TSMC Annual Report 2023 | Quarterlytics

Plain-text annual report

Fab 18 Fab 3 AP2 Fab 5 Fab 16 Fab 23 Fab 21 Taiwan Semiconductor Manufacturing Company, Ltd. Mark Liu, Chairman 8, Li-Hsin Rd. 6, Hsinchu Science Park, Hsinchu 300-096, Taiwan, R.O.C. | Tel: +886-3-5636688 Fax: +886-3-5637000 | https://www.tsmc.com This report is made with recycled paper I T A W A N S E M I C O N D U C T O R M A N U F A C T U R I N G C O M P A N Y , L T D A n n u a l R e p o r t 2 0 2 3 ( I ) TSMC ANNUAL REPORT 2023 (I) Printed on March 12, 2024 TSE: 2330 | NYSE: TSM Fab 15 AP6 Global R&D Center Fab 8 Fab 2 Fab 12 Taiwan Stock Exchange Market Observation Post System: https://mops.twse.com.tw TSMC annual report is available at https://investor.tsmc.com/english/annual-reports Fab 11 TSMC_COVER_年報2023_ENGLISH.indd 1-3 TSMC_COVER_年報2023_ENGLISH.indd 1-3 2024/5/8 下午5:06 2024/5/8 下午5:06 Fab 6 Fab 14 Fab 5 AP1 Fab 10 AP3 TSMC Vision, Mission & Core Values TSMC’s Vision Our vision is to be the most advanced and largest technology and foundry services provider to fab- less 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 TSMC’s Mission Our mission is to be the trusted technology and capacity provider of the global logic IC industry for years to come. TSMC’s 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 prop- erty 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’ qualifica- tions and character, not connections or access. Commitment TSMC is committed to the welfare of customers, suppliers, employees, shareholders, and soci- ety. 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 com- pete as we value our own. We strive to build deep and enduring relationships with our cus- tomers, who trust and rely on us to be part of their success over the long term. Table of Contents 1 2 3 Letter to Shareholders Company Profile 2.1 An Introduction to TSMC 2.2 Market/Business Summary 2.3 Organization 2.4 Board Members 2.5 Management Team Corporate Governance 3.1 Overview 3.2 Board of Directors 3.3 Major Decisions of Shareholders’ Meeting and Board Meetings pg. 4 pg. 14 16 16 22 24 32 pg. 40 42 43 52 3.4 Corporate Governance Implementation Status as Required by Taiwan Financial Supervisory Commission 54 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 3.9 Information Regarding TSMC’s Independent Auditor 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 Funding Plans and Implementation 57 63 65 66 66 pg. 68 70 78 84 84 86 86 92 92 5 6 7 8 Operational Highlights 5.1 Business Activities 5.2 Technology Leadership 5.3 Manufacturing Excellence 5.4 Customer Trust 5.5 Information Security Management 5.6 Human Capital 5.7 Material Contracts Financial Highlights and Analysis 6.1 Financial Highlights 6.2 Financial Status and Operating Results 6.3 Risk Management Environmental, Social and Governance (ESG) 7.1 Overview 7.2 Environmental, Safety and Health (ESH) Management 7.3 TSMC Education and Culture Foundation 7.4 TSMC Charity Foundation 7.5 TSMC i-Charity 7.6 Sustainability Development Implementation Status as Required by Taiwan Financial Supervisory Commission 7.7 Climate-related Information of Listed Companies Subsidiary Information and Other Special Notes 8.1 Subsidiaries 8.2 Status of TSMC Common Shares and ADRs Acquired, Disposed of, and Held by Subsidiaries 8.3 Special Notes pg. 94 96 98 105 109 111 112 119 pg. 120 122 128 133 pg. 150 152 156 169 172 173 174 176 pg. 178 180 184 184 TSMC Arizona 1 Letter to TSMC’s Mission Shareholders Our mission is to be the trusted technology and capacity provider of the global logic IC industry for years to come. Dear Shareholders, 2023 was a challenging year for the global semiconductor industry, but we also witnessed the rising emergence of generative AI-related applications, with TSMC as a key enabler. As the world re-emerged from more than two years of pandemic-induced slowdown, weakening global macroeconomic conditions and higher inflation and interest rates prolonged the semiconductor inventory adjustment cycle. Despite the near-term challenges, our technology leadership enabled TSMC to outperform the foundry industry in 2023. We are well-positioned to capture the future AI and high-performance computing (HPC)-related growth opportunities. In 2023, Generative AI took the world by storm, with ChatGPT gaining over 100m active users in just two months, becoming the world’s fastest growing consumer application. Generative AI requires high computing power and interconnect bandwidth, which drives semiconductor content increase. TSMC is a key enabler of AI applications. Today, the AI application is only in its nascent stage, and no matter which AI approach is taken, AI chips require the use of leading edge technologies and advanced packaging solutions, a strong foundry design ecosystem, and high yield to support larger die sizes. All of these are to TSMC’s strengths, and thus all roads lead to working with TSMC. The surge in AI-related demand in 2023 supports our already-strong conviction on energy-efficient computing. Thus, the value of our technology position is increasing. Our 2-nanometer is on track for volume production in 2025. It will be the most advanced technology in the semiconductor industry in both density and energy efficiency, when it is introduced. N2 will adopt nanosheet transistor structure, and deliver full-node performance and power benefits, to address the increasing need for energy-efficient computing. As part of N2 technology platform, we also developed N2 with backside power rail solution, which is better-suited for specific HPC applications, to be available in the second half of 2025 to customers, with production in 2026. We are observing a strong level of customer interest and engagement at our N2, higher than N3 at a similar stage, from both HPC and smartphone applications. With our strategy of continuous enhancements, N2 and its derivatives will further extend our technology leadership well into the future. The insatiable demand for energy-efficient computing power not only requires leading edge process technologies, but also advanced packaging technologies to enable large-scale interconnectivity for lower power consumption, at affordable costs. TSMC’s industry-leading 3DFabric® backend technologies include the CoWoS® and InFO family of advanced packaging technologies, with CoWoS® technology seeing robust demand from multiple customers’ AI chips in 2023. Our frontend 3DIC technologies, TSMC-SoIC® (System on Integrated Chips), also entered mass production in 2023 to enable customers’ next generation flagship AI products. To address the insatiable demand for energy-efficient computing power in a highly competitive market, customers rely on TSMC to provide a dependable and predictable cadence of technology offering and high quality manufacturing service. We are working closely with our customers in a disciplined manner to plan our capacity, based on the long-term market demand profile, and investing in leading edge and specialty technologies, to support their structural growth. For TSMC, today around ~70% of our total revenue is 16nm and more advanced nodes. With rising contribution from 3nm and 2nm technologies in the next several years, this number will only increase. Thus, our mature node exposure is around ~20% of our total revenue. Part of this strategy is to expand our global manufacturing footprint to increase customer trust, expand our future growth potential, and reach for more global talents. Our overseas decisions are based on our customers’ needs, and a necessary level of government support. This is to maximize the value for our shareholders. Our focus on mature nodes is to build high yield capacity for specialized technologies, rather than just nominal capacity. In 2023, we worked closely with our customers to introduce specialty technologies such as N6RF+ for smartphones, CMOS Image Sensors for cameras, and 22nm MRAM for automotive and industrial applications. Our mature node strategies will continue to focus on working closely with strategic customers to develop specialty technology solutions to meet their requirement, and create differentiated and long-lasting value to customers. In 2023, we inaugurated our new R&D center in Taiwan, and further enhanced our R&D intensity and technology development. Our industry-leading 3-nanometer technology entered high volume production with a strong ramp in the second half of 2023. We are also providing continuous enhancements of our N3 technology, including N3E, N3P and N3X, and expect an even greater contribution in 2024 and the years beyond, supported by robust demand from multiple customers. In the U.S., we are making good progress on our first fab in Arizona in terms of the fab infrastructure, utilities and equipment installation. We are on track for volume production of N4 technology in the first half of 2025, with the same level of manufacturing quality and reliability in Arizona as from our fabs in Taiwan. We are also building a 12-inch specialty technology fab in Kumamoto, Japan, which is on track for volume production in the fourth quarter of 2024. We also announced plans to build an automotive and industrial specialty fab in Dresden, Germany, with construction starting in the fourth quarter of 2024. While the initial costs of overseas fabs are higher than TSMC’s fabs in Taiwan, we are confident to manage and minimize the cost gap, so that we can continue to maximize the value for our shareholders. 006 007 We are also placing a strong focus on our digital excellence initiatives, which includes leveraging big data and AI to increase our fab productivity and operational efficiency and quality. By driving digital excellence at TSMC, our fabs are transforming to become engineer-centric rather than operator-centric. As we expand globally, we will continuously enhance the intelligence of our fabs, so that we can control and manage fab operations from anywhere in the world, and deepen our service to support our customers. Maintaining the highest standard of corporate governance is an essential part of our core values. In February 2023, TSMC’s Board of Directors approved the establishment of the “Nominating, Corporate Governance and Sustainability Committee.” The Committee is actively involved in developing TSMC’s sustainability strategies, to lay the foundation for our future sustainable development. In addition, the Committee focuses on reviewing and improving TSMC’s corporate governance structure, including recommending independent director candidates to the Board. Highlights of TSMC’s accomplishments in 2023: ● Total wafer shipments were 12.0 million 12-inch equivalent wafers as compared to 15.3 million 12-inch equivalent wafers in 2022. ● Advanced technologies (7-nanometer and beyond) accounted for 58 percent of total wafer revenue, up from 53 percent in 2022. ● We deployed 288 distinct process technologies, and manufactured 11,895 products for 528 customers. ● TSMC produced 28 percent of the world semiconductor excluding memory output value in 2023, as compared to 30 percent in the previous year, mainly due to the semiconductor industry inventory correction. 2023 Financial Performance Consolidated revenue reached NT$2,161.74 billion, a decrease of 4.5 percent over NT$2,263.89 billion in 2022. Net income was NT$838.50 billion and diluted earnings per share were NT$32.34. Both decreased 17.5 percent from the 2022 level of NT$1,016.53 billion net income and NT$39.20 diluted EPS. TSMC generated net income of US$26.88 billion on consolidated revenue of US$69.30 billion, which decreased 21.1 percent and 8.7 percent respectively from the 2022 level of US$34.07 billion net income and US$75.88 billion consolidated revenue. Gross profit margin was 54.4 percent as compared with 59.6 percent in 2022, while operating profit margin was 42.6 percent compared with 49.5 percent a year earlier. Net profit margin was 38.8 percent, a decrease of 6.1 percentage points from 2022’s 44.9 percent. In 2023, the Company further raised its total cash dividend payments to NT$11.25 per share, up from NT$11.0 a year ago. Environmental, Social and Governance In addition to driving profitable growth in our core business, TSMC continues to cultivate green manufacturing, build a responsible supply chain, create an inclusive workplace, attract and develop talent, and care for the underprivileged, fulfilling the Company’s responsibilities as a corporate citizen. In 2023, we also announced an acceleration of our RE100 sustainability timetable, pulling forward our target for 100% renewable energy consumption for all global operations from 2050 to 2040. We also raised our 2030 target for company-wide renewable energy consumption from 40% to 60%, demonstrating our determination to achieve our environmental sustainability goals at a faster pace. Corporate Developments In August 2023, TSMC announced its plan to invest in European Semiconductor Manufacturing Company (ESMC) GmbH, in Dresden, Germany, along with Robert Bosch GmbH, Infineon Technologies AG, and NXP Semiconductors N.V., to build a specialty technology fab focusing on automotive and industrial applications. ESMC is expected to have a monthly capacity of 40,000 wafers on TSMC’s 28/22 nanometer planar CMOS and 16/12 nanometer FinFET process technology. In December 2023, TSMC announced that Dr. Mark Liu plans to retire from TSMC in June 2024, and will not seek re-election to the board of directors. During his tenure, Dr. Liu has reaffirmed the Company’s commitment to its mission and focused on enhancing corporate governance and competitiveness particularly in technology leadership, digital excellence, and global footprint. TSMC’s Nominating, Corporate Governance and Sustainability Committee recommends Dr. C.C. Wei, while remaining as CEO, to succeed as TSMC’s next Chairman, subject to the election of the incoming board in June 2024. Honors and Awards TSMC received recognition for achievements in innovation, corporate governance, sustainability, investor relations and overall excellence in management from organizations including Forbes, Fortune Magazine, CommonWealth Magazine, Taiwan Stock Exchange, and Taiwan Institute for Sustainable Energy. For innovation, TSMC was recognized as 3rd in IFI Claims Patent Services’ “2023 Top 50 U.S. Patent Assignees.” TSMC was also recognized by Fortune Magazine as “2023 World’s Most Admired Companies.” 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 23 consecutive years. We also received MSCI ESG Research’s AAA Rating, CDP’s “2022 CDP Supplier Engagement Leader,” Morningstar’s “The Best Sustainable Companies to Own in 2024,” S&P Global’s Corporate Sustainability Assessment – Top 10% S&P Global ESG Score, ISS-oekom Corporate Rating’s “Prime” status, Financial Times and Statista’s “Asia-Pacific Climate Leaders 2023,” and Forbes’ “World’s Best Employers 2023.” Meanwhile, we remained a major component in various MSCI ESG and FTSE4Good indices. In investor relations, TSMC continued to receive multiple awards from Institutional Investor Magazine. 008 009 Capacity Plan Wafer Sales Plan 9% 2022 6% 2023 6% 2024 15-16 16-17 2022 2023 47% 42% 53% 58% 17-18 2024 30-40% 60-70% Annual Growth Rate Capacity: million 12-inch equivalent wafers > 7nm ≤ 7nm 2024 wafer shipment is expected to be 13-14 million 12-inch equivalent wafers. Outlook Entering 2024, macroeconomic weakness and geopolitical uncertainties persist, potentially further weighing on consumer sentiment and end market demand. Against that backdrop, our business is expected to be supported by the continued strong ramp of our industry-leading 3nm technologies and robust AI-related demand, and we expect 2024 to be a healthy growth year for TSMC. Recent developments, such as growing national security concerns, the reshaping of global supply chains, and the intensifying competition in the quest for AI supremacy, have deepened geopolitical uncertainties. At the same time, as AI technology evolves to use more complex AI models, the amount of computation required for training and inference continues to increase. As a result, AI models need to be supported by more powerful semiconductor hardware, which use the most advanced semiconductor process technologies. TSMC’s success is predicated on providing the industry’s most leading edge process technologies at scale, in the most efficient and cost-effective manner, to enable innovators to successfully offer the best products to the world. As we become a technology leader in the semiconductor industry, we are shouldering a greater responsibility of R&D and investment in the industry. With our strong technology leadership in leading edge process technologies and advanced packaging solutions, we are able to capture a greater portion of the industry’s growth opportunities. We focus on the fundamentals of our business, and will execute our global manufacturing footprint strategy purposefully, to support our customers’ growth and increase their trust. We will continue to drive digital excellence across all our fabs globally and work towards fully intelligent and automated manufacturing. We are determined to be the most efficient and cost-effective manufacturer, no matter where we operate. As the world grows more complex, semiconductor technology is the foundational technology for the modern digital economy. The semiconductor value in the global supply chain continues to increase, providing greater value for our customers, and greater value opportunities for TSMC. We do not take our role and responsibility in the global semiconductor industry lightly. We will not deviate from our pure-play foundry business model, which has demonstrated time and again to be a win-win model for TSMC and our customers. We will continue to uphold our Trinity of Strengths of Technology Leadership, Manufacturing Excellence, and Customer Trust, to enable our customers to unleash their innovations in their end markets. We will hold ourselves to the highest standards of corporate governance, and will adhere to our core values of Integrity, Commitment, Innovation and Customer Trust, no matter where we operate, while pursuing a sustainable future. We deeply value your trust in TSMC through the challenges of 2023. We are very excited about our future, and will work hard to run our business well, deliver good results and continue to maximize the value for our shareholders in the years to come. Mark Liu Chairman C.C. Wei Chief Executive Officer 010 011 TSMC Financial, Operational, and Sustainability Performance Highlights Consolidated revenue reached NT$2,161.74 billion Diluted earnings per share were NT$32.34 Total cash dividend payments raised to NT$11.25 per share, up from NT$11.0 a year ago Gross proﬁt margin was 54.4% Net income was NT$838.50 billion The world’s 1st semiconductor company to join the RE100, TSMC has committed to 100% renewable energy by 2040 Chosen once again as a component of the Dow Jones Sustainability Indices, becoming the only semiconductor company to be selected for 23 consecutive years TSMC Taiwan fabs ﬁrst in global semiconductor industry to jointly obtain platinum rating for UL 2799 waste recycling standard TSMC’s ﬁrst Zero-Waste Manufacturing Center commenced operation In terms of patent grants, TSMC had accumulated over 62,000 patents worldwide as of the end of 2023. The company was ranked 3rd among U.S. patentees and 1st among patentees in Taiwan Advanced technologies (N7 and beyond) accounted for 58% of total wafer revenue Frontend 3DIC technologies, TSMC-SoIC® (System on Integrated Chips) entered mass production Manufactured 11,895 different products using 288 distinct technologies for 528 customers Investment in R&D reached US$5.85 billion TSMC produced 28% of the world semiconductors excluding memory output value JASM equivalent wafers in 2023.2 Company Profile TSMC’s total wafer shipments were 12 million 12-inch 015 2.1 An Introduction to TSMC Established in 1987 and headquartered in Hsinchu Science Park, Taiwan, TSMC pioneered the pure-play foundry business model with an exclusive focus on manufacturing its 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. Based on this founding principle, the key to TSMC’s success has always been to enable its customers’ success. TSMC’s foundry business model has led to the rise of the global fabless industry and, since its inception, TSMC has been one of the world-leading semiconductor foundries. In 2023, the Company manufactured 11,895 different products using 288 distinct technologies for 528 different customers. TSMC-made semiconductors serve a global customer base that is large and diverse entailing a wide range of applications. These products are used in a variety of end markets including high performance computing, smartphones, the Internet of Things (IoT), automotive, and digital consumer electronics. Such strong diversification helps to smooth fluctuations in demand, which in turn allows TSMC to maintain high 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 16 million 12-inch equivalent wafers in 2023. These facilities include four 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, TSMC Washington (previously called WaferTech) in the United States and TSMC China Company Limited. In August 2023, TSMC announced its plan to jointly invest in European Semiconductor Manufacturing Company (ESMC) GmbH, in Dresden, Germany, to build a specialty technology fab focusing on automotive and industrial applications. 70% of ESMC’s equity stake is owned by TSMC, with Robert Bosch GmbH, Infineon Technologies AG, and NXP Semiconductors N.V. each holding 10% equity stake. Total investments are expected to exceed 10 billion Euros. The planned fab is expected to have a monthly capacity of 40,000 300mm (12-inch) wafers on TSMC’s 28nm/22nm planar complementary metal oxide semiconductor (CMOS) and 16nm/12nm FinFET process technology. ESMC aims to begin construction of the fab in the second half of 2024 with production targeted to begin by the end of 2027. The Company continues to execute its plan to construct and operate two fabs in Arizona, the United States. Production of the first fab is targeted for the first half of 2025 and construction of the second fab is ongoing. TSMC is also building a new fab in Kumamoto, Japan, with production projected for late 2024. TSMC provides customer support, account management and engineering services through offices in North America, Europe, Japan, China, and South Korea. At the end of 2023, the Company and its subsidiaries employed more than 76,000 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 Market/Business Summary 2.2.1 TSMC Achievements In 2023, TSMC maintained its leading position in the foundry segment of the global semiconductor industry by accounting for 28% of the worldwide semiconductor market excluding memory, a decrease from 30% in 2022, mainly due to the semiconductor industry inventory correction. The Company’s strong market position stems in great part from its leadership in advanced process technologies. In 2023, 58% of TSMC’s wafer revenue came from advanced manufacturing processes – defined as geometries of 7nm and smaller – up from 53% in 2022. TSMC offers a comprehensive technology portfolio and continues to invest in advanced technologies, specialty technologies, and advanced packaging and silicon stacking technologies, to provide customers more added value. In addition to its leadership in advanced process and specialty technologies, TSMC offers TSMC 3DFabric®, a comprehensive family of 3D silicon stacking and advanced packaging technologies to complement its process technology offerings. TSMC 3DFabric® provides customers greater chip design flexibility to unleash innovation and is another differentiating competitive advantage for the Company. the expanding use of in-house application-specific integrated circuits (ASIC) by systems companies. 