TSMC Annual Report 2019 | Quarterlytics

Plain-text annual report

TSE: 2330 NYSE: TSM TSMC Annual Report 2019 (I) Taiwan Stock Exchange Market Observation Post System: http://mops.twse.com.tw TSMC annual report is available at https://www.tsmc.com/english/investorRelations/annual_reports.htm Printed on March 12, 2020 TSMC Vision, Mission & Core Values Vision Our vision is to be the most advanced and largest technology and foundry services provider to fabless companies and IDMs, and in partnership with them, to forge a powerful competitive force in the semiconductor industry. To realize our vision, we must have a trinity of strengths: 1. be a technology leader, competitive with the leading IDMs 2. be the manufacturing leader 3. be the most reputable, service-oriented and maximum-total-beneﬁts silicon foundry Mission Our mission is to be the trusted technology and capacity provider of the global logic IC industry for years to come. Core Values Integrity Integrity is our most basic and most important core value. We tell the truth. We believe the record of our accomplishments is the best proof of our merit. Hence, we do not brag. We do not make commitments lightly. Once we make a commitment, we devote ourselves completely to meeting that commitment. We compete to our fullest within the law, but we do not slander our competitors and we respect the intellectual property rights of others. With vendors, we maintain an objective, consistent, and impartial attitude. We do not tolerate any form of corrupt behavior or politicking. When selecting new employees, we place emphasis on the candidates’ qualiﬁcations and character, not connections or access. Commitment TSMC is committed to the welfare of customers, suppliers, employees, shareholders, and society. These stakeholders all contribute to TSMC’s success, and TSMC is dedicated to serving their best interests. In return, TSMC hopes all these stakeholders will make a mutual commitment to the Company. Innovation Innovation is the wellspring of TSMC’s growth, and is a part of all aspects of our business, from strategic planning, marketing and management, to technology and manufacturing. At TSMC, innovation means more than new ideas, it means putting ideas into practice. Customer Trust At TSMC, customers come ﬁrst. Their success is our success, and we value their ability to compete as we value our own. We strive to build deep and enduring relationships with our customers, who trust and rely on us to be part of their success over the long term. 1 Letter to Shareholders 2 Company Proﬁle 2.1　An Introduction to TSMC 2.2　Market/Business Summary 2.3　Organization 2.4　Board Members 2.5　Management Team 3 Corporate Governance 3.1　Overview 3.2　Board of Directors 3.3　Major Decisions of Shareholders’ Meeting and Board Meetings 3.4　Taiwan Corporate Governance Implementation as 3 9 9 9 16 19 27 35 35 35 42 5 Operational Highlights 5.1　Business Activities 5.2　Technology Leadership 5.3　Manufacturing Excellence 5.4　Customer Trust 5.5　Human Capital 5.6　Material Contracts 6 Financial Highlights and Analysis 6.1　Financial Highlights 6.2　Financial Status and Operating Results 6.3　Risk Management 71 71 72 77 80 82 86 89 89 95 100 7 Corporate Social Responsibility 7.1　Overview 113 113 Required by Taiwan Financial Supervisory Commission 44 7.2　Environmental, Safety and Health (ESH) Management 117 3.5　Code of Ethics and Business Conduct 3.6　Regulatory Compliance 3.7　Internal Control System Execution Status 3.8　Status of Personnel Responsible for the Company’s Financial and Business Operation 47 51 53 54 7.3　TSMC Education and Culture Foundation 7.4　TSMC Charity Foundation 7.5　TSMC i-Charity 129 130 131 7.6　Social Responsibility Implementation Status as Required by the Taiwan Financial Supervisory Commission 132 3.9　Information Regarding TSMC’s Independent Auditor 54 3.10 Material Information Management Procedure 55 8 Subsidiary Information and Other Special Notes 135 8.1　Subsidiaries 135 8.2　Status of TSMC Common Shares and ADRs Acquired, Disposed of, and Held by Subsidiaries 8.3　Special Notes 139 139 4 Capital and Shares 4.1　Capital and Shares 4.2　Issuance of Corporate Bonds 4.3　Preferred Shares 4.4　Issuance of American Depositary Shares 4.5　Status of Employee Stock Option Plan 4.6　Status of Employee Restricted Stock 4.7　Status of New Share Issuance in Connection with Mergers and Acquisitions 4.8　Financing Plans and Implementation 57 57 64 66 66 68 68 68 68 Letter to Shareholders Dear Shareholders, 1 2019 was a year of continued milestones for TSMC. We delivered a tenth consecutive year of record revenue even as we faced business headwinds from trade tensions between countries. Such tensions created greater uncertainty for our customers and impacted the end demand for products. Thanks to the strong demand coming to our industry-leading 7-nanometer (N7) technology, our revenue increased 1.3% year-over-year in US dollar terms in 2019, in contrast to the global semiconductor industry’s 12% year-over-year decline. In 2019, we witnessed an acceleration of the deployment of 5G networks and smartphones in several major markets around the world. We expect a faster worldwide penetration of 5G smartphones with higher silicon content over the next several years. The need for higher power efﬁciency, speed and more complex functionalities in 5G smartphones will lead to increasing use of TSMC’s leading edge technologies. Therefore, we raised our 2019 capital spending to US$14.9 billion in order to meet this increased demand. We will continue to anticipate the growth that will follow. We continued to work on the fundamentals of our business in 2019 by improving our quality systems to provide better service to our customers, enriching our R&D infrastructures, strengthening our IT architecture and security, and accelerating our technology differentiation. By working consistently to provide the foundry industry’s most advanced technologies and to make it available to all the product innovators, TSMC continuously expands the pool of innovators who fuel the semiconductor industry growth. In 2019, our N7, in its second year, continued to see strong adoption across a wide range of products, from mobile, high performance computing (HPC), Internet of Things (IoT) and automotive applications. Our new 7-nanometer Plus (N7+) technology also came to the world’s ﬁrst high volume production with Extreme Ultraviolet (EUV) lithography technology. Together, this 7-nanometer family, N7 and N7+, represented 27% of our total wafer revenue in 2019. Our 6-nanometer (N6) technology just entered risk production in the ﬁrst quarter of 2020 and further extends our 7-nanometer family well into the future. Our 5-nanometer (N5) technology, with extensive EUV adoption, will begin volume production in the ﬁrst half of 2020. As the foundry industry’s most advanced solution, N5 is further expanding our customer product portfolio and increase our addressable markets. Our 3-nanometer (N3) technology will be another full node stride from our N5 and offer the foundry industry’s best PPA technology when it is introduced. Our proprietary wafer-level packaging solutions of InFO (Integrated Fan-Out) and CoWoS® (Chip on Wafer on Substrate) continue to see strong momentum. We are developing 3D chip stacking solutions, such as SoIC (System on Integrated Chip), to provide system level solutions for the industry. 3 Highlights of TSMC’s accomplishments in 2019: • Total wafer shipments were 10.1 million 12-inch equivalent wafers as compared to 10.8 million 12-inch equivalent wafers in 2018. • Advanced technologies (16-nanometer and beyond) accounted for 50 percent of total wafer revenue, up from 41 percent in 2018. • We deployed 272 distinct process technologies, and manufactured 10,761 products for 499 customers. • TSMC’s market share in the total semiconductor foundry segment increased to 52 percent in 2019 as compared to 51 percent in the previous year. 2019 Financial Performance Consolidated revenue reached NT$1,069.99 billion, an increase of 3.7 percent over NT$1,031.47 billion in 2018. Net income was NT$345.26 billion and diluted earnings per share were NT$13.32. Both decreased 1.7 percent from the 2018 level of NT$351.13 billion net income and NT$13.54 diluted EPS. TSMC generated net income of US$11.18 billion on consolidated revenue of US$34.63 billion, which decreased 4.0 percent and increased 1.3 percent respectively from the 2018 level of US$11.64 billion net income and US$34.20 billion consolidated revenue. Gross proﬁt margin was 46.0 percent compared with 48.3 percent in 2018, while operating proﬁt margin was 34.8 percent compared with 37.2 percent a year earlier. Net proﬁt margin was 32.3 percent, a decrease of 1.7 percentage points from 2018’s 34.0 percent. In its second year of ramp, N7 received more than 100 customer product tape-outs by the end of 2019, while N7+ began volume production with EUV. Our N6 is on track for volume production before the end of 2020. N6 provides a clear migration path for next wave N7 products. Leveraging our leadership at 28-nanometer, our 22ULP (ultra-low power) and 22ULL (ultra-low leakage) technologies both began volume production in 2019. 22ULL supports IoT and wearable device applications while 22ULP supports image processing, digital TVs, set-top boxes and other consumer products. We also extended our 16-nanometer offerings with 12FFC+ and 16FFC+ in 2019 to support customer needs in ultra-low-power applications. TSMC’s advanced packaging solutions enable system integration with wafer level process, by seamless integration of front end wafer process and backend chip packaging. In 2019, we offered the 5th generation InFO solutions with ﬁner interconnect line width and spacing to enable both mobile and high performance computing products. TSMC’s CoWoS® continued to integrate with larger interposer size for heterogeneous integration. We also are developing TSMC-SoIC® (System-on-Integrated Chip), an industry-leading 3D chip stacking solution that enables multiple chips in close proximity to deliver the best system performance. TSMC’s ecosystem, Open Innovation Platform® (OIP), empowers our 499 distinct customers to unleash their innovations with fast time-to-market. In 2019, we continued to add partners to our OIP Cloud Alliance, which offers our customers to design in a safe and secure cloud environment. This cloud design environment signiﬁcantly increases design productivity. We also worked with our ecosystem partners to expand our libraries and silicon IP portfolio to over 26,000 items in 2019. More than 10,600 technology ﬁles and over 360 process design kits, from 0.5-micron to 5-nanometer, are available to customers via TSMC-Online. We saw more than 100,000 customer downloads in 2019. To implement an earlier proﬁt distribution to our shareholders, TSMC transitioned from annual cash dividend to quarterly cash dividend in 2019, and further raised its total cash dividend payments to NT$10.0 per share in 2019 from Corporate Social Responsibility NT$8.0 a year ago. Technological Developments In 2019, we continued to increase our investment in R&D with a record US$2.96 billion to meet our customer needs and to extend our technology leadership. Our N5 reached risk production in 2019 and will begin volume production in the ﬁrst half of 2020. N5 is expected to broaden our customer product portfolio and expand our addressable markets as customers seek to establish leadership positions for their products. At TSMC, we are dedicated to sound corporate governance and pursue proﬁtable growth. We also commit to the environment, society, and balancing the interests of all stakeholders. A sound corporate governance built upon our core values is the foundation of TSMC’s corporate social responsibility. As an important member of the global semiconductor industry, we recognize it is our responsibility to face up to the increasingly challenging global environment and lead by example. In 2019, we established the Corporate Social Responsibility Executive Committee, led by Chairman. The Executive Committee will work with senior management across many key functions and the existing CSR committee to set our CSR strategy, and align with UN Sustainable Development Goals. Our focuses are driving actions on green manufacturing, creating an inclusive workplace for talent development, building a responsible supply chain and caring for the underprivileged. We will work hard to fulﬁll our role to pursue a sustainable future. 4 5 Capacity Plan Wafer Sales Plan 2018 8% 2% 2019 2020 5% 12-13 12-13 2018 59% 41% 2019 50% 50% 12-13 2020 40-50% 50-60% Annual Growth Rate Capacity: million 12-inch equivalent wafers >16nm ≤16nm 2020 wafer shipment is expected to be 11-12 million 12-inch equivalent wafers. Honors and Awards TSMC received recognition for achievements in innovation, corporate governance, sustainability, investor relations, business information disclosure and overall excellence in management from organizations including Forbes, Fortune Magazine, The Nikkei, CommonWealth Magazine, PricewaterhouseCoopers, RobecoSAM (S&P Global) and the Taiwan Stock Exchange. In technology innovations, the Company was ranked 10th in the number of patents applications in the US Patent & Trademark Ofﬁce, and ranked 1st in top 100 patent applicants in Taiwan. In sustainability, we were chosen once again as a component of the Dow Jones Sustainability Indices, becoming the only semiconductor company to be selected for 19 consecutive years. TSMC was also ranked 10th in CorporateKnights 2019 “Global 100 Most Sustainable Corporations in the World Ranking”. Meanwhile, we remained a major component in both MSCI ESG and FTSE4Good Emerging Index. In investor relations, TSMC continued to receive multiple awards from Institutional Investor Magazine. Outlook We believe the signiﬁcant communication advancement brought by 5G networks will unlock new usage models across many different types of connected end devices, and drive exponential growth of data. Together with the continuous innovations in algorithms, a smarter and more intelligent society emerges. Digital computation now becomes increasingly ubiquitous and demands massive computation power. Therefore we expect the development of 5G-related and HPC applications will drive strong demand for our advanced technologies in the next several years. With the most advanced technology and capacity, and the widest coverage of customers, TSMC is well-positioned to lead the industry to capture the growth. Macroeconomic uncertainties over trade tensions between countries continued in 2020. TSMC will remain agile and work on the fundamentals of our business and further accelerate our technology differentiation. We will be everyone’s foundry and treat all customers equally and fairly. We will ﬁercely protect our intellectual property. We will conduct our business with the utmost integrity and uphold our Trinity of Strengths of technology leadership, manufacturing excellence and customers’ trust. TSMC’s dedicated foundry business model, open innovation platform and our four core values of Integrity, Commitment, Innovation and Customer Trust, are what enable us to be everyone’s foundry. As we enter a new digital age, we will continue working closely with IC innovators around the world to create values and generate good returns to our shareholders. We are dedicated to sound corporate governance, fulﬁlling our responsibilities as a global corporate citizen and pursuing a sustainable future. We thank you for your trust and commitment to TSMC, and look forward to a prosperous future with our shareholders. Mark Liu Chairman C.C. Wei Chief Executive Ofﬁcer 6 7 Company Proﬁle 2.1 An Introduction to TSMC 2.2 Market/Business Summary 2 Established in 1987 and headquartered in Hsinchu Science Park, Taiwan, TSMC pioneered the pure-play foundry business model with an exclusive focus on manufacturing customers’ products. By choosing not to design, manufacture or market any semiconductor products under its own name, the Company ensures that it never competes with its customers. And so, the key to TSMC’s success has always been to enable its customers’ success. TSMC’s foundry business model has enabled the rise of the global fabless industry, and TSMC is now the world’s largest semiconductor foundry, manufacturing 10,761 different products using 272 distinct technologies for 499 different customers in 2019. TSMC-manufactured semiconductors serve a global customer base that is large and diverse and includes a wide range of applications in the computer, communications, consumer, and industrial/standard segments. These products are used in a variety of end markets including mobile devices, high performance computing, automotive electronics and the Internet of Things (IoT). Strong diversiﬁcation helps to smooth ﬂuctuations in demand, which in turn helps TSMC maintain higher levels of capacity utilization and proﬁtability, and generate healthy returns for future investment. The annual capacity of the manufacturing facilities managed by TSMC and its subsidiaries exceeded 12 million 12-inch equivalent wafers in 2019. These facilities include three 12-inch wafer GIGAFAB® fabs, four 8-inch wafer fabs, and one 6-inch wafer fab – all in Taiwan – as well as one 12-inch wafer fab at a wholly owned subsidiary, TSMC Nanjing Company Limited, and two 8-inch wafer fabs at wholly owned subsidiaries, WaferTech in the United States and TSMC China Company Limited. TSMC provides customer service, account management and engineering services through ofﬁces in North America, Europe, Japan, China, and South Korea. At the end of 2019, the Company and its subsidiaries employed more than 51,000 people worldwide. The Company is listed on the Taiwan Stock Exchange (TWSE) under ticker number 2330, and its American Depositary Shares (ADSs) are traded on the New York Stock Exchange (NYSE) under the symbol TSM. 2.2.1 TSMC Achievements In 2019, TSMC maintained its leading position in the foundry segment of the global semiconductor industry, with an estimated market share of 52%, despite ongoing intense competition from both established players and relatively new entrants to the business. The Company’s strong market position stems in great part from its leadership in advanced process technologies. In 2019, 50% of TSMC’s wafer revenue came from advanced manufacturing processes – deﬁned as geometries of 16nm and smaller – up from 41% in 2018. TSMC offers the foundry segment’s broadest technology portfolio and continues to invest in advanced and specialty technologies to provide customers more added value. This is a differentiating competitive advantage for TSMC. In 2019, the Company developed or introduced the following: Logic Technology • 5nm Fin Field-Effect Transistor (FinFET) (N5) technology is TSMC’s newest offering. This world-leading technology received multiple customer product tape-outs in 2019, including mobile and high performance computing products. Volume production of N5 technology is expected in the ﬁrst half of 2020. Compared to 7nm FinFET (N7) technology, N5 technology offers about 15% speed improvement or about 30% power reduction. In addition, it is optimized upfront for both mobile and high performance computing applications. • 5nm FinFET Plus (N5P) technology is a performance- enhanced version of N5 technology with same design rules. N5P technology provides about 20% faster speed than N7 technology or about 40% power reduction. Design kits of N5P technology will be available in the next N5 revision in the second quarter of 2020. 9 • 6nm FinFET (N6) technology successfully completed product yield veriﬁcation in 2019. Thanks to mask layer reduction achieved through extreme ultraviolet (EUV) lithography technology, N6 technology could achieve better yield and shorten production cycles compared to N7 technology in the manufacture of the same products. In addition, N6 technology delivers about 18% higher logic transistor density than 7nm technology. This, along with higher yield due to mask layer reduction, can help customers get more good dies per wafer. Also, since its design rules are compatible with N7 technology, N6 technology can signiﬁcantly reduce customers’ product design cycle time and time-to-market. Risk production of N6 technology started in the ﬁrst quarter of 2020 with volume production planned before the end of 2020. • N7 technology is one of TSMC’s fastest technologies in volume production, and provides optimized manufacturing processes for both mobile computing applications and high performance computing components. N7 received a total of more than 100 customer product tape-outs by the end of 2019, covering a wide range of applications, including mobile devices, game consoles, artiﬁcial intelligence (AI), central processing units, graphics processors, and network connected devices. In addition, 7nm FinFET plus (N7+) technology entered full-scale production in 2019 and delivered customer products to market in high volume. N7+ technology is the ﬁrst commercially available EUV-enabled foundry process technology in the world. Its success is a testament to TSMC’s world-leading capabilities in EUV volume production and paves a solid foundation for N6 and more advanced technologies. • 12nm FinFET compact plus technology (12FFC+) and 16nm FinFET compact plus technology (16FFC+) comprise TSMC’s latest 16nm/12nm family of offerings following 16nm FinFET plus technology (16FF+), 16nm FinFET compact technology (16FFC) and 12nm FinFET compact technology (12FFC). 12FFC+ and 16FFC+, which entered risk production in 2019, drive product performance and power consumption to the best levels among all the foundry’s 16/14nm technologies. 16FF+ is aimed at high performance product applications, including mobile devices, servers, graphics and cryptocurrency. All 12FFC+, 12FFC, 16FFC+ and 16FFC technologies can support customer needs in mainstream and ultra-low power (ULP) product applications, including low-end to mid-range mobile phones, consumer electronics, digital TVs and the Internet of Things (IoT). So far, 12FFC+, 12FFC, 16FFC+, 16FFC and 16FF+ have received a total of more than 500 customer product tape-outs, most of which have been ﬁrst- time silicon successes. • 22nm ultra-low leakage (ULL) (22ULL) technology began volume production in 2019 to support IoT and wearable devices applications. In addition, 22ULL low Vdd (low operating voltage) solutions were ready in 2019. Compared to 40ULP and 55ULP technologies, 22ULL technology offers new ULL device, ULL SRAM (static random access memory), and low Vdd solutions to signiﬁcantly lower power consumption. • 22nm ULP (22ULP) technology was developed based on TSMC’s industry-leading 28nm technology and started volume production in 2019. Compared to 28nm high performance compact plus (28HPC+) technology, 22ULP provides 10% area reduction with 10% speed gain, or 20% power reduction for many applications including image processing, digital TVs, set- top boxes, smartphones and consumer products. • 28HPC+ technology accumulated more than 300 customer product tape-outs by the end of 2019. 28HPC+ technology provides further performance enhancement or power reduction in mainstream smartphone, digital TV, storage, audio and SoC (System-on-Chip) applications. Compared to 28HPC technology, 28HPC+ technology improves performance by about 15% or reduces leakage by about 50%. • 40nm ULP (40ULP) technologies received a total of over 100 product tape-outs by the end of 2019. These technologies support a variety of IoT and wearable devices applications, including wireless connectivity, wearable application processors and micro control units (MCUs). In addition, TSMC uses its leading 40ULP low Vdd technology to offer low energy consumption solutions for IoT devices and wearable connected devices. Development of new, enhanced analog devices is progressing well, which will enrich the 40ULP platform to support customers for broader analog design needs in the future. • 55nm ultra-low power (55ULP) technology received a total of over 70 customer tape-outs by the end of 2019. Compared to 55nm low power (55LP) technology, 55ULP can signiﬁcantly increase battery life for IoT applications. In addition, it integrates RF (radio frequency) and eFlash (embedded ﬂash) to simplify customers’ SoC designs. Specialty Technology • 16FF+ technology has begun production for customer applications in the automotive industry since 2017. 16FFC foundation IPs (intellectual properties) passed the Automotive Electronic Council AEC-Q100 Grade-1 qualiﬁcation and were certiﬁed for functional safety standard ISO 26262 ASIL-B. In addition, TSMC 9000A was introduced for automotive IP management to complete the automotive ecosystem with third party IP vendors. TSMC continues to develop more 7nm automotive foundation IPs, which completed AEC-Q100 Grade-2 qualiﬁcation in the ﬁrst quarter of 2020. • 16FFC RF led the foundry to start volume production of the ﬁfth generation (5G) mobile network chips for customers in the ﬁrst half of 2018. This technology has been extended to the next generation wireless local area network (WLAN) 802.11ax and Millimeter Wave (mmWave) applications, as well as to wireless connectivity applications such as smartphones using the 5G mobile network. Continuing to advance 16FFC RF technology, in 2019 TSMC not only delivered the world’s ﬁrst FinFET device whose fT (cut-off frequency) can reach >300GHz but also completed the development of the world’s ﬁrst and best FinFET device whose fmax can reach >400GHz. This high-performance and cost-effective technology will be used in many applications such as radar sensing and AR/VR to reduce chip power consumption and die size and to enable SoC designs. • 22ULL RF technology extended its support for wireless LAN power ampliﬁer devices and ultra-low leakage devices in 2019, in addition to magnetic random access memory (MRAM), resistive random access memory (RRAM) and high fT devices. This further supports chip development for 5G mmWave mobile communication and IoT applications. • 22ULL embedded RRAM technology started risk production in 2019 and is expected to complete IP reliability qualiﬁcation in 2020. This technology can support various applications such as IoT MCUs and AI memory devices. • 22ULL embedded magnetic random access memory (MRAM) technology IPs are expected to complete reliability qualiﬁcation in 2020. In addition, 16nm MRAM is under development and is progressing well. MRAM technology provides a competitive migration path for eFlash replacement of high reliability MCUs, including AEC-Q100 Grade-1 applications. • 28HPC+ RF technology led the foundry segment to deliver the ﬁrst RF process design kit (PDK) in 2018, providing support for 110GHz mmWave, 150°C automotive grade and so on for 5G mmWave RF and automotive radar product designs. In 2019, 28HPC+RF technology extended its support for ultra-low leakage devices and embedded ﬂash. Customer products of 5G mmWave RF and automotive radar are already in volume production. • 28nm ULL eFlash technology completed AEC-Q100 Grade-1 reliability qualiﬁcation in 2019. TSMC continues to enhance this technology, which is expected to meet more stringent AEC-Q100 Grade-0 requirements in 2020. • 40ULP eFlash technology received over 40 product tape-outs by the end of 2019, including MCUs, wireless MCUs and security elements. 40ULP eFlash technology also offered a low Vdd option, which provides low energy consumption solutions for IoT devices and wearable connected devices. • 40ULP embedded RRAM technology IPs completed reliability qualiﬁcation in 2019. This technology is fully CMOS (Complementary Metal Oxide Semiconductor) logic compatible for PDK and IP re-use for applications including wireless MCU, IoT and wearable devices. • 40ULP analog platform was further enhanced for reduced noise, improved mismatch and lower leakage devices and so on. Complete design documents are expected to be ready in 2020. This enhanced 40ULP analog platform is fully logic compatible and supports analog designs that require high precision analog performance along with low power consumption. • 12-inch 0.13µm Bipolar-CMOS-DMOS (BCD) plus technology, which began production in 2017, saw signiﬁcant wafer shipment growth in both 2018 and 2019. Compared to the previous 0.13µm BCD technology, this technology provides continuous performance improvement and features enhancement for power management applications in high-end smartphones. • 0.18µm BCD third generation passed AEC-Q100 Grade-1 qualiﬁcation in 2018, and went on to meet AEC-Q100 Grade-0 qualiﬁcation in 2019. This technology provides superior cost competitiveness compared to the second generation BCD. 10 11 • Gallium nitride (GaN) on silicon technology was further enhanced to integrate GaN power switches with drivers in both 650V and 100V platforms, as well as improve reliability to support customer deigns for higher power density and efﬁciency solutions for various market applications. Both 650V and 100V GaN IC technology platforms are expected to be ready in 2020. • Organic light-emitting diode (OLED) on silicon panel technology increases pixel density by ﬁve to ten times compared to the traditional OLED on glass technology and can support the growing demand for high-quality AR/VR (augmented reality / virtual reality) goggles. In working with customers, TSMC successfully demonstrated this technology on both 8-inch and 12-inch high voltage (HV) technologies, which paves the way for AR/VR suppliers to develop next generation goggles for various industrial, medical and consumer electronics applications. • As machine vision is quickly deployed in many security, automotive, home, and mobile communication applications, TSMC offers the next generation global shutter CMOS image sensor (CIS) and enhanced near infrared (NIR) CIS technologies, making machine vision systems safer, smaller, and consume less power. • TSMC successfully supported customer to deliver the world’s smallest CMOS-MEMS (micro-electromechanical systems) monolithic accelerometer in chip scale packaging (CSP) format, smaller than 1mm2 in size. This small footprint can help reduce the size and weight of many IoT and wearable devices. Advanced Packaging Technology • Successfully developed InFO-PoP (Integrated Fan-Out Package- on-Package) technology which integrates 7nm SoC (System- on-Chip) and DRAM (dynamic random access memory) for advanced mobile device applications and delivered several customer products to market in high volume in 2019. • CoWoS® (Chip on Wafer on Substrate) technology that heterogeneously integrates multiple 7nm SoC chips and the second generation high bandwidth memory (HBM2) on 2-retcile size silicon interposer successfully completed qualiﬁcation in the third quarter of 2019 for high performance computing applications. • In addition to CoWoS®, InFO_oS (Integrated Fan-Out on Substrate) technology integrating multiple 7nm SoC chips began volume production in 2019. • Fine pitch copper (Cu) bump technology for ﬂip chip packaging on 5nm silicon successfully completed qualiﬁcation in 2019 for both advanced mobile device and high performance computing applications. • Successfully developed 16nm silicon in wafer level chip scale packaging (WLCSP) technology and delivered customer products to market in high volume in 2019 for IoT and high- end smartphone applications. 2.2.2 Market Overview TSMC estimates that the worldwide semiconductor market excluding memory was US$327 billion in revenue in 2019, representing a 2% decline from 2018. In the foundry segment of the semiconductor industry, total revenue was US$67 billion in 2019, ﬂat from 2018. 2.2.3 Industry Outlook, Opportunities and Threats Industry Demand and Supply Outlook TSMC’s back-to-back years of growth in the foundry segment was driven by relatively healthy market demand. However, for 2020, the COVID-19 pandemic brings about uncertainty on both supply and demand of the total semiconductor industry. Considering the potential impacts, TSMC forecasts the total semiconductor market excluding memory to be ﬂat or slightly decline. Over the longer term, however, fueled by increasing semiconductor content in electronic devices, continuing market share gains by fabless companies, gradual increases in integrated device manufacturer (IDM) outsourcing, and expanding in-house application-speciﬁc integrated circuits (ASIC) from systems companies, the Company expects its foundry segment revenue to outpace the mid-single digit compound annual growth rate projected for the overall semiconductor market excluding memory from 2019 through 2024. As an upstream supplier in the semiconductor supply chain, the foundry segment is tightly correlated with the market health of the major platforms, including smartphone, high performance computing (HPC), Internet of Things (IoT), automotive, and digital consumer electronics (DCE). • Smartphone Smartphone unit shipments, which were down for the ﬁrst time in their history in 2018, by 4%, declined again in 2019, by 2%, reﬂecting established high penetration in many developed countries and China. For 2020, with 5G commercialization accelerating, new 5G smartphones will likely shorten the overall replacement cycle. However, COVID-19 pandemic may delay smartphone replacement. As a result, TSMC projects a high-single digit decline for smartphone market in 2020. Over the longer term, migration to 5G, together with improved performance, longer battery life, biosensors and more AI features, will all continue to propel new smartphone sales going forward. • Automotive The car unit sales fell 5% in 2019, because of the softened global economies. It is projected to decline again at low-teens in 2020 due to COVID-19 pandemic and continued macro uncertainty. Moving forward, TSMC expects richer semiconductor content requirement driven by EV (electrical vehicle), ADAS (Advanced Driver Assistance System) and Infotainment system to fuel the demand for Processors, Sensors, Analog and Power ICs. TSMC offers various kinds of automotive process technologies to help customers winning the automotive market. • Digital Consumer Electronics (DCE) The DCE unit shipments fell 7% in 2019. TVs and set-top boxes declined due to worldwide economic uncertainties, while MP3 players, digital cameras continued to be cannibalized by smartphones. A continued drop in DCE is expected in 2020. Certain sub- segments such as 4K and 8K (UHD) TVs should achieve positive growth within the sector. In addition, AI functions such as picture quality improvement and voice control have continuously been incorporated in TVs. With its broad array of advanced technology offerings, TSMC expects to take advantage of these market trends. Supply Chain The electronics industry features a long and complex supply chain, the elements of which are correlated but highly interdependent. At the upstream manufacturing level, IC vendors need to have sufﬁcient and ﬂexible supply deliveries to handle ﬂuctuating demand dynamics. Foundry vendors play an important role to ensure the health and effectiveness of the supply chain. As a leader in the foundry segment, TSMC provides advanced technologies and large-scale capacity to complement the innovations created in the downstream chain. Low-power IC is an essential requirement among handset manufacturers, and SoC design, in which TSMC is already the leader, is the preferred solution due to its optimized cost, power and form factor (device footprint and thickness) potential. The migration to advanced process technologies will continue to accelerate, spurred by the appetite for higher performance to run AI applications, various complex software routines and higher resolution video. • High Performance Computing (HPC) The HPC platform includes PC, Tablets, Server, Base Station, Game Console etc. Major HPC unit shipment fell by 4% in 2019, mainly due to prolonged replacement cycle of consumer PC, lower enterprise Server demand, and current generation Game Console entering tail of product life cycle; while partially offset by 5G Base Station deployment and growing business PC demand. The HPC is projected to have a mid-single digit unit decline in 2020, impacted by COVID-19. Nevertheless, several factors are expected to drive demand in HPC platform, including continually 5G Base Station deployment, rising Data Center AI Server demand, and next generation Game Console launching etc. All these require higher performance and power-efﬁcient CPUs, GPUs, NPUs, AI Accelerators, and related-ASICs, which will drive the overall HPC platform towards richer silicon content and more advanced process technologies. • Internet of Things (IoT) Internet of Things (IoT) platform includes various kinds of connected devices, such as smart wearable, smart speaker, and surveillance system, etc. The IoT unit shipments grew 25% in 2019, with Bluetooth earphone, smart watch, and smart speaker as the major growth drivers. Looking into 2020, despite impacted by COVID-19, the IoT unit shipments will grow mid-teens, thanks to continued growth momentum of Bluetooth earphone, smart watch, and smart speaker, and continued development of various applications. By adding more AI functions, the IoT devices will drive more demand for more powerful yet lower power controllers, connectivity IC and sensors. TSMC offers high-performance yet low-power process technologies to enable customers’ competitiveness for winning the market. 12 13 2.2.4 TSMC Position, Differentiation and Strategy Position TSMC is the worldwide semiconductor foundry leader for advanced, specialty and advanced packaging technologies, commanding a 52% market share in 2019. Net revenue by geography, based mainly on the country in which customers are headquartered, was: 60% from North America; 9% from the Asia Paciﬁc region, excluding China and Japan; 20% from China; 6% from Europe, the Middle East and Africa; and 5% from Japan. Net revenue by platform was: 49% from the smartphone; 30% from the high performance computing (HPC); 8% from the Internet of Things (IoT); 4% from automotive. In addition, 5% was from digital consumer electronics; and 4% from others. Differentiation TSMC’s leadership position is based on three deﬁning competitive strengths and a business strategy rooted in the Company’s heritage. The Company distinguishes itself from the competition through its technology leadership, manufacturing excellence and customers’ trust. As a technology leader, TSMC is consistently ﬁrst among dedicated foundries to provide next generation, leading-edge technologies. The Company also maintains a leadership position in more mature technologies by applying the lessons learned in leading-edge technology development to enrich its specialty technologies. Beyond process technology, TSMC has established frontend and backend integration capabilities to create the optimum power/performance/area “sweet spot” to help customer achieve faster time-to-production. Well known for industry-leading manufacturing management capabilities, TSMC extends that leadership through its Open Innovation Platform® and Grand Alliance initiatives. The Open Innovation Platform® initiative quickens the pace of innovation in the semiconductor design community and among its ecosystem partners, as well as in the Company’s own IP, design implementation and design for manufacturing capabilities, process technology and backend services. A key element is a set of ecosystem interfaces and collaborative components initiated and supported by the Company that more efﬁciently empower innovation throughout the supply chain and drive the creation and sharing of new revenue and proﬁts. The TSMC Grand Alliance is one of the most powerful forces for innovation in the semiconductor industry, bringing together customers, electronic design automation (EDA) partners, IP partners, and key equipment and material suppliers at a new, higher level of collaboration. Its objective is to help customers, alliance members and TSMC win business and increase competitiveness. The foundation for customer trust is a commitment TSMC made when it opened for business in 1987 to never compete with its customers. As a result, TSMC has never owned or marketed a single semiconductor product, but instead has focused all of its resources on becoming the trusted foundry for its customers. Strategy TSMC is conﬁdent that its differentiating strengths will enable it to prosper from the foundry segment’s many attractive growth opportunities. In light of the rapid growth in four major markets, namely smartphone, high performance computing, the Internet of Things, and automotive electronics, and the fact that focus of customer demand is shifting from process-technology- centric to product-application-centric, TSMC has constructed four corresponding technology platforms to provide customers with the most comprehensive and competitive logic process technologies, specialty technologies, IPs and packaging and testing technologies to shorten customers’ time-to-design and time-to-market. These platforms are: Smartphone: TSMC offers leading process technologies such as 5nm FinFET, 6nm FinFET, 7nm FinFET Plus, and 7nm FinFET logic process technologies, as well as comprehensive IPs for premium product applications to further enhance chip performance, reduce power consumption, and decrease chip size. For mainstream product applications, TSMC offers leading process technologies such as 12nm FinFET compact (12FFC), 16nm FinFET compact (16FFC), 28nm high performance compact (28HPC), 28nm high performance mobile compact plus (28HPC+), and 22nm ultra-low power (22ULP) logic process technologies, in addition to comprehensive IPs, to satisfy customer needs for high performance and low power chips. Furthermore, for premium, high-, mid- and low-end product applications, the Company also offers the most competitive, leading-edge specialty technologies, including RF, embedded ﬂash memory, emerging memory technologies, power management, sensors, and display chips as well as advanced packaging technologies such as industry-leading Integrated Fan- Out (InFO) technology. High Performance Computing: TSMC provides customers with leading process technologies such as 5nm FinFET, 6nm FinFET, 7nm FinFET and 12/16nm FinFET, as well as comprehensive IPs including high-speed interconnect IPs, to meet customers’ high performance computing and communication requirements. The Company also offers multiple advanced packaging technologies such as CoWoS®, InFO, and 3D IC to enable homogeneous and heterogeneous chip integration to meet customers’ performance, power, and system footprint requirements. TSMC will continue to • Short-Term Semiconductor Business Development Plan 1. Substantially ramp up the business and sustain advanced technology market share by continued increasing capacity and R&D investments. 2. Maintain mainstream technology market share by expanding business to new customers and market segments. 3. Continue to enhance the competitive advantages of the Company’s platforms in smartphone, high performance computing, IoT, and automotive electronics design ecosystems so as to expand TSMC’s dedicated foundry services in these product applications. 4. Further expand TSMC’s business and service infrastructure into emerging and developing markets. • Long-Term Semiconductor Business Development Plan 1. Continue developing leading-edge technologies at a pace consistent with the Moore’s Law. 2. Broaden specialty business contributions by further developing derivative technologies. 3. Provide more integrated services, covering system-level integration design, design technology deﬁnition, design tool preparation, wafer processing, and backend services, all of which deliver more value to customers through optimized solutions. optimize its high performance computing platform offerings to help customers capture market growth driven by data explosion and application innovation. Internet of Things: TSMC provides leading, comprehensive, and highly integrated ultra-low power (ULP) technology platform to support innovations for IoT and wearable applications. The Company’s leading offerings, including 55nm ULP, 40nm ULP, 28nm ULP, and 22nm ULP/Ultra-low leakage (ULL), have been widely adopted by various IoT and wearable applications. TSMC has also extended its low Vdd (low operating voltage) offerings for extreme low-power applications. To support the ever-increasing demand in IoT edge computing and wireless connectivity, TSMC also offers the most competitive and comprehensive leading-edge specialty technologies in RF, enhanced analog devices, embedded ﬂash memory, emerging memory, sensors and display chips, as well as multiple advanced packaging technologies including leading InFO technology. Automotive electronics: TSMC offers leading automotive technologies to support the three megatrends – safer, smarter and greener – in the automotive industry. The Company is also the industry leader in providing a robust automotive IP ecosystem, which covers 16nm FinFET ﬁrst and extends to 7nm FinFET and 5nm FinFET, for advanced driver-assistance systems (ADAS) and advanced in-vehicle infotainment (IVI), the two most computationally demanding systems in the automotive industry. In addition to its advanced logic platform, TSMC offers broad and competitive specialty technologies, including 28nm embedded ﬂash memory, 28nm, 22nm, and 16nm mmWave RF, high sensitivity CMOS Image/LiDAR (light detection and ranging) sensors, and power management ICs. Magnetic random access memory (MRAM), an emerging technology, is being developed with good progress to meet automotive Grade-1 requirements. All these automotive technologies are applied to TSMC’s automotive process qualiﬁcation standards based on AEC-Q100 standards. TSMC continually strengthens its core competitiveness and deploys both short-term and long-term plans for technology and business development and assists customers in taking on the challenges of short product cycles and intense competition in the electronic products market to meet ROI and growth objectives. 14 15 2.3 Organization 2.3.1 Organization Chart Audit Committee Compensation Committee Shareholders’ Meeting Board of Directors, Chairman, Vice Chairman As of 2/29/2020 CEO Ofﬁce Corporate Governance Ofﬁcer Internal Audit Operations, Research and Development, More-than-Moore Technologies, Europe and Asia Sales, North America, Business Development, Corporate Planning Organization, Corporate Strategy Ofﬁce, Quality and Reliability, Information Technology / Materials Management and Risk Management, Finance, Legal, Human Resources 2.3.2 Major Corporate Functions Operations • Operations including all fabs in Taiwan and overseas, and manufacturing technology development; product development, advanced packaging technology development, production and service integration, and support and service for customers in Asia, Europe, and North America Quality and Reliability • Assurance of the quality and reliability of the Company’s products by resolving reliability issues at new technology development stage; improving and managing product quality at production stage; providing solutions to resolve customers’ quality related issues; and providing services for advanced materials and failure analysis Research and Development • Advanced technology development, exploratory research, as well as design and technology platform development More-than-Moore Technologies • Specialty technology development Europe and Asia Sales • Sales and market development, technical marketing, ﬁeld technical support and service, and business operations for customers in Europe and Asia, including China, Japan, Korea and Taiwan North America • Sales and market development, ﬁeld technical solutions and business operations for customers in North America Business Development • Identiﬁcation of market directions and new applications that shape the technology roadmap and portfolios for the Company. It also provides key support in strengthening customer relationships along with Company branding management Information Technology / Corporate Information Security • Integration of the Company’s technology and business IT systems; infrastructure development; communication services and assurance of IT security and service quality; enabling the application of big data and machine learning to improve the Company’s productivity and accelerate R&D delivery Materials Management and Risk Management • Procurement, warehousing, import and export, and logistics support; also environmental protection, industrial safety, occupational health and risk management Internal Audit • Inspection and review of the Company’s internal control system, its adequacy in design and effectiveness in operation, with independent risk assessment to ensure compliance with the Company’s policies and procedures as well as with external regulations Finance and Spokesperson • Corporate ﬁnance, accounting and corporate communications; with the head of the organization also serving as the Company spokesperson Corporate Planning Organization • Planning for operation resources, as well as for production and demand; the integration of business processes, corporate pricing, market analysis and forecasting Legal • Corporate legal affairs including regulatory compliance, commercial transactions, patents and management of other intellectual properties, litigation, etc. Corporate Strategy Ofﬁce • Corporate strategy formation and implementation Human Resources • Personnel management, organizational development, physical security management, employee services and wellness management 16 17 Chairman Mark Liu Vice Chairman C.C. Wei Director F.C. Tseng 2.4 Board Members 2.4.1 Information Regarding Board Members Title/Name (Note 1) Gender Nationality or Place of registration Date Elected Term Expires Date First Elected Male U.S. 06/05/2018 06/04/2021 06/08/2017 12,913,114 0.05% 12,913,114 0.05% Shares Held When Elected Shares Currently Held Shares Currently Held by Spouse & Minors Selected Education, Past Positions & Current Positions at Non-proﬁt Organizations Shares % Shares % Shares - % - As of 02/29/2020 Selected Current Positions at TSMC and Other Companies Bachelor Degree in Electrical Engineering, National Taiwan University Master Degree and Ph.D. in Electrical Engineering & Computer Science, University of California, Berkeley None Former President, Worldwide Semiconductor Manufacturing Corp. Former Senior Vice President, Advanced Technology Business, TSMC Former Senior Vice President, Operations, TSMC Former Executive Vice President and Co-Chief Operating Ofﬁcer, TSMC Former President and Co-CEO, TSMC Chairman, Taiwan Semiconductor Industry Association (TSIA) Male R.O.C. 06/05/2018 06/04/2021 06/08/2017 7,179,207 0.03% 7,179,207 0.03% 261 0.00% Bachelor and Master Degrees in Electrical Engineering, National Chiao Tung University Ph.D. in Electrical Engineering, Yale University CEO, TSMC Male R.O.C. 06/05/2018 06/04/2021 05/13/1997 34,472,675 0.13% 34,472,675 0.13% 132,855 0.00% Former Senior Vice President, Chartered Semiconductor Manufacturing Ltd. Former Senior Vice President, Mainstream Technology Business, TSMC Former Senior Vice President, Business Development, TSMC Former Executive Vice President and Co-Chief Operating Ofﬁcer, TSMC Former President and Co-CEO, TSMC Director, TSMC Charity Foundation Bachelor Degree in Electrical Engineering, National Chengkung University Master Degree in Electrical Engineering, National Chiao Tung University Ph.D. in Electrical Engineering, National Chengkung University Honorary Ph.D., National Chiao Tung University Honorary Ph.D., National Tsing Hua University Former President, Vanguard International Semiconductor Corp. Former President, TSMC Former Deputy CEO, TSMC Former Vice Chairman, TSMC Former Director, National Culture and Arts Foundation, R.O.C. Chairman, TSMC Education and Culture Foundation Director, Cloud Gate Culture and Arts Foundation Chairman of: - TSMC China Company Ltd. (a nonpublic company) - Global UniChip Corp. Vice Chairman, Vanguard International Semiconductor Corp. Independent Director, Chairman of Audit Committee & Compensation Committee member, Acer Inc. Director National Development Fund, Executive Yuan (Note 1) 　Representative: 　Mei-ling Chen 06/05/2018 06/04/2021 12/10/1986 1,653,709,980 6.38% 1,653,709,980 6.38% Female R.O.C. 11/07/2017 (Note 2) - - - - - - - - LL.B., National Chengchi University LL.M., National Taiwan University LL.D., National Chengchi University None Former Director General, Department of Legal Affairs, Ministry of Justice, R.O.C. Former Chairperson of Legal Affairs Committee & concurrently Chairperson of Petitions and Appeals Committee, Executive Yuan, R.O.C. Former Deputy Secretary-General, Executive Yuan, R.O.C. Former Secretary-General, Tainan City Government, R.O.C. Former Secretary-General, Executive Yuan, R.O.C. Former Associate Professor, Department of Law, Chinese Culture University Minister without Portfolio, Executive Yuan & concurrently Minister, National Development Council, R.O.C. 18 (Continued) 19 　 Title/Name (Note 1) Gender Nationality or Place of registration Date Elected Term Expires Date First Elected Independent Director Sir Peter L. Bonﬁeld Male UK 06/05/2018 06/04/2021 05/07/2002 Shares Held When Elected Shares Currently Held Shares Currently Held by Spouse & Minors Shares - % - Shares - % - Shares - % - Male R.O.C. 06/05/2018 06/04/2021 04/14/2000 1,480,286 0.01% 1,480,286 0.01% 16,116 0.00% Female R.O.C. 06/05/2018 06/04/2021 06/09/2011 - - - - 5,120 0.00% Independent Director Stan Shih Independent Director Kok-Choo Chen 20 Selected Current Positions at TSMC and Other Companies Chairman, NXP Semiconductors N.V., the Netherlands Member, The Longreach Group Advisory Board, HK Board Mentor, CMi, UK Senior Advisor to Alix Partners, London Director & Honorary Chairman, Acer Inc. Chairman, CT Ambi Investment and Consulting Inc. (a nonpublic company) Director of: - Egis Technology Inc. - Nan Shan Life Insurance Co., Ltd. (a non-listed company) - Chinese Television System Inc. (a non-listed company) - Digitimes Inc. (a nonpublic company) None Selected Education, Past Positions & Current Positions at Non-proﬁt Organizations Bachelor and Honours Degrees in Engineering, Loughborough University Former Chairman and CEO, ICL Plc Former CEO and Chairman of the Executive Committee, British Telecommunications Plc Former Vice President, the British Quality Foundation Former Director, Mentor Graphics Corp., U.S. Former Director, Sony Corp., Japan Former Director, L.M. Ericsson, Sweden Former Chairman, GlobalLogic Inc., U.S. (a nonpublic company) Former Senior Advisor to Hampton Group, London Fellow of the Royal Academy of Engineering Chair of Council and Senior Pro-Chancellor, Loughborough University, UK Board Member, EastWest Institute, New York BSEE & MSEE, National Chiao Tung University Honorary EE Ph.D., National Chiao Tung University Honorary Doctor of Technology, The Hong Kong Polytechnic University Honorary Fellowship, University of Wales, Cardiff, UK Honorary Doctor of International Law, Thunderbird, American Graduate School of International Management, U.S. Co-Founder, Chairman Emeritus, Acer Group Former Chairman & CEO, Acer Group Former Director, Qisda Corp. Former Director, Wistron Corp. Former Chairman, National Culture and Arts Foundation, R.O.C. Director, Public Television Service Foundation, R.O.C. Council member of Asian Corporate Governance Associate (ACGA) Chairman, StanShih Foundation Chairman, Cloud Gate Culture and Arts Foundation Inns of Court School of Law, England Barrister-at-law, England Advocate & Solicitor, Singapore Attorney-at-law, California, U.S. Lawyer, Tan, Rajah & Cheah, Singapore, 1969-1970 Lawyer, Sullivan & Cromwell, New York, U.S., 1971-1974 Lawyer, Heller, Erhman, White & McAuliffe, San Francisco, California, U.S., 1974-1975 Partner, Ding & Ding Law Ofﬁces, Taiwan, 1975-1988 Partner, Chen & Associates Law Ofﬁces, Taiwan, 1988-1992 Vice President, Echo Publishing, Taiwan, 1992-1995 President, National Culture and Arts Foundation, R.O.C., 1995-1997 Senior Vice-President & General Counsel, TSMC, 1997-2001 Founder & Executive Director of Taipei Story House, 2003-2015 Advisor, Executive Yuan, R.O.C., 2009-2016 Director, National Culture and Arts Foundation, R.O.C., 2011-2016 Chairman, National Performing Arts Center, 2014-2017 Lecturer, Nanyang University, Singapore, 1970-1971 Associate Professor, Soochow University, 1981-1998 Chair Professor, National Tsing Hua University, 1999-2002 Professor, National Chengchi University, 2001-2004 Professor, Soochow University, 2001-2008 Founder and Executive Director, Museum207 Director, Republic of China Female Cancer Foundation (Continued) 21 Title/Name (Note 1) Gender Nationality or Place of registration Date Elected Term Expires Date First Elected Independent Director Michael R. Splinter Male U.S. 06/05/2018 06/04/2021 06/09/2015 Independent Director Moshe N. Gavrielov (Note 3) Male U.S. 06/05/2019 06/04/2021 06/05/2019 Shares Held When Elected Shares Currently Held Shares Currently Held by Spouse & Minors Shares - - % - Shares - % - - - - Shares - - Selected Education, Past Positions & Current Positions at Non-proﬁt Organizations % - Bachelor and Master Degrees in Electrical Engineering, University of Wisconsin Madison Honorary Ph. D in Engineering, University of Wisconsin Madison Former Executive Vice President of Technology and Manufacturing group, Intel Corp. Former Executive Vice President of Sales and Marketing, Intel Corp. Former CEO, Applied Materials, Inc. Former Chairman, Applied Materials, Inc. Former Director, The NASDAQ OMX Group, Inc. Former Director, Silicon Valley Leadership Group Former Director, Semiconductor Equipment and Materials International (SEMI) Former Director, Meyer Burger Technology Ltd., Switzerland Director, University of Wisconsin Foundation Chairman of the Board, US-Taiwan Business Council - Bachelor Degree in Electrical Engineering, Technion - Israel Institute of Technology Master Degree in Computer Science, Technion - Israel Institute of Technology In a variety of engineering and engineering management positions, National Semiconductor Corp. and Digital Equipment Corp. In a variety of executive management positions, LSI Logic Corp., nearly 10 years Former CEO, Verisity, Ltd. Former Executive Vice President and General Manager of the Veriﬁcation Division, Cadence Design Systems, Inc. Former President and CEO, Xilinx, Inc. Former Director, Xilinx, Inc. Director, San Jose Institute of Contemporary Art Selected Current Positions at TSMC and Other Companies Chairman of the Board, NASDAQ, Inc. Director of: - Tigo Energy, Inc. (a nonpublic company) - Pica8, Inc., U.S. (a nonpublic company) - Gogoro Inc., Cayman Islands (a nonpublic company) General Partner, WISC Partners LP Executive Chairman, Wind River Systems, Inc. (a nonpublic company) Director, Foretellix, Ltd. (a nonpublic company) Remarks: 1. No member of the Board of Directors held TSMC shares by nominee arrangement. 2. Chairman and President (or someone with an equivalent job responsibility, i.e. the highest ranking manager of the company) are not (1) the same person, (2) in a marital relationship with each other, or (3) within one degree of consanguinity. Note 1: Major Shareholder of TSMC’s Director that is an Institutional Shareholder. Director that is an Institutional Shareholder of TSMC Top 10 Shareholders National Development Fund, Executive Yuan Not Applicable Major Institutional shareholders of National Development Fund: Not Applicable. Note 2: Ms. Mei-ling Chen was appointed as the representative of National Development Fund on November 7, 2017. Note 3: Mr. Moshe N. Gavrielov was elected as TSMC’s independent director at TSMC’s Annual Shareholders’ Meeting on June 5, 2019. 22 23 Unit: NT$ Title/Name Chairman Mark Liu Vice Chairman C.C. Wei Director F.C. Tseng Director National Development Fund, Executive Yuan Representative: Mei-ling Chen Independent Director Sir Peter L. Bonﬁeld Independent Director Stan Shih Independent Director Kok-Choo Chen Independent Director Michael R. Splinter Independent Director Moshe N. Gavrielov (Note 2) 2.4.2 Remuneration Paid to Directors and Independent Directors (Note 1) Director's Remuneration Base Compensation (A) Severance Pay and Pensions (B) (Note 3) Compensation to Directors (C) Allowances (D) (Note 4) (A+B+C+D) as a % of Net Income Compensation Earned by a Director Who is an Employee of TSMC or of TSMC’s Consolidated Entities Base Compensation, Bonuses, and Allowances (E) (Note 4) Severance Pay and Pensions (F) (Note 3) Employees’ Proﬁt Sharing Bonus (G) From TSMC From All Consolidated Entities From TSMC From All Consolidated Entities From TSMC From All Consolidated Entities From TSMC From All Consolidated Entities From TSMC From All Consolidated Entities From TSMC From All Consolidated Entities From TSMC From All Consolidated Entities 12,750,000 12,750,000 224,400 224,400 279,105,120 279,105,120 1,338,981 1,338,981 0.0850% 0.0850% - - - - Cash - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 153,646,880 153,646,880 224,400 224,400 139,552,560 9,600,000 9,600,000 1,715,592 1,715,592 0.0033% 0.0033% 9,600,000 9,600,000 14,823,720 14,823,720 12,000,000 12,000,000 12,000,000 12,000,000 14,823,720 14,823,720 8,451,777 8,451,777 - - - - - - - - - - - - 0.0028% 0.0028% 0.0043% 0.0043% 0.0035% 0.0035% 0.0035% 0.0035% 0.0043% 0.0043% 0.0024% 0.0024% - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Total 12,750,000 12,750,000 224,400 224,400 360,404,337 360,404,337 3,054,573 3,054,573 0.1090% 0.1090% 153,646,880 153,646,880 224,400 224,400 139,552,560 *Other than disclosure in the above table, Directors remunerations earned by providing services (e.g. providing consulting services as a non-employee) to TSMC and all consolidated entities in the 2019 ﬁnancial statements: Advisor Fee to Dr. F.C. Tseng NT$14,405,550. Note 1: Directors and Independent Directors’ remuneration policies, procedures, standards and structure, as well as the linkage to responsibilities, risks and time spent: 1. According to TSMC’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 Corporation and the standards of the industry within the R.O.C. and overseas. 2. 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 TSMC are not entitled to receive compensation to directors. According to TSMC’s Compensation Committee Charter, the distribution of compensation to directors shall be made in accordance with TSMC’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 Committee and the Compensation 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, as they require additional time to attend quarterly meetings in Taiwan. Note 2: Mr. Moshe N. Gavrielov was elected as TSMC’s independent director at TSMC’s Annual Shareholders’ Meeting on June 5, 2019. Note 3: Pensions funded according to applicable law. Note 4: The above-mentioned ﬁgures include expenses for Company cars and gasoline reimbursement, but do not include compensation paid to Company drivers (totaled NT$2,705,364). Note 5: Total remuneration paid to the directors from TSMC and from all consolidated entities in 2018, including their employee compensation, both accounted for 0.1997% of 2018 net income. From TSMC From All Consolidated Entities Stock (Fair Market Value) Cash Stock (Fair Market Value) - - - - - - - - - - - 139,552,560 - - - - - - - 139,552,560 - - - - - - - - - - (A+B+C+D+E+F+G) as a % of Net Income (Note 5) From TSMC From All Consolidated Entities 0.0850% 0.0850% 0.0850% 0.0850% Compensation Paid to Directors from Non-consolidated Afﬁliates or Parent Company - - 0.0033% 0.0033% 8,911,973 0.0028% 0.0028% 0.0043% 0.0043% 0.0035% 0.0035% 0.0035% 0.0035% 0.0043% 0.0043% 0.0024% 0.0024% - - - - - - 0.1940% 0.1940% 8,911,973 24 25 2.5 Management Team 2.5.1 Information Regarding Management Team Gender Nationality On-board Date (Note 2) Male R.O.C. 02/01/1998 Shares 7,179,207 % 0.03% Shares 261 % 0.00% Shares Held Shares Held by Spouse & Minors Shares Held in the Name of Others Education and Selected Past Positions Selected Current Positions at Other Companies As of 02/29/2020 Managers Who are Spouses or within Second-degree Relative of Consanguinity to Each Other (Note 3) Title None Name None Relation None Female R.O.C. 06/01/1999 4,531,080 0.02% 2,230,268 0.01% Male R.O.C. 07/01/2004 1,441,127 0.01% Male U.S. 11/14/1997 - - - - - - Male R.O.C. 01/01/1987 6,920,122 0.03% 2,191,107 0.01% Male R.O.C. 11/14/1994 1,000,419 0.00% - - Male R.O.C. 01/01/1987 12,518,018 0.05% 1,019,961 0.00% Male R.O.C. 02/11/1987 2,553,947 0.01% 160,844 0.00% Male R.O.C. 12/15/1997 366,351 0.00% 60,802 0.00% Shares - - - - - - - - - % - - - - - - - - - Female R.O.C. 03/20/1995 700,285 0.00% 69,112 0.00% 384,000 0.00% Female R.O.C. 06/01/2014 139,000 0.00% - - Male R.O.C 06/01/1992 218,535 0.00% 1,135,529 0.00% Male R.O.C. 12/28/1994 225,000 0.00% - - - - - - - - Title Name (Note 1) Chief Executive Ofﬁcer C.C. Wei Senior Vice President Europe & Asia Sales Lora Ho Senior Vice President Research and Development/ Technology Development Wei-Jen Lo Senior Vice President Corporate Strategy Ofﬁce Rick Cassidy Senior Vice President Operations/ Product Development Y.P. Chin Senior Vice President Research and Development/ Technology Development Y.J. Mii Senior Vice President Information Technology and Materials Management & Risk Management J.K. Lin Senior Vice President Operations/ Fab Operations J.K. Wang Vice President Research and Development/ Technology Development Cliff Hou Vice President and General Counsel/ Corporate Governance Ofﬁcer Legal Sylvia Fang Vice President Human Resources Connie Ma Vice President Operations/ Fab Operations Y.L. Wang Vice President Research and Development/ Integrated Interconnect & Packaging Doug Yu 26 None Ph.D., Electrical Engineering, Yale University, U.S. President and Co-Chief Executive Ofﬁcer, TSMC Executive Vice President and Co-Chief Operating Ofﬁcer, TSMC Senior Vice President, Business Development, TSMC Senior Vice President, Mainstream Technology Business, TSMC Senior Vice President, Chartered Semiconductor Manufacturing Ltd. Master, Business Administration, National Taiwan University, Taiwan Senior Vice President, Chief Financial Ofﬁcer/ Spokesperson, TSMC Senior Director, Accounting, TSMC Vice President & CFO, TI-Acer Semiconductor Manufacturing Corp. Ph.D., Solid State Physics and Surface Chemistry, University of California, Berkeley, U.S. Vice President, Research and Development, TSMC Vice President, Manufacturing Technology Operations, TSMC Vice President, Advanced Technology Business, TSMC Vice President, Operations II, TSMC Director, Advanced Technology Development and CTM Plant Manager, Intel Corp. Bachelor, Engineering Technology, United States Military Academy at West Point, U.S. Chief Executive Ofﬁcer, TSMC North America President of TSMC North America Vice President of TSMC North America Account Management Master, Electrical Engineering, National Cheng Kung University, Taiwan Vice President, Product Development Operations, TSMC Vice President, Advanced Technology and Business, TSMC Senior Director, Product Engineering and Services, TSMC Ph.D., Electrical Engineering, University of California, Los Angeles, U.S. Vice President, Technology Development, TSMC TSMC Senior Director, R&D Platform I Division, TSMC Bachelor, Science, National Changhua University of Education, Taiwan Vice President, Mainstream Fabs and Manufacturing Technology Operations, TSMC Senior Director, Mainstream Fabs Operations, TSMC Master, Chemical Engineering, National Cheng Kung University, Taiwan Vice President, 300mm Fabs Operations, TSMC Senior Director, 300mm fabs Operations, TSMC Director and/or Supervisor, TSMC subsidiaries None None None None None None None Director, TSMC subsidiary None None None None None None None None None Director Wayne Yeh brother in law None None None Director, TSMC subsidiaries None None None Ph.D., Electrical Engineering, Syracuse University, U.S. Vice President, Design and Technology Platform, TSMC Senior Director, Design and Technology Platform, TSMC Director, TSMC subsidiaries Director, TSMC afﬁliate President, TSMC subsidiaries None None None Master of Comparative Law, School of Law, University of Iowa Attorney-at-law, Taiwan Associate General Counsel, TSMC Senior Associate, Taiwan International Patent and Law Ofﬁce (TIPLO) EMBA, International Business Management, National Taiwan University Director of Human Resources, TSMC Senior Vice President of Global Human Resources, Trend Micro Inc. Ph.D., Electrical Engineering, National Chiao Tung University, Taiwan Vice President, Technology Development, TSMC Vice President, Fab 14B Operations, TSMC Senior Director, Fab 14B Operations, TSMC Director and/or Supervisor, TSMC subsidiaries None None None None None None None Director, TSMC subsidiary Director, TSMC afﬁliate None None None PhD, Materials Engineering, Georgia Institute of Technology, USA Senior Director of Integrated Interconnect & Packaging Division in R&D, TSMC None None None None (Continued) 27 Shares Held by Spouse & Minors Shares Held in the Name of Others Shares % Shares % Education and Selected Past Positions Selected Current Positions at Other Companies Title Name (Note 1) Vice President and TSMC Fellow More-than-Moore Technologies Alexander Kalnitsky Vice President Business Development Kevin Zhang Vice President and TSMC Fellow Operations/ Product Development T.S. Chang Vice President Research and Development/ Platform Development Michael Wu Vice President Research and Development/ Pathﬁnding Min Cao Vice President Research and Development/ Corporate Research H.-S. Philip Wong (Note 4) Vice President Operations/ Advanced Packaging Technology and Service Marvin Liao Vice President Operations/ Fab Operations Y.H. Liaw (Note 5) Vice President Research and Development/ Advanced Tool and Module Development Simon Jang (Note 6) Vice President and Chief Financial Ofﬁcer/ Spokesperson Finance Wendell Huang (Note 7) Gender Nationality On-board Date (Note 2) Male U.S. 06/15/2009 Male U.S. 11/01/2016 Shares Held Shares - - % - - Male R.O.C. 02/06/1995 173,781 0.00% - - - - - - Male R.O.C. 12/09/1996 478,501 0.00% 194,943 0.00% Male U.S. 07/29/2002 363,152 0.00% 4,470 0.00% Male U.S. 07/02/2018 - - Male R.O.C. 06/06/2002 50,485 0.00% Male R.O.C. 08/03/1988 370,000 0.00% - - - - - - Male R.O.C. 09/01/1993 350,695 0.00% 663 0.00% Male R.O.C. 05/03/1999 1,651,418 0.01% - - - - - - - - - - - - - - 220,000 0.00% 430,000 0.00% - - - - PhD, Electrical Engineering, Carleton University, Canada Senior Director of More-than-Moore Technologies Division in R&D, TSMC PhD, Electrical Engineering, Duke University, USA Vice President, Design and Technology Platform, TSMC Vice President, Technology and Manufacturing Group, Intel Corp. PhD, Electrical Engineering, National Tsing Hua University Vice President, Fab 12B Operations, TSMC Senior Director, Fab 12B Operations, TSMC PhD, Electrical Engineering, University of Wisconsin-Madison, USA Senior Director of N3 Platform Development Division in R&D, TSMC PhD, Physics, Stanford University, USA Senior Director of Pathﬁnding Division in R&D, TSMC PhD, Electrical Engineering, Lehigh University, U.S. Willard R. and Inez Kerr Bell Professor in the School of Engineering, Stanford University Senior Manager, IBM Research PhD, Materials Science, University of Texas-Arlington, U.S. Senior Director, Backend Technology and Service Operations, TSMC Vice President, Chartered Semiconductor Manufacturing Ltd. Master of Chemical Engineering, National Tsing Hua University Vice President, Fab 15B Operations, TSMC Senior Director, Fab 15B Operations, TSMC PhD, Materials Science & Engineering, Massachusetts Institute of Technology, U.S. Senior Director of Advanced Tool and Module Development Division in R&D, TSMC Master, Business Administration, Cornell University, U.S. Deputy Chief Financial Ofﬁcer, TSMC Senior Director, Finance Division, TSMC Vice President, Corporate Finance, ING Barings Vice President, Corporate Finance, Chase Manhattan Bank Vice President, Corporate Finance, Bankers Trust Company None None None None None None None None None Managers Who are Spouses or within Second-degree Relative of Consanguinity to Each Other (Note 3) Title None Name None Relation None None None None None None None None None None None None None None None None None None None None None None 1. Deputy Director 2. Manager 1. Sharon Jang 2. Jimmy Hu 1. sister 2. brother in law Director and/or Supervisor, TSMC subsidiaries President, TSMC subsidiaries Director, TSMC afﬁliate None None None Note 1: Vice President Dr. N.S. Tsai retired, effective May 1, 2019. Vice President Dr. Irene Sun retired, effective September 30, 2019. Note 2: On-board date means the ofﬁcial date joining TSMC. Note 3: President (or someone with an equivalent job responsibility, i.e. the highest ranking manager of the company) and Chairman are not (1) the same person, (2) in a marital relationship with each other, or (3) within one degree of consanguinity. Note 4: Vice President Dr. Philip Wong resigned and became a special consultant to TSMC, effective April 1, 2020. Note 5: Mr. Y.H. Liaw was promoted to Vice President, effective February 19, 2019. Note 6: Dr. Simon Jang was promoted to Vice President, effective August 13, 2019. Note 7: Mr. Wendell Huang was promoted to Vice President, effective September 1, 2019. 28 29 (A+B+C+D) as a % of Net Income (Note 8) From TSMC From All Consolidated Entities Compensation Received from Non-consolidated Afﬁliates or Parent Company 2.5.2 Compensation Paid to CEO and Vice Presidents (Note 1) Unit: NT$ Salary (A) Severance Pay and Pensions (B) (Note 6) Bonuses and Allowances (C) (Note 7) Employees’ Proﬁt Sharing Bonus (D) Title Chief Executive Ofﬁcer Name C.C. Wei Vice President, Chief Financial Ofﬁcer/ Spokesperson Wendell Huang (Note 2) From TSMC 10,200,000 1,324,400 From All Consolidated Entities 10,200,000 1,324,400 From TSMC 224,400 29,137 From All Consolidated Entities 224,400 29,137 From TSMC From All Consolidated Entities From TSMC From All Consolidated Entities Cash Stock (Fair Market Value) Cash Stock (Fair Market Value) 143,446,880 143,446,880 139,552,560 8,282,931 8,282,931 7,293,712 - - 139,552,560 7,293,712 - - 0.0850% 0.0049% 0.0850% 0.0049% Senior Vice President Senior Vice President Senior Vice President Senior Vice President Senior Vice President Senior Vice President Senior Vice President Vice President Vice President Vice President Lora Ho Wei-Jen Lo Rick Cassidy Y.P. Chin Y.J. Mii J.K. Lin J.K. Wang N.S. Tsai (Note 3) Irene Sun (Note 3) Cliff Hou Vice President and General Counsel/ Corporate Governance Ofﬁcer Sylvia Fang Vice President Vice President Vice President Connie Ma Y.L. Wang Doug Yu Vice President and TSMC Fellow Alexander Kalnitsky Vice President Vice President and TSMC Fellow Vice President Vice President Vice President Vice President Vice President Vice President Total Kevin Zhang T.S. Chang Michael Wu Min Cao H.-S. Philip Wong Marvin Liao Y.H. Liaw (Note 4) Simon Jang (Note 5) 84,228,682 99,426,496 1,852,476 2,207,813 544,484,140 628,671,638 505,078,355 - 505,078,355 - 0.3289% 0.3578% 95,753,082 110,950,896 2,106,013 2,461,350 696,213,951 780,401,449 651,924,628 - 651,924,628 - 0.4188% 0.4477% - - - - Note 1: Compensation policy, standards/packages, procedures, the linkage to operating performance and future risk exposure: 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 Committee then submitted to the Board of Directors for approval. Note 2: Mr. Wendell Huang was promoted to Vice President, effective September 1, 2019. Note 3: Vice President Dr. N.S. Tsai retired, effective May 1, 2019. Vice President Dr. Irene Sun retired, effective September 30, 2019. Note 4: Mr. Y.H. Liaw was promoted to Vice President, effective February 19, 2019. Note 5: Dr. Simon Jang was promoted to Vice President, effective August 13, 2019. Note 6: Pensions funded according to applicable law. In accordance with TSMC Procedure of Retirement, the pension payment to Dr. N.S. Tsai and Dr. Irene Sun amounts to NT$28,084,800. Note 7: The above-mentioned ﬁgures include the expense for the employees' cash bonuses distributed in May, August, November 2019 & February 2020, Company cars and gasoline reimbursement. Note 8: Total compensation paid to the executive ofﬁcers from TSMC in 2018 accounted for 0.4097% of 2018 net income. Total compensation paid to the executive ofﬁcers from all consolidated entities in 2018 accounted for 0.4379% of 2018 net income. Compensation Paid to CEO and Vice Presidents NT$0 ~ NT$999,999 NT$1,000,000 ~ NT$1,999,999 NT$2,000,000 ~ NT$3,499,999 NT$3,500,000 ~ NT$4,999,999 NT$5,000,000 ~ NT$9,999,999 From TSMC Rick Cassidy None None None None NT$10,000,000 ~ NT$14,999,999 N.S. Tsai 2019 From All Consolidated Entities and Non-consolidated Afﬁliates None None None None None N.S. Tsai NT$15,000,000 ~ NT$29,999,999 Wendell Huang, Irene Sun, Simon Jang Wendell Huang, Irene Sun, Simon Jang NT$30,000,000 ~ NT$49,999,999 Connie Ma, Y.L. Wang, Doug Yu, Alexander Kalnitsky, T.S. Chang, Michael Wu, Min Cao, H.-S. Philip Wong, Marvin Liao, Y.H. Liaw Connie Ma, Y.L. Wang, Doug Yu, Alexander Kalnitsky, T.S. Chang, Michael Wu, Min Cao, H.-S. Philip Wong, Marvin Liao, Y.H. Liaw NT$50,000,000 ~ NT$99,999,999 Lora Ho, Y.P. Chin, Y.J. Mii, J.K. Lin, J.K. Wang, Cliff Hou, Sylvia Fang, Kevin Zhang Lora Ho, Rick Cassidy, Y.P. Chin, Y.J. Mii, J.K. Lin, J.K. Wang, Cliff Hou, Sylvia Fang, Kevin Zhang Over NT$100,000,000 C.C. Wei, Wei-Jen Lo Total 25 C.C. Wei, Wei-Jen Lo 25 30 31 2.5.3 Employees’ Proﬁt Sharing Bonus Paid to Management Team Unit: NT$ Title Chief Executive Ofﬁcer Name C.C. Wei Vice President, Chief Financial Ofﬁcer/ Spokesperson Wendell Huang (Note 1) Senior Vice President Senior Vice President Senior Vice President Senior Vice President Senior Vice President Senior Vice President Senior Vice President Vice President Vice President Vice President Vice President and General Counsel/ Corporate Governance Ofﬁcer Vice President Vice President Vice President Vice President and TSMC Fellow Vice President Vice President and TSMC Fellow Vice President Vice President Vice President Vice President Vice President Vice President Total Lora Ho Wei-Jen Lo Rick Cassidy Y.P. Chin Y.J. Mii J.K. Lin J.K. Wang N.S. Tsai (Note 2) Irene Sun (Note 2) Cliff Hou Sylvia Fang Connie Ma Y.L. Wang Doug Yu Alexander Kalnitsky Kevin Zhang T.S. Chang Michael Wu Min Cao H.-S. Philip Wong Marvin Liao Y.H. Liaw (Note 3) Simon Jang (Note 4) Note 1: Mr. Wendell Huang was promoted to Vice President, effective September 1, 2019. Note 2: Vice President Dr. N.S. Tsai retired, effective May 1, 2019. Vice President Dr. Irene Sun retired, effective September 30, 2019. Note 3: Mr. Y.H. Liaw was promoted to Vice President, effective February 19, 2019. Note 4: Dr. Simon Jang was promoted to Vice President, effective August 13, 2019. Stock (Fair Market Value) - - - - Cash 139,552,560 7,293,712 Total Total Employees’ Proﬁt Sharing Bonus Paid to Management Team as a % of Net Income 139,552,560 7,293,712 0.0404% 0.0021% 505,078,355 505,078,355 0.1463% 651,924,628 651,924,628 0.1888% 32 33 Corporate Governance 3.1 Overview 3 TSMC advocates and acts upon the principles of operational transparency and respect for shareholder rights. We believe that the basis for successful corporate governance is a sound and effective Board of Directors. In line with this principle, the TSMC Board delegates various responsibilities and authority to two Board Committees, Audit Committee and Compensation Committee. Each Committee has a written charter approved by the Board. Each Committee’s chairperson regularly reports to the Board on the activities and actions of the relevant committee. 2019 Corporate Governance Awards and Ratings Organization Committee of 100 Awards Founder Dr. Morris Chang was honored with Lifetime Achievement Awards FT-ODX (Financial Times Outstanding Directors Exchange) Our Independent Director Sir Peter L. Bonﬁeld received 2019 Outstanding Directors Awards Dow Jones Sustainability Indices (DJSI) Dow Jones Sustainability World Index for the 19th consecutive year Dow Jones Sustainability Emerging Markets Index MSCI ESG Indexes FTSE4Good Indexes Nikkei Asian Review Taiwan Stock Exchange FORTUNE Institutional Investor Magazine Forbes MSCI ACWI ESG Leaders Index component MSCI ACWI SRI Index component FTSE4Good Emerging Index component FTSE4Good TIP Taiwan ESG Index component Asia300 Power Performers Top 5% in Corporate Governance Evaluation of Listed Companies for the 5th consecutive year TWSE Corporate Governance 100 Index component 2019 World's Most Admired Companies Fortune Global 500 Most Honored Company (Technology/Semiconductors) – All-Asia Best Corporate Governance (Technology/Semiconductor) – 1st Place (buy-side and sell-side) – All-Asia Best ESG/SRI Metrics (Technology/Semiconductor) – 1st Place (buy-side and sell-side) – All-Asia World's Best Employers Top 100 Digital Companies CommonWealth Magazine Corporate Social Responsibility Award – Large cap –1st Place Taiwan Institute of Sustainable Energy The Most Prestigious Sustainability Awards – Top Ten Domestic Corporates Taiwan Top 50 Corporate Responsibility Report Awards – IT & IC Manufacturing Industry – Platinum Award 3.2 Board of Directors Board Structure TSMC’s Board of Directors consists of nine distinguished members with a great breadth of experience as world-class business leaders or professionals. We deeply rely on them for their diverse knowledge, personal perspectives, and solid business judgment. Five of those nine members are Independent Directors: former British Telecommunications Chief Executive Ofﬁcer, Sir Peter L. Bonﬁeld; Co-Founder, Chairman Emeritus of the Acer Group, Mr. Stan Shih; former Chairman of National Performing Arts Center and former Advisor of Executive Yuan, R.O.C., Ms. Kok-Choo Chen; former Chairman of Applied Materials, Inc., Mr. Michael R. Splinter; and former Chief 35 Executive Ofﬁcer of Xilinx, Inc., Mr. Moshe N. Gavrielov. The number of Independent Directors exceeds 50% of the total number of Directors. There will be an election for one additional Independent Director at the 2020 Annual Shareholders’ Meeting. The Board approved the nomination of Mr. Yancey Hai (currently Chairman of Delta Electronics Inc.) as a candidate for Independent Director at its meeting in the ﬁrst quarter of 2020. TSMC’s Board is comprised of a diverse group of professionals from different backgrounds in industries, academia, law, etc. These professionals include citizens from Taiwan, Europe and the U.S. with world-class business operating experience, two of whom are female. Board Responsibilities Inheriting the spirit of TSMC’s Founder, Dr. Morris Chang’s philosophy on corporate governance, under the leadership of Chairman Dr. Mark Liu and CEO & Vice Chairman Dr. C.C. Wei, TSMC’s Board of Directors takes a serious and forthright approach to its duties and is a dedicated, competent and independent Board. The Board’s primary duty is to supervise the Company’s compliance with relevant laws and regulations, ﬁnancial transparency, timely disclosure of material information, and maintaining of the highest integrity. TSMC’s Board of Directors strives to perform these responsibilities through its Audit Committee and the Compensation Committee, the hiring of a ﬁnancial expert consultant for the Audit Committee, and coordination with our Internal Audit department. The second duty of the Board of Directors is to evaluate the management’s performance and to appoint and dismiss ofﬁcers of the Company when necessary. TSMC’s management has maintained a healthy and functional communication with the Board of Directors, has been devoted in executing guidance of the Board, and is dedicated in running the business operations, all to achieve the best interests for TSMC shareholders. The third duty of the Board of Directors is to resolve important, concrete matters, such as capital appropriations, investment activities, dividends, etc. The fourth duty of the Board of Directors is to provide guidance to the management team of the Company. Quarterly, TSMC’s management reports to the Board on a variety of subjects. The management also reviews the Company’s business strategies with the Board and updates TSMC’s Board on the progress of those strategies, obtaining Board guidance as appropriate. Nomination and Election of Directors TSMC envisions the membership of its esteemed Board of Directors to be composed of highly ethical professionals with the necessary knowledge, experience and understanding from diverse backgrounds. In 2019, TSMC established “Guidelines for Nomination of Directors”, which describes the procedures and criteria for the nomination, qualiﬁcation and evaluation of candidates for Directors. In addition, TSMC envisions its Board to be composed of a majority of independent directors, with the independence of each independent director candidate considered and assessed under relevant laws. Directors shall be elected pursuant to the candidate nomination system speciﬁed in Article 192-1 of the R.O.C. Company Law. The tenure of ofﬁce for Directors shall be three years. The independence of each independent director candidate is also considered and assessed under relevant law such as the Taiwan “Regulations Governing Appointment of Independent Directors and Compliance Matters for Public Companies”. Under R.O.C. law, in which TSMC was incorporated, any shareholders holding one percent or more of our total outstanding common shares may nominate their own candidate to stand for election as a Board member. This democratic mechanism allows our shareholders to become involved in the selection and nomination process of Board candidates. The ﬁnal slate of candidates is put to the shareholders for voting at the relevant annual shareholders’ meeting. There are no limits on the number of terms that a director may serve. We believe the Company beneﬁts from the contributions of directors who have over their years of dedicated service acquired unique insights into the operations and ﬁnancial developments of the Company. The Company reviews the appropriateness of each director’s continued service to ensure there are new viewpoints available to the Board. Directors’ Compensation According to TSMC’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 Corporation and the standards of the industry within the R.O.C. and overseas. TSMC’s Articles of Incorporation also state that not more than 0.3 percent of our annual proﬁts may be distributed as compensation to our directors. In addition, directors who also serve as executive ofﬁcers of the Company are not entitled to receive any director compensation. According to TSMC’s Compensation Committee Charter, the distribution of compensation to directors shall be made in accordance with TSMC’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 other directors, as all independent directors also serve as members of the Audit Committee and Compensation 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, as they require additional time to attend quarterly meetings in Taiwan. Directors’ Professional Qualiﬁcations and Independence Analysis According to the relevant requirements set by Taiwan’s Securities and Futures Bureau, the professional qualiﬁcations and independence status of the Company’s Board members are listed in the table below. Meet the Following Professional Qualiﬁcation Requirements, Together with at Least Five Years Work Experience Criteria (Note) An Instructor or Higher Position in a Department of Commerce, Law, Finance, Accounting, or Other Academic Department Related to the Business Needs of the Company in a Public or Private Junior College, College or University A Judge, Public Prosecutor, Attorney, Certiﬁed Public Accountant, or Other Professional or Technical Specialists Who Has Passed a National Examination and Been Awarded a Certiﬁcate in a Profession Necessary for the Business of the Company Have Work Experience in the Area of Commerce, Law, Finance, or Accounting, or Otherwise Necessary for the Business of the Company 1 2 3 4 5 6 7 8 9 10 11 12 Number of Other Taiwanese Public Companies Concurrently Serving as an Independent Director V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V 0 0 0 1 0 0 0 0 0 Criteria Name Mark Liu Chairman C.C. Wei Vice Chairman Mei-ling Chen Director F.C. Tseng Director Sir Peter L. Bonﬁeld Independent Director Stan Shih Independent Director Kok-Choo Chen Independent Director Michael R. Splinter Independent Director Moshe N. Gavrielov Independent Director Note: Directors, during the two years before being elected and during the term of ofﬁce, meet any of the following situations, please tick the appropriate corresponding boxes: 1. Not an employee of the company or any of its afﬁliates; 2. Not a director or supervisor of the company or any of its afﬁliates.; 3. Not a natural-person shareholder who holds shares, together with those held by the person’s spouse, minor children, or held by the person under others’ names, in an aggregate amount of one percent or more of the total number of issued shares of the company or ranks as one of its top ten shareholders; 4. Not a spouse, relative within the second degree of kinship, or lineal relative within the third degree of kinship, of any of the ofﬁcer in the preceding 1 subparagraph, or of any of the above persons in the preceding subparagraphs 2 and 3; 5. Not a director, supervisor, or employee of a corporate/institutional shareholder that directly holds ﬁve percent or more of the total number of issued shares of the company, ranks as of its top ﬁve shareholders, or has representative director(s) serving on the company’s board based on Article 27 of the Company Law. 6. Not a director, supervisor, or employee of a company of which the majority of board seats or voting shares is controlled by a company that also controls the same of the company; 7. Not a director, supervisor, or employee of a company of which the chairman or CEO (or equivalent) themselves or their spouse also serve as the company’s chairman or CEO (or equivalent); 8. Not a director, supervisor, ofﬁcer, or shareholder holding ﬁve percent or more of the shares of a speciﬁed company or institution that has a ﬁnancial or business relationship with the company; 9. Other than serving as a compensation committee member of the company, not a professional individual who, or an owner, partner, director, supervisor, or ofﬁcer of a sole proprietorship, partnership, company, or institution that, provides commercial, legal, ﬁnancial, accounting services or consultation to the company or to any afﬁliate of the company, or a spouse thereof, and the service provided is an “audit service” or a “non-audit service which total compensation within the recent two years exceeds NTD500,000”; 10. Not having a marital relationship, or a relative within the second degree of kinship to any other director of the company; 11. Not been a person of any conditions deﬁned in Article 30 of the Company Law; and 12. Not a governmental, juridical person or its representative as deﬁned in Aticle 27 of the Company Law. 36 37 TSMC’s Audit Committee is empowered by its Charter to conduct any study or investigation it deems appropriate to fulﬁll its responsibilities. It has direct access to TSMC’s internal auditors, the Company’s independent auditors, and all employees of the Company. The Committee is authorized to retain and oversee special legal, accounting, or other consultants as it deems appropriate to fulﬁll its mandate. The Audit Committee Charter is available on TSMC’s corporate website. 3.2.2 Compensation Committee The Compensation Committee assists the Board in discharging its responsibilities related to TSMC’s compensation and beneﬁts policies, plans and programs, and in the evaluation and compensation of TSMC’s directors of the Board and executives. The members of the Compensation Committee are appointed by the Board as required by R.O.C. law. According to TSMC’s Compensation Committee Charter, the Committee shall consist of no fewer than three independent directors of the Board. The Compensation Committee is comprised of all independent directors, and the Board appointed Mr. Yancey Hai as a member of the Compensation Committee on February 11, 2020. The Chairman of the Board and the Chief Executive Ofﬁcer are invited by the Committee to attend all meetings and are excused from the Committee’s discussion of their own compensation. TSMC’s Compensation Committee is authorized by its Charter to retain an independent consultant to assist in the evaluation of CEO, or executive ofﬁcer compensation. The Compensation Committee Charter is available on TSMC’s corporate website. 3.2.1 Audit Committee The Audit Committee assists the Board in fulﬁlling its oversight of the quality and integrity of the accounting, auditing, reporting, and ﬁnancial control practices of the Company. The Audit Committee is responsible to review the following major matters: • Financial reports; • Auditing and accounting policies and procedures; • Internal control systems and including related policies and procedures; • Material asset or derivatives transactions; • Material lending funds, endorsements or guarantees; • Offering or issuance of any equity-type securities; • Derivatives and cash investments; • Legal compliance; • Related-party transactions and potential conﬂicts of interests involving executive ofﬁcers and directors; • Ombudsman reports; • Fraud prevention and investigation reports; • Corporate IT security; • Corporate risk management; • Performance, independence, qualiﬁcation of independent auditor; • Hiring or dismissal of an attesting CPA, or the compensation given thereto; • Appointment or discharge of ﬁnancial, accounting, or internal auditing ofﬁcers; • Assessment of Committee Charter and fulﬁllment of Audit Committee duties; and • Assessment of the Committee’s performance, etc. Under R.O.C. law, the membership of Audit Committee shall consist of all independent directors. TSMC’s Audit Committee satisﬁes this statutory requirement. The Committee also engaged a ﬁnancial expert consultant in accordance with the rules of the U.S. Securities and Exchange Commission. The Audit Committee annually conducts self-evaluation to assess the Committee’s performance and identify areas for further attention. Compensation Committee Members’ Professional Qualiﬁcations and Independence Analysis According to the relevant requirements set by Taiwan’s Securities and Futures Bureau, the professional qualiﬁcations and independence status of the Company’s Compensation Committee members are listed in the table below. Meet the Following Professional Qualiﬁcation Requirements, Together with at Least Five Years Work Experience Criteria (Note 1) An Instructor or Higher Position in a Department of Commerce, Law, Finance, Accounting, or Other Academic Department Related to the Business Needs of the Company in a Public or Private Junior College, College or University A Judge, Public Prosecutor, Attorney, Certiﬁed Public Accountant, or Other Professional or Technical Specialists Who Has Passed a National Examination and Been Awarded a Certiﬁcate in a Profession Necessary for the Business of the Company Have Work Experience in the Area of Commerce, Law, Finance, or Accounting, or Otherwise Necessary for the Business of the Company 1 2 3 4 5 6 7 8 9 10 Number of Other Taiwanese Public Companies Concurrently Serving as a Compensation Committee Member V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V 0 0 0 0 0 0 Criteria Name Title Michael R. Splinter Independent Director Sir Peter L. Bonﬁeld Independent Director Stan Shih Independent Director Kok-Choo Chen Independent Director Moshe N. Gavrielov Independent Director Yancey Hai Independent Member (Note 2) Note 1: Compensation Committee Members, during the two years before being elected or during the term of ofﬁce, meet any of the following situations, please tick the appropriate corresponding boxes: 1. Not an employee of the company or any of its afﬁliates; 2. Not a director or supervisor of the company or any of its afﬁliates.; 3. Not a natural-person shareholder who holds shares, together with those held by the person’s spouse, minor children, or held by the person under others’ names, in an aggregate amount of one percent or more of the total number of issued shares of the company or ranks as one of its top ten shareholders; 4. Not a spouse, relative within the second degree of kinship, or lineal relative within the third degree of kinship, of any of the ofﬁcer in the preceding 1 subparagraph, or of any of the above persons in the preceding subparagraphs 2 and 3; 5. Not a director, supervisor, or employee of a corporate/institutional shareholder that directly holds ﬁve percent or more of the total number of issued shares of the company, ranks as of its top ﬁve shareholders, or has representative director(s) serving on the company’s board based on Article 27 of the Company Law. 6. Not a director, supervisor, or employee of a company of which the majority of board seats or voting shares is controlled by a company that also controls the same of the company; 7. Not a director, supervisor, or employee of a company of which the chairman or CEO (or equivalent) themselves or their spouse also serve as the company’s chairman or CEO (or equivalent); 8. Not a director, supervisor, ofﬁcer, or shareholder holding ﬁve percent or more of the shares of a speciﬁed company or institution that has a ﬁnancial or business relationship with the company; 9. Other than serving as a compensation committee member of the company, not a professional individual who, or an owner, partner, director, supervisor, or ofﬁcer of a sole proprietorship, partnership, company, or institution that, provides commercial, legal, ﬁnancial, accounting services or consultation to the company or to any afﬁliate of the company, or a spouse thereof, and the service provided is an “audit service” or a “non-audit service which total compensation within the recent two years exceeds NTD500,000”; 10. Not been a person of any conditions deﬁned in Article 30 of the Company Law. Note 2: The Board appointed Mr. Yancey Hai as a member of the Compensation Committee on February 11, 2020. 3.2.3 Corporate Governance Ofﬁcer In 2019, the Board of Directors appointed Ms. Sylvia Fang, the Vice President of Legal and General Counsel of TSMC, as the Corporate Governance Ofﬁcer responsible for corporate governance matters, including handling of matters relating to Board, Audit Committee, Compensation Committee and Shareholders’ meetings in compliance with law, assistance in onboarding and continuing education of directors, provision of information required for performance of duties by directors, and assistance in directors’ compliance of law, etc. For details on performance of duties by the Corporate Governance Ofﬁcer, please refer to “3. Corporate Governance” on page 35-55 of this Annual Report. 38 39 3.2.4 Director and Committees Members’ Attendance Each Director is expected to attend every Board meeting and the committees meeting on which he or she serves. In 2019, the average Board Meeting attendance rate was 96% and the attendance rate for the Audit Committee and Compensation Committee’s Meetings were 96% and 90% respectively. Board of Directors Meeting Status TSMC’s Chairman of the Board of Directors convened four regular meetings and one special meeting in 2019. The directors’ attendance status is as follows. Attendance in Person By Proxy Attendance Rate in Person (%) Notes Title Chairman Vice Chairman Director Director Name Mark Liu C.C. Wei National Development Fund, Executive Yuan 　 Representative: Mei-ling Chen F.C. Tseng Independent Director Sir Peter L. Bonﬁeld Independent Director Stan Shih Independent Director Kok-Choo Chen Independent Director Michael R. Splinter Independent Director Moshe N. Gavrielov Annotations: A. (1) Securities and Exchange Act §14-3 resolutions: Meeting Dates Resolution 5 5 4 5 4 5 5 5 3 0 0 1 0 1 0 0 0 0 100% None 100% None 80% None 100% None 80% None 100% None 100% None 100% None 100% New ofﬁce assumed (Elected to ﬁll the vacancy on June 5) Any Independent Director Had a Dissenting Opinion or Qualiﬁed Opinion None 2019 1st Regular Meeting February 18 & 19 2019 2nd Regular Meeting May 13 & 14 2019 3rd Regular Meeting August 12 & 13 2019 4th Regular Meeting November 11 & 12 • approving amendments to TSMC’s “Procedures for Acquisition or Disposal of Assets” • approving amendments to TSMC’s “Procedures for Financial Derivatives Transactions” • approving amendments to TSMC’s internal control related policies and procedures • approving the promotion of Mr. Wendell Huang as Vice President, Chief Financial Ofﬁcer and Spokesperson of TSMC • approving the appointment of Ms. Lora Ho as transitional Controller of TSMC • approving the proposed 2020 service fees and out-of-pocket expenses for Deloitte & Touche, TSMC’s independent auditor • approving the appointment of Ms. Mingli Weng as Controller of TSMC (2) There were no other written or otherwise recorded resolutions on which an independent director had a dissenting opinion or qualiﬁed opinion in 2019. B. Recusals of Directors due to conﬂicts of interests in 2019: Directors recused themselves from the discussion and voting of their compensation resolution. C. Performance evaluation of the Board of Directors: TSMC will establish and implement processes to evaluate Board performance in 2020. D. Measures taken to strengthen the functionality of the Board: - Five of the nine current Directors are Independent Directors. The number of Independent Directors exceeds 50% of the total number of Directors. TSMC’s Directors are composed of diverse backgrounds, including professional backgrounds in different industries, academic and legal, etc.; nationalities in different countries in Taiwan, Europe and the U.S.; world-class business operating experience; and two Directors are female. - The Chairman of the Board of Directors is not executive ofﬁcer of the Company. - In 2019, TSMC Board of Directors established “Guidelines for Nomination of Directors”, which describes the procedures and criteria for the nomination, qualiﬁcation and evaluation of candidates for Directors. - In 2019, TSMC Board of Directors appointed Ms. Sylvia Fang, the Vice President of Legal and General Counsel of TSMC, as the Corporate Governance Ofﬁcer responsible for corporate governance matters. Audit Committee Meeting Status Sir Peter L. Bonﬁeld, Chairman of the Audit Committee, convened four regular meetings and one special meeting in 2019. The Committee members and consultant’s attendance status is shown in the following table. In addition to these meetings, the Committee members and Financial Expert Consultant participated in four telephone conferences to discuss the Company’s Annual Report to be ﬁled with the Taiwan and U.S. authorities and investor conference materials with management. Title Chair Member Member Member Member Name Sir Peter L. Bonﬁeld Stan Shih Kok-Choo Chen Michael R. Splinter Moshe N. Gavrielov Financial Expert Consultant J.C. Lobbezoo Annotations: A. (1) Resolutions related to Securities and Exchange Act §14-5: Meeting Dates Resolution Attendance in Person By Proxy Attendance Rate in Person (%) Telephone Conferences Attendance Rate of Telephone Conferences (%) Notes 4 5 5 5 3 5 1 0 0 0 0 0 80% 100% 100% 100% 100% 100% 4 4 4 4 2 4 100% None 100% None 100% None 100% None 100% New ofﬁce assumed (Note) 100% None Any Independent Director Had a Dissenting Opinion or Qualiﬁed Opinion None 2019 1st Regular Meeting February 18 2019 2nd Regular Meeting May 13 2019 1st Special Meeting June 5 2019 3rd Regular Meeting August 12 2019 4th Regular Meeting November 11 2020 1st Regular Meeting February 10 • approving the 2018 annual ﬁnancial statements • approving 2018 Statement of Internal Control System • approving amendments to TSMC’s “Procedures for Acquisition or Disposal of Assets” • approving amendments to TSMC’s “Procedures for Financial Derivatives Transactions” • reviewing the ﬁrst quarter ﬁnancial statements • approving amendments to TSMC’s internal control related policies and procedures • reviewing the ﬁrst quarter business report and earnings distribution proposal • approving appointment of Mr. Wendell Huang as CFO • approving appointment of Ms. Lora Ho as transitional Controller • reviewing the second quarter ﬁnancial statements • reviewing the second quarter business report and earnings distribution proposal • approving appointment of Ms. Mingli Weng as Controller • reviewing the third quarter ﬁnancial statements • reviewing the third quarter business report and earnings distribution proposal • approving the proposed 2020 service fees and out-of-pocket expenses for TSMC’s independent auditor • approving the 2019 annual ﬁnancial statements • reviewing of 2019 business report and 2019 fourth quarter earnings distribution proposal • approving amendments to TSMC’s “Procedures for Lending Funds to Other Parties” • approving the proposed additional 2020 service fees to Deloitte & Touche for TSMC’s subsidiaries VisEra Tech • reviewing Company’s ability to prepare ﬁnancial statements independently as required by regulatory authority • approving 2019 Statement of Internal Control System (2) There was no other resolutions which was not approved by the Audit Committee but was approved by two thirds or more of all directors in 2019. B. There were no recusals of independent directors due to conﬂicts of interests in 2019. C. Descriptions of the communications between the independent directors, the internal auditors, and the independent auditors in 2019 (which should include the material items, channels, and results of the audits on the corporate ﬁnance and/or operations, etc.): (1) The internal auditors have sent the audit reports to the members of the Audit Committee periodically, and presented the ﬁndings of all audit reports in the quarterly meetings of the Audit Committee. The head of Internal Audit will immediately report to the members of the Audit Committee any material matters. During 2019, the head of Internal Audit did not report any such material matters. The communication channel between the Audit Committee and the internal auditor functioned well. (2) The Company’s independent auditors have presented the ﬁndings of their quarterly review or audits on the Company’s ﬁnancial results. Under applicable laws and regulations, the independent auditors are also required to immediately communicate to the Audit Committee any material matters that they have discovered. During 2019, the Company’s independent auditors did not report any irregularity. The communication channel between the Audit Committee and the independent auditors functioned well. The communications between the independent directors, the internal auditors, and the independent auditors are listed in the table below. Meeting Dates 2019 1st Regular Meeting February 18 Communications between the Independent Directors and the Internal Auditors Communications between the Independent Directors and the Independent Auditors • reviewing the Internal Auditor’s report (closed door) • reviewing report on SOX 404 self-testing results for the year 2018 • reviewing and approving 2018 Statement of Internal Control System • reviewing any audit problems or difﬁculties and management’s response in connection with 2018 annual ﬁnancial statements (closed door) • reviewing regulatory developments • reviewing external auditor relationship (i.e. qualiﬁcation, performance and independence) 2019 2nd Regular Meeting May 13 • reviewing the Internal Auditor’s report (closed door) • reviewing and approving amendments to TSMC’s internal control related policies and procedures 2019 3rd Regular Meeting August 12 • reviewing the Internal Auditor’s report (closed door) • reviewing 2019 Supplier Survey Result 2019 4th Regular Meeting November 11 • reviewing the Internal Auditor’s report (closed door) • reviewing and approving the 2020 internal audit plan 2020 1st Regular Meeting February 10 • reviewing the Internal Auditor’s report (closed door) • reviewing report on SOX 404 self-testing results for the year 2019 • reviewing and approving 2019 Statement of Internal Control System • reviewing any review problems or difﬁculties and management’s response in connection with 2019 ﬁrst quarter ﬁnancial statements (closed door) • reviewing regulatory developments • reviewing the result of CPA evaluation questionnaire • reviewing any review problems or difﬁculties and management’s response in connection with 2019 second quarter ﬁnancial statements (closed door) • reviewing regulatory developments • reviewing any review problems or difﬁculties and management’s response in connection with 2019 third quarter ﬁnancial statements (closed door) • reviewing regulatory developments • reviewing any audit problems or difﬁculties and management’s response in connection with 2019 annual ﬁnancial statements (closed door) • reviewing regulatory developments • reviewing external auditor relationship (i.e. qualiﬁcation, performance and independence) Result: all of above matters were reviewed and/or approved by the Audit Committee whereupon independent directors raised no objection. Note: Mr. Moshe N. Gavrielov was elected to ﬁll the vacancy as TSMC’s independent director and became member of the Compensation Committee on June 5, 2019. 40 41 Compensation Committee Meeting Status Mr. Michael R. Splinter, Chairman of the Compensation Committee, convened four regular meetings in 2019. The Committee members’ attendance status is as follows: Title Chair Member Member Member Member Member Name Attendance in Person By Proxy Attendance Rate in Person (%) Notes Michael R. Splinter Sir Peter L. Bonﬁeld Stan Shih Kok-Choo Chen Moshe N. Gavrielov Yancey Hai 4 3 4 4 3 - 0 1 0 0 1 - 100% None 75% None 100% None 100% None 75% None - New ofﬁce assumed (Note) Annotations: A. In 2019, the Compensation Committee conducted four regular meetings in February, May, August as well as November. The discussion items are as follows: - Report the matters related to employee compensation - Total amount of quarterly employee proﬁt sharing bonus - Total amount of annual employee proﬁt sharing - The amount of quarterly proﬁt sharing bonus for executive ofﬁcers, CEO and Chairman - The annual compensation of Directors and executive ofﬁcers, and the disclosure of the same in annual report All of above matters were reviewed and/or approved by the Compensation Committee. B. There was no recommendation of the Compensation Committee which was not adopted or was modiﬁed by the Board of Directors in 2019. C. There were no written or otherwise recorded resolutions on which a member of the Compensation Committee had a dissenting opinion or qualiﬁed opinion. Note: The Board appointed Mr. Yancey Hai as a member of the Compensation Committee on February 11, 2020. 3.3 Major Decisions of Shareholders’ Meeting and Board Meetings 3.3.2 Major Resolutions of Board Meetings During 2019 and as of the date of this Annual Report, major resolutions approved at Board meetings are summarized below: (1) Regular Board Meeting of February 18 & 19, 2019: • approving 2018 business report and ﬁnancial statements; • approving distribution of 2018 proﬁts, and cash dividends, employee cash bonus and employee proﬁt sharing; • approving capital appropriations of approximately US$3,728.9 million for purposes including: 1. Installation of advanced technology capacity; 2. Conversion of logic capacity to specialty technology capacity; 3. Second quarter 2019 R&D capital investments and sustaining capital expenditures; • approving capital appropriation of approximately US$4.91million to increase the budget for capitalized leased assets in the ﬁrst half of 2019; • convening the 2019 Annual Shareholders’ Meeting, at which shareholders held a by-election for one independent director; and • approving the promotion of Mr. Y.H. Liaw as Vice President. (2) Regular Board Meeting of May 13 & 14, 2019: • approving capital appropriations of approximately US$3,979.8 million for purposes including: 1. Upgrading and expanding advanced technology capacity; 2. Conversion of certain logic capacity to specialty technology; 3. Third quarter 2019 R&D capital investments and sustaining capital expenditures; and • approving capital appropriation of approximately US$115.1 million for capitalized leased assets in the second half of 2019. (3) Special Board Meeting of June 5, 2019: • approving a NT$2 per share cash dividend for the ﬁrst quarter of 2019, and the dividend will be paid in the fourth quarter of 2019. All shareholders of TSMC common shares will receive a NT$8 per share cash dividend in July 2019, and a NT$2 cash dividend per share in the fourth quarter, for a total of NT$10 cash dividend per share; and • setting June 30, 2019 as the record date for common stock shareholders entitled to participate in distribution of 2018 proﬁts in the form of cash dividend. 