co., Ltd. |  | - |  | Financial assets at amortized cost |  | 924 |  |  | 9,185,663 |  |  | N/A |  |  | 9,195,051 |  |
| Formosa Chemicals & Fibre Corporation |  | - |  | 〃 |  | 250 |  |  | 2,479,351 |  |  | N/A |  |  | 2,481,860 |  |
| China Steel Corporation |  | - |  | 〃 |  | 120 |  |  | 1,197,878 |  |  | N/A |  |  | 1,199,118 |  |
| Formosa Plastics Corporation |  | - |  | 〃 |  | 100 |  |  | 996,353 |  |  | N/A |  |  | 997,398 |  |
| Nan Ya Plastics Corporation |  | - |  | 〃 |  | 35 |  |  | 348,913 |  |  | N/A |  |  | 349,286 |  |
TSMC Partners | Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Carbon Nature SCSp |  | - |  | Financial assets at fair value through Profit or Loss |  | - |  | US$ | 11,413 |  |  | 18 |  | US$ | 11,413 |  |
| Matter Venture Partners Fund I, L.P. |  | - |  | 〃 |  | - |  | US$ | 8,088 |  |  | 7 |  | US$ | 8,088 |  |
| Imprint Nature-Based Opportunities Offshore SCSp |  | - |  | 〃 |  | - |  | US$ | 7,567 |  |  | 20 |  | US$ | 7,567 |  |
| Non-publicly traded equity investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Shanghai Walden Venture Capital Partnership (Limited Partnership) |  | - |  | Financial assets at fair value through other comprehensive income |  | - |  | US$ | 20,014 |  |  | 6 |  | US$ | 20,014 |  |
| Walden Technology Ventures Investments II, L.P. |  | - |  | 〃 |  | - |  | US$ | 13,512 |  |  | 9 |  | US$ | 13,512 |  |
| Walden Technology Ventures Investments III, L.P. |  | - |  | 〃 |  | - |  | US$ | 11,688 |  |  | 4 |  | US$ | 11,688 |  |
| Tela Innovations |  | - |  | 〃 |  | 6,942 |  | US$ | - |  |  | 22 |  | US$ | - |  |
| Publicly traded stocks |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| ARM Holdings plc |  | - |  | Financial assets at fair value through other comprehensive income |  | 1,111 |  | US$ | 137,026 |  |  | - |  | US$ | 137,026 |  |
| Movella Holdings Inc. |  | - |  | 〃 |  | 3,095 |  | US$ | 62 |  |  | 6 |  | US$ | 62 |  |
TSMC Global | Corporate bond |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Bank of America Corporation |  | - |  | Financial assets at fair value through other comprehensive income |  | - |  | US$ | 95,674 |  |  | N/A |  | US$ | 95,674 |  |
| Morgan Stanley |  | - |  | 〃 |  | - |  | US$ | 87,312 |  |  | N/A |  | US$ | 87,312 |  |
| Wells Fargo & Company |  | - |  | 〃 |  | - |  | US$ | 74,617 |  |  | N/A |  | US$ | 74,617 |  |
| The Goldman Sachs Group, Inc. |  | - |  | 〃 |  | - |  | US$ | 73,642 |  |  | N/A |  | US$ | 73,642 |  |
| JPMorgan Chase & Co. |  | - |  | 〃 |  | - |  | US$ | 72,101 |  |  | N/A |  | US$ | 72,101 |  |
| Citigroup Inc. |  | - |  | 〃 |  | - |  | US$ | 56,810 |  |  | N/A |  | US$ | 56,810 |  |
| HSBC Holdings plc |  | - |  | 〃 |  | - |  | US$ | 52,845 |  |  | N/A |  | US$ | 52,845 |  |
| Hyundai Capital America |  | - |  | 〃 |  | - |  | US$ | 39,105 |  |  | N/A |  | US$ | 39,105 |  |
| BNP Paribas SA |  | - |  | 〃 |  | - |  | US$ | 38,517 |  |  | N/A |  | US$ | 38,517 |  |
| Lloyds Banking Group plc |  | - |  | 〃 |  | - |  | US$ | 36,440 |  |  | N/A |  | US$ | 36,440 |  |
| Sumitomo Mitsui Trust Bank, Limited |  | - |  | 〃 |  | - |  | US$ | 36,329 |  |  | N/A |  | US$ | 36,329 |  |
| Barclays PLC |  | - |  | 〃 |  | - |  | US$ | 35,715 |  |  | N/A |  | US$ | 35,715 |  |
| Nationwide Building Society |  | - |  | 〃 |  | - |  | US$ | 35,644 |  |  | N/A |  | US$ | 35,644 |  |

(Continued)
- 69 -

Held Company Name | Marketable Securities Type and Name | Relationship with the Company | Financial Statement Account | December 31, 2024 | Note
Shares/Units (In Thousands) | Carrying Value (Foreign Currencies in Thousands) | Percentage of Ownership (%) | Fair Value (Foreign Currencies in Thousands)
TSMC Global | NatWest Group plc |  | - |  | Financial assets at fair value through other comprehensive income |  | - |  | US$ | 34,193 |  |  | N/A |  | US$ | 34,193 |  |
| Principal Life Global Funding II |  | - |  | 〃 |  | - |  | US$ | 33,881 |  |  | N/A |  | US$ | 33,881 |  |
| American Express Company |  | - |  | 〃 |  | - |  | US$ | 31,036 |  |  | N/A |  | US$ | 31,036 |  |
| Banco Santander, S.A. |  | - |  | 〃 |  | - |  | US$ | 30,804 |  |  | N/A |  | US$ | 30,804 |  |
| BPCE SA |  | - |  | 〃 |  | - |  | US$ | 30,045 |  |  | N/A |  | US$ | 30,045 |  |
| Toyota Motor Credit Corporation |  | - |  | 〃 |  | - |  | US$ | 29,997 |  |  | N/A |  | US$ | 29,997 |  |
| Credit Agricole SA London Branch |  | - |  | 〃 |  | - |  | US$ | 28,366 |  |  | N/A |  | US$ | 28,366 |  |
| Sumitomo Mitsui Financial Group, Inc. |  | - |  | 〃 |  | - |  | US$ | 26,118 |  |  | N/A |  | US$ | 26,118 |  |
| AIG Global Funding |  | - |  | 〃 |  | - |  | US$ | 25,521 |  |  | N/A |  | US$ | 25,521 |  |
| Athene Global Funding |  | - |  | 〃 |  | - |  | US$ | 24,758 |  |  | N/A |  | US$ | 24,758 |  |
| COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH |  | - |  | 〃 |  | - |  | US$ | 24,228 |  |  | N/A |  | US$ | 24,228 |  |
| Deutsche Bank AG - New York Branch |  | - |  | 〃 |  | - |  | US$ | 23,782 |  |  | N/A |  | US$ | 23,782 |  |
| The Toronto-Dominion Bank |  | - |  | 〃 |  | - |  | US$ | 23,563 |  |  | N/A |  | US$ | 23,563 |  |
| Penske Truck Leasing Co., L.P. |  | - |  | 〃 |  | - |  | US$ | 23,519 |  |  | N/A |  | US$ | 23,519 |  |
| Volkswagen Group of America Finance, LLC |  | - |  | 〃 |  | - |  | US$ | 22,284 |  |  | N/A |  | US$ | 22,284 |  |
| Banque Fédérative du Crédit Mutuel |  | - |  | 〃 |  | - |  | US$ | 21,960 |  |  | N/A |  | US$ | 21,960 |  |
| Equitable Financial Life Global Funding |  | - |  | 〃 |  | - |  | US$ | 21,840 |  |  | N/A |  | US$ | 21,840 |  |
| Glencore Funding LLC |  | - |  | 〃 |  | - |  | US$ | 21,086 |  |  | N/A |  | US$ | 21,086 |  |
| Royal Bank of Canada |  | - |  | 〃 |  | - |  | US$ | 20,863 |  |  | N/A |  | US$ | 20,863 |  |
| Capital One Financial Corporation |  | - |  | 〃 |  | - |  | US$ | 20,724 |  |  | N/A |  | US$ | 20,724 |  |
| General Motors Financial Company, Inc. |  | - |  | 〃 |  | - |  | US$ | 20,625 |  |  | N/A |  | US$ | 20,625 |  |
| The Bank of Nova Scotia |  | - |  | 〃 |  | - |  | US$ | 20,432 |  |  | N/A |  | US$ | 20,432 |  |
| Bunge Limited Finance Corp. |  | - |  | 〃 |  | - |  | US$ | 20,202 |  |  | N/A |  | US$ | 20,202 |  |
| Danske Bank A/S |  | - |  | 〃 |  | - |  | US$ | 20,157 |  |  | N/A |  | US$ | 20,157 |  |
| RGA Global Funding |  | - |  | 〃 |  | - |  | US$ | 19,988 |  |  | N/A |  | US$ | 19,988 |  |
| ABN AMRO Bank N.V. |  | - |  | 〃 |  | - |  | US$ | 19,540 |  |  | N/A |  | US$ | 19,540 |  |
| Daimler Trucks Finance North America LLC |  | - |  | 〃 |  | - |  | US$ | 19,288 |  |  | N/A |  | US$ | 19,288 |  |
| Bank of Montreal |  | - |  | 〃 |  | - |  | US$ | 18,228 |  |  | N/A |  | US$ | 18,228 |  |
| UnitedHealth Group Incorporated |  | - |  | 〃 |  | - |  | US$ | 18,151 |  |  | N/A |  | US$ | 18,151 |  |
| Mitsubishi UFJ Financial Group, Inc. |  | - |  | 〃 |  | - |  | US$ | 18,083 |  |  | N/A |  | US$ | 18,083 |  |
| Guardian Life Global Funding |  | - |  | 〃 |  | - |  | US$ | 17,817 |  |  | N/A |  | US$ | 17,817 |  |
| Metropolitan Life Global Funding I |  | - |  | 〃 |  | - |  | US$ | 17,734 |  |  | N/A |  | US$ | 17,734 |  |
| Fédération des caisses Desjardins du Québec |  | - |  | 〃 |  | - |  | US$ | 17,415 |  |  | N/A |  | US$ | 17,415 |  |
| Enel Finance International N.V. |  | - |  | 〃 |  | - |  | US$ | 17,065 |  |  | N/A |  | US$ | 17,065 |  |
| NatWest Markets Plc |  | - |  | 〃 |  | - |  | US$ | 16,386 |  |  | N/A |  | US$ | 16,386 |  |
| Coöperatieve Rabobank U.A. |  | - |  | 〃 |  | - |  | US$ | 16,173 |  |  | N/A |  | US$ | 16,173 |  |
| Mizuho Financial Group, Inc. |  | - |  | 〃 |  | - |  | US$ | 15,789 |  |  | N/A |  | US$ | 15,789 |  |
| NTT Finance Corporation |  | - |  | 〃 |  | - |  | US$ | 15,768 |  |  | N/A |  | US$ | 15,768 |  |
| CNO Global Funding |  | - |  | 〃 |  | - |  | US$ | 15,565 |  |  | N/A |  | US$ | 15,565 |  |
| Marsh & McLennan Companies, Inc. |  | - |  | 〃 |  | - |  | US$ | 15,564 |  |  | N/A |  | US$ | 15,564 |  |
| Ryder System, Inc. |  | - |  | 〃 |  | - |  | US$ | 15,551 |  |  | N/A |  | US$ | 15,551 |  |
| UBS Group AG |  | - |  | 〃 |  | - |  | US$ | 15,481 |  |  | N/A |  | US$ | 15,481 |  |
| U.S. Bancorp. |  | - |  | 〃 |  | - |  | US$ | 15,440 |  |  | N/A |  | US$ | 15,440 |  |
| Roper Technologies, Inc. |  | - |  | 〃 |  | - |  | US$ | 15,407 |  |  | N/A |  | US$ | 15,407 |  |
| Northwestern Mutual Global Funding |  | - |  | 〃 |  | - |  | US$ | 15,298 |  |  | N/A |  | US$ | 15,298 |  |
| New York Life Global Funding |  | - |  | 〃 |  | - |  | US$ | 14,993 |  |  | N/A |  | US$ | 14,993 |  |
| NextEra Energy Capital Holdings, Inc. |  | - |  | 〃 |  | - |  | US$ | 14,664 |  |  | N/A |  | US$ | 14,664 |  |
| BMW US Capital, LLC |  | - |  | 〃 |  | - |  | US$ | 14,519 |  |  | N/A |  | US$ | 14,519 |  |
| T-Mobile USA, Inc. |  | - |  | 〃 |  | - |  | US$ | 14,433 |  |  | N/A |  | US$ | 14,433 |  |
| Protective Life Global Funding |  | - |  | 〃 |  | - |  | US$ | 14,389 |  |  | N/A |  | US$ | 14,389 |  |
| Philip Morris International Inc. |  | - |  | 〃 |  | - |  | US$ | 14,276 |  |  | N/A |  | US$ | 14,276 |  |
| Quest Diagnostics Incorporated |  | - |  | 〃 |  | - |  | US$ | 14,196 |  |  | N/A |  | US$ | 14,196 |  |

(Continued)
- 70 -

Held Company Name | Marketable Securities Type and Name | Relationship with the Company | Financial Statement Account | December 31, 2024 | Note
Shares/Units (In Thousands) | Carrying Value (Foreign Currencies in Thousands) | Percentage of Ownership (%) | Fair Value (Foreign Currencies in Thousands)
TSMC Global | Santander Holdings USA, Inc. |  | - |  | Financial assets at fair value through other comprehensive income |  | - |  | US$ | 14,143 |  |  | N/A |  | US$ | 14,143 |  |
| AerCap Ireland Capital Designated Activity Company |  | - |  | 〃 |  | - |  | US$ | 13,986 |  |  | N/A |  | US$ | 13,986 |  |
| National Securities Clearing Corporation |  | - |  | 〃 |  | - |  | US$ | 13,895 |  |  | N/A |  | US$ | 13,895 |  |
| SMBC Aviation Capital Finance DAC |  | - |  | 〃 |  | - |  | US$ | 13,873 |  |  | N/A |  | US$ | 13,873 |  |
| Oracle Corporation |  | - |  | 〃 |  | - |  | US$ | 13,824 |  |  | N/A |  | US$ | 13,824 |  |
| Macquarie Bank Limited |  | - |  | 〃 |  | - |  | US$ | 13,650 |  |  | N/A |  | US$ | 13,650 |  |
| ING Groep N.V. |  | - |  | 〃 |  | - |  | US$ | 13,616 |  |  | N/A |  | US$ | 13,616 |  |
| Nomura Holdings, Inc. |  | - |  | 〃 |  | - |  | US$ | 13,356 |  |  | N/A |  | US$ | 13,356 |  |
| Truist Financial Corporation |  | - |  | 〃 |  | - |  | US$ | 13,328 |  |  | N/A |  | US$ | 13,328 |  |
| Standard Chartered PLC |  | - |  | 〃 |  | - |  | US$ | 13,218 |  |  | N/A |  | US$ | 13,218 |  |
| Mercedes-Benz Finance North America LLC |  | - |  | 〃 |  | - |  | US$ | 13,022 |  |  | N/A |  | US$ | 13,022 |  |
| Southern California Edison Company |  | - |  | 〃 |  | - |  | US$ | 12,981 |  |  | N/A |  | US$ | 12,981 |  |
| Amphenol Corporation |  | - |  | 〃 |  | - |  | US$ | 12,833 |  |  | N/A |  | US$ | 12,833 |  |
| American Honda Finance Corporation |  | - |  | 〃 |  | - |  | US$ | 12,774 |  |  | N/A |  | US$ | 12,774 |  |
| Jackson National Life Global Funding |  | - |  | 〃 |  | - |  | US$ | 12,563 |  |  | N/A |  | US$ | 12,563 |  |
| ONEOK, Inc. |  | - |  | 〃 |  | - |  | US$ | 12,550 |  |  | N/A |  | US$ | 12,550 |  |
| The Bank of New York Mellon Corporation |  | - |  | 〃 |  | - |  | US$ | 12,428 |  |  | N/A |  | US$ | 12,428 |  |
| BAE Systems plc |  | - |  | 〃 |  | - |  | US$ | 12,425 |  |  | N/A |  | US$ | 12,425 |  |
| Equifax Inc. |  | - |  | 〃 |  | - |  | US$ | 12,106 |  |  | N/A |  | US$ | 12,106 |  |
| Amazon.com, Inc. |  | - |  | 〃 |  | - |  | US$ | 11,676 |  |  | N/A |  | US$ | 11,676 |  |
| Bristol-Myers Squibb Company |  | - |  | 〃 |  | - |  | US$ | 11,585 |  |  | N/A |  | US$ | 11,585 |  |
| Swedbank AB (publ) |  | - |  | 〃 |  | - |  | US$ | 11,541 |  |  | N/A |  | US$ | 11,541 |  |
| AT&T Inc. |  | - |  | 〃 |  | - |  | US$ | 11,326 |  |  | N/A |  | US$ | 11,326 |  |
| Elevance Health, Inc. |  | - |  | 〃 |  | - |  | US$ | 11,154 |  |  | N/A |  | US$ | 11,154 |  |
| Prologis Targeted U.S. Logistics Fund L.P. |  | - |  | 〃 |  | - |  | US$ | 11,127 |  |  | N/A |  | US$ | 11,127 |  |
| MassMutual Global Funding II |  | - |  | 〃 |  | - |  | US$ | 10,851 |  |  | N/A |  | US$ | 10,851 |  |
| S&P Global Inc. |  | - |  | 〃 |  | - |  | US$ | 10,723 |  |  | N/A |  | US$ | 10,723 |  |
| Apple Inc. |  | - |  | 〃 |  | - |  | US$ | 10,721 |  |  | N/A |  | US$ | 10,721 |  |
| DTE Energy Company |  | - |  | 〃 |  | - |  | US$ | 10,651 |  |  | N/A |  | US$ | 10,651 |  |
| National Rural Utilities Cooperative Finance Corporation |  | - |  | 〃 |  | - |  | US$ | 10,402 |  |  | N/A |  | US$ | 10,402 |  |
| Svenska Handelsbanken AB (publ) |  | - |  | 〃 |  | - |  | US$ | 10,026 |  |  | N/A |  | US$ | 10,026 |  |
| Canadian Imperial Bank of Commerce |  | - |  | 〃 |  | - |  | US$ | 10,020 |  |  | N/A |  | US$ | 10,020 |  |
| Nordea Bank Abp |  | - |  | 〃 |  | - |  | US$ | 9,873 |  |  | N/A |  | US$ | 9,873 |  |
| Hewlett Packard Enterprise Company |  | - |  | 〃 |  | - |  | US$ | 9,766 |  |  | N/A |  | US$ | 9,766 |  |
| Enbridge Inc. |  | - |  | 〃 |  | - |  | US$ | 9,712 |  |  | N/A |  | US$ | 9,712 |  |
| Mutual Of Omaha Companies Global Funding |  | - |  | 〃 |  | - |  | US$ | 9,552 |  |  | N/A |  | US$ | 9,552 |  |
| Citibank, N.A. |  | - |  | 〃 |  | - |  | US$ | 9,495 |  |  | N/A |  | US$ | 9,495 |  |
| LSEG US Fin Corp. |  | - |  | 〃 |  | - |  | US$ | 9,091 |  |  | N/A |  | US$ | 9,091 |  |
| Realty Income Corporation |  | - |  | 〃 |  | - |  | US$ | 9,079 |  |  | N/A |  | US$ | 9,079 |  |
| Florida Power & Light Company |  | - |  | 〃 |  | - |  | US$ | 9,072 |  |  | N/A |  | US$ | 9,072 |  |
| Public Service Enterprise Group Incorporated |  | - |  | 〃 |  | - |  | US$ | 9,018 |  |  | N/A |  | US$ | 9,018 |  |
| Accenture Capital Inc. |  | - |  | 〃 |  | - |  | US$ | 8,979 |  |  | N/A |  | US$ | 8,979 |  |
| Amgen Inc. |  | - |  | 〃 |  | - |  | US$ | 8,890 |  |  | N/A |  | US$ | 8,890 |  |
| Equinor ASA |  | - |  | 〃 |  | - |  | US$ | 8,823 |  |  | N/A |  | US$ | 8,823 |  |
| Morgan Stanley Bank, N.A. |  | - |  | 〃 |  | - |  | US$ | 8,542 |  |  | N/A |  | US$ | 8,542 |  |
| Haleon US Capital LLC |  | - |  | 〃 |  | - |  | US$ | 8,541 |  |  | N/A |  | US$ | 8,541 |  |
| Pioneer Natural Resources Company |  | - |  | 〃 |  | - |  | US$ | 8,457 |  |  | N/A |  | US$ | 8,457 |  |
| Pfizer Investment Enterprises Pte. Ltd. |  | - |  | 〃 |  | - |  | US$ | 8,329 |  |  | N/A |  | US$ | 8,329 |  |
| Intel Corporation |  | - |  | 〃 |  | - |  | US$ | 8,311 |  |  | N/A |  | US$ | 8,311 |  |
| Goldman Sachs Bank USA |  | - |  | 〃 |  | - |  | US$ | 8,272 |  |  | N/A |  | US$ | 8,272 |  |
| KfW |  | - |  | 〃 |  | - |  | US$ | 8,145 |  |  | N/A |  | US$ | 8,145 |  |
| Lowe's Companies, Inc. |  | - |  | 〃 |  | - |  | US$ | 8,137 |  |  | N/A |  | US$ | 8,137 |  |

(Continued)
- 71 -

Held Company Name | Marketable Securities Type and Name | Relationship with the Company | Financial Statement Account | December 31, 2024 | Note
Shares/Units (In Thousands) | Carrying Value (Foreign Currencies in Thousands) | Percentage of Ownership (%) | Fair Value (Foreign Currencies in Thousands)
TSMC Global | Kimco Realty Corporation |  | - |  | Financial assets at fair value through other comprehensive income |  | - |  | US$ | 8,060 |  |  | N/A |  | US$ | 8,060 |  |
| Aon North America, Inc. |  | - |  | 〃 |  | - |  | US$ | 8,039 |  |  | N/A |  | US$ | 8,039 |  |
| ConocoPhillips Company |  | - |  | 〃 |  | - |  | US$ | 8,021 |  |  | N/A |  | US$ | 8,021 |  |
| Tampa Electric Company |  | - |  | 〃 |  | - |  | US$ | 8,000 |  |  | N/A |  | US$ | 8,000 |  |
| DNB Bank ASA |  | - |  | 〃 |  | - |  | US$ | 7,986 |  |  | N/A |  | US$ | 7,986 |  |
| Santander UK Group Holdings plc |  | - |  | 〃 |  | - |  | US$ | 7,928 |  |  | N/A |  | US$ | 7,928 |  |
| META PLATFORMS INC |  | - |  | 〃 |  | - |  | US$ | 7,908 |  |  | N/A |  | US$ | 7,908 |  |
| Constellation Energy Generation, LLC |  | - |  | 〃 |  | - |  | US$ | 7,831 |  |  | N/A |  | US$ | 7,831 |  |
| Macquarie Group Limited |  | - |  | 〃 |  | - |  | US$ | 7,831 |  |  | N/A |  | US$ | 7,831 |  |
| Intuit Inc. |  | - |  | 〃 |  | - |  | US$ | 7,658 |  |  | N/A |  | US$ | 7,658 |  |
| Roche Holdings, Inc. |  | - |  | 〃 |  | - |  | US$ | 7,631 |  |  | N/A |  | US$ | 7,631 |  |
| ERAC USA Finance LLC |  | - |  | 〃 |  | - |  | US$ | 7,574 |  |  | N/A |  | US$ | 7,574 |  |
| Chevron Corporation |  | - |  | 〃 |  | - |  | US$ | 7,262 |  |  | N/A |  | US$ | 7,262 |  |
| Johnson & Johnson |  | - |  | 〃 |  | - |  | US$ | 7,130 |  |  | N/A |  | US$ | 7,130 |  |
| Pacific Gas and Electric Company |  | - |  | 〃 |  | - |  | US$ | 7,087 |  |  | N/A |  | US$ | 7,087 |  |
| Bank of Ireland Group plc |  | - |  | 〃 |  | - |  | US$ | 7,066 |  |  | N/A |  | US$ | 7,066 |  |
| McKesson Corporation |  | - |  | 〃 |  | - |  | US$ | 7,027 |  |  | N/A |  | US$ | 7,027 |  |
| Intercontinental Exchange, Inc. |  | - |  | 〃 |  | - |  | US$ | 7,008 |  |  | N/A |  | US$ | 7,008 |  |
| KBC Group NV |  | - |  | 〃 |  | - |  | US$ | 6,986 |  |  | N/A |  | US$ | 6,986 |  |
| AstraZeneca Finance LLC |  | - |  | 〃 |  | - |  | US$ | 6,963 |  |  | N/A |  | US$ | 6,963 |  |
| Great-West Lifeco U.S. Finance 2020, Lp |  | - |  | 〃 |  | - |  | US$ | 6,916 |  |  | N/A |  | US$ | 6,916 |  |
| Cox Communications, Inc. |  | - |  | 〃 |  | - |  | US$ | 6,915 |  |  | N/A |  | US$ | 6,915 |  |
| Exelon Corporation |  | - |  | 〃 |  | - |  | US$ | 6,885 |  |  | N/A |  | US$ | 6,885 |  |
| Keurig Dr Pepper Inc. |  | - |  | 〃 |  | - |  | US$ | 6,880 |  |  | N/A |  | US$ | 6,880 |  |
| Consumers Energy Company |  | - |  | 〃 |  | - |  | US$ | 6,792 |  |  | N/A |  | US$ | 6,792 |  |
| The East Ohio Gas Company |  | - |  | 〃 |  | - |  | US$ | 6,767 |  |  | N/A |  | US$ | 6,767 |  |
| Pacific Life Global Funding II |  | - |  | 〃 |  | - |  | US$ | 6,634 |  |  | N/A |  | US$ | 6,634 |  |
| Fidelity National Information Services, Inc. |  | - |  | 〃 |  | - |  | US$ | 6,632 |  |  | N/A |  | US$ | 6,632 |  |
| The Cigna Group |  | - |  | 〃 |  | - |  | US$ | 6,595 |  |  | N/A |  | US$ | 6,595 |  |
| The Charles Schwab Corporation |  | - |  | 〃 |  | - |  | US$ | 6,586 |  |  | N/A |  | US$ | 6,586 |  |
| Health Care Service Corporation, a Mutual Legal Reserve Company |  | - |  | 〃 |  | - |  | US$ | 6,345 |  |  | N/A |  | US$ | 6,345 |  |
| Take-Two Interactive Software, Inc. |  | - |  | 〃 |  | - |  | US$ | 6,273 |  |  | N/A |  | US$ | 6,273 |  |
| Fiserv, Inc. |  | - |  | 〃 |  | - |  | US$ | 6,242 |  |  | N/A |  | US$ | 6,242 |  |
| WEC Energy Group, Inc. |  | - |  | 〃 |  | - |  | US$ | 6,224 |  |  | N/A |  | US$ | 6,224 |  |
| Empower Finance 2020, LP |  | - |  | 〃 |  | - |  | US$ | 6,176 |  |  | N/A |  | US$ | 6,176 |  |
| Eaton Corporation |  | - |  | 〃 |  | - |  | US$ | 6,162 |  |  | N/A |  | US$ | 6,162 |  |
| Schlumberger Holdings Corporation |  | - |  | 〃 |  | - |  | US$ | 5,909 |  |  | N/A |  | US$ | 5,909 |  |
| NBN Co Limited |  | - |  | 〃 |  | - |  | US$ | 5,817 |  |  | N/A |  | US$ | 5,817 |  |
| Scentre Group Trust 1 |  | - |  | 〃 |  | - |  | US$ | 5,811 |  |  | N/A |  | US$ | 5,811 |  |
| NiSource Inc. |  | - |  | 〃 |  | - |  | US$ | 5,795 |  |  | N/A |  | US$ | 5,795 |  |
| HEICO Corporation |  | - |  | 〃 |  | - |  | US$ | 5,773 |  |  | N/A |  | US$ | 5,773 |  |
| Lockheed Martin Corporation |  | - |  | 〃 |  | - |  | US$ | 5,764 |  |  | N/A |  | US$ | 5,764 |  |
| National Bank of Canada |  | - |  | 〃 |  | - |  | US$ | 5,749 |  |  | N/A |  | US$ | 5,749 |  |
| Thermo Fisher Scientific Inc. |  | - |  | 〃 |  | - |  | US$ | 5,737 |  |  | N/A |  | US$ | 5,737 |  |
| ASB Bank Limited |  | - |  | 〃 |  | - |  | US$ | 5,666 |  |  | N/A |  | US$ | 5,666 |  |
| The Williams Companies, Inc. |  | - |  | 〃 |  | - |  | US$ | 5,613 |  |  | N/A |  | US$ | 5,613 |  |
| Ingersoll Rand Inc. |  | - |  | 〃 |  | - |  | US$ | 5,594 |  |  | N/A |  | US$ | 5,594 |  |
| Cencora, Inc. |  | - |  | 〃 |  | - |  | US$ | 5,546 |  |  | N/A |  | US$ | 5,546 |  |
| Marriott International, Inc. |  | - |  | 〃 |  | - |  | US$ | 5,525 |  |  | N/A |  | US$ | 5,525 |  |
| RTX Corporation |  | - |  | 〃 |  | - |  | US$ | 5,491 |  |  | N/A |  | US$ | 5,491 |  |
| MPLX LP |  | - |  | 〃 |  | - |  | US$ | 5,401 |  |  | N/A |  | US$ | 5,401 |  |