2.2.2 Market Overview TSMC estimates that the worldwide semiconductor market excluding memory reached US$481 billion in revenue in 2023, representing a 2% decline from 2022. In the foundry segment of the semiconductor industry, total revenue fell to US$114 billion in 2023, a 13% year-over-year decrease. 2.2.3 Industry Outlook, Opportunities and Threats Foundry Industry Demand and Supply Outlook In 2023, TSMC’s revenues in the foundry segment declined, primarily due to the weak electronic equipment (EE) end demand and supply-chain inventory corrections. Although industry megatrends, such as 5G, artificial intelligence (AI), and accelerating digital transformation remained intact, macro-economic uncertainties dampened both consumer and business spending, resulting in reduced demand for many EE devices, such as smartphones and personal computers (PCs). In addition, the electronics supply chain experienced severe inventory corrections throughout 2023 to digest the excess inventory that had accumulated over the past two years due to supply uncertainties, impacting the growth of foundry segment and TSMC. Looking ahead to 2024, macro-economic and geopolitical uncertainties remain high. However, TSMC expects end demand for many EE products such as smartphones and PCs to gradually recover with mild growth spurred in part by the pent-up demand after consecutive declines in the past two years. In addition, the acceleration of AI related adoptions will also fuel demand for semiconductors. The Company also expects the overall excess inventory in the system and IC companies to be largely digested and back to healthy levels by the first half of 2024, establishing a solid base for growth in 2024. For the longer term, driven by the above-mentioned megatrends and increasing semiconductor content in most EE devices, TSMC projects a high single-digit compound annual growth rate for the worldwide semiconductor market excluding memory from 2023 through 2028. Furthermore, the Company expects foundry segment revenue growth to outpace the growth of semiconductors excluding memory, fueled by continuing market share gains by fabless companies, increases in integrated device manufacturer (IDM) outsourcing, and As an upstream supplier in the semiconductor supply chain, the foundry segment is tightly correlated with the market health of all major platforms including high performance computing (HPC), smartphones, Internet of Things (IoT), automotive, and digital consumer electronics (DCE). ● High Performance Computing (HPC) The HPC platform includes PCs, tablets, game consoles, servers, base stations and more. Major HPC unit shipments declined 14% in 2023 due to prolonged high inflation, macro-economic uncertainty and continued inventory correction, all resulting in weak demand on the consumer side. Meanwhile, demand for servers and data centers equipped with accelerators was relatively healthy, to fulfill the rapidly expanding types and needs of AI applications, especially generative AI, and continued 5G base station deployment. Moving into 2024, despite lingering macro-economic uncertainty, TSMC projects low-single-digit growth in HPC unit shipments driven by normalized inventory levels, pent-up demand resulting from declines in the past two years, and the ongoing AI arms race. Longer term, an increasingly intelligent and more connected 5G world will demand massive computing power as well as increasingly energy-efficient computing. Both of these require higher performance and more power-efficient central processing units (CPUs), graphics processor units (GPUs), Network Processing Units (NPUs), AI accelerators, and related ASICs, which will drive the overall HPC platform towards richer silicon content, more advanced process technologies and advanced 3D packaging. These trends are all favorable to TSMC given TSMC’s technology leadership in these areas ● Smartphones Due to higher inflation, a soft global economy and the ongoing Russo-Ukrainian war, smartphone unit shipments declined 6% in 2023, reflecting a slowdown in the pace of 5G commercialization as well, thus prolonging the replacement cycle of 4G. The long supply chain inventory correction having subsided, smartphone growth is expected to return due to greater demand from emerging countries as well as cyclical recovery. TSMC therefore projects a low-single-digit growth for the smartphone market in 2024. Over the longer term, however, the inevitable migration to 5G, together with 016 017 improved performance, longer battery life, biosensors and more edge AI features, will all continue to propel smartphone sales growth going forward. High performance and power efficient IC technologies are essential requirements among handset manufacturers, and highly integrated chips and advanced 3D packaging designs are the preferred solutions to optimize cost, power and form factor (IC footprint and thickness). The migration to advanced process technologies will certainly continue, spurred by the need for higher performance chips to run edge AI applications and various complex software computations as well as higher resolution images and video. TSMC is an acknowledged leader in process technology for manufacturing highly integrated chips and advanced 3D packaging designs and, as such, is very well positioned to serve the evolving smartphone market. ● Internet of Things (IoT) The IoT platform includes various types of smart connected devices ranging from wearables and health monitors to home and industrial automation devices. After the pandemic, digital transformation has resumed, refueling IoT growth momentum. Consumer and enterprise spending, however, was also held back by global inflation and economic slowdown. The end result was a modest 3% growth rate in IoT device shipments in 2023, with smart health and smart retail devices as the major drivers. As IoT devices incorporate more AI features, the IoT industry is expected to maintain long-term growth. The first half of 2024 is projected to remain somewhat depressed, with growth momentum expected to recover in the second half. Overall, TSMC projects IoT unit shipments will enjoy a high-single-digit growth in 2024. Additionally, as more AI functions to be incorporated, IoT devices will require chips with higher performance and lower power consumption. TSMC offers various manufacturing processes that supports the need of IoT industry, including advanced technology, ultra-low power (ULP), and various special process technologies, to support customers in providing differentiated, innovative and competitive products, and fulfill requirements of sustainability development. ● Automotive The global automotive market continues to recover from the supply constraints of the past couple years. Worldwide car unit production grew 9% in 2023, supported by pent-up consumer demand and OEM inventory restocking as supply chains normalized. The ongoing headwinds of high inflation and macro-economic uncertainty, however, are expected to hold global car unit production to low-single-digit decline in 2024. The megatrend in the automotive industry today is moving toward “greener, safer and smarter,” which will accelerate the adoption of electric vehicles (EVs), advanced driver assistance systems (ADAS) and smart cockpit/infotainment systems, along with new electrical/electronic (E/E) architecture. All these will lead to further boost demand for Application Processor (AP)/Microcontroller Unit (MCU)/ASIC processors, in-car networking, sensors, and power management ICs (PMICs), thus continuously increasing the silicon content per car. TSMC is well-positioned to support the automotive industry’s megatrend transition, by providing advanced process technologies and manufacturing solutions that enable customers to develop competitive products for the automotive market. In addition, TSMC also offers a range of automotive-grade manufacturing processes, including those with AEC-Q100 and ISO 26262 certification, to ensure the highest levels of quality and reliability for automotive applications. ● Digital Consumer Electronics (DCE) The global DCE market declined 3% in 2023 as overall demand was sluggish for TVs, set-top boxes (STB) and other consumer products that sold well during pandemic. Fighting longer replacement cycles, as well as high inflation squeezing consumer budgets, the TV market had a modest upswing of shipments in the U.S. due to restocking of low channel inventory but it was offset by weak demand in China, where economic growth has slowed and consumer spending fell due to a variety of factors including a weakened housing market, low marriage rates, and the US-China decoupling. In 2024, the DCE market is expected to have gradual recovery in Europe and emerging regions. Therefore, TSMC forecasts shipments to show a low-single-digit annual growth rate. Potential growth drivers of the DCE market include large screens, 120Hz/165Hz high frame rate Gaming TVs, voice AI control, and WiFi 6 connectivity. Regardless of the timing of the recovery, TSMC’s advanced technologies will continue to enable DCE customers to create and differentiate their innovative products. Supply Chain The electronics industry features a long and complex supply chain, the elements of which are correlated and 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 in maintaining 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. 2.2.4 TSMC Position, Differentiation and Strategy Position TSMC is a global semiconductor foundry leader in advanced and specialty technologies and in advanced packaging technologies. In 2023, TSMC accounted for 28% of the worldwide semiconductor market excluding memory, a decrease from 30% in 2022, mainly due to the semiconductor industry inventory correction. Net revenue by geography, calculated mainly on the country in which customer companies are headquartered, was: 68% from North America; 12% from China; 8% from the Asia Pacific region, excluding China and Japan; 6% from Europe, the Middle East and Africa; and 6% from Japan. Net revenue by platform was: 43% HPC; 38% smartphones; 8% the IoT; and 6% automotive. In addition, 2% came from DCE, while other segments accounted for the remaining 3%. 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 customer trust. As a technology leader, TSMC is consistently first among dedicated foundries to provide leading-edge, next-generation technologies. The Company also maintains a leadership position in more mature technologies by applying the lessons learned in developing advanced technologies 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 customers achieve faster time to production. TSMC is well recognized for industry-leading manufacturing capabilities and further extends its leadership through its Open Innovation Platform® (OIP) and Grand Alliance initiatives. The Company’s OIP initiative accelerates the pace of innovation in the semiconductor design community and among the Company’s ecosystem partners, as well as in its own IP, design and technology co-optimization (DTCO) capabilities, process technology and backend services. A key element is a set of ecosystem interfaces and collaborative components initiated and supported by the Company to 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 and IP partners, along with the partners in the new 3DFabric® Alliance, and key equipment and material suppliers – all to achieve new, higher levels of collaboration. Through this collaboration, the Grand Alliance’s objective is to help customers, Alliance members and TSMC improve competitiveness and win business. The foundation for customer trust is a commitment TSMC made when it opened for business in 1987 to never compete with its customers. In keeping this commitment, the Company has never designed, manufactured or marketed any integrated circuits under its own name, but instead has focused all of its efforts and resources on becoming the trusted foundry for its customers. Strategy TSMC is confident that its competitive advantages will enable it to prosper from the foundry segment’s many attractive growth opportunities. For the five major markets, namely smartphones, high performance computing, the Internet of Things, automotive, and digital consumer electronics, and in response to the fact that the focus of customer demand is shifting from a process-technology-centric to a product- application-centric approach, the Company has constructed five corresponding technology platforms to provide customers with comprehensive, competitive logic process technologies, specialty technologies, IPs and packaging and testing technologies to shorten customers’ time to design and time to market. These five platforms are: 018 019 High Performance Computing (HPC): Driven by data explosion and AI application innovation, HPC has become one of the key growth drivers for TSMC’s business. TSMC provides customers, including both fabless IC design companies and system companies, with leading-edge logic process technologies such as 3nm FinFET (N3), 4nm FinFET (N4), 5nm FinFET (N5), 6nm FinFET (N6), 7nm FinFET (N7), and 12nm/16nm FinFET (N12/N16), as well as comprehensive IPs including high-speed interconnect IPs, to meet customers’ product requirements for transferring and processing vast amounts of data anywhere at any time. Specifically, the Company introduced its HPC focused technologies, N4X and N3X, representing the ultimate performance and maximum clock frequencies in TSMC’s 5nm and 3nm families, respectively. Based on advanced process nodes, a variety of HPC products have been launched, such as AI accelerators (AI GPUs and AI ASICs), PC CPUs, consumer GPUs, field programmable gate arrays (FPGAs), server processors, and high-speed networking chips, etc. These products can be used in current and future 5G/6G infrastructures, AI, Cloud, and enterprise data centers. The Company also offers multiple TSMC 3DFabric® advanced packaging and silicon stacking technologies, such as CoWoS®, Integrated Fan-Out (InFO), and TSMC-SoIC®, to enable homogeneous and heterogeneous chip integration to meet customer requirements for high performance, high compute density and high energy efficiency, low latency, and high integration. TSMC will continue to optimize its high performance computing platform and strengthen collaboration with customers to help them capture market growth in HPC markets. Smartphone: For customers’ premium product applications, TSMC offers leading logic process technologies such as N3 Enhanced (N3E), N3, N4 Plus (N4P), N4, N5 Plus (N5P), N5, as well as comprehensive IPs to further enhance chip performance, reduce power consumption, and decrease chip size. For mainstream product applications, the Company offers a broad range of logic process technologies, including N6, 7nm FinFET Plus (N7+), N7, 12nm FinFET compact plus (12FFC+), 12nm FinFET compact (12FFC), 16nm FinFET compact plus (16FFC+), 16nm FinFET compact (16FFC), 28nm high performance compact (28HPC), 28nm high performance mobile compact plus (28HPC+), and 22nm ultra-low power (22ULP), in addition to comprehensive IPs, to satisfy customer needs for high performance and low power chips. Furthermore, for premium and mainstream product applications, the Company offers highly competitive, leading-edge specialty technologies to deliver specialty companion chips for customers’ logic application processors, including radio frequency (RF), RF frontend, embedded flash memory, emerging memory, power management ICs, sensors, and display chips, as well as TSMC 3DFabric® advanced packaging technologies, such as industry-leading InFO technology. Internet of Things (IoT): To serve the three megatrends of the IoT, “everything connected, smart and green,” TSMC not only provides customers with solid logic technologies, including 5nm, 6nm, 7nm, 12nm, 16nm, and 28nm, but also builds a leading, complete and highly integrated ULP technology platform based on its logic technologies to enable customers’ product innovations for the artificial intelligence of things (AIoT). TSMC’s industry-leading ULP technologies, including the new FinFET-based 6nm technology – N6eTM and 12nm technology – N12eTM, feature both energy efficiency and high performance. These technologies provide more computing power and AI inferencing capability while reducing system power consumption. In addition, the planar transistor based mainstream technologies, such as 22nm ultra-low leakage (ULL), 28nm ULP, 40nm ULP, and 55nm ULP technologies, have been widely adopted by various IoT system-on-a-chip (SoC) and battery-powered products to extend battery life. TSMC’s ULP technology platform also provides customers with comprehensive specialty technologies, covering RF, enhanced analog devices, embedded flash memory, emerging memory, sensors and display devices, and power management ICs, as well as multiple TSMC 3DFabric® advanced packaging technologies, including InFO technology. In doing so, TSMC supports the demand of various and rapidly growing AIoT product applications, including AP and edge computing MCU, wireless connectivity, Bluetooth, baseband processor, radio frequency identification (RFID), display devices and PMICs. For extreme low power product application requirements, TSMC has also extended its low operating voltage (Low Vdd) offerings and has provided simulation program with integrated circuit emphasis (SPICE) models with wide-range operating voltages and design guidelines to lower the adoption barrier and reduce product lead time to help customers successfully launch innovative products. business development and assists customers in taking on the challenges of short product cycles and intense competition in the electronic products market to meet return on investment (ROI) and growth objectives. ● Short-Term Semiconductor Business Development Plan 1. Substantially ramp up the business and sustain advanced technology market segment share by continually increasing capacity and R&D investments. 2. Maintain mainstream technology market segment share by expanding business to new customers and market segments. 3. Continue to enhance the competitive advantages of the Company’s technology platforms in HPC, smartphones, IoT, automotive, and digital consumer electronics 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 predictable pace to achieve greater energy-efficient computing. 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, TSMC 3DFabric® advanced packaging and silicon stacking technologies, and testing services, and so on, all of which deliver more value to customers through optimized solutions. Automotive: TSMC offers a comprehensive spectrum of technologies and services to support the automotive industry’s three megatrends – building vehicles that are “safer, smarter and greener”. The Company is also an industry leader in providing a robust automotive IP ecosystem, which covers 5nm FinFET, 7nm FinFET, and 16nm FinFET technologies, for ADAS, advanced in-vehicle infotainment (IVI), as well as zonal controllers for new E/E architecture in the next generation vehicles (internal combustion engine (ICE) and EV). In 2023, TSMC introduced its N3 Auto Early (N3AE) program, providing automotive process design kits (PDKs) to support automotive customers to adopt the industry's most advanced 3nm technology early on to design automotive application products. In addition to its advanced logic platform, TSMC offers a broad array of competitive automotive-grade specialty technologies including 28nm embedded flash memory, 28nm, 22nm, and 16nm mmWave RF, high sensitivity CMOS Image Sensor (CIS)/ light detection and ranging (LiDAR) sensors, and PMICs. The emerging technology of magneto-resistive random access memory (MRAM) has demonstrated automotive Grade-1 capability on 22nm and has passed automotive Grade-1 requirements on 16nm in 2023. All these technologies are applied to TSMC’s automotive process qualification standards based on AEC-Q100 standards of Automotive Electronic Council (AEC) and/or meeting customers’ technology specifications. Digital Consumer Electronics (DCE): TSMC provides customers with leading, comprehensive technologies to deliver AI-enabled smart devices for DCE applications, including smart digital TVs (DTV), STB, AI-embedded smart cameras and associated wireless local area networks (WLAN), PMICs, and timing controllers (T-CON) . The Company’s leading N6, N7, 16FFC/12FFC, 22ULP/22ULL and 28HPC+ technologies have been widely adopted by leading global makers of 8K/4K DTV, 4K streaming STB/over-the-top (OTT), digital single-lens reflex (DSLR) devices, and so on. TSMC will continue to make these technologies more cost competitive through die size shrink for customers’ digital intensive chip designs and to drive lower power consumption for more cost-effective packaging. TSMC continually strengthens its core competitiveness and deploys both short- and long-term plans for technology and 020 021 2.3 Organization 2.3.1 Organization Chart Shareholders’ Meeting Audit and Risk Committee Compensation and People Development Committee Board of Directors Chairman Vice Chairman As of 03/01/2024 Nominating, Corporate Governance and Sustainability Committee CEO Office Corporate Governance Officer Internal Audit ESG Co-COO Office Operations Overseas Operations Office Research and Development Pathfinding for System Integration Europe and Asia Sales North America Business Development Quality and Reliability Corporate Information Technology Materials Management Corporate Planning Organization Corporate Strategy Development Finance Legal Human Resources 2.3.2 Major Corporate Functions Operations ● Includes managing all fabs in Taiwan and overseas; manufacturing technology development; product engineering, advanced packaging technology development, production and service integration Overseas Operations Office ● Support the expansion of our global footprint and oversee TSMC Arizona Organization, JASM Organization and ESMC Organization Research and Development ● Advanced technology development, exploratory research, and design and technology platform development, specialty technology development Pathfinding for System Integration ● System Integration Technology Pathfinding Europe and Asia Sales ● Customer business, technical marketing, and regional market development in Europe and Asia (China, Japan, South Korea and Taiwan); immediate and comprehensive technical support, as well as customer service including customers in North America North America ● Sales and market development, field technical solutions and business operations for customers in North America Business Development ● Identification of market trends and new applications that shape the technology roadmap and portfolios for the Company; also provides key support in strengthening customer relationships along with