3.3.1 Major Resolutions of Shareholders’ Meeting and Implementation Status (4) Regular Board Meeting of August 12 & 13, 2019: TSMC held 2019 Annual Shareholders’ Meeting in Hsinchu, Taiwan on June 5, 2019. At the meeting, shareholders present in person or by proxy approved the following resolutions: (1) The 2018 Business Report and Financial Statements. Consolidated revenue totaled NT$1,031.47 billion and net income was NT$351.13 billion, with diluted earnings per share of NT$13.54; (2) The distribution of a NT$8 cash dividend per common share; (3) The revisions to the Articles of Incorporation; (4) The revisions to the following TSMC policies: • Procedures for Acquisition or Disposal of Assets; • Procedures for Financial Derivatives Transactions; and (5) Election of a new Independent Director to ﬁll the vacancy. Implementation Status All the resolutions of the Shareholders’ Meeting have been fully implemented in accordance with the resolutions. Mr. Moshe N. Gavrielov was elected as the Independent Director. His tenure is from June 5, 2019 to June 4, 2021. 42 • approving a NT$2.5 per share cash dividend for the second quarter of 2019, and set December 25, 2019 as the record date for common stock shareholders entitled to participate in this cash dividend distribution; • approving capital appropriations of approximately US$6,502.3 million for purposes including: 1. Construction of fab facilities; 2. Installation, expansion and upgrade of advanced technology capacity; 3. Installation of specialty technology capacity; 4. fourth quarter 2019 R&D capital investments and sustaining capital expenditures; • approving the promotion of Mr. Wendell Huang as Vice President, Chief Financial Ofﬁcer and Spokesperson, effective September 1, 2019; and • approving the promotion of Mr. S.M. Jang as Vice President. (5) Regular Board Meeting of November 11 & 12, 2019: • approving a NT$2.5 per share cash dividend for the third quarter of 2019, and set March 25, 2020 as the record date for common stock shareholders entitled to participate in this cash dividend distribution; • approving capital appropriations of approximately US$6,618.4 million for purposes including: 1. Fab construction, and installation of fab facility systems; 2. Installation of advanced technology capacity, and upgrade of advanced packaging capacity; 3. Installation of specialty technology capacity; 4. ﬁrst quarter 2020 R&D capital investments and sustaining capital expenditures; • approving capital appropriation of approximately US$106.1 million for capitalized leased assets in the ﬁrst half of 2020; • approving an investment to establish a wholly-owned subsidiary in Japan to expand our design service center for providing engineering services support to customers; and • approving the appointment of Ms. Mingli Weng as controller of TSMC, effective November 13, 2019. (6) Board Meeting of February 10 & 11, 2020: • approving 2019 business report and ﬁnancial statements; • approving a NT$2.5 per share cash dividend for the fourth quarter of 2019, and set June 24, 2020 as the record date for common stock shareholders entitled to participate in this cash dividend distribution; • approving distribution of employees’ cash bonus and proﬁt sharing bonus for 2019; • approving capital appropriations of approximately US$6,742.1 million for purposes including: 1. Fab construction, and installation of fab facility systems; 2. Installation and upgrade of advanced technology capacity; 3. Installation of specialty technology capacity; 4. Installation of advanced packaging capacity; 5. Second quarter 2020 R&D capital investments and sustaining capital expenditures; • approving the issuance of no more than approximately US$2.01 billion in unsecured corporate bonds in Taiwan to ﬁnance TSMC’s capacity expansion and/or pollution prevention related expenditures; and • convening the 2020 Annual Shareholders’ Meeting, at which shareholders will hold an election for one additional independent director. 3.3.3 Major Issues of Record or Written Statements Made by Any Director Dissenting to Important Resolutions Passed by the Board of Directors during 2019 and as of the Date of this Annual Report: None. 43 3.4 Taiwan Corporate Governance Implementation as Required by Taiwan Financial Supervisory Non- implementation and Its Reason(s) Same as explanation None None Commission Assessment Item Implementation Status Yes No Explanation 1. Does Company follow “Taiwan Corporate Governance Implementation” to V establish and disclose its corporate governance practices? 2. Shareholding Structure & Shareholders’ Rights (1) Does Company have Internal Operation Procedures for handling shareholders’ suggestions, concerns, disputes and litigation matters. If yes, has these procedures been implemented accordingly? (2) Does Company possess a list of major shareholders and beneﬁcial owners of these major shareholders? (3) Has the Company built and executed a risk management system and “ﬁrewall” between the Company and its afﬁliates? (4) Has the Company established internal rules prohibiting insider trading on undisclosed information? 3. Composition and Responsibilities of the Board of Directors (1) Has the Company established a diversiﬁcation policy for the composition of its Board of Directors and has it been implemented accordingly? (2) Other than the Compensation Committee and the Audit Committee which are required by law, does the Company plan to set up other Board committees? (3) Has the Company established methodology for evaluating the performance of its Board of Directors, on an annual basis, reported the results of performance to the Board of Directors, and use the results as reference for directors’ remuneration and renewal? V V V V V V V (4) Does the Company regularly evaluate its external auditors’ V independence? TSMC has always followed excellent corporate governance practices, provided the utmost in operational transparency and safeguarded shareholders’ equity. Although the Company does not have a formal code of practice for corporate governance, however TSMC has always been highly regarded as the industry leader in implementing comprehensive corporate governance practices. In addition, the Company also has a world-class Board of Directors. The Company believes that corporate governance is based on integrity, professional management and implementation. TSMC has been proving its excellent corporate governance in its operating performance and continued winning of domestic and international awards on best corporate governance company. (1) TSMC has designated appropriate departments, such as Investor Relations Division, the SEC Compliance Department, Legal Department, etc., to handle shareholder suggestions, concerns, disputes or litigation matters. (2) TSMC tracks the shareholdings of directors, ofﬁcers, and top ten shareholders. (3) TSMC has set up internal rules in the Company’s Internal Control System and Afﬁliated Corporations Management. (4) TSMC has established its “Insider Trading Policy” that applies to all employees, ofﬁcers and members of the Board of Directors of the Company and to any other person having a duty of trust or conﬁdence, with respect to transactions in the Company’s securities. This policy prohibits any insider trading and the Company regularly provides internal training on this issue. (1) In 2019, TSMC established “Guidelines for Nomination of Directors”, which describes the procedures and criteria for the nomination, qualiﬁcation and evaluation of candidates for Directors. The members of TSMC Board of Directors are nominated via a rigorous selection process. It not only considers diverse backgrounds, professional competence and experience, but also attaches great importance to his/her personal reputation on ethics and leadership. Presently, the Company’s Board of Directors consists of nine members who possess world-class managerial and/or professional experiences. We rely on each directors’ knowledge, personal insight and business judgment. TSMC’s Board is comprised of a diverse group of professionals from different backgrounds in industries, academia, law, etc. These professionals include citizens from Taiwan, Europe and the U.S. with world-class business operating experience, two of whom are female. With ﬁve independent directors, over half of our Board is independent. (2) Audit Committee (founded in 2002); Compensation Committee (founded in 2003); CSR Executive Committee (founded in 2019): is formed by the Company’s management team and chaired by Chairman Mark Liu; CSR Committee (founded in 2011): is formed by the Company’s executive team and reports to the Board of Directors. (3) As TSMC’s corporate governance concept, the Board of Director’s primary responsibility is to supervise, evaluate the management’s performance and dismiss ofﬁcers of the Company when necessary, resolve the important, concrete matters and provide guidance to the management team. TSMC’s Board of Directors consists of distinguished members with a great breadth of experience as world- class business leaders or professionals and adhere high ethical standards and commitment to the Company. Each quarter’s Board Meeting is last for two days. Company’s resolutions are determined in board meeting, also business strategy and future orientation are discussed in the meeting, in order to create best interest for shareholders. Based on TSMC’s operating performance and local/ international awards of best corporate governance, it certainly proves the Company’s excellent performance of Board of Directors. Also, TSMC’s audit committee performs self-evaluation and discusses future issues of concern by questionnaire on annual basis. (4) The Audit Committee annually evaluates the independence of external auditors and reports the same to the Board of Directors. Please refer to “3.9.4 Evaluation of the External Auditor’s Independence” on page 55 of this Annual Report. Assessment Item 4. Does the Company appoint competent and appropriate corporate governance personnel and corporate governance ofﬁcer to be in charge of corporate governance affairs (including but not limited to furnishing information required for business execution by directors, assisting directors’ compliance of law, handling matters related to board meetings and shareholders’ meetings according to law, and recording minutes of board meetings and shareholders’ meetings)? 5. Has the Company established a means of communicating with its Stakeholders (including but not limited to shareholders, employees, customers, suppliers, etc.) or created a Stakeholders Section on its Company website? Does the Company respond to stakeholders’ questions on corporate responsibilities? 6. Has the Company appointed a professional registrar for its Shareholders’ Meetings? 7. Information Disclosure (1) Has the Company established a corporate website to disclose information regarding its ﬁnancials, business and corporate governance status? Implementation Status Yes No Explanation V V V V In 2019, the Board of Directors appointed the Vice President of Legal and General Counsel of TSMC as the Corporate Governance Ofﬁcer. TSMC’s Corporate & Compliance Legal Division, which directly reports to the General Counsel, is in charge of assisting in related affairs, including handling of matters relating to Board, Audit Committee, Compensation Committee and Shareholders’ meetings in compliance with law, assistance in onboarding and continuing education of directors, provision of information required for performance of duties by directors, and assistance in directors' compliance of law, etc. Depending on the situation, the Company’s Investor Relations Division, Public Relations Department, SEC Compliance Department, Human Resources Organization, Customer Service Department and Procurement Department will communicate with stakeholders. We also have publicly disclosed the contact information of our corporate spokesperson and relevant departments. Also, we have a stakeholder section on our corporate website to address our corporate social responsibilities and any other issues. For details, please refer to “7. Corporate Social Responsibility” on page 113-133 of this Annual Report and “Materiality Analysis and Stakeholder Communication” of TSMC’s CSR Report. We have appointed China Trust as registrar for our Shareholders’ Meetings. (1) TSMC discloses its ﬁnancials business and corporate governance status on its website at https://www.tsmc.com (in Chinese and English). TSMC’s American Depositary Receipt (ADR) is listed on the New York Stock Exchange (NYSE). As a foreign issuer, TSMC must comply with NYSE’s rules. We have been operating in accordance with NYSE listing standards, and have been disclosing the major differences between our corporate governance practices and U.S. corporate governance practices. Please see https://www.tsmc.com/download/ir/NYSE_ Section_303A.pdf. Non- implementation and Its Reason(s) None None None None (2) Does the Company use other information disclosure channels V (2) TSMC has designated appropriate departments (e.g. the Investor Relations (e.g. maintaining an English-language website, designating staff to handle information collection and disclosure, appointing spokespersons, webcasting investors conference etc.)? (3) Does the Company announce and report the annual ﬁnancial statements within two months after the end of the ﬁscal year, and announce and report the ﬁrst, second, and third quarter ﬁnancial statements as well as the operating status of each month before the prescribed deadline? 8. Has the Company disclosed other information to facilitate a better understanding of its corporate governance practices (e.g. including but not limited to employee rights, employee wellness, investor relations, supplier relations, rights of stakeholders, directors’ training records, the implementation of risk management policies and risk evaluation measures, the implementation of customer relations policies, and purchasing insurance for directors)? V V Division, Public Relations Department, the SEC Compliance Department, etc.) to handle the collection and disclosure of information as required by the relevant laws and regulations of Taiwan and other jurisdictions. TSMC has designated spokespersons as required by relevant regulations. TSMC webcasts live investor conferences. (3) TSMC follows relevant laws and regulations to announce and report the annual ﬁnancial statements within two months after the end of the ﬁscal year, and announce and report the ﬁrst, second, and third quarter ﬁnancial statements as well as the operating status of each month before the prescribed deadline. Please see https://emops.twse.com.tw/server-java/t58query. (1) For employee rights and employee wellness, please refer to “5.5 Human Capital” None on page 82-86 of this Annual Report. (2) For investor relations, supplier relations and rights of stakeholders, please refer to “7. Corporate Social Responsibility” on page 113-133 of this Annual Report. (3) For Directors’ training records, please refer to “Continuing Education/Training of Directors in 2019” on page 46 of this Annual Report. (4) For Risk Management Policies and Risk Evaluation, please refer to “6.3 Risk Management” on page 100-111 of this Annual Report. (5) For Customer Relations Policies, please refer to “5.4 Customer Trust” on page 80-82 of this Annual Report. (6) TSMC maintains D&O Insurance for its directors and ofﬁcers. 9. The improvement status for the result of Corporate Governance Evaluation announced by Taiwan Stock Exchange TSMC was ranked in top 5% in Corporate Governance Evaluation in 2018 and 2019. The implementation status regarding below three non-scoring items: (1) Appointment of Corporate Governance Ofﬁcer: The Board of Directors appointed the Vice President of Legal and General Counsel of TSMC, as the Corporate Governance Ofﬁcer in May 2019, responsible for corporate governance matters, including handling of matters relating to Board, Audit Committee, Compensation Committee and Shareholders’ meetings in compliance with law, assistance in onboarding and continuing education of directors, provision of information required for performance of duties by directors, and assistance in directors’ compliance of law, etc. (2) Performance evaluation of the Board of Directors: TSMC will establish and implement processes to evaluate Board performance in 2020. (3) D&O Insurance and Report to the Board: TSMC maintains D&O Insurance for its directors and reported to the Board in February 2019. 44 45 (Continued) Continuing Education/Training of Directors in 2019 The major training methods of Directors include: • At quarterly Board meetings, TSMC management presents updates on the Company’s business, regulatory developments and other information; • The Company arranges speeches on politics, economics, regulatory compliance, etc.; • At quarterly Audit Committee meetings, TSMC’s General Counsel and the Company’s independent auditors provide regulatory update reports; and • Directors participate in externally-provided training courses as needed. In addition, from time to time, Directors are invited by other parties to give speeches on corporate governance and related topics. Name Date Host by Training/Speech Title Mark Liu (Note) 01/18 National Taiwan University TSMC - NTU Research Symposium 06/13 06/14 McKinsey & Company T-30 Seminar - Disruption 2.0: A&B (AI & Blockchain) 09/18 SEMI Taiwan 11/01 TSMC University of Tokyo SEMICON Taiwan 2019 - Technology Think Tank Summit Speech: The Taiwan Semiconductor Industry’s Next 60 Years Research Symposium Duration 1 hour 2 days 1 hour 1 hour F.C. Tseng 03/20 Taiwan Corporate Governance Association Corporate Governance and Legal Compliance - Starting from Anti-Corruption and Economic Crime 1.5 hours 05/08 08/01 08/07 Cyber Insurance and Corporate Governance U.S.-China Trade Negotiations and Export Control Management Recent Securities and Exchange Act and Tax Act Updates Sir Peter L. Bonﬁeld 08/19 NASDAQ Review of Changes in Governance Stan Shih 03/20 Taiwan Corporate Governance Association Corporate Governance and Legal Compliance - Starting from Anti-Corruption and Economic Crime 05/08 08/07 12/25 Cyber Insurance and Corporate Governance Recent Securities and Exchange Act and Tax Act Updates IFRS Transformation and the Adaptive Strategies of the Insurance Industry 09/04 Taiwan Insurance Institute Anti-Money Laundering and Counter-Terrorism Financing Regulatory Analysis Kok-Choo Chen 04/12 Taiwan Corporate Governance Association The Last Defense Line of Corporate Governance - Directors and Supervisors Liability Insurance Michael R. Splinter 08/19 NASDAQ Review of Changes in Governance Moshe N. Gavrielov 06/13 06/14 McKinsey & Company T-30 Seminar - Disruption 2.0: A&B (AI & Blockchain) Note: Selected speeches on corporate governance and related topics. Continuing Education/Training of Corporate Governance Ofﬁcer in 2019 Name/Title Date Host by Training/Speech Title 3 hours 3 hours 1.5 hours 4 hours 1.5 hours 3 hours 1.5 hours 3 hours 2.5 hours 3 hours 4 hours 2 days Duration 8 hours Sylvia Fang Vice President and General Counsel / Corporate Governance Ofﬁcer 05/22 07/10 Intellectual Property Ofﬁce Taiwan Trade Secret Protection Association Ministry of Justice Intellectual Property Ofﬁce Bureau of Foreign Trade, Ministry of Economic Affairs Taiwan Trade Secret Protection Association Taiwan Law Society National Chiao Tung University 2019 Cross-Strait Trade Secrets Investigation and Litigation Practice Forum Trade Secrets Protection - Legislation, Practice and Enforcement 8 hours 09/09 09/27 11/02 11/03 Taiwan Hsinchu District Prosecutors Ofﬁce Hsinchu City Government Forum on Anti-Corruption and Integrity of Hsinchu Science Park in 2019 Speech: Trade Secrets and Business Integrity Technology Transfer and Law Center, Industrial Technology Research Institute 2019 International IP Strategy Forum Beijing Anti-Infringement and Anti-Counterfeit Alliance Intellectual Property Research Institute of Xiamen University Taiwan Trade Secret Protection Association 2019 Cross-Strait Trade Secret Protection Symposium 1.5 hours 6.5 hours 2 days 3.5 Code of Ethics and Business Conduct Ethics at TSMC “Integrity” is TSMC’s most important core value. TSMC strictly adheres to the highest standards of integrity and promotes good ethical behavior to sustain the hard-earned trust and conﬁdence of its shareholders, customers, suppliers, employees and the general public – constantly and vigilantly promoting integrity, fairness, and transparency in all that we say and do. We have zero tolerance for corruption, refrain from bribery, fraud, waste of corporate assets, and prohibit the advancement of personal interests at the expense of or in conﬂict with TSMC. At the heart of our corporate governance culture is the “TSMC Ethics and Business Conduct Policy” (“Ethics Code”). The Ethics Code requires that each employee bear a heavy personal responsibility to preserve and to protect TSMC’s ethical values and reputation. At the same time, we have formulated the “TSMC’s Supplier Code of Conduct” as well to ensure our suppliers understand and follow the Ethics Code and together fulﬁll our corporate social responsibilities. Major Ethics Code Obligations • Do not advance personal interests at the expense of or in conﬂict with the Company; • Refrain from corruption, bribery, unfair competition, fraud, extortion, collusion, embezzlement, and waste or abuse of corporate assets; • Avoid any efforts improperly to inﬂuence the decisions of anyone, including government ofﬁcials, agencies, as well as TSMC’s customers and suppliers; • Do not undertake any practices detrimental to TSMC, to the environment, or to society; • Procure all of our raw materials from socially responsible sources; • Protect proprietary information of TSMC and our customers; and • Abide by the letter of all applicable laws, rules and regulations. Intellectual Property Protection: In order to build and sustain an environment of innovation, technology leadership, and sustainable proﬁtable growth, the Ethics Code requires that TSMC promotes business relationships founded upon an unwavering respect for the intellectual property rights, proprietary information and trade secrets of TSMC, our customers, and others. Public Disclosures: TSMC’s ofﬁcers, especially our CEO, CFO, and General Counsel, with oversight from our Board, are responsible for the full, fair, accurate, timely, and understandable ﬁnancial accounting and ﬁnancial disclosure in reports and documents ﬁled by the Company with securities authorities and in all TSMC public communications and disclosures. TSMC has a variety of measures in place to ensure compliance with these disclosure obligations. Any modiﬁcation to the Ethics Code requires the approval of our Audit Committee to ensure our ethics compliance program is independently reviewed against corporate best practices. Ethics Code Implementation High Standard Ethical Culture: Our ethics program is implemented in four ways by all of TSMC’s employees, ofﬁcers and Board members. First, TSMC’s management sets the “tone from the top” by acting in accordance with the Ethics Code so that they may be an example to all stakeholders. Second, working-level managers are responsible for ensuring their staff’s understanding of and compliance with applicable rules and regulations. Third, TSMC encourages an environment of open communications in discussing any questions related to the Ethics Code. Any employee may consult his or her direct supervisors, Human Resources or Legal to obtain timely advice. Lastly, TSMC requires all employees to stay vigilant and report any noncompliance by anyone to their supervisors, the function head of Human Resources, the responsible corporate senior management appointed by CEO that oversees the Ombudsman system, or to the Chairman of the Company’s Audit Committee directly. Self-Assessment of All Departments and Employees: Self-assessment of all departments and employees is an important part of our ethics compliance program. All departments and subsidiaries of TSMC are required to conduct Control Self-Assessment (CSA) tests annually to review employees’ awareness of the Ethics Code. The CSA results are reviewed to track the results of our compliance program. In addition, all employees must disclose any matters that cause, or may cause, actual or potential conﬂict of interest. In addition to this proactive disclosure requirement, employees with speciﬁc job grades or job responsibilities must annually declare any relationships that may constitute a conﬂict of interest, which enables TSMC to take necessary arrangements and report the results to the Audit Committee. 46 47 Internal Auditing: The Internal Auditor of TSMC plays a critical role in ensuring the Company’s compliance with the Ethics Code and relevant rules and regulations. To ensure that our ﬁnancial, managerial, and operating information is accurate, reliable, and timely and that our employees’ actions are in compliance with applicable policies, standards, procedures, laws and regulations, our Internal Auditor conducts audits of various control points within the Company in accordance with its annual audit plan approved by the Board of Directors and subsequently reports its audit ﬁndings and remedial issues to the Board and management on a regular basis. Training and Promotion: To promote awareness to our employees of their responsibilities under the Ethics Code, we publish our Ethics Code and related policies and documents on our intranet and, provide training courses, posters, and emails. In addition, we provide an introductory training course on the Ethics Code which is available to all employees online, as well as face-to-face training courses delving into more speciﬁc ethics-related topics for targeted employees. In 2019, there were about 47,500 attendances that completed ethics-related training courses at TSMC and its subsidiaries. In addition to our internal compliance efforts, we expect and assist our business partners such as customers and suppliers, and any other entities with whom we deal (include consultants or third party agents who act for or on behalf of TSMC) to recognize and understand TSMC’s ethical standards to fulﬁll our responsibilities as a corporate citizen. For instance, we require all of our suppliers to declare in writing that they will respect and comply with TSMC’s ethical standards and culture. TSMC is a full member of the Responsible Business Alliance (“RBA”, formerly the (Electronic Industry Citizenship Coalition, EICC)), dedicated to electronics supply chain sustainability. In addition to adopting the RBA Code of Conduct at all of its facilities, TSMC applied the RBA’s standards to enhance our audit program of our suppliers and relevant business partners. We provide training and communicate our ethical culture to our suppliers through live seminars to prevent any unethical conduct and detect any sign of Ethics Code violations. In 2019, we held both a sustainable supply chain experience exchange and our annual Responsible Supply Chain Forum to share/exchange practical experiences on topics such as the Ethics Code, labor rights, environmental protection, and occupational safety. In total, 709 attendees from 481 suppliers participated in these activities. We also exchange views on appropriate business conduct and TSMC’s ethical standards with our customers as part of customer audit programs. Reporting Channels and Whistleblower Protection To ensure that our conduct meets relevant legal requirements and the highest ethical standards under the Ethics Code, TSMC provides multiple channels for reporting business conduct concerns. First of all, our Audit Committee approved and we have implemented the “Complaint Policy and Procedures for Certain Accounting and Legal Matters” and “Procedures for Ombudsman System” that allow employees or any whistleblowers with relevant evidence to report any ﬁnancial, legal, or ethical irregularities anonymously through either the Ombudsman or directly to the Audit Committee. TSMC maintains additional internal reporting channels for our employees. To foster an open culture of ethics compliance, we encourage our employees and the third parties we do business with to report any suspected noncompliance with law or relevant TSMC policy. TSMC treats any complaint and the investigation thereof in a conﬁdential and sensitive manner, and strictly prohibits any form of retaliation against any individual who in good faith reports or helps with the investigation of any complaint. Due to the open reporting channels, TSMC receives reports on various issues from employees and external parties such as our customers and suppliers from time to time. Below is a summary of the Number of Reported Incidents. Year Total reported cases 　Ethics-related cases 　Cases investigated and veriﬁed as ethics violations Sexual Harassment Investigation Committees Formed Cases investigated and veriﬁed as violations FY 2016 FY 2017 FY 2018 FY2019 116 16 2 5 5 113 20 4 7 3 150 14 1 3 3 205 (Note 1) 26 2 (Note 2) 4 4 (Note 3) Note 1: Among the 205 cases, 132 were related to employee relationship, 47 cases related to other matters (e.g. employee’s individual interest or private matters), and 26 cases related to ethical matters. Note 2: One case involved an employee who requested a supplier to reserve a hotel and pay advance accommodation fees during his business trip, actions which violate TSMC policy, and the employee was disciplined. Another case involved an employee who abused his work relationship by requesting a supplier to make a personal loan to the employee, a severe violation of our Ethics Code, and the employee was terminated. Note 3: After the investigation by TSMC’s Sexual Harassment Investigation Committee, four employees involved in conﬁrmed cases of sexual harassment received severe discipline from the Company. 48 Ethics Code Violation Disciplinary Action We do not tolerate any violation of the Ethics Code and treat every possible violation incident seriously. Any violator of the Ethics Code (or relevant regulations) will be severely disciplined to the full extent of our policies and the law, up to and including immediate dismissal, termination of business relationship, and judicial prosecution as appropriate. 3.5.1 Taiwan Corporate Conduct and Ethics Implementation as Required by the Taiwan Financial Supervisory Causes for the Difference None Commission Assessment Item Implementation Status Yes No Summary 1. Establishment of Corporate Conduct and Ethics Policy and Implementation Measures (1) Does the company have a clear ethical corporate management policy approved by its Board of Directors, and bylaws and publicly available documents addressing its corporate conduct and ethics policy and measures, and commitment regarding implementation of such policy from the Board of Directors and the top management team? (2) Whether the company has established an assessment mechanism for the risk of unethical conduct; regularly analyzes and evaluates within a business context, the business activities with a higher risk of unethical conduct; has formulated a program to prevent unethical conduct with a scope no less than the activities prescribed in paragraph 2, Article 7 of the Ethical Corporate Management Best Practice Principles for TWSE/GTSM Listed Companies? V V (1) Integrity is the most important core value of TSMC’s culture. TSMC is committed to acting ethically in all aspects of our business. We have established TSMC Code of Ethics and Business Conduct (the “Ethics Code”) to require that each employee bears a heavy personal responsibility to uphold TSMC’s ethics value. For more details on the Ethics Code and the measures that TSMC Board of Directors (the “Board”) and the management team take to ensure compliance of the Ethics Code please refer to TSMC’s Annual Report and the Corporate Social Responsibility Report. (2) At the heart of our corporate governance culture is the Ethics Code that applies to TSMC and its subsidiaries, and this Ethics Code requires that each employee bears a heavy personal responsibility to preserve and to protect TSMC’s ethical values and reputation and to comply with various applicable laws and regulations. Speciﬁc requirements under the Ethics Code could be found in our Annual Report. In addition, to educate and remind our employees of their responsibilities under the Ethics Code, we publish our Ethics Code, relevant policies and documents on our intranet and promote its awareness through training courses, posters, and internal news articles. Furthermore, to ensure that our conduct meets relevant legal requirements and the highest ethical standards under the Ethics Code, TSMC provides multiple channels for reporting business conduct concerns. Please refer to Assessment Item 3 for details. We do not tolerate any violation of the Ethics Code and treat every possible violation incident seriously. Any violator of the Ethics Code (or relevant regulations) will be severely punished to the full extent of our policies and the law, including immediate dismissal in accordance with TSMC Employee Recognition, Disciplinary and Ombudsman Procedure, termination of business relationship, and judicial prosecution as appropriate. (3) Whether the company has established relevant policies that are duly enforced to prevent unethical conduct, provided implementation procedures, guidelines, consequences of violation and complaint procedures, and periodically reviews and revises such policies? V (3) Under the framework of the Ethics Code, TSMC has established a regulatory compliance program that includes policies, guidelines and procedures in other policy areas, including: Anti-corruption, Anti-harassment, Anti-discrimination, Anti-trust (unfair competition), Environment, Export Control, Financial Reporting, Insider Trading, Intellectual Property, Proprietary Information Protection (“PIP“), Personal Data Protection, Record Retention and Disposal, as well as procuring certain raw materials from socially responsible sources (“Conﬂict-free Minerals“). The above-mentioned policies are crucial in facilitating overall compliance with the Ethics Code. TSMC, its employees and its subsidiaries are expected to fully understand and comply with all laws and regulations that govern our businesses, as well as relevant policies, guidelines and procedures, and make ethical decisions in every circumstance. The Internal Auditor of TSMC also plays a critical role in ensuring the Company’s compliance with the Ethics Code and relevant rules and regulations. To ensure that our ﬁnancial, managerial, and operating information is accurate, reliable, and timely and that our employee’s actions are in compliance with applicable policies, standards, procedures, laws and regulations, our Internal Auditor conducts audits of various control points within the Company in accordance with its annual audit plan approved by the Board of Directors and subsequently reports its audit ﬁndings and remedial issues to the Board and Management on a regular basis. (Continued) 49 Implementation Status Yes No Summary Causes for the Difference None Assessment Item Implementation Status Yes No Summary Causes for the Difference 5. If the company has established corporate governance policies based on Ethical Corporate Management Best Practice Principles for TWSE/GTSM Listed Companies, please describe any discrepancy between the V (1) We expect and assist our customers, suppliers, business partners, and any other policies and their implementation. Assessment Item 2. Ethic Management Practice (1) Whether the company has assessed the ethics records of whom it has business relationship with and include business conduct and ethics related clauses in the business contracts? (2) Whether the company has set up a unit which is dedicated to promoting the company’s ethical standards and regularly (at least once a year) reports directly to the Board of Directors on its ethical corporate management policy and relevant matters, and program to prevent unethical conduct and monitor its implementation? (3) Whether the company has established policies to prevent conﬂict of interests, provide appropriate communication and complaint channels and implement such policies properly? (4) To implement relevant policies on ethical conducts, has the company established effective accounting and internal control systems, audit plans based on the assessment of unethical conduct, and have its ethical conduct program audited by internal auditors or CPA periodically? V V V (5) Does the company provide internal and external ethical V conduct training programs on a regular basis? entities with whom we deal (such as consultant or third party agents who act for or on behalf of TSMC) to understand and act in accordance with TSMC’s ethical standards. For instance, as for our suppliers, we require all of them to declare in writing that they will not engage in any fraud or any unethical conduct when dealing with us or our ofﬁcers and employees. In addition to periodic audit, we provide training and communicate our ethical culture to our suppliers through live seminars to prevent any unethical conduct. We exchange views on appropriate business conduct and TSMC’s ethical standards with our customers as part of customer audit programs. (2) TSMC’s Board of Directors strives to perform the responsibilities of supervising the corporate conduct and ethics compliance practice through the Audit Committee and the Compensation Committee, the hiring of a ﬁnancial expert consultant for the Audit Committee, and coordination with the Internal Audit department. The General Counsel and the Corporate & Compliance Legal Division (which directly reports to the General Counsel) promotes, with other divisions, the Company’s ethical standards, and the General Counsel reports quarterly to the Board on the implementation status. In addition, both the responsible senior manager appointed by the CEO to oversee the Ombudsmen system and Internal Auditors update the Board on ethical standards and compliance issues on a regular basis. Moreover, TSMC’s ofﬁcers, especially our CEO, CFO, and General Counsel, with oversight from our Board, are responsible for the full, fair, accurate, timely, and understandable ﬁnancial accounting and ﬁnancial disclosure in reports and documents ﬁled by the Company with securities authorities and in all TSMC public communications and disclosures. (3) TSMC requires newly hired employees to declare any conﬂict of interest situation as appropriate. In addition, all employees must disclose any matters that have, or may have, the appearance of undermining the Ethics Code (such as any actual or potential conﬂict of interest). Furthermore, key employees and senior ofﬁcers must periodically declare their compliance status with the Ethics Code according to relevant procedures. (4) TSMC continues maintaining the integrity of its ﬁnancial reporting processes and controls and establishes appropriate internal control systems for preventing higher potential unethical conduct, and the Internal Auditors formulate annual audit plans based on the results of the risk assessment and subsequently reports its audit ﬁndings and remedial issues to the Board and Management on a regular basis. In addition, all departments and subsidiaries of TSMC are also required to conduct Control Self-Assessment (CSA) tests annually to review the effectiveness of the internal control system. (5) Training is a major component of our compliance program, conducted throughout the year to refresh TSMC’s employees’ commitment to ethical conduct, and to get updated information on laws and regulations related to their daily operations. As for our suppliers, we communicate our ethical culture to our business partners through live seminars to ensure their fully understanding of our commit to ethical conduct. 3. Implementation of Complaint Procedures (1) Does the company establish speciﬁc complaint and reward V (1) TSMC’s Audit Committee approved and TSMC has implemented the “Complaint procedures, set up conveniently accessible complaint channels, and designate responsible individuals to handle the complaint received? (2) Whether the company has established standard operation procedures for investigating the complaints received, follow-up measures after investigation are completed, and ensuring such complaints are handled in a conﬁdential manner? (3) Does the company adopt proper measures to prevent a complainant from retaliation for his/her ﬁling a complaint? 4. Information Disclosure Does the company disclose its guidelines on business ethics as well as information about implementation of such guidelines on its website and Market Observation Post System (“MOPS”)? V V V Policy and Procedures for Certain Accounting and Legal Matters” and “Procedures for Ombudsman System” that allow employees or any whistleblowers with relevant evidence to report any ﬁnancial, legal, or ethical irregularities anonymously through either the Ombudsman or directly to the Audit Committee. TSMC also requires all employees to stay vigilant and whistle-blow any noncompliance by anyone to their supervisors, the function head of Human Resources, the responsible corporate Vice President that oversees the Ombudsmen system, or to the Chairman of the Company’s Audit Committee directly. (2) TSMC treats any complaint and the investigation thereof in a conﬁdential and sensitive manner, as is clearly stated in our bylaws. (3) TSMC strictly prohibits any form of retaliation against any individual who in good faith reports or helps with the investigation of any complaint, as is clearly stated in our bylaws. Our internal website provides guidelines and informative articles on ethics and honorable business conduct (in both Chinese and English) for employees’ easy access. In addition, TSMC discloses relevant policies and information in its Annual Report (which is also available at the MOPS) and CSR Report (available at: https://www.tsmc. com). None None (Continued) TSMC has established the Ethics Code to require that all employees, ofﬁcers and board members comply with the Ethics Code and the other policies and procedures. There is no discrepancy between the Ethics Code, including its afﬁliate policies and procedures, and its implementation. For more details, please refer to “3.5 Code of Ethics and Business Conduct” on page 47-51 of this Annual Report. 6. Other important information to facilitate better understanding of the company’s corporate conduct and ethics compliance practices (e.g., review the company’s corporate conduct and ethics policy). For details on the implementation of TSMC’s Corporate Conduct and Ethics, please refer to “3.5 Code of Ethics and Business Conduct” on page 47-51 of this Annual Report. 3.6 Regulatory Compliance TSMC’s compliance systems are comprised of a series of legislation monitoring, developing and implementation of effective compliance policies and programs, training, and maintaining open reporting channels. Legislative Monitoring TSMC operates in many countries. To comply with governing legislation, applicable laws, regulations and regulatory expectations, we closely monitor domestic and foreign government policies and regulatory developments that could materially impact TSMC’s business and ﬁnancial operations. Our Legal organization periodically updates our relevant internal departments, management and the Audit Committee of applicable regulatory changes so that internal teams ensure compliance with new regulatory requirements in a timely manner. We are also a proactive advocate for legislative and regulatory reform, and our comments and recommendations on legal reforms to the government have been accepted constructively. TSMC is increasingly dedicated to identifying potential regulatory issues and will continue to be involved in advocating public policy changes that foster a positive and fair business environment. Policy and Compliance Program Development and Implementation Under the framework of the Ethics Code, TSMC has established a regulatory compliance program that includes policies, guidelines and procedures in different compliance areas, including: Anti-corruption, Anti-harassment, Anti-discrimination, Employment Regulations, Antitrust (unfair competition), Environment, Export Control, Financial Reporting, Insider Trading, Intellectual Property, Proprietary Information Protection (“PIP”), Personal Data Protection, Record Retention and Disposal, as well as procuring certain raw materials from socially responsible sources (“Conﬂict-free Minerals”). It is our belief that these policies are crucial in strengthening overall compliance with the Ethics Code and compliance program. TSMC, its employees and its subsidiaries are expected to fully understand and comply with all laws and regulations that govern our businesses, as well as relevant policies, guidelines and procedures, and make ethical decisions in every circumstance. Compliance Awareness Training Training is a major component of our regulatory compliance program, conducted throughout the year to refresh TSMC’s employees’ commitment to ethical conduct, and to get updated information on laws and regulations related to their daily operations. Highlights of our training include: • Awareness promotion emails to employees, posters at our facilities, and news articles, compliance guidelines, tips and FAQs which our employees can access through our intranet; • Live seminars focusing on speciﬁc topics such as Anti-Corruption, PIP, Intellectual Property, Personal Data Protection, Export Control Management and Antitrust. Training is made mandatory for those employees whose jobs are especially relevant to a particular topic to ensure sufﬁcient awareness of relevant laws and internal policies; • On-line learning programs updated frequently to provide most up-to-date information and timely and ﬂexible access for employees to understand the law and key compliance issues, covering topics of Anti-Corruption, Antitrust, Anti-harassment, Insider Trading, Export Control Management, PIP, and Personal Data Protection among others; • External training, in Taiwan and abroad, for TSMC’s Legal team to receive current developments of new laws and regulations, and for its lawyers to comply with applicable continuing legal education requirements. External experts are also invited to give in-house lectures on key issues. 50 51 Reporting Channels TSMC provides multiple channels for reporting business conduct concerns to ensure that our conduct meets relevant legal requirements and the highest ethical standards under the Ethics Code. For more details about the reporting channels, please refer to “3.5 Code of Ethics and Business Conduct” on page 47-51 of this Annual Report. Major Accomplishments In 2019, TSMC achieved several major accomplishments in regulatory compliance. Externally, in addition to fulﬁlling the company’s obligations toward regulatory compliance matters, TSMC exercised its civic duties as a responsible corporate citizen by providing feedback on current regulations and regulations in legislation, with the intent to improve Taiwan’s industrial investment environment, enhance economic development, and help align domestic laws with international law. Furthermore, TSMC continues to focus on the topics related to the Company Law, the Securities and Exchange Act, intellectual property protection and environment protection. In addition, TSMC advised government agencies on recent revisions to trade secrets and environmental protection regulations. Internally, TSMC provides multiple courses about legal and regulatory compliance, including anti-corruption, anti-trust, anti- harassment, insider trading, export control, and protection of conﬁdential and personal information. These courses are taught by both internal and external experts and law professionals. The important achievements are as follows: • Ethics and Compliance: (1) providing an annual compulsory ethics and compliance online course covering various important regulatory compliance topics – a total of about 47,500 employees completed this training course – and all of the production staff are included in this course for the ﬁrst time in 2019; (2) focusing on the production lines supervisors in Taiwan’s fabs, 22 seed lecturers were trained, and through face-to-face courses, the guidelines of avoiding conﬂict of interest was promoted – a total of 1,134 production lines supervisors participated. • Export Compliance: TSMC’s export management system (EMS) and policy have been in place for a number of years, and are continuously maintained to ensure compliance with all applicable regulations covering the export of information, technologies, products, materials and equipment. Our EMS was certiﬁed in September 2012 by the Bureau of Foreign Trade, the Taiwan regulator, as a qualiﬁed ICP (Internal Compliance Program) exporter. In 2018, TSMC successfully extended the validity period of its ICP certiﬁcate to October 2021. In addition, TSMC implements “No ECCN, No Shipment” control and customers are required to provide end use and export control classiﬁcation number (ECCN) of their products, among other required information, for TSMC to apply for applicable export licenses. To further enhance relevant employees’ awareness on the export control requirements, in 2019 we provided more than 30 face-to-face communication sessions to employees in relevant functions. • Supplier Management: TSMC held both a sustainable supply chain experience exchange and our annual Responsible Supply Chain Forums to share and exchange practical experiences on topics such as Ethics Code, labor rights, environmental protection and occupational safety. In total, 709 attendees from 481 suppliers were participated in these activities. • Conﬂict-Free Supply Chain: As a recognized global leader in the hi-tech supply chain, we acknowledge our corporate social responsibility to strive to procure conﬂict-free minerals in an effort to recognize humanitarian and ethical social principles that protect the dignity of all persons. Meanwhile, we have implemented a series of compliance safeguards in accordance with industry leading practices. In 2019, TSMC has made continued progress to ensure a conﬂict-free supply chain, and our conﬂict-free minerals compliance program has also been highly ranked by several independent third party rating agencies. • Personal Data Protection: Because of the importance of personal data protection, TSMC periodically reviews the Rules of Privacy and Personal Data Protection and external and internal privacy policies to identify the needs to update such documents. Based on current personal data protection laws and risks, TSMC updated its Privacy and Cookies Policy online for its websites and privacy notice to relevant employees. In addition, following results of a personal data risk assessment, relevant divisions (such as Information Technology Security) have also established more enhanced control measures for their business needs. • Antitrust Compliance: Based on annual antitrust risk assessment results, TSMC identiﬁed functions with potential higher risk from an antitrust perspective. To enhance targeted functions’ employee awareness of the importance of competition and antitrust laws and issues in daily operation, TSMC established antitrust training plans and conducted several antitrust trainings for global sales personnel and employees at those relevant departments. 3.7 Internal Control System Execution Status 3.7.1 Statement of Internal Control System Taiwan Semiconductor Manufacturing Company Limited Statement of Internal Control System February 11, 2020 Based on the ﬁndings of a self-assessment, Taiwan Semiconductor Manufacturing Company Limited (TSMC) states the following with regard to its internal control system during the year 2019: 1. TSMC’s Board of Directors and management are responsible for establishing, implementing, and maintaining an adequate internal control system. Our internal control is a process designed to provide reasonable assurance over the effectiveness and efﬁciency of our operations (including proﬁtability, performance and safeguarding of assets), reliability, timeliness, transparency of our reporting, and compliance with applicable rulings, laws and regulations. 2. An internal control system has inherent limitations. No matter how perfectly designed, an effective internal control system can provide only reasonable assurance of accomplishing its stated objectives. Moreover, the effectiveness of an internal control system may be subject to changes due to extenuating circumstances beyond our control. Nevertheless, our internal control system contains self-monitoring mechanisms, and TSMC takes immediate remedial actions in response to any identiﬁed deﬁciencies. 3. TSMC evaluates the design and operating effectiveness of its internal control system based on the criteria provided in the Regulations Governing the Establishment of Internal Control Systems by Public Companies (herein below, the “Regulations”). The criteria adopted by the Regulations identify ﬁve key components of managerial internal control: (1) control environment, (2) risk assessment, (3) control activities, (4) information and communication, and (5) monitoring activities. 4. TSMC has evaluated the design and operating effectiveness of its internal control system according to the aforesaid Regulations. 5. Based on the ﬁndings of such evaluation, TSMC believes that, on December 31, 2019, it has maintained, in all material respects, an effective internal control system (that includes the supervision and management of our subsidiaries), to provide reasonable assurance over our operational effectiveness and efﬁciency, reliability, timeliness, transparency of reporting, and compliance with applicable rulings, laws and regulations. 6. This Statement is an integral part of TSMC’s annual report and prospectus, and will be made public. Any falsehood, concealment, or other illegality in the content made public will entail legal liability under Articles 20, 32, 171, and 174 of the Securities and Exchange Law. 7. This Statement was passed by the Board of Directors in their meeting held on February 11, 2020, with none of the nine attending directors expressing dissenting opinions, and the remainder all afﬁrming the content of this Statement. Taiwan Semiconductor Manufacturing Company Limited Mark Liu Chairman C. C. Wei Chief Executive Ofﬁcer 52 53 3.7.2 If CPA Was Engaged to Conduct a Special Audit of Internal Control System, Provide Its Audit Report: None. 3.8 Status of Personnel Responsible for the Company’s Financial and Business Operation 3.9.2 TSMC did not replace its independent auditor during 2018, 2019, and as of February 29, 2020. 3.8.1 Resignation or Dismissal of Chairman, President, and Heads of Accounting, Finance, Internal Audit, Corporate 3.9.3 TSMC’s Chairman, Directors, Chief Executive Ofﬁcer, Chief Financial Ofﬁcer, and Managers in Charge of Its Governance Ofﬁcer and R&D during 2019 and as of the Date of this Annual Report: As of 02/29/2020 Finance and Accounting Operations Did Not Hold Any Positions within TSMC’s Independent Audit Firm or Its Title Name Head of Accounting Jessica Chou Senior Vice President, Chief Financial Ofﬁcer/ Spokesperson Lora Ho On-board Date (Note 1) Date of Resignation or Dismissal Summary of Resignation or Dismissal 2005/11/08 2019/06/10 Retired 2003/09/08 2019/08/31 Transferred to TSMC’s Europe & Asia Sales Head Note: On-board date means the ofﬁcial date of presiding the position. 3.8.2 Certiﬁcation of Employees Whose Jobs are Related to the Release of the Company’s Financial Information Afﬁliates in the Most Recent Year. 3.9.4 Evaluation of the External Auditor’s Independence The Audit Committee annually monitors the independence of TSMC’s external auditor by conducting the following evaluation standards and reports the same to the Board of Directors: 1. The auditor’s independence declaration 2. The Audit Committee pre-approves all audit and non-audit services conducted by the auditor to ensure that the non-audit services do not inﬂuence the results of the audit 3. Ensure the audit partner rotates every ﬁve years 4. Annually evaluate the independence of the external auditor based on the results of the auditor survey regarding its ﬁnancial interests, Certiﬁcation Certiﬁed Public Accountants (CPA) US Certiﬁed Public Accountants (US CPA) The Chartered Institute of Management Accountants (CIMA) Certiﬁed Internal Auditor (CIA) Chartered Financial Analyst (CFA) Certiﬁed Management Accountant (CMA) Financial Risk Manager (FRM) Certiﬁcation in Control Self-Assessment (CCSA) Certiﬁcation in Risk Management Assurance (CRMA) Certiﬁed Information Systems Auditor (CISA) Chief Fraud Examiner (CFE) BS7799/ISO 27001 Lead Auditor Number of Employees Internal Audit Finance commercial relations, employment relations, and etc. 3.10 Material Information Management Procedure 4 4 - 14 - - - 3 5 5 2 2 39 13 1 6 1 1 2 - - - - - TSMC has established relevant procedures for managing and disclosing material information. The responsible departments regularly remind all ofﬁcers and employees about the need to comply with these procedures and other applicable regulations when they become aware of any potential material information and the possible need to publicly disclose such information. To ensure that our employees, managers and board directors are aware of and comply with these relevant regulations, TSMC has also established our “Insider Trading Policy”. To reduce the risk of insider trading, on-line training programs and live seminars are conducted periodically. In addition, employees can familiarize themselves with relevant internal policies and training articles by easily accessing TSMC’s Legal Organization intranet website. 3.9 Information Regarding TSMC’s Independent Auditor 3.9.1 Audit Fees The Audit Committee approves all fees payable to TSMC’s independent auditor and recommends the same to the Board of Directors for further approval. The Board of Directors has authorized the Audit Committee to approve any increase not exceeding 10% of the approved fees. Unit: NT$ thousands Accounting Firm Name of CPA Audit Fee System Design Company Registration Human Resource Others (Note) Subtotal CPA’s Audit Period Remark Non-audit Fee Deloitte & Touche Mei-Yen Chiang, Yu-Feng Huang, and others 63,920 - - - 83 83 01/01/2019 - 12/31/2019 - Note : Fees mainly related to research tool for accounting standards and regulations. 54 55 Capital and Shares 4.1 Capital and Shares 4.1.1 Capitalization Unit: Shares/NT$ Authorized Share Capital Capital Stock Month/ Year Issue Price (Per Share) Shares Amount Shares Amount Sources of Capital Remark Capital Increase by Assets Other than Cash 07/2015 10 28,050,000,000 280,500,000,000 25,930,380,458 259,303,804,580 Exercise of Employee Stock None Options: NT$7,180,220 4.1.2 Capital and Shares Unit: Shares Type of Stock Issued Shares Authorized Share Capital Listed Non-listed Total Unissued Shares 4 As of 02/29/2020 Date of Approval & Approval Document No. 07/13/2015 Zhu Shang Tzu No. 1040020526 As of 02/29/2020 Total Common Stock 25,930,380,458 - 25,930,380,458 2,119,619,542 28,050,000,000 Shelf Registration: None. 4.1.3 Composition of Shareholders Common Shares Type of Shareholders Number of Shareholders Shareholding Holding Percentage Government Agencies Financial Institutions Other Juridical Persons As of 12/25/2019 (record date) Domestic Natural Persons Total Foreign Institutions and Natural Persons 5 161 1,427 4,641 350,139 356,373 1,653,710,183 725,454,157 1,179,372,052 20,351,638,123 2,020,205,943 25,930,380,458 6.38% 2.80% 4.55% 78.48% 7.79% 100.00% 57 Distribution Proﬁle of Share Ownership Common Shares Shareholder Ownership (Unit: Share) Number of Shareholders 1-999 1,000-5,000 5,001-10,000 10,001-15,000 15,001-20,000 20,001-30,000 30,001-40,000 40,001-50,000 50,001-100,000 100,001-200,000 200,001-400,000 400,001-600,000 600,001-800,000 800,001-1,000,000 Over 1,000,001 Total 151,730 151,188 23,804 8,996 4,311 4,616 2,246 1,449 2,799 1,698 1,110 469 307 186 1,464 356,373 Preferred Shares: None. 4.1.4 Major Shareholders Common Shares Shareholders ADR-Taiwan Semiconductor Manufacturing Company, Ltd. National Development Fund, Executive Yuan Government of Singapore JPMorgan Chase Bank N.A., Taipei Branch in custody for Vanguard Total International Stock Index Fund, a series of Vanguard Star Funds Norges Bank New Labor Pension Fund Vanguard Emerging Markets Stock Index Fund, a series of Vanguard International Equity Index Funds iShares Core MSCI Emerging Markets ETF JPMorgan Chase Bank N.A. Taipei Branch in custody for EuroPaciﬁc Growth Fund Invesco Oppenheimer Developing Markets Fund Ownership 31,645,048 299,198,263 172,583,766 109,918,663 76,003,106 112,808,380 78,049,090 65,268,164 195,609,524 235,303,512 310,013,271 229,159,754 211,417,333 165,621,997 23,637,780,587 25,930,380,458 As of 12/25/2019 (record date) Ownership Percentage 0.12% 1.15% 0.67% 0.42% 0.29% 0.44% 0.30% 0.25% 0.75% 0.91% 1.20% 0.88% 0.82% 0.64% 91.16% 100.00% Total Shares Owned Ownership Percentage As of 12/25/2019 (record date) 5,325,610,353 1,653,709,980 759,304,376 388,270,768 364,952,088 239,351,255 228,786,845 216,832,000 214,458,329 207,328,429 20.54% 6.38% 2.93% 1.50% 1.41% 0.92% 0.88% 0.84% 0.83% 0.80% 58 4.1.5 Net Change in Shareholding by Directors, Management and Shareholders with 10% Shareholdings or More Unit: Shares Title Name Chairman Mark Liu Chief Executive Ofﬁcer & Vice Chairman C.C. Wei Director F.C. Tseng Director National Development Fund, Executive Yuan Representative: Mei-ling Chen Independent Director Sir Peter L. Bonﬁeld Independent Director Stan Shih Independent Director Kok-Choo Chen Independent Director Michael R. Splinter Independent Director Moshe N. Gavrielov (Note 1) Senior Vice President Lora Ho Senior Vice President Wei-Jen Lo Senior Vice President Rick Cassidy Senior Vice President Y.P. Chin Senior Vice President Y.J. Mii Senior Vice President J.K. Lin Senior Vice President J.K. Wang Vice President N.S. Tsai (Note 2) Vice President Irene Sun (Note 2) Vice President Cliff Hou Vice President and General Counsel/ Corporate Governance Ofﬁcer Sylvia Fang 2019 01/01/2019 - 02/29/2020 Net Change in Shareholding Net Change in Shares Pledged Net Change in Shareholding Net Change in Shares Pledged - - - - - - - - - - - (3,000) - (2,000) - - - - - 11,994 - - - - - - - - - - - - - - - - - - - (220,000) - 100,000 - - - - - - - - - - 20,000 - - - - - - - - 1,825 - - - - - - - - - - - - - - - - - - - - - - (Continued) 59 Title Name Vice President Connie Ma Vice President Y.L. Wang Vice President Doug Yu Vice President and TSMC Fellow Alexander Kalnitsky Vice President Kevin Zhang Vice President and TSMC Fellow T.S. Chang Vice President Michael Wu Vice President Min Cao Vice President H.-S. Philip Wong Vice President Marvin Liao Vice President Y.H. Liaw (Note 3) Vice President Simon Jang (Note 4) Vice President, Chief Financial Ofﬁcer / Spokesperson Wendell Huang (Note 5) 2019 01/01/2019 - 02/29/2020 Net Change in Shareholding Net Change in Shares Pledged Net Change in Shareholding Net Change in Shares Pledged 22,000 - - - - - - - - - - - 95 - - - - - - - - - - - - - - - - - - (27,000) - - - - - - 35 - - - - - - - - - - - - - Note 1: Mr. Moshe N. Gavrielov was elected as TSMC’s independent director at TSMC’s Annual Shareholders’ Meeting on June 5, 2019. His shareholding was disclosed starting from that date. Note 2: Vice President Dr. N.S. Tsai retired, effective May 1, 2019. Vice President Dr. Irene Sun retired, effective September 30, 2019. Their shareholdings were not disclosed after that date. Note 3: Mr. Y.H. Liaw was promoted to Vice President, effective February 19, 2019. His shareholding was disclosed starting from that date. Note 4: Dr. Simon Jang was promoted to Vice President, effective August 13, 2019. His shareholding was disclosed starting from that date. Note 5: Mr. Wendell Huang was promoted to Vice President, effective September 1, 2019. His shareholding was disclosed starting from that date. 4.1.6 Stock Trade with Related Party Reason of the Transfer Transfer Date Transferee Relation with the Transferee Shares Transfer Price Name Wei-Jen Lo 4.1.8 Related Party Relationship among TSMC’s 10 Largest Shareholders Common Shares Name Shares Held Shares Held by Spouse & Minors Shares Held in the Name of Others As of 12/25/2019 (record date) Name and Relationship between TSMC’s Shareholders Shares % Shares ADR-Taiwan Semiconductor Manufacturing Company, Ltd. 5,325,610,353 20.54% National Development Fund, Executive Yuan 　Representative: Mei-ling Chen Government of Singapore JPMorgan Chase Bank N.A., Taipei Branch in custody for Vanguard Total International Stock Index Fund, a series of Vanguard Star Funds Norges Bank New Labor Pension Fund Vanguard Emerging Markets Stock Index Fund, a series of Vanguard International Equity Index Funds iShares Core MSCI Emerging Markets ETF JPMorgan Chase Bank N.A. Taipei Branch in custody for EuroPaciﬁc Growth Fund 1,653,709,980 6.38% - 759,304,376 388,270,768 364,952,088 239,351,255 228,786,845 216,832,000 214,458,329 - 2.93% 1.50% 1.41% 0.92% 0.88% 0.84% 0.83% Invesco Oppenheimer Developing Markets Fund 207,328,429 0.80% N/A N/A - N/A N/A N/A N/A N/A N/A N/A N/A % N/A N/A - N/A N/A N/A N/A N/A N/A N/A N/A Shares % Name Relationship N/A N/A - N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A None None - None N/A N/A N/A N/A N/A N/A N/A None None None None None None None N/A None None None None None None None None None None None None Ownership by TSMC (1) Ownership by Directors, Managers and Directly/Indirectly Owned Subsidiaries (2) Total Ownership (1) + (2) Shares % Shares % Shares % As of 12/31/2019 4.1.9 Long-term Investment Ownership Long-term Investment (Note 1) Equity Method: TSMC Partners, Ltd. TSMC Global Ltd. TSMC North America TSMC Europe B.V. TSMC Japan Limited TSMC Korea Limited 988,268,244 100% 11,284 11,000,000 200 6,000 80,000 100% 100% 100% 100% 100% - - - - - - - - - - - - - - - - 988,268,244 11,284 11,000,000 200 6,000 80,000 Not Applicable (Note 2) Not Applicable (Note 2) 100% 100% 100% 100% 100% 100% 100% 100% 253,120,000 86.94% 313,603 38.79% 739,799,575 111,281,925 45.14% 41.01% 46,687,859 34.84% Not Applicable (Note 2) Not Applicable (Note 2) 98.00% 98.00% Vanguard International Semiconductor Corp. 464,223,493 28.32% 275,576,082 16.82% (Note 3) Xintec Inc. Global UniChip Corporation 111,281,925 41.01% 46,687,859 34.84% - - VentureTech Alliance Fund II, L.P. Not Applicable (Note 2) 98.00% Not Applicable (Note 2) VentureTech Alliance Fund III, L.P. Not Applicable (Note 2) 98.00% Not Applicable (Note 2) - - - - Note 1: On 01/10/2020, TSMC Design Technology Japan, Inc., a 100% owned subsidiary of TSMC, was established. Note 2: Not applicable. These ﬁrms do not issue shares. TSMC’s investments are measured as a percentage of ownership. Note 3: TSMC’s Director, National Development Fund of Executive Yuan, held 16.72% while other Directors and Management held 0.10%. Gifting 10/30/2019 Wei-Li Lo Brother 3,000 - TSMC China Company Limited Not Applicable (Note 2) 100% Not Applicable (Note 2) 4.1.7 Stock Pledge with Related Party: None. TSMC Nanjing Company Limited Not Applicable (Note 2) 100% Not Applicable (Note 2) VisEra Technologies Company Ltd. 253,120,000 86.94% Systems on Silicon Manufacturing Co. Pte. Ltd. 313,603 38.79% - - 60 61 4.1.10 Share Information TSMC’s earnings per share in 2019 decreased 1.7% from 2018 to NT$13.32 per share. The following table details TSMC’s market price, net worth, earnings, and dividends per common share, as well as other data regarding return on investment. Market Price, Net Worth, Earnings, and Dividends Per Common Share Unit: NT$, except for weighted average shares and return on investment ratios 2019 01/01/2020 - 02/29/2020 Second quarter of 2019 August 13, 2019 Third quarter of 2019 Fourth quarter of 2019 November 12, 2019 February 11, 2020 2018 Yearly and 2019 Quarterly Earnings Distribution Unit: NT$ Period 2018 First quarter of 2019 June 5, 2019 June 5, 2019 Approved Date Payment Date Cash Dividends Per Share Total Earnings Distribution Amount July 18, 2019 October 17, 2019 January 16, 2020 April 16, 2020 July 16, 2020 NT$8.0 NT$2.0 NT$2.5 NT$2.5 NT$2.5 207,443,043,664 51,860,760,916 64,825,951,145 64,825,951,145 64,825,951,145 Item Market Price Per Share (Note 1) Highest Market Price Lowest Market Price Average Market Price Net Worth Per Share Before Distribution After Distribution Earnings Per Share Weighted Average Shares (thousand shares) Diluted Earnings Per Share Dividends Per Share Cash Dividends Accumulated Undistributed Dividend Return on Investment Price/Earnings Ratio (Note 2) Price/Dividend Ratio (Note 3) Cash Dividend Yield (Note 4) 2018 266.00 212.00 237.45 64.67 56.67 25,930,380 13.54 8.00 - 17.54 29.68 3.4% 345.00 208.00 261.73 62.53 60.03 (Note 5) 25,930,380 13.32 9.50 (Note 5) - 19.65 27.55 (Note 5) 3.6% (Note 5) 346.00 315.00 329.71 - - - - - - - - - Note 1: Referred to TWSE website Note 2: Price/Earnings Ratio = Average Market Price/ Diluted Earnings Per Share Note 3: Price/Dividend Ratio = Average Market Price/Cash Dividends Per Share Note 4: Cash Dividend Yield = Cash Dividends Per Share/Average Market Price Note 5: Including the dividends amount for fourth quarter of 2019, which were approved by Board of Directors on February 11, 2020 4.1.11 Dividend Policy and Distribution of Earnings Except as otherwise speciﬁed in the Articles of Incorporation or under the R.O.C. law, we will not pay dividends or make other distributions to shareholders when there are no earnings. The R.O.C. Company Act also requires that 10% of annual net income (less prior years’ losses and outstanding taxes) be set aside as legal reserve until the accumulated legal reserve equals our paid-in capital. Our proﬁts may be distributed by way of cash dividend, stock dividend, or a combination of cash and stock. Pursuant to our Articles of Incorporations, distributions of proﬁts shall be made preferably by way of cash dividend. In addition, the ratio for stock dividends shall not exceed 50% of the total distribution. Distribution of stock dividends is subject to approval by the R.O.C. Financial Supervisory Commission. On February 19, 2019, TSMC’s board of directors adopted a proposal recommending distribution of a 2018 cash dividend of NT$8 per common share, which was approved by the annual general meeting of shareholders on June 5, 2019. In the same meeting, shareholders also approved the amendments to TSMC’s Articles of Incorporation to authorize the Company’s board of directors to approve quarterly cash dividends after the close of each quarter, after which the dividend will be distributed within six months. In the subsequent board meetings, TSMC’s board of directors approved quarterly cash dividends, of which the respective amounts and payment dates are demonstrated in the table below. In the future, TSMC intends to maintain a sustainable quarterly cash dividend, and to distribute the cash dividend each year at a level not lower than the year before. 4.1.12 Compensation to Directors and Proﬁt Sharing Bonus to Employees Based on TSMC’s Articles of Incorporation, before paying dividends or bonuses to shareholders, TSMC shall set aside not more than 0.3% of its annual proﬁt to directors as compensation and not less than 1% to employees as proﬁt sharing bonus. As resolved by TSMC’s Board of Directors on February 11, 2020, a proﬁt sharing bonus to employees was expensed based on a certain percentage of 2019 proﬁt; compensation to directors was expensed based on the estimated amount of payment. If the actual amounts subsequently paid differ from the above estimated amounts, the differences will be recorded in the year paid as a change in accounting estimate. 2019 Directors’ Compensation and Employees’ Proﬁt Sharing Bonus Directors’ Compensation (Cash) Employee’s Proﬁt Sharing Bonus (Cash) Board Resolution (02/11/2020) Amount (NT$ thousands) 360,404 23,165,745 Note: NT$23,165,745 thousand employees’ cash bonus was already distributed following each quarter of 2019. The above employees’ proﬁt sharing bonus will be distributed in July, 2020. 2018 Directors’ Compensation and Employees’ Proﬁt Sharing Bonus Directors’ Compensation (Cash) Employees’ Proﬁt Sharing Bonus (Cash) Board Resolution (02/19/2019) Actual Result (Note) Amount (NT$ thousands) Amount (NT$ thousands) 349,271 23,570,040 349,271 23,537,898 Note: The above directors’ compensation and employees’ proﬁt sharing bonus were expensed under the Company’s 2018 statement of comprehensive income and were approved by the Board of Directors at its meeting on February 19, 2019. However, due to employee turnover, the employees’ proﬁt sharing bonus in the amount of NT$32,142 thousand was undistributed, and related expense was reversed in 2019. 4.1.13 Impact to 2020 Business Performance and EPS Resulting from Stock Dividend Distribution: Not applicable. 4.1.14 Buyback of Common Stock: None. 62 63 4.2 Issuance of Corporate Bonds 4.2.1 Corporate Bonds NTD Corporate Bonds As of 02/29/2020 Domestic Unsecured Bond (101-3) Domestic Unsecured Bond (101-4) Domestic Unsecured Bond (102-1) Domestic Unsecured Bond (102-2) Domestic Unsecured Bond (102-4) Issuance Issuing Date Denomination Offering Price Total Amount Coupon 10/09/2012 NT$10,000,000 Par NT$4,400,000,000 1.53% p.a. Tenor and Maturity Date Tenor: 10 years Maturity: 10/09/2022 01/04/2013 NT$10,000,000 Par NT$23,600,000,000 Tranche A: 1.23% p.a. Tranche B: 1.35% p.a. Tranche C: 1.49% p.a. Tranche A: 5 years Maturity: 01/04/2018 Tranche B: 7 years Maturity: 01/04/2020 Tranche C: 10 years Maturity: 01/04/2023 02/06/2013 NT$10,000,000 Par NT$21,400,000,000 Tranche A: 1.23% p.a. Tranche B: 1.38% p.a. Tranche C: 1.50% p.a. Tranche A: 5 years Maturity: 02/06/2018 Tranche B: 7 years Maturity: 02/06/2020 Tranche C: 10 years Maturity: 02/06/2023 07/16/2013 NT$10,000,000 Par NT$13,700,000,000 Tranche A: 1.50% p.a. Tranche B: 1.70% p.a. Tranche A: 7 years Maturity: 07/16/2020 Tranche B: 10 years Maturity: 07/16/2023 09/25/2013 NT$10,000,000 Par NT$15,000,000,000 Tranche A: 1.35% p.a. Tranche B: 1.45% p.a. Tranche C: 1.60% p.a. Tranche D: 1.85% p.a. Tranche E: 2.05% p.a. Tranche F: 2.10% p.a. Tranche A: 3 years Maturity: 09/25/2016 Tranche B: 4 years Maturity: 09/25/2017 Tranche C: 5.5 years Maturity: 03/25/2019 Tranche D: 7.5 years Maturity: 03/25/2021 Tranche E: 9.5 years Maturity: 03/25/2023 Tranche F: 10 years Maturity: 09/25/2023 NT$10,600,000,000 Outstanding Credit Rating Trustee Guarantor Underwriter Legal Counsel Auditor Repayment Redemption or Early Repayment Clause NT$4,400,000,000 NT$3,000,000,000 NT$3,600,000,000 NT$13,700,000,000 twAAA (Taiwan Ratings Corporation, 11/29/2012) twAAA (Taiwan Ratings Corporation, 12/18/2012) twAAA (Taiwan Ratings Corporation, 05/16/2013) twAAA (Taiwan Ratings Corporation, 08/06/2013) twAAA (Taiwan Ratings Corporation, 09/04/2012) Taipei Fubon Commercial Bank None Not Applicable Modern Law Ofﬁce Deloitte & Touche Bullet None None None Covenants Other Rights of Bondholders Conversion Right Amount of Converted or Exchanged Common Shares, ADRs or Other Securities Not Applicable Dilution Effect and Other Adverse Effects on Existing Shareholders Custodian None None 4.2.2 Convertible Bond: None. 4.2.3 Exchangeable Bond: None. 4.2.4 Shelf Registration: None. 4.2.5 Bond with Warrants: None. 64 65 4.3 Preferred Shares 4.3.1 Preferred Shares: None. 4.3.2 Preferred Shares with Warrants: None. 4.4 Issuance of American Depositary Shares Issuing Date 10/08/1997 11/20/1998 01/12/1999 - 01/14/1999 07/15/1999 08/23/1999 - 09/09/1999 02/22/2000 - 03/08/2000 04/17/2000 06/07/2000 - 06/15/2000 05/14/2001 - 06/11/2001 06/12/2001 11/27/2001 02/07/2002 - 02/08/2002 11/21/2002 - 12/19/2002 07/14/2003 - 07/21/2003 11/14/2003 08/10/2005 - 09/08/2005 05/23/2007 Total Amount (US$) 594,720,000 184,554,440 35,500,000 296,499,641 158,897,089 379,134,599 224,640,000 1,167,873,850 240,999,660 297,649,640 320,600,000 1,001,650,000 160,097,914 908,514,880 1,077,000,000 1,402,036,500 2,563,200,000 Offering Price Per ADS (US$) 24.78 15.26 17.75 24.516 28.964 57.79 56.16 35.75 20.63 20.63 16.03 16.75 8.73 10.40 10.77 8.6 10.68 Units Issued 24,000,000 12,094,000 2,000,000 12,094,000 5,486,000 6,560,000 4,000,000 32,667,800 11,682,000 14,428,000 20,000,000 59,800,000 18,348,000 87,357,200 100,000,000 163,027,500 240,000,000 Common Shares Represented Underlying Securities 120,000,000 60,470,000 10,000,000 60,470,000 27,430,000 32,800,000 20,000,000 163,339,000 58,410,000 72,140,000 100,000,000 299,000,000 91,740,000 436,786,000 500,000,000 815,137,500 1,200,000,000 TSMC Common Shares from Selling Shareholders TSMC Common Shares from Selling Shareholders TSMC Common Shares from Selling Shareholders TSMC Common Shares from Selling Shareholders TSMC Common Shares from Selling Shareholders (Pursuant to ADR Conversion Sale Program) TSMC Common Shares from Selling Shareholders (Pursuant to ADR Conversion Sale Program) TSMC Common Shares from Selling Shareholders Cash Offering and TSMC Common Shares from Selling Shareholders TSMC Common Shares from Selling Shareholders (Pursuant to ADR Conversion Sale Program) TSMC Common Shares from Selling Shareholders TSMC Common Shares from Selling Shareholders TSMC Common Shares from Selling Shareholders TSMC Common Shares from Selling Shareholders (Pursuant to ADR Conversion Sale Program) TSMC Common Shares from Selling Shareholders TSMC Common Shares from Selling Shareholders TSMC Common Shares from Selling Shareholders TSMC Common Shares from Selling Shareholders (Note 4) (Note 3) Apportionment of Expenses for Issuance and Maintenance (Note 3) Issuance and Listing NYSE Rights and Obligations of ADS Holders Same as those of Common Share Holders Trustee Not Applicable Depositary Bank Citibank, N.A. – New York Custodian Bank (Note 1) Citibank, N.A. – Taipei Branch As of February 29, 2020, total number of outstanding ADSs was 1,065,090,813 See Deposit Agreement and Custody Agreement for Details ADSs Outstanding (Note 2) Terms and Conditions in the Deposit Agreement and Custody Agreement Closing Price Per ADS (US$; source: Bloomberg) 2019 01/01/2020 - 02/29/2020 High Low Average High Low Average 58.81 32.79 42.74 60.32 53.29 57.28 Note 1: Citibank, N.A., Taipei Branch changed its name to “Citibank Taiwan Limited” in 2009. Note 2: TSMC has in aggregate issued 813,544,500 ADSs since 1997, which, if taking into consideration stock dividends distributed over the period, would amount to 1,147,835,205 ADSs. Stock dividends distributed in 1998, 1999, 2000, 2001, 2002, 2003, 2004, 2005, 2006, 2007, 2008 and 2009 were 45%, 23%, 28%, 40%, 10%, 8%, 14.08668%, 4.99971%, 2.99903%, 0.49991%, 0.50417% and 0.49998%, respectively. As of February 29, 2020, total number of outstanding ADSs was 1,065,090,813 after 82,744,392 were redeemed. Note 3: All fees and expenses such as underwriting fees, legal fees, listing fees and other expenses related to issuance of ADSs were paid by the selling shareholders, while maintenance expenses such as annual listing fees and accountant fees were borne by TSMC. Note 4: All fees and expenses such as underwriting fees, legal fees, listing fees and other expenses related to issuance of ADSs were paid proportionately by TSMC and the selling shareholders, while maintenance expenses such as annual listing fees and accountant fees were borne by TSMC. 66 67 4.5 Status of Employee Stock Option Plan 4.5.1 Issuance of Employee Stock Options: None. 4.5.2 Employee Stock Options Granted to Management Team and to Top 10 Employees: None. 4.6 Status of Employee Restricted Stock 4.6.1 Status of Employee Restricted Stock: None. 4.6.2 Employee Restricted Stock Granted to Management Team and to Top 10 Employees: None. 4.7 Status of New Share Issuance in Connection with Mergers and Acquisitions: None. 4.8 Financing Plans and Implementation: Not applicable. 68 69 Operational Highlights 5.1 Business Activities 5.1.1 Business Scope 5 As the founder and leader of the dedicated semiconductor foundry segment, TSMC provides a full range of integrated semiconductor foundry services, including the most advanced process technologies, leading specialty technologies, the most comprehensive design ecosystem support, excellent manufacturing productivity and quality, advanced mask and packaging services, and so on, to meet a growing variety of customer needs. The Company strives to provide the best overall value to its customers and views customer success as TSMC success. As a result, TSMC has gained customer trust from around the world and has experienced strong growth and success of its own. 5.1.2 Customer Applications TSMC manufactured 10,761 different products for 499 customers in 2019. These chips were used across a broad spectrum of electronic applications, including computers and peripherals, information appliances, wired and wireless communication systems, servers and data centers, automotive and industrial equipment, consumer electronics such as digital TVs, game consoles, digital cameras, IoT and wearables, and many other devices and applications. The rapid ongoing evolution of end products prompts customers to pursue differentiation using TSMC’s innovative technologies and services and, at the same time, spurs TSMC’s own development of technology. As always, success depends on leading rather than following industry trends. 5.1.3 Consolidated Shipments and Net Revenue in 2019 and 2018 Unit: Shipments (thousand 12-inch equivalent wafers) / Net Revenue (NT$ thousands) Wafer Others (Note 2) Total Domestic (Note 1) Export Domestic (Note 1) Export Domestic (Note 1) Export 2019 2018 Shipments Net Revenue (Note 3) Shipments Net Revenue (Note 3) 1,678 8,390 N/A N/A 1,678 8,390 91,259,259 836,058,092 8,835,783 133,832,314 100,095,042 969,890,406 1,575 9,177 N/A N/A 1,575 9,177 81,718,513 829,577,851 8,398,094 111,779,099 90,116,607 941,356,950 Note 1: Domestic means sales to Taiwan. Note 2: Others mainly include revenue associated with packaging and testing services, mask making, design services, and royalties. Note 3: Commencing in 2018, the Company began to break down the net revenue by product based on a new method which associates most estimated sales returns and allowances with individual sales transactions, as opposed to the previous method which allocated sales returns and allowances based on the aforementioned gross revenue. The Company believes the new method provides a more relevant breakdown than the previous one. 5.1.4 Production in 2019 and 2018 Unit: Capacity / Output (million 12-inch equivalent wafers) / Amount (NT$ millions) Year 2019 2018 Wafers Capacity 12 - 13 12 - 13 Output 9 - 10 10 - 11 Amount 448,292 478,269 71 5.2 Technology Leadership 5.2.1 R&D Organization and Investment In 2019 TSMC continued to invest in research and development, with total R&D expenditures amounting to 8.5% of revenue, a level that equals or exceeds the R&D investment of many other leading high-tech companies. Faced with the increasingly difﬁcult challenge to continue extending Moore’s Law, which calls for the doubling of semiconductor computing power every two years, TSMC has focused its R&D efforts on offering customers ﬁrst-to-market, leading-edge technologies and design solutions that contribute to their product success. In 2019, following the transfer to manufacturing of the 7nm+ technology and the successful risk production of 5nm technology, the Company’s R&D organization continued to fuel the pipeline of technological innovation needed to maintain industry leadership. While TSMC’s 3nm technology, the sixth generation of technology platform to make use of 3D transistors, continues full development, the Company has initiated the development of 2nm technology, a pioneering effort within the semiconductor industry, and at the same time, is progressing in research and exploratory studies for nodes beyond 2nm. In addition to CMOS logic, TSMC conducts R&D on a wide range of other semiconductor technologies that provide the functionalities required by customers for mobile SoC and other applications. Highlights in 2019 include: • process validation for System-on-Integrated Chips (TSMC- SoIC®), an innovative wafer-level package technology; • high-volume production of Gen-4 Integrated Fan-Out Package on Package (InFO-PoP) for mobile processor packaging; • successful qualiﬁcation of Gen-5 InFO-PoP advanced packaging technology for mobile applications and Gen-2 Integrated Fan- Out on Substrate (InFO_oS) for HPC applications; • development of 40nm BCD (Bipolar-CMOS-DMOS) technology – unique in the industry – offering leading-edge 20-24V HV devices with full compatibility to 40nm ultra-low-power platform and integration of RRAM, in turn, enabling low power, high integration and small footprint for high-speed communication interface in mobile applications; • technical qualiﬁcation of 28nm eFlash which is for high performance mobile computing and high performance low- leakage platforms, is achieved for automobile electronics and micro controller units (MCU); and • development of the latest generation CMOS image sensors of sub-micron pixel for mobile applications and embedded 3D metal-insulator-metal (MiM) high-density capacitors for global shutter and high dynamic-range sensor applications. In 2019, TSMC maintained strong partnerships with many world- class research institutions, including SRC in the U.S. and IMEC in Belgium. TSMC also continued to expand research collaboration with leading universities throughout the world for two grand purposes; the advancement of semiconductor technologies and the nurturing of talent for the future. R&D Expenditures Amount: NT$ thousands 9 6 5 , 5 9 8 , 5 8 6 4 7 , 8 1 4 , 1 9 , 4 6 7 7 7 7 6 1 , 2018 2019 01/01/2020 - 02/29/2020 5.2.2 R&D Accomplishments in 2019 Highlights • 5nm Technology Even though the semiconductor industry is approaching the physical limits of silicon, 5nm technology still follows Moore’s Law and delivers substantial density improvement with better performance at the same or lower power consumption with comparable performance. In 2019, TSMC continued full development of 5nm focusing on manufacturing baseline process setup, yield learning, transistor and interconnect R/C performance improvement and reliability evaluation. The SRAM and logic yield results met the required expectations and TSMC achieved its goal of risk production in 2019. • 3nm Technology 3nm technology offers substantial density improvement and power reduction with the same chip performance as 5nm technology. Development activities in 2019 focused on manufacturing baseline process setup, yield learning, transistor and interconnect R/C performance improvement and reliability evaluation. TSMC plans to continue full development of 3nm in 2020. • 2nm Technology In 2019, in a pioneering role in the semiconductor industry, TSMC launched research and development of 2nm technology. • Lithography Technology The focus for R&D lithography in 2019 was on 5nm technology transfer, 3nm technology development and preparation of 2nm to move beyond development. 5nm technology was smoothly transferred and R&D is working with the fab to resolve the remaining EUV production issues. As for 3nm development, EUV (extreme ultraviolet) lithography showed promising imaging capability with expected wafer yield. R&D is working on EUV to reduce mask defects in scanner, and overlay errors while lowering overall cost. In 2020, TSMC will focus intensely on improving EUV quality and cost in 2nm technology and beyond. In 2019, the Company’s EUV program made continuous improvement in light-source power and stability, enabling faster learning rates and process development for advanced nodes. Additional progress was made with resist process, pellicle, and related mask blanks, as EUV moves closer to full scale manufacturing readiness. • Mask Technology Mask technology is an integral part of advanced lithography. In 2019, R&D successfully completed 5nm node mask technology transfer and smoothly implemented more complicated and advanced EUV mask technology in 3nm node. Solid progress was made on production yield, cycle time and the reduction of blank defects to meet high-volume manufacturing requirements. Integrated Interconnect and Packaging TSMC has pushed the system performance envelope beyond Moore’s Law by continuously upgrading wafer level system integration (WLSI) technologies in both interconnect pitch density and system sizes. WLSI encompasses innovative technologies with frontend 3D integration, system-on- integrated-chip (TSMC-SoIC®) and backend 3D integration, including Integrated Fan-Out (InFO) and Chip on Wafer on Substrate (CoWoS®). Armed with TSMC’s most advanced node wafers/chips and mix-and-match frontend 3D and backend 3D system integration, customers can build differentiated products on TSMC’s unique wafer-to-package turnkey services. • 3D IC and TSMC-SoIC® (System-on-Integrated Chips) System-on-Integrated Chips (TSMC-SoIC®) is an innovative wafer-level package technology that can holistically integrate multiple chiplets into a single SoC chip with a smaller footprint and thinner proﬁle. Through this technology, advanced SoC chips (made by 7nm, 5nm, or even 3nm nodes) can be integrated with multi-tier, multi-functional chips for the embodiment of high speed, high bandwidth, low power, high pitch density, and minimal footprint heterogeneous 3D IC integration. Unlike conventional package technology, TSMC-SoIC® applies an essential copper-to-copper bonding structure along with through-silicon-via (TSV) to enable the most advanced 3D IC technologies. Currently, TSMC has accomplished the process validation for TSMC-SoIC® and developed micron-level bonding- pitch processes with promising electrical yield and reliability data. This shows TSMC’s readiness and the capability of TSMC- SoIC®-based production for any potential customers. In brief, the TSMC-SoIC® technology provides the opportunity not only to sustain Moore’s Law, but also to achieve a signiﬁcant breakthrough in SoC performance. • Si Interposer and CoWoS® (Chip on Wafer on Substrate) Demand for CoWoS® remained strong throughout 2019 as a result of rapid growth in the HPC and AI markets. The unique requirements for this product category include the integration of logic chips with the most computing power and memory chips with greatest capacity and bandwidth – exactly where CoWoS® excels. To meet the increasing production demand, advanced backend fabs AP3 and AP5 joined forces with AP1, the original CoWoS® fab, to provide the needed CoWoS® capacity for our customers. On the technology front, CoWoS® Gen-4 was developed to further boost overall performance at the package level by expanding the Si interposer dimensions. The CoWoS® Gen-4 features an interposer area up to 1,700 mm2, which is large enough to accommodate one full-reticle size SoC chip and up to six 3D high bandwidth memory (HBM) stacks. CoWoS® Gen-5 with an interposer area up to 2,400 mm2 is currently being developed with new chip architectures in mind, such as chiplets, TSMC-SoIC® and HBM3 (third generation high bandwidth memory). • Advanced Fan-Out and InFO (Integrated Fan-Out) In 2019, TSMC continued to lead in high-volume manufacturing of InFO-PoP Gen-4 packaging for mobile applications processors and Integrated Fan-Out on Substrate (InFO_oS) HPC chip partition applications. InFO-PoP Gen-5 and InFO_oS Gen-2 were also successfully qualiﬁed for mobile and HPC applications respectively. InFO-PoP Gen-5 qualiﬁcation meant a smaller package size with more pin counts and better power integrity. InFO_oS Gen-2 provided more chip partition integration with larger package size and higher bandwidth. Continuous development of multi-die heterogeneous integration with ﬁner- pitch die-to-die interconnection has led to new InFO without substrate for consumer applications. New generation IPD (integrated passive device) technology, which provides higher density capacitors and low ESL (effective series inductance) for electrical performance boost, passed qualiﬁcation on InFO-PoP. This enhanced InFO-PoP will beneﬁt both AI and 5G mobile applications. New high volume manufacturing of IPD is scheduled to begin in 2020. 72 73 • Advanced Interconnect To strengthen customers’ competitiveness, TSMC provides advanced interconnect technologies to boost chip performance through architecture innovation and new material development. The innovative power distribution network (PDN) scheme aims to reduce high IR-drop and RC-delay in traditional schemes and improve pattern density with better routing resources. New materials include both metals and dielectrics. The development focuses on robust low-k and lower effective dielectric constant structures. In addition to metal barrier engineering, the Company is performing research in single metallic elements, binary and ternary alloys as well. Corporate Research Innovation in transistor architectures and materials continues to drive higher performance and reduced power consumption in advanced logic technologies. TSMC is at the forefront of 2D and carbon nanotube (CNT) transistor research. At the 2019 Symposia on VLSI Technology, TSMC published a ﬁrst demonstration of 40nm channel length top-gate WS2 (tungsten disulﬁde) pFET (p-channel ﬁeld-effect transistor) using channel area-selective chemical vapor deposition (CVD) growth on SiOx /Si substrate. Without the 2D layer transfer, this CVD direct growth is suitable for volume manufacturing. At the 2019 International Electron Device Meeting, TSMC also successfully demonstrated the ﬁrst heterogeneous integration of advanced 28nm Si logic circuits with low-cost and high-mobility CNT transistors in the backend of line (BEOL) with a BEOL-compatible low temperature. TSMC continues to look for emerging high density, non-volatile memory hardware accelerators for AI and HP computing. The Company’s research is well positioned to pave the way for continued density scaling, performance enhancement and power reduction to deliver advanced logic technologies for mobile and HPC applications. Specialty Technologies TSMC offers a broad mix of technologies to address a wide range of applications: • Mixed Signal / Radio Frequency (MS/RF) In 2019, TSMC developed a 5nm silicon and EM simulation- based LC tank design solution to facilitate high-speed SerDes (serializer/deserializer) circuit design with various metal scheme options and layout speciﬁcations to shorten design turnaround time. To meet customers’ growing demand for high speed, low latency and massive IoT applications in the 5G network roadmap, TSMC provided 16nm and 28nm RF devices by boosting ft /fmax for transceiver design and 40nm special process by enhancing breakdown voltage under the same beneﬁt from lower Ron-Coff for better power handling in RF switch applications. • Power IC / Bipolar-CMOS-DMOS (BCD) In 2019, TSMC developed 40nm BCD technology with 20-24V HV devices on a 40nm ultra-low-power platform with low- voltage devices and full logic process compatibility. This also successfully integrated RRAM (Resistive Random Access Memory) for the ﬁrst time to enable low power, high integration in a small footprint for high-speed communication interface on mobile applications. TSMC will continue to develop 28V and 12-16V HV devices to cover more power management IC applications. • Panel Drivers In 2019, TSMC completed dual platforms in advanced high- voltage display driver IC technologies. Both wafer-on-wafer stacking (WoW 28HPC/40HV) and 28HV technologies passed process and reliability qualiﬁcation. WoW stacking has completed customers’ product yield and qualiﬁcation with 60% active power reduction from 40HV. Several customers have early IP veriﬁcation in 28HV technology. These technologies are leading-edge for small panel 4K resolution, OLED (organic light-emitting diode) and 120Hz display driver ICs. In addition, OLED on Si for AR/VR applications showed excellent illumination uniformity in 80HV technology. In 2020, TSMC plans to enhance the performance for OLED TDDI (touch with display driver integration) applications on 28HV and 8V transistors on WoW stacking. • Micro-Electromechanical Systems (MEMS) In 2019, TSMC’s modular MEMS technology was qualiﬁed for mass production of high-resolution accelerometers and gyroscopes. Future plans include the development of next- generation high-sensitivity thin microphone, total solutions for MEMS optical image stabilization (OIS) systems in 12-inch wafer and BioMEMS applications. • GaN The ﬁrst generation of 650V and 100V enhanced GaN high electron mobility transistors (E-HEMT) went into production in 2019. The second generation of 650V and 100V E-HEMT demonstrated 50% FOM (ﬁgure of merit) improvement and passed engineering qualiﬁcation. In addition, TSMC developed 100V D-HEMT devices, which passed engineering qualiﬁcation and will go into risk production in 2020. • Complementary Metal-Oxide-Semiconductor (CMOS) Image Sensor In 2019, TSMC had several achievements in CMOS image sensor technology. Two major accomplishments were: the completion of the development of a newest-generation miniaturized sub- micron pixel, which brought about a 12.5% pixel size reduction from the previous generation, an increase in the pixel’s readout speed and a reduction of read noise for mobile applications; and the successful development of 3D metal-insulator-metal (MiM) high-density capacitors embedded inside an image sensor array for global shutter and high dynamic-range sensor applications. needs. TSMC and its EDA partners have created numerous deliverables from 0.13µm to 5nm that have successfully supported customer tape-outs. • Embedded Flash / Emerging Memory TSMC reached several major milestones in embedded non- volatile memory (NVM) technologies in 2019. At the 40nm node, the Company successfully mass-produced NOR-based cell technology with split-gate cell to support consumer electronics such as IoT, smartcards, MCUs and numerous automotive electronics applications. At 28nm node, the Company’s embedded ﬂash development for HP mobile computing and HP low-leakage platforms achieved technical qualiﬁcation for automotive electronics and MCUs. TSMC also offered RRAM technology to be embedded in NVM (non-volatile memory) technologies as a low-cost solution for the price-sensitive IoT market. 40nm node also achieved technical qualiﬁcation as customer product qualiﬁcations continued. The Company expects the 28nm node to enter production in 2020. Development in 22nm node is on track and expected to pass technical qualiﬁcation in 2020. TSMC is also developing 22nm embedded MRAM technology, which has achieved technical qualiﬁcation to enter production. Furthermore, TSMC is developing 16nm embedded MRAM for next generation embedded memory MCUs, automotive devices, IoT and AI to serve many new applications. 5.2.3 Technology Platform TSMC provides customers with advanced technology platforms that include the comprehensive design infrastructure required to optimize design productivity and cycle times. These include: design ﬂows for electronic design automation (EDA); silicon- proven libraries and IP building blocks; and simulation and veriﬁcation design kits, i.e., process design kits (PDKs) and technology ﬁles. For TSMC’s latest advanced technologies of 5nm, 6nm, 7nm, 7nm+, 12nm, 22nm and 3D IC design enablement platform, EDA tools, features and IP solutions are readily available for customers to adopt to meet their product requirements at various design stages. The Company also extends its IP quality program (TSMC 9000) to allow IP audits to be performed either at TSMC or at TSMC-certiﬁed laboratories. To help customers plan new product tape-outs incorporating library/IP from the Company’s Open Innovation Platform® (OIP) ecosystem, the OIP ecosystem features a portal to connect customers to 42 IP solution providers. Overall, TSMC and its IP partners have accumulated a portfolio of more than 26,000 IP titles, from 0.35µm to 5nm, with major IP types to meet customer design 5.2.4 Design Enablement TSMC’s technology platforms provide a solid foundation to facilitate the design process. Customers can design using the Company’s internally developed IP and tools or use tools available from TSMC’s OIP partners. Tech Files and PDKs EDA tool certiﬁcation is an essential element for IP and customer designs to ensure that features meet TSMC process technology requirements, with certiﬁcation results that can be found on TSMC-OnlineTM. There are corresponding tech ﬁles and process development kits (PDKs) available for customers to download and design together with certiﬁed EDA tools. TSMC provides a broad range of PDKs for digital logic, mixed-signal, radio frequency (RF), high-voltage driver, CMOS image sensor (CIS) and embedded ﬂash technologies across a range of nodes from 0.5µm to 5nm. In addition, the Company provides tech ﬁles for design rule checking (DRC), layout veriﬁcation of schematic (LVS), resistance-capacitance (RC) extraction, automatic place and route, and a layout editor to ensure process technology information is accurately represented in EDA tools. By 2019, TSMC had provided customers more than different 10,600 tech ﬁles and 360 PDKs via TSMC-OnlineTM. There are more than 100,000 customer downloads of these ﬁles every year. Library and IP Silicon intellectual property (IP) is the basic building block of integrated circuit designs. Various IP types are available to support different customer design applications including foundation IP, analog IP, embedded memory IP, interface IP and soft IP. To support 3D IC customer needs, TSMC also starts to offer 3D IC IP in 2019. TSMC and its alliance partners offer customers a rich portfolio of reusable IPs, which are essential building blocks for many circuit designs. In 2019, the Company expanded its library and silicon IP portfolio to contain more than 26,000 items, a 30% increase over 2018. Design Methodology and Flow Reference ﬂows are built on top of certiﬁed EDA tools to provide additional design ﬂow methodology innovations that can help boost productivity. In 2019, TSMC addressed critical design challenges associated with new 6nm and 3D IC technologies for digital and SoC applications by announcing the availability of reference ﬂows through OIP collaboration that feature FinFET- speciﬁc design solutions and TSMC-SoIC® (System-on-Integrated Chips) methodologies for performance, power and area optimization. 74 75 5.2.5 Intellectual Property TSMC has an active worldwide patent strategy and places on equivalent emphasis on both quality and quantity as the core principle of TSMC patent management. In terms of patent ﬁlings, TSMC has accumulated more than 55,000 patent applications worldwide as of end of 2019, including near 6,500 applications ﬁled in 2019 which made TSMC ranked in top 10 global US patent applicants, and No. 1 among patent applicants in Taiwan for four consecutive years. In terms of patent grants, TSMC has obtained exceeding 39,000 patent worldwide accumulated as of end of 2019, including 3,600 global patents (more than 2,300 U.S. patents included) received in 2019. In terms of patent quality, the allowance rate of TSMC’s U.S. applications reached 99% and TSMC ranked No. 1 in patent allowance rate among global top 20 U.S. Patent Assignees in 2019. At least once a year, the General Counsel updates to the Board of Directors the status of the intellectual property management scheme. Going forward, TSMC will continue to implement a uniﬁed strategic plan for intellectual capital management, combining with strategic considerations and close alignment with the business objectives, to drive the timely creation, management and use of intellectual property. TSMC has established a process to generate company value from intellectual property by aligning intellectual property strategy with R&D, business operation objectives, marketing, and corporate development strategies. Intellectual property rights protect the company’s freedom to operate, enhance competitive position, and provide leverage to participate in many proﬁt- generating activities. TSMC has worked continuously to improve the quality of intellectual property portfolio and to reduce the maintenance costs. TSMC will continue to invest in intellectual property portfolio and intellectual property management system to ensure the company’s technology leadership and receive maximum business value from intellectual property rights. Back in 2013, TSMC established research centers at four top universities in Taiwan – National Chiao Tung University, National Taiwan University, National Cheng Kung University and National Tsing Hua University. More than 1,000 high-caliber students with backgrounds in the disciplines of electronics, physics, materials, chemistry, chemical engineering and mechanical engineering participated in semiconductor-related research centers. Also in 2019, the Company jointly launched TSMC-NTHU Semiconductor Program for the purpose of enhancing the quality and quantity of domestic semiconductor students and attracting more outstanding students to a career in the semiconductor industry. Meanwhile, semiconductor programs from other universities are expected to open for student enrollment in 2020 to narrow the gap between industries and academics and strengthen the quality and competitiveness of the talent pool in the industry. In addition, TSMC also conducts strategic research projects at top overseas universities, such as Stanford, MIT, UC Berkeley and so on. The focus is on innovative capabilities in transistors, interconnect, patterning, modeling and specialty technologies. TSMC University Shuttle Program The TSMC University Shuttle Program was established to provide professors at leading research universities worldwide with access to the advanced silicon process technologies needed to develop innovative circuit design concepts. This program links motivated professors and graduate students with enthusiastic managers at TSMC in order to promote excellence in the development of advanced silicon design technologies and to nurture new generations of engineering talents in the semiconductor ﬁeld. The program provides access to TSMC silicon process technologies for digital and analog/mixed-signal circuits, RF designs and micro-electromechanical system designs. Participants include major university research groups worldwide. TSMC and the University Shuttle Program participants achieve “win-win” collaboration through the program, which allows graduate students to implement exciting new designs and achieve silicon proof points for innovations in various end-applications. 5.2.6 TSMC University Collaboration Programs 5.2.7 Future R&D Plans In recent years TSMC has signiﬁcantly expanded its collaboration with prestigious universities in Taiwan. The mission of joint research is twofold: to encourage and prepare competent graduate students for the semiconductor industry and to inspire university professors to conduct leading-edge semiconductor research, including but not limited to novel devices, process and materials technologies, semiconductor manufacturing and engineering, and specialty technologies for electronic applications. To maintain and strengthen TSMC’s technology leadership, the Company plans to continue investing heavily in R&D. For advanced CMOS logic, the Company’s 3nm and 2nm CMOS nodes continue to progress in the pipeline. In addition, the Company’s reinforced exploratory R&D work is focused on beyond-2nm node and on areas such as 3D transistors, new memory and low-R interconnect, which are on track to establish a solid foundation to feed into technology platforms. For 3D IC advanced packaging, TSMC is developing innovations for energy- efﬁcient sub-system integration and scaling to provide further augmentation to CMOS logic applications. The Company has intensiﬁed its focus on new specialty technologies such as RF and 3D intelligent sensors targeting 5G and smart IoT applications. The corporate research function, established in 2017, continues to focus on novel materials, processes, devices, nanowires and memories for the long-term, beyond eight to ten years. The Company also continues to collaborate with external research bodies from academia and industry consortia alike with the goal of extending Moore’s Law and paving the way to future cost-effective technologies and manufacturing solutions for its customers. With a highly competent and dedicated R&D team and its unwavering commitment to innovation, TSMC is conﬁdent in its ability to deliver the best and most cost-effective SoC technologies to its customers and to drive future business growth and proﬁtability for years to come. Summary of TSMC’s Major Future R&D Projects Project Name Description Risk Production (Estimated Target Schedule) 3nm logic technology platform and applications 6th generation 3D CMOS technology platform for SoC 2021 Beyond-3nm logic technology platform and applications 3D IC 3D CMOS technology platform for SoC 2023 Cost-effective solution with better form factor and performance for System-in- Package (SiP) 2018 - 2021 Next-generation lithography EUV lithography and related patterning technology to extend Moore’s Law 2018 - 2021 Long-term research Specialty SoC technology (including new NVM, MEMS, RF, analog) and transistors for 8 - 10 year out horizon 2018 – 2026 The projects above account for roughly 70% of the total R&D budget for 2020. Total R&D budget is estimated to be around 9% of 2020 revenue. 5.3 Manufacturing Excellence 5.3.1 GIGAFAB® Facilities Maintaining dependable capacity is a key part of TSMC’s manufacturing strategy. The Company currently operates three 12-inch GIGAFAB® facilities – Fabs 12, 14 and 15. The combined capacity of the three facilities exceeded eight million 12-inch equivalent wafers in 2019. Production within these three facilities supports 0.13µm, 90nm, 65nm, 40nm, 28nm, 20nm, 16nm, 10nm, and 7nm process technologies, including each technology’s sub-nodes. Fab 18 expects to start volume production using 5nm processes in early 2020 and will be TSMC’s fourth 12-inch GIGAFAB® facility. An additional portion of the capacity is reserved for R&D work on leading-edge manufacturing technologies, which currently supports the technology development of the 3nm, 2nm node and beyond. The three GIGAFAB® facilities are coordinated by a centralized fab manufacturing management system known as super manufacturing platform (SMP) to provide customers with more consistent quality and reliability, improved ﬂexibility to cope with demand ﬂuctuations, faster yield learning and time-to-volume, and lower-cost product requaliﬁcation. 5.3.2 Engineering Performance Optimization As advanced technology continues to evolve and the geometry keeps shrinking, the need for tighter process control and quality requirement becomes extremely challenging for manufacturing. TSMC’s unique manufacturing infrastructure is tailored to handle a diversiﬁed product portfolio, which uses strict process control to attain tightened specs and meet higher product quality, performance and reliability requirements. To achieve excellence in both quality and manufacturing, TSMC’s process control systems have been integrated with numerous intelligent functions to assist self-diagnosis, self-learning and self-reacting. These, in turn, have demonstrated remarkable results in yield enhancement, quality assurance, workﬂow improvement, fault detection, cost reduction and shortening of the R&D cycle. TSMC has developed systems for precise fault detection and classiﬁcation, intelligent advanced equipment control and intelligent advanced process control to monitor the manufacturing process in a timely manner and adjust conditions precisely. To achieve quality-ﬁrst and ensure highly efﬁcient and effective production, the Company has developed precision equipment matching and yield mining to minimize process variations and potential defects and excursion. With the advent of the 5G era’s stricter quality requirements for mobile, high performance computing, automotive and the Internet of Things, TSMC has further established big data, machine learning and artiﬁcial intelligence architecture to systematically integrate foundry know-how and data science methodology in order to develop knowledge-based engineering analysis and realize engineering performance optimization. 