(Continued)
- 72 -

Held Company Name | Marketable Securities Type and Name | Relationship with the Company | Financial Statement Account | December 31, 2024 | Note
Shares/Units (In Thousands) | Carrying Value (Foreign Currencies in Thousands) | Percentage of Ownership (%) | Fair Value (Foreign Currencies in Thousands)
TSMC Global | Starbucks Corporation |  | - |  | Financial assets at fair value through other comprehensive income |  | - |  | US$ | 5,351 |  |  | N/A |  | US$ | 5,351 |  |
| Stryker Corporation |  | - |  | 〃 |  | - |  | US$ | 5,329 |  |  | N/A |  | US$ | 5,329 |  |
| Sydney Airport Finance Company Pty Ltd |  | - |  | 〃 |  | - |  | US$ | 5,253 |  |  | N/A |  | US$ | 5,253 |  |
| AstraZeneca PLC |  | - |  | 〃 |  | - |  | US$ | 5,135 |  |  | N/A |  | US$ | 5,135 |  |
| Virginia Electric and Power Company |  | - |  | 〃 |  | - |  | US$ | 5,110 |  |  | N/A |  | US$ | 5,110 |  |
| Newmont Corporation |  | - |  | 〃 |  | - |  | US$ | 5,099 |  |  | N/A |  | US$ | 5,099 |  |
| CGI Inc. |  | - |  | 〃 |  | - |  | US$ | 5,055 |  |  | N/A |  | US$ | 5,055 |  |
| John Deere Capital Corporation |  | - |  | 〃 |  | - |  | US$ | 5,033 |  |  | N/A |  | US$ | 5,033 |  |
| Merck & Co., Inc. |  | - |  | 〃 |  | - |  | US$ | 5,033 |  |  | N/A |  | US$ | 5,033 |  |
| Smith & Nephew plc |  | - |  | 〃 |  | - |  | US$ | 5,033 |  |  | N/A |  | US$ | 5,033 |  |
| Southwest Airlines Co. |  | - |  | 〃 |  | - |  | US$ | 5,017 |  |  | N/A |  | US$ | 5,017 |  |
| NATIONAL SECURITIES CLEARING CORP |  | - |  | 〃 |  | - |  | US$ | 5,007 |  |  | N/A |  | US$ | 5,007 |  |
| Mizuho Markets Cayman LP |  | - |  | 〃 |  | - |  | US$ | 5,006 |  |  | N/A |  | US$ | 5,006 |  |
| Bank of New Zealand |  | - |  | 〃 |  | - |  | US$ | 4,979 |  |  | N/A |  | US$ | 4,979 |  |
| BorgWarner Inc. |  | - |  | 〃 |  | - |  | US$ | 4,975 |  |  | N/A |  | US$ | 4,975 |  |
| Alabama Power Company |  | - |  | 〃 |  | - |  | US$ | 4,973 |  |  | N/A |  | US$ | 4,973 |  |
| AbbVie Inc. |  | - |  | 〃 |  | - |  | US$ | 4,965 |  |  | N/A |  | US$ | 4,965 |  |
| Brookfield Finance Inc. |  | - |  | 〃 |  | - |  | US$ | 4,868 |  |  | N/A |  | US$ | 4,868 |  |
| Ameren Corporation |  | - |  | 〃 |  | - |  | US$ | 4,865 |  |  | N/A |  | US$ | 4,865 |  |
| ANZ New Zealand (Int'l) Limited |  | - |  | 〃 |  | - |  | US$ | 4,844 |  |  | N/A |  | US$ | 4,844 |  |
| ONE Gas, Inc. |  | - |  | 〃 |  | - |  | US$ | 4,817 |  |  | N/A |  | US$ | 4,817 |  |
| HP Inc. |  | - |  | 〃 |  | - |  | US$ | 4,768 |  |  | N/A |  | US$ | 4,768 |  |
| Deutsche Telekom International Finance B.V. |  | - |  | 〃 |  | - |  | US$ | 4,743 |  |  | N/A |  | US$ | 4,743 |  |
| National Australia Bank Limited, New York Branch |  | - |  | 〃 |  | - |  | US$ | 4,680 |  |  | N/A |  | US$ | 4,680 |  |
| Société Générale Société anonyme |  | - |  | 〃 |  | - |  | US$ | 4,618 |  |  | N/A |  | US$ | 4,618 |  |
| Fifth Third Bancorp |  | - |  | 〃 |  | - |  | US$ | 4,601 |  |  | N/A |  | US$ | 4,601 |  |
| Georgia Power Company |  | - |  | 〃 |  | - |  | US$ | 4,585 |  |  | N/A |  | US$ | 4,585 |  |
| F&G Global Funding |  | - |  | 〃 |  | - |  | US$ | 4,572 |  |  | N/A |  | US$ | 4,572 |  |
| GA Global Funding Trust |  | - |  | 〃 |  | - |  | US$ | 4,506 |  |  | N/A |  | US$ | 4,506 |  |
| FirstEnergy Transmission, LLC |  | - |  | 〃 |  | - |  | US$ | 4,502 |  |  | N/A |  | US$ | 4,502 |  |
| ITC Holdings Corp. |  | - |  | 〃 |  | - |  | US$ | 4,395 |  |  | N/A |  | US$ | 4,395 |  |
| AutoZone, Inc. |  | - |  | 〃 |  | - |  | US$ | 4,354 |  |  | N/A |  | US$ | 4,354 |  |
| State Street Corporation |  | - |  | 〃 |  | - |  | US$ | 4,324 |  |  | N/A |  | US$ | 4,324 |  |
| Verizon Communications Inc. |  | - |  | 〃 |  | - |  | US$ | 4,171 |  |  | N/A |  | US$ | 4,171 |  |
| Labcorp Holdings Inc. |  | - |  | 〃 |  | - |  | US$ | 4,129 |  |  | N/A |  | US$ | 4,129 |  |
| AvalonBay Communities, Inc. |  | - |  | 〃 |  | - |  | US$ | 4,056 |  |  | N/A |  | US$ | 4,056 |  |
| Aptiv PLC |  | - |  | 〃 |  | - |  | US$ | 4,055 |  |  | N/A |  | US$ | 4,055 |  |
| Workday, Inc. |  | - |  | 〃 |  | - |  | US$ | 4,042 |  |  | N/A |  | US$ | 4,042 |  |
| Korea Electric Power Corporation |  | - |  | 〃 |  | - |  | US$ | 4,023 |  |  | N/A |  | US$ | 4,023 |  |
| Lincoln National Corporation |  | - |  | 〃 |  | - |  | US$ | 4,008 |  |  | N/A |  | US$ | 4,008 |  |
| State Street Bank and Trust Company |  | - |  | 〃 |  | - |  | US$ | 3,996 |  |  | N/A |  | US$ | 3,996 |  |
| Public Storage |  | - |  | 〃 |  | - |  | US$ | 3,979 |  |  | N/A |  | US$ | 3,979 |  |
| Mid-Atlantic Interstate Transmission, LLC |  | - |  | 〃 |  | - |  | US$ | 3,970 |  |  | N/A |  | US$ | 3,970 |  |
| Piedmont Natural Gas Company, Inc. |  | - |  | 〃 |  | - |  | US$ | 3,962 |  |  | N/A |  | US$ | 3,962 |  |
| Schlumberger Investment SA |  | - |  | 〃 |  | - |  | US$ | 3,961 |  |  | N/A |  | US$ | 3,961 |  |
| B.A.T. International Finance p.l.c. |  | - |  | 〃 |  | - |  | US$ | 3,930 |  |  | N/A |  | US$ | 3,930 |  |
| Novartis Capital Corporation |  | - |  | 〃 |  | - |  | US$ | 3,894 |  |  | N/A |  | US$ | 3,894 |  |
| GAIF Bond Issuer Pty Limited |  | - |  | 〃 |  | - |  | US$ | 3,890 |  |  | N/A |  | US$ | 3,890 |  |
| Alliant Energy Finance, LLC |  | - |  | 〃 |  | - |  | US$ | 3,880 |  |  | N/A |  | US$ | 3,880 |  |
| L3Harris Technologies, Inc. |  | - |  | 〃 |  | - |  | US$ | 3,868 |  |  | N/A |  | US$ | 3,868 |  |
| Duke Energy Carolinas, LLC |  | - |  | 〃 |  | - |  | US$ | 3,844 |  |  | N/A |  | US$ | 3,844 |  |
| Banco Bilbao Vizcaya Argentaria, S.A. |  | - |  | 〃 |  | - |  | US$ | 3,837 |  |  | N/A |  | US$ | 3,837 |  |

(Continued)
- 73 -

Held Company Name | Marketable Securities Type and Name | Relationship with the Company | Financial Statement Account | December 31, 2024 | Note
Shares/Units (In Thousands) | Carrying Value (Foreign Currencies in Thousands) | Percentage of Ownership (%) | Fair Value (Foreign Currencies in Thousands)
TSMC Global | Fortinet, Inc. |  | - |  | Financial assets at fair value through other comprehensive income |  | - |  | US$ | 3,824 |  |  | N/A |  | US$ | 3,824 |  |
| CNH Industrial Capital LLC |  | - |  | 〃 |  | - |  | US$ | 3,814 |  |  | N/A |  | US$ | 3,814 |  |
| Eli Lilly and Company |  | - |  | 〃 |  | - |  | US$ | 3,755 |  |  | N/A |  | US$ | 3,755 |  |
| Alimentation Couche-Tard Inc. |  | - |  | 〃 |  | - |  | US$ | 3,700 |  |  | N/A |  | US$ | 3,700 |  |
| Norsk Hydro ASA |  | - |  | 〃 |  | - |  | US$ | 3,595 |  |  | N/A |  | US$ | 3,595 |  |
| Parker-Hannifin Corporation |  | - |  | 〃 |  | - |  | US$ | 3,565 |  |  | N/A |  | US$ | 3,565 |  |
| Nutrien Ltd. |  | - |  | 〃 |  | - |  | US$ | 3,544 |  |  | N/A |  | US$ | 3,544 |  |
| CenterPoint Energy Resources Corp. |  | - |  | 〃 |  | - |  | US$ | 3,490 |  |  | N/A |  | US$ | 3,490 |  |
| Advocate Health & Hospitals Corporation |  | - |  | 〃 |  | - |  | US$ | 3,482 |  |  | N/A |  | US$ | 3,482 |  |
| Burlington Northern Santa Fe, LLC |  | - |  | 〃 |  | - |  | US$ | 3,468 |  |  | N/A |  | US$ | 3,468 |  |
| Magna International Inc. |  | - |  | 〃 |  | - |  | US$ | 3,460 |  |  | N/A |  | US$ | 3,460 |  |
| Kellanova |  | - |  | 〃 |  | - |  | US$ | 3,444 |  |  | N/A |  | US$ | 3,444 |  |
| Pfizer Inc. |  | - |  | 〃 |  | - |  | US$ | 3,416 |  |  | N/A |  | US$ | 3,416 |  |
| Sempra |  | - |  | 〃 |  | - |  | US$ | 3,414 |  |  | N/A |  | US$ | 3,414 |  |
| Meta Platforms, Inc. |  | - |  | 〃 |  | - |  | US$ | 3,390 |  |  | N/A |  | US$ | 3,390 |  |
| Comcast Corporation |  | - |  | 〃 |  | - |  | US$ | 3,354 |  |  | N/A |  | US$ | 3,354 |  |
| Chubb INA Holdings LLC |  | - |  | 〃 |  | - |  | US$ | 3,343 |  |  | N/A |  | US$ | 3,343 |  |
| Cisco Systems, Inc. |  | - |  | 〃 |  | - |  | US$ | 3,317 |  |  | N/A |  | US$ | 3,317 |  |
| DuPont de Nemours, Inc. |  | - |  | 〃 |  | - |  | US$ | 3,181 |  |  | N/A |  | US$ | 3,181 |  |
| Wisconsin Electric Power Company |  | - |  | 〃 |  | - |  | US$ | 3,175 |  |  | N/A |  | US$ | 3,175 |  |
| Corebridge Financial, Inc. |  | - |  | 〃 |  | - |  | US$ | 3,160 |  |  | N/A |  | US$ | 3,160 |  |
| Republic Services, Inc. |  | - |  | 〃 |  | - |  | US$ | 3,158 |  |  | N/A |  | US$ | 3,158 |  |
| UBS AG, London Branch |  | - |  | 〃 |  | - |  | US$ | 3,145 |  |  | N/A |  | US$ | 3,145 |  |
| Anheuser-Busch Companies, LLC |  | - |  | 〃 |  | - |  | US$ | 3,120 |  |  | N/A |  | US$ | 3,120 |  |
| Microchip Technology Incorporated |  | - |  | 〃 |  | - |  | US$ | 3,120 |  |  | N/A |  | US$ | 3,120 |  |
| Nestlé Holdings, Inc. |  | - |  | 〃 |  | - |  | US$ | 3,100 |  |  | N/A |  | US$ | 3,100 |  |
| Atmos Energy Corporation |  | - |  | 〃 |  | - |  | US$ | 3,074 |  |  | N/A |  | US$ | 3,074 |  |
| Tyco Electronics Group S.A. |  | - |  | 〃 |  | - |  | US$ | 3,070 |  |  | N/A |  | US$ | 3,070 |  |
| Duke Energy Corporation |  | - |  | 〃 |  | - |  | US$ | 3,068 |  |  | N/A |  | US$ | 3,068 |  |
| Met Tower Global Funding |  | - |  | 〃 |  | - |  | US$ | 3,043 |  |  | N/A |  | US$ | 3,043 |  |
| Archer-Daniels-Midland Company |  | - |  | 〃 |  | - |  | US$ | 2,989 |  |  | N/A |  | US$ | 2,989 |  |
| Caterpillar Financial Services Corporation |  | - |  | 〃 |  | - |  | US$ | 2,988 |  |  | N/A |  | US$ | 2,988 |  |
| The PNC Financial Services Group, Inc. |  | - |  | 〃 |  | - |  | US$ | 2,979 |  |  | N/A |  | US$ | 2,979 |  |
| Southern California Gas Company |  | - |  | 〃 |  | - |  | US$ | 2,975 |  |  | N/A |  | US$ | 2,975 |  |
| Citizens Bank, National Association |  | - |  | 〃 |  | - |  | US$ | 2,971 |  |  | N/A |  | US$ | 2,971 |  |
| Medtronic Global Holdings S.C.A. |  | - |  | 〃 |  | - |  | US$ | 2,965 |  |  | N/A |  | US$ | 2,965 |  |
| ORIX Corporation |  | - |  | 〃 |  | - |  | US$ | 2,954 |  |  | N/A |  | US$ | 2,954 |  |
| Prologis, L.P. |  | - |  | 〃 |  | - |  | US$ | 2,950 |  |  | N/A |  | US$ | 2,950 |  |
| Xcel Energy Inc. |  | - |  | 〃 |  | - |  | US$ | 2,950 |  |  | N/A |  | US$ | 2,950 |  |
| Ameriprise Financial, Inc. |  | - |  | 〃 |  | - |  | US$ | 2,893 |  |  | N/A |  | US$ | 2,893 |  |
| Rochester Gas and Electric Corporation |  | - |  | 〃 |  | - |  | US$ | 2,869 |  |  | N/A |  | US$ | 2,869 |  |
| BHP Billiton Finance (USA) Limited |  | - |  | 〃 |  | - |  | US$ | 2,832 |  |  | N/A |  | US$ | 2,832 |  |
| Rio Tinto Finance (USA) Limited |  | - |  | 〃 |  | - |  | US$ | 2,832 |  |  | N/A |  | US$ | 2,832 |  |
| CSL Finance plc |  | - |  | 〃 |  | - |  | US$ | 2,827 |  |  | N/A |  | US$ | 2,827 |  |
| The Brooklyn Union Gas Company |  | - |  | 〃 |  | - |  | US$ | 2,756 |  |  | N/A |  | US$ | 2,756 |  |
| Simon Property Group, L.P. |  | - |  | 〃 |  | - |  | US$ | 2,748 |  |  | N/A |  | US$ | 2,748 |  |
| Ventas Realty, Limited Partnership |  | - |  | 〃 |  | - |  | US$ | 2,747 |  |  | N/A |  | US$ | 2,747 |  |
| Oncor Electric Delivery Company LLC |  | - |  | 〃 |  | - |  | US$ | 2,716 |  |  | N/A |  | US$ | 2,716 |  |
| Invitation Homes Operating Partnership LP |  | - |  | 〃 |  | - |  | US$ | 2,693 |  |  | N/A |  | US$ | 2,693 |  |
| Chevron Phillips Chemical Company LLC |  | - |  | 〃 |  | - |  | US$ | 2,683 |  |  | N/A |  | US$ | 2,683 |  |
| Bayer US Finance LLC |  | - |  | 〃 |  | - |  | US$ | 2,650 |  |  | N/A |  | US$ | 2,650 |  |
| Masco Corporation |  | - |  | 〃 |  | - |  | US$ | 2,647 |  |  | N/A |  | US$ | 2,647 |  |

(Continued)
- 74 -

Held Company Name | Marketable Securities Type and Name | Relationship with the Company | Financial Statement Account | December 31, 2024 | Note
Shares/Units (In Thousands) | Carrying Value (Foreign Currencies in Thousands) | Percentage of Ownership (%) | Fair Value (Foreign Currencies in Thousands)
TSMC Global | Pennsylvania Electric Company |  | - |  | Financial assets at fair value through other comprehensive income |  | - |  | US$ | 2,611 |  |  | N/A |  | US$ | 2,611 |  |
| The Southern Company |  | - |  | 〃 |  | - |  | US$ | 2,606 |  |  | N/A |  | US$ | 2,606 |  |
| O'Reilly Automotive, Inc. |  | - |  | 〃 |  | - |  | US$ | 2,595 |  |  | N/A |  | US$ | 2,595 |  |
| Transcontinental Gas Pipe Line Company, LLC |  | - |  | 〃 |  | - |  | US$ | 2,595 |  |  | N/A |  | US$ | 2,595 |  |
| Air Products and Chemicals, Inc. |  | - |  | 〃 |  | - |  | US$ | 2,585 |  |  | N/A |  | US$ | 2,585 |  |
| American Electric Power Company, Inc. |  | - |  | 〃 |  | - |  | US$ | 2,539 |  |  | N/A |  | US$ | 2,539 |  |
| Siemens Financieringsmaatschappij N.V. |  | - |  | 〃 |  | - |  | US$ | 2,519 |  |  | N/A |  | US$ | 2,519 |  |
| Kraton Corporation |  | - |  | 〃 |  | - |  | US$ | 2,509 |  |  | N/A |  | US$ | 2,509 |  |
| CRH America, Inc. |  | - |  | 〃 |  | - |  | US$ | 2,442 |  |  | N/A |  | US$ | 2,442 |  |
| W. P. Carey Inc. |  | - |  | 〃 |  | - |  | US$ | 2,423 |  |  | N/A |  | US$ | 2,423 |  |
| Entergy Texas, Inc. |  | - |  | 〃 |  | - |  | US$ | 2,422 |  |  | N/A |  | US$ | 2,422 |  |
| Westpac Banking Corporation |  | - |  | 〃 |  | - |  | US$ | 2,394 |  |  | N/A |  | US$ | 2,394 |  |
| NBN CO LTD |  | - |  | 〃 |  | - |  | US$ | 2,373 |  |  | N/A |  | US$ | 2,373 |  |
| Yara International ASA |  | - |  | 〃 |  | - |  | US$ | 2,360 |  |  | N/A |  | US$ | 2,360 |  |
| CVS Health Corporation |  | - |  | 〃 |  | - |  | US$ | 2,354 |  |  | N/A |  | US$ | 2,354 |  |
| Boston Gas Company |  | - |  | 〃 |  | - |  | US$ | 2,320 |  |  | N/A |  | US$ | 2,320 |  |
| Cardinal Health, Inc. |  | - |  | 〃 |  | - |  | US$ | 2,296 |  |  | N/A |  | US$ | 2,296 |  |
| GE HealthCare Technologies Inc. |  | - |  | 〃 |  | - |  | US$ | 2,253 |  |  | N/A |  | US$ | 2,253 |  |
| Pricoa Global Funding I |  | - |  | 〃 |  | - |  | US$ | 2,251 |  |  | N/A |  | US$ | 2,251 |  |
| Boston Scientific Corporation |  | - |  | 〃 |  | - |  | US$ | 2,190 |  |  | N/A |  | US$ | 2,190 |  |
| Dominion Energy, Inc. |  | - |  | 〃 |  | - |  | US$ | 2,186 |  |  | N/A |  | US$ | 2,186 |  |
| Bimbo Bakeries USA, Inc. |  | - |  | 〃 |  | - |  | US$ | 2,169 |  |  | N/A |  | US$ | 2,169 |  |
| Humana Inc. |  | - |  | 〃 |  | - |  | US$ | 2,115 |  |  | N/A |  | US$ | 2,115 |  |
| Interstate Power and Light Company |  | - |  | 〃 |  | - |  | US$ | 2,085 |  |  | N/A |  | US$ | 2,085 |  |
| CMS Energy Corporation |  | - |  | 〃 |  | - |  | US$ | 2,072 |  |  | N/A |  | US$ | 2,072 |  |
| Air Lease Corporation |  | - |  | 〃 |  | - |  | US$ | 2,046 |  |  | N/A |  | US$ | 2,046 |  |
| Welltower Inc. |  | - |  | 〃 |  | - |  | US$ | 2,043 |  |  | N/A |  | US$ | 2,043 |  |
| Public Service Electric and Gas Company |  | - |  | 〃 |  | - |  | US$ | 2,018 |  |  | N/A |  | US$ | 2,018 |  |
| KODIT Global 2023-1 Co., Ltd. |  | - |  | 〃 |  | - |  | US$ | 1,998 |  |  | N/A |  | US$ | 1,998 |  |
| Olympus Corporation |  | - |  | 〃 |  | - |  | US$ | 1,993 |  |  | N/A |  | US$ | 1,993 |  |
| UBS Group Funding (Jersey) Ltd. |  | - |  | 〃 |  | - |  | US$ | 1,980 |  |  | N/A |  | US$ | 1,980 |  |
| Gulf Power Company |  | - |  | 〃 |  | - |  | US$ | 1,936 |  |  | N/A |  | US$ | 1,936 |  |
| Shinhan Financial Group Co., Ltd. |  | - |  | 〃 |  | - |  | US$ | 1,926 |  |  | N/A |  | US$ | 1,926 |  |
| NBK SPC Limited |  | - |  | 〃 |  | - |  | US$ | 1,879 |  |  | N/A |  | US$ | 1,879 |  |
| Element Fleet Management Corp. |  | - |  | 〃 |  | - |  | US$ | 1,786 |  |  | N/A |  | US$ | 1,786 |  |
| Mondelez International, Inc. |  | - |  | 〃 |  | - |  | US$ | 1,785 |  |  | N/A |  | US$ | 1,785 |  |
| Kentucky Utilities Company |  | - |  | 〃 |  | - |  | US$ | 1,782 |  |  | N/A |  | US$ | 1,782 |  |
| Eversource Energy |  | - |  | 〃 |  | - |  | US$ | 1,778 |  |  | N/A |  | US$ | 1,778 |  |
| CenterPoint Energy Houston Electric, LLC |  | - |  | 〃 |  | - |  | US$ | 1,752 |  |  | N/A |  | US$ | 1,752 |  |
| Evergy Kansas Central, Inc. |  | - |  | 〃 |  | - |  | US$ | 1,728 |  |  | N/A |  | US$ | 1,728 |  |
| Georgia-Pacific LLC |  | - |  | 〃 |  | - |  | US$ | 1,718 |  |  | N/A |  | US$ | 1,718 |  |
| University of California |  | - |  | 〃 |  | - |  | US$ | 1,697 |  |  | N/A |  | US$ | 1,697 |  |
| Gilead Sciences, Inc. |  | - |  | 〃 |  | - |  | US$ | 1,694 |  |  | N/A |  | US$ | 1,694 |  |
| KeySpan Corporation |  | - |  | 〃 |  | - |  | US$ | 1,686 |  |  | N/A |  | US$ | 1,686 |  |
| The Western Union Company |  | - |  | 〃 |  | - |  | US$ | 1,673 |  |  | N/A |  | US$ | 1,673 |  |
| Wells Fargo Bank, National Association |  | - |  | 〃 |  | - |  | US$ | 1,669 |  |  | N/A |  | US$ | 1,669 |  |
| Motorola Solutions, Inc. |  | - |  | 〃 |  | - |  | US$ | 1,658 |  |  | N/A |  | US$ | 1,658 |  |
| Walmart Inc. |  | - |  | 〃 |  | - |  | US$ | 1,657 |  |  | N/A |  | US$ | 1,657 |  |
| UniCredit S.p.A. |  | - |  | 〃 |  | - |  | US$ | 1,656 |  |  | N/A |  | US$ | 1,656 |  |
| eBay Inc. |  | - |  | 〃 |  | - |  | US$ | 1,651 |  |  | N/A |  | US$ | 1,651 |  |
| Gulfstream Natural Gas System, L.L.C. |  | - |  | 〃 |  | - |  | US$ | 1,604 |  |  | N/A |  | US$ | 1,604 |  |
| B.A.T Capital Corporation |  | - |  | 〃 |  | - |  | US$ | 1,550 |  |  | N/A |  | US$ | 1,550 |  |

(Continued)
- 75 -

Held Company Name | Marketable Securities Type and Name | Relationship with the Company | Financial Statement Account | December 31, 2024 | Note
Shares/Units (In Thousands) | Carrying Value (Foreign Currencies in Thousands) | Percentage of Ownership (%) | Fair Value (Foreign Currencies in Thousands)
TSMC Global | Jefferies Financial Group Inc. |  | - |  | Financial assets at fair value through other comprehensive income |  | - |  | US$ | 1,545 |  |  | N/A |  | US$ | 1,545 |  |
| Kinder Morgan, Inc. |  | - |  | 〃 |  | - |  | US$ | 1,538 |  |  | N/A |  | US$ | 1,538 |  |
| Zoetis Inc. |  | - |  | 〃 |  | - |  | US$ | 1,533 |  |  | N/A |  | US$ | 1,533 |  |
| APA Infrastructure Limited |  | - |  | 〃 |  | - |  | US$ | 1,531 |  |  | N/A |  | US$ | 1,531 |  |
| Cadence Design Systems, Inc. |  | - |  | 〃 |  | - |  | US$ | 1,530 |  |  | N/A |  | US$ | 1,530 |  |
| Genuine Parts Company |  | - |  | 〃 |  | - |  | US$ | 1,529 |  |  | N/A |  | US$ | 1,529 |  |
| Essex Portfolio, L.P. |  | - |  | 〃 |  | - |  | US$ | 1,528 |  |  | N/A |  | US$ | 1,528 |  |
| Wipro IT Services LLC |  | - |  | 〃 |  | - |  | US$ | 1,527 |  |  | N/A |  | US$ | 1,527 |  |
| Entergy Mississippi, LLC |  | - |  | 〃 |  | - |  | US$ | 1,501 |  |  | N/A |  | US$ | 1,501 |  |
| Phillips 66 Company |  | - |  | 〃 |  | - |  | US$ | 1,501 |  |  | N/A |  | US$ | 1,501 |  |
| Otis Worldwide Corporation |  | - |  | 〃 |  | - |  | US$ | 1,494 |  |  | N/A |  | US$ | 1,494 |  |
| Arthur J. Gallagher & Co. |  | - |  | 〃 |  | - |  | US$ | 1,490 |  |  | N/A |  | US$ | 1,490 |  |
| NSTAR Electric Company |  | - |  | 〃 |  | - |  | US$ | 1,481 |  |  | N/A |  | US$ | 1,481 |  |
| American International Group, Inc. |  | - |  | 〃 |  | - |  | US$ | 1,479 |  |  | N/A |  | US$ | 1,479 |  |
| Berkshire Hathaway Energy Company |  | - |  | 〃 |  | - |  | US$ | 1,461 |  |  | N/A |  | US$ | 1,461 |  |
| Duke Energy Florida, LLC |  | - |  | 〃 |  | - |  | US$ | 1,460 |  |  | N/A |  | US$ | 1,460 |  |
| Darden Restaurants, Inc. |  | - |  | 〃 |  | - |  | US$ | 1,455 |  |  | N/A |  | US$ | 1,455 |  |
| CenterPoint Energy, Inc. |  | - |  | 〃 |  | - |  | US$ | 1,450 |  |  | N/A |  | US$ | 1,450 |  |
| Dollar General Corporation |  | - |  | 〃 |  | - |  | US$ | 1,445 |  |  | N/A |  | US$ | 1,445 |  |
| Jersey Central Power & Light Company |  | - |  | 〃 |  | - |  | US$ | 1,442 |  |  | N/A |  | US$ | 1,442 |  |
| The Norinchukin Bank |  | - |  | 〃 |  | - |  | US$ | 1,368 |  |  | N/A |  | US$ | 1,368 |  |
| Northrop Grumman Corporation |  | - |  | 〃 |  | - |  | US$ | 1,315 |  |  | N/A |  | US$ | 1,315 |  |
| Aon Corporation |  | - |  | 〃 |  | - |  | US$ | 1,314 |  |  | N/A |  | US$ | 1,314 |  |
| Andrew W. Mellon Foundation, The |  | - |  | 〃 |  | - |  | US$ | 1,292 |  |  | N/A |  | US$ | 1,292 |  |
| Pernod Ricard International Finance LLC |  | - |  | 〃 |  | - |  | US$ | 1,267 |  |  | N/A |  | US$ | 1,267 |  |
| Texas Instruments Incorporated |  | - |  | 〃 |  | - |  | US$ | 1,247 |  |  | N/A |  | US$ | 1,247 |  |
| Becton, Dickinson and Company |  | - |  | 〃 |  | - |  | US$ | 1,245 |  |  | N/A |  | US$ | 1,245 |  |
| Union Pacific Corporation |  | - |  | 〃 |  | - |  | US$ | 1,241 |  |  | N/A |  | US$ | 1,241 |  |
| Ecolab Inc. |  | - |  | 〃 |  | - |  | US$ | 1,208 |  |  | N/A |  | US$ | 1,208 |  |
| Sysco Corporation |  | - |  | 〃 |  | - |  | US$ | 1,200 |  |  | N/A |  | US$ | 1,200 |  |
| Mondelez International Holdings Netherlands B.V. |  | - |  | 〃 |  | - |  | US$ | 1,153 |  |  | N/A |  | US$ | 1,153 |  |
| Solvay Finance (America), LLC |  | - |  | 〃 |  | - |  | US$ | 1,148 |  |  | N/A |  | US$ | 1,148 |  |
| Ferguson Finance PLC |  | - |  | 〃 |  | - |  | US$ | 1,117 |  |  | N/A |  | US$ | 1,117 |  |
| OGE Energy Corp. |  | - |  | 〃 |  | - |  | US$ | 1,113 |  |  | N/A |  | US$ | 1,113 |  |
| Nucor Corporation |  | - |  | 〃 |  | - |  | US$ | 1,086 |  |  | N/A |  | US$ | 1,086 |  |
| 7-Eleven, Inc. |  | - |  | 〃 |  | - |  | US$ | 1,080 |  |  | N/A |  | US$ | 1,080 |  |
| Niagara Mohawk Power Corporation |  | - |  | 〃 |  | - |  | US$ | 1,063 |  |  | N/A |  | US$ | 1,063 |  |
| AIB Group plc |  | - |  | 〃 |  | - |  | US$ | 1,057 |  |  | N/A |  | US$ | 1,057 |  |
| EDP Finance B.V. |  | - |  | 〃 |  | - |  | US$ | 1,045 |  |  | N/A |  | US$ | 1,045 |  |
| New York State Electric & Gas Corporation |  | - |  | 〃 |  | - |  | US$ | 1,024 |  |  | N/A |  | US$ | 1,024 |  |
| CBRE Services, Inc. |  | - |  | 〃 |  | - |  | US$ | 1,018 |  |  | N/A |  | US$ | 1,018 |  |
| Sabine Pass Liquefaction, LLC |  | - |  | 〃 |  | - |  | US$ | 1,010 |  |  | N/A |  | US$ | 1,010 |  |
| PacifiCorp |  | - |  | 〃 |  | - |  | US$ | 1,005 |  |  | N/A |  | US$ | 1,005 |  |
| MORGAN STANLEY BANK NA FXD-FRN |  | - |  | 〃 |  | - |  | US$ | 1,003 |  |  | N/A |  | US$ | 1,003 |  |
| Santander UK plc |  | - |  | 〃 |  | - |  | US$ | 996 |  |  | N/A |  | US$ | 996 |  |
| Canadian Pacific Railway Company |  | - |  | 〃 |  | - |  | US$ | 976 |  |  | N/A |  | US$ | 976 |  |
| Juniper Networks, Inc. |  | - |  | 〃 |  | - |  | US$ | 968 |  |  | N/A |  | US$ | 968 |  |
| American Water Capital Corp. |  | - |  | 〃 |  | - |  | US$ | 964 |  |  | N/A |  | US$ | 964 |  |
| Bayer US Finance II LLC |  | - |  | 〃 |  | - |  | US$ | 962 |  |  | N/A |  | US$ | 962 |  |
| Lennar Corporation |  | - |  | 〃 |  | - |  | US$ | 923 |  |  | N/A |  | US$ | 923 |  |
| LYB Finance Company B.V. |  | - |  | 〃 |  | - |  | US$ | 923 |  |  | N/A |  | US$ | 923 |  |
| Assurant, Inc. |  | - |  | 〃 |  | - |  | US$ | 922 |  |  | N/A |  | US$ | 922 |  |