Company branding management Quality and Reliability ● Assurance of the quality and reliability of the Company’s products by resolving issues at the developmental stage; improving and managing product quality at the production stage; providing solutions to customers’ quality related issues; and providing services for advanced materials and failure analysis Corporate Information Technology ● Integration of the Company’s technology and business IT systems; infrastructure development; implementing big data and machine learning to improve the Company’s productivity and accelerate R&D delivery Materials Management ● Procurement, warehousing, import and export, and logistics support Corporate Planning Organization ● Planning for operational resources, as well as for production and demand; integration of business processes, corporate pricing, market analysis and forecasting Corporate Strategy Development ● Risk Management Implementation of Enterprise Risk Management, Business Continuity Management and Crisis Management ● Corporate Environmental, Safety and Health Environmental protection, safety and health management and strategy formulation ● Corporate Information Security Communication services and assurance of IT security and service quality Finance and Spokesperson ● Corporate finance, accounting and corporate communications; with the head of the organization also serving as the Company Spokesperson Legal ● Corporate legal affairs including regulatory compliance, commercial transactions, patents and management of other intellectual properties, and litigation Human Resources ● Personnel management, organizational development, physical security management, employee services and wellness 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 ESG ● Identify ESG issues in relation to the Company’s operations and stakeholders’ concern, frame sustainability strategies, goals, action plans and track implementation results, continuing to create sustainability value 022 023 Gender Age Nationality or Place of Registration Date Elected Term Expires Date First Elected Shares Held When Elected Shares Currently Held Shares (Note 1) % Shares (Note 1) % U.S. 07/26/2021 07/25/2024 06/08/2017 12,913,114 0.05% 12,967,192 0.05% Shares Currently Held by Spouse & Minors Shares (Note 1) - % - Selected Education and Professional Qualification Past Positions Current Positions at Non-profit Organizations As of 02/29/2024 Selected Current Positions at TSMC and Other Companies Selected Education and Professional Qualification Bachelor Degree in Electrical Engineering, National Taiwan University Master Degree and Ph.D. in Electrical Engineering & Computer Science, University of California, Berkeley, U.S. Laureate, Industrial Technology Research Institute (ITRI) None 2.4 Board Members 2.4.1 Information Regarding Board Members Title/Name Chairman Mark Liu Vice Chairman C.C. Wei Director F.C. Tseng Male 66-70 Male 71-75 Male 76-80 R.O.C. 07/26/2021 07/25/2024 06/08/2017 7,179,207 0.03% 6,392,834 0.02% 700,261 0.00% R.O.C. 07/26/2021 07/25/2024 05/13/1997 34,472,675 0.13% 29,472,675 0.11% 5,132,855 0.02% Past Positions President, Worldwide Semiconductor Manufacturing Corp. Senior Vice President, Advanced Technology Business, TSMC Senior Vice President, Operations, TSMC Executive Vice President and Co-Chief Operating Officer, TSMC President and Co-CEO, TSMC Chairman, Taiwan Semiconductor Industry Association (TSIA) Selected Education and Professional Qualification Bachelor and Master Degrees in Electrical Engineering, National Chiao Tung University Ph.D. in Electrical Engineering, Yale University, U.S. Honorary Ph.D., National Yang Ming Chiao Tung University Laureate, Industrial Technology Research Institute (ITRI) Past Positions Senior Vice President, Technology, Chartered Semiconductor Manufacturing Ltd., Singapore Senior Vice President, Mainstream Technology Business, TSMC Senior Vice President, Business Development, TSMC Executive Vice President and Co-Chief Operating Officer, TSMC President and Co-CEO, TSMC Chairman, Taiwan Semiconductor Industry Association (TSIA) Selected Education and Professional Qualification Bachelor Degree in Electrical Engineering, National Cheng Kung University Master Degree in Electrical Engineering, National Chiao Tung University Ph.D. in Electrical Engineering, National Cheng Kung University Honorary Ph.D., National Chiao Tung University Honorary Ph.D., National Tsing Hua University Past Positions President, Vanguard International Semiconductor Corp. President, TSMC Deputy CEO, TSMC Vice Chairman, TSMC Independent Director, Chairman of Audit Committee & Compensation Committee Member, Acer Inc. Director, National Culture and Arts Foundation, R.O.C. Current Positions at Non-profit Organizations Chairman, TSMC Education and Culture Foundation Director, Cloud Gate Culture and Arts Foundation Director, Chu-Ming Medical Foundation CEO, TSMC Chairman of: - TSMC China Company Ltd. (a non-public company) - Global UniChip Corp. Vice Chairman, Vanguard International Semiconductor Corp. Selected Education and Professional Qualification Bachelor Degree in Statistics, Fu Jen Catholic University Master Degree in Economics, National Taiwan University Ph.D. in Economics, National Chung Hsing University Director, Taiwania Capital Management Corp. (Representative of National Development Fund, Executive Yuan) (a non-public company) Past Positions Adjunct Assistant Professor, Tamkang University Deputy Executive Secretary, Industrial Development Advisory Council, Ministry of Economic Affairs Research Fellow, Science and Technology Advisory Group, Executive Yuan Research Fellow, Taiwan Institute of Economic Research Vice President, Taiwan Institute of Economic Research Advisory Committee Member, Mainland Affairs Council, Executive Yuan Consultant, Ministry of Economic Affairs Member, National Stabilization Fund Management Committee, Executive Yuan Deputy Minister, National Development Council & concurrently Executive Secretary, National Development Fund, Executive Yuan Deputy Minister, Ministry of Economic Affairs Minister without Portfolio, Executive Yuan Current Positions at Non-profit Organizations Minister without Portfolio, Executive Yuan & concurrently Minister, National Development Council The Convener of National Development Fund, Executive Yuan (Continued) 025 Director National Development Fund, Executive Yuan (Note 2) Representative: Ming-Hsin Kung 07/26/2021 07/25/2024 12/10/1986 1,653,709,980 6.38% 1,653,709,980 6.38% Male 56-60 R.O.C. 07/24/2020 (Note 3) 779 (Note 3) 0.00% 779 0.00% - - - - 024 Title/Name Gender Age Nationality or Place of Registration Date Elected Term Expires Date First Elected Independent Director Sir Peter L. Bonfield Male 76-80 UK 07/26/2021 07/25/2024 05/07/2002 - Shares Held When Elected Shares Currently Held Shares (Note 1) % - Shares (Note 1) - % - Shares Currently Held by Spouse & Minors Shares (Note 1) - % - Independent Director Kok-Choo Chen Female 76-80 R.O.C. 07/26/2021 07/25/2024 06/09/2011 - - - - - - Independent Director Michael R. Splinter Male 71-75 U.S. 07/26/2021 07/25/2024 06/09/2015 - - - - - - 026 Selected Current Positions at TSMC and Other Companies Non-Executive Director of: - Imagination Technologies Group Ltd., UK (a non- public company) - Darktrace Plc, UK None Selected Education and Professional Qualification Past Positions Current Positions at Non-profit Organizations Selected Education and Professional Qualification Bachelor Degree in Engineering, Loughborough University Honorary Doctorate of Technology, Loughborough University Fellow of the Royal Academy of Engineering Knighted, 1996 Awarded Commander of the Order of the British Empire (CBE), 1989 Awarded the Order of the Lion of Finland Awarded the Gold Medal from the Institute of Management Awarded the Mountbatten Medal from the National Electronics Council Awarded the FT ODX Outstanding Director Award, 2019 11 Honorary Doctorate Degrees in total Past Positions Semiconductor Engineer, Texas Instruments Inc. (T.I.), U.S. Chairman and CEO, ICL Plc, UK CEO and Chairman of the Executive Committee, British Telecommunications Plc Vice President, the British Quality Foundation Director, Mentor Graphics Corp., U.S. Director, Sony Corp., Japan Director, L.M. Ericsson, Sweden Chairman, GlobalLogic Inc., U.S. Senior Advisor, Hampton Group, London Chair of Council and Senior Pro-Chancellor, Loughborough University, UK Board Member, EastWest Institute, New York Chairman, NXP Semiconductors N.V., the Netherlands Senior Advisor, Alix Partners LLP, London Advisory Board Member, The Longreach Group Ltd., HK Board Mentor, Chairman Mentors International (CMi) Ltd., London Selected Education and Professional Qualification Inns of Court School of Law, England Barrister-at-law, England Advocate & Solicitor, Singapore Attorney-at-law, California, U.S. Professional Experience 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, R.O.C. (1975-1988) Partner, Chen & Associates Law Offices, R.O.C. (1988-1992) Vice President, Echo Publishing, R.O.C. (1992-1995) President, National Culture and Arts Foundation, R.O.C. (1995-1997) Senior Vice-President and General Counsel, TSMC (1997-2001) Founder and Executive Director, 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) Founder and Executive Director, Museum207, Taipei (2017-2022) Academic Experience 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) Current Positions at Non-profit Organizations Director, Republic of China Female Cancer Foundation Founder and Chairman, Artspace K, Hong Kong (2020-) Selected Education and Professional Qualification Bachelor and Master Degrees in Electrical Engineering, University of Wisconsin-Madison Honorary Ph.D in Engineering, University of Wisconsin-Madison Awarded 2013 Robert N. Noyce Award by Semiconductor Industry Association Member of the National Academy of Engineering Recognized as NACD (National Association of Corporate Directors) Directorship CertifiedTM, 2020 Past Positions Executive Vice President of Technology and Manufacturing Group, Intel Corp. Executive Vice President of Sales and Marketing, Intel Corp. CEO, Applied Materials, Inc. Chairman, Applied Materials, Inc. Director, The NASDAQ OMX Group, Inc. Director, Silicon Valley Leadership Group Director, SEMI Director, Meyer Burger Technology Ltd., Switzerland Chairman of the Board, NASDAQ, Inc. Director, Pica8 Inc., U.S. Director, University of Wisconsin Foundation, U.S. Chairman of the Board, US-Taiwan Business Council Current Positions at Non-profit Organizations Chair of Industrial Advisory Committee, National Institute of Standards and Technology, Department of Commerce, U.S. Lead Independent Director, NASDAQ, Inc. Independent Director and Compensation Committee Chair, Gogoro Inc., Cayman Islands Independent Director, Compensation Committee Chair, and Nominating and Corporate Governance Committee Member, Tigo Energy, Inc., U.S. Independent Director, Kioxia Holdings Corp., Japan (a non-public company) General Partner of: - WISC Partners LP, U.S. - MRS Business and Technology Advisors, U.S. (a non- public company) (Continued) 027 Title/Name Gender Age Nationality or Place of Registration Date Elected Term Expires Date First Elected Independent Director Moshe N. Gavrielov Male 66-70 U.S. 07/26/2021 07/25/2024 06/05/2019 Independent Director Yancey Hai Male 71-75 R.O.C. U.S. 07/26/2021 07/25/2024 06/09/2020 Independent Director L. Rafael Reif Male 71-75 U.S. 07/26/2021 07/25/2024 07/26/2021 Shares Held When Elected Shares Currently Held Shares (Note 1) - - - % - - - Shares (Note 1) - - - % - - - Selected Current Positions at TSMC and Other Companies Chairman of: - SiMa Technologies, Inc., U.S. (a non-public company) - Foretellix, Ltd., Israel (a non-public company) Independent Director, NXP Semiconductors N.V., the Netherlands Chairman, Delta Electronics, Inc. (Delta), 2012- Chair of ESG Committee, Delta Director of Delta’s subsidiaries: - Delta Electronics (Shanghai) Co., Ltd. (a non-public company) - Delta Networks, Inc. (a non-public company) - Delta Electronics Capital Company (a non-public company) - Cyntec Co., Ltd. (a non-public company) Independent Director, Audit Committee member, ESG Committee member and Convener of Remuneration Committee, USI Corporation Director and Commissioner of ESG & Net Zero Committee, CTCI Corporation Co-Chair of Growth Technical Advisory Board, Applied Materials, Inc. Shares Currently Held by Spouse & Minors Shares (Note 1) - - - % - - - Selected Education and Professional Qualification Past Positions Current Positions at Non-profit Organizations Selected Education and Professional Qualification Bachelor Degree in Electrical Engineering, Technion - Israel Institute of Technology Master Degree in Computer Science, Technion - Israel Institute of Technology Past Positions In a variety of engineering and engineering management positions, National Semiconductor Corp. and Digital Equipment Corp., U.S. In a variety of executive management positions, LSI Logic Corp. for nearly 10 years, U.S. CEO, Verisity, Ltd., U.S. Executive Vice President and General Manager of the Verification Division, Cadence Design Systems, Inc., U.S. President and CEO, Xilinx, Inc., U.S. Director, Xilinx, Inc., U.S. Executive Chairman, Wind River Systems, Inc., U.S. (2018-2022) Director, San Jose Institute of Contemporary Art, U.S. Selected Education and Professional Qualification Master Degree in International Business Management, University of Texas at Dallas Laureate, Industrial Technology Research Institute (ITRI) Past Positions Country Manager, GE Capital Taiwan Vice Chairman and CEO, Delta Electronics, Inc. (2004-2012) Chair, Strategic Steering Committee, Delta (2012-2021) Current Positions at Non-profit Organizations Senior Strategy Consultant, Cloud Computing & IoT Association in Taiwan Director, Taiwan Business Council for Sustainable Development Director, Delta Electronic Foundation Supervisor, Felix Chang Foundation Director and Finance Committee Member, Chiang Ching-Kuo Foundation for International Scholarly Exchange Chairman, Taiwan Climate Partnership Selected Education and Professional Qualification Ingeniero Eléctrico Degree, Universidad de Carabobo, Valencia, Venezuela Master Degree and Ph.D. in Electrical Engineering, Stanford University Honorary Doctor of Laws Degree, The Chinese University of Hong Kong (2015) Honorary Doctorates from Tsinghua University (2016), the Technion (2017), Arizona State University (2018) and University of Miami (2022) Member of Tau Beta Pi, the Engineering Honor Society Member of the Electrochemical Society Fellow of the Institute of Electrical and Electronics Engineers (IEEE) Member of the American Academy of Arts and Sciences, the National Academy of Engineering and the Chinese Academy of Engineering Fellow of the National Academy of Inventors Awarded with United States Presidential Young Investigator Award (1984) Awarded with the Semiconductor Research Corporation’s Aristotle Award (2000) Awarded the Tribeca Disruptive Innovation Award (2012) Awarded the Frank E. Taplin, Jr. Public Intellectual Award by the Woodrow Wilson National Fellowship Foundation (2015) Awarded with Engineer of the Year from Great Minds in STEM (2018) Awarded the Simon Ramo Founders Award by the U.S. National Academy of Engineering (2022) Inventor or co-inventor on 13 patents, editor or Co-editor of 5 books, and supervisor to 38 doctoral theses Past Positions Assistant Professor, Universidad Simón Bolívar, Caracas, Venezuela Visiting Assistant Professor of Electrical Engineering, Stanford University Faculty, Massachusetts Institute of Technology (MIT), since 1980 IBM Faculty Fellowship, MIT Center for Materials Science and Engineering Analog Devices Career Development Professorship, MIT Electrical Engineering Fariborz Maseeh Professor of Emerging Technology, MIT (2004-2012) Director of Microsystems Technology Laboratories, MIT Associate Department Head of Electrical Engineering, MIT Head of the Department of Electrical Engineering and Computer Science (EECS), MIT Provost, MIT Board Director, Schlumberger Limited President, MIT (2012-2022) Current Positions at Non-profit Organizations President Emeritus, MIT, since 2023 Ray and Maria Stata Professor of Electrical Engineering and Computer Science, MIT, since 2023 Member of Board of Trustees, Carnegie Endowment for International Peace Director, Council on Foreign Relations, U.S. Director, Waverley Street Foundation, U.S. Member, Board of Trustees, Instituto Tecnológico de Monterrey, Mexico Remarks: 1. No member of the Board of Directors held TSMC shares by nominee arrangement. 2. Managers or Directors who are spouses or within second-degree relative of consanguinity to the directors: None. 3. 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: Does not include shares held in the form of ADSs. Note 2: Major Shareholders of the Institutional Shareholder Institutional Shareholder National Development Fund, Executive Yuan 028 Major Shareholders (Top 10 Shareholders) of the Institutional Shareholder Not Applicable Note 3: Mr. Ming-Hsin Kung was appointed as the representative of National Development Fund on July 24, 2020. 029 2.4.2 Remuneration of Directors and Independent Directors (Note 1) Unit: NT$ Title/Name Chairman Mark Liu Vice Chairman C.C. Wei Director F.C. Tseng Director National Development Fund, Executive Yuan Representative: Ming-Hsin Kung Independent Director Sir Peter L. Bonfield Independent Director Kok-Choo Chen Independent Director Michael R. Splinter Independent Director Moshe N. Gavrielov Independent Director Yancey Hai Independent Director L. Rafael Reif Total Director’s Remuneration Base Compensation (A) Severance Pay and Pensions (B) (Note 2) Compensation to Directors (C) (Note 3) Allowances (D) (Note 4) Amount and Ratio of Total A, B, C and D to Net Income Compensation to 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 2) Profit Sharing (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 From TSMC From All Consolidated Entities Cash Stock (Fair Market Value) Cash Stock (Fair Market Value) 80,605,415 80,605,415 278,299 278,299 438,652,560 438,652,560 1,417,464 1,417,464 520,953,738 0.0621% 520,953,738 0.0621% - - - - - - - - - - - 328,137,656 328,137,656 278,299 278,299 219,326,280 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 10,560,000 10,560,000 1,221,743 1,221,743 10,560,000 10,560,000 16,445,264 16,445,264 13,200,000 13,200,000 16,445,264 16,445,264 16,445,264 16,445,264 13,200,000 13,200,000 16,445,264 16,445,264 - - - - - - - - - - - - - - 80,605,415 80,605,415 278,299 278,299 551,953,616 551,953,616 2,639,207 2,639,207 11,781,743 0.0014% 11,781,743 0.0014% 10,560,000 0.0013% 10,560,000 0.0013% 16,445,264 0.0020% 13,200,000 0.0016% 16,445,264 0.0020% 16,445,264 0.0020% 13,200,000 0.0016% 16,445,264 0.0020% 16,445,264 0.0020% 13,200,000 0.0016% 16,445,264 0.0020% 16,445,264 0.0020% 13,200,000 0.0016% 16,445,264 0.0020% 635,476,537 0.0758% 635,476,537 0.0758% - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 328,137,656 328,137,656 278,299 278,299 219,326,280 Amount and Ratio of Total A, B, C, D, E, F and G to Net Income (Note 5) From TSMC From All Consolidated Entities 520,953,738 0.0621% 547,742,235 0.0653% 11,781,743 0.0014% 10,560,000 0.0013% 520,953,738 0.0621% 547,742,235 0.0653% 11,781,743 0.0014% 10,560,000 0.0013% 16,445,264 0.0020% 13,200,000 0.0016% 16,445,264 0.0020% 16,445,264 0.0020% 13,200,000 0.0016% 16,445,264 0.0020% 16,445,264 0.0020% 13,200,000 0.0016% 16,445,264 0.0020% 16,445,264 0.0020% 13,200,000 0.0016% 16,445,264 0.0020% Compensation to Directors from Non-consolidated Affiliates or Parent Company - - 19,450,666 - - - - - - - 1,183,218,772 0.1411% 1,183,218,772 0.1411% 19,450,666 - - - - - - - - - - - - 219,326,280 - - - - - - - - 219,326,280 - - - - - - - - - - - * Other than disclosure in the above table, Directors remunerations earned by providing services (e.g. providing consulting services as a non-employee of parent company/all consolidated entities/non-consolidated affiliates) to TSMC and all consolidated entities in the 2023 financial statements: Dr. F.C. Tseng for NT$17,783,760. Note 1: Directors and Independent Directors’ remuneration policies, procedures, standards and structure, as well as the linkage to responsibilities, risks and time spent: ● 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. ● 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 and People Development 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 and Risk Committee and the Compensation and People Development Committee and thus participate in the discussions as well as resolutions of related committee meetings in accordance with the charter of each committee; and (3) the compensation for overseas independent directors may be higher than domestic independent directors, as they require additional time to attend quarterly meetings in Taiwan. Note 2: Pensions funded according to applicable law. Note 3: The compensation of directors was expensed based on the estimated payment amounts. If the actual amounts subsequently paid differ from the above estimated amounts, the differences will be recorded in the year fully paid as a change in accounting estimate. Note 4: The above-mentioned figures include expenses for Company cars and related reimbursements, but do not include compensation of Company drivers (totaled NT$5,034,409). Note 5: Total remuneration of the directors from TSMC and from all consolidated entities in 2022, including their employee compensation, both accounted for 0.1365% of 2022 net income. 