76 77 5.3.3 Agile and Intelligent Operations The Company’s sophisticated, agile and intelligent operating systems continue to drive manufacturing excellence. TSMC has integrated artiﬁcial intelligence, machine learning, expert systems, and advanced algorithms to build up an intelligent manufacturing environment. Intelligent manufacturing technologies are widely applied in scheduling and dispatching, employee productivity, equipment productivity, process and equipment control, quality defense, and robotic control in order to optimize quality, productivity, efﬁciency, and ﬂexibility while maximizing cost effectiveness and accelerating overall innovation. TSMC has also integrated new applications such as intelligent mobile devices, IoT, and mobile robots, and combined with intelligent automated material handling systems (AMHS) to consolidate wafer manufacturing data collection and analysis, utilize manufacturing resource efﬁciently, and maximize manufacturing effectiveness. As a result, the system provides fast ramp-up, short cycle time, stable manufacturing, on-time delivery, and total quality satisfaction and offers as well great ﬂexibility to quickly support customers’ urgent pull-in requests when needed. 5.3.4 Raw Materials and Supply Chain Management In 2019, TSMC continued to review and resolve supply issues, quality issues and potential supply chain risks through the collaboration of teams formed by fab operations, quality control and business organizations. TSMC also worked with suppliers to further advance material and process innovation, improve quality and create recycling savings with beneﬁts from win-win solutions. Raw Materials Supply Major Materials Major Suppliers Market Status Procurement Strategy Raw Wafers FST GlobalWafers SEH Siltronic SUMCO These 5 suppliers together provide over 90% of the world’s raw wafer supply. • TSMC’s suppliers of silicon wafers are required to pass stringent quality certiﬁcation procedures. • TSMC procures wafers from multiple sources to ensure adequate supplies for volume manufacturing and to appropriately manage supply risk. • Raw wafer quality enhancement programs are in place to support TSMC’s technology advancement. • TSMC regularly reviews the quality, delivery, cost, sustainability and service performance of its wafer suppliers. The results of these reviews are incorporated into subsequent purchasing decisions. • A periodic audit of each wafer supplier’s quality assurance system ensures that TSMC can maintain the highest quality in its own products. • TSMC takes various approaches with suppliers to better manage the cost and supply. • Most suppliers have relocated some of their operations closer to TSMC’s major manufacturing facilities, thereby signiﬁcantly improving procurement logistics. • All supplied products are regularly reviewed to ensure that TSMC’s speciﬁcations are met and product quality is satisfactory. • TSMC encourages and engages with chemical suppliers to implement innovative green solutions for waste reduction. These 13 companies are the major worldwide suppliers of chemicals. Chemicals Lithographic Materials Gases Air Liquide BASF DuPont Entegris Fujiﬁlm Electronic Materials Kanto PPC Kuang Ming Merck RASA Shiny Tokuyama Versum Wah Lee 3M Fujiﬁlm Electronic Materials JSR Nissan Shin-Etsu Chemical Sumitomo Chemical T.O.K. Air Liquide Air Products Central Glass Entegris Linde LienHwa Praxair SK Materials Taiwan Material Technology Taiyo Nippon Sanso Versum These 7 companies are the major worldwide suppliers of lithographic materials. • TSMC works closely with suppliers to develop materials that meet all application and cost requirements. • TSMC and suppliers periodically conduct programs to improve their quality, delivery, sustainability and green policy, and to ensure continuous progress of TSMC’s supply chain. • Some major suppliers have relocated or plan to replicate their manufacturing sites closer to TSMC’s major manufacturing facilities, thereby signiﬁcantly improving procurement logistics and reducing supply risks. These 10 companies are the major worldwide suppliers of specialty gases. • The majority of these suppliers have facilities in multiple geographic locations, which minimizes supply risk for TSMC. • TSMC conducts periodic audits to ensure that they meet TSMC’s standards. (Continued) Major Materials Major Suppliers Market Status Procurement Strategy Slurry, Pad, Disk 3M AGC Cabot Microelectronics DuPont Fujibo Fujiﬁlm Electronic Materials Fujimi These 7 companies are the major worldwide suppliers of CMP (Chemical Mechanical Polishing) materials. • TSMC works closely with suppliers to develop materials that meet all application and cost requirements. • TSMC and suppliers periodically conduct programs to improve their quality, delivery, sustainability and green policy, and to ensure continuous progress of TSMC’s supply chain. • Most suppliers have relocated or plan to replicate some of their manufacturing sites closer to TSMC’s major manufacturing facilities, thereby signiﬁcantly improving procurement logistics and reducing supply risks. Suppliers Accounting for at Least 10% of Annual Consolidated Net Procurement Unit: NT$ thousands Supplier Company A Company B Company C Others Total Net Procurement 2019 2018 Procurement Amount As % of 2019 Total Net Procurement Relation to TSMC Procurement Amount As % of 2018 Total Net Procurement Relation to TSMC 11,275,564 10,322,266 5,735,862 31,826,777 59,160,469 19% None 17% None 10% None 54% 100% - - 10,233,843 11,047,359 6,800,865 35,324,987 63,407,054 16% None 17% None 11% None 56% 100% - - • Reason for Increase or Decrease: No signiﬁcant change. 5.3.5 Quality and Reliability TSMC strives to provide excellence in semiconductor manufacturing services to all its customers worldwide. The Company is dedicated to quality in every facet of its business and maintains a culture of continuous improvement to assure customer satisfaction. TSMC implements expedient containment programs to shield customers from any product defects until each has been eliminated. In the technology development stage, the Q&R organization helps customers design in superior product reliability. In 2019, Q&R worked with R&D in advanced logic, specialty and advanced packaging technologies throughout development and qualiﬁcation stages continuously to ensure meeting requirements for device characteristics, process yield and product reliability. For advanced logic technology, in 2019 Q&R successfully qualiﬁed the 5nm FinFET, the second generation process with EUV lithography, to ensure its competitiveness in mobile and high performance computing applications, with plans to move into mass production in 2020. For specialty technologies, Q&R completed technology qualiﬁcation of 22nm ULL (ultra-low leakage) embedded MRAM (magnetic random access memory). Regarding CIS (CMOS image sensor) technology, Q&R qualiﬁed 45nm NIR (near infrared) CIS with ASIC (application speciﬁc integrated circuit) wafer on wafer stack. For CoWoS® (Chip on Wafer on Substrate) packaging technologies, the Company established a new manufacturing site in 2019 that doubled capacity from 2018. To ensure that the new site could provide products with the same quality and reliability, Q&R completed the process and equipment matching and qualiﬁcation among different sites. In addition, integrated fan-out (InFO) assembly technology for mobile applications moved into its fourth generation of manufacturing. Moreover, InFO_oS, 1.5x reticle InFO size on substrate, was qualiﬁed with products in production for networking applications. To continuously achieve product defect reduction, enhance process controls, make early detection of abnormalities and prevent quality problems that affect customers, Q&R collaborates with other operational entities to establish real-time defense systems using advanced statistical methods and quality tools. Since 2017, Q&R and Fabs have worked together on enhancements for automotive product quality improvement, including design rule implementation and migration to Automotive Quality System 2.0. This covers process capability requirement tightening for in-line and wafer acceptance testing in fabs and maverick wafers/lots handling. Q&R also provides dedicated resources for ﬁeld/line return analysis and timely physical failure analysis (PFA) for process improvement to meet automotive customers’ stringent DPPM (defective parts per million) requirements. In 2019, quality control for automotive products was deployed to 7nm and 12nm process technologies for the preparation of automotive electronic business in 2020. 78 79 To enhance employee problem-solving capabilities and develop related quality systems and methodologies, Q&R held several company-wide symposia and training programs on total quality excellence (TQE), design of experiment (DOE), statistical process control (SPC) and metrology in 2019. These included the promotion and training of deep machine learning, which was successfully applied to automatic classiﬁcation of wafer defects and advanced spectral analysis to detect differences among processes and equipment so that corrective actions could be initiated. In 2020, Q&R will continue the development of employee capabilities by promoting and using new methodologies to enhance TSMC competitiveness. For material and supplier management, in 2019 Q&R and the material management organization collaborated to enhance the inspection capability for incoming material quality and supplier management. A material quality improvement task force was formed to work with suppliers. Material quality checks were added to critical control points of the production line. Q&R also required suppliers to apply statistical process methods to strictly control the stability of their own process quality and enhance upstream raw material analysis. Q&R requested that supply chain factories seek ISO 9001 certiﬁcation, implement process change management and evaluation, and undertake quality audits. In 2019, Q&R collaborated with SEMI (Semiconductor Equipment and Materials International) to hold the Strategic Materials Conference (SMC) in Taiwan for the ﬁrst time. This conference, which had previously been held only in the U.S. and Europe, helped motivate and elevate the competitiveness of the local supply chain. TSMC fully supports continuous improvement programs to strengthen the work culture, improve product quality and production efﬁciency, reduce production costs, and improve customer satisfaction. These programs encourage colleagues to strive for excellence, drive cross-departmental observation and learning, and enhance their innovative and problem-solving abilities – all traits that greatly contribute to achieving a win-win outcome of honing TSMC’s competitive edge and building customer satisfaction. In addition to internal cross-organizational learning and exchange, TSMC participates with other industries in the Taiwan Continuous Improvement Competition in order to promote the development of other local industries by sharing its experience, and to enhance the problem-solving and innovation ability of its colleagues by observing the improvement methods of other industries. In 2019, TSMC’s outstanding performance was recognized with six gold awards and one silver award; at the same time, Q&R coached domestic material suppliers to participate in the competition and they won a total of three gold, six silver, and four bronze awards. Thanks to qualiﬁcation in technology development, real-time defense systems and innovative applications in semiconductor manufacturing services, as well as its continuous quality improvement culture, TSMC had no major product recalls in 2019. Meanwhile, a third party audit veriﬁed the effectiveness of TSMC’s quality management systems in compliance with IATF 16949: 2016 and IECQ QC 080000: 2017 certiﬁcates requirements. Periodic customer feedback indicates that products shipped from TSMC have consistently met or exceeded all ﬁeld quality and reliability requirements. In these ways, TSMC assists customers in time-to-market delivery and competitiveness enhancement with excellent and reliable products for the four major growth markets: mobile communication, high performance computing (HPC), Internet of Things (IoT), and automotive electronics. 5.4 Customer Trust 5.4.1 Customers TSMC’s worldwide customers have a variety of products that deliver excellent performances across semiconductor industry. Customers include fabless semiconductor companies, system companies, and integrated device manufacturers such as Advanced Micro Devices, Inc., Broadcom Limited, Hisilicon Technologies Co. Ltd., Intel Corporation, MediaTek Inc., NVIDIA Corporation, NXP Semiconductors N.V., Qualcomm Inc., Sony Corporation, XILINX Inc., and many more. Customer Service TSMC has been dedicated to provide the best client services, and we strongly believe that a good client service is critical to customer satisfaction, and is key for customer retention, customer relationship enhancement, and new customer engagement. TSMC has established a devoted customer service team which strives to provide world-class services in supporting clients in mask making, wafer manufacturing, and backend services, thereby creating the best customer experiences, gaining customer trust, and sustaining corporate revenue and proﬁtability. To improve customer interaction on a real-time basis, TSMC- OnlineTM offers a suite of web-based applications that allows us to play an active role in collaborations with clients in design, engineering and logistics. Customers thus have 24-7 access to critical information, and are able to create customized reports. Within TSMC-OnlineTM, design collaboration lies upon data availability and accessibility, and provides clients with accurate and the most updated information at each stage of design process. Engineering collaboration includes engineering lots, wafer yields and wafer acceptance test analysis, as well as quality and reliability data. Logistics collaboration includes information of wafer fabrication, backend process, and shipments in client orders. Customer Satisfaction To ensure customer satisfaction, and to make sure we fully apprehend customer needs, TSMC appoints third party consulting ﬁrms to conduct customer satisfaction survey (ACSS) with majority of our existing customers through either web survey or interview on an annual basis. In addition to the survey, customer service team also conduct quarterly business reviews (QBRs) with our customers to make sure we receive customers’ feedbacks on a regular basis. Through surveys and feedback reviews, TSMC is able to closely interact with customers, provides better services, and enhances quality of collaborations. Customer feedback is routinely reviewed, analyzed and then used to develop appropriate improvement plans, all in all becoming an integral part of the customer satisfaction process. TSMC uses the results derived from the survey as important basis for future developments, and we ﬁrmly believe that customer satisfaction leads to healthy customer relationships and business growths. Customers Accounting for at Least 10% of Annual Consolidated Net Revenue Unit: NT$ thousands 2019 2018 Net Revenue (Note) As % of 2019 Total Net Revenue Relation to TSMC Net Revenue (Note) As % of 2018 Total Net Revenue Relation to TSMC 247,213,291 152,876,885 669,895,272 23% None 14% None 63% 100% - - 224,690,695 83,885,616 722,897,246 1,031,473,557 22% None 8% None 70% 100% - - Total Net Revenue 1,069,985,448 Customer Customer A Customer B Others Note: Commencing in 2018, the Company began to break down the net revenue by customer based on a new method which associates most estimated sales returns and allowances with individual sales transactions, as opposed to the previous method which allocated sales returns and allowances based on the aforementioned gross revenue. The Company believes the new method provides a more relevant breakdown than the previous one. • Reason for Increase or Decrease: The changes of sales amount and percentage were mainly due to customer product demand change. 5.4.2 Open Innovation Platform® (OIP) Initiative Innovation has always been an exciting and challenging proposition. Competition among semiconductor companies continues to intensify in the face of increasing industry consolidation and the commoditization of technology at more mature, conventional levels. Companies must ﬁnd ways to keep innovating in order to survive and prosper. One way to promote innovation is through active collaboration with external partners. At TSMC this is known as “Open Innovation®.” It is an “outside in” approach to complement traditional “inside out” methods. TSMC has chosen this path to innovation via its Open Innovation Platform® (OIP) initiative, which is a key part of the TSMC Grand Alliance. The OIP initiative is a comprehensive design technology infrastructure that encompasses all critical IC implementation areas to lower design barriers and improve ﬁrst-time silicon success. OIP promotes the speedy implementation of innovation amongst the semiconductor design community and its ecosystem partners using TSMC’s IP, design implementation, process technology and backend services. Crucial to OIP are ecosystem interfaces and collaborative components initiated and supported by TSMC to empower innovation throughout the supply chain and, in turn, drive the creation and sharing of new revenue and proﬁts. TSMC’s active accuracy assurance (AAA) initiative is key to OIP, providing the accuracy and quality required by the ecosystem interfaces and collaborative components. 80 81 TSMC’s Open Innovation® model brings together the creative thinking of customers and partners under the common goal of shortening each of the following: design time, time-to-volume, time-to-market and, ultimately, time-to-revenue. The model features: • the foundry segment’s earliest and most comprehensive electronic design automation (EDA) certiﬁcation program, delivering timely design tool enhancement required by new process technologies • the foundry segment’s largest, most comprehensive and most robust silicon-proven IP (intellectual properties) and library portfolio, and • comprehensive design ecosystem alliance programs covering market-leading EDA, library, IPs, and design service partners. TSMC’s OIP alliance consists of 22 EDA partners, six cloud partners, 42 IP partners, 19 design center alliance (DCA) partners, and eight value chain aggregator (VCA) partners. TSMC and its partners work together proactively and engage much earlier and deeper than ever before in order to address mounting design challenges at advanced technology nodes. Through this early and intensive collaboration effort, TSMC’s OIP is able to deliver the needed design infrastructure with timely enhancement of EDA tools, early availability of critical IPs and quality design services when customers need them. Taking full advantage of the process technologies once they reach production-ready maturity is critical to customers’ success. TSMC’s OIP partner management portal facilitates communication with its ecosystem partners for efﬁcient business productivity. Designed with a highly intuitive interface, this portal can be accessed via a direct link from TSMC-OnlineTM. In September and October, TSMC held its 2019 Open Innovation Platform® (OIP) Ecosystem Forum in Santa Clara, California and in Beijing, respectively. This annual event demonstrates how TSMC and its ecosystem partners jointly develop design solutions on top of TSMC’s advanced technologies through OIP collaboration. At the forum, TSMC made key presentations on EDA and IP ecosystem readiness of 5nm, as well as on continuous development of solutions to enhance power, performance and area (PPA) on existing production technology nodes from 7nm to 6nm, from 16nm to 12nm and from 28nm to 22nm. TSMC’s comprehensive radio frequency (RF) design platform is developed to support emerging 5G design applications. In addition, the availability of various 3D integration technologies forms a complete 3D IC design ecosystem that helps unleash customers’ product innovation. The readiness of the aforementioned design ecosystem solutions will help customers successfully pursue opportunities in mobile, high performance computing, the Internet of Things and automotive markets. 5.5 Human Capital Human capital is TSMC’s most treasured asset. In this area regard, the Company’s main role is to provide jobs with challenging, meaningful work in a safe environment with excellent compensation and beneﬁts. TSMC goes beyond this, however, by actively encouraging employees to nurture and enjoy a healthy family life, develop outside interests, expand social participation, and, in general, live a happy life. TSMC abides by local laws and participates in the Responsible Business Alliance (RBA) as a full member. The Company refrains from forcing employees to do unwilling labor service, listens to the employees, keeps communication channels open, and respects the right of all workers to form and join trade unions of their own choosing as well as to refrain from such activities as they choose. 5.5.1 TSMC Human Rights Policy TSMC abides by local laws and regulations in all countries and regions where we operate, and upholds the human rights of workers, including regular, contract and temporary employees, and interns. We treat all workers with dignity and respect as understood by the international human rights standards such as The International Bill of Human Rights, The International Labour Organization’s Declaration on Fundamental Principles and Rights at Work, and Ten Principles of the United Nations Global Compact. We also align our actions with the Responsible Business Alliance Code of Conduct. And TSMC’s Supplier Code of Conduct requires our suppliers to follow the same standards. 5.5.2 Workforce Structure At the end of 2019, TSMC had 51,297 employees worldwide, including 5,364 managers, 24,416 professionals, 4,357 assistants and 17,160 technicians. The following table summarizes the makeup of TSMC’s workforce as of the end of February, 2020: Job Total Gender Managers Professionals Assistant Engineer/Clerical Technician Male (%) Female (%) Ph.D. Master's Education Bachelor's Other Higher Education 12/31/2018 12/31/2019 02/29/2020 5,294 22,285 4,109 17,064 48,752 61.3% 38.7% 4.7% 42.6% 25.9% 11.1% 5,364 24,416 4,357 17,160 51,297 62.2% 37.8% 4.5% 44.7% 25.3% 10.6% 5,428 24,809 4,394 17,414 52,045 62.3% 37.7% 4.5% 44.9% 25.5% 10.6% High School 15.7% 14.8% 14.5% Average Years of Age Average Years of Service 36.4 9.1 36.6 9.3 36.6 9.3 5.5.3 Recruitment Key elements of TSMC’s success and growth depend on the Company’s employees, who share a common vision and values. In order to strengthen growth momentum, the Company is dedicated to recruiting top-notch professionals in all positions. TSMC is an equal opportunity employer and operates on the principles of open and fair recruitment. The hiring principles are integrity and ability, and the Company evaluates all candidates according to their qualiﬁcations as related to the requirement of each position without regard to race, gender, age, religion, nationality or political afﬁliation. To promote continuous growth, in 2019 TSMC recruited more than 5,000 employees, including over 3,900 managers and professionals, as well as over 1,100 assistants and technicians. 5.5.4 People Development Employee development is an integral and critical factor for the growth of any company, and at TSMC it is goal oriented, disciplined and planned. The Company is committed to expanding and fulﬁlling employee potential by providing meaningful work in a world-class workplace. TSMC is also committed to cultivating a consistent and diverse learning environment. To this end, the Company has initiated the TSMC Employee Training and Education Procedure to ensure the Company’s and the individuals’ development objectives can be achieved through the integration of internal and external training resources and with internal rotation opportunities. To help employees reach their potential, TSMC is committed to on-the-job training and systematic job rotation. In addition, TSMC provides various resources and channels to encourage employees to learn on their own to further raise their performance and achieve their potential. TSMC integrates internal and external resources and designs diversiﬁed development programs based on business objectives, the nature of the individual’s job, work performance and career development path. The Company provides employees with a diverse network of learning resources, including on-the-job training, classroom training, e-learning, coaching, mentoring and job rotation; it also creates an educational atmosphere through learning activities in response to organization development requirements and employee capability enhancement goals. The Company provides employees with a wide range of onsite general, professional and managerial training programs. In addition to engaging external experts as trainers, hundreds of TSMC employees are trained to be qualiﬁed instructors to share their valuable knowledge in internal educational courses. TSMC provides the following training programs: • New employee –basic training and job orientation. In addition, the newcomers’ managers and a well-established buddy system are in place to support new hires in their assimilation process regarding both corporate culture and work requirements. • General – as required by government regulations and/or the Company policies, as well as on general subjects for all employees or employees in various job functions. Topics include industry-speciﬁc safety, workplace health and safety, quality, fab emergency response and personal effectiveness management. • Professional/functional – technical and professional training required by different functions within the Company. TSMC offers training courses on equipment engineering, process engineering, accounting, information technology and so forth. • Management – management development programs tailored to the needs of managers at all levels based on their managerial capabilities and responsibilities, including new, experienced, and senior managers; optional courses also available. 82 83 • Direct labor – for production-line employees to acquire the knowledge, skills and approaches they need to perform their jobs well and to pass certiﬁcation for operating equipment. Includes direct labor skill training, technician “Train the Trainer” training, and manufacturing leadership training. • Customized – programs tailored to the needs of the organization and/or the employee’s development plan. The same philosophy applies to TSMC’s compensation programs in overseas subsidiaries. In addition to providing employees with a locally competitive base salary, the Company grants annual bonuses as a part of total compensation. The annual bonuses are granted in line with local regulations, market practices, and the overall operating performance of each subsidiary, to promote employee commitment and development. In 2019, TSMC conducted 1,115 internal training sessions and provided over 740 thousand hours of training and a total of more than 700 thousand attendees participated. On average, each employee attended over 14 hours of training and TSMC spent over NT$59 million on the education and development of employees. 5.5.6 Employee Engagement The Company encourages employees to maintain a healthy and well-balanced life while pursuing their career goals effectively. TSMC continuously facilitates employee communication and provides employee caring, beneﬁt, rewards and recognition programs. Apart from internal training resources, TSMC employees are also subsidized when pursuing external short-term courses, for-credit classes and degrees. 5.5.5 Compensation TSMC employees are entitled to a comprehensive compensation and beneﬁts program above the industry average. TSMC provides a diversiﬁed compensation program that is competitive externally, fair internally, and adapted locally. TSMC adheres to the philosophy of sharing wealth with employees in order to attract, retain, develop, motivate and reward talented, performing employees. Thanks to solid business results over the past 30 years, the actual total compensation received by employees has been above the industry’s average. TSMC’s compensation program includes a monthly salary, employee cash bonuses based on quarterly business results, and an employee proﬁt sharing bonus based on annual proﬁts. The purpose of the employee cash bonus and proﬁt sharing bonus programs is to reward employee contributions appropriately, to encourage employees to work consistently toward ensuring TSMC success, and to align employees’ interests with those of TSMC’s shareholders so as to achieve wins for the Company, shareholders and employees. The Company determines the amount of the cash bonus and proﬁt sharing bonus based on operating results and industry practice in the Republic of China. The amount and distribution of the employee bonuses are recommended by the Compensation Committee to the Board of Directors for approval. Individual rewards are based on each employee’s job responsibility, contribution and performance. Employee Communication TSMC values two-way communication and is committed to keeping communication channels open and transparent for management, subordinates and peers. The Company is committed to ensuring that employees are able to communicate openly and share ideas and concerns with management regarding work conditions and management practices without fear of discrimination, reprisal, intimidation or harassment. TSMC makes continuous efforts to listen to the voice of employees and to facilitate mutual and timely employee communication, based on multiple channels and platforms, which in turn fosters harmonious labor relations and creates a win-win situation for the Company and employees. The Company supports a host of two-way communication channels, including: • Communication meetings for various levels of managers and employees; for example, the Chairman’s/CEO’s communication meeting, and communication meetings in individual functions/ divisions. • Quarterly labor-management meetings to provide business updates and invite employees to discuss labor conditions and welfare activities. • Aperiodic employee satisfaction surveys to selected employees, with follow-up actions based on survey ﬁndings. • The Core Value survey taken biennially to understand the Company’s implementation of core values and employees’ commitment and engagement. • myTSMC employee portal, an internal website featuring the Founder’s, Chairman’s, and CEO’s talks, corporate messages, executive interviews, and other activities of interest to employees. • eSilicon Garden, a website hosting TSMC’s internal electronic publications and providing real-time updates on major activities of the Company, as well as inspirational content featuring outstanding teams and individuals. • Two reporting channels for complaints regarding managerial, ﬁnancial, auditing, ethics and business conduct issues: – The whistleblower reporting system administered by the audit committee – The ombudsman system administered by a senior manager appointed by the CEO • The Employee Opinion Box, which provides an opportunity to submit suggestions or opinions regarding work and the overall work environment. • The Fab Caring Circle in each fab, which addresses issues related to employees’ work and personal life; the system is dedicated mainly to the Company’s direct labors. • Sexual harassment investigation committee, a channel dedicated to ensuring a work environment free from the threat of sexual harassment; the committee consists of three directors, one from human resources, one from legal affairs, and the third from other organizations. TSMC Internal Communication Structure Face-to-Face Meeting • Chairman’s / CEO’s Communication Meeting • Labor-Management Meeting • Communication Meetings in Individual Functions / Divisions • Functional Activity Managers of All Levels Employees Employee Portal Employee Survey HR Area Service Team eSilicon Garden Human Resources Board of Directors and Management Team Employee Voice Channels • Ombudsman System • Employee Opinion Box • Whistleblower Procedures • Fab Caring Circle • Sexual Harassment Investigation Committee • SMS • Counseling Service System / Committee Chair TSMC has many internal communication channels, a major reason why the relationship between management and employees has been quite harmonious. The Company respects the right of all workers to form and join trade unions of their own choosing as well as the right to refrain from such activities. No employees have pursued this avenue or issued a request to form a union so far. In 2019 and in 2020 as of the date of this annual report, there have been no losses resulting from labor disputes. However, the Company was issued a ﬁne for NT$70,000 following a labor inspection result dated 11/25/2019 due to overtime applications not being timely processed (Labor Standards Act Article 32) and working hours exceeding the permitted limit (Labor Standards Act Article 24). The Company has reviewed the working hour management process and strengthened communication to employees to better manage overtime application. 84 85 Apart from corporate-wide awards, TSMC encourages employees to participate in external talent activities and competitions. In 2019, distinguished TSMC employees continued to be recognized through a host of awards, such as the Model Labor Award of each Science Park, and national awards including the Outstanding Engineer Award, the Excellent Young Engineers Award, and the National Manager Excellence Award. 5.5.7 Retention Overall employee satisfaction with the Company was measured in the biennial TSMC core values survey last taken in 2018. In this survey, 98% of participants said they were willing to commit fully in their work to make TSMC an even more successful company; while 96% concurred with the statement that they are willing to contribute their talents to TSMC and grow together with the Company for the next ﬁve years. In 2019, the Company recorded a manageable turnover rate of 4.9%. Although a bit lower than a healthy outﬂow often deﬁned as 5% to 10%, the Company is still in continuous growth mode resulting in 5,000 new staff hired in 2019, accounting for 9.9% of all employees and helping the organization stay energized. 5.5.8 Retirement Policy TSMC’s retirement policy is set according to the labor standard laws and labor pension practices of various respective regions. Thanks to the Company’s sound ﬁnancial condition, it is able to ensure solid pension contributions and payments, which encourages employees to make long-term career plans and further deepens their commitment to TSMC. 5.6 Material Contracts TSMC is not currently party to any material contract, other than contracts entered into in the ordinary course of its business. The Company’s “Signiﬁcant Contingent Liabilities and Unrecognized Commitments” are disclosed in Annual Report section (II), Financial Statements, pages 72-73. Employee Beneﬁt Programs • Convenient onsite services and amenities: cafeterias, laundry services, convenience stores, bakery, juice bar, coffee shop, travel agent and bank services, as well as commuting assistance are available to employees in the fabs. • Comprehensive health management services, including programs for weight control, in-fab clinic and dentist services, smoking cessation, massage, cancer screening and blood donation, as well as mental and health seminars to raise personal health awareness. Other programs include post health-exam follow- up activities, prevention of cerebrovascular disease, ergonomic hazards management, and maternal care and protection. Employee assistance programs include ﬁve free annual counseling hours for mental health and ﬁnancial/legal issues. • Diverse employee welfare programs: in 2019, including 63 hobby clubs organized by employee, 42 presentations covering various topics, 10 art events, sports day and family day. In addition, marriage bonuses, condolence allowances, emergency subsidies and holiday bonuses are also available to address employees’ needs. • Excellent sports and leisure space: a variety of workout facilities available to improve employee wellness. Also discounted price to various events are made available to both employees and their families to enhance the sense of identity. • Safe and convenient preschool service: childcare service to fulﬁll employees’ need of child care in four fabs in Hsinchu, Taichung, and Tainan. Diverse Employee Recognition TSMC sponsors various internal award programs to recognize employees for outstanding achievements, both individual and at a team level. With these award programs, TSMC aims to encourage continued employee development, which also enhances the Company’s competitive advantage. The award programs include: • TSMC Academy: recognizes outstanding scientists and engineers whose individual technical capabilities have made signiﬁcant contributions. • TSMC Excellent Labor Award: recognizes technicians whose outstanding performances have made signiﬁcant contributions. • Total Quality Excellence at each fab: recognizes employees’ continuous efforts in creating value. • Service Award: recognition and appreciation of senior employees and their long-term commitment and dedication. • Excellent Instructor Award: praises the outstanding performance and contribution of internal instructors in training courses for employees. • Function-wide awards dedicated to innovation, such as the Idea Forum and TQE awards, which recognize employee initiative and continuous implementation of innovative practices. 86 87 Financial Highlights and Analysis 6.1 Financial Highlights 6.1.1 Condensed Balance Sheet Condensed Balance Sheet from 2015 to 2019 (Consolidated) Unit: NT$ thousands 6 Item Current Assets Year 2015 2016 2017 2018 2019 746,743,991 817,729,126 857,203,110 951,679,721 822,613,914 Long-term Investments (Note 1) 34,993,583 46,153,916 41,569,074 29,304,796 30,172,039 Property, Plant and Equipment 853,470,392 997,777,687 1,062,542,322 1,072,050,279 1,352,377,405 Right-of-use Assets Intangible Assets Other Assets (Note 2) Total Assets Current Liabilities Before Distribution After Distribution Noncurrent Liabilities Total Liabilities Before Distribution After Distribution Equity Attributable to Shareholders of the Parent Capital Stock Capital Surplus Retained Earnings Before Distribution After Distribution Others Equity Attributable to Shareholders of the Parent Before Distribution After Distribution Noncontrolling Interests Total Equity Before Distribution After Distribution 0 14,065,880 8,244,452 0 14,614,846 10,179,727 0 14,175,140 16,371,997 0 17,002,137 20,091,105 17,232,402 20,653,028 21,756,244 1,657,518,298 1,886,455,302 1,991,861,643 2,090,128,038 2,264,805,032 212,228,594 367,810,877 222,655,225 434,883,819 590,466,102 318,239,273 499,751,936 178,164,903 496,404,176 677,916,839 358,706,680 566,149,724 110,395,320 469,102,000 676,545,044 340,542,586 590,735,701 547,985,630 655,561,652 (Note 3) 72,089,056 51,973,905 412,631,642 642,709,606 620,074,686 707,535,557 (Note 3) 259,303,805 259,303,805 259,303,805 259,303,805 259,303,805 56,300,215 56,272,304 56,309,536 56,315,932 56,339,709 894,293,586 1,072,008,169 1,233,362,010 1,376,647,841 1,333,334,979 738,711,303 890,495,506 1,025,918,966 1,169,204,797 1,268,509,028 (Note 3) 11,774,113 1,663,983 (26,917,818) (15,449,913) (27,568,369) 1,221,671,719 1,389,248,261 1,522,057,533 1,676,817,665 1,621,410,124 1,066,089,436 1,207,735,598 1,314,614,489 1,469,374,621 1,556,584,173 (Note 3) 962,760 802,865 702,110 678,731 685,302 1,222,634,479 1,390,051,126 1,522,759,643 1,677,496,396 1,622,095,426 1,067,052,196 1,208,538,463 1,315,316,599 1,470,053,352 1,557,269,475 (Note 3) Note 1: Long-term investments as of December 31, 2015, 2016 and 2017 include noncurrent available-for-sale ﬁnancial assets, held-to-maturity ﬁnancial assets, ﬁnancial assets carried at cost and investments accounted for using equity method. Starting from 2018, upon initial application of IFRS 9 "Financial Instruments", the category includes noncurrent ﬁnancial assets at fair value through other comprehensive income, noncurrent ﬁnancial assets at amortized cost, and investments accounted for using equity method. Note 2: Other assets consist of deferred income tax assets, refundable deposits, and other noncurrent assets. Note 3: The amount approved by Board of Directors on February 11, 2020. 89 　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　 Condensed Balance Sheet from 2015 to 2019 (Unconsolidated) Unit: NT$ thousands Year 2015 2016 2017 2018 2019 443,781,164 397,290,976 436,769,337 464,401,415 469,966,106 550,524,494 355,118,125 559,380,999 6.1.2 Condensed Statement of Comprehensive Income Condensed Statement of Comprehensive Income from 2015 to 2019 (Consolidated) Unit: NT$ thousands (Except EPS: NT$) Item Net Revenue Gross Proﬁt Year 2015 2016 2017 2018 2019 843,497,368 947,938,344 977,447,241 1,031,473,557 1,069,985,448 410,394,893 474,832,098 494,826,402 497,874,253 492,701,896 426,913,080 326,330,737 831,784,912 0 9,391,418 5,265,368 979,401,337 1,016,355,970 1,025,286,941 1,310,900,634 Income from Operations 320,047,775 377,957,778 385,559,223 383,623,524 372,701,090 0 10,047,991 6,816,676 0 9,870,127 11,992,542 0 12,429,930 17,253,537 15,030,020 16,271,444 18,774,850 Non-operating Income and Expenses 30,381,136 8,001,602 10,573,807 13,886,739 17,144,246 Income before Income Tax Net Income 350,428,911 385,959,380 396,133,030 397,510,263 389,845,336 306,556,167 334,338,236 343,146,848 351,184,406 345,343,809 1,599,685,515 1,837,338,144 1,939,389,391 2,075,461,008 2,275,476,072 Other Comprehensive Income for the Year, Net of Income Tax (14,714,182) (11,067,189) (28,821,631) 9,836,976 (11,823,562) 194,299,278 349,881,561 183,714,518 378,013,796 533,596,079 308,177,214 489,689,877 139,912,669 448,089,883 629,602,546 308,383,240 515,826,284 108,948,618 417,331,858 624,774,902 328,060,518 605,540,547 Net Income (Loss) Attributable to: Total Comprehensive Income for the Year 291,841,985 323,271,047 314,325,217 361,021,382 333,520,247 535,503,562 670,366,498 (Note 3) 70,582,825 48,525,401 398,643,343 654,065,948 606,086,387 718,891,899 (Note 3) Shareholders of the Parent Noncontrolling Interests Total Comprehensive Income (Loss) Attributable to: Shareholders of the Parent Noncontrolling Interests Basic/Diluted Earnings Per Share (Note) 306,573,837 334,247,180 343,111,476 351,130,884 345,263,668 (17,670) 91,056 35,372 53,522 80,141 291,867,757 323,186,736 314,294,993 360,965,015 333,440,460 (25,772) 11.82 84,311 12.89 30,224 13.23 56,367 13.54 79,787 13.32 259,303,805 259,303,805 259,303,805 259,303,805 259,303,805 Note: Based on weighted average shares outstanding in each year. 56,300,215 56,272,304 56,309,536 56,315,932 56,339,709 894,293,586 1,072,008,169 1,233,362,010 1,376,647,841 1,333,334,979 738,711,303 890,495,506 1,025,918,966 1,169,204,797 1,268,509,028 (Note 3) 11,774,113 1,663,983 (26,917,818) (15,449,913) (27,568,369) Condensed Statement of Comprehensive Income from 2015 to 2019 (Unconsolidated) Unit: NT$ thousands (Except EPS: NT$) Item Net Revenue Gross Proﬁt Year 2015 2016 2017 2018 2019 837,046,888 936,387,291 969,136,109 1,023,925,713 1,059,646,793 397,708,840 461,808,296 478,937,691 492,955,501 480,143,141 1,221,671,719 1,389,248,261 1,522,057,533 1,676,817,665 1,621,410,124 Income from Operations 313,408,698 369,730,533 374,690,117 384,027,838 365,923,992 1,066,089,436 1,207,735,598 1,314,614,489 1,469,374,621 1,556,584,173 (Note 3) Non-operating Income and Expenses 36,579,970 15,458,427 18,626,059 12,170,315 22,821,227 Item Current Assets Long-term Investments (Note 1) Property, Plant and Equipment Right-of-use Assets Intangible Assets Other Assets (Note 2) Total Assets Current Liabilities Before Distribution After Distribution Noncurrent Liabilities Total Liabilities Before Distribution After Distribution Equity Capital Stock Capital Surplus Retained Earnings Before Distribution After Distribution Others Total Equity Before Distribution After Distribution Note 1: Long-term investments as of December 31, 2015, 2016 and 2017 include held-to-maturity ﬁnancial assets, ﬁnancial assets carried at cost and investments accounted for using equity method. Starting from 2018, upon initial application of IFRS 9 "Financial Instruments", the category includes noncurrent ﬁnancial assets at fair value through other comprehensive income and investments accounted for using equity method. Note 2: Other assets consist of deferred income tax assets, refundable deposits, and other noncurrent assets. Note 3: The amount approved by Board of Directors on February 11, 2020. Income before Income Tax Net Income 349,988,668 385,188,960 393,316,176 396,198,153 388,745,219 306,573,837 334,247,180 343,111,476 351,130,884 345,263,668 Other Comprehensive Income for the Year, Net of Income Tax (14,706,080) (11,060,444) (28,816,483) 9,834,131 (11,823,208) Total Comprehensive Income for the Year 291,867,757 323,186,736 314,294,993 360,965,015 333,440,460 Basic/Diluted Earnings Per Share (Note) 11.82 12.89 13.23 13.54 13.32 Note: Based on weighted average shares outstanding in each year. 90 91 　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　 6.1.3 Financial Analysis Financial Analysis from 2015 to 2019 (Consolidated) Financial Analysis from 2015 to 2019 (Unconsolidated) Capital Structure Analysis Debts Ratio (%) Long-term Fund to Property, Plant and Equipment (%) Liquidity Analysis Current Ratio (%) Operating Performance Analysis Quick Ratio (%) Times Interest Earned (Times) Average Collection Turnover (Times) Days Sales Outstanding Average Inventory Turnover (Times) Average Inventory Turnover Days Average Payment Turnover (Times) Property, Plant and Equipment Turnover (Times) Total Assets Turnover (Times) Proﬁtability Analysis Return on Total Assets (%) Return on Equity Attributable to Shareholders of the Parent (%) Operating Income to Paid-in Capital Ratio (%) Pre-tax Income to Paid-in Capital Ratio (%) Net Margin (%) Basic Earnings Per Share (NT$) Diluted Earnings Per Share (NT$) Cash Flow Cash Flow Ratio (%) Cash Flow Adequacy Ratio (%) Cash Flow Reinvestment Ratio (%) Leverage Operating Leverage Industry Speciﬁc Key Performance Indicator Financial Leverage Billing Utilization Rate (%) (Note) Advanced Technologies (16-nanometer and below) Percentage of Wafer Sales (%) Sales Growth (%) Net Income Growth (%) 2015 26.24 169.34 351.86 319.58 110.84 8.37 43.61 6.49 56.24 20.10 1.01 0.54 19.62 27.04 123.43 135.14 36.34 11.82 11.82 249.67 103.82 13.76 2.26 1.01 93 5 10.58 16.18 2016 26.31 157.17 256.95 241.34 117.74 8.78 41.57 8.18 44.62 20.11 1.02 0.53 19.03 25.60 145.76 148.84 35.27 12.89 12.89 169.63 108.57 11.51 2.15 1.01 92 21 12.38 9.03 2017 23.55 153.70 238.97 217.94 119.95 7.74 47.16 7.88 46.32 16.82 0.95 0.50 17.84 23.57 148.69 152.77 35.11 13.23 13.23 163.17 112.41 11.08 2.16 1.01 91 32 3.11 2.65 2018 19.74 163.20 279.46 248.76 131.28 8.19 44.57 6.02 60.63 16.56 0.97 0.51 17.34 21.95 147.94 153.30 34.05 13.54 13.54 168.54 113.11 9.06 2.28 1.01 87 41 5.53 2.34 2019 28.38 123.79 139.25 124.92 120.92 7.95 45.91 6.20 58.87 15.48 0.88 0.49 15.99 20.94 143.73 150.34 32.28 13.32 13.32 104.13 106.60 8.45 2.41 1.01 81 50 3.73 -1.67 Analysis of deviation of 2019 vs. 2018 over 20%: 1.Debts ratio increased by 44%, current ratio decreased by 50%, quick ratio decreased by 50% and cash ﬂow ratio decreased by 38% mainly due to increase in short-term loans, payables to contractors and equipment suppliers and cash dividends payable. 2. Long-term fund to property, plant and equipment decreased by 24% mainly due to increase in advanced technology equipment. Note: Capacity includes wafers committed by Vanguard and SSMC. * Glossary 1. Capital Structure Analysis 4. Proﬁtability Analysis (1) Debt Ratio = Total Liabilities / Total Assets (2) Long-term Fund to Property, Plant and Equipment Ratio = (Shareholders’ Equity + Noncurrent (1) Return on Total Assets = (Net Income + Interest Expenses * (1 - Effective Tax Rate)) / Average Total Assets (2) Return on Equity Attributable to Shareholders of the Parent = Net Income Attributable to Shareholders of Liabilities) / Net Property, Plant and Equipment 2. Liquidity Analysis (1) Current Ratio = Current Assets / Current Liabilities (2) Quick Ratio = (Current Assets - Inventories - Prepaid Expenses) / Current Liabilities (3) Times Interest Earned = Earnings before Interest and Taxes / Interest Expenses 3. Operating Performance Analysis (1) Average Collection Turnover = Net Sales / Average Trade Receivables (2) Days Sales Outstanding = 365 / Average Collection Turnover (3) Average Inventory Turnover = Cost of Sales / Average Inventory (4) Average Inventory Turnover Days = 365 / Average Inventory Turnover (5) Average Payment Turnover = Cost of Sales / Average Trade Payables (6) Property, Plant and Equipment Turnover = Net Sales / Average Net Property, Plant and Equipment the Parent / Average Equity Attributable to Shareholders of the Parent (3) Operating Income to Paid-in Capital Ratio = Operating Income / Paid-in Capital (4) Pre-tax Income to Paid-in Capital Ratio = Income before Tax / Paid-in Capital (5) Net Margin = Net Income / Net Sales (6) Earnings Per Share = (Net Income Attributable to Shareholders of the Parent - Preferred Stock Dividend) / Weighted Average Number of Shares Outstanding 5. Cash Flow (1) Cash Flow Ratio = Net Cash Provided by Operating Activities / Current Liabilities (2) Cash Flow Adequacy Ratio = Five-year Sum of Cash from Operations / Five-year Sum of Capital Expenditures, Inventory Additions, and Cash Dividend (3) Cash Flow Reinvestment Ratio = (Cash Provided by Operating Activities - Cash Dividends) / (Gross Property, Plant and Equipment + Long-term Investments + Other Noncurrent Assets + Working Capital) (7) Total Assets Turnover = Net Sales / Average Total Assets 6. Leverage (1) Operating Leverage = (Net Sales - Variable Cost) / Income from Operations (2) Financial Leverage = Income from Operations / (Income from Operations - Interest Expenses) Capital Structure Analysis Debt Ratio (%) Long-term Fund to Property, Plant and Equipment Ratio (%) Liquidity Analysis Current Ratio (%) Operating Performance Analysis Quick Ratio (%) Times Interest Earned (Times) Average Collection Turnover (Times) Days Sales Outstanding Average Inventory Turnover (Times) Average Inventory Turnover Days Average Payment Turnover (Times) Property, Plant and Equipment Turnover (Times) Total Assets Turnover (Times) Proﬁtability Analysis Return on Total Assets (%) Return on Equity (%) Operating Income to Paid-in Capital Ratio (%) Pre-tax Income to Paid-in Capital Ratio (%) Net Margin (%) Basic Earnings Per Share (NT$) Diluted Earnings Per Share (NT$) Cash Flow Cash Flow Ratio (%) Cash Flow Adequacy Ratio (%) Cash Flow Reinvestment Ratio (%) Leverage Operating Leverage Financial Leverage 2015 23.63 168.96 219.72 186.00 144.41 8.58 42.54 6.87 53.11 19.73 1.03 0.55 20.42 27.04 120.87 134.97 36.63 11.82 11.82 264.94 102.35 13.85 2.31 1.01 2016 24.39 156.13 144.00 128.65 146.73 8.89 41.07 8.56 42.63 19.04 1.03 0.54 19.58 25.60 142.59 148.55 35.70 12.89 12.89 172.81 107.06 11.74 2.19 1.01 2017 21.52 160.48 141.63 118.68 144.04 7.86 46.44 8.39 43.49 16.39 0.97 0.51 18.29 23.57 144.50 151.68 35.40 13.23 13.23 184.45 99.42 10.98 2.22 1.01 2018 19.21 170.43 143.26 113.07 137.46 8.45 43.21 6.31 57.89 16.22 1.00 0.51 17.62 21.95 148.10 152.79 34.29 13.54 13.54 173.17 113.52 9.23 2.28 1.01 2019 28.74 127.39 58.64 45.81 122.80 8.32 43.88 6.65 54.91 15.10 0.91 0.49 16.00 20.94 141.12 149.92 32.58 13.32 13.32 98.00 106.59 8.23 2.46 1.01 Analysis of deviation of 2019 vs. 2018 over 20%: 1.Debts ratio increased by 50%, current ratio decreased by 59%, quick ratio decreased by 59% and cash ﬂow ratio decreased by 43% mainly due to increase in short-term loans, payables to contractors and equipment suppliers and cash dividends payable. 2. Long-term fund to property, plant and equipment decreased by 25% mainly due to an increase in advanced technology equipment. * Glossary 1. Capital Structure Analysis (1) Debt Ratio = Total Liabilities / Total Assets (2) Long-term Fund to Property, Plant and Equipment Ratio = (Shareholders’ Equity + Noncurrent Liabilities) / Net Property, Plant and Equipment 2. Liquidity Analysis (1) Current Ratio = Current Assets / Current Liabilities (2) Quick Ratio = (Current Assets - Inventories - Prepaid Expenses) / Current Liabilities (3) Times Interest Earned = Earnings before Interest and Taxes / Interest Expenses 3. Operating Performance Analysis (1) Average Collection Turnover = Net Sales / Average Trade Receivables (2) Days Sales Outstanding = 365 / Average Collection Turnover (3) Average Inventory Turnover = Cost of Sales / Average Inventory (4) Average Inventory Turnover Days = 365 / Average Inventory Turnover (5) Average Payment Turnover = Cost of Sales / Average Trade Payables 4. Proﬁtability Analysis (1) Return on Total Assets = (Net Income + Interest Expenses * (1 - Effective Tax Rate)) / Average Total Assets (2) Return on Equity = Net Income / Average Shareholders’ Equity (3) Operating Income to Paid-in Capital Ratio = Operating Income / Paid-in Capital (4) Pre-tax Income to Paid-in Capital Ratio = Income before Tax / Paid-in Capital (5) Net Margin = Net Income / Net Sales (6) Earnings Per Share = (Net Income - Preferred Stock Dividend) / Weighted Average Number of Shares Outstanding 5. Cash Flow (1) Cash Flow Ratio = Net Cash Provided by Operating Activities / Current Liabilities (2) Cash Flow Adequacy Ratio = Five-year Sum of Cash from Operations / Five-year Sum of Capital Expenditures, Inventory Additions, and Cash Dividend (3) Cash Flow Reinvestment Ratio = (Cash Provided by Operating Activities - Cash Dividends) / (Gross Property, Plant and Equipment + Long-term Investments + Other Noncurrent Assets + Working Capital) (6) Property, Plant and Equipment Turnover = Net Sales / Average Net Property, Plant and Equipment 6. Leverage (7) Total Assets Turnover = Net Sales / Average Total Assets (1) Operating Leverage = (Net Sales - Variable Cost) / Income from Operations (2) Financial Leverage = Income from Operations / (Income from Operations - Interest Expenses) 92 93 6.1.4 Auditors’ Opinions from 2015 to 2019 6.2 Financial Status and Operating Results Year 2015 2016 2017 2018 2019 CPA Yih-Hsin Kao, Hung-Wen Huang Yih-Hsin Kao, Yu-Feng Huang Yih-Hsin Kao, Yu-Feng Huang Audit Opinion An Unqualiﬁed Opinion An Unmodiﬁed Opinion (Note) An Unmodiﬁed Opinion (Note) Mei Yen Chiang, Yu-Feng Huang An Unmodiﬁed Opinion (Note) Mei Yen Chiang, Yu-Feng Huang An Unmodiﬁed Opinion (Note) Note: Starting in 2016, the new auditing standard of the Republic of China requires “An Unqualiﬁed Opinion” be replaced by “An Unmodiﬁed Opinion”. Deloitte & Touche 20F, No. 100, Songren Rd., Xinyi Dist., Taipei, Taiwan, R.O.C. Tel: 886-2-2725-9988 6.1.5 Audit Committee’s Review Report The Board of Directors has prepared the Company’s 2019 Business Report, Financial Statements, and proposal for allocation of quarterly earnings. The CPA ﬁrm of Deloitte & Touche was retained to audit TSMC’s Financial Statements and has issued an audit report relating to the Financial Statements. The Business Report, Financial Statements, and quarterly earnings allocation proposal have been reviewed and determined to be correct and accurate by the Audit Committee members of Taiwan Semiconductor Manufacturing Company Limited. According to relevant requirements of the Securities and Exchange Act and the Company Law, we hereby submit this report. 6.2.1 Financial Status Consolidated Unit: NT$ thousands Item Current Assets Long-term Investments (Note 1) Property, Plant and Equipment Right-of-use Assets Intangible Assets Other Assets (Note 2) Total Assets Current Liabilities Noncurrent Liabilities Total Liabilities Capital Stock Capital Surplus Retained Earnings Others 2019 822,613,914 30,172,039 2018 951,679,721 29,304,796 1,352,377,405 1,072,050,279 17,232,402 20,653,028 21,756,244 0 17,002,137 20,091,105 2,264,805,032 2,090,128,038 590,735,701 51,973,905 642,709,606 259,303,805 56,339,709 340,542,586 72,089,056 412,631,642 259,303,805 56,315,932 1,333,334,979 1,376,647,841 (27,568,369) (15,449,913) Taiwan Semiconductor Manufacturing Company Limited Chairman of the Audit Committee: Sir Peter L. Bonﬁeld Equity Attributable to Shareholders of the Parent 1,621,410,124 1,676,817,665 Total Equity 1,622,095,426 1,677,496,396 Difference (129,065,807) 867,243 280,327,126 17,232,402 3,650,891 1,665,139 174,676,994 250,193,115 (20,115,151) 230,077,964 0 23,777 (43,312,862) (12,118,456) (55,407,541) (55,400,970) % -14% 3% 26% NM 21% 8% 8% 73% -28% 56% 0% 0% -3% 78% -3% -3% February 11, 2020 6.1.6 Financial Difﬁculties The Company should disclose the ﬁnancial impact to the Company if the Company and its afﬁliated companies have incurred any ﬁnancial or cash ﬂow difﬁculties in 2019 and as of the date of this Annual Report: None 6.1.7 Consolidated Financial Statements and Independent Auditors’ Report along with Parent Company Only Financial Statements and Independent Auditors’ Report Please refer to Annual Report section (II), Financial Statements. Note 1: Long-term investments consist of noncurrent ﬁnancial assets at fair value through other comprehensive income, noncurrent ﬁnancial assets at amortized cost, and investments accounted for using equity method. Note 2: Other assets consist of deferred income tax assets, refundable deposits, and other noncurrent assets. • Analysis of Deviation over 20% Increase in property, plant and equipment: The increase was mainly due to increase in advanced technology equipment. Increase in intangible assets: The increase was mainly due to increase in technology license and software. Increase in current liabilities: The increase was mainly due to increase in short-term loans, payables to contractors and equipment suppliers and cash dividends payable. Decrease in noncurrent liabilities: The decrease was mainly due to reclassiﬁcation of bonds payable due in 1 year to current liabilities, partially offset by increase in lease liabilities. Increase in total liabilities: The increase was mainly due to increase in short-term loans, payables to contractors and equipment suppliers and cash dividends payable. Decrease in other equity: The decrease was mainly due to increase in currency exchange loss arising from translation of foreign operations in 2019. • Major Impact on Financial Position The above deviations had no major impact on TSMC’s ﬁnancial position. • Future Plan on Financial Position: Not applicable. 94 95 Unconsolidated Unit: NT$ thousands Item Current Assets Long-term Investments (Note 1) Property, Plant and Equipment Right-of-use Assets Intangible Assets Other Assets (Note 2) Total Assets Current Liabilities Noncurrent Liabilities Total Liabilities Capital Stock Capital Surplus Retained Earnings Others Total Equity 2019 355,118,125 559,380,999 2018 469,966,106 550,524,494 1,310,900,634 1,025,286,941 15,030,020 16,271,444 18,774,850 0 12,429,930 17,253,537 2,275,476,072 2,075,461,008 605,540,547 48,525,401 654,065,948 259,303,805 56,339,709 328,060,518 70,582,825 398,643,343 259,303,805 56,315,932 1,333,334,979 1,376,647,841 (27,568,369) (15,449,913) 1,621,410,124 1,676,817,665 Difference (114,847,981) 8,856,505 285,613,693 15,030,020 3,841,514 1,521,313 200,015,064 277,480,029 (22,057,424) 255,422,605 0 23,777 (43,312,862) (12,118,456) (55,407,541) % -24% 2% 28% NM 31% 9% 10% 85% -31% 64% 0% 0% -3% 78% -3% Note 1: Long-term investments consist of noncurrent ﬁnancial assets at fair value through other comprehensive income and investments accounted for using equity method. Note 2: Other assets consist of deferred income tax assets, refundable deposits, and other noncurrent assets. • Analysis of Deviation over 20% Decrease in current assets: The decrease was mainly due to decrease in cash and cash equivalents. Increase in property, plant and equipment: The increase was mainly due to increase in advanced technology equipment. Increase in intangible assets: The increase was mainly due to increase in technology license and software. Increase in current liabilities: The increase was mainly due to increase in short-term loans, payables to contractors and equipment suppliers and cash dividends payable. Decrease in noncurrent liabilities: The decrease was mainly due to reclassiﬁcation of bonds payable due in 1 year to current liabilities, partially offset by increase in lease liabilities. Increase in total liabilities: The increase was mainly due to increase in short-term loans, payables to contractors and equipment suppliers and cash dividends payable. Decrease in other equity: The decrease was mainly due to increase in currency exchange loss arising from translation of foreign operations in 2019. • Major Impact on Financial Position The above deviations had no major impact on TSMC’s ﬁnancial position. • Future Plan on Financial Position: Not applicable. 6.2.2 Financial Performance Consolidated Unit: NT$ thousands Item Net Revenue Cost of Revenue Gross Proﬁt before Realized (Unrealized) Gross Proﬁt on Sales to Associates Realized (Unrealized) Gross Proﬁt on Sales to Associates Gross Proﬁt Operating Expenses Other Operating Income and Expenses, Net Income from Operations Non-operating Income and Expenses Income before Income Tax Income Tax Expenses Net Income Other Comprehensive Income (Loss), Net of Income Tax Total Comprehensive Income for the Year Total Net Income Attributable to Shareholders of the Parent Total Comprehensive Income Attributable to Shareholders of the Parent 2019 2018 Difference 1,069,985,448 1,031,473,557 577,286,947 492,698,501 3,395 492,701,896 119,504,582 (496,224) 372,701,090 17,144,246 389,845,336 44,501,527 345,343,809 (11,823,562) 333,520,247 345,263,668 333,440,460 533,487,516 497,986,041 (111,788) 497,874,253 112,149,280 (2,101,449) 383,623,524 13,886,739 397,510,263 46,325,857 351,184,406 9,836,976 361,021,382 351,130,884 360,965,015 38,511,891 43,799,431 (5,287,540) 115,183 (5,172,357) 7,355,302 1,605,225 (10,922,434) 3,257,507 (7,664,927) (1,824,330) (5,840,597) (21,660,538) (27,501,135) (5,867,216) (27,524,555) % 4% 8% -1% NM -1% 7% 76% -3% 23% -2% -4% -2% -220% -8% -2% -8% • Analysis of Deviation over 20% Increase in realized (unrealized) gross proﬁt on sales to associates: The increase was mainly due to lower sales to investees in the fourth quarter of 2019. Increase in other operating income and expenses, net: The increase was mainly due to reversal of impairment losses on property, plant and equipment in 2019. Increase in non-operating income and expenses: The increase was mainly due to higher interest income in 2019. Decrease in other comprehensive income (loss), net of income tax: The decrease was mainly due to increase in currency exchange loss arising from translation of foreign operations in 2019. • Sales Volume Forecast and Related Information For additional details, please refer to “1. Letter to Shareholders”. • Major Impact on Financial Performance The above deviations had no major impact on TSMC’s ﬁnancial performance. • Future Plan on Financial Performance: Not applicable. 96 97 Unconsolidated Unit: NT$ thousands Item Net Revenue Cost of Revenue 2019 2018 Difference 1,059,646,793 1,023,925,713 579,507,047 530,861,166 35,721,080 48,645,881 Gross Proﬁt before Realized (Unrealized) Gross Proﬁt on Sales to Subsidiaries and Associates 480,139,746 493,064,547 (12,924,801) Realized (Unrealized) Gross Proﬁt on Sales to Subsidiaries and Associates 3,395 (109,046) 112,441 Gross Proﬁt Operating Expenses Other Operating Income and Expenses, Net Income from Operations Non-operating Income and Expenses Income before Income Tax Income Tax Expenses Net Income 480,143,141 492,955,501 (12,812,360) 114,067,919 107,259,429 (151,230) (1,668,234) 6,808,490 1,517,004 365,923,992 384,027,838 (18,103,846) 22,821,227 12,170,315 10,650,912 388,745,219 396,198,153 43,481,551 45,067,269 345,263,668 351,130,884 (7,452,934) (1,585,718) (5,867,216) Other Comprehensive Income (Loss), Net of Income Tax (11,823,208) 9,834,131 (21,657,339) Total Comprehensive Income for the Year 333,440,460 360,965,015 (27,524,555) % 3% 9% -3% NM -3% 6% 91% -5% 88% -2% -4% -2% -220% -8% • Analysis of Deviation over 20% Increase in realized (unrealized) gross proﬁt on sales to subsidiaries and associates: The increase was mainly due to lower sales to investees in the fourth quarter of 2019. Increase in other operating income and expenses, net: The increase was mainly due to reversal of impairment losses on property, plant and equipment in 2019. Increase in non-operating income and expenses: The increase was mainly due to higher share of proﬁts of subsidiaries and associates in 2019. Decrease in other comprehensive income (loss), net of income tax: The decrease was mainly due to increase in currency exchange loss arising from translation of foreign operations in 2019. • Sales Volume Forecast and Related Information For additional details, please refer to “1. Letter to Shareholders”. • Major Impact on Financial Performance The above deviations had no major impact on TSMC’s ﬁnancial performance. • Future Plan on Financial Performance: Not applicable. 6.2.3 Cash Flow Consolidated Unit: NT$ thousands Cash Balance 12/31/2018 Net Cash Provided by Operating Activities in 2019 Net Cash Used in Investing Activities in 2019 Net Cash Used in Financing Activities in 2019 Effect of Exchange Rate Changes on Cash and Cash Equivalents in 2019 Cash Balance 12/31/2019 Remedy for Liquidity Shortfall Investment Plan Financing Plan 577,814,601 615,138,744 (458,801,647) (269,638,166) (9,114,196) 455,399,336 None None • Analysis of Cash Flow NT$615.1 billion net cash generated by operating activities: mainly include net income, along with depreciation and amortization expenses. NT$458.8 billion net cash used in investing activities: primarily for capital expenditures. NT$269.6 billion net cash used in ﬁnancing activities: primarily for cash dividend payment and repayment of corporate bonds. • Remedial Actions for Liquidity Shortfall As a result of positive operating cash ﬂows and cash on-hand, remedial actions are not required. • Cash Flow Projection for Next Year: Not applicable. Unconsolidated Unit: NT$ thousands Cash Balance 12/31/2018 Net Cash Provided by Operating Activities in 2019 Net Cash Used in Investing Activities in 2019 Net Cash Used in Financing Activities in 2019 Cash Balance 12/31/2019 Remedy for Liquidity Shortfall Investment Plan Financing Plan 240,202,525 593,432,071 (451,460,013) (240,723,885) 141,450,698 None None • Analysis of Cash Flow NT$593.4 billion net cash generated by operating activities: mainly include net income, along with depreciation and amortization expenses. NT$451.5 billion net cash used in investing activities: primarily for capital expenditures. NT$240.7 billion net cash used in ﬁnancing activities: primarily for cash dividend payment and repayment of corporate bonds. • Remedial Actions for Liquidity Shortfall As a result of positive operating cash ﬂows and cash on-hand, remedial actions are not required. • Cash Flow Projection for Next Year: Not applicable. 6.2.4 Recent Years Major Capital Expenditures and Impact on Financial and Business Unit: NT$ thousands Plan Actual or Planned Source of Capital Total Amount for 2019 and 2018 Actual Use of Capital 2019 2018 Production Facilities, R&D and Production Equipment Cash ﬂow generated from operations 768,726,829 456,424,278 312,302,551 Others Total Cash ﬂow generated from operations 7,277,202 3,997,872 3,279,330 776,004,031 460,422,150 315,581,881 Based on capital expenditures listed above, TSMC’s annual production capacity increased by approximately 0.2 million 12-inch equivalent wafers in 2019. 6.2.5 Long-term Investment Policy and Results TSMC’s long-term investments accounted for using equity method were all made for strategic purposes. However, when an investment is no longer of strategic value, it will be considered a ﬁnancial investment. In 2019, the gains from these investments amounted to NT$2,844,222 thousand on a consolidated basis, decreasing from previous year mainly due to a decrease in product demand. In the future, TSMC’s long-term investments accounted for using equity method will continue to focus on strategic purposes through prudent assessments. 98 99 6.3 Risk Management Enterprise Risk Management Framework 6.3.1 Risk Management Organization Chart 6.3.2 Strategic Risks The Board of Directors plays a key role in helping the Company identify and manage economic risks. The risk management organization periodically briefs the Audit Committee on the ever-changing risk environment facing TSMC, the focus of the Company’s enterprise risk management, and risk assessment and mitigation efforts. The Audit Committee’s Chairperson also reports on the risk environment and risk mitigation actions to be taken. TSMC and its subsidiaries are committed to proactively and cost effectively integrating and managing strategic, operational, ﬁnancial and hazardous risks that represent potential negative consequences to operations and ﬁnancial results. TSMC operates an enterprise risk management (ERM) program based on both its corporate vision and its long-term, sustainable responsibility to both industry and society. ERM seeks to provide the appropriate management of risks on behalf of all stakeholders. The Company maintains a risk map that considers likelihood and impact severity, and is used to identify and prioritize risk controls and implement various controls and risk treatment strategies in response to risks as they are identiﬁed. Scope of Risk Management Strategic Perspective • Regulatory change and compliance • Government policies • Changes in technology and industry • Technology development and competition • Demand and capacity expansion Operational Perspective • Sales and purchasing concentration • Information security • Intellectual property rights • Recruitment of qualiﬁed personnel • Corporate image Financial Perspective • Interest rate, foreign exchange, inﬂation, deﬂation and taxation • External ﬁnancing • High-risk and/or highly leveraged investments; ﬁnancial derivative transactions • Strategic investments Hazardous Events • Earthquakes and natural hazards • Fire or chemical spills • Climate change • Utility supply 100 Risk Identiﬁcation & Assessment • RM Steering Committee and Audit Committee review and approve implementation of risk management strategy and prioritization of risk controls • RM Executive Council adopts risk map which considers likelihood and severity of risk events to assess risks Risk Control & Mitigation • Cross-function risk communication to determine cost-effective risk controls • RM Executive Council is responsible for risk control implementation • Risk controls reviewed in annual control self assessment Risk Response • Crisis management and response plans • Scenario-based crisis response drills • Business continuity plans Risk Monitoring & Reporting • Risk Management organization reports to RM Steering Committee and Audit Committee on the focus of enterprise risk management, risk assessment, and mitigation efforts To mitigate the operational impacts of crisis events, ERM conducts pre-crisis risk assessment and identiﬁes feasible strategies for crisis prevention. Response procedures and recovery plans are compiled corresponding to different scenarios. For speciﬁc severe crisis events involving multiple TSMC manufacturing sites, the cross-functional central crisis command center composed of operations and support functions is responsible for internal coordination to speed up response time and proactively communicate with stakeholders. To raise risk awareness and strengthen the risk management culture in TSMC, RM task forces have been formed. Enhanced risk assessment and crisis response exercises have also been conducted for potentially critical events such as ﬁre, earthquake, IT service disruption, IT security breach, supply chain disruption, major yield loss and utility supply disruption. In order to continuously mitigate corporate risks, crisis response exercises are used to test the integrity and effectiveness of ERM. To reduce supply chain disruption risks, TSMC has created a task force comprised of members from fab operations, materials management, risk management and quality systems management to work with suppliers to develop business continuity plans and enhance supply chain resilience. Partly as a result of these efforts, there were no interruptions in TSMC’s supply chain in 2019. As production capacity continues to expand with more advanced technology, TSMC has initiated and implemented seismic protection engineering design, risk treatment practices and green manufacturing projects in all new fabs. TSMC’s risk management organization reports annually to the Audit Committee on the risk environment TSMC faces, enterprise risk management, risk assessment and mitigation efforts. The Audit Committee Chairperson also reports to the Board on these discussion and actions. Organization Functions Board of Directors/ Audit Committee RM Steering Committee Materials Management and Risk Management RM Executive Council RM Task Force RM Program RM Steering Committee • Consists of functional heads (with internal audit head sitting in as an observer) • Reports to the Audit Committee • Reviews risk control progress • Identiﬁes and approves prioritization of risk controls RM Executive Council • Consists of representatives from each function • Determines and implements cost-effective risk controls • Improves risk management transparency and how risks are managed RM Program • Supports RM task forces to enhance effective risk control • Coordinates and facilitates RM Executive Council on risk management activities • Consolidates ERM reports and updates provided to the RM Steering Committee RM Task Force • Identiﬁes potential scenarios and business impact • Determines risk mitigation actions to respond to the scenarios • Compiles crisis management procedures and conducts exercises Risks Associated with Changes in Technology and Industry • Industry Developments The electronics industries and semiconductor markets are cyclical and subject to signiﬁcant and often rapid ﬂuctuations in product demand, which could impact TSMC’s semiconductor foundry business. Variations in order levels from customers may result in volatility in the Company’s revenue and earnings. From time to time, the electronics and semiconductor industries have experienced signiﬁcant, occasionally prolonged periods of downturns and overcapacity. Because TSMC is, and will continue to be, dependent on the requirements of electronics and semiconductor companies for TSMC’s services, periods of downturns and overcapacity in the general electronics and semiconductor industries could lead to reduced demand for overall semiconductor foundry services, including TSMC’s services. If TSMC cannot take appropriate actions such as reducing its costs to sufﬁciently offset declines in demand, the Company’s revenue, margin, and earnings will likely suffer during periods of downturns and overcapacity. • Changes in Technology The semiconductor industry and its technologies are constantly changing. TSMC competes by developing process technologies using increasingly advanced nodes and on manufacturing products with more functions. The Company also competes by developing new derivative technologies. If TSMC does not anticipate these changes in technologies and rapidly develop new and innovative technologies, or the Company’s competitors unforeseeably gain sudden access to additional technologies, TSMC may not be able to provide foundry services on competitive terms. In addition, TSMC’s customers have signiﬁcantly decreased the time in which their products or services are launched into the market. If TSMC is unable to meet these shorter product time-to- market, the Company risks losing these customers. These factors have also been intensiﬁed by the shift of the global technology market to consumer driven products such as smartphones, and increasing concentration of customers and competition (all further discussed among these risk factors). Also, the uncertainty and instability inherent in advanced technologies also impose challenges for achieving expected product quality and product yield. If TSMC fails to maintain quality, the Company may result in loss of revenue and additional costs, as well as loss of business or customer trust. For example, in January 2019, TSMC discovered the yield problems in 12- and 16-nanometer wafers caused by a batch of photoresist, which resulted in delayed delivery of products and had a negative effect on the Company’s margin and operating margin in the ﬁrst quarter on 2019. The Company 101 has strengthened inline wafer inspection and tightened control of incoming material to deal with the increasing complexity of leading-edge technologies. If TSMC is unable to innovate new technologies that meet the demand of its customers or overcome the above factors, the Company may become less competitive and our revenue may decline signiﬁcantly. Regarding the response measures for the above-mentioned risks, please refer to “2.2.4 TSMC Position, Differentiation and Strategy” on pages 14-15 of this annual report. Risks Associated with Decrease in Demand and Average Selling Price A vast majority of our revenue is derived from customers who use our products in smartphones, high performance computing (HPC), Internet of Things (IoT), automotive electronics, and digital consumer electronics (DCE). Any deterioration in or a slowdown in the growth of such end markets resulting in a substantial decrease in the demand for overall global semiconductor foundry services, including our products and services, could adversely affect our revenue. Further, semiconductor manufacturing facilities require substantial investment to construct and are largely ﬁxed cost assets once they are in operation. Because we own most of our manufacturing capacities, a signiﬁcant portion of our operating costs is ﬁxed. In general, these costs do not decline when customer demand or our capacity utilization rates drop, and thus declines in customer demand, among other factors, may signiﬁcantly decrease our margins. Conversely, as product demand rises and factory utilization increases, the ﬁxed costs are spread over increased output, which can improve our margins. In addition, the historical and current trend of declining average selling prices (or “ASP”) of end use applications places downward pressure on the prices of the components that go into such applications. If the ASP of end use applications continues decreasing, the pricing pressure on components produced by us may lead to a reduction of our revenue, margin and earnings. Risks Associated with Competition The markets for TSMC’s foundry services are highly competitive. TSMC competes with other foundry service providers, as well as with a number of integrated device manufacturers. Some of these companies may have access to more advanced technologies than TSMC. Other companies may have greater ﬁnancial and other resources than TSMC, such as the possibility of receiving direct or indirect government subsidy, economic stimulus funds, or other incentives that may be unavailable to TSMC. For example, Chinese companies are expected to be key players for new semiconductor fab development and fab equipment spending in part due to various incentives provided by the Chinese government. Furthermore, the Company’s competitors may, from time to time, also decide to undertake aggressive pricing initiatives in one or several technology nodes. These competitive activities may decrease TSMC’s customer base, or its ASP, or both. If TSMC is unable to compete effectively with these new and aggressive competitors on technology, manufacturing capacity, product quality and customer satisfaction, it risks losing customers to these new contenders. Risks Associated with Changes in the Government Policies and Regulatory Environment TSMC management closely monitors all domestic and foreign governmental policies and regulations that might impact TSMC’s business and ﬁnancial operations. During 2019 and as of the date of this Annual Report, there were no governmental policies or regulatory changes would materially impact TSMC’s operations or ﬁnancial condition. 6.3.3 Operational Risks Risks Associated with Capacity Expansion TSMC performs long-term market demand forecast for its products and services to manage its overall capacity. Because market conditions are dynamic, TSMC’s market demand forecast may change signiﬁcantly at any time. During periods of decreased demand, certain manufacturing lines or tools in some of the Company’s manufacturing facilities may be suspended or shut down temporarily. However, if subsequent demand increases rapidly in a short period of time, TSMC may not be able to restore the capacity in a timely manner to take advantage of the upturn. According to the market demand forecasts, TSMC has recently been adding capacity to meet market needs for its products and services. Expansion of the Company’s capacity will increase its costs. For example, the Company will need to purchase additional equipment, hire additional personnel and train personnel to operate the new equipment. If TSMC does not increase its net revenue accordingly, its ﬁnancial performance may be adversely affected by these increased costs. In order to mitigate the risk associated with capacity expansion, TSMC continuously watches for changes in market conditions and works closely with its customers. When market demand is not as expected, the Company tries to adjust its capacity plans in a timely manner to reduce the impact on its ﬁnancial performance. Risks Associated with Sales Concentration Over the years, TSMC’s customer proﬁle and the nature of the Company’s customers’ businesses have changed dramatically. While the Company generates revenue from hundreds of customers worldwide, TSMC’s ten largest customers in 2017, 2018, and 2019 accounted for approximately 66%, 68% and 71% of TSMC’s net revenue in the respective year. TSMC’s largest customer in 2017, 2018, and 2019 accounted for 23%, 22% and 23% of the Company’s net revenue in the respective year. TSMC’s second largest customer for each particular year accounted for less than 10% of the Company’s net revenue in 2017 as well as 2018 and 14% of the Company’s net revenue in 2019. A more concentrated customer base will subject TSMC’s revenue to seasonal demand ﬂuctuations from our large customers, and cause different seasonal patterns of the Company’s business. This customer concentration results in part from the changing dynamics of the electronics industry with the structural shift to mobile devices and applications and software that provide the content for such devices. There are only a limited number of customers who are successfully exploiting this new business model paradigm. Also, in order to respond to the new business model paradigm, TSMC has seen the changes of nature in the Company’s business models. For example, there is a growing trend toward the system companies developing their own designs and working directly with semiconductor foundries which makes their products and services more marketable in a changing consumer market. Also, since the global semiconductor industry is becoming increasingly competitive, some of TSMC’s customers have engaged in industry consolidations in order to remain competitive. Such consolidations have taken the form of mergers and acquisitions. If more of TSMC’s major customers consolidate, this will further decrease the overall number of the Company’s customer pool. In addition, regulatory restrictions such as export control directed at TSMC’s major customers could impact the Company’s ability to supply products and services to those customers, reduce those customers’ demand for TSMC’s products and services and impact their business operations. The loss of, or signiﬁcant curtailment of purchases by, one or more of the Company’s top customers, including curtailments due to increased competitive pressures, industry consolidation, changes in applicable regulatory restrictions, product designs, manufacturing sourcing policies or practices of these customers, or the timing of customer or distributor inventory adjustments, or change in its major customers’ business models may adversely affect TSMC’s results of operations and ﬁnancial condition. Risks Associated with Purchasing Concentration • Raw Materials TSMC’s production operations require that it obtains adequate supplies of raw materials, such as silicon wafers, gases, chemicals and photoresist, on a timely basis and at commercially reasonable prices. In the past, shortages in the supply of some materials, whether by speciﬁc vendors or by the semiconductor industry generally, have resulted in occasional industry-wide price adjustments and delivery delays. Moreover, major natural disasters, trade barriers and political or economic turmoil occurring within the country of origin of such raw materials may also signiﬁcantly disrupt the availability of such raw materials or increase their prices. Also, since TSMC procures some of its raw materials from sole-sourced suppliers, there is a risk that the Company’s needs for such raw materials may not be met or that back-up supplies may not be readily available. In addition, recent trade tensions could result in increased prices or even unavailability of raw materials due to tariffs, export control or other non-tariff barriers. TSMC’s revenue and earnings could decline if the Company is unable to obtain adequate supplies of the necessary raw materials in a timely manner or if there are signiﬁcant increases in the costs of raw materials. To reduce the supply chain risk and to manage the cost effectively, TSMC commits resources toward developing new supply sources. In addition, the Company continually encourages its suppliers to reduce their supply chain risk by decentralizing production plants and to improve their cost competitiveness by moving their production facilities to Taiwan from higher-cost areas. Given that qualiﬁed backup suppliers are hard to obtain, TSMC engages early and extensively with primary suppliers on managing quality and capacity issues to be prepared for any unexpected need to ramp up or curtail production when the Company lacks sufﬁcient time to re-tune its production process. For leading technology nodes, TSMC not only adopts world-class processes and facilities but also requires world-class materials. To streamline supply chain risk management, the Company has increased supplier site audits and meetings to extend supply chain best practices to its upstream suppliers. In addition, in response to the rapid increase or decrease in production capacity of new products, TSMC has continued to improve its inventory monitoring system to achieve more accurate demand forecasts and ensure that the supply chain maintains sufﬁcient inventory levels. The Company has established a supply chain risk assessment to ensure critical suppliers meet standards in labor, ethics, ESH (Environmental, Safety and Health) and BCP (Business Continuity Plan). Onsite audits are conducted regularly to empower these suppliers to take responsibility for their supply 102 103 chain as any regulatory violations or adverse environmental impact event, or failure to meet sustainability requirements could result in business reduction or termination. • Equipment The Company’s operations and ongoing expansion plans depend on its ability to obtain an appropriate amount of equipment and related services from a limited number of suppliers in a market that is characterized from time to time by limited supply and long delivery cycles. During such times, supplier-speciﬁc or industry-wide lead times for delivery can be as long as six months or more. To better manage its supply chain, the Company has implemented various business models and risk management contingencies with suppliers to shorten the procurement lead times. Further, the growing complexities, especially in advanced lithographic technologies may delay the timely availability of the equipment and parts needed to exploit time-sensitive business opportunities and also increase the market price for such equipment and parts. If TSMC is unable to obtain equipment in a timely manner to fulﬁll its customers’ demand on technology and production capacity, or at a reasonable cost, its ﬁnancial condition and results of operations could be negatively impacted. Risks Associated with IT Security TSMC has established a comprehensive internet and computing security network, it cannot guarantee that its computing systems which control or maintain vital corporate functions, such as its manufacturing operations and enterprise accounting, would be completely immune to crippling cyber attacks by any third party to gain unauthorized access to its internal network systems, to sabotage its operations and goodwill or otherwise. In the event of a serious cyber attack, TSMC’s systems may lose important corporate data or its production lines may be shut down pending the resolution of such attack. While TSMC seeks to continuously review and assess its cybersecurity policies and procedures to ensure their adequacy and effectiveness, the Company cannot guarantee that it will not be susceptible to new and emerging risks and attacks in the evolving landscape of cybersecurity threats. These cyber attacks may also attempt to steal TSMC trade secrets and other sensitive information, such as proprietary information of its customers and other stakeholders and personal information of its employees. Malicious hackers may also try to introduce computer viruses, corrupted software or ransomware into TSMC network systems to disrupt our operations, blackmail us to regain control of its computing systems, or spy on it for sensitive information. These attacks may result in us having to pay damages for its delayed or disrupted orders or incur signiﬁcant expenses in implementing remedial and improvement measures to enhance its cybersecurity network, and may also expose us to signiﬁcant legal liabilities arising from or related to legal proceedings or regulatory investigations associated with, among other things, leakage of employee, customer or third party information, which the company has an obligation to keep conﬁdential. TSMC experienced and may be subject to attack onward by malicious software contained in the equipment TSMC purchase and install. The cyber security risk management and solution enhancement actions have been taken continuously, such as building up an automated virus-scan system to prevent fab from installing virus infected tools, strengthening of ﬁrewall and network control to prevent computer viruses from spreading among tools and fabs, installation of proper anti-virus solutions for different computers, development and deployment of security monitor application to monitor and alert computer security issues, enhancement of computer vulnerability scan and patch updating, improving phishing email detection, employee awareness testing, external security risk assessments, and the establishment of an integrated and automatic security operation platform. While these ongoing enhancements further improved the cyber security defense solutions, there can be no assurance that the company is immune to malicious software attacks. In addition, TSMC employs certain third party service providers for the Company and its afﬁliates worldwide with whom the Company needs to share highly sensitive and conﬁdential information to enable them to provide the relevant services. Despite that the Company requires the third party service providers to comply with the conﬁdentiality and/or internet security requirements in its service agreements with them, there is no assurance that each of them will strictly fulﬁll such obligations, or at all. The on-site network systems of and the off-site cloud computing networks, such as servers maintained by such service providers and/or its contractors, are also subject to risks associated with cyber attacks. If TSMC or its service providers are not able to timely resolve the respective technical difﬁculties caused by cyber attacks, or ensure the integrity and availability of its data (and data belonging to its customers and other third parties) or control of its or its service providers’ computing systems, the Company’s commitments to its customers and other stakeholders may be materially impaired and its results of operations, ﬁnancial condition, prospects and reputation may also be materially and adversely affected as a result. Risks Associated with Intellectual Property Rights The Company’s ability to compete successfully and to achieve future growth depends in part on the continued strength of its intellectual property portfolio. While we actively enforce and protect our intellectual property rights, there can be no assurance that its efforts will be adequate to prevent the misappropriation or improper use of its proprietary technologies, software, trade secrets or know-how. Also, the Company cannot assure you that, as its business or business models expand into new areas, it will be able to develop independently the technologies, patents, software, trade secrets or know-how necessary to conduct its business or that it can do so without unknowingly infringing the intellectual property rights of others. As a result, TSMC may have to rely on, to a certain degree, licensed technologies and patent licenses from others. To the extent that the Company relies on licenses from others, there can be no assurance that it will be able to obtain any or all of the necessary licenses in the future on terms it considers reasonable or at all. The lack of necessary licenses could expose TSMC to claims for damages and/or injunctions from third parties, as well as claims for indemniﬁcation by its customers in instances where it has contractually agreed to indemnify its customers against damages resulting from infringement claims. TSMC has received, from time-to-time, communications from third parties asserting that TSMC’s technologies, its manufacturing processes, or the design IPs of the semiconductors made by TSMC or the use of those semiconductors by its customers may infringe their patents or other intellectual property rights. These assertions have at times resulted in litigation. Because of the nature of the industry and its market position, the Company may continue to receive such communications in the future. The Company continues to face a number of assertions made and lawsuits initiated by litigious, well-funded, non-practicing entities who are aggressive in their monetary demand and in seeking court-issued injunctions. This Company also encounters, from time-to-time, assertions and litigations initiated by semiconductor companies seeking to disrupt its business such as the patent infringement lawsuits in August 2019 ﬁled by GlobalFoundries (“GF”) attempting to restrict its and its customers’ activities in the United States and Germany. The Company responded with counter-lawsuits against GF for patent infringement in September 2019 targeting its manufacturing activities in the U.S., Germany, and Singapore. Shortly after, the Company reached an agreement with GF in October 2019 to dismiss all litigation between the parties, as well as those that involve any of its customers. Such lawsuits and assertions may increase TSMC’s cost of doing business and may potentially be extremely disruptive if these asserting entities succeed in blocking the trade of products made and services offered by TSMC. Also, as the Company expended its manufacturing operations into certain non-R.O.C jurisdictions, it has faced increasing challenges to manage risks of intellectual property misappropriation. Despite our efforts to adopt robust measures to mitigate the risk of intellectual property misappropriation in such new jurisdictions, we cannot guarantee that the protection measures we adopted will be sufﬁcient to prevent us from potential infringements by others, or at all. If TSMC fails to obtain or maintain certain technologies or intellectual property licenses or fails to prevent our intellectual property from being misappropriated and, if litigation relating to alleged intellectual property matters occurs, it could: (1) prevent the Company from manufacturing particular products or selling particular services or applying particular technologies; and (2) reduce our ability to compete effectively against entities beneﬁting from our misappropriated intellectual property, which could reduce its opportunities to generate revenue. TSMC has taken related measures to minimize potential loss of shareholder value arising from intellectual property claims and litigation ﬁled against the Company. These measures include: strategically obtaining licenses from certain semiconductor and other technology companies as needed; timely securing intellectual property rights for defensive and/or offensive protection of TSMC technology and business; and aggressively defending against baseless litigation. Risks Associated with Litigious and Non-litigious Matters As is the case with many companies in the semiconductor industry, TSMC has received from time-to-time communications from third parties asserting that its technologies, its manufacturing processes, or the design of the semiconductors made by TSMC or the use of those semiconductors by its customers may infringe upon their patents or other intellectual property rights. These assertions have at times resulted in litigation by or against the Company and settlement payments by the Company. Irrespective of the validity of these claims, TSMC could incur signiﬁcant costs in the defense thereof or could suffer adverse effects on its operations. TSMC is also subject to antitrust compliance requirements and scrutiny by governmental regulators in multiple jurisdictions. Any adverse results of such proceeding or other similar proceedings that may arise in 104 105 those jurisdictions could harm TSMC’s business and distract its management, and thereby have a material adverse effect on its results of operations or prospects, and subject TSMC to potential signiﬁcant legal liability. Currently, TSMC’s material legal proceedings are as follows: In February 2019, Innovative Foundry Technologies LLC (“IFT”) ﬁled a complaint in the U.S. District Court for the District of Delaware alleging that TSMC and TSMC Technology Inc. infringe ﬁve U.S. patents. IFT also ﬁled a complaint in the U.S. International Trade Commission (the “ITC”) alleging that TSMC, TSMC North America, TSMC Technology Inc., and other companies infringe the same patents. The ITC instituted an investigation in March 2019. Both parties agreed to end the dispute and the ITC terminated the investigation in October 2019. The pending litigation in the U.S. District Court for the District of Delaware was dismissed at the same time. On September 28, 2017, TSMC was contacted by the European Commission (the “Commission”), which has asked us for information and documents concerning alleged anti-competitive practices in relation to semiconductor sales. We are cooperating with the Commission to provide the requested information and documents. In light of the fact that this proceeding is still in its preliminary stage, it is premature to predict how the case will proceed, the outcome of the proceeding or its impact. Other than the matters described above, as of the date of this Annual Report, TSMC is not currently a party to any other material legal proceedings. Risks Associated with Mergers and Acquisitions In 2019 and as of the date of this annual report, TSMC did not conduct any merger and acquisition. Risks Associated with Recruiting Quality Personnel TSMC’s growth relies on the continued services and contributions of its management team, skilled technical and professional personnel. The Company’s business could suffer from the inability to fulﬁll personnel needs with high quality professionals in a timely fashion caused by the loss of personnel or related changes in market demand for its products and services. Since there is ﬁerce competition for talent recruitment, the Company cannot ensure timely fulﬁllment of its personnel demand. Future R&D Plans and Expected R&D Spending For additional details, see “5.2.7 Future R&D Plans” on page 76 of this annual report. Changes in Corporate Reputation and Impact on Company’s Crisis Management TSMC has established an excellent corporate reputation around the world based on its core values of integrity, commitment, innovation and customer trust. The Company’s positive image also reﬂects outstanding operations, rigorous corporate governance and dedication to social responsibility by serving as a good corporate citizen. TSMC continues to pursue innovation in the economic, environmental and social dimensions of CSR. In 2019, TSMC was honored with numerous awards for achievements in operations, corporate governance, patents, proﬁt growth, investor relations, environmental protection, corporate sustainability and other ﬁelds. These included: the Taiwan Institute for Sustainable Energy 2019 Taiwan Corporate Sustainability Awards’ Most Prestigious Sustainability Award, Platinum Medal For Sustainability Report, Sustainable Water Management Award, Climate Leader Award, and Circular Economy Leadership Award; First Place in CommonWealth Magazine’s Excellence in Corporate Social Responsibility Award for Large-Cap companies; ranked top 5% in the Taiwan Stock Exchange corporate governance evaluation; member of the Fortune Magazine’s 2019 World’s Most Admired Companies and the 2019 Global 500; the R.O.C. Ministry of Economic Affairs Industrial Development Bureau’s Green Factory Label and Energy Conservation Benchmark Award ; the R.O.C. Environmental Protection Administration’s Enterprise Green Procurement Award; First Place in the Greenpeace ranking of ten leading Taiwanese electronics companies; and membership of the Corporate Knights 100 Most Sustainable Corporations for 2019. In addition, TSMC was selected as a part of the Dow Jones Sustainability Indices for the 19th consecutive year, further strengthening the Company’s corporate culture and reputation. TSMC adheres to its vision of uplifting society, and applies technology and innovation to help humanity overcome many challenges. As TSMC strives to excel in corporate social responsibility, the Company also encourages employees to make innovative breakthroughs in how they think about things and do things, as well as nurture their empathy and broaden their horizons. In 2019, TSMC established the Corporate Social Responsibility Executive Committee, led by Chairman Dr. Mark Liu with senior vice president Lora Ho serving as the executive secretary, to work with senior management in a variety of functions to set the Company’s future CSR strategy. The CSR Executive Committee acts in tandem with the existing CSR Committee to consolidate the Company’s resources, drive and implement actions and cultivate CSR culture. TSMC pursues corporate sustainability and contribution to society and seeks to build further on its positive corporate reputation. With its global reputation in mind, TSMC employs numerous preventative measures to address potential risks from earthquakes, ﬁres, IT service disruption, yield loss, information security, supply chain disruption, environmental events, and utility supply disruption. TSMC sets crisis response and recovery measures according to possible crisis events and maintains a “TSMC crisis command center control instruction” as well as a “TSMC emergency response procedure” to establish its emergency response command structure. TSMC holds regular monthly meetings of the Environment, Safety and Health Committee, which coordinates relevant departments in each fab to conduct regular emergency response drills and continuously improve their notiﬁcation and operational procedures to ensure clear channels of communication to stakeholders in crisis management, with the public relations department serving as the designated gateway for external communications. In the event of an emergency, all departments immediately deploy emergency response measures to eliminate or minimize impact on personnel safety, the surrounding environment, company property and manufacturing operations. Responders also alert the public relations department at the earliest stages of response to ensure timely, clear and consistent communication regarding the situation. Risks Associated with Change in Management During 2019 and as of the date of this Annual Report, there were no such risks for TSMC. 6.3.4 Financial Risks Economic Risks • Interest Rate Fluctuation TSMC is exposed to interest rate risks primarily related to its investment portfolio and outstanding debt. Changes in interest rates affect the interest earned on the Company’s cash and cash equivalents, and ﬁxed income securities, the fair value of those securities, as well as interest paid on its debt. The objective of TSMC’s investment policy is to achieve a return that will allow the Company to preserve principal and support liquidity requirements. The policy generally requires securities to be investment grade and limits the amount of credit exposure to any one issuer. TSMC’s cash and cash equivalents as well as ﬁxed income investments in both ﬁxed- and ﬂoating-rate securities carry a degree of interest rate risk. The majority of TSMC’s ﬁxed income investments are ﬁxed-rate securities and classiﬁed as ﬁnancial assets at fair value through other comprehensive income, and may have their fair value adversely affected due to a rise in interest rates, while cash and cash equivalents as well as ﬂoating- rate securities may generate less interest income than predicted if interest rates fall. TSMC has entered, and may enter in the future, into interest rate futures to partially hedge the interest rate risk on its ﬁxed income investments. However, these hedges can offset only a small portion of the ﬁnancial impact from movement in interest rates. As it relates to TSMC’s outstanding debt, all of the Company’s short-term debt are ﬂoating-rate, hence a rise in interest rates may incur higher interest expense than predicted; all of its long- term debt are ﬁxed-rate and measured at amortized cost. As such, changes in interest rates would not affect the future cash ﬂows and the fair value. Certain of TSMC’s ﬁxed income investments and short-term debt are primarily based on the London Interbank Offered Rate (“LIBOR”), which is expected to be replaced by other benchmark rate after 2021. TSMC cannot predict the consequences and timing of these developments, and if such transition may cause a reduction in its interest income and/or an increase in its interest expense. 106 107 • Foreign Exchange Volatility The majority of TSMC’s sales are denominated in U.S. dollar and over one-half of its capital expenditures are denominated in currencies other than NT dollar, primarily in U.S. dollar, Japanese yen, and Euro. As a result, any signiﬁcant ﬂuctuations to its disadvantage in exchange rate of NT dollar against such currencies, in particular a weakening of U.S. dollar against NT dollar, would have an adverse impact on the Company’s revenue and operating proﬁt as expressed in NT dollar. For example, every one percent depreciation of the U.S. dollar against the NT dollar would result in approximately 0.4 percentage point decrease in TSMC’s operating margin based on TSMC’s 2019 results. While the Company is subject to tax laws and regulations in various jurisdictions in which it operates or conducts business, TSMC’s principal operations are in the R.O.C. and it is exposed primarily to taxes levied by the R.O.C. government. Any unfavorable changes of tax laws and regulations in this jurisdiction could increase TSMC’s effective tax rate and have an adverse effect on its operating results. In order to control tax risk, the Company closely monitors all domestic and foreign governmental policies and regulations that might impact its ﬁnancial operations. TSMC has established risk management procedures to collect information, analyze potential tax implications, and develop countermeasures. Conversely, if the U.S. dollar appreciates signiﬁcantly versus other major currencies, the demand for the products and services of TSMC’s customers and for TSMC’s goods and services will likely decrease, which will negatively affect the Company’s revenue. TSMC uses foreign currency derivatives contracts, such as currency forwards or currency swaps, to protect against currency exchange rate risks associated with non-NT dollar-denominated assets and liabilities and certain forecasted transactions. The Company also utilizes U.S. dollar-denominated debt to partially offset currency risk arising from U.S. dollar-denominated receivables for balance sheet hedges. These hedges reduce, but do not entirely eliminate, the effect of foreign currency exchange rate movements on its assets and liabilities. Fluctuations in the exchange rate between the U.S. dollar and the NT dollar may affect the U.S. dollar value of the Company’s common shares and the market price of the Company’s American Depositary Shares (ADSs) and of any cash dividends paid in NT dollar on TSMC’s common shares represented by ADSs. • Inﬂation In 2019 and as of the date of this annual report, inﬂation did not have a material impact on TSMC’s operations, or the business operations of its customers and suppliers. • Amendments to Tax Regulations or Implementation of New Tax Laws Any amendments to existing tax regulations or the implementation of any new tax laws in the jurisdictions in which TSMC operates its business may have an adverse effect on its net income. Risks Associated with External Financing In times of market instability, sufﬁcient external ﬁnancing may not be available to the Company on a timely basis, on commercially reasonable terms to the Company, or at all. If sufﬁcient external ﬁnancing is not available, when TSMC needs such ﬁnancing to meet its capital requirements, it may be forced to curtail its expansion, modify plans or delay the deployment of new or expanded services until it obtains such ﬁnancing. Risks Associated with High-Risk/Highly Leveraged Investments; Lending, Endorsements, and Guarantees for Other Parties; and Financial Derivative Transactions In 2019 and as of the date of this annual report, TSMC did not make high-risk or highly leveraged ﬁnancial investments. Since 2014, TSMC has provided a guarantee no more than US$83.21 million to TSMC North America, a wholly-owned subsidiary of TSMC, for its obligation to an ofﬁce leasing contract. Since 2020, TSMC Japan Limited has provided a guarantee no more than JPY1,320 million to TSMC Design Technology Japan, Inc., a wholly-owned subsidiary of TSMC, for its obligation to an ofﬁce leasing contract. As of February 29, 2020, there were RMB 4.8 billion and US$86 million in intercompany loans between the Company’s subsidiaries, and US$1 billion in intercompany loans between the Company and its subsidiary, which were all in compliance with relevant rules and regulations. All ﬁnancial transactions of a derivative nature that TSMC entered into in 2019 were strictly for hedging and not for any trading or speculative purposes. For more transaction information and risk assessment, please refer to Note 7, Note 10, and Note 32 of the annual report section (II), Financial Statements. To control various types of ﬁnancial transactions, the Company has established internal policies and procedures based on sound ﬁnancial and business practices, all in compliance with the relevant rules and regulations issued by the Taiwan Securities and Futures Bureau. TSMC policies and procedures include “Procedures for Financial Derivatives Transactions,” “Procedures for Lending Funds to Other Parties,” “Procedures for Acquisition or Disposal of Assets,” and “Procedures for Endorsement and Guarantee.” Risks Associated with Impairment Charges Under Taiwan-IFRSs, TSMC is required to evaluate its tangible assets, right-of-use assets and intangible assets for impairment whenever triggering events or changes in circumstances indicate that the asset may be impaired. If certain criteria are met, TSMC is required to record an impairment charge. TSMC is unable to estimate the extent or timing of any impairment charge for future years. Any impairment charge required may have a material adverse effect on the Company’s net income. The determination of an impairment charge at any given time is based signiﬁcantly on the projected results of operations over several years subsequent to that time. Consequently, an impairment charge is more likely to occur during a period when the Company’s operating results are otherwise already depressed. See “Note 5.” CRITICAL ACCOUNTING JUDGMENTS AND KEY SOURCES OF ESTIMATION AND UNCERTAINTY” in Annual Report section (II), Financial Statements for a discussion of how TSMC assesses if an impairment charge is required and, if so, how the amount is determined. 