(Continued)
- 76 -

Held Company Name | Marketable Securities Type and Name | Relationship with the Company | Financial Statement Account | December 31, 2024 | Note
Shares/Units (In Thousands) | Carrying Value (Foreign Currencies in Thousands) | Percentage of Ownership (%) | Fair Value (Foreign Currencies in Thousands)
TSMC Global | AEP Texas Inc. |  | - |  | Financial assets at fair value through other comprehensive income |  | - |  | US$ | 919 |  |  | N/A |  | US$ | 919 |  |
| The Interpublic Group of Companies, Inc. |  | - |  | 〃 |  | - |  | US$ | 918 |  |  | N/A |  | US$ | 918 |  |
| TC PipeLines, LP |  | - |  | 〃 |  | - |  | US$ | 904 |  |  | N/A |  | US$ | 904 |  |
| BAE Systems Finance Inc. |  | - |  | 〃 |  | - |  | US$ | 902 |  |  | N/A |  | US$ | 902 |  |
| Brighthouse Financial Global Funding |  | - |  | 〃 |  | - |  | US$ | 896 |  |  | N/A |  | US$ | 896 |  |
| Metropolitan Edison Company |  | - |  | 〃 |  | - |  | US$ | 811 |  |  | N/A |  | US$ | 811 |  |
| CubeSmart, L.P. |  | - |  | 〃 |  | - |  | US$ | 801 |  |  | N/A |  | US$ | 801 |  |
| Cox Enterprises, Inc. |  | - |  | 〃 |  | - |  | US$ | 788 |  |  | N/A |  | US$ | 788 |  |
| Southwest Gas Corporation |  | - |  | 〃 |  | - |  | US$ | 765 |  |  | N/A |  | US$ | 765 |  |
| PACCAR Financial Corp. |  | - |  | 〃 |  | - |  | US$ | 764 |  |  | N/A |  | US$ | 764 |  |
| Voya Financial, Inc. |  | - |  | 〃 |  | - |  | US$ | 762 |  |  | N/A |  | US$ | 762 |  |
| Zimmer Biomet Holdings, Inc. |  | - |  | 〃 |  | - |  | US$ | 762 |  |  | N/A |  | US$ | 762 |  |
| BP Capital Markets America, Inc. |  | - |  | 〃 |  | - |  | US$ | 760 |  |  | N/A |  | US$ | 760 |  |
| Veralto Corporation |  | - |  | 〃 |  | - |  | US$ | 758 |  |  | N/A |  | US$ | 758 |  |
| Consolidated Edison Company of New York, Inc. |  | - |  | 〃 |  | - |  | US$ | 752 |  |  | N/A |  | US$ | 752 |  |
| TELUS Corporation |  | - |  | 〃 |  | - |  | US$ | 752 |  |  | N/A |  | US$ | 752 |  |
| Oklahoma Gas and Electric Company |  | - |  | 〃 |  | - |  | US$ | 749 |  |  | N/A |  | US$ | 749 |  |
| Mars, Incorporated |  | - |  | 〃 |  | - |  | US$ | 743 |  |  | N/A |  | US$ | 743 |  |
| Avangrid, Inc. |  | - |  | 〃 |  | - |  | US$ | 736 |  |  | N/A |  | US$ | 736 |  |
| Hyundai Capital Services, Inc. |  | - |  | 〃 |  | - |  | US$ | 720 |  |  | N/A |  | US$ | 720 |  |
| Sodexo, Inc. |  | - |  | 〃 |  | - |  | US$ | 694 |  |  | N/A |  | US$ | 694 |  |
| The Allstate Corporation |  | - |  | 〃 |  | - |  | US$ | 694 |  |  | N/A |  | US$ | 694 |  |
| Baxter International Inc. |  | - |  | 〃 |  | - |  | US$ | 660 |  |  | N/A |  | US$ | 660 |  |
| Automatic Data Processing, Inc. |  | - |  | 〃 |  | - |  | US$ | 658 |  |  | N/A |  | US$ | 658 |  |
| Reliance Standard Life Global Funding II |  | - |  | 〃 |  | - |  | US$ | 656 |  |  | N/A |  | US$ | 656 |  |
| International Business Machines Corporation |  | - |  | 〃 |  | - |  | US$ | 653 |  |  | N/A |  | US$ | 653 |  |
| Southern Power Company |  | - |  | 〃 |  | - |  | US$ | 639 |  |  | N/A |  | US$ | 639 |  |
| Florida Hurricane Catastrophe Fund Finance Corporation |  | - |  | 〃 |  | - |  | US$ | 614 |  |  | N/A |  | US$ | 614 |  |
| Infor, Inc. |  | - |  | 〃 |  | - |  | US$ | 613 |  |  | N/A |  | US$ | 613 |  |
| The Sherwin-Williams Company |  | - |  | 〃 |  | - |  | US$ | 597 |  |  | N/A |  | US$ | 597 |  |
| Burlington Resources Inc. |  | - |  | 〃 |  | - |  | US$ | 588 |  |  | N/A |  | US$ | 588 |  |
| Columbia Pipelines Holding Company, LLC |  | - |  | 〃 |  | - |  | US$ | 562 |  |  | N/A |  | US$ | 562 |  |
| Columbia Pipelines Operating Company LLC |  | - |  | 〃 |  | - |  | US$ | 536 |  |  | N/A |  | US$ | 536 |  |
| Skandinaviska Enskilda Banken AB (publ) |  | - |  | 〃 |  | - |  | US$ | 536 |  |  | N/A |  | US$ | 536 |  |
| State of Hawaii |  | - |  | 〃 |  | - |  | US$ | 536 |  |  | N/A |  | US$ | 536 |  |
| Arizona Public Service Company |  | - |  | 〃 |  | - |  | US$ | 525 |  |  | N/A |  | US$ | 525 |  |
| AIA Group Limited |  | - |  | 〃 |  | - |  | US$ | 512 |  |  | N/A |  | US$ | 512 |  |
| Mississippi Power Company |  | - |  | 〃 |  | - |  | US$ | 511 |  |  | N/A |  | US$ | 511 |  |
| Intesa Sanpaolo S.p.A. |  | - |  | 〃 |  | - |  | US$ | 509 |  |  | N/A |  | US$ | 509 |  |
| Monongahela Power Company |  | - |  | 〃 |  | - |  | US$ | 509 |  |  | N/A |  | US$ | 509 |  |
| Waste Management, Inc. |  | - |  | 〃 |  | - |  | US$ | 503 |  |  | N/A |  | US$ | 503 |  |
| Westpac New Zealand Limited |  | - |  | 〃 |  | - |  | US$ | 499 |  |  | N/A |  | US$ | 499 |  |
| Enterprise Products Operating LLC |  | - |  | 〃 |  | - |  | US$ | 493 |  |  | N/A |  | US$ | 493 |  |
| Trane Technologies Luxembourg Finance S.A. |  | - |  | 〃 |  | - |  | US$ | 493 |  |  | N/A |  | US$ | 493 |  |
| Altria Group, Inc. |  | - |  | 〃 |  | - |  | US$ | 491 |  |  | N/A |  | US$ | 491 |  |
| Commonwealth Bank of Australia |  | - |  | 〃 |  | - |  | US$ | 489 |  |  | N/A |  | US$ | 489 |  |
| Diageo Capital plc |  | - |  | 〃 |  | - |  | US$ | 487 |  |  | N/A |  | US$ | 487 |  |
| McCormick & Company, Incorporated |  | - |  | 〃 |  | - |  | US$ | 485 |  |  | N/A |  | US$ | 485 |  |
| Verisk Analytics, Inc. |  | - |  | 〃 |  | - |  | US$ | 479 |  |  | N/A |  | US$ | 479 |  |
| DENSO Corporation |  | - |  | 〃 |  | - |  | US$ | 471 |  |  | N/A |  | US$ | 471 |  |
| Aker BP ASA |  | - |  | 〃 |  | - |  | US$ | 431 |  |  | N/A |  | US$ | 431 |  |
| Phillips 66 |  | - |  | 〃 |  | - |  | US$ | 424 |  |  | N/A |  | US$ | 424 |  |

(Continued)
- 77 -

Held Company Name | Marketable Securities Type and Name | Relationship with the Company | Financial Statement Account | December 31, 2024 | Note
Shares/Units (In Thousands) | Carrying Value (Foreign Currencies in Thousands) | Percentage of Ownership (%) | Fair Value (Foreign Currencies in Thousands)
TSMC Global | The Home Depot, Inc. |  | - |  | Financial assets at fair value through other comprehensive income |  | - |  | US$ | 420 |  |  | N/A |  | US$ | 420 |  |
| Aflac Incorporated |  | - |  | 〃 |  | - |  | US$ | 407 |  |  | N/A |  | US$ | 407 |  |
| Coca-Cola Consolidated, Inc. |  | - |  | 〃 |  | - |  | US$ | 396 |  |  | N/A |  | US$ | 396 |  |
| GlaxoSmithKline Capital Inc. |  | - |  | 〃 |  | - |  | US$ | 391 |  |  | N/A |  | US$ | 391 |  |
| Sierra Pacific Power Company |  | - |  | 〃 |  | - |  | US$ | 389 |  |  | N/A |  | US$ | 389 |  |
| Nuveen, LLC |  | - |  | 〃 |  | - |  | US$ | 387 |  |  | N/A |  | US$ | 387 |  |
| CSX Corporation |  | - |  | 〃 |  | - |  | US$ | 365 |  |  | N/A |  | US$ | 365 |  |
| Cargill, Incorporated |  | - |  | 〃 |  | - |  | US$ | 360 |  |  | N/A |  | US$ | 360 |  |
| Honeywell International Inc. |  | - |  | 〃 |  | - |  | US$ | 355 |  |  | N/A |  | US$ | 355 |  |
| Equitable Holdings, Inc. |  | - |  | 〃 |  | - |  | US$ | 341 |  |  | N/A |  | US$ | 341 |  |
| Mid-America Apartments, L.P. |  | - |  | 〃 |  | - |  | US$ | 320 |  |  | N/A |  | US$ | 320 |  |
| National Grid plc |  | - |  | 〃 |  | - |  | US$ | 286 |  |  | N/A |  | US$ | 286 |  |
| QatarEnergy |  | - |  | 〃 |  | - |  | US$ | 283 |  |  | N/A |  | US$ | 283 |  |
| Nordson Corporation |  | - |  | 〃 |  | - |  | US$ | 281 |  |  | N/A |  | US$ | 281 |  |
| Electricité de France S.A. |  | - |  | 〃 |  | - |  | US$ | 203 |  |  | N/A |  | US$ | 203 |  |
| Sprint Spectrum Co Llc |  | - |  | 〃 |  | - |  | US$ | 116 |  |  | N/A |  | US$ | 116 |  |
| Beth Israel Deaconess Medical Center, Inc. |  | - |  | 〃 |  | - |  | US$ | 90 |  |  | N/A |  | US$ | 90 |  |
| Bank of America Corporation |  | - |  | Financial assets at amortized cost |  | - |  | US$ | 1,090,390 |  |  | N/A |  | US$ | 1,094,564 |  |
| Wells Fargo & Company |  | - |  | 〃 |  | - |  | US$ | 1,068,098 |  |  | N/A |  | US$ | 1,075,639 |  |
| Citigroup Inc. |  | - |  | 〃 |  | - |  | US$ | 744,664 |  |  | N/A |  | US$ | 746,193 |  |
| Morgan Stanley |  | - |  | 〃 |  | - |  | US$ | 571,972 |  |  | N/A |  | US$ | 574,855 |  |
| JPMorgan Chase & Co. |  | - |  | 〃 |  | - |  | US$ | 567,099 |  |  | N/A |  | US$ | 569,835 |  |
| The Goldman Sachs Group, Inc. |  | - |  | 〃 |  | - |  | US$ | 531,503 |  |  | N/A |  | US$ | 529,294 |  |
| Goldman Sachs Finance Corp International Ltd |  | - |  | 〃 |  | - |  | US$ | 209,799 |  |  | N/A |  | US$ | 209,249 |  |
| BNP Paribas SA |  | - |  | 〃 |  | - |  | US$ | 44,841 |  |  | N/A |  | US$ | 44,846 |  |
| Morgan Stanley Bank, N.A. |  | - |  | 〃 |  | - |  | US$ | 27,003 |  |  | N/A |  | US$ | 27,116 |  |
| BPCE SA |  | - |  | 〃 |  | - |  | US$ | 17,696 |  |  | N/A |  | US$ | 17,699 |  |
| UBS Group AG |  | - |  | 〃 |  | - |  | US$ | 15,308 |  |  | N/A |  | US$ | 15,317 |  |
| Athene Global Funding |  | - |  | 〃 |  | - |  | US$ | 14,814 |  |  | N/A |  | US$ | 14,820 |  |
| Lloyds Banking Group plc |  | - |  | 〃 |  | - |  | US$ | 13,275 |  |  | N/A |  | US$ | 13,278 |  |
| ING Groep N.V. |  | - |  | 〃 |  | - |  | US$ | 11,434 |  |  | N/A |  | US$ | 11,487 |  |
| Nationwide Building Society |  | - |  | 〃 |  | - |  | US$ | 10,636 |  |  | N/A |  | US$ | 10,602 |  |
| Great-West Lifeco U.S. Finance 2020, Lp |  | - |  | 〃 |  | - |  | US$ | 9,885 |  |  | N/A |  | US$ | 9,863 |  |
| Credit Agricole SA London Branch |  | - |  | 〃 |  | - |  | US$ | 9,748 |  |  | N/A |  | US$ | 9,744 |  |
| NatWest Group plc |  | - |  | 〃 |  | - |  | US$ | 9,696 |  |  | N/A |  | US$ | 9,697 |  |
| Mizuho Financial Group, Inc. |  | - |  | 〃 |  | - |  | US$ | 9,637 |  |  | N/A |  | US$ | 9,741 |  |
| Macquarie Group Limited |  | - |  | 〃 |  | - |  | US$ | 9,632 |  |  | N/A |  | US$ | 9,635 |  |
| Danske Bank A/S |  | - |  | 〃 |  | - |  | US$ | 9,625 |  |  | N/A |  | US$ | 9,628 |  |
| HSBC Holdings plc |  | - |  | 〃 |  | - |  | US$ | 9,570 |  |  | N/A |  | US$ | 9,569 |  |
| Hyundai Capital America |  | - |  | 〃 |  | - |  | US$ | 9,562 |  |  | N/A |  | US$ | 9,566 |  |
| Barclays PLC |  | - |  | 〃 |  | - |  | US$ | 9,536 |  |  | N/A |  | US$ | 9,535 |  |
| Coöperatieve Rabobank U.A. |  | - |  | 〃 |  | - |  | US$ | 9,430 |  |  | N/A |  | US$ | 9,426 |  |
| Fédération des caisses Desjardins du Québec |  | - |  | 〃 |  | - |  | US$ | 9,206 |  |  | N/A |  | US$ | 9,201 |  |
| NongHyup Bank |  | - |  | 〃 |  | - |  | US$ | 9,150 |  |  | N/A |  | US$ | 9,142 |  |
| Nomura Holdings, Inc. |  | - |  | 〃 |  | - |  | US$ | 9,112 |  |  | N/A |  | US$ | 9,104 |  |
| Mitsubishi UFJ Financial Group, Inc. |  | - |  | 〃 |  | - |  | US$ | 8,707 |  |  | N/A |  | US$ | 8,704 |  |
| Banque Fédérative du Crédit Mutuel |  | - |  | 〃 |  | - |  | US$ | 8,472 |  |  | N/A |  | US$ | 8,503 |  |
| Canadian Imperial Bank of Commerce |  | - |  | 〃 |  | - |  | US$ | 8,467 |  |  | N/A |  | US$ | 8,466 |  |
| Ventas Realty, Limited Partnership |  | - |  | 〃 |  | - |  | US$ | 8,383 |  |  | N/A |  | US$ | 8,385 |  |
| Banco Santander, S.A. |  | - |  | 〃 |  | - |  | US$ | 8,296 |  |  | N/A |  | US$ | 8,307 |  |
| Enel Finance International N.V. |  | - |  | 〃 |  | - |  | US$ | 8,288 |  |  | N/A |  | US$ | 8,288 |  |
| Protective Life Global Funding |  | - |  | 〃 |  | - |  | US$ | 8,075 |  |  | N/A |  | US$ | 8,073 |  |

(Continued)
- 78 -

Held Company Name | Marketable Securities Type and Name | Relationship with the Company | Financial Statement Account | December 31, 2024 | Note
Shares/Units (In Thousands) | Carrying Value (Foreign Currencies in Thousands) | Percentage of Ownership (%) | Fair Value (Foreign Currencies in Thousands)
TSMC Global | CRH America, Inc. |  | - |  | Financial assets at amortized cost |  | - |  | US$ | 8,002 |  |  | N/A |  | US$ | 7,984 |  |
| Sydney Airport Finance Company Pty Ltd |  | - |  | 〃 |  | - |  | US$ | 7,830 |  |  | N/A |  | US$ | 7,827 |  |
| Sumitomo Mitsui Financial Group, Inc. |  | - |  | 〃 |  | - |  | US$ | 7,801 |  |  | N/A |  | US$ | 7,813 |  |
| AIG Global Funding |  | - |  | 〃 |  | - |  | US$ | 7,776 |  |  | N/A |  | US$ | 7,794 |  |
| Banco Bilbao Vizcaya Argentaria, S.A. |  | - |  | 〃 |  | - |  | US$ | 7,314 |  |  | N/A |  | US$ | 7,321 |  |
| Southern California Edison Company |  | - |  | 〃 |  | - |  | US$ | 5,973 |  |  | N/A |  | US$ | 5,983 |  |
| Santander UK Group Holdings plc |  | - |  | 〃 |  | - |  | US$ | 5,682 |  |  | N/A |  | US$ | 5,681 |  |
| NatWest Markets Plc |  | - |  | 〃 |  | - |  | US$ | 5,583 |  |  | N/A |  | US$ | 5,580 |  |
| F&G Global Funding |  | - |  | 〃 |  | - |  | US$ | 5,520 |  |  | N/A |  | US$ | 5,533 |  |
| Transurban Finance Company Pty Ltd |  | - |  | 〃 |  | - |  | US$ | 5,349 |  |  | N/A |  | US$ | 5,345 |  |
| Hyundai Capital Services, Inc. |  | - |  | 〃 |  | - |  | US$ | 5,137 |  |  | N/A |  | US$ | 5,131 |  |
| Svenska Handelsbanken AB (publ) |  | - |  | 〃 |  | - |  | US$ | 4,810 |  |  | N/A |  | US$ | 4,830 |  |
| QNB Finance Ltd. |  | - |  | 〃 |  | - |  | US$ | 4,550 |  |  | N/A |  | US$ | 4,560 |  |
| DNB Bank ASA |  | - |  | 〃 |  | - |  | US$ | 4,364 |  |  | N/A |  | US$ | 4,361 |  |
| Sumitomo Mitsui Trust Bank, Limited |  | - |  | 〃 |  | - |  | US$ | 4,194 |  |  | N/A |  | US$ | 4,195 |  |
| Deutsche Bank AG - New York Branch |  | - |  | 〃 |  | - |  | US$ | 3,992 |  |  | N/A |  | US$ | 3,988 |  |
| Volkswagen Group of America Finance, LLC |  | - |  | 〃 |  | - |  | US$ | 3,932 |  |  | N/A |  | US$ | 3,923 |  |
| Daimler Trucks Finance North America LLC |  | - |  | 〃 |  | - |  | US$ | 3,912 |  |  | N/A |  | US$ | 3,920 |  |
| Jackson National Life Global Funding |  | - |  | 〃 |  | - |  | US$ | 3,365 |  |  | N/A |  | US$ | 3,361 |  |
| ANZ New Zealand (Int'l) Limited |  | - |  | 〃 |  | - |  | US$ | 3,314 |  |  | N/A |  | US$ | 3,312 |  |
| Scottish Power Limited |  | - |  | 〃 |  | - |  | US$ | 3,181 |  |  | N/A |  | US$ | 3,189 |  |
| Spectra Energy Partners, LP |  | - |  | 〃 |  | - |  | US$ | 2,872 |  |  | N/A |  | US$ | 2,869 |  |
| Ryder System, Inc. |  | - |  | 〃 |  | - |  | US$ | 2,868 |  |  | N/A |  | US$ | 2,871 |  |
| Bank of Ireland Group plc |  | - |  | 〃 |  | - |  | US$ | 2,822 |  |  | N/A |  | US$ | 2,823 |  |
| PNC Bank, National Association |  | - |  | 〃 |  | - |  | US$ | 2,799 |  |  | N/A |  | US$ | 2,800 |  |
| Unum Group |  | - |  | 〃 |  | - |  | US$ | 1,981 |  |  | N/A |  | US$ | 1,984 |  |
| Georgia-Pacific LLC |  | - |  | 〃 |  | - |  | US$ | 1,294 |  |  | N/A |  | US$ | 1,297 |  |
| GA Global Funding Trust |  | - |  | 〃 |  | - |  | US$ | 1,194 |  |  | N/A |  | US$ | 1,196 |  |
| Agency mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION |  | - |  | Financial assets at fair value through other comprehensive income |  | - |  | US$ | 651,715 |  |  | N/A |  | US$ | 651,715 |  |
| Federal Home Loan Mortgage Corporation |  | - |  | 〃 |  | - |  | US$ | 496,172 |  |  | N/A |  | US$ | 496,172 |  |
| Government National Mortgage Association |  | - |  | 〃 |  | - |  | US$ | 274,580 |  |  | N/A |  | US$ | 274,580 |  |
| Government bond/Agency bonds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| United States Department of The Treasury |  | - |  | Financial assets at fair value through other comprehensive income |  | - |  | US$ | 630,062 |  |  | N/A |  | US$ | 630,062 |  |
| United States Department of The Treasury |  | - |  | Financial assets at amortized cost |  | - |  | US$ | 133,653 |  |  | N/A |  | US$ | 132,856 |  |
| Asset-backed securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Wells Fargo Commercial Mortgage Trust 2016-Bnk1 |  | - |  | Financial assets at fair value through other comprehensive income |  | - |  | US$ | 10,286 |  |  | N/A |  | US$ | 10,286 |  |
| Gm Financial Consumer Automobile Receivables Trust 2023-3 |  | - |  | 〃 |  | - |  | US$ | 8,998 |  |  | N/A |  | US$ | 8,998 |  |
| Ford Credit Auto Owner Trust 2021-Rev2 |  | - |  | 〃 |  | - |  | US$ | 7,946 |  |  | N/A |  | US$ | 7,946 |  |
| Honda Auto Receivables 2024-1 Owner Trust |  | - |  | 〃 |  | - |  | US$ | 7,685 |  |  | N/A |  | US$ | 7,685 |  |
| Toyota Auto Loan Extended Note Trust 2023-1 |  | - |  | 〃 |  | - |  | US$ | 7,350 |  |  | N/A |  | US$ | 7,350 |  |
| Hyundai Auto Receivables Trust 2023-B |  | - |  | 〃 |  | - |  | US$ | 7,188 |  |  | N/A |  | US$ | 7,188 |  |
| Citigroup Commercial Mortgage Trust 2015-GC33 |  | - |  | 〃 |  | - |  | US$ | 7,181 |  |  | N/A |  | US$ | 7,181 |  |
| Ford Credit Auto Owner Trust 2020-REV2 |  | - |  | 〃 |  | - |  | US$ | 7,167 |  |  | N/A |  | US$ | 7,167 |  |
| G23-182I |  | - |  | 〃 |  | - |  | US$ | 6,433 |  |  | N/A |  | US$ | 6,433 |  |
| BBCMS Mortgage Trust 2020-C8 |  | - |  | 〃 |  | - |  | US$ | 6,346 |  |  | N/A |  | US$ | 6,346 |  |
| Toyota Auto Receivables 2022-B Owner Trust |  | - |  | 〃 |  | - |  | US$ | 6,328 |  |  | N/A |  | US$ | 6,328 |  |
| Morgan Stanley Capital I Trust 2021-L6 |  | - |  | 〃 |  | - |  | US$ | 6,133 |  |  | N/A |  | US$ | 6,133 |  |

(Continued)
- 79 -

Held Company Name | Marketable Securities Type and Name | Relationship with the Company | Financial Statement Account | December 31, 2024 | Note
Shares/Units (In Thousands) | Carrying Value (Foreign Currencies in Thousands) | Percentage of Ownership (%) | Fair Value (Foreign Currencies in Thousands)
TSMC Global | Honda Auto Receivables 2023-2 Owner Trust |  | - |  | Financial assets at fair value through other comprehensive income |  | - |  | US$ | 6,031 |  |  | N/A |  | US$ | 6,031 |  |
| Hudson Yards 2016-10HY Mortgage Trust |  | - |  | 〃 |  | - |  | US$ | 6,013 |  |  | N/A |  | US$ | 6,013 |  |
| Bank 2020-BNK26 |  | - |  | 〃 |  | - |  | US$ | 5,983 |  |  | N/A |  | US$ | 5,983 |  |
| Benchmark 2019-B11 Mortgage Trust |  | - |  | 〃 |  | - |  | US$ | 5,729 |  |  | N/A |  | US$ | 5,729 |  |
| Bank 2017 - BNK7 |  | - |  | 〃 |  | - |  | US$ | 5,639 |  |  | N/A |  | US$ | 5,639 |  |
| Citigroup Commercial Mortgage Trust 2021-PRM2 |  | - |  | 〃 |  | - |  | US$ | 5,593 |  |  | N/A |  | US$ | 5,593 |  |
| Bank 2021-bnk33 |  | - |  | 〃 |  | - |  | US$ | 5,498 |  |  | N/A |  | US$ | 5,498 |  |
| Benchmark 2019-B12 Mortgage Trust |  | - |  | 〃 |  | - |  | US$ | 5,447 |  |  | N/A |  | US$ | 5,447 |  |
| Morgan Stanley Bank America Merrill Lynch Trust 2016-C30 |  | - |  | 〃 |  | - |  | US$ | 5,437 |  |  | N/A |  | US$ | 5,437 |  |
| Nissan Auto Receivables 2024-A Owner Trust |  | - |  | 〃 |  | - |  | US$ | 5,272 |  |  | N/A |  | US$ | 5,272 |  |
| MSWF Commercial Mortgage Trust 2023-1 |  | - |  | 〃 |  | - |  | US$ | 5,180 |  |  | N/A |  | US$ | 5,180 |  |
| Benchmark 2023-B39 Mortgage Trust |  | - |  | 〃 |  | - |  | US$ | 5,161 |  |  | N/A |  | US$ | 5,161 |  |
| Bank 2023-BNK46 |  | - |  | 〃 |  | - |  | US$ | 5,105 |  |  | N/A |  | US$ | 5,105 |  |
| Wells Fargo Commercial Mortgage Trust 2021-C59 |  | - |  | 〃 |  | - |  | US$ | 4,900 |  |  | N/A |  | US$ | 4,900 |  |
| Morgan Stanley Capital I Trust 2016 - BNK2 Fund |  | - |  | 〃 |  | - |  | US$ | 4,839 |  |  | N/A |  | US$ | 4,839 |  |
| Wells Fargo Commercial Mortgage Trust 2016-C35 |  | - |  | 〃 |  | - |  | US$ | 4,839 |  |  | N/A |  | US$ | 4,839 |  |
| CSAIL 2018-CX11 |  | - |  | 〃 |  | - |  | US$ | 4,793 |  |  | N/A |  | US$ | 4,793 |  |
| GM Financial Revolving Receivables Trust 2021-1 |  | - |  | 〃 |  | - |  | US$ | 4,718 |  |  | N/A |  | US$ | 4,718 |  |
| Bank 2017-BNK9 |  | - |  | 〃 |  | - |  | US$ | 4,241 |  |  | N/A |  | US$ | 4,241 |  |
| Msbam 2016-C29 |  | - |  | 〃 |  | - |  | US$ | 4,109 |  |  | N/A |  | US$ | 4,109 |  |
| Benchmark 2023-V3 Mortgage Trust |  | - |  | 〃 |  | - |  | US$ | 4,094 |  |  | N/A |  | US$ | 4,094 |  |
| Nissan Auto Receivables 2024-B Owner Trust |  | - |  | 〃 |  | - |  | US$ | 3,966 |  |  | N/A |  | US$ | 3,966 |  |
| Toyota Auto Receivables 2024-D Owner Trust |  | - |  | 〃 |  | - |  | US$ | 3,926 |  |  | N/A |  | US$ | 3,926 |  |
| FORDO_24-D |  | - |  | 〃 |  | - |  | US$ | 3,752 |  |  | N/A |  | US$ | 3,752 |  |
| Bmw Vehicle Owner Trust 2023-A |  | - |  | 〃 |  | - |  | US$ | 3,633 |  |  | N/A |  | US$ | 3,633 |  |
| Gm Financial Consumer Automobile Receivables Trust 2023-4 |  | - |  | 〃 |  | - |  | US$ | 3,622 |  |  | N/A |  | US$ | 3,622 |  |
| Discover Card Execution Note Trust |  | - |  | 〃 |  | - |  | US$ | 3,523 |  |  | N/A |  | US$ | 3,523 |  |
| GM Financial Consumer Automobile Receivables Trust 2023-2 |  | - |  | 〃 |  | - |  | US$ | 3,384 |  |  | N/A |  | US$ | 3,384 |  |
| American Express Credit Account Master Trust |  | - |  | 〃 |  | - |  | US$ | 3,338 |  |  | N/A |  | US$ | 3,338 |  |
| Citigroup Commercial Mortgage Trust 2019-Gc43 |  | - |  | 〃 |  | - |  | US$ | 3,277 |  |  | N/A |  | US$ | 3,277 |  |
| Msbam 2016-C31 |  | - |  | 〃 |  | - |  | US$ | 3,113 |  |  | N/A |  | US$ | 3,113 |  |
| Honda Auto Receivables 2023-4 Owner Trust |  | - |  | 〃 |  | - |  | US$ | 3,048 |  |  | N/A |  | US$ | 3,048 |  |
| Mercedes-Benz Auto Receivables Trust 2024-1 |  | - |  | 〃 |  | - |  | US$ | 3,009 |  |  | N/A |  | US$ | 3,009 |  |
| Commerce 2015-CCRE24 Mortgage Trust |  | - |  | 〃 |  | - |  | US$ | 2,892 |  |  | N/A |  | US$ | 2,892 |  |
| Bank 2019-Bnk22 |  | - |  | 〃 |  | - |  | US$ | 2,889 |  |  | N/A |  | US$ | 2,889 |  |
| Five 2023-V1 Mortgage Trust |  | - |  | 〃 |  | - |  | US$ | 2,857 |  |  | N/A |  | US$ | 2,857 |  |
| Sreit Commercial Mortgage Trust 2021-Mfp |  | - |  | 〃 |  | - |  | US$ | 2,772 |  |  | N/A |  | US$ | 2,772 |  |
| Bmo 2023-C5 Mortgage Trust |  | - |  | 〃 |  | - |  | US$ | 2,766 |  |  | N/A |  | US$ | 2,766 |  |
| CGCMT 2017-P8 Mortgage Trust |  | - |  | 〃 |  | - |  | US$ | 2,727 |  |  | N/A |  | US$ | 2,727 |  |
| Bank5 2023-5YR1 |  | - |  | 〃 |  | - |  | US$ | 2,674 |  |  | N/A |  | US$ | 2,674 |  |
| Mercedes-Benz Auto Receivables Trust 2023-2 |  | - |  | 〃 |  | - |  | US$ | 2,585 |  |  | N/A |  | US$ | 2,585 |  |
| Toyota Auto Receivables 2023-C Owner Trust |  | - |  | 〃 |  | - |  | US$ | 2,520 |  |  | N/A |  | US$ | 2,520 |  |
| Honda Auto Receivables 2023-1 Owner Trust |  | - |  | 〃 |  | - |  | US$ | 2,506 |  |  | N/A |  | US$ | 2,506 |  |
| Benchmark 2018-B3 Commercial Mortgage Trust |  | - |  | 〃 |  | - |  | US$ | 2,499 |  |  | N/A |  | US$ | 2,499 |  |
| Ford Credit Auto Owner Trust 2020-Rev1 |  | - |  | 〃 |  | - |  | US$ | 2,492 |  |  | N/A |  | US$ | 2,492 |  |
| Gm Financial Consumer Automobile Receivables Trust 2024-1 |  | - |  | 〃 |  | - |  | US$ | 2,478 |  |  | N/A |  | US$ | 2,478 |  |
| Benchmark 2019-B15 Mortgage Trust |  | - |  | 〃 |  | - |  | US$ | 2,452 |  |  | N/A |  | US$ | 2,452 |  |
| GS Mortgage Securities Trust 2015-GC32 |  | - |  | 〃 |  | - |  | US$ | 2,432 |  |  | N/A |  | US$ | 2,432 |  |
| Hyundai Auto Receivables Trust 2021-B |  | - |  | 〃 |  | - |  | US$ | 2,432 |  |  | N/A |  | US$ | 2,432 |  |
| Citigroup Commercial Mortgage Trust 2016-C1 |  | - |  | 〃 |  | - |  | US$ | 2,362 |  |  | N/A |  | US$ | 2,362 |  |
| Toyota Auto Receivables 2024-A Owner Trust |  | - |  | 〃 |  | - |  | US$ | 2,305 |  |  | N/A |  | US$ | 2,305 |  |