030 031 2.5 Management Team 2.5.1 Information Regarding Management Team Gender Nationality On-board Date (Note 1) Shares Held Shares Held by Spouse & Minors Shares Held in the Name of Others Shares (Note 2) % Shares (Note 2) % Shares (Note 2) Male R.O.C. 02/01/1998 6,392,834 0.02% 700,261 0.00% Female R.O.C. 06/01/1999 4,414,753 0.02% 2,059,530 0.01% Male R.O.C. 07/01/2004 1,457,328 0.01% Male U.S. 11/14/1997 - - - - - - Male R.O.C. 01/01/1987 4,932,964 0.02% 4,190,107 0.02% Male R.O.C. 11/14/1994 1,016,273 0.00% - - Male R.O.C. 01/01/1987 12,660,501 0.05% 1,168,961 0.00% Male R.O.C. 12/15/1997 435,570 0.00% 60,802 0.00% Male U.S. 11/01/2016 115,867 0.00% - - - - - - - - - - - % - - - - - - - - - Female R.O.C. 03/20/1995 707,793 0.00% 67,906 0.00% 384,000 0.00% Male R.O.C. 05/03/1999 1,660,166 0.01% - - Male R.O.C. 06/01/1992 226,043 0.00% 1,135,529 0.00% Male R.O.C. 12/28/1994 258,496 0.00% Male R.O.C. 02/06/1995 181,289 0.00% - - - - - - - - - - - - Title Name Chief Executive Officer C.C. Wei Senior Vice President Human Resources Lora Ho Senior Vice President Research and Development Wei-Jen Lo Senior Vice President Corporate Strategy Office & Overseas Operations Office Chairman TSMC AZ Rick Cassidy Senior Vice President Operations & Overseas Operations Office Y.P. Chyn (Note 4) Senior Vice President Research and Development Y.J. Mii (Note 4) Senior Vice President Chief Information Security Officer Information Technology and Materials Management & Risk Management J.K. Lin Senior Vice President Europe & Asia Sales and Research & Development/ Corporate Research Cliff Hou (Note 5) Senior Vice President Business Development & Overseas Operations Office Kevin Zhang (Note 5) Senior Vice President and General Counsel Corporate Governance Officer Legal Sylvia Fang (Note 6) Senior Vice President and Chief Financial Officer Spokesperson Finance Wendell Huang (Note 6) Vice President Operations/Fab Operations I CEO Overseas Operations Office/TSMC AZ Y.L. Wang Vice President and TSMC Distinguished Fellow Pathfinding for System Integration Douglas Yu Vice President and TSMC Fellow Operations/Advanced Technology and Mask Engineering T.S. Chang 032 Education and Selected Past Positions 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, Europe and Asia Sales, TSMC 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, Technology Development, TSMC Vice President, Manufacturing Technology, 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, TSMC North America Vice President, TSMC North America Master, Electrical Engineering, National Cheng Kung University, Taiwan Senior Vice President, Product Development, TSMC Vice President, Advanced Technology and Business, TSMC Ph.D., Electrical Engineering, University of California, Los Angeles, U.S. Vice President, Technology Development, TSMC Senior Director, Platform I Division, TSMC Bachelor, Science, National Changhua University of Education, Taiwan Vice President, Mainstream Fabs and Manufacturing Technology, TSMC Senior Director, Mainstream Fabs, TSMC Ph.D., Electrical Engineering, Syracuse University, U.S. Senior Vice President, Technology Development, TSMC Vice President, Design and Technology Platform, TSMC Senior Director, Design and Technology Platform, TSMC Ph.D., Electrical Engineering, Duke University, U.S. Vice President, Design and Technology Platform, TSMC Vice President, Technology and Manufacturing Group, Intel Corp. Master, Comparative Law, School of Law, University of Iowa, U.S. Attorney-at-law, Taiwan Associate General Counsel, TSMC Senior Associate, Taiwan International Patent and Law Office (TIPLO) 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 Ph.D., Electrical Engineering, National Chiao Tung University, Taiwan Vice President, Fab Operations, TSMC Vice President, Technology Development, TSMC Vice President, Fab 14B, TSMC Senior Director, Fab 14B, TSMC Ph.D., Materials Engineering, Georgia Institute of Technology, U.S. Vice President, Integrated Interconnect & Packaging, TSMC Senior Director, Integrated Interconnect & Packaging Division, TSMC Ph.D., Electrical Engineering, National Tsing Hua University, Taiwan Vice President, Product Development, TSMC Vice President, Fab 12B, TSMC Senior Director, Fab 12B, TSMC Selected Current Positions at Other Companies None Managers Who Are Spouses or within Second-degree Relative of Consanguinity to Each Other (Note 3) As of 02/29/2024 Title None Name None Relation None Director and/or Supervisor, TSMC subsidiaries None None None None None None None Director, TSMC subsidiary None None None Director, TSMC subsidiaries None None None None None None None None None None None Director and/or President, TSMC subsidiaries Director, TSMC affiliate None None None None None Director and/or Supervisor, TSMC subsidiaries None None None None None Director, Supervisor, and/or President, TSMC None None None subsidiaries Director, TSMC affiliate Director, TSMC subsidiary None None None None None None None None None None None (Continued) 033 Male R.O.C. 09/01/1993 356,832 0.00% 1,250 0.00% - - Ph.D., Materials Science & Engineering, Massachusetts Institute of Technology, U.S. Senior Director, Advanced Tool and Module Development Division, TSMC Title Name Gender Nationality On-board Date (Note 1) Education and Selected Past Positions Selected Current Positions at Other Companies Shares Held Shares Held by Spouse & Minors Shares Held in the Name of Others Shares (Note 2) % Shares (Note 2) % Shares (Note 2) Male R.O.C. 12/09/1996 493,404 0.00% 198,943 0.00% Male U.S. 07/29/2002 371,055 0.00% 34,470 0.00% - - % - - Male R.O.C. 08/03/1988 375,532 0.00% - - 430,000 0.00% Male R.O.C. 06/16/1988 1,709,617 0.01% 219,924 0.00% 851,908 0.00% Male R.O.C. 05/22/2017 33,310 0.00% Male U.S. 03/21/2016 72,532 0.00% - - - - Male U.S. 01/04/2021 41,137 0.00% 10,000 0.00% Male R.O.C. 05/28/2007 395,044 0.00% 6,000 0.00% Male R.O.C. 01/17/1989 2,608,118 0.01% 1,993,040 0.01% Male R.O.C. 08/01/2000 180,957 0.00% 15,000 0.00% Male R.O.C. 11/01/2021 90,927 0.00% - - Male R.O.C. 12/15/1997 180,318 0.00% 105,000 0.00% - - - - - - - - - - - - - - - - Vice President Research and Development/Platform Technology Michael Wu Vice President Research and Development/Pathfinding Min Cao Vice President Operations/Fab Operations II CEO Overseas Operations Office/JASM Y.H. Liaw Vice President Research and Development/Advanced Tool and Module Development Simon Jang Vice President Research and Development/More than Moore Technologies C.S. Yoo Vice President Quality and Reliability and Operations/Advanced Packaging Technology and Service Jun He Vice President Research and Development/Platform Technology Geoffrey Yeap Vice President and Chief Information Officer Information Technology and Materials Management & Risk Management/Corporate Information Technology Chris Horng-Dar Lin Vice President Corporate Planning Organization Jonathan Lee Vice President Operations/Facility Arthur Chuang Vice President and TSMC Fellow Research and Development/Design & Technology Platform L.C. Lu Vice President Research and Development/Integrated Interconnect & Packaging K.C. Hsu Vice President Operations/Fab Operations I CEO Overseas Operations Office/ESMC Ray Chuang (Note 7) Ph.D., Electrical Engineering, University of Wisconsin-Madison, U.S. Senior Director, Platform Development, TSMC Ph.D., Physics, Stanford University, U.S. Senior Director, Pathfinding Division, TSMC Master, Chemical Engineering, National Tsing Hua University, Taiwan Vice President, Fab Operations, TSMC Vice President, Fab 15B, TSMC Senior Director, Fab 15B, TSMC Ph.D., Chemical Engineering, Worcester Polytech. Institute, U.S. Vice President, Europe & Asia Sales, TSMC Senior Director, Office of Strategy Customer Program, TSMC Senior Director, E-Beam Operation Division, TSMC Ph.D., Materials Science and Engineering, University of California, Santa Barbara, U.S. Senior Director, Quality and Reliability, TSMC Senior Director, Head of Quality and Reliability for Technology & Manufacturing Group, Intel Corp. Ph.D., Electrical and Computer Engineering, University of Texas-Austin, U.S. Senior Director, Platform Development, TSMC Senior Director, Advanced Technology, TSMC Vice President, Engineering, Silicon Technology, Qualcomm Ph.D., Electrical Engineering and Computer Science, University of California, Berkeley, U.S. Vice President, Information Technology, Mozilla Director, Enterprise Platform Infrastructure, Facebook Master, Business Administration, City University of New York, Baruch College, U.S. Senior Director, Strategic Planning Division, TSMC Ph.D., Civil Engineering, National Taiwan University, Taiwan Senior Director, Facility Division, TSMC Ph.D., Computer Science, Yale University, U.S. Senior Director, Digital IPs Solution Division, TSMC Master, Technology Management, National Chiao Tung University, Taiwan Taiwan Country Manager, Micron Technology Inc. President, WaferTech LLC None None Director, TSMC subsidiaries Director, TSMC affiliate None None Managers Who Are Spouses or within Second-degree Relative of Consanguinity to Each Other (Note 3) Title None None None Name None None None Relation None None None Deputy Director Sharon Jang sister None None None Director, TSMC subsidiaries None None None None None None None None None None None None None None None None None None None None None None None None None None None Master, Materials Science & Engineering/Engineering Economics System, Stanford None None None None University, U.S. Senior Director, Fab 18A, TSMC Director, Fab 12B, TSMC Note 1: On-board date means the official date joining TSMC. Note 2: Dose not include shares held in the form of ADSs. 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: Mr. Y.P. Chyn and Dr. Y.J. Mii were appointed as Executive Vice Presidents and Co-Chief Operating Officers, effective March 1, 2024. Note 5: Dr. Cliff Hou and Dr. Kevin Zhang were appointed as Senior Vice Presidents and Deputy Co-Chief Operating Officers, effective March 1, 2024. Note 6: Ms. Sylvia Fang and Mr. Wendell Huang were promoted to Senior Vice Presidents, effective February 6, 2024. Note 7: Mr. Ray Chuang was promoted to Vice President, effective May 9, 2023. 034 035 2.5.2 Compensation of CEO and Vice Presidents (Note 1) Unit: NT$ Title Name From TSMC From All Consolidated Entities Chief Executive Officer C.C. Wei 14,962,410 14,962,410 Senior Vice President, Chief Financial Officer/Spokesperson Wendell Huang 5,995,500 5,995,500 From TSMC 278,299 111,517 From All Consolidated Entities 278,299 111,517 Bonuses and Allowances (C) (Note 6) From TSMC From All Consolidated Entities From TSMC From All Consolidated Entities Cash Stock (Fair Market Value) Cash Stock (Fair Market Value) 313,175,246 313,175,246 219,326,280 57,211,091 57,211,091 40,179,742 - - 219,326,280 40,179,742 Salary (A) Severance Pay and Pensions (B) (Note 5) Profit Sharing (D) Amount and Ratio of Total A, B, C and D to Net Income (Note 7) Senior Vice President Senior Vice President Senior Vice President/Chairman, TSMC Arizona Senior Vice President Senior Vice President Lora Ho Wei-Jen Lo Rick Cassidy Y.P. Chyn (Note 2) Y.J. Mii (Note 2) Senior Vice President/Chief Information Security Officer J.K. Lin Senior Vice President Senior Vice President Cliff Hou (Note 3) Kevin Zhang (Note 3) Senior Vice President and General Counsel/Corporate Governance Officer Sylvia Fang Vice President Vice President and TSMC Distinguished Fellow Vice President and TSMC Fellow Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President and Chief Information Officer Vice President Vice President Vice President and TSMC Fellow Vice President Vice President Total Y.L. Wang Douglas Yu T.S. Chang Michael Wu Min Cao Y.H. Liaw Simon Jang C.S. Yoo Jun He Geoffrey Yeap Chris Horng-Dar Lin Jonathan Lee Arthur Chuang L.C. Lu K.C. Hsu Ray Chuang (Note 4) 136,548,315 162,258,591 2,539,793 3,202,056 1,388,757,585 1,584,248,205 980,476,267 - 980,476,267 157,506,225 183,216,501 2,929,609 3,591,872 1,759,143,922 1,954,634,542 1,239,982,289 - 1,239,982,289 Note 1: Compensation policy, standards/packages, procedures, the linkage to operating performance and future risk exposure: The total compensation of the executive officers is based on their job responsibility, contribution, company performance, and projected future risks the Company will face. It is reviewed by the Compensation and People Development Committee then submitted to the Board of Directors for approval. Note 2: Mr. Y.P. Chyn and Dr. Y.J. Mii were appointed as Executive Vice Presidents and Co-Chief Operating Officers, effective March 1, 2024. Note 3: Dr. Cliff Hou and Dr. Kevin Zhang were appointed as Senior Vice Presidents and Deputy Co-Chief Operating Officers, effective March 1, 2024. Note 4: Mr. Ray Chuang was promoted to Vice President, effective May 9, 2023. These amounts did not include compensation for the period before his promotion. Note 5: Pensions funded according to applicable law. Note 6: The above-mentioned figures include the expense for the business performance bonuses distributed in May, August, November 2023 & February 2024, and Company cars and gasoline reimbursements. Note 7: Total compensation of the executive officers from TSMC in 2022 accounted for 0.3700% of 2022 net income. Total compensation of the executive officers from all consolidated entities in 2022 accounted for 0.3846% of 2022 net income. From TSMC 547,742,235 0.0653% 103,497,850 0.0123% From All Consolidated Entities 547,742,235 0.0653% 103,497,850 0.0123% 2,508,321,960 0.2991% 2,730,185,119 0.3256% 3,159,562,045 0.3768% 3,381,425,204 0.4033% - - - - Compensation from Non-consolidated Affiliates or Parent Company - - - - 036 037 The Company’s Policy, Standards/Packages, Procedures for the Compensation of the CEO and Vice Presidents, and the Linkage to Their Performance Evaluation and the Future Risk Exposure Compensation of CEO and Vice Presidents ● The Company’s Policy, Standards/Packages The compensation of the CEO and Vice Presidents takes into account, in a comprehensive manner, aspects of their experience, professional capabilities, managerial skills, and the positions they hold. The said compensation is also closely linked to both the financial and non-financial performance goals, so as to reflect the fulfillment of their responsibilities as well as their work performance. Compensation includes salary, quarterly paid cash bonus, allowances, and profit sharing based on annual profits of the Company. Moreover, since 2021, TSMC has begun to offer Employee Restricted Stock Awards to link their compensation with shareholders’ interests and ESG achievements. The company places a greater emphasis on variable compensation constituting a larger proportion of the total compensation versus fixed compensation, and prioritizes long-term incentive rewards to better align the compensation of our CEO and executives with the company’s sustainable business performance, shareholder interests, and ESG achievements. The Compensation and People Development Committee approves the compensation plan regularly, which is then submitted to the Board of Directors for approval. ● The Procedures Quarterly cash bonuses and profit-sharing are for the purpose of rewarding employee contributions, incentivizing employees to continue to work hard, and aligning employee interests with those of TSMC’s shareholders. According to Articles of Incorporation, if the Company is profitable for the year, at least 1% of the profits will be allocated as employee compensation. The frequency, date, and conditions of the distribution of employee compensation will be determined according to the Company’s bonus policy. The Company further determines the bonus and profit-sharing amounts based on operating results and common domestic industry practice. The amount and distribution of the employee bonuses are recommended by the Compensation and People Development Committee to the Board of Directors for approval. Cash bonuses are paid quarterly, and profit sharing are paid after approval at the Board of Directors meeting and having reported the same at the Shareholders’ meeting. TSMC established Employee Restricted Stock Awards to link the compensation for CEO and Vice Presidents with ESG achievements and the interests of shareholders. The number of shares granted to the CEO and Vice Presidents will be determined by the Chairman and CEO by taking into account the Company’s business performance, the individual’s job grade, performance, and other factors as deemed appropriate and approved by Compensation and People Development Committee, and ultimately subject to Board of Directors’ approval. ● The Linkage to the Performance Evaluation The compensation of TSMC’s CEO and Vice Presidents is governed by the Company’s bonus policy, which covers the achievement of both corporate operational goals and personal annual objectives. Corporate goals include financial indicators and non-financial indicators. Personal annual objectives include operational goals and ESG achievements in focus areas: Drive Green Manufacturing, Build a Sustainable Supply Chain, Create a Diverse and Inclusive Workplace, Develop Talent, and Care for the Disadvantaged. The Employee Restricted Stock Awards provided has a vesting period of three years (for details, please refer to “4.6.1 Status of Employee Restricted Stock” on page 86-91 of this Annual Report). The corporate performance indicators are the relative total shareholder return (TSR) of the company compared to TSR of the S&P 500 IT Index TSR, with the company’s ESG achievements as a modifier. Through these two clear quantitative indicators, we strengthen management’s long-term and continuous creation of shareholder value while improving ESG performance, which shows a strong correlation with the Company’s overall performance. ● The Future Risk Exposure The compensation of TSMC’s CEO and Vice Presidents is based on the relevant industry benchmarks and the performance of the Company. The standards, structure, and system of compensation are reviewed and adjusted as necessary in response to changes in the Company’s actual operating conditions and relevant laws and regulations. The Company does not create financial incentive programs that may lead executives to pursue remuneration at the expense of exceeding the Company’s risk tolerance level, so as to ensure a balance between sustainable business operations and risk control. ● Clawback Policy TSMC established the Clawback policy in 2023. (Disclosed on tsmc.com/Home/Investors/Corporate Governance/Major Internal Policies/TSMC Clawback Policy) 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 NT$10,000,000 ~ NT$14,999,999 NT$15,000,000 ~ NT$29,999,999 From TSMC Rick Cassidy None None None None None None 2023 From All Consolidated Entities and Non-consolidated Affiliates None None None None None None None NT$30,000,000 ~ NT$49,999,999 Ray Chuang Ray Chuang NT$50,000,000 ~ NT$99,999,999 Sylvia Fang, Y.L. Wang, T.S. Chang, Michael Wu, Min Cao, Y.H. Liaw, Simon Jang, C.S. Yoo, Jun He, Geoffrey Yeap, Chris Horng-Dar Lin, Jonathan Lee, Arthur Chuang, L.C. Lu, K.C. Hsu Sylvia Fang, Y.L. Wang, T.S. Chang, Michael Wu, Min Cao, Y.H. Liaw, Simon Jang, C.S. Yoo, Jun He, Geoffrey Yeap, Chris Horng-Dar Lin, Jonathan Lee, Arthur Chuang, L.C. Lu, K.C. Hsu Over NT$100,000,000 C.C. Wei, Wendell Huang, Lora Ho, Wei-Jen Lo, Y.P. Chyn, Y.J. Mii, J.K. Lin, Cliff Hou, Kevin Zhang, Douglas Yu C.C. Wei, Wendell Huang, Lora Ho, Wei-Jen Lo, Rick Cassidy, Y.P. Chyn, Y.J. Mii, J.K. Lin, Cliff Hou, Kevin Zhang, Douglas Yu Total 27 27 2.5.3 Employees’ Profit Sharing of Management Team Unit: NT$ Title Chief Executive Officer Name C.C. Wei Senior Vice President, Chief Financial Officer/Spokesperson Wendell Huang Senior Vice President Senior Vice President Senior Vice President/Chairman, TSMC Arizona Senior Vice President Senior Vice President Lora Ho Wei-Jen Lo Rick Cassidy Y.P. Chyn (Note 1) Y.J. Mii (Note 1) Senior Vice President/Chief Information Security Officer J.K. Lin Senior Vice President Senior Vice President Cliff Hou (Note 2) Kevin Zhang (Note 2) Senior Vice President and General Counsel/Corporate Governance Officer Sylvia Fang Vice President Vice President and TSMC Distinguished Fellow Vice President and TSMC Fellow Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President and Chief Information Officer Vice President Vice President Vice President and TSMC Fellow Vice President Vice President Total Y.L. Wang Douglas Yu T.S. Chang Michael Wu Min Cao Y.H. Liaw Simon Jang C.S. Yoo Jun He Geoffrey Yeap Chris Horng-Dar Lin Jonathan Lee Arthur Chuang L.C. Lu K.C. Hsu Ray Chuang (Note 3) Stock (Fair Market Value) Cash Total Total Profit Sharing of Management Team as a % of Net Income - - 219,326,280 219,326,280 40,179,742 40,179,742 0.0262% 0.0048% - 980,476,267 980,476,267 0.1169% - 1,239,982,289 1,239,982,289 0.1479% Note 1: Mr. Y.P. Chyn and Dr. Y.J. Mii were appointed as Executive Vice Presidents and Co-Chief Operating Officers, effective March 1, 2024. Note 2: Dr. Cliff Hou and Dr. Kevin Zhang were appointed as Senior Vice Presidents and Deputy Co-Chief Operating Officers, effective March 1, 2024. Note 3: Mr. Ray Chuang was promoted to Vice President, effective May 9, 2023. These amounts did not include compensation for the period before his promotion. 038 039 Fab 18 040 3 Corporate Governance TSMC was recognized by Fortune Magazine as one of the “2023 World’s Most Admired Companies.” 041 3.1 Overview 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, TSMC Board of Directors delegates various responsibilities and authority to three Board Committees, Audit and Risk Committee, Compensation and People Development Committee, and Nominating, Corporate Governance and Sustainability Committee. Each Committee’s chairperson regularly reports to the Board on its activities and recommendations. 2023 Corporate Governance Awards and Ratings Organization Awards Dow Jones Sustainability Indices (DJSI) Dow Jones Sustainability World Index for the 23rd consecutive year MSCI ESG Indexes Morningstar S&P Global Sustainalytics ISS ESG FTSE4Good Index Taiwan Stock Exchange CommonWealth Magazine Institutional Investor Magazine Forbes FORTUNE Asiamoney MSCI ACWI ESG Leaders Index component MSCI ESG Research – AAA Ratings MSCI ACWI SRI Index component MSCI ACWI Islamic Index component MSCI Emerging Markets ESG Leaders Index The Best Sustainable Companies to Own in 2024 Corporate Sustainability Assessment – Top 10% S&P Global ESG Score Company ESG Risk Ratings: Low ESG Risk – Semiconductor Industry ISS-oekom “Prime” Rated by ISS ESG Corporate Rating FTSE4Good Emerging Index component FTSE4Good All-World Index component FTSE4Good TIP Taiwan ESG Index component Top 5% in Corporate Governance Evaluation of Listed Companies for the 9th consecutive year Talent Sustainability Award Most Honored Company (Technology/Semiconductors) – All-Asia Best Overall ESG (Technology/Semiconductors) – 1st Place (buy-side and sell-side) – All-Asia Best Company Board (Technology/Semiconductors) – 1st Place (buy-side and sell-side) – All-Asia The World’s Top 10 Largest Technology Companies in 2023 2023 World’s Best Employers 2023 World’s Most Admired Companies Fortune Global 500 2023 Asia’s Outstanding Companies – Semiconductors & Semiconductor Equipment Sector for the 6th consecutive year Taiwan Institute of Sustainable Energy IFI Claims Patent Services Taiwan Top 10 Sustainability Exemplary Awards for the 8th consecutive year Ranked as 3rd in 2023 Top 50 US Patent Assignees 3.2 Board of Directors Board Structure TSMC’s Board of Directors consists of ten 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. Six of those ten members are Independent Directors: former British Telecommunications Chief Executive Officer, Sir Peter L. Bonfield; 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; former Chief Executive Officer of Xilinx, Inc., Mr. Moshe N. Gavrielov; currently Chairman of Delta Electronics Inc., Mr. Yancey Hai; and former President of MIT, Mr. L. Rafael Reif. 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, one of whom is female. Independent Directors constitute 60% of the Board. In December 2023, TSMC announced that Dr. Mark Liu plans to retire from TSMC in June 2024, and will not seek re-election to the board of directors. During his tenure, Dr. Liu has reaffirmed the Company’s commitment to its mission and focused on enhancing corporate governance and competitiveness particularly in technology leadership, digital excellence, and global footprint. TSMC’s Nominating, Corporate Governance and Sustainability Committee recommends Dr. C.C. Wei, while remaining as CEO, to succeed as TSMC’s next Chairman, subject to the election of the incoming board in June 2024. 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 and Risk Committee, Compensation and People Development Committee, Nominating, Corporate Governance and Sustainability Committee, the hiring of a financial expert consultant for the Audit and Risk Committee, and coordination with our Internal Audit department. The second duty of the Board of Directors is to appoint and dismiss officers of the Company when necessary, to evaluate management performance and to review the succession plan for senior executives. 