6.3.5 Hazardous Risks and Utility Supply Interruption or Shortage Risks The frequency and severity of disruptive events, including damaging earthquakes, natural disasters and severe weather has been increasing in part due to climate change or systemic regional geological changes. TSMC has manufacturing and other operations in locations subject to natural disasters, such as ﬂooding, earthquakes, tsunamis, typhoons and droughts that may cause interruptions or shortages in the supply of utilities, such as water and electricity, which in turn could disrupt operations. In addition, TSMC’s suppliers and customers also have operations in such locations. For example, most of TSMC’s production facilities, as well as those of many of its suppliers and customers and upstream providers of complementary semiconductor manufacturing services, are located in Taiwan and Japan, areas susceptible to earthquakes, tsunamis, ﬂooding, typhoons, and droughts from time to time that may cause shortages in electricity or water or interruptions to the Company’s operations. Thus, if one or more natural disasters that result in a prolonged disruption to TSMC’s operations or those of its customers or suppliers, or if any of its fabs or vendor facilities were to be damaged or cease operations as a result of an explosion or ﬁre, it could reduce the Company’s manufacturing capacity and cause the loss of important customers and thereby have an adverse and material impact on its operational and ﬁnancial performance. TSMC has occasionally suffered power outages in Taiwan caused by difﬁculties encountered by its electricity supplier, the Taiwan Power Company, or other power consumers on the same power grid. Some of these have resulted in interruptions to TSMC operations. Such shortages or interruptions in electricity supply could further be exacerbated by changes in the energy policy of the government, which intends to make Taiwan a nuclear-free country by 2025. If the Company is unable to secure reliable and uninterrupted supply of electricity to power its manufacturing fabs within Taiwan, its ability to ﬁll customers’ orders would be severely jeopardized. The recent COVID-19 pandemic may materially adversely affect TSMC business and results of operations in several ways, including but not limited to: (1) interruption of the operations of global semiconductor supply chains and those of TSMC’s suppliers, including those in Asia, Europe and North America; (2) downward pressure on TSMC global customer demand; and (3) potential production delays for TSMC products due to forced factory or ofﬁce closures or partial operation. The Company has instituted various measures, including disinfection routines, self- quarantine, mandatory hygienic practices and segregated work teams. However, given the uncertainty surrounding the COVID-19 pandemic, the Company cannot predict that such measures will limit the spread of the virus in the Company’s workplace or whether its operations would be materially disrupted by the pandemic. As of the date of this annual report, TSMC’s current business and results of operations have not been materially affected by the pandemic. However, depending on unfolding developments of the pandemic, the Company could face various risks, including those identiﬁed here and others. As the pandemic is still ongoing and may worsen, there is signiﬁcant uncertainty surrounding its developments and impacts, including whether the current epidemic or continued spread of COVID-19 will cause an economic slowdown or a global recession, and TSMC cannot predict at this time the impact it will have on its business or results of operations. 108 109 The recent COVID-19 pandemic has caused TSMC to modify its business practices, including but not limited to health management of employees, customers and suppliers, management of production inventory, and supply chain risk management. TSMC has formed an “Epidemic Prevention Committee” to identify, implement and monitor such actions as required by the dynamic exigencies arising from the pandemic. There is no certainty that such measures and others will be sufﬁcient to mitigate the risks posed by COVID-19, and TSMC’s ability to perform critical functions could be materially adversely affected. TSMC maintains a comprehensive risk management system dedicated to the safety of people, the conservation of natural resources and the protection of property. In order to cope effectively with emergencies and natural disasters, management at each facility has developed comprehensive plans and procedures that focus on risk prevention, emergency response, crisis management and business continuity. All TSMC manufacturing fabs have been ISO 14001 certiﬁed (environmental management system) and ISO 45001 or OHSAS 18001 certiﬁed (occupational health and safety management system). All manufacturing fabs in Taiwan have also been TOSHMS (Taiwan Occupational Safety and Health Management System) certiﬁed. New fabs will also attain the above certiﬁcations within 18 months after acquiring factory registration certiﬁcation. TSMC has further strengthened its business continuity plans, which include periodic risk assessment, risk mitigation, and implementation through the establishment of emergency taskforces when necessary, combined with the preparation of a thorough analysis of an emergency, its impact, alternative actions, and solutions for each possible scenario together with appropriate precautionary and/or recovery measures. Each taskforce is given the responsibility of ensuring TSMC’s ability to minimize personal injury, business disruption and ﬁnancial impact under the circumstances. TSMC periodically reviews its business continuity plans and revise it according to exercise results and implementation. In response to the impact of the earthquake that occurred in Taiwan, TSMC continued to improve its earthquake emergency response, tool anchorage and seismic isolation facilities, and readiness for tool salvage and production recovery. These improvements have also been integrated into new fab design. TSMC business continuity procedures were further enhanced through the compliance with ISO 22301. TSMC and many of its suppliers use combustible and toxic materials in their manufacturing processes and are therefore subject to risks that cannot be completely eliminated arising from explosion, ﬁre, or environmental inﬂuences. Although the Company maintains many overlapping risk prevention and protection systems, as well as ﬁre and casualty insurance, TSMC’s risk management and insurance coverage may not always be sufﬁcient to cover all of the Company’s potential losses. If any of TSMC’s fabs or vendor facilities were to be damaged or cease operations as a result of an explosion, ﬁre or environmental causes, it could reduce the Company’s manufacturing capacity leading to the loss of important sales and customers and as a negative impact on TSMC’s ﬁnancial performance. In addition to periodic ﬁre-protection inspections and ﬁreﬁghting drills, the Company has also carried out a corporate-wide ﬁre risk mitigation project focused on managerial and hardware improvements. 6.3.6 Risks Regarding Non-Compliance with Export Control, Environmental and Climate Related Laws, Regulations and Accords, and Failure to Timely Obtain Requisite Approvals Necessary for Conducting Business Because TSMC engages in manufacturing activities in multiple jurisdictions and conducts business with customers located worldwide, such activities are subject to a myriad of governmental regulations. For example, the manufacturing, assembling and testing of TSMC’s products require the use of metals, chemicals and materials that are subject to environmental, climate-related, health and safety, and humanitarian conﬂict-free sourcing laws, regulations and guidelines issued worldwide. The Company’s failure to comply with any such laws or regulations, as amended from time to time, and its failure to comply with any information and document sharing requests from the relevant authorities in a timely manner could result in: • signiﬁcant penalties and legal liabilities, such as the denial of import or export permits or third party private lawsuits, criminal or administrative proceedings; • the temporary or permanent suspension of production of the affected products; • unfavorable alterations in TSMC manufacturing, fabrication and assembly and test processes; • challenges from customers that place TSMC at a signiﬁcant competitive disadvantage, such as loss of actual or potential sales contracts in case the Company is unable to satisfy the applicable legal standard or customer requirement; One or more of TSMC’s existing shareholders may, from time to time, dispose of signiﬁcant numbers of TSMC common shares or ADSs. For example, the National Development Fund, Executive Yuan, R.O.C., which owned 6.38% of TSMC’s outstanding shares as of February 29, 2020, had from time to time in the past sold TSMC shares in the form of ADSs in several transactions. As of the date of this annual report, no single shareholder owns 10% or more of TSMC’s total outstanding shares. Risks of Trade Policies As TSMC’s revenue is primarily derived from sales to major economies in the world (please refer to “2.2.4 TSMC Position, Differentiation and Strategy” on page 14 of this annual report), any changes in the trade policies (such as the increase of tariffs on certain products, the implementation of import and export controls, and the adoption of other trade barriers) of such major economies can affect the sales of TSMC or its customers and thereby affect TSMC’s operating results. TSMC continues to monitor the recent shifts in trade policies and measures among the relevant major economies and will take corresponding responsive actions in accordance with subsequent developments. Other Material Risks In 2019 and as of the date of this annual report, TSMC’s management was not aware of any other risk that could impart a potentially material impact on the ﬁnancial status of the Company. • restrictions on TSMC operations or sales; • loss of tax beneﬁts, including termination of current tax incentives, disqualiﬁcation of tax credit application and repayment of the tax beneﬁts that the Company is not entitled to; and • damages to TSMC’s goodwill and reputation. Complying with applicable laws and regulations, such as environmental and climate related laws and regulations, could also require TSMC, among other things, to do the following: (1) purchase, use or install remedial equipment; (2) implement remedial programs such as climate change mitigation programs; (3) modify product designs and manufacturing processes, or incur other signiﬁcant expenses such as obtaining substitute raw materials or chemicals that may cost more or be less available for the Company’s operations. TSMC’s inability to timely obtain approvals necessary for the conduct of its business could impair its operational and ﬁnancial results. For example, if the Company is unable to timely obtain environmental related approvals needed to undertake the development and construction of a new fab or expansion project, then such inability may delay, limit, or increase the cost of its expansion plans that could also in turn adversely affect its business and operational results. In light of increased public interest in environmental issues, TSMC’s operations and expansion plans may be adversely affected or delayed responding to public concern and social environmental pressures even if the Company complies with all applicable laws and regulations. TSMC believes that climate change should be regarded as a signiﬁcant corporate risk that must be controlled to improve competitiveness. For TSMC’s climate change related risks and control measures, see the Climate Change and Energy Management section under 7.2.1 Environmental Protection on page 119 of this annual report. 6.3.7 Other Risks Potential Impact and Risks Associated with Sales of Signiﬁcant Numbers of Shares by TSMC’s Directors, and/or Major Shareholders Who Own 10% or More of TSMC’s Total Outstanding Shares The value of TSMC shareholders’ investment may be reduced by possible future sales of TSMC shares owned by major shareholders. 110 111 Corporate Social Responsibility 7.1 Overview 7 As the world’s largest dedicated semiconductor foundry, TSMC has not only strived for the highest achievements in its core business of dedicated IC foundry services but has also actively sought to fulﬁll its corporate social responsibility (CSR). In this regard, TSMC focuses on three primary missions: integrity, strengthening environmental protection and caring for the disadvantaged. And in so doing the Company collaborates with all stakeholders – employees, shareholders, customers, suppliers, and community – to drive continuous positive change for society. Guidance for the Implementation of CSR Following its vision of uplifting society, TSMC Corporate Social Responsibility Policy is the Company’s overall guide for sustainable development. The CSR matrix clearly deﬁnes the scope of the Company’s responsibilities. The horizontal axis shows the seven areas where TSMC aims to set a benchmark for sustainability: morality, business ethics, economy, rule of law, sustainability, work/life balance and happiness, and philanthropy. On the vertical axis are actions that TSMC has taken to implement its responsibilities. TSMC CSR Matrix TSMC Integrity Law Compliance Anti-Corruption Anti-Bribery Anti-Cronyism Environmental Protection Climate Control Energy Conservation Corporate Governance Provide Well-Paying Jobs Good Shareholder Return Employees’ Work-Life Balance Encourage Innovation Good Work Environment TSMC Charity Foundation TSMC Education and Culture Foundation Society Morality Business Ethics Economy Rule of Law Sustainability Work/Life Balance Happiness Philanthropy V V V V V V V V V V V V V V V V V V V V V V V V CSR Management In compliance with the vision and missions of TSMC Corporate Social Responsibility Policy, in 2019 TSMC further established the Corporate Social Responsibility Executive Committee as the highest-level CSR decision-making center within the Company to align more closely with international sustainability trends. TSMC’s Chairman chairs the CSR Executive Committee, and the Chairperson of the CSR Committee serves as Executive Secretary. Together with senior executives from a wide variety of functions, they survey the Company’s core operating capabilities, set the medium- to long-term strategic direction for CSR, and draft the blueprint to link the Company’s core competencies with the UN sustainable development goals (SDGs). The existing CSR Committee serves as a cross-departmental communication platform. Through quarterly meetings and issue-based discussions by cross-organizational teams, the committee members jointly set the Company’s CSR strategies and key issues for the year, draft CSR-related budgets for their organizations and coordinate resource deployment, as well as plan and carry out annual projects. The Committee achieves sustainability objectives of interest to all stakeholders and ensures CSR strategies are implemented effectively in the Company’s daily operations. 113 The Chairperson of the CSR Committee reports annually to the Board of Directors on implementation results of the prior year and the work planned for the upcoming year. In 2019, TSMC focused on strengthening green manufacturing performance to develop various resource renewal technologies, apply circular economy, and undertake renewable energy adoption. To build a sustainable supply chain, the Company performed supplier risk assessments and implemented a signed supplier code of conduct. To have a positive social impact, the TSMC Education and Culture Foundation and the TSMC Charity Foundation also actively support and promote youth development, culture and art, and care for the disadvantaged. The Company’s CSR plans for 2020 focus on further promotion of green manufacturing by driving circular economics and renewable energy adoption and by building a responsible green supply chain through strengthening human rights, environmental protection and sustainable development among upstream and downstream suppliers. TSMC spares no effort to perform its corporate social responsibility and aspires to be an uplifting force for the society. Stakeholder Engagement TSMC respects shareholder rights. In order to understand the level of stakeholder interest in sustainability issues, TSMC uses multiple systematic channels to communicate with stakeholders, including the “Contact Us” section of the corporate website, the CSR website and the CSR mailbox, as well as the Irregular Business Conduct Reporting System. TSMC has conducted three studies focused on identiﬁcation, prioritization and validation with regard to these issues. In 2019, the TSMC Corporate Social Responsibility mailbox received 371 valid emails on subjects ranging from corporate governance, innovation and services, to supply chain, green manufacturing, workplace, and social issues. Submissions were primarily regarding requests for visits, inquiries on operations, opinion and feedback from the public, and proposals for donations and collaborations. TSMC responded through direct action from related departments and timely replies from the public relations department, supporting communication with the public as well as positive development in society. Stakeholders and Communication Channels in 2019 Stakeholders Employees Shareholders/Investors Customers Suppliers Communication Channels • Communications and working meetings throughout all levels and all units of the Company • Corporate intranet, internal emails and other announcement channels (such as promotion posters at facilities) • Human resources representatives • Employee training and classroom courses • Regular and ad-hoc communication meetings, such as Manager Development Consulting Committee, Operations Engineer Training Committee, Manufacturing Department Technical Committee, etc. • Employee voice channels, such as Immediate Response System, Employee Opinion Box, Wellness Center, wellness website, each function’s PIP committee, Employee PIP Opinion Dedicated Line, etc. • Ombudsman System • Audit Committee Whistleblower System • EWC event questionnaire survey • The biennial “Employee Opinion Survey on Company Core Values” • Annual general meeting of shareholders • Quarterly earnings conference call • Investor conferences and face-to-face meetings • Telephone calls and emails • Annual reports, CSR reports, 20-F ﬁlings to US SEC, material announcements to Taiwan Stock Exchange, and corporate press releases on the Company's website • Customer satisfaction survey • Customer meetings • Customer audits • Business and technology assessment • Email responses to the issues that customers are concerned • Supplier meetings • Supplier onsite audits • Supply Chain Management Forum • Supply Chain ESH Forum • Supplier Ethics and Code of Conduct Promotion • On-site consult and audit • Advanced Process Material Workshop • Supplier self-assessment questionnaire and Supplier Survey on Ethics Stakeholders Government Society Communication Channels • Ofﬁcial correspondence and visits • Industry experience and advice sharing • Meetings (such as communication meetings, public hearings, forums, seminars or social gatherings) • Communication with government authorities through industry organizations, including the Association of Science Park Industries, Taiwan Semiconductor Industry Association, World Semiconductor Council, and Chinese National Federation of Industries • Arts events in the communities • Sponsorship of youth development events • Sponsorship of charity projects and emergency aid • Sponsorship of non-proﬁt organizations to support educational projects • Professorship endowments and student scholarships at universities • Project collaboration and visits • Support of non-proﬁt organizations and institutions via monetary and in-kind donation, as well as providing necessary manpower for a good cause • Regular visits to National Museum of Science, Hsinchu Veterans Home, St. Teresa Children Center, Jacana Ecology Education Park, remote schools and TSMC ecological parks to provide volunteer services • Annual volunteer activities in collaboration with TSMC fabs and divisions • TSMC corporate social responsibility website, newsletters and mailbox • “Sending Love” charity platform Responsibilities of TSMC CSR Committee Members Committee Members Responsibilities Legal Corporate Governance, Code of Conduct, Legal Compliance (including fair competition, privacy and personal information, and protection for whistle-blowers), Intellectual Property, Protection of Conﬁdential Information Customer Service Customer service and satisfaction, customer trust, customer conﬁdentiality, RBA and its code of conduct Materials Management Materials and supply chain risk management, supplier management, conﬂict minerals, RBA and its code of conduct Quality and Reliability Product quality and reliability, product recall mechanism Research and Development Innovation management, green products Risk Management Risk management, crisis management, emergency response and action plan Finance Financial disclosure, dividend policy, tax strategy Stakeholders Employees Government Society (Note) Customers Suppliers Customers Suppliers Employees Customers Suppliers Employees Investors Customers Suppliers Government Society Employees Investors Customers Suppliers Government Investor Relations Resolving issues of stakeholder concern, establishing trusting long-term relationships, effective two-way communication, annual report production Investors Operations Operational eco-efﬁciency, pollution prevention, water resource risk management, green manufacturing Environment, Safety and Health Environmental policy and management system, climate change mitigation and adaption, pollution prevention, energy consumption efﬁciency, carbon emissions and carbon rights management, product environmental responsibility, response mechanism for environmental issues, environmental spending, green supply chain, policy and management systems for occupational health and safety, workplace health and safety, occupational disease prevention and health promotion, communication of ESH regulations Human Resources Talent attraction and retention, proprietary information protection, employees’ physical and mental well-being and work-life balance, labor- management relations and employee engagement, labor rights, training and development, mobility, RBA and its code of conduct TSMC Education and Culture Foundation, TSMC Charity Foundation Philanthropy, community relations Customers Investors Suppliers Employees Investors Customers Suppliers Government Society Employees Society Society (Continued) Note: Society includes community, non-governmental organizations, non-proﬁt organizations and the public. Public Relations Stakeholder engagement, mechanism for reﬂecting issues of social concern, media relations 114 115 TSMC believes that technological progress and corporate growth are only meaningful in a sustainable society and environment. As the only semiconductor company chosen for the Dow Jones Sustainability World Indices over the past 19 consecutive years, TSMC is clearly committed to “responsible operations,” and actively creates sustainable values in the economy, the environment and society for its stakeholders. As the world’s largest dedicated IC foundry, TSMC is aware that customer trust is enhanced if the Company follows the law and values corporate governance. Investors will be more willing to invest in the Company over the long-term if the Company maintains solid ﬁnancial performance and a sustainable dividend policy. Through a reciprocal commitment between the Company and its employees, TSMC carries out its core values -Integrity, Commitment, Innovation, and Customer Trust, and exerts its inﬂuence as an industry leader in encouraging suppliers to devote more resources to better operations, greener factories and a more responsible supply chain. TSMC combines the strengths that drive society forward and hopes to build a future of common good together with the engagement of all stakeholders. 2019 CSR Awards, Recognitions and Ratings Category Overall CSR Organization Awards and Recognitions Dow Jones Sustainability Indices (DJSI) • Dow Jones Sustainability World Index for the 19th consecutive year • Dow Jones Sustainability Emerging Markets Index MSCI ESG Indexes ISS ESG Corporate Knights CommonWealth Magazine Taiwan Institute of Sustainable Energy Economy, Governance Institutional Investor Magazine • MSCI ACWI ESG Leaders Index component • MSCI ESG Research – AA Ratings • MSCI ACWI SRI Index component • “Prime” rated by ISS ESG Corporate Rating • Global 100 Most Sustainable Corporations • Corporate Social Responsibility Award – Large cap –1st Place • The Most Prestigious Sustainability Awards – Top Ten Domestic Corporates • Taiwan Top 50 Corporate Responsibility Report Awards – IT & IC Manufacturing – Platinum Award • Industry Sustainable Water Management Awards • Climate Leadership Awards • Circular Economy Leadership Award • Most Honored Company (Technology/Semiconductors) – All-Asia • Best ESG/SRI Metrics (Technology/Semiconductor) – 1st Place (buy-side and sell-side) – All-Asia • Best Corporate Governance (Technology/Semiconductor) – 1st Place (buy-side and sell-side) – All-Asia • Best CEO (Technology/Semiconductor) – 1st Place (buy-side and sell-side) – All-Asia • Best CEO (Technology/Semiconductor) – 1st Place (buy-side) – All-Asia • Best CFO (Technology/Semiconductor) – 1st Place (buy-side and sell-side) – All-Asia • Best CFO (Technology/Semiconductor) – 1st Place (buy-side) – All-Asia • Best Investor Relations Program (Technology/Semiconductor) – 1st Place (buy-side and sell-side) – All-Asia • Best Investor Relations Program (Technology/Semiconductor) – 1st Place (buy-side) – All-Asia • Best Investor Relations Professional (Technology/Semiconductor) – 1st Place (buy-side and sell-side) – All-Asia IFI Claims Forbes FORTUNE Nikkei Asian Review • 2019 Top 50 US Patent Assignees • Top Regarded Companies • Asia's Best over a Billion • Top 100 Digital Companies • Global 2000 • Fortune Global 500 • Asia 300 Power Performers Germany Federal Ofﬁce for Information Security • Common Criteria, ISO/IEC 15408- EAL6 Site Certiﬁcation – Fab 14B Business Today Taiwan Stock Exchange R.O.C. Ministry of Economic Affairs Intellectual Property Ofﬁce PricewaterhouseCoopers Ministry of Finance Corporate Synergy Development Center • Top 1,000 Enterprises in Taiwan, Hong Kong and Mainland China • Top 5% in Corporate Governance Evaluation of Listed Companies for the 5th consecutive year • Ranked No. 1 in Top 100 Patent Applicants in Taiwan for the 4th consecutive year • Global Top 100 Companies by market capitalization for the 7th consecutive year • Outstanding Business Entity Award • Taiwan Continuous Improvement Award – Gold Tower Award – Advanced Packaging Technology and Service, Intelligent Manufacturing Center, Fab 14A, Fab 10 Fab 8 • Taiwan Continuous Improvement Award – Silver Tower Award – Fab12A • Taiwan Continuous Improvement Award – Best Improvement Innovation Award – Fab 14A, Fab 10 (Continued) Category Organization Awards and Recognitions Environment, Safety and Health U.S. Green Building Council Leadership in Energy and Environmental Design (LEED) certiﬁcation • “Gold” class certiﬁcation – Fab 16 P1 Manufacturing Facility R.O.C. Ministry of the Interior “Ecology, Energy Saving, Waste Reduction and Health (EEWH)” certiﬁcation • "Diamond" class of green building certiﬁcation – Fab 15 P6 Manufacturing Facility R.O.C. Ministry of Economic Affairs • Excellence in Carbon Reduction Award – Fab 5, Fab 15A R.O.C. Sports Administration, Ministry of Education • Taiwan iSports – Certiﬁcate of Corporate Wellness Society FORTUNE Cheers Forbes R.O.C. Ministry of Culture • 2019 World's Most Admired Companies • Top 10 Most Admired Companies to Young Generations • World's Best Employers • The 14th Arts and Business Awards – Gold Award 7.2 Environmental, Safety and Health (ESH) Management TSMC believes its environmental, safety and health practices must not only meet legal requirements, but should also align to internationally recognized practices. TSMC’s ESH policies aim to achieve “zero incident” and “environmental sustainability”, and to make TSMC a world-class company in environmental, safety and health management. The Company’s strategies for attaining these goals are to comply with regulations, promote safety and health, strengthen recycling and pollution prevention, manage ESH risks, instill an ESH culture, establish a green supply chain, and fulﬁll its related corporate social responsibilities. All TSMC manufacturing facilities have received ISO 14001: 2015 certiﬁcation for environmental management systems and OHSAS 18001: 2007 certiﬁcation for occupational safety and health management systems. All fabs in Taiwan have been TOSHMS (Taiwan Occupational Safety and Health Management System) certiﬁed since 2009. The International Organization for Standardization (ISO) released the ﬁnal version of ISO 45001:2018 to replace OHSAS 18001 in March 2018. All TSMC fabs in Taiwan received ISO 45001: 2018 certiﬁcation in August 2019. All TSMC subsidiaries plan to obtain certiﬁcation in 2020. TSMC strives for continuous improvement and actively seeks to enhance climate-change management, pollution prevention and control, power and resource conservation, waste reduction and recycling, safety and health management, ﬁre and explosion prevention as well as to minimize the impact of earthquake damage, so as to reduce overall environmental, safety and health risks. In order to meet regulatory and customer requirements for the management of hazardous materials, TSMC has adopted the IECQ QC 080000 Hazardous Substance Process Management (HSPM) System. All TSMC manufacturing facilities have been QC 080000 certiﬁed since 2007. By practicing QC 080000, TSMC ensures that its products comply with International regulatory and customer requirements, including the European Union’s “Restriction of Hazardous Substances (RoHS) Directive,” the EU’s “Registration, Evaluation, Authorization and Restriction of Chemicals (REACH),” the “Montreal Protocol on Substances that Deplete the Ozone Layer” (the “halogen-free in electronic products” initiative), Perﬂuorooctane Sulfonates (PFOS), Perﬂuorooctanoic Acid (PFOA) and its related substances restriction standards. In addition, TSMC has started a project for reducing usage of hazardous substance N-methylpyrrolidinone (NMP) since 2016. In 2019, the project reduced NMP usage by 38%, and we will keep promoting further reduction. Since 2011, TSMC has adopted the ISO 50001 Energy Management System for the continuous improvement in energy conservation. In 2019, all TSMC fabs in Taiwan received ISO 50001 Energy Management System certiﬁcation, and we expect TSMC overseas subsidiaries to receive the certiﬁcation by 2020. 116 117 Aiming to establish the healthiest workplace, in 2017 TSMC formed a corporate-level health promotion committee led by managers with vice president level. The committee members include site directors, managers of safety and health department, and representatives from wellness, HR and legal affairs divisions. We also have invited external experts to discuss the potential risks of occupational diseases in the semiconductor manufacturing process, and have developed prevention plans for such diseases. To mitigate health risks to employees, suppliers and contractors in the workplace, TSMC has adopted rigorous safety and health control measures to prevent occupational injuries and diseases and promote employee safety, physical and mental health. 7.2.1 Environmental Protection Climate Change and Energy Management • Task Force on Climate-related Financial Disclosures (TCFD) Given that climate change could potentially affect operations and pose ﬁnancial risk, in 2018 TSMC began adopting the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) released by the Financial Stability Board (FSB) to identify risk and opportunities, and we established metrics and target management based on the identiﬁcation results. To mitigate the supply chain risk and fulﬁll corporate social responsibility, TSMC not only follows ESH best practices internally but also strives to improve ESH performance of the Company’s suppliers and contractors through audits and counselling. Management structure of TSMC climate-related risk and opportunity TSMC uses priority work management and self-management to govern works performed by contractors. The Company requires contractors performing level-one high-risk operations to complete certiﬁcation for technicians and to establish their own ISO 45001 or OHSAS 18001 safety and health management system. The promotion of self-management aims at improving sense of responsibility of TSMC’s contractors, with the goal of promoting safety awareness and technical improvement for all contractors in the industry. For onsite contractor personnel, TSMC standardizes the training courses for safety and health, while increasing the frequency of such courses, to improve training effectiveness and safety awareness. To ensure our safety protocols are accurately delivered to our contractors on a timely manner, TSMC has established a digital platform for mutual communications, so that on-site operational risks can be mitigated. TSMC collaborates with suppliers to improve the sustainability of the Company’s supply chain regarding ESH-related issues, such as environmental protection, compliance of safety and hygiene codes, hazardous substance management, ﬁre protection, and mitigation of natural disaster. The Company not only performs ESH audits at its suppliers’ manufacturing sites, but also proactively assists them to improve ESH performance. In addition, TSMC also monitors potential climate-change related risks in the supply chain. The Company requests that suppliers conduct carbon emissions inventory and encourages them to implement measures to save energy, reduce carbon emissions, conserve water and reduce waste. In recent years, TSMC suppliers’ performances in pollution control and safety management have made good progress in procedure establishment and implementation. To take a step further, the Company gives greater attention to occupational hygiene issues directly related to labor health. Since 2017, TSMC and the Ministry of Labor Occupational Safety and Health Administration (OHSA) have jointly launched the “Semiconductor Supply Chain Safety and Health Promotion Project.” TSMC invited suppliers to participate in the project. As engaged by OSHA, a professional team has taken on the responsibility of providing consultation through document review and onsite inspection to participating suppliers on management procedures and hardware setup in order to improve the working environment and labor health management. Category Governance Management Actions • Board of Directors periodically reviews climate change risk, opportunity and green manufacturing - The senior vice president of materials management and risk management makes annual reports to the Board of Directors on corporate risk and control measures including climate change risks - Corporate Social Responsibility (CSR) Executive Committee briefs the Board of Directors on green manufacturing targets and status of achievement semi-annually • CSR Executive Committee led by Chairman is the Company's top organization that deals with climate change management. The committee oversees TSMC climate change strategy and targets every half year and responds the Sustainable Development Goals through aggressive actions • The CSR committee follows the strategy and targets to review mitigation of climate change quarterly and briefs to the Board of Directors on results of climate change-related measures directly • The Energy and Carbon Reduction Committee is the organization for the implement and management on climate change risk and opportunity in TSMC. It is co-led by the senior vice presidents of Fab operations and senior vice presidents of materials management and risk management. This committee develops management plans, reviews the execution status and discusses future plans on a quarterly basis Strategy • Adopting Recommendations of the Task Force on Climate related Financial Disclosures to discuss and identify Climate risk and opportunity, which is divided into short term (less than 3 years), medium term (3 to 5 years), and long term (greater than 5 years) based on internal target management periods • Focusing the identiﬁed major risks and opportunities to evaluate potentials impact of Company operation, strategy and ﬁnance • Adopting the 2°C scenario deﬁned by Intergovernmental Panel on Climate Change (IPCC) to analyze climate resilience of production lines • Adopting the scenario of Science Based Targets (SBT) to evaluate the ﬁnancial impact to company and develop responding countermeasures in response to international carbon reduction trend Risk Management • Using the TCFD framework to identify climate change risks and hosting workshops to reach a consensus approved by senior management, also bring into mechanism of climate change management • Following the risk identiﬁcation and ranking on climate change to develop relevant responding projects • Bringing identiﬁcation and evaluation result of climate-related risk into enterprise risk management (ERM) for integration and creating action plans Metrics and targets • Deﬁning the performance index of unit product of total greenhouse gas emissions, procurement amount of renewable energy and accumulated energy consumption and production interruption time and managing the responding actions of climate change • Conducting inventory of scope 1, 2 and 3 emission data annually according to ISO 14064-1 and evaluating the risks of scope 1, 2 and 3 and risk reduction strategies after passing external veriﬁcation • TSMC sets up the targets of risk and opportunity in the year of 2030 according to the performance index on climate change. CSR committee and Energy and Carbon Reduction Committee review implementation actions and performance of climate change targets 118 119 Financial Impact Analysis of Climate Risks and Opportunities Climate Risks Potential Financial Impact Climate Opportunities Potential Financial Impact 2019 Actions GHG emissions cap and carbon trading system Restriction on capacity expansion, increase in operation costs GHG voluntary reduction commitments Unstable utility supply Increased cost of installation for carbon reduction facilities and operating costs Impact on production, increase in operating costs Participation in renewable energy plans Participation in carbon trading market Win public recognition / cooperation Early purchases of renewable energy, successfully increasing production capacity • Look for and purchase more renewable energy in Taiwan continuously • Purchased 910 GWh in renewable energy, renewable energy certiﬁcates (REC), and carbon credit Accumulate carbon credits in preparation for future production expansion • Applied for Fluorinated-Greenhouse Gas and Dinitrogen Monoxide reduction offset project reward Construct green buildings Lower utility costs • Applied and received 4 green building certiﬁcations Increase efﬁciency of water consumption and water recycling Strengthen climate resilience, lower the impact of disasters on production • Built new fabs (Fab 18 Pahse 2, Fab 15 Phase 7B, and Fab 6 Phase 2) while maintaining a water recycling rate higher than 85% design Cost of developing low carbon energy saving products Impact on the Company's image Increased cost of developing low- carbon energy saving products Develop or increase energy- saving products or services Satisfy customer demands for energy saving products, increase in revenue • Invest in the development of energy-saving products Unable to satisfy the expectations of stakeholders, impacting the Company's reputation or image Increase investors' willingness to make long- term investments Stabilize stakeholder structure, lower the risk of substantial ﬂuctuations in stock prices • Boost green production Typhoon, Flood Drought Production is affected, causing ﬁnancial losses and a decrease in revenue Increase resilience against natural disasters Strengthen climate resilience, lower risk of operations disruption, and reduce potential losses • Raised the building base of Fab 18 Phase2 two meters higher • Fab 18 Phase2 is committed to using and developing renewable water • Established a comprehensive water monitoring system Rising Temperatures Increase in energy consumption, cost, and carbon emissions Driving low-carbon green manufacturing Save energy and cut cost • Conserved 300 GWh of electricity through energy-saving projects Greenhouse Gas (GHG) Emission Reduction and Energy Management TSMC actively participates in the World Semiconductor Council (WSC) in its efforts to establish a global voluntary PFC (perﬂuorinated compounds) emissions reduction goal for the decade of 2011 to 2020, and has incorporated past experience to develop best practices. The implementation of best practices has been adopted by the WSC as a major element of the 2020 goal. In 2013, in accordance with the “EPA Early Actions for Carbon Credit of Greenhouse Gases Reduction” regulation, TSMC applied for the recognition of greenhouse gas reduction from 2005 to 2011, and received 5.28 million tons of carbon dioxide credits in 2015. Those carbon credits can be used to offset greenhouse gas emissions of new manufacturing facilities regulated by Environmental Impact Assessment (EIA) Act, which can support the Company’s sustainable operations and mitigate climate-change risk. Since 2005, TSMC has completed the GHG (Greenhouse Gas) inventory program and taken a complete inventory of its GHG emissions to gain ISO 14064 certiﬁcation. The inventory shows that the major direct GHG emissions are PFCs, which are widely used in the semiconductor manufacturing process. The primary indirect GHG emission is electricity consumption. The analysis of the inventory data is not only to meet domestic regulatory reporting requirements but also to serve as a baseline reference for TSMC’s strategy to reduce GHG emissions. In response to the commitment of global climate summit “Paris Agreement” and the Republic of China’s “Greenhouse Gas Reduction and Management Act” promulgated in 2015, TSMC initiated a cross-functional platform for corporate carbon management in 2016. The three areas of focus of this platform are legal compliance, carbon emission reduction, and carbon credit acquisition. In addition to participating in ofﬁcial regulatory consultation and communications meetings, TSMC also sets short, medium and long-term reduction targets through the energy and carbon reduction committee led by vice presidents which are carried out by energy and carbon reduction teams of individual fabs, as the Company continues to strengthen climate mitigation and adaption. Because more than 75% of TSMC’s GHG emissions come from electricity consumption, TSMC always emphasizes energy conservation and carbon reduction initiatives. TSMC has not only implemented energy-conserving designs in its manufacturing fabs and ofﬁces but has also continuously improved the energy efﬁciency of its facilities during operation. These efforts simultaneously reduce both carbon dioxide gas emissions and costs. TSMC has accumulated 1.2 billion kilowatt hours (kWh) power conservation since 2016. From 2015 to 2017, TSMC actively participated in the Republic of China Ministry of Economic Affairs’ voluntary green power purchasing program for three consecutive years and became the largest purchaser in Taiwan, purchasing 400 million kilowatt hours (kWh) of green power. Although the Taiwan Power Company has stopped selling green power since 2018, TSMC still aggressively negotiates the purchase of renewable energy with renewable energy suppliers in Taiwan. Targeting a long-term commitment of 100% renewable energy for the Company, TSMC is ﬁrst committed to achieving a target of 25% renewable energy for fabs and 100% renewable energy for non-fab facilities by 2030. Since 2018, the overseas manufacturing fabs and ofﬁces have purchased renewable energy, REC and carbon credits to offset all carbon emissions caused by power consumption. All TSMC overseas sites achieved zero carbon emission of electricity consumption in 2019 again. Although development of renewable energy in Taiwan is at budding stage, TSMC established a renewable energy task force and continued to communicate with government closely through Association of Science Park Industries and Taiwan Semiconductor Industry Association. We gave some recommendations to government and hoped that the collaboration could speed up renewable energy development in Taiwan for instance, our recommendations included expanding the development of offshore wind power and increasing supply of renewable energy trading platform. TSMC also continued to ﬁnd renewable energy. There are around 700MW of renewable energy under business negotiation currently. The renewable energy will be provided to TSMC gradually after related business process being completed. This is a clear manifestation of the Company’s active support of the United Nations Sustainable Development Goals (SDGs). Air and Water Pollution Control The Company has installed effective air and water pollution control equipment in each wafer fab to meet regulatory emissions standards. In addition, TSMC maintains backup pollution control systems, including emergency power supplies, to lower the risk of pollutant emissions in the event of equipment failure. The Company centrally monitors the operations of its air and water pollution control equipment around the clock and treats system effectiveness as an important tracking item to ensure the quality of emitted air and discharged water. To make the most effective use of Taiwan’s limited water resources, all TSMC fabs strive to increase water reclamation rates by adjusting the water usage of manufacturing equipment and improving wastewater reclamation systems. All fabs meet or exceed the process water reclamation rate standard of the Science Park Administration. Some fabs are able to reclaim more than 90% of process water, outperforming most semiconductor fabs around the world. TSMC also makes every effort to reduce non-manufacturing-related water consumption, including water used in air conditioning systems, sanitary facilities, cleaning and landscaping activities and kitchens. TSMC uses an intranet website to collect and measure water recycling volumes company-wide. Since water resources are inherently local, TSMC shares its water saving experiences with other semiconductor companies through the Association of Science-Based Industrial Park to promote water conservation in order to achieve the Science Park’s goals and ensure a long-term balance of supply and demand. In addition, TSMC has committed to using partially reclaimed water in newly constructed fabs in the future in order to further reuse water resource and support the government policy and promotion for reclaimed water. To continue enhancing water resource management, TSMC has adopted and followed the AWS Standard, the world’s only sustainable water management standard. Early in 2019, Fab 6 and Fab 14 Phase 5/6/7 served as demonstration factories receiving AWS certiﬁcation in December 2019 and making TSMC the ﬁrst semiconductor enterprise to receive AWS platinum level certiﬁcation in the world. Waste Management and Recycling The Company has a designated unit responsible for waste recycling and disposal. To meet the goal of sustainable resource utilization, TSMC’s priorities are: process waste reduction, onsite regeneration and reuse, and offsite recycling. The last option consists of treatment or disposal. To achieve raw material reduction, resource recycling and the goal of zero waste, for example, the Company built an in-house waste sulfuric acid pre- treatment system, as electronic grade sulfuric acid can be used as a waste water treatment agent after the wafer fabrication process. In order to track waste ﬂow and ensure that all waste is treated or recycled legally and properly, TSMC carefully selects waste disposal and recycling contractors. All recycling contractors must report their recycled product sales monthly. The Company performs regular onsite audits to check factory status and review the reported data with actual reuse and recycling data to assure that the recycled product is ﬂowing downstream properly. TSMC checks their licenses and on-site operational statuses, and also takes proactive steps to strengthen vendor auditing effectiveness. For example, all waste transportation contractors have been asked and agreed to join the GPS Satellite Fleet so that the cleanup transportation routes and abnormal stays for all trucks can be traced. In addition, all waste recycling and treatment vendors have installed closed-circuit TV systems at operating sites to monitor and audit waste handling. Meanwhile, TSMC also conducts an ongoing survey of recycled product tracking, actions taken to ensure lawful and proper waste recycling and treatment. 120 121 In 2019, TSMC’s fabs in Taiwan achieved a 95% waste recycling rate for the tenth consecutive year, with a landﬁll rate below 1%, also for the tenth consecutive year. In 2017, TSMC amended its articles of incorporation to add four business items for chemical materials to ensure waste ﬂow and reduce risks of improper waste disposal by commissioned agencies. TSMC also set up onsite resource activation facilities to convert waste resources produced from processing activities into products to be used onsite or to sell to other factories. As a result, TSMC has become a leader in waste resources regeneration. In 2019, the Company extended its capacity to regenerate used copper sulfate into copper tubes and took the further step of collaborating with raw material suppliers to produce electronic grade copper anodes using copper tubes regenerated in the TSMC manufacturing process. In addition, in order to achieve the target of reclaiming all ammonia, TSMC built the ﬁrst ammonium sulfate drying system, which converted biologically toxic ammonia wastewater into industrial grade ammonium sulfate as valuable recycled products for sale. Environmental Accounting The purpose of TSMC’s environmental accounting system is to identify and calculate environmental costs for internal management. At the same time, the Company can also evaluate the savings or economic beneﬁts of environmental protection programs so as to promote economically-effective programs. While environmental expenses are expected to continue growing, environmental accounting can help TSMC manage these costs more effectively. TSMC’s environmental accounting measures various environmental costs, establishes independent environmental account codes, and provides the data to all units for use in annual budgeting. The Company’s economic beneﬁt evaluation calculates cost savings for reduction of energy, water or waste and beneﬁts from waste recycling in accordance with its environmental protection programs. The environmental beneﬁts disclosed in this report include real income from projects such as waste recycling and savings from major environmental projects. In 2019, the total beneﬁts of environmental protection programs of TSMC fabs including waste recycling were more than NT$1,496 million. 2019 Environmental Cost of TSMC Fabs in Taiwan Unit: NT$ thousands Classiﬁcation Description 1. Direct Costs for Reducing Environmental Impact (1) Pollution Control Fees for air pollution control, water pollution control, and others (2) Resource Conservation Costs for resource (e.g. water) conservation (3) Industrial Waste Disposal and Recycling Costs for waste treatment (including recycling, incineration and landﬁll) 2. Indirect Cost for Reducing Environmental Impact (Environmental Managerial Costs) (1) Cost of training (2) Environmental management system and certiﬁcation expenditures (3) Environmental impact measurement and monitoring fees (4) Environmental protection product costs (5) Environmental protection organization fees 3. Other Environmental Costs Total (1) Costs for soil decontamination and natural environment remediation (2) Environmental damage insurance fees and environmental taxes and expenses (3) Costs related to environmental settlement, compensations, penalties and lawsuits Expense Investment 5,592,000 - 1,994,000 285,000 9,810,000 1,653,000 - 323,000 - - 7,871,000 11,786,000 2019 Environmental Efﬁciency of TSMC Fabs in Taiwan Unit: NT$ thousands Category Description 1. Cost Savings of Environmental Protection Projects Energy savings Water savings Waste reduction 2. Real Income from Industrial Waste Recycling Recycling of used chemicals, wafers, sputter targets, batteries, lamps, packaging materials, paper cardboard, metals, plastics, and other waste Total 122 Efﬁciency 752,500 40,875 309,000 394,600 1,496,975 Green Building and Green Factory Since 2006, TSMC has adopted standards from both the Taiwan Green Building and the evaluation of the U.S. Green Building Council – Leadership in Energy and Environmental Design (LEED) for new fab and ofﬁce building designs to achieve better energy and resource efﬁciency than conventional designs. TSMC has also continued to upgrade existing ofﬁce buildings to comply with the LEED standard each year. From 2008 to 2019, 32 of TSMC’s fabs and ofﬁce buildings have achieved LEED certiﬁcations – three platinum and 29 gold. Meanwhile, TSMC also received ﬁve Taiwan Intelligent Building diamond-class certiﬁcations and 23 Taiwan EEWH (ecology, energy saving, waste reduction and health) certiﬁcations – 20 diamond, two gold and one silver. TSMC believes that more manufacturing companies should convert their facilities into green factories to improve the environment and lower construction costs. Therefore, the Company shares its practical experience with industry for free, government and academia. As of the end of 2019, 14,557 visitors from more than 353 different industrial, government, academic and general community groups had contacted TSMC to have communication for the Company’s green building technology and practical experience. Since 2009, TSMC has led the industry in support of the Taiwan government’s Green Factory Label standard, which includes the Clean Production evaluation system and Factory Green Building evaluation system. TSMC received Taiwan’s ﬁrst Green Factory Label and 12 labels in total as of the end of 2019, and was the most awarded company in Taiwan. Environmental Audit Results in Violation of Environmental Regulations In 2019 and as of the date of this annual report, the Company has had no violations of environmental regulations recorded by governmental authorities. 7.2.2 Sustainable Products TSMC collaborates with its upstream material and equipment suppliers, design ecosystem partners and downstream assembly and testing service providers to minimize environmental impact. Reducing the resources and energy consumed for each unit of production allows the Company to provide customers with more advanced, power efﬁcient and ecologically sound products, such as ultra-low power chips for narrowband IoT, low Vdd (low operating voltage) chips for wearables and IoT devices, low-power chips for mobile devices, high-efﬁciency LED driver chips for ﬂat panel display backlighting, indoor/outdoor solid state LED lighting, Energy Star certiﬁed low standby AC- DC adaptors chips, high-efﬁciency DC brushless motor chips, electric vehicle chips and low-power server chips. By leveraging TSMC’s superior energy-efﬁcient technologies, these chips support sustainable city infrastructure, greener vehicles, smart grids, more energy efﬁcient servers and data centers and other applications. In addition to helping customers design low-power, high performance products to reduce resource consumption over the product’s life cycle, TSMC’s green manufacturing practices provide further green value to customers and other stakeholders. TSMC-manufactured ICs are used in a broad variety of applications in various segments of the computer, communications, consumer, industrial, electric vehicle, server and data center, and other electronics markets. Through TSMC’s manufacturing technologies, customers’ designs are realized and their products are incorporated into people’s lives. These chips, therefore, make signiﬁcant contributions to the progress of modern society. TSMC works hard to achieve proﬁtable growth while providing products that add environmental and social value. Listed below are several examples of how TSMC- manufactured products make signiﬁcant contributions to the environment and society. Environmental Contribution by TSMC Foundry Services 1. Continue to Drive Technology to Lower Power Consumption and Save Resources • To improve sustainability, TSMC continues to drive the development of advanced semiconductor process technologies to support customer designs that result in the most advanced, energy-saving and environmentally friendly products. In each new technology generation, circuitry line widths shrink, making transistors smaller and reducing product power consumption for completing the same tasks or achieving the same level of performance. • As TSMC quickly ramped up its 16nm and newer generation technologies, combined wafer revenue contribution grew signiﬁcantly from 4% in 2015 to 50% in 2019. TSMC’s objective is to continue R&D investment and to increase wafer revenue contribution in 16nm and beyond technologies, helping the Company achieve both proﬁtable growth and sustainability. 123 TSMC Wafer Revenue Contribution from 16nm and 2. Provide Customers Leading Power Management IC Beyond Technologies 2015 4% 2016 21% 2017 31% 2018 41% 2019 50% Chip Die Size Cross-Technology Comparison Die size shrinks as line width shrinks Process with the Highest Efﬁciency • TSMC’s leading manufacturing technology helps customers design and produce green products. Power management ICs, the key components that supply and regulate power to all other IC components within electronic devices, are the most notable green IC products. TSMC helps customers produce industry-leading power management chips with more stable and efﬁcient power supplies and lower energy consumption. • In 2019, more than 2.9 million 8-inch equivalent wafers using TSMC’s HV/Power technologies were shipped to customers. Power management ICs manufactured by TSMC are widely used in computer, communication, consumer, electric vehicle, server and data center, and other systems around the globe. HV/Power Technologies Shipments Unit: 8-inch equivalent wafer 2015 2016 2017 2018 2019 >2,000K >2,100K >2,500K >2,600K >2,900K 1 0.48 0.25 0.11 0.063 0.047 0.035 3. Drive Industry-leading, Comprehensive Ultra-low 55nm 40nm 28nm 16FFC/ 12FFC 10nm 7nm 5nm Power (ULP) Technology Platform Note: The logic chip/SRAM/IO (input/output) ratio, which affects die size and power consumption, was re-aligned. Chip Total Power Consumption Cross-Technology Comparison More power saved as line width shrinks • To meet low-power consumption requirements for the wearable and IoT markets, TSMC continues to invest in expanding and enhancing its ultra-low power processes. TSMC provides industry’s leading and most comprehensive ultra- low power (ULP) technology platform to support innovations for a wide range of IoT applications that demand increased computing in smart edge devices, including smart speakers, smart cameras, wearables, and various smart appliances. TSMC’s industry-leading offerings, including 55nm ULP, 40nm ULP, 28nm ULP, 22nm ULP/ULL (ultra-low leakage), have been widely adopted by various IoT customers. TSMC further extends its low Vdd (low operating voltage) offerings for extremely low power applications. In 2019, TSMC continued to develop 12nm ULL technology to enable more advanced IoT products, including IoT WiFi and BLE (Bluetooth low energy) connectivity products. 4. Develop Greener Manufacturing to Lower Energy 1 0.6 0.3 0.07 0.056 0.034 0.022 Consumption N55LP (1.2V) N40LP (1.1V) N28HPM (0.9V) 16FFC/ 12FFC (0.8V) 10nm (0.75V) 7nm (0.75V) 5nm (0.75V) Note: The logic chip/SRAM/IO (input/output) ratio, which affects die size and power consumption, was re-aligned. • TSMC continues to develop more advanced and efﬁcient technologies to reduce energy/resource consumption and pollution per unit during the manufacturing process, as well as power consumption and pollution during product use. In each new technology generation, circuitry line widths shrink, making chips smaller for the same circuit designs and lowering the energy and raw materials consumed for per chip in manufacturing. In addition, the Company continuously provides process simpliﬁcation and new design methodology based on its manufacturing excellence to help customers reduce design and process waste so as to produce more advanced, energy-saving and environmentally- friendly products. For total energy savings and beneﬁts realized in 2019 through TSMC’s green manufacturing, see Environmental Accounting on page 122 in this annual report. Social Contribution by TSMC Foundry Services 1. Unleash Customers’ Mobile and Wireless Chip Innovations that Enhance Mobility and Convenience • The rapid growth of smartphones and tablets in recent years reﬂects strong demand for mobile devices, which accelerates innovations for IC products such as baseband, RF transceivers, application processors (AP), wireless local area networks (WLAN), CMOS image sensors, near ﬁeld communication (NFC), Bluetooth, and global positioning systems (GPS) among others. While these mobile devices offer remarkable convenience to human lives, TSMC contributes signiﬁcant value to these devices in the following ways: (1) new TSMC process technologies help chips achieve faster computing speed in smaller sizes, leading to smaller form factors for these electronic devices. In addition, TSMC SoC technology integrates more functions into one chip, reducing the total number of chips in electronic devices, again resulting in a smaller system form factor; (2) new TSMC process technologies also help chips reduce power consumption, allowing mobile devices to be used for a longer period of time; and (3) TSMC helps spread the growth of more convenient wireless connectivity such as 3G/4G/5G and WLAN/Bluetooth, meaning people can communicate more efﬁciently and “work anytime and anywhere,” signiﬁcantly increasing the mobility of modern society. In 2019, smartphone products represented about 49% of TSMC wafer revenue. TSMC Wafer Revenue Contribution from Smartphone Products 2017 52% 2018 45% 2019 49% 2. Unleash Customers’ CIS and MEMS (micro- electromechanical systems) Innovations that Enhance Human Health and Safety • To make all machines smarter, safer and more user and environmentally friendly, sensors are a must. Optical, acoustic, motion, and environment sensors are mostly made with either CIS or MEMS technologies. TSMC continues to put substantial effort into developing new CIS and MEMS technologies to enable customers to innovate new products for new applications. For CIS, TSMC and customers have extended applications from traditional RGB (red, green, blue) sensing to 3D depth sensing, optical ﬁngerprint, and NIR machine vision, etc. For MEMS, TSMC and customers have extended applications from traditional motion sensing to microphone, bio-sensing, medical ultrasound actuators and more. TSMC CIS and MEMS technologies have made consumer electronics, mobile communication, automotive electronics, industrial, and medical devices smaller, faster, and more energy efﬁcient, greatly enhancing human convenience, health and safety. For instance, TSMC customers’ CIS and MEMS products are used in a number of advanced medical treatments as well as in preventative health care applications. Examples include early warning systems to minimize the injury from falls for the elderly, systems to detect physiological changes, car safety systems and other applications that signiﬁcantly improve human health and safety. 7.2.3 Safety and Health Safety and Health Management TSMC’s safety and health management is compliant with local and international standards and adheres to the management approach of “Plan, Do, Check, Act” to prevent accidents, promote employee safety and health, and protect Company assets. All TSMC fabs in Taiwan have also received TOSHMS (Taiwan Occupational Safety and Health Management System) certiﬁcation since 2009. In 2018, the International Organization for Standardization released ISO 45001:2018, replacing OHSAS 18001, with major changes in the expansion of the scope, support and participation of the leadership, collection and planning of internal and external issues, expectation and demand of stakeholders, evaluation of risk inspection, communication and consultation of non-managers, application of performance indicator, and evaluation of corrective and preventive action. Meanwhile, ISO 45001 ensures the spirit of the system can 124 125 be effectively implemented at the management level through internal audit, automatic check, and security patrol. All fabs in Taiwan received ISO 45001 certiﬁcation for occupational health and safety in 2019 and subsidiaries will begin the certiﬁcation process in 2020. Besides accident prevention, TSMC has established emergency response procedures to protect employees and contractors if a disaster should occur, as well as to prevent and/or reduce the negative impact on the community and the environment. TSMC communicates regularly with suppliers to ensure that potential risk in the operation of production equipment is minimized and that safety control procedures are followed rigorously during installation. The Company places stringent controls on high-risk operations and also evaluates the seismic tolerance of its facilities and equipment to reduce the risk of earthquake damage. For epidemics, TSMC has established corporate-level prevention committees and procedures for emergency response to outbreaks of infectious diseases. Working Environment and Employee Safety and Health Protection The Company’s ESH policy is focused on establishing a safe working environment, preventing occupational injury and illness, keeping employees healthy, enhancing every employee’s awareness and sense of accountability to ESH, and building an ESH culture. TSMC safety and health management operations apply to the following: • Equipment Safety and Health Management In addition to meeting regulatory requirements and internal standards, as well as mitigating ESH-related risks when building or upgrading facilities, TSMC also maintains procedures governing new equipment and raw materials, requires safety approvals for bringing new tools online, updates safety rules, and implements seismic protection and other safety measures. TSMC requires that all new tools meet SEMI-S8 requirements and that appropriate supplementary control measures be taken to reduce ergonomic risk. Moreover, the Company endeavors to automate 300mm front-opening uniﬁed pod (FOUP) transportation to prevent accumulative physical damage caused by repetitive manual handling of 300mm FOUPs. TSMC 300mm fabs have completed automatic transportation control. • Environmental, Safety and Health Evaluation of New Tools and New Chemical Substances As a technology leader in the global semiconductor industry, TSMC operates increasingly diversiﬁed process tools and introduces new chemicals in the R&D stage. Before using new tools or new chemicals, they are reviewed carefully by the new tools and new chemical review committee. The purpose is to ensure that new tools are compliant with the semiconductor industry’s safety standards (such as SEMI S2) and that new chemicals’ environmental, safety and health concerns can be well controlled, including engineering controls, application of personal protection equipment, and operational safety training during storage, transportation, usage and disposal. • General Safety Management, Training and Audit All TSMC manufacturing facilities hold environmental, safety and health committee meetings on a monthly basis. TSMC has adopted multiple preventive measures such as controls on high-risk work, contractor management, chemical safety management, personal protective equipment requirements, and safety audit management. In addition, the Company maintains detailed disaster response procedures and performs regular drills designed to minimize damage to employees and property, as well as the impact on society and the environment in the event of a disaster. • Working Environment Hazardous Factors Management TSMC conducts workplace hazard assessments to provide a comfortable and safe workplace to employees. The Company also educates and requires employees to use personal protective equipment (PPE) to prevent hazardous exposures. The Company performs semi-annual workplace environment assessments of physical and chemical hazards, including CO2 concentration, illumination, noise, and hazardous chemical substances regulated by local laws. In addition, TSMC has performed exposure assessments and has used hierarchy management control for chemicals with potential health hazards. If abnormal measurements occur, events happen, or an exposure assessment indicates there is an adverse health effect for employees, ESH professionals immediately conduct onsite observation and interventions to reduce the exposure to acceptable levels. • Health Promotion Program In order to establish the healthiest possible workplace and prevent from occurrence of occupational disease, TSMC formed a corporate-level committee to execute health promotion programs covering three scopes: (1) Exposure and health risk assessment: develop an exposure assessment system to identify high health risk employees. (2) Hazardous training and notiﬁcation: use standardized training materials for employees and contractors in all TSMC fabs. Inform them of the health risks and prevention measures at the workplace before working or providing any services there. (3) Strengthen management of high health concerned chemicals: inform suppliers that all materials they provide to TSMC must comply with applicable laws including clear disclosure of any hazardous substances. Sampling raw materials used in the manufacturing process to conﬁrm that they do not contain any carcinogenic, mutagenic or toxic-reproductive materials as claimed in supplier’s safety data sheet (SDS). • Emergency Response The planning and execution of an effective emergency response should identify potential high-risk events via risk assessment and be prepared for various scenarios. It should focus on continuous improvement and practice drills covering all potentially serious events. TSMC’s emergency response plans include procedures for rapid-response crisis management and disaster recovery to potential incidents. All TSMC fabs conduct major annual emergency response exercises and evacuation drills. TSMC’s onsite service contractors are also required to participate in emergency response planning and exercises to ensure cooperation in handling accidents and to effectively minimize any damage caused by disasters. At least every two years, each fab director invites fab management and support functions to participate in crisis management drills for potentially high-risk events such as earthquake, ﬁre and ﬂood (Tainan site). Since 2018, TSMC has conducted complex accident emergency response drills, which include simultaneous scenarios for earthquake, ﬁre and chemical spill. In 2019, we completed 108 scenarios to ensure rapid response to emergencies so that losses can be minimized in occasions of real disasters. In addition to the regular emergency response drills held by engineering and facilities departments each quarter, the Company’s laboratory, canteen, dormitory, and shuttle bus personnel also hold emergency response drills to prepare for events such as earthquakes, chemical spills, ammonia release, ﬁres and trafﬁc accidents. • Emerging Infectious Disease Response TSMC has a dedicated corporate ESH organization to monitor emerging infectious diseases around the world, to assess any potential impact on the workplace, and to provide an appropriate strategic response plan. In previous outbreaks (such as SARS in 2003, the H1N1 inﬂuenza outbreak in 2009, MERS in 2015) and the current threat, COVID-19. TSMC abided by CDC’s (Taiwan Centers for Disease Control) rules and convened the corporate inﬂuenza response committee to develop the Company’s strategies. These strategies included educating employees in prevention and response, publishing guidelines for managers, establishing guidelines for employee sick leave due to ﬂu, and installing alcohol-based hand sanitizers at appropriate locations. The Committee also monitors the status of employee leave due to illness and, at the same time, develops a continuity plan to address manpower shortages and minimize business impact. • Employee Physical and Mental Health Enhancement TSMC believes that employees’ physical and mental health is not only fundamental to maintaining normal business operations but is also part of a corporation’s responsibility. To protect and promote employee physical and mental health, TSMC fosters collaboration among the onsite industrial safety and environmental protection department, onsite medical personnel of the health center, and physicians of occupational medicine. TSMC strives to reduce cerebral and cardiovascular disease that might be induced or aggravated by overwork, night work or shift work. The Company conducts maternal health protection programs and prevention of cumulative trauma disorders as well. TSMC devotes signiﬁcant resources to mental health awareness and related activities, which not only protect employees from hazards at work but also proactively promote employee health in general. In 2019, through planned personal health management, (1) 617 female employees participated in the maternal health program, the completion rate was 100%. 615 of them were at the ﬁrst degree risk (there was no harm to the mother, infant, and baby). Two employees were classiﬁed as second degree risk (possible harm to the mother, infant, and baby) at the ﬁrst assessment; after proper adjustments to their works, they were reclassiﬁed as the ﬁrst degree after doctor’s re-assessment. (2) By analyzing historical cerebral and cardiovascular cases of our employees, we modiﬁed disease assessment criteria with contracted doctors, and, combining internal annual health examination reports, as well as working hour’s information, we were able to identify 1,330 employees that have middle to high risk for cerebral and cardiovascular diseases. These employees were provided with health education and medical assistance. Also, alone with their managers, they would receive suggested working hours 126 127 information in order to reduce disease risk. (3) 116 employees were in a high risk group for cumulative trauma disorders. Among them, one could have job-related risks. The Company has adjusted their job conditions to avoid possible risks. (4) As obesity has been considered as a precursor of diabetes, hyperlipidemia and hypertension, for seven consecutive years, TSMC has held weight-control program, which has been extended to 6 months from 3 months in 2019 in order to assist employees to cultivate their habits. A total of 1,250 employees have joined the program, and 450 of them stayed until the end, with total weight loss of 3,028 kilograms. Employees who had joined the program showed improvements in weight, waist circumference, cholesterol levels, blood sugar, blood pressure, and liver function. (5) We also conducted a lecture of “Medication Safety of Chinese Medicine” with total 112 participants. 7.2.4 Supplier Management Management Aspect As a means of enhancing supply chain management, TSMC is committed to communicating with and encouraging its suppliers (including contractors) to improve their quality, cost effectiveness, delivery performance, and continuous improvement on environmental protection, safety and health. Through regular communication with senior managers, site audits and experience sharing, the Company collaborates with major suppliers and contractors to enhance partnerships and ensure continual improvement for better performance and increased joint contributions to society. As noted above, contractors performing high-risk activities must lay out clearly- deﬁned safety precautions and preventative measures. In addition, contractors working on high-risk engineering projects must establish ISO 45001 or OHSAS 18001 systems and the workers must successfully complete work-related skill training. All contractors performing high-risk activities must get the certiﬁcation of ISO 45001 before the end of 2021. Supply Chain Sustainability TSMC works with suppliers in several ﬁelds of sustainable development, such as greening the supply chain, carbon management for climate change, mitigation of ﬁre risk, ESH management and business continuity plans in the event of a natural disaster. Since becoming a full member of the Responsible Business Alliance (RBA) in 2015, TSMC has completed implementation of the RBA code of conduct throughout the Company by performing self-assessments at its facilities worldwide and reviewing policies and procedures in the areas of labor, health and safety, environment, ethics and management systems. To enhance supply chain sustainability and streamline risk management, the Company is committed to collaborating with its suppliers to maintain full compliance with Taiwan’s environment, safety, health and ﬁre protection regulations. TSMC developed a supplier’s code of conduct, which afﬁrmed basic labor rights and standards for health, safety, environment, ethics and management systems. TSMC works with suppliers to inspect the risk and impact on the economy, the environment, and society and to make continuous improvement. The Company has lifted suppliers’ performance of sustainability through experience sharing and training and hopes to establish a world-class semiconductor supply chain that exceeds international standards and serves as a global benchmark. TSMC is subject to the U.S. Securities & Exchange Commission (SEC) disclosure rule on conﬂict minerals released under Rule 13p-1 of the U.S. Securities Exchange Act of 1934. As a recognized global leader in the high-tech supply chain, the Company acknowledges its corporate social responsibility to strive to procure conﬂict-free minerals in an effort to recognize humanitarian and ethical social principles that protect the dignity of all people. To this end, TSMC has implemented a series of compliance safeguards in accordance with leading industry practices such as adopting the due diligence framework in the OECD’s Model Supply Chain Policy for a Responsible Global Supply Chain of Minerals from Conﬂict-Affected and High Risk Areas issued in 2011. TSMC is one of the strongest supporters of the Responsible Business Alliance and the Global e-Sustainability Initiative (GeSI), which will help the Company’s suppliers source conﬂict-free minerals through their jointly developed Responsible Minerals Initiative (RMI). Since 2011, TSMC has asked its suppliers to disclose information and make timely updates on smelters and mines. The Company encourages suppliers to source minerals from facilities or smelters that have received a “conﬂict-free” designation by a recognized industry group (such as the RBA) and also requires those who have not received such designation to become compliant with Responsible Minerals Initiative or an equivalent third party audit program. TSMC requires the use of tantalum, tin, tungsten and gold in its products that are conﬂict- free. TSMC will continue to conduct the supplier survey annually and require suppliers to improve and expand their disclosure to fulﬁll regulatory and customer requirements. For further information, see the Company’s Form SD ﬁled with the U.S. SEC. (https:// www.tsmc.com/english/investorRelations/sec_ﬁlings.htm) 7.3 TSMC Education and Culture Foundation The TSMC Education and Culture Foundation believes in that education cultivates talents of the future while the talents determine the future of a nation. Therefore, in 2019 the Foundation provided more than NTD 96 million for multiple educational projects to help people develop various talents. Such projects will empower youth, create an educational platform and promote ﬁne arts and literature. The Foundation aims to nurture and cultivate more talents of the future and provide motivational power for the common good of society. Supporting the Younger Generation, Creating Sustainable Built Environments The TSMC Education and Culture Foundation has long supported young people in the community. Since 2016, the Foundation has organized “TSMC Youth Dream Building Project,” which helps young people realize their dreams and provides various resources such as professional skills training and publicity. With these efforts, the Foundation hopes to guide the young to explore their own potentials and boldly pursue their dreams. At the same time, having set up the “topical project,” “TSMC Youth Dream Building Project” encourages young students to push the envelope, broaden the horizons of their dreams, and become more aware of social issues. The topic for 2019 “TSMC Youth Dream Building Project” is “Formulating a Waste-less City,” guiding students to focus on environmental issues such as wasted resources. Nearly 100 teams from universities and colleges in the Taoyuan, Hsinchu and Maoli area and in the greater Tainan area enrolled in the competition, contending for the NTD 3 million prize money. In the competition, a great number of the teams proposed solutions to the environmental issues with innovation, energy and courage. Apart from “TSMC Youth Dream Building Project,” the Foundation also participated in the ATCC Case Competition for the ﬁrst time. In 2019 competition attracted 540 teams from various colleges, whose innovative proposals encompassed solutions to social issues at all levels. Throughout the three months of the entire ATCC Case Competition process, the Foundation accompanied the youth each step of the way by offering opportunities for the students to visit TSMC corporate headquarters, organizing workshops, and introducing business mentors to the students – all to inspire creativity through a concerted effort. One of the Foundation’s sponsored teams, Team Package Plus, led by Allen Yeh from the graduate school of the Department of International Business, National Chengchi University, won second place in the national competition for innovative, environmentally-friendly packaging and unique business model to reduce the environmental impact made by the online shopping trend. Allen Yeh went even further to found a social enterprise to drive further positive social change by implementing their innovation and ideals. Paying Attention to the Development in Education and Building an Education Platform In response to the implementation of the new 12-year Curriculum for Basic Education (2019 National Curriculum Guidance) in Taiwan, the Foundation initiated a “New Curriculum: Safeguards to Protect Technology” report on the topic in collaboration with the United Daily News Group. This new series of reports investigates the impact brought on by the new curriculum. At the same time, the company offered an industrial perspective, thereby stimulating a dialogue between the educational system and the tech industries. Such a dialogue draws the public’s attention and generates more discussions on this issue. In addition to its emphasis on the development of educational system, the Foundation organizes events in the humanities and the sciences, builds a platform for exchanging ideas and provides students extracurricular opportunities to develop diverse interests, thereby broadening their horizons and exploring their potential. For the humanities, the Foundation has been holding TSMC Youth Literature Award since 2004 and TSMC Youth Calligraphy and Seal-Carving Competition since 2008 respectively. The two awards continue to encourage young people to demonstrate creativity in both literature and calligraphy and have become important cradles for nurturing domestic arts and literary talents. The number of applicants competing in the novella category of the year’s TSMC Literature Award, with its global reach on the Chinese-writing scene, has hit a record high in 2019 as a total of 150 pieces of manuscripts were submitted in competition for the NTD one million prize money. When it comes to science education, the Foundation has long funded the three major science camps for gifted and talented students in Taiwan: Wu Chien-Shiung Science Camp, Wu Ta- You Science Camp, and Madame Curie Chemistry Camp. These science camps have long nurtured talented youth in basic sciences for the nation. In 2019 “TSMC Cup – Competition of Scientiﬁc Short Talk” set the agenda on “gene editing“. The competition hopes to trigger high school students’ interests in sciences through media such as popular science books and ﬁlms. It also encourages cross-disciplinary collaboration, publicizes and deepens the understanding of sciences among the public. 128 129 Furthermore, the Foundation has long cared for the educationally underprivileged. In 2019 the Foundation increased the number of low income student scholarships, as grants for National Cheng Kung University, National Sun Yat-sen University and National Chung Cheng University were added to the original National Tsing Hua University and National Central University grants. The scholarships open doors to the higher education for more students from low-income families. At the same time, the Foundation continues to work on the “Hope Reading Project” with CommonWealth Foundation. The cooperation with Junyi Academy, Teach for Taiwan Foundation (TFT) and BoYo Social Welfare Foundation works to eliminate the educational discrepancy between cities and rural areas through book donation, online courses and increased good teaching resources. Host Fine-Art Events, Promote a Beautiful and Good Society The Foundation is dedicated to promoting arts and culture and continues to host beautiful artistic and cultural events, create a stage for outstanding Taiwanese arts groups, and elevate the spiritual life of community residents. The Foundation cherishes the sophistication and beauty of traditional performing arts, thereby sponsoring the tour of Pai Hsien-yung’s new Kunqu Classic series, performing pieces such as The Story of Golden Lotus and The Jade Hairpin. The Foundation has even brought the traditional art form of Kunqu to the campuses, inviting 150 National Hsinchu Senior High School students and 300 college students in the greater Taichung area to the performance. In doing so, the traditional theater can reach out to more young students and a wider public. More people can begin to appreciate the beauty of traditional theater. The theme of 2019 TSMC Hsin-Chu Arts Festival, the annual high point of arts and cultural event in the Hsinchu community, is “Listening to the Muse.” For the exhibition, the Foundation organized an exquisite and special exhibition on the legacy of the three past poet masters: Yu Kwang-chung, Luo Fu and Chou Meng-tieh. In this exhibition, manuscripts and items bequeathed by the poets demonstrate the joy of poetic beauty to the public. In addition, the TSMC Hsin-Chu Arts Festival features 61 ﬁrst-class programs, such as a piano recital by the maestro Krystian Zimerman, a recital by Japanese virtuoso pianist Nobuyuki Tsujii, who is blind from birth, a tour of children’s plays tailored-made for children in rural area, GuoGuang Opera Company’ masterpiece, The Painting of 18 Lohans, a celebration for the company’s 20th anniversary. The TSMC Hsin-Chu Arts Festival opens the door for more than 42,000 people in the community to experience the arts. 7.4 TSMC Charity Foundation Since its establishment in 2017, the TMSC Charity Foundation has continually focused on extending the charitable programs and projects of its four main pillars of charity: disadvantaged care, solitary elderly care, ﬁlial piety promotion, and environmental protection. Under the leadership of its chairperson, Ms. Sophie Chang, the Foundation stands at the front lines, is attentive to social issues and events, and strives to close the wealth disparity in society through enhancement of educational energies in rural areas and provision of emergency assistance, thereby giving disadvantaged families and children from rural areas more opportunities to turn their lives around. The Foundation has also established a social welfare platform that gathers love from all corners of society, powers social revolution through charitable works, and works collaboratively to improve society. The TMSC Charity Foundation continued to expand its scope of service in a variety of charitable endeavors in 2019 and initiated many new projects related to social welfare including the following: • Disadvantaged Care: The Foundation focused on the two main care initiatives of “rural education” and “support for the disadvantaged,” provided all types of assistance (including volunteer services, building repairs, online educational materials, off-grade foods, and other resources) to educational institutions and children in rural areas, worked to ensure that disadvantaged groups had equal opportunities to obtain education, and continued to visit and provide ﬁnancial aid and daily supplies to high-risk disadvantaged families. In 2019, the Foundation supplied tablets and educational courses to 21 locations and organized 11 teacher empowerment training sessions to increase the energy of different educational institutions, hoping to enhance the way disadvantaged children are educated, improve the to donate off-grade foods to institutes who collaborated with the TSMC Charity Foundation in providing care for the disadvantaged, thus achieving its food waste reduction and environmental conservation goals. The Foundation has previously collaborated with food companies such as Chi Mei Frozen Food, Hunya Foods, Laurel Corporation, Lian Hwa Foods Corporation, Hsin Tung Yang Corporation, and Shih Chen Foods. TSMC’s ecology volunteers continued to provide ecology tours at the Hsinchu 12B fab plant, the Taichung 15 fab plant, the Tainan 14 fab plant, and the Tainan Jacana Ecology Education Park, while TSMC’s professional energy- saving volunteers assisted schools of all levels in conducting energy-saving assessments and improvements, with service locations covering Taipei, Hsinchu, Taichung, Tainan and Kaohsiung. 7.5 TSMC i-Charity Launched in 2014, the TSMC i-Charity platform is an internal interactive website that TSMC employees can use to propose care programs, share program results, provide responses and suggestions, and take advantage of timely online funding activities to give back to society. In 2019, charitable contributions surpassed NTD 20 million, and a total of 18,000 people participated in the “Junyi Academy”, “Teach for Taiwan”,” Music education development program for the Taoshan Primary School Choir”,,and ”Sending Love initiative for the St. Camillus Center for Intellectual Disability” programs. The TSMC i-Charity platform accumulated more than NTD 110 million in charitable donations from 2014 to 2019. TSMC will continue to fulﬁll its commitments to society and encourage its employees to care for and contribute to society in different ways. quality of the education they receive, and also provide resources such as building repairs and off-grade food. The Foundation’s “Sending Love” program continued to be active, and Foundation staff conducted on-site visits to identify disadvantaged cases in the most need of ﬁnancial support. The living conditions of these disadvantaged families were improved through charitable donations from both inside and outside TSMC. As of 2019, the Foundation has assisted a total of 128 families. • Solitary Elderly Care: The Foundation enhanced the health and welfare of elderly people living on their own by collaborating with its Networking of Love partners to connect social welfare groups and medical institutions providing care to lonely seniors. In 2019, the Foundation helped to launch new intelligent medical systems at the Chiu Lin Yuan senior daycare center and the Zhubei Nursing Home to enhance medical quality and efﬁcacy. Current Networking of Love partners include Taipei Veterans General Hospital, Miaoli General Hospital, Old Five Old Foundation, Feng Yuan Hospital, China Medical University Hospital, Lin Tseng Lien Welfare and Charity Foundation, Taiwan Puli Care Association, Sin-Lau Hospital, Tainan Hospital, Jianan Psychiatric Center, Mennonite Christian Hospital and the Mennonite Social Welfare Foundation, and Fooyin University. • Filial Piety Promotion: The Foundation promotes and spreads the Eastern cultural value of ﬁlial piety as part of its efforts to reduce social risks and problems arising from ageing societies by raising generational awareness of ﬁlial piety. In 2019, the Foundation’s ﬁliality volunteers continued to visit elementary schools and spread concepts relating to ﬁlial piety. The TSMC Charity Foundation participated in the hosting of six parent-child ﬁliality workshops, where parents and their children were brought closer together through interactive activities, which in turn helped to initiate cross-generational dialogue and embedded the spirit of ﬁlial piety in the hearts of participants. • Environmental Protection: The Foundation promoted environmental education and knowledge in order to nurture the abilities of its employees to predict, prevent, and adapt to climate change. The Foundation continued its “Cherish Food Program” in 2019 and worked with many food companies 130 131 7.6 Social Responsibility Implementation Status as Required by the Taiwan Financial Supervisory Commission Assessment Item Implementation Status Yes No Summary Non-implementation and Its Reason(s) Please refer to “7. Corporate Social Responsibility” on pages 113-133 of this annual report. None Please refer to “7. Corporate Social Responsibility” on pages 113-133 of this annual report. None Please refer to “7.2.1 Environmental Protection” on pages 119-123 of this annual report. None 1. Does the Company follow materiality principle to conduct risk assessment for environmental, social and corporate governance topics related to company operation, and establish risk management related policy or strategy? 2. Does the Company have a dedicated (or ad-hoc) CSR organization with Board of Directors authorization for senior management, which reports to the Board of Directors? 3. Environmental Topic (1) Has the Company set an environmental management system designed to industry characteristics? V V V (2) Is the Company committed to improving resource efﬁciency and to the use of renewable materials with low environmental impact? (3) Does the Company evaluate current and future climate change potential risks and opportunities and take measures related to climate related topics? (4) Does the Company collect data for greenhouse gas emissions, water usage and waste quantity in the past two years, and set energy conservation, greenhouse gas emissions reduction, water usage reduction and other waste management policies? 4. Social Topic V (1) Please refer to “5.5 Human Capital” on pages 82-87 of this Annual None (1) Does the Company set policies and procedures in compliance with regulations Report. and internationally recognized human rights principles? (2) Has the Company established appropriately managed employee welfare measures (include salary and compensation, leave and others), and link operational performance or achievements with employee salary and compensation? (2) Please refer to “5.5 Human Capital” on pages 82-87 of this Annual Report. (3) Please refer to “7.2.3 Safety and Health” on pages 125-128 of this Annual Report. (3) Does the Company provide employees with a safe and healthy working (4) Please refer to “5.5 Human Capital” on pages 82-87 of this Annual environment, with regular safety and health training? Report. (4) Has the Company established effective career development training plans? (5) Not applicable as TSMC is not an end product manufacturer. (5) Does the Company’s product and service comply with related regulations and international rules for customers’ health and safety, privacy, sales, labelling and set polices to protect consumers’ rights and consumer appeal procedures? (6) Does the Company set supplier management policy and request suppliers to comply with related standards on the topics of environmental, occupational safety and health or labor right, and their implementation status? (6) Please refer to “Supplier Management” on page 128 of this annual report. 5. Does the Company refer to international reporting rules or guidelines to publish CSR Report to disclose non-ﬁnancial information of the Company? Has the said Report acquire 3rd certiﬁcation party veriﬁcation or statement of assurance? V TSMC has published a “Corporate Social Responsibility Report” since 2008, and acquired 3rd certiﬁcation party veriﬁcation or statement of assurance, and discloses this on the Company’s website (https://www.tsmc.com/ english/csr/index.htm). None 6. If the company has established its corporate social responsibility code of practice according to “Listed Companies Corporate Social Responsibility Code of Practice,” please describe the operational status and differences. TSMC follows the Corporate Social Responsibility Policy set by the Chairman, Dr. Mark Liu. For corporate social responsibility operational status, please refer to “7. Corporate Social Responsibility” on pages 113- 133 of this annual report and corporate social responsibility related information in our website: https://www.tsmc.com/english/csr/index.htm 7. Other important information to facilitate better understanding of the company’s implementation of corporate social responsibility: Please refer to TSMC’s website for its corporate social responsibility implementation status: https://www.tsmc.com/english/csr/index.htm 132 133 Subsidiary Information and Other Special Notes 8.1 Subsidiaries 8.1.1 TSMC Subsidiaries Chart (Note 1) TSMC North America Shareholding: 100% TSMC Europe B.V. Shareholding: 100% TSMC Japan Limited Shareholding: 100% TSMC Korea Limited Shareholding: 100% TSMC Partners, Ltd. Shareholding: 100% TSMC Global Ltd. Shareholding: 100% TSMC China Company Limited Shareholding: 100% TSMC Nanjing Company Limited Shareholding: 100% VisEra Technologies Company Ltd. Shareholding: 87% VentureTech Alliance Fund II, L.P. Shareholding: 98% Taiwan Semiconductor Manufacturing Company Limited TSMC Development, Inc. Shareholding: 100% WaferTech, LLC Shareholding: 100% TSMC Technology, Inc. Shareholding: 100% TSMC Design Technology Canada Inc. Shareholding: 100% InveStar Semiconductor Development Fund, Inc. (Note 2) Shareholding: 97% InveStar Semiconductor Development Fund, Inc. (II) LDC. (Note 2) Shareholding: 97% VentureTech Alliance Fund III, L.P. Shareholding: 98% Growth Fund Limited Shareholding: 100% Note 1: TSMC SolarEurope GmbH has completed the liquidation procedures in March 2019. On January 10, 2020, TSMC Design Technology Japan, Inc., a 100% owned subsidiary of TSMC, was established. Note 2: The subsidiary is under liquidation procedures. 8 As of 12/31/2019 135 8.1.2 Business Scope of TSMC and Its Subsidiaries 8.1.4 Shareholders in Common of TSMC and Its Subsidiaries with Deemed Control and Subordination: None. TSMC and its subsidiaries strive to provide the best foundry services. Subsidiaries in North America, Europe, Japan, China and South Korea are dedicated to serving TSMC customers on a timely basis or providing wafer capacity for customers worldwide. Among the subsidiaries of TSMC, WaferTech in the United States and TSMC China provide additional 8-inch wafer capacity while TSMC Nanjing provides 12-inch wafer capacity. Other subsidiaries support the Company’s core foundry business with related services such as design service and investment in start-up companies involved in design, manufacturing, and other related businesses in the semiconductor industry. 8.1.3 TSMC Subsidiaries Unit: NT$ (USD, EUR, JPY, KRW, RMB, CAD) thousands As of 12/31/2019 Company (Note 1) Date of Incorporation Place of Registration Capital Stock Business Activities TSMC North America Jan. 18, 1988 San Jose, California, U.S. US$ 11,000 Selling and marketing of integrated circuits and semiconductor devices TSMC Europe B.V. TSMC Japan Limited TSMC Korea Limited Mar. 04, 1994 Amsterdam, The Netherlands EUR 100 Customer service and supporting activities Sep. 10, 1997 Yokohama, Japan May 02, 2006 Seoul, Korea JPY KRW RMB 300,000 Customer service and supporting activities 400,000 Customer service and supporting activities 4,502,080 Manufacturing, selling, testing, and computer-aided design of integrated circuits and other semiconductor devices TSMC China Company Limited Aug. 04, 2003 Shanghai, China TSMC Nanjing Company Limited May 16, 2016 Nanjing, China RMB 6,650,119 Manufacturing, selling, testing, and computer-aided design of integrated circuits and other semiconductor devices TSMC Technology, Inc. Feb. 20, 1996 Delaware, U.S. InveStar Semiconductor Development Fund, Inc. (Note 2) InveStar Semiconductor Development Fund, Inc. (II) LDC. (Note 2) Sep. 10, 1996 Cayman Islands Aug. 25, 2000 Cayman Islands TSMC Development, Inc. Feb. 16, 1996 Delaware, U.S. WaferTech, LLC Jun. 03, 1996 Delaware, U.S. TSMC Partners, Ltd. Mar. 26, 1998 British Virgin Islands TSMC Design Technology Canada Inc. May 28, 2007 Ontario, Canada TSMC Global Ltd. Jul. 13, 2006 British Virgin Islands VentureTech Alliance Fund II, L.P. Feb. 27, 2004 Cayman Islands VentureTech Alliance Fund III, L.P. Mar. 25, 2006 Cayman Islands Growth Fund Limited May 30, 2007 Cayman Islands VisEra Technologies Company Ltd. Dec. 01, 2003 Hsinchu, Taiwan US$ US$ US$ US$ US$ US$ CAD US$ US$ US$ US$ NT$ 0.001 Engineering support activities 489 Investing in new start-up technology companies 0 Investing in new start-up technology companies 0.001 Investing in companies involved in the manufacturing related business in the semiconductor industry 0 Manufacturing, selling, and testing of integrated circuits and other semiconductor devices 988,268 Investing in companies involved in the design, manufacture, and other related business in the semiconductor industry and other investment activities 2,434 Engineering support activities 11,284,000 Investment activities 3,487 Investing in new start-up technology companies 96,519 Investing in new start-up technology companies 2,504 Investing in new start-up technology companies 2,911,531 Engaged in manufacturing electronic spare parts and in researching, developing, designing, manufacturing, selling, packaging and testing of color ﬁlter Note 1: On January 10, 2020, TSMC Design Technology Japan, Inc. was established in Yokohama, Japan with capital stock of JPY 150,000 thousands. It is engaged in engineering support activities. Note 2: InveStar Semiconductor Development Fund, Inc. and InveStar Semiconductor Development Fund, Inc. (II) LDC. are under liquidation procedures. 8.1.5 Rosters of Directors, Supervisors, and Presidents of TSMC’s Subsidiaries Unit: NT$ (USD), except shareholding Company (Note 1) Title Name Shareholding As of 12/31/2019 Shares (Investment Amount) % (Investment Holding %) TSMC North America TSMC Europe B.V TSMC Japan Limited TSMC Korea Limited TSMC China Company Limited TSMC Nanjing Company Limited TSMC Technology, Inc. Director Director President Director Director President Director Director President Director Director Director Chairman Director Director Supervisor President Chairman Director Director Director Supervisor Supervisor President Chairman Director President Sylvia Fang Rick Cassidy David Keller Wendell Huang Maria Marced Maria Marced Sylvia Fang Makoto Onodera Makoto Onodera C.C. Pan Chih-Chun Tsai Wendell Huang F.C. Tseng J.K. Wang L.C. Tu Lora Ho L.C. Tu Lora Ho J.K. Wang Cliff Hou Roger Luo Wendell Huang Sylvia Fang Roger Luo Wendell Huang Cliff Hou Cliff Hou InveStar Semiconductor Development Fund, Inc. (Note 2) Director Wendell Huang InveStar Semiconductor Development Fund, Inc. (II) LDC (Note 2) Director Wendell Huang TSMC Development, Inc. WaferTech, LLC Chairman Director President Director Director President Wendell Huang Sylvia Fang Wendell Huang Y.L. Wang Wendell Huang Tsung-Chia Kuo - - - TSMC holds 11,000,000 shares - - - TSMC holds 200 shares - - - - TSMC holds 6,000 shares - - - TSMC holds 80,000 shares - - - - - (TSMC’s investment US$596,000,000) - - - - - - - (TSMC’s investment US$1,000,000,000) - - - TSMC Partners, Ltd. holds 10 shares - TSMC Partners, Ltd. holds 582,523 shares - TSMC Partners, Ltd. holds 9,298,625 shares - - - TSMC Partners, Ltd. holds 10 shares - - - TSMC Development, Inc. holds 293,636,833 shares - - - 100% - - - 100% - - - - 100% - - - 100% - - - - - (100%) - - - - - - - (100%) - - - 100% - 97.09% - 97.09% - - - 100% - - - 100% (Continued) 136 137 Company (Note 1) Title Name Shares (Investment Amount) % (Investment Holding %) 8.3 Special Notes Shareholding 8.2 Status of TSMC Common Shares and ADRs Acquired, Disposed of, and Held by Subsidiaries: None. TSMC Partners, Ltd. TSMC Design Technology Canada Inc. TSMC Global Ltd. VentureTech Alliance Fund II, L.P. VentureTech Alliance Fund III, L.P. Growth Fund Limited VisEra Technologies Company Ltd. Director Director President Director Director Director President Wendell Huang Sylvia Fang Wendell Huang Cliff Hou Cormac Michael O’Connell Sylvia Fang Cliff Hou Director Director Wendell Huang Sylvia Fang None None None Chairman Director Director Supervisor President None None None Robert Kuan C.S. Yoo George Liu Wendell Huang S.C. Hsin - - - TSMC holds 988,268,244 shares - - - - TSMC Partners, Ltd. holds 2,300,000 shares - - TSMC holds 11,284 shares (TSMC’s investment US$3,189,066) (TSMC’s investment US$94,589,012) (VentureTech Alliance Fund III, L.P.’s investment US$2,503,768) 54,600 shares - - - - TSMC holds 253,120,000 shares - - - 100% - - - - 100% - - 100% (98.00%) (98.00%) (100%) 0.02% - - - - 86.94% Note 1: On January 10, 2020, TSMC Design Technology Japan, Inc., a 100% owned subsidiary of TSMC, was established. Dr. Cliff Hou and Mr. Wendell Huang are the directors of TSMC Design Technology Japan, Inc. Note 2: InveStar Semiconductor Development Fund, Inc. and InveStar Semiconductor Development Fund, Inc. (II) LDC. are under liquidation procedures. 