(Continued)
- 80 -

Held Company Name | Marketable Securities Type and Name | Relationship with the Company | Financial Statement Account | December 31, 2024 | Note
Shares/Units (In Thousands) | Carrying Value (Foreign Currencies in Thousands) | Percentage of Ownership (%) | Fair Value (Foreign Currencies in Thousands)
TSMC Global | Benchmark 2020-B18 Mortgage Trust |  | - |  | Financial assets at fair value through other comprehensive income |  | - |  | US$ | 2,286 |  |  | N/A |  | US$ | 2,286 |  |
| BANK5 2023-5YR4 |  | - |  | 〃 |  | - |  | US$ | 2,261 |  |  | N/A |  | US$ | 2,261 |  |
| Citigroup Commercial Mortgage Trust 2015-P1 |  | - |  | 〃 |  | - |  | US$ | 2,231 |  |  | N/A |  | US$ | 2,231 |  |
| Wells Fargo Commercial Mortgage Trust 2020-C55 |  | - |  | 〃 |  | - |  | US$ | 2,147 |  |  | N/A |  | US$ | 2,147 |  |
| Bmark 2018-B5 |  | - |  | 〃 |  | - |  | US$ | 2,136 |  |  | N/A |  | US$ | 2,136 |  |
| Toyota Auto Receivables 2023 D Owner Trust |  | - |  | 〃 |  | - |  | US$ | 2,131 |  |  | N/A |  | US$ | 2,131 |  |
| Ford Credit Auto Owner Trust 2023-C |  | - |  | 〃 |  | - |  | US$ | 2,128 |  |  | N/A |  | US$ | 2,128 |  |
| Ford Credit Auto Owner Trust 2023-A |  | - |  | 〃 |  | - |  | US$ | 2,003 |  |  | N/A |  | US$ | 2,003 |  |
| Benchmark 2018-B4 Mortgage Trust |  | - |  | 〃 |  | - |  | US$ | 1,970 |  |  | N/A |  | US$ | 1,970 |  |
| Ubs 2018-C13 |  | - |  | 〃 |  | - |  | US$ | 1,916 |  |  | N/A |  | US$ | 1,916 |  |
| Dolp Trust 2021-NYC |  | - |  | 〃 |  | - |  | US$ | 1,895 |  |  | N/A |  | US$ | 1,895 |  |
| Bank 2017-Bnk6 |  | - |  | 〃 |  | - |  | US$ | 1,872 |  |  | N/A |  | US$ | 1,872 |  |
| Mercedes-Benz Auto Receivables Trust 2023-1 |  | - |  | 〃 |  | - |  | US$ | 1,691 |  |  | N/A |  | US$ | 1,691 |  |
| GM Financial Consumer Automobile Receivables Trust 2023-1 |  | - |  | 〃 |  | - |  | US$ | 1,689 |  |  | N/A |  | US$ | 1,689 |  |
| Hyundai Auto Receivables Trust 2022-A |  | - |  | 〃 |  | - |  | US$ | 1,569 |  |  | N/A |  | US$ | 1,569 |  |
| Wells Fargo Commercial Mortgage Trust 2015-C30 |  | - |  | 〃 |  | - |  | US$ | 1,549 |  |  | N/A |  | US$ | 1,549 |  |
| UBS Commercial Mortgage Trust 2018-C11 |  | - |  | 〃 |  | - |  | US$ | 1,522 |  |  | N/A |  | US$ | 1,522 |  |
| American Express Credit Account Master Trust , series 2023-1 |  | - |  | 〃 |  | - |  | US$ | 1,508 |  |  | N/A |  | US$ | 1,508 |  |
| Morgan Stanley Capital I Trust 2021-L5 |  | - |  | 〃 |  | - |  | US$ | 1,386 |  |  | N/A |  | US$ | 1,386 |  |
| Wells Fargo Commercial Mortgage Trust 2015-C29 |  | - |  | 〃 |  | - |  | US$ | 1,277 |  |  | N/A |  | US$ | 1,277 |  |
| Ford Credit Auto Owner Trust 2022-C |  | - |  | 〃 |  | - |  | US$ | 1,251 |  |  | N/A |  | US$ | 1,251 |  |
| Morgan Stanley Capital I Trust |  | - |  | 〃 |  | - |  | US$ | 1,223 |  |  | N/A |  | US$ | 1,223 |  |
| Gs Mortgage Securities Trust 2018-Gs10 |  | - |  | 〃 |  | - |  | US$ | 1,221 |  |  | N/A |  | US$ | 1,221 |  |
| BANK 2017-BNK5 |  | - |  | 〃 |  | - |  | US$ | 1,146 |  |  | N/A |  | US$ | 1,146 |  |
| Hyundai Auto Receivables Trust 2021-C |  | - |  | 〃 |  | - |  | US$ | 1,145 |  |  | N/A |  | US$ | 1,145 |  |
| FORD CREDIT AUTO OWNER TRUST 2023-REV2 |  | - |  | 〃 |  | - |  | US$ | 1,120 |  |  | N/A |  | US$ | 1,120 |  |
| Wells Fargo Commercial Mortgage Trust 2018-C44 |  | - |  | 〃 |  | - |  | US$ | 1,005 |  |  | N/A |  | US$ | 1,005 |  |
| Morgan Stanley Capital I Trust 2015 - UBS8 |  | - |  | 〃 |  | - |  | US$ | 986 |  |  | N/A |  | US$ | 986 |  |
| Wells Fargo Commercial Mortgage Trust 2016-LC24 |  | - |  | 〃 |  | - |  | US$ | 967 |  |  | N/A |  | US$ | 967 |  |
| Citigroup Commercial Mortgage Trust 2016-C3 |  | - |  | 〃 |  | - |  | US$ | 963 |  |  | N/A |  | US$ | 963 |  |
| Hyundai Auto Receivables Trust 2022-B |  | - |  | 〃 |  | - |  | US$ | 938 |  |  | N/A |  | US$ | 938 |  |
| Toyota Auto Receivables 2024-B Owner Trust |  | - |  | 〃 |  | - |  | US$ | 930 |  |  | N/A |  | US$ | 930 |  |
| Ford Credit Auto Owner Trust 2022-A |  | - |  | 〃 |  | - |  | US$ | 919 |  |  | N/A |  | US$ | 919 |  |
| Benchmark 2021-B24 Mortgage Trust |  | - |  | 〃 |  | - |  | US$ | 859 |  |  | N/A |  | US$ | 859 |  |
| Bank 2023-Bnk45 |  | - |  | 〃 |  | - |  | US$ | 859 |  |  | N/A |  | US$ | 859 |  |
| BBCMS Mortgage Trust 2018-C2 |  | - |  | 〃 |  | - |  | US$ | 852 |  |  | N/A |  | US$ | 852 |  |
| Nissan Auto Receivables 2023-A Owner Trust |  | - |  | 〃 |  | - |  | US$ | 832 |  |  | N/A |  | US$ | 832 |  |
| DBJPM 2016-C1 Mortgage Trust |  | - |  | 〃 |  | - |  | US$ | 776 |  |  | N/A |  | US$ | 776 |  |
| JPMCC 2017-JP7 |  | - |  | 〃 |  | - |  | US$ | 758 |  |  | N/A |  | US$ | 758 |  |
| Honda Auto Receivables 2022-2 Owner Trust |  | - |  | 〃 |  | - |  | US$ | 745 |  |  | N/A |  | US$ | 745 |  |
| Honda Auto Receivables 2021 - 4 Owner Trust |  | - |  | 〃 |  | - |  | US$ | 710 |  |  | N/A |  | US$ | 710 |  |
| Citigroup Commercial Mortgage Trust 2015-GC35 |  | - |  | 〃 |  | - |  | US$ | 700 |  |  | N/A |  | US$ | 700 |  |
| Hyundai Auto Receivables Trust 2024-C |  | - |  | 〃 |  | - |  | US$ | 697 |  |  | N/A |  | US$ | 697 |  |
| Mhc Commercial Mortgage Trust 2021-Mhc |  | - |  | 〃 |  | - |  | US$ | 697 |  |  | N/A |  | US$ | 697 |  |
| Wells Fargo Commercial Mortgage Trust 2017-C40 |  | - |  | 〃 |  | - |  | US$ | 597 |  |  | N/A |  | US$ | 597 |  |
| JPMBB Commercial Mortgage Securities Trust 2016-C1 |  | - |  | 〃 |  | - |  | US$ | 591 |  |  | N/A |  | US$ | 591 |  |
| JPMCC Commercial Mortgage Securities Trust 2016 - JP3 |  | - |  | 〃 |  | - |  | US$ | 523 |  |  | N/A |  | US$ | 523 |  |
| Wells Fargo Commercial Mortgage Trust 2015-C28 |  | - |  | 〃 |  | - |  | US$ | 473 |  |  | N/A |  | US$ | 473 |  |
| JPMDB 2017-C7 |  | - |  | 〃 |  | - |  | US$ | 414 |  |  | N/A |  | US$ | 414 |  |
| Toyota Auto Receivables 2021-C Owner Trust |  | - |  | 〃 |  | - |  | US$ | 405 |  |  | N/A |  | US$ | 405 |  |
| COMM Mortgage Trust Series 2015-LC19 |  | - |  | 〃 |  | - |  | US$ | 339 |  |  | N/A |  | US$ | 339 |  |

(Continued)
- 81 -

Held Company Name | Marketable Securities Type and Name | Relationship with the Company | Financial Statement Account | December 31, 2024 | Note
Shares/Units (In Thousands) | Carrying Value (Foreign Currencies in Thousands) | Percentage of Ownership (%) | Fair Value (Foreign Currencies in Thousands)
TSMC Global | Citigroup Commercial Mortgage Trust 2018-C5 |  | - |  | Financial assets at fair value through other comprehensive income |  | - |  | US$ | 336 |  |  | N/A |  | US$ | 336 |  |
| Gm Financial Consumer Automobile Receivables Trust 2022-3 |  | - |  | 〃 |  | - |  | US$ | 267 |  |  | N/A |  | US$ | 267 |  |
| Ford Credit Auto Owner Trust 2023-B |  | - |  | 〃 |  | - |  | US$ | 231 |  |  | N/A |  | US$ | 231 |  |
| Ford Credit Auto Owner Trust 2022-B |  | - |  | 〃 |  | - |  | US$ | 204 |  |  | N/A |  | US$ | 204 |  |
| Toyota Auto Receivables 2021-D Owner Trust |  | - |  | 〃 |  | - |  | US$ | 201 |  |  | N/A |  | US$ | 201 |  |
| Porsche Financial Auto Securitization Trust 2023-1 |  | - |  | 〃 |  | - |  | US$ | 198 |  |  | N/A |  | US$ | 198 |  |
| Nissan Auto Receivables 2022-B Owner Trust |  | - |  | 〃 |  | - |  | US$ | 194 |  |  | N/A |  | US$ | 194 |  |
| Wells Fargo Commercial Mortgage Trust 2015-NXS3 |  | - |  | 〃 |  | - |  | US$ | 132 |  |  | N/A |  | US$ | 132 |  |
| Morgan Stanley Capital I Trust 2018-H3 |  | - |  | 〃 |  | - |  | US$ | 107 |  |  | N/A |  | US$ | 107 |  |
| JPMCC 2015 - JP1 |  | - |  | 〃 |  | - |  | US$ | 91 |  |  | N/A |  | US$ | 91 |  |
| Non-publicly traded equity investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Primavera Capital Fund II L.P. |  | - |  | Financial assets at fair value through other comprehensive income |  | - |  | US$ | 78,780 |  |  | 4 |  | US$ | 78,780 |  |
Emerging Fund | Simple Agreement for Future Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Eliyan Corp. |  | - |  | Financial assets at fair value through Profit or Loss |  | - |  | US$ | 4,000 |  |  | N/A |  | US$ | 4,000 |  |
| Convertible bonds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Movandi Corporation |  | - |  | Financial assets at fair value through Profit or Loss |  | - |  | US$ | - |  |  | N/A |  | US$ | - |  |
| Non-publicly traded equity investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Lyte AI, Inc. |  | - |  | Financial assets at fair value through other comprehensive income |  | 1,325 |  | US$ | 10,757 |  |  | 4 |  | US$ | 10,757 |  |
| Encharge AI, Inc. |  | - |  | 〃 |  | 445 |  | US$ | 6,098 |  |  | 2 |  | US$ | 6,098 |  |
| Avicenatech Corp. |  | - |  | 〃 |  | 730 |  | US$ | 5,894 |  |  | 2 |  | US$ | 5,894 |  |
| Ayar Labs, Inc. |  | - |  | 〃 |  | 345 |  | US$ | 5,400 |  |  | 1 |  | US$ | 5,400 |  |
| Cerebras Systems, Inc. |  | - |  | 〃 |  | 341 |  | US$ | 5,000 |  |  | - |  | US$ | 5,000 |  |
| Empower Semiconductor, Inc. |  | - |  | 〃 |  | 868 |  | US$ | 5,000 |  |  | 2 |  | US$ | 5,000 |  |
| Ethernovia Inc. |  | - |  | 〃 |  | 1,021 |  | US$ | 5,000 |  |  | 3 |  | US$ | 5,000 |  |
| RiVos, Inc. |  | - |  | 〃 |  | 2,568 |  | US$ | 5,000 |  |  | 1 |  | US$ | 5,000 |  |
| EdgeQ, Inc. |  | - |  | 〃 |  | 1,176 |  | US$ | 4,771 |  |  | 2 |  | US$ | 4,771 |  |
| NeuReality Ltd. |  | - |  | 〃 |  | 1,217 |  | US$ | 4,302 |  |  | 2 |  | US$ | 4,302 |  |
| Xsight Labs Ltd. |  | - |  | 〃 |  | 500 |  | US$ | 4,002 |  |  | 1 |  | US$ | 4,002 |  |
| SiMa Technologies, Inc. |  | - |  | 〃 |  | 564 |  | US$ | 4,000 |  |  | 1 |  | US$ | 4,000 |  |
| xMEMS Labs, Inc. |  | - |  | 〃 |  | 3,000 |  | US$ | 3,240 |  |  | 2 |  | US$ | 3,240 |  |
| Atlas Magnetics, Co. |  | - |  | 〃 |  | 1,500 |  | US$ | 3,000 |  |  | 3 |  | US$ | 3,000 |  |
| Ambiq Micro, Inc. |  | - |  | 〃 |  | 3,318 |  | US$ | 3,000 |  |  | 1 |  | US$ | 3,000 |  |
| Enfabrica Corporation |  | - |  | 〃 |  | 1,048 |  | US$ | 3,000 |  |  | 1 |  | US$ | 3,000 |  |
| Kinara, Inc. |  | - |  | 〃 |  | 2,138 |  | US$ | 2,980 |  |  | 2 |  | US$ | 2,980 |  |
| Reed Semiconductor Corp. |  | - |  | 〃 |  | 500 |  | US$ | 2,000 |  |  | 1 |  | US$ | 2,000 |  |
| Publicly traded stocks |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Raspberry Pi Holdings Plc |  | - |  | Financial assets at fair value through other comprehensive income |  | 1,364 |  | US$ | 10,703 |  |  | 1 |  | US$ | 10,703 |  |
TSMC Development | Convertible preferred stocks |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| IMS Nanofabrication Global, LLC |  | - |  | Financial assets at fair value through Profit or Loss |  | - |  | US$ | 432,795 |  |  | 10 |  | US$ | 432,795 |  |

(Concluded)
- 82 -

TABLE 4
Taiwan Semiconductor Manufacturing Company Limited and Investees
MARKETABLE SECURITIES ACQUIRED AND DISPOSED OF AT COSTS OR PRICES OF AT LEAST NT$300 MILLION OR 20% OF THE PAID-IN CAPITAL
FOR THE YEAR ENDED DECEMBER 31, 2024

(Amounts in Thousands of New Taiwan Dollars, Unless Specified Otherwise)

Company Name | Marketable Securities Type and Name | Financial Statement Account | Counterparty | Nature of Relationship | Beginning Balance | Acquisition | Disposal | Ending Balance (Note )
Shares/Units (In Thousands) | Amount (Foreign Currencies in Thousands) | Shares/Units (In Thousands) | Amount (Foreign Currencies in Thousands) | Shares/Units (In Thousands) | Amount (Foreign Currencies in Thousands) | Carrying Value (Foreign Currencies in Thousands) | Gain/Loss on Disposal (Foreign Currencies in Thousands) | Shares/Units (In Thousands) | Amount (Foreign Currencies in Thousands)
TSMC | Non-publicly traded equity investments |  |  |  |  |  |  |  |  |  |  |  |  |
| TSMC Global | Investments accounted for using equity method |  | - |  |  | - |  |  | 11 |  | $ | 441,225,883 |  |  | 8 |  | $ | 261,677,200 |  |  | - |  | $ | - |  | $ | - |  | $ | - |  |  | 19 |  | $ | 772,437,954 |
| TSMC Arizona | 〃 |  | - |  |  | - |  |  | 10,500 |  |  | 298,604,975 |  |  | 7,350 |  |  | 236,121,500 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 17,850 |  |  | 544,359,678 |
| JASM | 〃 |  | - |  |  | - |  |  | 2,269 |  |  | 47,087,140 |  |  | 742 |  |  | 15,754,106 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 3,011 |  |  | 57,173,512 |
| VIS | 〃 |  | - |  |  | - |  |  | 464,223 |  |  | 13,590,430 |  |  | 42,486 |  |  | 3,738,753 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 506,709 |  |  | 18,300,373 |
| ESMC | 〃 |  | - |  |  | - |  |  | 100 |  |  | 4,768,013 |  |  | 665 |  |  | 13,299,041 |  |  | 30 |  |  | 1,021 |  |  | (4,263 | ) |  | 5,284 |  |  | 735 |  |  | 17,510,070 |
| Emerging Fund | 〃 |  | - |  |  | - |  |  | - |  |  | 1,901,742 |  |  | - |  |  | 1,185,722 |  |  | - |  |  | - |  |  | 163,392 |  |  | - |  |  | - |  |  | 3,214,022 |
| VTAF III | 〃 |  | - |  |  | - |  |  | - |  |  | 257,540 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 680,703 |  |  | - |  |  | - |  |  | 23,334 |
| Commercial paper |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Cathay Financial Holding Co., Ltd. | Financial assets at amortized cost |  | - |  |  | - |  |  | 697 |  |  | 6,924,665 |  |  | 1,356 |  |  | 13,474,803 |  |  | 1,129 |  |  | 11,290,000 |  |  | 11,290,000 |  |  | - |  |  | 924 |  |  | 9,185,663 |
| Formosa Chemicals & Fibre Corporation | 〃 |  | - |  |  | - |  |  | 100 |  |  | 994,540 |  |  | 740 |  |  | 7,352,476 |  |  | 590 |  |  | 5,900,000 |  |  | 5,900,000 |  |  | - |  |  | 250 |  |  | 2,479,351 |
| China Steel Corporation | 〃 |  | - |  |  | - |  |  | 200 |  |  | 1,985,094 |  |  | 920 |  |  | 9,136,858 |  |  | 1,000 |  |  | 10,000,000 |  |  | 10,000,000 |  |  | - |  |  | 120 |  |  | 1,197,878 |
| Formosa Plastics Corporation | 〃 |  | - |  |  | - |  |  | 100 |  |  | 996,260 |  |  | 350 |  |  | 3,477,989 |  |  | 350 |  |  | 3,500,000 |  |  | 3,500,000 |  |  | - |  |  | 100 |  |  | 996,353 |
| Nan Ya Plastics Corporation | 〃 |  | - |  |  | - |  |  | 600 |  |  | 5,976,677 |  |  | 485 |  |  | 4,821,161 |  |  | 1,050 |  |  | 10,500,000 |  |  | 10,500,000 |  |  | - |  |  | 35 |  |  | 348,913 |
| CPC Corporation, Taiwan | 〃 |  | - |  |  | - |  |  | 100 |  |  | 995,553 |  |  | 370 |  |  | 3,677,952 |  |  | 470 |  |  | 4,700,000 |  |  | 4,700,000 |  |  | - |  |  | - |  |  | - |
| Taiwan Power Company | 〃 |  | - |  |  | - |  |  | 50 |  |  | 498,916 |  |  | 245 |  |  | 2,427,071 |  |  | 295 |  |  | 2,950,000 |  |  | 2,950,000 |  |  | - |  |  | - |  |  | - |
TSMC Partners | Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Carbon Nature SCSp | Financial assets at fair value through Profit or Loss |  | - |  |  | - |  |  | - |  | US$ | - |  |  | - |  | US$ | 13,939 |  |  | - |  | US$ | - |  | US$ | - |  | US$ | - |  |  | - |  | US$ | 11,413 |
| Publicly traded stocks |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| ARM Holdings plc | Financial assets at fair value through other comprehensive income |  | - |  |  | - |  |  | 1,961 |  | US$ | 147,353 |  |  | - |  | US$ | - |  |  | 850 |  | US$ | 101,535 |  | US$ | 43,350 |  | US$ | 58,185 |  |  | 1,111 |  | US$ | 137,026 |
TSMC Global | Corporate bond |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Bank of America Corporation | Financial assets at fair value through other comprehensive income |  | - |  |  | - |  |  | - |  | US$ | 86,588 |  |  | - |  | US$ | 42,071 |  |  | - |  | US$ | 34,981 |  | US$ | 35,186 |  | US$ | 205 |  |  | - |  | US$ | 95,674 |
| Morgan Stanley | 〃 |  | - |  |  | - |  |  | - |  | US$ | 76,777 |  |  | - |  | US$ | 36,402 |  |  | - |  | US$ | 27,731 |  | US$ | 27,700 |  | US$ | 31 |  |  | - |  | US$ | 87,312 |
| Wells Fargo & Company | 〃 |  | - |  |  | - |  |  | - |  | US$ | 58,351 |  |  | - |  | US$ | 35,405 |  |  | - |  | US$ | 20,340 |  | US$ | 20,524 |  | US$ | (184 | ) |  | - |  | US$ | 74,617 |
| The Goldman Sachs Group, Inc. | 〃 |  | - |  |  | - |  |  | - |  | US$ | 58,554 |  |  | - |  | US$ | 32,401 |  |  | - |  | US$ | 18,875 |  | US$ | 18,911 |  | US$ | (36 | ) |  | - |  | US$ | 73,642 |
| JPMorgan Chase & Co. | 〃 |  | - |  |  | - |  |  | - |  | US$ | 62,267 |  |  | - |  | US$ | 35,675 |  |  | - |  | US$ | 26,976 |  | US$ | 27,187 |  | US$ | (211 | ) |  | - |  | US$ | 72,101 |
| Citigroup Inc. | 〃 |  | - |  |  | - |  |  | - |  | US$ | 50,436 |  |  | - |  | US$ | 23,833 |  |  | - |  | US$ | 18,431 |  | US$ | 18,508 |  | US$ | (77 | ) |  | - |  | US$ | 56,810 |
| HSBC Holdings plc | 〃 |  | - |  |  | - |  |  | - |  | US$ | 30,124 |  |  | - |  | US$ | 31,600 |  |  | - |  | US$ | 9,371 |  | US$ | 9,596 |  | US$ | (225 | ) |  | - |  | US$ | 52,845 |
| Hyundai Capital America | 〃 |  | - |  |  | - |  |  | - |  | US$ | 13,567 |  |  | - |  | US$ | 25,268 |  |  | - |  | US$ | - |  | US$ | - |  | US$ | - |  |  | - |  | US$ | 39,105 |
| BNP Paribas SA | 〃 |  | - |  |  | - |  |  | - |  | US$ | 20,345 |  |  | - |  | US$ | 29,092 |  |  | - |  | US$ | 11,256 |  | US$ | 11,296 |  | US$ | (40 | ) |  | - |  | US$ | 38,517 |
| Lloyds Banking Group plc | 〃 |  | - |  |  | - |  |  | - |  | US$ | 24,131 |  |  | - |  | US$ | 21,375 |  |  | - |  | US$ | 9,529 |  | US$ | 9,483 |  | US$ | 46 |  |  | - |  | US$ | 36,440 |