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. 042 043 The third duty of the Board of Directors is to resolve critical matters, such as capital appropriations, investment activities, dividends, etc. The fourth duty of the Board of Directors is to provide guidance to the Company’s management team and risk management. In each quarter, TSMC’s management reports to the Board on various subjects (including ESG programs) and strategies, and spends substantial time and effort to communicate with the Board. The Board would comment on the risk and probabilities for success of the proposed corporate strategies. The Board also periodically oversees those strategies’ implementation and outcomes, and may suggest the management team to make adjustments to the strategic goals and objectives if necessary. 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 as world-class business leaders and understanding from diverse backgrounds. TSMC Board of Directors members are nominated via rigorous selection processes. TSMC established the “Guidelines for Nomination of Directors” that set out the procedures and criteria for the nomination, qualification and evaluation of Director candidates to be nominated by the Board of Directors. Also, TSMC developed the “Corporate Governance Guidelines” that set out the criteria for evaluating director candidates for election by the shareholders shall be based on, among other considerations, their professional knowledge, experience, business judgment, commitment to uphold the Company’s core values, as well as reputation in both ethical conduct and leadership. Diversity of backgrounds (including gender, age, and culture) of Board members shall also be considered. The “Nominating, Corporate Governance and Sustainability Committee” will recommend Independent Director candidates to the Board of Directors for nomination. The independence of each Independent Director candidate is also 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. Taking the position that directors who over time have developed increasing knowledge, experience and insight into the semiconductor industry and deeper understanding of the operations of the Company can better perform their duties and provide an increasing contribution and value to the shareholders of the Company. Except as otherwise provided in applicable regulations regarding the tenure limits of independent directors, there are no limits on the number of terms that a director may serve. The Board will, however, assess director tenure on an on-going basis to ensure the Board continues to benefit from new perspectives. 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 and People Development 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 and Risk Committee, Compensation and People Development Committee, and Nominating, Corporate Governance and Sustainability 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 Independent Directors’ Independence Status Criteria Professional Qualification and Experience Independent Directors’ Independence Status Name/Title Mark Liu Chairman C.C. Wei Vice Chairman Ming-Hsin Kung Director F.C. Tseng Director Sir Peter L. Bonfield Independent Director Kok-Choo Chen Independent Director Michael R. Splinter Independent Director Moshe N. Gavrielov Independent Director Yancey Hai Independent Director L. Rafael Reif Independent Director Not Applicable For Directors’ professional qualification and experience, please refer to “2.4.1 Information Regarding Board Members” on page 24-29 of this Annual Report. None of the Directors has been in or is under any circumstances stated in Article 30 of the Company Law. (Note 1) 1. Every of the Independent Directors satisfy the requirements of Article 14-2 of “Securities and Exchange Act” and “Regulations Governing Appointment of Independent Directors and Compliance Matters for Public Companies” (Note 2) issued by Taiwan’s Securities and Futures Bureau 2. Every of the Independent Directors (or nominee arrangement) as well as his/her spouse and minor children do not hold any TSMC common shares 3. Every of the Independent Directors received no compensation or benefits for providing commercial, legal, financial, accounting services or other services to the Company or to any its affiliates within the preceding two years, and the service provided is either an “audit service” or a “non-audit service” Number of Other Taiwanese Public Companies Concurrently Serving as an Independent Director 0 0 0 0 0 0 0 0 1 0 Note 1: The circumstances listed in Article 30 of the R.O.C. Company Act do not apply to me: 1. Having committed an offence as specified in the Statute for Prevention of Organizational Crimes and subsequently convicted of a crime, and has not started serving the sentence, has not completed serving the sentence, or five years have not elapsed since completion of serving the sentence, expiration of the probation, or pardon; 2. Having committed the offence in terms of fraud, breach of trust or misappropriation and subsequently convicted with imprisonment for a term of more than one year, and has not started serving the sentence, has not completed serving the sentence, or two years have not elapsed since completion of serving the sentence, expiration of the probation, or pardon; 3. Having committed the offense as specified in the Anti-corruption Act and subsequently convicted of a crime, and has not started serving the sentence, has not completed serving the sentence, or two years have not elapsed since completion of serving the sentence, expiration of the probation, or pardon; 4. Having been adjudicated bankrupt or adjudicated of the commencement of liquidation process by a court, and having not been reinstated to his rights and privileges; 5. Having been dishonored for unlawful use of credit instruments, and the term of such sanction has not expired yet; or 6. Having no or only limited disposing capacity. 7. Having been adjudicated of the commencement of assistantship and such assistantship having not been revoked yet. Note 2: 1. Not a governmental, juridical person or its representative as defined in Article 27 of the Company Law. 2. Not serving concurrently as an independent director on more than three other Taiwanese public companies in total. 3. During the two years before being elected and during the term of office, meet any of the following situations: (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; and (9) Not a professional individual, owner, partner, director, supervisor, or officer of a sole proprietorship or any type of legal entity, or a spouse thereof, that have provided to TSMC or its affiliates: (1) any audit service; or (2) commercial, legal, financial, accounting services or other services of which its total compensation exceeding NT$500,000 within the recent two years. 044 045 Board Diversity and Independence TSMC Board of Directors members are nominated via rigorous selection processes. TSMC established both the “Guidelines for Nomination of Directors” that set out the procedures and criteria for the nomination, qualification and evaluation of Director candidates to be nominated by the Board of Directors, and the “Corporate Governance Guidelines” that set out the criteria for evaluating director candidates for election by the shareholders shall be based on, among other considerations, their professional knowledge, experience, business judgment, commitment to uphold the Company’s core values, as well as reputation in both ethical conduct and leadership. Diversity of backgrounds (including gender, age, and culture) of Board members shall also be considered. The Company aims to have at least 50% Independent Directors and at least one female director to serve on the Board. Currently, all ten members of the Board of Directors, including a female board member, represent diverse range of perspectives, including a complementary mix of skills, experiences, and backgrounds such as that from the industry, academia, and in law. These professionals, including a female board member, are citizens from Taiwan, Europe and the U.S. with world-class corporate management experiences. The six Independent Directors constitute 60% of the Board, and there is no marital or is within the second degree of kinship relationship between or among the Directors. As such, the Board of Directors carries independence. The following table demonstrates the implementation of the board diversity policy: Implementation of the Diversity Policy for Board Members Title Name Gender Nationality Age Employed by TSMC Business Technology Finance/Accounting Legal Sales and Marketing Cybersecurity Others Leadership Skill Strategic Decision-making Global Market Perspective Industry Experience Financial Operating and Manufacturing Business Development Risk/Crisis Management Environmental Sustainability Social Engagement Chairman Vice Chairman Director Independent Director Mark Liu C.C. Wei F.C. Tseng Ming-Hsin Kung Sir Peter L. Bonfield Kok-Choo Chen Michael R. Splinter Moshe N. Gavrielov Yancey Hai L. Rafael Reif Male U.S. 66-70 Male R.O.C. 71-75 Male R.O.C. 76-80 Male R.O.C. 56-60 Male UK 76-80 Female R.O.C. 76-80 Male U.S. 71-75 Male U.S. 66-70 Male R.O.C./U.S. 71-75 Male U.S. 71-75 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 Professional Knowledge and Expertise V V V V V V V V V V V V V V V V V V V Skills and Experience 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 Innovation/ R&D/ Education/ Training V V V V V V V 3.2.1 Audit and Risk Committee The Audit and Risk Committee assists the Board in fulfilling its oversight of the quality and integrity of the accounting, auditing, reporting, and financial control practices, as well as risk management of the Company. The Audit and Risk Committee is responsible to review the following major matters: ● Financial reports; ● Auditing and accounting policies and procedures; ● Internal control systems and 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 information 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 Committee duties; ● Self-assessment of the Committee’s performance; and ● Any other matters that shall be reviewed by the Audit and Risk Committee Meeting as required by relevant laws and regulations or its Committee Charter, or that are deemed to be material by the regulatory authorities. Under R.O.C. law, the membership of audit committee shall consist of all independent directors. TSMC’s Audit and Risk 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 and Risk Committee annually conducts self-evaluation to assess the Committee’s performance and identify areas for further attention. TSMC’s Audit and Risk 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 and Risk Committee Charter is available on TSMC’s corporate website. 3.2.2 Compensation and People Development Committee The Compensation and People Development Committee assists the Board in discharging its responsibilities related to TSMC’s compensation and benefits policies, plans and programs, in evaluation of compensation of TSMC’s directors of the Board and executives, and the review of the pipeline planning of the Company’s senior executives to ensure the long-term sustainability of the Company. The members of the Compensation and People Development Committee are appointed by the Board as required by R.O.C. law. According to its charter, the Committee shall consist of no fewer than three independent directors of the Board, whereas the actual Committee is comprised of all six Independent Directors. 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. 046 047 TSMC’s Compensation and People Development Committee is authorized by its charter to retain an independent consultant to assist in the evaluation of CEO’s or executive officer’s compensation. The Compensation and People Development Committee Charter is available on TSMC’s corporate website. Information Regarding Compensation and People Development Committee Members Criteria Name/Title Michael R. Splinter (Chair) Independent Director Sir Peter L. Bonfield Independent Director Kok-Choo Chen Independent Director Moshe N. Gavrielov Independent Director Yancey Hai Independent Director L. Rafael Reif Independent Director Professional Qualification and Experience Independent Directors’ Independence Status TSMC’s Compensation and People Development Committee is comprised of all six Independent Directors. For members professional qualification and experience, please refer to “2.4.1 Information Regarding Board Members” on page 24-29 of this Annual Report. 1. All the Committee members satisfy the requirements of Article 14-6 of “Securities and Exchange Act” and the requirements of “Regulations Governing the Appointment and Exercise of Powers by the Compensation Committee of a Company Whose Stock is Listed on the Taiwan Stock Exchange or the Taipei Exchange” (Note) issued by Taiwan’s Securities and Futures Bureau 2. All the Committee members (or nominee arrangement) as well as his/her spouse and minor children do not hold any TSMC common shares 3. All the Committee members received no compensation or benefits for providing commercial, legal, financial, accounting services or other services to the Company or to any its affiliates within the preceding two years, and the service provided is either an “audit service” or a “non-audit service” Number of Other Taiwanese Public Companies Concurrently Serving as a Compensation Committee Member 0 0 0 0 1 0 Note: During the two years before being elected and during the term of office, meet any of the following situations: (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; and (9) Not a professional individual, owner, partner, director, supervisor, or officer of a sole proprietorship or any type of legal entity, or a spouse thereof, that have provided to TSMC or its affiliates: (1) any audit service; or (2) commercial, legal, financial, accounting services or other services of which its total compensation exceeding NT$500,000 within the recent two years. 3.2.3 Nominating, Corporate Governance and Sustainability Committee The Nominating, Corporate Governance and Sustainability Committee assists the Board in strengthening the selection mechanism for directors, selecting candidates for nomination to be elected as independent directors to the Board, building diversified and professional board, and advising on corporate governance and sustainability matters. According to its Charter, the Committee shall be composed of the Chairman of the Board and three to six independent directors. Currently, the Committee consists of the Chairman of the Board and all six Independent Directors. The Nominating, Corporate Governance and Sustainability Committee is authorized by its Charter to hire independent legal, financial and other advisors as it may deem necessary to fulfill its responsibilities. The Nominating, Corporate Governance and Sustainability Committee Charter is available on TSMC’s corporate website. 3.2.4 Corporate Governance Officer 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 and Risk Committee, Compensation and People Development Committee, Nominating, Corporate Governance and Sustainability 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 40-67 of this Annual Report. 3.2.5 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 2023, the average Board Meeting attendance rate was 94% and the attendance rate for the Audit and Risk Committee, Compensation and People Development Committee, and Nominating, Corporate Governance and Sustainability Committee’s Meetings were 97%, 100%, and 97% respectively. Board of Directors Meeting Status Tenures of the Board of Directors members are from July 26, 2021 to July 25, 2024. Dr. Mark Liu, TSMC’s Chairman of the Board of Directors convened four regular meetings and one special meeting in 2023. The directors’ attendance status is as follows. Title Chairman Vice Chairman Director Director Independent Director Independent Director Independent Director Independent Director Independent Director Independent Director Name Mark Liu C.C. Wei Ming-Hsin Kung (Representative of National Development Fund, Executive Yuan) F.C. Tseng Sir Peter L. Bonfield Kok-Choo Chen Michael R. Splinter Moshe N. Gavrielov Yancey Hai L. Rafael Reif Attendance in Person By Proxy Attendance Rate in Person (%) Notes 5 5 3 5 5 5 4 5 5 5 0 0 2 0 0 0 1 0 0 0 100% None 100% None 60% None 100% None 100% None 100% None 80% None 100% None 100% None 100% None Annotations: A. (1) Matters listed in the Securities and Exchange Act §14-3: The Securities and Exchange Act §14-3 is not be applicable because the Company has established the Audit and Risk Committee. For relevant information, please refer to the “Audit and Risk Committee Meeting Status” in this Annual Report. (2) There were no other written or otherwise recorded resolutions on which an Independent Director had an objection or reservation. B. Recusals of Directors due to conflicts of interests: (1) Directors recused themselves from the discussion and voting of their compensation resolution; (2) given that NXP Semiconductors N.V. is a party to the sale of a 30% equity share of TSMC’s wholly-owned German subsidiary, European Semiconductor Manufacturing Company (ESMC) GmbH, in an arrangement of TSMC selling 10% each to Bosch, Infineon and NXP, Mr. Moshe N. Gavrielov recused himself from the discussion and voting as he also serves as a Director of NXP. C. Measures taken to strengthen the functionality of the Board: - 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 one Director is female. Our Board has six Independent Directors who constitute 60% of the Board. - The Chairman of the Board of Directors is not executive officer of the Company. - To continue to make our corporate governance more comprehensive, the TSMC Board took a step further in February 2023 to expand and strengthen the functions and responsibilities of its Committees, including renaming the “Audit Committee” to the “Audit and Risk Committee”, and the renaming the “Compensation Committee” to the “Compensation and People Development Committee”. In addition, in order to strengthen the selection mechanism for directors, build diversified and professional board, TSMC’s Board of Directors approved the establishment of the “Nominating, Corporate Governance and Sustainability Committee” referencing international practices. - TSMC Board of Directors established “Corporate Governance Guidelines” in May, 2023. Audit and Risk Committee Meeting Status Tenures of the Audit and Risk Committee members are from July 26, 2021 to July 25, 2024. Sir Peter L. Bonfield, Chairman of the Audit and Risk Committee, convened four regular meetings in 2023. In addition to these meetings, he also convened one special meeting and three telephone conferences to review the Company’s Annual Report to be filed with the Taiwan and U.S. authorities and investor conference materials. The Committee members’ and consultant’s attendance status is as follows. 048 049 Title Name Attendance in Person By Proxy Attendance Rate in Person (%) Telephone Conferences Attendance Rate of Telephone Conferences (%) Notes Chair Member Member Member Member Member Financial Expert Consultant Sir Peter L. Bonfield Kok-Choo Chen Michael R. Splinter Moshe N. Gavrielov Yancey Hai L. Rafael Reif Jan C. Lobbezoo Annotations: A. (1) Resolutions related to Securities and Exchange Act §14-5: Audit and Risk Committee Meeting Date Resolution 5 4 5 5 5 5 5 0 1 0 0 0 0 0 100% 80% 100% 100% 100% 100% 100% 3 3 3 2 3 2 3 100% 100% 100% 67% 100% 67% 100% None None None None None None None 2023 1st Regular Meeting February 13 2023 2nd Regular Meeting May 8 2023 3rd Regular Meeting August 7 2023 4th Regular Meeting November 13 ● 2022 annual financial statements ● 2022 business report ● 2022 fourth quarter earnings distribution ● Capital injection of not more than US$3.5 billion to TSMC Arizona ● Fund-lending to TSMC Arizona for an amount not to exceed US$3 billion and a period not to exceed one year ● Amendments to TSMC’s “Procedures for Endorsement and Guarantee” ● NTD corporate bond issuance ● Issuance of total 2,110,000 shares of 2022 employee restricted stock awards ● Issuance of 2023 employee restricted stock awards ● 2022 Statement of Internal Control System ● 2023 first quarter financial statements ● 2023 first quarter business report ● 2023 first quarter earnings distribution ● NTD corporate bond issuance ● Amendments to TSMC’s internal control related policies and procedures ● 2023 second quarter financial statements ● 2023 second quarter business report ● 2023 second quarter earnings distribution ● Capital injection of not more than €3,499,930,000 to European Semiconductor Manufacturing Company (ESMC) GmbH ● Capital injection of not more than US$4.5 billion to TSMC Arizona ● Ratification of TSMC’s security investments classified as non-current assets ● 2023 third quarter financial statements ● 2023 third quarter business report ● 2023 third quarter earnings distribution ● Related-party sale of existing TSMC equipment to Japan Advanced Semiconductor Manufacturing, Inc. (JASM) ● 2024 service fees and out-of-pocket expenses for Deloitte Independent Directors’ objections, reservations or major suggestions: None. Resolution of the committee and the Company’s response to the committee’s opinion: The members of the Committee unanimously approved all the resolutions, and the Board of Directors approved all such resolutions recommended by the Committee. (2) There were no other resolutions which was not approved by the Committee but was approved by two thirds or more of all directors in 2023. B. Recusals of Independent Directors due to conflicts of interests: Given that NXP Semiconductors N.V. is a party to the sale of a 30% equity share of TSMC’s wholly-owned German subsidiary, European Semiconductor Manufacturing Company (ESMC) GmbH, in an arrangement of TSMC selling 10% each to Bosch, Infineon and NXP, Mr. Moshe N. Gavrielov recused himself from the discussion and voting as he also serves as a Director of NXP. C. Descriptions of the communications between the Independent Directors, the internal auditors, and the independent auditors in 2023 (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 Committee periodically and presented the findings of all audit reports in the quarterly meetings of the Committee. The head of Internal Audit will immediately report to the members of the Committee any material matters. During 2023, the head of Internal Audit did not report any such material matters. The communication channel between the 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 Committee any material matters that they have discovered. During 2023, the Company’s independent auditors did not report any irregularity. The communication channel between the 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. Audit and Risk Committee Meeting Date Communications between the Independent Directors and the Internal Auditors Communications between the Independent Directors and the Independent Auditors ● Internal Auditor’s report (Closed Door Session) ● Report on SOX 404 self-testing results for the year 