8.1.6 Operational Highlights of TSMC Subsidiaries Unit: NT$ thousands, except EPS (NT$) Company Capital Stock Assets Liabilities Net Worth Net Revenues as of 12/31/2019 Income (Loss) from Operation Net Income (Loss) Basic Earnings (Loss) Per Share 8.3.1 Private Placement Securities in 2019 and as of the Date of this Annual Report: None. 8.3.2 The Listing of Penalties, Major Deﬁcits, and State of Any Efforts to Make Improvements, Arising from Any Legal Penalties Imposed by Regulatory Authorities on the Company or Its Employees, or any Company Punishment toward Employees for Violating Internal Control Rules, Where Such Penalties or Punishments May Have Material Impacts on Shareholders’ Interests or Securities Prices, in 2019 and as of the Date of this Annual Report: None. 8.3.3 Any Events in 2019 and as of the Date of this Annual Report that Had Material Impacts on Shareholders’ Interests or Securities Prices as Stated in Item 3 Paragraph 2 of Article 36 of Securities and Exchange Law of Taiwan: None. 8.3.4 Other Necessary Supplement: None. TSMC North America TSMC Europe B.V. TSMC Japan Limited TSMC Korea Limited TSMC Partners, Ltd. TSMC Global Ltd. WaferTech, LLC 329,868 93,975,628 89,405,802 4,569,825 642,456,504 267,363 416,366 37.85 761,257 298,777 3,365 82,530 10,400 211,952 45,163 462,479 142,620 40,727 495,777 231,708 20,050 53,410 37,621 188,106.27 9,358 1,847 3,254 2,196 542.33 27.45 29,567,197 1,470,591 1,470,305 1,338,673 133,867,259.80 53,455,518 2,215,060 2,208,823 2,202,709 2.23 69,332 4,435 0 0 29,636,188 53,455,518 338,384,592 404,432,559 6,695,289 397,737,270 12,300,693 11,592,365 11,592,187 1,027,311.89 0 5,332,211 618,940 4,713,271 6,841,533 1,003,240 843,483 TSMC Development, Inc. 0.03 29,567,197 TSMC China Company Limited 19,380,554 60,103,992 2,745,525 57,358,467 16,218,476 3,255,953 4,037,216 TSMC Nanjing Company Limited 28,627,434 49,441,326 28,032,476 21,408,850 18,312,861 1,340,599 1,289,672 VisEra Technologies Company Ltd. 2,911,531 6,322,477 1,137,005 5,185,472 3,395,724 TSMC Technology, Inc. 0.03 1,316,214 645,676 670,538 2,444,373 TSMC Design Technology Canada Inc. 55,979 276,637 37,495 239,141 323,548 InveStar Semiconductor Development Fund, Inc. InveStar Semiconductor Development Fund, Inc. (II) LDC. VentureTech Alliance Fund II, L.P. VentureTech Alliance Fund III, L.P. Growth Fund Limited 14,663 0 104,577 2,894,424 75,083 0 0 70,253 212,437 124,648 0 0 0 0 0 0 0 70,253 212,437 124,648 0 0 2,205 5,015 0 718,693 116,339 29,413 10 0 (2,899) 1,191 (1,351) 2.87 NA NA 2.11 613,841 100,661 10,066,067.10 30,494 10 0 (3,409) 1,191 (1,351) 13.26 0.02 0.00 NA NA NA 138 139 Contact Information Taiwan Corporate Headquarters & Fab 12A 8, Li-Hsin Rd. 6, Hsinchu Science Park, Hsinchu 30078, Taiwan, R.O.C. Tel: +886-3-5636688 Fax: +886-3-5637000 Fab 15A 1, Keya Rd. 6, Central Taiwan Science Park, Taichung 42882, Taiwan, R.O.C. Tel: +886-4-27026688 Fax: +886-4-25607548 R&D Center & Fab 12B 168, Park Ave. 2, Hsinchu Science Park, Hsinchu 30075, Taiwan, R.O.C. Tel: +886-3-5636688 Fax: +886-3-6687827 Fab 15B 1, Xinke Rd., Central Taiwan Science Park, Taichung 40763, Taiwan, R.O.C. Tel: +886-4-27026688 Fax: +886-4-24630372 Fab 2, Fab 5 121, Park Ave. 3, Hsinchu Science Park, Hsinchu 30077, Taiwan, R.O.C. Tel: +886-3-5636688 Fax: +886-3-5781546 Fab 18 8, Beiyuan Rd. 2, Tainan Science Park, Tainan 74543, Taiwan, R.O.C. Tel: +886-6-5056688 Fax: +886-6-5050363 Fab 3 9, Creation Rd. 1, Hsinchu Science Park, Hsinchu 30077, Taiwan, R.O.C. Tel: +886-3-5636688 Fax: +886-3-5781548 Advanced Backend Fab 1 6, Creation Rd. 2, Hsinchu Science Park, Hsinchu 30077, Taiwan, R.O.C. Tel: +886-3-5636688 Fax: +886-3-5773628 Fab 6 1, Nan-Ke North Rd., Tainan Science Park, Tainan 74144, Taiwan, R.O.C. Tel: +886-6-5056688 Fax: +886-6-5052057 Advanced Backend Fab 2 1-1, Nan-Ke North Rd., Tainan Science Park, Tainan 74144, Taiwan, R.O.C. Tel: +886-6-5056688 Fax: +886-6-5051262 Fab 8 25, Li-Hsin Rd., Hsinchu Science Park, Hsinchu 30078, Taiwan, R.O.C. Tel: +886-3-5636688 Fax: +886-3-5662051 Advanced Backend Fab 3 101, Longyuan 6th Rd., Longtan Dist., Taoyuan City 32542, Taiwan R.O.C. Tel: +886-3-5636688 Fax: +886-3-4804250 Fab 14A 1-1, Nan-Ke North Rd., Tainan Science Park, Tainan 74144, Taiwan, R.O.C. Tel: +886-6-5056688 Fax: +886-6-5051262 Advanced Backend Fab 5 5, Keya W. Rd., Central Taiwan Science Park, Taichung 42882, Taiwan, R.O.C. Tel: +886-4-27026688 Fax: +886-4-25609631 Fab 14B 17, Nan-Ke 9th Rd., Tainan Science Park, Tainan 74144, Taiwan, R.O.C. Tel: +886-6-5056688 Fax: +886-6-5055217 VisEra Technologies Company Limited 12, Dusing Rd. 1, Hsinchu Science Park, Hsinchu City 30078, Taiwan R.O.C. Tel: +886-3-6668788 Fax: +886-3-6662858 Asia Europe / North America TSMC China Company Limited 4000, Wen Xiang Road, Songjiang, Shanghai, China Postcode: 201616 Tel: +86-21-57768000 Fax: +86-21-57762525 TSMC Design Technology Japan, Inc. 10F, Minatomirai Grand Central Tower, 4-6-2, Minatomirai, Nishi-ku, Yokohama, Kanagawa 220-0012, Japan Tel: +81-45-6820470 Fax: +81-45-6820673 TSMC Nanjing Company Limited 16, Zifeng Road, Pukou Economic Development Zone, Nanjing Jiangsu Province, China Postcode: 211806 Tel: +86-25-57668000 Fax: +86-25-57712395 TSMC Japan Limited 21F, Queen’s Tower C, 2-3-5, Minatomirai, Nishi-ku Yokohama, Kanagawa, 220-6221, Japan Tel: +81-45-6820470 Fax: +81-45-6820673 TSMC Korea Limited 15F, AnnJay Tower, 208, Teheran-ro, Gangnam-gu Seoul 06220, Korea Tel: +82-2-20511688 TSMC Europe B.V. World Trade Center, Zuidplein 60, 1077 XV Amsterdam, The Netherlands Tel: +31-20-3059900 TSMC Design Technology Canada Inc. 535 Legget Dr., Suite 600, Kanata, ON K2K 3B8, Canada Tel: +613-576-1990 Fax: +613-576-1999 TSMC North America 2851 Junction Avenue, San Jose, CA 95134, U.S.A. Tel: +1-408-3828000 Fax: +1-408-3828008 TSMC Technology, Inc 2851 Junction Avenue, San Jose, CA 95134, U.S.A Tel: +1-408-3828000 WaferTech L.L.C. 5509 N.W. Parker Street, Camas, WA 98607-9299 U.S.A. Tel: +1-360-8173000 Fax: +1-360-8173590 TSMC Spokesperson Name: Wendell Huang Title: Vice President & CFO Tel: +886-3-5636688 Fax: +886-3-5637000 Email: press@tsmc.com TSMC Deputy Spokesperson Name: Nina Kao Title: Head of PR Department Tel: +886-3-5636688 Fax: +886-3-5637000 Email: press@tsmc.com Auditors Company: Deloitte & Touche Auditors: Mei-Yen Chiang, Yu-Feng Huang Address: 20F, No. 100, Songren Rd., Xinyi Dist.,Taipei 11073, Taiwan, R.O.C. Tel: +886-2-27259988 Fax: +886-2-40516888 Website: http://www.deloitte.com.tw Common Share Transfer Agent and Registrar Company: The Transfer Agency Department of CTBC Bank Address: 5F, 83, Sec. 1, Chung-Ching S. Rd., Taipei 100004, Taiwan, R.O.C. Tel: +886-2-66365566 Fax: +886-2-23116723 Website: http://www.ctbcbank.com ADR Depositary Bank Company: Citibank, N.A. Depositary Receipts Services Address: 388 Greenwich Street, New York, NY 10013, U.S.A. Website: http://www.citi.com/dr Tel: +1-877-2484237 (toll free) Tel: +1-781-5754555 (out of US) Fax: +1-201-3243284 E-mail: citibank@shareholders-online.com TSMC’s depositary receipts of the common shares are listed on New York Stock Exchange (NYSE) under the symbol TSM. The information relating to TSM is available at http://www.nyse.com and http://mops.twse.com.tw “TSMC”, “tsmc”, “Open Innovation Platform”, “Open Innovation”, “GIGAFAB”, “CoWoS” and “TSMC-SoIC” are some of our registered and/or pending trademarks used by us in various jurisdictions, including Taiwan. All rights reserved. Copyright © 2019 by Taiwan Semiconductor Manufacturing Company, Ltd. All rights reserved. TSE: 2330 NYSE: TSM TSMC Annual Report 2019 (II) Financial Statements Taiwan Stock Exchange Market Observation Post System: http://mops.twse.com.tw TSMC annual report is available at https://www.tsmc.com/english/investorRelations/annual_reports.htm Printed on March 12, 2020 Contents Consolidated Financial Statements for the Years Ended December 31, 2019 and 2018 and Independent Auditors’ Report Parent Company Only Financial Statements for the Years Ended December 31, 2019 and 2018 and Independent Auditors’ Report 1 105 Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries Consolidated Financial Statements for the Years Ended December 31, 2019 and 2018 and Independent Auditors’ Report - 1 - - 2 - REPRESENTATION LETTER The entities that are required to be included in the combined financial statements of Taiwan Semiconductor Manufacturing Company Limited as of and for the year ended December 31, 2019, under the Criteria Governing the Preparation of Affiliation Reports, Consolidated Business Reports and Consolidated Financial Statements of Affiliated Enterprises are the same as those included in the consolidated financial statements prepared in conformity with the International Financial Reporting Standard 10, “Consolidated Financial Statements.” In addition, the information required to be disclosed in the combined financial statements is included in the consolidated financial statements. Consequently, Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries do not prepare a separate set of combined financial statements. Very truly yours, TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED By MARK LIU Chairman February 11, 2020 - 3 - - 4 - - 5 - - 6 - - 7 - Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries CONSOLIDATED BALANCE SHEETS (In Thousands of New Taiwan Dollars) ASSETS CURRENT ASSETS Cash and cash equivalents (Note 6) Financial assets at fair value through profit or loss (Note 7) Financial assets at fair value through other comprehensive income (Note 8) Financial assets at amortized cost (Note 9) Hedging financial assets (Note 10) Notes and accounts receivable, net (Note 11) Receivables from related parties (Note 33) Other receivables from related parties (Note 33) Inventories (Notes 5 and 12) Other financial assets (Note 34) Other current assets Total current assets NONCURRENT ASSETS Financial assets at fair value through other comprehensive income (Note 8) Financial assets at amortized cost (Note 9) Investments accounted for using equity method (Note 13) Property, plant and equipment (Notes 5 and 14) Right-of-use assets (Notes 5 and 15) Intangible assets (Notes 5 and 16) Deferred income tax assets (Notes 5 and 27) Refundable deposits Other noncurrent assets Total noncurrent assets TOTAL LIABILITIES AND EQUITY CURRENT LIABILITIES Short-term loans (Notes 17 and 30) Financial liabilities at fair value through profit or loss (Note 7) Hedging financial liabilities (Note 10) Accounts payable Payables to related parties (Note 33) Salary and bonus payable Accrued profit sharing bonus to employees and compensation to directors and supervisors (Note 29) Payables to contractors and equipment suppliers Cash dividends payable (Note 21) Income tax payable (Notes 5 and 27) Long-term liabilities - current portion (Notes 18 and 30) Accrued expenses and other current liabilities (Notes 5, 15, 20, 22 and 30) Total current liabilities NONCURRENT LIABILITIES Bonds payable (Notes 18 and 30) Deferred income tax liabilities (Notes 5 and 27) Lease liabilities (Notes 5, 15 and 30) Net defined benefit liability (Note 19) Guarantee deposits (Notes 20 and 30) Others Total noncurrent liabilities Total liabilities EQUITY ATTRIBUTABLE TO SHAREHOLDERS OF THE PARENT Capital stock (Note 21) Capital surplus (Note 21) Retained earnings (Note 21) Appropriated as legal capital reserve Appropriated as special capital reserve Unappropriated earnings Others (Note 21) December 31, 2019 Amount % December 31, 2018 Amount % $ 455,399,336 326,839 127,396,577 299,884 25,884 138,908,589 862,070 51,653 82,981,196 11,041,091 5,320,795 20 - 6 - - 6 - - 4 - - $ 577,814,601 3,504,590 99,561,740 14,277,615 23,497 128,613,391 584,412 65,028 103,230,976 18,597,448 5,406,423 28 - 5 1 - 6 - - 5 1 - 822,613,914 36 951,679,721 46 4,124,337 7,348,914 18,698,788 1,352,377,405 17,232,402 20,653,028 17,928,358 2,084,968 1,742,918 - - 1 60 1 1 1 - - 3,910,681 7,528,277 17,865,838 1,072,050,279 - 17,002,137 16,806,387 1,700,071 1,584,647 - - 1 51 - 1 1 - - 1,442,191,118 64 1,138,448,317 54 $ 2,264,805,032 100 $ 2,090,128,038 100 $ 118,522,290 982,349 1,798 38,771,066 1,434,900 16,272,353 23,648,903 140,810,703 129,651,902 32,466,156 31,800,000 56,373,281 $ 5 - - 2 - 1 1 6 6 1 1 3 88,754,640 40,825 155,832 32,980,933 1,376,499 14,471,372 23,981,154 43,133,659 - 38,987,053 34,900,000 61,760,619 4 - - 2 - 1 1 2 - 2 2 3 590,735,701 26 340,542,586 17 25,100,000 344,393 15,041,833 9,182,496 176,904 2,128,279 51,973,905 1 - 1 - - - 2 56,900,000 233,284 - 9,651,405 3,353,378 1,950,989 72,089,056 3 - - - - - 3 642,709,606 28 412,631,642 20 259,303,805 56,339,709 11 3 259,303,805 56,315,932 12 3 311,146,899 10,675,106 1,011,512,974 1,333,334,979 14 - 45 59 276,033,811 26,907,527 1,073,706,503 1,376,647,841 (27,568,369) (1) (15,449,913) 13 1 52 66 (1) Equity attributable to shareholders of the parent 1,621,410,124 72 1,676,817,665 80 NON - CONTROLLING INTERESTS Total equity TOTAL 685,302 - 678,731 - 1,622,095,426 72 1,677,496,396 80 $ 2,264,805,032 100 $ 2,090,128,038 100 The accompanying notes are an integral part of the consolidated financial statements. - 8 - Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In Thousands of New Taiwan Dollars, Except Earnings Per Share) 2019 2018 Amount % Amount % NET REVENUE (Notes 5, 22, 33 and 39) $1,069,985,448 100 $1,031,473,557 100 COST OF REVENUE (Notes 5, 12, 29, 33 and 37) 577,286,947 54 533,487,516 52 GROSS PROFIT BEFORE REALIZED (UNREALIZED) GROSS PROFIT ON SALES TO ASSOCIATES REALIZED (UNREALIZED) GROSS PROFIT ON SALES TO ASSOCIATES 492,698,501 46 497,986,041 48 3,395 - (111,788) - GROSS PROFIT 492,701,896 46 497,874,253 48 OPERATING EXPENSES (Notes 5, 29 and 33) Research and development General and administrative Marketing 91,418,746 21,737,210 6,348,626 8 2 1 85,895,569 20,265,883 5,987,828 8 2 1 Total operating expenses 119,504,582 11 112,149,280 11 OTHER OPERATING INCOME AND EXPENSES, NET (Notes 14, 15, 23 and 29) (496,224) - (2,101,449) - INCOME FROM OPERATIONS (Note 39) 372,701,090 35 383,623,524 37 NON-OPERATING INCOME AND EXPENSES Share of profits of associates Other income (Note 24) Foreign exchange gain, net (Note 36) Finance costs (Note 25) Other gains and losses, net (Note 26) 2,844,222 16,606,669 2,095,217 (3,250,847) (1,151,015) Total non-operating income and expenses 17,144,246 - 1 - - - 1 3,057,781 14,852,814 2,438,171 (3,051,223) (3,410,804) 13,886,739 - 2 - - - 2 INCOME BEFORE INCOME TAX 389,845,336 36 397,510,263 39 INCOME TAX EXPENSE (Notes 5 and 27) 44,501,527 4 46,325,857 5 NET INCOME 345,343,809 32 351,184,406 34 (Continued) - 9 - Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In Thousands of New Taiwan Dollars, Except Earnings Per Share) OTHER COMPREHENSIVE INCOME (LOSS) (Notes 5, 19, 21 and 27) Items that will not be reclassified subsequently to profit or loss: Remeasurement of defined benefit obligation Unrealized gain/(loss) on investments in equity instruments at fair value through other comprehensive income Gain (loss) on hedging instruments Share of other comprehensive loss of associates Income tax benefit (expense) related to items that will not be reclassified subsequently Items that may be reclassified subsequently to profit or loss: Exchange differences arising on translation of foreign operations Unrealized gain/(loss) on investments in debt instruments at fair value through other comprehensive income Share of other comprehensive income (loss) of associates 2019 2018 Amount % Amount % $ 253,895 - $ (861,162) - 334,327 (109,592) (18,271) (20,992) 439,367 - - - - - (3,309,089) 40,975 (14,217) 195,729 (3,947,764) - - - - - (14,689,107) (1) 14,562,386 1 2,566,373 - (870,906) (140,195) (12,262,929) - (1) 93,260 13,784,740 - - 1 Other comprehensive income (loss) for the year, net of income tax (11,823,562) (1) 9,836,976 1 TOTAL COMPREHENSIVE INCOME FOR THE YEAR $ 333,520,247 31 $ 361,021,382 35 NET INCOME ATTRIBUTABLE TO: Shareholders of the parent Non-controlling interests TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO: Shareholders of the parent Non-controlling interests $ 345,263,668 32 - 80,141 $ 351,130,884 34 - 53,522 $ 345,343,809 32 $ 351,184,406 34 $ 333,440,460 31 - 79,787 $ 360,965,015 35 - 56,367 $ 333,520,247 31 $ 361,021,382 35 (Continued) - 10 - Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In Thousands of New Taiwan Dollars, Except Earnings Per Share) 2019 Income Attributable to Shareholders of the Parent 2018 Income Attributable to Shareholders of the Parent EARNINGS PER SHARE (NT$, Note 28) Basic earnings per share Diluted earnings per share $ $ 13.32 13.32 $ $ 13.54 13.54 The accompanying notes are an integral part of the consolidated financial statements. 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n o n n i e s a e r c e D s r e d l o h e r a h s m o r f n o i t a n o D 8 1 0 2 , 1 Y R A U N A J , E C N A L A B s r e d l o h e r a h s o t s d n e d i v i d h s a C l a t o T s g n i n r a e f o s n o i t a i r p o r p p A e v r e s e r l a t i p a c l a i c e p S e v r e s e r l a t i p a c l a g e L 8 1 0 2 n i e m o c n i t e N , 6 2 4 5 9 0 2 2 6 1 $ , , 2 0 3 5 8 6 , $ , 4 2 1 0 1 4 1 2 6 1 $ , , , ) 9 6 3 8 6 5 7 2 ( , - 2 1 - $ ) 0 9 1 ( $ ) 0 2 8 3 ( , $ ) 9 5 9 2 9 6 ( , $ ) 0 0 4 , 1 7 8 , 6 2 ( $ 9 7 9 , 4 3 3 , 3 3 3 , 1 $ 4 7 9 , 2 1 5 , 1 1 0 , 1 $ 6 0 1 , 5 7 6 , 0 1 $ 9 9 8 , 6 4 1 , 1 1 3 $ 9 0 7 , 9 3 3 , 6 5 $ 5 0 8 , 3 0 3 , 9 5 2 $ 0 8 3 , 0 3 9 , 5 2 9 1 0 2 , 1 3 R E B M E C E D , E C N A L A B . s t n e m e t a t s l a i c n a n i f d e t a d i l o s n o c e h t f o t r a p l a r g e t n i n a e r a s e t o n g n i y n a p m o c c a e h T - - , 5 6 6 7 1 8 6 7 6 1 , , , ) 7 0 7 5 5 9 8 8 3 ( , , ) 7 0 7 5 5 9 8 8 3 ( , , 8 6 6 3 6 2 5 4 3 , - - - - - , ) 3 1 9 9 4 4 5 1 ( , , ) 8 0 2 3 2 8 1 1 ( , , ) 7 6 2 0 4 0 2 1 ( , , 0 6 4 0 4 4 3 3 3 , , ) 7 6 2 0 4 0 2 1 ( , - 6 7 2 2 8 , 7 6 0 1 2 , - 0 7 3 3 9 9 3 , - - - ) 8 1 1 2 6 1 ( , 6 7 2 2 8 , 3 5 6 1 , ) 3 4 8 1 ( , 1 0 6 3 2 , - - - - - - - - - - - - 3 5 6 1 , - - - - - ) 7 9 6 9 0 1 ( , ) 7 9 6 9 0 1 ( , - 6 7 2 2 8 , - - - - , ) 4 2 3 9 2 4 3 ( , ) 7 4 3 , 2 4 0 , 2 1 ( 1 4 8 , 7 4 6 , 6 7 3 , 1 3 0 5 , 6 0 7 , 3 7 0 , 1 7 2 5 , 7 0 9 , 6 2 1 1 8 , 3 3 0 , 6 7 2 2 3 9 , 5 1 3 , 6 5 5 0 8 , 3 0 3 , 9 5 2 0 8 3 , 0 3 9 , 5 2 8 1 0 2 , 1 3 R E B M E C E D , E C N A L A B - - - - - ) 8 1 1 2 6 1 ( , - - - - - - - - - - - - - - - - 8 1 1 , 2 6 1 8 1 1 , 2 6 1 , 3 8 4 8 9 8 2 , , 3 8 4 8 9 8 2 , ) 3 5 0 , 9 2 8 , 4 1 ( 9 5 0 , 7 1 2 9 5 0 , 7 1 2 ) 3 5 0 , 9 2 8 , 4 1 ( 7 2 7 , 0 8 4 , 5 4 3 7 2 7 , 0 8 4 , 5 4 3 - - - - - - - - - - - - - - - - - - - - - - - - - - - - 8 6 6 , 3 6 2 , 5 4 3 8 6 6 , 3 6 2 , 5 4 3 - - ) 7 0 7 , 5 5 9 , 8 8 3 ( ) 7 0 7 , 5 5 9 , 8 8 3 ( ) 8 8 0 , 3 1 1 , 5 3 ( 1 2 4 , 2 3 2 , 6 1 ) 7 0 7 , 5 5 9 , 8 8 3 ( ) 4 7 3 , 6 3 8 , 7 0 4 ( - - ) 1 2 4 , 2 3 2 , 6 1 ( - - 8 8 0 , 3 1 1 , 5 3 ) 1 2 4 , 2 3 2 , 6 1 ( 8 8 0 , 3 1 1 , 5 3 - - - - - - - - - 4 1 4 , 9 1 - 0 7 3 3 9 9 , 3 - - - - - - - - - - - - - - - - - - - - - - - - - - h g u o r h t e u l a v r i a f t a s t n e m u r t s n i y t i u q e n i s t n e m t s e v n i f o l a s o p s i D e m o c n i e v i s n e h e r p m o c r e h t o x a t e m o c n i f o t e n , 9 1 0 2 n i ) s s o l ( e m o c n i e v i s n e h e r p m o c r e h t O 9 1 0 2 n i ) s s o l ( e m o c n i e v i s n e h e r p m o c l a t o T s e t a i c o s s a f o s e i t i u q e n i s e g n a h c f o e r a h s o t s t n e m t s u j d A s t n e m u r t s n i g n i g d e h n o n i a g r o f t n e m t s u j d a s i s a B s e i r a i d i s b u s f o s e i t i u q e n i s e g n a h c f o e r a h s m o r F s t s e r e t n i g n i l l o r t n o c - n o n n i e s a e r c e D s r e d l o h e r a h s m o r f n o i t a n o D s r e d l o h e r a h s o t s d n e d i v i d h s a C s g n i n r a e f o s n o i t a i r p o r p p A e v r e s e r l a t i p a c l a i c e p S e v r e s e r l a t i p a c l a g e L l a t o T 9 1 0 2 n i e m o c n i t e N Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries CONSOLIDATED STATEMENTS OF CASH FLOWS (In Thousands of New Taiwan Dollars) CASH FLOWS FROM OPERATING ACTIVITIES Income before income tax Adjustments for: Depreciation expense Amortization expense Expected credit losses recognized (reversal) on investments in debt $ 389,845,336 $ 397,510,263 281,411,832 5,472,409 288,124,897 4,421,405 2019 2018 instruments Finance costs Share of profits of associates Interest income Share-based compensation Loss on disposal or retirement of property, plant and equipment, net Loss (gain) on disposal of intangible assets, net Impairment loss (reversal of impairment loss) on property, plant and equipment Loss on financial instruments at fair value through profit or loss, net Loss (gain) on disposal of investments in debt instruments at fair value through other comprehensive income, net Loss from disposal of subsidiaries Unrealized (realized) gross profit on sales to associates Loss (gain) on foreign exchange, net Dividend income Loss (gain) arising from fair value hedges, net Gain on lease modification Changes in operating assets and liabilities: Financial instruments at fair value through profit or loss Notes and accounts receivable, net Receivables from related parties Other receivables from related parties Inventories Other financial assets Other current assets Other noncurrent assets Accounts payable Payables to related parties Salary and bonus payable Accrued profit sharing bonus to employees and compensation to directors and supervisors Accrued expenses and other current liabilities Net defined benefit liability Cash generated from operations Income taxes paid Net cash generated by operating activities - 13 - 1,714 3,250,847 (2,844,222) (16,189,374) 2,818 949,965 2,377 (2,383) 3,051,223 (3,057,781) (14,694,456) - 1,005,644 (436) (301,384) 955,723 423,468 358,156 (537,835) 4,598 (3,395) (5,228,218) (417,295) (13,091) (2,075) 989,138 - 111,788 2,916,659 (158,358) 2,386 - 848,750 (18,119,552) (277,658) 13,375 20,249,780 3,383,500 (76,263) - 5,860,068 58,401 1,800,981 480,109 (13,271,268) 599,712 106,030 (29,369,975) (4,601,295) (513,051) 152,555 4,540,583 (279,857) 216,501 (332,251) (2,372,032) (215,014) 562,019 (20,226,384) (60,461) 619,336,831 (45,382,523) 667,182,815 (52,044,071) 615,138,744 573,954,308 (Continued) Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries CONSOLIDATED STATEMENTS OF CASH FLOWS (In Thousands of New Taiwan Dollars) 2019 2018 CASH FLOWS FROM INVESTING ACTIVITIES Acquisitions of: Financial instruments at fair value through profit or loss Financial assets at fair value through other comprehensive income Financial assets at amortized cost Property, plant and equipment Intangible assets Proceeds from disposal or redemption of: Financial instruments at fair value through profit or loss - debt instruments Financial assets at fair value through other comprehensive income Financial assets at amortized cost Property, plant and equipment Intangible assets Proceeds from return of capital of investments in equity instruments at fair value through other comprehensive income Derecognition of hedging financial instruments Interest received Proceeds from government grants - property, plant and equipment Proceeds from government grants - land use right and others Other dividends received Dividends received from investments accounted for using equity method Refundable deposits paid Refundable deposits refunded (124,748) $ $ (257,558,240) (313,958) (310,478) (96,412,786) (2,294,098) (460,422,150) (315,581,881) (7,100,306) (9,329,869) 2,418,153 230,444,486 14,349,190 287,318 - 1,107 (436,606) 16,874,985 2,565,338 850,623 320,242 487,216 86,639,322 2,032,442 181,450 492 127,878 250,538 14,660,388 - - 158,358 1,718,954 (1,465,766) 1,019,294 3,262,910 (2,227,541) 1,857,188 Net cash used in investing activities (458,801,647) (314,268,908) 31,804,302 (34,900,000) (2,930,589) (3,597,145) 62,203 (701,269) 23,922,975 (58,024,900) - (3,233,331) 1,668,887 (1,948,106) (259,303,805) (207,443,044) 10,141 (77,413) 4,006 (75,869) (269,638,166) (245,124,791) (Continued) CASH FLOWS FROM FINANCING ACTIVITIES Increase in short-term loans Repayment of bonds Repayment of the principal portion of lease liabilities Interest paid Guarantee deposits received Guarantee deposits refunded Cash dividends Donation from shareholders Decrease in non-controlling interests Net cash used in financing activities - 14 - Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries CONSOLIDATED STATEMENTS OF CASH FLOWS (In Thousands of New Taiwan Dollars) 2019 2018 EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS $ (9,114,196) $ 9,862,296 NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (122,415,265) 24,422,905 CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 577,814,601 553,391,696 CASH AND CASH EQUIVALENTS, END OF YEAR $ 455,399,336 $ 577,814,601 The accompanying notes are an integral part of the consolidated financial statements. (Concluded) - 15 - Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2019 AND 2018 (Amounts in Thousands of New Taiwan Dollars, Unless Specified Otherwise) 1. GENERAL Taiwan Semiconductor Manufacturing Company Limited (TSMC), a Republic of China (R.O.C.) corporation, was incorporated on February 21, 1987. TSMC is a dedicated foundry in the semiconductor industry which engages mainly in the manufacturing, selling, packaging, testing and computer-aided design of integrated circuits and other semiconductor devices and the manufacturing of masks. On September 5, 1994, TSMC’s shares were listed on the Taiwan Stock Exchange (TWSE). On October 8, 1997, TSMC 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. The principal operating activities of TSMC’s subsidiaries are described in Note 4. 2. THE AUTHORIZATION OF FINANCIAL STATEMENTS The accompanying consolidated financial statements were approved and authorized for issue by the Board of Directors on February 11, 2020. 3. APPLICATION OF NEW AND REVISED INTERNATIONAL FINANCIAL REPORTING STANDARDS a. Initial application of the amendments to the Regulations Governing the Preparation of Financial Reports by Securities Issuers and the International Financial Reporting Standards (IFRS), International Accounting Standards (IAS), IFRIC Interpretations (IFRIC), and SIC Interpretations (SIC) (collectively, “IFRSs”) endorsed and issued into effect by the Financial Supervisory Commission (FSC) Except for the following, the initial application of the amendments to the Regulations Governing the Preparation of Financial Reports by Securities Issuers and the IFRSs endorsed and issued into effect by the FSC did not have a significant effect on TSMC and its subsidiaries’ (collectively as the “Company”) accounting policies: 1) IFRS 16 “Leases” IFRS 16 sets out the accounting standards for leases that supersedes IAS 17 “Leases”, IFRIC 4 “Determining whether an Arrangement contains a Lease”, and a number of related interpretations. Refer to Note 4 for information relating to the relevant accounting policies. Definition of a lease The Company applies the guidance of IFRS 16 in determining whether contracts are, or contain, a lease only to contracts entered into (or changed) on or after January 1, 2019. Contracts identified as containing a lease under IAS 17 and IFRIC 4 are not reassessed and are accounted for in accordance with the transitional provisions under IFRS 16. - 16 - The Company as lessee Except for payments for short-term leases which are recognized as expenses on a straight-line basis, the Company recognizes right-of-use assets and lease liabilities for all leases on the consolidated balance sheets. On the consolidated statements of comprehensive income, the Company presents the depreciation expense charged on right-of-use assets separately from the interest expense accrued on lease liabilities, which is computed using the effective interest method. On the consolidated statements of cash flows, cash payments for both the principal portion and the interest portion of lease liabilities are classified within financing activities. The Company applies IFRS 16 retrospectively with the cumulative effect of the initial application recognized at the date of initial application but does not restate comparative information. Leases agreements classified as operating leases under IAS 17, except for short-term leases, are measured at the present value of the remaining lease payments, discounted using the lessee’s incremental borrowing rate on January 1, 2019. Right-of-use assets are measured at an amount equal to the lease liabilities, adjusted by the amount of any prepaid or accrued lease payments. Right-of-use assets are subject to impairment testing under IAS 36. The Company applied the following practical expedients to measure right-of-use assets and lease liabilities on January 1, 2019: a) The Company applied a single discount rate to a portfolio of leases with reasonably similar characteristics to measure lease liabilities. b) The Company accounted for those leases for which the lease term ends on or before December 31, 2019 as short-term leases. c) Except for lease payments, the Company excluded incremental costs of obtaining the lease from right-of-use assets on January 1, 2019. d) The Company determined lease terms (e.g. lease periods) based on the projected status on January 1, 2019, to measure lease liabilities. The weighted average lessee’s incremental borrowing rate used by the Company to calculate lease liabilities recognized on January 1, 2019 is 1.46%. The reconciliation between the lease liabilities recognized and the future minimum lease payments of non-cancellable operating lease on December 31, 2018 is presented as follows: The future minimum lease payments of non-cancellable operating lease on December 31, 2018 Less: Recognition exemption for short-term leases Undiscounted gross amounts on January 1, 2019 Discounted using the incremental borrowing rate on January 1, 2019 Add: Adjustments as a result of a different treatment of extension and purchase options Lease liabilities recognized on January 1, 2019 $ 20,849,585 (3,189,821) $ 17,659,764 $ 16,465,599 3,438,016 $ 19,903,615 - 17 - The Company as lessor Except for sublease transactions, the Company does not make any adjustments for leases in which it is a lessor, and accounts for those leases under IFRS 16 starting from January 1, 2019. On the basis of the remaining contractual terms and conditions on January 1, 2019, all of the Company’s subleases are classified as operating leases. Impact on assets, liabilities and equity on January 1, 2019 Carrying Amount as of December 31, 2018 Adjustments Arising from Initial Application Adjusted Carrying Amount as of January 1, 2019 Other current assets Right-of-use assets Other noncurrent assets Total effect on assets $ 5,406,423 - 1,584,647 Accrued expenses and other current liabilities Lease liabilities - noncurrent Other noncurrent liabilities 61,760,619 - 1,950,989 $ 20,082,875 (118,242) $ 5,288,181 20,082,875 1,507,476 (77,171) $ 19,887,462 $ 2,627,334 17,269,317 64,387,953 17,269,317 1,941,800 (9,189) Total effect on liabilities Total effect on equity $ 19,887,462 $ - b. Amendments to the Regulations Governing the Preparation of Financial Reports by Securities Issuers for application starting from 2020 and the IFRSs issued by International Accounting Standards Board (IASB) and endorsed by the FSC with effective date starting 2020 New, Revised or Amended Standards and Interpretations Effective Date Issued by IASB Amendments to IFRS 3 “Definition of a Business” Amendments to IFRS 9, IAS 39 and IFRS 7 “Interest Rate Benchmark January 1, 2020 (Note 1) January 1, 2020 (Note 2) Reform” Amendments to IAS 1 and IAS 8 “Definition of Material” January 1, 2020 (Note 3) Note 1: The Company shall apply these amendments to business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after January 1, 2020 and to asset acquisitions that occur on or after the beginning of that period. Note 2: The Company shall apply these amendments retrospectively for annual reporting periods beginning on or after January 1, 2020. Note 3: The Company shall apply these amendments prospectively for annual reporting periods beginning on or after January 1, 2020. - 18 - c. The IFRSs issued by IASB but not yet endorsed and issued into effect by the FSC New, Revised or Amended Standards and Interpretations Effective Date Issued by IASB Amendments to IFRS 10 and IAS 28 “Sale or Contribution of Assets To be determined by IASB between an Investor and its Associate or Joint Venture” Amendments to IAS 1 “Classification of Liabilities as Current or Non- January 1, 2022 current” As of the date the accompanying consolidated financial statements were authorized for issue, the Company continues in evaluating the impact on its financial position and financial performance as a result of the initial adoption of the aforementioned standards or interpretations. The related impact will be disclosed when the Company completes the evaluation. 4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES For the convenience of readers, the accompanying consolidated 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 consolidated financial statements shall prevail. Statement of Compliance The accompanying consolidated financial statements have been prepared in conformity with the Regulations Governing the Preparation of Financial Reports by Securities Issuers and the IFRSs endorsed by the FSC with the effective dates (collectively, “Taiwan-IFRSs”). Basis of Preparation The accompanying consolidated 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. Basis of Consolidation The basis for the consolidated financial statements The consolidated financial statements incorporate the financial statements of TSMC and entities controlled by TSMC (its subsidiaries). Income and expenses of subsidiaries acquired or disposed of are included in the consolidated statement of comprehensive income from the effective date of acquisition and up to the effective date of disposal, as appropriate. Total comprehensive income of subsidiaries is attributed to the shareholders of the parent and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the Company. All intra-group transactions, balances, income and expenses are eliminated in full on consolidation. 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. The carrying amounts of the Company’s interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. Any difference between the amount by which the non-controlling interests are adjusted and the - 19 - fair value of the consideration paid or received is recognized directly in equity and attributed to shareholders of the parent. When the Company loses control of a subsidiary, a gain or loss is recognized in profit or loss and is 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 assets (including goodwill), and liabilities of the subsidiary and any non-controlling interest. The Company shall account for all amounts recognized in other comprehensive income in relation to the subsidiary on the same basis as would be required if the Company had directly disposed of the related assets and liabilities. The fair value of any investment retained in the former subsidiary at the date when control is lost is regarded as the cost on initial recognition of an investment in an associate. The subsidiaries in the consolidated financial statements The detail information of the subsidiaries at the end of reporting period was as follows: Establishment and Operating Location Percentage of Ownership December 31, 2019 December 31, 2018 Note Name of Investor Name of Investee Main Businesses and Products TSMC TSMC North America Selling and marketing of integrated circuits and other semiconductor devices TSMC Europe B.V. (TSMC Customer service and supporting Europe) TSMC Japan Limited (TSMC Japan) activities Customer service and supporting activities San Jose, California, U.S.A. Amsterdam, the Netherlands Yokohama, Japan TSMC Korea Limited (TSMC Customer service and supporting Seoul, Korea Korea) activities TSMC Partners, Ltd. (TSMC Investing in companies involved in the Partners) design, manufacture, and other related business in the semiconductor industry and other investment activities Tortola, British Virgin Islands TSMC Global, Ltd. (TSMC Investment activities Global) TSMC China Company Manufacturing, selling, testing and Tortola, British Virgin Islands Shanghai, China Limited (TSMC China) computer-aided design of integrated circuits and other semiconductor devices TSMC Nanjing Company Manufacturing, selling, testing and Nanjing, China 100% 100% Limited (TSMC Nanjing) VisEra Technologies Company Ltd. (VisEra Tech) computer-aided design of integrated circuits and other semiconductor devices Engaged in manufacturing electronic spare parts and in researching, developing, designing, manufacturing, selling, packaging and testing of color filter Hsin-Chu, Taiwan 87% 87% VentureTech Alliance Fund II, Investing in new start- up technology Cayman Islands L.P. (VTAF II) companies VentureTech Alliance Fund III, Investing in new start- up technology Cayman Islands L.P. (VTAF III) companies TSMC Partners TSMC Solar Europe GmbH TSMC Development, Inc. (TSMC Development) TSMC Technology, Inc. (TSMC Technology) TSMC Design Technology Canada Inc. (TSMC Canada) InveStar Semiconductor Development Fund, Inc. (ISDF) InveStar Semiconductor Development Fund, Inc. (II) LDC. (ISDF II) TSMC Development WaferTech, LLC (WaferTech) Selling of solar related products and providing customer service Investing in companies involved in the manufacturing related business in the semiconductor industry Engineering support activities Hamburg, Germany Delaware, U.S.A. Delaware, U.S.A. Engineering support activities Ontario, Canada Investing in new start- up technology Cayman Islands companies Investing in new start- up technology Cayman Islands 97% 97% a) , d) companies Manufacturing, selling and testing of integrated circuits and other semiconductor devices Washington, U.S.A. 100% 100% VTAF III Growth Fund Limited (Growth Investing in new start- up technology Cayman Islands 100% 100% Fund) companies - 20 - 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 98% 98% - 100% 100% 100% 97% 98% 98% 100% 100% 100% 100% 97% - a) a) a) a) - - b) - a) a) a) , c) - a) a) a) , d) - a) Note a: This is an immaterial subsidiary for which the consolidated financial statements are not audited by the Company’s independent auditors. Note b: Under the investment agreement entered into with the municipal government of Nanjing, China, the Company will make an investment in Nanjing in the amount of approximately US$3 billion to establish a subsidiary operating a 300mm wafer fab with the capacity of 20,000 12- inch wafers per month, and a design service center. Note c: TSMC Solar Europe GmbH has completed the liquidation procedures in March 2019. Note d: The subsidiary is under liquidation procedures. Foreign Currencies The financial statements of each individual consolidated entity were expressed in the currency which reflected its primary economic environment (functional currency). The functional currency of TSMC and presentation currency of the consolidated financial statements are both New Taiwan Dollars (NT$). In preparing the consolidated financial statements, the operating results and financial positions of each consolidated entity are translated into NT$. In preparing the financial statements of each individual consolidated entity, transactions in currencies other than the entity’s functional currency (foreign currencies) are recognized at the rates of exchange prevailing at the dates of the transactions. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Such exchange differences are recognized in profit or loss in the year in which they arise. Non-monetary items measured at fair value that are denominated in foreign currencies are retranslated at the rates prevailing at the date when the fair value was determined. Exchange differences arising on the retranslation of non-monetary items are included in profit or loss for the year except for exchange differences arising on the retranslation of non-monetary items in respect of which gains and losses are recognized directly in other comprehensive income, in which case, the exchange differences are also recognized directly in other comprehensive income. Non-monetary items that are measured in terms of historical cost in foreign currencies are not retranslated. For the purposes of presenting consolidated financial statements, the assets and liabilities of the Company’s foreign operations are translated into NT$ 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 (attributed to non- controlling interests as appropriate). 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. - 21 - 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 debt instruments and equity instruments at FVTOCI, and financial assets at amortized cost. 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 debt instruments at FVTOCI Debt instruments with contractual terms specifying that cash flows are solely payments of principal and interest on the principal amount outstanding, together with objective of collecting contractual cash flows and selling the financial assets, are measured at FVTOCI. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment gains or losses on investments in debt instruments at FVTOCI are recognized in profit or loss. Other changes in the carrying amount of these debt instruments are recognized in other comprehensive income and will be reclassified to profit or loss when these debt instruments are disposed. 3) 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. 4) Measured at amortized cost Cash and cash equivalents, debt instrument investments, notes and accounts receivable (including related parties), other receivables and refundable deposits are measured at amortized cost. Debt instruments with contractual terms specifying that cash flows are solely payments of principal and interest on the principal amount outstanding, together with objective of holding financial assets in order to collect contractual cash flows, are measured at amortized cost. - 22 - 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) and for investments in debt instruments that are measured at FVTOCI. The loss allowance for accounts receivable is measured at an amount equal to lifetime expected credit losses. For financial assets at amortized cost and investments in debt instruments that are measured at FVTOCI, 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, except for investments in debt instruments that are measured at FVTOCI, for which the loss allowance is recognized in other comprehensive income and does not reduce the carrying amount of the financial asset. 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. On derecognition of an investment in a debt instrument at FVTOCI, the difference between the asset’s carrying amount and the sum of the consideration received and receivable and the cumulative gain or loss that had been recognized in other comprehensive income is recognized in profit or loss. However, on derecognition of an investment in an equity instrument at FVTOCI, the cumulative gain or 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. - 23 - 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. Fair value hedge The Company designates certain hedging instruments, such as interest rate futures contracts, to partially hedge against the fair value change caused by interest rates fluctuation in the Company’s fixed income investments. Changes in the fair value of hedging instrument that are designated and qualify as fair value hedges are recognized in profit or loss immediately, together with any changes in the fair value of the hedged items that are attributable to the hedged risk. b. Cash flow hedge The Company designates certain hedging instruments, such as forward exchange contracts and foreign currency deposits, 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 the forecast transactions actually take place, the associated gains or losses that were recognized in other comprehensive income are removed from equity and included in 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. 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. 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 - 24 - 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 are investments 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 consolidated financial statements using the equity method of accounting. Under the equity method, an investment in an associate is initially recognized in the consolidated statements 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. The Company discontinues the use of the equity method from the date when the Company ceases to have significant influence over an associate. When the Company retains an interest in the former associate, the Company measures the retained interest at fair value at that date. The difference between the carrying amount of the associate at the date the equity method was discontinued, and the fair value of any retained interest and any proceeds from disposing of a part interest in the associate is included in the determination of the gain or loss on disposal of the associate. In addition, the Company shall account for all amounts recognized in other comprehensive income in relation to that associate on the same basis as would be required if the associate had directly disposed of the related assets or liabilities. If the Company’s ownership interest in an associate is reduced as a result of disposal, but the investment continues to be an associate, the Company should reclassify to profit or loss only a proportionate amount of the gain or loss previously recognized in other comprehensive income. 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 a consolidated entity transacts with an associate, profits and losses resulting from the transactions with the associate are recognized in the Company’s consolidated financial statements only to the extent of interests in the associate that are not owned by the Company. - 25 - 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 or acquisition of the item of property, plant and equipment. 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: land improvements - 20 years; buildings (assets used by the Company and assets subject to operating leases) - 10 to 20 years; machinery and equipment - 5 years; and office equipment - 5 years. The estimated useful lives, residual values and depreciation method are reviewed at the end of each 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 2019 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 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 consolidated 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. - 26 - 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 consolidated balance sheets. Variable lease payments that do not depend on an index or a rate are recognized as expenses in the periods in which they are incurred. 2018 Leases are classified as finance lease whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases. The Company as lessor Rental income from operating leases is recognized on a straight-line basis over the term of the lease. The Company as lessee Operating lease payments are recognized as an expense on a straight-line basis over the lease term. 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. Other intangible assets Other separately acquired intangible assets with finite useful lives are carried at cost less accumul ated 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 from the synergies of the combination. 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 - 27 - 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. Guarantee Deposit Guarantee deposit mainly consists of cash received under deposit agreements with customers to ensure they have access to the Company’s specified capacity; and as guarantee of accounts receivable to ensure payment from customers. Cash received from customers is recorded as guarantee deposit upon receipt. Guarantee deposits are refunded to customers when terms and conditions set forth in the deposit agreements have been satisfied. 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. 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 30 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. - 28 - 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. Taxation Income tax expense represents the sum of the tax currently payable and deferred tax. Current tax Income tax on unappropriated earnings (excluding earnings from foreign consolidated subsidiaries) 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 consolidated 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. - 29 - 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. Government Grants Government grants are not recognized until there is reasonable assurance that the Company will comply with the conditions attaching to them and that the grants will be received. Government grants whose primary condition is that the Company should purchase, construct or otherwise acquire noncurrent assets (mainly including land use right and depreciable assets) are recognized as a deduction from the carrying amount of the related assets and recognized as a reduced depreciation or amortization charge in profit or loss over the contract period or useful lives of the related assets. Government grants that are receivables as compensation for expenses already incurred are deducted from incurred expenses in the period in which they become receivables. 5. CRITICAL 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. Critical 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 judgements 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 - 30 - 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. 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 Cash and deposits in banks Government bonds Commercial paper Repurchase agreements collateralized by corporate bonds December 31, 2019 December 31, 2018 $ 452,734,378 2,188,149 476,809 - $ 575,825,502 - 759,499 1,229,600 $ 455,399,336 $ 577,814,601 - 31 - 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 Financial assets Mandatorily measured at FVTPL Forward exchange contracts Convertible bonds Agency mortgage-backed securities Financial liabilities Held for trading Forward exchange contracts December 31, 2019 December 31, 2018 $ 162,155 123,759 40,925 $ 85,303 - 3,419,287 $ 326,839 $ 3,504,590 $ 982,349 $ 40,825 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: Maturity Date Contract Amount (In Thousands) December 31, 2019 Sell NT$/Buy EUR Sell NT$/Buy JPY Sell US$/Buy JPY Sell US$/Buy RMB Sell US$/Buy NT$ Sell JPY/Buy US$ December 31, 2018 Sell NT$/Buy EUR Sell NT$/Buy JPY Sell US$/Buy EUR Sell US$/Buy JPY Sell US$/Buy RMB Sell US$/Buy NT$ Sell RMB/Buy US$ January 2020 to June 2020 January 2020 to March 2020 January 2020 January 2020 January 2020 to March 2020 January 2020 to February 2020 NT$84,690,438/EUR2,509,000 NT$23,737,589/JPY85,600,000 US$6,209/JPY678,000 US$497,000/RMB3,493,919 US$26,000/NT$786,989 JPY57,471,581/US$526,368 January 2019 to March 2019 January 2019 to March 2019 January 2019 January 2019 January 2019 January 2019 to February 2019 January 2019 NT$18,545,854/EUR527,000 NT$4,757,858/JPY17,200,000 US$495/EUR434 US$175,591/JPY19,389,014 US$318,000/RMB2,188,747 US$127,000/NT$3,908,635 RMB667,539/US$97,000 - 32 - 8. FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME Investments in debt instruments at FVTOCI Agency bonds/Agency mortgage-backed securities Corporate bonds Government bonds Asset-backed securities Commercial paper Investments in equity instruments at FVTOCI Non-publicly traded equity investments Publicly traded stocks Current Noncurrent December 31, 2019 December 31, 2018 $ 51,966,460 51,790,045 12,824,223 10,815,849 - 127,396,577 $ 31,288,762 40,753,582 11,151,359 15,670,295 107,590 98,971,588 4,124,337 - 4,124,337 3,910,681 590,152 4,500,833 $ 131,520,914 $ 103,472,421 $ 127,396,577 4,124,337 $ 99,561,740 3,910,681 $ 131,520,914 $ 103,472,421 These investments in equity instruments are held for medium to long-term purposes and therefore are accounted for as FVTOCI. For the years ended December 31, 2019 and 2018, as the Company adjusted its investment portfolio or the non-publicly traded investee was merged, equity investments designated at FVTOCI were divested for NT$873,470 thousand and NT$840,605 thousand, respectively. The related other equity-unrealized gain/loss on financial assets at FVTOCI of NT$156,770 thousand and NT$1,193,056 thousand were transferred to increase and decrease retained earnings, respectively. For dividends from equity investments designated as at FVTOCI recognized, please refer to Note 24. All the dividends are from investments held at the end of the reporting period. As of December 31, 2019 and 2018, the cumulative loss allowance for expected credit loss of NT$35,596 thousand and NT$29,723 thousand are recognized under investments in debt instruments at FVTOCI, respectively. Refer to Note 32 for information relating to their credit risk management and expected credit loss. 9. FINANCIAL ASSETS AT AMORTIZED COST Corporate bonds Commercial paper Less: Allowance for impairment loss Current Noncurrent - 33 - December 31, 2019 December 31, 2018 $ 7,651,727 - (2,929) $ 19,519,941 2,294,098 (8,147) $ 7,648,798 $ 21,805,892 $ 299,884 7,348,914 $ 14,277,615 7,528,277 $ 7,648,798 $ 21,805,892 Refer to Note 32 for information relating to credit risk management and expected credit loss for financial assets at amortized cost. 10. HEDGING FINANCIAL INSTRUMENTS Financial assets- current Fair value hedges Interest rate futures contracts Cash flow hedges Forward exchange contracts Financial liabilities- current Fair value hedges Interest rate futures contracts Cash flow hedges Forward exchange contracts Fair value hedge December 31, 2019 December 31, 2018 $ 22,380 $ - 3,504 23,497 $ 25,884 $ 23,497 $ - $ 153,891 1,798 1,941 $ 1,798 $ 155,832 The Company entered into interest rate futures contracts, which are used to partially hedge against the fair value changes caused by interest rates fluctuation in the Company’s fixed income investments. The hedge ratio is adjusted in response to the changes in the financial market and capped at 100%. On the basis of economic relationships, the Company expects that the value of the interest rate futures contracts and the value of the hedged financial assets will change in opposite directions in response to movements in interest rates. The main source of hedge ineffectiveness in these hedging relationships is the credit risk of the hedged financial assets, which is not reflected in the fair value of the interest rate futures contracts. No other sources of ineffectiveness emerged from these hedging relationships. Amount of hedge ineffectiveness recognized in profit or loss is classified under other gains and losses. The following tables summarize the information relating to the hedges of interest rate risk. December 31, 2019 Hedging Instruments Contract Amount (US$ in Thousands) Maturity US treasury bonds interest rate futures contracts US$122,200 March 2020 - 34 - Hedged Items Asset Carrying Amount Accumulated Amount of Fair Value Hedge Adjustments Financial assets at FVTOCI $ 7,364,727 $ (22,380) December 31, 2018 Hedging Instruments Contract Amount (US$ in Thousands) Maturity US treasury bonds interest rate futures contracts US$330,300 March 2019 Hedged Items Asset Carrying Amount Accumulated Amount of Fair Value Hedge Adjustments Financial assets at FVTOCI $ 23,229,530 $ (13,508) The effect for the years ended December 31, 2019 and 2018 is detailed below: Hedging Instruments/Hedged Items Increase (Decrease) in Value Used for Calculating Hedge Ineffectiveness Years Ended December 31 2019 2018 Hedging Instruments US treasury bonds interest rate futures contracts $ (164,740) $ 11,460 Hedged Items Financial assets at FVTOCI Cash flow hedge 177,831 (13,846) $ 13,091 $ (2,386) The Company entered into forward exchange contracts and foreign currency deposits 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 foreign currency deposits and the value of hedged transactions will change in opposite directions in response to movements in foreign exchange rates. 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 and foreign currency deposits. No other sources of ineffectiveness emerged from these hedging relationships. For the years ended December 31, 2019 and 2018, refer to Note 21(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. - 35 - The following tables summarize the information relating to the hedges for foreign currency risk. December 31, 2019 Hedging Instruments Forward exchange contracts December 31, 2018 Hedging Instruments Forward exchange contracts Contract Amount (In Thousands) Maturity Balance in Other Equity (Continuing Hedges) NT$1,342,392 /EUR40,000 January 2020 $ (3,820) Contract Amount (In Thousands) Maturity Balance in Other Equity (Continuing Hedges) NT$ 3,917,657 /EUR 112,000 February 2019 to April 2019 $ 23,601 The effect for the years ended December 31, 2019 and 2018 is detailed below: Hedging Instruments/Hedged Items Hedging Instruments Forward exchange contracts Foreign currency deposits Increase (Decrease) in Value Used for Calculating Hedge Ineffectiveness Years Ended December 31 2019 2018 $ (109,592) - $ 34,563 6,412 $ (109,592) $ 40,975 Hedged Items Forecast transaction (capital expenditures) $ 109,592 $ (40,975) 11. NOTES AND ACCOUNTS RECEIVABLE, NET December 31, 2019 December 31, 2018 At amortized cost Notes and accounts receivable Less: Loss allowance At FVTOCI $ 135,978,049 $ 125,025,575 (7,253) 135,652,724 125,018,322 3,595,069 3,255,865 (325,325) $ 138,908,589 $ 128,613,391 - 36 - 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 30 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 Not past due Past due Past due within 30 days Past due 31-60 days Past due 61-120 days Past due over 121 days Less: Loss allowance December 31, 2019 December 31, 2018 $ 126,134,762 $ 113,126,484 13,082,080 12,794 1,033 3,245 (325,325) 15,006,461 472,833 9,451 5,415 (7,253) $ 138,908,589 $ 128,613,391 All of the Company’s accounts receivable classified as at FVTOCI were not past due. Movements of the loss allowance for accounts receivable Balance, beginning of year Provision (Reversal) Effect of exchange rate changes Balance, end of year Years Ended December 31 2019 2018 7,253 $ 318,290 (218) $ 226,968 (219,714) (1) $ 325,325 $ 7,253 For the years ended December 31, 2019 and 2018, the changes in loss allowance were mainly due to the variations in the expected credit loss ratios and the balance of accounts receivable of different risk levels. 12. INVENTORIES Finished goods Work in process Raw materials Supplies and spare parts December 31, 2019 December 31, 2018 $ 8,924,541 51,969,105 16,552,275 5,535,275 $ 11,329,802 72,071,861 15,233,877 4,595,436 $ 82,981,196 $ 103,230,976 - 37 - Reversal of write-down of inventories resulting from the increase in net realizable value and write-down of inventories to net realizable value were included in the cost of revenue, as illustrated below: Years Ended December 31 2019 2018 Inventory losses (reversal of write-down of inventories) $ (1,983,048) $ 1,259,472 The aforementioned inventory losses (reversal of write-down of inventories) exclude wafer contamination losses and computer virus outbreak losses. Please refer to related losses in Note 37. 13. INVESTMENTS ACCOUNTED FOR USING EQUITY METHOD Associates consisted of the following: Name of Associate Principal Activities Place of Incorporation and Operation Carrying Amount % of Ownership and Voting Rights Held by the Company December 31, 2019 December 31, 2018 December 31, 2019 December 31, 2018 Vanguard International Manufacturing, selling, packaging, Hsinchu, Taiwan $ 9,027,572 $ 9,006,126 28% 28% Semiconductor Corporation (VIS) Systems on Silicon Manufacturing Company Pte Ltd. (SSMC) Xintec Inc. (Xintec) Global Unichip Corporation (GUC) Mutual-Pak testing and computer-aided design of integrated circuits and other semiconductor devices and the manufacturing and design service of masks Manufacturing and selling of integrated circuits and other semiconductor devices Wafer level chip size packaging and wafer level post passivation interconnection service Researching, developing, manufacturing, testing and marketing of integrated circuits Manufacturing of electronic parts, wholesaling and retailing of electronic materials, and researching, developing and testing of RFID Singapore 6,502,174 5,772,815 Taoyuan, Taiwan 1,846,145 1,764,607 Hsinchu, Taiwan 1,284,377 1,299,423 New Taipei, Taiwan 38,520 22,867 39% 41% 35% 28% 39% 41% 35% 39% $ 18,698,788 $ 17,865,838 As of December 31, 2019 and 2018, no investments in associates are individually material to the Company. Please refer to the consolidated 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 investments accounted for using the equity method in publicly traded stocks calculated by the closing price at the end of the reporting period are summarized as follows. The closing price represents the quoted price in active markets, the level 1 fair value measurement. Name of Associate VIS GUC Xintec December 31, 2019 December 31, 2018 $ 36,812,923 $ 11,251,774 $ 8,958,195 $ 27,621,298 $ 9,617,699 $ 3,783,585 - 38 - 14. PROPERTY, PLANT AND EQUIPMENT 2019 Assets used by the Company Assets subject to operating leases a. Assets used by the Company December 31, 2019 $ 1,352,313,861 63,544 $ 1,352,377,405 Land and Land Improvements Buildings Machinery and Equipment Office Equipment Equipment under Installation and Construction in Progress Total Cost Balance at January 1, 2019 Additions Disposals or retirements Transfers from right-of-use assets Effect of disposal of subsidiary Effect of exchange rate changes $ 4,011,353 - - $ 418,151,675 21,448,528 (158,970 ) $ 2,728,760,127 179,798,420 (17,381,538 ) $ 48,382,279 7,415,036 (1,043,398 ) $ 172,910,989 355,621,089 - $ 3,372,216,423 564,283,073 (18,583,906 ) - - - - 619,779 - - (508 ) - - 619,779 (508 ) (19,555 ) (1,366,170 ) (5,173,820 ) (142,045 ) (236,992 ) (6,938,582 ) Balance at December 31, 2019 $ 3,991,798 $ 438,075,063 $ 2,886,622,968 $ 54,611,364 $ 528,295,086 $ 3,911,596,279 Accumulated depreciation and impairment Balance at January 1, 2019 Additions Disposals or retirements Transfers from right-of-use assets Reversal of impairment Effect of disposal of subsidiary Effect of exchange rate changes $ 550,575 1,633 - $ 217,899,243 26,026,642 (144,402 ) $ 2,049,278,908 246,724,229 (12,880,817 ) $ $ 32,525,129 6,012,497 (1,042,131 ) - - - - - - 20,659 (301,384 ) - - - (508 ) (13,518 ) (722,093 ) (4,575,652 ) (76,592 ) Balance at December 31, 2019 $ 538,690 $ 243,059,390 $ 2,278,265,943 $ 37,418,395 $ - - - - - - - - $ 2,300,253,855 278,765,001 (14,067,350 ) 20,659 (301,384 ) (508 ) (5,387,855 ) $ 2,559,282,418 Carrying amounts at December 31, 2019 $ 3,453,108 $ 195,015,673 $ 608,357,025 $ 17,192,969 $ 528,295,086 $ 1,352,313,861 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 first quarter of 2019, the Company recognized a reversal of impairment loss of NT$301,384 thousand due to redeployment of certain idle machinery and equipment. Such reversal of impairment loss was recognized in other operating income and expenses. - 39 - b. Assets subject to operating leases Cost Balance at January 1, 2019 Balance at December 31, 2019 Accumulated depreciation Balance at January 1, 2019 Additions Balance at December 31, 2019 Carrying amounts at December 31, 2019 Buildings $ 562,610 $ 562,610 $ 474,899 24,167 $ 499,066 $ 63,544 Operating leases relate to leases of buildings with lease terms between 1 to 5 years. The lessees do not have purchase options to acquire the assets at the expiry of the lease periods. The maturity analysis of operating lease payments receivable for the buildings is as follows: December 31, 2019 $ 18,450 16,992 16,992 $ 52,434 Land and Land Improvements Buildings Machinery and Equipment Office Equipment Equipment under Installation and Construction in Progress Total Year 1 Year 2 Year 3 2018 Cost Balance at January 1, 2018 Additions Disposals or retirements Effect of exchange rate changes $ 3,983,243 - - 28,110 $ 379,134,613 40,396,404 $ 2,487,752,265 247,042,281 $ (410,891 ) (405,841 ) (5,972,482 ) (61,937 ) 42,391,516 6,773,376 (790,793 ) 8,180 $ 167,353,490 5,812,340 - (254,841 ) $ 3,080,615,127 300,024,401 (7,174,166 ) (686,329 ) Balance at December 31, 2018 $ 4,011,353 $ 418,714,285 $ 2,728,760,127 $ 48,382,279 $ 172,910,989 $ 3,372,779,033 Accumulated depreciation and impairment Balance at January 1, 2018 Additions Disposals or retirements Impairment Effect of exchange rate changes $ 510,498 20,900 - - 19,177 $ 194,446,521 24,293,366 $ 1,795,448,842 258,195,315 $ (398,955 ) - 33,210 (4,773,589 ) 423,468 (15,128 ) $ 27,666,944 5,615,316 (789,993 ) - 32,862 - - - - - $ 2,018,072,805 288,124,897 (5,962,537 ) 423,468 70,121 Balance at December 31, 2018 $ 550,575 $ 218,374,142 $ 2,049,278,908 $ 32,525,129 $ - $ 2,300,728,754 Carrying amounts at December 31, 2018 $ 3,460,778 $ 200,340,143 $ 679,481,219 $ 15,857,150 $ 172,910,989 $ 1,072,050,279 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. - 40 - For the year ended December 31, 2018, the Company recognized an impairment loss of NT$423,468 thousand for certain machinery and equipment that was assessed to have no future use, and the recoverable amount of certain machinery and equipment was nil. Such impairment loss was recognized in other operating income and expenses. 15. LEASE ARRANGEMENTS 2019 a. Right-of-use assets Carrying amounts Land Buildings Machinery and equipment Office equipment Additions to right-of-use assets Depreciation of right-of-use assets Land Buildings Machinery and equipment Office equipment Income from subleasing right-of-use assets (classified under other operating income and expenses, net) b. Lease liabilities Carrying amounts December 31, 2019 $ 14,064,036 2,351,809 775,809 40,748 $ 17,232,402 Year Ended December 31, 2019 $ 1,032,985 Year Ended December 31, 2019 $ 957,065 458,772 1,184,374 22,453 $ 2,622,664 $ 55,026 December 31, 2019 Current portion (classified under accrued expenses and other current liabilities) Noncurrent portion $ 2,275,084 15,041,833 $ 17,316,917 - 41 - Ranges of discount rates for lease liabilities are as follows: Land Buildings Machinery and equipment Office equipment c. Material terms of right-of-use assets December 31, 2019 0.67%-2.14% 0.67%-3.88% 3.24% 0.64%-3.88% The Company leases land and buildings mainly for the use of plants and offices with lease terms of 1 to 36 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. The Company leases machinery and equipment for use in operation with lease terms of 2 years. The Company has purchase options to acquire leasehold machinery and equipment at the end of the lease terms. d. Subleases of right-of-use assets The Company subleases its right-of-use assets for buildings under operating leases with lease terms of 1 to 5 years. The maturity analysis of lease payments receivable under operating subleases is as follows: Year 1 Year 2 e. Other lease information Expenses relating to short-term leases Expenses relating to low-value asset leases Expenses relating to variable lease payments not included in the measurement of lease liabilities Total cash outflow for leases - 42 - December 31, 2019 $ 58,569 1,885 $ 60,454 Year Ended December 31, 2019 $ 5,007,057 492 $ $ 195,062 Year Ended December 31, 2019 $ 7,724,421 2018 The Company’s major operating leases are arrangements on several parcels of land, machinery and equipment and office premises. The Company expensed the lease payments as follows: Minimum lease payments Future minimum lease payments under non-cancellable operating leases are as follows: Not later than 1 year Later than 1 year and not later than 5 years Later than 5 years Year Ended December 31, 2018 $ 4,243,091 December 31, 2018 $ 5,824,119 5,834,884 9,190,582 $ 20,849,585 16. INTANGIBLE ASSETS Cost Goodwill Technology License Fees Software and System Design Costs Patent and Others Total Balance at January 1, 2019 Additions Disposals or retirements Effect of exchange rate changes $ 5,795,488 - - (102,112) $ 10,974,458 4,879,562 - 931 $ $ 29,594,483 3,710,381 (260,904) (19,950) 7,656,524 647,755 - (1,283) $ 54,020,953 9,237,698 (260,904) (122,414) Balance at December 31, 2019 $ 5,693,376 $ 15,854,951 $ 33,024,010 $ 8,302,996 $ 62,875,333 Accumulated amortization and impairment Balance at January 1, 2019 Additions Disposals or retirements Effect of exchange rate changes $ Balance at December 31, 2019 $ - - - - - $ 8,756,005 1,066,834 - 931 $ $ 23,023,498 3,747,343 (258,527) (10,247) 5,239,313 658,232 - (1,077) $ 37,018,816 5,472,409 (258,527) (10,393) $ 9,823,770 $ 26,502,067 $ 5,896,468 $ 42,222,305 Carrying amounts at December 31, 2019 $ 5,693,376 $ 6,031,181 $ 6,521,943 $ 2,406,528 $ 20,653,028 (Continued) - 43 - Goodwill Technology License Fees Software and System Design Costs Patent and Others Total Cost Balance at January 1, 2018 Additions Disposals or retirements Effect of exchange rate changes $ 5,648,702 - - 146,786 $ 10,443,257 533,669 - (2,468) $ 25,186,218 4,601,885 (186,671) (6,949) $ 5,716,146 1,969,439 (31,183) 2,122 $ 46,994,323 7,104,993 (217,854) 139,491 Balance at December 31, 2018 $ 5,795,488 $ 10,974,458 $ 29,594,483 $ 7,656,524 $ 54,020,953 Accumulated amortization and impairment Balance at January 1, 2018 Additions Disposals or retirements Effect of exchange rate changes $ Balance at December 31, 2018 $ - - - - - $ 7,694,857 1,063,616 - (2,468) $ 20,376,693 2,835,265 (186,615) (1,845) $ 4,747,633 522,524 (31,183) 339 $ 32,819,183 4,421,405 (217,798) (3,974) $ 8,756,005 $ 23,023,498 $ 5,239,313 $ 37,018,816 Carrying amounts at December 31, 2018 $ 5,795,488 $ 2,218,453 $ 6,570,985 $ 2,417,211 $ 17,002,137 (Concluded) 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 8.0% and 9.0% in its test of impairment as of December 31, 2019 and 2018, respectively, to reflect the relevant specific risk in the cash-generating unit. For the years ended December 31, 2019 and 2018, the Company did not recognize any impairment loss on goodwill. 17. SHORT-TERM LOANS Unsecured loans Amount Original loan content US$ (in thousands) EUR (in thousands) Annual interest rate Maturity date 18. BONDS PAYABLE Domestic unsecured bonds Less: Current portion December 31, 2019 December 31, 2018 $ 118,522,290 $ 88,754,640 $ 2,370,000 1,410,000 0.01%-2.22% Due by May 2020 $ 2,610,000 242,000 0.01%-3.22% Due by January 2019 December 31, 2019 December 31, 2018 $ 56,900,000 (31,800,000) $ 91,800,000 (34,900,000) $ 25,100,000 $ 56,900,000 - 44 - The major terms of domestic unsecured bonds are as follows: Issuance Tranche Issuance Period Total Amount Coupon Rate Repayment and Interest Payment 100-1 100-2 101-1 101-2 101-3 101-4 102-1 102-2 102-3 102-4 B B B B - A B C A B C A B B C D E F September 2011 to September 2018 January 2012 to January 2019 August 2012 to August 2019 September 2012 to September 2019 October 2012 to October 2022 January 2013 to January 2018 January 2013 to January 2020 January 2013 to January 2023 February 2013 to February 2018 February 2013 to February 2020 February 2013 to February 2023 $ 7,500,000 1.63% Bullet repayment; interest payable annually 7,000,000 1.46% The same as above 9,000,000 1.40% The same as above 9,000,000 1.39% The same as above 4,400,000 1.53% The same as above 10,600,000 1.23% The same as above 10,000,000 1.35% The same as above 3,000,000 1.49% The same as above 6,200,000 1.23% The same as above 11,600,000 1.38% The same as above 3,600,000 1.50% The same as above July 2013 to July 2020 10,200,000 3,500,000 July 2013 to July 2023 8,500,000 August 2013 to August 2019 September 2013 to March 2019 1,400,000 1.50% 1.70% 1.52% 1.60% The same as above The same as above The same as above Bullet repayment; interest payable annually (interest for the six months prior to maturity will accrue on the basis of actual days and be repayable at maturity) September 2013 to March 2021 September 2013 to March 2023 September 2013 to September 2023 2,600,000 1.85% The same as above 5,400,000 2.05% The same as above 2,600,000 2.10% Bullet repayment; interest payable annually - 45 - The major terms of overseas unsecured bonds are as follows: Issuance Period Total Amount (US$ in Thousands) Coupon Rate Repayment and Interest Payment April 2013 to April 2018 US$1,150,000 1.625% Bullet repayment; interest payable semi-annually 19. 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, TSMC and VisEra Tech have made monthly contributions equal to 6% of each employee’s monthly salary to employees’ pension accounts. Furthermore, TSMC North America, TSMC China, TSMC Nanjing, TSMC Europe, TSMC Canada and TSMC Technology also make monthly contributions at certain percentages of the basic salary of their employees. Accordingly, the Company recognized expenses of NT$2,609,733 thousand and NT$2,568,945 thousand for the years ended December 31, 2019 and 2018, respectively. b. Defined benefit plans TSMC 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: Current service cost Net interest expense Components of defined benefit costs recognized in profit or loss Remeasurement on the net defined benefit liability: Return on plan assets (excluding amounts included in net interest expense) Actuarial loss (gain) arising from experience adjustments Actuarial gain arising from changes in demographic assumptions Actuarial loss arising from changes in financial assumptions Components of defined benefit costs recognized in other Years Ended December 31 2019 2018 $ $ 135,645 123,951 259,596 137,758 144,108 281,866 (124,344) (438,009) (233,239) 541,697 (71,288) 334,630 - 597,820 comprehensive income (253,895) 861,162 Total $ 5,701 $ 1,143,028 - 46 - The pension costs of the aforementioned defined benefit plans were recognized in profit or loss by the following categories: Cost of revenue Research and development expenses General and administrative expenses Marketing expenses Years Ended December 31 2019 2018 $ 157,845 72,686 25,063 4,002 $ 177,772 79,143 20,591 4,360 $ 259,596 $ 281,866 The amounts arising from the defined benefit obligation of the Company were as follows: December 31, 2019 December 31, 2018 Present value of defined benefit obligation Fair value of plan assets $ 13,484,090 (4,301,594) $ 13,662,684 (4,011,279) Net defined benefit liability $ 9,182,496 $ 9,651,405 Movements in the present value of the defined benefit obligation were as follows: Balance, beginning of year Current service cost Interest expense Remeasurement: Years Ended December 31 2019 2018 $ 13,662,684 135,645 175,401 $ 12,774,593 137,758 207,804 Actuarial loss (gain) arising from experience adjustments Actuarial gain arising from changes in demographic assumptions Actuarial loss arising from changes in financial assumptions Benefits paid from plan assets Benefits paid directly by the Company (438,009) 334,630 (233,239) 541,697 (344,131) (15,958) - 597,820 (274,326) (115,595) Balance, end of year $ 13,484,090 $ 13,662,684 Movements in the fair value of the plan assets were as follows: Balance, beginning of year Interest income Remeasurement: Years Ended December 31 2019 2018 $ 4,011,279 51,450 $ 3,923,889 63,696 Return on plan assets (excluding amounts included in net interest expense) Contributions from employer Benefits paid from plan assets 124,344 458,652 (344,131) 71,288 226,732 (274,326) Balance, end of year $ 4,301,594 $ 4,011,279 - 47 - The fair value of the plan assets by major categories at the end of reporting period was as follows: Cash Equity instruments Debt instruments December 31, 2019 December 31, 2018 $ 713,204 2,313,828 1,274,562 $ 756,126 2,148,040 1,107,113 $ 4,301,594 $ 4,011,279 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: Discount rate Future salary increase rate Measurement Date December 31, 2019 December 31, 2018 0.90% 3.00% 1.30% 3.00% 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% in the discount rate and all other assumptions were held constant, the present value of the defined benefit obligation would increase by NT$724,963 thousand and NT$921,750 thousand as of December 31, 2019 and 2018, 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$706,502 thousand and NT$901,629 thousand as of December 31, 2019 and 2018, 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. - 48 - 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$230,864 thousand to the defined benefit plans in the next year starting from December 31, 2019. The weighted average duration of the defined benefit obligation is 10 years. 20. GUARANTEE DEPOSITS Capacity guarantee Receivables guarantee Others Current portion (classified under accrued expenses and other current liabilities) Noncurrent portion December 31, 2019 December 31, 2018 $ 1,499,400 - 230,481 $ 9,289,628 653,686 245,731 $ 1,729,881 $ 10,189,045 $ 1,552,977 176,904 $ 6,835,667 3,353,378 $ 1,729,881 $ 10,189,045 Some of guarantee deposits were refunded to customers by offsetting related accounts receivable. 21. EQUITY a. Capital stock Authorized shares (in thousands) Authorized capital Issued and paid shares (in thousands) Issued capital December 31, 2019 December 31, 2018 28,050,000 $ 280,500,000 25,930,380 $ 259,303,805 28,050,000 $ 280,500,000 25,930,380 $ 259,303,805 A holder of issued common shares with par value of NT$10 per share is entitled to vote and to receive dividends. The authorized shares include 500,000 thousand shares allocated for the exercise of employee stock options. As of December 31, 2019, 1,065,122 thousand ADSs of TSMC were traded on the NYSE. The number of common shares represented by the ADSs was 5,325,610 thousand shares (one ADS represents five common shares). - 49 - b. Capital surplus Additional paid-in capital From merger From convertible bonds From share of changes in equities of subsidiaries From share of changes in equities of associates Donations December 31, 2019 December 31, 2018 $ 24,184,939 22,804,510 8,892,847 121,843 302,234 33,336 $ 24,184,939 22,804,510 8,892,847 121,473 282,820 29,343 $ 56,339,709 $ 56,315,932 Under the relevant laws, the capital surplus generated from donations and the excess of the issuance price over the par value of capital stock (including the stock issued for new capital, mergers and convertible bonds) may be used to offset a deficit; in addition, when the Company has no deficit, such capital surplus may be distributed as cash dividends or stock dividends up to a certain percentage of TSMC’s paid-in capital. The capital surplus from share of changes in equities of subsidiaries and associates and dividend of a claim extinguished by a prescription may be used to offset a deficit; however, when generated from issuance of restricted shares for employees, such capital surplus may not be used for any purpose. c. Retained earnings and dividend policy The amendments to TSMC’s Articles of Incorporation had been approved by TSMC’s shareholders in its meeting held on June 5, 2019, which stipulate 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 TSMC’s Board of Directors and reported to TSMC’s shareholders in its meeting. TSMC’s amended Articles of Incorporation provide that, when allocating earnings, TSMC 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 TSMC’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 TSMC’s Articles of Incorporation. TSMC’s Articles of Incorporation also provide that profits of TSMC 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 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 additional special capital reserve equivalent to the net debit balance of the other components of stockholders’ equity, such as the accumulated balance of foreign currency translation reserve, unrealized valuation gain or loss from fair value through other comprehensive income financial assets, unrealized valuation gain or loss from available-for-sale financial assets, 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. - 50 - The appropriations of 2018 and 2017 earnings have been approved by TSMC’s shareholders in its meetings held on June 5, 2019 and June 5, 2018, respectively. The appropriations and cash dividends per share were as follows: Appropriation of Earnings For Fiscal Year 2017 For Fiscal Year 2018 Cash Dividends Per Share (NT$) For Fiscal Year 2018 For Fiscal Year 2017 Legal capital reserve Special capital reserve Cash dividends to shareholders $207,443,044 $ 34,311,148 $ 35,113,088 $ (11,459,458) $ 26,907,527 $ 207,443,044 $8.0 $8.0 The appropriations of 2019 earnings for each quarter have been approved by TSMC’s Board of Directors in its meeting. The appropriations and cash dividends per share were as follows: Resolution Date of TSMC’s Board of Directors in its meeting Fourth Quarter of 2019 February 11, 2020 $ Special capital reserve $ Cash dividends to shareholders Cash dividends per share (NT$) $ 16,893,073 64,825,951 2.5 d. Others Changes in others were as follows: Third Quarter Second Quarter First Quarter of 2019 August 13, 2019 of 2019 November 12, 2019 of 2019 June 5, 2019 3,289,166 $ $ $ 64,825,951 $ 64,825,951 2.5 2.5 $ $ (3,338,190) $ (4,723,939) $ 51,860,761 2.0 $ Year Ended December 31, 2019 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 Exchange differences arising on translation of $ (12,042,347) $ (3,429,324) $ 23,601 $ (1,843) $ (15,449,913) foreign operations (14,693,561) - Unrealized gain (loss) on financial assets at - (14,693,561) - - - - - 4,598 - - 334,537 3,097,329 (162,118) (537,835) 6,879 - - - - - - - - - - (109,592) 82,276 FVTOCI Equity instruments Debt instruments Cumulative unrealized gain (loss) of equity instruments transferred to retained earnings due to disposal Cumulative unrealized gain (loss) of debt instruments transferred to profit or loss due to disposal Loss allowance adjustments from debt instruments Other comprehensive income transferred to profit or loss due to disposal of subsidiary Gain (loss) arising on changes in the fair value of hedging instruments Transferred to initial carrying amount of hedged items Share of other comprehensive income (loss) of associates Share of unearned stock-based employee compensation of associates Income tax effect (140,090) (11,903) (105) - - - 9,476 - - 1,653 - Balance, end of year $ (26,871,400) $ (692,959) $ (3,820) $ (190) $ (27,568,369) - 51 - - - - - - - - - - 334,537 3,097,329 (162,118) (537,835) 6,879 4,598 (109,592) 82,276 (152,098) 1,653 9,476 Year Ended December 31, 2018 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 Exchange differences arising on translation of $ (26,697,680) $ (524,915) $ 4,226 $ (10,290) $ (27,228,659) foreign operations 14,562,073 - Unrealized gain (loss) on financial assets at FVTOCI Equity instruments Debt instruments Cumulative unrealized gain (loss) of equity instruments transferred to retained earnings due to disposal Cumulative unrealized gain (loss) of debt instruments transferred to profit or loss due to disposal Loss allowance adjustments from debt instruments Gain (loss) arising on changes in the fair value of hedging instruments Transferred to initial carrying amount of hedged items Share of other comprehensive income (loss) of associates Share of unearned stock-based employee compensation of associates Income tax effect - - - - - - - 93,260 - - (3,311,621) (1,858,054) 1,193,056 989,138 (1,990) - - - - - - - - (6,766) - 91,828 40,975 (22,162) - - 562 - 14,562,073 - - - - - - - - 8,447 - (3,311,621) (1,858,054) 1,193,056 989,138 (1,990) 40,975 (22,162) 86,494 8,447 92,390 Balance, end of year $ (12,042,347) $ (3,429,324) $ 23,601 $ (1,843) $ (15,449,913) The aforementioned other equity includes the changes in other equities of TSMC and TSMC’s share of its subsidiaries and associates. 22. NET REVENUE a. Disaggregation of revenue from contracts with customers Product Wafer Others Geography Taiwan United States China Europe, the Middle East and Africa Japan Others Years Ended December 31 2019 2018 $ 927,317,351 $ 911,296,364 120,177,193 142,668,097 $ 1,069,985,448 $ 1,031,473,557 Years Ended December 31 2019 2018 $ 84,255,256 $ 634,713,043 208,101,401 67,568,157 57,468,605 17,878,986 78,260,773 632,821,464 175,794,228 71,068,438 58,125,879 15,402,775 $ 1,069,985,448 $ 1,031,473,557 The Company categorized the net revenue mainly based on the countries where the customers are headquartered. - 52 - Platform Smartphone High Performance Computing Internet of Things Automotive Digital Consumer Electronics Others Resolution 7-nanometer 10-nanometer 16-nanometer 20-nanometer 28-nanometer 40/45-nanometer 65-nanometer 90-nanometer 0.11/0.13 micron 0.15/0.18 micron 0.25 micron and above  Wafer revenue Years Ended December 31 2019 2018 $ 523,612,863 $ 466,452,280 341,910,195 65,091,314 51,709,787 58,470,179 47,839,802 315,822,311 86,342,707 47,914,518 53,733,395 42,559,654 $ 1,069,985,448 $ 1,031,473,557 Years Ended December 31 2019 2018 9,535,831 23,266,355 $ 249,548,139 $ 81,680,746 96,989,486 186,700,858 187,370,567 23,618,466 149,578,719 178,440,396 93,366,285 101,801,017 69,250,008 76,122,259 25,624,251 36,652,061 22,947,287 20,677,658 77,564,492 81,182,646 19,935,126 26,761,062 $ 927,317,351 $ 911,296,364 Starting the first quarter of 2019, the Company reported its net revenue breakdown by platform, instead of by application. The Company believes this change better represents the Company’s results. Commencing in 2018, the Company began to break down the net revenue by product, by geography, by resolution and by customer based on a new method which associates most estimated sales returns and allowances with individual sales transactions, as opposed to the previous method which allocated sales returns and allowances based on the aforementioned gross revenue. The Company believes the new method provides a more relevant breakdown than the previous one. b. Contract balances December 31, 2019 December 31, 2018 January 1, 2018 Contract liabilities (classified under accrued expenses and other current liabilities) $ 6,784,323 $ 4,684,024 $ 32,434,829 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$3,876,603 thousand and NT$31,769,970 thousand for the years ended December 31, 2019 and 2018, respectively. - 53 - c. Refund liabilities Estimated sales returns and other allowances is made and adjusted based on historical experience and the consideration of varying contractual terms, which amounted to NT$36,211,421 thousand and NT$55,405,973 thousand for the years ended December 31, 2019 and 2018, respectively. As of December 31, 2019 and 2018, the aforementioned refund liabilities amounted to NT$19,620,159 thousand and NT$22,672,634 thousand (classified under accrued expenses and other current liabilities), respectively. 23. OTHER OPERATING INCOME AND EXPENSES, NET Loss on disposal or retirement of property, plant and equipment, net Reversal of impairment loss (impairment loss) on property, plant and $ (949,965) $ (1,005,644) Years Ended December 31 2019 2018 301,384 152,357 (423,468) (672,337) $ (496,224) $ (2,101,449) Years Ended December 31 2019 2018 $ 11,454,032 339,480 3,476,192 919,670 16,189,374 417,295 $ 10,310,738 382,673 3,078,604 922,441 14,694,456 158,358 $ 16,606,669 $ 14,852,814 Years Ended December 31 2019 2018 $ 1,869,335 1,139,935 240,927 650 $ 1,417,287 1,633,775 - 161 $ 3,250,847 $ 3,051,223 equipment Others 24. OTHER INCOME Interest income Bank deposits Financial assets at FVTPL Financial assets at FVTOCI Financial assets at amortized cost Dividend income 25. FINANCE COSTS Interest expense Bank loans Corporate bonds Lease liabilities Others - 54 - 26. OTHER GAINS AND LOSSES, NET Gain (loss) on disposal of financial assets, net Investments in debt instruments at FVTOCI Loss on disposal of subsidiaries Loss on financial instruments at FVTPL, net Mandatorily measured at FVTPL Gain (loss) arising from fair value hedges, net The reversal (accrual) of expected credit loss of financial assets Investments in debt instruments at FVTOCI Financial assets at amortized cost Other gains (losses), net 27. INCOME TAX a. Income tax expense recognized in profit or loss Income tax expense consisted of the following: Current income tax expense Current tax expense recognized in the current year Income tax adjustments on prior years Other income tax adjustments Deferred income tax benefit Effect of tax rate changes The origination and reversal of temporary differences Years Ended December 31 2019 2018 $ 537,835 $ (4,598) (989,138) - (2,360,699) (2,293,895) (2,386) 13,091 (6,879) 5,165 665,070 1,990 393 (127,768) $ (1,151,015) $ (3,410,804) Years Ended December 31 2019 2018 $ 45,411,178 196,882 (41,465) 45,566,595 $ 51,710,319 (989,984) 152,884 50,873,219 - (1,065,068) (1,065,068) (1,474,808) (3,072,554) (4,547,362) Income tax expense recognized in profit or loss $ 44,501,527 $ 46,325,857 A reconciliation of income before income tax and income tax expense recognized in profit or loss was as follows: Years Ended December 31 2019 2018 Income before tax $ 389,845,336 $ 397,510,263 Income tax expense at the statutory rate Tax effect of adjusting items: Nondeductible (deductible) items in determining taxable income Tax-exempt income Additional income tax under the Alternative Minimum Tax Act Additional income tax on unappropriated earnings $ 79,053,188 $ 80,865,915 (4,180,168) (39,808,121) 10,367,916 5,903,794 2,539,966 (54,543,521) 21,455,854 7,420,479 (Continued) - 55 - Effect of tax rate changes on deferred income tax The origination and reversal of temporary differences Income tax credits Income tax adjustments on prior years Other income tax adjustments Years Ended December 31 2019 2018 $ - $ (1,065,068) (5,925,431) 44,346,110 196,882 (41,465) (1,474,808) (3,072,554) (6,028,374) 47,162,957 (989,984) 152,884 Income tax expense recognized in profit or loss $ 44,501,527 $ 46,325,857 (Concluded) Under the amendment to the R.O.C Statute of Industrial Innovation in 2019, the amounts of unappropriated earnings in 2018 and thereafter used for building or purchasing specific assets or technologies can qualify for deduction when computing the income tax on unappropriated earnings. In 2018, the Income Tax Law in the R.O.C. was amended and, starting from 2018, the corporate income tax rate was adjusted from 17% to 20%. In addition, the tax rate for 2018 unappropriated earnings was reduced from 10% to 5%. For other jurisdictions, taxes are calculated using the applicable tax rate for each individual jurisdiction. b. Income tax expense recognized in other comprehensive income Deferred income tax benefit (expense) Related to remeasurement of defined benefit obligation Related to unrealized gain/loss on investments in equity instruments at FVTOCI Related to gain/loss on cash flow hedges Years Ended December 31 2019 2018 $ (30,468) $ 103,339 9,476 - 91,828 562 $ (20,992) $ 195,729 c. Deferred income tax balance The analysis of deferred income tax assets and liabilities was as follows: December 31, 2019 December 31, 2018 $ 13,547,220 2,150,352 1,016,248 469,430 323,093 65,740 356,275 $ 11,839,221 2,594,003 1,084,874 750,995 271,711 56,191 209,392 $ 17,928,358 $ 16,806,387 (Continued) Deferred income tax assets Temporary differences Depreciation Refund liability Net defined benefit liability Unrealized loss on inventories Deferred compensation cost Investments in equity instruments at FVTOCI Others - 56 - Deferred income tax liabilities Temporary differences Unrealized exchange gains Others December 31, 2019 December 31, 2018 $ (333,606) $ (10,787) (61,677) (171,607) $ (344,393) $ (233,284) (Concluded) Deferred income tax assets Temporary differences Depreciation Refund liability Net defined benefit liability Unrealized loss on inventories Deferred compensation cost Investments in equity instruments at FVTOCI Others Deferred income tax liabilities Temporary differences Unrealized exchange gains Others Year Ended December 31, 2019 Recognized in Balance, Beginning of Year Profit or Loss Other Comprehensive Income Effect of Exchange Rate Changes Balance, End of Year $ $ 11,839,221 2,594,003 1,084,874 750,995 271,711 56,191 209,392 $ 1,727,762 (443,194 ) (38,158 ) (280,734 ) 59,365 73 151,063 $ - - (30,468 ) - - 9,476 - (19,763 ) (457 ) - (831 ) (7,983 ) $ 13,547,220 2,150,352 1,016,248 469,430 323,093 - (4,180 ) 65,740 356,275 $ 16,806,387 $ 1,176,177 $ (20,992 ) $ (33,214 ) $ 17,928,358 $ (61,677 ) (171,607 ) $ (271,929 ) 160,820 $ $ (233,284 ) $ (111,109 ) $ - - - $ $ - - - $ (333,606 ) (10,787 ) $ (344,393 ) Year Ended December 31, 2018 Recognized in Balance, Beginning of Year Profit or Loss Other Comprehensive Income Effect of Exchange Rate Changes Balance, End of Year Deferred income tax assets Temporary differences Depreciation Refund liability Net defined benefit liability Unrealized loss on inventories Deferred compensation cost Investments in equity instruments $ at FVTOCI Others 8,401,266 1,637,713 975,324 629,442 266,521 - 195,197 $ $ 3,430,421 954,976 6,211 120,644 (4,718 ) - 7,106 $ - - 103,339 - - 56,191 - 7,534 1,314 - 909 9,908 $ 11,839,221 2,594,003 1,084,874 750,995 271,711 - 7,089 56,191 209,392 $ 12,105,463 $ 4,514,640 $ 159,530 $ 26,754 $ 16,806,387 Deferred income tax liabilities Temporary differences Unrealized exchange gains Investments in equity instruments at FVTOCI Others $ (169,480 ) $ 107,803 $ - $ (95,421 ) (37,304 ) - (75,081 ) 95,421 (59,222 ) $ (302,205 ) $ 32,722 $ 36,199 $ - - - - $ (61,677 ) - (171,607 ) $ (233,284 ) - 57 - d. The deductible temporary differences for which no deferred income tax assets have been recognized As of December 31, 2019 and 2018, the aggregate deductible temporary differences for which no deferred income tax assets have been recognized amounted to NT$33,445,504 thousand and NT$20,060,918 thousand, respectively. e. Unused tax-exemption information As of December 31, 2019, the profits generated from the following projects of TSMC are exempt from income tax for a five-year period: Tax-exemption Period Construction and expansion of 2009 by TSMC 2018 to 2022 f. The information of unrecognized deferred income tax liabilities associated with investments As of December 31, 2019 and 2018, the aggregate taxable temporary differences associated with investments to income NT$131,085,673 thousand and NT$112,893,001 thousand, respectively. in subsidiaries not recognized as deferred liabilities amounted tax g. Income tax examination The tax authorities have examined income tax returns of TSMC through 2017. All investment tax credit adjustments assessed by the tax authorities have been recognized accordingly. 28. EARNINGS PER SHARE Basic EPS Diluted EPS EPS is computed as follows: Years Ended December 31 2019 2018 $ 13.32 $ 13.32 $ 13.54 $ 13.54 Number of Shares (Denominator) (In Thousands) Amounts (Numerator) EPS (NT$) Year Ended December 31, 2019 Basic/Diluted EPS Net income available to common shareholders of the parent $ 345,263,668 25,930,380 $ 13.32 Year Ended December 31, 2018 Basic/Diluted EPS Net income available to common shareholders of the parent $ 351,130,884 25,930,380 $ 13.54 - 58 - 29. ADDITIONAL INFORMATION OF EXPENSES BY NATURE Years Ended December 31 2019 2018 a. Depreciation of property, plant and equipment and right-of-use assets Recognized in cost of revenue Recognized in operating expenses Recognized in other operating income and expenses $ 256,530,964 $ 264,804,741 23,292,299 27,857 24,856,701 24,167 b. Amortization of intangible assets Recognized in cost of revenue Recognized in operating expenses $ 281,411,832 $ 288,124,897 $ 3,069,901 $ 2,402,508 2,073,480 2,347,925 $ 5,472,409 $ 4,421,405 c. Research and development costs expensed as incurred $ 91,418,746 $ 85,895,569 d. Employee benefits expenses Post-employment benefits Defined contribution plans Defined benefit plans Other employee benefits $ 2,609,733 $ 259,596 2,869,329 2,568,945 281,866 2,850,811 107,115,281 105,364,132 Employee benefits expense summarized by function Recognized in cost of revenue Recognized in operating expenses $ 109,984,610 $ 108,214,943 $ 64,701,955 $ 63,597,704 44,617,239 45,282,655 $ 109,984,610 $ 108,214,943 According to TSMC’s Articles of Incorporation, TSMC shall allocate compensation to directors and profit sharing bonus to employees of TSMC not more than 0.3% and not less than 1% of annual profits during the period, respectively. TSMC 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, which amounted to NT$23,165,745 thousand and NT$23,570,040 thousand for the years ended December 31, 2019 and 2018, respectively; compensation to directors was expensed based on estimated amount payable. If there is a change in the proposed amounts after the annual consolidated financial statements are authorized for issue, the differences are recorded as a change in accounting estimate. TSMC’s profit sharing bonus to employees and compensation to directors in the amounts of NT$23,165,745 thousand and NT$360,404 thousand in cash for 2019, respectively, profit sharing bonus to employees and compensation to directors in the amounts of NT$23,570,040 thousand and NT$349,272 thousand in cash for 2018, respectively, and profit sharing bonus to employees and compensation to directors in the amounts of NT$23,019,082 thousand and NT$368,919 thousand in cash for 2017, respectively, had been approved by the Board of Directors of TSMC held on February 11, 2020, February 19, 2019 and February 13, 2018, - 59 - respectively. There is no significant difference between the aforementioned approved amounts and the amounts charged against earnings of 2019, 2018 and 2017, respectively. The information about the appropriations of TSMC’s profit sharing bonus to employees and compensation to directors is available at the Market Observation Post System website. 30. CASH FLOW INFORMATION a. Non-cash transactions Years Ended December 31 2019 2018 Additions of property, plant and equipment Changes in other financial assets Exchange of assets Changes in payables to contractors and equipment suppliers Transferred to initial carrying amount of hedged items $ 564,283,073 $ 300,024,401 1,555,387 - 13,979,931 22,162 472,504 (3,287,138) (100,964,013) (82,276) Payments for acquisition of property, plant and equipment $ 460,422,150 $ 315,581,881 Acquisition of financial assets at FVTOCI Changes in other financial assets Changes in accrued expenses and other current liabilities $ 257,824,493 $ 100,759,582 (23,775) - (4,323,021) (266,253) Payments for acquisition of financial assets at FVTOCI $ 257,558,240 $ 96,412,786 Disposal of financial assets at FVTOCI Changes in other financial assets $ 229,525,134 $ 90,545,153 (3,905,831) 919,352 Proceeds from disposal of financial assets at FVTOCI $ 230,444,486 $ 86,639,322 b. Reconciliation of liabilities arising from financing activities Balance as of January 1, 2019 Financing Cash Flow Foreign Exchange Movement Leases Modifications Other Changes (Note) Balance as of December 31, 2019 Non-cash changes Short-term loans Guarantee deposits Lease liabilities Bonds payable $ 88,754,640 $ 31,804,302 $ (2,036,652 ) $ 10,189,045 19,903,615 91,800,000 (639,066 ) (3,174,032 ) (34,900,000 ) 4,474 (73,290 ) - $ - - 419,697 - (7,824,572 ) 240,927 - - $ 118,522,290 1,729,881 17,316,917 56,900,000 Total $ 210,647,300 $ (6,908,796 ) $ (2,105,468 ) $ 419,697 $ (7,583,645 ) $ 194,469,088 Balance as of January 1, 2018 Financing Cash Flow Non-cash changes Foreign Exchange Movement Other Changes (Note) Balance as of December 31, 2018 Short-term loans Guarantee deposits Bonds payable $ 63,766,850 16,080,619 150,201,122 $ 23,922,975 $ (279,219) (58,024,900) $ 1,064,815 423,545 (382,878) - $ (6,035,900) 6,656 88,754,640 10,189,045 91,800,000 Total $ 230,048,591 $ (34,381,144) $ 1,105,482 $ (6,029,244) $ 190,743,685 Note: Other changes include guarantee deposits refunded to customers by offsetting related accounts receivable, financial cost of lease liabilities and amortization of bonds payable. - 60 - 31. CAPITAL MANAGEMENT The Company requires significant amounts of capital to build and expand its production facilities and acquire additional equipment. In consideration of the industry dynamics, the Company manages its capital in a manner to ensure that it has sufficient and necessary financial resources to fund its working capital needs, capital asset purchases, research and development activities, dividend payments, debt service requirements and other business requirements associated with its existing operations over the next 12 months. 32. FINANCIAL INSTRUMENTS a. Categories of financial instruments Financial assets FVTPL (Note 1) FVTOCI (Note 2) Hedging financial assets Amortized cost (Note 3) Financial liabilities FVTPL (Note 4) Hedging financial liabilities Amortized cost (Note 5) December 31, 2019 December 31, 2018 326,839 $ 134,776,779 25,884 612,740,640 3,504,590 $ 107,067,490 23,497 745,585,774 $ 747,870,142 $ 856,181,351 $ 982,349 1,798 533,581,640 $ 40,825 155,832 318,475,704 $ 534,565,787 $ 318,672,361 Note 1: Financial assets mandatorily measured at FVTPL. Note 2: Including notes and accounts receivable (net), equity and debt investments. Note 3: Including cash and cash equivalents, financial assets at amortized cost, notes and accounts receivable (including related parties), other receivables and refundable deposits. Note 4: Held for trading. Note 5: Including short-term loans, accounts payable (including related parties), payables to contractors and equipment suppliers, cash dividends payable, accrued expenses and other current liabilities, bonds payable and guarantee deposits. b. Financial risk management objectives The Company seeks to ensure that sufficient cost-efficient funding is readily available when needed. 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. - 61 - The plans for material treasury activities are reviewed by Audit Committees and/or Board of Directors in accordance with procedures required by relevant regulations or internal controls. During the implementation of such plans, the corporate treasury function 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 investment prices. A portion of these risks is hedged. Foreign currency risk The majority of the Company’s revenue is denominated in U.S. dollar and over one-half of its capital expenditures are denominated in currencies other than NT dollar, primarily in U.S. dollar, Japanese yen and Euro. As a result, any significant fluctuations to its disadvantage in exchanges rate of NT dollar against such currencies, in particular a weakening of U.S. dollar against NT dollar, would have an adverse impact on the revenue and operating profit as expressed in NT dollar. The Company uses foreign currency derivative contracts, such as currency forwards or currency swaps, to protect against currency exchange rate risks associated with non-NT dollar-denominated assets and liabilities and certain forecasted transactions. The Company utilizes U.S. dollar denominated debt to partially offset currency risk arising from U.S. dollar denominated receivables for balance sheet hedges. These hedges reduce, but do not entirely eliminate, the financial impact on the Company caused by 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, 2019 and 2018, a hypothetical adverse foreign currency exchange rate change of 10% would have decreased its net income by NT$2,137,338 thousand and NT$506,369 thousand, respectively, and decreased its other comprehensive income by NT$107,690 thousand and NT$315,571 thousand, respectively, after taking into account hedges and offsetting positions. Interest rate risk The Company is exposed to interest rate risks primarily related to its investment portfolio and bank loans. Changes in interest rates affect the interest earned on the Company’s cash and cash equivalents as well as fixed income securities and the fair value of those securities as well as the interest paid on its bank loans. Because all of the Company’s bonds issued are fixed-rate and measured at amortized cost, changes in interest rates would not affect the cash flows and the fair value. The Company’s cash and cash equivalents as well as fixed income investments in both fixed- and floating- rate securities carry a degree of interest rate risk. The majority of the Company’s fixed income investments are fixed-rate securities and classified as FVTOCI, and may have their fair value adversely affected due to a rise in interest rates, while cash and cash equivalents as well as floating-rate securities may generate less interest income than predicted if interest rates fall. The Company has entered, and may enter in the future, into interest rate futures to partially hedge the fair value change in its fixed income investments. However, these hedges can offset only a small portion of the financial impact from movements in interest rates. Based on a sensitivity analysis performed on fixed income investments at the end of the reporting period, an interest rate increase of 100 basis points (1.00%) across all maturities would have decreased the fair value by NT$3,517,424 thousand and NT$2,697,715 thousand for the years ended December 31, 2019 and 2018, respectively. The decreases were composed of NT$3,516,604 thousand decrease and NT$2,449,954 thousand decrease in other comprehensive income, and NT$820 thousand decrease and NT$247,761 thousand decrease in net income for the years ended December 31, 2019 and 2018, respectively. - 62 - As for the Company’s bank loans, all of them are floating-rate loans. A rise in interest rates may incur higher interest expense than predicted. 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, 2019 and 2018, the other comprehensive income would have decreased by NT$401,879 thousand and NT$427,101 thousand, respectively. d. Credit risk management Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial losses to the Company. The Company is exposed to credit risks from operating activities, primarily trade receivables, 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 trade receivables are from its customers worldwide. The majority of the Company’s outstanding trade receivables are not covered by collaterals or guarantees. While the Company has procedures to monitor and manage credit risk exposure on trade receivables, 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, 2019 and 2018, the Company’s ten largest customers accounted for 79% of accounts receivable in both years. 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 risk management of expected credit loss for financial assets at amortized cost and investments in debt instruments at FVTOCI is as follows: The Company only invests in debt instruments that are rated as investment grade or higher. The credit rating information is supplied by external rating agencies. The Company assesses whether there has been a significant increase in credit risk since initial recognition by reviewing changes in external credit ratings, financial market conditions and material information of the bond issuers. - 63 - 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 on trade date and 12 months expected credit 0-0.1% valuation date: loss Doubtful In default Write-off (1) Within investment grade (2) Between BB+ and BB- Credit rating on trade date and valuation date: (1) From investment grade to non- investment grade (2) From BB+~BB- to B+~CCC- Credit rating CC or below There is evidence indicating that the debtor is in severe financial difficulty and the Company has no realistic prospect of recovery Lifetime expected credit loss-not credit impaired Lifetime expected credit loss-credit impaired Amount is written off - - - For the years ended December 31, 2019 and 2018, the expected credit loss increases NT$655 thousand and decreases NT$1,040 thousand, respectively. The changes are mainly due to investment portfolio adjustment. 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 equivalent, debt investment at FVTPL, financial assets at FVTOCI-current, and financial assets amortized at cost-current. 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, 2019 Non-derivative financial liabilities Short-term loans Accounts payable (including related $ 118,562,641 $ parties) Payables to contractors and equipment suppliers 40,205,966 140,810,703 $ - - - $ - - - 45,760,898 32,338,853 - 7,777,715 - 18,203,601 - - - - - $ 118,562,641 40,205,966 140,810,703 45,760,898 58,320,169 Accrued expenses and other current liabilities Bonds payable Lease liabilities (including those classified under accrued expenses and other current liabilities) Guarantee deposits (including those classified under accrued expenses and other current liabilities) 2,475,177 2,782,860 2,484,478 10,947,730 18,690,245 1,552,977 381,707,215 121,047 10,681,622 55,501 20,743,580 356 10,948,086 1,729,881 424,080,503 (Continued) - 64 - Derivative financial instruments Forward exchange contracts Outflows Inflows Less Than 1 Year 1-3 Years 3-5 Years More Than 5 Years Total $ 141,450,762 (141,128,914) 321,848 $ $ - - - $ - - - - - - $ 141,450,762 (141,128,914) 321,848 $ 382,029,063 $ 10,681,622 $ 20,743,580 $ 10,948,086 $ 424,402,351 (Concluded) Additional information about the maturity analysis for lease liabilities: Less than 5 Years 5-10 Years 10-15 Years 15-20 Years More Than 20 Years Lease liabilities $ 7,742,515 $ 5,581,116 $ 3,691,272 $ 1,600,962 $ 74,380 Less Than 1 Year 1-3 Years 3-5 Years More Than 5 Years Total December 31, 2018 Non-derivative financial liabilities Short-term loans Accounts payable (including related $ 88,810,737 $ parties) Payables to contractors and equipment suppliers Accrued expenses and other current liabilities Bonds payable Guarantee deposits (including those classified under accrued expenses and other current liabilities) Derivative financial instruments Forward exchange contracts Outflows Inflows 34,357,432 43,133,659 50,240,928 36,039,935 $ - - - $ - - - - 35,340,742 - 22,979,426 6,835,667 259,418,358 2,891,663 38,232,405 461,715 23,441,141 49,302,325 (49,393,679) (91,354) - - - - - - $ 259,327,004 $ 38,232,405 $ 23,441,141 $ - - - - - - - - - - - $ 88,810,737 34,357,432 43,133,659 50,240,928 94,360,103 10,189,045 321,091,904 49,302,325 (49,393,679) (91,354) $ 321,000,550 f. Fair value of financial instruments 1) Fair value measurements recognized in the consolidated 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). The timing of transfers between levels within the fair value hierarchy is at the end of reporting period. - 65 - 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: Level 1 Level 2 Level 3 Total December 31, 2019 Financial assets at FVTPL Mandatorily measured at FVTPL Forward exchange contracts Convertible bonds Agency mortgage-backed securities Financial assets at FVTOCI Investments in debt instruments Agency bonds/Agency mortgage-backed securities Corporate bonds Government bonds Asset-backed securities Investments in equity instruments Non-publicly traded equity investments Notes and accounts receivable, net Hedging financial assets Fair value hedges $ $ - - - - $ 162,155 - $ - 123,759 $ 162,155 123,759 40,925 - 40,925 $ 203,080 $ 123,759 $ 326,839 $ - - 12,678,086 - $ 51,966,460 51,790,045 146,137 10,815,849 $ - - - - $ 51,966,460 51,790,045 12,824,223 10,815,849 - - 39,196 3,255,865 4,085,141 - 4,124,337 3,255,865 $ 12,678,086 $ 118,013,552 $ 4,085,141 $ 134,776,779 Interest rate futures contracts $ 22,380 $ - $ Cash flow hedges Forward exchange contracts - 3,504 $ 22,380 $ 3,504 $ - - - $ 22,380 3,504 $ 25,884 Financial liabilities at FVTPL Held for trading Forward exchange contracts $ - $ 982,349 $ - $ 982,349 Hedging financial liabilities Cash flow hedges Forward exchange contracts $ - $ 1,798 $ - $ 1,798 - 66 - Level 1 Level 2 Level 3 Total December 31, 2018 $ $ - - - $ 3,419,287 85,303 $ 3,504,590 $ $ $ - $ 40,753,582 $ - - 11,006,167 - 31,288,762 15,670,295 145,192 107,590 - - - - - - - - $ 3,419,287 85,303 $ 3,504,590 $ 40,753,582 31,288,762 15,670,295 11,151,359 107,590 - 590,152 - - - 3,595,069 3,910,681 - - 3,910,681 590,152 3,595,069 $ 11,596,319 $ 91,560,490 $ 3,910,681 $ 107,067,490 Financial assets at FVTPL Mandatorily measured at FVTPL Agency mortgage-backed securities Forward exchange contracts Financial assets at FVTOCI Investments in debt instruments Corporate bonds Agency bonds/Agency mortgage-backed securities Asset-backed securities Government bonds Commercial paper Investments in equity instruments Non-publicly traded equity investments Publicly traded stocks Notes and accounts receivable, net Hedging financial assets Cash flow hedges Forward exchange contracts $ - $ 23,497 $ - $ 23,497 Financial liabilities at FVTPL Held for trading Forward exchange contracts $ - $ 40,825 $ - $ 40,825 Hedging financial liabilities Fair value hedges Interest rate futures contracts $ 153,891 $ - $ Cash flow hedges Forward exchange contracts - 1,941 $ 153,891 $ 1,941 $ - - - $ 153,891 1,941 $ 155,832 Reconciliation of Level 3 fair value measurements of financial assets The financial assets measured at Level 3 fair value were financial assets at FVTPL and equity investments classified as financial assets at FVTOCI. Reconciliations for the years ended December 31, 2019 and 2018 were as follows: Years Ended December 31 2019 2018 Balance, beginning of year Additions Recognized in other comprehensive income Disposals and proceeds from return of capital of investments Transfers out of level 3 (Note) Effect of exchange rate changes $ 3,910,681 372,315 129,497 (76,532) (43,610) (83,451) $ 5,841,384 212,488 (2,141,421) (175,731) - 173,961 Balance, end of year $ 4,208,900 $ 3,910,681 - 67 - Note: The transfer from level 3 to level 2 is because observable market data became available for the equity investments. Valuation techniques and assumptions used in Level 2 fair value measurement The fair values of financial assets and financial liabilities are determined as follows:  The fair values of corporate bonds, agency bonds, agency mortgage-backed securities, asset- backed securities, government bonds, commercial papers and non-publicly traded equity investments are determined by quoted market prices provided by third party pricing services.  Forward exchange contracts are measured using forward exchange rates and the discounted curves that are derived from quoted market prices.  The fair value of accounts receivables classified as at FVTOCI are 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, income approach and market approach. The asset approach takes into account the net asset value measured at the fair value by independent parties. On December 31, 2019 and 2018, the Company uses unobservable inputs derived from discount for lack of marketability by 10%. When other inputs remain equal, the fair value will decrease by NT$34,843 thousand and NT$31,420 thousand if discounts for lack of marketability increase by 1%. The income approach utilizes discounted cash flows to determine the present value of the expected future economic benefits that will be derived from the investment. On December 31, 2019 and 2018, the Company uses unobservable inputs, which include expected returns, discount rate of 10%, discount for lack of marketability of 10%, and discounts for lack of control of 10%. For the remaining few investments, 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. In addition, the fair values of convertible bonds are determined by the present value of future cash flow based on a discount rate reflecting issuer’s credit spread and market conditions, combined with the fair value of conversion option estimated by the option pricing model considering recent financing activities of the investee and market transaction prices of the similar companies. 