(Continued)
- 83 -

Company Name | Marketable Securities Type and Name | Financial Statement Account | Counterparty | Nature of Relationship | Beginning Balance | Acquisition | Disposal | Ending Balance (Note )
Shares/Units (In Thousands) | Amount (Foreign Currencies in Thousands) | Shares/Units (In Thousands) | Amount (Foreign Currencies in Thousands) | Shares/Units (In Thousands) | Amount (Foreign Currencies in Thousands) | Carrying Value (Foreign Currencies in Thousands) | Gain/Loss on Disposal (Foreign Currencies in Thousands) | Shares/Units (In Thousands) | Amount (Foreign Currencies in Thousands)
TSMC Global | Sumitomo Mitsui Trust Bank, Limited | Financial assets at fair value through other comprehensive income |  | - |  |  | - |  |  | - |  | US$ | 17,286 |  |  | - |  | US$ | 23,089 |  |  | - |  | US$ | 4,594 |  | US$ | 4,650 |  | US$ | (56 | ) |  | - |  | US$ | 36,329 |
| Barclays PLC | 〃 |  | - |  |  | - |  |  | - |  | US$ | 35,277 |  |  | - |  | US$ | 14,596 |  |  | - |  | US$ | 14,240 |  | US$ | 14,156 |  | US$ | 84 |  |  | - |  | US$ | 35,715 |
| Nationwide Building Society | 〃 |  | - |  |  | - |  |  | - |  | US$ | 17,760 |  |  | - |  | US$ | 19,724 |  |  | - |  | US$ | 1,927 |  | US$ | 2,016 |  | US$ | (89 | ) |  | - |  | US$ | 35,644 |
| NatWest Group plc | 〃 |  | - |  |  | - |  |  | - |  | US$ | 6,360 |  |  | - |  | US$ | 29,473 |  |  | - |  | US$ | 1,699 |  | US$ | 1,680 |  | US$ | 19 |  |  | - |  | US$ | 34,193 |
| Principal Life Global Funding II | 〃 |  | - |  |  | - |  |  | - |  | US$ | 17,932 |  |  | - |  | US$ | 22,252 |  |  | - |  | US$ | 6,829 |  | US$ | 6,958 |  | US$ | (129 | ) |  | - |  | US$ | 33,881 |
| American Express Company | 〃 |  | - |  |  | - |  |  | - |  | US$ | 13,685 |  |  | - |  | US$ | 20,710 |  |  | - |  | US$ | 3,505 |  | US$ | 3,530 |  | US$ | (25 | ) |  | - |  | US$ | 31,036 |
| Banco Santander, S.A. | 〃 |  | - |  |  | - |  |  | - |  | US$ | 29,015 |  |  | - |  | US$ | 14,561 |  |  | - |  | US$ | 13,215 |  | US$ | 13,308 |  | US$ | (93 | ) |  | - |  | US$ | 30,804 |
| BPCE SA | 〃 |  | - |  |  | - |  |  | - |  | US$ | 23,875 |  |  | - |  | US$ | 12,832 |  |  | - |  | US$ | 6,939 |  | US$ | 6,947 |  | US$ | (8 | ) |  | - |  | US$ | 30,045 |
| Toyota Motor Credit Corporation | 〃 |  | - |  |  | - |  |  | - |  | US$ | 4,261 |  |  | - |  | US$ | 30,740 |  |  | - |  | US$ | 4,915 |  | US$ | 5,000 |  | US$ | (85 | ) |  | - |  | US$ | 29,997 |
| Credit Agricole SA London Branch | 〃 |  | - |  |  | - |  |  | - |  | US$ | 20,395 |  |  | - |  | US$ | 16,321 |  |  | - |  | US$ | 8,864 |  | US$ | 8,799 |  | US$ | 65 |  |  | - |  | US$ | 28,366 |
| Sumitomo Mitsui Financial Group, Inc. | 〃 |  | - |  |  | - |  |  | - |  | US$ | 45,172 |  |  | - |  | US$ | 2,412 |  |  | - |  | US$ | 21,791 |  | US$ | 21,906 |  | US$ | (115 | ) |  | - |  | US$ | 26,118 |
| AIG Global Funding | 〃 |  | - |  |  | - |  |  | - |  | US$ | 18,428 |  |  | - |  | US$ | 10,208 |  |  | - |  | US$ | 3,443 |  | US$ | 3,418 |  | US$ | 25 |  |  | - |  | US$ | 25,521 |
| Athene Global Funding | 〃 |  | - |  |  | - |  |  | - |  | US$ | 20,297 |  |  | - |  | US$ | 10,811 |  |  | - |  | US$ | 7,084 |  | US$ | 7,159 |  | US$ | (75 | ) |  | - |  | US$ | 24,758 |
| COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH | 〃 |  | - |  |  | - |  |  | - |  | US$ | 8,173 |  |  | - |  | US$ | 17,300 |  |  | - |  | US$ | 998 |  | US$ | 1,000 |  | US$ | (2 | ) |  | - |  | US$ | 24,228 |
| Deutsche Bank AG - New York Branch | 〃 |  | - |  |  | - |  |  | - |  | US$ | 10,454 |  |  | - |  | US$ | 21,424 |  |  | - |  | US$ | 8,470 |  | US$ | 8,500 |  | US$ | (30 | ) |  | - |  | US$ | 23,782 |
| The Toronto-Dominion Bank | 〃 |  | - |  |  | - |  |  | - |  | US$ | 30,523 |  |  | - |  | US$ | 4,588 |  |  | - |  | US$ | 11,779 |  | US$ | 11,856 |  | US$ | (77 | ) |  | - |  | US$ | 23,563 |
| Penske Truck Leasing Co., L.P. | 〃 |  | - |  |  | - |  |  | - |  | US$ | 13,095 |  |  | - |  | US$ | 10,628 |  |  | - |  | US$ | 381 |  | US$ | 399 |  | US$ | (18 | ) |  | - |  | US$ | 23,519 |
| Volkswagen Group of America Finance, LLC | 〃 |  | - |  |  | - |  |  | - |  | US$ | 16,251 |  |  | - |  | US$ | 15,690 |  |  | - |  | US$ | 10,063 |  | US$ | 10,056 |  | US$ | 7 |  |  | - |  | US$ | 22,284 |
| Banque Fédérative du Crédit Mutuel | 〃 |  | - |  |  | - |  |  | - |  | US$ | 14,439 |  |  | - |  | US$ | 11,057 |  |  | - |  | US$ | 3,620 |  | US$ | 3,592 |  | US$ | 28 |  |  | - |  | US$ | 21,960 |
| Glencore Funding LLC | 〃 |  | - |  |  | - |  |  | - |  | US$ | 1,556 |  |  | - |  | US$ | 19,310 |  |  | - |  | US$ | - |  | US$ | - |  | US$ | - |  |  | - |  | US$ | 21,086 |
| Royal Bank of Canada | 〃 |  | - |  |  | - |  |  | - |  | US$ | 25,469 |  |  | - |  | US$ | 8,890 |  |  | - |  | US$ | 13,689 |  | US$ | 13,841 |  | US$ | (152 | ) |  | - |  | US$ | 20,863 |
| General Motors Financial Company, Inc. | 〃 |  | - |  |  | - |  |  | - |  | US$ | - |  |  | - |  | US$ | 20,425 |  |  | - |  | US$ | - |  | US$ | - |  | US$ | - |  |  | - |  | US$ | 20,625 |
| The Bank of Nova Scotia | 〃 |  | - |  |  | - |  |  | - |  | US$ | 16,474 |  |  | - |  | US$ | 10,965 |  |  | - |  | US$ | 7,252 |  | US$ | 7,413 |  | US$ | (161 | ) |  | - |  | US$ | 20,432 |
| Bunge Limited Finance Corp. | 〃 |  | - |  |  | - |  |  | - |  | US$ | - |  |  | - |  | US$ | 20,603 |  |  | - |  | US$ | - |  | US$ | - |  | US$ | - |  |  | - |  | US$ | 20,202 |
| Danske Bank A/S | 〃 |  | - |  |  | - |  |  | - |  | US$ | 16,698 |  |  | - |  | US$ | 13,103 |  |  | - |  | US$ | 9,748 |  | US$ | 9,721 |  | US$ | 27 |  |  | - |  | US$ | 20,157 |
| RGA Global Funding | 〃 |  | - |  |  | - |  |  | - |  | US$ | 8,977 |  |  | - |  | US$ | 10,770 |  |  | - |  | US$ | - |  | US$ | - |  | US$ | - |  |  | - |  | US$ | 19,988 |
| Daimler Trucks Finance North America LLC | 〃 |  | - |  |  | - |  |  | - |  | US$ | 7,013 |  |  | - |  | US$ | 12,021 |  |  | - |  | US$ | - |  | US$ | - |  | US$ | - |  |  | - |  | US$ | 19,288 |
| Bank of Montreal | 〃 |  | - |  |  | - |  |  | - |  | US$ | 11,032 |  |  | - |  | US$ | 9,984 |  |  | - |  | US$ | 2,943 |  | US$ | 2,970 |  | US$ | (27 | ) |  | - |  | US$ | 18,228 |
| Mitsubishi UFJ Financial Group, Inc. | 〃 |  | - |  |  | - |  |  | - |  | US$ | 36,903 |  |  | - |  | US$ | 3,400 |  |  | - |  | US$ | 22,941 |  | US$ | 23,219 |  | US$ | (278 | ) |  | - |  | US$ | 18,083 |
| CNO Global Funding | 〃 |  | - |  |  | - |  |  | - |  | US$ | 3,967 |  |  | - |  | US$ | 11,731 |  |  | - |  | US$ | 309 |  | US$ | 315 |  | US$ | (6 | ) |  | - |  | US$ | 15,565 |
| Marsh & McLennan Companies, Inc. | 〃 |  | - |  |  | - |  |  | - |  | US$ | 747 |  |  | - |  | US$ | 14,975 |  |  | - |  | US$ | - |  | US$ | - |  | US$ | - |  |  | - |  | US$ | 15,564 |
| U.S. Bancorp. | 〃 |  | - |  |  | - |  |  | - |  | US$ | 16,962 |  |  | - |  | US$ | 12,369 |  |  | - |  | US$ | 14,047 |  | US$ | 14,129 |  | US$ | (82 | ) |  | - |  | US$ | 15,440 |
| Roper Technologies, Inc. | 〃 |  | - |  |  | - |  |  | - |  | US$ | 9,177 |  |  | - |  | US$ | 9,457 |  |  | - |  | US$ | 3,431 |  | US$ | 3,500 |  | US$ | (69 | ) |  | - |  | US$ | 15,407 |
| BMW US Capital, LLC | 〃 |  | - |  |  | - |  |  | - |  | US$ | - |  |  | - |  | US$ | 14,699 |  |  | - |  | US$ | - |  | US$ | - |  | US$ | - |  |  | - |  | US$ | 14,519 |
| T-Mobile USA, Inc. | 〃 |  | - |  |  | - |  |  | - |  | US$ | 1,526 |  |  | - |  | US$ | 13,003 |  |  | - |  | US$ | - |  | US$ | - |  | US$ | - |  |  | - |  | US$ | 14,433 |
| Philip Morris International Inc. | 〃 |  | - |  |  | - |  |  | - |  | US$ | 6,807 |  |  | - |  | US$ | 10,790 |  |  | - |  | US$ | 3,424 |  | US$ | 3,385 |  | US$ | 39 |  |  | - |  | US$ | 14,276 |
| Quest Diagnostics Incorporated | 〃 |  | - |  |  | - |  |  | - |  | US$ | - |  |  | - |  | US$ | 14,408 |  |  | - |  | US$ | - |  | US$ | - |  | US$ | - |  |  | - |  | US$ | 14,196 |
| Santander Holdings USA, Inc. | 〃 |  | - |  |  | - |  |  | - |  | US$ | - |  |  | - |  | US$ | 13,962 |  |  | - |  | US$ | - |  | US$ | - |  | US$ | - |  |  | - |  | US$ | 14,143 |
| SMBC Aviation Capital Finance DAC | 〃 |  | - |  |  | - |  |  | - |  | US$ | 1,747 |  |  | - |  | US$ | 11,997 |  |  | - |  | US$ | - |  | US$ | - |  | US$ | - |  |  | - |  | US$ | 13,873 |
| Oracle Corporation | 〃 |  | - |  |  | - |  |  | - |  | US$ | 23,751 |  |  | - |  | US$ | 4,995 |  |  | - |  | US$ | 14,995 |  | US$ | 15,662 |  | US$ | (667 | ) |  | - |  | US$ | 13,824 |

(Continued)
- 84 -

Company Name | Marketable Securities Type and Name | Financial Statement Account | Counterparty | Nature of Relationship | Beginning Balance | Acquisition | Disposal | Ending Balance (Note )
Shares/Units (In Thousands) | Amount (Foreign Currencies in Thousands) | Shares/Units (In Thousands) | Amount (Foreign Currencies in Thousands) | Shares/Units (In Thousands) | Amount (Foreign Currencies in Thousands) | Carrying Value (Foreign Currencies in Thousands) | Gain/Loss on Disposal (Foreign Currencies in Thousands) | Shares/Units (In Thousands) | Amount (Foreign Currencies in Thousands)
TSMC Global | Macquarie Bank Limited | Financial assets at fair value through other comprehensive income |  | - |  |  | - |  |  | - |  | US$ | 8,390 |  |  | - |  | US$ | 10,818 |  |  | - |  | US$ | 5,804 |  | US$ | 5,848 |  | US$ | (44 | ) |  | - |  | US$ | 13,650 |
| Mercedes-Benz Finance North America LLC | 〃 |  | - |  |  | - |  |  | - |  | US$ | - |  |  | - |  | US$ | 16,734 |  |  | - |  | US$ | 3,574 |  | US$ | 3,597 |  | US$ | (23 | ) |  | - |  | US$ | 13,022 |
| Amphenol Corporation | 〃 |  | - |  |  | - |  |  | - |  | US$ | - |  |  | - |  | US$ | 12,737 |  |  | - |  | US$ | - |  | US$ | - |  | US$ | - |  |  | - |  | US$ | 12,833 |
| American Honda Finance Corporation | 〃 |  | - |  |  | - |  |  | - |  | US$ | 2,087 |  |  | - |  | US$ | 19,874 |  |  | - |  | US$ | 8,989 |  | US$ | 8,918 |  | US$ | 71 |  |  | - |  | US$ | 12,774 |
| Jackson National Life Global Funding | 〃 |  | - |  |  | - |  |  | - |  | US$ | 3,563 |  |  | - |  | US$ | 12,386 |  |  | - |  | US$ | 3,652 |  | US$ | 3,712 |  | US$ | (60 | ) |  | - |  | US$ | 12,563 |
| The Bank of New York Mellon Corporation | 〃 |  | - |  |  | - |  |  | - |  | US$ | 16,064 |  |  | - |  | US$ | 5,984 |  |  | - |  | US$ | 9,757 |  | US$ | 9,402 |  | US$ | 355 |  |  | - |  | US$ | 12,428 |
| BAE Systems plc | 〃 |  | - |  |  | - |  |  | - |  | US$ | - |  |  | - |  | US$ | 12,292 |  |  | - |  | US$ | - |  | US$ | - |  | US$ | - |  |  | - |  | US$ | 12,425 |
| Bristol-Myers Squibb Company | 〃 |  | - |  |  | - |  |  | - |  | US$ | 4,604 |  |  | - |  | US$ | 21,106 |  |  | - |  | US$ | 14,572 |  | US$ | 14,275 |  | US$ | 297 |  |  | - |  | US$ | 11,585 |
| Swedbank AB (publ) | 〃 |  | - |  |  | - |  |  | - |  | US$ | 2,399 |  |  | - |  | US$ | 9,999 |  |  | - |  | US$ | 946 |  | US$ | 1,000 |  | US$ | (54 | ) |  | - |  | US$ | 11,541 |
| Elevance Health, Inc. | 〃 |  | - |  |  | - |  |  | - |  | US$ | 5,914 |  |  | - |  | US$ | 9,976 |  |  | - |  | US$ | 4,804 |  | US$ | 4,740 |  | US$ | 64 |  |  | - |  | US$ | 11,154 |
| Prologis Targeted U.S. Logistics Fund L.P. | 〃 |  | - |  |  | - |  |  | - |  | US$ | - |  |  | - |  | US$ | 10,940 |  |  | - |  | US$ | - |  | US$ | - |  | US$ | - |  |  | - |  | US$ | 11,127 |
| MassMutual Global Funding II | 〃 |  | - |  |  | - |  |  | - |  | US$ | 506 |  |  | - |  | US$ | 10,025 |  |  | - |  | US$ | - |  | US$ | - |  | US$ | - |  |  | - |  | US$ | 10,851 |
| DTE Energy Company | 〃 |  | - |  |  | - |  |  | - |  | US$ | 1,685 |  |  | - |  | US$ | 10,580 |  |  | - |  | US$ | 1,712 |  | US$ | 1,735 |  | US$ | (23 | ) |  | - |  | US$ | 10,651 |
| National Rural Utilities Cooperative Finance Corporation | 〃 |  | - |  |  | - |  |  | - |  | US$ | 1,445 |  |  | - |  | US$ | 9,899 |  |  | - |  | US$ | 950 |  | US$ | 999 |  | US$ | (49 | ) |  | - |  | US$ | 10,402 |
| Hewlett Packard Enterprise Company | 〃 |  | - |  |  | - |  |  | - |  | US$ | - |  |  | - |  | US$ | 9,989 |  |  | - |  | US$ | - |  | US$ | - |  | US$ | - |  |  | - |  | US$ | 9,766 |
| Accenture Capital Inc. | 〃 |  | - |  |  | - |  |  | - |  | US$ | - |  |  | - |  | US$ | 12,196 |  |  | - |  | US$ | 2,980 |  | US$ | 2,996 |  | US$ | (16 | ) |  | - |  | US$ | 8,979 |
| Keurig Dr Pepper Inc. | 〃 |  | - |  |  | - |  |  | - |  | US$ | - |  |  | - |  | US$ | 11,790 |  |  | - |  | US$ | 4,980 |  | US$ | 4,987 |  | US$ | (7 | ) |  | - |  | US$ | 6,880 |
| Fiserv, Inc. | 〃 |  | - |  |  | - |  |  | - |  | US$ | 6,745 |  |  | - |  | US$ | 10,068 |  |  | - |  | US$ | 10,634 |  | US$ | 10,662 |  | US$ | (28 | ) |  | - |  | US$ | 6,242 |
| Marriott International, Inc. | 〃 |  | - |  |  | - |  |  | - |  | US$ | 271 |  |  | - |  | US$ | 9,744 |  |  | - |  | US$ | 4,582 |  | US$ | 4,488 |  | US$ | 94 |  |  | - |  | US$ | 5,525 |
| AbbVie Inc. | 〃 |  | - |  |  | - |  |  | - |  | US$ | 26,895 |  |  | - |  | US$ | 8,427 |  |  | - |  | US$ | 30,655 |  | US$ | 30,962 |  | US$ | (307 | ) |  | - |  | US$ | 4,965 |
| Société Générale Société anonyme | 〃 |  | - |  |  | - |  |  | - |  | US$ | 16,589 |  |  | - |  | US$ | - |  |  | - |  | US$ | 12,218 |  | US$ | 12,345 |  | US$ | (127 | ) |  | - |  | US$ | 4,618 |
| CVS Health Corporation | 〃 |  | - |  |  | - |  |  | - |  | US$ | 24,591 |  |  | - |  | US$ | - |  |  | - |  | US$ | 22,083 |  | US$ | 21,803 |  | US$ | 280 |  |  | - |  | US$ | 2,354 |
| The Kroger Co. | 〃 |  | - |  |  | - |  |  | - |  | US$ | - |  |  | - |  | US$ | 14,886 |  |  | - |  | US$ | 15,049 |  | US$ | 14,887 |  | US$ | 162 |  |  | - |  | US$ | - |
| Bank of America Corporation | Financial assets at amortized cost |  | - |  |  | - |  |  | - |  | US$ | 799,449 |  |  | - |  | US$ | 558,380 |  |  | - |  | US$ | 279,000 |  | US$ | 278,987 |  | US$ | 13 |  |  | - |  | US$ | 1,090,390 |
| Wells Fargo & Company | 〃 |  | - |  |  | - |  |  | - |  | US$ | 619,830 |  |  | - |  | US$ | 577,074 |  |  | - |  | US$ | 144,000 |  | US$ | 143,976 |  | US$ | 24 |  |  | - |  | US$ | 1,068,098 |
| Citigroup Inc. | 〃 |  | - |  |  | - |  |  | - |  | US$ | 271,462 |  |  | - |  | US$ | 697,689 |  |  | - |  | US$ | 228,000 |  | US$ | 227,997 |  | US$ | 3 |  |  | - |  | US$ | 744,664 |
| Morgan Stanley | 〃 |  | - |  |  | - |  |  | - |  | US$ | 566,880 |  |  | - |  | US$ | 293,824 |  |  | - |  | US$ | 297,000 |  | US$ | 296,972 |  | US$ | 28 |  |  | - |  | US$ | 571,972 |
| JPMorgan Chase & Co. | 〃 |  | - |  |  | - |  |  | - |  | US$ | 391,868 |  |  | - |  | US$ | 335,127 |  |  | - |  | US$ | 171,000 |  | US$ | 170,999 |  | US$ | 1 |  |  | - |  | US$ | 567,099 |
| The Goldman Sachs Group, Inc. | 〃 |  | - |  |  | - |  |  | - |  | US$ | 432,811 |  |  | - |  | US$ | 362,921 |  |  | - |  | US$ | 267,000 |  | US$ | 267,000 |  | US$ | - |  |  | - |  | US$ | 531,503 |
| Goldman Sachs Finance Corp International Ltd | 〃 |  | - |  |  | - |  |  | - |  | US$ | 99,905 |  |  | - |  | US$ | 210,000 |  |  | - |  | US$ | 100,000 |  | US$ | 100,000 |  | US$ | - |  |  | - |  | US$ | 209,799 |
| BNP Paribas SA | 〃 |  | - |  |  | - |  |  | - |  | US$ | 9,265 |  |  | - |  | US$ | 39,266 |  |  | - |  | US$ | 4,000 |  | US$ | 4,000 |  | US$ | - |  |  | - |  | US$ | 44,841 |
| Morgan Stanley Bank, N.A. | 〃 |  | - |  |  | - |  |  | - |  | US$ | - |  |  | - |  | US$ | 27,014 |  |  | - |  | US$ | - |  | US$ | - |  | US$ | - |  |  | - |  | US$ | 27,003 |
| BPCE SA | 〃 |  | - |  |  | - |  |  | - |  | US$ | 7,874 |  |  | - |  | US$ | 9,633 |  |  | - |  | US$ | - |  | US$ | - |  | US$ | - |  |  | - |  | US$ | 17,696 |
| Athene Global Funding | 〃 |  | - |  |  | - |  |  | - |  | US$ | 5,122 |  |  | - |  | US$ | 9,583 |  |  | - |  | US$ | - |  | US$ | - |  | US$ | - |  |  | - |  | US$ | 14,814 |
| Credit Agricole SA London Branch | 〃 |  | - |  |  | - |  |  | - |  | US$ | - |  |  | - |  | US$ | 9,727 |  |  | - |  | US$ | - |  | US$ | - |  | US$ | - |  |  | - |  | US$ | 9,748 |
| NatWest Group plc | 〃 |  | - |  |  | - |  |  | - |  | US$ | - |  |  | - |  | US$ | 9,718 |  |  | - |  | US$ | - |  | US$ | - |  | US$ | - |  |  | - |  | US$ | 9,696 |
| Macquarie Group Limited | 〃 |  | - |  |  | - |  |  | - |  | US$ | - |  |  | - |  | US$ | 9,616 |  |  | - |  | US$ | - |  | US$ | - |  | US$ | - |  |  | - |  | US$ | 9,632 |
| Danske Bank A/S | 〃 |  | - |  |  | - |  |  | - |  | US$ | - |  |  | - |  | US$ | 9,613 |  |  | - |  | US$ | - |  | US$ | - |  | US$ | - |  |  | - |  | US$ | 9,625 |
| HSBC Holdings plc | 〃 |  | - |  |  | - |  |  | - |  | US$ | - |  |  | - |  | US$ | 9,582 |  |  | - |  | US$ | - |  | US$ | - |  | US$ | - |  |  | - |  | US$ | 9,570 |

(Continued)
- 85 -

Company Name | Marketable Securities Type and Name | Financial Statement Account | Counterparty | Nature of Relationship | Beginning Balance | Acquisition | Disposal | Ending Balance (Note )
Shares/Units (In Thousands) | Amount (Foreign Currencies in Thousands) | Shares/Units (In Thousands) | Amount (Foreign Currencies in Thousands) | Shares/Units (In Thousands) | Amount (Foreign Currencies in Thousands) | Carrying Value (Foreign Currencies in Thousands) | Gain/Loss on Disposal (Foreign Currencies in Thousands) | Shares/Units (In Thousands) | Amount (Foreign Currencies in Thousands)
TSMC Global | Hyundai Capital America | Financial assets at amortized cost |  | - |  |  | - |  |  | - |  | US$ | - |  |  | - |  | US$ | 9,541 |  |  | - |  | US$ | - |  | US$ | - |  | US$ | - |  |  | - |  | US$ | 9,562 |
| Barclays PLC | 〃 |  | - |  |  | - |  |  | - |  | US$ | - |  |  | - |  | US$ | 9,560 |  |  | - |  | US$ | - |  | US$ | - |  | US$ | - |  |  | - |  | US$ | 9,536 |
| Coöperatieve Rabobank U.A. | 〃 |  | - |  |  | - |  |  | - |  | US$ | - |  |  | - |  | US$ | 9,407 |  |  | - |  | US$ | - |  | US$ | - |  | US$ | - |  |  | - |  | US$ | 9,430 |
| Citigroup Global Markets Holdings Inc. | 〃 |  | - |  |  | - |  |  | - |  | US$ | 99,968 |  |  | - |  | US$ | - |  |  | - |  | US$ | 100,000 |  | US$ | 100,000 |  | US$ | - |  |  | - |  | US$ | - |
| Citigroup Global Markets Inc. | 〃 |  | - |  |  | - |  |  | - |  | US$ | 149,951 |  |  | - |  | US$ | - |  |  | - |  | US$ | 150,000 |  | US$ | 150,000 |  | US$ | - |  |  | - |  | US$ | - |
| Agency mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION | Financial assets at fair value through other comprehensive income |  | - |  |  | - |  |  | - |  | US$ | 658,944 |  |  | - |  | US$ | 265,914 |  |  | - |  | US$ | 264,084 |  | US$ | 271,966 |  | US$ | (7,882 | ) |  | - |  | US$ | 651,715 |
| Federal Home Loan Mortgage Corporation | 〃 |  | - |  |  | - |  |  | - |  | US$ | 350,328 |  |  | - |  | US$ | 294,896 |  |  | - |  | US$ | 144,307 |  | US$ | 146,914 |  | US$ | (2,607 | ) |  | - |  | US$ | 496,172 |
| Government National Mortgage Association | 〃 |  | - |  |  | - |  |  | - |  | US$ | 225,310 |  |  | - |  | US$ | 124,487 |  |  | - |  | US$ | 70,649 |  | US$ | 71,381 |  | US$ | (732 | ) |  | - |  | US$ | 274,580 |
| Government bond/Agency bonds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| United States Department of The Treasury | Financial assets at fair value through other comprehensive income |  | - |  |  | - |  |  | - |  | US$ | 718,479 |  |  | - |  | US$ | 176,221 |  |  | - |  | US$ | 276,660 |  | US$ | 279,897 |  | US$ | (3,237 | ) |  | - |  | US$ | 630,062 |
| Federal Home Loan Mortgage Corporation | 〃 |  | - |  |  | - |  |  | - |  | US$ | 6,995 |  |  | - |  | US$ | 4,996 |  |  | - |  | US$ | 12,002 |  | US$ | 11,990 |  | US$ | 12 |  |  | - |  | US$ | - |
| United States Department of The Treasury | Financial assets at amortized cost |  | - |  |  | - |  |  | - |  | US$ | 88,940 |  |  | - |  | US$ | 44,399 |  |  | - |  | US$ | - |  | US$ | - |  | US$ | - |  |  | - |  | US$ | 133,653 |
| Federal Home Loan Banks | 〃 |  | - |  |  | - |  |  | - |  | US$ | 225,000 |  |  | - |  | US$ | 30,000 |  |  | - |  | US$ | 255,000 |  | US$ | 255,000 |  | US$ | - |  |  | - |  | US$ | - |
| Federal Home Loan Mortgage Corporation | 〃 |  | - |  |  | - |  |  | - |  | US$ | 135,000 |  |  | - |  | US$ | 30,000 |  |  | - |  | US$ | 165,000 |  | US$ | 165,000 |  | US$ | - |  |  | - |  | US$ | - |
| Asset-backed securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| G23-182I | Financial assets at fair value through other comprehensive income |  | - |  |  | - |  |  | - |  | US$ | - |  |  | - |  | US$ | 10,151 |  |  | - |  | US$ | 3,734 |  | US$ | 3,735 |  | US$ | (1 | ) |  | - |  | US$ | 6,433 |
| JPMBB Commercial Mortgage Securities Trust 2014-C24 | 〃 |  | - |  |  | - |  |  | - |  | US$ | 9,818 |  |  | - |  | US$ | - |  |  | - |  | US$ | 10,000 |  | US$ | 10,016 |  | US$ | (16 | ) |  | - |  | US$ | - |
Emerging Fund | Publicly traded stocks |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Astera Labs, Inc. | Financial assets at fair value through other comprehensive income |  | - |  |  | - |  |  | 744 |  | US$ | 9,680 |  |  | - |  | US$ | - |  |  | 744 |  | US$ | 64,393 |  | US$ | 5,000 |  | US$ | 59,393 |  |  | - |  | US$ | - |
Growth Fund | Publicly traded stocks |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Astera Labs, Inc. | Financial assets at fair value through other comprehensive income |  | - |  |  | - |  |  | 319 |  | US$ | 4,146 |  |  | - |  | US$ | - |  |  | 319 |  | US$ | 23,243 |  | US$ | 250 |  | US$ | 22,993 |  |  | - |  | US$ | - |

Note: The ending balance includes the realized gain/loss on equity investment, the amortization of premium/discount on bonds investments and other related adjustment.
(Concluded)
- 86 -

TABLE 5
Taiwan Semiconductor Manufacturing Company Limited and Investees
ACQUISITION OF INDIVIDUAL REAL ESTATE PROPERTIES AT COSTS OF AT LEAST NT$300 MILLION OR 20% OF THE PAID-IN CAPITAL

FOR THE YEAR ENDED DECEMBER 31, 2024 (Amounts in Thousands of New Taiwan Dollars, Unless Specified Otherwise)

Company Name | Types of Property | Transaction Date | Transaction Amount (Foreign Currencies in Thousands) | Payment Term | Counterparty | Nature of Relationships | Prior Transaction of Related Counterparty | Price Reference | Purpose of Acquisition | Other Terms
Owner | Relationships | Transfer Date | Amount
TSMC | Real estate | February 06, 2024 (Note) | US$ 2,155,000 (Note) | Based on the terms in the purchase order | 96 counterparties (Note), including: | - | N/A | N/A | N/A | N/A | Price comparison and price negotiation | Manufacturing purpose | None
|  |  |  |  | ABB Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Accudevice Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Air Liquide Far Eastern Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Allis Electric Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Am-Power Machine International Enterprise Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Atlas Copco Taiwan Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Atlas Technology Corp. |  |  |  |  |  |  |  |
|  |  |  |  | Capital Machinery Limited |  |  |  |  |  |  |  |
|  |  |  |  | Chang Chun Petrochemical Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Chen Yuan International Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Chenfull International Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Cheng Deh Fire Protection Industrial Corp. |  |  |  |  |  |  |  |
|  |  |  |  | Chien Kuo Construction Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | China Steel Structure Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Chun Yuan Steel Industry Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Chung-Lin General Contractors, Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Cica-Huntek Chemical Technology Taiwan Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Confederate Technology Co., Ltd. |  |  |  |  |  |  |  |

(Continued)
- 87 -

Company Name | Types of Property | Transaction Date | Transaction Amount (Foreign Currencies in Thousands) | Payment Term | Counterparty | Nature of Relationships | Prior Transaction of Related Counterparty | Price Reference | Purpose of Acquisition | Other Terms
Owner | Relationships | Transfer Date | Amount
TSMC | Real estate |  |  |  | CTCI Smart Engineering Corporation |  |  |  |  |  |  |  |
|  |  |  |  | Da-Cin Construction Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Desiccant Technology Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Evergreen Steel Corporation |  |  |  |  |  |  |  |
|  |  |  |  | Exyte Taiwan Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Fortune Electric Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Fu Tsu Construction Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Gang-Wei Construction Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Hantech Engineering Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Hsieh Kun Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Hueng Luei Process Industry Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Ingersoll-Rand Southeast Asia (Pte) Ltd. Taiwan Branch (Singapore) |  |  |  |  |  |  |  |
|  |  |  |  | J.C. Yang Architect and Associates |  |  |  |  |  |  |  |
|  |  |  |  | JG Environmental Technology Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | JJmr-Clean-Air Solution Tech.Services Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Jusun Instruments Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Kaohsiung City Government |  |  |  |  |  |  |  |
|  |  |  |  | Kedge Construction Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Kinetics Technology Corporation |  |  |  |  |  |  |  |
|  |  |  |  | L&K Engineering Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Lead-Fu Industrials Corporation |  |  |  |  |  |  |  |
|  |  |  |  | Lee Ming Construction Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Li Jin Engineering Co., Ltd |  |  |  |  |  |  |  |
|  |  |  |  | Mandartech Interiors Inc. |  |  |  |  |  |  |  |
|  |  |  |  | Marketech Integrated Pte Ltd |  |  |  |  |  |  |  |
|  |  |  |  | Mega Union Technology Incorporated |  |  |  |  |  |  |  |
|  |  |  |  | Organo Technology Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Ovivo Taiwan Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Pan Asia (Engineers & Constructors) Corporation |  |  |  |  |  |  |  |

(Continued)
- 88 -

Company Name | Types of Property | Transaction Date | Transaction Amount (Foreign Currencies in Thousands) | Payment Term | Counterparty | Nature of Relationships | Prior Transaction of Related Counterparty | Price Reference | Purpose of Acquisition | Other Terms
Owner | Relationships | Transfer Date | Amount
TSMC | Real estate |  |  |  | Ruentex Engineering & Construction Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | San Fu Chemical Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Schneider Electric Taiwan Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Shihlin Electric & Engineering Corporation |  |  |  |  |  |  |  |
|  |  |  |  | Siemens Limited |  |  |  |  |  |  |  |
|  |  |  |  | Solomon Technology Corporation |  |  |  |  |  |  |  |
|  |  |  |  | Swift Engineering Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Taiwan Gleno Enterprise Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Taiwan Obayashi Corporation |  |  |  |  |  |  |  |
|  |  |  |  | Taiwan Puritic Corp. |  |  |  |  |  |  |  |
|  |  |  |  | TASA Construction Corporation |  |  |  |  |  |  |  |
|  |  |  |  | Techgo Industrial Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Transcene Corporation |  |  |  |  |  |  |  |
|  |  |  |  | Trusval Technology Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Tung Kang Steel Structure Corp. |  |  |  |  |  |  |  |
|  |  |  |  | Uangyih-Tech Industrial Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Unelectra International Corp. |  |  |  |  |  |  |  |
|  |  |  |  | United Integrated Services Co., Ltd |  |  |  |  |  |  |  |
|  |  |  |  | Versum Materials Taiwan Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Wei Shung Technology Corporation |  |  |  |  |  |  |  |
|  |  |  |  | Weltall Technology Corporation |  |  |  |  |  |  |  |
|  |  |  |  | Wholetech System Hitech Limited |  |  |  |  |  |  |  |
|  |  |  |  | Yangtech Engineering Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Yankey Engineering Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Ying Pao Technology Inc. |  |  |  |  |  |  |  |
|  |  |  |  | YUNG CHING CONSTRUCTION CO., LTD. |  |  |  |  |  |  |  |
|  |  |  |  | Zhao-Cheng Corp. |  |  |  |  |  |  |  |