2022 (Closed Door Session) ● 2022 Statement of Internal Control System (Closed Door Session) ● External auditor relationship (i.e. qualification, performance and independence) ● Report of regulatory developments ● Any audit problems or difficulties and management’s response in connection with 2022 annual financial statements (Closed Door Session) 2023 1st Regular Meeting February 13 2023 2nd Regular Meeting May 8 ● Internal Auditor’s report (Closed Door Session) ● Amendments to TSMC’s internal control related policies and procedures (Closed Door Session) 2023 3rd Regular Meeting August 7 ● Internal Auditor’s report (Closed Door Session) 2023 4th Regular Meeting November 13 ● Internal Auditor’s report (Closed Door Session) ● 2024 internal audit plan (Closed Door Session) Result: all of the above matters were reviewed and/or approved by the Committee whereupon Independent Directors raised no objection. ● The result of 2022 CPA evaluation questionnaire ● External auditors’ report on Deloitte China and KY matters ● Report of regulatory developments ● Any review problems or difficulties and management’s response in connection with 2023 first quarter financial statements (Closed Door Session) ● Report of regulatory developments ● Any review problems or difficulties and management’s response in connection with 2023 second quarter financial statements (Closed Door Session) ● Report of regulatory developments ● Any review problems or difficulties and management’s response in connection with 2023 third quarter financial statements (Closed Door Session) Compensation and People Development Committee Meeting Status Tenures of the Compensation and People Development Committee members are from July 26, 2021 to July 25, 2024. Mr. Michael R. Splinter, Chairman of the Committee, convened four regular meetings in 2023. The Committee members’ qualification and attendance are as follows. Title Chair Member Member Member Member Member Name Michael R. Splinter Sir Peter L. Bonfield Kok-Choo Chen Moshe N. Gavrielov Yancey Hai L. Rafael Reif Attendance in Person By Proxy Attendance Rate in Person (%) Notes 4 4 4 4 4 4 0 0 0 0 0 0 100% 100% 100% 100% 100% 100% None None None None None None Annotations: A. In 2023, the Compensation and People Development Committee conducted four regular meetings on February 13, May 8, August 7 and November 13. The discussion items were as follows: - Report on matters related to employee compensation - Total amount of quarterly business performance bonus - Total amount of annual profit sharing - The amount of quarterly business performance bonus for executive officers, CEO and Chairman - The annual compensation of directors and executive officers, and the disclosure of same in the Annual Report - Vest of Employee restricted stock awards for 2021 - Grant of Employee restricted stock awards for 2022 - Employee restricted stock awards rules for 2023 - Clawback Policy - Organization and Executive Succession Discussion - The renaming the “Compensation Committee” to the “Compensation and People Development Committee” and the amendments to its Charter All of the above matters were reviewed and/or approved by the Committee. B. The Board of Directors adopted all recommendations of the Committee without modification. C. There were no written or otherwise recorded resolutions on which any member of the Committee had an objection or reservation opinion. Nominating, Corporate Governance and Sustainability Committee Meeting Status According to its Charter, the Committee shall be composed of the Chairman of the Board and three to six independent directors. Currently, the Committee consists of the Chairman of the Board and all six Independent Directors. The Nominating, Corporate Governance and Sustainability Committee assists the Board in strengthening the selection mechanism for directors, selecting candidates for nomination to be elected as independent directors to the Board, building diversified and professional board, and advising on corporate governance and sustainability matters. On February 14, 2023, the Board established the Nominating, Corporate Governance and Sustainability Committee. Tenures of the Committee members are from February 14, 2023 to July 25, 2024. Mr. Moshe N. Gavrielov, Chairman of the Governance and Sustainability Committee, convened five meetings in 2023. The Committee members’ professional qualification and experience, attendance status, and discussion items are as follows: Criteria Name/Title Moshe N. Gavrielov (Chair) Independent Director Mark Liu Chairman of the Board Sir Peter L. Bonfield Independent Director Kok-Choo Chen Independent Director Michael R. Splinter Independent Director Yancey Hai Independent Director L. Rafael Reif Independent Director Professional Qualification and Experience Attendance in Person By Proxy (Note) Attendance Rate in Person (%) Notes TSMC’s Nominating, Corporate Governance and Sustainability Committee is comprised of the Chairman of the Board and all six independent directors. For members professional qualification and experience, please refer to “2.4.1 Information Regarding Board Members” on page 24-29 of this Annual Report. 5 5 5 5 5 5 4 - - - - - - - 100% None 100% None 100% None 100% None 100% None 100% None 80% None Annotations: A. In 2023, the Nominating, Corporate Governance and Sustainability Committee conducted five meetings on February 14, March 23, May 8, August 7 and November 13. The discussion items were as follows: - Committee’s operarion - Future candidates for Independent Directors - Establishment of the TSMC’s Corporate Governance Guidelines - Sustainable Development Action Plans for Listed Companies (2023) - Quarterly ESG report - Annual reviewing and assessing the Committee charter and fulfillment of Committee duties All of the above matters were reviewed, discussed and/or approved by the Committee. B. There were no resolutions on which any member of the Committee had an objection opinion. C. The Board of Directors approved and adopted all recommendations of the Committee without modification. Note: The Committee members shall attend the meetings in-person, and there is no proxy available for the Committee members who are unable to attend the meeting. 050 051 Board of Directors’ Performance Evaluation Implementation Status 3.3.2 Major Resolutions of Board Meetings Evaluation Cycle Evaluation Period Evaluation Scope Evaluation Method Evaluation Aspect Annual From January 1, 2023 to December 31, 2023 ● The Board of Directors as a whole ● The individual directors ● The Audit and Risk Committee ● The Compensation and People Development Committee ● The Nominating, Corporate Governance and Sustainability Committee ● Internal assessment of the Board ● Self-assessments by each board member ● Internal assessment of each committee The Board of Directors are assessed on the following five aspects: 1. Involvement in the Company’s operations 2. Enhancement of the quality of the board’s decision-making 3. Makeup and structure of the board 4. Election of board members and continuing knowledge development 5. Internal control The individual directors are assessed on the following six aspects: 1. Understanding of the Company’s goals and mission 2. Awareness of director’s duties 3. Involvement in the Company’s operations 4. Internal relationship and communication 5. Director’s professionalism and continuing knowledge development 6. Internal control Each functional Committee is assessed on the following five aspects: 1. Involvement in the Company’s operations 2. Awareness of the committee’s duties 3. Enhancement of the quality of the committee’s decision-making 4. Makeup of the committee and election of its members 5. Internal control The Company completed self-assessments of Board and each Committee performance in 2023 and reported the results to the Board and each Committee at its first quarter meeting in 2024 for review and improvement. The weighted average score for the overall performance of the Board of Directors is out of 5, that included an average score of 4.90 on a particular assessment item “The board has sufficient discussions over the Company’s involvement in the implementation of ESG programs”. The weighted average score for the performance of the individual directors is 4.81 out of 5. As demonstrated, the overall board’s operation has been effective. On a scale out of 5, the weighted average scores for self-assessed performance results of the Audit and Risk Committee, the Compensation and People Development Committee and the Nominating, Corporate Governance and Sustainability Committee are 4.82, 4.68 and 4.63, respectively. As demonstrated, each committee’s operation has been effective. 3.3 Major Decisions of Shareholders’ Meeting and Board Meetings 3.3.1 Major Resolutions of Shareholders’ Meeting and Implementation Status TSMC held 2023 Annual Shareholders’ Meeting in Hsinchu, Taiwan on June 6, 2023. At the meeting, shareholders present in person or by proxy approved the following resolutions: (1) The 2022 Business Report and Financial Statements. Consolidated revenue totaled NT$2,263.89 billion and net income was NT$1,016.53 billion, with diluted earnings per share of NT$39.20; (2) The issuance of employee restricted stock awards for year 2023. (3) The revisions to the Procedures for Endorsement and Guarantee (4) The revisions to the following TSMC policies in order to reflect the Audit Committee name change to the Audit and Risk Committee: ● Procedures for Acquisition or Disposal of Assets ● Procedures for Financial Derivatives Transactions ● Procedures for Lending Funds to Other Parties ● Procedures for Endorsement and Guarantee Implementation Status All the resolutions of the Shareholders’ Meeting have been fully implemented in accordance with the resolutions. During 2023 and as of the date of this Annual Report, major resolutions approved at Board meetings are summarized below: (1) Board Meeting of February 13 & 14, 2023: ● approving the 2022 Business Report and Financial Statements; ● approving the distribution of a NT$2.75 per share cash dividend for the fourth quarter of 2022, and setting June 21, 2023 as the record date for common stock shareholders entitled to participate in this cash dividend distribution; ● approving distribution of employees’ business performance bonus and profit sharing for 2022; ● approving capital appropriations of approximately US$6,959.5 million for purposes including: 1. Installation and upgrade of advanced technology capacity; 2. Installation of specialty technology capacity; 3. Fab construction, and installation of fab facility systems; ● approving the capital injection of not more than US$3.5 billion to TSMC Arizona, a wholly-owned subsidiary of TSMC; ● approving the issuance of unsecured corporate bonds in the domestic market for an amount not to exceed NT$60 billion to finance TSMC’s capacity expansion and/or pollution prevention related expenditures; ● to attract and retain corporate executives and critical talents and to link their compensation with shareholders’ interests and ESG achievements, the board approved the issuance of 2,110,000 shares of 2022 employee restricted stock awards (RSAs). In addition, the board approved the issuance of no more than 6,249,000 common shares of RSAs for the year 2023, which will be submitted to the 2023 Annual Shareholders’ Meeting for approval; ● approving the renaming of “Audit Committee” to “Audit and Risk Committee”, and the renaming of “Compensation Committee” to “Compensation and People Development Committee”, and the establishment of a “Nominating, Corporate Governance and Sustainability Committee” of the Board of Directors; and ● convening the 2023 Annual Shareholders’ Meeting. (2) Regular Board Meeting of May 9, 2023: ● approving the distribution of a NT$3.00 per share cash dividend for the first quarter of 2023, and setting September 20, 2023 as the record date for common stock shareholders entitled to participate in this cash dividend distribution; ● approving capital appropriations of approximately US$366.1 million for the purpose of fab construction and installation of fab facility systems; ● approving the issuance of unsecured corporate bonds in the domestic market for an amount not to exceed NT$60 billion to finance TSMC’s capacity expansion and/or pollution prevention related expenditures; ● approving TSMC’s “Corporate Governance Guidelines”; and ● approving the promotion of Fab Operations I Fab 18A Senior Fab Director Mr. Ray Chuang to Vice President. (3) Regular Board Meeting of August 8, 2023: ● approving the distribution of a NT$3.00 per share cash dividend for the second quarter of 2023, and setting December 20, 2023 as the record date for common stock shareholders entitled to participate in this cash dividend distribution; ● approving capital appropriations of approximately US$6,059.5 million for purposes including: 1. Fab construction, and installation of fab facility systems; 2. Installation of advanced packaging, mature and/or specialty technology capacity; ● approving an equity investment of not more than €3,499.93 million (approximately US$3,884.9 million) to a TSMC-majority-owned subsidiary, European Semiconductor Manufacturing Company (ESMC) GmbH, in Germany to provide foundry services; and ● approving the capital injection of not more than US$4.5 billion to TSMC Arizona, a wholly-owned subsidiary of TSMC. (4) Special Board Meeting of September 12, 2023: ● approving the purchase of 10% equity interest in IMS Nanofabrication Global, LLC from Intel Corporation for an amount not exceeding US$432.8 million; and ● approving an investment in Arm Holdings plc in an amount not exceeding US$100 million based on Arm’s share price at IPO. 052 053 (5) Regular Board Meeting of November 13 & 14, 2023: ● approving the distribution of a NT$3.50 per share cash dividend for the third quarter of 2023, and setting March 24, 2024 as the record date for common stock shareholders entitled to participate in this cash dividend distribution; and ● approving capital appropriations of approximately US$4,341.95 million for purposes including: 1. Installation of advanced technology capacity; 2. Installation of advanced packaging, mature and specialty technology capacity; 3. 2024 R&D capital investments and sustaining capital expenditures; 4. 2024 capitalized leased assets. (6) Regular Board Meeting of February 5 & 6,2024: ● approving the 2023 Business Report and Financial Statements; ● approving the distribution of a NT$3.50 per share cash dividend for the fourth quarter of 2023, and setting June 19, 2024 as the record date for common stock shareholders entitled to participate in this cash dividend distribution; ● approving distribution of employees’ business performance bonus and profit sharing for 2023; ● approving capital appropriations of approximately US$9,421.48 million for purposes including: 1. Installation of advanced technology capacity; 2. Installation of advanced packaging, mature and/or specialty technology capacity; 3. Fab construction, and installation of fab facility systems, including construction of the Zero Waste Manufacturing Center at the Southern Taiwan Science Park; 4. capitalized leased assets; ● approving the capital injection of not more than US$5,262 billion to Japan Advanced Semiconductor Manufacturing, Inc. (JASM); ● approving the capital injection of not more than US$5 billion to TSMC Arizona, a wholly-owned subsidiary of TSMC; ● approving the capital injection of not more than US$3 billion to TSMC Global Ltd., a wholly-owned subsidiary of TSMC, for the purpose of reducing foreign exchange hedging costs. ● approving the issuance of 2,960,000 shares of 2023 employee restricted stock awards (RSAs). In addition, approving the issuance of no more than 4,185,000 common shares of RSAs for the year 2024, which will be submitted to the 2024 Annual Shareholders’ Meeting for approval; and ● convening the 2024 Annual Shareholders’ Meeting; ● approving the promotion of Vice President, Finance and Chief Financial Officer Mr. Wendell Huang to Senior Vice President; ● approving the promotion of Vice President, Legal and General Counsel Ms. Sylvia Fang to Senior Vice President. (7) Special Board Meeting of February 29, 2024: ● approving the appointment of Senior Vice President of R&D Dr. Y.J. Mii and Senior Vice President of Operations Mr. Y.P. Chyn as Executive Vice Presidents and Co-Chief Operating Officers of TSMC. 3.3.3 Major Issues of Record or Written Statements Made by Any Director Dissenting to Important Resolutions Passed by the Board of Directors in 2023 and as of the Date of this Annual Report: None. 3.4 Corporate Governance Implementation Status as Required by Taiwan Financial Supervisory Commission Assessment Item Implementation Status Yes No Explanation 1. Does Company follow “Taiwan Corporate Governance Implementation” to 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? V V V V V The Board of Directors of the Company has approved the establishment of the Corporate Governance Guidelines, which has been disclosed in the Company’s official website. (1) TSMC has designated appropriate departments, such as Investor Relations Division, Public Relations Division, Shareholders Services & SEC Compliance Department, Legal, etc., to handle shareholder suggestions, concerns, disputes or litigation matters according to relevant internal procedures. (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. Non- implementation and Its Reason(s) None None (Continued) 054 Assessment Item Implementation Status Yes No Explanation 3. Composition and Responsibilities of the Board of Directors (1) Has the Board of Directors established a diversity policy, set goals, and implemented them 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? V V (3) Has the Company established methodology for evaluating the performance V 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? (4) Does the Company regularly evaluate its external auditors’ independence? V (1) Please refer to “3.2 Board of Directors – Board Diversity and Independence” on page 46 of this Annual Report. (2) Audit and Risk Committee (Audit Committee is founded in 2002 and renamed in 2023); Compensation and People Development Committee (Compensation Committee is founded in 2003 and renamed in 2023); Nominating, Corporate Governance and Sustainability Committee (founded in 2023); ESG Steering Committee (founded in 2019): is formed by the Company’s management team and chaired by Chairman Mark Liu; ESG Committee (founded in 2011): is formed by the Company’s executive team and reports quarterly to the Board/ Nominating, Corporate Governance and Sustainability Committee on the implementation of plans and results. (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. Each year, TSMC conducts regular Board performance self-evaluation in form of written questionnaires for the Board, individual directors, the Audit and Risk Committee, the Compensation and People Development Committee, and the Nominating, Corporate Governance and Sustainability Committee. The Board of Directors are assessed on the following five aspects: 1. Involvement in the Company’s operations 2. Enhancement of the quality of the board’s decision-making 3. Makeup and structure of the board 4. Election of board members and continuing knowledge development 5. Internal control The individual directors are assessed on the following six aspects: 1. Understanding of the Company’s goals and mission 2. Awareness of director’s duties 3. Involvement in the Company’s operations 4. Internal relationship and communication 5. Director’s professionalism and continuing knowledge development 6. Internal control Each functional Committee is assessed on the following five aspects: 1. Involvement in the Company’s operation 2. Awareness of the committee’s duties 3. Enhancement of the quality of the committee’s decision-making 4. Makeup of the audit committee and election of its members 5. Internal control The Company completed self-assessments of Board performance in 2022 and reported the results to the Board of Directors at its first quarter meeting in 2023 for review and improvement. The weighted average score for the overall performance of the Board of Directors is 4.73 out of 5, that included an average score of 4.90 on a particular assessment item “The board has sufficient discussions over the Company’s involvement in the implementation of ESG programs”. The weighted average score for the performance of the individual directors is 4.81 out of 5. As demonstrated, the overall board’s operation has been effective. On a scale of 5, the weighted average scores for self-assessed performance results of the Audit and Risk Committee, the Compensation and People Development Committee and the Nominating, Corporate Governance and Sustainability Committee are 4.82, 4.68 and 4.63, respectively. As demonstrated, each committee’s operation has been effective. (4) The Audit and Risk 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 and Suitability” on page 67 of this Annual Report. Non- implementation and Its Reason(s) None (Continued) 055 Assessment Item Implementation Status Yes No Explanation 4. Does the Company appoint competent and appropriate corporate governance V 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? (2) Does the Company use other information disclosure channels (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 V V V V Non- implementation and Its Reason(s) None None None None 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 and Risk Committee, Compensation and People Development Committee, Nominating, Corporate Governance and Sustainability 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 Division, Shareholders Services & SEC Compliance Department, Human Resources Organization, Customer Service Department, Procurement Department and ESG 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 sustainability and any other issues. For details, please refer to “7. Environmental Social Governance (ESG)” on page 150-176 of this Annual Report and “Materiality Analysis and Stakeholder Communication” of TSMC’s Sustainability 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 http://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. (2) TSMC has designated appropriate departments (e.g. the Investor Relations Division, Public Relations Division, Shareholders Services & 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 Spokesperson and Deputy Spokesperson as required by relevant regulations. TSMC provides live audio webcasts and replays of investor conferences on its website. (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 refer to Market Observation Post System for the aforementioned disclosure. (2) For investor relations, supplier relations and rights of stakeholders, please refer to “7. Environmental Social Governance (ESG)” on page 150-176 of this Annual Report. (3) For Directors’ training records, please refer to “Continuing Education/Training of Directors in 2023” on page 57 of this Annual Report. (4) For Risk Management Policies and Risk Evaluation, please refer to “6.3 Risk Management” on page 133-149 of this Annual Report. (5) For Customer Relations Policies, please refer to “5.4 Customer Trust” on page 109-111 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 over