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 consolidated financial statements that are not measured at fair value approximate their fair values. - 68 - Fair value hierarchy The table below sets out the fair value hierarchy for the Company’s assets and liabilities which are not required to measure at fair value: Financial assets Financial assets at amortized costs Corporate bonds Financial liabilities Financial liabilities at amortized costs Bonds payable Financial assets Financial assets at amortized costs Corporate bonds Commercial paper Financial liabilities Financial liabilities at amortized costs Bonds payable December 31, 2019 Carrying Amount Level 2 Fair Value $ 7,648,798 $ 7,718,731 $ 56,900,000 $ 57,739,115 December 31, 2018 Carrying Amount Level 2 Fair Value $ 19,511,794 2,294,098 $ 19,554,553 2,296,188 $ 21,805,892 $ 21,850,741 $ 91,800,000 $ 93,171,255 Valuation techniques and assumptions used in Level 2 fair value measurement The fair value of corporate bonds 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. The fair value of the Company’s bonds payable is determined by quoted market prices provided by third party pricing services. - 69 - 33. RELATED PARTY TRANSACTIONS Intercompany balances and transactions between TSMC and its subsidiaries, which are related parties of TSMC, have been eliminated upon consolidation; therefore those items are not disclosed i n this note. The following is a summary of significant transactions between the Company and other related parties: a. Related party name and categories Related Party Name Related Party Categories GUC VIS SSMC Xintec TSMC Education and Culture Foundation TSMC Charity Foundation Associates Associates Associates Associates Other related parties Other related parties b. Net revenue Item Related Party Categories Net revenue from sale of goods Associates Other related parties Years Ended December 31 2019 2018 $ 6,253,895 - $ 8,980,079 330 $ 6,253,895 $ 8,980,409 Net revenue from royalties Associates $ 183,583 $ 362,259 c. Purchases Related Party Categories Associates d. Receivables from related parties Years Ended December 31 2019 2018 $ 6,301,417 $ 8,809,533 December 31, 2019 December 31, 2018 Item Related Party Name/Categories Receivables from related parties GUC Xintec $ 741,898 120,172 $ 481,934 102,478 $ 862,070 $ 584,412 (Continued) - 70 - Item Related Party Name/Categories December 31, 2019 December 31, 2018 Other receivables from related SSMC parties VIS Other associates e. Payables to related parties $ $ 46,506 3,920 1,227 53,780 10,423 825 $ 51,653 $ 65,028 (Concluded) December 31, 2019 December 31, 2018 Item Related Party Name/Categories Payables to related parties Xintec SSMC VIS Others f. Others $ $ 736,860 487,944 153,977 56,119 649,812 362,564 357,080 7,043 $ 1,434,900 $ 1,376,499 Years Ended December 31 2019 2018 Item Related Party Categories Manufacturing expenses Associates $ 2,822,989 $ 2,974,581 Research and development Associates expenses $ 163,425 $ 83,145 General and administrative Other related parties expenses $ 120,000 $ 120,756 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. - 71 - g. Compensation of key management personnel The compensation to directors and other key management personnel for the years ended December 31, 2019 and 2018 were as follows: Short-term employee benefits Post-employment benefits Years Ended December 31 2019 2018 $ 1,922,191 2,686 $ 2,004,881 3,383 $ 1,924,877 $ 2,008,264 The compensation to directors and other key management personnel were determined by the Compensation Committee of TSMC in accordance with the individual performance and the market trends. 34. PLEDGED ASSETS The Company provided certificate of deposits recorded in other financial assets as collateral mainly for building lease agreements. As of December 31, 2019 and 2018, the aforementioned other financial assets amounted to NT$114,467 thousand and NT$124,244 thousand, respectively. 35. 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 TSMC can use up to 35% of TSMC’s capacity provided TSMC’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 December 31, 2019, 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. TSMC’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, TSMC 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, TSMC and NXP B.V. currently own approximately 39% and 61% of the SSMC shares, respectively. TSMC and NXP B.V. are required, in the aggregate, to purchase at least 70% of SSMC’s capacity, but TSMC 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 December 31, 2019. c. In February 2019, Innovative Foundry Technologies LLC (“IFT”) filed a complaint in the U.S. District Court for the District of Delaware alleging that TSMC and TSMC Technology Inc. infringe five U.S. patents. IFT also filed a complaint in the U.S. International Trade Commission (the “ITC”) alleging that TSMC, TSMC North America, TSMC Technology Inc., and other companies infringe the same patents. The ITC instituted an investigation in March 2019. Both parties agreed to end the dispute and the ITC terminated the investigation in October 2019. The pending litigation in the U.S. District Court for the District of Delaware was dismissed at the same time. - 72 - d. On September 28, 2017, TSMC was contacted by the European Commission (the “Commission”), which has asked us for information and documents concerning alleged anti-competitive practices in relation to semiconductor sales. We are cooperating with the Commission to provide the requested information and documents. In light of the fact that this proceeding is still in its preliminary stage, it is premature to predict how the case will proceed, the outcome of the proceeding or its impact. e. TSMC entered into long-term purchase agreements of material with multiple suppliers. The relative minimum purchase quantity and price are specified in the agreements. f. TSMC entered into a long-term purchase agreement of equipment. The relative purchase quantity and price are specified in the agreement. g. TSMC entered into long-term energy purchase agreements with multiple suppliers. The relative purchase period, quantity and price are specified in the agreements. h. Amounts available under unused letters of credit as of December 31, 2019 and 2018 were NT$59,976 thousand and NT$70,702 thousand, respectively. 36. 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 1) Carrying Amount (In Thousands) December 31, 2019 Financial assets Monetary items USD USD EUR JPY Financial liabilities Monetary items USD EUR JPY $ 4,725,056 455,984 3,638 72,369,239 29.988 33.653 0.2751 6.966(Note 2) $ 141,694,967 13,674,047 122,418 19,908,778 6,018,287 2,551,824 101,455,514 29.988 33.653 0.2751 180,476,401 85,876,547 27,910,412 (Continued) - 73 - December 31, 2018 Financial assets Monetary items USD USD EUR JPY Non-monetary items HKD Financial liabilities Monetary items USD EUR JPY Foreign Currencies (In Thousands) Exchange Rate (Note 1) Carrying Amount (In Thousands) $ 4,618,566 343,132 7,561 490,635 30.740 6.866 (Note 2) 35.22 0.2783 $ 141,974,734 10,547,875 266,307 136,544 144,567 3.93 568,150 4,323,763 477,776 35,084,436 30.740 35.22 0.2783 132,912,486 16,827,260 9,763,999 (Concluded) Note 1: Except as otherwise noted, exchange rate represents the number of NT dollar for which one foreign currency could be exchanged. Note 2: The exchange rate represents the number of RMB for which one U.S. dollar could be exchanged. Please refer to the consolidated statements of comprehensive income for the total of realized and unrealized foreign exchange gain and loss for the years ended December 31, 2019 and 2018, respectively. Since there were varieties of foreign currency transactions and functional currencies within the subsidiaries of the Company, the Company was unable to disclose foreign exchange gain (loss) towards each foreign currency with significant impact. 37. SIGNIFICANT OPERATION LOSSES On January 19, 2019, the Company discovered a wafer contamination issue in a fab in Taiwan caused by a batch of unqualified photoresist materials. After investigation, the Company immediately stopped using the unqualified materials. An estimated loss of NT$3,400,000 thousand related to this event was recognized in cost of revenue for the three months ended March 31, 2019. The Company experienced a computer virus outbreak on August 3, 2018, which affected a number of computer systems and fab tools, and consequently impacted wafer production in Taiwan. All the impacted tools have been recovered by August 6, 2018. The Company recognized a loss of NT$2,596,046 thousand related to this incident for the three months ended September 30, 2018, which was included in cost of revenue. 38. ADDITIONAL DISCLOSURES Following are the additional disclosures required by the Securities and Futures Bureau for TSMC: a. Financings provided: Please see Table 1 attached; b. Endorsement/guarantee provided: Please see Table 2 attached; - 74 - c. Marketable securities held (excluding investments in subsidiaries and associates): Please 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: Please 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: Please 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: Please see Table 6 attached; h. Receivables from related parties amounting to at least NT$100 million or 20% of the paid-in capital: Please see Table 7 attached; i. Information about the derivative financial instruments transaction: Please see Notes 7 and 10; j. Others: The business relationship between the parent and the subsidiaries and significant transactions between them: Please see Table 8 attached; k. Names, locations, and related information of investees over which TSMC exercises significant influence (excluding information on investment in mainland China): Please see Table 9 attached; l. 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: Please see Table 10 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: Please see Table 8 attached. 39. OPERATING SEGMENTS INFORMATION a. Operating segments, segment revenue and operating results TSMC’s chief operating decision makers periodically review operating results, focusing on operating income generated by foundry segment. Operating results are used for resource allocation and/or performance assessment. As a result, the Company has only one operating segment, the foundry segment. The foundry segment engages mainly in the manufacturing, selling, packaging, testing and computer- aided design of integrated circuits and other semiconductor devices and the manufacturing of masks. The basis for the measurement of income from operations is the same as that for the preparation of financial statements. Please refer to the consolidated statements of comprehensive income for the related segment revenue and operating results. - 75 - b. Geographic and major customers information were as follows: 1) Geographic information Noncurrent Assets Taiwan United States China Europe, the Middle East and Africa Japan Others December 31, 2019 December 31, 2018 $1,344,352,664 $1,039,471,321 7,569,797 43,574,538 8,269 13,138 - 8,850,099 38,586,614 186,238 27,074 3,064 $1,392,005,753 $1,090,637,063 Noncurrent assets include property, plant and equipment, right-of-use assets, intangible assets and other noncurrent assets. 2) Major customers representing at least 10% of net revenue Years Ended December 31 2019 2018 Amount % Amount % Customer A Customer B $ 247,213,291 152,876,885 23 14 $ 224,690,695 83,885,616 22 8 - 76 - l a t o T s ’ y n a p m o C t n u o m A g n i c n a n i F s t i m L i h c a E r o f g n i w o r r o B y n a p m o C ) 2 d n a 1 s e t o N ( ) 2 d n a 1 s e t o N ( 7 6 4 , 8 5 3 , 7 5 $ 7 6 4 , 8 5 3 , 7 5 $ 0 7 2 , 7 3 7 , 7 9 3 0 7 2 , 7 3 7 , 7 9 3 1 E L B A T g n i c n a n i F s t i i m L g n i c n a n i F l a r e t a l l o C e u l a V m e t I t b e D d a B r o f e c n a w o l l A r o f n o s a e R g n i c n a n i F ) 4 e t o N ( n o i t c a s n a r T s t n u o m A g n i c n a n i F r o f e r u t a N ) 4 e t o N ( e t a R t s e r e t n I - - $ - - - - $ l a t i p a c g n i t a r e p O l a t i p a c g n i t a r e p O - - $ m r e t - g n o l r o f d e e n e h T % 6 9 . 1 ~ 0 5 . 1 8 6 9 , 2 0 1 , 4 2 $ 8 6 5 , 3 0 9 , 8 3 $ 2 5 8 , 7 9 4 , 4 4 $ s e Y m o r f s e l b a v i e c e r r e h t O g n i j n a N C M S T a n i h C C M S T g n i c n a n i f & ) 0 0 0 , 0 0 0 , 5 B M R ( & ) 0 0 0 , 0 0 0 , 6 B M R ( & ) 0 0 0 , 0 0 0 , 7 B M R ( ) 0 0 0 , 6 8 $ S U ( ) 0 0 0 , 6 3 4 $ S U ( ) 0 0 0 , 9 7 4 $ S U ( s e i t r a p d e t a l e r g n i c n a n i f ) 0 0 0 , 0 0 0 , 1 $ S U ( ) 0 0 0 , 0 0 0 , 1 $ S U ( ) 0 0 0 , 0 0 5 , 1 $ S U ( s e i t r a p d e t a l e r m r e t - t r o h s r o f d e e n e h T % 0 0 . 0 0 0 0 , 8 8 9 , 9 2 0 0 0 , 8 8 9 , 9 2 0 0 0 , 2 8 9 , 4 4 s e Y m o r f s e l b a v i e c e r r e h t O C M S T l a b o l G C M S T s e i c n e r r u C n g i e r o F ( ) s d n a s u o h T n i ) s d n a s u o h T n i ) 3 e t o N ( y l l a u t c A t n u o m A e c n a l a B g n d n E i n w a r D s e i c n e r r u C n g i e r o F ( m u m i x a M e h t r o f e c n a l a B n g i e r o F ( d o i r e P n i s e i c n e r r u C ) 3 e t o N ( ) s d n a s u o h T d e t a l e R y t r a P t n e m e t a t S l a i c n a n i F t n u o c c A y t r a p - r e t n u o C g n i c n a n i F y n a p m o C . o N s e i r a i d i s b u S d n a d e t i i m L y n a p m o C g n i r u t c a f u n a M r o t c u d n o c i m e S n a w i a T D E D I V O R P S G N I C N A N I F ) e s i w r e h t O d e i f i c e p S s s e l n U , s r a l l o D n a w i a T w e N f o s d n a s u o h T n i s t n u o m A ( 9 1 0 2 , 1 3 R E B M E C E D D E D N E R A E Y E H T R O F y t r i h t n a h t e r o m o n e b l l a h s r e w o r r o b e n o y n a o t e l b a d n e l t n u o m a l a t o t e h t , n o i t i d d a n I . a n i h C C M S T f o h t r o w t e n e h t f o ) % 0 1 ( t n e c r e p n e t d e e c x e t o n l l a h s d o i r e p m r e t - t r o h s a r o f g n i d n u f r o f y n a p m o c a o t g n i d n e l r o f t n u o m a l a t o t e h T . a n i h C C M S T f o h t r o w t e n e h t d e e c x e t o n l l a h s e s o p r u p g n i d n e l r o f e l b a l i a v a t n u o m a l a t o t e h T a s i e r e h t n e h W . a n i h C C M S T f o h t r o w t e n e h t f o ) % 0 4 ( t n e c r e p y t r o f d e e c x e t o n l l a h s C M S T f o y r a i d i s b u s h c u s y n a o t e l b a d n e l t n u o m a l a t o t e h t , r e v e w o H . C M S T y b , y l t c e r i d n i r o y l t c e r i d , d e n w o % 0 0 1 e r a s e r a h s g n i t o v e s o h w s e i r a i d i s b u s e h t o t y l p p a t o n s e o d n o i t c i r t s e r e v o b a e h T . h t r o w t e n s ’ r e w o r r o b e h t f o ) % 0 3 ( t n e c r e p r o f e l b a l i a v a t n u o m a e t a g e r g g a e h t , g n i o g e r o f e h t g n i d n a t s h t i w t o N . h p a r g a r a p e v o b a e h t n i h t r o f t e s n o i t c i r t s e r e h t o t t c e j b u s e b t o n l l i w g n i d n e l e h t , n a w i a T n i d e t a c o l t o n e r a h c i h w , C M S T y b , y l t c e r i d n i r o y l t c e r i d , d e n w o % 0 0 1 e r a s e r a h s g n i t o v e s o h w s e i r a i d i s b u s e h t o t r o , C M S T o t a n i h C C M S T y b s d e e n g n i d n u f r o f g n i d n e l . a n i h C C M S T f o h t r o w t e n e h t d e e c x e t o n l l a h s l l i t s s r e w o r r o b h c u s f o h c a e o t e l b a d n e l t n u o m a l a t o t e h t d n a s r e w o r r o b h c u s o t g n i d n e l y t r i h t n a h t e r o m o n e b l l a h s r e w o r r o b e n o y n a o t e l b a d n e l t n u o m a l a t o t e h t , n o i t i d d a n I . l a b o l G C M S T f o h t r o w t e n e h t f o ) % 0 1 ( t n e c r e p n e t d e e c x e t o n l l a h s d o i r e p m r e t - t r o h s a r o f g n i d n u f r o f y n a p m o c a o t g n i d n e l r o f t n u o m a l a t o t e h T . l a b o l G C M S T f o h t r o w t e n e h t d e e c x e t o n l l a h s e s o p r u p g n i d n e l r o f e l b a l i a v a t n u o m a l a t o t e h T t n u o m a e t a g e r g g a e h t , g n i o g e r o f e h t g n i d n a t s h t i w t o N . l a b o l G C M S T f o h t r o w t e n e h t d e e c x e t o n l l a h s l l i t s t n u o m a g n i w o r r o b l a t o t r i e h t , n o i t c i r t s e r s i h t o t t c e j b u s e b t o n l l i w s e r a h s g n i t o v e h t f o % 0 0 1 s d l o h y l t c e r i d n i r o y l t c e r i d C M S T h c i h w n i s e i r a i d i s b u s n g i e r o f s t i r o , C M S T e l i h W . h t r o w t e n s ’ r e w o r r o b e h t f o ) % 0 3 ( t n e c r e p . s e r a h s g n i t o v e h t f o % 0 0 1 , y l t c e r i d n i r o y l t c e r i d , s d l o h y n a p m o C e h t h c i h w n i s e i r a i d i s b u s e r o h s f f o n e e w t e b g n i d n u f r o f s n a o l y n a p m o c - r e t n i o t y l p p a t o n l l a h s r a e y e n o g n i d e e c x e t o n g n i d n u f r o f n a o l h c a e f o m r e t e h t f o n o i t c i r t s e r e h T . l a b o l G C M S T f o h t r o w t e n e h t f o ) % 0 4 ( t n e c r e p y t r o f d e e c x e t o n l l a h s C M S T n a h t r e h t o s e i n a p m o c n a w i a T o t g n i d n e l r o f . s r o t c e r i D f o d r a o B e h t y b d e v o r p p a s t n u o m a e h t t n e s e r p e r e c n a l a b g n i d n e d n a d o i r e p e h t r o f e c n a l a b m u m i x a m e h T - 7 7 - 1 2 : 1 e t o N : 2 e t o N : 3 e t o N : 4 e t o N 2 E L B A T e e t n a r a u G o t d e d i v o r P s e i r a i d i s b u S d n a l n i a M n i a n i h C e e t n a r a u G y b d e d i v o r P y r a i d i s b u S A e e t n a r a u G y b d e d i v o r P t n e r a P y n a p m o C m u m i x a M / t n e m e s r o d n E e e t n a r a u G t n u o m A e l b a w o l l A ) 2 e t o N ( s t n e m e t a t S f o o i t a R d e t a l u m u c c A / t n e m e s r o d n E f o t n u o m A / t n e m e s r o d n E t e N o t e e t n a r a u G e e t n a r a u G l a i c n a n i F t s e t a L s e i t r e p o r P r e p y t i u q E y b d e z i l a r e t a l l o C y l l a u t c A t n u o m A e c n a l a B g n i d n E n w a r D n i $ S U ( ) s d n a s u o h T n i $ S U ( ) s d n a s u o h T ) 3 e t o N ( s e i r a i d i s b u S d n a d e t i i m L y n a p m o C g n i r u t c a f u n a M r o t c u d n o c i m e S n a w i a T ) e s i w r e h t O d e i f i c e p S s s e l n U , s r a l l o D n a w i a T w e N f o s d n a s u o h T n i s t n u o m A ( D E D I V O R P S E E T N A R A U G S T N E M E S R O D N E / 9 1 0 2 , 1 3 R E B M E C E D D E D N E R A E Y E H T R O F m u m i x a M e c n a l a B d o i r e P e h t r o f / t n e m e s r o d n E e e t n a r a u G t n u o m A n i $ S U ( h c a E o t d e d i v o r P ) s d n a s u o h T ) 3 e t o N ( d e e t n a r a u G y t r a P ) 2 d n a 1 s e t o N ( n o s t i m L i y t r a P d e e t n a r a u G f o e r u t a N p i h s n o i t a l e R e m a N r e d i v o r P e e t n a r a u G / t n e m e s r o d n E . o N y l t c e r i d , d e n w o % 0 0 1 e r a s e r a h s g n i t o v e s o h w s e i r a i d i s b u s , r e v e w o H . y t i t n e h c u s f o h t r o w t e n e h t r o , h t r o w t e n s ’ C M S T f o ) % 0 1 ( t n e c r e p n e t d e e c x e t o n l l a h s y t i t n e l a u d i v i d n i y n a o t C M S T y b d e d i v o r p e e t n a r a u g e h t f o t n u o m a l a t o t e h T : 1 . s r o t c e r i D f o d r a o B e h t y b d e v o r p p a s t n u o m a e h t t n e s e r p e r e c n a l a b g n i d n e d n a d o i r e p e h t r o f e c n a l a b m u m i x a m e h T : 3 . s r o t c e r i D f o d r a o B e h t f o l a v o r p p a e h t r e t f a s n o i t c i r t s e r e v o b a e h t o t t c e j b u s t o n e r a C M S T y b , y l t c e r i d n i r o . h t r o w t e n s ’ C M S T f o ) % 5 2 ( t n e c r e p e v i f - y t n e w t d e e c x e t o n l l a h s e e t n a r a u g f o t n u o m a l a t o t e h T : 2 e t o N e t o N e t o N o N o N s e Y 1 3 5 , 2 5 3 , 5 0 4 $ % 5 1 . 0 - $ 0 0 4 , 5 9 4 , 2 $ 0 0 4 , 5 9 4 , 2 $ 0 0 4 , 5 9 4 , 2 $ 1 3 5 , 2 5 3 , 5 0 4 $ y r a i d i s b u S h t r o N C M S T C M S T 0 ) 3 1 2 , 3 8 $ S U ( ) 3 1 2 , 3 8 $ S U ( ) 3 1 2 , 3 8 $ S U ( a c i r e m A - 8 7 - 3 E L B A T e t o N e u l a V r i a F s e i c n e r r u C n g i e r o F ( ) s d n a s u o h T n i f o e g a t n e c r e P ) % ( p i h s r e n w O e u l a V g n i y r r a C s e i c n e r r u C n g i e r o F ( ) s d n a s u o h T n i s t i n U / s e r a h S ) s d n a s u o h T n I ( 9 1 0 2 , 1 3 r e b m e c e D t n u o c c A t n e m e t a t S l a i c n a n F i ) d e u n i t n o C ( 7 5 1 , 5 1 2 6 , 2 0 0 1 , 1 9 2 5 , 1 8 6 7 2 , 8 1 3 8 2 4 , 8 6 4 $ 7 2 1 , 4 $ S U 0 8 3 , 0 1 $ S U - - 4 7 4 , 9 8 9 2 , 3 $ S U $ S U 1 7 6 , 6 4 $ S U 6 8 6 , 9 3 9 1 4 , 9 3 7 3 6 , 8 3 5 2 4 , 1 3 8 7 6 , 0 3 0 4 1 , 6 2 2 4 2 , 2 2 6 6 6 , 1 2 2 3 3 , 1 2 3 0 3 , 1 2 2 0 1 , 0 2 6 8 8 , 9 1 6 7 1 , 9 1 8 1 0 , 8 1 4 0 9 , 4 1 8 5 0 , 4 1 2 9 0 , 3 1 2 3 9 , 2 1 7 3 8 , 2 1 8 0 1 , 2 1 4 0 9 , 1 1 2 5 7 , 1 1 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U 0 1 7 6 2 1 2 1 - 6 9 4 5 2 2 1 A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / 8 2 4 , 8 6 4 $ 0 3 2 , 1 2 r e h t o h g u o r h t e u l a v r i a f t a s t e s s a l a i c n a n i F e m o c n i e v i s n e h e r p m o c 7 5 1 , 5 1 2 6 , 2 0 0 1 , 1 9 2 5 , 1 8 6 7 2 , 8 1 3 7 2 1 , 4 $ S U 0 8 3 , 0 1 $ S U - - 4 7 4 , 9 8 9 2 , 3 $ S U $ S U 1 7 6 , 6 4 $ S U 6 8 6 , 9 3 9 1 4 , 9 3 7 3 6 , 8 3 5 2 4 , 1 3 8 7 6 , 0 3 0 4 1 , 6 2 2 4 2 , 2 2 6 6 6 , 1 2 2 3 3 , 1 2 3 0 3 , 1 2 2 0 1 , 0 2 6 8 8 , 9 1 6 7 1 , 9 1 8 1 0 , 8 1 4 0 9 , 4 1 8 5 0 , 4 1 2 9 0 , 3 1 2 3 9 , 2 1 7 3 8 , 2 1 8 0 1 , 2 1 4 0 9 , 1 1 2 5 7 , 1 1 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U 6 0 8 0 0 5 , 0 1 4 2 1 , 1 1 - - - - - - 3 3 3 , 6 0 4 4 , 0 1 - - - - - - - - - - - - - - - - - - - - - - - 〃〃〃〃〃 r o t i f o r P h g u o r h t e u l a v r i a f t a s t e s s a l a i c n a n i F s s o L r e h t o h g u o r h t e u l a v r i a f t a s t e s s a l a i c n a n i F e m o c n i e v i s n e h e r p m o c 〃〃〃〃 r e h t o h g u o r h t e u l a v r i a f t a s t e s s a l a i c n a n i F e m o c n i e v i s n e h e r p m o c 〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃 - 9 7 - y n a p m o C e h t h t i i w p h s n o i t a l e R e m a N d n a e p y T s e i t i r u c e S e l b a t e k r a M e m a N y n a p m o C d l e H s e i r a i d i s b u S d n a d e t i i m L y n a p m o C g n i r u t c a f u n a M r o t c u d n o c i m e S n a w i a T ) e s i w r e h t O d e i f i c e p S s s e l n U , s r a l l o D n a w i a T w e N f o s d n a s u o h T n i s t n u o m A ( D L E H S E I T I R U C E S E L B A T E K R A M 9 1 0 2 , 1 3 R E B M E C E D - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - s t n e m t s e v n i y t i u q e d e d a r t y l c i l b u p - n o N . d t L , . o C s e s a G l a i r t s u d n I d e t i n U . d t L , . o C n a w i a T i a t o d n a H u s t E - n i h S . c n I g n i d l o H t n e m t s e v n I l a b o l G V I d n u F y g o l o n h c e T . . K W e s i r p r e t n E l a t i p a C e r u t n e V n e d l a W i a h g n a h S s t n e m t s e v n i y t i u q e d e d a r t y l c i l b u p - n o N . . P L , I I s t n e m t s e v n I e r u t n e V n e d l a W a n i h C . . P L , I I I s t n e m t s e v n I e r u t n e V n e d l a W a n i h C e h T / c n I p u o r G s h c a S n a m d l o G o C & e s a h C n a g r o M P J p r o C h t l a e H S V C c n I T & T A o C b b i u q S s r e y M - l o t s i r B y e l n a t S n a g r o M c n I p u o r g i t i C c n I e i V b b A c n I p u o r G l a i c n a n i F J F U i h s i b u s t i M C L P s g n i d l o H C B S H o C & o g r a F s l l e W c n I e l p p A p r o C a c i r e m A f o k n a B d n o b e t a r o p r o C s n o i t a v o n n I a l e T . c n I e b u c M d n u F s e r u t n e V n o z i r o H l a t i p a C a i s A n o s m i r C s d n o b e l b i t r e v n o C n o i t a r o p r o C a i r p n I C M S T s r e n t r a P C M S T l a b o l G C M S T G A d n a l r e z t i w S g n i d n u F p u o r G S B U e h T / k n a B n o i n i m o D - o t n o r o T c n I s n o i t a c i n u m m o C n o z i r e V / n o d n o L A S e l o c i r g A t i d e r C A S s a b i r a P P N B p r o C s e i g o l o n h c e T d e t i n U C L L e c n a n i F A S U C A R E A S r e d n a t n a S o c n a B A S l e u t u M t i d e r C u d e v i t a r e d e F e u q n a B c n I p u o r G l a i c n a n i F i u s t i M o m o t i m u S e t o N e u l a V r i a F s e i c n e r r u C n g i e r o F ( ) s d n a s u o h T n i f o e g a t n e c r e P ) % ( p i h s r e n w O e u l a V g n i y r r a C s e i c n e r r u C n g i e r o F ( ) s d n a s u o h T n i s t i n U / s e r a h S ) s d n a s u o h T n I ( 9 1 0 2 , 1 3 r e b m e c e D 3 2 4 , 1 1 $ S U 1 0 0 , 1 1 2 9 8 , 0 1 7 8 8 , 0 1 3 4 8 , 0 1 2 8 6 , 0 1 1 8 6 , 0 1 1 6 6 , 0 1 2 1 6 , 0 1 4 1 4 , 0 1 4 4 3 , 0 1 7 0 3 , 0 1 7 2 8 , 9 8 5 4 , 9 0 2 4 , 9 4 1 4 , 9 4 7 1 , 9 6 0 1 , 9 2 6 0 , 9 1 9 9 , 8 4 4 9 , 8 3 1 9 , 8 9 6 8 , 8 1 5 5 , 8 4 1 5 , 8 4 8 4 , 8 2 1 4 , 8 2 7 2 , 8 8 4 2 , 8 2 2 2 , 8 1 3 0 , 8 9 9 9 , 7 5 2 8 , 7 6 1 8 , 7 5 0 8 , 7 1 8 6 , 7 5 7 6 , 7 2 1 6 , 7 5 5 4 , 7 6 4 3 , 7 3 3 3 , 7 1 3 3 , 7 0 8 2 , 7 9 5 2 , 7 3 0 2 , 7 0 6 1 , 7 2 7 9 , 6 8 5 9 , 6 7 4 9 , 6 4 7 8 , 6 2 4 8 , 6 0 8 6 , 6 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / 3 2 4 , 1 1 $ S U 1 0 0 , 1 1 2 9 8 , 0 1 7 8 8 , 0 1 3 4 8 , 0 1 2 8 6 , 0 1 1 8 6 , 0 1 1 6 6 , 0 1 2 1 6 , 0 1 4 1 4 , 0 1 4 4 3 , 0 1 7 0 3 , 0 1 7 2 8 , 9 8 5 4 , 9 0 2 4 , 9 4 1 4 , 9 4 7 1 , 9 6 0 1 , 9 2 6 0 , 9 1 9 9 , 8 4 4 9 , 8 3 1 9 , 8 9 6 8 , 8 1 5 5 , 8 4 1 5 , 8 4 8 4 , 8 2 1 4 , 8 2 7 2 , 8 8 4 2 , 8 2 2 2 , 8 1 3 0 , 8 9 9 9 , 7 5 2 8 , 7 6 1 8 , 7 5 0 8 , 7 1 8 6 , 7 5 7 6 , 7 2 1 6 , 7 5 5 4 , 7 6 4 3 , 7 3 3 3 , 7 1 3 3 , 7 0 8 2 , 7 9 5 2 , 7 3 0 2 , 7 0 6 1 , 7 2 7 9 , 6 8 5 9 , 6 7 4 9 , 6 4 7 8 , 6 2 4 8 , 6 0 8 6 , 6 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - t n u o c c A t n e m e t a t S l a i c n a n F i r e h t o h g u o r h t e u l a v r i a f t a s t e s s a l a i c n a n i F e m o c n i e v i s n e h e r p m o c 〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃 ) d e u n i t n o C ( - 0 8 - y n a p m o C e h t h t i i w p h s n o i t a l e R - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - p r o C e c n a n i F L T P / p L o C g n i s a e L k c u r T e k s n e P p r o C s e n i h c a M s s e n i s u B l a n o i t a n r e t n I I I g n i d n u F l a b o l G e f i L d r a d n a t S e c n a i l e R o C e s i r p r e t n E d r a k c a P t t e l w e H o C y g r e n E E T D C A D e c n a n i F l a t i p a C n o i t a i v A C B M S c n I s g n i d l o H l a t i p a C y g r e n E a r E t x e N B A n e k n a B a d l i k s n E a k s i v a n i d n a k S p b A k n a B a e d r o N c n I p u o r G l a i c n a n i F o h u z i M d t L p u o r G e i r a u q c a M c n I m e t s y S r e d y R c n I x a f i u q E A S E C P B p r o C l a t i p a C T A B 2 t s u r T p u o r G e r t n e c S / 1 t s u r T p u o r G e r t n e c S C L L o C l a t i p a C r o t c e n n o C t s e w d i M C L P K U r e d n a t n a S I g n i d n u F l a b o l G e f i L n a t i l o p o r t e M / Y N k r o Y w e N G A e s s i u S t i d e r C C L L s g n i d l o H s a G y g r e n E n o i n i m o D g n i d n u F l a b o l G e n e h t A C L P s t e k r a M t s e W t a N A S e l a r e n e G e t e i c o S c n I p u o r G a i r t l A C A D d n a l e r I s t n e m t s e v n I s n o i t i s i u q c A e r i h S g n i d n u F l a b o l G e f i L l a n o i t a N n o s k c a J n o d n o L / d t L l ' t n I d n a l a e Z w e N Z N A c n I a c i r e m A s t e k r a M l a t i p a C P B H O / c n I s e r a h s c n a B n o t g n i t n u H P L s r e n t r a P y g r e n E n a g r o M r e d n i K A G a t n a l t A / k n a B t s u r T n u S g n i d n u F l a b o l G e f i L k r o Y w e N A N k n a B o g r a F s l l e W V N p e o r G G N I d t L s g n i d l o H t n e c n e T p r o C e s a e L r i A p r o C t f o s o r c i M C L P l a t i p a C y g r e n E G B C L L g n i d n u F l a i t n e d u r P p r o C x o F C L P p u o r G g n i k n a B s d y o l L c n I s n o i t a c i n u m m o C x o C e h T / o C n o i n U n r e t s e W c n I v r e s i F d t L y a w t e M - p r o c n u S c n I s d o o F n o s y T A N k n a B C N P l a e r t n o M f o k n a B A N e n O l a t i p a C p r o C t s a c m o C e m a N d n a e p y T s e i t i r u c e S e l b a t e k r a M e m a N y n a p m o C d l e H c n I p u o r G l a n o i t a n r e t n I n a c i r e m A l a b o l G C M S T e t o N e u l a V r i a F s e i c n e r r u C n g i e r o F ( ) s d n a s u o h T n i f o e g a t n e c r e P ) % ( p i h s r e n w O e u l a V g n i y r r a C s e i c n e r r u C n g i e r o F ( ) s d n a s u o h T n i s t i n U / s e r a h S ) s d n a s u o h T n I ( 9 1 0 2 , 1 3 r e b m e c e D 6 3 5 , 6 4 8 3 , 6 4 4 3 , 6 7 9 2 , 6 6 7 2 , 6 2 5 2 , 6 9 3 2 , 6 9 9 1 , 6 4 0 1 , 6 6 3 0 , 6 9 2 0 , 6 5 2 0 , 6 0 1 0 , 6 3 8 9 , 5 9 6 9 , 5 8 5 9 , 5 7 2 9 , 5 8 4 8 , 5 7 1 7 , 5 8 7 6 , 5 5 4 6 , 5 3 2 6 , 5 8 1 6 , 5 5 9 5 , 5 0 1 5 , 5 5 7 4 , 5 5 7 2 , 5 5 4 2 , 5 0 3 2 , 5 2 0 2 , 5 3 7 1 , 5 4 2 1 , 5 2 1 1 , 5 6 9 0 , 5 1 4 0 , 5 9 2 0 , 5 8 8 8 , 4 8 8 8 , 4 7 0 8 , 4 7 3 7 , 4 7 1 7 , 4 3 9 6 , 4 6 7 6 , 4 3 8 5 , 4 4 7 5 , 4 9 2 5 , 4 6 7 4 , 4 3 6 4 , 4 6 5 4 , 4 4 4 4 , 4 8 9 3 , 4 3 5 3 , 4 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / 6 3 5 , 6 4 8 3 , 6 4 4 3 , 6 7 9 2 , 6 6 7 2 , 6 2 5 2 , 6 9 3 2 , 6 9 9 1 , 6 4 0 1 , 6 6 3 0 , 6 9 2 0 , 6 5 2 0 , 6 0 1 0 , 6 3 8 9 , 5 9 6 9 , 5 8 5 9 , 5 7 2 9 , 5 8 4 8 , 5 7 1 7 , 5 8 7 6 , 5 5 4 6 , 5 3 2 6 , 5 8 1 6 , 5 5 9 5 , 5 0 1 5 , 5 5 7 4 , 5 5 7 2 , 5 5 4 2 , 5 0 3 2 , 5 2 0 2 , 5 3 7 1 , 5 4 2 1 , 5 2 1 1 , 5 6 9 0 , 5 1 4 0 , 5 9 2 0 , 5 8 8 8 , 4 8 8 8 , 4 7 0 8 , 4 7 3 7 , 4 7 1 7 , 4 3 9 6 , 4 6 7 6 , 4 3 8 5 , 4 4 7 5 , 4 9 2 5 , 4 6 7 4 , 4 3 6 4 , 4 6 5 4 , 4 4 4 4 , 4 8 9 3 , 4 3 5 3 , 4 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - t n u o c c A t n e m e t a t S l a i c n a n F i r e h t o h g u o r h t e u l a v r i a f t a s t e s s a l a i c n a n i F e m o c n i e v i s n e h e r p m o c 〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃 ) d e u n i t n o C ( - 1 8 - y n a p m o C e h t h t i i w p h s n o i t a l e R - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - d t L y e s n r e u G g n i d n u F p u o r G e s s i u S t i d e r C c n I e d i w d l r o W v e B n I h c s u B - r e s u e h n A p r o C s c i m a n y D l a r e n e G p r o C l a i c n a n i F s n o i g e R C L P s e c i v r e S y r u s a e r T r e s i k c n e B t t i k c e R e c r e m m o C f o k n a B l a i r e p m I n a i d a n a C o C s s e r p x E n a c i r e m A g n i d n u F l a b o l G G A I A S A k n a B B N D p r o C c i n o s a n a P e h T / a i t o c S a v o N f o k n a B 0 1 0 2 e c n a n i F P P W p r o C l a i c n a n i F e n O l a t i p a C c n I s e i g o l o n h c e T r e p o R a d a n a C f o k n a B l a y o R d t L k n a B e i r a u q c a M c n I s e c i v e D g o l a n A p r o C e v i t r o F A p S o l o a p n a S a s e t n I C L P k n a B s y a l c r a B o C r e w o P a m a b a l A c n I e c n a n i F v e B n I h c s u B - r e s u e h n A V B e c n a n i F l a n o i t a n r e t n I l l e h S C L L I I e c n a n i F S U r e y a B p r o C a n g i C s g n i d l o H a c i r e m A f o p r o C y r o t a r o b a L d t L s g n i d l o H l a n o i t a n r e t n I o p m o S d t L o C l a c i t u e c a m r a h P a d e k a T A U k n a b o b a R e v e i t a r e p o o C p r o C l a i c n a n i F A N C C L P k n a B s d y o l L C L L l a t i p a C S U W M B o C l i O n a i b a r A i d u a S p r o C T & B B c n I c i f i t n e i c S r e h s i F o m r e h T t s u r T g n i d n u F s r e n r o C e v i F V N l a n o i t a n r e t n I e c n a n i F l e n E G A p u o r G e s s i u S t i d e r C C L P d e r e t r a h C d r a d n a t S C L P p u o r G e n o f a d o V I I g n i d n u F l a b o l G e f i L l a p i c n i r P p r o C t i d e r C s s e r p x E n a c i r e m A B A n e k n a b s l e d n a H a k s n e v S V N k n a B O R M A N B A c n I e c r u o S N i c n I r e p p e P r D g i r u e K y g r e n E e c r u o s r e v E p r o c n a B d r i h T h t f i F c n I r e w o t l l e W y g r e n E a r p m e S k n a B t s i u r T e m a N d n a e p y T s e i t i r u c e S e l b a t e k r a M e m a N y n a p m o C d l e H C L L a c i r e m A h t r o N e c n a n i F r e l m i a D l a b o l G C M S T e t o N e u l a V r i a F s e i c n e r r u C n g i e r o F ( ) s d n a s u o h T n i f o e g a t n e c r e P ) % ( p i h s r e n w O e u l a V g n i y r r a C s e i c n e r r u C n g i e r o F ( ) s d n a s u o h T n i s t i n U / s e r a h S ) s d n a s u o h T n I ( 9 1 0 2 , 1 3 r e b m e c e D 0 5 3 , 4 4 3 3 , 4 2 6 2 , 4 0 0 2 , 4 2 8 1 , 4 7 8 0 , 4 2 5 0 , 4 3 4 0 , 4 3 0 0 , 4 9 8 9 , 3 3 7 9 , 3 3 5 9 , 3 2 1 9 , 3 1 0 9 , 3 6 9 8 , 3 6 3 8 , 3 5 9 7 , 3 7 1 7 , 3 8 2 6 , 3 4 2 5 , 3 8 8 4 , 3 1 2 4 , 3 4 2 3 , 3 3 9 2 , 3 0 5 2 , 3 6 4 2 , 3 4 2 2 , 3 4 1 2 , 3 8 8 1 , 3 7 8 1 , 3 8 6 1 , 3 7 6 1 , 3 7 1 1 , 3 2 7 0 , 3 1 7 0 , 3 0 7 0 , 3 9 4 0 , 3 0 4 0 , 3 8 3 0 , 3 7 3 0 , 3 5 1 0 , 3 2 0 0 , 3 0 8 9 , 2 1 2 9 , 2 1 2 9 , 2 3 0 9 , 2 3 9 8 , 2 5 7 8 , 2 2 6 8 , 2 8 4 8 , 2 4 9 7 , 2 1 7 7 , 2 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / 0 5 3 , 4 4 3 3 , 4 2 6 2 , 4 0 0 2 , 4 2 8 1 , 4 7 8 0 , 4 2 5 0 , 4 3 4 0 , 4 3 0 0 , 4 9 8 9 , 3 3 7 9 , 3 3 5 9 , 3 2 1 9 , 3 1 0 9 , 3 6 9 8 , 3 6 3 8 , 3 5 9 7 , 3 7 1 7 , 3 8 2 6 , 3 4 2 5 , 3 8 8 4 , 3 1 2 4 , 3 4 2 3 , 3 3 9 2 , 3 0 5 2 , 3 6 4 2 , 3 4 2 2 , 3 4 1 2 , 3 8 8 1 , 3 7 8 1 , 3 8 6 1 , 3 7 6 1 , 3 7 1 1 , 3 2 7 0 , 3 1 7 0 , 3 0 7 0 , 3 9 4 0 , 3 0 4 0 , 3 8 3 0 , 3 7 3 0 , 3 5 1 0 , 3 2 0 0 , 3 0 8 9 , 2 1 2 9 , 2 1 2 9 , 2 3 0 9 , 2 3 9 8 , 2 5 7 8 , 2 2 6 8 , 2 8 4 8 , 2 4 9 7 , 2 1 7 7 , 2 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - t n u o c c A t n e m e t a t S l a i c n a n F i r e h t o h g u o r h t e u l a v r i a f t a s t e s s a l a i c n a n i F e m o c n i e v i s n e h e r p m o c 〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃 ) d e u n i t n o C ( - 2 8 - y n a p m o C e h t h t i i w p h s n o i t a l e R - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - t n e m p o l e v e D & n o i t c u r t s n o c e R r o f k n a B n a e p o r u E o C d e t i m i l n U o C g n i d n u F l a n o i t a n r e t n I l a t i p a C E G C L L e c n a n i F a c i r e m A f o p u o r G n e g a w s k l o V I R e c n e d i v o r P / A N k n a B s n e z i t i C d t L n o i t a i v A C O B c n I P C H y t e i c o S g n i d l i u B e d i w n o i t a N k n a B t n e m p o l e v e D n a i s A e h T / p r o C b a w h c S s e l r a h C o C r e w o P a l e h a g n o n o M c n I y g r e n E n o i n i m o D P L X L P M a i l a r t s u A f o k n a B h t l a e w n o m m o C H O d n a l e v e l C A N k n a B y e K / c n I p u o r G y g r e n E C E W o C c i r t c e l E l a r e n e G e h T / o C y e n s i D t l a W e h T / o C g n i e o B c n I s a G E N O d t L n e i r t u N k n a B t n e m p o l e v e D n a c i r e m A - r e t n I a c i r e m A l a t i p a C i a d n u y H c n I l a i c n a n i F d e t i n U s e l p o e P ' c n I e n o Z o t u A A N p r o c n a B s n o i Z p r o C n o s s e K c M p r o C n e r e m A c n I n o r t x e T c n I s n i l l o C l l e w k c o R C L L o C y r e v i l e D c i r t c e l E r o c n O / Y N A U k n a b o b a R e v e i t a r e p o o C d t L s e c r u o s e R l a r u t a N n a i d a n a C C L L a d i r o l F y g r e n E e k u D c n I s r u o m e N e d t n o P u D c n I y g r e n E l e c X c n I n a c i r e m A s d l o n y e R S / A k n a B e k s n a D A N k n a B n o i n U G F U M c n I l a t i p a C X L E R p r o C d l o G k c i r r a B C L P p u o r G d n a l t o c S f o k n a B l a y o R P L y t l a e R s a t n e V k n a B s s a p m o C c n I d r a T - e h c u o C n o i t a t n e m i l A D M / c n I l a n o i t a n r e t n I t t o i r r a M c n I e g n a h c x E l a t n e n i t n o c r e t n I c n I y g r e n E t n i o P r e t n e C c n I s c i t y l a n A k s i r e V p r o C y g r e n E e k u D c n I y g r e n E y k s u H p r o C n o l e x E e m a N d n a e p y T s e i t i r u c e S e l b a t e k r a M e m a N y n a p m o C d l e H p r o C g n i k n a B c a p t s e W l a b o l G C M S T e t o N e u l a V r i a F s e i c n e r r u C n g i e r o F ( ) s d n a s u o h T n i f o e g a t n e c r e P ) % ( p i h s r e n w O e u l a V g n i y r r a C s e i c n e r r u C n g i e r o F ( ) s d n a s u o h T n i s t i n U / s e r a h S ) s d n a s u o h T n I ( 9 1 0 2 , 1 3 r e b m e c e D 0 4 7 , 2 8 2 7 , 2 7 1 7 , 2 8 9 6 , 2 5 9 6 , 2 8 6 6 , 2 8 6 6 , 2 2 2 6 , 2 5 1 6 , 2 1 0 6 , 2 4 6 5 , 2 5 5 5 , 2 0 5 5 , 2 0 4 5 , 2 7 2 5 , 2 7 2 5 , 2 4 2 5 , 2 7 0 5 , 2 4 9 4 , 2 0 5 4 , 2 5 3 4 , 2 4 2 4 , 2 4 7 3 , 2 3 7 3 , 2 2 5 3 , 2 7 0 3 , 2 9 6 2 , 2 4 4 2 , 2 2 4 2 , 2 5 3 2 , 2 9 1 2 , 2 9 0 2 , 2 3 9 1 , 2 5 7 1 , 2 4 6 1 , 2 3 6 1 , 2 2 6 1 , 2 9 5 1 , 2 2 2 1 , 2 0 2 1 , 2 9 9 0 , 2 2 9 0 , 2 2 7 0 , 2 5 4 0 , 2 1 4 0 , 2 8 2 0 , 2 5 1 0 , 2 4 0 0 , 2 4 8 9 , 1 0 6 9 , 1 6 5 9 , 1 9 4 9 , 1 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / 0 4 7 , 2 8 2 7 , 2 7 1 7 , 2 8 9 6 , 2 5 9 6 , 2 8 6 6 , 2 8 6 6 , 2 2 2 6 , 2 5 1 6 , 2 1 0 6 , 2 4 6 5 , 2 5 5 5 , 2 0 5 5 , 2 0 4 5 , 2 7 2 5 , 2 7 2 5 , 2 4 2 5 , 2 7 0 5 , 2 4 9 4 , 2 0 5 4 , 2 5 3 4 , 2 4 2 4 , 2 4 7 3 , 2 3 7 3 , 2 2 5 3 , 2 7 0 3 , 2 9 6 2 , 2 4 4 2 , 2 2 4 2 , 2 5 3 2 , 2 9 1 2 , 2 9 0 2 , 2 3 9 1 , 2 5 7 1 , 2 4 6 1 , 2 3 6 1 , 2 2 6 1 , 2 9 5 1 , 2 2 2 1 , 2 0 2 1 , 2 9 9 0 , 2 2 9 0 , 2 2 7 0 , 2 5 4 0 , 2 1 4 0 , 2 8 2 0 , 2 5 1 0 , 2 4 0 0 , 2 4 8 9 , 1 0 6 9 , 1 6 5 9 , 1 9 4 9 , 1 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - t n u o c c A t n e m e t a t S l a i c n a n F i r e h t o h g u o r h t e u l a v r i a f t a s t e s s a l a i c n a n i F e m o c n i e v i s n e h e r p m o c 〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃 ) d e u n i t n o C ( - 3 8 - y n a p m o C e h t h t i i w p h s n o i t a l e R - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - V B e c n a n i F l a n o i t a n r e t n I m o k e l e T e h c s t u e D C L L g n i t a r e p O s t c u d o r P e s i r p r e t n E e h T / k n a B l a n o i t a N n o t g n i t n u H d t L y t P e c n a n i F t s e r c w e N c n I p u o r G e s i r p r e t n E e c i v r e S c i l b u P p r o C l a t i p a C e r e e D n h o J c n I s c i t s o n g a i D t s e u Q C L L e c n a n i F n e e v u N c n I s e i t i n u m m o C y a B n o l a v A C L L o C n o i t a r e n e G n o l e x E C L P l a t i p a C e n i l K h t i m S o x a l G d t L o C s g n i d l o H i & n e v e S G A p u o r G S B U C L P s y a l c r a B p r o C y g r e t n E t s u r T h g u o r h T s s a P A s s a l C 1 - 7 0 0 2 s e n i L r i A a t l e D p r o C l a t i p a C s a t n e V / P L y t l a e R s a t n e V P L p u o r G y t r e p o r P n o m S i o C y g r e n E y a w a h t a H e r i h s k r e B p r o C n a m m u r G p o r h t r o N o C M 3 C L L a i d e M l a s r e v i n U C B N o C l a c i m e h C n a m t s a E p r o C m u e l o r t e P n o h t a r a M 2 o N p r o C s a t n i C c n I y a w a h t a H e r i h s k r e B c n I m e h t n A c n I u d i a B p u o r G m u n U c n I a n t e A o C n o s i d E a i n r o f i l a C n r e h t u o S H O / i t a n n i c n i C A N k n a B S U p r o C l a n o i t a N n l o c n i L c n I M M O C L A U Q a d a n a C f o k n a B l a n o i t a N C L L r e w o P G E S P t s u r T h g u o r h T s s a P A s s a l C 2 - 3 1 0 2 s e n i l r i A n a c i r e m A A S e c n a n i F g r u o b m e x u L d n a R - l l o s r e g n I o C c i r t c e l E & s a G o g e i D n a S d t L p u o r G s h t r o w l o o W c n I y g r e n E r o c n u S d t L k n a B B S A d t L 6 1 l a n o i t a n r e t n I n o s i h c t u H K C c n I d i r g n a v A e h T / p r o C n o l l e M k r o Y w e N f o k n a B E D / c n I n a g r o M r e d n i K I g n i d n u F l a b o l G a o c i r P p r o C e l c a r O p r o C y e l k r e B R W C L P a c e n e Z a r t s A p r o c n a B S U e m a N d n a e p y T s e i t i r u c e S e l b a t e k r a M e m a N y n a p m o C d l e H e h T / o C l a c i m e h C w o D l a b o l G C M S T ) d e u n i t n o C ( 8 1 9 , 1 6 0 9 , 1 4 0 9 , 1 0 0 9 , 1 6 8 8 , 1 6 6 8 , 1 1 3 8 , 1 1 9 7 , 1 2 7 7 , 1 0 6 7 , 1 1 5 7 , 1 4 4 7 , 1 1 4 7 , 1 2 2 7 , 1 1 1 7 , 1 0 7 6 , 1 1 6 6 , 1 7 5 6 , 1 0 5 6 , 1 3 4 6 , 1 0 3 6 , 1 4 0 6 , 1 1 0 6 , 1 3 9 5 , 1 2 7 5 , 1 2 7 5 , 1 9 5 5 , 1 8 3 5 , 1 5 2 5 , 1 3 2 5 , 1 7 1 5 , 1 6 1 5 , 1 4 0 5 , 1 2 0 5 , 1 1 0 5 , 1 0 0 5 , 1 6 9 4 , 1 6 9 4 , 1 8 8 4 , 1 1 6 4 , 1 8 5 4 , 1 8 3 4 , 1 2 3 4 , 1 5 1 4 , 1 2 1 4 , 1 0 1 4 , 1 0 9 3 , 1 7 8 3 , 1 7 5 3 , 1 5 5 3 , 1 3 4 3 , 1 6 2 3 , 1 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / 8 1 9 , 1 6 0 9 , 1 4 0 9 , 1 0 0 9 , 1 6 8 8 , 1 6 6 8 , 1 1 3 8 , 1 1 9 7 , 1 2 7 7 , 1 0 6 7 , 1 1 5 7 , 1 4 4 7 , 1 1 4 7 , 1 2 2 7 , 1 1 1 7 , 1 0 7 6 , 1 1 6 6 , 1 7 5 6 , 1 0 5 6 , 1 3 4 6 , 1 0 3 6 , 1 4 0 6 , 1 1 0 6 , 1 3 9 5 , 1 2 7 5 , 1 2 7 5 , 1 9 5 5 , 1 8 3 5 , 1 5 2 5 , 1 3 2 5 , 1 7 1 5 , 1 6 1 5 , 1 4 0 5 , 1 2 0 5 , 1 1 0 5 , 1 0 0 5 , 1 6 9 4 , 1 6 9 4 , 1 8 8 4 , 1 1 6 4 , 1 8 5 4 , 1 8 3 4 , 1 2 3 4 , 1 5 1 4 , 1 2 1 4 , 1 0 1 4 , 1 0 9 3 , 1 7 8 3 , 1 7 5 3 , 1 5 5 3 , 1 3 4 3 , 1 6 2 3 , 1 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - e t o N e u l a V r i a F s e i c n e r r u C n g i e r o F ( ) s d n a s u o h T n i f o e g a t n e c r e P ) % ( p i h s r e n w O e u l a V g n i y r r a C s e i c n e r r u C n g i e r o F ( ) s d n a s u o h T n i s t i n U / s e r a h S ) s d n a s u o h T n I ( 9 1 0 2 , 1 3 r e b m e c e D t n u o c c A t n e m e t a t S l a i c n a n F i r e h t o h g u o r h t e u l a v r i a f t a s t e s s a l a i c n a n i F e m o c n i e v i s n e h e r p m o c 〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃 - 4 8 - y n a p m o C e h t h t i i w p h s n o i t a l e R - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - V B s d n a l r e h t e N s g n i d l o H l a n o i t a n r e t n I z e l e d n o M c n I e c n a i l l A s t o o B s n e e r g l a W V N s e i r t s u d n I l l e s a B l l e d n o y L c n I p u o r G h t l a e H d e t i n U c n I e c n a n i F d l e i f k o o r B e h T / o C n r e h t u o S d t L s g n i d l o H y r o t n u S c n I s g n i d l o H e l t s e N Y N / c n I m e l y X d t L 9 1 l a n o i t a n r e t n I n o s i h c t u H K C o C s a G & c i r t c e l E e c i v r e S c i l b u P g n i d n u F l a b o l G e f i L n a i d r a u G k n a B a n a H B E K c n I d r a z z i l B n o i s i v i t c A p r o C e c n a n i F T T N 1 0 4 1 / F t s u r T d t L 5 1 0 2 t n e m p o l e v e D s a e s r e v O p u o r G c e p o n i S g n i d n u F l a b o l G e f i L e v i t c e t o r P c n I l a i c n a n i F l a i t n e d u r P C L P k n a B C B S H p r o C l a c i m e h C e k a l t s e W P L n o i s s i m s n a r T n r e t s a E s a x e T c n I p u o r G s e i t i r u c e S a w i a D c n I p u o r G l a i c n a n i F s n e z i t i C o C r e w o P a i g r o e G c n I d r a c r e t s a M p r o C e m o c n I y t l a e R d t L p u o r G A A I c n I r o g i l b O - o C s e h g u H r e k a B / C L L o C E G a s e h g u H r e k a B d t L y t P 1 o N g n i d n u F s i t r u C C O O N C t s u r T s e i t r e p o r P w e i v r i a F c a l l i d a C ' s r e h c a e T o i r a t n O c n I l a i c n a n i F e s i r p i r e m A P L o i l o f t r o P x e s s E A S d r a c i R d o n r e P d t L y t P o C e c n a n i F t r o p r i A y e n d y S C L P s t e k r a M l a t i p a C P B e h T / o C r e g o r K c n I l a n o i t a n r e t n I s i r r o M p i l i h P D M / c n I o C & k c i m r o C c M c n I s l l i M l a r e n e G A S A r o n i u q E a m o h a l k O f o o C e c i v r e S c i l b u P p r o C e c i v r e S c i l b u P n i s n o c s i W c n I g n i d n u F l a t i p a C L P P P L s r e n t r a P y g r e n E a r t c e p S p r o C s e i r t s u d n I a t o y o T p r o C s g n i d l o H C T I d n a l a e Z w e N f o k n a B C L L T K R k c o R t s e W k n a B r e v o c s i D Y N k r o Y w e N / d t L p u o r G g n i k n a B d n a l a e Z w e N & a i l a r t s u A p r o C s e c r u o s e R y g r e n E t n i o P r e t n e C l a b o l G C M S T e m a N d n a e p y T s e i t i r u c e S e l b a t e k r a M e m a N y n a p m o C d l e H e t o N e u l a V r i a F s e i c n e r r u C n g i e r o F ( ) s d n a s u o h T n i f o e g a t n e c r e P ) % ( p i h s r e n w O e u l a V g n i y r r a C s e i c n e r r u C n g i e r o F ( ) s d n a s u o h T n i s t i n U / s e r a h S ) s d n a s u o h T n I ( 9 1 0 2 , 1 3 r e b m e c e D 5 1 3 , 1 4 0 3 , 1 9 8 2 , 1 4 7 2 , 1 8 2 2 , 1 1 0 2 , 1 1 0 2 , 1 3 9 1 , 1 2 9 1 , 1 0 9 1 , 1 8 7 1 , 1 2 6 1 , 1 9 4 1 , 1 4 4 1 , 1 0 4 1 , 1 9 3 1 , 1 5 3 1 , 1 2 2 1 , 1 8 6 0 , 1 3 5 0 , 1 1 5 0 , 1 2 4 0 , 1 7 3 0 , 1 3 3 0 , 1 6 2 0 , 1 6 2 0 , 1 4 2 0 , 1 0 2 0 , 1 0 2 0 , 1 9 1 0 , 1 8 1 0 , 1 1 1 0 , 1 1 1 0 , 1 9 0 0 , 1 7 0 0 , 1 7 0 0 , 1 3 0 0 , 1 1 0 0 , 1 8 9 9 6 9 9 2 9 9 8 8 9 9 7 9 5 2 9 6 0 9 5 0 9 3 0 9 0 0 9 7 8 8 8 7 8 6 6 8 3 4 8 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / 5 1 3 , 1 4 0 3 , 1 9 8 2 , 1 4 7 2 , 1 8 2 2 , 1 1 0 2 , 1 1 0 2 , 1 3 9 1 , 1 2 9 1 , 1 0 9 1 , 1 8 7 1 , 1 2 6 1 , 1 9 4 1 , 1 4 4 1 , 1 0 4 1 , 1 9 3 1 , 1 5 3 1 , 1 2 2 1 , 1 8 6 0 , 1 3 5 0 , 1 1 5 0 , 1 2 4 0 , 1 7 3 0 , 1 3 3 0 , 1 6 2 0 , 1 6 2 0 , 1 4 2 0 , 1 0 2 0 , 1 0 2 0 , 1 9 1 0 , 1 8 1 0 , 1 1 1 0 , 1 1 1 0 , 1 9 0 0 , 1 7 0 0 , 1 7 0 0 , 1 3 0 0 , 1 1 0 0 , 1 8 9 9 6 9 9 2 9 9 8 8 9 9 7 9 5 2 9 6 0 9 5 0 9 3 0 9 0 0 9 7 8 8 8 7 8 6 6 8 3 4 8 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - t n u o c c A t n e m e t a t S l a i c n a n F i r e h t o h g u o r h t e u l a v r i a f t a s t e s s a l a i c n a n i F e m o c n i e v i s n e h e r p m o c 〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃 ) d e u n i t n o C ( - 5 8 - y n a p m o C e h t h t i i w p h s n o i t a l e R - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - t n i r p S / C L L I I o C m u r t c e p S t n i r p S / C L L o C m u r t c e p S t n i r p S e h T / c n I s o C f o p u o r G c i l b u p r e t n I c n I o C r e w o P c i r t c e l E n a c i r e m A A N k n a B e s a h C n a g r o M P J C L P s g n i d l o H p u o r G K U r e d n a t n a S C L L p u o r G l a t i p a C n o i t a i v A c n I h t l a e H l a n i d r a C p r o C t e e r t S e t a t S e h T / o C g n i t a n i m u l l I c i r t c e l E d n a l e v e l C c l p l a n o i t a n r e t n I s l o r t n o C n o s n h o J P L s r e n t r a P m a e r t s d i M n a l l e g a M L A m a h g n i m r i B / k n a B s n o i g e R d t L s e n i L e p i P a d a n a C s n a r T d t L s e n i l e p i P T P A k r o Y w e N / d t L k n a B a i l a r t s u A l a n o i t a N C L L I I I o C m u r t c e p S c n I R D U c n I s e i t i u q E e t a t s E l a e R a i r d n a x e l A p r o C l a i c n a n i F e f i l u n a M p r o C y g r e n E S M C c n I y e r a C P W o C c i r t c e l E & s a G e r o m i t l a B p r o C c i f i c a P n o i n U l r a S I I e c n a n i F e p o r u E H D p r o C t i d e r C r o t o M a t o y o T C L L i p p i s s i s s i M y g r e t n E o C r e s u e a h r e y e W o C g n i d l o H a n g i C t s u r T h g u o r h T s s a P A s s a l C 1 - 2 1 0 2 s e n i l r i A l a t n e n i t n o C V B s d n a l r e h t e N e c n a n i F r o t o M a t o y o T e l i h C e d e r b o C l e d l a n o i c a N p r o C c n I m o c . n o z a m A p r o C s w e o L t s u r T h g u o r h T s s a P A s s a l C 1 - 3 1 0 2 s y a w r i A h s i t i r B d t L o C e c n a n i F & e s a e L J F U i h s i b u s t i M p r o C n i t r a M d e e h k c o L c n I s o C n a n n e L c M & h s r a M C L L c i f i c a P - a i g r o e G o C n o s i d E h t l a e w n o m m o C c n I s e c i v r e S c i l b u p e R p r o C y t l a e R o c m K i k n a B t n e m p o l e v e D n a c i r f A T C d r o f m a t S / G A S B U c n I s e c n e i c S d a e l i G c n I e f i L t e M A S U A V B B e m a N d n a e p y T s e i t i r u c e S e l b a t e k r a M e m a N y n a p m o C d l e H C L L s a s n a k r A y g r e t n E l a b o l G C M S T I I g n i d n u F l a b o l G l a u t u M s s a M V C e d B A S a s m e F a l o C - a c o C d t L 1 1 0 2 e c n a n i F C O O N C c n I a r r e t i V p r o C S B C c n I A C e t o N e u l a V r i a F s e i c n e r r u C n g i e r o F ( ) s d n a s u o h T n i f o e g a t n e c r e P ) % ( p i h s r e n w O e u l a V g n i y r r a C s e i c n e r r u C n g i e r o F ( ) s d n a s u o h T n i s t i n U / s e r a h S ) s d n a s u o h T n I ( 9 1 0 2 , 1 3 r e b m e c e D 4 2 8 4 1 8 9 7 7 2 6 7 5 5 7 1 5 7 2 4 7 4 2 7 5 0 7 5 0 7 4 0 7 5 6 6 7 5 6 6 3 6 5 3 6 7 2 6 1 2 6 4 1 6 9 0 6 9 0 6 8 0 6 3 0 6 0 0 6 3 9 5 8 8 5 5 7 5 5 7 5 2 7 5 0 5 5 1 4 5 1 4 5 0 3 5 5 2 5 1 2 5 9 1 5 1 1 5 4 0 5 2 0 5 2 0 5 2 0 5 0 0 5 5 9 4 5 6 4 2 6 4 2 6 4 2 5 4 5 2 4 7 1 4 3 1 4 8 0 4 6 0 4 5 0 4 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / 4 2 8 4 1 8 9 7 7 2 6 7 5 5 7 1 5 7 2 4 7 4 2 7 5 0 7 5 0 7 4 0 7 5 6 6 7 5 6 6 3 6 5 3 6 7 2 6 1 2 6 4 1 6 9 0 6 9 0 6 8 0 6 3 0 6 0 0 6 3 9 5 8 8 5 5 7 5 5 7 5 2 7 5 0 5 5 1 4 5 1 4 5 0 3 5 5 2 5 1 2 5 9 1 5 1 1 5 4 0 5 2 0 5 2 0 5 2 0 5 0 0 5 5 9 4 5 6 4 2 6 4 2 6 4 2 5 4 5 2 4 7 1 4 3 1 4 8 0 4 6 0 4 5 0 4 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - t n u o c c A t n e m e t a t S l a i c n a n F i r e h t o h g u o r h t e u l a v r i a f t a s t e s s a l a i c n a n i F e m o c n i e v i s n e h e r p m o c 〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃 ) d e u n i t n o C ( - 6 8 - y n a p m o C e h t h t i i w p h s n o i t a l e R - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - c n I s e c i v r e S l a i c n a n i F e d i w n o i t a N C L L e c n a n i F y t l a i c e p S S I X A d t L 3 1 0 2 l a t i p a C c e p o n i S p r o C l a t i p a C t s e W e l c a n n i P c n I s g n i d l o H l a P y a P C L L a i d e M r e n r a W n o d n o L / d t L g n i d n u F l a n o i t a n r e t n I Z N B c n I s g n i d l o H s m e t s y S E A B o C s a G a i n r o f i l a C n r e h t u o S P L t s u r T y t l a e R l a t i g i D o C r e w o P o i h O p r o C n o A 6 6 s p i l l i h P H O i t a n n i c n i C / k n a B d r i h T h t f i F c n I s g n i d l o H S U n o c a e B e n O o C y a w l i a R n r e h t u o S k l o f r o N p r o C o c d l o H A S U C B R o C s e c r u o s e R l a r u t a N r e e n o i P p r o C l a t i p a C r e t a W n a c i r e m A p r o C e c n a t p e c c A r o t o M n a s s i N e h T / o C n o s i d E o d e l o T p r o C v i t p A C L L s s e r g o r P y g r e n E e k u D B A k n a b d e w S c n I S B C m o c a i V c n I y g r e v E t s u r T h g u o r h T s s a P A s s a l C 1 - 7 0 0 2 s e n i l r i A l a t n e n i t n o C d t L o C g n i d l o H l a b o l G d n a R - l l o s r e g n I c n I s k r o w t e N r e p i n u J c n I n e g m A c n I C B A e h T / c n I p u o r G s e c i v r e S l a i c n a n i F C N P p r o C s g n i d l o H A S U y g r e n E a h w n a H p r o C s e c i v r e S l a i c n a n i F r a l l i p r e t a C A S e n o n a D p r o C s r e t n e C y c n e g e R c n I m o c . e c r o f s e l a s c n I s g n i d l o H a r u m o N o C X T T c n I c a l f A e m a N d n a e p y T s e i t i r u c e S e l b a t e k r a M e m a N y n a p m o C d l e H P L s r e n t r a P K O E N O l a b o l G C M S T C L P e c n a n i F l a n o i t a n r e t n I T A B C L L s a n i l o r a C y g r e n E e k u D e h T / o C c i r t c e l E t t e s n a g a r r a N d t L k n a B s a e s r e v O d e t i n U C L L s g n i d l o H c i r t c e l E n o t a E p r o C p r o c d l o G t n o m w e N k n a B a c i r e m o C P L s e i t r e p o r P n o t s o B P L y t r e p o r P y t r e b i L P L y t l a e R e k u D c n I o c r a V l l e w l i O l a n o i t a N ) d e u n i t n o C ( 4 0 4 0 0 4 9 9 3 3 9 3 8 8 3 6 8 3 9 5 3 2 1 3 8 0 3 7 0 3 6 0 3 3 0 3 0 0 3 0 0 3 9 9 2 4 8 2 2 8 2 8 5 2 7 5 2 2 5 2 8 4 2 9 0 2 9 0 2 8 0 2 7 0 2 7 0 2 1 0 2 0 0 2 5 8 1 1 1 1 8 7 5 , 5 8 2 2 0 , 0 1 4 9 7 , 1 6 1 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U 2 4 9 , 9 1 4 $ S U 1 0 5 , 3 0 3 8 , 2 2 7 3 , 1 $ S U $ S U $ S U 5 6 3 , 1 $ S U 2 5 3 , 1 6 7 $ S U 9 7 3 , 6 7 1 4 9 9 , 4 6 1 1 8 0 , 4 6 1 3 3 8 , 2 5 1 5 3 8 , 9 2 1 6 5 8 , 6 5 1 9 8 , 4 5 8 0 1 , 3 3 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / 4 0 4 0 0 4 9 9 3 3 9 3 8 8 3 6 8 3 9 5 3 2 1 3 8 0 3 7 0 3 6 0 3 3 0 3 0 0 3 0 0 3 9 9 2 4 8 2 2 8 2 8 5 2 7 5 2 2 5 2 8 4 2 9 0 2 9 0 2 8 0 2 7 0 2 7 0 2 1 0 2 0 0 2 5 8 1 1 1 1 6 9 9 , 9 7 6 9 , 4 8 8 9 0 , 0 6 1 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U 2 4 9 , 9 1 4 $ S U 1 0 5 , 3 0 3 8 , 2 2 7 3 , 1 $ S U $ S U $ S U 5 6 3 , 1 $ S U 2 5 3 , 1 6 7 $ S U 9 7 3 , 6 7 1 4 9 9 , 4 6 1 1 8 0 , 4 6 1 3 3 8 , 2 5 1 5 3 8 , 9 2 1 6 5 8 , 6 5 1 9 8 , 4 5 8 0 1 , 3 3 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - e t o N e u l a V r i a F s e i c n e r r u C n g i e r o F ( ) s d n a s u o h T n i f o e g a t n e c r e P ) % ( p i h s r e n w O e u l a V g n i y r r a C s e i c n e r r u C n g i e r o F ( ) s d n a s u o h T n i s t i n U / s e r a h S ) s d n a s u o h T n I ( 9 1 0 2 , 1 3 r e b m e c e D t n u o c c A t n e m e t a t S l a i c n a n F i r e h t o h g u o r h t e u l a v r i a f t a s t e s s a l a i c n a n i F e m o c n i e v i s n e h e r p m o c 〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃 r e h t o h g u o r h t e u l a v r i a f t a s t e s s a l a i c n a n i F e m o c n i e v i s n e h e r p m o c 〃〃 t s o c d e z i t r o m a t a s t e s s a l a i c n a n i F 〃〃〃 r o t i f o r P h g u o r h t e u l a v r i a f t a s t e s s a l a i c n a n i F r e h t o h g u o r h t e u l a v r i a f t a s t e s s a l a i c n a n i F e m o c n i e v i s n e h e r p m o c s s o L 〃〃〃〃〃〃〃〃 - 7 8 - y n a p m o C e h t h t i i w p h s n o i t a l e R - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - t s u r T h g u o r h T s s a P 1 - A s s a l C 1 - 0 0 0 2 s e n i l r i A l a t n e n i t n o C c n I s e c i v r e S n o i t a m r o f n I l a n o i t a N y t i l e d i F o C y a w l i a R c i f i c a P n a i d a n a C c n I s g n i d l o H e l b a t i u q E A X A o C n o s i d E n a t i l o p o r t e M c n I p u o r G l a i c n a n i F p r o C n a t S c n I p u o r G l a i c n a n i F l a p i c n i r P d t L a d a n a C e c n a n i F r e g r e b m u l h c S o C t s u r T s r e d a r T & s r e r u t c a f u n a M e h T / c n I t o p e D e m o H o C & y l l i L i l E V C e d B A S l i v o M a c i r e m A d t L g n i d l o H p u o r G a b a b i l A c n I s g n i d l o H A N I b b u h C h t l a e H t i r i p S n o m m o C p r o C g n i u s s I l a r u t a N n r e h t u o S / C L L o C s a G l a r u t a N n r e h t u o S t s u r T h g u o r h T s s a P A s s a l C 1 - 3 1 0 2 s y a w r i A S U o C d n a l d i M - s l e i n a D - r e h c r A V C e d B A S i o b m B o p u r G A N a c i r e m A f o k n a B d t L p r o C a r t s l e T C L P n o A t s u r T h g u o r h T s s a P A s s a l C 1 - 1 1 0 2 s e n i l r i A n a c i r e m A a n i h C f o k n a B l a i c r e m m o C d n a l a i r t s u d n I . o C & e s a h C n a g r o M P J o C & o g r a F s l l e W s d n o B d e x e d n I n o i t a l f n I y r u s a e r T s e t a t S d e t i n U d n o B l a n o i t a n r e t n I t n e m n r e v o G i b a h D u b A d n o B l a n o i t a n r e t n I t n e m n r e v o G r a t a Q d n o B / e t o N y r u s a e r T s e t a t S d e t i n U d n o b t n e m n r e v o G s e t a c i f i t r e C h g u o r h T s s a P d e r u t c u r t S y l i m a f i t l u M c a M e i d d e r F s e i t i r u c e s d e k c a b - e g a g t r o m y c n e g A / s d n o b y c n e g A l o o P e a M e i n n a F c n I t n e m e g a n a M e t s a W C L L V W M k c o R t s e W C L L g n i d n u F e r o c n e l G d t L e c n a n i F B N Q o C n o t r u b i l l a H p r o C r o c u N e m a N d n a e p y T s e i t i r u c e S e l b a t e k r a M e m a N y n a p m o C d l e H o C r e w o P n r e h t u o S l a b o l G C M S T I S C M E R e a M e i n n a F n o i t a i c o s s A e g a g t r o M l a n o i t a N t n e m n r e v o G e a M e i n n i G c a M e i d d e r F r o e a M e i n n a F l o o P d l o G c a M e i d d e r F l o o P I I e a M e i n n i G l o o P c a M e i d d e r F I S C M E R c a M e i d d e r F e t o N e u l a V r i a F s e i c n e r r u C n g i e r o F ( ) s d n a s u o h T n i f o e g a t n e c r e P ) % ( p i h s r e n w O e u l a V g n i y r r a C s e i c n e r r u C n g i e r o F ( ) s d n a s u o h T n i s t i n U / s e r a h S ) s d n a s u o h T n I ( 9 1 0 2 , 1 3 r e b m e c e D 9 0 4 , 1 2 $ S U 1 4 0 , 3 6 9 6 , 2 0 6 1 , 2 0 7 9 , 1 9 9 0 , 1 6 9 9 0 7 9 0 6 8 9 8 7 8 6 6 7 6 6 9 9 4 5 1 4 2 2 2 6 1 1 5 2 9 , 9 1 2 3 , 7 6 3 0 , 7 5 4 8 , 6 8 4 2 , 6 4 8 0 , 6 5 7 0 , 6 0 7 0 , 6 1 4 0 , 6 2 2 0 , 6 4 2 9 , 5 8 7 6 , 5 8 4 6 , 5 2 7 4 , 5 8 3 2 , 5 9 7 0 , 5 0 3 0 , 5 2 1 0 , 5 2 2 9 , 4 5 0 7 , 4 8 1 5 , 4 2 0 5 , 4 3 6 2 , 4 1 4 2 , 4 0 8 1 , 4 8 7 1 , 4 4 6 1 , 4 3 6 1 , 4 1 5 1 , 4 7 0 1 , 4 4 0 1 , 4 9 9 0 , 4 2 9 9 , 3 4 0 8 , 3 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / 9 0 4 , 1 2 $ S U 1 4 0 , 3 6 9 6 , 2 0 6 1 , 2 0 7 9 , 1 9 9 0 , 1 6 9 9 0 7 9 0 6 8 9 8 7 8 6 6 7 6 6 9 9 4 5 1 4 2 2 2 6 1 1 5 2 9 , 9 1 2 3 , 7 6 3 0 , 7 5 4 8 , 6 8 4 2 , 6 4 8 0 , 6 5 7 0 , 6 0 7 0 , 6 1 4 0 , 6 2 2 0 , 6 4 2 9 , 5 8 7 6 , 5 8 4 6 , 5 2 7 4 , 5 8 3 2 , 5 9 7 0 , 5 0 3 0 , 5 2 1 0 , 5 2 2 9 , 4 5 0 7 , 4 8 1 5 , 4 2 0 5 , 4 3 6 2 , 4 1 4 2 , 4 0 8 1 , 4 8 7 1 , 4 4 6 1 , 4 3 6 1 , 4 1 5 1 , 4 7 0 1 , 4 4 0 1 , 4 9 9 0 , 4 2 9 9 , 3 4 0 8 , 3 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - t n u o c c A t n e m e t a t S l a i c n a n F i r e h t o h g u o r h t e u l a v r i a f t a s t e s s a l a i c n a n i F e m o c n i e v i s n e h e r p m o c 〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃 r e h t o h g u o r h t e u l a v r i a f t a s t e s s a l a i c n a n i F e m o c n i e v i s n e h e r p m o c 〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃 ) d e u n i t n o C ( - 8 8 - y n a p m o C e h t h t i i w p h s n o i t a l e R - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 9 2 C - 6 1 0 2 t s u r T h c n y L l l i r r e M a c i r e m A f o k n a B y e l n a t S n a g r o M 3 5 C - 9 1 0 2 t s u r T e g a g t r o M l a i c r e m m o C o g r a F s l l e W 3 1 C - 3 1 0 2 t s u r T e g a g t r o M l a i c r e m m o C S B R F W 1 V E R - 6 1 0 2 t s u r T r e n w O o t u A t i d e r C d r o F t s u r T e g a g t r o M 8 D C - 9 1 0 2 D C t s u r T e g a g t r o M 4 2 E R C C - 5 1 0 2 M M O C t s u r T e g a g t r o M L L A T - 8 1 0 2 S M C B B 0 3 C - 6 1 0 2 t s u r T h c n y L l l i r r e M a c i r e m A 0 1 C - 3 1 0 2 t s u r T h c n y L l l i r r e M a c i r e m A f o f o k n a B y e l n a t S n a g r o M k n a B y e l n a t S n a g r o M A - 8 1 0 2 t s u r T n o i t a z i t i r u c e S e s a e L o t u A i a d n u y H 7 C - 3 1 0 2 t s u r T h c n y L l l i r r e M a c i r e m A f o k n a B y e l n a t S n a g r o M 8 2 C - 5 1 0 2 t s u r T s e i t i r u c e S e g a g t r o M l a i c r e m m o C B B M P J B - 9 1 0 2 t s u r T e s a e L o t u A z n e B - s e d e c r e M 1 - 8 1 0 2 t s u r T s e l b a v i e c e R e l i b o m o t u A r e m u s n o C l a i c n a n i F M G 7 P J - 7 1 0 2 t s u r T s e i t i r u c e S e g a g t r o M l a i c r e m m o C C C M P J 0 1 C - 8 1 0 2 t s u r T e g a g t r o M l a i c r e m m o C S B U A - 6 1 0 2 t s u r T s e l b a v i e c e R o t u A i a d n u y H t s u r T r e t s a M t n u o c c A t i d e r C s s e r p x E n a c i r e m A D N I - 8 1 0 2 t s u r T e g a g t r o M l a i c r e m m o C X B 6 K N B - 7 1 0 2 K N A B 5 K N B - 7 1 0 2 K N A B 7 1 K N B - 9 1 0 2 K N A B 1 V E R - 5 1 0 2 t s u r T r e n w O o t u A t i d e r C d r o F t s u r T e g a g t r o M K R A M - 9 1 0 2 D C R M B - 6 1 0 2 t s u r T s e l b a v i e c e R o t u A i a d n u y H 2 2 K N B - 9 1 0 2 K N A B 1 2 C G - 4 1 0 2 t s u r T e g a g t r o M l a i c r e m m o C p u o r g i t i C C O B I - 7 1 0 2 t s u r T e g a g t r o M l a i c r e m m o C B B D G C t s u r T e c n a u s s I d r a C t i d e r C k n a b i t i C t s u r T e g a g t r o M 1 1 B - 9 1 0 2 k r a m h c n e B A - 7 1 0 2 t s u r T r e n w O o t u A t i d e r C d r o F 5 3 C - 6 1 0 2 t s u r T e g a g t r o M l a i c r e m m o C o g r a F s l l e W 2 C - 2 1 0 2 t s u r T e g a g t r o M l a i c r e m m o C s y a l c r a B - S B U A - 7 1 0 2 t s u r T s e l b a v i e c e R o t u A i a d n u y H s e i t i r u c e s d e k c a b - t e s s A p r o C g n i d n u F s k n a B t i d e r C m r a F l a r e d e F y t i r o h t u A g n i s u o H y t n u o C & y t i C r e v n e D d t L o C r e w o P r a e l c u N & o r d y H a e r o K 2 R - 0 1 0 2 t s u r T s e t o N d e e t n a r a u G A U C N y t i s r e v i n U e c n e i c S & h t l a e H n o g e r O t s u r T e g a g t r o M 1 6 B S - 9 1 0 2 B S E R F 1 R - 0 1 0 2 t s u r T s e t o N d e e t n a r a u G A U C N t s u r T e g a g t r o M 0 6 B S - 9 1 0 2 B S E R F l o o P d l o G n o N c a M e i d d e r F l o o P I e a M e i n n i G - A M N G C M L H F s e t a c i f i t r e C h g u o r h T s s a P d e r u t c u r t S y l i m a f i t l u M c a M e i d d e r F s e t o N t n u o c s i D k n a B n a o L e m o H l a r e d e F s p i r t S c a M e i d d e r F s e c A - e a M e i n n a F l a b o l G C M S T e m a N d n a e p y T s e i t i r u c e S e l b a t e k r a M e m a N y n a p m o C d l e H I C M E R k r a m h c n e B e a M e i n n a F e t o N e u l a V r i a F s e i c n e r r u C n g i e r o F ( ) s d n a s u o h T n i f o e g a t n e c r e P ) % ( p i h s r e n w O e u l a V g n i y r r a C s e i c n e r r u C n g i e r o F ( ) s d n a s u o h T n i s t i n U / s e r a h S ) s d n a s u o h T n I ( 9 1 0 2 , 1 3 r e b m e c e D 3 6 7 , 3 0 2 7 , 3 5 8 6 , 3 0 4 6 , 3 1 8 3 , 3 7 2 3 , 3 4 9 1 , 3 2 2 1 , 3 8 0 1 , 3 2 7 0 , 3 1 6 0 , 3 9 5 0 , 3 0 2 0 , 3 7 1 0 , 3 8 0 0 , 3 3 0 0 , 3 5 9 9 , 2 6 6 9 , 2 5 1 9 , 2 5 8 8 , 2 0 6 7 , 2 0 6 6 , 2 6 2 6 , 2 6 0 6 , 2 6 3 5 , 2 8 0 4 , 2 0 5 3 , 2 9 7 1 , 2 4 3 1 , 2 5 2 1 , 2 2 1 1 , 2 8 8 0 , 2 9 5 0 , 2 4 4 0 , 2 4 4 0 , 2 2 3 0 , 2 7 2 0 , 2 1 0 0 , 2 0 0 0 , 2 1 6 9 , 1 1 6 9 , 1 5 0 9 , 1 3 0 9 , 1 1 3 8 , 1 1 9 7 , 1 2 7 7 , 1 7 4 6 , 1 4 4 5 , 1 8 9 4 , 1 2 9 4 , 1 8 5 4 , 1 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / 3 6 7 , 3 0 2 7 , 3 5 8 6 , 3 0 4 6 , 3 1 8 3 , 3 7 2 3 , 3 4 9 1 , 3 2 2 1 , 3 8 0 1 , 3 2 7 0 , 3 1 6 0 , 3 9 5 0 , 3 0 2 0 , 3 7 1 0 , 3 8 0 0 , 3 3 0 0 , 3 5 9 9 , 2 6 6 9 , 2 5 1 9 , 2 5 8 8 , 2 0 6 7 , 2 0 6 6 , 2 6 2 6 , 2 6 0 6 , 2 6 3 5 , 2 8 0 4 , 2 0 5 3 , 2 9 7 1 , 2 4 3 1 , 2 5 2 1 , 2 2 1 1 , 2 8 8 0 , 2 9 5 0 , 2 4 4 0 , 2 4 4 0 , 2 2 3 0 , 2 7 2 0 , 2 1 0 0 , 2 0 0 0 , 2 1 6 9 , 1 1 6 9 , 1 5 0 9 , 1 3 0 9 , 1 1 3 8 , 1 1 9 7 , 1 2 7 7 , 1 7 4 6 , 1 4 4 5 , 1 8 9 4 , 1 2 9 4 , 1 8 5 4 , 1 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - t n u o c c A t n e m e t a t S l a i c n a n F i r e h t o h g u o r h t e u l a v r i a f t a s t e s s a l a i c n a n i F e m o c n i e v i s n e h e r p m o c 〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃 ) d e u n i t n o C ( - 9 8 - y n a p m o C e h t h t i i w p h s n o i t a l e R - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 2 - 7 1 0 2 t s u r T s e l b a v i e c e R e l i b o m o t u A r e m u s n o C l a i c n a n i F M G 3 C - 6 1 0 2 t s u r T e g a g t r o M l a i c r e m m o C p u o r g i t i C 2 1 J C G - 3 1 0 2 t s u r T s e i t i r u c e S e g a g t r o M S G 3 C G - 1 1 0 2 t s u r T s e i t i r u c e S e g a g t r o M S G 1 H - 7 1 0 2 t s u r T I l a t i p a C y e l n a t S n a g r o M A - 8 1 0 2 t s u r T s e l b a v i e c e R o t u A i a d n u y H B - 9 1 0 2 t s u r T e s a e L o t u A n a s s i N 4 2 K N B - 9 1 0 2 K N A B 6 C - 2 1 0 2 t s u r T h c n y L l l i r r e M a c i r e m A f o k n a B y e l n a t S n a g r o M 1 1 C - 8 1 0 2 t s u r T e g a g t r o M l a i c r e m m o C S B U 3 H - 8 1 0 2 t s u r T I l a t i p a C y e l n a t S n a g r o M t s u r T e g a g t r o M 2 1 E R C C - 3 1 0 2 M M O C A - 9 1 0 2 t s u r T r e n w O o t u A t i d e r C d r o F 4 B - 8 1 0 2 K R A M H C N E B A - 9 1 0 2 t s u r T e s a e L o t u A n a s s i N A - 9 1 0 2 t s u r T e s a e L t e e l F I R A 1 3 C - 6 1 0 2 t s u r T h c n y L l l i r r e M a c i r e m A f o k n a B y e l n a t S n a g r o M 7 C - 7 1 0 2 t s u r T s e i t i r u c e S e g a g t r o M l a i c r e m m o C B D M P J 7 1 C - 3 1 0 2 t s u r T e g a g t r o M l a i c r e m m o C S B R F W 9 1 C - 4 1 0 2 t s u r T s e i t i r u c e S e g a g t r o M l a i c r e m m o C B B M P J 8 P - 7 1 0 2 t s u r T e g a g t r o M l a i c r e m m o C p u o r g i t i C 8 C - 3 1 0 2 t s u r T h c n y L l l i r r e M a c i r e m A f o k n a B y e l n a t S n a g r o M 5 3 C G - 5 1 0 2 t s u r T e g a g t r o M l a i c r e m m o C p u o r g i t i C 1 - 9 1 0 2 t s u r T g n i s a e L e l i b o m o t u A l a i c n a n i F M G 6 H - 9 1 0 2 t s u r T I l a t i p a C y e l n a t S n a g r o M 4 2 C - 5 1 0 2 t s u r T h c n y L l l i r r e M a c i r e m A f o k n a B y e l n a t S n a g r o M 7 2 C G - 5 1 0 2 t s u r T e g a g t r o M l a i c r e m m o C p u o r g i t i C 2 1 C - 3 1 0 2 t s u r T s e i t i r u c e S e g a g t r o M l a i c r e m m o C B B M P J 0 2 C L - 5 1 0 2 t s u r T e g a g t r o M l a i c r e m m o C o g r a F s l l e W 1 - 7 1 0 2 e l i b o m o t u A r e m u s n o C l a i c n a n i F M G 2 2 C G - 4 1 0 2 t s u r T s e i t i r u c e S e g a g t r o M S G B - 8 1 0 2 t s u r T e s a e L o t u A z n e B - s e d e c r e M 4 3 C G - 5 1 0 2 t s u r T s e i t i r u c e S e g a g t r o M S G t s u r T e g a g t r o M 7 1 E R C C - 4 1 0 2 M M O C C L L I I g n i d n u F e k a e p a s e h C 0 4 C - 7 1 0 2 t s u r T e g a g t r o M l a i c r e m m o C o g r a F s l l e W 5 P - 6 1 0 2 t s u r T e g a g t r o M l a i c r e m m o C p u o r g i t i C R V R I - 8 1 0 2 t s u r T p r o C s e i t i r u c e S e g a g t r o M S G I I K W - 2 1 0 2 t s u r T s e i t i r u c e S e g a g t r o M l a i c r e m m o C e s a h C n a g r o M P J 5 C - 9 1 0 2 t s u r T e g a g t r o M l a i c r e m m o C s y a l c r a B 7 C - 9 1 0 2 t s u r T e g a g t r o M l a i c r e m m o C p u o r g i t i C 3 2 K N B - 9 1 0 2 K N A B 6 C - 3 1 0 2 t s u r T e g a g t r o M l a i c r e m m o C s y a l c r a B - S B U t s u r T r e n w O A - 7 1 0 2 s e l b a v i e c e R o t u A a t o y o T 6 C G - 2 1 0 2 t s u r T s e i t i r u c e S e g a g t r o M S G B - 9 1 0 2 t s u r T e s a e L o t u A t i d e r C d r o F B - 7 1 0 2 t s u r T e s a e L o t u A n a s s i N 3 C - 2 1 0 2 t s u r T e g a g t r o M l a i c r e m m o C s y a l c r a B - S B U t s u r T r e n w O D - 8 1 0 2 s e l b a v i e c e R o t u A a t o y o T 9 C L - 6 1 0 2 t s u r T s e i t i r u c e S e g a g t r o M l a i c r e m m o C e s a h C n a g r o M . P . J e m a N d n a e p y T s e i t i r u c e S e l b a t e k r a M e m a N y n a p m o C d l e H C L L 2 - 9 1 0 2 g n i c n a n i F t e e l F e s i r p r e t n E l a b o l G C M S T e t o N e u l a V r i a F s e i c n e r r u C n g i e r o F ( ) s d n a s u o h T n i f o e g a t n e c r e P ) % ( p i h s r e n w O e u l a V g n i y r r a C s e i c n e r r u C n g i e r o F ( ) s d n a s u o h T n i s t i n U / s e r a h S ) s d n a s u o h T n I ( 9 1 0 2 , 1 3 r e b m e c e D 4 5 4 , 1 2 5 4 , 1 8 3 4 , 1 5 2 4 , 1 3 0 4 , 1 1 8 3 , 1 2 7 3 , 1 6 8 2 , 1 8 6 2 , 1 8 3 2 , 1 3 3 2 , 1 6 2 2 , 1 4 9 1 , 1 2 9 1 , 1 0 6 1 , 1 5 0 1 , 1 3 7 0 , 1 8 4 0 , 1 2 3 0 , 1 2 3 0 , 1 7 2 0 , 1 3 1 0 , 1 2 1 0 , 1 2 1 0 , 1 8 9 9 8 9 9 9 5 9 1 5 9 8 1 9 6 1 9 0 3 8 3 2 8 8 9 7 9 5 7 9 5 7 6 5 7 1 4 7 0 2 7 3 0 7 2 0 7 1 0 7 6 9 6 0 5 6 0 2 6 3 0 6 7 9 5 6 7 5 0 1 5 6 0 5 5 8 4 2 8 4 5 6 4 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / 4 5 4 , 1 2 5 4 , 1 8 3 4 , 1 5 2 4 , 1 3 0 4 , 1 1 8 3 , 1 2 7 3 , 1 6 8 2 , 1 8 6 2 , 1 8 3 2 , 1 3 3 2 , 1 6 2 2 , 1 4 9 1 , 1 2 9 1 , 1 0 6 1 , 1 5 0 1 , 1 3 7 0 , 1 8 4 0 , 1 2 3 0 , 1 2 3 0 , 1 7 2 0 , 1 3 1 0 , 1 2 1 0 , 1 2 1 0 , 1 8 9 9 8 9 9 9 5 9 1 5 9 8 1 9 6 1 9 0 3 8 3 2 8 8 9 7 9 5 7 9 5 7 6 5 7 1 4 7 0 2 7 3 0 7 2 0 7 1 0 7 6 9 6 0 5 6 0 2 6 3 0 6 7 9 5 6 7 5 0 1 5 6 0 5 5 8 4 2 8 4 5 6 4 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - t n u o c c A t n e m e t a t S l a i c n a n F i r e h t o h g u o r h t e u l a v r i a f t a s t e s s a l a i c n a n i F e m o c n i e v i s n e h e r p m o c 〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃 ) d e u n i t n o C ( - 0 9 - y n a p m o C e h t h t i i w p h s n o i t a l e R - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 2 1 C - 3 1 0 2 t s u r T h c n y L l l i r r e M a c i r e m A f o k n a B y e l n a t S n a g r o M 4 2 C G - 4 1 0 2 t s u r T s e i t i r u c e S e g a g t r o M S G 6 3 C - 6 1 0 2 t s u r T e g a g t r o M l a i c r e m m o C o g r a F s l l e W t s u r T r e n w O 3 - 7 1 0 2 s e l b a v i e c e R o t u A a d n o H 2 C - 6 1 0 2 t s u r T s e i t i r u c e S e g a g t r o M l a i c r e m m o C B D M P J 4 - 9 1 0 2 t s u r T g n i s a e L e l i b o m o t u A l a i c n a n i F M G 1 1 B U - 6 1 0 2 t s u r T I l a t i p a C y e l n a t S n a g r o M t s u r T e g a g t r o M 9 B - 9 1 0 2 k r a m h c n e B 5 C L - 2 1 0 2 t s u r T e g a g t r o M l a i c r e m m o C o g r a F s l l e W 1 A S G - 9 1 0 2 t s u r T s e i t i r u c e S e g a g t r o M S G t s u r T e g a g t r o M 6 C L - 3 1 0 2 M M O C I I p r o C s e i t i r u c e S e g a g t r o M S G B - 9 1 0 2 t s u r T s e l b a v i e c e R o t u A i a d n u y H t s u r T e g a g t r o M 4 1 B - 9 1 0 2 k r a m h c n e B P L g n i d n u F e s a e L t e e l F z t r e H 3 1 C - 3 1 0 2 t s u r T h c n y L l l i r r e M a c i r e m A f o k n a B y e l n a t S n a g r o M 5 P J - 7 1 0 2 t s u r T s e i t i r u c e S e g a g t r o M l a i c r e m m o C C C M P J 5 C - 3 1 0 2 t s u r T e g a g t r o M l a i c r e m m o C s y a l c r a B - S B U 4 C - 1 1 0 2 t s u r T e g a g t r o M l a i c r e m m o C S B R F W t s u r T e g a g t r o M 1 C P - 5 1 0 2 M M O C 1 1 C G - 3 1 0 2 t s u r T e g a g t r o M l a i c r e m m o C p u o r g i t i C 3 2 C G - 4 1 0 2 t s u r T e g a g t r o M l a i c r e m m o C p u o r g i t i C t s u r T e g a g t r o M 5 E R C C - 2 1 0 2 M M O C 1 F C - 9 1 0 2 g n i d n e L e t a t s E l a e R l a i c r e m m o C r o t n a C 2 - 9 1 0 2 t s u r T g n i s a e L e l i b o m o t u A l a i c n a n i F M G t s u r T e g a g t r o M P 0 8 2 - 7 1 0 2 e u n e v A k r a P 0 8 2 1 - 8 1 0 2 t s u r T g n i s a e L e l i b o m o t u A l a i c n a n i F M G t s u r T e s a e L o t u A t i d e r C d r o F 1 V E R - 7 1 0 2 t s u r T r e n w O o t u A t i d e r C d r o F 1 C - 7 1 0 2 T S U R T E G A G T R O M S M C B B t s u r T e g a g t r o M 5 1 B - 9 1 0 2 k r a m h c n e B A - 9 1 0 2 t s u r T e s a e L o t u A t i d e r C d r o F 1 - 9 1 0 2 t s u r T e s a e L e l c i h e V W M B 0 2 C - 5 1 0 2 t s u r T h c n y L l l i r r e M a c i r e m A f o k n a B y e l n a t S n a g r o M 2 - 8 1 0 2 t s u r T s e l b a v i e c e R e l i b o m o t u A r e m u s n o C l a i c n a n i F M G - 2 1 0 2 t s u r T s e i t i r u c e S e g a g t r o M l a i c r e m m o C e s a h C n a g r o M P J 6 R O C - 9 1 0 2 t s u r T s e i t i r u c e S e g a g t r o M l a i c r e m m o C B D M P J 9 1 C G - 4 1 0 2 t s u r T e g a g t r o M l a i c r e m m o C p u o r g i t i C N D L W 3 S X N - 5 1 0 2 t s u r T e g a g t r o M l a i c r e m m o C o g r a F s l l e W 8 2 C - 5 1 0 2 t s u r T e g a g t r o M l a i c r e m m o C o g r a F s l l e W t s u r T r e n w O B - 6 1 0 2 s e l b a v i e c e R o t u A a t o y o T t s u r T e g a g t r o M 2 2 E R C C - 5 1 0 2 M M O C 3 - 9 1 0 2 t s u r T g n i s a e L e l i b o m o t u A l a i c n a n i F M G 1 C - 1 1 0 2 t s u r T e g a g t r o M l a i c r e m m o C E R C F C A - 9 1 0 2 t s u r T e s a e L o t u A z n e B - s e d e c r e M t s u r T e g a g t r o M 8 E R C C - 3 1 0 2 M M O C t s u r T r e n w O C - 9 1 0 2 s e l b a v i e c e R o t u A n a s s i N A - 8 1 0 2 t s u r T e s a e L o t u A z n e B - s e d e c r e M 6 2 C G - 4 1 0 2 t s u r T s e i t i r u c e S e g a g t r o M S G t s u r T e g a g t r o M 2 C L - 1 1 0 2 S B U B D t s u r T e g a g t r o M 2 D C - 6 1 0 2 D C e m a N d n a e p y T s e i t i r u c e S e l b a t e k r a M e m a N y n a p m o C d l e H 4 1 C - 3 1 0 2 t s u r T e g a g t r o M l a i c r e m m o C S B R F W l a b o l G C M S T ) d e d u l c n o C ( 3 4 4 0 1 4 8 0 4 0 8 3 5 6 3 1 5 3 0 5 3 9 4 3 9 3 3 5 2 3 1 0 3 3 8 2 9 8 1 0 8 1 3 0 1 0 0 1 6 4 6 3 1 3 1 2 0 2 9 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U 3 0 4 , 8 7 $ S U 7 0 3 , 1 - 2 6 3 0 0 8 4 7 1 0 6 5 , 1 5 7 7 0 5 2 1 0 5 , 1 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / 4 4 2 0 2 4 1 - - - - - 3 4 4 0 1 4 8 0 4 0 8 3 5 6 3 1 5 3 0 5 3 9 4 3 9 3 3 5 2 3 1 0 3 3 8 2 9 8 1 0 8 1 3 0 1 0 0 1 6 4 6 3 1 3 1 2 0 2 9 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U 3 0 4 , 8 7 $ S U 7 0 3 , 1 - 2 6 3 0 0 8 4 7 1 0 6 5 , 1 5 7 7 0 5 2 1 0 5 , 1 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U - - - - - - - - - - - - - - - - - - - - - - - 9 1 0 , 1 4 5 8 0 , 1 2 5 9 , 1 7 4 1 , 4 0 3 2 1 2 2 7 3 2 7 2 1 e t o N e u l a V r i a F s e i c n e r r u C n g i e r o F ( ) s d n a s u o h T n i f o e g a t n e c r e P ) % ( p i h s r e n w O e u l a V g n i y r r a C s e i c n e r r u C n g i e r o F ( ) s d n a s u o h T n i s t i n U / s e r a h S ) s d n a s u o h T n I ( 9 1 0 2 , 1 3 r e b m e c e D t n u o c c A t n e m e t a t S l a i c n a n F i r e h t o h g u o r h t e u l a v r i a f t a s t e s s a l a i c n a n i F e m o c n i e v i s n e h e r p m o c 〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃 r e h t o h g u o r h t e u l a v r i a f t a s t e s s a l a i c n a n i F e m o c n i e v i s n e h e r p m o c 〃〃 r e h t o h g u o r h t e u l a v r i a f t a s t e s s a l a i c n a n i F e m o c n i e v i s n e h e r p m o c r e h t o h g u o r h t e u l a v r i a f t a s t e s s a l a i c n a n i F 〃 e m o c n i e v i s n e h e r p m o c r e h t o h g u o r h t e u l a v r i a f t a s t e s s a l a i c n a n i F e m o c n i e v i s n e h e r p m o c 〃〃〃 - 1 9 - y n a p m o C e h t h t i i w p h s n o i t a l e R - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 5 C - 2 1 0 2 t s u r T h c n y L l l i r r e M a c i r e m A f o k n a B y e l n a t S n a g r o M 1 3 C - 5 1 0 2 t s u r T s e i t i r u c e S e g a g t r o M l a i c r e m m o C B B M P J 3 - 8 1 0 2 t s u r T g n i s a e L e l i b o m o t u A l a i c n a n i F M G t s u r T e g a g t r o M 6 2 E R C C - 5 1 0 2 M M O C C - 7 1 0 2 t s u r T n o i t a z i t i r u c e S e s a e L o t u A i a d n u y H 5 2 C - 4 1 0 2 t s u r T e g a g t r o M l a i c r e m m o C S B R F W 2 - 8 1 0 2 t s u r T g n i s a e L e l i b o m o t u A l a i c n a n i F M G C - 5 1 0 2 t s u r T s e l b a v i e c e R o t u A i a d n u y H B - 7 1 0 2 t s u r T e s a e L o t u A t i d e r C d r o F 1 S X N - 5 1 0 2 t s u r T e g a g t r o M l a i c r e m m o C o g r a F s l l e W 1 G S - 5 1 0 2 t s u r T e g a g t r o M l a i c r e m m o C o g r a F s l l e W t s u r T r e n w O B - 8 1 0 2 s e l b a v i e c e R o t u A a t o y o T B - 7 1 0 2 t s u r T r e n w O o t u A t i d e r C d r o F 2 - 7 1 0 2 t s u r T e s a e L e l c i h e V W M B t s u r T e g a g t r o M 1 C D - 5 1 0 2 M M O C t s u r T r e n w O B - 6 1 0 2 s e l b a v i e c e R o t u A n a s s i N 5 C - 1 1 0 2 t s u r T e g a g t r o M l a i c r e m m o C S B R F W t s u r T e g a g t r o M 5 1 E R C C - 4 1 0 2 M M O C 2 C - 0 1 0 2 t s u r T s e i t i r u c e S e g a g t r o M S G 8 1 C - 4 1 0 2 t s u r T h c n y L l l i r r e M a c i r e m A f o k n a B y e l n a t S n a g r o M 1 C - 0 1 0 2 t s u r T s e i t i r u c e S e g a g t r o M S G s t n e m t s e v n i y t i u q e d e d a r t y l c i l b u p - n o N . . P L I I d n u F l a t i p a C a r e v a m i r P 3 - 9 1 0 2 t s u r T s e l b a v i e c e R e l i b o m o t u A r e m u s n o C l a i c n a n i F M G l a b o l G C M S T e m a N d n a e p y T s e i t i r u c e S e l b a t e k r a M e m a N y n a p m o C d l e H . c n I , s e i g o l o n h c e T V 5 . c n I , s m e t s y S r e h t e A c i l e t n e S s t n e m t s e v n i y t i u q e d e d a r t y l c i l b u p - n o N I I F A T V . c n I , x i n o c o e N s t n e m t s e v n i y t i u q e d e d a r t y l c i l b u p - n o N . p r o C g n i t h g i L s d e L d i u q i L I I I F A T V s t n e m t s e v n i y t i u q e d e d a r t y l c i l b u p - n o N d n u F h t w o r G . c n I , s b a L X E N C . c n I , s b a L a r e t s A . c n I , m u i v o n n I . c n I , m u i v o n n I 4 E L B A T L A T I P A C N I - D I A P E H T F O % 0 2 R O N O I L L I M 0 0 3 $ T N T S A E L T A F O S E C I R P R O S T S O C T A F O D E S O P S I D D N A D E R I U Q C A S E I T I R U C E S E L B A T E K R A M ) e s i w r e h t O d e i f i c e p S s s e l n U , s r a l l o D n a w i a T w e N f o s d n a s u o h T n i s t n u o m A ( 9 1 0 2 , 1 3 R E B M E C E D D E D N E R A E Y E H T R O F s e i r a i d i s b u S d n a d e t i i m L y n a p m o C g n i r u t c a f u n a M r o t c u d n o c i m e S n a w i a T ) e t o N ( e c n a l a B g n i d n E t n u o m A ) s d n a s u o h T n I ( l a s o p s i D s t i n U / s e r a h S n o s s o L / n i a G e u l a V g n i y r r a C t n u o m A s t i n U / s e r a h S ) s d n a s u o h T n I ( t n u o m A s t i n U / s e r a h S ) s d n a s u o h T n I ( t n u o m A s t i n U / s e r a h S ) s d n a s u o h T n I ( l a s o p s i D n o i t i s i u q c A e c n a l a B g n n n i i g e B f o e r u t a N i p h s n o i t a l e R y t r a p - r e t n u o C t n e m e t a t S l a i c n a n i F t n u o c c A s e i t i r u c e S e l b a t e k r a M e m a N d n a e p y T e m a N y n a p m o C - - - $ 4 8 0 , 6 4 $ S U 2 1 5 , 5 3 5 2 4 , 1 3 0 4 1 , 6 2 9 8 7 , 5 2 2 4 2 , 2 2 6 6 6 , 1 2 2 3 3 , 1 2 5 2 8 , 0 2 1 2 4 , 0 2 2 0 1 , 0 2 6 8 8 , 9 1 6 7 1 , 9 1 7 1 0 , 5 1 8 5 0 , 4 1 4 6 8 , 1 1 7 3 8 , 1 1 2 5 7 , 1 1 3 2 4 , 1 1 1 0 0 , 1 1 2 9 8 , 0 1 4 1 4 , 0 1 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U 0 2 4 , 9 $ S U 4 7 1 , 9 4 1 5 , 8 9 4 8 , 7 6 7 2 , 6 9 3 2 , 6 6 4 2 , 3 7 8 1 , 3 $ S U $ S U $ S U $ S U $ S U $ S U $ S U ) d e u n i t n o C ( - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - $ 0 0 0 , 0 0 8 , 1 $ 0 0 0 , 0 0 8 , 1 $ 0 8 1 0 0 0 , 0 5 0 0 0 , 0 0 5 0 5 7 0 3 , 2 5 2 5 7 9 , 2 2 5 2 8 2 , 5 7 7 5 0 1 , 1 2 7 2 $ S U 7 9 8 , 6 2 $ S U 4 2 9 , 6 2 $ S U 5 9 1 1 1 5 2 1 6 1 5 5 7 6 4 2 ) 1 ( 6 1 1 1 3 1 ) 8 5 ( 9 3 6 9 1 3 ) 2 ( 8 7 4 1 - 4 3 7 9 ) 1 ( 1 3 2 3 1 1 8 4 8 0 1 9 6 2 ) 1 4 ( 3 3 1 0 7 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U 6 8 3 , 1 2 6 7 5 , 7 1 8 1 2 , 4 1 3 0 7 , 5 0 1 3 , 1 3 2 4 3 , 4 6 4 6 , 2 4 7 9 , 0 1 4 7 8 , 6 1 4 7 0 , 9 7 9 9 , 3 8 8 2 , 8 9 6 6 , 7 7 4 4 , 2 1 5 1 8 3 6 4 , 7 8 8 0 , 4 - 1 2 1 , 6 6 6 2 , 3 3 1 2 , 0 1 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U 1 8 4 , 1 2 7 8 6 , 7 1 3 4 3 , 4 1 9 0 7 , 5 1 6 8 , 1 3 9 0 4 , 4 0 7 6 , 2 3 7 9 , 0 1 0 9 9 , 6 1 5 0 2 , 9 9 3 9 , 3 7 2 3 , 8 5 6 7 , 7 8 7 4 , 2 1 3 1 8 0 1 6 , 7 6 9 0 , 4 - 8 1 2 , 6 5 6 2 , 3 7 4 2 , 0 1 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U 6 6 3 , 1 1 $ S U 7 9 3 , 1 1 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U 0 7 7 , 4 2 5 4 , 4 1 7 3 7 , 3 2 4 2 8 , 5 0 9 8 , 8 8 2 4 , 7 3 3 3 , 2 1 $ S U $ S U $ S U $ S U $ S U $ S U $ S U 2 0 9 , 4 3 3 9 , 4 1 5 4 8 , 3 2 3 9 0 , 6 3 2 0 , 9 7 8 3 , 7 3 0 4 , 2 1 $ S U $ S U $ S U $ S U $ S U $ S U $ S U - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - $ 4 2 6 , 6 2 $ S U 7 0 3 , 7 2 0 8 7 , 6 3 2 1 4 , 6 1 5 3 9 , 2 1 7 4 6 , 5 2 8 3 3 , 5 2 2 6 9 , 3 1 4 4 5 , 4 1 2 1 2 , 7 1 5 6 2 , 3 1 6 9 7 , 0 1 6 5 9 , 6 1 0 2 9 , 9 7 3 4 , 7 1 7 6 9 , 1 1 3 1 1 , 0 1 6 2 7 , 1 1 1 7 4 , 0 1 8 4 7 , 0 1 7 5 9 , 1 1 5 4 5 , 3 1 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U 1 8 8 , 5 1 $ S U 3 7 7 , 3 7 8 8 , 5 4 2 3 , 2 1 1 4 6 , 1 1 4 1 4 , 0 1 9 1 7 , 0 1 3 8 7 , 8 $ S U $ S U $ S U $ S U $ S U $ S U $ S U - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 1 6 2 , 5 9 7 , 1 $ 0 8 1 7 3 8 , 8 9 4 0 5 0 5 1 , 8 6 5 5 0 1 , 1 2 5 5 7 , 4 4 $ S U 2 0 6 , 8 2 4 0 5 , 1 1 3 2 1 , 3 2 9 1 6 , 7 1 8 3 2 , 7 2 - 7 4 5 , 9 7 7 5 , 6 1 1 8 5 , 9 1 1 7 5 , 5 1 5 8 5 , 2 1 8 0 0 , 0 1 0 0 0 , 5 7 2 9 , 5 1 6 7 5 8 2 9 , 8 8 2 0 , 4 - 4 7 1 8 7 7 , 4 7 3 7 , 0 1 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U 6 0 7 , 4 $ S U - 5 5 4 , 1 4 9 8 , 8 1 3 2 4 , 5 2 - 7 4 5 , 4 4 4 6 , 6 $ S U $ S U $ S U $ S U $ S U $ S U $ S U - 2 9 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - e m o c n i e v i s n e h e r p m o c e u l a v r i a f t a s t e s s a l a i c n a n i F g n i r u t c a f u n a M r o t c u d n o c i m e S r e h t o h g u o r h t n o i t a r o p r o C l a n o i t a n r e t n I 〃 t s o c n a w i a T , n o i t a r o p r o C C P C s k c o t s d e d a r t y l c i l b u P d e z i t r o m a t a s t e s s a l a i c n a n i F y n a p m o C r e w o P n a w i a T r e p a p l a i c r e m m o C C M S T e m o c n i e v i s n e h e r p m o c r e h t o h g u o r h t e u l a v r i a f t a s t e s s a l a i c n a n i F p r o C a c i r e m A f o k n a B d n o b e t a r o p r o C l a b o l G C M S T 〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃 e h T / c n I p u o r G s h c a S n a m d l o G o C b b i u q S s r e y M - l o t s i r B p r o C h t l a e H S V C p u o r G l a i c n a n i F J F U i h s i b u s t i M o C & e s a h C n a g r o M P J C L P s g n i d l o H C B S H y e l n a t S n a g r o M c n I e l p p A c n I c n I p u o r g i t i C c n I e i V b b A c n I T & T A p u o r G l a i c n a n i F i u s t i M o m o t i m u S e h T / k n a B n o i n i m o D - o t n o r o T c n I s n o i t a c i n u m m o C n o z i r e V c n I o C & o g r a F s l l e W y e l n a t S n a g r o M c n I p u o r G l a n o i t a n r e t n I n a c i r e m A t i d e r C u d e v i t a r e d e F e u q n a B A S l e u t u M s e n i h c a M s s e n i s u B l a n o i t a n r e t n I p r o C s g n i d l o H l a t i p a C y g r e n E a r E t x e N c n I m e t s y S r e d y R c n I x a f i u q E o C & e s a h C n a g r o M P J v e B n I h c s u B - r e s u e h n A o C s s e r p x E n a c i r e m A e h T / o C y e n s i D t l a W c n I e d i w d l r o W a c i r e m A l a t i p a C i a d n u y H p r o C t s a c m o C c n I v r e s i F c n I ) e t o N ( e c n a l a B g n i d n E t n u o m A ) s d n a s u o h T n I ( l a s o p s i D s t i n U / s e r a h S n o s s o L / n i a G e u l a V g n i y r r a C t n u o m A s t i n U / s e r a h S ) s d n a s u o h T n I ( t n u o m A s t i n U / s e r a h S ) s d n a s u o h T n I ( t n u o m A s t i n U / s e r a h S ) s d n a s u o h T n I ( l a s o p s i D n o i t i s i u q c A e c n a l a B g n n n i i g e B f o e r u t a N i p h s n o i t a l e R y t r a p - r e t n u o C t n e m e t a t S l a i c n a n i F t n u o c c A s e i t i r u c e S e l b a t e k r a M e m a N d n a e p y T e m a N y n a p m o C 3 9 3 $ S U - - - - - - - 8 9 0 , 0 6 1 7 6 9 , 4 8 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U 2 4 9 , 9 1 4 $ S U - - - $ S U $ S U $ S U 5 5 4 , 3 4 $ S U 8 3 4 , 0 4 3 6 4 , 9 2 2 3 9 , 3 2 1 8 9 , 2 2 7 7 6 , 2 2 8 1 5 , 0 2 5 6 1 , 0 2 1 0 9 , 9 1 2 9 3 , 9 1 4 3 8 , 8 1 1 1 0 , 8 1 9 2 5 , 7 1 2 7 3 , 7 1 0 4 8 , 6 1 0 3 2 , 6 1 2 2 1 , 6 1 5 9 0 , 5 1 8 2 8 , 4 1 6 6 9 , 3 1 1 6 2 , 3 1 2 5 1 , 3 1 3 9 7 , 2 1 8 2 6 , 2 1 0 8 4 , 2 1 1 8 2 , 2 1 2 6 9 , 1 1 8 4 2 , 1 1 7 1 5 , 0 1 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U ) d e u n i t n o C ( - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 7 6 2 $ S U 5 6 2 , 2 1 $ S U 2 3 5 , 2 1 $ S U - - - - - - - ) 2 0 2 ( 8 5 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U - 4 5 4 , 0 1 3 2 1 , 1 1 0 0 0 , 0 4 0 0 0 , 0 0 1 0 0 0 , 0 5 0 0 0 , 0 5 0 0 0 , 0 5 0 0 0 , 0 0 1 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U - 2 5 2 , 0 1 1 8 1 , 1 1 0 0 0 , 0 4 0 0 0 , 0 0 1 0 0 0 , 0 5 0 0 0 , 0 5 0 0 0 , 0 5 0 0 0 , 0 0 1 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U 6 8 5 , 4 $ S U 9 0 3 , 7 9 1 , 1 $ S U 5 9 8 , 1 0 2 , 1 $ S U 8 - $ S U $ S U 5 7 5 , 0 3 0 9 2 , 0 5 $ S U $ S U 3 8 5 , 0 3 0 9 2 , 0 5 $ S U $ S U ) 3 5 ( $ S U 9 3 2 , 8 6 $ S U 6 8 1 , 8 6 $ S U ) 2 1 ( $ S U 0 6 4 $ S U 8 4 4 $ S U ) 0 3 ( ) 4 2 ( ) 6 ( ) 6 9 ( ) 6 6 ( ) 5 5 ( ) 2 3 ( ) 8 6 ( 0 8 2 - 5 ) 6 ( ) 5 8 ( ) 7 0 1 ( ) 1 2 1 ( - ) 0 3 ( 3 6 3 ) 1 7 1 ( - ) 4 2 ( ) 6 4 1 ( - ) 1 2 ( ) 0 1 ( ) 6 0 1 ( ) 5 2 ( 2 5 2 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U 7 4 0 , 1 1 4 9 6 7 8 , 3 5 5 8 , 1 2 7 5 , 1 1 7 7 , 1 - 9 2 3 , 2 0 7 7 , 1 0 5 0 , 2 2 8 5 , 1 9 2 6 , 6 4 4 5 7 8 , 3 3 2 - 1 6 1 6 3 4 , 3 1 7 1 , 1 9 1 9 4 3 , 1 5 5 7 , 3 - - 8 2 0 , 1 2 3 8 , 3 6 3 6 , 1 8 5 1 7 9 1 , 2 7 9 4 , 1 2 9 2 , 1 6 2 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U 7 1 0 , 1 7 1 9 0 7 8 , 3 9 5 7 , 1 6 0 5 , 1 6 1 7 , 1 - 7 9 2 , 2 2 0 7 , 1 5 6 9 , 1 5 7 4 , 1 9 0 9 , 6 4 4 0 8 8 , 3 3 2 - 5 5 1 5 1 3 , 3 4 3 5 , 1 9 1 9 1 3 , 1 4 8 5 , 3 - 4 0 0 , 1 6 8 6 , 3 - 5 1 6 , 1 8 4 1 1 9 0 , 2 2 7 4 , 1 4 4 5 , 1 6 2 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 7 1 9 , 6 $ S U - - - - - - - 7 7 1 , 7 7 8 1 , 0 1 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U 4 1 4 , 0 3 3 , 1 $ S U - 6 0 3 , 0 3 3 9 1 , 0 5 $ S U $ S U $ S U 8 6 8 , 3 4 $ S U 0 1 5 , 1 4 8 3 3 , 0 3 2 2 9 , 7 2 6 1 6 , 4 2 6 5 9 , 3 2 3 6 0 , 2 2 7 5 7 , 1 2 0 1 9 , 0 2 6 0 8 , 8 1 9 2 9 , 9 1 9 5 8 , 8 1 8 6 7 , 6 6 4 9 1 2 , 1 5 2 7 1 1 , 7 1 5 0 6 , 9 1 6 2 1 , 6 1 0 6 2 , 6 0 2 5 9 9 , 5 1 5 6 6 , 7 1 7 1 2 , 3 1 4 4 0 , 4 1 5 3 6 , 6 1 1 1 6 , 2 1 8 7 7 , 3 1 4 9 3 , 2 1 2 1 1 , 4 1 5 1 5 , 2 1 1 5 6 , 0 7 2 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 2 6 6 , 5 $ S U 3 0 9 , 3 3 5 1 , 0 1 1 4 9 , 9 4 1 0 0 9 , 9 9 6 7 9 , 9 4 4 9 9 , 9 4 7 8 9 , 9 9 4 9 9 , 9 4 8 4 9 , 4 2 1 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U 4 1 3 , 3 8 2 $ S U - 8 4 2 , 2 $ S U $ S U 4 6 1 , 8 6 $ S U - - - - - - - - - - - - - - - - - - - - - - - - - - - - 7 5 1 , 1 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U - 3 9 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 〃〃 e m o c n i e v i s n e h e r p m o c r e h t o h g u o r h t C L L o C t i d e r C r o t o M d r o F k n a B t n e m t s e v n I n a e p o r u E t s o c d e z i t r o m a t a s t e s s a l a i c n a n i F o C & o g r a F s l l e W 〃〃〃〃〃〃 a i l a r t s u A f o k n a B h t l a e w n o m m o C . c n I , p u o r G s h c a S n a m d l o G . o C & e s a h C n a g r o M P J a i t o c S a v o N f o k n a B . p r o C g n i k n a B c a p t s e W k n a B a i l a r t s u A l a n o i t a N d n o b t n e m n r e v o G e m o c n i e v i s n e h e r p m o c r e h t o h g u o r h t e u l a v r i a f t a s t e s s a l a i c n a n i F d n o B / e t o N y r u s a e r T s e t a t S d e t i n U 〃〃〃 e u l a v r i a f t a s t e s s a l a i c n a n i F e m o c n i e v i s n e h e r p m o c r e h t o h g u o r h t t n e m e g a n a M h s a C s e t a t S d e t i n U l l i B y r u s a e r T s e t a t S d e t i n U l l i B g n i t a o l F y r u s a e r T s e t a t S d e t i n U e t o N e t a R - e g a g t r o m y c n e g A / s d n o b y c n e g A s e i t i r u c e s d e k c a b l o o P e a M e i n n a F e u l a v r i a f t a s t e s s a l a i c n a n i F c n I s g n i d l o H e l b a t i u q E A X A l a b o l G C M S T 〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃 5 5 1 6 A M l o o P I I A M N G l o o P e a M e i n n a F l o o P e a M e i n n a F l o o P e a M e i n n a F l o o P e a M e i n n a F l o o P e a M e i n n a F 5 . 4 r Y 0 3 A B T A M N F l o o P e a M e i n n a F l o o P d l o G c a M e i d d e r F l o o P e a M e i n n a F l o o P d l o G c a M e i d d e r F 4 r Y 0 3 A B T A M N F l o o P e a M e i n n a F 0 9 0 6 A M l o o P I I A M N G 3 r Y 0 3 A B T I I A M N G l o o P d l o G c a M e i d d e r F l o o P d l o G c a M e i d d e r F l o o P e a M e i n n a F 4 6 2 5 A M l o o P I I A M N G l o o P d l o G c a M e i d d e r F l o o P d l o G c a M e i d d e r F l o o P c a M e i d d e r F l o o P e a M e i n n a F l o o P e a M e i n n a F l o o P e a M e i n n a F l o o P e a M e i n n a F l o o P e a M e i n n a F 5 . 3 r Y 0 3 A B T I I A M N G ) e t o N ( e c n a l a B g n i d n E t n u o m A ) s d n a s u o h T n I ( l a s o p s i D s t i n U / s e r a h S n o s s o L / n i a G e u l a V g n i y r r a C t n u o m A s t i n U / s e r a h S ) s d n a s u o h T n I ( t n u o m A s t i n U / s e r a h S ) s d n a s u o h T n I ( t n u o m A s t i n U / s e r a h S ) s d n a s u o h T n I ( l a s o p s i D n o i t i s i u q c A e c n a l a B g n n n i i g e B f o e r u t a N i p h s n o i t a l e R y t r a p - r e t n u o C t n e m e t a t S l a i c n a n i F t n u o c c A s e i t i r u c e S e l b a t e k r a M e m a N d n a e p y T e m a N y n a p m o C 8 5 2 , 0 1 $ S U 3 0 7 , 9 6 9 5 , 9 4 8 3 , 9 6 0 3 , 9 9 5 2 , 9 0 0 7 , 8 8 3 5 , 8 6 9 4 , 7 2 1 1 , 7 0 0 2 , 6 5 0 7 , 4 3 0 6 , 3 3 7 0 , 3 3 7 6 , 2 1 8 1 , 2 8 2 0 , 2 8 8 5 , 1 1 2 3 , 1 3 6 7 0 4 6 7 6 3 7 5 0 , 0 1 - - - - - - - - - - - - - - - - - - - - - - - $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U ) d e u n i t n o C ( - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 0 2 $ S U 8 1 9 , 1 $ S U 8 3 9 , 1 $ S U ) 1 ( ) 5 1 ( ) 5 6 ( ) 0 1 ( ) 8 1 ( 6 0 6 4 7 ) 2 3 ( 9 1 1 3 2 1 8 4 4 1 0 9 9 1 2 4 6 6 7 7 3 8 2 1 2 0 1 , 1 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U 9 3 6 8 4 2 5 6 4 9 5 , 1 8 1 1 , 1 7 6 2 , 0 1 8 9 4 , 9 1 3 2 3 , 0 3 7 7 0 , 4 2 2 9 , 1 1 1 8 3 , 6 1 5 8 3 , 3 1 6 7 2 7 , 3 3 1 1 1 7 , 8 3 1 3 5 4 , 0 2 9 4 8 , 7 1 2 6 2 , 7 1 3 0 6 , 2 3 4 1 3 , 2 7 2 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U 8 3 1 7 4 2 4 6 9 2 5 , 1 0 0 1 , 1 1 7 2 , 0 1 5 0 5 , 9 1 1 9 2 , 0 3 6 9 1 , 4 5 4 9 , 1 1 2 6 4 , 6 1 1 9 9 , 3 1 6 1 7 8 , 3 3 1 1 0 8 , 8 3 1 2 7 6 , 0 2 3 1 5 , 8 1 0 9 3 , 7 1 5 0 7 , 3 3 1 9 6 , 2 7 2 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U 7 6 2 $ S U 2 4 9 , 6 1 $ S U 9 0 2 , 7 1 $ S U ) 6 7 ( $ S U 8 2 7 , 0 1 $ S U 2 5 6 , 0 1 $ S U 1 1 7 0 4 8 5 2 $ S U $ S U $ S U 7 2 1 , 1 1 9 2 9 , 9 1 1 7 6 , 5 1 $ S U $ S U $ S U 8 3 1 , 1 1 6 3 3 , 0 2 9 2 9 , 5 1 $ S U $ S U $ S U ) 1 2 ( $ S U 9 6 2 , 3 1 $ S U 8 4 2 , 3 1 $ S U 5 7 1 7 0 6 $ S U $ S U 9 1 8 , 9 9 6 3 , 1 1 $ S U $ S U 4 4 5 , 1 1 6 2 4 , 0 1 $ S U $ S U 9 3 3 4 3 9 0 1 ) 1 9 1 ( 0 5 3 0 5 0 3 4 5 2 2 2 3 7 7 2 ) 1 3 1 ( 4 7 2 6 4 ) 7 6 2 ( 8 6 8 4 1 8 0 0 2 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U 7 2 6 , 5 2 3 8 7 , 9 1 3 9 9 , 9 1 5 1 1 , 1 3 2 8 9 , 9 1 7 8 9 , 4 1 5 3 6 , 7 2 8 4 4 , 1 2 3 0 0 , 3 2 6 0 6 , 8 1 1 9 5 , 7 1 0 6 5 , 0 1 2 9 8 , 3 1 8 4 1 , 0 1 9 0 1 , 5 1 9 8 2 , 0 1 8 2 8 , 1 5 3 8 2 , 0 5 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U 6 6 9 , 5 2 7 1 8 , 9 1 2 0 1 , 0 2 4 2 9 , 0 3 2 3 3 , 0 2 7 3 0 , 5 1 5 6 0 , 8 2 3 7 6 , 1 2 5 3 0 , 3 2 3 8 8 , 8 1 0 6 4 , 7 1 2 2 0 , 1 1 6 6 9 , 3 1 1 8 8 , 9 7 7 1 , 5 1 7 3 3 , 0 1 8 2 0 , 2 5 4 6 3 , 0 5 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 3 0 2 , 0 1 $ S U 0 1 1 , 0 1 5 0 2 , 0 1 4 9 0 , 1 1 4 6 0 , 0 1 2 1 2 , 0 1 2 2 6 , 2 2 6 7 6 4 , 9 0 5 0 , 8 2 8 3 2 , 7 3 0 1 1 , 1 1 7 5 6 , 6 2 4 0 , 1 2 9 2 5 , 2 1 1 3 0 8 , 2 4 1 7 6 0 , 3 2 0 1 9 , 9 1 5 9 7 , 1 4 6 8 , 3 3 5 3 3 , 4 7 2 - - 0 6 8 5 6 6 5 3 1 , 1 1 1 5 9 , 9 1 4 2 8 , 9 0 9 3 , 1 1 - 8 8 7 , 9 1 3 9 9 , 9 1 7 1 1 , 1 3 9 9 9 , 9 1 8 8 9 , 4 1 - - 9 0 0 , 3 2 - - 5 7 5 , 0 1 - - - 6 9 2 , 0 1 3 1 8 , 1 5 2 7 2 , 8 4 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 9 8 8 , 1 $ S U - - - - - - - - 7 8 5 0 7 3 , 9 6 4 1 , 1 1 - 1 6 7 , 4 2 - - - - - 5 1 9 , 6 1 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U 5 8 4 , 6 1 $ S U 0 9 5 , 0 1 $ S U - 0 6 3 3 5 2 , 5 1 $ S U $ S U $ S U 7 9 8 , 2 1 $ S U - - - - - - - 5 1 5 , 5 2 - 4 2 3 , 7 2 7 0 5 , 1 2 5 5 5 , 8 1 0 9 4 , 7 1 - 3 4 7 , 9 9 5 8 , 3 1 5 4 0 , 5 1 - 5 1 0 2 0 , 2 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U - 4 9 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃 5 . 3 r Y 0 3 A B T A M N F l o o P e a M e i n n a F e a M e i n n a F 5 . 4 r Y 0 3 A B T I I A M N G l o o P d l o G c a M e i d d e r F l o o P d l o G c a M e i d d e r F 5 3 r Y 0 3 A B T A M N F r Y 5 1 A B T A M N F 3 r Y 0 3 A B T A M N F 3 9 4 4 M B l o o P A M N F s e c A - e a M e i n n a F s e c A - e a M e i n n a F e a M e i n n a F l o o P e a M e i n n a F l o o P e a M e i n n a F l o o P e a M e i n n a F l o o P e a M e i n n a F l o o P e a M e i n n a F e g a g t r o M l a n o i t a N t n e m n r e v o G h g u o r h T s s a P d e r u t c u r t S y l i m a f i t l u M c a M e i d d e r F s e t a c i f i t r e C e g a g t r o M l a n o i t a N t n e m n r e v o G n o i t a i c o s s A n o i t a i c o s s A e g a g t r o M l a n o i t a N t n e m n r e v o G c a M e i d d e r F r o e a M e i n n a F l o o P d l o G c a M e i d d e r F n o i t a i c o s s A e g a g t r o M l a n o i t a N t n e m n r e v o G n o i t a i c o s s A l o o P e a M e i n n a F 3 0 6 1 6 G l o o P C P N L M H D E F h g u o r h T s s a P d e r u t c u r t S y l i m a f i t l u M c a M e i d d e r F s e t a c i f i t r e C 2 9 5 1 6 G l o o P C P N L M H D E F l o o P e a M e i n n a F 4 5 6 1 6 G l o o P C P N L M H D E F 8 6 4 5 A M l o o P I I A M N G 9 6 1 2 A C l o o P A M N F s e c A - e a M e i n n a F l o o P e a M e i n n a F 3 5 5 1 6 G l o o P C P N L M H D E F l o o P d l o G c a M e i d d e r F 3 r Y 0 3 A B T C M L H F 5 . 3 r Y 5 1 A B T A M N F l o o P d l o G c a M e i d d e r F l o o P c a M e i d d e r F l o o P d l o G c a M e i d d e r F l o o P d l o G c a M e i d d e r F l o o P d l o G c a M e i d d e r F 5 9 4 4 M B l o o P A M N F e u l a v r i a f t a s t e s s a l a i c n a n i F e m o c n i e v i s n e h e r p m o c r e h t o h g u o r h t e a M e i n n a F l a b o l G C M S T ) e t o N ( e c n a l a B g n i d n E t n u o m A ) s d n a s u o h T n I ( l a s o p s i D s t i n U / s e r a h S n o s s o L / n i a G e u l a V g n i y r r a C t n u o m A s t i n U / s e r a h S ) s d n a s u o h T n I ( t n u o m A s t i n U / s e r a h S ) s d n a s u o h T n I ( t n u o m A s t i n U / s e r a h S ) s d n a s u o h T n I ( l a s o p s i D n o i t i s i u q c A e c n a l a B g n n n i i g e B f o e r u t a N i p h s n o i t a l e R y t r a p - r e t n u o C t n e m e t a t S l a i c n a n i F t n u o c c A s e i t i r u c e S e l b a t e k r a M e m a N d n a e p y T e m a N y n a p m o C - - - - - - - - - - - - - - - - - - - $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U 5 2 9 , 9 $ S U 1 2 3 , 7 $ S U 0 7 0 , 2 $ S U - - - 5 6 8 $ S U $ S U $ S U $ S U ) d e d u l c n o C ( - - - - - - - - - - - - - - - - - - - - - - - - - - ) 3 1 ( $ S U 4 1 3 , 3 1 $ S U 1 0 3 , 3 1 $ S U 9 7 4 6 1 9 8 4 4 3 1 ) 2 0 2 ( 8 4 7 5 4 5 1 9 4 9 1 2 ) 6 1 4 ( ) 3 0 1 ( 1 7 1 2 8 1 0 3 5 4 5 0 4 4 0 8 1 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U 6 4 8 , 6 7 8 6 6 , 6 1 2 0 9 , 4 2 4 9 5 , 4 1 2 3 3 , 1 6 8 7 8 , 0 5 4 0 1 , 5 2 1 6 4 , 5 1 1 9 7 , 3 6 7 7 9 , 1 2 1 2 4 , 1 4 8 3 9 , 6 2 0 6 4 , 5 1 8 5 9 , 6 1 9 8 8 , 2 1 5 1 0 , 6 2 9 1 8 , 1 3 0 8 3 , 1 1 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U 5 2 9 , 6 7 2 3 8 , 6 1 1 9 3 , 5 2 8 2 7 , 4 1 0 3 1 , 1 6 6 2 9 , 0 5 1 6 1 , 5 2 5 1 6 , 5 1 0 4 8 , 3 6 6 9 1 , 2 2 5 0 0 , 1 4 5 3 8 , 6 2 1 3 6 , 5 1 0 4 0 , 7 1 0 9 1 , 3 1 0 6 5 , 6 2 9 5 2 , 2 3 0 6 5 , 1 1 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U - $ S U - $ S U - $ S U 8 4 $ S U 6 4 1 , 4 6 $ S U 4 9 1 , 4 6 $ S U ) 1 3 ( $ S U 8 7 6 , 6 2 $ S U 7 4 6 , 6 2 $ S U 7 2 $ S U 6 1 1 , 0 1 $ S U 3 4 1 , 0 1 $ S U ) 9 1 ( ) 2 5 ( $ S U 9 2 5 , 8 3 $ S U 0 1 5 , 8 3 $ S U $ S U 8 4 7 , 6 2 $ S U 6 9 6 , 6 2 $ S U 6 6 $ S U 7 9 6 , 3 4 $ S U 3 6 7 , 3 4 $ S U - - - - - - - - - - - - - - - - - - - - - - - - - - 4 1 3 , 3 1 $ S U 6 4 8 , 6 7 7 8 6 , 6 1 1 5 9 , 4 2 0 1 6 , 4 1 6 6 3 , 1 6 5 5 6 , 8 3 - 0 3 4 , 5 1 1 7 6 , 1 6 2 3 9 , 1 2 - - 1 4 4 , 5 1 2 8 9 , 6 1 3 9 8 , 2 1 5 1 0 , 6 2 - 7 7 8 , 0 1 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U 1 2 9 , 9 $ S U 3 9 6 , 2 $ S U 0 0 3 , 1 $ S U 5 5 0 , 2 $ S U - - 8 6 8 $ S U $ S U $ S U - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 9 0 2 , 2 1 0 3 1 , 5 2 - 9 2 1 , 2 9 5 0 , 0 4 6 4 0 , 6 2 - - - - 3 1 5 4 8 7 , 1 3 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U - 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- - - n o i t c u r t s n o c e h t d n a s s e r g o r p e c n a t p e c c a , . o C n o i t c u r t s n o C u s T u F n i s m r e t e h t n o d e s a B 5 3 9 , 8 4 3 . d t L r e d r o e s a h c r u p e h t 9 1 0 2 , 2 r e b o t c O o t 9 1 0 2 , 7 2 e n u J r e d r o e s a h c r u p e h t : g n i d u l c n i , s e i t r a p r e t n u o c 2 7 n i s m r e t e h t n o d e s a B 0 0 0 , 0 0 8 , 4 7 9 1 0 2 , 2 1 r e b m e v o N b a F b a F d n a s s e r g o r p e c n a t p e c c a . p r o C A I S A N A P y b t n e m e l t t e s y l h t n o M 0 0 8 , 8 8 8 9 1 0 2 , 5 2 h c r a M b a F . d t L n o i t c u r t s n o c e h t 9 1 0 2 , 2 1 t s u g u A , . o C n o i t c u r t s n o C E G D E K y b t n e m e l t t e s y l h t n o M 0 1 2 , 8 0 0 , 1 $ o t 8 1 0 2 , 1 1 r e b m e t p e S b a F C M S T L A T I P A C N I - D I A P E H T F O % 0 2 R O N O I L L I M 0 0 3 $ T N T S A E L T A F O S T S O C T A S E I T R E P O R P E T A T S E L A E R L A U D I V I D N I F O N O I T I S I U Q C A ) e s i w r e h t O d e i f i c e p S s s e l n U , s r a l l o D n a w i a T w e N f o s d n a s u o h T n i s t n u o m A ( 9 1 0 2 , 1 3 R E B M E C E D D E D N E R A E Y E H T R O F . d t L , . o C l a c i m e h C u F n a S , . o C l a n o i t a n r e t n I l l u f n e h C s l a i r t s u d n I u F - 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8 9 - d e t i m L i y t r a p - r e t n u o C d e t a l e R f o n o i t c a s n a r T r o i r P r e h t O s m r e T f o e s o p r u P n o i t i s i u q c A e c n e r e f e R e c i r P t n u o m A e t a D r e f s n a r T s p i h s n o i t a l e R r e n w O s p i h s n o i t a l e R f o e r u t a N y t r a p - r e t n u o C m r e T t n e m y a P . p r o C l a n o i t a n r e t n I a r t c e l e n U . d t L , . o C y g o l o n h c e T . d t L , . o C c i r t c e l E e n u t r o F y g o l o n h c e T t n a c c i s e D l a t n e m n o r i v n E G J n o i t a r o p r o C . d t L , . o C y g o l o n h c e T o n a g r O n a w i a T . d t L ) e t P ( a i s A t s a e h t u o S d n a R - l l o s r e g n I , . o C n o i t c u r t s n o C n i C - a D ) e r o p a g n i S ( h c n a r B h c e t i H m e t s y S h c e t e l o h W . d t L n o i t c a s n a r T t n u o m A n g i e r o F ( n i s e i c n e r r u C ) s d n a s u o h T e t a D n o i t c a s n a r T f o s e p y T y t r e p o r P y n a p m o C e m a N b a F C M S T 6 E L B A T r o e l b a y a P s t n u o c c A / s e t o N e t o N o t % l a t o T e l b a v i e c e R e c n a l a B g n i d n E ) s d n a s u o h T n i s e i c n e r r u C n g i e r o F ( s m r e T t n e m y a P 2 6 - 2 9 2 , 8 5 4 1 8 2 , 2 3 7 , 1 8 $ ) e t o N ( n o i t c a s n a r T l a m r o n b A s l i a t e D n o i t c a s n a r T L A T I P A C N I - D I A P E H T F O % 0 2 R O N O I L L I M 0 0 1 $ T N T S A E L T A F O S E I T R A P D E T A L E R O T S E L A S R O M O R F S E S A H C R U P L A T O T ) e s i w r e h t O d e i f i c e p S s s e l n U , s r a l l o D n a w i a T w e N f o s d n a s u o h T n i s t n u o m A ( 9 1 0 2 , 1 3 R E B M E C E D D E D N E R A E Y E H T R O F s e i r a i d i s b u S d n a d e t i i m L y n a p m o C g n i r u t c a f u n a M r o t c u d n o c i m e S n a w i a T t i n U e c i r P s m r e T t n e m y a P o t % l a t o T t n u o m A s e i c n e r r u C n g i e r o F ( ) s d n a s u o h T n i / s e s a h c r u P s e l a S s p i h s n o i t a l e R f o e r u t a N y t r a P d e t a l e R e m a N y n a p m o C 3 4 3 1 - - ) 2 0 0 , 6 6 2 , 1 ( ) 1 7 9 , 8 3 5 , 1 ( ) 5 2 6 , 7 9 0 , 1 ( ) 4 4 9 , 7 8 4 ( ) 7 7 9 , 3 5 1 ( ) 3 5 4 , 9 2 7 4 , 3 8 2 $ S U ( 8 1 2 7 1 , 0 2 1 d e u s s i s i e c i o v n i n e h w f o h t n o m e h t f o d n e e h t m o r f s y a d 0 3 t e N 7 1 7 3 5 , 1 7 5 - - - - - - - - - - - - - - - ) e t o N ( e t a d e c i o v n i m o r f s y a d 0 3 t e N d e u s s i e h t d e u s s i e h t e h t f o s i f o s i f o d n e e h t m o r f s y a d 0 3 t e N e c i o v n i n e h w f o h t n o m d n e e h t m o r f s y a d 0 3 t e N e c i o v n i n e h w f o h t n o m d n e e h t m o r f s y a d 0 3 t e N d e u s s i s i e c i o v n i n e h w f o h t n o m d e u s s i d e u s s i e h t e h t d e u s s i e h t f o s i f o s i f o s i e c i o v n i n e h w f o h t n o m d n e e h t m o r f s y a d 0 3 t e N d n e e h t m o r f s y a d 0 3 t e N e c i o v n i n e h w f o h t n o m d n e e h t m o r f s y a d 0 3 t e N e c i o v n i n e h w f o h t n o m e t a d e c i o v n i m o r f s y a d 0 3 t e N 8 5 - 8 1 7 1 7 4 3 - 4 0 4 , 0 7 9 , 6 1 s e s a h c r u P y r a i d i s b u S g n i j n a N C M S T 6 0 7 , 4 8 5 , 6 1 s e s a h c r u P y r a i d i s b u S a n i h C C M S T 5 9 4 , 4 2 0 , 4 7 0 5 , 1 4 4 , 6 3 6 $ s e l a S s e l a S y r a i d i s b u S e t a i c o s s A C U G a c i r e m A h t r o N C M S T C M S T 1 0 2 , 4 6 8 , 6 7 1 8 , 8 0 2 , 3 0 0 6 , 2 9 0 , 3 4 4 9 , 8 2 6 , 1 ) 1 2 8 , 2 5 $ S U ( s e s a h c r u P s e s a h c r u P s e s a h c r u P s e l a S s e l a S y r a i d i s b u s t c e r i d n I h c e T r e f a W e t a i c o s s A e t a i c o s s A C M S S S I V C M S T f o e t a i c o s s A C U G a c i r e m A h t r o N C M S T C M S T f o e t a i c o s s A c e t n i X h c e T a r E s i V - 9 9 - . a c i r e m A h t r o N C M S T y b s t n e i l c s t i o t d e t n a r g s m r e t t n e m y a p e h t y b d e n i m r e t e d r o e t a d e c i o v n i s ’ C M S T m o r f s y a d 0 3 s i r o n e t e h T ： e t o N r o f e c n a w o l l A s t b e D d a B d e v i e c e R s t n u o m A t n e u q e s b u S n i d o i r e P e u d r e v O n e k a T n o i t c A t n u o m A s y a D r e v o n r u T ) 1 e t o N ( 7 E L B A T L A T I P A C N I - D I A P E H T F O % 0 2 R O N O I L L I M 0 0 1 $ T N T S A E L T A O T G N I T N U O M A S E I T R A P D E T A L E R M O R F S E L B A V I E C E R ) e s i w r e h t O d e i f i c e p S s s e l n U , s r a l l o D n a w i a T w e N f o s d n a s u o h T n i s t n u o m A ( 9 1 0 2 , 1 3 R E B M E C E D s e i r a i d i s b u S d n a d e t i i m L y n a p m o C g n i r u t c a f u n a M r o t c u d n o c i m e S n a w i a T - - - - - - - - - - $ 2 2 8 , 8 8 6 , 0 3 $ - 3 5 7 , 2 3 ) 3 1 8 7 7 3 , 4 2 $ S U ( - - - - - ) 7 4 9 , 9 1 9 6 1 , 8 9 5 $ S U ( - - - - - - - - - - 7 7 5 , 9 0 1 , 1 $ - 3 5 7 , 2 3 ) 3 1 8 7 7 3 , 4 2 $ S U ( 8 4 2 e t o N 8 3 5 4 e c n a l a B g n i d n E s e i c n e r r u C n g i e r o F ( s p i h s n o i t a l e R f o e r u t a N y t r a P d e t a l e R e m a N y n a p m o C ) s d n a s u o h T n i 7 0 0 , 5 3 5 , 2 8 $ 9 5 5 , 1 0 1 2 9 2 , 8 5 4 ) 3 9 4 , 9 4 7 6 , 4 8 2 $ S U ( C M S T f o e t a i c o s s A y r a i d i s b u S y r a i d i s b u S e t a i c o s s A a c i r e m A h t r o N C M S T g n i j n a N C M S T C M S T C U G C U G a c i r e m A h t r o N C M S T 2 e t o N 9 3 8 , 0 0 2 , 4 2 y n a p m o c t n e r a p e m a s e h T g n i j n a N C M S T a n i h C C M S T - - - - - ) 7 4 9 , 9 1 9 6 1 , 8 9 5 $ S U ( 2 3 9 1 6 3 2 e t o N 9 5 2 7 1 , 0 2 1 ) 6 3 3 , 8 3 9 9 , 9 4 2 1 7 9 , 8 3 5 , 1 ) 7 2 8 , 1 2 6 , 5 B M R ( ) 2 0 5 , 7 5 3 B M R ( 2 0 0 , 6 6 2 , 1 ) 2 9 0 , 4 9 2 B M R ( - 0 0 1 - . s y a d r e v o n r u t f o n o i t a l u c l a c e h t r o f e l b a c i l p p a t o n s i h c i h w , s e l b a v i e c e r r e h t o f o d e t s i s n o c y l i r a m i r p s i e c n a l a b g n i d n e e h T ： 2 . s e i t r a p d e t a l e r m o r f s e l b a v i e c e r r e h t o s e d u l c x e s y a d r e v o n r u t f o n o i t a l u c l a c e h T ： 1 e t o N e t o N 5 2 6 , 7 9 0 , 1 ) 2 0 6 , 6 3 $ S U ( e h t f o t n e r a p e t a m i t l u e h T y n a p m o C $ S U ( e h t f o t n e r a p e t a m i t l u e h T y n a p m o C C M S T y g o l o n h c e T C M S T C M S T h c e T r e f a W y n a p m o c t n e r a P C M S T C M S T f o e t a i c o s s A c e t n i X h c e T a r E s i V y n a p m o c t n e r a P C M S T g n i j n a N C M S T 8 E L B A T f o e g a t n e c r e P e u n e v e R t e N d e t a d i l o s n o C s t e s s A l a t o T r o s m r e T ) 2 e t o N ( s n o i t c a s n a r T y n a p m o c r e t n I t n u o m A m e t I s t n e m e t a t S l a i c n a n i F f o e r u t a N p i h s n o i t a l e R ) 1 e t o N ( % 4 % 9 5 - - - - - % 2 % 2 - - - - - - - % 1 % 1 - - - - - - - - - - - - - - - - - - 6 2 7 , 2 0 8 5 3 5 , 8 2 2 7 4 1 , 9 3 4 3 4 7 , 0 7 1 1 7 9 , 8 3 5 , 1 6 0 7 , 4 8 5 , 6 1 6 1 5 , 6 9 0 , 1 4 0 4 , 0 7 9 , 6 1 9 5 5 , 1 0 1 2 0 0 , 6 6 2 , 1 6 1 2 , 3 2 3 3 9 9 , 9 4 2 6 6 4 , 8 3 4 , 2 1 0 2 , 4 6 8 , 6 5 2 6 , 7 9 0 , 1 9 3 8 , 0 0 2 , 4 2 1 8 2 , 2 3 7 , 1 8 7 0 5 , 1 4 4 , 6 3 6 $ t n e m p i u q e d n a t n a l p , y t r e p o r p f o l a s o p s i d m o r f s d e e c o r P s e i t r a p d e t a l e r m o r f s e l b a v i e c e r r e h t O s e s n e p x e t n e m p o l e v e d d n a h c r a e s e R s e s n e p x e t n e m p o l e v e d d n a h c r a e s e R s e i t r a p d e t a l e r o t s e l b a y a P s e i t r a p d e t a l e r o t s e l b a y a P s e i t r a p d e t a l e r m o r f s e l b a v i e c e r r e h t O s e i t r a p d e t a l e r o t s e l b a y a P s e s a h c r u P s e i t r a p d e t a l e r m o r f s e l b a v i e c e r r e h t O n o i s s i m m o c n o i s s i m m o c - - s e s n e p x e g n i t e k r a M s e s n e p x e g n i t e k r a M s d o o g f o e l a s m o r f e u n e v e r t e N s e i t r a p d e t a l e r m o r f s e l b a v i e c e R n o i s s i m m o c - s e s n e p x e g n i t e k r a M s e i t r a p d e t a l e r o t s e l b a y a P s e s a h c r u P s e s a h c r u P 1 1 1 1 1 1 1 1 3 y t r a P r e t n u o C e m a N y n a p m o C . o N a c i r e m A h t r o N C M S T C M S T 0 e p o r u E C M S T n a p a J C M S T a n i h C C M S T g n i j n a N C M S T y g o l o n h c e T C M S T a d a n a C C M S T g n i j n a N C M S T h c e T r e f a W a n i h C C M S T 1 . y r a i d i s b u s o t y n a p m o c t n e r a p m o r f s n o i t c a s n a r t . s e i r a i d i s b u s n e e w t e b s n o i t c a s n a r t e h t e h t s t n e s e r p e r s t n e s e r p e r 1 3 . o N . o N : 1 e t o N . s t n e m e e r g a l a u t u m h t i w e c n a d r o c c a n i d e n i m r e t e d e r a s m r e t d n a s e c i r p , s n o i t c a s n a r t y n a p m o c r e t n i r e h t o r o F . s e i t r a p d r i h t o t e s o h t m o r f t n e r e f f i d y l t n a c i f i n g i s t o n e r a s e l a s y n a p m o c r e t n i f o s m r e t t n e m y a p d n a s e c i r p s e l a s e h T : 2 e t o N S N O I T C A S N A R T Y N A P M O C R E T N I T N A C I F I N G I S D N A S P I H S N O I T A L E R Y N A P M O C R E T N I 9 1 0 2 , 1 3 R E B M E C E D D E D N E R A E Y E H T R O F ) s r a l l o D n a w i a T w e N f o s d n a s u o h T n i s t n u o m A ( - 1 0 1 - s e i r a i d i s b u S d n a d e t i i m L y n a p m o C g n i r u t c a f u n a M r o t c u d n o c i m e S n a w i a T y r a i d i s b u S y r a i d i s b u S 9 0 7 , 2 0 2 , 2 9 0 7 , 2 0 2 , 2 7 6 2 , 8 8 3 , 3 5 7 8 1 , 2 9 5 , 1 1 $ 7 8 1 , 2 9 5 , 1 1 $ 0 7 2 , 7 3 7 , 7 9 3 $ 0 0 1 0 0 1 1 1 8 6 2 , 8 8 9 0 3 1 , 6 5 4 , 1 3 0 3 1 , 6 5 4 , 1 3 9 0 3 , 2 6 1 , 5 5 3 $ 9 0 3 , 2 6 1 , 5 5 3 $ e t a i c o s s A 9 9 7 , 4 5 6 , 1 7 9 4 , 0 6 8 , 5 2 7 5 , 7 2 0 , 9 8 2 3 2 2 , 4 6 4 7 7 6 , 0 8 1 , 0 1 7 7 6 , 0 8 1 , 0 1 e h t n i s s e n i s u b d e t a l e r r e h t o d n a , e r u t c a f u n a m t n e m t s e v n i r e h t o d n a y r t s u d n i r o t c u d n o c i m e s , n g i s e d e h t n i d e v l o v n i s e i n a p m o c n i g n i t s e v n I s e i t i v i t c a t n e m t s e v n I s t i u c r i c d e t a r g e t n i f o n g i s e d d e d i a - r e t u p m o c d n a g n i t s e t , g n i g a k c a p , g n i l l e s , g n i r u t c a f u n a M s k s a m f o e c i v r e s n g i s e d d n a g n i r u t c a f u n a m e h t d n a s e c i v e d r o t c u d n o c i m e s r e h t o d n a s e i t i v i t c a 9 E L B A T e t o N f o e r a h S s e s s o L / s t i f o r P e e t s e v n I f o ) 1 e t o N ( n g i e r o F ( n i s e i c n e r r u C ) s d n a s u o h T 9 1 0 2 , 1 3 r e b m e c e D f o s a e c n a l a B t n u o m A t n e m t s e v n I l a n i g i r O e m o c n I t e N e h t f o ) s e s s o L ( e e t s e v n I n g i e r o F ( g n i y r r a C e u l a V n g i e r o F ( n i s e i c n e r r u C ) s d n a s u o h T n i s e i c n e r r u C ) s d n a s u o h T f o e g a t n e c r e P p i h s r e n w O n I ( s e r a h S ) s d n a s u o h T , 1 3 r e b m e c e D , 1 3 r e b m e c e D 8 1 0 2 n g i e r o F ( 9 1 0 2 n g i e r o F ( n i s e i c n e r r u C n i s e i c n e r r u C ) s d n a s u o h T ) s d n a s u o h T s t c u d o r P d n a s e s s e n i s u B n i a M n o i t a c o L y n a p m o C e e t s e v n I y n a p m o C r o t s e v n I ) A N I H C D N A L N I A M N I T N E M T S E V N I N O N O I T A M R O F N I G N I D U L C X E ( E C N E U L F N I T N A C I F I N G I S S E S I C R E X E Y N A P M O C E H T H C I H W R E V O S E E T S E V N I F O N O I T A M R O F N I D E T A L E R D N A , S N O I T A C O L , S E M A N ) e s i w r e h t O d e i f i c e p S s s e l n U , s r a l l o D n a w i a T w e N f o s d n a s u o h T n i s t n u o m A ( 9 1 0 2 , 1 3 R E B M E C E D D E D N E R A E Y E H T R O F s e i r a i d i s b u S d n a d e t i i m L y n a p m o C g n i r u t c a f u n a M r o t c u d n o c i m e S n a w i a T s d n a l s I n i g r i V h s i t i r B , a l o t r o T s d n a l s I n i g r i V h s i t i r B , a l o t r o T s r e n t r a P C M S T l a b o l G C M S T C M S T ) d e u n i t n o C ( e t a i c o s s A 8 2 0 , 7 8 8 3 4 7 , 6 8 2 , 2 4 7 1 , 2 0 5 , 6 y r a i d i s b u S 6 6 3 , 6 1 4 6 6 3 , 6 1 4 5 2 8 , 9 6 5 , 4 y r a i d i s b u S 6 5 6 , 3 3 5 1 4 8 , 3 1 6 1 4 7 , 1 4 5 , 4 e t a i c o s s A 9 2 3 , 5 7 8 7 9 , 1 8 1 5 4 1 , 6 4 8 , 1 e t a i c o s s A 0 0 7 , 0 2 2 7 6 4 , 3 3 6 7 7 3 , 4 8 2 , 1 y r a i d i s b u S y r a i d i s b u S y r a i d i s b u S 8 6 1 , 1 4 5 2 , 3 1 2 6 , 7 3 y r a i d i s b u S ) 0 4 3 , 3 ( y r a i d i s b u S y r a i d i s b u S - 6 9 1 , 2 - 1 9 1 , 1 4 5 2 , 3 1 2 6 , 7 3 ) 9 0 4 , 3 ( 6 9 1 , 2 - 9 7 4 , 2 6 4 4 0 5 , 1 3 2 0 2 6 , 2 4 1 5 9 0 , 5 7 7 2 7 , 0 4 y r a i d i s b u S 2 e t o N 3 7 6 , 8 3 3 , 1 9 9 0 , 5 2 8 , 9 2 ) 9 3 3 , 3 4 $ S U ( ) 8 6 5 , 4 9 9 $ S U ( y r a i d i s b u S 2 e t o N y r a i d i s b u S 2 e t o N y r a i d i s b u S 2 e t o N y r a i d i s b u S 2 e t o N y r a i d i s b u S 2 e t o N e t a i c o s s A 2 e t o N ) - - ) 7 8 9 0 1 ) 4 6 2 , 3 4 9 4 , 0 3 1 6 6 , 0 0 1 $ S U ( - - 8 3 5 , 0 7 6 $ S U ( ) 0 6 3 , 2 2 $ S U ( 0 5 1 , 9 3 2 $ S U ( ) 5 7 9 , 7 $ S U ( ) 1 7 6 ) ) 4 4 ( ) 1 5 3 , 1 ( 1 4 9 , 0 2 8 4 6 , 4 2 1 $ S U ( ) 7 5 1 , 4 $ S U ( 0 2 5 , 8 3 $ S U ( ) 5 8 2 , 1 $ S U ( 9 3 0 0 1 7 8 1 4 5 3 0 0 1 8 9 0 0 1 8 9 0 0 1 - 0 0 1 0 0 1 0 0 1 7 9 7 9 0 0 1 8 2 - - 6 - - 0 8 - - 0 0 3 , 2 3 8 5 9 9 2 , 9 - 3 9 6 , 4 - ) 2 8 2 , 4 1 2 7 9 , 8 6 ) 0 0 3 , 2 0 5 2 , 4 1 ) 5 7 4 7 8 5 , 4 6 ) 4 5 1 , 2 1 8 7 , 7 4 ) 3 9 5 , 1 4 1 3 8 2 0 , 0 2 1 , 5 8 2 0 , 0 2 1 , 5 s t i u c r i c d e t a r g e t n i f o g n i l l e s d n a g n i r u t c a f u n a M e r o p a g n i S 0 0 0 , 1 1 8 1 7 , 3 3 3 8 1 7 , 3 3 3 d n a s t i u c r i c d e t a r g e t n i f o g n i t e k r a m d n a g n i l l e S s e c i v e d r o t c u d n o c i m e s r e h t o d n a s e c i v e d r o t c u d n o c i m e s r e h t o . A S U . , a i n r o f i l a C , e s o J n a S a c i r e m A h t r o N C M S T 0 2 1 , 3 5 2 1 7 1 , 5 0 0 , 5 1 7 1 , 5 0 0 , 5 s t r a p e r a p s c i n o r t c e l e g n i r u t c a f u n a m n i d e g a g n E n a w i a T , u h C - n i s H h c e T a r E s i V 2 8 2 , 1 1 1 7 1 3 , 8 8 9 , 1 7 1 3 , 8 8 9 , 1 l e v e l r e f a w d n a g n i g a k c a p e z i s p i h c l e v e l r e f a W n a w i a T , n a u y o a T 8 8 6 , 6 4 8 6 5 , 6 8 3 8 6 5 , 6 8 3 g n i t s e t , g n i r u t c a f u n a m , g n i p o l e v e d , g n i h c r a e s e R n a w i a T , u h C - n i s H e c i v r e s n o i t c e n n o c r e t n i n o i t a v i s s a p t s o p g n i t s e t d n a g n i g a k c a p , g n i l l e s , g n i r u t c a f u n a m , g n i n g i s e d , g n i p o l e v e d , g n i h c r a e s e r n i d n a r e t l i f r o l o c f o 9 4 7 , 5 1 4 4 2 , 8 0 3 , 1 0 6 7 , 3 8 0 0 8 , 8 7 2 6 5 6 , 3 1 6 6 2 , 5 2 - 9 4 7 , 5 1 6 4 8 , 8 1 3 , 1 0 6 7 , 3 8 6 5 6 , 3 1 0 0 3 , 0 6 2 s e i n a p m o c y g o l o n h c e t p u - t r a t s w e n n i g n i t s e v n I s e i t i v i t c a g n i t r o p p u s d n a e c i v r e s r e m o t s u C s e i n a p m o c y g o l o n h c e t p u - t r a t s w e n n i g n i t s e v n I g n i d i v o r p d n a s t c u d o r p d e t a l e r r a l o s f o g n i l l e S s e i t i v i t c a g n i t r o p p u s d n a e c i v r e s r e m o t s u C e c i v r e s r e m o t s u c n a p a J , a m a h o k o Y s d n a l s I n a m y a C s d n a l s I n a m y a C a e r o K , l u o e S y n a m r e G , g r u b m a H s t i u c r i c d e t a r g e t n i f o g n i t e k r a m d n a s e i t i v i t c a g n i t r o p p u s d n a e c i v r e s r e m o t s u C s d n a l r e h t e N e h t , m a d r e t s m A H b m G e p o r u E r a l o S C M S T e p o r u E C M S T n a p a J C M S T I I I F A T V a e r o K C M S T I I F A T V c e t n i X C U G n a w i a T , u h C - n i s H S I V C M S S - 2 0 1 - $ S U ( ) 3 9 5 , 1 $ S U ( d n a , s l a i r e t a m c i n o r t c e l e f o g n i l i a t e r d n a D I F R f o g n i t s e t d n a g n i p o l e v e d , g n i h c r a e s e r $ S U ( ) 4 0 5 , 2 $ S U ( 1 8 7 , 7 4 g n i l a s e l o h w , s t r a p c i n o r t c e l e f o g n i r u t c a f u n a M n a w i a T , i e p i a T w e N 3 8 0 , 5 7 s e i n a p m o c y g o l o n h c e t p u - t r a t s w e n n i g n i t s e v n I s d n a l s I n a m y a C 1 2 1 , 1 0 6 , 7 1 1 2 1 , 1 0 6 , 7 1 ) 9 3 9 , 6 8 5 $ S U ( ) 9 3 9 , 6 8 5 $ S U ( e h t n i s s e n i s u b d e t a l e r g n i r u t c a f u n a m e h t n i d e v l o v n i s e i n a p m o c n i g n i t s e v n I 9 8 2 , 8 2 4 9 8 2 , 8 2 4 $ S U ( - - 2 7 9 , 8 6 $ S U ( ) 2 8 2 , 4 1 $ S U ( $ S U ( ) 0 0 3 , 2 $ S U ( s e i n a p m o c y g o l o n h c e t p u - t r a t s w e n n i g n i t s e v n I s e i n a p m o c y g o l o n h c e t p u - t r a t s w e n n i g n i t s e v n I s e i t i v i t c a t r o p p u s g n i r e e n i g n E y r t s u d n i r o t c u d n o c i m e s s e i t i v i t c a t r o p p u s g n i r e e n i g n E a d a n a C , o i r a t n O s d n a l s I n a m y a C s d n a l s I n a m y a C . A S U . . A S U . , e r a w a l e D y g o l o n h c e T C M S T , e r a w a l e D t n e m p o l e v e D C M S T s r e n t r a P C M S T a d a n a C C M S T I I F D S I F D S I d n u F h t w o r G k a P - l a u t u M I I I F A T V e t o N f o e r a h S s e s s o L / s t i f o r P e e t s e v n I f o ) 1 e t o N ( n g i e r o F ( n i s e i c n e r r u C ) s d n a s u o h T e m o c n I t e N e h t f o ) s e s s o L ( e e t s e v n I n g i e r o F ( g n i y r r a C e u l a V n g i e r o F ( n i s e i c n e r r u C n i s e i c n e r r u C ) s d n a s u o h T ) s d n a s u o h T 9 1 0 2 , 1 3 r e b m e c e D f o s a e c n a l a B t n u o m A t n e m t s e v n I l a n i g i r O f o e g a t n e c r e P p i h s r e n w O n I ( s e r a h S ) s d n a s u o h T , 1 3 r e b m e c e D , 1 3 r e b m e c e D 8 1 0 2 n g i e r o F ( 9 1 0 2 n g i e r o F ( n i s e i c n e r r u C n i s e i c n e r r u C ) s d n a s u o h T ) s d n a s u o h T s t c u d o r P d n a s e s s e n i s u B n i a M n o i t a c o L y n a p m o C e e t s e v n I y n a p m o C r o t s e v n I ) d e d u l c n o C ( . y n a p m o c r o t s e v n i e h t f o s e s s o l / s t i f o r p f o e r a h s e h t n i d e d u l c n i y d a e r l a s i t n u o m a h c u s s a n i e r e h d e t c e l f e r t o n s i y n a p m o c e e t s e v n i e h t f o s e s s o l / s t i f o r p f o e r a h s e h T : 2 . s n o i t c a s n a r t y n a p m o c r e t n i n o t i f o r p s s o r g d e z i l a e r n u f o t c e f f e e h t s e d u l c n i e e t s e v n i f o s e s s o l / s t i f o r p f o e r a h s e h T : 1 e t o N e t o N - 3 0 1 - y r a i d i s b u S 2 e t o N 3 8 4 , 3 4 8 6 4 6 , 2 0 4 , 4 ) 6 2 3 , 7 2 $ S U ( ) 4 1 8 , 6 4 1 $ S U ( 0 0 1 7 3 6 , 3 9 2 - $ - $ d e t a r g e t n i f o g n i t s e t d n a g n i l l e s , g n i r u t c a f u n a M s e c i v e d r o t c u d n o c i m e s r e h t o d n a s t i u c r i c . A S U . , n o t g n i h s a W h c e T r e f a W t n e m p o l e v e D C M S T 0 1 E L B A T d e t a l u m u c c A d r a w n I f o e c n a t t i m e R f o s a s g n i n r a E , 1 3 r e b m e c e D 9 1 0 2 g n i y r r a C t n u o m A f o s a , 1 3 r e b m e c e D 9 1 0 2 s e s s o L / s t i f o r P p i h s r e n w O e e t s e v n I y n a p m o C f o e r a h S f o e g a t n e c r e P e h t f o ) s e s s o L ( e m o c n I t e N d e t a l u m u c c A f o w o l f t u O m o r f t n e m t s e v n I f o s a n a w i a T , 1 3 r e b m e c e D n i $ S U ( 9 1 0 2 ) s d n a s u o h T s w o l F t n e m t s e v n I w o l f n I w o l f t u O n i $ S U ( ) s d n a s u o h T d e t a l u m u c c A f o w o l f t u O m o r f t n e m t s e v n I f o s a n a w i a T 9 1 0 2 , 1 y r a u n a J n i $ S U ( ) s d n a s u o h T f o d o h t e M t n e m t s e v n I f o t n u o m A l a t o T l a t i p a C n i - d i a P n i B M R ( ) s d n a s u o h T d n a s e s s e n i s u B n i a M s t c u d o r P y n a p m o C e e t s e v n I - - $ 4 5 1 , 9 8 2 , 7 5 $ 4 9 0 , 0 7 0 , 4 $ % 0 0 1 6 1 2 , 7 3 0 , 4 $ 7 6 6 , 9 3 9 , 8 1 $ - $ ) 2 e t o N ( ) 0 0 0 , 6 9 5 $ S U ( 9 3 9 , 4 6 3 , 1 2 ) 2 e t o N ( 1 2 0 , 3 1 2 , 1 % 0 0 1 2 7 6 , 9 8 2 , 1 ) 0 0 0 , 0 0 0 , 1 $ S U ( 2 1 4 , 1 2 5 , 0 3 - - - $ 7 6 6 , 9 3 9 , 8 1 $ ) 0 0 0 , 6 9 5 $ S U ( ) 0 8 0 , 2 0 5 , 4 B M R ( - r e t u p m o c d n a g n i t s e t 1 e t o N 7 6 6 , 9 3 9 , 8 1 $ , g n i l l e s , g n i r u t c a f u n a M a n i h C C M S T d n a s t i u c r i c d e t a r g e t n i r o t c u d n o c i m e s r e h t o f o n g i s e d d e d i a s e c i v e d 2 1 4 , 1 2 5 , 0 3 ) 0 0 0 , 0 0 0 , 1 $ S U ( ) 9 1 1 , 0 5 6 , 6 B M R ( - r e t u p m o c d n a g n i t s e t 1 e t o N 2 1 4 , 1 2 5 , 0 3 , g n i l l e s , g n i r u t c a f u n a M g n i j n a N C M S T d n a s t i u c r i c d e t a r g e t n i r o t c u d n o c i m e s r e h t o f o n g i s e d d e d i a s e c i v e d y b d e z i r o h t u A s t n u o m A t n e m t s e v n I a n i h C d n a l n i a M n i t n e m t s e v n I d e t a l u m u c c A ) e s i w r e h t O d e i f i c e p S s s e l n U , s r a l l o D n a w i a T w e N f o s d n a s u o h T n i s t n u o m A ( A N I H C D N A L N I A M N I T N E M T S E V N I N O N O I T A M R O F N I 9 1 0 2 , 1 3 R E B M E C E D D E D N E R A E Y R O F s e i r a i d i s b u S d n a d e t i i m L y n a p m o C g n i r u t c a f u n a M r o t c u d n o c i m e S n a w i a T t n e m t s e v n I n o t i i m L r e p p U A E O M , n o i s s i m m o C t n e m t s e v n I ) 3 e t o N ( 6 5 2 , 7 5 2 , 3 7 9 $ ) s d n a s u o h T n i $ S U ( 7 6 6 , 2 1 4 , 9 1 1 $ ) 0 0 0 , 6 9 5 , 3 $ S U ( 9 1 0 2 , 1 3 r e b m e c e D f o s a ) s d n a s u o h T n i $ S U ( 9 7 0 , 1 6 4 , 9 4 $ ) 0 0 0 , 6 9 5 1 , $ S U ( - 4 0 1 - . h t r o w t e n d e t a d i l o s n o c s ’ y n a p m o C e h t f o ) % 0 6 ( t n e c r e p y t x i s y b d e n i m r e t e d s i a n i h C d n a l n i a m n i t n e m t s e v n i n o t i m i l r e p p u e h T : 3 . g n i j n a N C M S T n i s d n a s u o h t 0 0 0 , 0 0 0 , 1 $ S U d n a a n i h C C M S T n i d n a s u o h t 0 0 0 , 6 9 5 $ S U d e t s e v n i y l t c e r i d C M S T : 1 . s t n e m e t a t s l a i c n a n i f d e t i d u a e h t n o d e s a b d e z i n g o c e r s a w t n u o m A : 2 e t o N e t o N e t o N Taiwan Semiconductor Manufacturing Company Limited Parent Company Only Financial Statements for the Years Ended December 31, 2019 and 2018 and Independent Auditors’ Report - 105 - - 106 - 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 judgements and assumptions required a high degree of auditor judgement. 