(Continued)
- 89 -

Company Name | Types of Property | Transaction Date | Transaction Amount (Foreign Currencies in Thousands) | Payment Term | Counterparty | Nature of Relationships | Prior Transaction of Related Counterparty | Price Reference | Purpose of Acquisition | Other Terms
Owner | Relationships | Transfer Date | Amount
TSMC | Real estate | June 05, 2024 (Note) | US$ 11,014,000 (Note) | Based on the terms in the purchase order | 182 counterparties (Note), including: | - | N/A | N/A | N/A | N/A | Price comparison and price negotiation | Manufacturing purpose | None
|  |  |  |  | ABB Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Accudevice Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Air Liquide Far Eastern Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Allied Supreme Corp. |  |  |  |  |  |  |  |
|  |  |  |  | Allis Electric Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Am-Power Machine International Enterprise Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Apollo Sheet Metal, Inc. |  |  |  |  |  |  |  |
|  |  |  |  | Atlas Copco Taiwan Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Atlas Technology Corp. |  |  |  |  |  |  |  |
|  |  |  |  | Brycon Corporation |  |  |  |  |  |  |  |
|  |  |  |  | Capital Machinery Limited |  |  |  |  |  |  |  |
|  |  |  |  | Chang Chun Petrochemical Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Chen Yuan International Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Chenfull International Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Cheng Deh Fire Protection Industrial Corp. |  |  |  |  |  |  |  |
|  |  |  |  | Chien Kuo Construction Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | China Steel Structure Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Chun Yuan Steel Industry Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Chung-Lin General Contractors, Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Cica-Huntek Chemical Technology Taiwan Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Confederate Technology Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Corbins, LLC |  |  |  |  |  |  |  |
|  |  |  |  | CTCI Corporation |  |  |  |  |  |  |  |
|  |  |  |  | Currie and Brown Inc |  |  |  |  |  |  |  |
|  |  |  |  | Da-Cin Construction Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Desiccant Technology Co., Ltd. |  |  |  |  |  |  |  |

(Continued)
- 90 -

Company Name | Types of Property | Transaction Date | Transaction Amount (Foreign Currencies in Thousands) | Payment Term | Counterparty | Nature of Relationships | Prior Transaction of Related Counterparty | Price Reference | Purpose of Acquisition | Other Terms
Owner | Relationships | Transfer Date | Amount
TSMC | Real estate |  |  |  | EnerMech Mechanical Services, Inc. |  |  |  |  |  |  |  |
|  |  |  |  | Evergreen Steel Corporation |  |  |  |  |  |  |  |
|  |  |  |  | Exyte Taiwan Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Fortune Electric Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Fu Tsu Construction Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | GCON, Inc. |  |  |  |  |  |  |  |
|  |  |  |  | Gold Stone Development Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Hantech Engineering Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Hsieh Kun Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Hueng Luei Process Industry Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Ingersoll-Rand Southeast Asia (Pte) Ltd. Taiwan Branch (Singapore) |  |  |  |  |  |  |  |
|  |  |  |  | J.C. Yang Architect and Associates |  |  |  |  |  |  |  |
|  |  |  |  | Jack B. Henderson Construction Company, Inc. |  |  |  |  |  |  |  |
|  |  |  |  | Jaie Haour Industry Corporation |  |  |  |  |  |  |  |
|  |  |  |  | JG Environmental Technology Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | JJmr-Clean-Air Solution Tech.Services Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Job Brokers, Inc. |  |  |  |  |  |  |  |
|  |  |  |  | Johnson Controls, Inc. |  |  |  |  |  |  |  |
|  |  |  |  | Jusun Instruments Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Kedge Construction Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Kinetic Systems, Inc. |  |  |  |  |  |  |  |
|  |  |  |  | Kinetics Technology Corporation |  |  |  |  |  |  |  |
|  |  |  |  | L&K Engineering Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Lead-Fu Industrials Corporation |  |  |  |  |  |  |  |
|  |  |  |  | Lee Ming Construction Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Li Jin Engineering Co., Ltd |  |  |  |  |  |  |  |
|  |  |  |  | Lumax International Corp., Ltd |  |  |  |  |  |  |  |
|  |  |  |  | Mandartech Interiors Inc. |  |  |  |  |  |  |  |

(Continued)
- 91 -

Company Name | Types of Property | Transaction Date | Transaction Amount (Foreign Currencies in Thousands) | Payment Term | Counterparty | Nature of Relationships | Prior Transaction of Related Counterparty | Price Reference | Purpose of Acquisition | Other Terms
Owner | Relationships | Transfer Date | Amount
TSMC | Real estate |  |  |  | Marketech Integrated Pte Ltd |  |  |  |  |  |  |  |
|  |  |  |  | Mega Union Technology Incorporated |  |  |  |  |  |  |  |
|  |  |  |  | MornstAir Inc. |  |  |  |  |  |  |  |
|  |  |  |  | MSR-FSR, LLC |  |  |  |  |  |  |  |
|  |  |  |  | OBR Cooling Towers, Inc |  |  |  |  |  |  |  |
|  |  |  |  | Okland Construction Company, Inc. |  |  |  |  |  |  |  |
|  |  |  |  | Organo Technology Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Ovivo Taiwan Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Pan Asia (Engineers & Constructors) Corporation |  |  |  |  |  |  |  |
|  |  |  |  | Prime Controls LP |  |  |  |  |  |  |  |
|  |  |  |  | Propersys Corp |  |  |  |  |  |  |  |
|  |  |  |  | Rosendin Electric, Inc. |  |  |  |  |  |  |  |
|  |  |  |  | Ruentex Engineering & Construction Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | San Fu Chemical Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Schneider Electric Taiwan Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Shihlin Electric & Engineering Corporation |  |  |  |  |  |  |  |
|  |  |  |  | Siemens Limited |  |  |  |  |  |  |  |
|  |  |  |  | Solomon Technology Corporation |  |  |  |  |  |  |  |
|  |  |  |  | Southland Industries |  |  |  |  |  |  |  |
|  |  |  |  | SSOE Inc. |  |  |  |  |  |  |  |
|  |  |  |  | Swift Engineering Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | T C Boiler Inc |  |  |  |  |  |  |  |
|  |  |  |  | Taiwan Gleno Enterprise Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Taiwan Obayashi Corporation |  |  |  |  |  |  |  |
|  |  |  |  | Taiwan Puritic Corp. |  |  |  |  |  |  |  |
|  |  |  |  | Taiwan Valqua Engineering International, Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | TASA Construction Corporation |  |  |  |  |  |  |  |
|  |  |  |  | Techgo Industrial Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Trusval Technology Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | TUN YI Industrial Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Tung Kang Steel Structure Corp. |  |  |  |  |  |  |  |
|  |  |  |  | Uangyih-Tech Industrial Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Mandartech Interiors Inc. |  |  |  |  |  |  |  |

(Continued)
- 92 -

Company Name | Types of Property | Transaction Date | Transaction Amount (Foreign Currencies in Thousands) | Payment Term | Counterparty | Nature of Relationships | Prior Transaction of Related Counterparty | Price Reference | Purpose of Acquisition | Other Terms
Owner | Relationships | Transfer Date | Amount
TSMC | Real estate |  |  |  | Unelectra International Corp. |  |  |  |  |  |  |  |
|  |  |  |  | United Integrated Services Co., Ltd |  |  |  |  |  |  |  |
|  |  |  |  | Verde Clean, LLC |  |  |  |  |  |  |  |
|  |  |  |  | Versum Materials Taiwan Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Wei Shung Technology Corporation |  |  |  |  |  |  |  |
|  |  |  |  | Weltall Technology Corporation |  |  |  |  |  |  |  |
|  |  |  |  | Wholetech System Hitech Limited |  |  |  |  |  |  |  |
|  |  |  |  | World Wide Professional Solutions |  |  |  |  |  |  |  |
|  |  |  |  | Yangtech Engineering Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Yankey Engineering Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | YE SIANG Enterprise Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Ying Pao Technology Inc. |  |  |  |  |  |  |  |
|  |  |  |  | Yung Ching Construction Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Zhao-Cheng Corp. |  |  |  |  |  |  |  |
TSMC | Real estate | August 13, 2024 (Note) | US$ 8,320,000 (Note) | Based on the terms in the purchase order | 91 counterparties (Note), including: | - | N/A | N/A | N/A | N/A | Price comparison and price negotiation | Manufacturing purpose | None
|  |  |  |  | ABB Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Accudevice Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Air Liquide Far Eastern Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Allis Electric Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Am-Power Machine International Enterprise Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Atlas Copco Taiwan Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Atlas Technology Corp. |  |  |  |  |  |  |  |
|  |  |  |  | Capital Machinery Limited |  |  |  |  |  |  |  |
|  |  |  |  | Chang Chun Petrochemical Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Chen Yuan International Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Chenfull International Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Mandartech Interiors Inc. |  |  |  |  |  |  |  |

(Continued)
- 93 -

Company Name | Types of Property | Transaction Date | Transaction Amount (Foreign Currencies in Thousands) | Payment Term | Counterparty | Nature of Relationships | Prior Transaction of Related Counterparty | Price Reference | Purpose of Acquisition | Other Terms
Owner | Relationships | Transfer Date | Amount
TSMC | Real estate |  |  |  | Cheng Deh Fire Protection Industrial Corp. |  |  |  |  |  |  |  |
|  |  |  |  | Chern Shuo System Technology Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | China Steel Structure Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Chun Yuan Steel Industry Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Cica-Huntek Chemical Technology Taiwan Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Confederate Technology Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Da-Cin Construction Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Desiccant Technology Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Evergreen Steel Corporation |  |  |  |  |  |  |  |
|  |  |  |  | Exyte Taiwan Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Fortune Electric Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Fu Tsu Construction Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Gang-Wei Construction Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Hantech Engineering Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Hsieh Kun Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Hueng Luei Process Industry Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Ingersoll-Rand Southeast Asia (Pte) Ltd. Taiwan Branch (Singapore) |  |  |  |  |  |  |  |
|  |  |  |  | Jaie Haour Industry Corporation |  |  |  |  |  |  |  |
|  |  |  |  | JG Environmental Technology Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | JJmr-Clean-Air Solution Tech.Services Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | JJP Architects and Planners |  |  |  |  |  |  |  |
|  |  |  |  | Jusun Instruments Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Kedge Construction Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Kinetics Technology Corporation |  |  |  |  |  |  |  |
|  |  |  |  | L&K Engineering Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Lee Ming Construction Co., Ltd. |  |  |  |  |  |  |  |

(Continued)
- 94 -

Company Name | Types of Property | Transaction Date | Transaction Amount (Foreign Currencies in Thousands) | Payment Term | Counterparty | Nature of Relationships | Prior Transaction of Related Counterparty | Price Reference | Purpose of Acquisition | Other Terms
Owner | Relationships | Transfer Date | Amount
TSMC | Real estate |  |  |  | Mandartech Interiors Inc. |  |  |  |  |  |  |  |
|  |  |  |  | Marketech International Corp. |  |  |  |  |  |  |  |
|  |  |  |  | Mega Union Technology Incorporated |  |  |  |  |  |  |  |
|  |  |  |  | Organo Technology Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Ovivo Taiwan Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | REIJU Construction Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | San Fu Chemical Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Schneider Electric Taiwan Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Shihlin Electric & Engineering Corporation |  |  |  |  |  |  |  |
|  |  |  |  | Siemens Limited |  |  |  |  |  |  |  |
|  |  |  |  | Solomon Technology Corporation |  |  |  |  |  |  |  |
|  |  |  |  | Southern Taiwan Science Park Bureau, National Science and Technology Council |  |  |  |  |  |  |  |
|  |  |  |  | Swift Engineering Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Taiwan Gleno Enterprise Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | TAIWAN POWER COMPANY |  |  |  |  |  |  |  |
|  |  |  |  | Taiwan Puritic Corp. |  |  |  |  |  |  |  |
|  |  |  |  | TASA Construction Corporation |  |  |  |  |  |  |  |
|  |  |  |  | Techgo Industrial Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Tianding construction industry Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Trusval Technology Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Tung Kang Steel Structure Corp. |  |  |  |  |  |  |  |
|  |  |  |  | Uangyih-Tech Industrial Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Unelectra International Corp. |  |  |  |  |  |  |  |
|  |  |  |  | United Integrated Services Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Versum Materials Taiwan Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Wei Shung Technology Corporation |  |  |  |  |  |  |  |

(Continued)
- 95 -

Company Name | Types of Property | Transaction Date | Transaction Amount (Foreign Currencies in Thousands) | Payment Term | Counterparty | Nature of Relationships | Prior Transaction of Related Counterparty | Price Reference | Purpose of Acquisition | Other Terms
Owner | Relationships | Transfer Date | Amount
TSMC | Real estate |  |  |  | Weltall Technology Corporation |  |  |  |  |  |  |  |
|  |  |  |  | Wholetech System Hitech Limited |  |  |  |  |  |  |  |
|  |  |  |  | Yangtech Engineering Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Yankey Engineering Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Ying Pao Technology Inc. |  |  |  |  |  |  |  |
|  |  |  |  | Yuan Yi Construction Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Yuanshuo Archi & Construction COMPANY LIMITED |  |  |  |  |  |  |  |
|  |  |  |  | YUNG CHING CONSTRUCTION CO., LTD. |  |  |  |  |  |  |  |
|  |  |  |  | Zhao-Cheng Corp. |  |  |  |  |  |  |  |
| Real estate | November 12, 2024 (Note) | US$ 11,215,000 (Note) | Based on the terms in the purchase order | 113 counterparties (Note), including: | - | N/A | N/A | N/A | N/A | Price comparison and price negotiation | Manufacturing purpose | None
|  |  |  |  | ABB K.K |  |  |  |  |  |  |  |
|  |  |  |  | Addtron Technology (Japan) Inc. |  |  |  |  |  |  |  |
|  |  |  |  | Bilfinger Water Technologies GmbH |  |  |  |  |  |  |  |
|  |  |  |  | Central Taiwan Science Park Bureau, National Science and Technology Council |  |  |  |  |  |  |  |
|  |  |  |  | Chen Yuan International Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Drees & Sommer SE |  |  |  |  |  |  |  |
|  |  |  |  | Exyte Central Europe Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Hager+Elsässer GmbH |  |  |  |  |  |  |  |
|  |  |  |  | IAQ technology |  |  |  |  |  |  |  |
|  |  |  |  | Intega GmbH |  |  |  |  |  |  |  |
|  |  |  |  | JAPAN MATERIAL Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | JG Environmental Technology Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Kajima Corporation |  |  |  |  |  |  |  |
|  |  |  |  | Kanto Chemical Engineering Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Kaohsiung City Government |  |  |  |  |  |  |  |

(Continued)
- 96 -

Company Name | Types of Property | Transaction Date | Transaction Amount (Foreign Currencies in Thousands) | Payment Term | Counterparty | Nature of Relationships | Prior Transaction of Related Counterparty | Price Reference | Purpose of Acquisition | Other Terms
Owner | Relationships | Transfer Date | Amount
TSMC | Real estate |  |  |  | KENDAI Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Kinetics Germany GmbH |  |  |  |  |  |  |  |
|  |  |  |  | Kurita Water Industries Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Lumax International Corp., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Marketech International Corporation |  |  |  |  |  |  |  |
|  |  |  |  | ORGANO CORPORATION |  |  |  |  |  |  |  |
|  |  |  |  | Shimizu Corporation |  |  |  |  |  |  |  |
|  |  |  |  | Southern Taiwan Science Park Bureau, Ministry of Science and Technology |  |  |  |  |  |  |  |
|  |  |  |  | Taikisha Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Taiwan Puritic Corp. |  |  |  |  |  |  |  |
|  |  |  |  | Taiwan Valqua Engineering International, Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Taiyo Nippon Sanso Corporation |  |  |  |  |  |  |  |
|  |  |  |  | Takenaka Corporation |  |  |  |  |  |  |  |
|  |  |  |  | TOPLINE SYSTEM ENGINEERING CO., LTD. |  |  |  |  |  |  |  |
|  |  |  |  | Toray Engineering West Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Tosei Technology Japan Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | Uangyih-Tech Industrial Co., Ltd. |  |  |  |  |  |  |  |
|  |  |  |  | United Integrated Services Co., Ltd. |  |  |  |  |  |  |  |

Note: The disclosures are expected information based on the capital appropriation approved by the Board of Directors (Right-of-use assets are included). The actual information shall be subject to the final purchase order of TSMC.
(Concluded)
- 97 -

TABLE 6
Taiwan Semiconductor Manufacturing Company Limited and Investees
TOTAL PURCHASES FROM OR SALES TO RELATED PARTIES OF AT LEAST NT$100 MILLION OR 20% OF THE PAID-IN CAPITAL
FOR THE YEAR ENDED DECEMBER 31, 2024

(Amounts in Thousands of New Taiwan Dollars, Unless Specified Otherwise)

Company Name | Related Party | Nature of Relationships | Transaction Details | Abnormal Transaction | Notes/Accounts Payable or Receivable | Note
Purchases/ Sales | Amount (Foreign Currencies in Thousands) | % to Total | Payment Terms | Unit Price | Payment Terms | Ending Balance (Foreign Currencies in Thousands) | % to Total
TSMC | TSMC North America | Subsidiary | Sales | $ | 2,057,313,208 |  |  | 71 |  | Net 30 days from invoice date (Note) |  | - |  |  | - |  | $ | 209,056,572 |  |  | 84 |  |
| TSMC Arizona | Subsidiary | Sales |  | 1,133,926 |  |  | - |  | Net 30 days from the end of the month of when invoice is issued |  | - |  |  | - |  |  | 102,021 |  |  | - |  |
| JASM | Subsidiary | Sales |  | 383,136 |  |  | - |  | Net 30 days from the end of the month of when invoice is issued |  | - |  |  | - |  |  | 12,851 |  |  | - |  |
| TSMC Nanjing | Subsidiary | Sales |  | 104,279 |  |  | - |  | Net 30 days from the end of the month of when invoice is issued |  | - |  |  | - |  |  | 5,136 |  |  | - |  |
| GUC | Associate | Sales |  | 6,803,593 |  |  | - |  | Net 30 days from invoice date |  | - |  |  | - |  |  | 430,761 |  |  | - |  |
| VIS | Associate | Sales |  | 275,630 |  |  | - |  | Net 30 days from the end of the month of when invoice is issued |  | - |  |  | - |  |  | 117,282 |  |  | - |  |
| TSMC Nanjing | Subsidiary | Purchases |  | 71,242,715 |  |  | 37 |  | Net 30 days from the end of the month of when invoice is issued |  | - |  |  | - |  |  | (4,473,370 | ) |  | 4 |  |
| TSMC China | Subsidiary | Purchases |  | 26,598,235 |  |  | 14 |  | Net 30 days from the end of the month of when invoice is issued |  | - |  |  | - |  |  | (1,848,450 | ) |  | 2 |  |
| TSMC Arizona | Subsidiary | Purchases |  | 789,759 |  |  | - |  | Net 30 days from the end of the month of when invoice is issued |  | - |  |  | - |  |  | (630,869 | ) |  | 1 |  |
| TSMC Washington | Indirect subsidiary | Purchases |  | 5,984,353 |  |  | 3 |  | Net 30 days from the end of the month of when invoice is issued |  | - |  |  | - |  |  | (529,200 | ) |  | - |  |
| SSMC | Associate | Purchases |  | 3,861,026 |  |  | 2 |  | Net 30 days from the end of the month of when invoice is issued |  | - |  |  | - |  |  | (308,424 | ) |  | - |  |
| VIS | Associate | Purchases |  | 758,595 |  |  | - |  | Net 30 days from the end of the month of when invoice is issued |  | - |  |  | - |  |  | (110,224 | ) |  | - |  |
TSMC North America | GUC | Associate of TSMC | Sales | (US$ | 7,285,137 227,111 | ) |  | - |  | Net 30 days from invoice date |  | - |  |  | - |  | (US$ | 179,266 5,471 | ) |  | - |  |
VisEra Tech | Xintec | Associate of TSMC | Sales |  | 668,021 |  |  | 7 |  | Net 60 days from the end of the month of when invoice is issued |  | - |  |  | - |  |  | 104,765 |  |  | 9 |  |

Note: The tenor is determined by the payment terms granted to its clients by TSMC North America.
- 98 -

TABLE 7
Taiwan Semiconductor Manufacturing Company Limited and Investees
RECEIVABLES FROM RELATED PARTIES AMOUNTING TO AT LEAST NT$100 MILLION OR 20% OF THE PAID-IN CAPITAL
DECEMBER 31, 2024

(Amounts in Thousands of New Taiwan Dollars, Unless Specified Otherwise)

Company Name | Related Party | Nature of Relationships | Ending Balance (Foreign Currencies in Thousands) | Turnover Days (Note 1) | Overdue | Amounts Received in Subsequent Period | Allowance for Bad Debts
Amount | Action Taken
TSMC | TSMC North America | Subsidiary | $ | 214,106,805 |  |  | 32 |  | $ | - |  |  | - |  | $ | - |  | $ | - |
| TSMC Arizona | Subsidiary |  | 256,605 |  |  | 33 |  |  | - |  |  | - |  |  | - |  |  | - |
| VIS | Associate |  | 626,638 |  |  | Note 3 |  |  | - |  |  | - |  |  | - |  |  | - |
| GUC | Associate |  | 430,761 |  |  | 24 |  |  | - |  |  | - |  |  | - |  |  | - |
TSMC North America | GUC | Associate of TSMC | (USD | 179,266 5,471 | ) |  | 6 |  |  | - |  |  | - |  |  | - |  |  | - |
TSMC JDC | TSMC | Parent company | (JPY | 144,709 691,723 | ) |  | Note 2 |  |  | - |  |  | - |  |  | - |  |  | - |
TSMC China | TSMC | Parent company | (RMB | 1,848,450 411,693 | ) |  | 28 |  |  | - |  |  | - |  |  | - |  |  | - |
| TSMC Nanjing | The same parent company | (RMB | 27,086,790 6,032,827 | ) |  | Note 2 |  |  | - |  |  | - |  |  | - |  |  | - |
TSMC Nanjing | TSMC | Parent company | (RMB | 4,473,370 996,324 | ) |  | 25 |  |  | - |  |  | - |  |  | - |  |  | - |
VisEra Tech | Xintec | Associate of TSMC |  | 104,765 |  |  | 59 |  |  | - |  |  | - |  |  | - |  |  | - |
TSMC Arizona | TSMC | Parent company | (USD | 44,867,669 1,369,253 | ) |  | Note 2 |  |  | - |  |  | - |  |  | - |  |  | - |
TSMC Technology | TSMC | The ultimate parent of the Company | (USD | 743,091 22,677 | ) |  | Note 2 |  |  | - |  |  | - |  |  | - |  |  | - |
TSMC Development | TSMC Washington | Subsidiary | (USD | 983,040 30,000 | ) |  | Note 2 |  |  | - |  |  | - |  |  | - |  |  | - |
TSMC Washington | TSMC | The ultimate parent of the Company | (USD | 529,200 16,150 | ) |  | 22 |  |  | - |  |  | - |  |  | - |  |  | - |

Note 1: The calculation of turnover days excludes other receivables from related parties.
Note 2: The ending balance is primarily consisted of other receivables, which is not applicable for the calculation of turnover days.
Note 3: The ending balance is primarily consisted of royalty receivables, collected in accordance with contractual terms, which is not applicable for the calculation of turnover days.
- 99 -

TABLE 8
Taiwan Semiconductor Manufacturing Company Limited and Investees
NAMES, LOCATIONS, AND RELATED INFORMATION OF INVESTEES OVER WHICH THE COMPANY EXERCISES SIGNIFICANT INFLUENCE (EXCLUDING INFORMATION ON INVESTMENT IN MAINLAND CHINA)
FOR THE YEAR ENDED DECEMBER 31, 2024

(Amounts in Thousands of New Taiwan Dollars, Unless Specified Otherwise)

Investor Company | Investee Company | Location | Main Businesses and Products | Original Investment Amount | Balance as of December 31, 2024 | Net Income (Losses) of the Investee (Foreign Currencies in Thousands) | Share of Profits/Losses of Investee (Note 1) (Foreign Currencies in Thousands) | Note
December 31, 2024 (Foreign Currencies in Thousands) | December 31, 2023 (Foreign Currencies in Thousands) | Shares (In Thousands) | Percentage of Ownership | Carrying Value (Foreign Currencies in Thousands)
TSMC | TSMC Global | Tortola, British Virgin Islands | Investment activities | $ | 616,839,509 |  | $ | 355,162,309 |  |  | 19 |  |  | 100 |  | $ | 772,437,954 |  | $ | 37,342,396 |  | $ | 37,342,396 |  | Subsidiary
| TSMC Arizona | Phoenix, Arizona, U.S.A. | Manufacturing, sales and testing of integrated circuits and other semiconductor devices |  | 565,786,810 |  |  | 329,665,310 |  |  | 17,850 |  |  | 100 |  |  | 544,359,678 |  |  | (14,298,315 | ) |  | (14,298,315 | ) | Subsidiary
| TSMC Partners | Tortola, British Virgin Islands | Investing in companies involved in the semiconductor design and manufacturing, and other investment activities |  | 31,456,130 |  |  | 31,456,130 |  |  | 988,268 |  |  | 100 |  |  | 76,694,630 |  |  | 1,723,648 |  |  | 1,723,648 |  | Subsidiary
| JASM | Kumamoto, Japan | Manufacturing, sales, and testing of integrated circuits and other semiconductor devices |  | 68,384,148 |  |  | 52,630,042 |  |  | 3,011 |  |  | 73 |  |  | 57,173,512 |  |  | (4,375,561 | ) |  | (3,139,299 | ) | Subsidiary
| VIS | Hsinchu, Taiwan | Manufacturing, sales, packaging, testing and computer-aided design of integrated circuits and other semiconductor devices and the manufacturing and design service of masks |  | 13,919,430 |  |  | 10,180,677 |  |  | 506,709 |  |  | 28 |  |  | 18,300,373 |  |  | 7,046,424 |  |  | 1,981,445 |  | Associate
| ESMC | Dresden, Germany | Manufacturing, sales and testing of integrated circuits and other semiconductor devices |  | 18,112,326 |  |  | 4,814,293 |  |  | 735 |  |  | 70 |  |  | 17,510,070 |  |  | (556,876 | ) |  | (389,813 | ) | Subsidiary
| VisEra Tech | Hsinchu, Taiwan | Research, design, development, manufacturing, sales, packaging and test of color filter |  | 4,224,082 |  |  | 4,224,082 |  |  | 213,619 |  |  | 67 |  |  | 12,204,760 |  |  | 1,738,905 |  |  | 1,171,464 |  | Subsidiary
| SSMC | Singapore | Manufacturing and sales of integrated circuits and other semiconductor devices |  | 5,120,028 |  |  | 5,120,028 |  |  | 314 |  |  | 39 |  |  | 11,387,185 |  |  | 2,606,393 |  |  | 1,011,020 |  | Associate
| TSMC North America | San Jose, California, U.S.A | Sales and marketing of integrated circuits and other semiconductor devices |  | 333,718 |  |  | 333,718 |  |  | 11,000 |  |  | 100 |  |  | 7,856,923 |  |  | 1,141,666 |  |  | 1,141,666 |  | Subsidiary
| Xintec | Taoyuan, Taiwan | Wafer level chip size packaging and wafer level post passivation interconnection service |  | 1,988,317 |  |  | 1,988,317 |  |  | 111,282 |  |  | 41 |  |  | 4,220,609 |  |  | 1,669,720 |  |  | 684,743 |  | Associate
| GUC | Hsinchu, Taiwan | Researching, developing, manufacturing, testing and marketing of integrated circuits |  | 386,568 |  |  | 386,568 |  |  | 46,688 |  |  | 35 |  |  | 3,512,938 |  |  | 3,450,587 |  |  | 1,202,159 |  | Associate
| Emerging Fund | Cayman Islands | Investing in technology start-up companies |  | 2,688,915 |  |  | 1,666,585 |  |  | - |  |  | 99.9 |  |  | 3,214,022 |  |  | (17,367 | ) |  | (17,349 | ) | Subsidiary
| TSMC 3DIC | Yokohama, Japan | Engineering support activities |  | 1,144,356 |  |  | 1,144,356 |  |  | 49 |  |  | 100 |  |  | 1,343,370 |  |  | 177,952 |  |  | 177,952 |  | Subsidiary
| TSMC Europe | Amsterdam, the Netherlands | Customer service and supporting activities |  | 15,749 |  |  | 15,749 |  |  | - |  |  | 100 |  |  | 631,939 |  |  | 41,506 |  |  | 41,506 |  | Subsidiary
| TSMC JDC | Yokohama, Japan | Engineering support activities |  | 410,680 |  |  | 410,680 |  |  | 15 |  |  | 100 |  |  | 418,383 |  |  | 42,836 |  |  | 42,836 |  | Subsidiary
| TSMC Japan | Yokohama, Japan | Customer service and supporting activities |  | 83,760 |  |  | 83,760 |  |  | 6 |  |  | 100 |  |  | 129,226 |  |  | 4,694 |  |  | 4,694 |  | Subsidiary
| TSMC Korea | Seoul, Korea | Customer service and supporting activities |  | 13,656 |  |  | 13,656 |  |  | 80 |  |  | 100 |  |  | 43,764 |  |  | 1,913 |  |  | 1,913 |  | Subsidiary
| VTAF III | Cayman Islands | Investing in technology start-up companies |  | 561,975 |  |  | 1,242,679 |  |  | - |  |  | 98 |  |  | 23,334 |  |  | 1,062 |  |  | 1,041 |  | Subsidiary
| VTAF II | Cayman Islands | Investing in technology start-up companies |  | 158,394 |  |  | 260,300 |  |  | - |  |  | 98 |  |  | 6,246 |  |  | (3,177 | ) |  | (3,113 | ) | Subsidiary
TSMC Partners | TSMC Development | Delaware, U.S.A | Investing in companies involved in semiconductor manufacturing | $ (US$ | 19,232,811 586,939 | $ ) | $ (US$ | 19,232,811 586,939 | $ ) |  | - |  |  | 100 |  | $ (US$ | 39,971,252 1,219,826 | $ ) | $ (US$ | (346,954 (10,922 | ) )) |  | Note 2 |  | Subsidiary
| TSMC Technology | Delaware, U.S.A | Engineering support activities | $ (US$ | 467,993 14,282 | $ ) | $ (US$ | 467,993 14,282 | $ ) |  | - |  |  | 100 |  | $ (US$ | 1,559,346 47,587 | $ ) | $ (US$ | 351,561 10,949 | $ ) |  | Note 2 |  | Subsidiary
| TSMC Canada | Ontario, Canada | Engineering support activities | $ (US$ | 75,366 2,300 | $ ) | $ (US$ | 75,366 2,300 | $ ) |  | 2,300 |  |  | 100 |  | $ (US$ | 424,072 12,942 | $ ) | $ (US$ | 52,594 1,643 | $ ) |  | Note 2 |  | Subsidiary
VTAF III | Growth Fund | Cayman Islands | Investing in technology start-up companies | $ (US$ | 40,498 1,236 | $ ) | $ (US$ | 75,217 2,295 | $ ) |  | - |  |  | 100 |  |  | - |  | $ (US$ | 4,254 132 | $ ) |  | Note 2 |  | Subsidiary
TSMC Development | TSMC Washington | Washington, U.S.A | Manufacturing, sales and testing of integrated circuits and other semiconductor devices |  | - |  |  | - |  |  | 293,637 |  |  | 100 |  | $ (US$ | 5,186,093 158,267 | $ ) | $ (US$ | (1,001,385 (31,319 | ) )) |  | Note 2 |  | Subsidiary