the years. The improvement status in 2023 is as follows: (1) The TSMC Board set up the “Audit Committee” and the “Compensation Committee” in 2002 and 2003 respectively. In order to make our corporate governance more comprehensive, the TSMC Board took a step further in February 2023 to expand and strengthen the functions and responsibilities of its Committees, including renaming the “Audit Committee” to the “Audit and Risk Committee”, and the renaming the “Compensation Committee” to the “Compensation and People Development Committee”. It also established a “Nominating, Corporate Governance and Sustainability Committee”. (2) The TSMC Board established TSMC’s “Corporate Governance Guidelines” in May 2023. Continuing Education/Training of Directors in 2023 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, and regulatory compliance, etc.; ● At quarterly Audit and Risk Committee meetings, TSMC’s General Counsel and the Company’s independent auditors provide regulatory update reports and legal compliance status; 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 Mark Liu (Note) F.C. Tseng Sir Peter L. Bonfield Michael R. Splinter Moshe N. Gavrielov Date 09/06 10/02 11/22 04/27 12/08 06/20 09/15 11/23 11/06 04/28 AlixPartners, London Darktrace AlixPartners, Munich NASDAQ Ascend 07/10-11 Goldman Sachs 09/20-22 Morgan Stanley Host by SEMI Training/Speech Title SEMICON Taiwan 2023, CEO Summit Keynote speech: Semiconductor Technology in the Era of Artificial Intelligence Science and Technology in Society (STS) Forum Semiconductor Technology in the Era of Artificial Intelligence Chinese National Association of Industry and Commerce Gongliang Memorial Lecture: TSMC in the Artificial Intelligence (AI) Era Taiwan Corporate Governance Association Development of Artificial Intelligence and Application of Third-generation Semiconductors in Servers Taiwan Corporate Governance Association TCFD & SBTi Development Trends and Directors’ Powers Impact of Semiconductors in Electric Cars and Supply Chains Cybersecurity Training for Board Members Impact of Semiconductors in Electric Cars and Supply Chains Seminar on Artificial Intelligence Director Summit Corporate Director Symposium 6th Annual Semiconductor Company CEO and Board of Directors Forum 11/01-03 McKinsey & Company T-30 Semiconductor Executive/Board Member Event Yancey Hai 11/07 04/27 07/31 Barclays Semiconductor Board and CEO Summit Taiwan Corporate Governance Association Corporate Strategy Taiwan Corporate Governance Association Technology, Applications and Societal Impacts of Artificial Intelligence Continuing Education/Training of Corporate Governance Officer in 2023 Name Vice President and General Counsel Corporate Governance Officer Sylvia Fang Date 04/07 04/21 11/22 12/01 Host by Training/Speech Title Securities and Futures Institute Practical Advanced Seminar for Directors and Supervisors (including Independent) and Corporate Governance Officers – 2030/2050 Green Industrial Revolution Taiwan Corporate Governance Association How Board of Directors Formulate ESG Sustainable Governance Strategies in 2023 3 hours Intellectual Property Office, Ministry of Economic Affairs, R.O.C. Taiwan Association for Trade Secret Protection Intellectual Property Office, Ministry of Economic Affairs, R.O.C. Taiwan Association for Trade Secret Protection Trade Secret Protection and Management Practice Sharing Forum 3 hours Trade Secret Litigation Practice and the Impact of Generative AI on Trade Secret Protection 3 hours 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, abuse or embezzlement 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 Duration 2.5 hours 1 hour 1.5 hours 3 hours 3 hours 1 hour 4 hours 1 hour 2 hours 2 hours 9 hours 12 hours 12 hours 6 hours 3 hours 3 hours Duration 3 hours (1) For employee rights and employee wellness, please refer to “5.6 Human None Capital” on page 112-119 of this Annual Report. Note: Selected speeches on corporate governance and related topics. 056 057 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. Specifically, every TSMC employee must adhere to the following: ● Do not advance personal interests at the expense of or in conflict with the Company; ● Refrain from corruption (including collusion with others), bribery, unfair competition, fraud, extortion, embezzlement, and waste or abuse of corporate assets; ● Avoid any improper efforts 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, our customers and suppliers; and ● Abide by the letter of all applicable laws, rules and regulations. The protection of intellectual properties is also an important part of TSMC’s Ethics Code. 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. With regarding to 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 and Risk Committee to ensure our ethics compliance program is independently reviewed against corporate best practices. Ethics Code Implementation High Standard of Ethics Culture: Our ethics program is implemented in four ways by all of TSMC’s Board members, officers, and employees. First, the TSMC management team sets the “tone from top” by acting in accordance with the Ethics Code so that they will 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 and Risk 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 TSMC departments and subsidiaries are required to conduct Control Self-Assessment (CSA) tests annually in reviewing employees’ awareness of the Ethics Code, and to evaluate and strengthen the effectiveness of internal control related to 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 and Risk Committee. 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, emails, and other diversified ways to advocate the Company’s core values and compliance system. In terms of training courses, TSMC not only provides annual online course on the Ethics Code and requires all employees to complete the training, as well as face-to-face training courses delving into more specific ethics-related topics for targeted employees. In 2023, there were 73,034 attendances that completed the “Annual Ethics and Compliance Training Course” (mandatory 0.5 hour online course) at TSMC and its subsidiaries, both completion rate and exam pass rate reaching 100%. 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). 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 and online programs to prevent any unethical conduct and detect any sign of Ethics Code violations. In 2023, we held a sustainable supply chain ESH forum to share/exchange practical experiences on topics such as the Ethics Code, environmental protection, and occupational safety. We also exchange views on appropriate business conduct and TSMC’s ethical standards and implementation status with our customers as part of customer audit programs. Reporting Channels and Whistleblower Protection TSMC has established and published its “Complaint Policy and Procedure for Certain Accounting & Legal Matters” and pledges to comply with the relevant regulations in the policy. Open and multiple reporting channels are available for internal and external voices to protect the rights and interests of stakeholders and the Company. All reported incidents collected from reporting channels inside or outside of TSMC are properly recorded and traced. TSMC also prohibits any form of retaliation by providing proper protection for any individual who in good faith reports a suspected violation or participates in an investigation. In 2023, the Ethics Committee held a total of five meetings to examine major reported incidents under investigation. TSMC investigates each individual case according to its characteristics through specific divisions, and treats every received case seriously, carefully, and effectively to ensure the accuracy of the investigation. The TSMC Ethics Committee will evaluate each case to determine whether it is an exceptional case or whether it results from systemic issues of insufficient awareness in ethics. This allows TSMC to continue evaluating whether it is necessary to improve its management and internal control procedures. Awareness such as emails to employees describing the violations and disciplinary actions in each quarter are conducted to promote employees’ awareness and avoid recurrence of similar incidents. In 2023, TSMC did not receive any reports related to insider trading, money laundering, or other finance, accounting or antitrust matters, nor did we receive any complaints concerning breach of customer privacy and loss of customer data, or any material regulatory violations (where a fine exceeds NT$1 million), including non-monetary sanctions. In 2023, the incidents reported through the Audit and Risk Committee Whistleblower System, Ombudsman System, and Irregular Business Conduct Reporting System totaled 348. Among them, 218 cases were related to people management/employee relations, 117 cases were categorized as others (e.g., asking personal questions or private matters), and 13 cases were related to ethics. Five incidents were verified upon investigation and determined for disciplinary action by the Ethics Committee. In 2023, TSMC leveraged the five violations to strengthen ethics promotion for employees and suppliers in supplier-related activities. Below are the summary of reported incidents and reporting area. 058 059 Case Total reported cases Ethics-related cases Cases investigated and verified as ethics violations Sexual Harassment Investigation Committees Formed Cases investigated and verified as violations FY2019 FY2020 FY2021 FY2022 205 26 2 4 4 246 22 6 4 2 327 17 4 14 11 335 11 4 19 14 FY2023 348 　　　 13 　　　 5 (Note 1) 35 　　　 23 (Note 2) Note 1: Of the five verified cases: one incident involved employee of vendor failed to follow the SOP for scrapping materials, one incident involved employees of vendors evaded the regular process to steal TSMC scrapped materials in pursuit of personal gain, and all the employees of the vendors involved in the misconducts were prohibited to provide service in TSMC. One incident involved employee who failed to follow TSMC’s conflict-of-interest principles when dealing with vendors and received major demerit. One incident involved an employee who improperly asked subordinates to fund the department event, failed to follow SOP for payment requests, and failed to separate their personal and public accounts. The supervisor received a major demerit. One incident involved an employee who improperly asked a specific vendor to buy food and drinks to treat the other vendor who helped that specific vendor to complete the undo job. Even the purpose behind was not related to the bribery or fraud, the employee then received oral coaching. Note 2: Employees who violated Company sexual prevention policy (the “Policy”) were disciplined by the Company based on the case-by-case nature and severity of the verified misbehaviors. Since these violations involved various inappropriate behaviors, the Company leveraged the violations and summarized the Policy to educate employees what kinds of behaviors could be viewed as sexual harassment and the consequences as well as emphasize the type and possible consequences for power harassment in 2023 TMSC annual sexual harassment prevention training so as to raise employees’ awareness. Cases Investigated and Verified as Violations in Different Reporting Area FY2019 FY2020 FY2021 FY2022 FY2023 (Note) Corruption or Fraud Discrimination or Harassment Customer Privacy Data Conflicts of Interest Money Laundering or Insider trading Antitrust Others Note: The reporting area classification is starting from 2023. 2 4 0 - - 0 - 6 2 0 - - 0 - 4 11 0 - - 0 - 4 14 0 - - 0 - 2 22 0 1 0 0 2 Ethics Code Violation Disciplinary Action TSMC does not tolerate any violation of the Ethics Code and treat every possible violation incident seriously. Each violator of the Ethics Code (or relevant regulations), for employees, in addition to affecting individual annual performance evaluation, will be severely disciplined to the full extent of our policies and the law, up to and including immediate dismissal, or termination of business relationship for suppliers, and judicial prosecution as appropriate. 3.5.1 Corporate Conduct and Ethics Implementation Status as Required by Taiwan Financial Supervisory Commission Causes for the Difference None Assessment Item Yes No Summary Implementation Status 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? V (2) Whether the company has established an assessment mechanism for V 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? (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 Sustainability 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, emails, and other diversified ways to advocate the company’s core values and compliance. 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. Each violator of the Ethics Code (or relevant regulations), for employees, in addition to affecting individual annual performance evaluation, will be severely disciplined to the full extent of our policies and the law, up to and including immediate dismissal, or termination of business relationship for suppliers, 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: Corporate Governance, Securities Laws, Anti-corruption, Anti-harassment, Anti-discrimination, Labor Laws, Anti-trust (fair competition), Environmental Protection, Safety and Health, Export Control, Financial Reporting, Insider Trading, Intellectual Property, Proprietary Information Protection, 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 provided an “Annual Ethics and Compliance Training Course”(mandatory 0.5 hour online course) covering various important regulatory compliance topics and a total of 73,034 employees (including employees in subsidiaries) completed this training course, both completion rate and exam pass rate reaching 100%. 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) 060 061 Yes No Summary Implementation Status Causes for the Difference None 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 V (5) Does the company provide internal and external ethical conduct training V programs on a regular basis? (1) We expect and assist our customers, suppliers, business partners, and any other 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, we require all of our suppliers to declare in writing that they will respect and comply with TSMC’s ethical standards and culture. In addition to periodic audit, we provide training and communicate our ethical culture to our suppliers through live seminars or online programs 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 and Risk Committee and the Compensation and People Development Committee, the hiring of a financial expert consultant for the Audit and Risk 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 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, according to the Ethics Code, all employees must declare any actual or potential conflict of interest. Furthermore, employees with specific job grades or positions need to complete the conflict of interest declarations annually. (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. Please refer to Assessment Item 1 for more information regarding the training courses. As for our suppliers, we communicate our ethical culture to our business partners through live seminars or online programs 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 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? V V (1) TSMC has implemented the “Complaint Policy and Procedures for Certain Accounting and Legal Matters” that allows employees or any whistleblowers with relevant evidence to report any financial, legal, or ethical irregularities anonymously through the Audit and Risk Committee Whistleblower System, Ombudsman System, and Irregular Business Conduct Reporting System. TSMC also requires all employees to stay vigilant and whistle-blow any noncompliance by anyone to their supervisors, the function head of Human Resources, or through those current reporting channels. (2) TSMC treats any complaint and the investigation thereof in a confidential and sensitive manner, as is clearly stated in our bylaws. (3) Does the company adopt proper measures to prevent a complainant from V retaliation for his/her filing a complaint? (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. 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 TSMC provides the guidelines and informative articles related to ethics and honorable business conduct on its internal website (in both Chinese and English) for employees’ easy access. In addition, TSMC posts its Annual Report (which is also available at the MOPS)and Sustainability Report on its external website (in both Chinese and English, available at: http://www.tsmc.com) to disclose TSMC Ethics Code and the information about implementation of the Ethics Codes. None None 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 policies and their implementation. 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 57-62 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 57-62 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 and Risk 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 TSMC has established a regulatory compliance program that includes policies, guidelines and procedures in different compliance areas, including: Corporate Governance, Securities Laws, Anti-corruption, Anti-harassment, Anti-discrimination, Labor Laws, Antitrust (fair competition), Environmental Protection, Safety and Health, Export Control, Financial Reporting, Insider Trading, Intellectual Property, Proprietary Information Protection, 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 internal relevant policies, guidelines and procedures, and make ethical decisions in every circumstance. Compliance Awareness Training Training is one of the major components of our regulatory compliance program. To get updated information on laws and regulations related to their daily operations and to strengthen TSMC’s employees’ commitment to regulatory compliance and ethical conduct through regular promotion and training courses. Highlights of our training include: ● Multiple types for training and promotion: TSMC enriches employees’ information sources for regulatory compliance through various promotion activities. Awareness promotion emails to employees, posters at our facilities, and compliance guidelines, news articles, tips and FAQs which our employees can access through our intranet. ● Customized face-to-face training courses for different business attributes: For important specific laws and regulations, TSMC provides face-to-face seminars. These customized training is made mandatory for those employees whose job responsibilities are especially relevant to a particular topic to ensure sufficient awareness of relevant laws and internal policies. ● Various on-line courses available to employees at any time: 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 Corporate Governance, Securities Laws, Anti-corruption, Anti-harassment, Anti-discrimination, Labor Laws, Antitrust (fair competition), Environmental Protection, Safety and Health, Export Control, Financial Reporting, Insider Trading, Intellectual Property, Proprietary Information Protection, Personal Data Protection, Record Retention and Disposal, as well as “Conflict-free Minerals” among others. The course contents will be updated with changes in applicable laws or TSMC internal policies to ensure the timeliness and accuracy of the course contents. ● Continuous training of the Legal team: TSMC’s Legal team actively participate in external professional courses held in Taiwan or abroad to receive current developments of new laws and regulations and track the latest developments in various professional legal fields, 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. 062 063 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 57-62 of this Annual Report. Major Accomplishments In 2023, 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 shared its practices and experiences on trade secrets, labor rights, regulatory compliance system and reporting channel with outside institutions. Internally, TSMC provides multiple courses about legal and regulatory compliance. The important achievements are as follows: ● Ethics and Compliance: TSMC provided an “Annual Ethics and Compliance Training Course” (mandatory 0.5 hour online course) covering various important regulatory compliance topics and a total of 73,034 employees (including employees in subsidiaries) completed this training course, both completion rate and exam pass rate reaching 100% – with all production staffs were starting from 2019. ● Export Compliance: TSMC’s export management system (EMS) and policy have been in place for a number of years, and was certified by the Bureau of Foreign Trade, the Taiwan regulator, as a qualified Internal Compliance Program (ICP) exporter. It aims to ensure that TSMC complies with all applicable regulations covering the export of information, technologies, products, materials and equipment. 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 of the export control requirements, in 2023 TSMC altogether provided 9 face-to-face meeting sessions and a targeted on-line learning program to employees in relevant functions. ● Supplier Management: TSMC shares and exchanges practical experiences with suppliers with sales offices in Taiwan by holding a sustainable supply chain ESH forums on topics such as Ethics Code, environmental protection and occupational safety. In total, 359 attendees from 117 suppliers participated (including through on-line meeting) 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, requesting suppliers to fill in the “Conflict Minerals Reporting Template” and sign the “TSMC Conflict-Free Minerals Declaration” every year. TSMC will continuously make progress to ensure a conflict-free supply chain. ● 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 conducts an annual training on privacy and personal data protection to enhance employees’ awareness and compliance. In addition, the Personal Data Protection Committee composed of Legal, Human Resources, and IT divisions convene on an annual basis to assist the implementation of and monitoring compliance with the rules. ● 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 during daily operations, TSMC established antitrust training programs and conducted several antitrust trainings, via either face-to-face or on-line training sessions, for global sales personnel at Taiwan, North America, Europe, Asia Pacific, Japan and mainland China areas, and employees in other relevant departments. ● Insider Trading Compliance: To implement insider trading regulatory compliance and to strengthen employees’ awareness and compliance with, in 2023, TSMC designated managers at Human Resources, Finance, Business Development and other Organizations as trainees – a total of 888 managers completed this insider trading on-line program (0.5 hour-length course), both completion rate and exam pass rate reaching 100%. 