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 understand 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 EUI/CIP at year end 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 at year end. 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 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 auditing standards generally accepted in 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, 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. - 107 - As part of an audit in accordance with the auditing standards generally accepted in 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 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, 2019 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. - 108 - - 109 - Taiwan Semiconductor Manufacturing Company Limited PARENT COMPANY ONLY BALANCE SHEETS (In Thousands of New Taiwan Dollars) ASSETS CURRENT ASSETS Cash and cash equivalents (Note 6) Financial assets at fair value through profit or loss (Note 7) Financial assets at fair value through other comprehensive income Financial assets at amortized cost Hedging financial assets (Note 8) Notes and accounts receivable, net (Note 9) Receivables from related parties (Note 31) Other receivables from related parties (Note 31) Inventories (Notes 5 and 10) Other financial assets Other current assets Total current assets NONCURRENT ASSETS Financial assets at fair value through other comprehensive income Investments accounted for using equity method (Note11) Property, plant and equipment (Notes 5 and 12) Right-of-use assets (Notes 5 and 13) Intangible assets (Notes 5 and 14) Deferred income tax assets (Notes 5 and 25) Refundable deposits and others Total noncurrent assets TOTAL LIABILITIES AND EQUITY CURRENT LIABILITIES Short-term loans (Notes 15 and 28) Financial liabilities at fair value through profit or loss (Note 7) Hedging financial liabilities (Note 8) Accounts payable Payables to related parties (Note 31) Salary and bonus payable Accrued profit sharing bonus to employees and compensation to directors (Note 27) Payables to contractors and equipment suppliers Cash dividends payable (Note 19) Income tax payable (Notes 5 and 25) Long-term liabilities - current portion (Notes 16 and 28) Accrued expenses and other current liabilities (Notes 5, 13, 18, 20, 28 and 31) Total current liabilities NONCURRENT LIABILITIES Bonds payable (Notes 16 and 28) Deferred income tax liabilities (Notes 5 and 25) Lease liabilities (Notes 5, 13 and 28) Net defined benefit liability (Note 17) Guarantee deposits (Notes 18 and 28) Others Total noncurrent liabilities Total liabilities EQUITY ATTRIBUTABLE TO SHAREHOLDERS OF THE PARENT Capital stock (Note 19) Capital surplus (Note 19) Retained earnings (Note 19) Appropriated as legal capital reserve Appropriated as special capital reserve Unappropriated earnings Others (Note 19) Total equity TOTAL The accompanying notes are an integral part of the parent company only financial statements. - 110 - December 31, 2019 Amount % December 31, 2018 Amount % $ 141,450,698 27,481 - - 3,504 49,124,933 82,194,501 968,123 76,263,851 358,245 4,726,789 6 - - - - 2 4 - 4 - - $ 240,202,525 54,115 568,150 2,294,098 23,497 36,685,389 86,452,584 1,234,662 98,088,160 178,008 4,184,918 12 - - - - 2 4 - 5 - - 355,118,125 16 469,966,106 23 877,110 558,503,889 1,310,900,634 15,030,020 16,271,444 16,728,622 2,046,228 - 24 57 1 1 1 - 963,610 549,560,884 1,025,286,941 - 12,429,930 15,586,674 1,666,863 - 26 49 - 1 1 - 1,920,357,947 84 1,605,494,902 77 $ 2,275,476,072 100 $ 2,075,461,008 100 $ 148,510,290 982,302 1,798 36,029,135 5,716,635 14,215,161 23,526,149 139,754,491 129,651,902 32,241,052 31,800,000 43,111,632 $ 7 - - 2 - 1 1 6 6 1 1 2 91,982,340 30,232 1,941 30,472,292 4,546,752 12,442,707 23,919,312 41,279,910 - 38,706,990 34,900,000 49,778,042 4 - - 2 - 1 1 2 - 2 2 2 605,540,547 27 328,060,518 16 25,100,000 333,606 13,300,263 9,182,496 170,446 438,590 48,525,401 1 - 1 - - - 2 56,900,000 233,284 - 9,651,405 3,346,648 451,488 70,582,825 3 - - 1 - - 4 654,065,948 29 398,643,343 20 259,303,805 56,339,709 11 2 259,303,805 56,315,932 12 3 311,146,899 10,675,106 1,011,512,974 1,333,334,979 14 - 45 59 276,033,811 26,907,527 1,073,706,503 1,376,647,841 (27,568,369) (1) (15,449,913) 13 1 52 66 (1) 1,621,410,124 71 1,676,817,665 80 $ 2,275,476,072 100 $ 2,075,461,008 100 Taiwan Semiconductor Manufacturing Company Limited PARENT COMPANY ONLY STATEMENTS OF COMPREHENSIVE INCOME (In Thousands of New Taiwan Dollars, Except Earnings Per Share) 2019 2018 Amount % Amount % NET REVENUE (Notes 5, 20 and 31) $1,059,646,793 100 $1,023,925,713 100 COST OF REVENUE (Notes 5, 10, 27, 31 and 34) 579,507,047 55 530,861,166 52 GROSS PROFIT BEFORE REALIZED (UNREALIZED) GROSS PROFIT ON SALES TO SUBSIDIARIES AND ASSOCIATES REALIZED (UNREALIZED) GROSS PROFIT ON 480,139,746 45 493,064,547 48 SALES TO SUBSIDIARIES AND ASSOCIATES 3,395 - (109,046) - GROSS PROFIT 480,143,141 45 492,955,501 48 OPERATING EXPENSES (Notes 5, 27 and 31) Research and development General and administrative Marketing 90,482,815 20,353,327 3,231,777 8 2 - 84,944,461 19,113,298 3,201,670 8 2 - Total operating expenses 114,067,919 10 107,259,429 10 OTHER OPERATING INCOME AND EXPENSES, NET (Notes 12, 13, 21 and 27) (151,230) - (1,668,234) - INCOME FROM OPERATIONS 365,923,992 35 384,027,838 38 NON-OPERATING INCOME AND EXPENSES Share of profits of subsidiaries and associates (Note 11) Other income (Note 22) Foreign exchange gain, net (Note 33) Finance costs (Note 23) Other gains and losses (Note 24) 22,906,788 2,180,251 1,994,370 (3,191,609) (1,068,573) Total non-operating income and expenses 22,821,227 2 - - - - 2 12,509,959 2,005,107 1,927,029 (2,903,454) (1,368,326) 12,170,315 1 - - - - 1 INCOME BEFORE INCOME TAX 388,745,219 37 396,198,153 39 INCOME TAX EXPENSE (Notes 5 and 25) 43,481,551 4 45,067,269 5 NET INCOME 345,263,668 33 351,130,884 34 (Continued) - 111 - Taiwan Semiconductor Manufacturing Company Limited PARENT COMPANY ONLY STATEMENTS OF COMPREHENSIVE INCOME (In Thousands of New Taiwan Dollars, Except Earnings Per Share) OTHER COMPREHENSIVE INCOME (LOSS) (Notes 5, 17, 19 and 25) Items that will not be reclassified subsequently to profit or loss: Remeasurement of defined benefit obligation Unrealized gain/(loss) on investments in equity instruments at fair value through other comprehensive income Gain (loss) on hedging instruments Share of other comprehensive income (loss) of subsidiaries and associates Income tax benefit (expense) related to items that will not be reclassified subsequently Items that may be reclassified subsequently to profit or loss: Exchange differences arising on translation of 2019 2018 Amount % Amount % $ 253,895 - $ (861,162) - 121,740 (109,592) 194,524 (20,992) 439,575 - - - - - (1,189,957) 40,975 (2,135,880) 195,729 (3,950,295) - - - - - 1 - 1 foreign operations (14,698,117) (2) 14,578,483 Share of other comprehensive income (loss) of subsidiaries and associates 2,435,334 (12,262,783) - (2) (794,057) 13,784,426 Other comprehensive income (loss) for the year, net of income tax (11,823,208) (2) 9,834,131 1 TOTAL COMPREHENSIVE INCOME FOR THE YEAR $ 333,440,460 31 $ 360,965,015 35 EARNINGS PER SHARE (NT$, Note 26) Basic earnings per share Diluted earnings per share $ $ 13.32 13.32 $ $ 13.54 13.54 The accompanying notes are an integral part of the parent company only financial statements. (Concluded) - 112 - l a t o T y t i u q E l a t o T d e n r a e n U d e s a B - k c o t S e e y o l p m E n o i t a s n e p m o C n o ) s s o L ( n i a G g n i g d e H s t n e m u r t s n I s r e h t O n i a G d e z i l a e r n U s t e s s A n o ) s s o L ( e u l a V r i a F t a r e h t O h g u o r h T e v i s n e h e r p m o C e m o c n I n g i e r o F y c n e r r u C n o i t a l s n a r T e v r e s e R l a t o T d e t a i r p o r p p a n U l a t i p a C l a i c e p S g n i n r a E e v r e s e R l a t i p a C l a g e L e v r e s e R s u l p r u S l a t i p a C t n u o m A s e r a h S ) s d n a s u o h T n I ( s g n i n r a E d e n i a t e R k c o t S n o m m o C - k c o t S l a t i p a C Y T I U Q E N I S E G N A H C F O S T N E M E T A T S Y L N O Y N A P M O C T N E R A P ) s r a l l o D n a w i a T w e N f o s d n a s u o h T n I ( d e t i i m L y n a p m o C g n i r u t c a f u n a M r o t c u d n o c i m e S n a w i a T - - ) 4 4 0 , 3 4 4 , 7 0 2 ( ) 4 4 0 , 3 4 4 , 7 0 2 ( 4 8 8 , 0 3 1 , 1 5 3 - 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- - - - - - - - - 8 4 1 , 1 1 3 , 4 3 8 4 1 , 1 1 3 , 4 3 - - - - - - - - - ) 0 2 4 , 6 ( 1 8 6 , 2 5 3 1 , 0 1 - - - - - - - - - - - - 5 6 6 , 7 1 8 , 6 7 6 , 1 ) 3 1 9 , 9 4 4 , 5 1 ( ) 3 4 8 , 1 ( 1 0 6 , 3 2 ) 4 2 3 , 9 2 4 , 3 ( ) 7 4 3 , 2 4 0 , 2 1 ( 1 4 8 , 7 4 6 , 6 7 3 , 1 3 0 5 , 6 0 7 , 3 7 0 , 1 7 2 5 , 7 0 9 , 6 2 1 1 8 , 3 3 0 , 6 7 2 2 3 9 , 5 1 3 , 6 5 , 5 0 8 3 0 3 9 5 2 , - - ) 7 0 7 , 5 5 9 , 8 8 3 ( ) 7 0 7 , 5 5 9 , 8 8 3 ( 8 6 6 , 3 6 2 , 5 4 3 - - - - - ) 8 0 2 , 3 2 8 , 1 1 ( ) 7 6 2 , 0 4 0 , 2 1 ( 0 6 4 , 0 4 4 , 3 3 3 ) 7 6 2 , 0 4 0 , 2 1 ( - 6 7 2 , 2 8 7 6 0 , 1 2 0 7 3 3 9 9 , 3 - - ) 8 1 1 , 2 6 1 ( 6 7 2 , 2 8 3 5 6 , 1 - - - - - - - - - - - 3 5 6 , 1 - - - - - ) 7 9 6 , 9 0 1 ( ) 7 9 6 , 9 0 1 ( - 6 7 2 , 2 8 - - - - - - - - 3 8 4 , 8 9 8 , 2 3 8 4 , 8 9 8 , 2 ) 8 1 1 , 2 6 1 ( - - - - ) 3 5 0 , 9 2 8 , 4 1 ( 9 5 0 , 7 1 2 9 5 0 , 7 1 2 ) 3 5 0 , 9 2 8 , 4 1 ( 7 2 7 , 0 8 4 , 5 4 3 7 2 7 , 0 8 4 , 5 4 3 - - - - - - - - - - - - - 8 1 1 , 2 6 1 8 1 1 , 2 6 1 8 6 6 , 3 6 2 , 5 4 3 8 6 6 , 3 6 2 , 5 4 3 - - - - - - - - - - - - - - - - - - - - - - - ) 7 0 7 , 5 5 9 , 8 8 3 ( ) 7 0 7 , 5 5 9 , 8 8 3 ( ) 8 8 0 , 3 1 1 , 5 3 ( 1 2 4 , 2 3 2 , 6 1 ) 7 0 7 , 5 5 9 , 8 8 3 ( ) 4 7 3 , 6 3 8 , 7 0 4 ( - - ) 1 2 4 , 2 3 2 , 6 1 ( - - 8 8 0 , 3 1 1 , 5 3 ) 1 2 4 , 2 3 2 , 6 1 ( 8 8 0 , 3 1 1 , 5 3 - - - - - - - - - 4 1 4 , 9 1 0 7 3 3 9 9 , 3 - - - - - - - - - - - - 4 2 1 , 0 1 4 , 1 2 6 , 1 $ ) 9 6 3 , 8 6 5 , 7 2 ( $ ) 0 9 1 ( $ ) 0 2 8 , 3 ( $ ) 9 5 9 , 2 9 6 ( $ ) 0 0 4 , 1 7 8 , 6 2 ( $ 9 7 9 , 4 3 3 , 3 3 3 , 1 $ 4 7 9 , 2 1 5 , 1 1 0 , 1 $ 6 0 1 , 5 7 6 , 0 1 $ 9 9 8 , 6 4 1 , 1 1 3 $ 9 0 7 , 9 3 3 , 6 5 $ , 5 0 8 3 0 3 9 5 2 , $ $ - - - - - - - - - - - - , 0 8 3 0 3 9 5 2 , , 0 8 3 0 3 9 5 2 , - - - - - - - - - - - - , 0 8 3 0 3 9 5 2 , x a t e m o c n i f o t e n , 8 1 0 2 n i ) s s o l ( e m o c n i e v i s n e h e r p m o c r e h t O e u l a v r i a f t a s t n e m u r t s n i y t i u q e n i s t n e m t s e v n i f o l a s o p s i D e m o c n i e v i s n e h e r p m o c r e h t o h g u o r h t s t n e m u r t s n i g n i g d e h n o ) s s o l ( n i a g r o f t n e m t s u j d a s i s a B s e t a i c o s s a f o s e i t i u q e n i s e g n a h c f o e r a h s o t s t n e m t s u j d A s e i r a i d i s b u s f o s e i t i u q e n i s e g n a h c f o e r a h s m o r F 8 1 0 2 n i ) s s o l ( e m o c n i e v i s n e h e r p m o c l a t o T s g n i n r a e s ’ r a e y r o i r p f o s n o i t a i r p o r p p A s r e d l o h e r a h s o t s d n e d i v i d h s a C e v r e s e r l a t i p a c l a i c e p S e v r e s e r l a t i p a c l a g e L l a t o T 8 1 0 2 , 1 Y R A U N A J , E C N A L A B 8 1 0 2 n i e m o c n i t e N x a t e m o c n i f o t e n , 9 1 0 2 n i ) s s o l ( e m o c n i e v i s n e h e r p m o c r e h t O e u l a v r i a f t a s t n e m u r t s n i y t i u q e n i s t n e m t s e v n i f o l a s o p s i D e m o c n i e v i s n e h e r p m o c r e h t o h g u o r h t s t n e m u r t s n i g n i g d e h n o ) s s o l ( n i a g r o f t n e m t s u j d a s i s a B s e t a i c o s s a f o s e i t i u q e n i s e g n a h c f o e r a h s o t s t n e m t s u j d A s e i r a i d i s b u s f o s e i t i u q e n i s e g n a h c f o e r a h s m o r F 9 1 0 2 n i ) s s o l ( e m o c n i e v i s n e h e r p m o c l a t o T 9 1 0 2 , 1 3 R E B M E C E D , E C N A L A B s r e d l o h e r a h s m o r f n o i t a n o D 8 1 0 2 , 1 3 R E B M E C E D , E C N A L A B s r e d l o h e r a h s m o r f n o i t a n o D s g n i n r a e s ’ r a e y r o i r p f o s n o i t a i r p o r p p A s r e d l o h e r a h s o t s d n e d i v i d h s a C e v r e s e r l a t i p a c l a i c e p S e v r e s e r l a t i p a c l a g e L l a t o T 9 1 0 2 n i e m o c n i t e N - 3 1 1 - . s t n e m e t a t s l a i c n a n i f y l n o y n a p m o c t n e r a p e h t f o t r a p l a r g e t n i n a e r a s e t o n g n i y n a p m o c c a e h T Taiwan Semiconductor Manufacturing Company Limited PARENT COMPANY ONLY STATEMENTS OF CASH FLOWS (In Thousands of New Taiwan Dollars) CASH FLOWS FROM OPERATING ACTIVITIES Income before income tax Adjustments for: 2019 2018 $ 388,745,219 $ 396,198,153 Depreciation expense Amortization expense Finance costs Share of profits of subsidiaries and associates Interest income Loss on disposal or retirement of property, plant and equipment, net Gain on disposal of intangible assets, net Impairment loss (reversal of impairment loss) on property, plant and 267,464,543 5,338,886 3,191,609 274,340,540 4,352,847 2,903,454 (12,509,959) (1,847,202) 557,598 (5,933) (22,906,788) (2,002,877) 582,289 (6,183) equipment Loss (gain) on financial instruments at fair value through profit or loss, net Gain on disposal of investments accounted for using equity method, net Unrealized (realized) gross profit on sales to subsidiaries and associates Gain (loss) on foreign exchange, net Dividend income Gain on lease modification Changes in operating assets and liabilities: Financial instruments at fair value through profit or loss Notes and accounts receivable, net Receivables from related parties Other receivables from related parties Inventories Other financial assets Other current assets Accounts payable Payables to related parties Salary and bonus payable Accrued profit sharing bonus to employees and compensation to directors Accrued expenses and other current liabilities Net defined benefit liability Cash generated from operations Income taxes paid (301,384) 423,468 18,291 (17,729) (15,200) - (3,395) (6,289,978) (177,374) (2,555) 109,046 2,732,445 (157,905) - 964,207 (20,264,116) 4,258,083 442,439 21,824,309 (211,869) (515,166) 5,626,778 1,169,883 1,772,454 301,714 (15,821,089) 5,689,253 216,794 (27,790,715) (26,762) (1,685,193) 4,839,526 (282,912) 159,386 (393,163) (3,618,263) (215,014) 531,310 (21,092,059) (60,461) 612,057,615 (43,956,272) 644,475,665 (51,043,594) Net cash generated by operating activities 593,432,071 568,101,343 (Continued) - 114 - Taiwan Semiconductor Manufacturing Company Limited PARENT COMPANY ONLY STATEMENTS OF CASH FLOWS (In Thousands of New Taiwan Dollars) 2019 2018 CASH FLOWS FROM INVESTING ACTIVITIES Acquisitions of: Financial assets at amortized cost Property, plant and equipment Intangible assets Proceeds from disposal or redemption of: - $ (2,294,098) (450,287,869) (298,099,157) (6,885,163) (9,252,712) $ Financial assets at fair value through other comprehensive income Property, plant and equipment Intangible assets Proceeds from return of capital of financial assets carried at cost Proceeds from return of capital of investments in equity instruments at fair value through other comprehensive income Derecognition of hedging financial instruments Interest received Other dividends received Dividends received from investments accounted for using equity method Refundable deposits paid Refundable deposits refunded 775,282 1,118,338 - 2,300,000 1,107 (93,536) 2,016,735 177,374 651,971 4,707,118 15,881 - 3,456 57,954 1,815,330 157,905 2,225,194 (1,447,188) 1,007,262 3,769,150 (2,218,292) 1,762,043 Net cash used in investing activities (451,460,013) (296,555,902) CASH FLOWS FROM FINANCING ACTIVITIES Increase in short-term loans Repayment of bonds Repayment of the principal portion of lease liabilities Interest paid Guarantee deposits received Guarantee deposits refunded Cash dividends Payment of partial acquisition of interests in subsidiaries Proceeds from partial disposal of interests in subsidiaries Donation from shareholders 59,615,602 (34,900,000) (2,630,308) (3,536,180) 23,063 (4,061) 27,154,770 (24,300,000) - (2,957,663) 1,625,526 (120,717) (259,303,805) (207,443,044) (64,633,400) 144,676 10,095 (10,602) 18,500 3,906 Net cash used in financing activities (240,723,885) (270,519,757) NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (98,751,827) 1,025,684 CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 240,202,525 239,176,841 CASH AND CASH EQUIVALENTS, END OF YEAR $ 141,450,698 $ 240,202,525 The accompanying notes are an integral part of the parent company only financial statements. (Concluded) - 115 - Taiwan Semiconductor Manufacturing Company Limited NOTES TO PARENT COMPANY ONLY FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2019 AND 2018 (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, selling, 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 11, 2020. 3. APPLICATION OF NEW AND REVISED INTERNATIONAL FINANCIAL REPORTING STANDARDS a. Initial application of the amendments to the Regulations Governing the Preparation of Financial Reports by Securities Issuers and the International Financial Reporting Standards (IFRS), International Accounting Standards (IAS), IFRIC Interpretations (IFRIC), and SIC Interpretations (SIC) (collectively, “IFRSs”) endorsed and issued into effect by the Financial Supervisory Commission (FSC) Except for the following, the initial application of the amendments to the Regulations Governing the Preparation of Financial Reports by Securities Issuers and the IFRSs endorsed and issued into effect by the FSC did not have a significant effect on the Company’s accounting policies: 1) IFRS 16 “Leases” IFRS 16 sets out the accounting standards for leases that supersedes IAS 17 “Leases”, IFRIC 4 “Determining whether an Arrangement contains a Lease”, and a number of related interpretations. Refer to Note 4 for information relating to the relevant accounting policies. Definition of a lease The Company applies the guidance of IFRS 16 in determining whether contracts are, or contain, a lease only to contracts entered into (or changed) on or after January 1, 2019. Contracts identified as containing a lease under IAS 17 and IFRIC 4 are not reassessed and are accounted for in accordance with the transitional provisions under IFRS 16. - 116 - The Company as lessee Except for payments for short-term leases which are recognized as expenses on a straight-line basis, the Company recognizes right-of-use assets and lease liabilities for all leases on the parent company only balance sheets. On the parent company only statements of comprehensive income, the Company presents the depreciation expense charged on right-of-use assets separately from the interest expense accrued on lease liabilities, which is computed using the effective interest method. On the parent company only statements of cash flows, cash payments for both the principal portion and the interest portion of lease liabilities are classified within financing activities. The Company applies IFRS 16 retrospectively with the cumulative effect of the initial application recognized at the date of initial application but does not restate comparative information. Leases agreements classified as operating leases under IAS 17, except for short-term leases, are measured at the present value of the remaining lease payments, discounted using the lessee’s incremental borrowing rate on January 1, 2019. Right-of-use assets are measured at an amount equal to the lease liabilities, adjusted by the amount of any prepaid or accrued lease payments. Right-of-use assets are subject to impairment testing under IAS 36. The Company applied the following practical expedients to measure right-of-use assets and lease liabilities on January 1, 2019: a) The Company applied a single discount rate to a portfolio of leases with reasonably similar characteristics to measure lease liabilities. b) The Company accounted for those leases for which the lease term ends on or before December 31, 2019 as short-term leases. c) Except for lease payments, the Company excluded incremental costs of obtaining the lease from right-of-use assets on January 1, 2019. d) The Company determined lease terms (e.g. lease periods) based on the projected status on January 1, 2019, to measure lease liabilities. The weighted average lessee’s incremental borrowing rate used by the Company to calculate lease liabilities recognized on January 1, 2019 is 1.25%. The reconciliation between the lease liabilities recognized and the future minimum lease payments of non-cancellable operating lease on December 31, 2018 is presented as follows: The future minimum lease payments of non-cancellable operating lease on December 31, 2018 Less: Recognition exemption for short-term leases Undiscounted gross amounts on January 1, 2019 Discounted using the incremental borrowing rate on January 1, 2019 Add: Adjustments as a result of a different treatment of extension and purchase options Lease liabilities recognized on January 1, 2019 $ 18,721,881 (3,163,562) $ 15,558,319 $ 14,652,188 3,106,390 $ 17,758,578 - 117 - The Company as lessor Except for sublease transactions, the Company does not make any adjustments for leases in which it is a lessor, and accounts for those leases under IFRS 16 starting from January 1, 2019. On the basis of the remaining contractual terms and conditions on January 1, 2019, all of the Company’s subleases are classified as operating leases. Impact on assets, liabilities and equity on January 1, 2019 Carrying Amount as of December 31, 2018 Adjustments Arising from Initial Application Adjusted Carrying Amount as of January 1, 2019 Other current assets Right-of-use assets Refundable deposits and others $ 4,184,918 - 1,666,863 $ 17,831,257 (6,783) $ 4,178,135 17,831,257 1,665,897 (966) Total effect on assets $ 17,823,508 Accrued expenses and other current liabilities Lease liabilities - noncurrent Other noncurrent liabilities Total effect on liabilities Total effect on equity 49,778,042 - 451,488 $ 2,347,167 15,411,411 64,930 52,125,209 15,411,411 516,418 $ 17,823,508 $ - b. Amendments to the Regulations Governing the Preparation of Financial Reports by Securities Issuers for application starting from 2020 and the IFRSs issued by International Accounting Standards Board (IASB) and endorsed by the FSC with effective date starting 2020 New, Revised or Amended Standards and Interpretations Effective Date Issued by IASB Amendments to IFRS 3 “Definition of a Business” Amendments to IFRS 9, IAS 39 and IFRS 7 “Interest Rate Benchmark January 1, 2020 (Note 1) January 1, 2020 (Note 2) Reform” Amendments to IAS 1 and IAS 8 “Definition of Material” January 1, 2020 (Note 3) Note 1: The Company shall apply these amendments to business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after January 1, 2020 and to asset acquisitions that occur on or after the beginning of that period. Note 2: The Company shall apply these amendments retrospectively for annual reporting periods beginning on or after January 1, 2020. Note 3: The Company shall apply these amendments prospectively for annual reporting periods beginning on or after January 1, 2020. - 118 - c. The IFRSs issued by IASB but not yet endorsed and issued into effect by the FSC New, Revised or Amended Standards and Interpretations Effective Date Issued by IASB Amendments to IFRS 10 and IAS 28 “Sale or Contribution of Assets To be determined by IASB between an Investor and its Associate or Joint Venture” Amendments to IAS 1 “Classification of Liabilities as Current or Non- January 1, 2022 current” As of the date the accompanying parent company only financial statements were authorized for issue, the Company continues in evaluating the impact on its financial position and financial performance as a result of the initial adoption of the aforementioned standards or interpretations. The related impact will be disclosed when the Company completes the evaluation. 4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 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 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. - 119 - 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 debt instruments and equity instruments at FVTOCI, and financial assets at amortized cost. 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. - 120 - 2) Investments in debt instruments at FVTOCI Debt instruments with contractual terms specifying that cash flows are solely payments of principal and interest on the principal amount outstanding, together with objective of collecting contractual cash flows and selling the financial assets, are measured at FVTOCI. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment gains or losses on investments in debt instruments at FVTOCI are recognized in profit or loss. Other changes in the carrying amount of these debt instruments are recognized in other comprehensive income and will be reclassified to profit or loss when these debt instruments are disposed. 3) 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. 4) Measured at amortized cost Cash and cash equivalents, debt instrument investments, notes and accounts receivable (including related parties), other receivables and refundable deposits are measured at amortized cost. Debt instruments with contractual terms specifying that cash flows are solely payments of principal and interest on the principal amount outstanding, together with objective of holding financial assets in order to collect contractual cash flows, 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) and for investments in debt instruments that are measured at FVTOCI. The loss allowance for accounts receivable is measured at an amount equal to lifetime expected credit losses. For financial assets at amortized cost and investments in debt instruments that are measured at FVTOCI, 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, except for investments in debt instruments that are measured at FVTOCI, for which the loss allowance is recognized - 121 - in other comprehensive income and does not reduce the carrying amount of the financial asset. 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. On derecognition of an investment in a debt instrument at FVTOCI, the difference between the asset’s carrying amount and the sum of the consideration received and receivable and the cumulative gain or loss that had been recognized in other comprehensive income is recognized in profit or loss. However, on derecognition of an investment in an equity instrument at FVTOCI, the cumulative gain or 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 - 122 - 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 Cash flow hedge The Company designates certain hedging instruments, such as forward exchange contracts and foreign currency deposits, 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 the forecast transactions actually take place, the associated gains or losses that were recognized in other comprehensive income are removed from equity and included in 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. 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. 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. - 123 - 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. The Company discontinues the use of the equity method from the date when the Company ceases to have significant influence over an associate. When the Company retains an interest in the former associate, the Company measures the retained interest at fair value at that date. The difference between the carrying amount of the associate at the date the equity method was discontinued, and the fair value of any retained interest and any proceeds from disposing of a part interest in the associate is included in the determination of the gain or loss on disposal of the associate. In addition, the Company shall account for all amounts recognized in other comprehensive income in relation to that associate on the same basis as would be required if the associate had directly disposed of the related assets or liabilities. If the Company’s ownership interest in an associate is reduced as a result of disposal, but the investment continues to be an associate, the Company should reclassify to profit or loss only a proportionate amount of the gain or loss previously recognized in other comprehensive income. 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. - 124 - 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 or acquisition of the item of property, plant and equipment. 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 ove r 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 - 5 years; and office equipment - 5 years. The estimated useful lives, residual values and depreciation method are reviewed at the end of each 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 2019 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 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 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. - 125 - 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. Variable lease payments that do not depend on an index or a rate are recognized as expenses in the periods in which they are incurred. 2018 Leases are classified as finance lease whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases. The Company as lessor Rental income from operating leases is recognized on a straight-line basis over the term of the lease. The Company as lessee Operating lease payments are recognized as an expense on a straight-line basis over the lease term. 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. 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 - 126 - 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. Guarantee Deposit Guarantee deposit mainly consists of cash received under deposit agreements with customers to ensure they have access to the Company’s specified capacity. Cash received from customers is recorded as guarantee deposit upon receipt. Guarantee deposits are refunded to customers when terms and conditions set forth in the deposit agreements have been satisfied. 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. 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 30 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. - 127 - 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 em ployee 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. 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. - 128 - 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. 5. CRITICAL 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. Critical 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 judgements 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. - 129 - 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. 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, 2019 December 31, 2018 Cash and deposits in banks Repurchase agreements collateralized by corporate bonds Commercial paper $ 141,450,698 - - $ 238,473,857 1,229,600 499,068 $ 141,450,698 $ 240,202,525 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. - 130 - 7. FINANCIAL ASSETS AND LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS Financial assets Mandatorily measured at FVTPL Forward exchange contracts Financial liabilities Held for trading Forward exchange contracts December 31, 2019 December 31, 2018 $ 27,481 $ 54,115 $ 982,302 $ 30,232 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: Maturity Date Contract Amount (In Thousands) December 31, 2019 Sell NT$/Buy EUR Sell NT$/Buy JPY Sell JPY/Buy US$ December 31, 2018 Sell NT$/Buy EUR Sell NT$/Buy JPY Sell US$/Buy JPY Sell US$/Buy NT$ January 2020 to June 2020 January 2020 to March 2020 January 2020 to February 2020 NT$84,690,438/EUR2,509,000 NT$23,737,589/JPY85,600,000 JPY57,471,581/US$526,368 January 2019 to March 2019 January 2019 to March 2019 January 2019 January 2019 NT$18,545,854/EUR527,000 NT$4,757,858/JPY17,200,000 US$162,834/JPY17,976,014 US$110,000/NT$3,386,459 8. HEDGING FINANCIAL INSTRUMENTS Financial assets- current Cash flow hedges Forward exchange contracts Financial liabilities- current Cash flow hedges Forward exchange contracts December 31, 2019 December 31, 2018 $ 3,504 $ 23,497 $ 1,798 $ 1,941 - 131 - The Company entered into forward exchange contracts and foreign currency deposits 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 foreign currency deposits and the value of hedged transactions will change in opposite directions in response to movements in foreign exchange rates. 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 and foreign currency deposits. No other sources of ineffectiveness emerged from these hedging relationships. For the years ended December 31, 2019 and 2018, refer to Note 19(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 following tables summarize the information relating to the hedges for foreign currency risk. December 31, 2019 Hedging Instruments Contract Amount (In Thousands) Maturity Balance in Other Equity (Continuing Hedges) Forward exchange contracts NT$1,342,392/EUR40,000 January 2020 $ (3,820 ) December 31, 2018 Hedging Instruments Contract Amount (In Thousands) Maturity Balance in Other Equity (Continuing Hedges) Forward exchange contracts NT$3,917,657/EUR112,000 February 2019 to $ 23,601 April 2019 The effect for the years ended December 31, 2019 and 2018 is detailed below: Hedging Instruments/Hedged Items Hedging Instruments Forward exchange contracts Foreign currency deposits Increase (Decrease) in Value Used for Calculating Hedge Ineffectiveness Years Ended December 31 2019 2018 $(109,592) - $ 34,563 6,412 $(109,592) $ 40,975 Hedged Items Forecast transaction (capital expenditures) $ 109,592 $ (40,975) - 132 - 9. NOTES AND ACCOUNTS RECEIVABLE, NET December 31, 2019 December 31, 2018 At amortized cost Notes and accounts receivable Less: Loss allowance At FVTOCI $ 46,188,113 (319,045) 45,869,068 3,255,865 $ 33,097,452 (7,132) 33,090,320 3,595,069 $ 49,124,933 $ 36,685,389 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 30 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 Not past due Past due Past due within 30 days Past due 31-60 days Past due 61-120 days Past due over 121 days Less: Loss allowance December 31, 2019 December 31, 2018 $ 43,374,378 $ 29,258,313 6,054,771 10,864 720 3,245 (319,045) 6,956,366 464,879 7,548 5,415 (7,132) $ 49,124,933 $ 36,685,389 All of the Company’s accounts receivable classified as at FVTOCI were not past due. Movements of the loss allowance for accounts receivable Balance, beginning of year Provision (Reversal) Balance, end of year Years Ended December 31 2019 2018 7,132 $ 311,913 $ 224,352 (217,220) $ 319,045 $ 7,132 For the years ended December 31, 2018 and 2019, the changes in loss allowance were mainly due to the variations in the expected credit loss ratios and the balance of accounts receivable of different risk levels. - 133 - 10. INVENTORIES Finished goods Work in process Raw materials Supplies and spare parts December 31, 2019 December 31, 2018 $ 8,533,179 49,268,466 15,046,116 3,416,090 $ 10,920,351 70,405,998 14,110,534 2,651,277 $ 76,263,851 $ 98,088,160 Reversal of write-down of inventories resulting from the increase in net realizable value and write-down of inventories to net realizable value were included in the cost of revenue, as illustrated below: Inventory losses (reversal of write-down of inventories) $ (2,071,888) $ 1,098,915 The aforementioned inventory losses (reversal of write-down of inventories) exclude wafer contamination losses and computer virus outbreak losses. Please refer to related losses in Note 34. Years Ended December 31 2019 2018 11. INVESTMENTS ACCOUNTED FOR USING EQUITY METHOD Investments accounted for using the equity method consisted of the following: Subsidiaries Associates a. Investments in subsidiaries Subsidiaries consisted of the following: Subsidiaries Principal Activities TSMC Global Ltd. (TSMC Global) TSMC China Company Limited (TSMC China) TSMC Partners, Ltd. (TSMC Partners) Investment activities Manufacturing, selling, testing and computer-aided design of integrated circuits and other semiconductor devices Investing in companies involved in the design, manufacture, and other related business in the semiconductor industry and other investment activities Place of Incorporation and Operation Tortola, British Virgin Islands Shanghai, China Tortola, British Virgin Islands December 31, 2019 December 31, 2018 $ 539,843,621 18,660,268 $ 531,717,913 17,842,971 $ 558,503,889 $ 549,560,884 Carrying Amount % of Ownership and Voting Rights Held by the Company December 31, December 31, December 31, December 31, 2019 2018 $ 397,737,270 $ 393,577,931 57,289,154 55,466,911 2019 100% 100% 2018 100% 100% 53,388,267 52,339,094 100% 100% TSMC Nanjing Company Limited (TSMC Nanjing) Manufacturing, selling, testing and computer-aided design of integrated circuits and other semiconductor devices TSMC North America Selling and marketing of integrated circuits and other semiconductor devices Nanjing, China 21,364,939 20,601,413 100% 100% 4,569,825 4,269,393 100% 100% (Continued) San Jose, California, U.S.A. - 134 - Subsidiaries Principal Activities Place of Incorporation and Operation Carrying Amount % of Ownership and Voting Rights Held by the Company December 31, December 31, December 31, December 31, 2019 2018 VisEra Technologies Company Ltd. (VisEra Tech) TSMC Europe B.V. (TSMC Europe) VentureTech Alliance Fund III, L.P. (VTAF III) TSMC Japan Limited (TSMC Japan) VentureTech Alliance Fund II, L.P. (VTAF II) TSMC Korea Limited (TSMC Korea) TSMC Solar Europe GmbH Engaged in manufacturing Hsinchu, Taiwan $ 4,541,741 $ 4,531,929 electronic spare parts and in researching, developing, designing, manufacturing, selling, packaging and testing of color filter Customer service and supporting activities Investing in new start-up technology companies Amsterdam, the Netherlands Cayman Islands Customer service and supporting Yokohama, Japan activities Investing in new start-up technology companies Cayman Islands 462,479 231,504 142,620 75,095 445,828 194,660 141,136 128,758 Customer service and supporting Seoul, Korea 40,727 40,966 100% activities Selling of solar related products Hamburg, and providing customer service Germany - (20,106 ) - 2019 87% 100% 98% 100% 98% 2018 87% 100% 98% 100% 98% 100% 100% $ 539,843,621 $ 531,717,913 (Concluded) To lower the hedging cost, in 2018, the Company increased its investment in TSMC Global for the amount of NT$62,272,080 thousand. This project was approved by the Investment Commission, Ministry of Economic Affairs, R.O.C. (MOEA). In 2018, the Company increased its investment in TSMC Nanjing for the amount of NT$2,361,320 thousand. This project was approved by the Investment Commission, MOEA. TSMC Solar Europe GmbH has completed the liquidation procedures in March 2019. b. Investments in associates Associates consisted of the following: Name of Associate Principal Activities Place of Incorporation and Operation Carrying Amount % of Ownership and Voting Rights Held by the Company December 31, December 31, December 31, December 31, 2019 2018 2019 2018 Vanguard International Manufacturing, selling, Hsinchu, Taiwan $ 9,027,572 $ 9,006,126 28% 28% Semiconductor Corporation (VIS) Systems on Silicon Manufacturing Company Pte Ltd. (SSMC) Xintec Inc. (Xintec) packaging, testing and computer-aided design of integrated circuits and other semiconductor devices and the manufacturing and design service of masks Manufacturing and selling of Singapore 6,502,174 5,772,815 39% 39% integrated circuits and other semiconductor devices Wafer level chip size packaging Taoyuan, Taiwan 1,846,145 1,764,607 41% 41% and wafer level post passivation interconnection service Global Unichip Researching, developing, Hsinchu, Taiwan 1,284,377 1,299,423 35% 35% Corporation (GUC) manufacturing, testing and marketing of integrated circuits $ 18,660,268 $ 17,842,971 As of December 31, 2019 and 2018, 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. - 135 - The market prices of the investments accounted for using the equity method in publicly traded stocks calculated by the closing price at the end of the reporting period are summarized as follows. The closing price represents the quoted price in active markets, the level 1 fair value measurement. Name of Associate VIS GUC Xintec 12. PROPERTY, PLANT AND EQUIPMENT 2019 Assets used by the Company Assets subject to operating leases a. Assets used by the Company December 31, 2019 December 31, 2018 $ 36,812,923 $ 11,251,774 $ 8,958,195 $ 27,621,298 $ 9,617,699 $ 3,783,585 December 31, 2019 $ 1,310,882,220 18,414 $ 1,310,900,634 Land Buildings Machinery and Equipment Office Equipment Equipment under Installation and Construction in Progress Total Cost Balance at January 1, 2019 Additions Disposals or retirements Transfers from right-of-use assets $ 3,212,000 - - $ 381,150,802 20,149,613 (158,970 ) $ 2,585,629,465 173,199,951 (21,635,299 ) $ 43,722,686 6,908,814 (986,625 ) $ 171,277,329 355,119,486 - $ 3,184,992,282 555,377,864 (22,780,894 ) - - 619,779 - - 619,779 Balance at December 31, 2019 $ 3,212,000 $ 401,141,445 $ 2,737,813,896 $ 49,644,875 $ 526,396,815 $ 3,718,209,031 Accumulated depreciation and impairment Balance at January 1, 2019 Additions Disposals or retirements Transfers from right-of-use assets Reversal of impairment $ Balance at December 31, 2019 $ - - - - - - $ 198,301,715 24,077,824 (144,402 ) $ 1,931,489,635 235,731,567 (16,206,228 ) $ $ 29,950,916 5,392,188 (985,679 ) - - 20,659 (301,384 ) - - $ 222,235,137 $ 2,150,734,249 $ 34,357,425 $ - - - - - - $ 2,159,742,266 265,201,579 (17,336,309 ) 20,659 (301,384 ) $ 2,407,326,811 Carrying amounts at December 31, 2019 $ 3,212,000 $ 178,906,308 $ 587,079,647 $ 15,287,450 $ 526,396,815 $ 1,310,882,220 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 first quarter of 2019, the Company recognized a reversal of impairment loss of NT$301,384 thousand due to redeployment of certain idle machinery and equipment. Such reversal of impairment loss was recognized in other operating income and expenses. - 136 - b. Assets subject to operating leases Cost Balance at January 1, 2019 Balance at December 31, 2019 Accumulated depreciation Balance at January 1, 2019 Additions Balance at December 31, 2019 Carrying amounts at December 31, 2019 Buildings $ 494,582 $ 494,582 $ 457,657 18,511 $ 476,168 $ 18,414 Operating leases relate to leases of buildings with lease terms between 1 to 2 years. The lessees do not have purchase options to acquire the assets at the expiry of the lease periods. The maturity analysis of operating lease payments receivable for the buildings is as follows: December 31, 2019 $ 1,458 Land Buildings Machinery and Equipment Office Equipment Equipment under Installation and Construction in Progress Total Year 1 2018 Cost Balance at January 1, 2018 Additions Disposals or retirements $ 3,212,000 - - $ 357,391,050 24,665,225 (410,891 ) $ 2,369,226,722 231,468,189 (15,065,446 ) $ 39,403,217 5,036,411 (716,942 ) $ 144,776,878 26,500,451 - $ 2,914,009,867 287,670,276 (16,193,279 ) Balance at December 31, 2018 $ 3,212,000 $ 381,645,384 $ 2,585,629,465 $ 43,722,686 $ 171,277,329 $ 3,185,486,864 Accumulated depreciation and impairment Balance at January 1, 2018 Additions Disposals or retirements Impairment $ Balance at December 31, 2018 $ Carrying amounts at December 31, - - - - - $ 176,623,784 22,534,543 (398,955 ) - $ $ 1,695,482,201 246,686,584 (11,102,618 ) 423,468 $ 25,547,912 5,119,413 (716,409 ) - - - - - $ 1,897,653,897 274,340,540 (12,217,982 ) 423,468 $ 198,759,372 $ 1,931,489,635 $ 29,950,916 $ - $ 2,160,199,923 2018 $ 3,212,000 $ 182,886,012 $ 654,139,830 $ 13,771,770 $ 171,277,329 $ 1,025,286,941 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. For the year ended December 31, 2018, the Company recognized an impairment loss of NT$423,468 thousand for certain machinery and equipment that was assessed to have no future use, and the recoverable amount of certain machinery and equipment was nil. Such impairment loss was recognized in other operating income and expenses. - 137 - 13. LEASE ARRANGEMENTS 2019 a. Right-of-use assets Carrying amounts Land Buildings Machinery and equipment Office equipment Additions to right-of-use assets Depreciation of right-of-use assets Land Buildings Machinery and equipment Office equipment Income from subleasing right-of-use assets (classified under other operating income and expenses, net) b. Lease liabilities Carrying amounts December 31, 2019 $ 13,830,199 402,836 775,809 21,176 $ 15,030,020 Year Ended December 31, 2019 $ 639,879 Year Ended December 31, 2019 $ 944,052 105,873 1,184,374 10,154 $ 2,244,453 $ 44,796 December 31, 2019 Current portion (classified under accrued expenses and other current liabilities) Noncurrent portion $ 1,843,556 13,300,263 $ 15,143,819 - 138 - Ranges of discount rates for lease liabilities are as follows: Land Buildings Machinery and equipment Office equipment c. Material terms of right-of-use assets December 31, 2019 0.67%-0.94% 0.67%-0.71% 3.24% 0.64%-0.71% The Company leases land and buildings mainly for the use of plants and offices with lease terms of 2 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. The Company leases machinery and equipment for use in operation with lease terms of 2 years. The Company has purchase options to acquire leasehold machinery and equipment at the end of the lease terms. d. Subleases of right-of-use assets The Company subleases its right-of-use assets for buildings under operating leases with lease terms of 1 year. The maturity analysis of lease payments receivable under operating subleases is as follows: Year 1 e. Other lease information Expenses relating to short-term leases Expenses relating to variable lease payments not included in the measurement of lease liabilities Total cash outflow for leases December 31, 2019 $ 50,862 Year Ended December 31, 2019 $ 4,991,637 $ 158,375 Year Ended December 31, 2019 $ 7,324,585 - 139 - 2018 The Company’s major operating leases are arrangements on several parcels of land and machinery and equipment. The Company expensed the lease payments as follows: Minimum lease payments Future minimum lease payments under non-cancellable operating leases are as follows: Not later than 1 year Later than 1 year and not later than 5 years Later than 5 years 14. INTANGIBLE ASSETS Year Ended December 31, 2018 $ 3,773,364 December 31, 2018 $ 5,510,729 4,957,770 8,253,382 $ 18,721,881 Goodwill Technology License Fees Software and System Design Costs Patent and Others Total Cost Balance at January 1, 2019 Additions Disposals or retirements $ 1,567,756 - - $ 10,921,844 4,879,562 - $ 29,140,011 3,639,706 (260,904 ) $ 7,607,537 663,509 - $ 49,237,148 9,182,777 (260,904 ) Balance at December 31, 2019 $ 1,567,756 $ 15,801,406 $ 32,518,813 $ 8,271,046 $ 58,159,021 Accumulated amortization and impairment Balance at January 1, 2019 Additions Disposals or retirements $ Balance at December 31, 2019 $ - - - - $ 8,703,391 1,066,834 - $ 22,863,319 3,610,902 (258,527 ) $ 5,240,508 661,150 - $ 36,807,218 5,338,886 (258,527 ) $ 9,770,225 $ 26,215,694 $ 5,901,658 $ 41,887,577 Carrying amounts at December 31, 2019 $ 1,567,756 $ 6,031,181 $ 6,303,119 $ 2,369,388 $ 16,271,444 Cost Balance at January 1, 2018 Additions Disposals or retirements $ 1,567,756 - - $ 10,388,175 533,669 - $ 24,963,709 4,361,894 (185,592 ) $ 5,590,392 2,017,145 - $ 42,510,032 6,912,708 (185,592 ) Balance at December 31, 2018 $ 1,567,756 $ 10,921,844 $ 29,140,011 $ 7,607,537 $ 49,237,148 Accumulated amortization and impairment Balance at January 1, 2018 Additions Disposals or retirements $ Balance at December 31, 2018 $ - - - - $ 7,639,775 1,063,616 - $ 20,282,457 2,766,396 (185,534 ) $ 4,717,673 522,835 $ 32,639,905 4,352,847 (185,534 ) - $ 8,703,391 $ 22,863,319 $ 5,240,508 $ 36,807,218 Carrying amounts at December 31, 2018 $ 1,567,756 $ 2,218,453 $ 6,276,692 $ 2,367,029 $ 12,429,930 - 140 - 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 8.0% and 9.0% in its test of impairment as of December 31, 2019 and 2018, respectively, to reflect the relevant specific risk in the cash-generating unit. For the years ended December 31, 2019 and 2018, the Company did not recognize any impairment loss on goodwill. 15. SHORT-TERM LOANS Unsecured loans Related parties unsecured loans Original loan content US$ (in thousands) EUR(in thousands) Annual interest rate Maturity date December 31, 2019 December 31, 2018 $ 118,522,290 29,988,000 $ 88,754,640 3,227,700 $ 148,510,290 $ 91,982,340 $ 3,370,000 1,410,000 0%-2.22% Due by July 2020 $ 2,715,000 242,000 0.01%-3.22% Due by April 2019 The borrowing rates from loans between the Company and related parties should be determined by mutual consent as the loan are repayable on related parties’ demand. 16. BONDS PAYABLE Domestic unsecured bonds Less: Current portion December 31, 2019 December 31, 2018 $ 56,900,000 $ 91,800,000 (31,800,000) (34,900,000) $ 25,100,000 $ 56,900,000 The major terms of domestic unsecured bonds are as follows: Issuance Tranche Issuance Period Total Amount Coupon Rate Repayment and Interest Payment 100-1 100-2 101-1 101-2 B B B B September 2011 to September 2018 January 2012 to January 2019 August 2012 to August 2019 September 2012 to September 2019 $ 7,500,000 1.63% Bullet repayment; interest payable annually 7,000,000 1.46% The same as above 9,000,000 1.40% The same as above 9,000,000 1.39% The same as above (Continued) - 141 - Issuance Tranche Issuance Period Total Amount Coupon Rate Repayment and Interest Payment 101-3 101-4 102-1 102-2 102-3 102-4 - A B C A B C A B B C D E F October 2012 to October 2022 January 2013 to January 2018 January 2013 to January 2020 January 2013 to January 2023 February 2013 to February 2018 February 2013 to February 2020 February 2013 to February 2023 $ 4,400,000 1.53% Bullet repayment; interest payable annually 10,600,000 1.23% The same as above 10,000,000 1.35% The same as above 3,000,000 1.49% The same as above 6,200,000 1.23% The same as above 11,600,000 1.38% The same as above 3,600,000 1.50% The same as above July 2013 to July 2020 10,200,000 3,500,000 July 2013 to July 2023 8,500,000 August 2013 to August 2019 September 2013 to March 2019 1,400,000 1.50% 1.70% 1.52% 1.60% The same as above The same as above The same as above Bullet repayment; interest payable annually (interest for the six months prior to maturity will accrue on the basis of actual days and be repayable at maturity) September 2013 to March 2021 September 2013 to March 2023 September 2013 to September 2023 2,600,000 1.85% The same as above 5,400,000 2.05% The same as above 2,600,000 2.10% Bullet repayment; interest payable annually (Concluded) 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$2,063,508 thousand and NT$2,028,928 thousand for the years ended December 31, 2019 and 2018, respectively. - 142 - 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: Current service cost Net interest expense Components of defined benefit costs recognized in profit or loss Remeasurement on the net defined benefit liability: Return on plan assets (excluding amounts included in net interest expense) Actuarial loss (gain) arising from experience adjustments Actuarial gain arising from changes in demographic assumptions Actuarial loss arising from changes in financial assumptions Components of defined benefit costs recognized in other comprehensive income Total Years Ended December 31 2019 2018 $ $ 135,645 123,951 259,596 137,758 144,108 281,866 (124,344) (438,009) (233,239) 541,697 (71,288) 334,630 - 597,820 (253,895) 861,162 $ 5,701 $ 1,143,028 The pension costs of the aforementioned defined benefit plans were recognized in profit or loss by the following categories: Cost of revenue Research and development expenses General and administrative expenses Marketing expenses Years Ended December 31 2019 2018 $ 157,845 72,686 25,063 4,002 $ 177,772 79,143 20,591 4,360 $ 259,596 $ 281,866 The amounts arising from the defined benefit obligation of the Company were as follows: December 31, 2019 December 31, 2018 Present value of defined benefit obligation Fair value of plan assets $ 13,484,090 (4,301,594) $ 13,662,684 (4,011,279) Net defined benefit liability $ 9,182,496 $ 9,651,405 - 143 - Movements in the present value of the defined benefit obligation were as follows: Balance, beginning of year Current service cost Interest expense Remeasurement: Years Ended December 31 2019 2018 $ 13,662,684 135,645 175,401 $ 12,774,593 137,758 207,804 Actuarial loss (gain) arising from experience adjustments Actuarial gain arising from changes in demographic assumptions Actuarial loss arising from changes in financial assumptions Benefits paid from plan assets Benefits paid directly by the Company (438,009) 334,630 (233,239) 541,697 (344,131) (15,958) - 597,820 (274,326) (115,595) Balance, end of year $ 13,484,090 $ 13,662,684 Movements in the fair value of the plan assets were as follows: Balance, beginning of year Interest income Remeasurement: Years Ended December 31 2019 2018 $ 4,011,279 51,450 $ 3,923,889 63,696 Return on plan assets (excluding amounts included in net interest expense) Contributions from employer Benefits paid from plan assets 124,344 458,652 (344,131) 71,288 226,732 (274,326) Balance, end of year $ 4,301,594 $ 4,011,279 The fair value of the plan assets by major categories at the end of reporting period was as follows: Cash Equity instruments Debt instruments December 31, 2019 December 31, 2018 $ 713,204 2,313,828 1,274,562 $ 756,126 2,148,040 1,107,113 $ 4,301,594 $ 4,011,279 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, 2019 December 31, 2018 0.90% 3.00% 1.30% 3.00% Discount rate Future salary increase rate - 144 - 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% in the discount rate and all other assumptions were held constant, the present value of the defined benefit obligation would increase by NT$724,963 thousand and NT$921,750 thousand as of December 31, 2019 and 2018, 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$706,502 thousand and NT$901,629 thousand as of December 31, 2019 and 2018, 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$230,864 thousand to the defined benefit plans in the next year starting from December 31, 2019. The weighted average duration of the defined benefit obligation is 10 years. 18. GUARANTEE DEPOSITS Capacity guarantee Others Current portion (classified under accrued expenses and other current liabilities) Noncurrent portion December 31, 2019 December 31, 2018 $ 1,499,400 191,352 $ 9,289,628 205,020 $ 1,690,752 $ 9,494,648 $ 1,520,306 170,446 $ 6,148,000 3,346,648 $ 1,690,752 $ 9,494,648 Some of guarantee deposits were refunded to customers by offsetting related accounts receivable. - 145 - 19. EQUITY a. Capital stock Authorized shares (in thousands) Authorized capital Issued and paid shares (in thousands) Issued capital December 31, 2019 December 31, 2018 28,050,000 $ 280,500,000 25,930,380 $ 259,303,805 28,050,000 $ 280,500,000 25,930,380 $ 259,303,805 A holder of issued common shares with par value of NT$10 per share is entitled to vote and to receive dividends. The authorized shares include 500,000 thousand shares allocated for the exercise of employee stock options. As of December 31, 2019, 1,065,122 thousand ADSs of the Company were traded on the NYSE. The number of common shares represented by the ADSs was 5,325,610 thousand shares (one ADS represents five common shares). b. Capital surplus Additional paid-in capital From merger From convertible bonds From share of changes in equities of subsidiaries From share of changes in equities of associates Donations December 31, 2019 December 31, 2018 $ 24,184,939 22,804,510 8,892,847 121,843 302,234 33,336 $ 24,184,939 22,804,510 8,892,847 121,473 282,820 29,343 $ 56,339,709 $ 56,315,932 Under the relevant laws, the capital surplus generated from donations and the excess of the issuance price over the par value of capital stock (including the stock issued for new capital, mergers and convertible bonds) may be used to offset a deficit; in addition, when the Company has no deficit, such capital surplus may be distributed as cash dividends or stock dividends up to a certain percentage of the Company’s paid- in capital. The capital surplus from share of changes in equities of subsidiaries and associates and dividend of a claim extinguished by a prescription may be used to offset a deficit; however, when generated from issuance of restricted shares for employees, such capital surplus may not be used for any purpose. c. Retained earnings and dividend policy The amendments to the Company’s Articles of Incorporation had been approved by the Company’s shareholders in its meeting held on June 5, 2019, which stipulate 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. The Company’s amended Articles of Incorporation provide that, 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 - 146 - 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 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 additional special capital reserve equivalent to the net debit balance of the other components of stockholders’ equity, such as the accumulated balance of foreign currency translation reserve, unrealized valuation gain or loss from fair value through other comprehensive income financial assets, unrealized valuation gain or loss from available-for-sale financial assets, 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 2018 and 2017 earnings have been approved by the Company’s shareholders in its meetings held on June 5, 2019 and June 5, 2018, respectively. The appropriations and cash dividends per share were as follows: Appropriation of Earnings For Fiscal Year 2017 For Fiscal Year 2018 Cash Dividends Per Share (NT$) For Fiscal Year 2018 For Fiscal Year 2017 Legal capital reserve Special capital reserve Cash dividends to shareholders $ 207,443,044 $ 35,113,088 $ 34,311,148 $ (11,459,458) $ 26,907,527 $ 207,443,044 $8.0 $8.0 The appropriations of 2019 earnings for each quarter have been approved by the Company’s Board of Directors in its meeting. The appropriations and cash dividends per share were as follows: Resolution date of TSMC’s Board of Directors in its meeting Fourth Quarter of 2019 February 11, 2020 Special capital reserve Cash dividends to shareholders Cash dividends per share(NT$) $ $ $ 16,893,073 64,825,951 2.5 Third Quarter Second Quarter First Quarter of 2019 August 13, 2019 of 2019 November 12, 2019 of 2019 June 5, 2019 3,289,166 $ $ $ 64,825,951 $ 64,825,951 2.5 2.5 $ $ (3,338,190) $ (4,723,939) $ 51,860,761 2.0 $ - 147 - d. Others Changes in others were as follows: Year Ended December 31, 2019 Foreign Currency Translation Reserve Unrealized Gain (Loss) on Financial Assets at FVTOCI Gain (Loss) on Hedging Instruments Unearned Stock-Based Employee Compensation Total $ (12,042,347) $ (3,429,324) $ 23,601 $ (1,843) $ (15,449,913) (14,698,117) - - - - - 121,740 (162,118) - - (130,936) 2,767,267 - - - (109,592) 82,276 (105) - - - - - - (14,698,117) 121,740 (162,118) (109,592) 82,276 2,636,226 - - - 9,476 - - 1,653 - 1,653 9,476 Balance, beginning of year Exchange differences arising on translation of foreign operations Unrealized gain (loss) on financial assets at FVTOCI Equity instruments Cumulative unrealized gain (loss) of equity instruments transferred to retained earnings due to disposal Gain (loss) arising on changes in the fair value of hedging instruments Transferred to initial carrying amount of hedged items Share of other comprehensive income (loss) of subsidiaries and associates Share of unearned stock-based employee compensation of subsidiaries and associates Income tax effect Balance, end of year $ (26,871,400) $ (692,959) $ (3,820) $ (190) $ (27,568,369) Year Ended December 31, 2018 Foreign Currency Translation Reserve Unrealized Gain (Loss) on Financial Assets at FVTOCI Gain (Loss) on Hedging Instruments Unearned Stock-Based Employee Compensation Total $ (26,697,680) $ (524,915) $ 4,226 $ (10,290) $ (27,228,659) 14,578,483 - - - - - (1,189,957) 1,193,056 - - 76,850 (2,999,336) - - - 91,828 - - - 40,975 (22,162) - - 562 - - - - - - 14,578,483 (1,189,957) 1,193,056 40,975 (22,162) (2,922,486) 8,447 - 8,447 92,390 Balance, beginning of year Exchange differences arising on translation of foreign operations Unrealized gain (loss) on financial assets at FVTOCI Equity instruments Cumulative unrealized gain (loss) of equity instruments transferred to retained earnings due to disposal Gain (loss) arising on changes in the fair value of hedging instruments Transferred to initial carrying amount of hedged items Share of other comprehensive income (loss) of subsidiaries and associates Share of unearned stock-based employee compensation of subsidiaries and associates Income tax effect Balance, end of year $ (12,042,347) $ (3,429,324) $ 23,601 $ (1,843) $ (15,449,913) The aforementioned other equity includes the changes in other equities of the Company and the Company’s share of its subsidiaries and associates. - 148 - 20. NET REVENUE a. Disaggregation of revenue from contracts with customers Product Wafer Others Geography Taiwan United States China Europe, the Middle East and Africa Japan Others Years Ended December 31 2019 2018 $ 921,095,318 $ 906,992,422 116,933,291 138,551,475 $ 1,059,646,793 $ 1,023,925,713 Years Ended December 31 2019 2018 $ 84,255,256 $ 628,365,912 208,101,401 67,568,157 57,468,605 13,887,462 78,260,773 626,493,249 175,794,228 71,068,438 58,125,879 14,183,146 $ 1,059,646,793 $ 1,023,925,713 The Company categorized the net revenue mainly based on the countries where the customers are headquartered. Platform Smartphone High Performance Computing Internet of Things Automotive Digital Consumer Electronics Others Resolution 7-nanometer 10-nanometer 16-nanometer 20-nanometer 28-nanometer 40/45-nanometer 65-nanometer 90-nanometer 0.11/0.13 micron 0.15/0.18 micron 0.25 micron and above  Wafer revenue - 149 - Years Ended December 31 2019 2018 $ 518,553,492 $ 462,957,802 339,165,302 64,622,380 51,477,572 58,168,903 47,533,754 312,770,702 85,508,427 47,451,547 53,214,200 42,148,425 $ 1,059,646,793 $ 1,023,925,713 Years Ended December 31 2019 2018 $ 245,690,772 22,860,307 191,214,471 9,357,161 147,286,987 92,227,266 68,263,047 25,296,617 22,639,549 76,565,220 19,693,921 $ 81,146,571 96,600,008 186,415,724 23,412,787 177,484,309 101,481,881 75,734,952 36,543,823 20,638,247 80,886,264 26,647,856 $ 921,095,318 $ 906,992,422 Starting the first quarter of 2019, the Company reported its net revenue breakdown by platform, instead of by application. The Company believes this change better represents the Company’s results. b. Contract balances December 31, 2019 December 31, 2018 January 1, 2018 Contract liabilities (classified under accrued expenses and other current liabilities) $ 4,095,915 $ 2,740,649 $ 31,078,331 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$2,192,221 thousand and NT$30,742,181 thousand for the years ended December 31, 2019 and 2018, respectively. c. Refund liabilities Estimated sales returns and other allowances is made and adjusted based on historical experience and the consideration of varying contractual terms, which amounted to NT$33,893,735 thousand and NT$53,382,673 thousand for the years ended December 31, 2019 and 2018, respectively. As of December 31, 2019 and 2018, the aforementioned refund liabilities amounted to NT$17,673,937 thousand and NT$21,199,032 thousand (classified under accrued expenses and other current liabilities), respectively. 21. OTHER OPERATING INCOME AND EXPENSES, NET Loss on disposal or retirement of property, plant and equipment, net Reversal of impairment loss (impairment loss) on property, plant and $ (582,289) $ (557,598) Years Ended December 31 2019 2018 equipment Others 22. OTHER INCOME Interest income Bank deposits Financial assets at amortized cost Dividend income 301,384 129,675 (423,468) (687,168) $ (151,230) $ (1,668,234) Years Ended December 31 2019 2018 $ 1,998,705 4,172 2,002,877 177,374 $ 1,845,471 1,731 1,847,202 157,905 $ 2,180,251 $ 2,005,107 - 150 - 23. FINANCE COSTS Interest expense Bank loans Corporate bonds Lease liabilities Related parties Others 24. OTHER GAINS AND LOSSES, NET Loss on financial instruments at FVTPL, net Mandatorily measured at FVTPL Gain on disposal of investments accounted for using equity method, net Other gains (losses), net 25. INCOME TAX a. Income tax expense recognized in profit or loss Income tax expense consisted of the following: Current income tax expense Current tax expense recognized in the current year Income tax adjustments on prior years Other income tax adjustments Deferred income tax benefit Effect of tax rate changes The origination and reversal of temporary differences Years Ended December 31 2019 2018 $ 1,869,335 1,139,935 181,390 454 495 $ 1,417,287 1,485,486 - 681 - $ 3,191,609 $ 2,903,454 Years Ended December 31 2019 2018 $ (1,361,538) $ (1,498,856) 15,200 277,765 - 130,530 $ (1,068,573) $ (1,368,326) Years Ended December 31 2019 2018 $ 44,184,422 224,691 135,056 44,544,169 $ 50,511,247 (963,356) 149,771 49,697,662 - (1,062,618) (1,062,618) (1,466,706) (3,163,687) (4,630,393) Income tax expense recognized in profit or loss $ 43,481,551 $ 45,067,269 - 151 - A reconciliation of income before income tax and income tax expense recognized in profit or loss was as follows: Years Ended December 31 2019 2018 Income before tax $ 388,745,219 $ 396,198,153 Income tax expense at the statutory rate Tax effect of adjusting items: Nondeductible (deductible) items in determining taxable income Tax-exempt income Additional income tax under the Alternative Minimum Tax Act Additional income tax on unappropriated earnings Effect of tax rate changes on deferred income tax The origination and reversal of temporary differences Income tax credits Income tax adjustments on prior years Other income tax adjustments $ 77,749,044 $ 79,239,631 (4,124,417) (39,808,121) 10,367,916 5,903,794 - (1,062,618) (5,903,794) 43,121,804 224,691 135,056 2,636,232 (54,234,074) 21,455,854 7,420,479 (1,466,706) (3,163,687) (6,006,875) 45,880,854 (963,356) 149,771 Income tax expense recognized in profit or loss $ 43,481,551 $ 45,067,269 Under the amendment to the R.O.C Statute of Industrial Innovation in 2019, the amounts of unappropriated earnings in 2018 and thereafter used for building or purchasing specific assets or technologies can qualify for deduction when computing the income tax on unappropriated earnings. In 2018, the Income Tax Law in the R.O.C. was amended and, starting from 2018, the corporate income tax rate was adjusted from 17% to 20%. In addition, the tax rate for 2018 unappropriated earnings was reduced from 10% to 5%. b. Income tax expense recognized in other comprehensive income Deferred income tax benefit (expense) Related to remeasurement of defined benefit obligation Related to unrealized gain/loss on investments in equity instruments at FVTOCI Related to gain/loss on cash flow hedges Years Ended December 31 2019 2018 $ (30,468) $ 103,339 9,476 - 91,828 562 $ (20,992) $ 195,729 - 152 - c. Deferred income tax balance The analysis of deferred income tax assets and liabilities was as follows: Deferred income tax assets Temporary differences Depreciation Refund liability Net defined benefit liability Unrealized loss on inventories Investments in equity instruments at FVTOCI Others Deferred income tax liabilities Temporary differences Unrealized exchange gains Others December 31, 2019 December 31, 2018 $ 12,927,764 2,120,873 1,016,248 437,327 65,667 160,743 $ 11,177,890 2,543,884 1,084,874 723,835 56,191 - $ 16,728,622 $ 15,586,674 $ (333,606) $ - (61,677) (171,607) $ (333,606) $ (233,284) Year Ended December 31, 2019 Recognized in Balance, Beginning of Year Profit or Loss Other Comprehensive Income Balance, End of Year Deferred income tax assets Temporary differences Depreciation Refund liability Net defined benefit liability Unrealized loss on inventories Investments in equity $ 11,177,890 2,543,884 1,084,874 723,835 instruments at FVTOCI $ $ 1,749,874 (423,011) (38,158) (286,508) - - (30,468) - $ 12,927,764 2,120,873 1,016,248 437,327 Others 56,191 - 9,476 65,667 - 160,743 - 160,743 $ 15,586,674 $ 1,162,940 $ (20,992) $ 16,728,622 Deferred income tax liabilities Temporary differences Unrealized exchange gains Others $ (61,677) (171,607) $ (271,929) 171,607 $ $ (233,284) $ (100,322) $ - - - $ (333,606) - $ (333,606) - 153 - Year Ended December 31, 2018 Recognized in Balance, Beginning of Year Profit or Loss Other Comprehensive Income Balance, End of Year Deferred income tax assets Temporary differences Depreciation Refund liability Net defined benefit liability Unrealized loss on inventories Investments in equity $ 7,668,535 1,580,979 975,324 604,635 instruments at FVTOCI $ $ 3,509,355 962,905 6,211 119,200 - - 103,339 - $ 11,177,890 2,543,884 1,084,874 723,835 Deferred income tax liabilities Temporary differences Unrealized exchange gains Investments in equity instruments at FVTOCI Others - - 56,191 56,191 $ 10,829,473 $ 4,597,671 $ 159,530 $ 15,586,674 $ (169,480) $ 107,803 $ - $ (61,677) (95,421) (37,304) - (75,081) 95,421 (59,222) - (171,607) $ (302,205) $ 32,722 $ 36,199 $ (233,284) d. The deductible temporary differences for which no deferred income tax assets have been recognized As of December 31, 2019 and 2018, the aggregate deductible temporary differences for which no deferred income tax assets have been recognized amounted to NT$33,445,504 thousand and NT$20,060,918 thousand, respectively. e. Unused tax-exemption information As of December 31, 2019, the profits generated from the following projects of the Company are exempt from income tax for a five-year period: Construction and expansion of 2009 Tax-exemption Period 2018 to 2022 f. The information of unrecognized deferred income tax liabilities associated with investments As of December 31, 2019 and 2018, the aggregate taxable temporary differences associated with to income investments NT$131,085,673 thousand and NT$112,893,001 thousand, respectively. in subsidiaries not recognized as deferred liabilities amounted tax g. Income tax examination The tax authorities have examined income tax returns of the Company through 2017. All investment tax credit adjustments assessed by the tax authorities have been recognized accordingly. - 154 - 26. EARNINGS PER SHARE Basic EPS Diluted EPS EPS is computed as follows: Years Ended December 31 2019 2018 $ 13.32 $ 13.32 $ 13.54 $ 13.54 Number of Shares (Denominator) (In Thousands) Amounts (Numerator) EPS (NT$) Year Ended December 31, 2019 Basic/Diluted EPS Net income available to common shareholders $ 345,263,668 25,930,380 $13.32 Year Ended December 31, 2018 Basic/Diluted EPS Net income available to common shareholders $ 351,130,884 25,930,380 $13.54 27. ADDITIONAL INFORMATION OF EXPENSES BY NATURE Years Ended December 31 2019 2018 a. Depreciation of property, plant and equipment and right-of-use assets Recognized in cost of revenue Recognized in operating expenses Recognized in other operating income and expenses $ 243,160,463 24,285,569 18,511 $ 251,292,565 23,020,118 27,857 b. Amortization of intangible assets Recognized in cost of revenue Recognized in operating expenses $ 267,464,543 $ 274,340,540 $ 2,971,336 2,367,550 $ 2,018,702 2,334,145 $ 5,338,886 $ 4,352,847 c. Research and development costs expensed as incurred $ 90,482,815 $ 84,944,461 - 155 - d. Employee benefits expenses Post-employment benefits Defined contribution plans Defined benefit plans Other employee benefits Employee benefits expense summarized by function Recognized in cost of revenue Recognized in operating expenses Years Ended December 31 2019 2018 $ 2,063,508 259,596 2,323,104 94,236,265 $ 2,028,928 281,866 2,310,794 93,694,021 $ 96,559,369 $ 96,004,815 $ 58,502,618 38,056,751 $ 57,733,597 38,271,218 $ 96,559,369 $ 96,004,815 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, which amounted to NT$23,165,745 thousand and NT$23,570,040 thousand for the years ended December 31, 2019 and 2018, respectively; 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. The Company’s profit sharing bonus to employees and compensation to directors in the amounts of NT$23,165,745 thousand and NT$360,404, thousand in cash for 2019, respectively, profit sharing bonus to employees and compensation to directors in the amounts of NT$23,570,040 thousand and NT$349,272 thousand in cash for 2018, respectively, and profit sharing bonus to employees and compensation to directors in the amounts of NT$23,019,082 thousand and NT$368,919 thousand in cash for 2017, respectively, had been approved by the Board of Directors of the Company held on February 11, 2020, February 19, 2019 and February 13, 2018, respectively. There is no significant difference between the aforementioned approved amounts and the amounts charged against earnings of 2019, 2018 and 2017, 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. - 156 - 28. CASH FLOW INFORMATION a. Non-cash transactions Additions of property, plant and equipment Exchange of assets Changes in payables to contractors and equipment suppliers Transferred to initial carrying amount of hedged items Years Ended December 31 2019 2018 $ 555,377,864 (3,287,138) (101,720,581) (82,276) $ 287,670,276 - 10,406,719 22,162 Payments for acquisition of property, plant and equipment $ 450,287,869 $ 298,099,157 Years Ended December 31 2019 2018 Disposal of property, plant and equipment Changes in other receivables from related parties Changes in other financial assets $ 1,286,373 (175,900) 7,865 $ 3,039,237 1,692,416 (24,535) Proceeds from disposal of property, plant and equipment $ 1,118,338 $ 4,707,118 b. Reconciliation of liabilities arising from financing activities Balance as of January 1, 2019 Financing Cash Flow Foreign Exchange Movement Leases Modifications Other Changes (Note) Balance as of December 31, 2019 Non-cash changes Short-term loans Guarantee deposits Lease liabilities Bonds payable $ 91,982,340 9,494,648 17,758,578 91,800,000 $ 59,615,602 19,002 (2,811,698 ) (34,900,000 ) $ (3,087,652 ) $ 1,674 (17,489 ) - $ - - 33,038 - - (7,824,572 ) 181,390 - $ 148,510,290 1,690,752 15,143,819 56,900,000 Total $ 211,035,566 $ 21,922,906 $ (3,103,467 ) $ 33,038 $ (7,643,182 ) $ 222,244,861 Balance as of January 1, 2018 Financing Cash Flow Non-cash changes Foreign Exchange Movement Other Changes (Note) Balance as of December 31, 2018 Short-term loans Guarantee deposits Bonds payable $ $ 63,766,850 13,629,122 116,100,000 27,154,770 $ 1,504,809 (24,300,000) 1,060,720 396,617 $ $ (6,035,900) - - - 91,982,340 9,494,648 91,800,000 Total Note: $ 193,495,972 $ 4,359,579 $ 1,457,337 $ (6,035,900) $ 193,276,988 Other changes include guarantee deposits refunded to customers by offsetting related accounts receivable and financial cost of lease liabilities. 29. CAPITAL MANAGEMENT The Company requires significant amounts of capital to build and expand its production facilities and acquire additional equipment. In consideration of the industry dynamics, the Company manages its capital in a manner to ensure that it has sufficient and necessary financial resources to fund its working capital needs, capital asset purchases, research and development activities, dividend payments, debt service requirements and other business requirements associated with its existing operations over the next 12 months. - 157 - 30. FINANCIAL INSTRUMENTS a. Categories of financial instruments Financial assets FVTPL (Note 1) FVTOCI (Note 2) Hedging financial assets Amortized cost (Note 3) Financial liabilities FVTPL (Note 4) Hedging financial liabilities Amortized cost (Note 5) December 31, 2019 December 31, 2018 $ 27,481 4,132,975 3,504 272,886,863 $ 54,115 5,126,829 23,497 365,119,060 $ 277,050,823 $ 370,323,501 $ 982,302 1,798 553,905,061 $ 30,232 1,941 310,265,696 $ 554,889,161 $ 310,297,869 Note 1: Financial assets mandatorily measured at FVTPL. Note 2: Including notes and accounts receivable (net) and equity investments. Note 3: Including cash and cash equivalents, financial assets at amortized cost, notes and accounts receivable (including related parties), other receivables and refundable deposits. Note 4: Held for trading. Note 5: Including short-term loans, accounts payable (including related parties), payables to contractors and equipment suppliers, cash dividends payable, accrued expenses and other current liabilities, bonds payable and guarantee deposits. b. Financial risk management objectives The Company seeks to ensure that sufficient cost-efficient funding is readily available when needed. 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 Audit Committees and/or Board of Directors in accordance with procedures required by relevant regulations or internal controls. During the implementation of such plans, the corporate treasury function 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 investment prices. A portion of these risks is hedged. - 158 - Foreign currency risk The majority of the Company’s revenue is denominated in U.S. dollar and over one-half of its capital expenditures are denominated in currencies other than NT dollar, primarily in U.S. dollar, Japanese yen and Euro. As a result, any significant fluctuations to its disadvantage in exchanges rate of NT dollar against such currencies, in particular a weakening of U.S. dollar against NT dollar, would have an adverse impact on the revenue and operating profit as expressed in NT dollar. The Company uses foreign currency derivative contracts, such as currency forwards or currency swaps, to protect against currency exchange rate risks associated with non-NT dollar-denominated assets and liabilities and certain forecasted transactions. The Company utilizes U.S. dollar denominated debt to partially offset currency risk arising from U.S. dollar denominated receivables for balance sheet hedges. These hedges re duce, but do not entirely eliminate, the financial impact on the Company caused by 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, 2019 and 2018, a hypothetical adverse foreign currency exchange rate change of 10% would have decreased its net income by NT$2,112,450 thousand and NT$489,326 thousand, respectively, and decreased its other comprehensive income by NT$107,690 thousand and NT$315,571 thousand, respectively, after taking into account hedges and offsetting positions. Interest rate risk The Company is exposed to interest rate risks primarily related to its bank deposits and bank loans. Changes in interest rates affect the interest earned on the Company’s bank deposits, as well as the interest paid on its bank loans. Because all of the Company’s bonds issued are fixed-rate and measured at amortized cost, changes in interest rates would not affect the cash flows and the fair value. 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, 2019 and 2018, the other comprehensive income would have decreased by NT$77,156 thousand and NT$130,193 thousand, respectively. d. Credit risk management Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial losses to the Company. The Company is exposed to credit risks from operating activities, primarily trade receivables, 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 trade receivables are from its customers worldwide. The majority of the Company’s outstanding trade receivables are not covered by collaterals or guarantees. While the Company has procedures to monitor and manage credit risk exposure on trade receivables, 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, 2019 and 2018, the Company’s ten largest customers accounted for 83% and 76% of accounts receivable, respectively. The Company considers the concentration of credit risk for the remaining accounts receivable not material. - 159 - 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 risk management of expected credit loss for financial assets at amortized cost is as follows: The Company only invests in debt instruments that are rated as investment grade or higher. The credit rating information is supplied by external rating agencies. The Company assesses whether there has been a significant increase in credit risk since initial recognition by reviewing changes in external credit ratings, financial market conditions and material information of the bond issuers. 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 on trade date and 12 months expected credit 0% valuation date: loss Doubtful In default Write-off (1) Within investment grade (2) Between BB+ and BB- Credit rating on trade date and valuation date: (1) From investment grade to non- investment grade (2) From BB+~BB- to B+~CCC- Credit rating CC or below There is evidence indicating that the debtor is in severe financial difficulty and the Company has no realistic prospect of recovery Lifetime expected credit loss-not credit impaired Lifetime expected credit loss-credit impaired Amount is written off - - - For the years ended December 31, 2019 and 2018, no expected credit loss was recognized. 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 equivalent. - 160 - 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, 2019 Non-derivative financial liabilities Short-term loans Accounts payable (including related parties) Payables to contractors and equipment suppliers Accrued expenses and other current liabilities Bonds payable Lease liabilities (including those classified under accrued expenses and other current liabilities) Guarantee deposits (including those classified under accrued expenses and other current liabilities) Derivative financial instruments Forward exchange contracts Outflows Inflows $ 148,550,641 $ 41,745,770 139,754,491 $ - - - $ - - - 35,651,856 32,338,853 - 7,777,715 - 18,203,601 - - - - - $ 148,550,641 41,745,770 139,754,491 35,651,856 58,320,169 1,976,891 2,170,171 2,063,855 9,981,523 16,192,440 1,520,306 401,538,808 114,945 10,062,831 55,501 20,322,957 - 9,981,523 1,690,752 441,906,119 125,580,851 (125,114,784) 466,067 - - - - - - - - - 125,580,851 (125,114,784) 466,067 $ 402,004,875 $ 10,062,831 $ 20,322,957 $ 9,981,523 $ 442,372,186 Additional information about the maturity analysis for lease liabilities: Less than 5 Years 5-10 Years 10-15 Years 15-20 Years More Than 20 Years Lease liabilities $ 6,210,917 $ 4,679,991 $ 3,626,190 $ 1,600,962 $ 74,380 Less Than 1 Year 1-3 Years 3-5 Years More Than 5 Years Total December 31, 2018 Non-derivative financial liabilities Short-term loans Accounts payable (including related parties) Payables to contractors and equipment suppliers Accrued expenses and other current liabilities Bonds payable Guarantee deposits (including those classified under accrued expenses and other current liabilities) Derivative financial instruments Forward exchange contracts Outflows Inflows $ 92,039,118 $ 35,019,044 41,279,910 40,888,712 36,039,935 $ - - - $ - - - - 35,340,742 - 22,979,426 6,148,000 251,414,719 2,884,933 38,225,675 461,715 23,441,141 35,608,273 (35,681,524) (73,251) - - - - - - $ 251,341,468 $ 38,225,675 $ 23,441,141 $ - - - - - - - - - - - $ 92,039,118 35,019,044 41,279,910 40,888,712 94,360,103 9,494,648 313,081,535 35,608,273 (35,681,524) (73,251) $ 313,008,284 - 161 - 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: Level 1 Level 2 Level 3 Total December 31, 2019 $ - $ 27,481 $ - $ 27,481 Financial assets at FVTPL Mandatorily measured at FVTPL Forward exchange contracts Financial assets at FVTOCI Investments in equity instruments Non-publicly traded equity investments Notes and accounts receivable, net $ $ Hedging financial assets Cash flow hedges Forward exchange contracts $ Financial liabilities at FVTPL Held for trading Forward exchange contracts $ Hedging financial liabilities Cash flow hedges Forward exchange contracts $ - - - - - - $ - 3,255,865 $ 877,110 - $ 877,110 3,255,865 $ 3,255,865 $ 877,110 $ 4,132,975 $ 3,504 $ $ 982,302 $ $ 1,798 $ - - - $ 3,504 $ 982,302 $ 1,798 - 162 - Financial assets at FVTPL Mandatorily measured at FVTPL Forward exchange contracts Financial assets at FVTOCI Investments in equity instruments Non-publicly traded equity investments Publicly traded stocks Notes and accounts receivable, net Level 1 Level 2 Level 3 Total December 31, 2018 $ - $ 54,115 $ - $ 54,115 $ - 568,150 - $ - - 3,595,069 $ 963,610 - - $ 963,610 568,150 3,595,069 $ 568,150 $ 3,595,069 $ 963,610 $ 5,126,829 Hedging financial assets Cash flow hedges Forward exchange contracts $ Financial liabilities at FVTPL Held for trading Forward exchange contracts $ Hedging financial liabilities Cash flow hedges Forward exchange contracts $ - - - $ 23,497 $ $ 30,232 $ $ 1,941 $ - - - $ 23,497 $ 30,232 $ 1,941 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, 2019 and 2018 were as follows: Years Ended December 31 2019 2018 Balance, beginning of year Recognized in other comprehensive income Disposals and proceeds from return of capital of investments $ 963,610 (85,393) (1,107) $ 983,590 (16,524) (3,456) Balance, end of year $ 877,110 $ 963,610 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 the discounted curves that are derived from quoted market prices.  The fair value of accounts receivables classified as at FVTOCI are determined by the present value of future cash flows based on the discount rate that reflects the credit risk of counterparties. - 163 - 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. The market approach takes into account the recent financing activities of investees, the market transaction prices of the similar companies and market conditions. 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 assets and liabilities which are not required to measure at fair value: Financial liabilities Financial liabilities at amortized costs Bonds payable Financial assets Financial assets at amortized costs Commercial paper Financial liabilities Financial liabilities at amortized costs Bonds payable December 31, 2019 Carrying Amount Level 2 Fair Value $ 56,900,000 $ 57,739,115 December 31, 2018 Carrying Amount Level 2 Fair Value $ 2,294,098 $ 2,296,188 $ 91,800,000 $ 93,171,255 Valuation techniques and assumptions used in Level 2 fair value measurement 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. The fair value of the Company’s bonds payable is determined by quoted market prices provided by third party pricing services. - 164 - 31. 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 Subsidiaries Subsidiaries Subsidiaries Subsidiaries Subsidiaries Subsidiaries Subsidiaries Subsidiaries Subsidiaries TSMC Global TSMC China TSMC Nanjing VisEra Tech TSMC North America TSMC Europe TSMC Japan TSMC Korea TSMC Solar Europe GmbH TSMC Design Technology Canada Inc. (TSMC Canada) Indirect Subsidiaries Indirect Subsidiaries TSMC Technology, Inc. (TSMC Technology) Indirect Subsidiaries WaferTech, LLC (WaferTech) Associates GUC Associates VIS Associates SSMC Associates Xintec Other related parties TSMC Education and Culture Foundation Other related parties TSMC Charity Foundation b. Net revenue Years Ended December 31 2019 2018 Item Related Party Name/Categories Net revenue from sale of goods TSMC North America Associates Other subsidiaries Other related parties $ 636,441,507 4,052,853 149,560 - $ 650,432,820 6,762,827 150,407 330 $ 640,643,920 $ 657,346,384 Net revenue from royalties Associates Subsidiaries $ 183,583 64,710 $ 362,259 568 $ 248,293 $ 362,827 - 165 - c. Purchases Related Party Categories Subsidiaries Associates d. Receivables from related parties Years Ended December 31 2019 2018 $ 40,419,311 6,301,417 $ 34,136,678 8,809,394 $ 46,720,728 $ 42,946,072 December 31, 2019 December 31, 2018 Item Related Party Name/Categories Receivables from related parties TSMC North America Associates Other subsidiaries $ 81,732,281 458,292 3,928 $ 86,057,097 375,184 20,303 $ 82,194,501 $ 86,452,584 Other receivables from related TSMC North America $ parties TSMC Nanjing Associates Other subsidiaries 802,726 101,559 50,450 13,388 $ 1,035,465 89,334 64,203 45,660 e. Payables to related parties $ 968,123 $ 1,234,662 December 31, 2019 December 31, 2018 Item Related Party Name/Categories Payables to related parties TSMC China TSMC Nanjing WaferTech Xintec SSMC VIS Other subsidiaries Other associates Other related parties $ 1,538,971 1,266,002 1,097,625 736,747 487,944 153,977 379,250 41,119 15,000 $ 1,299,072 414,401 1,092,785 649,812 362,564 357,080 363,995 7,043 - $ 5,716,635 $ 4,546,752 - 166 - f. Accrued expenses and other current liabilities December 31, 2019 December 31, 2018 Item Related Party Name/Categories Accrued expenses and other current liabilities TSMC Nanjing Other subsidiaries $ - 2,722 $ 199,638 681 $ 2,722 $ 200,319 Proceeds Years Ended December 31 2019 2018 $ 1,096,516 44,095 $ 2,839,622 25,380 $ 1,140,611 $ 2,865,002 Gains Years Ended December 31 2019 2018 $ 332,955 67,151 $ 386,239 64,964 $ 400,106 $ 451,203 Deferred Gains (Losses) from Disposal of Property, Plant and Equipment December 31, 2019 December 31, 2018 $ (30,731) 129,915 $ 234,810 152,970 $ 99,184 $ 387,780 g. Disposal of property, plant and equipment Related Party Name/Categories TSMC Nanjing Other subsidiaries Related Party Name/Categories TSMC Nanjing Other subsidiaries Related Party Name/Categories TSMC Nanjing Other subsidiaries - 167 - h. Others Years Ended December 31 2019 2018 Item Related Party Name/Categories Manufacturing expenses Associates Subsidiaries $ 2,816,089 35,825 $ 2,876,216 35,603 Research and development expenses Subsidiaries Associates $ 2,821,204 163,425 $ 2,407,068 83,145 $ 2,851,914 $ 2,911,819 $ 2,984,629 $ 2,490,213 Marketing expenses - commission TSMC Europe Other subsidiaries $ 439,147 419,920 $ 463,093 402,973 $ 859,067 $ 866,066 General and administrative expenses Other related parties Subsidiaries $ 120,000 3,423 $ 120,756 3,426 $ 123,423 $ 124,182 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. i. Compensation of key management personnel The compensation to directors and other key management personnel for the years ended December 31, 2019 and 2018 were as follows: Short-term employee benefits Post-employment benefits Years Ended December 31 2019 2018 $ 1,822,806 2,330 $ 1,906,266 3,041 $ 1,825,136 $ 1,909,307 The compensation to directors and other key management personnel were determined by the Compensation Committee of the Company in accordance with the individual performance and the market trends. - 168 - 32. 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 December 31, 2019, 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 December 31, 2019. c. In February 2019, Innovative Foundry Technologies LLC (“IFT”) filed a complaint in the U.S. District Court for the District of Delaware alleging that the Company and TSMC Technology Inc. infringe five U.S. patents. IFT also filed a complaint in the U.S. International Trade Commission (the “ITC”) alleging that the Company, TSMC North America, TSMC Technology Inc., and other companies infringe the same patents. The ITC instituted an investigation in March 2019. Both parties agreed to end the dispute and the ITC terminated the investigation in October 2019. The pending litigation in the U.S. District Court for the District of Delaware was dismissed at the same time. d. On September 28, 2017, the Company was contacted by the European Commission (the “Commission”), which has asked us for information and documents concerning alleged anti-competitive practices in relation to semiconductor sales. We are cooperating with the Commission to provide the requested information and documents. In light of the fact that this proceeding is still in its preliminary stage, it is premature to predict how the case will proceed, the outcome of the proceeding or its impact. e. The Company entered into long-term purchase agreements of material with multiple suppliers. The relative minimum purchase quantity and price are specified in the agreements. f. The Company entered into a long-term purchase agreement of equipment. The relative purchase quantity and price are specified in the agreement. g. The Company entered into long-term energy purchase agreements with multiple suppliers. The relative purchase period, quantity and price are specified in the agreements. h. As of December 31, 2019, the Company provided endorsement guarantees of NT$2,495,400 thousand to its subsidiary, TSMC North America, in respect of providing endorsement guarantees for office leasing contract. - 169 - 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, 2019 Financial assets Monetary items USD EUR JPY Financial liabilities Monetary items USD EUR JPY December 31, 2018 Financial assets Monetary items USD EUR JPY Non-monetary items HKD Financial liabilities Monetary items USD EUR JPY $ 4,515,031 2,867 71,980,350 29.988 33.653 0.2751 $ 135,396,753 96,495 19,801,794 5,874,701 2,550,377 100,338,589 29.988 33.653 0.2751 176,170,537 85,827,831 27,603,146 4,527,578 2,171 235,512 30.740 35.22 0.2783 139,177,748 76,462 65,543 144,567 3.93 568,150 4,147,398 471,127 33,416,236 30.740 35.22 0.2783 127,491,021 16,593,099 9,299,738 Note: Exchange rate represents the number of N.T. dollars 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, 2019 and 2018, 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. - 170 - 34. SIGNIFICANT OPERATION LOSSES On January 19, 2019, the Company discovered a wafer contamination issue in a fab in Taiwan caused by a batch of unqualified photoresist materials. After investigation, the Company immediately stopped using the unqualified materials. An estimated loss of NT$3,400,000 thousand related to this event was recognized in cost of revenue for the three months ended March 31, 2019. The Company experienced a computer virus outbreak on August 3, 2018, which affected a number of computer systems and fab tools, and consequently impacted wafer production in Taiwan. All the impacted tools have been recovered by August 6, 2018. The Company recognized a loss of NT$2,596,046 thousand related to this incident for the three months ended September 30, 2018, which was included in cost of revenue. 35. ADDITIONAL DISCLOSURES Following are the additional disclosures required by the Securities and Futures Bureau for the Company: a. Financings provided: Please see Table 1 attached; b. Endorsement/guarantee provided: Please see Table 2 attached; c. Marketable securities held (excluding investments in subsidiaries and associates): Please 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: Please 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: Please 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 pai d-in capital: Please see Table 6 attached; h. Receivables from related parties amounting to at least NT$100 million or 20% of the paid-in capital: Please see Table 7 attached; i. Information about the derivative financial instruments transaction: Please see Notes 7 and 8; j. Names, locations, and related information of investees over which the Company exercises significant influence (excluding information on investment in mainland China): Please 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: Please see Table 9 attached. - 171 - 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: Please see Note 31. 36. OPERATING SEGMENTS INFORMATION The Company has provided the operating segments disclosure in the consolidated financial statements. - 172 - l a t o T s ’ y n a p m o C t n u o m A g n i c n a n F i s t i m L i h c a E r o f i g n w o r r o B y n a p m o C ) 2 d n a 1 s e t o N ( ) 2 d n a 1 s e t o N ( 7 6 4 , 8 5 3 , 7 5 $ 7 6 4 , 8 5 3 , 7 5 $ 0 7 2 , 7 3 7 , 7 9 3 0 7 2 , 7 3 7 , 7 9 3 1 E L B A T g n i c n a n F i s t i i m L g n i c n a n F i l a r e t a l l o C e u l a V m e t I t b e D d a B r o f e c n a w o l l A r o f n o s a e R g n i c n a n F i ) 4 e t o N ( n o i t c a s n a r T s t n u o m A g n i c n a n i F r o f e r u t a N ) 4 e t o N ( e t a R t s e r e t n I - - $ - - - - $ l a t i p a c g n i t a r e p O l a t i p a c g n i t a r e p O - - $ m r e t - g n o l r o f d e e n e h T % 6 9 . 1 ~ 0 5 . 1 8 6 9 , 2 0 1 , 4 2 $ 8 6 5 , 3 0 9 , 8 3 $ 2 5 8 , 7 9 4 , 4 4 $ s e Y m o r f s e l b a v i e c e r r e h t O g n i j n a N C M S T a n i h C C M S T g n i c n a n i f & ) 0 0 0 , 0 0 0 , 5 B M R ( & ) 0 0 0 , 0 0 0 , 6 B M R ( & ) 0 0 0 , 0 0 0 , 7 B M R ( ) 0 0 0 , 6 8 $ S U ( ) 0 0 0 , 6 3 4 $ S U ( ) 0 0 0 , 9 7 4 $ S U ( s e i t r a p d e t a l e r g n i c n a n i f ) 0 0 0 , 0 0 0 , 1 $ S U ( ) 0 0 0 , 0 0 0 , 1 $ S U ( ) 0 0 0 , 0 0 5 , 1 $ S U ( s e i t r a p d e t a l e r m r e t - t r o h s r o f d e e n e h T % 0 0 . 