Note 1: The share of profits/losses of investee includes the effect of unrealized gross profit on intercompany transactions.
Note 2: The share of profits/losses of the investee company is not reflected herein as such amount is already included in the share of profits/losses of the investor company.
- 100 -

TABLE 9
Taiwan Semiconductor Manufacturing Company Limited and Investees
INFORMATION ON INVESTMENT IN MAINLAND CHINA
FOR THE YEAR ENDED DECEMBER 31, 2024

(Amounts in Thousands of New Taiwan Dollars, Unless Specified Otherwise)

Investee Company | Main Businesses and Products | Total Amount of Paid-in Capital (RMB in Thousands) | Method of Investment | Accumulated Outflow of Investment from Taiwan as of January 1, 2024 (US$ in Thousands) | Investment Flows | Accumulated Outflow of Investment from Taiwan as of December 31, 2024 (US$ in Thousands) | Net Income (Losses) of the Investee Company | Percentage of Ownership | Share of Profits/Losses | Carrying Amount as of Balance as of December 31, 2024 | Accumulated Inward Remittance of Earnings as of December 31, 2024
Outflow (US$ in Thousands) | Inflow
TSMC China | Manufacturing, sales, testing and computer-aided design of integrated circuits and other semiconductor devices | $ (RMB | 18,939,667 4,502,080 | ) | (Note 1) | $ (US$ | 18,939,667 596,000 | ) | $ | - |  | $ | - |  | $ (US$ | 18,939,667 596,000 | ) | $ | 11,273,152 |  |  | 100% |  | $ | 11,359,207 (Note 2 | ) | $ | 110,272,686 |  | $ | - |
TSMC Nanjing | Manufacturing, sales, testing and computer-aided design of integrated circuits and other semiconductor devices | (RMB | 30,521,412 6,650,119 | ) | (Note 1) | (US$ | 30,521,412 1,000,000 | ) |  | - |  |  | - |  | (US$ | 30,521,412 1,000,000 | ) |  | 25,954,842 |  |  | 100% |  |  | 25,960,901 (Note 2 | ) |  | 116,846,280 |  |  | - |

Accumulated Investment in Mainland China as of December 31, 2024 (US$ in Thousands) | Investment Amounts Authorized by Investment Commission, MOEA (US$ in Thousands) | Upper Limit on Investment
$ 49,461,079 (US$ 1,596,000) | $ 119,412,667 (US$ 3,596,000) | $ 2,594,145,519 (Note 3)

Note 1: TSMC directly invested US$596,000 thousand in TSMC China and US$1,000,000 thousands in TSMC Nanjing.
Note 2: Amount was recognized based on the audited financial statements.
Note 3: The upper limit on investment in mainland China is determined by sixty percent (60%) of the Company's consolidated net worth.
- 101 -

TABLE 10
Taiwan Semiconductor Manufacturing Company Limited
INFORMATION ON MAJOR SHAREHOLDERS

DECEMBER 31, 2024

Shareholders (Note 1) | Shares
Total Shares Owned | Ownership Percentage (Note 2)
ADR-Taiwan Semiconductor Manufacturing Company Ltd. |  | 5,313,843,923 |  |  | 20.49% |
National Development Fund, Executive Yuan |  | 1,653,709,980 |  |  | 6.38% |

Note 1: Major shareholders shows the list of all shareholders with ownership of 5 percent or greater.
Note 2: The calculation of ownership percentage is rounded to two decimal places.
- 102 -

THE CONTENTS OF STATEMENTS OF MAJOR
ACCOUNTING ITEMS

ITEM |  | STATEMENT INDEX
MAJOR ACCOUNTING ITEMS IN ASSETS, LIABILITIES AND EQUITY |  |
STATEMENT OF CASH AND CASH EQUIVALENTS |  |  | 1 |
STATEMENT OF NOTES AND ACCOUNTS RECEIVABLE, NET |  |  | 2 |
STATEMENT OF RECEIVABLES FROM RELATED PARTIES |  |  | 3 |
STATEMENT OF INVENTORIES |  |  | 4 |
STATEMENT OF CHANGES IN INVESTMENTS ACCOUNTED FOR USING EQUITY METHOD |  |  | 5 |
STATEMENT OF CHANGES IN PROPERTY, PLANT AND EQUIPMENT |  |  | Note 13 |
STATEMENT OF CHANGES IN ACCUMULATED DEPRECIATION AND ACCUMULATED IMPAIRMENT OF PROPERTY, PLANT AND EQUIPMENT |  |  | Note 13 |
STATEMENT OF CHANGES IN RIGHT-OF-USE ASSETS |  |  | 6 |
STATEMENT OF CHANGES IN INTANGIBLE ASSETS |  |  | Note 15 |
STATEMENT OF DEFERRED INCOME TAX ASSETS / LIABILITIES |  |  | Note 23 |
STATEMENT OF ACCOUNTS PAYABLES |  |  | 7 |
STATEMENT OF PAYABLES TO RELATED PARTIES |  |  | 8 |
STATEMENT OF PAYABLES TO CONTRACTORS AND EQUIPMENT SUPPLIERS |  |  | 9 |
STATEMENT OF ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES |  |  | 10 |
STATEMENT OF BONDS PAYABLE |  |  | 11 |
STATEMENT OF LEASE LIABILITIES |  |  | 12 |
MAJOR ACCOUNTING ITEMS IN PROFIT OR LOSS |  |  |  |
STATEMENT OF NET REVENUE |  |  | 13 |
STATEMENT OF COST OF REVENUE |  |  | 14 |
STATEMENT OF OPERATING EXPENSES |  |  | 15 |
STATEMENT OF FINANCE COSTS |  |  | Note 21 |
STATEMENT OF LABOR, DEPRECIATION AND AMORTIZATION BY FUNCTION |  |  | 16 |

- 103 -

STATEMENT 1
Taiwan Semiconductor Manufacturing Company Limited
STATEMENT OF CASH AND CASH EQUIVALENTS
DECEMBER 31, 2024

(In Thousands of New Taiwan Dollars, Unless Specified Otherwise)

Item |  | Description |  | Amount
Cash |  |  |  |
Petty cash |  |  |  | $ | 450 |
Cash in banks |  |  |  |  |  |
Checking accounts and demand deposits |  |  |  |  | 1,218,406 |
Foreign currency deposits |  | Including US$1,687,954 thousand @32.768, JPY65,913,663 thousand @0.2092 and EUR3,141 thousand @34.102 |  |  | 69,207,133 |
Time deposits |  | From 2024.07.22 to 2025.09.30, interest rates at 0.30%-5.19%, including NT$664,681,500 thousand, US$8,133,745 thousand @32.768, JPY50,000,000 thousand @0.2092 and EUR580,296 thousand @34.102 |  |  | 961,457,313 |
Cash equivalents |  |  |  |  |  |
Commercial papers |  | Expired by 2025.01.15, interest rates at 1.74% |  |  | 1,998,549 |
Repurchase agreements |  | Expired by 2025.01.23, interest rates at 4.87% |  |  | 1,179,648 |
Total |  |  |  | $ | 1,035,061,499 |

- 104 -

STATEMENT 2
Taiwan Semiconductor Manufacturing Company Limited
STATEMENT OF NOTES AND ACCOUNTS RECEIVABLE, NET
DECEMBER 31, 2024

(In Thousands of New Taiwan Dollars)

Client Name |  | Amount
Client A |  | $ | 14,659,725 |
Client B |  |  | 6,227,907 |
Client C |  |  | 2,969,696 |
Client D |  |  | 2,898,848 |
Others (Note) |  |  | 13,192,740 |
|  |  | 39,948,916 |
Less: Allowance for doubtful accounts |  |  | (451,913 | )
Total |  | $ | 39,497,003 |

Note: The amount of individual client included in others does not exceed 5% of the account balance.
- 105 -

STATEMENT 3
Taiwan Semiconductor Manufacturing Company Limited
STATEMENT OF RECEIVABLES FROM RELATED PARTIES
DECEMBER 31, 2024

(In Thousands of New Taiwan Dollars)

Client Name |  | Amount
TSMC North America |  | $ | 209,056,572 |
Others (Note) |  |  | 1,243,603 |
Total |  | $ | 210,300,175 |

Note: The amount of individual client included in others does not exceed 5% of the account balance.
- 106 -

STATEMENT 4
Taiwan Semiconductor Manufacturing Company Limited
STATEMENT OF INVENTORIES
DECEMBER 31, 2024

(In Thousands of New Taiwan Dollars)

|  | Amount
Item |  | Cost |  | Net Realizable Value
Finished goods |  | $ | 33,980,459 |  |  | $ | 114,855,433 |
Work in process |  |  | 178,296,363 |  |  |  | 856,910,265 |
Raw materials |  |  | 44,017,395 |  |  |  | 44,017,395 |
Supplies and spare parts |  |  | 14,422,255 |  |  |  | 14,422,255 |
Total |  | $ | 270,716,472 |  |  | $ | 1,030,205,348 |

- 107 -

STATEMENT 5
Taiwan Semiconductor Manufacturing Company Limited
STATEMENT OF CHANGES IN INVESTMENTS ACCOUNTED FOR USING EQUITY METHOD
FOR THE YEAR ENDED DECEMBER 31, 2024

(In Thousands of New Taiwan Dollars, Unless Specified Otherwise)

|  |  |  |  |  |  |  |  |  |  |  |  |  | Increase |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  | (Decrease) |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  | in Using the |  |  |  |  |  |  |  | Market Value or |  |
|  | Balance, January 1, 2024 |  | Additions in Investment |  | Decrease in Investment |  | Equity Method |  | Balance, December 31, 2024 |  | Net Assets Value |  |
|  | Shares |  |  |  | Shares |  |  |  | Shares |  |  |  | Amount |  | Shares |  |  |  |  |  | Unit Price |  |  |  |
Investees |  | (In Thousands) |  | Amount |  | (In Thousands) |  | Amount |  | (In Thousands) |  | Amount |  | (Note 2) |  | (In Thousands) |  | % |  | Amount |  | (NT$) |  | Total Amount |  | Collateral
Stocks |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
TSMC Global |  |  | 11 |  |  | $ | 441,225,883 |  |  |  | 8 |  |  | $ | 261,677,200 |  |  |  | - |  |  | $ | - |  |  | $ | 69,534,871 |  |  |  | 19 |  |  |  | 100 |  |  | $ | 772,437,954 |  |  | $ | - |  |  | $ | 772,437,954 |  |  |  | Nil |
TSMC Arizona |  |  | 10,500 |  |  |  | 298,604,975 |  |  |  | 7,350 |  |  |  | 236,121,500 |  |  |  | - |  |  |  | - |  |  |  | 9,633,203 |  |  |  | 17,850 |  |  |  | 100 |  |  |  | 544,359,678 |  |  |  | - |  |  |  | 544,502,104 |  |  |  | Nil |
TSMC Partners |  |  | 988,268 |  |  |  | 68,143,719 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 8,550,911 |  |  |  | 988,268 |  |  |  | 100 |  |  |  | 76,694,630 |  |  |  | - |  |  |  | 76,837,329 |  |  |  | Nil |
JASM |  |  | 2,269 |  |  |  | 47,087,140 |  |  |  | 742 |  |  |  | 15,754,106 |  |  |  | - |  |  |  | - |  |  |  | (5,667,734 | ) |  |  | 3,011 |  |  |  | 73 |  |  |  | 57,173,512 |  |  |  | - |  |  |  | 57,404,245 |  |  |  | Nil |
VIS |  |  | 464,223 |  |  |  | 13,590,430 |  |  |  | 42,486 |  |  |  | 3,738,753 |  |  |  | - |  |  |  | - |  |  |  | 971,190 |  |  |  | 506,709 |  |  |  | 28 |  |  |  | 18,300,373 |  |  |  | 100 (Note 1 | ) |  |  | 50,620,261 |  |  |  | Nil |
ESMC |  |  | 100 |  |  |  | 4,768,013 |  |  |  | 665 |  |  |  | 13,299,041 |  |  |  | (30 | ) |  |  | 4,263 |  |  |  | (561,247 | ) |  |  | 735 |  |  |  | 70 |  |  |  | 17,510,070 |  |  |  | - |  |  |  | 17,510,070 |  |  |  | Nil |
VisEra Tech |  |  | 213,619 |  |  |  | 11,261,961 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 942,799 |  |  |  | 213,619 |  |  |  | 67 |  |  |  | 12,204,760 |  |  |  | 308 (Note 1 | ) |  |  | 65,687,843 |  |  |  | Nil |
SSMC |  |  | 314 |  |  |  | 9,728,801 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,658,384 |  |  |  | 314 |  |  |  | 39 |  |  |  | 11,387,185 |  |  |  | - |  |  |  | 11,173,202 |  |  |  | Nil |
TSMC North America |  |  | 11,000 |  |  |  | 6,278,751 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,578,172 |  |  |  | 11,000 |  |  |  | 100 |  |  |  | 7,856,923 |  |  |  | - |  |  |  | 7,856,923 |  |  |  | Nil |
Xintec |  |  | 111,282 |  |  |  | 3,759,701 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 460,908 |  |  |  | 111,282 |  |  |  | 41 |  |  |  | 4,220,609 |  |  |  | 198 (Note 1 | ) |  |  | 22,033,821 |  |  |  | Nil |
GUC |  |  | 46,688 |  |  |  | 2,537,706 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 975,232 |  |  |  | 46,688 |  |  |  | 35 |  |  |  | 3,512,938 |  |  |  | 1,360 (Note 1 | ) |  |  | 63,495,488 |  |  |  | Nil |
TSMC 3DIC |  |  | 49 |  |  |  | 1,224,449 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 118,921 |  |  |  | 49 |  |  |  | 100 |  |  |  | 1,343,370 |  |  |  | - |  |  |  | 1,343,370 |  |  |  | Nil |
TSMC Europe |  |  | - |  |  |  | 592,499 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 39,440 |  |  |  | - |  |  |  | 100 |  |  |  | 631,939 |  |  |  | - |  |  |  | 631,939 |  |  |  | Nil |
TSMC JDC |  |  | 15 |  |  |  | 394,191 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 24,192 |  |  |  | 15 |  |  |  | 100 |  |  |  | 418,383 |  |  |  | - |  |  |  | 418,383 |  |  |  | Nil |
TSMC Japan |  |  | 6 |  |  |  | 130,403 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (1,177 | ) |  |  | 6 |  |  |  | 100 |  |  |  | 129,226 |  |  |  | - |  |  |  | 129,226 |  |  |  | Nil |
TSMC Korea |  |  | 80 |  |  |  | 44,599 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (835 | ) |  |  | 80 |  |  |  | 100 |  |  |  | 43,764 |  |  |  | - |  |  |  | 43,764 |  |  |  | Nil |
Subtotal |  |  |  |  |  |  | 909,373,221 |  |  |  |  |  |  |  | 530,590,600 |  |  |  |  |  |  |  | 4,263 |  |  |  | 88,257,230 |  |  |  |  |  |  |  |  |  |  |  | 1,528,225,314 |  |  |  |  |  |  |  | 1,692,125,922 |  |  |  |  |
Capital |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
TSMC Nanjing |  |  | - |  |  |  | 87,625,830 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 29,220,450 |  |  |  | - |  |  |  | 100 |  |  |  | 116,846,280 |  |  |  | - |  |  |  | 116,965,579 |  |  |  | Nil |
TSMC China |  |  | - |  |  |  | 95,419,097 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 14,853,589 |  |  |  | - |  |  |  | 100 |  |  |  | 110,272,686 |  |  |  | - |  |  |  | 110,511,313 |  |  |  | Nil |
Emerging Fund |  |  | - |  |  |  | 1,901,742 |  |  |  | - |  |  |  | 1,185,722 |  |  |  | - |  |  |  | (163,392 | ) |  |  | 289,950 |  |  |  | - |  |  |  | 99.9 |  |  |  | 3,214,022 |  |  |  | - |  |  |  | 3,214,022 |  |  |  | Nil |
VTAF III |  |  | - |  |  |  | 257,540 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (680,703 | ) |  |  | 446,497 |  |  |  | - |  |  |  | 98 |  |  |  | 23,334 |  |  |  | - |  |  |  | - |  |  |  | Nil |
VTAF II |  |  | - |  |  |  | 117,662 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (101,906 | ) |  |  | (9,510 | ) |  |  | - |  |  |  | 98 |  |  |  | 6,246 |  |  |  | - |  |  |  | - |  |  |  | Nil |
Subtotal |  |  |  |  |  |  | 185,321,871 |  |  |  |  |  |  |  | 1,185,722 |  |  |  |  |  |  |  | (946,001 | ) |  |  | 44,800,976 |  |  |  |  |  |  |  |  |  |  |  | 230,362,568 |  |  |  |  |  |  |  | 230,690,914 |  |  |  |  |
Total |  |  |  |  |  | $ | 1,094,695,092 |  |  |  |  |  |  | $ | 531,776,322 |  |  |  |  |  |  | $ | (941,738 | ) |  | $ | 133,058,206 |  |  |  |  |  |  |  |  |  |  | $ | 1,758,587,882 |  |  |  |  |  |  | $ | 1,922,816,836 |  |  |  |  |

Note 1: The unit price is calculated by closing price of the Taipei Exchange or the TWSE as of December 31, 2024.
Note 2: Mainly including share of profit or loss of subsidiaries and associates, share of other comprehensive income or loss of subsidiaries and associates, cash dividends received from subsidiaries and associates, etc.
- 108 -

STATEMENT 6
Taiwan Semiconductor Manufacturing Company Limited
STATEMENT OF CHANGES IN RIGHT-OF-USE ASSETS
FOR THE YEAR ENDED DECEMBER 31, 2024

(In Thousands of New Taiwan Dollars)

Item |  | Land |  | Buildings |  | Office Equipment |  | Total
Cost |  |  |  |  |  |  |  |
Balance at January 1, 2024 |  | $ | 45,554,886 |  |  | $ | 1,813,535 |  |  | $ | 58,183 |  |  | $ | 47,426,604 |
Additions |  |  | 2,903,928 |  |  |  | 891,109 |  |  |  | 14,933 |  |  |  | 3,809,970 |
Deductions |  |  | (922,945 | ) |  |  | (17,968 | ) |  |  | (22,154 | ) |  |  | (963,067 | )
Balance at December 31, 2024 |  | $ | 47,535,869 |  |  | $ | 2,686,676 |  |  | $ | 50,962 |  |  | $ | 50,273,507 |
Accumulated depreciation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at January 1, 2024 |  | $ | 8,515,741 |  |  | $ | 1,002,498 |  |  | $ | 35,660 |  |  | $ | 9,553,899 |
Additions |  |  | 2,523,492 |  |  |  | 421,268 |  |  |  | 16,383 |  |  |  | 2,961,143 |
Deductions |  |  | (119,352 | ) |  |  | - |  |  |  | (21,330 | ) |  |  | (140,682 | )
Balance at December 31, 2024 |  | $ | 10,919,881 |  |  | $ | 1,423,766 |  |  | $ | 30,713 |  |  | $ | 12,374,360 |
Carrying amounts at December 31, 2024 |  | $ | 36,615,988 |  |  | $ | 1,262,910 |  |  | $ | 20,249 |  |  | $ | 37,899,147 |

- 109 -

STATEMENT 7
Taiwan Semiconductor Manufacturing Company Limited
STATEMENT OF ACCOUNTS PAYABLES
DECEMBER 31, 2024

(In Thousands of New Taiwan Dollars)

Vendor Name |  |  |  | Amount
Vendor A |  |  |  | $ | 3,287,759 |
Others (Note) |  |  |  |  | 60,766,318 |
Total |  |  |  | $ | 64,054,077 |

Note: The amount of individual vendor included in others does not exceed 5% of the account balance.
- 110 -

STATEMENT 8
Taiwan Semiconductor Manufacturing Company Limited
STATEMENT OF PAYABLES TO RELATED PARTIES
DECEMBER 31, 2024

(In Thousands of New Taiwan Dollars)

Vendor Name |  | Amount
TSMC Nanjing |  | $ | 4,473,370 |
TSMC China |  |  | 1,848,450 |
Xintec |  |  | 987,992 |
TSMC Technology |  |  | 743,091 |
TSMC Arizona |  |  | 630,869 |
TSMC Washington |  |  | 529,200 |
Others (Note) |  |  | 924,839 |
Total |  | $ | 10,137,811 |

Note: The amount of individual vendor in others does not exceed 5% of the account balance.
- 111 -

STATEMENT 9
Taiwan Semiconductor Manufacturing Company Limited
STATEMENT OF PAYABLES TO CONTRACTORS AND EQUIPMENT SUPPLIERS
DECEMBER 31, 2024

(In Thousands of New Taiwan Dollars)

Vendor Name |  | Amount
Vendor A |  | $ | 19,022,363 |
Vendor B |  |  | 18,933,090 |
Vendor C |  |  | 14,695,825 |
Vendor D |  |  | 12,024,205 |
Vendor E |  |  | 10,114,696 |
Others (Note) |  |  | 75,490,572 |
Total |  | $ | 150,280,751 |

Note: The amount of individual vendor included in others does not exceed 5% of the account balance.
- 112 -

STATEMENT 10
Taiwan Semiconductor Manufacturing Company Limited
STATEMENT OF ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
DECEMBER 31, 2024

(In Thousands of New Taiwan Dollars)

Item |  | Amount
Temporary receipts from customers |  | $ | 198,602,570 |
Contract liabilities |  |  | 81,204,467 |
Refund liability |  |  | 60,197,285 |
Payables for capital injection |  |  | 44,236,800 |
Others (Note) |  |  | 64,995,719 |
Total |  | $ | 449,236,841 |

Note: The amount of each item in others does not exceed 5% of the account balance.
- 113 -

STATEMENT 11
Taiwan Semiconductor Manufacturing Company Limited
STATEMENT OF BONDS PAYABLE

DECEMBER 31, 2024 (In Thousands of New Taiwan Dollars)

|  |  |  |  |  |  |  |  |  | Amount |  |  |  |
|  |  |  |  |  | Interest |  | Coupon |  |  |  | Repayment |  | Balance, |  | Premiums |  |  |  |  |  |
Bonds Name |  | Trustee |  | Issuance Date |  | Payment Date |  | Rate (%) |  | Total Amount |  | Paid |  | End of Year |  | (Discounts) |  | Carrying Value |  | Unamortized Repayment |  | Collateral
Domestic unsecured bonds-109-1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
-A |  | Taipei Fubon Commercial Bank Co., Ltd. |  | 2020.03.23 |  | On 03.23 annually |  |  | 0.58 |  |  | $ | 3,000,000 |  |  | $ | - |  |  | $ | 3,000,000 |  |  | $ | (131 | ) |  | $ | 2,999,869 |  |  | Bullet repayment |  |  | Nil |
-B |  | Taipei Fubon Commercial Bank Co., Ltd. |  | 2020.03.23 |  | On 03.23 annually |  |  | 0.62 |  |  |  | 10,500,000 |  |  |  | - |  |  |  | 10,500,000 |  |  |  | (3,507 | ) |  |  | 10,496,493 |  |  | Bullet repayment |  |  | Nil |
-C |  | Taipei Fubon Commercial Bank Co., Ltd. |  | 2020.03.23 |  | On 03.23 annually |  |  | 0.64 |  |  |  | 10,500,000 |  |  |  | - |  |  |  | 10,500,000 |  |  |  | (5,751 | ) |  |  | 10,494,249 |  |  | Bullet repayment |  |  | Nil |
Domestic unsecured bonds-109-2 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
-A |  | Taipei Fubon Commercial Bank Co., Ltd. |  | 2020.04.15 |  | On 04.15 annually |  |  | 0.52 |  |  |  | 5,900,000 |  |  |  | - |  |  |  | 5,900,000 |  |  |  | (348 | ) |  |  | 5,899,652 |  |  | Bullet repayment |  |  | Nil |
-B |  | Taipei Fubon Commercial Bank Co., Ltd. |  | 2020.04.15 |  | On 04.15 annually |  |  | 0.58 |  |  |  | 10,400,000 |  |  |  | - |  |  |  | 10,400,000 |  |  |  | (3,504 | ) |  |  | 10,396,496 |  |  | Bullet repayment |  |  | Nil |
-C |  | Taipei Fubon Commercial Bank Co., Ltd. |  | 2020.04.15 |  | On 04.15 annually |  |  | 0.60 |  |  |  | 5,300,000 |  |  |  | - |  |  |  | 5,300,000 |  |  |  | (2,905 | ) |  |  | 5,297,095 |  |  | Bullet repayment |  |  | Nil |
Domestic unsecured bonds-109-3 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
-A |  | Taipei Fubon Commercial Bank Co., Ltd. |  | 2020.05.29 |  | On 05.29 annually |  |  | 0.55 |  |  |  | 4,500,000 |  |  |  | - |  |  |  | 4,500,000 |  |  |  | (385 | ) |  |  | 4,499,615 |  |  | Bullet repayment |  |  | Nil |
-B |  | Taipei Fubon Commercial Bank Co., Ltd. |  | 2020.05.29 |  | On 05.29 annually |  |  | 0.60 |  |  |  | 7,500,000 |  |  |  | - |  |  |  | 7,500,000 |  |  |  | (2,705 | ) |  |  | 7,497,295 |  |  | Bullet repayment |  |  | Nil |
-C |  | Taipei Fubon Commercial Bank Co., Ltd. |  | 2020.05.29 |  | On 05.29 annually |  |  | 0.64 |  |  |  | 2,400,000 |  |  |  | - |  |  |  | 2,400,000 |  |  |  | (1,375 | ) |  |  | 2,398,625 |  |  | Bullet repayment |  |  | Nil |
Domestic unsecured bonds-109-4 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
-A |  | Taipei Fubon Commercial Bank Co., Ltd. |  | 2020.07.14 |  | On 07.14 annually |  |  | 0.58 |  |  |  | 5,700,000 |  |  |  | 2,850,000 |  |  |  | 2,850,000 |  |  |  | (343 | ) |  |  | 2,849,657 |  |  | Two equal installments in last two years |  |  | Nil |
-B |  | Taipei Fubon Commercial Bank Co., Ltd. |  | 2020.07.14 |  | On 07.14 annually |  |  | 0.65 |  |  |  | 6,300,000 |  |  |  | - |  |  |  | 6,300,000 |  |  |  | (2,071 | ) |  |  | 6,297,929 |  |  | Two equal installments in last two years |  |  | Nil |
-C |  | Taipei Fubon Commercial Bank Co., Ltd. |  | 2020.07.14 |  | On 07.14 annually |  |  | 0.67 |  |  |  | 1,900,000 |  |  |  | - |  |  |  | 1,900,000 |  |  |  | (1,068 | ) |  |  | 1,898,932 |  |  | Two equal installments in last two years |  |  | Nil |
Domestic unsecured bonds-109-5 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
-A |  | Taipei Fubon Commercial Bank Co., Ltd. |  | 2020.09.03 |  | On 09.03 annually |  |  | 0.50 |  |  |  | 4,800,000 |  |  |  | 2,400,000 |  |  |  | 2,400,000 |  |  |  | (374 | ) |  |  | 2,399,626 |  |  | Two equal installments in last two years |  |  | Nil |
-B |  | Taipei Fubon Commercial Bank Co., Ltd. |  | 2020.09.03 |  | On 09.03 annually |  |  | 0.58 |  |  |  | 8,000,000 |  |  |  | - |  |  |  | 8,000,000 |  |  |  | (2,786 | ) |  |  | 7,997,214 |  |  | Two equal installments in last two years |  |  | Nil |
-C |  | Taipei Fubon Commercial Bank Co., Ltd. |  | 2020.09.03 |  | On 09.03 annually |  |  | 0.60 |  |  |  | 2,800,000 |  |  |  | - |  |  |  | 2,800,000 |  |  |  | (1,605 | ) |  |  | 2,798,395 |  |  | Two equal installments in last two years |  |  | Nil |
Domestic unsecured bonds-109-6 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
-A |  | Taipei Fubon Commercial Bank Co., Ltd. |  | 2020.12.02 |  | On 12.02 annually |  |  | 0.40 |  |  |  | 1,600,000 |  |  |  | 800,000 |  |  |  | 800,000 |  |  |  | (186 | ) |  |  | 799,814 |  |  | Two equal installments in last two years |  |  | Nil |
-B |  | Taipei Fubon Commercial Bank Co., Ltd. |  | 2020.12.02 |  | On 12.02 annually |  |  | 0.44 |  |  |  | 5,600,000 |  |  |  | - |  |  |  | 5,600,000 |  |  |  | (2,364 | ) |  |  | 5,597,636 |  |  | Two equal installments in last two years |  |  | Nil |
-C |  | Taipei Fubon Commercial Bank Co., Ltd. |  | 2020.12.02 |  | On 12.02 annually |  |  | 0.48 |  |  |  | 4,800,000 |  |  |  | - |  |  |  | 4,800,000 |  |  |  | (3,120 | ) |  |  | 4,796,880 |  |  | Two equal installments in last two years |  |  | Nil |
Domestic unsecured bonds-109-7 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
-A |  | Taipei Fubon Commercial Bank Co., Ltd. |  | 2020.12.29 |  | On 12.29 annually |  |  | 0.36 |  |  |  | 1,900,000 |  |  |  | 950,000 |  |  |  | 950,000 |  |  |  | (212 | ) |  |  | 949,788 |  |  | Two equal installments in last two years |  |  | Nil |
-B |  | Taipei Fubon Commercial Bank Co., Ltd. |  | 2020.12.29 |  | On 12.29 annually |  |  | 0.41 |  |  |  | 10,200,000 |  |  |  | - |  |  |  | 10,200,000 |  |  |  | (4,046 | ) |  |  | 10,195,954 |  |  | Two equal installments in last two years |  |  | Nil |
-C |  | Taipei Fubon Commercial Bank Co., Ltd. |  | 2020.12.29 |  | On 12.29 annually |  |  | 0.45 |  |  |  | 6,400,000 |  |  |  | - |  |  |  | 6,400,000 |  |  |  | (3,867 | ) |  |  | 6,396,133 |  |  | Two equal installments in last two years |  |  | Nil |
Domestic US$ unsecured bonds-109-1 |  | Mega International Commercial Bank Co., Ltd. |  | 2020.09.22 |  | On 09.22 annually |  |  | 2.70 |  |  |  | 32,768,000 |  |  |  | - |  |  |  | 32,768,000 |  |  |  | (31,820 | ) |  |  | 32,736,180 |  |  | Bullet repayment (callable on the 5th anniversary of the issue date and every anniversary thereafter) |  |  | Nil |
Domestic unsecured bonds-110-1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
-A |  | Taipei Fubon Commercial Bank Co., Ltd. |  | 2021.03.30 |  | On 03.30 annually |  |  | 0.50 |  |  |  | 4,800,000 |  |  |  | - |  |  |  | 4,800,000 |  |  |  | (1,235 | ) |  |  | 4,798,765 |  |  | Bullet repayment |  |  | Nil |
-B |  | Taipei Fubon Commercial Bank Co., Ltd. |  | 2021.03.30 |  | On 03.30 annually |  |  | 0.55 |  |  |  | 11,400,000 |  |  |  | - |  |  |  | 11,400,000 |  |  |  | (5,489 | ) |  |  | 11,394,511 |  |  | Bullet repayment |  |  | Nil |
-C |  | Taipei Fubon Commercial Bank Co., Ltd. |  | 2021.03.30 |  | On 03.30 annually |  |  | 0.60 |  |  |  | 4,900,000 |  |  |  | - |  |  |  | 4,900,000 |  |  |  | (3,187 | ) |  |  | 4,896,813 |  |  | Bullet repayment |  |  | Nil |
Domestic unsecured bonds-110-2 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
-A |  | Taipei Fubon Commercial Bank Co., Ltd. |  | 2021.05.03 |  | On 05.03 annually |  |  | 0.50 |  |  |  | 5,200,000 |  |  |  | - |  |  |  | 5,200,000 |  |  |  | (1,435 | ) |  |  | 5,198,565 |  |  | Bullet repayment |  |  | Nil |
-B |  | Taipei Fubon Commercial Bank Co., Ltd. |  | 2021.05.03 |  | On 05.03 annually |  |  | 0.58 |  |  |  | 8,400,000 |  |  |  | - |  |  |  | 8,400,000 |  |  |  | (4,162 | ) |  |  | 8,395,838 |  |  | Bullet repayment |  |  | Nil |
-C |  | Taipei Fubon Commercial Bank Co., Ltd. |  | 2021.05.03 |  | On 05.03 annually |  |  | 0.65 |  |  |  | 5,600,000 |  |  |  | - |  |  |  | 5,600,000 |  |  |  | (3,699 | ) |  |  | 5,596,301 |  |  | Bullet repayment |  |  | Nil |
Domestic unsecured bonds-110-3 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
-A |  | Taipei Fubon Commercial Bank Co., Ltd. |  | 2021.06.25 |  | On 06.25 annually |  |  | 0.52 |  |  |  | 6,900,000 |  |  |  | - |  |  |  | 6,900,000 |  |  |  | (2,118 | ) |  |  | 6,897,882 |  |  | Bullet repayment |  |  | Nil |
-B |  | Taipei Fubon Commercial Bank Co., Ltd. |  | 2021.06.25 |  | On 06.25 annually |  |  | 0.58 |  |  |  | 7,900,000 |  |  |  | - |  |  |  | 7,900,000 |  |  |  | (4,089 | ) |  |  | 7,895,911 |  |  | Bullet repayment |  |  | Nil |
-C |  | Taipei Fubon Commercial Bank Co., Ltd. |  | 2021.06.25 |  | On 06.25 annually |  |  | 0.65 |  |  |  | 4,900,000 |  |  |  | - |  |  |  | 4,900,000 |  |  |  | (3,296 | ) |  |  | 4,896,704 |  |  | Bullet repayment |  |  | Nil |
Domestic unsecured bonds-110-4 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
-A |  | Taipei Fubon Commercial Bank Co., Ltd. |  | 2021.08.19 |  | On 08.19 annually |  |  | 0.485 |  |  |  | 4,000,000 |  |  |  | - |  |  |  | 4,000,000 |  |  |  | (640 | ) |  |  | 3,999,360 |  |  | Bullet repayment |  |  | Nil |
-B |  | Taipei Fubon Commercial Bank Co., Ltd. |  | 2021.08.19 |  | On 08.19 annually |  |  | 0.50 |  |  |  | 8,000,000 |  |  |  | - |  |  |  | 8,000,000 |  |  |  | (2,662 | ) |  |  | 7,997,338 |  |  | Bullet repayment |  |  | Nil |
-C |  | Taipei Fubon Commercial Bank Co., Ltd. |  | 2021.08.19 |  | On 08.19 annually |  |  | 0.55 |  |  |  | 5,400,000 |  |  |  | - |  |  |  | 5,400,000 |  |  |  | (2,868 | ) |  |  | 5,397,132 |  |  | Bullet repayment |  |  | Nil |
-D |  | Taipei Fubon Commercial Bank Co., Ltd. |  | 2021.08.19 |  | On 08.19 annually |  |  | 0.62 |  |  |  | 4,200,000 |  |  |  | - |  |  |  | 4,200,000 |  |  |  | (2,867 | ) |  |  | 4,197,133 |  |  | Bullet repayment |  |  | Nil |
Domestic US$ unsecured bonds-110-5 |  | Mega International Commercial Bank Co., Ltd. |  | 2021.09.23 |  | On 09.23 annually |  |  | 3.10 |  |  |  | 32,768,000 |  |  |  | - |  |  |  | 32,768,000 |  |  |  | (31,397 | ) |  |  | 32,736,603 |  |  | Bullet repayment (callable on the 5th anniversary of the issue date and every anniversary thereafter) |  |  | Nil |
Domestic unsecured bonds-110-6 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
-A |  | Taipei Fubon Commercial Bank Co., Ltd. |  | 2021.10.05 |  | On 10.05 annually |  |  | 0.535 |  |  |  | 3,200,000 |  |  |  | - |  |  |  | 3,200,000 |  |  |  | (945 | ) |  |  | 3,199,055 |  |  | Bullet repayment |  |  | Nil |
-B |  | Taipei Fubon Commercial Bank Co., Ltd. |  | 2021.10.05 |  | On 10.05 annually |  |  | 0.54 |  |  |  | 6,900,000 |  |  |  | - |  |  |  | 6,900,000 |  |  |  | (2,574 | ) |  |  | 6,897,426 |  |  | Bullet repayment |  |  | Nil |
-C |  | Taipei Fubon Commercial Bank Co., Ltd. |  | 2021.10.05 |  | On 10.05 annually |  |  | 0.60 |  |  |  | 4,600,000 |  |  |  | - |  |  |  | 4,600,000 |  |  |  | (2,610 | ) |  |  | 4,597,390 |  |  | Bullet repayment |  |  | Nil |
-D |  | Taipei Fubon Commercial Bank Co., Ltd. |  | 2021.10.05 |  | On 10.05 annually |  |  | 0.62 |  |  |  | 1,600,000 |  |  |  | - |  |  |  | 1,600,000 |  |  |  | (1,137 | ) |  |  | 1,598,863 |  |  | Bullet repayment |  |  | Nil |

(Continued)
- 114 -

|  |  |  |  |  |  |  |  |  | Amount |  |  |  |
|  |  |  |  |  | Interest |  | Coupon |  |  |  | Repayment |  | Balance, |  | Premiums |  |  |  |  |  |
Bonds Name |  | Trustee |  | Issuance Date |  | Payment Date |  | Rate (%) |  | Total Amount |  | Paid |  | End of Year |  | (Discounts) |  | Carrying Value |  | Unamortized Repayment |  | Collateral
Domestic unsecured bonds-110-7 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
-A |  | Taipei Fubon Commercial Bank Co., Ltd. |  | 2021.12.09 |  | On 12.09 annually |  |  | 0.65 |  |  | $ | 7,700,000 |  |  | $ | - |  |  | $ | 7,700,000 |  |  | $ | (3,158 | ) |  | $ | 7,696,842 |  |  | Bullet repayment |  |  | Nil |
-B |  | Taipei Fubon Commercial Bank Co., Ltd. |  | 2021.12.09 |  | On 12.09 annually |  |  | 0.675 |  |  |  | 3,500,000 |  |  |  | - |  |  |  | 3,500,000 |  |  |  | (1,624 | ) |  |  | 3,498,376 |  |  | Bullet repayment |  |  | Nil |
-C |  | Taipei Fubon Commercial Bank Co., Ltd. |  | 2021.12.09 |  | On 12.09 annually |  |  | 0.72 |  |  |  | 5,500,000 |  |  |  | - |  |  |  | 5,500,000 |  |  |  | (3,285 | ) |  |  | 5,496,715 |  |  | Bullet repayment |  |  | Nil |
Domestic unsecured bonds-111-1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
-A |  | Taipei Fubon Commercial Bank Co., Ltd. |  | 2022.01.12 |  | On 01.12 annually |  |  | 0.63 |  |  |  | 2,100,000 |  |  |  | - |  |  |  | 2,100,000 |  |  |  | (1,054 | ) |  |  | 2,098,946 |  |  | Bullet repayment |  |  | Nil |
-B |  | Taipei Fubon Commercial Bank Co., Ltd. |  | 2022.01.12 |  | On 01.12 annually |  |  | 0.72 |  |  |  | 3,300,000 |  |  |  | - |  |  |  | 3,300,000 |  |  |  | (2,353 | ) |  |  | 3,297,647 |  |  | Bullet repayment |  |  | Nil |
Domestic unsecured bonds-111-2 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
-A |  | Taipei Fubon Commercial Bank Co., Ltd. |  | 2022.03.29 |  | On 03.29 annually |  |  | 0.84 |  |  |  | 3,000,000 |  |  |  | - |  |  |  | 3,000,000 |  |  |  | (1,233 | ) |  |  | 2,998,767 |  |  | Bullet repayment |  |  | Nil |
-B |  | Taipei Fubon Commercial Bank Co., Ltd. |  | 2022.03.29 |  | On 03.29 annually |  |  | 0.85 |  |  |  | 9,600,000 |  |  |  | - |  |  |  | 9,600,000 |  |  |  | (4,577 | ) |  |  | 9,595,423 |  |  | Bullet repayment |  |  | Nil |
-C |  | Taipei Fubon Commercial Bank Co., Ltd. |  | 2022.03.29 |  | On 03.29 annually |  |  | 0.90 |  |  |  | 1,600,000 |  |  |  | - |  |  |  | 1,600,000 |  |  |  | (1,041 | ) |  |  | 1,598,959 |  |  | Bullet repayment |  |  | Nil |
Domestic unsecured bonds-111-3 |  | Taipei Fubon Commercial Bank Co., Ltd. |  | 2022.05.20 |  | On 05.20 annually |  |  | 1.50 |  |  |  | 6,100,000 |  |  |  | - |  |  |  | 6,100,000 |  |  |  | (3,273 | ) |  |  | 6,096,727 |  |  | Bullet repayment |  |  | Nil |
Domestic unsecured bonds-111-4 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
-A |  | Taipei Fubon Commercial Bank Co., Ltd. |  | 2022.07.27 |  | On 07.27 annually |  |  | 1.60 |  |  |  | 1,200,000 |  |  |  | - |  |  |  | 1,200,000 |  |  |  | (496 | ) |  |  | 1,199,504 |  |  | Bullet repayment |  |  | Nil |
-B |  | Taipei Fubon Commercial Bank Co., Ltd. |  | 2022.07.27 |  | On 07.27 annually |  |  | 1.70 |  |  |  | 10,100,000 |  |  |  | - |  |  |  | 10,100,000 |  |  |  | (5,476 | ) |  |  | 10,094,524 |  |  | Bullet repayment |  |  | Nil |
-C |  | Taipei Fubon Commercial Bank Co., Ltd. |  | 2022.07.27 |  | On 07.27 annually |  |  | 1.75 |  |  |  | 1,200,000 |  |  |  | - |  |  |  | 1,200,000 |  |  |  | (833 | ) |  |  | 1,199,167 |  |  | Bullet repayment |  |  | Nil |
-D |  | Taipei Fubon Commercial Bank Co., Ltd. |  | 2022.07.27 |  | On 07.27 annually |  |  | 1.95 |  |  |  | 1,400,000 |  |  |  | - |  |  |  | 1,400,000 |  |  |  | (1,128 | ) |  |  | 1,398,872 |  |  | Bullet repayment |  |  | Nil |
Domestic unsecured bonds-111-5 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
-A |  | Taipei Fubon Commercial Bank Co., Ltd. |  | 2022.08.25 |  | On 08.25 annually |  |  | 1.65 |  |  |  | 2,000,000 |  |  |  | - |  |  |  | 2,000,000 |  |  |  | (1,094 | ) |  |  | 1,998,906 |  |  | Bullet repayment |  |  | Nil |
-B |  | Taipei Fubon Commercial Bank Co., Ltd. |  | 2022.08.25 |  | On 08.25 annually |  |  | 1.65 |  |  |  | 8,900,000 |  |  |  | - |  |  |  | 8,900,000 |  |  |  | (5,084 | ) |  |  | 8,894,916 |  |  | Bullet repayment |  |  | Nil |
-C |  | Taipei Fubon Commercial Bank Co., Ltd. |  | 2022.08.25 |  | On 08.25 annually |  |  | 1.65 |  |  |  | 2,200,000 |  |  |  | - |  |  |  | 2,200,000 |  |  |  | (1,587 | ) |  |  | 2,198,413 |  |  | Bullet repayment |  |  | Nil |
-D |  | Taipei Fubon Commercial Bank Co., Ltd. |  | 2022.08.25 |  | On 08.25 annually |  |  | 1.82 |  |  |  | 2,500,000 |  |  |  | - |  |  |  | 2,500,000 |  |  |  | (2,081 | ) |  |  | 2,497,919 |  |  | Bullet repayment |  |  | Nil |
Domestic unsecured bonds-111-6 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
-A |  | Taipei Fubon Commercial Bank Co., Ltd. |  | 2022.10.20 |  | On 10.20 annually |  |  | 1.75 |  |  |  | 5,700,000 |  |  |  | - |  |  |  | 5,700,000 |  |  |  | (3,665 | ) |  |  | 5,696,335 |  |  | Bullet repayment |  |  | Nil |
-B |  | Taipei Fubon Commercial Bank Co., Ltd. |  | 2022.10.20 |  | On 10.20 annually |  |  | 1.80 |  |  |  | 1,000,000 |  |  |  | - |  |  |  | 1,000,000 |  |  |  | (796 | ) |  |  | 999,204 |  |  | Bullet repayment |  |  | Nil |
-C |  | Taipei Fubon Commercial Bank Co., Ltd. |  | 2022.10.20 |  | On 10.20 annually |  |  | 2.00 |  |  |  | 3,500,000 |  |  |  | - |  |  |  | 3,500,000 |  |  |  | (3,172 | ) |  |  | 3,496,828 |  |  | Bullet repayment |  |  | Nil |
Domestic unsecured bonds-112-1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
-A |  | Taipei Fubon Commercial Bank Co., Ltd. |  | 2023.03.28 |  | On 03.28 annually |  |  | 1.54 |  |  |  | 12,200,000 |  |  |  | - |  |  |  | 12,200,000 |  |  |  | (8,756 | ) |  |  | 12,191,244 |  |  | Bullet repayment |  |  | Nil |
-B |  | Taipei Fubon Commercial Bank Co., Ltd. |  | 2023.03.28 |  | On 03.28 annually |  |  | 1.60 |  |  |  | 2,300,000 |  |  |  | - |  |  |  | 2,300,000 |  |  |  | (1,886 | ) |  |  | 2,298,114 |  |  | Bullet repayment |  |  | Nil |
-C |  | Taipei Fubon Commercial Bank Co., Ltd. |  | 2023.03.28 |  | On 03.28 annually |  |  | 1.78 |  |  |  | 4,800,000 |  |  |  | - |  |  |  | 4,800,000 |  |  |  | (4,339 | ) |  |  | 4,795,661 |  |  | Bullet repayment |  |  | Nil |
Domestic unsecured bonds-112-2 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
-A |  | Taipei Fubon Commercial Bank Co., Ltd. |  | 2023.05.03 |  | On 05.03 annually |  |  | 1.60 |  |  |  | 13,100,000 |  |  |  | - |  |  |  | 13,100,000 |  |  |  | (9,472 | ) |  |  | 13,090,528 |  |  | Bullet repayment |  |  | Nil |
-B |  | Taipei Fubon Commercial Bank Co., Ltd. |  | 2023.05.03 |  | On 05.03 annually |  |  | 1.65 |  |  |  | 2,300,000 |  |  |  | - |  |  |  | 2,300,000 |  |  |  | (1,878 | ) |  |  | 2,298,122 |  |  | Bullet repayment |  |  | Nil |
-C |  | Taipei Fubon Commercial Bank Co., Ltd. |  | 2023.05.03 |  | On 05.03 annually |  |  | 1.82 |  |  |  | 5,300,000 |  |  |  | - |  |  |  | 5,300,000 |  |  |  | (4,741 | ) |  |  | 5,295,259 |  |  | Bullet repayment |  |  | Nil |
Domestic unsecured bonds-112-3 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
-A |  | Taipei Fubon Commercial Bank Co., Ltd. |  | 2023.06.01 |  | On 06.01 annually |  |  | 1.60 |  |  |  | 11,400,000 |  |  |  | - |  |  |  | 11,400,000 |  |  |  | (8,400 | ) |  |  | 11,391,600 |  |  | Bullet repayment |  |  | Nil |
-B |  | Taipei Fubon Commercial Bank Co., Ltd. |  | 2023.06.01 |  | On 06.01 annually |  |  | 1.65 |  |  |  | 2,600,000 |  |  |  | - |  |  |  | 2,600,000 |  |  |  | (2,146 | ) |  |  | 2,597,854 |  |  | Bullet repayment |  |  | Nil |
-C |  | Taipei Fubon Commercial Bank Co., Ltd. |  | 2023.06.01 |  | On 06.01 annually |  |  | 1.80 |  |  |  | 6,000,000 |  |  |  | - |  |  |  | 6,000,000 |  |  |  | (5,395 | ) |  |  | 5,994,605 |  |  | Bullet repayment |  |  | Nil |
Domestic unsecured bonds-112-4 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
-A |  | Taipei Fubon Commercial Bank Co., Ltd. |  | 2023.08.16 |  | On 08.16 annually |  |  | 1.60 |  |  |  | 7,300,000 |  |  |  | - |  |  |  | 7,300,000 |  |  |  | (5,678 | ) |  |  | 7,294,322 |  |  | Bullet repayment |  |  | Nil |
-B |  | Taipei Fubon Commercial Bank Co., Ltd. |  | 2023.08.16 |  | On 08.16 annually |  |  | 1.65 |  |  |  | 700,000 |  |  |  | - |  |  |  | 700,000 |  |  |  | (601 | ) |  |  | 699,399 |  |  | Bullet repayment |  |  | Nil |
-C |  | Taipei Fubon Commercial Bank Co., Ltd. |  | 2023.08.16 |  | On 08.16 annually |  |  | 1.76 |  |  |  | 7,900,000 |  |  |  | - |  |  |  | 7,900,000 |  |  |  | (7,254 | ) |  |  | 7,892,746 |  |  | Bullet repayment |  |  | Nil |
Domestic unsecured bonds-112-5 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
-A |  | Taipei Fubon Commercial Bank Co., Ltd. |  | 2023.10.16 |  | On 10.16 annually |  |  | 1.62 |  |  |  | 4,300,000 |  |  |  | - |  |  |  | 4,300,000 |  |  |  | (3,527 | ) |  |  | 4,296,473 |  |  | Bullet repayment |  |  | Nil |
-B |  | Taipei Fubon Commercial Bank Co., Ltd. |  | 2023.10.16 |  | On 10.16 annually |  |  | 1.76 |  |  |  | 5,500,000 |  |  |  | - |  |  |  | 5,500,000 |  |  |  | (5,196 | ) |  |  | 5,494,804 |  |  | Bullet repayment |  |  | Nil |
Domestic unsecured bonds-113-1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | - |  |  |  |  |  |  |
-A |  | Taipei Fubon Commercial Bank Co., Ltd. |  | 2024.03.15 |  | On 03.15 annually |  |  | 1.64 |  |  |  | 12,000,000 |  |  |  | - |  |  |  | 12,000,000 |  |  |  | (10,638 | ) |  |  | 11,989,362 |  |  | Bullet repayment |  |  | Nil |
-B |  | Taipei Fubon Commercial Bank Co., Ltd. |  | 2024.03.15 |  | On 03.15 annually |  |  | 1.76 |  |  |  | 10,800,000 |  |  |  | - |  |  |  | 10,800,000 |  |  |  | (10,487 | ) |  |  | 10,789,513 |  |  | Bullet repayment |  |  | Nil |
Domestic unsecured bonds-113-2 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | - |  |  |  |  |  |  |
-A |  | Taipei Fubon Commercial Bank Co., Ltd. |  | 2024.05.17 |  | On 05.17 annually |  |  | 1.98 |  |  |  | 4,900,000 |  |  |  | - |  |  |  | 4,900,000 |  |  |  | (4,523 | ) |  |  | 4,895,477 |  |  | Bullet repayment |  |  | Nil |
-B |  | Taipei Fubon Commercial Bank Co., Ltd. |  | 2024.05.17 |  | On 05.17 annually |  |  | 2.10 |  |  |  | 6,600,000 |  |  |  | - |  |  |  | 6,600,000 |  |  |  | (6,528 | ) |  |  | 6,593,472 |  |  | Bullet repayment |  |  | Nil |
TOTAL |  |  |  |  |  |  |  |  |  |  |  | $ | 485,536,000 |  |  | $ | 7,000,000 |  |  | $ | 478,536,000 |  |  | $ | (299,338 | ) |  |  | 478,236,662 |  |  |  |  |  |  |
Less: Current portion |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (24,397,381 | ) |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 453,839,281 |  |  |  |  |  |  |

(Concluded)
- 115 -

STATEMENT 12
Taiwan Semiconductor Manufacturing Company Limited
STATEMENT OF LEASE LIABILITIES
DECEMBER 31, 2024

(In Thousands of New Taiwan Dollars)

Item |  | Description |  | Lease Term |  | Discount Rate (%) |  | Balance, End of Year
Land |  | Mainly for the use of plants and offices |  | 1 to 22 years |  | 0.39-2.30 |  | $ | 28,372,425 |
Buildings |  | Mainly for the use of offices |  | 1 to 12 years |  | 0.40-2.04 |  |  | 1,311,376 |
Office equipment |  | For operation use |  | 3 to 5 years |  | 0.28-1.74 |  |  | 21,003 |
|  |  |  |  |  |  |  |  | 29,704,804 |
Less: Current portion |  |  |  |  |  |  |  |  | (2,497,939 | )
Noncurrent portion |  |  |  |  |  |  |  | $ | 27,206,865 |

- 116 -

STATEMENT 13
Taiwan Semiconductor Manufacturing Company Limited
STATEMENT OF NET REVENUE
FOR THE YEAR ENDED DECEMBER 31, 2024

(In Thousands of New Taiwan Dollars, Unless Specified Otherwise)

Item |  | Shipments (Piece) (Note) |  | Amount
Wafer |  | 12,908,524 |  | $ | 2,510,017,254 |
Other |  |  |  |  | 370,366,096 |
Net revenue |  |  |  | $ | 2,880,383,350 |

Note: 12-inch equivalent wafers.
- 117 -

STATEMENT 14
Taiwan Semiconductor Manufacturing Company Limited
STATEMENT OF COST OF REVENUE
FOR THE YEAR ENDED DECEMBER 31, 2024

(In Thousands of New Taiwan Dollars)

Item |  | Amount
Raw materials used |  |
Balance, beginning of year |  | $ | 37,279,545 |
Raw material purchased |  |  | 81,142,571 |
Raw materials, end of year |  |  | (44,017,395 | )
Transferred to manufacturing or operating expenses |  |  | (15,019,758 | )
Others |  |  | (1,313,547 | )
Subtotal |  |  | 58,071,416 |
Direct labor |  |  | 26,463,906 |
Manufacturing expenses |  |  | 1,199,279,855 |
Manufacturing cost |  |  | 1,283,815,177 |
Work in process, beginning of year |  |  | 153,362,168 |
Work in process, end of year |  |  | (178,296,363 | )
Transferred to manufacturing or operating expenses |  |  | (68,294,664 | )
Cost of finished goods |  |  | 1,190,586,318 |
Finished goods, beginning of year |  |  | 33,839,662 |
Finished goods purchased |  |  | 109,636,656 |
Finished goods, end of year |  |  | (33,980,459 | )
Transferred to manufacturing or operating expenses |  |  | (23,680,609 | )
Scrapped |  |  | (374,011 | )
Subtotal |  |  | 1,276,027,557 |
Others |  |  | 30,113,359 |
Total |  | $ | 1,306,140,916 |

- 118 -

STATEMENT 15
Taiwan Semiconductor Manufacturing Company Limited
STATEMENT OF OPERATING EXPENSES
FOR THE YEAR ENDED DECEMBER 31, 2024

(In Thousands of New Taiwan Dollars)

Item |  | Research and Development Expenses |  | General and Administrative Expenses |  | Selling Expenses
Payroll and related expense |  | $ | 73,416,941 |  |  | $ | 24,732,935 |  |  | $ | 4,608,247 |
Consumables |  |  | 55,967,418 |  |  |  | 2,300,434 |  |  |  | 512 |
Depreciation expense |  |  | 32,992,159 |  |  |  | 1,838,951 |  |  |  | 26,946 |
Repair and maintenance expense |  |  | 10,559,327 |  |  |  | 2,610,435 |  |  |  | 5,282 |
Management fees of the Science Park Administration |  |  | - |  |  |  | 5,316,188 |  |  |  | - |
Patents |  |  | - |  |  |  | 3,184,931 |  |  |  | - |
Commission |  |  | - |  |  |  | 166,784 |  |  |  | 1,266,115 |
Others (Note) |  |  | 25,513,954 |  |  |  | 10,682,250 |  |  |  | 357,086 |
Total |  | $ | 198,449,799 |  |  | $ | 50,832,908 |  |  | $ | 6,264,188 |

Note: The amount of each item in others does not exceed 5% of the account balance.
- 119 -

STATEMENT 16
Taiwan Semiconductor Manufacturing Company Limited
STATEMENT OF LABOR, DEPRECIATION AND AMORTIZATION BY FUNCTION
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023

(In Thousands of New Taiwan Dollars, Unless Specified Otherwise)

|  | Year Ended December 31, 2024 |  | Year Ended December 31, 2023
|  |  |  |  |  | Classified as |  |  |  |  |  |  |  | Classified as |  |
|  |  |  |  |  | Other |  |  |  |  |  |  |  | Other |  |
|  |  |  | Classified as |  | Operating |  |  |  |  |  | Classified as |  | Operating |  |
|  | Classified as |  | Operating |  | Income |  |  |  | Classified as |  | Operating |  | Income |  |
|  | Cost of Revenue |  | Expenses |  | and Expenses |  | Total |  | Cost of Revenue |  | Expenses |  | and Expenses |  | Total
Labor cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Salary and bonus |  | $ | 138,658,016 |  |  | $ | 94,485,677 |  |  | $ | - |  |  | $ | 233,143,693 |  |  | $ | 110,396,275 |  |  | $ | 71,163,228 |  |  | $ | - |  |  | $ | 181,559,503 |
Labor and health insurance |  |  | 6,527,978 |  |  |  | 3,993,315 |  |  |  | - |  |  |  | 10,521,293 |  |  |  | 5,713,655 |  |  |  | 3,410,394 |  |  |  | - |  |  |  | 9,124,049 |
Pension |  |  | 3,116,700 |  |  |  | 1,696,152 |  |  |  | - |  |  |  | 4,812,852 |  |  |  | 2,874,410 |  |  |  | 1,561,049 |  |  |  | - |  |  |  | 4,435,459 |
Board compensation |  |  | - |  |  |  | 507,110 |  |  |  | - |  |  |  | 507,110 |  |  |  | - |  |  |  | 635,477 |  |  |  | - |  |  |  | 635,477 |
Others |  |  | 3,853,797 |  |  |  | 2,075,869 |  |  |  | - |  |  |  | 5,929,666 |  |  |  | 3,159,122 |  |  |  | 1,676,979 |  |  |  | - |  |  |  | 4,836,101 |
|  | $ | 152,156,491 |  |  | $ | 102,758,123 |  |  | $ | - |  |  | $ | 254,914,614 |  |  | $ | 122,143,462 |  |  | $ | 78,447,127 |  |  | $ | - |  |  | $ | 200,590,589 |
Depreciation |  | $ | 590,881,553 |  |  | $ | 34,858,056 |  |  | $ | 7,814 |  |  | $ | 625,747,423 |  |  | $ | 471,343,567 |  |  | $ | 28,951,931 |  |  | $ | 5,273 |  |  | $ | 500,300,771 |
Amortization |  | $ | 6,320,646 |  |  | $ | 2,808,823 |  |  | $ | - |  |  | $ | 9,129,469 |  |  | $ | 6,515,540 |  |  | $ | 2,682,436 |  |  | $ | - |  |  | $ | 9,197,976 |

Note 1: For the year of 2024 and 2023, the Company had average 70,037 and 66,336 employees, respectively, which included 9 non-employee directors for both years.
Note 2: Average labor cost for the years ended December 31, 2024 and 2023 were NT$3,633 thousand and NT$3,015 thousand, respectively.
Note 3: Average salary and bonus for the years ended December 31, 2024 and 2023 were NT$3,329 thousand and NT$2,737 thousand, respectively. The average salary and bonus increased by 21.63% year over year.
Note 4: The Company did not have supervisors for the years ended December 31, 2024 and 2023. Therefore, there was no compensation to the supervisor.
Note 5: The Company’s compensation policies: The Company’s employees are entitled to a comprehensive compensation and benefits program above the industry average. The compensation program includes a monthly salary, business performance bonuses based on quarterly business results, a profit sharing bonus based on annual profits, and a subsidy based on Employee Stock Purchase Plan. The Company determines the amount of the business performance bonus and profit sharing based on operating results and industry practice in the R.O.C.. The amount and distribution of the bonus and profit sharing are recommended by the Compensation and People Development Committee to the Board of Directors for approval. Individual rewards are based on each employee’s job responsibility, contribution and performance.
Note 6: The total compensation paid to the executive officers is decided based on their job responsibility, contribution, company performance and projected future risks the Company will face. It is reviewed by the Compensation and People Development Committee then submitted to the Board of Directors for approval.
Note 7: According to the Company’s Articles of Incorporation, the Board of Directors is authorized to determine the salary for the Chairman, Vice Chairman and Directors, taking into account the extent and value of the services provided for the management of the Company and the standards of the industry within the R.O.C. and overseas. The Articles of Incorporation also provide that the compensation to directors shall be no more than 0.3% of annual profits and directors who also serve as executive officers of the Company are not entitled to receive compensation to directors. The distribution of compensation to directors shall be made in accordance with the Company’s “Rules for Distribution of Compensation to Directors” based on the following principles: (1) directors who also serve as executive officers of the Company are not entitled to receive compensation; (2) the compensation for independent directors may be higher than the other directors, as all independent directors also serve as members of the Audit and Risk Committee and the Compensation and People Development Committee and thus participate in the discussions as well as resolutions of related committee meetings in accordance with the charter of each committee; and (3) the compensation for overseas independent directors may be higher than domestic independent directors.
- 120 -