0 0 0 0 , 8 8 9 , 9 2 0 0 0 , 8 8 9 , 9 2 0 0 0 , 2 8 9 , 4 4 s e Y m o r f s e l b a v i e c e r r e h t O C M S T l a b o l G C M S T s e i c n e r r u C n g i e r o F ( ) s d n a s u o h T n i ) s d n a s u o h T n i ) 3 e t o N ( y l l a u t c A t n u o m A e c n a l a B g n i d n E n w a r D s e i c n e r r u C n g i e r o F ( m u m i x a M e h t r o f e c n a l a B n g i e r o F ( d o i r e P n i s e i c n e r r u C ) 3 e t o N ( ) s d n a s u o h T d e t a l e R y t r a P t n e m e t a t S l a i c n a n i F t n u o c c A y t r a p - r e t n u o C g n i c n a n F i y n a p m o C . o N s e e t s e v n I d n a d e t i i m L y n a p m o C g n i r u t c a f u n a M r o t c u d n o c i m e S n a w i a T D E D I V O R P S G N I C N A N I F ) e s i w r e h t O d e i f i c e p S s s e l n U , s r a l l o D n a w i a T w e N f o s d n a s u o h T n i s t n u o m A ( 9 1 0 2 , 1 3 R E B M E C E D D E D N E R A E Y E H T R O F y t r i h t n a h t e r o m o n e b l l a h s r e w o r r o b e n o y n a o t e l b a d n e l t n u o m a l a t o t e h t , n o i t i d d a n I . a n i h C C M S T f o h t r o w t e n e h t f o ) % 0 1 ( t n e c r e p n e t d e e c x e t o n l l a h s d o i r e p m r e t - t r o h s a r o f g n i d n u f r o f y n a p m o c a o t g n i d n e l r o f t n u o m a l a t o t e h T . a n i h C C M S T f o h t r o w t e n e h t d e e c x e t o n l l a h s e s o p r u p g n i d n e l r o f e l b a l i a v a t n u o m a l a t o t e h T a s i e r e h t n e h W . a n i h C C M S T f o h t r o w t e n e h t f o ) % 0 4 ( t n e c r e p y t r o f d e e c x e t o n l l a h s C M S T f o y r a i d i s b u s h c u s y n a o t e l b a d n e l t n u o m a l a t o t e h t , r e v e w o H . C M S T y b , y l t c e r i d n i r o y l t c e r i d , d e n w o % 0 0 1 e r a s e r a h s g n i t o v e s o h w s e i r a i d i s b u s e h t o t y l p p a t o n s e o d n o i t c i r t s e r e v o b a e h T . h t r o w t e n s ’ r e w o r r o b e h t f o ) % 0 3 ( t n e c r e p r o f e l b a l i a v a t n u o m a e t a g e r g g a e h t , g n i o g e r o f e h t g n i d n a t s h t i w t o N . h p a r g a r a p e v o b a e h t n i h t r o f t e s n o i t c i r t s e r e h t o t t c e j b u s e b t o n l l i w g n i d n e l e h t , n a w i a T n i d e t a c o l t o n e r a h c i h w , C M S T y b , y l t c e r i d n i r o y l t c e r i d , d e n w o % 0 0 1 e r a s e r a h s g n i t o v e s o h w s e i r a i d i s b u s e h t o t r o , C M S T o t a n i h C C M S T y b s d e e n g n i d n u f r o f g n i d n e l . a n i h C C M S T f o h t r o w t e n e h t d e e c x e t o n l l a h s l l i t s s r e w o r r o b h c u s f o h c a e o t e l b a d n e l t n u o m a l a t o t e h t d n a s r e w o r r o b h c u s o t g n i d n e l n a h t e r o m o n e b l l a h s r e w o r r o b e n o y n a o t e l b a d n e l t n u o m a l a t o t e h t , n o i t i d d a n I . l a b o l G C M S T f o h t r o w t e n e h t f o ) % 0 1 ( t n e c r e p n e t d e e c x e t o n l l a h s d o i r e p m r e t - t r o h s a r o f g n i d n u f r o f y n a p m o c a o t g n i d n e l r o f t n u o m a l a t o t e h T . l a b o l G C M S T f o h t r o w t e n e h t d e e c x e t o n l l a h s e s o p r u p g n i d n e l r o f e l b a l i a v a t n u o m a l a t o t e h T e t a g e r g g a e h t , g n i o g e r o f e h t g n i d n a t s h t i w t o N . l a b o l G C M S T f o h t r o w t e n e h t d e e c x e t o n l l a h s l l i t s t n u o m a g n i w o r r o b l a t o t r i e h t , n o i t c i r t s e r s i h t o t t c e j b u s e b t o n l l i w s e r a h s g n i t o v e h t f o % 0 0 1 s d l o h y l t c e r i d n i r o y l t c e r i d C M S T h c i h w n i s e i r a i d i s b u s n g i e r o f s t i r o , C M S T e l i h W . h t r o w t e n s ’ r e w o r r o b e h t f o ) % 0 3 ( t n e c r e p y t r i h t . s e r a h s g n i t o v e h t f o % 0 0 1 , y l t c e r i d n i r o y l t c e r i d , s d l o h y n a p m o C e h t h c i h w n i s e i r a i d i s b u s e r o h s f f o n e e w t e b g n i d n u f r o f s n a o l y n a p m o c - r e t n i o t y l p p a t o n l l a h s r a e y e n o g n i d e e c x e t o n g n i d n u f r o f n a o l h c a e f o m r e t e h t f o n o i t c i r t s e r e h T . l a b o l G C M S T f o h t r o w t e n e h t f o ) % 0 4 ( t n e c r e p y t r o f d e e c x e t o n l l a h s C M S T n a h t r e h t o s e i n a p m o c n a w i a T o t g n i d n e l r o f t n u o m a . s r o t c e r i D f o d r a o B e h t y b d e v o r p p a s t n u o m a e h t t n e s e r p e r e c n a l a b g n i d n e d n a d o i r e p e h t r o f e c n a l a b m u m i x a m e h T - 3 7 1 - 1 2 : 1 e t o N : 2 e t o N : 3 e t o N : 4 e t o N 2 E L B A T s e e t s e v n I d n a d e t i i m L y n a p m o C g n i r u t c a f u n a M r o t c u d n o c i m e S n a w i a T ) e s i w r e h t O d e i f i c e p S s s e l n U , s r a l l o D n a w i a T w e N f o s d n a s u o h T n i s t n u o m A ( D E D I V O R P S E E T N A R A U G S T N E M E S R O D N E / 9 1 0 2 , 1 3 R E B M E C E D D E D N E R A E Y E H T R O F e e t n a r a u G o t d e d i v o r P s e i r a i d i s b u S d n a l n i a M n i a n i h C e e t n a r a u G y b d e d i v o r P y r a i d i s b u S A e e t n a r a u G y b d e d i v o r P t n e r a P y n a p m o C m u m i x a M / t n e m e s r o d n E e e t n a r a u G t n u o m A e l b a w o l l A ) 2 e t o N ( s t n e m e t a t S f o o i t a R d e t a l u m u c c A / t n e m e s r o d n E f o t n u o m A / t n e m e s r o d n E t e N o t e e t n a r a u G e e t n a r a u G l a i c n a n i F t s e t a L s e i t r e p o r P r e p y t i u q E y b d e z i l a r e t a l l o C y l l a u t c A t n u o m A e c n a l a B g n i d n E n w a r D n i $ S U ( ) s d n a s u o h T n i $ S U ( ) s d n a s u o h T ) 3 e t o N ( m u m i x a M e c n a l a B d o i r e P e h t r o f / t n e m e s r o d n E e e t n a r a u G t n u o m A n i $ S U ( h c a E o t d e d i v o r P ) s d n a s u o h T ) 3 e t o N ( d e e t n a r a u G y t r a P ) 2 d n a 1 s e t o N ( n o s t i m L i y t r a P d e e t n a r a u G f o e r u t a N p i h s n o i t a l e R e m a N r e d i v o r P e e t n a r a u G / t n e m e s r o d n E . o N y l t c e r i d , d e n w o % 0 0 1 e r a s e r a h s g n i t o v e s o h w s e i r a i d i s b u s , r e v e w o H . y t i t n e h c u s f o h t r o w t e n e h t r o , h t r o w t e n s ’ C M S T f o ) % 0 1 ( t n e c r e p n e t d e e c x e t o n l l a h s y t i t n e l a u d i v i d n i y n a o t C M S T y b d e d i v o r p e e t n a r a u g e h t f o t n u o m a l a t o t e h T : 1 . s r o t c e r i D f o d r a o B e h t y b d e v o r p p a s t n u o m a e h t t n e s e r p e r e c n a l a b g n i d n e d n a d o i r e p e h t r o f e c n a l a b m u m i x a m e h T : 3 . s r o t c e r i D f o d r a o B e h t f o l a v o r p p a e h t r e t f a s n o i t c i r t s e r e v o b a e h t o t t c e j b u s t o n e r a C M S T y b , y l t c e r i d n i r o . h t r o w t e n s ’ C M S T f o ) % 5 2 ( t n e c r e p e v i f - y t n e w t d e e c x e t o n l l a h s e e t n a r a u g f o t n u o m a l a t o t e h T : 2 e t o N e t o N e t o N o N o N s e Y 1 3 5 , 2 5 3 , 5 0 4 $ % 5 1 0 . - $ 0 0 4 , 5 9 4 , 2 $ 0 0 4 , 5 9 4 , 2 $ 0 0 4 , 5 9 4 , 2 $ 1 3 5 , 2 5 3 , 5 0 4 $ y r a i d i s b u S h t r o N C M S T C M S T 0 ) 3 1 2 , 3 8 $ S U ( ) 3 1 2 , 3 8 $ S U ( ) 3 1 2 , 3 8 $ S U ( a c i r e m A - 4 7 1 - 3 E L B A T e t o N e u l a V r i a F s e i c n e r r u C n g i e r o F ( ) s d n a s u o h T n i ) f o e g a t n e c r e P % i ( p h s r e n w O e u l a V g n i y r r a C s e i c n e r r u C n g i e r o F ( ) s d n a s u o h T n i s t i n U / s e r a h S ) s d n a s u o h T n I ( t n u o c c A t n e m e t a t S l a i c n a n i F y n a p m o C e h t h t i w p i h s n o i t a l e R e m a N d n a e p y T s e i t i r u c e S e l b a t e k r a M e m a N y n a p m o C d l e H 9 1 0 2 , 1 3 r e b m e c e D s e e t s e v n I d n a d e t i i m L y n a p m o C g n i r u t c a f u n a M r o t c u d n o c i m e S n a w i a T ) e s i w r e h t O d e i f i c e p S s s e l n U , s r a l l o D n a w i a T w e N f o s d n a s u o h T n i s t n u o m A ( D L E H S E I T I R U C E S E L B A T E K R A M 9 1 0 2 , 1 3 R E B M E C E D ) d e u n i t n o C ( 7 5 1 , 5 1 2 6 , 2 0 0 1 , 1 9 2 5 , 1 8 6 7 2 , 8 1 3 8 2 4 , 8 6 4 $ 7 2 1 , 4 $ S U 0 8 3 , 0 1 $ S U - - 4 7 4 , 9 8 9 2 , 3 $ S U $ S U 1 7 6 , 6 4 $ S U 6 8 6 , 9 3 9 1 4 , 9 3 7 3 6 , 8 3 5 2 4 , 1 3 8 7 6 , 0 3 0 4 1 , 6 2 2 4 2 , 2 2 6 6 6 , 1 2 2 3 3 , 1 2 3 0 3 , 1 2 2 0 1 , 0 2 6 8 8 , 9 1 6 7 1 , 9 1 8 1 0 , 8 1 4 0 9 , 4 1 8 5 0 , 4 1 2 9 0 , 3 1 2 3 9 , 2 1 7 3 8 , 2 1 8 0 1 , 2 1 4 0 9 , 1 1 2 5 7 , 1 1 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U 0 1 7 6 2 1 2 1 - 6 9 4 5 2 2 1 A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / 8 2 4 , 8 6 4 $ 0 3 2 , 1 2 r e h t o h g u o r h t e u l a v r i a f t a s t e s s a l a i c n a n i F e m o c n i e v i s n e h e r p m o c 7 5 1 , 5 1 2 6 , 2 0 0 1 , 1 9 2 5 , 1 8 6 7 2 , 8 1 3 7 2 1 , 4 $ S U 0 8 3 , 0 1 $ S U - - 4 7 4 , 9 8 9 2 , 3 $ S U $ S U 1 7 6 , 6 4 $ S U 6 8 6 , 9 3 9 1 4 , 9 3 7 3 6 , 8 3 5 2 4 , 1 3 8 7 6 , 0 3 0 4 1 , 6 2 2 4 2 , 2 2 6 6 6 , 1 2 2 3 3 , 1 2 3 0 3 , 1 2 2 0 1 , 0 2 6 8 8 , 9 1 6 7 1 , 9 1 8 1 0 , 8 1 4 0 9 , 4 1 8 5 0 , 4 1 2 9 0 , 3 1 2 3 9 , 2 1 7 3 8 , 2 1 8 0 1 , 2 1 4 0 9 , 1 1 2 5 7 , 1 1 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U 6 0 8 0 0 5 , 0 1 4 2 1 , 1 1 - - - - - - 3 3 3 , 6 0 4 4 , 0 1 - - - - - - - - - - - - - - - - - - - - - - - 〃〃〃〃〃 r o t i f o r P h g u o r h t e u l a v r i a f t a s t e s s a l a i c n a n i F s s o L r e h t o h g u o r h t e u l a v r i a f t a s t e s s a l a i c n a n i F e m o c n i e v i s n e h e r p m o c 〃〃〃〃 r e h t o h g u o r h t e u l a v r i a f t a s t e s s a l a i c n a n i F e m o c n i e v i s n e h e r p m o c 〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃 - 5 7 1 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - s t n e m t s e v n i y t i u q e d e d a r t y l c i l b u p - n o N . d t L , . o C s e s a G l a i r t s u d n I d e t i n U . d t L , . o C n a w i a T i a t o d n a H u s t E - n i h S . c n I g n i d l o H t n e m t s e v n I l a b o l G V I d n u F y g o l o n h c e T . . K W e s i r p r e t n E l a t i p a C e r u t n e V n e d l a W i a h g n a h S s t n e m t s e v n i y t i u q e d e d a r t y l c i l b u p - n o N . . P L , I I s t n e m t s e v n I e r u t n e V n e d l a W a n i h C . . P L , I I I s t n e m t s e v n I e r u t n e V n e d l a W a n i h C e h T / c n I p u o r G s h c a S n a m d l o G o C & e s a h C n a g r o M P J p r o C h t l a e H S V C c n I T & T A o C b b i u q S s r e y M - l o t s i r B y e l n a t S n a g r o M c n I p u o r g i t i C c n I e i V b b A c n I p u o r G l a i c n a n i F J F U i h s i b u s t i M C L P s g n i d l o H C B S H o C & o g r a F s l l e W c n I e l p p A p r o C a c i r e m A f o k n a B d n o b e t a r o p r o C s n o i t a v o n n I a l e T . c n I e b u c M d n u F s e r u t n e V n o z i r o H l a t i p a C a i s A n o s m i r C s d n o b e l b i t r e v n o C n o i t a r o p r o C a i r p n I C M S T s r e n t r a P C M S T l a b o l G C M S T G A d n a l r e z t i w S g n i d n u F p u o r G S B U e h T / k n a B n o i n i m o D - o t n o r o T c n I s n o i t a c i n u m m o C n o z i r e V / n o d n o L A S e l o c i r g A t i d e r C A S s a b i r a P P N B p r o C s e i g o l o n h c e T d e t i n U C L L e c n a n i F A S U C A R E A S r e d n a t n a S o c n a B A S l e u t u M t i d e r C u d e v i t a r e d e F e u q n a B c n I p u o r G l a i c n a n i F i u s t i M o m o t i m u S 9 1 0 2 , 1 3 r e b m e c e D 1 0 0 , 1 1 2 9 8 , 0 1 7 8 8 , 0 1 3 4 8 , 0 1 2 8 6 , 0 1 1 8 6 , 0 1 1 6 6 , 0 1 2 1 6 , 0 1 4 1 4 , 0 1 4 4 3 , 0 1 7 0 3 , 0 1 7 2 8 , 9 8 5 4 , 9 0 2 4 , 9 4 1 4 , 9 4 7 1 , 9 6 0 1 , 9 2 6 0 , 9 1 9 9 , 8 4 4 9 , 8 3 1 9 , 8 9 6 8 , 8 1 5 5 , 8 4 1 5 , 8 4 8 4 , 8 2 1 4 , 8 2 7 2 , 8 8 4 2 , 8 2 2 2 , 8 1 3 0 , 8 9 9 9 , 7 5 2 8 , 7 6 1 8 , 7 5 0 8 , 7 1 8 6 , 7 5 7 6 , 7 2 1 6 , 7 5 5 4 , 7 6 4 3 , 7 3 3 3 , 7 1 3 3 , 7 0 8 2 , 7 9 5 2 , 7 3 0 2 , 7 0 6 1 , 7 2 7 9 , 6 8 5 9 , 6 7 4 9 , 6 4 7 8 , 6 2 4 8 , 6 0 8 6 , 6 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U ) d e u n i t n o C ( e t o N e u l a V r i a F s e i c n e r r u C n g i e r o F ( ) s d n a s u o h T n i ) 3 2 4 , 1 1 $ S U f o e g a t n e c r e P % i ( p h s r e n w O A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / e u l a V g n i y r r a C s e i c n e r r u C n g i e r o F ( ) s d n a s u o h T n i 3 2 4 , 1 1 $ S U 1 0 0 , 1 1 2 9 8 , 0 1 7 8 8 , 0 1 3 4 8 , 0 1 2 8 6 , 0 1 1 8 6 , 0 1 1 6 6 , 0 1 2 1 6 , 0 1 4 1 4 , 0 1 4 4 3 , 0 1 7 0 3 , 0 1 7 2 8 , 9 8 5 4 , 9 0 2 4 , 9 4 1 4 , 9 4 7 1 , 9 6 0 1 , 9 2 6 0 , 9 1 9 9 , 8 4 4 9 , 8 3 1 9 , 8 9 6 8 , 8 1 5 5 , 8 4 1 5 , 8 4 8 4 , 8 2 1 4 , 8 2 7 2 , 8 8 4 2 , 8 2 2 2 , 8 1 3 0 , 8 9 9 9 , 7 5 2 8 , 7 6 1 8 , 7 5 0 8 , 7 1 8 6 , 7 5 7 6 , 7 2 1 6 , 7 5 5 4 , 7 6 4 3 , 7 3 3 3 , 7 1 3 3 , 7 0 8 2 , 7 9 5 2 , 7 3 0 2 , 7 0 6 1 , 7 2 7 9 , 6 8 5 9 , 6 7 4 9 , 6 4 7 8 , 6 2 4 8 , 6 0 8 6 , 6 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U s t i n U / s e r a h S ) s d n a s u o h T n I ( t n u o c c A t n e m e t a t S l a i c n a n i F y n a p m o C e h t h t i w p i h s n o i t a l e R e m a N d n a e p y T s e i t i r u c e S e l b a t e k r a M e m a N y n a p m o C d l e H - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - r e h t o h g u o r h t e u l a v r i a f t a s t e s s a l a i c n a n i F e m o c n i e v i s n e h e r p m o c 〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃 - 6 7 1 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - p r o C e c n a n i F L T P / p L o C g n i s a e L k c u r T e k s n e P p r o C s e n i h c a M s s e n i s u B l a n o i t a n r e t n I I I g n i d n u F l a b o l G e f i L d r a d n a t S e c n a i l e R o C e s i r p r e t n E d r a k c a P t t e l w e H o C y g r e n E E T D B A n e k n a B a d l i k s n E a k s i v a n i d n a k S c n I p u o r G l a i c n a n i F o h u z i M d t L p u o r G e i r a u q c a M p b A k n a B a e d r o N C A D e c n a n i F l a t i p a C n o i t a i v A C B M S c n I s g n i d l o H l a t i p a C y g r e n E a r E t x e N c n I m e t s y S r e d y R c n I x a f i u q E A S E C P B p r o C l a t i p a C T A B 2 t s u r T p u o r G e r t n e c S / 1 t s u r T p u o r G e r t n e c S C L L o C l a t i p a C r o t c e n n o C t s e w d i M C L P K U r e d n a t n a S I g n i d n u F l a b o l G e f i L n a t i l o p o r t e M Y N k r o Y w e N G A e s s i u S / t i d e r C C L L s g n i d l o H s a G y g r e n E n o i n i m o D g n i d n u F l a b o l G e n e h t A C L P s t e k r a M t s e W t a N A S e l a r e n e G e t e i c o S c n I p u o r G a i r t l A C A D d n a l e r I s t n e m t s e v n I s n o i t i s i u q c A e r i h S g n i d n u F l a b o l G e f i L l a n o i t a N n o s k c a J n o d n o L / d t L l ' t n I d n a l a e Z w e N Z N A c n I a c i r e m A s t e k r a M l a t i p a C P B H O / c n I s e r a h s c n a B n o t g n i t n u H P L s r e n t r a P y g r e n E n a g r o M r e d n i K A G a t n a l t A / k n a B t s u r T n u S g n i d n u F l a b o l G e f i L k r o Y w e N A N k n a B o g r a F s l l e W V N p e o r G G N I d t L s g n i d l o H t n e c n e T p r o C t f o s o r c i M p r o C e s a e L r i A C L P l a t i p a C y g r e n E G B C L L g n i d n u F l a i t n e d u r P p r o C x o F C L P p u o r G g n i k n a B s d y o l L c n I s n o i t a c i n u m m o C x o C e h T / o C n o i n U n r e t s e W c n I v r e s i F d t L y a w t e M - p r o c n u S c n I s d o o F n o s y T A N k n a B C N P l a e r t n o M f o k n a B A N e n O l a t i p a C p r o C t s a c m o C c n I p u o r G l a n o i t a n r e t n I n a c i r e m A l a b o l G C M S T 9 1 0 2 , 1 3 r e b m e c e D e t o N e u l a V r i a F s e i c n e r r u C n g i e r o F ( ) s d n a s u o h T n i ) f o e g a t n e c r e P % i ( p h s r e n w O e u l a V g n i y r r a C s e i c n e r r u C n g i e r o F ( ) s d n a s u o h T n i s t i n U / s e r a h S ) s d n a s u o h T n I ( t n u o c c A t n e m e t a t S l a i c n a n i F y n a p m o C e h t h t i w p i h s n o i t a l e R e m a N d n a e p y T s e i t i r u c e S e l b a t e k r a M e m a N y n a p m o C d l e H ) d e u n i t n o C ( 6 3 5 , 6 4 8 3 , 6 4 4 3 , 6 7 9 2 , 6 6 7 2 , 6 2 5 2 , 6 9 3 2 , 6 9 9 1 , 6 4 0 1 , 6 6 3 0 , 6 9 2 0 , 6 5 2 0 , 6 0 1 0 , 6 3 8 9 , 5 9 6 9 , 5 8 5 9 , 5 7 2 9 , 5 8 4 8 , 5 7 1 7 , 5 8 7 6 , 5 5 4 6 , 5 3 2 6 , 5 8 1 6 , 5 5 9 5 , 5 0 1 5 , 5 5 7 4 , 5 5 7 2 , 5 5 4 2 , 5 0 3 2 , 5 2 0 2 , 5 3 7 1 , 5 4 2 1 , 5 2 1 1 , 5 6 9 0 , 5 1 4 0 , 5 9 2 0 , 5 8 8 8 , 4 8 8 8 , 4 7 0 8 , 4 7 3 7 , 4 7 1 7 , 4 3 9 6 , 4 6 7 6 , 4 3 8 5 , 4 4 7 5 , 4 9 2 5 , 4 6 7 4 , 4 3 6 4 , 4 6 5 4 , 4 4 4 4 , 4 8 9 3 , 4 3 5 3 , 4 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / 6 3 5 , 6 4 8 3 , 6 4 4 3 , 6 7 9 2 , 6 6 7 2 , 6 2 5 2 , 6 9 3 2 , 6 9 9 1 , 6 4 0 1 , 6 6 3 0 , 6 9 2 0 , 6 5 2 0 , 6 0 1 0 , 6 3 8 9 , 5 9 6 9 , 5 8 5 9 , 5 7 2 9 , 5 8 4 8 , 5 7 1 7 , 5 8 7 6 , 5 5 4 6 , 5 3 2 6 , 5 8 1 6 , 5 5 9 5 , 5 0 1 5 , 5 5 7 4 , 5 5 7 2 , 5 5 4 2 , 5 0 3 2 , 5 2 0 2 , 5 3 7 1 , 5 4 2 1 , 5 2 1 1 , 5 6 9 0 , 5 1 4 0 , 5 9 2 0 , 5 8 8 8 , 4 8 8 8 , 4 7 0 8 , 4 7 3 7 , 4 7 1 7 , 4 3 9 6 , 4 6 7 6 , 4 3 8 5 , 4 4 7 5 , 4 9 2 5 , 4 6 7 4 , 4 3 6 4 , 4 6 5 4 , 4 4 4 4 , 4 8 9 3 , 4 3 5 3 , 4 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - r e h t o h g u o r h t e u l a v r i a f t a s t e s s a l a i c n a n i F e m o c n i e v i s n e h e r p m o c 〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃 - 7 7 1 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - d t L y e s n r e u G g n i d n u F p u o r G e s s i u S t i d e r C c n I e d i w d l r o W v e B n I h c s u B - r e s u e h n A p r o C s c i m a n y D l a r e n e G p r o C l a i c n a n i F s n o i g e R C L P s e c i v r e S y r u s a e r T r e s i k c n e B t t i k c e R e c r e m m o C f o k n a B l a i r e p m I n a i d a n a C o C s s e r p x E n a c i r e m A g n i d n u F l a b o l G G A I p r o C c i n o s a n a P A S A k n a B B N D e h T / a i t o c S a v o N f o k n a B 0 1 0 2 e c n a n i F P P W p r o C l a i c n a n i F e n O l a t i p a C c n I s e i g o l o n h c e T r e p o R a d a n a C f o k n a B l a y o R d t L k n a B e i r a u q c a M c n I s e c i v e D g o l a n A p r o C e v i t r o F A p S o l o a p n a S a s e t n I C L P k n a B s y a l c r a B o C r e w o P a m a b a l A c n I e c n a n i F v e B n I h c s u B - r e s u e h n A V B e c n a n i F l a n o i t a n r e t n I l l e h S C L L I I e c n a n i F S U r e y a B p r o C a n g i C s g n i d l o H a c i r e m A f o p r o C y r o t a r o b a L d t L s g n i d l o H l a n o i t a n r e t n I o p m o S d t L o C l a c i t u e c a m r a h P a d e k a T A U k n a b o b a R e v e i t a r e p o o C p r o C l a i c n a n i F A N C C L P k n a B s d y o l L C L L l a t i p a C S U W M B o C l i O n a i b a r A i d u a S p r o C T & B B c n I c i f i t n e i c S r e h s i F o m r e h T t s u r T g n i d n u F s r e n r o C e v i F V N l a n o i t a n r e t n I e c n a n i F l e n E G A p u o r G e s s i u S t i d e r C C L P d e r e t r a h C d r a d n a t S C L P p u o r G e n o f a d o V I I g n i d n u F l a b o l G e f i L l a p i c n i r P p r o C t i d e r C s s e r p x E n a c i r e m A B A n e k n a b s l e d n a H a k s n e v S V N k n a B O R M A N B A c n I e c r u o S i N c n I r e p p e P r D g i r u e K y g r e n E e c r u o s r e v E p r o c n a B d r i h T h t f i F c n I r e w o t l l e W y g r e n E a r p m e S k n a B t s i u r T C L L a c i r e m A h t r o N e c n a n i F r e l m i a D l a b o l G C M S T 9 1 0 2 , 1 3 r e b m e c e D e t o N e u l a V r i a F s e i c n e r r u C n g i e r o F ( ) s d n a s u o h T n i ) f o e g a t n e c r e P % i ( p h s r e n w O e u l a V g n i y r r a C s e i c n e r r u C n g i e r o F ( ) s d n a s u o h T n i s t i n U / s e r a h S ) s d n a s u o h T n I ( t n u o c c A t n e m e t a t S l a i c n a n i F y n a p m o C e h t h t i w p i h s n o i t a l e R e m a N d n a e p y T s e i t i r u c e S e l b a t e k r a M e m a N y n a p m o C d l e H ) d e u n i t n o C ( 0 5 3 , 4 4 3 3 , 4 2 6 2 , 4 0 0 2 , 4 2 8 1 , 4 7 8 0 , 4 2 5 0 , 4 3 4 0 , 4 3 0 0 , 4 9 8 9 , 3 3 7 9 , 3 3 5 9 , 3 2 1 9 , 3 1 0 9 , 3 6 9 8 , 3 6 3 8 , 3 5 9 7 , 3 7 1 7 , 3 8 2 6 , 3 4 2 5 , 3 8 8 4 , 3 1 2 4 , 3 4 2 3 , 3 3 9 2 , 3 0 5 2 , 3 6 4 2 , 3 4 2 2 , 3 4 1 2 , 3 8 8 1 , 3 7 8 1 , 3 8 6 1 , 3 7 6 1 , 3 7 1 1 , 3 2 7 0 , 3 1 7 0 , 3 0 7 0 , 3 9 4 0 , 3 0 4 0 , 3 8 3 0 , 3 7 3 0 , 3 5 1 0 , 3 2 0 0 , 3 0 8 9 , 2 1 2 9 , 2 1 2 9 , 2 3 0 9 , 2 3 9 8 , 2 5 7 8 , 2 2 6 8 , 2 8 4 8 , 2 4 9 7 , 2 1 7 7 , 2 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / 0 5 3 , 4 4 3 3 , 4 2 6 2 , 4 0 0 2 , 4 2 8 1 , 4 7 8 0 , 4 2 5 0 , 4 3 4 0 , 4 3 0 0 , 4 9 8 9 , 3 3 7 9 , 3 3 5 9 , 3 2 1 9 , 3 1 0 9 , 3 6 9 8 , 3 6 3 8 , 3 5 9 7 , 3 7 1 7 , 3 8 2 6 , 3 4 2 5 , 3 8 8 4 , 3 1 2 4 , 3 4 2 3 , 3 3 9 2 , 3 0 5 2 , 3 6 4 2 , 3 4 2 2 , 3 4 1 2 , 3 8 8 1 , 3 7 8 1 , 3 8 6 1 , 3 7 6 1 , 3 7 1 1 , 3 2 7 0 , 3 1 7 0 , 3 0 7 0 , 3 9 4 0 , 3 0 4 0 , 3 8 3 0 , 3 7 3 0 , 3 5 1 0 , 3 2 0 0 , 3 0 8 9 , 2 1 2 9 , 2 1 2 9 , 2 3 0 9 , 2 3 9 8 , 2 5 7 8 , 2 2 6 8 , 2 8 4 8 , 2 4 9 7 , 2 1 7 7 , 2 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - r e h t o h g u o r h t e u l a v r i a f t a s t e s s a l a i c n a n i F e m o c n i e v i s n e h e r p m o c 〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃 - 8 7 1 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - t n e m p o l e v e D & n o i t c u r t s n o c e R r o f k n a B n a e p o r u E o C d e t i m i l n U o C g n i d n u F l a n o i t a n r e t n I l a t i p a C E G C L L e c n a n i F a c i r e m A f o p u o r G n e g a w s k l o V I R e c n e d i v o r P / A N k n a B s n e z i t i C d t L n o i t a i v A C O B c n I P C H y t e i c o S g n i d l i u B e d i w n o i t a N k n a B t n e m p o l e v e D n a i s A e h T / p r o C b a w h c S s e l r a h C o C r e w o P a l e h a g n o n o M c n I y g r e n E n o i n i m o D P L X L P M a i l a r t s u A f o k n a B h t l a e w n o m m o C H O d n a l e v e l C A N k n a B y e K / c n I p u o r G y g r e n E C E W o C c i r t c e l E l a r e n e G e h T / o C y e n s i D t l a W e h T / o C g n i e o B c n I s a G E N O d t L n e i r t u N k n a B t n e m p o l e v e D n a c i r e m A - r e t n I a c i r e m A l a t i p a C i a d n u y H c n I l a i c n a n i F d e t i n U s e l p o e P ' c n I e n o Z o t u A A N p r o c n a B s n o i Z p r o C n o s s e K c M p r o C n e r e m A c n I n o r t x e T c n I s n i l l o C l l e w k c o R C L L o C y r e v i l e D c i r t c e l E r o c n O C L L a d i r o l F y g r e n E e k u D c n I s r u o m e N e d t n o P u D c n I y g r e n E l e c X / Y N A U k n a b o b a R e v e i t a r e p o o C d t L s e c r u o s e R l a r u t a N n a i d a n a C c n I n a c i r e m A s d l o n y e R S / A k n a B e k s n a D A N k n a B n o i n U G F U M c n I l a t i p a C X L E R p r o C d l o G k c i r r a B C L P p u o r G d n a l t o c S f o k n a B l a y o R P L y t l a e R s a t n e V k n a B s s a p m o C c n I d r a T - e h c u o C n o i t a t n e m i l A D M / c n I l a n o i t a n r e t n I t t o i r r a M c n I s c i t y l a n A k s i r e V p r o C y g r e n E e k u D c n I y g r e n E y k s u H p r o C n o l e x E c n I e g n a h c x E l a t n e n i t n o c r e t n I c n I y g r e n E t n i o P r e t n e C p r o C g n i k n a B c a p t s e W l a b o l G C M S T 9 1 0 2 , 1 3 r e b m e c e D e t o N e u l a V r i a F s e i c n e r r u C n g i e r o F ( ) s d n a s u o h T n i ) f o e g a t n e c r e P % i ( p h s r e n w O e u l a V g n i y r r a C s e i c n e r r u C n g i e r o F ( ) s d n a s u o h T n i s t i n U / s e r a h S ) s d n a s u o h T n I ( t n u o c c A t n e m e t a t S l a i c n a n i F y n a p m o C e h t h t i w p i h s n o i t a l e R e m a N d n a e p y T s e i t i r u c e S e l b a t e k r a M e m a N y n a p m o C d l e H ) d e u n i t n o C ( 0 4 7 , 2 8 2 7 , 2 7 1 7 , 2 8 9 6 , 2 5 9 6 , 2 8 6 6 , 2 8 6 6 , 2 2 2 6 , 2 5 1 6 , 2 1 0 6 , 2 4 6 5 , 2 5 5 5 , 2 0 5 5 , 2 0 4 5 , 2 7 2 5 , 2 7 2 5 , 2 4 2 5 , 2 7 0 5 , 2 4 9 4 , 2 0 5 4 , 2 5 3 4 , 2 4 2 4 , 2 4 7 3 , 2 3 7 3 , 2 2 5 3 , 2 7 0 3 , 2 9 6 2 , 2 4 4 2 , 2 2 4 2 , 2 5 3 2 , 2 9 1 2 , 2 9 0 2 , 2 3 9 1 , 2 5 7 1 , 2 4 6 1 , 2 3 6 1 , 2 2 6 1 , 2 9 5 1 , 2 2 2 1 , 2 0 2 1 , 2 9 9 0 , 2 2 9 0 , 2 2 7 0 , 2 5 4 0 , 2 1 4 0 , 2 8 2 0 , 2 5 1 0 , 2 4 0 0 , 2 4 8 9 , 1 0 6 9 , 1 6 5 9 , 1 9 4 9 , 1 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / 0 4 7 , 2 8 2 7 , 2 7 1 7 , 2 8 9 6 , 2 5 9 6 , 2 8 6 6 , 2 8 6 6 , 2 2 2 6 , 2 5 1 6 , 2 1 0 6 , 2 4 6 5 , 2 5 5 5 , 2 0 5 5 , 2 0 4 5 , 2 7 2 5 , 2 7 2 5 , 2 4 2 5 , 2 7 0 5 , 2 4 9 4 , 2 0 5 4 , 2 5 3 4 , 2 4 2 4 , 2 4 7 3 , 2 3 7 3 , 2 2 5 3 , 2 7 0 3 , 2 9 6 2 , 2 4 4 2 , 2 2 4 2 , 2 5 3 2 , 2 9 1 2 , 2 9 0 2 , 2 3 9 1 , 2 5 7 1 , 2 4 6 1 , 2 3 6 1 , 2 2 6 1 , 2 9 5 1 , 2 2 2 1 , 2 0 2 1 , 2 9 9 0 , 2 2 9 0 , 2 2 7 0 , 2 5 4 0 , 2 1 4 0 , 2 8 2 0 , 2 5 1 0 , 2 4 0 0 , 2 4 8 9 , 1 0 6 9 , 1 6 5 9 , 1 9 4 9 , 1 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - r e h t o h g u o r h t e u l a v r i a f t a s t e s s a l a i c n a n i F e m o c n i e v i s n e h e r p m o c 〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃 - 9 7 1 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - V B e c n a n i F l a n o i t a n r e t n I m o k e l e T e h c s t u e D C L L g n i t a r e p O s t c u d o r P e s i r p r e t n E e h T / k n a B l a n o i t a N n o t g n i t n u H d t L y t P e c n a n i F t s e r c w e N c n I p u o r G e s i r p r e t n E e c i v r e S c i l b u P p r o C l a t i p a C e r e e D n h o J c n I s c i t s o n g a i D t s e u Q C L L e c n a n i F n e e v u N c n I s e i t i n u m m o C y a B n o l a v A C L L o C n o i t a r e n e G n o l e x E C L P l a t i p a C e n i l K h t i m S o x a l G d t L o C s g n i d l o H i & n e v e S G A p u o r G S B U C L P s y a l c r a B p r o C y g r e t n E t s u r T h g u o r h T s s a P A s s a l C 1 - 7 0 0 2 s e n i L r i A a t l e D p r o C l a t i p a C s a t n e V / P L y t l a e R s a t n e V P L p u o r G y t r e p o r P n o m i S o C y g r e n E y a w a h t a H e r i h s k r e B p r o C n a m m u r G p o r h t r o N o C M 3 C L L a i d e M l a s r e v i n U C B N o C l a c i m e h C n a m t s a E p r o C m u e l o r t e P n o h t a r a M 2 o N p r o C s a t n i C c n I y a w a h t a H e r i h s k r e B c n I m e h t n A c n I u d i a B p u o r G m u n U c n I a n t e A o C n o s i d E a i n r o f i l a C n r e h t u o S H O / i t a n n i c n i C A N k n a B S U p r o C l a n o i t a N n l o c n i L c n I M M O C L A U Q a d a n a C f o k n a B l a n o i t a N C L L r e w o P G E S P t s u r T h g u o r h T s s a P A s s a l C 2 - 3 1 0 2 s e n i l r i A n a c i r e m A A S e c n a n i F g r u o b m e x u L d n a R - l l o s r e g n I o C c i r t c e l E & s a G o g e i D n a S d t L p u o r G s h t r o w l o o W c n I y g r e n E r o c n u S d t L k n a B B S A d t L 6 1 l a n o i t a n r e t n I n o s i h c t u H K C c n I d i r g n a v A e h T / p r o C n o l l e M k r o Y w e N f o k n a B E D / c n I n a g r o M r e d n i K I g n i d n u F l a b o l G a o c i r P p r o C e l c a r O p r o C y e l k r e B R W C L P a c e n e Z a r t s A p r o c n a B S U e h T / o C l a c i m e h C w o D l a b o l G C M S T 9 1 0 2 , 1 3 r e b m e c e D e t o N e u l a V r i a F s e i c n e r r u C n g i e r o F ( ) s d n a s u o h T n i ) f o e g a t n e c r e P % i ( p h s r e n w O e u l a V g n i y r r a C s e i c n e r r u C n g i e r o F ( ) s d n a s u o h T n i s t i n U / s e r a h S ) s d n a s u o h T n I ( t n u o c c A t n e m e t a t S l a i c n a n i F y n a p m o C e h t h t i w p i h s n o i t a l e R e m a N d n a e p y T s e i t i r u c e S e l b a t e k r a M e m a N y n a p m o C d l e H ) d e u n i t n o C ( 8 1 9 , 1 6 0 9 , 1 4 0 9 , 1 0 0 9 , 1 6 8 8 , 1 6 6 8 , 1 1 3 8 , 1 1 9 7 , 1 2 7 7 , 1 0 6 7 , 1 1 5 7 , 1 4 4 7 , 1 1 4 7 , 1 2 2 7 , 1 1 1 7 , 1 0 7 6 , 1 1 6 6 , 1 7 5 6 , 1 0 5 6 , 1 3 4 6 , 1 0 3 6 , 1 4 0 6 , 1 1 0 6 , 1 3 9 5 , 1 2 7 5 , 1 2 7 5 , 1 9 5 5 , 1 8 3 5 , 1 5 2 5 , 1 3 2 5 , 1 7 1 5 , 1 6 1 5 , 1 4 0 5 , 1 2 0 5 , 1 1 0 5 , 1 0 0 5 , 1 6 9 4 , 1 6 9 4 , 1 8 8 4 , 1 1 6 4 , 1 8 5 4 , 1 8 3 4 , 1 2 3 4 , 1 5 1 4 , 1 2 1 4 , 1 0 1 4 , 1 0 9 3 , 1 7 8 3 , 1 7 5 3 , 1 5 5 3 , 1 3 4 3 , 1 6 2 3 , 1 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / 8 1 9 , 1 6 0 9 , 1 4 0 9 , 1 0 0 9 , 1 6 8 8 , 1 6 6 8 , 1 1 3 8 , 1 1 9 7 , 1 2 7 7 , 1 0 6 7 , 1 1 5 7 , 1 4 4 7 , 1 1 4 7 , 1 2 2 7 , 1 1 1 7 , 1 0 7 6 , 1 1 6 6 , 1 7 5 6 , 1 0 5 6 , 1 3 4 6 , 1 0 3 6 , 1 4 0 6 , 1 1 0 6 , 1 3 9 5 , 1 2 7 5 , 1 2 7 5 , 1 9 5 5 , 1 8 3 5 , 1 5 2 5 , 1 3 2 5 , 1 7 1 5 , 1 6 1 5 , 1 4 0 5 , 1 2 0 5 , 1 1 0 5 , 1 0 0 5 , 1 6 9 4 , 1 6 9 4 , 1 8 8 4 , 1 1 6 4 , 1 8 5 4 , 1 8 3 4 , 1 2 3 4 , 1 5 1 4 , 1 2 1 4 , 1 0 1 4 , 1 0 9 3 , 1 7 8 3 , 1 7 5 3 , 1 5 5 3 , 1 3 4 3 , 1 6 2 3 , 1 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - r e h t o h g u o r h t e u l a v r i a f t a s t e s s a l a i c n a n i F e m o c n i e v i s n e h e r p m o c 〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃 - 0 8 1 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - V B s d n a l r e h t e N s g n i d l o H l a n o i t a n r e t n I z e l e d n o M c n I e c n a i l l A s t o o B s n e e r g l a W V N s e i r t s u d n I l l e s a B l l e d n o y L c n I p u o r G h t l a e H d e t i n U c n I e c n a n i F d l e i f k o o r B e h T / o C n r e h t u o S d t L s g n i d l o H y r o t n u S c n I s g n i d l o H e l t s e N Y N / c n I m e l y X d t L 9 1 l a n o i t a n r e t n I n o s i h c t u H K C o C s a G & c i r t c e l E e c i v r e S c i l b u P g n i d n u F l a b o l G e f i L n a i d r a u G k n a B a n a H B E K c n I d r a z z i l B n o i s i v i t c A p r o C e c n a n i F T T N 1 0 4 1 / F t s u r T d t L 5 1 0 2 t n e m p o l e v e D s a e s r e v O p u o r G c e p o n i S g n i d n u F l a b o l G e f i L e v i t c e t o r P c n I l a i c n a n i F l a i t n e d u r P C L P k n a B C B S H p r o C l a c i m e h C e k a l t s e W P L n o i s s i m s n a r T n r e t s a E s a x e T c n I p u o r G s e i t i r u c e S a w i a D c n I p u o r G l a i c n a n i F s n e z i t i C o C r e w o P a i g r o e G c n I d r a c r e t s a M p r o C e m o c n I y t l a e R d t L p u o r G A A I c n I r o g i l b O - 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- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃 r e h t o h g u o r h t e u l a v r i a f t a s t e s s a l a i c n a n i F e m o c n i e v i s n e h e r p m o c - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - ) d e u n i t n o C ( - 1 8 1 - t n i r p S / C L L I I o C m u r t c e p S t n i r p S / C L L o C m u r t c e p S t n i r p S e h T / c n I s o C f o p u o r G c i l b u p r e t n I c n I o C r e w o P c i r t c e l E n a c i r e m A A N k n a B e s a h C n a g r o M P J C L P s g n i d l o H p u o r G K U r e d n a t n a S C L L p u o r G l a t i p a C n o i t a i v A c n I h t l a e H l a n i d r a C p r o C t e e r t S e t a t S e h T / o C g n i t a n i m u l l I c i r t c e l E d n a l e v e l C c l p l a n o i t a n r e t n I s l o r t n o C n o s n h o J P L s r e n t r a P m a e r t s d i M n a l l e g a M L A m a h g n i m r i B / k n a B s n o i g e R d t L s e n i L e p i P a d a n a C s n a r T d t L s e n i l e p i P T P A k r o Y w e N / d t L k n a B a i l a r t s u A l a n o i t a N C L L I I I o C m u r t c e p S c n I R D U c n I s e i t i u q E e t a t s E l a e R a i r d n a x e l A p r o C l a i c n a n i F e f i l u n a M p r o C y g r e n E S M C c n I y e r a C P W o C c i r t c e l E & s a G e r o m i t l a B p r o C c i f i c a P n o i n U l r a S I I e c n a n i F e p o r u E H D p r o C t i d e r C r o t o M a t o y o T C L L i p p i s s i s s i M y g r e t n E o C r e s u e a h r e y e W o C g n i d l o H a n g i C t s u r T h g u o r h T s s a P A s s a l C 1 - 2 1 0 2 s e n i l r i A l a t n e n i t n o C V B s d n a l r e h t e N e c n a n i F r o t o M a t o y o T e l i h C e d e r b o C l e d l a n o i c a N p r o C c n I m o c . n o z a m A p r o C s w e o L t s u r T h g u o r h T s s a P A s s a l C 1 - 3 1 0 2 s y a w r i A h s i t i r B d t L o C e c n a n i F & e s a e L J F U i h s i b u s t i M p r o C n i t r a M d e e h k c o L c n I s o C n a n n e L c M & h s r a M C L L c i f i c a P - a i g r o e G o C n o s i d E h t l a e w n o m m o C c n I s e c i v r e S c i l b u p e R p r o C y t l a e R o c m K i k n a B t n e m p o l e v e D n a c i r f A T C d r o f m a t S / G A S B U c n I s e c n e i c S d a e l i G c n I e f i L t e M A S U A V B B C L L s a s n a k r A y g r e t n E l a b o l G C M S T I I g n i d n u F l a b o l G l a u t u M s s a M V C e d B A S a s m e F a l o C - a c o C d t L 1 1 0 2 e c n a n i F C O O N C c n I a r r e t i V p r o C S B C c n I A C 9 1 0 2 , 1 3 r e b m e c e D e t o N e u l a V r i a F s e i c n e r r u C n g i e r o F ( ) s d n a s u o h T n i ) f o e g a t n e c r e P % i ( p h s r e n w O e u l a V g n i y r r a C s e i c n e r r u C n g i e r o F ( ) s d n a s u o h T n i s t i n U / s e r a h S ) s d n a s u o h T n I ( t n u o c c A t n e m e t a t S l a i c n a n i F y n a p m o C e h t h t i w p i h s n o i t a l e R e m a N d n a e p y T s e i t i r u c e S e l b a t e k r a M e m a N y n a p m o C d l e H ) d e u n i t n o C ( 4 2 8 4 1 8 9 7 7 2 6 7 5 5 7 1 5 7 2 4 7 4 2 7 5 0 7 5 0 7 4 0 7 5 6 6 7 5 6 6 3 6 5 3 6 7 2 6 1 2 6 4 1 6 9 0 6 9 0 6 8 0 6 3 0 6 0 0 6 3 9 5 8 8 5 5 7 5 5 7 5 2 7 5 0 5 5 1 4 5 1 4 5 0 3 5 5 2 5 1 2 5 9 1 5 1 1 5 4 0 5 2 0 5 2 0 5 2 0 5 0 0 5 5 9 4 5 6 4 2 6 4 2 6 4 2 5 4 5 2 4 7 1 4 3 1 4 8 0 4 6 0 4 5 0 4 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / 4 2 8 4 1 8 9 7 7 2 6 7 5 5 7 1 5 7 2 4 7 4 2 7 5 0 7 5 0 7 4 0 7 5 6 6 7 5 6 6 3 6 5 3 6 7 2 6 1 2 6 4 1 6 9 0 6 9 0 6 8 0 6 3 0 6 0 0 6 3 9 5 8 8 5 5 7 5 5 7 5 2 7 5 0 5 5 1 4 5 1 4 5 0 3 5 5 2 5 1 2 5 9 1 5 1 1 5 4 0 5 2 0 5 2 0 5 2 0 5 0 0 5 5 9 4 5 6 4 2 6 4 2 6 4 2 5 4 5 2 4 7 1 4 3 1 4 8 0 4 6 0 4 5 0 4 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U - 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7 0 0 2 s e n i l r i A l a t n e n i t n o C d t L o C g n i d l o H l a b o l G d n a R - l l o s r e g n I c n I s k r o w t e N r e p i n u J c n I n e g m A c n I C B A e h T / c n I p u o r G s e c i v r e S l a i c n a n i F C N P p r o C s g n i d l o H A S U y g r e n E a h w n a H p r o C s e c i v r e S l a i c n a n i F r a l l i p r e t a C A S e n o n a D p r o C s r e t n e C y c n e g e R c n I m o c . e c r o f s e l a s c n I s g n i d l o H a r u m o N o C X T T c n I c a l f A P L s r e n t r a P K O E N O l a b o l G C M S T C L P e c n a n i F l a n o i t a n r e t n I T A B C L L s a n i l o r a C y g r e n E e k u D e h T / o C c i r t c e l E t t e s n a g a r r a N d t L k n a B s a e s r e v O d e t i n U C L L s g n i d l o H c i r t c e l E n o t a E p r o C p r o c d l o G t n o m w e N k n a B a c i r e m o C P L s e i t r e p o r P n o t s o B P L y t r e p o r P y t r e b i L P L y t l a e R e k u D c n I o c r a V l l e w l i O l a n o i t a N 9 1 0 2 , 1 3 r e b m e c e D e t o N e u l a V r i a F s e i c n e r r u C n g i e r o F ( ) s d n a s u o h T n i ) f o e g a t n e c r e P % i ( p h s r e n w O e u l a V g n i y r r a C s e i c n e r r u C n g i e r o F ( ) s d n a s u o h T n i s t i n U / s e r a h S ) s d n a s u o h T n I ( t n u o c c A t n e m e t a t S l a i c n a n i F y n a p m o C e h t h t i w p i h s n o i t a l e R e m a N d n a e p y T s e i t i r u c e S e l b a t e k r a M e m a N y n a p m o C d l e H ) d e u n i t n o C ( 4 0 4 0 0 4 9 9 3 3 9 3 8 8 3 6 8 3 9 5 3 2 1 3 8 0 3 7 0 3 6 0 3 3 0 3 0 0 3 0 0 3 9 9 2 4 8 2 2 8 2 8 5 2 7 5 2 2 5 2 8 4 2 9 0 2 9 0 2 8 0 2 7 0 2 7 0 2 1 0 2 0 0 2 5 8 1 1 1 1 8 7 5 , 5 8 2 2 0 , 0 1 4 9 7 , 1 6 1 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U 2 4 9 , 9 1 4 $ S U 1 0 5 , 3 0 3 8 , 2 2 7 3 , 1 $ S U $ S U $ S U 5 6 3 , 1 $ S U 2 5 3 , 1 6 7 $ S U 9 7 3 , 6 7 1 4 9 9 , 4 6 1 1 8 0 , 4 6 1 3 3 8 , 2 5 1 5 3 8 , 9 2 1 6 5 8 , 6 5 1 9 8 , 4 5 8 0 1 , 3 3 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / 4 0 4 0 0 4 9 9 3 3 9 3 8 8 3 6 8 3 9 5 3 2 1 3 8 0 3 7 0 3 6 0 3 3 0 3 0 0 3 0 0 3 9 9 2 4 8 2 2 8 2 8 5 2 7 5 2 2 5 2 8 4 2 9 0 2 9 0 2 8 0 2 7 0 2 7 0 2 1 0 2 0 0 2 5 8 1 1 1 1 6 9 9 , 9 7 6 9 , 4 8 8 9 0 , 0 6 1 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U 2 4 9 , 9 1 4 $ S U 1 0 5 , 3 0 3 8 , 2 2 7 3 , 1 $ S U $ S U $ S U 5 6 3 , 1 $ S U 2 5 3 , 1 6 7 $ S U 9 7 3 , 6 7 1 4 9 9 , 4 6 1 1 8 0 , 4 6 1 3 3 8 , 2 5 1 5 3 8 , 9 2 1 6 5 8 , 6 5 1 9 8 , 4 5 8 0 1 , 3 3 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃 r e h t o h g u o r h t e u l a v r i a f t a s t e s s a l a i c n a n i F e m o c n i e v i s n e h e r p m o c r e h t o h g u o r h t e u l a v r i a f t a s t e s s a l a i c n a n i F e m o c n i e v i s n e h e r p m o c 〃〃 t s o c d e z i t r o m a t a s t e s s a l a i c n a n i F 〃〃〃 r o t i f o r P h g u o r h t e u l a v r i a f t a s t e s s a l a i c n a n i F r e h t o h g u o r h t e u l a v r i a f t a s t e s s a l a i c n a n i F e m o c n i e v i s n e h e r p m o c s s o L 〃〃〃〃〃〃〃〃 - 3 8 1 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - t s u r T h g u o r h T s s a P 1 - A s s a l C 1 - 0 0 0 2 s e n i l r i A l a t n e n i t n o C c n I s e c i v r e S n o i t a m r o f n I l a n o i t a N y t i l e d i F o C y a w l i a R c i f i c a P n a i d a n a C c n I s g n i d l o H e l b a t i u q E A X A o C n o s i d E n a t i l o p o r t e M c n I p u o r G l a i c n a n i F p r o C n a t S c n I p u o r G l a i c n a n i F l a p i c n i r P d t L a d a n a C e c n a n i F r e g r e b m u l h c S o C t s u r T s r e d a r T & s r e r u t c a f u n a M e h T / c n I t o p e D e m o H o C & y l l i L i l E V C e d B A S l i v o M a c i r e m A d t L g n i d l o H p u o r G a b a b i l A c n I s g n i d l o H A N I b b u h C h t l a e H t i r i p S n o m m o C p r o C g n i u s s I l a r u t a N n r e h t u o S / C L L o C s a G l a r u t a N n r e h t u o S t s u r T h g u o r h T s s a P A s s a l C 1 - 3 1 0 2 s y a w r i A S U o C d n a l d i M - s l e i n a D - r e h c r A V C e d B A S i o b m B o p u r G A N a c i r e m A f o k n a B d t L p r o C a r t s l e T C L P n o A t s u r T h g u o r h T s s a P A s s a l C 1 - 1 1 0 2 s e n i l r i A n a c i r e m A a n i h C f o k n a B l a i c r e m m o C d n a l a i r t s u d n I . o C & e s a h C n a g r o M P J o C & o g r a F s l l e W s d n o B d e x e d n I n o i t a l f n I y r u s a e r T s e t a t S d e t i n U d n o B l a n o i t a n r e t n I t n e m n r e v o G i b a h D u b A d n o B l a n o i t a n r e t n I t n e m n r e v o G r a t a Q d n o B / e t o N y r u s a e r T s e t a t S d e t i n U d n o b t n e m n r e v o G s e t a c i f i t r e C h g u o r h T s s a P d e r u t c u r t S y l i m a f i t l u M c a M e i d d e r F s e i t i r u c e s d e k c a b - e g a g t r o m y c n e g A / s d n o b y c n e g A l o o P e a M e i n n a F c n I t n e m e g a n a M e t s a W C L L V W M k c o R t s e W C L L g n i d n u F e r o c n e l G d t L e c n a n i F B N Q o C n o t r u b i l l a H p r o C r o c u N o C r e w o P n r e h t u o S l a b o l G C M S T n o i t a i c o s s A e g a g t r o M l a n o i t a N t n e m n r e v o G e a M e i n n i G c a M e i d d e r F r o e a M e i n n a F l o o P d l o G c a M e i d d e r F l o o P I I e a M e i n n i G l o o P c a M e i d d e r F I S C M E R c a M e i d d e r F I S C M E R e a M e i n n a F 9 1 0 2 , 1 3 r e b m e c e D 1 4 0 , 3 6 9 6 , 2 0 6 1 , 2 0 7 9 , 1 9 9 0 , 1 6 9 9 0 7 9 0 6 8 9 8 7 8 6 6 7 6 6 9 9 4 5 1 4 2 2 2 6 1 1 5 2 9 , 9 1 2 3 , 7 6 3 0 , 7 5 4 8 , 6 8 4 2 , 6 4 8 0 , 6 5 7 0 , 6 0 7 0 , 6 1 4 0 , 6 2 2 0 , 6 4 2 9 , 5 8 7 6 , 5 8 4 6 , 5 2 7 4 , 5 8 3 2 , 5 9 7 0 , 5 0 3 0 , 5 2 1 0 , 5 2 2 9 , 4 5 0 7 , 4 8 1 5 , 4 2 0 5 , 4 3 6 2 , 4 1 4 2 , 4 0 8 1 , 4 8 7 1 , 4 4 6 1 , 4 3 6 1 , 4 1 5 1 , 4 7 0 1 , 4 4 0 1 , 4 9 9 0 , 4 2 9 9 , 3 4 0 8 , 3 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U ) d e u n i t n o C ( e t o N e u l a V r i a F s e i c n e r r u C n g i e r o F ( ) s d n a s u o h T n i ) 9 0 4 , 1 2 $ S U f o e g a t n e c r e P % i ( p h s r e n w O A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / e u l a V g n i y r r a C s e i c n e r r u C n g i e r o F ( ) s d n a s u o h T n i 9 0 4 , 1 2 $ S U 1 4 0 , 3 6 9 6 , 2 0 6 1 , 2 0 7 9 , 1 9 9 0 , 1 6 9 9 0 7 9 0 6 8 9 8 7 8 6 6 7 6 6 9 9 4 5 1 4 2 2 2 6 1 1 5 2 9 , 9 1 2 3 , 7 6 3 0 , 7 5 4 8 , 6 8 4 2 , 6 4 8 0 , 6 5 7 0 , 6 0 7 0 , 6 1 4 0 , 6 2 2 0 , 6 4 2 9 , 5 8 7 6 , 5 8 4 6 , 5 2 7 4 , 5 8 3 2 , 5 9 7 0 , 5 0 3 0 , 5 2 1 0 , 5 2 2 9 , 4 5 0 7 , 4 8 1 5 , 4 2 0 5 , 4 3 6 2 , 4 1 4 2 , 4 0 8 1 , 4 8 7 1 , 4 4 6 1 , 4 3 6 1 , 4 1 5 1 , 4 7 0 1 , 4 4 0 1 , 4 9 9 0 , 4 2 9 9 , 3 4 0 8 , 3 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U s t i n U / s e r a h S ) s d n a s u o h T n I ( t n u o c c A t n e m e t a t S l a i c n a n i F y n a p m o C e h t h t i w p i h s n o i t a l e R e m a N d n a e p y T s e i t i r u c e S e l b a t e k r a M e m a N y n a p m o C d l e H - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃 r e h t o h g u o r h t e u l a v r i a f t a s t e s s a l a i c n a n i F e m o c n i e v i s n e h e r p m o c r e h t o h g u o r h t e u l a v r i a f t a s t e s s a l a i c n a n i F e m o c n i e v i s n e h e r p m o c 〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃 - 4 8 1 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 9 2 C - 6 1 0 2 t s u r T h c n y L l l i r r e M a c i r e m A f o k n a B y e l n a t S n a g r o M 3 5 C - 9 1 0 2 t s u r T e g a g t r o M l a i c r e m m o C o g r a F s l l e W 3 1 C - 3 1 0 2 t s u r T e g a g t r o M l a i c r e m m o C S B R F W 1 V E R - 6 1 0 2 t s u r T r e n w O o t u A t i d e r C d r o F t s u r T e g a g t r o M 8 D C - 9 1 0 2 D C t s u r T e g a g t r o M 4 2 E R C C - 5 1 0 2 M M O C t s u r T e g a g t r o M L L A T - 8 1 0 2 S M C B B 0 3 C - 6 1 0 2 t s u r T h c n y L l l i r r e M a c i r e m A 0 1 C - 3 1 0 2 t s u r T h c n y L l l i r r e M a c i r e m A f o f o k n a B y e l n a t S n a g r o M k n a B y e l n a t S n a g r o M A - 8 1 0 2 t s u r T n o i t a z i t i r u c e S e s a e L o t u A i a d n u y H 7 C - 3 1 0 2 t s u r T h c n y L l l i r r e M a c i r e m A f o k n a B y e l n a t S n a g r o M 8 2 C - 5 1 0 2 t s u r T s e i t i r u c e S e g a g t r o M l a i c r e m m o C B B M P J B - 9 1 0 2 t s u r T e s a e L o t u A z n e B - s e d e c r e M 1 - 8 1 0 2 t s u r T s e l b a v i e c e R e l i b o m o t u A r e m u s n o C l a i c n a n i F M G 7 P J - 7 1 0 2 t s u r T s e i t i r u c e S e g a g t r o M l a i c r e m m o C C C M P J 0 1 C - 8 1 0 2 t s u r T e g a g t r o M l a i c r e m m o C S B U A - 6 1 0 2 t s u r T s e l b a v i e c e R o t u A i a d n u y H t s u r T r e t s a M t n u o c c A t i d e r C s s e r p x E n a c i r e m A D N I - 8 1 0 2 t s u r T e g a g t r o M l a i c r e m m o C X B 6 K N B - 7 1 0 2 K N A B 5 K N B - 7 1 0 2 K N A B 7 1 K N B - 9 1 0 2 K N A B 1 V E R - 5 1 0 2 t s u r T r e n w O o t u A t i d e r C d r o F t s u r T e g a g t r o M K R A M - 9 1 0 2 D C R M B - 6 1 0 2 t s u r T s e l b a v i e c e R o t u A i a d n u y H 2 2 K N B - 9 1 0 2 K N A B 1 2 C G - 4 1 0 2 t s u r T e g a g t r o M l a i c r e m m o C p u o r g i t i C C O B I - 7 1 0 2 t s u r T e g a g t r o M l a i c r e m m o C B B D G C t s u r T e c n a u s s I d r a C t i d e r C k n a b i t i C t s u r T e g a g t r o M 1 1 B - 9 1 0 2 k r a m h c n e B A - 7 1 0 2 t s u r T r e n w O o t u A t i d e r C d r o F 5 3 C - 6 1 0 2 t s u r T e g a g t r o M l a i c r e m m o C o g r a F s l l e W 2 C - 2 1 0 2 t s u r T e g a g t r o M l a i c r e m m o C s y a l c r a B - S B U A - 7 1 0 2 t s u r T s e l b a v i e c e R o t u A i a d n u y H s e i t i r u c e s d e k c a b - t e s s A p r o C g n i d n u F s k n a B t i d e r C m r a F l a r e d e F y t i r o h t u A g n i s u o H y t n u o C & y t i C r e v n e D d t L o C r e w o P r a e l c u N & o r d y H a e r o K 2 R - 0 1 0 2 t s u r T s e t o N d e e t n a r a u G A U C N y t i s r e v i n U e c n e i c S & h t l a e H n o g e r O t s u r T e g a g t r o M 1 6 B S - 9 1 0 2 B S E R F l o o P d l o G n o N c a M e i d d e r F 1 R - 0 1 0 2 t s u r T s e t o N d e e t n a r a u G A U C N t s u r T e g a g t r o M 0 6 B S - 9 1 0 2 B S E R F l o o P I e a M e i n n i G - A M N G C M L H F s e t a c i f i t r e C h g u o r h T s s a P d e r u t c u r t S y l i m a f i t l u M c a M e i d d e r F s e t o N t n u o c s i D k n a B n a o L e m o H l a r e d e F s p i r t S c a M e i d d e r F s e c A - e a M e i n n a F l a b o l G C M S T I C M E R k r a m h c n e B e a M e i n n a F 9 1 0 2 , 1 3 r e b m e c e D e t o N e u l a V r i a F s e i c n e r r u C n g i e r o F ( ) s d n a s u o h T n i ) f o e g a t n e c r e P % i ( p h s r e n w O e u l a V g n i y r r a C s e i c n e r r u C n g i e r o F ( ) s d n a s u o h T n i s t i n U / s e r a h S ) s d n a s u o h T n I ( t n u o c c A t n e m e t a t S l a i c n a n i F y n a p m o C e h t h t i w p i h s n o i t a l e R e m a N d n a e p y T s e i t i r u c e S e l b a t e k r a M e m a N y n a p m o C d l e H 3 6 7 , 3 0 2 7 , 3 5 8 6 , 3 0 4 6 , 3 1 8 3 , 3 7 2 3 , 3 4 9 1 , 3 2 2 1 , 3 8 0 1 , 3 2 7 0 , 3 1 6 0 , 3 9 5 0 , 3 0 2 0 , 3 7 1 0 , 3 8 0 0 , 3 3 0 0 , 3 5 9 9 , 2 6 6 9 , 2 5 1 9 , 2 5 8 8 , 2 0 6 7 , 2 0 6 6 , 2 6 2 6 , 2 6 0 6 , 2 6 3 5 , 2 8 0 4 , 2 0 5 3 , 2 9 7 1 , 2 4 3 1 , 2 5 2 1 , 2 2 1 1 , 2 8 8 0 , 2 9 5 0 , 2 4 4 0 , 2 4 4 0 , 2 2 3 0 , 2 7 2 0 , 2 1 0 0 , 2 0 0 0 , 2 1 6 9 , 1 1 6 9 , 1 5 0 9 , 1 3 0 9 , 1 1 3 8 , 1 1 9 7 , 1 2 7 7 , 1 7 4 6 , 1 4 4 5 , 1 8 9 4 , 1 2 9 4 , 1 8 5 4 , 1 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / 3 6 7 , 3 0 2 7 , 3 5 8 6 , 3 0 4 6 , 3 1 8 3 , 3 7 2 3 , 3 4 9 1 , 3 2 2 1 , 3 8 0 1 , 3 2 7 0 , 3 1 6 0 , 3 9 5 0 , 3 0 2 0 , 3 7 1 0 , 3 8 0 0 , 3 3 0 0 , 3 5 9 9 , 2 6 6 9 , 2 5 1 9 , 2 5 8 8 , 2 0 6 7 , 2 0 6 6 , 2 6 2 6 , 2 6 0 6 , 2 6 3 5 , 2 8 0 4 , 2 0 5 3 , 2 9 7 1 , 2 4 3 1 , 2 5 2 1 , 2 2 1 1 , 2 8 8 0 , 2 9 5 0 , 2 4 4 0 , 2 4 4 0 , 2 2 3 0 , 2 7 2 0 , 2 1 0 0 , 2 0 0 0 , 2 1 6 9 , 1 1 6 9 , 1 5 0 9 , 1 3 0 9 , 1 1 3 8 , 1 1 9 7 , 1 2 7 7 , 1 7 4 6 , 1 4 4 5 , 1 8 9 4 , 1 2 9 4 , 1 8 5 4 , 1 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃 r e h t o h g u o r h t e u l a v r i a f t a s t e s s a l a i c n a n i F e m o c n i e v i s n e h e r p m o c - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - ) d e u n i t n o C ( - 5 8 1 - 2 - 7 1 0 2 t s u r T s e l b a v i e c e R e l i b o m o t u A r e m u s n o C l a i c n a n i F M G 3 C - 6 1 0 2 t s u r T e g a g t r o M l a i c r e m m o C p u o r g i t i C 2 1 J C G - 3 1 0 2 t s u r T s e i t i r u c e S e g a g t r o M S G 3 C G - 1 1 0 2 t s u r T s e i t i r u c e S e g a g t r o M S G 1 H - 7 1 0 2 t s u r T I l a t i p a C y e l n a t S n a g r o M A - 8 1 0 2 t s u r T s e l b a v i e c e R o t u A i a d n u y H B - 9 1 0 2 t s u r T e s a e L o t u A n a s s i N 4 2 K N B - 9 1 0 2 K N A B 6 C - 2 1 0 2 t s u r T h c n y L l l i r r e M a c i r e m A f o k n a B y e l n a t S n a g r o M 1 1 C - 8 1 0 2 t s u r T e g a g t r o M l a i c r e m m o C S B U 3 H - 8 1 0 2 t s u r T I l a t i p a C y e l n a t S n a g r o M t s u r T e g a g t r o M 2 1 E R C C - 3 1 0 2 M M O C A - 9 1 0 2 t s u r T r e n w O o t u A t i d e r C d r o F 4 B - 8 1 0 2 K R A M H C N E B A - 9 1 0 2 t s u r T e s a e L o t u A n a s s i N A - 9 1 0 2 t s u r T e s a e L t e e l F I R A 1 3 C - 6 1 0 2 t s u r T h c n y L l l i r r e M a c i r e m A f o k n a B y e l n a t S n a g r o M 7 C - 7 1 0 2 t s u r T s e i t i r u c e S e g a g t r o M l a i c r e m m o C B D M P J 7 1 C - 3 1 0 2 t s u r T e g a g t r o M l a i c r e m m o C S B R F W 9 1 C - 4 1 0 2 t s u r T s e i t i r u c e S e g a g t r o M l a i c r e m m o C B B M P J 8 P - 7 1 0 2 t s u r T e g a g t r o M l a i c r e m m o C p u o r g i t i C 1 - 7 1 0 2 e l i b o m o t u A r e m u s n o C l a i c n a n i F M G 2 2 C G - 4 1 0 2 t s u r T s e i t i r u c e S e g a g t r o M S G B - 8 1 0 2 t s u r T e s a e L o t u A z n e B - s e d e c r e M 4 3 C G - 5 1 0 2 t s u r T s e i t i r u c e S e g a g t r o M S G t s u r T e g a g t r o M 7 1 E R C C - 4 1 0 2 M M O C C L L I I g n i d n u F e k a e p a s e h C 8 C - 3 1 0 2 t s u r T h c n y L l l i r r e M a c i r e m A f o k n a B y e l n a t S n a g r o M 5 3 C G - 5 1 0 2 t s u r T e g a g t r o M l a i c r e m m o C p u o r g i t i C 1 - 9 1 0 2 t s u r T g n i s a e L e l i b o m o t u A l a i c n a n i F M G 6 H - 9 1 0 2 t s u r T I l a t i p a C y e l n a t S n a g r o M 4 2 C - 5 1 0 2 t s u r T h c n y L l l i r r e M a c i r e m A f o k n a B y e l n a t S n a g r o M 7 2 C G - 5 1 0 2 t s u r T e g a g t r o M l a i c r e m m o C p u o r g i t i C 2 1 C - 3 1 0 2 t s u r T s e i t i r u c e S e g a g t r o M l a i c r e m m o C B B M P J 0 2 C L - 5 1 0 2 t s u r T e g a g t r o M l a i c r e m m o C o g r a F s l l e W R V R I - 8 1 0 2 t s u r T p r o C s e i t i r u c e S e g a g t r o M S G 0 4 C - 7 1 0 2 t s u r T e g a g t r o M l a i c r e m m o C o g r a F s l l e W 5 P - 6 1 0 2 t s u r T e g a g t r o M l a i c r e m m o C p u o r g i t i C I I K W - 2 1 0 2 t s u r T s e i t i r u c e S e g a g t r o M l a i c r e m m o C e s a h C n a g r o M P J 5 C - 9 1 0 2 t s u r T e g a g t r o M l a i c r e m m o C s y a l c r a B 7 C - 9 1 0 2 t s u r T e g a g t r o M l a i c r e m m o C p u o r g i t i C 3 2 K N B - 9 1 0 2 K N A B 6 C - 3 1 0 2 t s u r T e g a g t r o M l a i c r e m m o C s y a l c r a B - S B U t s u r T r e n w O A - 7 1 0 2 s e l b a v i e c e R o t u A a t o y o T 6 C G - 2 1 0 2 t s u r T s e i t i r u c e S e g a g t r o M S G B - 9 1 0 2 t s u r T e s a e L o t u A t i d e r C d r o F B - 7 1 0 2 t s u r T e s a e L o t u A n a s s i N 3 C - 2 1 0 2 t s u r T e g a g t r o M l a i c r e m m o C s y a l c r a B - S B U t s u r T r e n w O D - 8 1 0 2 s e l b a v i e c e R o t u A a t o y o T 9 C L - 6 1 0 2 t s u r T s e i t i r u c e S e g a g t r o M l a i c r e m m o C e s a h C n a g r o M . P . J C L L 2 - 9 1 0 2 g n i c n a n i F t e e l F e s i r p r e t n E l a b o l G C M S T 9 1 0 2 , 1 3 r e b m e c e D e t o N e u l a V r i a F s e i c n e r r u C n g i e r o F ( ) s d n a s u o h T n i ) f o e g a t n e c r e P % i ( p h s r e n w O e u l a V g n i y r r a C s e i c n e r r u C n g i e r o F ( ) s d n a s u o h T n i s t i n U / s e r a h S ) s d n a s u o h T n I ( t n u o c c A t n e m e t a t S l a i c n a n i F y n a p m o C e h t h t i w p i h s n o i t a l e R e m a N d n a e p y T s e i t i r u c e S e l b a t e k r a M e m a N y n a p m o C d l e H ) d e u n i t n o C ( - 6 8 1 - 4 5 4 , 1 2 5 4 , 1 8 3 4 , 1 5 2 4 , 1 3 0 4 , 1 1 8 3 , 1 2 7 3 , 1 6 8 2 , 1 8 6 2 , 1 8 3 2 , 1 3 3 2 , 1 6 2 2 , 1 4 9 1 , 1 2 9 1 , 1 0 6 1 , 1 5 0 1 , 1 3 7 0 , 1 8 4 0 , 1 2 3 0 , 1 2 3 0 , 1 7 2 0 , 1 3 1 0 , 1 2 1 0 , 1 2 1 0 , 1 8 9 9 8 9 9 9 5 9 1 5 9 8 1 9 6 1 9 0 3 8 3 2 8 8 9 7 9 5 7 9 5 7 6 5 7 1 4 7 0 2 7 3 0 7 2 0 7 1 0 7 6 9 6 0 5 6 0 2 6 3 0 6 7 9 5 6 7 5 0 1 5 6 0 5 5 8 4 2 8 4 5 6 4 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / 4 5 4 , 1 2 5 4 , 1 8 3 4 , 1 5 2 4 , 1 3 0 4 , 1 1 8 3 , 1 2 7 3 , 1 6 8 2 , 1 8 6 2 , 1 8 3 2 , 1 3 3 2 , 1 6 2 2 , 1 4 9 1 , 1 2 9 1 , 1 0 6 1 , 1 5 0 1 , 1 3 7 0 , 1 8 4 0 , 1 2 3 0 , 1 2 3 0 , 1 7 2 0 , 1 3 1 0 , 1 2 1 0 , 1 2 1 0 , 1 8 9 9 8 9 9 9 5 9 1 5 9 8 1 9 6 1 9 0 3 8 3 2 8 8 9 7 9 5 7 9 5 7 6 5 7 1 4 7 0 2 7 3 0 7 2 0 7 1 0 7 6 9 6 0 5 6 0 2 6 3 0 6 7 9 5 6 7 5 0 1 5 6 0 5 5 8 4 2 8 4 5 6 4 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃 r e h t o h g u o r h t e u l a v r i a f t a s t e s s a l a i c n a n i F e m o c n i e v i s n e h e r p m o c - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 2 1 C - 3 1 0 2 t s u r T h c n y L l l i r r e M a c i r e m A f o k n a B y e l n a t S n a g r o M 4 2 C G - 4 1 0 2 t s u r T s e i t i r u c e S e g a g t r o M S G 6 3 C - 6 1 0 2 t s u r T e g a g t r o M l a i c r e m m o C o g r a F s l l e W t s u r T r e n w O 3 - 7 1 0 2 s e l b a v i e c e R o t u A a d n o H 2 C - 6 1 0 2 t s u r T s e i t i r u c e S e g a g t r o M l a i c r e m m o C B D M P J 4 - 9 1 0 2 t s u r T g n i s a e L e l i b o m o t u A l a i c n a n i F M G 1 1 B U - 6 1 0 2 t s u r T I l a t i p a C y e l n a t S n a g r o M t s u r T e g a g t r o M 9 B - 9 1 0 2 k r a m h c n e B 5 C L - 2 1 0 2 t s u r T e g a g t r o M l a i c r e m m o C o g r a F s l l e W 1 A S G - 9 1 0 2 t s u r T s e i t i r u c e S e g a g t r o M S G t s u r T e g a g t r o M 6 C L - 3 1 0 2 M M O C I I p r o C s e i t i r u c e S e g a g t r o M S G B - 9 1 0 2 t s u r T s e l b a v i e c e R o t u A i a d n u y H t s u r T e g a g t r o M 4 1 B - 9 1 0 2 k r a m h c n e B P L g n i d n u F e s a e L t e e l F z t r e H 3 1 C - 3 1 0 2 t s u r T h c n y L l l i r r e M a c i r e m A f o k n a B y e l n a t S n a g r o M 5 P J - 7 1 0 2 t s u r T s e i t i r u c e S e g a g t r o M l a i c r e m m o C C C M P J 5 C - 3 1 0 2 t s u r T e g a g t r o M l a i c r e m m o C s y a l c r a B - S B U 4 C - 1 1 0 2 t s u r T e g a g t r o M l a i c r e m m o C S B R F W t s u r T e g a g t r o M 1 C P - 5 1 0 2 M M O C 1 1 C G - 3 1 0 2 t s u r T e g a g t r o M l a i c r e m m o C p u o r g i t i C 3 2 C G - 4 1 0 2 t s u r T e g a g t r o M l a i c r e m m o C p u o r g i t i C t s u r T e g a g t r o M 5 E R C C - 2 1 0 2 M M O C 1 F C - 9 1 0 2 g n i d n e L e t a t s E l a e R l a i c r e m m o C r o t n a C 2 - 9 1 0 2 t s u r T g n i s a e L e l i b o m o t u A l a i c n a n i F M G t s u r T e g a g t r o M P 0 8 2 - 7 1 0 2 e u n e v A k r a P 0 8 2 1 - 8 1 0 2 t s u r T g n i s a e L e l i b o m o t u A l a i c n a n i F M G t s u r T e s a e L o t u A t i d e r C d r o F 1 V E R - 7 1 0 2 t s u r T r e n w O o t u A t i d e r C d r o F 1 C - 7 1 0 2 T S U R T E G A G T R O M S M C B B t s u r T e g a g t r o M 5 1 B - 9 1 0 2 k r a m h c n e B A - 9 1 0 2 t s u r T e s a e L o t u A t i d e r C d r o F 1 - 9 1 0 2 t s u r T e s a e L e l c i h e V W M B 0 2 C - 5 1 0 2 t s u r T h c n y L l l i r r e M a c i r e m A f o k n a B y e l n a t S n a g r o M 2 - 8 1 0 2 t s u r T s e l b a v i e c e R e l i b o m o t u A r e m u s n o C l a i c n a n i F M G - 2 1 0 2 t s u r T s e i t i r u c e S e g a g t r o M l a i c r e m m o C e s a h C n a g r o M P J 6 R O C - 9 1 0 2 t s u r T s e i t i r u c e S e g a g t r o M l a i c r e m m o C B D M P J 9 1 C G - 4 1 0 2 t s u r T e g a g t r o M l a i c r e m m o C p u o r g i t i C N D L W 3 S X N - 5 1 0 2 t s u r T e g a g t r o M l a i c r e m m o C o g r a F s l l e W 8 2 C - 5 1 0 2 t s u r T e g a g t r o M l a i c r e m m o C o g r a F s l l e W t s u r T r e n w O B - 6 1 0 2 s e l b a v i e c e R o t u A a t o y o T t s u r T e g a g t r o M 2 2 E R C C - 5 1 0 2 M M O C 3 - 9 1 0 2 t s u r T g n i s a e L e l i b o m o t u A l a i c n a n i F M G 1 C - 1 1 0 2 t s u r T e g a g t r o M l a i c r e m m o C E R C F C A - 9 1 0 2 t s u r T e s a e L o t u A z n e B - s e d e c r e M t s u r T e g a g t r o M 8 E R C C - 3 1 0 2 M M O C t s u r T r e n w O C - 9 1 0 2 s e l b a v i e c e R o t u A n a s s i N A - 8 1 0 2 t s u r T e s a e L o t u A z n e B - s e d e c r e M 6 2 C G - 4 1 0 2 t s u r T s e i t i r u c e S e g a g t r o M S G t s u r T e g a g t r o M 2 C L - 1 1 0 2 S B U B D t s u r T e g a g t r o M 2 D C - 6 1 0 2 D C 4 1 C - 3 1 0 2 t s u r T e g a g t r o M l a i c r e m m o C S B R F W l a b o l G C M S T 9 1 0 2 , 1 3 r e b m e c e D e t o N e u l a V r i a F s e i c n e r r u C n g i e r o F ( ) s d n a s u o h T n i ) f o e g a t n e c r e P % i ( p h s r e n w O e u l a V g n i y r r a C s e i c n e r r u C n g i e r o F ( ) s d n a s u o h T n i s t i n U / s e r a h S ) s d n a s u o h T n I ( t n u o c c A t n e m e t a t S l a i c n a n i F y n a p m o C e h t h t i w p i h s n o i t a l e R e m a N d n a e p y T s e i t i r u c e S e l b a t e k r a M e m a N y n a p m o C d l e H ) d e d u l c n o C ( 3 4 4 0 1 4 8 0 4 0 8 3 5 6 3 1 5 3 0 5 3 9 4 3 9 3 3 5 2 3 1 0 3 3 8 2 9 8 1 0 8 1 3 0 1 0 0 1 6 4 6 3 1 3 1 2 0 2 9 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U 3 0 4 , 8 7 $ S U 7 0 3 , 1 - 2 6 3 0 0 8 4 7 1 0 6 5 , 1 5 7 7 0 5 2 1 0 5 , 1 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / 4 4 2 0 2 4 1 - - - - - 3 4 4 0 1 4 8 0 4 0 8 3 5 6 3 1 5 3 0 5 3 9 4 3 9 3 3 5 2 3 1 0 3 3 8 2 9 8 1 0 8 1 3 0 1 0 0 1 6 4 6 3 1 3 1 2 0 2 9 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U 3 0 4 , 8 7 $ S U 7 0 3 , 1 - 2 6 3 0 0 8 4 7 1 0 6 5 , 1 5 7 7 0 5 2 1 0 5 , 1 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U - - - - - - - - - - - - - - - - - - - - - - - 9 1 0 , 1 4 5 8 0 , 1 2 5 9 , 1 7 4 1 , 4 0 3 2 1 2 2 7 3 2 7 2 1 〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃 r e h t o h g u o r h t e u l a v r i a f t a s t e s s a l a i c n a n i F e m o c n i e v i s n e h e r p m o c r e h t o h g u o r h t e u l a v r i a f t a s t e s s a l a i c n a n i F e m o c n i e v i s n e h e r p m o c 〃〃 r e h t o h g u o r h t e u l a v r i a f t a s t e s s a l a i c n a n i F e m o c n i e v i s n e h e r p m o c r e h t o h g u o r h t e u l a v r i a f t a s t e s s a l a i c n a n i F 〃 e m o c n i e v i s n e h e r p m o c r e h t o h g u o r h t e u l a v r i a f t a s t e s s a l a i c n a n i F e m o c n i e v i s n e h e r p m o c 〃〃〃 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 5 C - 2 1 0 2 t s u r T h c n y L l l i r r e M a c i r e m A f o k n a B y e l n a t S n a g r o M 1 3 C - 5 1 0 2 t s u r T s e i t i r u c e S e g a g t r o M l a i c r e m m o C B B M P J 3 - 8 1 0 2 t s u r T g n i s a e L e l i b o m o t u A l a i c n a n i F M G t s u r T e g a g t r o M 6 2 E R C C - 5 1 0 2 M M O C C - 7 1 0 2 t s u r T n o i t a z i t i r u c e S e s a e L o t u A i a d n u y H 5 2 C - 4 1 0 2 t s u r T e g a g t r o M l a i c r e m m o C S B R F W 2 - 8 1 0 2 t s u r T g n i s a e L e l i b o m o t u A l a i c n a n i F M G C - 5 1 0 2 t s u r T s e l b a v i e c e R o t u A i a d n u y H B - 7 1 0 2 t s u r T e s a e L o t u A t i d e r C d r o F 1 S X N - 5 1 0 2 t s u r T e g a g t r o M l a i c r e m m o C o g r a F s l l e W 1 G S - 5 1 0 2 t s u r T e g a g t r o M l a i c r e m m o C o g r a F s l l e W t s u r T r e n w O B - 6 1 0 2 s e l b a v i e c e R o t u A n a s s i N 5 C - 1 1 0 2 t s u r T e g a g t r o M l a i c r e m m o C S B R F W t s u r T e g a g t r o M 5 1 E R C C - 4 1 0 2 M M O C 2 C - 0 1 0 2 t s u r T s e i t i r u c e S e g a g t r o M S G t s u r T r e n w O B - 8 1 0 2 s e l b a v i e c e R o t u A a t o y o T B - 7 1 0 2 t s u r T r e n w O o t u A t i d e r C d r o F 2 - 7 1 0 2 t s u r T e s a e L e l c i h e V W M B t s u r T e g a g t r o M 1 C D - 5 1 0 2 M M O C 8 1 C - 4 1 0 2 t s u r T h c n y L l l i r r e M a c i r e m A f o k n a B y e l n a t S n a g r o M 1 C - 0 1 0 2 t s u r T s e i t i r u c e S e g a g t r o M S G s t n e m t s e v n i y t i u q e d e d a r t y l c i l b u p - n o N . . P L I I d n u F l a t i p a C a r e v a m i r P 3 - 9 1 0 2 t s u r T s e l b a v i e c e R e l i b o m o t u A r e m u s n o C l a i c n a n i F M G l a b o l G C M S T . c n I , s e i g o l o n h c e T V 5 . c n I , s m e t s y S r e h t e A c i l e t n e S s t n e m t s e v n i y t i u q e d e d a r t y l c i l b u p - n o N I I F A T V . c n I , x i n o c o e N s t n e m t s e v n i y t i u q e d e d a r t y l c i l b u p - n o N . p r o C g n i t h g i L s d e L d i u q i L I I I F A T V s t n e m t s e v n i y t i u q e d e d a r t y l c i l b u p - n o N d n u F h t w o r G . c n I , s b a L X E N C . c n I , s b a L a r e t s A . c n I , m u i v o n n I . c n I , m u i v o n n I - 7 8 1 - 4 E L B A T L A T I P A C N I - D I A P E H T F O % 0 2 R O N O I L L I M 0 0 3 $ T N T S A E L T A F O S E C I R P R O S T S O C T A F O D E S O P S I D D N A D E R I U Q C A S E I T I R U C E S E L B A T E K R A M ) e s i w r e h t O d e i f i c e p S s s e l n U , s r a l l o D n a w i a T w e N f o s d n a s u o h T n i s t n u o m A ( 9 1 0 2 , 1 3 R E B M E C E D D E D N E R A E Y E H T R O F s e e t s e v n I d n a d e t i i m L y n a p m o C g n i r u t c a f u n a M r o t c u d n o c i m e S n a w i a T ) e t o N ( e c n a l a B g n d n E i t n u o m A ) s d n a s u o h T n I ( l a s o p s i D s t i n U / s e r a h S n o s s o L n / i a G e u l a V g n i y r r a C t n u o m A s t i n U / s e r a h S ) s d n a s u o h T n I ( t n u o m A s t i n U / s e r a h S ) s d n a s u o h T n I ( t n u o m A s t i n U / s e r a h S ) s d n a s u o h T n I ( l a s o p s i D n o i t i s i u q c A e c n a l a B g n i n n i g e B f o e r u t a N p i h s n o i t a l e R y t r a p - r e t n u o C t n e m e t a t S l a i c n a n i F t n u o c c A s e i t i r u c e S e l b a t e k r a M e m a N d n a e p y T e m a N y n a p m o C - - - $ 4 8 0 , 6 4 $ S U 2 1 5 , 5 3 5 2 4 , 1 3 0 4 1 , 6 2 9 8 7 , 5 2 2 4 2 , 2 2 6 6 6 , 1 2 2 3 3 , 1 2 5 2 8 , 0 2 1 2 4 , 0 2 2 0 1 , 0 2 6 8 8 , 9 1 6 7 1 , 9 1 7 1 0 , 5 1 8 5 0 , 4 1 4 6 8 , 1 1 7 3 8 , 1 1 2 5 7 , 1 1 3 2 4 , 1 1 1 0 0 , 1 1 2 9 8 , 0 1 4 1 4 , 0 1 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U 0 2 4 , 9 $ S U 4 7 1 , 9 4 1 5 , 8 9 4 8 , 7 6 7 2 , 6 9 3 2 , 6 6 4 2 , 3 7 8 1 , 3 $ S U $ S U $ S U $ S U $ S U $ S U $ S U ) d e u n i t n o C ( - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - $ 0 0 0 , 0 0 8 , 1 $ 0 0 0 , 0 0 8 , 1 $ 0 8 1 0 0 0 , 0 5 0 0 0 , 0 0 5 0 5 7 0 3 , 2 5 2 5 7 9 , 2 2 5 2 8 2 , 5 7 7 5 0 1 , 1 2 7 2 $ S U 7 9 8 , 6 2 $ S U 4 2 9 , 6 2 $ S U 5 9 1 1 1 5 2 1 6 1 5 5 7 6 4 2 ) 1 ( 6 1 1 1 3 1 ) 8 5 ( 9 3 6 9 1 3 ) 2 ( 8 7 4 1 4 3 - 7 9 ) 1 ( 1 3 2 3 1 1 8 4 8 0 1 9 6 2 ) 1 4 ( 3 3 1 0 7 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U 6 8 3 , 1 2 6 7 5 , 7 1 8 1 2 , 4 1 3 0 7 , 5 0 1 3 , 1 3 2 4 3 , 4 6 4 6 , 2 4 7 9 , 0 1 4 7 8 , 6 1 4 7 0 , 9 7 9 9 , 3 8 8 2 , 8 9 6 6 , 7 7 4 4 , 2 1 5 1 8 3 6 4 , 7 8 8 0 , 4 - 1 2 1 , 6 6 6 2 , 3 3 1 2 , 0 1 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U 1 8 4 , 1 2 7 8 6 , 7 1 3 4 3 , 4 1 9 0 7 , 5 1 6 8 , 1 3 9 0 4 , 4 0 7 6 , 2 3 7 9 , 0 1 0 9 9 , 6 1 5 0 2 , 9 9 3 9 , 3 7 2 3 , 8 5 6 7 , 7 8 7 4 , 2 1 3 1 8 0 1 6 , 7 6 9 0 , 4 - 8 1 2 , 6 5 6 2 , 3 7 4 2 , 0 1 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U 6 6 3 , 1 1 $ S U 7 9 3 , 1 1 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U 0 7 7 , 4 2 5 4 , 4 1 7 3 7 , 3 2 4 2 8 , 5 0 9 8 , 8 8 2 4 , 7 3 3 3 , 2 1 $ S U $ S U $ S U $ S U $ S U $ S U $ S U 2 0 9 , 4 3 3 9 , 4 1 5 4 8 , 3 2 3 9 0 , 6 3 2 0 , 9 7 8 3 , 7 3 0 4 , 2 1 $ S U $ S U $ S U $ S U $ S U $ S U $ S U - 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5 5 4 , 1 4 9 8 , 8 1 3 2 4 , 5 2 - 7 4 5 , 4 4 4 6 , 6 $ S U $ S U $ S U $ S U $ S U $ S U $ S U - 8 8 1 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - e m o c n i e v i s n e h e r p m o c e u l a v r i a f t a s t e s s a l a i c n a n i F g n i r u t c a f u n a M r o t c u d n o c i m e S r e h t o h g u o r h t n o i t a r o p r o C l a n o i t a n r e t n I 〃 t s o c n a w i a T , n o i t a r o p r o C C P C s k c o t s d e d a r t y l c i l b u P d e z i t r o m a t a s t e s s a l a i c n a n i F y n a p m o C r e w o P n a w i a T r e p a p l a i c r e m m o C C M S T e m o c n i e v i s n e h e r p m o c r e h t o h g u o r h t e u l a v r i a f t a s t e s s a l a i c n a n i F p r o C a c i r e m A f o k n a B d n o b e t a r o p r o C l a b o l G C M S T 〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃 e h T / c n I p u o r G s h c a S n a m d l o G o C b b i u q S s r e y M - l o t s i r B p r o C h t l a e H S V C p u o r G l a i c n a n i F J F U i h s i b u s t i M o C & e s a h C n a g r o M P J C L P s g n i d l o H C B S H y e l n a t S n a g r o M c n I e l p p A c n I c n I p u o r g i t i C c n I e i V b b A c n I T & T A p u o r G l a i c n a n i F i u s t i M o m o t i m u S e h T / k n a B n o i n i m o D - o t n o r o T c n I s n o i t a c i n u m m o C n o z i r e V c n I o C & o g r a F s l l e W y e l n a t S n a g r o M c n I p u o r G l a n o i t a n r e t n I n a c i r e m A t i d e r C u d e v i t a r e d e F e u q n a B A S l e u t u M s e n i h c a M s s e n i s u B l a n o i t a n r e t n I p r o C s g n i d l o H l a t i p a C y g r e n E a r E t x e N c n I m e t s y S r e d y R c n I x a f i u q E o C & e s a h C n a g r o M P J v e B n I h c s u B - r e s u e h n A o C s s e r p x E n a c i r e m A e h T / o C y e n s i D t l a W c n I e d i w d l r o W a c i r e m A l a t i p a C i a d n u y H p r o C t s a c m o C c n I v r e s i F c n I ) e t o N ( e c n a l a B g n d n E i t n u o m A ) s d n a s u o h T n I ( l a s o p s i D s t i n U / s e r a h S n o s s o L n / i a G e u l a V g n i y r r a C t n u o m A s t i n U / s e r a h S ) s d n a s u o h T n I ( t n u o m A s t i n U / s e r a h S ) s d n a s u o h T n I ( t n u o m A s t i n U / s e r a h S ) s d n a s u o h T n I ( l a s o p s i D n o i t i s i u q c A e c n a l a B g n i n n i g e B f o e r u t a N p i h s n o i t a l e R y t r a p - r e t n u o C t n e m e t a t S l a i c n a n i F t n u o c c A s e i t i r u c e S e l b a t e k r a M e m a N d n a e p y T e m a N y n a p m o C 3 9 3 $ S U - - - - - - - 8 9 0 , 0 6 1 7 6 9 , 4 8 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U 2 4 9 , 9 1 4 $ S U - - - $ S U $ S U $ S U 5 5 4 , 3 4 $ S U 8 3 4 , 0 4 3 6 4 , 9 2 2 3 9 , 3 2 1 8 9 , 2 2 7 7 6 , 2 2 8 1 5 , 0 2 5 6 1 , 0 2 1 0 9 , 9 1 2 9 3 , 9 1 4 3 8 , 8 1 1 1 0 , 8 1 9 2 5 , 7 1 2 7 3 , 7 1 0 4 8 , 6 1 0 3 2 , 6 1 2 2 1 , 6 1 5 9 0 , 5 1 8 2 8 , 4 1 6 6 9 , 3 1 1 6 2 , 3 1 2 5 1 , 3 1 3 9 7 , 2 1 8 2 6 , 2 1 0 8 4 , 2 1 1 8 2 , 2 1 2 6 9 , 1 1 8 4 2 , 1 1 7 1 5 , 0 1 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U ) d e u n i t n o C ( - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 7 6 2 $ S U 5 6 2 , 2 1 $ S U 2 3 5 , 2 1 $ S U - - - - - - - ) 2 0 2 ( 8 5 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U - 4 5 4 , 0 1 3 2 1 , 1 1 0 0 0 , 0 4 0 0 0 , 0 0 1 0 0 0 , 0 5 0 0 0 , 0 5 0 0 0 , 0 5 0 0 0 , 0 0 1 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U - 2 5 2 , 0 1 1 8 1 , 1 1 0 0 0 , 0 4 0 0 0 , 0 0 1 0 0 0 , 0 5 0 0 0 , 0 5 0 0 0 , 0 5 0 0 0 , 0 0 1 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U 6 8 5 , 4 $ S U 9 0 3 , 7 9 1 , 1 $ S U 5 9 8 , 1 0 2 , 1 $ S U 8 - $ S U $ S U 5 7 5 , 0 3 0 9 2 , 0 5 $ S U $ S U 3 8 5 , 0 3 0 9 2 , 0 5 $ S U $ S U ) 3 5 ( $ S U 9 3 2 , 8 6 $ S U 6 8 1 , 8 6 $ S U ) 2 1 ( $ S U 0 6 4 $ S U 8 4 4 $ S U ) 0 3 ( ) 4 2 ( ) 6 ( ) 6 9 ( ) 6 6 ( ) 5 5 ( ) 2 3 ( ) 8 6 ( 0 8 2 - ) 5 8 ( ) 7 0 1 ( 5 ) 6 ( - ) 1 2 1 ( ) 0 3 ( 3 6 3 ) 1 7 1 ( - - ) 4 2 ( ) 6 4 1 ( ) 1 2 ( ) 0 1 ( ) 5 2 ( ) 6 0 1 ( 2 5 2 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U 1 4 9 7 4 0 , 1 6 7 8 , 3 5 5 8 , 1 2 7 5 , 1 1 7 7 , 1 9 2 6 , 6 4 4 9 2 3 , 2 0 7 7 , 1 - 0 5 0 , 2 2 8 5 , 1 - 1 6 1 6 3 4 , 3 5 7 8 , 3 3 2 1 7 1 , 1 9 1 - 9 4 3 , 1 5 5 7 , 3 - 8 2 0 , 1 2 3 8 , 3 8 5 1 6 3 6 , 1 7 9 1 , 2 7 9 4 , 1 2 9 2 , 1 6 2 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U 7 1 9 7 1 0 , 1 0 7 8 , 3 9 5 7 , 1 6 0 5 , 1 6 1 7 , 1 9 0 9 , 6 4 4 7 9 2 , 2 2 0 7 , 1 - 5 6 9 , 1 5 7 4 , 1 - 5 5 1 5 1 3 , 3 0 8 8 , 3 3 2 4 3 5 , 1 9 1 - 9 1 3 , 1 4 8 5 , 3 - 4 0 0 , 1 6 8 6 , 3 8 4 1 5 1 6 , 1 1 9 0 , 2 2 7 4 , 1 4 4 5 , 1 6 2 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 7 1 9 , 6 $ S U - - - - - - - 7 7 1 , 7 7 8 1 , 0 1 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U 4 1 4 , 0 3 3 , 1 $ S U - 6 0 3 , 0 3 3 9 1 , 0 5 $ S U $ S U $ S U 8 6 8 , 3 4 $ S U 0 1 5 , 1 4 8 3 3 , 0 3 2 2 9 , 7 2 6 1 6 , 4 2 6 5 9 , 3 2 3 6 0 , 2 2 8 6 7 , 6 6 4 7 5 7 , 1 2 0 1 9 , 0 2 6 0 8 , 8 1 9 2 9 , 9 1 9 5 8 , 8 1 7 1 1 , 7 1 5 0 6 , 9 1 6 2 1 , 6 1 9 1 2 , 1 5 2 0 6 2 , 6 0 2 5 9 9 , 5 1 5 6 6 , 7 1 7 1 2 , 3 1 4 4 0 , 4 1 5 3 6 , 6 1 1 1 6 , 2 1 8 7 7 , 3 1 4 9 3 , 2 1 2 1 1 , 4 1 5 1 5 , 2 1 1 5 6 , 0 7 2 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 2 6 6 , 5 $ S U 3 0 9 , 3 3 5 1 , 0 1 1 4 9 , 9 4 1 0 0 9 , 9 9 6 7 9 , 9 4 4 9 9 , 9 4 7 8 9 , 9 9 4 9 9 , 9 4 8 4 9 , 4 2 1 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U 4 1 3 , 3 8 2 $ S U - 8 4 2 , 2 $ S U $ S U 4 6 1 , 8 6 $ S U - - - - - - - - - - - - - - - - - - - - - - - - - - - - 7 5 1 , 1 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U - 9 8 1 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 〃〃 e m o c n i e v i s n e h e r p m o c r e h t o h g u o r h t C L L o C t i d e r C r o t o M d r o F k n a B t n e m t s e v n I n a e p o r u E t s o c d e z i t r o m a t a s t e s s a l a i c n a n i F o C & o g r a F s l l e W 〃〃〃〃〃〃 a i l a r t s u A f o k n a B h t l a e w n o m m o C . c n I , p u o r G s h c a S n a m d l o G . o C & e s a h C n a g r o M P J a i t o c S a v o N f o k n a B . p r o C g n i k n a B c a p t s e W k n a B a i l a r t s u A l a n o i t a N d n o b t n e m n r e v o G e u l a v r i a f t a s t e s s a l a i c n a n i F d n o B / e t o N y r u s a e r T s e t a t S d e t i n U 〃〃〃 e m o c n i e v i s n e h e r p m o c r e h t o h g u o r h t e u l a v r i a f t a s t e s s a l a i c n a n i F e m o c n i e v i s n e h e r p m o c r e h t o h g u o r h t t n e m e g a n a M h s a C s e t a t S d e t i n U l l i B y r u s a e r T s e t a t S d e t i n U g n i t a o l F y r u s a e r T s e t a t S d e t i n U e t o N e t a R l l i B - e g a g t r o m y c n e g A / s d n o b y c n e g A s e i t i r u c e s d e k c a b l o o P e a M e i n n a F e u l a v r i a f t a s t e s s a l a i c n a n i F c n I s g n i d l o H e l b a t i u q E A X A l a b o l G C M S T 〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃 5 5 1 6 A M l o o P I I A M N G l o o P e a M e i n n a F l o o P e a M e i n n a F l o o P e a M e i n n a F l o o P e a M e i n n a F l o o P e a M e i n n a F 5 . 4 r Y 0 3 A B T A M N F l o o P e a M e i n n a F l o o P d l o G c a M e i d d e r F l o o P e a M e i n n a F l o o P d l o G c a M e i d d e r F 4 r Y 0 3 A B T A M N F l o o P e a M e i n n a F 0 9 0 6 A M l o o P I I A M N G l o o P e a M e i n n a F l o o P e a M e i n n a F 3 r Y 0 3 A B T I I A M N G l o o P d l o G c a M e i d d e r F l o o P d l o G c a M e i d d e r F l o o P e a M e i n n a F 4 6 2 5 A M l o o P I I A M N G l o o P d l o G c a M e i d d e r F l o o P d l o G c a M e i d d e r F l o o P c a M e i d d e r F l o o P e a M e i n n a F l o o P e a M e i n n a F l o o P e a M e i n n a F 5 3 . r Y 0 3 A B T I I A M N G ) e t o N ( e c n a l a B g n d n E i t n u o m A ) s d n a s u o h T n I ( l a s o p s i D s t i n U / s e r a h S n o s s o L n / i a G e u l a V g n i y r r a C t n u o m A s t i n U / s e r a h S ) s d n a s u o h T n I ( t n u o m A s t i n U / s e r a h S ) s d n a s u o h T n I ( t n u o m A s t i n U / s e r a h S ) s d n a s u o h T n I ( l a s o p s i D n o i t i s i u q c A e c n a l a B g n i n n i g e B f o e r u t a N p i h s n o i t a l e R y t r a p - r e t n u o C t n e m e t a t S l a i c n a n i F t n u o c c A s e i t i r u c e S e l b a t e k r a M e m a N d n a e p y T e m a N y n a p m o C 8 5 2 , 0 1 $ S U 3 0 7 , 9 6 9 5 , 9 4 8 3 , 9 6 0 3 , 9 9 5 2 , 9 0 0 7 , 8 8 3 5 , 8 6 9 4 , 7 2 1 1 , 7 0 0 2 , 6 5 0 7 , 4 3 0 6 , 3 3 7 0 , 3 3 7 6 , 2 1 8 1 , 2 8 2 0 , 2 8 8 5 , 1 1 2 3 , 1 3 6 7 0 4 6 7 6 3 7 5 0 , 0 1 - - - - - - - - - - - - - - - - - - - - - - - $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U ) d e u n i t n o C ( - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 0 2 $ S U 8 1 9 , 1 $ S U 8 3 9 , 1 $ S U ) 1 ( ) 5 1 ( ) 5 6 ( ) 0 1 ( ) 8 1 ( 6 0 6 4 7 ) 2 3 ( 9 1 1 3 2 1 8 0 9 4 4 1 9 1 2 4 6 6 7 7 3 8 2 1 2 0 1 , 1 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U 9 3 6 8 4 4 9 5 , 1 2 5 6 8 1 1 , 1 7 6 2 , 0 1 8 9 4 , 9 1 3 2 3 , 0 3 7 7 0 , 4 2 2 9 , 1 1 1 8 3 , 6 1 5 8 3 , 3 1 6 7 2 7 , 3 3 1 1 1 7 , 8 3 1 3 5 4 , 0 2 9 4 8 , 7 1 4 1 3 , 2 7 2 2 6 2 , 7 1 3 0 6 , 2 3 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U 8 3 1 7 4 9 2 5 , 1 2 4 6 0 0 1 , 1 1 7 2 , 0 1 5 0 5 , 9 1 1 9 2 , 0 3 6 9 1 , 4 5 4 9 , 1 1 2 6 4 , 6 1 1 9 9 , 3 1 6 1 7 8 , 3 3 1 1 0 8 , 8 3 1 2 7 6 , 0 2 3 1 5 , 8 1 1 9 6 , 2 7 2 0 9 3 , 7 1 5 0 7 , 3 3 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U 7 6 2 $ S U 2 4 9 , 6 1 $ S U 9 0 2 , 7 1 $ S U ) 6 7 ( $ S U 8 2 7 , 0 1 $ S U 2 5 6 , 0 1 $ S U 1 1 7 0 4 8 5 2 $ S U $ S U $ S U 7 2 1 , 1 1 9 2 9 , 9 1 1 7 6 , 5 1 $ S U $ S U $ S U 8 3 1 , 1 1 6 3 3 , 0 2 9 2 9 , 5 1 $ S U $ S U $ S U ) 1 2 ( $ S U 9 6 2 , 3 1 $ S U 8 4 2 , 3 1 $ S U 5 7 1 7 0 6 $ S U $ S U 9 1 8 , 9 9 6 3 , 1 1 $ S U $ S U 4 4 5 , 1 1 6 2 4 , 0 1 $ S U $ S U 9 3 3 4 3 9 0 1 ) 1 9 1 ( 0 5 0 5 3 0 3 4 5 2 2 2 3 7 7 2 ) 1 3 1 ( 4 7 2 6 4 ) 7 6 2 ( 8 6 8 4 1 8 0 0 2 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U 7 2 6 , 5 2 3 8 7 , 9 1 3 9 9 , 9 1 5 1 1 , 1 3 2 8 9 , 9 1 7 8 9 , 4 1 5 3 6 , 7 2 8 4 4 , 1 2 3 0 0 , 3 2 6 0 6 , 8 1 1 9 5 , 7 1 0 6 5 , 0 1 2 9 8 , 3 1 8 4 1 , 0 1 9 0 1 , 5 1 9 8 2 , 0 1 8 2 8 , 1 5 3 8 2 , 0 5 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U 6 6 9 , 5 2 7 1 8 , 9 1 2 0 1 , 0 2 4 2 9 , 0 3 2 3 3 , 0 2 7 3 0 , 5 1 5 6 0 , 8 2 3 7 6 , 1 2 5 3 0 , 3 2 3 8 8 , 8 1 0 6 4 , 7 1 2 2 0 , 1 1 6 6 9 , 3 1 1 8 8 , 9 7 7 1 , 5 1 7 3 3 , 0 1 8 2 0 , 2 5 4 6 3 , 0 5 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 3 0 2 , 0 1 $ S U 0 1 1 , 0 1 5 0 2 , 0 1 4 9 0 , 1 1 4 6 0 , 0 1 2 1 2 , 0 1 2 2 6 , 2 2 6 7 6 4 , 9 0 5 0 , 8 2 8 3 2 , 7 3 0 1 1 , 1 1 7 5 6 , 6 2 4 0 , 1 2 9 2 5 , 2 1 1 3 0 8 , 2 4 1 7 6 0 , 3 2 0 1 9 , 9 1 5 3 3 , 4 7 2 5 9 7 , 1 4 6 8 , 3 3 - - 0 6 8 5 6 6 5 3 1 , 1 1 1 5 9 , 9 1 4 2 8 , 9 0 9 3 , 1 1 - 8 8 7 , 9 1 3 9 9 , 9 1 7 1 1 , 1 3 9 9 9 , 9 1 8 8 9 , 4 1 - - 9 0 0 , 3 2 - - 5 7 5 , 0 1 - - - 6 9 2 , 0 1 3 1 8 , 1 5 2 7 2 , 8 4 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 9 8 8 , 1 $ S U - - - - - - - - 7 8 5 0 7 3 , 9 - 6 4 1 , 1 1 1 6 7 , 4 2 - - - - - 5 1 9 , 6 1 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U 5 8 4 , 6 1 $ S U 0 9 5 , 0 1 $ S U - 0 6 3 3 5 2 , 5 1 $ S U $ S U $ S U 7 9 8 , 2 1 $ S U - - - - - - - 5 1 5 , 5 2 - 4 2 3 , 7 2 7 0 5 , 1 2 5 5 5 , 8 1 0 9 4 , 7 1 - 9 5 8 , 3 1 3 4 7 , 9 5 4 0 , 5 1 - 5 1 0 2 0 , 2 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U - 0 9 1 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃 5 . 3 r Y 0 3 A B T A M N F l o o P e a M e i n n a F e a M e i n n a F 5 . 4 r Y 0 3 A B T I I A M N G l o o P d l o G c a M e i d d e r F l o o P d l o G c a M e i d d e r F 5 3 r Y 0 3 A B T A M N F r Y 5 1 A B T A M N F 3 r Y 0 3 A B T A M N F 3 9 4 4 M B l o o P A M N F s e c A - e a M e i n n a F s e c A - e a M e i n n a F e a M e i n n a F l o o P e a M e i n n a F l o o P e a M e i n n a F l o o P e a M e i n n a F l o o P e a M e i n n a F l o o P e a M e i n n a F e g a g t r o M l a n o i t a N t n e m n r e v o G h g u o r h T s s a P d e r u t c u r t S y l i m a f i t l u M c a M e i d d e r F s e t a c i f i t r e C n o i t a i c o s s A e g a g t r o M l a n o i t a N t n e m n r e v o G c a M e i d d e r F r o e a M e i n n a F l o o P d l o G c a M e i d d e r F n o i t a i c o s s A e g a g t r o M l a n o i t a N t n e m n r e v o G e g a g t r o M l a n o i t a N t n e m n r e v o G n o i t a i c o s s A n o i t a i c o s s A l o o P e a M e i n n a F 3 0 6 1 6 G l o o P C P N L M H D E F h g u o r h T s s a P d e r u t c u r t S y l i m a f i t l u M c a M e i d d e r F s e t a c i f i t r e C 2 9 5 1 6 G l o o P C P N L M H D E F l o o P e a M e i n n a F 4 5 6 1 6 G l o o P C P N L M H D E F 8 6 4 5 A M l o o P I I A M N G 3 5 5 1 6 G l o o P C P N L M H D E F l o o P d l o G c a M e i d d e r F 3 r Y 0 3 A B T C M L H F 5 . 3 r Y 5 1 A B T A M N F 9 6 1 2 A C l o o P A M N F s e c A - e a M e i n n a F l o o P e a M e i n n a F l o o P d l o G c a M e i d d e r F l o o P d l o G c a M e i d d e r F l o o P d l o G c a M e i d d e r F l o o P d l o G c a M e i d d e r F 5 9 4 4 M B l o o P A M N F l o o P c a M e i d d e r F e u l a v r i a f t a s t e s s a l a i c n a n i F e m o c n i e v i s n e h e r p m o c r e h t o h g u o r h t e a M e i n n a F l a b o l G C M S T ) e t o N ( e c n a l a B g n d n E i t n u o m A ) s d n a s u o h T n I ( l a s o p s i D s t i n U / s e r a h S n o s s o L n / i a G e u l a V g n i y r r a C t n u o m A s t i n U / s e r a h S ) s d n a s u o h T n I ( t n u o m A s t i n U / s e r a h S ) s d n a s u o h T n I ( t n u o m A s t i n U / s e r a h S ) s d n a s u o h T n I ( l a s o p s i D n o i t i s i u q c A e c n a l a B g n i n n i g e B f o e r u t a N p i h s n o i t a l e R y t r a p - r e t n u o C t n e m e t a t S l a i c n a n i F t n u o c c A s e i t i r u c e S e l b a t e k r a M e m a N d n a e p y T e m a N y n a p m o C - - - - - - - - - - - - - - - - - - - $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U 5 2 9 , 9 $ S U 1 2 3 , 7 $ S U 0 7 0 , 2 $ S U - - - 5 6 8 $ S U $ S U $ S U $ S U ) d e d u l c n o C ( - - - - - - - - - - - - - - - - - - - - - - - - - - ) 3 1 ( $ S U 4 1 3 , 3 1 $ S U 1 0 3 , 3 1 $ S U 9 7 4 6 1 9 8 4 4 3 1 ) 2 0 2 ( 8 4 7 5 4 5 1 9 4 9 1 2 ) 6 1 4 ( ) 3 0 1 ( 2 8 1 7 1 1 0 3 5 4 5 0 4 4 0 8 1 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U 6 4 8 , 6 7 8 6 6 , 6 1 2 0 9 , 4 2 4 9 5 , 4 1 2 3 3 , 1 6 8 7 8 , 0 5 4 0 1 , 5 2 1 6 4 , 5 1 1 9 7 , 3 6 7 7 9 , 1 2 1 2 4 , 1 4 8 3 9 , 6 2 0 6 4 , 5 1 8 5 9 , 6 1 9 8 8 , 2 1 5 1 0 , 6 2 9 1 8 , 1 3 0 8 3 , 1 1 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U 5 2 9 , 6 7 2 3 8 , 6 1 1 9 3 , 5 2 8 2 7 , 4 1 0 3 1 , 1 6 6 2 9 , 0 5 1 6 1 , 5 2 5 1 6 , 5 1 0 4 8 , 3 6 6 9 1 , 2 2 5 0 0 , 1 4 5 3 8 , 6 2 1 3 6 , 5 1 0 4 0 , 7 1 0 9 1 , 3 1 0 6 5 , 6 2 9 5 2 , 2 3 0 6 5 , 1 1 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U - $ S U - $ S U - $ S U 8 4 $ S U 6 4 1 , 4 6 $ S U 4 9 1 , 4 6 $ S U ) 1 3 ( $ S U 8 7 6 , 6 2 $ S U 7 4 6 , 6 2 $ S U 7 2 $ S U 6 1 1 , 0 1 $ S U 3 4 1 , 0 1 $ S U ) 9 1 ( ) 2 5 ( $ S U 9 2 5 , 8 3 $ S U 0 1 5 , 8 3 $ S U $ S U 8 4 7 , 6 2 $ S U 6 9 6 , 6 2 $ S U 6 6 $ S U 7 9 6 , 3 4 $ S U 3 6 7 , 3 4 $ S U - - - - - - - - - - - - - - - - - - - - - - - - - - 4 1 3 , 3 1 $ S U 6 4 8 , 6 7 7 8 6 , 6 1 1 5 9 , 4 2 0 1 6 , 4 1 6 6 3 , 1 6 5 5 6 , 8 3 - 0 3 4 , 5 1 1 7 6 , 1 6 2 3 9 , 1 2 - - 1 4 4 , 5 1 2 8 9 , 6 1 3 9 8 , 2 1 5 1 0 , 6 2 - 7 7 8 , 0 1 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U 1 2 9 , 9 $ S U 3 9 6 , 2 $ S U 0 0 3 , 1 $ S U 5 5 0 , 2 $ S U - - 8 6 8 $ S U $ S U $ S U - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 9 0 2 , 2 1 0 3 1 , 5 2 - 9 2 1 , 2 9 5 0 , 0 4 6 4 0 , 6 2 - - - - 3 1 5 4 8 7 , 1 3 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U - 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4 9 1 - d e t i m L i y t r a p - r e t n u o C d e t a l e R f o n o i t c a s n a r T r o i r P r e h t O s m r e T f o e s o p r u P n o i t i s i u q c A e c n e r e f e R e c i r P t n u o m A e t a D r e f s n a r T i s p h s n o i t a l e R r e n w O s p i h s n o i t a l e R f o e r u t a N y t r a p - r e t n u o C m r e T t n e m y a P . p r o C l a n o i t a n r e t n I a r t c e l e n U . d t L , . o C y g o l o n h c e T . d t L , . o C c i r t c e l E e n u t r o F y g o l o n h c e T t n a c c i s e D l a t n e m n o r i v n E G J n o i t a r o p r o C . d t L , . o C y g o l o n h c e T o n a g r O n a w i a T . d t L ) e t P ( a i s A t s a e h t u o S d n a R - l l o s r e g n I , . o C n o i t c u r t s n o C n i C - a D ) e r o p a g n i S ( h c n a r B h c e t i H m e t s y S h c e t e l o h W . d t L n o i t c a s n a r T t n u o m A n g i e r o F ( n i s e i c n e r r u C ) s d n a s u o h T e t a D n o i t c a s n a r T f o s e p y T y t r e p o r P y n a p m o C e m a N b a F C M S T 6 E L B A T r o e l b a y a P s t n u o c c A / s e t o N e t o N o t % l a t o T e l b a v i e c e R e c n a l a B g n i d n E ) s d n a s u o h T n i s e i c n e r r u C n g i e r o F ( s m r e T t n e m y a P 2 6 - 2 9 2 , 8 5 4 1 8 2 , 2 3 7 , 1 8 $ ) e t o N ( n o i t c a s n a r T l a m r o n b A s l i a t e D n o i t c a s n a r T L A T I P A C N I - D I A P E H T F O % 0 2 R O N O I L L I M 0 0 1 $ T N T S A E L T A F O S E I T R A P D E T A L E R O T S E L A S R O M O R F S E S A H C R U P L A T O T ) e s i w r e h t O d e i f i c e p S s s e l n U , s r a l l o D n a w i a T w e N f o s d n a s u o h T n i s t n u o m A ( 9 1 0 2 , 1 3 R E B M E C E D D E D N E R A E Y E H T R O F s e e t s e v n I d n a d e t i i m L y n a p m o C g n i r u t c a f u n a M r o t c u d n o c i m e S n a w i a T t i n U e c i r P s m r e T t n e m y a P o t % l a t o T t n u o m A s e i c n e r r u C n g i e r o F ( ) s d n a s u o h T n i / s e s a h c r u P s e l a S s p i h s n o i t a l e R f o e r u t a N y t r a P d e t a l e R e m a N y n a p m o C 3 4 3 1 - - ) 2 0 0 , 6 6 2 1 ( , ) 1 7 9 , 8 3 5 1 ( , ) 5 2 6 , 7 9 0 1 ( , ) 4 4 9 , 7 8 4 ( ) 7 7 9 , 3 5 1 ( ) 3 5 4 9 , 2 7 4 , 3 8 2 $ S U ( 8 1 2 7 1 , 0 2 1 d e u s s i s i e c i o v n i n e h w f o h t n o m e h t f o d n e e h t m o r f s y a d 0 3 t e N 7 1 7 3 5 , 1 7 5 - - - - - - - - - - - - - - - ) e t o N ( e t a d e c i o v n i m o r f s y a d 0 3 t e N d e u s s i e h t d e u s s i e h t e h t f o s i f o s i f o d n e e h t m o r f s y a d 0 3 t e N e c i o v n i n e h w f o h t n o m d n e e h t m o r f s y a d 0 3 t e N e c i o v n i n e h w f o h t n o m d n e e h t m o r f s y a d 0 3 t e N d e u s s i s i e c i o v n i n e h w f o h t n o m d e u s s i e h t d e u s s i d e u s s i e h t e h t f o s i f o s i f o s i e c i o v n i n e h w f o h t n o m d n e e h t m o r f s y a d 0 3 t e N e c i o v n i n e h w f o h t n o m d n e e h t m o r f s y a d 0 3 t e N d n e e h t m o r f s y a d 0 3 t e N e c i o v n i n e h w f o h t n o m e t a d e c i o v n i m o r f s y a d 0 3 t e N 8 5 - 8 1 7 1 7 4 3 - 4 0 4 , 0 7 9 , 6 1 s e s a h c r u P y r a i d i s b u S g n i j n a N C M S T 6 0 7 , 4 8 5 , 6 1 s e s a h c r u P y r a i d i s b u S a n i h C C M S T 5 9 4 , 4 2 0 , 4 7 0 5 , 1 4 4 , 6 3 6 $ s e l a S s e l a S y r a i d i s b u S e t a i c o s s A C U G a c i r e m A h t r o N C M S T C M S T 1 0 2 , 4 6 8 , 6 7 1 8 , 8 0 2 , 3 0 0 6 , 2 9 0 , 3 4 4 9 , 8 2 6 , 1 ) 1 2 8 , 2 5 $ S U ( s e s a h c r u P s e s a h c r u P s e s a h c r u P s e l a S s e l a S y r a i d i s b u s t c e r i d n I h c e T r e f a W e t a i c o s s A e t a i c o s s A C M S S S I V C M S T f o e t a i c o s s A C U G a c i r e m A h t r o N C M S T C M S T f o e t a i c o s s A c e t n i X h c e T a r E s i V - 5 9 1 - . a c i r e m A h t r o N C M S T y b s t n e i l c s t i o t d e t n a r g s m r e t t n e m y a p e h t y b d e n i m r e t e d r o e t a d e c i o v n i s ’ C M S T m o r f s y a d 0 3 s i r o n e t e h T ： e t o N r o f e c n a w o l l A s t b e D d a B d e v i e c e R s t n u o m A t n e u q e s b u S n i d o i r e P e u d r e v O n e k a T n o i t c A t n u o m A s y a D r e v o n r u T ) 1 e t o N ( 7 E L B A T s e e t s e v n I d n a d e t i i m L y n a p m o C g n i r u t c a f u n a M r o t c u d n o c i m e S n a w i a T L A T I P A C N I - D I A P E H T F O % 0 2 R O N O I L L I M 0 0 1 $ T N T S A E L T A O T G N I T N U O M A S E I T R A P D E T A L E R M O R F S E L B A V I E C E R ) e s i w r e h t O d e i f i c e p S s s e l n U , s r a l l o D n a w i a T w e N f o s d n a s u o h T n i s t n u o m A ( 9 1 0 2 , 1 3 R E B M E C E D - - - - - - - - - - $ 2 2 8 , 8 8 6 , 0 3 $ - 3 5 7 , 2 3 ) 3 1 8 7 7 3 , 4 2 $ S U ( - - - - - ) 7 4 9 , 9 1 9 6 1 , 8 9 5 $ S U ( - - - - - - - - - - 7 7 5 , 9 0 1 , 1 $ - 3 5 7 , 2 3 ) 3 1 8 7 7 3 , 4 2 $ S U ( 8 4 2 e t o N 8 3 5 4 e c n a l a B g n i d n E s e i c n e r r u C n g i e r o F ( s p i h s n o i t a l e R f o e r u t a N y t r a P d e t a l e R e m a N y n a p m o C ) s d n a s u o h T n i 7 0 0 , 5 3 5 , 2 8 $ 9 5 5 , 1 0 1 2 9 2 , 8 5 4 ) 3 9 4 , 9 4 7 6 , 4 8 2 $ S U ( C M S T f o e t a i c o s s A y r a i d i s b u S y r a i d i s b u S e t a i c o s s A a c i r e m A h t r o N C M S T g n i j n a N C M S T C M S T C U G C U G a c i r e m A h t r o N C M S T 2 e t o N 9 3 8 , 0 0 2 , 4 2 y n a p m o c t n e r a p e m a s e h T g n i j n a N C M S T a n i h C C M S T - - - - - ) 7 4 9 , 9 1 9 6 1 , 8 9 5 $ S U ( 2 3 9 1 6 3 2 e t o N 9 5 2 7 1 , 0 2 1 ) 6 3 3 , 8 3 9 9 , 9 4 2 1 7 9 , 8 3 5 , 1 ) 7 2 8 , 1 2 6 , 5 B M R ( ) 2 0 5 , 7 5 3 B M R ( 2 0 0 , 6 6 2 , 1 ) 2 9 0 , 4 9 2 B M R ( - 6 9 1 - . s y a d r e v o n r u t f o n o i t a l u c l a c e h t r o f e l b a c i l p p a t o n s i h c i h w , s e l b a v i e c e r r e h t o f o d e t s i s n o c y l i r a m i r p s i e c n a l a b g n i d n e e h T ： 2 . s e i t r a p d e t a l e r m o r f s e l b a v i e c e r r e h t o s e d u l c x e s y a d r e v o n r u t f o n o i t a l u c l a c e h T ： 1 e t o N e t o N ) 2 0 6 , 6 3 5 2 6 , 7 9 0 , 1 $ S U ( e h t f o t n e r a p e t a m i t l u e h T y n a p m o C $ S U ( e h t f o t n e r a p e t a m i t l u e h T y n a p m o C C M S T y g o l o n h c e T C M S T C M S T h c e T r e f a W y n a p m o c t n e r a P C M S T C M S T f o e t a i c o s s A c e t n i X h c e T a r E s i V y n a p m o c t n e r a P C M S T g n i j n a N C M S T y r a i d i s b u S y r a i d i s b u S 9 0 7 , 2 0 2 , 2 9 0 7 , 2 0 2 , 2 7 6 2 , 8 8 3 , 3 5 7 8 1 , 2 9 5 , 1 1 $ 7 8 1 , 2 9 5 , 1 1 $ 0 7 2 , 7 3 7 , 7 9 3 $ 0 0 1 0 0 1 1 1 8 6 2 , 8 8 9 0 3 1 , 6 5 4 , 1 3 0 3 1 , 6 5 4 , 1 3 9 0 3 , 2 6 1 , 5 5 3 $ 9 0 3 , 2 6 1 , 5 5 3 $ e t a i c o s s A 9 9 7 , 4 5 6 , 1 7 9 4 , 0 6 8 , 5 2 7 5 , 7 2 0 , 9 8 2 3 2 2 , 4 6 4 7 7 6 , 0 8 1 , 0 1 7 7 6 , 0 8 1 , 0 1 e h t n i s s e n i s u b d e t a l e r r e h t o d n a , e r u t c a f u n a m t n e m t s e v n i r e h t o d n a y r t s u d n i r o t c u d n o c i m e s , n g i s e d e h t n i d e v l o v n i s e i n a p m o c n i g n i t s e v n I s e i t i v i t c a t n e m t s e v n I s t i u c r i c d e t a r g e t n i f o n g i s e d d e d i a - r e t u p m o c d n a g n i t s e t , g n i g a k c a p , g n i l l e s , g n i r u t c a f u n a M s k s a m f o e c i v r e s n g i s e d d n a g n i r u t c a f u n a m e h t d n a s e c i v e d r o t c u d n o c i m e s r e h t o d n a s e i t i v i t c a 8 E L B A T e t o N f o e r a h S s e s s o L / s t i f o r P e e t s e v n I f o ) 1 e t o N ( n g i e r o F ( n i s e i c n e r r u C ) s d n a s u o h T 9 1 0 2 , 1 3 r e b m e c e D f o s a e c n a l a B t n u o m A t n e m t s e v n I l a n i g i r O e m o c n I t e N e h t f o ) s e s s o L ( e e t s e v n I n g i e r o F ( g n i y r r a C e u l a V n g i e r o F ( n i s e i c n e r r u C ) s d n a s u o h T n i s e i c n e r r u C ) s d n a s u o h T f o e g a t n e c r e P i p h s r e n w O n I ( s e r a h S ) s d n a s u o h T , 1 3 r e b m e c e D , 1 3 r e b m e c e D 8 1 0 2 n g i e r o F ( 9 1 0 2 n g i e r o F ( n i s e i c n e r r u C n i s e i c n e r r u C ) s d n a s u o h T ) s d n a s u o h T s t c u d o r P d n a s e s s e n i s u B n i a M n o i t a c o L y n a p m o C e e t s e v n I y n a p m o C r o t s e v n I ) A N I H C D N A L N I A M N I T N E M T S E V N I N O N O I T A M R O F N I G N I D U L C X E ( E C N E U L F N I T N A C I F I N G I S S E S I C R E X E Y N A P M O C E H T H C I H W R E V O S E E T S E V N I F O N O I T A M R O F N I D E T A L E R D N A , S N O I T A C O L , S E M A N ) e s i w r e h t O d e i f i c e p S s s e l n U , s r a l l o D n a w i a T w e N f o s d n a s u o h T n i s t n u o m A ( 9 1 0 2 , 1 3 R E B M E C E D D E D N E R A E Y E H T R O F s e e t s e v n I d n a d e t i i m L y n a p m o C g n i r u t c a f u n a M r o t c u d n o c i m e S n a w i a T s d n a l s I n i g r i V h s i t i r B , a l o t r o T s d n a l s I n i g r i V h s i t i r B , a l o t r o T s r e n t r a P C M S T l a b o l G C M S T C M S T ) d e u n i t n o C ( e t a i c o s s A 8 2 0 , 7 8 8 3 4 7 , 6 8 2 , 2 4 7 1 , 2 0 5 , 6 y r a i d i s b u S 6 6 3 , 6 1 4 6 6 3 , 6 1 4 5 2 8 , 9 6 5 , 4 y r a i d i s b u S 6 5 6 , 3 3 5 1 4 8 , 3 1 6 1 4 7 , 1 4 5 , 4 e t a i c o s s A 9 2 3 , 5 7 8 7 9 , 1 8 1 5 4 1 , 6 4 8 , 1 e t a i c o s s A 0 0 7 , 0 2 2 7 6 4 , 3 3 6 7 7 3 , 4 8 2 , 1 y r a i d i s b u S y r a i d i s b u S y r a i d i s b u S 8 6 1 , 1 4 5 2 , 3 1 2 6 , 7 3 y r a i d i s b u S ) 0 4 3 , 3 ( y r a i d i s b u S y r a i d i s b u S - 6 9 1 , 2 - 1 9 1 , 1 4 5 2 , 3 1 2 6 , 7 3 ) 9 0 4 , 3 ( 6 9 1 , 2 - 9 7 4 , 2 6 4 4 0 5 , 1 3 2 0 2 6 , 2 4 1 5 9 0 , 5 7 7 2 7 , 0 4 y r a i d i s b u S 2 e t o N 3 7 6 , 8 3 3 , 1 9 9 0 , 5 2 8 , 9 2 ) 9 3 3 , 3 4 $ S U ( ) 8 6 5 , 4 9 9 $ S U ( y r a i d i s b u S 2 e t o N y r a i d i s b u S 2 e t o N y r a i d i s b u S 2 e t o N y r a i d i s b u S 2 e t o N y r a i d i s b u S 2 e t o N e t a i c o s s A 2 e t o N ) - - ) 7 8 9 0 1 ) 4 6 2 , 3 4 9 4 , 0 3 1 6 6 , 0 0 1 $ S U ( - - 8 3 5 , 0 7 6 $ S U ( ) 0 6 3 , 2 2 $ S U ( 0 5 1 , 9 3 2 $ S U ( ) 5 7 9 , 7 $ S U ( ) 1 7 6 ) ) 4 4 ( ) 1 5 3 , 1 ( 1 4 9 , 0 2 8 4 6 , 4 2 1 $ S U ( ) 7 5 1 , 4 $ S U ( 0 2 5 , 8 3 $ S U ( ) 5 8 2 , 1 $ S U ( 9 3 0 0 1 7 8 1 4 5 3 0 0 1 8 9 0 0 1 8 9 0 0 1 - 0 0 1 0 0 1 0 0 1 7 9 7 9 0 0 1 8 2 - - 6 - - 0 8 - - 0 0 3 , 2 3 8 5 9 9 2 , 9 - 3 9 6 , 4 - ) 2 8 2 , 4 1 2 7 9 , 8 6 ) 0 0 3 , 2 0 5 2 , 4 1 ) 5 7 4 7 8 5 , 4 6 ) 4 5 1 , 2 1 8 7 , 7 4 ) 3 9 5 , 1 4 1 3 8 2 0 , 0 2 1 , 5 8 2 0 , 0 2 1 , 5 s t i u c r i c d e t a r g e t n i f o g n i l l e s d n a g n i r u t c a f u n a M e r o p a g n i S 0 0 0 , 1 1 8 1 7 , 3 3 3 8 1 7 , 3 3 3 d n a s t i u c r i c d e t a r g e t n i f o g n i t e k r a m d n a g n i l l e S s e c i v e d r o t c u d n o c i m e s r e h t o d n a s e c i v e d r o t c u d n o c i m e s r e h t o . A S U . , a i n r o f i l a C , e s o J n a S a c i r e m A h t r o N C M S T 0 2 1 , 3 5 2 1 7 1 , 5 0 0 , 5 1 7 1 , 5 0 0 , 5 s t r a p e r a p s c i n o r t c e l e g n i r u t c a f u n a m n i d e g a g n E n a w i a T , u h C - n i s H h c e T a r E s i V 2 8 2 , 1 1 1 7 1 3 , 8 8 9 , 1 7 1 3 , 8 8 9 , 1 l e v e l r e f a w d n a g n i g a k c a p e z i s p i h c l e v e l r e f a W n a w i a T , n a u y o a T 8 8 6 , 6 4 8 6 5 , 6 8 3 8 6 5 , 6 8 3 g n i t s e t , g n i r u t c a f u n a m , g n i p o l e v e d , g n i h c r a e s e R n a w i a T , u h C - n i s H e c i v r e s n o i t c e n n o c r e t n i n o i t a v i s s a p t s o p g n i t s e t d n a g n i g a k c a p , g n i l l e s , g n i r u t c a f u n a m , g n i n g i s e d , g n i p o l e v e d , g n i h c r a e s e r n i d n a r e t l i f r o l o c f o 9 4 7 , 5 1 4 4 2 , 8 0 3 , 1 0 6 7 , 3 8 0 0 8 , 8 7 2 6 5 6 , 3 1 6 6 2 , 5 2 - 9 4 7 , 5 1 6 4 8 , 8 1 3 , 1 0 6 7 , 3 8 6 5 6 , 3 1 0 0 3 , 0 6 2 s e i n a p m o c y g o l o n h c e t p u - t r a t s w e n n i g n i t s e v n I s e i t i v i t c a g n i t r o p p u s d n a e c i v r e s r e m o t s u C s e i n a p m o c y g o l o n h c e t p u - t r a t s w e n n i g n i t s e v n I g n i d i v o r p d n a s t c u d o r p d e t a l e r r a l o s f o g n i l l e S s e i t i v i t c a g n i t r o p p u s d n a e c i v r e s r e m o t s u C e c i v r e s r e m o t s u c n a p a J , a m a h o k o Y s d n a l s I n a m y a C s d n a l s I n a m y a C a e r o K , l u o e S y n a m r e G , g r u b m a H s t i u c r i c d e t a r g e t n i f o g n i t e k r a m d n a s e i t i v i t c a g n i t r o p p u s d n a e c i v r e s r e m o t s u C s d n a l r e h t e N e h t , m a d r e t s m A H b m G e p o r u E r a l o S C M S T e p o r u E C M S T n a p a J C M S T I I I F A T V a e r o K C M S T I I F A T V c e t n i X C U G n a w i a T , u h C - n i s H S I V C M S S - 7 9 1 - $ S U ( ) 3 9 5 , 1 $ S U ( d n a , s l a i r e t a m c i n o r t c e l e f o g n i l i a t e r d n a D I F R f o g n i t s e t d n a g n i p o l e v e d , g n i h c r a e s e r $ S U ( ) 4 0 5 , 2 $ S U ( 1 8 7 , 7 4 g n i l a s e l o h w , s t r a p c i n o r t c e l e f o g n i r u t c a f u n a M n a w i a T , i e p i a T w e N 3 8 0 , 5 7 s e i n a p m o c y g o l o n h c e t p u - t r a t s w e n n i g n i t s e v n I s d n a l s I n a m y a C 9 8 2 , 8 2 4 9 8 2 , 8 2 4 $ S U ( - - 2 7 9 , 8 6 $ S U ( ) 2 8 2 , 4 1 $ S U ( $ S U ( ) 0 0 3 , 2 $ S U ( s e i n a p m o c y g o l o n h c e t p u - t r a t s w e n n i g n i t s e v n I s e i n a p m o c y g o l o n h c e t p u - t r a t s w e n n i g n i t s e v n I s e i t i v i t c a t r o p p u s g n i r e e n i g n E y r t s u d n i r o t c u d n o c i m e s s e i t i v i t c a t r o p p u s g n i r e e n i g n E a d a n a C , o i r a t n O s d n a l s I n a m y a C s d n a l s I n a m y a C 1 2 1 , 1 0 6 , 7 1 1 2 1 , 1 0 6 , 7 1 ) 9 3 9 , 6 8 5 $ S U ( ) 9 3 9 , 6 8 5 $ S U ( e h t n i s s e n i s u b d e t a l e r g n i r u t c a f u n a m e h t n i d e v l o v n i s e i n a p m o c n i g n i t s e v n I . A S U . . A S U . , e r a w a l e D y g o l o n h c e T C M S T , e r a w a l e D t n e m p o l e v e D C M S T s r e n t r a P C M S T a d a n a C C M S T I I F D S I F D S I d n u F h t w o r G k a P - l a u t u M I I I F A T V e t o N f o e r a h S s e s s o L / s t i f o r P e e t s e v n I f o ) 1 e t o N ( n g i e r o F ( n i s e i c n e r r u C ) s d n a s u o h T e m o c n I t e N e h t f o ) s e s s o L ( e e t s e v n I n g i e r o F ( g n i y r r a C e u l a V n g i e r o F ( n i s e i c n e r r u C n i s e i c n e r r u C ) s d n a s u o h T ) s d n a s u o h T 9 1 0 2 , 1 3 r e b m e c e D f o s a e c n a l a B t n u o m A t n e m t s e v n I l a n i g i r O f o e g a t n e c r e P i p h s r e n w O n I ( s e r a h S ) s d n a s u o h T , 1 3 r e b m e c e D , 1 3 r e b m e c e D 8 1 0 2 n g i e r o F ( 9 1 0 2 n g i e r o F ( n i s e i c n e r r u C n i s e i c n e r r u C ) s d n a s u o h T ) s d n a s u o h T s t c u d o r P d n a s e s s e n i s u B n i a M n o i t a c o L y n a p m o C e e t s e v n I y n a p m o C r o t s e v n I ) d e d u l c n o C ( . y n a p m o c r o t s e v n i e h t f o s e s s o l / s t i f o r p f o e r a h s e h t n i d e d u l c n i y d a e r l a s i t n u o m a h c u s s a n i e r e h d e t c e l f e r t o n s i y n a p m o c e e t s e v n i e h t f o s e s s o l / s t i f o r p f o e r a h s e h T : 2 . s n o i t c a s n a r t y n a p m o c r e t n i n o t i f o r p s s o r g d e z i l a e r n u f o t c e f f e e h t s e d u l c n i e e t s e v n i f o s e s s o l / s t i f o r p f o e r a h s e h T : 1 e t o N e t o N - 8 9 1 - y r a i d i s b u S 2 e t o N 3 8 4 , 3 4 8 6 4 6 , 2 0 4 , 4 0 0 1 7 3 6 , 3 9 2 - $ - $ d e t a r g e t n i f o g n i t s e t d n a g n i l l e s , g n i r u t c a f u n a M ) 6 2 3 , 7 2 $ S U ( ) 4 1 8 , 6 4 1 $ S U ( s e c i v e d r o t c u d n o c i m e s r e h t o d n a s t i u c r i c . A S U . , n o t g n i h s a W h c e T r e f a W t n e m p o l e v e D C M S T 9 E L B A T s e e t s e v n I d n a d e t i i m L y n a p m o C g n i r u t c a f u n a M r o t c u d n o c i m e S n a w i a T d e t a l u m u c c A d r a w n I f o e c n a t t i m e R f o s a s g n i n r a E , 1 3 r e b m e c e D 9 1 0 2 g n i y r r a C t n u o m A f o s a , 1 3 r e b m e c e D 9 1 0 2 s e s s o L / s t i f o r P p i h s r e n w O e e t s e v n I y n a p m o C f o e r a h S f o e g a t n e c r e P e h t f o ) s e s s o L ( e m o c n I t e N d e t a l u m u c c A f o w o l f t u O m o r f t n e m t s e v n I f o s a n a w i a T , 1 3 r e b m e c e D n i $ S U ( 9 1 0 2 ) s d n a s u o h T s w o l F t n e m t s e v n I w o l f n I w o l f t u O n i $ S U ( ) s d n a s u o h T d e t a l u m u c c A f o w o l f t u O m o r f t n e m t s e v n I f o s a n a w i a T 9 1 0 2 , 1 y r a u n a J n i $ S U ( ) s d n a s u o h T f o d o h t e M t n e m t s e v n I f o t n u o m A l a t o T l a t i p a C n i - d i a P n i B M R ( ) s d n a s u o h T d n a s e s s e n i s u B n i a M s t c u d o r P y n a p m o C e e t s e v n I ) e s i w r e h t O d e i f i c e p S s s e l n U , s r a l l o D n a w i a T w e N f o s d n a s u o h T n i s t n u o m A ( A N I H C D N A L N I A M N I T N E M T S E V N I N O N O I T A M R O F N I 9 1 0 2 , 1 3 R E B M E C E D D E D N E R A E Y R O F - - $ 4 5 1 , 9 8 2 , 7 5 $ 4 9 0 , 0 7 0 4 , ) 2 e t o N ( 9 3 9 , 4 6 3 , 1 2 1 2 0 , 3 1 2 1 , ) 2 e t o N ( $ % 0 0 1 6 1 2 % 0 0 1 2 7 6 , 7 3 0 4 , , 9 8 2 1 , ) 0 0 0 , 6 9 5 $ S U ( $ 7 6 6 , 9 3 9 , 8 1 $ - $ ) 0 0 0 , 0 0 0 , 1 $ S U ( 2 1 4 , 1 2 5 , 0 3 - - - $ 7 6 6 , 9 3 9 , 8 1 $ ) 0 0 0 , 6 9 5 $ S U ( ) 0 8 0 , 2 0 5 , 4 B M R ( - r e t u p m o c d n a g n i t s e t 1 e t o N 7 6 6 , 9 3 9 , 8 1 $ , g n i l l e s , g n i r u t c a f u n a M a n i h C C M S T d n a s t i u c r i c d e t a r g e t n i r o t c u d n o c i m e s r e h t o f o n g i s e d d e d i a s e c i v e d 2 1 4 , 1 2 5 , 0 3 ) 0 0 0 , 0 0 0 , 1 $ S U ( ) 9 1 1 , 0 5 6 , 6 B M R ( - r e t u p m o c d n a g n i t s e t 1 e t o N 2 1 4 , 1 2 5 , 0 3 , g n i l l e s , g n i r u t c a f u n a M g n i j n a N C M S T d n a s t i u c r i c d e t a r g e t n i r o t c u d n o c i m e s r e h t o f o n g i s e d d e d i a s e c i v e d y b d e z i r o h t u A s t n u o m A t n e m t s e v n I a n i h C d n a l n i a M n i t n e m t s e v n I d e t a l u m u c c A t n e m t s e v n I n o t i i m L r e p p U A E O M , n o i s s i m m o C t n e m t s e v n I ) 3 e t o N ( 6 5 2 , 7 5 2 , 3 7 9 $ ) s d n a s u o h T n i $ S U ( 7 6 6 , 2 1 4 , 9 1 1 $ ) 0 0 0 , 6 9 5 , 3 $ S U ( 9 1 0 2 , 1 3 r e b m e c e D f o s a ) s d n a s u o h T n i $ S U ( 9 7 0 , 1 6 4 , 9 4 $ ) 0 0 0 , 6 9 5 1 , $ S U ( - 9 9 1 - . h t r o w t e n d e t a d i l o s n o c s ’ y n a p m o C e h t f o ) % 0 6 ( t n e c r e p y t x i s y b d e n i m r e t e d s i a n i h C d n a l n i a m n i t n e m t s e v n i n o t i m i l r e p p u e h T : 3 . g n i j n a N C M S T n i s d n a s u o h t 0 0 0 , 0 0 0 , 1 $ S U d n a a n i h C C M S T n i d n a s u o h t 0 0 0 , 6 9 5 $ S U d e t s e v n i y l t c e r i d C M S T : 1 . s t n e m e t a t s l a i c n a n i f d e t i d u a e h t n o d e s a b d e z i n g o c e r s a w t n u o m A : 2 e t o N e t o N e t o N 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 STATEMENT OF NOTES AND ACCOUNTS RECEIVABLE, NET STATEMENT OF RECEIVABLES FROM RELATED PARTIES STATEMENT OF INVENTORIES STATEMENT OF CHANGES IN INVESTMENTS ACCOUNTED FOR USING EQUITY METHOD STATEMENT OF CHANGES IN PROPERTY, PLANT AND EQUIPMENT STATEMENT OF CHANGES IN ACCUMULATED DEPRECIATION AND ACCUMULATED IMPAIRMENT OF PROPERTY, PLANT AND EQUIPMENT STATEMENT OF CHANGES IN RIGHT-OF-USE ASSETS STATEMENT OF CHANGES IN INTANGIBLE ASSETS STATEMENT OF GUARANTEE DEPOSITS STATEMENT OF DEFERRED INCOME TAX ASSETS / LIABILITIES STATEMENT OF SHORT-TERM LOANS STATEMENT OF ACCOUNTS PAYABLES STATEMENT OF PAYABLES TO RELATED PARTIES STATEMENT OF PAYABLES TO CONTRACTORS AND EQUIPMENT SUPPLIERS STATEMENT OF LEASE LIABILITIES STATEMENT OF ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES STATEMENT OF BONDS PAYABLE MAJOR ACCOUNTING ITEMS IN PROFIT OR LOSS STATEMENT OF NET REVENUE STATEMENT OF COST OF REVENUE STATEMENT OF OPERATING EXPENSES STATEMENT OF FINANCE COSTS STATEMENT OF LABOR, DEPRECIATION AND AMORTIZATION BY FUNCTION 1 2 3 4 5 Note 12 Note 12 6 Note 14 Note 18 Note 25 7 8 9 10 11 12 13 14 15 16 Note 23 17 - 200 - STATEMENT 1 Taiwan Semiconductor Manufacturing Company Limited STATEMENT OF CASH AND CASH EQUIVALENTS DECEMBER 31, 2019 (In Thousands of New Taiwan Dollars, Unless Specified Otherwise) Item Description Amount Cash Petty cash Cash in banks Checking accounts and demand deposits Foreign currency deposits Time deposits $ 460 5,497,624 12,584,607 123,368,007 Including US$385,487 thousand @29.988, JPY3,439,861 thousand @0.2751 and EUR2,327 thousand @33.653 From 2019.10.01 to 2020.10.14, interest rates at 0.19%-2.40%, including NT$115,277,800 thousand and US$269,781 thousand @29.988 Total $ 141,450,698 - 201 - Taiwan Semiconductor Manufacturing Company Limited STATEMENT OF NOTES AND ACCOUNTS RECEIVABLE, NET DECEMBER 31, 2019 (In Thousands of New Taiwan Dollars) Client Name Client A Client B Client C Client D Others (Note) Less: Loss allowance Total STATEMENT 2 Amount $ 20,435,306 4,419,372 3,914,138 3,375,702 17,299,460 49,443,978 (319,045) $ 49,124,933 Note: The amount of individual client included in others does not exceed 5% of the account balance. - 202 - Taiwan Semiconductor Manufacturing Company Limited STATEMENT OF RECEIVABLES FROM RELATED PARTIES DECEMBER 31, 2019 (In Thousands of New Taiwan Dollars) Client Name TSMC North America Others (Note) Total STATEMENT 3 Amount $ 81,732,281 462,220 $ 82,194,501 Note: The amount of individual client included in others does not exceed 5% of the account balance. - 203 - Taiwan Semiconductor Manufacturing Company Limited STATEMENT OF INVENTORIES DECEMBER 31, 2019 (In Thousands of New Taiwan Dollars) STATEMENT 4 Item Finished goods Work in process Raw materials Supplies and spare parts Total Amount Cost Net Realizable Value $ 8,533,179 $ 25,069,823 49,268,466 236,694,719 15,046,116 14,064,902 3,416,090 3,591,225 $ 76,263,851 $ 279,420,669 - 204 - r o e u l a V t e k r a M e u l a V s t e s s A t e N e s a e r c n I ) e s a e r c e D ( e h t g n i s U n i 9 1 0 2 , 1 3 r e b m e c e D , e c n a l a B d o h t e M y t i u q E t n e m t s e v n I n i e s a e r c e D t n e m t s e v n I n i s n o i t i d d A 9 1 0 2 , 1 y r a u n a J , e c n a l a B 5 T N E M E T A T S D O H T E M Y T I U Q E G N I S U R O F D E T N U O C C A S T N E M T S E V N I N I S E G N A H C F O T N E M E T A T S ) e s i w r e h t O d e i f i c e p S s s e l n U , s r a l l o D n a w i a T w e N f o s d n a s u o h T n I ( 9 1 0 2 , 1 3 R E B M E C E D D E D N E R A E Y E H T R O F d e t i i m L y n a p m o C g n i r u t c a f u n a M r o t c u d n o c i m e S n a w i a T s e r a h S s e r a h S s e r a h S t n u o m A ) s d n a s u o h T n I ( t n u o m A ) s d n a s u o h T n I ( t n u o m A ) s d n a s u o h T n I ( s e e t s e v n I l a r e t a l l o C t n u o m A l a t o T e c i r P t i n U ) $ T N ( t n u o m A % ) s d n a s u o h T n I ( s e r a h S l i N l i N l i N l i N l i N l i N l i N l i N l i N l i N l i N l i N l i N l i N l i N l i N 8 1 5 , 5 5 4 , 3 5 3 2 9 , 2 1 8 , 6 3 0 9 1 , 8 8 2 , 6 5 2 8 , 9 6 5 , 4 9 4 2 , 8 0 5 , 4 5 9 1 , 8 5 9 , 8 4 7 7 , 1 5 2 , 1 1 - 9 7 4 , 2 6 4 0 2 6 , 2 4 1 7 2 7 , 0 4 0 7 7 , 7 2 2 , 4 2 5 0 7 2 , 7 3 7 , 7 9 3 $ 7 6 4 , 8 5 3 , 7 5 0 5 8 , 8 0 4 , 1 2 8 4 8 , 8 6 7 2 2 , 8 0 2 2 9 3 , 4 4 0 , 9 7 ) 1 e t o N ( 9 7 $ ) 1 ) 1 e t o N ( 1 8 e t o N ( 1 4 2 7 6 2 , 8 8 3 , 3 5 0 7 2 , 7 3 7 , 7 9 3 $ - 2 7 5 , 7 2 0 , 9 4 7 1 , 2 0 5 , 6 5 2 8 , 9 6 5 , 4 1 4 7 , 1 4 5 , 4 5 4 1 , 6 4 8 , 1 7 7 3 , 4 8 2 , 1 9 7 4 , 2 6 4 0 2 6 , 2 4 1 7 2 7 , 0 4 7 9 1 , 3 4 5 , 9 7 4 4 5 1 , 9 8 2 , 7 5 9 3 9 , 4 6 3 , 1 2 5 9 0 , 5 7 4 0 5 , 1 3 2 2 9 6 , 0 6 9 , 8 7 0 0 1 0 0 1 8 2 9 3 0 0 1 7 8 1 4 5 3 - 0 0 1 0 0 1 0 0 1 0 0 1 0 0 1 8 9 8 9 1 1 8 6 2 , 8 8 9 3 2 2 , 4 6 4 4 1 3 0 0 0 , 1 1 0 2 1 , 3 5 2 2 8 2 , 1 1 1 8 8 6 , 6 4 - 6 - 0 8 - - - - t n u o m A ) 2 e t o N ( 9 3 3 , 9 5 1 , 4 3 7 1 , 9 4 0 , 1 $ 6 4 4 , 1 2 9 5 3 , 9 2 7 2 3 4 , 0 0 3 2 1 8 , 9 8 3 5 , 1 8 ) 6 4 0 , 5 1 ( 4 8 4 , 1 1 5 6 , 6 1 ) 9 3 2 ( 6 0 1 , 0 2 7 5 2 , 4 5 3 , 6 3 4 2 , 2 2 8 , 1 2 4 2 , 6 2 6 2 5 , 3 6 7 ) 3 6 1 , 5 3 ( 8 4 8 , 6 7 5 , 2 - - - - - - - - - - - - - - - - ) 0 0 5 , 8 1 ( ) 0 0 5 , 8 1 ( $ - - - - - - - - - - - ) 1 ( - - - - - - - - - - - - - - - - - - - 2 0 6 , 0 1 - 2 0 6 , 0 1 $ - - - - - - - - - - - - - - - - 1 3 9 , 7 7 5 , 3 9 3 $ 1 1 6 2 1 , 6 0 0 , 9 5 1 8 , 2 7 7 , 5 3 9 3 , 9 6 2 , 4 9 2 9 , 1 3 5 , 4 7 0 6 , 4 6 7 , 1 3 2 4 , 9 9 2 , 1 4 9 0 , 9 3 3 , 2 5 8 2 8 , 5 4 4 6 3 1 , 1 4 1 6 6 9 , 0 4 ) 6 0 1 , 0 2 ( 2 4 1 , 9 6 1 , 3 7 4 1 1 9 , 6 6 4 , 5 5 3 1 4 , 1 0 6 , 0 2 0 6 6 , 4 9 1 8 5 7 , 8 2 1 2 4 7 , 1 9 3 , 6 7 8 6 2 , 8 8 9 3 2 2 , 4 6 4 4 1 3 0 0 0 , 1 1 0 2 1 , 3 5 2 2 8 2 , 1 1 1 8 8 6 , 6 4 - 6 1 0 8 - - - - 2 6 1 , 2 7 2 , 3 0 6 $ 9 8 8 , 3 0 5 , 8 5 5 $ 5 0 1 , 1 3 9 , 8 $ ) 0 0 5 , 8 1 ( $ 2 0 6 , 0 1 $ 4 8 8 , 0 6 5 , 9 4 5 $ a c i r e m A h t r o N C M S T h c e T a r E s i V s r e n t r a P C M S T l a b o l G C M S T s k c o t S C M S S S I V e p o r u E C M S T n a p a J C M S T a e r o K C M S T c e t n i X C U G H b m G e p o r u E r a l o S C M S T l a t o t b u S g n i j n a N C M S T a n i h C C M S T l a t o t b u S I I I F A T V I I F A T V l a t i p a C l a t o T - 5 0 2 - . c t e , s e t a i c o s s a d n a s e i r a i d i s b u s f o t n u o m a n o i t a d i u q i l , s e t a i c o s s a d n a s e i r a i d i s b u s m o r f d e v i e c e r s d n e d i v i d h s a c , s e t a i c o s s a d n a s e i r a i d i s b u s f o e m o c n i e v i s n e h e r p m o c r e h t o f o e r a h s , s e t a i c o s s a d n a s e i r a i d i s b u s f o s s o l r o t i f o r p f o e r a h s g n i d u l c n i y l n i a M . 9 1 0 2 , 1 3 r e b m e c e D f o s a E S W T e h t r o e g n a h c x E i e p i a T e h t f o e c i r p g n i s o l c y b d e t a l u c l a c s i e c i r p t i n u e h T : 1 : 2 e t o N e t o N 6 T N E M E T A T S k r a m e R l a t o T t n e m p i u q E e c i f f O t n e m p i u q E d n a y r e n i h c a M s g n i d l i u B d n a L m e t I - 9 7 8 , 9 3 6 ) 9 0 0 , 4 0 6 ( ) 9 7 7 , 9 1 6 ( 7 5 2 , 1 3 8 , 7 1 8 4 3 , 7 4 2 , 7 1 - ) 6 6 4 , 6 ( ) 9 5 6 , 0 2 ( 3 5 4 , 4 4 2 , 2 8 2 3 , 7 1 2 , 2 0 2 0 , 0 3 0 , 5 1 $ $ $ $ $ - - 5 0 5 , 7 1 4 2 9 , 4 1 ) 5 6 8 , 1 ( 4 6 5 , 0 3 - - ) 6 6 7 ( 4 5 1 , 0 1 8 8 3 , 9 6 7 1 , 1 2 $ $ $ $ $ - - - 3 0 3 , 9 5 5 , 2 ) 9 7 7 , 9 1 6 ( 4 2 5 , 9 3 9 , 1 - - ) 9 5 6 , 0 2 ( 4 7 3 , 4 8 1 , 1 5 1 7 , 3 6 1 , 1 9 0 8 , 5 7 7 $ $ $ $ $ - - ) 7 1 7 , 8 ( 3 0 4 , 8 8 3 2 0 , 9 2 4 9 0 7 , 8 0 5 - - - 3 7 8 , 5 0 1 3 7 8 , 5 0 1 6 3 8 , 2 0 4 $ $ $ $ $ - - 2 5 5 , 6 3 5 ) 7 2 4 , 3 9 5 ( 6 2 4 , 5 2 8 , 4 1 1 5 5 , 8 6 7 , 4 1 - - ) 0 0 7 , 5 ( 2 5 0 , 4 4 9 2 5 3 , 8 3 9 9 9 1 , 0 3 8 , 3 1 $ $ $ $ $ s d r a d n a t s g n i t n u o c c a f o n o i t a c i l p p a l a i t i n i m o r f g n i s i r a s t n e m t s u j d A 9 1 0 2 , 1 y r a u n a J t a e c n a l a B t s o C s t e s s a e s u - f o - t h g i r f o t u o s r e f s n a r T 9 1 0 2 , 1 3 r e b m e c e D t a e c n a l a B s n o i t c u d e D s n o i t i d d A s t e s s a e s u - f o - t h g i r f o t u o s r e f s n a r T 9 1 0 2 , 1 y r a u n a J t a e c n a l a B n o i t a i c e r p e d d e t a l u m u c c A s n o i t c u d e D s n o i t i d d A 9 1 0 2 , 1 3 r e b m e c e D t a e c n a l a B 9 1 0 2 , 1 3 r e b m e c e D t a s t n u o m a g n i y r r a C - S T E S S A E S U - F O T H G I R N I E G N A H C F O T N E M E T A T S 9 1 0 2 , 1 3 R E B M E C E D D E D N E R A E Y E H T R O F ) s r a l l o D n a w i a T w e N f o s d n a s u o h T n I ( - 6 0 2 - d e t i i m L y n a p m o C g n i r u t c a f u n a M r o t c u d n o c i m e S n a w i a T - - - - - - - - - - - - - - - l i N l i N l i N l i N l i N l i N l i N l i N l i N l i N l i N l i N l i N l i N l i N 0 0 0 , 0 0 6 0 0 0 , 0 0 5 0 0 0 , 0 0 5 0 0 0 , 0 0 1 , 1 D S U D S U D S U D S U 0 0 0 , 0 0 0 , 2 1 D W T 0 0 0 , 0 5 4 0 0 0 , 0 0 0 , 1 D S U D S U 0 0 0 , 0 0 0 , 9 D W T 0 0 0 , 0 0 2 0 0 0 , 5 4 1 D S U D S U 0 0 0 , 0 0 0 , 4 D W T 0 0 0 , 5 7 0 0 0 , 5 5 5 0 0 0 , 0 0 3 D S U D S U D S U 0 0 0 , 0 0 0 , 1 D S U 1 0 . 0 6 1 . 2 1 0 . 0 0 2 . 2 - 9 1 . 2 0 1 . 2 - 8 0 . 2 1 0 . 0 8 0 . 2 5 1 . 2 2 2 . 2 5 1 . 2 1 . 2 6 1 . 2 5 1 . 2 2 2 . 2 - 7 T N E M E T A T S k r a m e R l a r e t a l l o C s t n e m t i m m o C n a o L ) % ( s e t a R t s e r e t n I d o i r e P t c a r t n o C f o e g n a R d e t i i m L y n a p m o C g n i r u t c a f u n a M r o t c u d n o c i m e S n a w i a T ) e s i w r e h t O d e i f i c e p S s s e l n U , s r a l l o D n a w i a T w e N f o s d n a s u o h T n I ( S N A O L M R E T - T R O H S F O T N E M E T A T S 9 1 0 2 , 1 3 R E B M E C E D 5 2 . 5 0 . 0 2 0 2 - 7 2 . 9 0 . 9 1 0 2 4 1 . 1 0 . 0 2 0 2 - 9 1 . 1 1 . 9 1 0 2 7 0 . 4 0 . 0 2 0 2 - 0 3 . 0 1 . 9 1 0 2 3 1 . 1 0 . 0 2 0 2 - 8 0 . 1 1 . 9 1 0 2 6 0 . 1 0 . 0 2 0 2 - 6 0 . 1 1 . 9 1 0 2 5 2 . 5 0 . 0 2 0 2 - 7 2 . 2 1 . 9 1 0 2 6 0 . 1 0 . 0 2 0 2 - 4 0 . 2 1 . 9 1 0 2 8 0 . 1 0 . 0 2 0 2 - 8 0 . 1 1 . 9 1 0 2 9 0 . 1 0 . 0 2 0 2 - 7 2 . 1 1 . 9 1 0 2 0 1 . 1 0 . 0 2 0 2 - 8 0 . 1 1 . 9 1 0 2 6 0 . 1 0 . 0 2 0 2 - 5 0 . 2 1 . 9 1 0 2 3 1 . 1 0 . 0 2 0 2 - 9 1 . 1 1 . 9 1 0 2 7 0 . 1 0 . 0 2 0 2 - 8 0 . 1 1 . 9 1 0 2 9 0 . 1 0 . 0 2 0 2 - 7 2 . 1 1 . 9 1 0 2 , e c n a l a B r a e Y f o d n E 5 8 4 , 1 7 0 , 5 2 0 0 0 , 4 9 9 , 4 1 3 7 9 , 0 4 8 , 4 1 0 2 7 , 4 9 1 , 3 1 0 0 8 , 5 9 4 , 0 1 2 7 2 , 8 3 5 , 7 0 0 0 , 7 9 4 , 7 0 6 3 , 7 9 5 , 6 0 2 7 , 7 9 6 , 5 0 2 3 , 8 9 1 , 4 0 6 5 , 8 9 5 , 3 0 8 2 , 9 9 7 , 1 0 0 4 , 9 9 4 , 1 0 0 4 , 9 9 4 , 1 0 9 2 , 2 2 5 , 8 1 1 $ - 7 0 2 - 7 1 . 7 0 . 0 2 0 2 - 8 1 . 7 0 . 9 1 0 2 0 0 0 , 8 8 9 , 9 2 0 9 2 , 0 1 5 , 8 4 1 $ n o i t a r o p r o C g n i k n a B i u s t i M o m o t i m u S k n a B d e r e t r a h C d r a d n a t S k n a B l a i c r e m m o C t s r i F . . V N k n a B G N I k n a b a g e M e p y T I B C e l o c i r g A t i d é r C a c i r e m A f o k n a B s n a o l d e r u c e s n U S B D . . A N k n a B e s a h C n a g r o M P J . d t L , J F U i h s i b u s t i M - o y k o T f o k n a B e h T . d t L k n a B l a i c r e m m o C n a N a u H n a w i a T k n a b i t i C n a w i a T s a b i r a P P N B i e p i a T k n a b i t i C l a t o t b u S l a b o l G C M S T s e i t r a p d e t a l e R l a t o T STATEMENT 8 Taiwan Semiconductor Manufacturing Company Limited STATEMENT OF ACCOUNTS PAYABLES DECEMBER 31, 2019 (In Thousands of New Taiwan Dollars) Accounts payables was NT$36,029,135 thousands. The amount of individual vendor does not exceed 5% of the account balance. - 208 - Taiwan Semiconductor Manufacturing Company Limited STATEMENT OF PAYABLES TO RELATED PARTIES DECEMBER 31, 2019 (In Thousands of New Taiwan Dollars) Vendor Name TSMC China TSMC Nanjing WaferTech Xintec SSMC Others (Note) Total STATEMENT 9 Amount $ 1,538,971 1,266,002 1,097,625 736,747 487,944 589,346 $ 5,716,635 Note: The amount of individual vendor in others does not exceed 5% of the account balance. - 209 - Taiwan Semiconductor Manufacturing Company Limited STATEMENT OF PAYABLES TO CONTRACTORS AND EQUIPMENT SUPPLIERS DECEMBER 31, 2019 (In Thousands of New Taiwan Dollars) STATEMENT 10 Vendor Name Vendor A Vendor B Vendor C Vendor D Vendor E Others (Note) Total Amount $ 30,277,721 23,758,769 12,331,155 10,909,698 8,523,195 53,953,953 $ 139,754,491 Note: The amount of individual vendor included in others does not exceed 5% of the account balance. - 210 - STATEMENT 11 Taiwan Semiconductor Manufacturing Company Limited STATEMENT OF LEASE LIABILITIES DECEMBER 31, 2019 (In Thousands of New Taiwan Dollars) Item Description Lease Term Discount Rate (%) Balance, End of Year Land Mainly for the use of plants 2 to 22 years 0.67-0.94 $ 13,882,035 and offices Buildings Mainly for the use of offices 2 to 6 years 0.67-0.71 397,849 Machinery and equipment For operation use 2 years 3.24 842,185 Office equipment For operation use 1 to 3 years 0.64-0.71 21,750 Less: Current portion Noncurrent portion 15,143,819 (1,843,556) $ 13,300,263 - 211 - Taiwan Semiconductor Manufacturing Company Limited STATEMENT OF ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES DECEMBER 31, 2019 (In Thousands of New Taiwan Dollars) Item Refund liability Contract liabilities Utilities Others (Note) Total Note: The amount of each item in others does not exceed 5% of the account balance. STATEMENT 12 Amount $ 17,673,937 4,095,915 2,758,347 18,583,433 $ 43,111,632 - 212 - 3 1 T N E M E T A T S d e t i i m L y n a p m o C g n i r u t c a f u n a M r o t c u d n o c i m e S n a w i a T E L B A Y A P S D N O B F O T N E M E T A T S 9 1 0 2 , 1 3 R E B M E C E D ) s r a l l o D n a w i a T w e N f o s d n a s u o h T n I ( l a r e t a l l o C t n e m y a p e R ) e u l a V g n i y r r a C ( , e c n a l a B r a e Y f o d n E t n u o m A t n e m y a p e R d i a p t n u o m A l a t o T n o p u o C ) % ( e t a R t s e r e t n I e t a D t n e m y a P e t a D e c n a u s s I e e t s u r T e m a N s d n o B ) 0 0 0 , 0 0 8 , 1 3 ( 0 0 0 , 0 0 1 , 5 2 $ 0 0 0 , 0 0 9 , 6 5 0 0 0 , 0 0 9 , 4 3 $ 0 0 0 , 0 0 8 , 1 9 $ l i N l i N l i N l i N l i N l i N l i N l i N l i N l i N l i N l i N l i N l i N l i N t n e m y a p e r t e l l u B t n e m y a p e r t e l l u B t n e m y a p e r t e l l u B t n e m y a p e r t e l l u B t n e m y a p e r t e l l u B t n e m y a p e r t e l l u B t n e m y a p e r t e l l u B t n e m y a p e r t e l l u B t n e m y a p e r t e l l u B t n e m y a p e r t e l l u B t n e m y a p e r t e l l u B t n e m y a p e r t e l l u B t n e m y a p e r t e l l u B t n e m y a p e r t e l l u B t n e m y a p e r t e l l u B - - - 0 0 0 , 0 0 4 , 4 0 0 0 , 0 0 0 , 3 0 0 0 , 0 0 0 , 0 1 0 0 0 , 0 0 6 , 3 0 0 0 , 0 0 6 , 1 1 0 0 0 , 0 0 5 , 3 0 0 0 , 0 0 2 , 0 1 - - 0 0 0 , 0 0 6 , 2 0 0 0 , 0 0 4 , 5 0 0 0 , 0 0 6 , 2 $ 0 0 0 , 0 0 0 , 7 $ 0 0 0 , 0 0 0 , 7 $ - - - - - - - 0 0 0 , 0 0 0 , 9 0 0 0 , 0 0 0 , 9 - - - 0 0 0 , 0 0 5 , 8 0 0 0 , 0 0 4 , 1 0 0 0 , 0 0 0 , 9 0 0 0 , 0 0 0 , 9 0 0 0 , 0 0 4 , 4 0 0 0 , 0 0 0 , 3 0 0 0 , 0 0 0 , 0 1 0 0 0 , 0 0 6 , 3 0 0 0 , 0 0 6 , 1 1 0 0 0 , 0 0 5 , 3 0 0 0 , 0 0 2 , 0 1 0 0 0 , 0 0 5 , 8 0 0 0 , 0 0 4 , 1 0 0 0 , 0 0 6 , 2 0 0 0 , 0 0 4 , 5 0 0 0 , 0 0 6 , 2 6 4 . 1 0 4 . 1 9 3 . 1 3 5 . 1 5 3 . 1 9 4 . 1 8 3 . 1 0 5 . 1 0 5 . 1 0 7 . 1 2 5 . 1 0 6 . 1 5 8 . 1 5 0 . 2 0 1 . 2 y l l a u n n a 1 1 . 1 0 n O 1 1 . 1 0 . 2 1 0 2 . d t L , . o C k n a B l a i c r e m m o C l a n o i t a n r e t n I a g e M y l l a u n n a 2 0 . 8 0 n O 2 0 . 8 0 . 2 1 0 2 . d t L , . o C k n a B l a i c r e m m o C l a n o i t a n r e t n I a g e M y l l a u n n a 6 2 . 9 0 y l l a u n n a 9 0 . 0 1 n O n O y l l a u n n a 4 0 . 1 0 y l l a u n n a 4 0 . 1 0 n O n O y l l a u n n a 6 0 . 2 0 y l l a u n n a 6 0 . 2 0 n O n O y l l a u n n a 6 1 . 7 0 y l l a u n n a 6 1 . 7 0 n O n O 6 2 . 9 0 . 2 1 0 2 9 0 . 0 1 . 2 1 0 2 4 0 . 1 0 . 3 1 0 2 4 0 . 1 0 . 3 1 0 2 6 0 . 2 0 . 3 1 0 2 6 0 . 2 0 . 3 1 0 2 6 1 . 7 0 . 3 1 0 2 6 1 . 7 0 . 3 1 0 2 . d t L , . o C k n a B l a i c r e m m o C n o b u F i e p i a T . d t L , . o C k n a B l a i c r e m m o C n o b u F i e p i a T . d t L . d t L , . o C k n a B l a i c r e m m o C n o b u F i e p i a T , . o C k n a B l a i c r e m m o C n o b u F i e p i a T . d t L . d t L , . o C k n a B l a i c r e m m o C n o b u F i e p i a T , . o C k n a B l a i c r e m m o C n o b u F i e p i a T . d t L , . o C k n a B l a i c r e m m o C n o b u F i e p i a T . d t L , . o C k n a B l a i c r e m m o C n o b u F i e p i a T y l l a u n n a 9 0 . 8 0 n O 9 0 . 8 0 . 3 1 0 2 . d t L , . o C k n a B l a i c r e m m o C n o b u F i e p i a T y l l a u n n a 5 2 . 9 0 y l l a u n n a 5 2 . 9 0 y l l a u n n a 5 2 . 9 0 y l l a u n n a 5 2 . 9 0 n O n O n O n O 5 2 . 9 0 . 3 1 0 2 5 2 . 9 0 . 3 1 0 2 5 2 . 9 0 . 3 1 0 2 5 2 . 9 0 . 3 1 0 2 . d t L . d t L . d t L . d t L , . o C k n a B l a i c r e m m o C n o b u F i e p i a T , . o C k n a B l a i c r e m m o C n o b u F i e p i a T , . o C k n a B l a i c r e m m o C n o b u F i e p i a T , . o C k n a B l a i c r e m m o C n o b u F i e p i a T 2 - 0 0 1 - s d n o b d e r u c e s n u c i t s e m o D B - 1 - 1 0 1 - s d n o b d e r u c e s n u c i t s e m o D B - 2 - 1 0 1 - s d n o b d e r u c e s n u c i t s e m o D B - 3 - 1 0 1 - s d n o b d e r u c e s n u c i t s e m o D 4 - 1 0 1 - s d n o b d e r u c e s n u c i t s e m o D B C - - 1 - 2 0 1 - s d n o b d e r u c e s n u c i t s e m o D B C - - 2 - 2 0 1 - s d n o b d e r u c e s n u c i t s e m o D 3 - 2 0 1 - s d n o b d e r u c e s n u c i t s e m o D 4 - 2 0 1 - s d n o b d e r u c e s n u c i t s e m o D B - A B - - L A T O T n o i t r o p t n e r r u c : s s e L C D - - E - F - - 3 1 2 - STATEMENT 14 Taiwan Semiconductor Manufacturing Company Limited STATEMENT OF NET REVENUE FOR THE YEAR ENDED DECEMBER 31, 2019 (In Thousands of New Taiwan Dollars, Unless Specified Otherwise) Item Wafer Other Net revenue Note: 12-inch equivalent wafers. Shipments (Piece) (Note) 10,050,665 Amount $ 921,095,318 138,551,475 $ 1,059,646,793 - 214 - Taiwan Semiconductor Manufacturing Company Limited STATEMENT OF COST OF REVENUE FOR THE YEAR ENDED DECEMBER 31, 2019 (In Thousands of New Taiwan Dollars) Item Raw materials used Balance, beginning of year Raw material purchased Raw materials, end of year Transferred to manufacturing or operating expenses Others Subtotal Direct labor Manufacturing expenses Manufacturing cost Work in process, beginning of year Work in process, end of year Transferred to manufacturing or operating expenses Cost of finished goods Finished goods, beginning of year Finished goods purchased Finished goods, end of year Transferred to manufacturing or operating expenses Scrapped Subtotal Others Total STATEMENT 15 Amount $ 14,110,534 46,165,054 (15,046,116) (8,192,083) (247,853) 36,789,536 13,679,542 473,793,547 524,262,625 70,405,998 (49,268,466) (24,537,651) 520,862,506 10,920,351 49,626,845 (8,533,179) (12,000,597) (308,304) 560,567,622 18,939,425 $ 579,507,047 - 215 - STATEMENT 16 Taiwan Semiconductor Manufacturing Company Limited STATEMENT OF OPERATING EXPENSES FOR THE YEAR ENDED DECEMBER 31, 2019 (In Thousands of New Taiwan Dollars) Item Research and Development Expenses General and Administrative Expenses Selling Expenses Payroll and related expense $ 28,605,548 $ 7,310,041 $ 2,141,162 Depreciation expense 23,129,545 1,113,860 42,164 Consumables 22,820,487 363,967 Repair and maintenance expense 4,429,076 1,228,740 619 441 Service fee 19,426 2,101,536 14,681 Management fees of the Science Park Administration Patents Commission Others (Note) Total - - - 1,928,907 1,726,083 - - - 859,045 11,478,733 4,580,193 173,665 $ 90,482,815 $ 20,353,327 $ 3,231,777 Note: The amount of each item in others does not exceed 5% of the account balance. - 216 - 7 1 T N E M E T A T S 8 1 0 2 , 1 3 r e b m e c e D d e d n E r a e Y 9 1 0 2 , 1 3 r e b m e c e D d e d n E r a e Y l a t o T s e s n e p x E d n a s a d e i f i s s a l C r e h t O g n i t a r e p O e m o c n I s a d e i f i s s a l C g n i t a r e p O s e s n e p x E s a d e i f i s s a l C e u n e v e R f o t s o C l a t o T s e s n e p x E d n a s a d e i f i s s a l C r e h t O g n i t a r e p O e m o c n I s a d e i f i s s a l C g n i t a r e p O s e s n e p x E s a d e i f i s s a l C e u n e v e R f o t s o C N O I T C N U F Y B N O I T A Z I T R O M A D N A N O I T A I C E R P E D , R O B A L F O T N E M E T A T S ) e s i w r e h t O d e i f i c e p S s s e l n U , s r a l l o D n a w i a T w e N f o s d n a s u o h T n I ( 8 1 0 2 D N A 9 1 0 2 , 1 3 R E B M E C E D D E D N E R A E Y E H T R O F d e t i i m L y n a p m o C g n i r u t c a f u n a M r o t c u d n o c i m e S n a w i a T 3 6 6 , 9 9 3 , 4 1 1 3 , 0 1 3 , 2 2 9 0 , 8 7 3 9 1 4 , 2 8 4 , 2 0 3 3 , 4 3 4 , 6 8 $ 5 1 8 , 4 0 0 , 6 9 $ - - - - - - 7 4 8 , 2 5 3 , 4 $ - 0 4 5 , 0 4 3 , 4 7 2 $ 7 5 8 , 7 2 $ $ $ 5 1 3 , 2 5 8 2 9 0 , 8 7 3 8 2 3 , 8 7 8 3 6 4 , 8 0 7 , 1 8 1 2 , 1 7 2 , 8 3 8 1 1 , 0 2 0 , 3 2 5 4 1 , 4 3 3 , 2 $ $ $ - 0 0 2 , 1 9 6 , 2 6 9 9 , 7 5 4 , 1 1 9 0 , 4 0 6 , 1 0 2 5 , 7 1 5 , 4 0 8 8 , 2 2 3 , 2 3 3 4 , 6 7 3 4 0 9 , 2 3 4 , 2 7 9 5 , 3 3 7 , 7 5 $ 9 6 3 , 9 5 5 , 6 9 $ - - - - - - 2 0 7 , 8 1 0 , 2 $ 6 8 8 , 8 3 3 , 5 $ - 5 6 5 , 2 9 2 , 1 5 2 $ 3 4 5 , 4 6 4 , 7 6 2 $ 1 1 5 , 8 1 $ 0 2 0 , 4 5 4 , 4 3 $ 0 1 3 , 0 8 9 , 1 5 $ 2 3 6 , 9 0 9 , 6 8 $ $ 7 7 7 , 1 2 0 , 4 3 $ 5 5 8 , 7 8 8 , 2 5 $ $ $ $ 5 5 3 , 0 1 9 3 3 4 , 6 7 3 6 7 5 , 9 1 9 0 1 6 , 8 2 8 , 1 1 5 7 , 6 5 0 , 8 3 9 6 5 , 5 8 2 , 4 2 0 5 5 , 7 6 3 , 2 $ $ $ - 0 1 9 , 8 8 6 , 2 5 2 5 , 2 1 4 , 1 8 2 3 , 3 1 5 , 1 8 1 6 , 2 0 5 , 8 5 $ 3 6 4 , 0 6 1 , 3 4 2 $ 6 3 3 , 1 7 9 , 2 $ e c n a r u s n i h t l a e h d n a r o b a L s u n o b d n a y r a l a S n o i t a s n e p m o c d r a o B n o i s n e P s r e h t O t s o c r o b a L n o i t a i c e r p e D n o i t a z i t r o m A - 7 1 2 - . r a e y r e v o r a e y % 5 8 . 0 y b d e s a e r c e d s u n o b d n a y r a l a s e g a r e v a e h T . y l e v i t c e p s e r , d n a s u o h t 0 9 9 , 1 d n a d n a s u o h t 3 7 9 , 1 $ T N e r e w 8 1 0 2 d n a 9 1 0 2 , 1 3 r e b m e c e D d e d n e r a e y e h t r o f s u n o b d n a y r a l a s e g a r e v A : 3 . s r a e y h t o b r o f s r o t c e r i d e e y o l p m e - n o n 8 d e d u l c n i h c i h w , y l e v i t c e p s e r , s e e y o l p m e 7 4 4 , 3 4 d n a 8 5 0 , 4 4 e g a r e v a d a h y n a p m o C e h t , 8 1 0 2 d n a 9 1 0 2 f o r a e y e h t r o F : 1 . y l e v i t c e p s e r , d n a s u o h t 1 0 2 , 2 d n a d n a s u o h t 3 8 1 , 2 $ T N e r e w 8 1 0 2 d n a 9 1 0 2 , 1 3 r e b m e c e D d e d n e r a e y e h t r o f t s o c r o b a l e g a r e v A : 2 e t o N e t o N e t o N Taiwan Semiconductor Manufacturing Company, Ltd. 8, Li-Hsin Rd. 6, Hsinchu Science Park, Hsinchu 30078, Taiwan, R. O. C. Tel: 886-3-5636688 Fax: 886-3-5637000 https://www.tsmc.com Taiwan Semiconductor Manufacturing Company, Ltd. Mark Liu, Chairman

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