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 6, 2024 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 2023: 1. TSMC’s Board of Directors and management are responsible for establishing, implementing, and maintaining an adequate internal control system. Internal control system is designed to provide reasonable assurance over the effectiveness and efficiency of our operations (including profitability, performance and safeguarding of assets), reliability, timeliness, transparency and regulatory compliance 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. Each component also includes several items which can be found in the Regulations. 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, 2023, 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 and regulatory compliance 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 6, 2024, with none of the ten 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 3.7.2 If CPA Was Engaged to Conduct a Special Audit of Internal Control System, Provide Its Audit Report: None. 064 065 3.8 Status of Personnel Responsible for the Company’s Financial and Business Operation 3.8.1 Resignation or Dismissal of Chairman, President, and Heads of Accounting, Finance, Internal Audit, Corporate Governance Officer and R&D in 2023 and as of the Date of this Annual Report: None. 3.9.2 CPA’s Information (1) Former CPAs Date of Change Approved by BOD on November 8, 2022 3.8.2 Certification of Employees Whose Jobs Are Related to the Release of the Company’s Financial Information Reasons and Explanation of Changes In compliance with regulatory requirements on rotation, the engagement partner Mei-Yen Chiang will be replaced by Shih-Tsung Wu starting from 2023. The co-signing partner will remain to be Shang-Chih Lin. Certification Certified Public Accountants (CPA) US Certified Public Accountants (US CPA) Certified Internal Auditor (CIA) Chartered Financial Analyst (CFA) Certified Management Accountant (CMA) Financial Risk Manager (FRM) Certified Information Systems Auditor (CISA) Certified Fraud Examiner (CFE) Number of Employees Internal Audit Finance 1 3 4 - - - 7 3 59 25 3 2 1 2 1 - 3.9 Information Regarding TSMC’s Independent Auditor 3.9.1 Audit Fees The Audit and Risk 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 and Risk Committee to approve any increase not exceeding 10% of the approved fees. Unit: NT$ thousands Accounting Firm Name of CPA CPA’s Audit Period Audit Fee Non-audit Fee (Note) Total Remark Deloitte & Touche Shih-Tsung Wu and Shang-Chih Lin Note: The fees were mainly related to audit of annual income tax returns. 01/01/2023 – 12/31/2023 79,710 7,526 87,236 - State Whether the Appointment Is Terminated or Rejected by the Consignor or CPAs Status Client CPA Consignor Appointment terminated automatically Not available Not available Appointment rejected (discontinued) Not available Not available The Opinions Other than Unmodified Opinion Issued in the Last Two Years and the Reasons for the Said Opinions (Note) Is There Any Disagreement in Opinion with the Issuer None Yes Supplementary Disclosure (Disclosures Specified in Article 10.6.1.4~7 of the Standards) No Explanation None (2) Successor CPAs Accounting Firm CPA Date of Engagement Accounting principle or practice Disclosure of financial statements Auditing scope or procedures Others V Deloitte & Touche Shih-Tsung Wu and Shang-Chih Lin Approved by BOD on November 8, 2022 Prior to the Formal Engagement, Any Inquiry or Consultation on the Accounting Treatment or Accounting Principles for Specific Transactions, and the Type of Audit Opinion that Might Be Rendered on the Financial Report Written Opinions from the Successor CPAs that Are Different from the Former CPA’s Opinions None None (3) The Reply of Former CPAs on Article 10.6.1 and Article 10.6.2.3 of the Standards: None. 3.9.3 TSMC’s Chairman, Directors, Chief Executive Officer, Chief Financial Officer, and Managers in Charge of Its Finance and Accounting Operations Did Not Hold Any Positions within TSMC’s Independent Audit Firm or Its Affiliates in the Most Recent Year. 3.9.4 Evaluation of the External Auditor’s Independence and Suitability The Audit and Risk Committee annually monitors the independence and suitability 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 and Risk 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 and suitability of the external auditor based on the results of the auditor survey and the Audit Quality Indicator (AQI) released by Financial Supervisory Commission (FSC) regarding its financial interests, commercial relations, employment relations, etc. 066 067 TSMC Nanjing Company Limited differentiation.4 Capital & Shares In 2023, TSMC continued to increase our investment in R&D to US$5.85 billion to extend our technology leadership and 069 4.1 Capital and Shares 4.1.1 Capitalization Unit: Shares/NT$ Authorized Share Capital Capital Stock Remark Month/ Year Face Value Per Share Shares Amount Shares Amount Sources of Capital Capital Increase by Assets Other than Cash 03/2023 10 28,050,000,000 280,500,000,000 25,932,490,458 259,324,904,580 05/2023 10 28,050,000,000 280,500,000,000 25,932,070,992 259,320,709,920 Employee Restricted Stock Awards Issuance: NT$21,100,000 Employee Restricted Stock Awards Cancellation: NT$4,194,660 None None As of 02/29/2024 Date of Approval (Month/Day/Year) & Approval Document No. 03/08/2023 Chu Shang Tzu No. 1120006788 05/22/2023 Chu Shang Tzu No. 1120016219 Note 1: The Board of Directors approved the issuance of 2,960,000 common shares in the form of Employee Restricted Stock Awards for year 2023 and set 03/01/2024 as the record date (approved by 03/11/2024 Chu Shang Tzu No.1130007178). Note 2: On 03/01/2024, based on the vesting conditions, 346,750 common shares and 1,055,000 common shares in the form of Employee Restricted Stock Awards for year 2021 and year 2022, respectively, were reclaimed and will be cancelled subsequently. 4.1.2 Capital and Shares Unit: Shares Type of Stock Common Stock Shelf Registration in Taiwan: None. 4.1.3 Composition of Shareholders Common Shares Authorized Share Capital Listed Shares 25,932,070,992 Unissued Shares 2,117,929,008 Type of Shareholders Government Agencies Number of Shareholders 7 Financial Institutions 224 Other Juridical Persons Foreign Institutions and Natural Persons Domestic Natural Persons 3,350 7,415 1,215,659 As of 02/29/2024 Total 28,050,000,000 As of 12/20/2023 (Note) Total 1,226,655 Shareholding 1,666,434,790 749,922,830 1,623,500,826 18,815,519,480 3,076,693,066 25,932,070,992 Shareholding Percentage 6.43% 2.89% 6.26% 72.56% 11.86% 100.00% Note: Record date for the second quarter of 2023 cash dividend distribution. Distribution of Shareholding Common Shares As of 12/20/2023 (Note) Shareholding Range Number of Shareholders Shareholding Shareholding Percentage 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 748,733 386,149 46,384 15,449 7,445 7,247 3,379 2,060 3,951 1,985 1,288 511 295 223 1,556 1,226,655 139,708,793 741,938,270 336,955,260 190,847,639 132,151,529 178,013,407 117,484,194 93,097,766 276,506,615 277,800,018 361,839,385 248,865,308 205,241,529 199,605,415 22,432,015,864 25,932,070,992 0.54% 2.86% 1.30% 0.74% 0.51% 0.69% 0.45% 0.36% 1.07% 1.07% 1.39% 0.96% 0.79% 0.77% 86.50% 100.00% Note: Record date for the second quarter of 2023 cash dividend distribution. Preferred Shares: None. 4.1.4 Major Shareholders Common Shares Shareholders ADR-Taiwan Semiconductor Manufacturing Company Ltd. National Development Fund, Executive Yuan Citibank (Taiwan) Ltd. in custody for Government of Singapore Citibank (Taiwan) Ltd. in custody for Norges Bank New Labor Pension Fund JPMorgan Chase Bank N.A., Taipei Branch in custody for Vanguard Total International Stock Index Fund, a series of Vanguard Star Funds JPMorgan Chase Bank N.A., Taipei Branch in custody for Vanguard Emerging Markets Stock Index Fund, a series of Vanguard International Equity Index Funds Yuanta/P-shares Taiwan Top 50 ETF iShares Core MSCI Emerging Markets ETF Fubon Life Insurance Co., Ltd. Note: Record date for the second quarter of 2023 cash dividend distribution. Shareholding Shareholding Percentage As of 12/20/2023 (Note) 5,315,513,063 1,653,709,980 816,695,089 441,068,838 340,875,755 326,716,748 288,871,605 244,819,664 222,677,000 169,320,221 20.50% 6.38% 3.15% 1.70% 1.31% 1.26% 1.11% 0.94% 0.86% 0.65% 070 071 4.1.5 Net Change in Shareholding by Directors, Management and Shareholders with 10% Shareholdings or More Common Shares 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: Ming-Hsin Kung Independent Director Sir Peter L. Bonfield Independent Director Kok-Choo Chen Independent Director Michael R. Splinter Independent Director Moshe N. Gavrielov Independent Director Yancey Hai Independent Director L. Rafael Reif Senior Vice President Lora Ho Senior Vice President Wei-Jen Lo Senior Vice President Rick Cassidy Senior Vice President Y.P. Chyn (Note 1) Senior Vice President Y.J. Mii (Note 1) Senior Vice President and Chief Information Security Officer J.K. Lin Senior Vice President Cliff Hou (Note 2) Senior Vice President Kevin Zhang (Note 2) Senior Vice President and General Counsel/Corporate Governance Officer Sylvia Fang Senior Vice President and Chief Financial Officer/Spokesperson Wendell Huang Vice President Y.L. Wang 2023 01/01/2024 - 02/29/2024 Net Change in Shares Held Net Change in Shares Pledged Net Change in Shares Held Net Change in Shares Pledged 51,152 46,627 - - - - - - - - - 15,411 16,201 - 12,842 15,854 12,250 30,658 10,867 7,508 8,246 7,508 - - - - - - - - - - - - - - - - - - - - - - 978 - - - - - - - - - - - - - - - - 2,204 - - 16 - - - - - - - - - - - - - - - - - - - - - - - (Continued) Title Name Vice President and TSMC Distinguished Fellow Douglas Yu Vice President and TSMC Fellow T.S. Chang Vice President Michael Wu Vice President Min Cao Vice President Y.H. Liaw Vice President Simon Jang Vice President C.S. Yoo Vice President Jun He Vice President Geoffrey Yeap Vice President and Chief Information Officer Chris Horng-Dar Lin Vice President Jonathan Lee Vice President Arthur Chuang Vice President and TSMC Fellow L.C. Lu Vice President K.C. Hsu Vice President Ray Chuang (Note 3) 2023 01/01/2024 - 02/29/2024 Net Change in Shares Held Net Change in Shares Pledged Net Change in Shares Held Net Change in Shares Pledged 8,496 7,508 7,903 7,903 5,532 5,137 5,927 5,310 6,532 25,137 30,179 5,137 5,730 40,927 8,186 - - - - - - - - - - - - - - - - - - - - - - - 8,000 - 2,343 - - - - - - - - - - - - - - - - - - - Note 1: Mr. Y.P. Chyn and Dr. Y.J. Mii were appointed as Executive Vice Presidents and Co-Chief Operating Officers, effective March 1, 2024. Note 2: Dr. Cliff Hou and Dr. Kevin Zhang were appointed as Senior Vice President and Deputy Co-Chief Operating Officers, effective March 1, 2024. Note 3: Mr. Ray Chuang was promoted to Vice President, effective May 9, 2023. His shareholding was disclosed starting from that date. 072 073 4.1.6 Stock Trade with Related Party: None. 4.1.7 Stock Pledge with Related Party: None. 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 ADR-Taiwan Semiconductor Manufacturing Company Ltd. 5,315,513,063 20.50% National Development Fund, Executive Yuan 1,653,709,980 Shares % Shares Representative: Ming-Hsin Kung Citibank (Taiwan) Ltd. in custody for Government of Singapore Citibank (Taiwan) Ltd. in custody for Norges Bank New Labor Pension Fund JPMorgan Chase Bank N.A., Taipei Branch in custody for Vanguard Total International Stock Index Fund, a series of Vanguard Star Funds JPMorgan Chase Bank N.A., Taipei Branch in custody for Vanguard Emerging Markets Stock Index Fund, a series of Vanguard International Equity Index Funds Yuanta/P-shares Taiwan Top 50 ETF iShares Core MSCI Emerging Markets ETF Fubon Life Insurance Co., Ltd. Chairman: Howard Lin 779 816,695,089 441,068,838 340,875,755 326,716,748 6.38% 0.00% 3.15% 1.70% 1.31% 1.26% 288,871,605 1.11% 244,819,664 222,677,000 169,320,221 0.94% 0.86% 0.65% Note: Record date for the second quarter of 2023 cash dividend distribution. N/A N/A - N/A N/A N/A N/A N/A N/A N/A N/A Shares N/A N/A - N/A N/A N/A N/A N/A N/A N/A N/A % N/A N/A - N/A N/A N/A N/A N/A N/A N/A N/A Not Available % N/A N/A - N/A N/A N/A N/A N/A N/A N/A N/A As of 12/20/2023 (Note) Name and Relationship between TSMC’s Shareholders Name Relationship None None None None None None None None None None 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 12/31/2023 4.1.9 Long-term Investment Ownership Long-term Investment Equity Method: TSMC Partners, Ltd. TSMC Global Ltd. TSMC North America TSMC Europe B.V. TSMC Japan Limited TSMC Korea Limited TSMC Design Technology Japan, Inc. TSMC Japan 3DIC R&D Center, Inc. 988,268,244 11,384 11,000,000 200 6,000 80,000 15,000 49,000 100% 100% 100% 100% 100% 100% 100% 100% - - - - - - - - TSMC China Company Limited Not Applicable (Note 1) 100% Not Applicable (Note 1) TSMC Nanjing Company Limited Not Applicable (Note 1) 100% Not Applicable (Note 1) TSMC Arizona Corporation 10,500,000 (Note 2) 100% Japan Advanced Semiconductor Manufacturing, Inc. 2,269,291 (Note 3) 71.39% (Note 3) European Semiconductor Manufacturing Company (ESMC) GmbH 100,000 (Note 4) 100% (Note 4) VisEra Technologies Company Ltd. 213,619,000 67.48% (Note 5) Systems on Silicon Manufacturing Co. Pte. Ltd. Vanguard International Semiconductor Corp. Xintec Inc. Global UniChip Corporation 313,603 464,223,493 111,281,925 46,687,859 38.79% 28.32% 41.01% 34.84% - - - - - - - VentureTech Alliance Fund II, L.P. Not Applicable (Note 1) 98.00% Not Applicable (Note 1) VentureTech Alliance Fund III, L.P. Not Applicable (Note 1) 98.00% Not Applicable (Note 1) Emerging Fund, L.P. Not Applicable (Note 1) 99.90% Not Applicable (Note 1) 275,572,145 16.81% (Note 6) - - - - - - - - - - - - - - - - - - - - 988,268,244 11,384 11,000,000 200 6,000 80,000 15,000 49,000 Not Applicable (Note 1) Not Applicable (Note 1) 10,500,000 (Note 2) 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 2,269,291 (Note 3) 71.39% (Note 3) 100,000 (Note 4) 100% (Note 4) 213,619,000 67.48% (Note 5) 313,603 739,795,638 111,281,925 46,687,859 Not Applicable (Note 1) Not Applicable (Note 1) Not Applicable (Note 1) 38.79% 45.14% 41.01% 34.84% 98.00% 98.00% 99.90% Note 1: Not applicable. These firms do not issue shares. TSMC’s investments are measured as a percentage of ownership. Note 2: TSMC Arizona Corporation completed capital injections in January 2024 and March 2024. After the capital injection, TSMC holds 11,500,000 shares and 100% of the equity interests in TSMC Arizona Corporation. Note 3: Japan Advanced Semiconductor Manufacturing, Inc. (“JASM”) completed a capital injection in January 2024. After the capital injection, TSMC holds 2,790,533 shares and 71.37% of the equity interests in JASM. Note 4: In January 2024, TSMC sold 30% equity interest of European Semiconductor Manufacturing Company (ESMC) GmbH to Robert Bosch GmbH, Infineon Technologies AG, and NXP Semiconductors Germany GmbH (a wholly-owned subsidiary of NXP Semiconductors N.V.). In February 2024, ESMC completed a capital injection. After these transactions, TSMC holds 700,000 shares and 70% of the equity interests in ESMC. Note 5: As of February 2024, TSMC’s ownership of VisEra is 67.44% due to VisEra’s continuous execution of the Employee Stock Purchase Plan. Note 6: TSMC’s director, National Development Fund of Executive Yuan, held 16.72%, while TSMC’s other directors and management held 0.09%. 074 075 4.1.10 Share Information 2023 Quarterly Earnings Distribution TSMC’s earnings per share in 2023 decreased 17.5% from 2022 to NT$32.34 per share. The following table details TSMC’s market price, net worth, earnings, and dividends per common share, as well as other data regarding return on investment. Market Price, Net Worth, Earnings, and Dividends Per Common Share Unit: NT$, except for weighted average shares and return on investment ratios 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) 2022 683.00 371.00 516.24 113.60 110.85 25,929,383 39.20 11.00 - 13.17 46.93 2.1% 2023 01/01/2024 - 02/29/2024 593.00 449.50 543.45 133.38 129.88 (Note 5) 25,929,267 32.34 13.00 (Note 5) - 16.80 41.80 (Note 5) 2.4% (Note 5) 698.00 576.00 631.60 - - - - - - - - - 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 2023, which were approved by Board of Directors on February 6, 2024. 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, TSMC will not pay dividends or make other distributions to shareholders when there are no earnings. The Company’s profits may be distributed by way of cash dividend, stock dividend, or a combination of cash and stock. Pursuant to the Company’s Articles of Incorporation, 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. Pursuant to TSMC’s Articles of Incorporation, the Company’s Board of Directors is authorized to approve quarterly cash dividends after the close of each quarter. After the Company’s Board of Directors approves quarterly cash dividends, TSMC will distribute the dividend within six months. The respective amounts and payment dates of 2023 quarterly cash dividends are demonstrated in the table below. TSMC intends to maintain a sustainable and steadily increasing cash dividend on both an annual and quarterly basis. Unit: NT$ Period First quarter of 2023 Second quarter of 2023 Third quarter of 2023 Fourth quarter of 2023 Approved Date Payment Date Cash Dividend Per Share 05/09/2023 08/08/2023 11/14/2023 02/06/2024 10/12/2023 01/11/2024 04/11/2024 07/11/2024 NT$3.00 NT$3.00 NT$3.49978969 (Note 1) NT$3.50 (Note 2) Total Earnings Distribution Amount 77,796,212,976 77,796,212,976 90,762,248,472 90,762,248,472 Note 1: The cash dividend per share was adjusted, as authorized by the Board, based on the actual number of common shares outstanding as of the record date for such dividend payment. Note 2: The actual cash dividend per share shall be subject to adjustment based on the actual number of common shares outstanding as of the record date for such dividend payment. 4.1.12 Compensation to Directors and Profit Sharing to Employees Based on TSMC’s Articles of Incorporation, before paying dividends or bonuses to shareholders, TSMC shall set aside not more than 0.3% of its annual profit to directors as compensation and not less than 1% to employees as a profit sharing. As resolved by TSMC’s Board of Directors on February 6, 2024, a profit sharing to employees was expensed based on a certain percentage of 2023 profit; compensation to directors was expensed based on the estimated amount of payment. If the actual amounts subsequently paid differ from the above estimated amounts, the differences will be recorded in the year paid as a change in accounting estimate. 2023 Directors’ Compensation and Employees’ Profit Sharing Directors’ Compensation (Cash) Employee’s Profit Sharing (Cash) Board Resolution (02/06/2024) Amount (NT$ thousands) 551,955 50,090,533 Note: NT$50,090,533 thousand business performance bonus was already distributed following each quarter of 2023. The above employees’ profit sharing will be distributed in July, 2024. 2022 Directors’ Compensation and Employees’ Profit Sharing Directors’ Compensation (Cash) Employees’ Profit Sharing (Cash) Board Resolution (02/14/2023) Actual Result (Note) Amount (NT$ thousands) Amount (NT$ thousands) 690,128 60,702,047 690,128 60,295,060 Note: The above directors’ compensation and employees’ profit sharing were expensed under the Company’s 2022 statement of comprehensive income and were approved by the Board of Directors at its meeting on February 14, 2023. However, due to employee turnover, the employees’ profit sharing in the amount of NT$406,987 thousand was undistributed, and related expense was reversed in 2023. 4.1.13 Impact to 2024 Business Performance and EPS of Stock Dividend Distribution: Not applicable. 4.1.14 Buyback of Common Stock: None. 076 077 4.2 Issuance of Corporate Bonds 4.2.1 Corporate Bonds NTD Corporate Bonds As of 02/29/2024 Issuance Issue Date Denomination Offering Price Total Amount Coupon (Per Annum) Tenure and Maturity Date Repayment Outstanding Credit Rating Domestic Unsecured Bond (109-1) Domestic Unsecured Bond (109-2) Domestic Unsecured Bond (109-3) Domestic Unsecured Bond (109-4) Domestic Unsecured Bond (109-5) Domestic Unsecured Bond (109-6, Green Bond) Domestic Unsecured Bond (109-7) Domestic Unsecured Bond (110-1) Domestic Unsecured Bond (110-2) Domestic Unsecured Bond (110-3) Domestic Unsecured Bond (110-4) Domestic Unsecured Bond (110-6) 03/23/2020 04/15/2020 05/29/2020 07/14/2020 09/03/2020 12/02/2020 12/29/2020 03/30/2021 05/03/2021 06/25/2021 08/19/2021 10/05/2021 NT$10,000,000 Par NT$24,000,000,000 NT$21,600,000,000 NT$14,400,000,000 NT$13,900,000,000 NT$15,600,000,000 NT$12,000,000,000 NT$18,500,000,000 NT$21,100,000,000 NT$19,200,000,000 NT$19,700,000,000 NT$21,600,000,000 NT$16,300,000,000 Tranche A: 0.58% Tranche B: 0.62% Tranche C: 0.64% Tranche A: 0.52% Tranche B: 0.58% Tranche C: 0.60% Tranche A: 0.55% Tranche B: 0.60% Tranche C: 0.64% Tranche A: 0.58% Tranche B: 0.65% Tranche C: 0.67% Tranche A: 0.50% Tranche B: 0.58% Tranche C: 0.60% Tranche A: 0.40% Tranche B: 0.44% Tranche C: 0.48% Tranche A: 0.36% Tranche B: 0.41% Tranche C: 0.45% Tranche A: 0.50% Tranche B: 0.55% Tranche C: 0.60% Tranche A: 0.50% Tranche B: 0.58% Tranche C: 0.65% Tranche A: 0.52% Tranche B: 0.58% Tranche C: 0.65% Tranche A: 5 years Maturity: 03/23/2025 Tranche B: 7 years Maturity: 03/23/2027 Tranche C: 10 years Maturity: 03/23/2030 Tranche A: 5 years Maturity: 04/15/2025 Tranche B: 7 years Maturity: 04/15/2027 Tranche C: 10 years Maturity: 04/15/2030 Tranche A: 5 years Maturity: 05/29/2025 Tranche B: 7 years Maturity: 05/29/2027 Tranche C: 10 years Maturity: 05/29/2030 Tranche A: 5 years Maturity: 07/14/2025 Tranche B: 7 years Maturity: 07/14/2027 Tranche C: 10 years Maturity: 07/14/2030 Tranche A: 5 years Maturity: 09/03/2025 Tranche B: 7 years Maturity: 09/03/2027 Tranche C: 10 years Maturity: 09/03/2030 Tranche A: 5 years Maturity: 12/02/2025 Tranche B: 7 years Maturity: 12/02/2027 Tranche C: 10 years Maturity: 12/02/2030 Tranche A: 5 years Maturity: 12/29/2025 Tranche B: 7 years Maturity: 12/29/2027 Tranche C: 10 years Maturity: 12/29/2030 Tranche A: 5 years Maturity: 03/30/2026 Tranche B: 7 years Maturity: 03/30/2028 Tranche C: 10 years Maturity: 03/30/2031 Tranche A: 5 years Maturity: 05/03/2026 Tranche B: 7 years Maturity: 05/03/2028 Tranche C: 10 years Maturity: 05/03/2031 Tranche A: 5 years Maturity: 06/25/2026 Tranche B: 7 years Maturity: 06/25/2028 Tranche C: 10 years Maturity: 06/25/2031 Tranche A: 0.485% Tranche B: 0.50% Tranche C: 0.55% Tranche D: 0.62% Tranche A: 4 years Maturity: 08/19/2025 Tranche B: 5 years Maturity: 08/19/2026 Tranche C: 7 years Maturity: 08/19/2028 Tranche D: 10 years Maturity: 08/19/2031 Tranche A: 0.535% Tranche B: 0.54% Tranche C: 0.60% Tranche D: 0.62% Tranche A: 4.5 years Maturity: 04/05/2026 Tranche B: 5 years Maturity: 10/05/2026 Tranche C: 7 years Maturity: 10/05/2028 Tranche D: 10 years Maturity: 10/05/2031 Bullet Two equal installments in last two years Bullet NT$24,000,000,000 NT$21,600,000,000 NT$14,400,000,000 NT$13,900,000,000 NT$15,600,000,000 NT$12,000,000,000 NT$18,500,000,000 NT$21,100,000,000 NT$19,200,000,000 NT$19,700,000,000 NT$21,600,000,000 NT$16,300,000,000 Not Applicable Underwriter (Lead Underwriter) Yuanta Securities Co., Ltd. MasterLink Securities Co., Ltd. Hua Nan Securities Co., Ltd. Capital Securities Co., Ltd. KGI Securities Co., Ltd. Capital Securities Co., Ltd. KGI Securities Co., Ltd. Capital Securities Co., Ltd. SinoPac Securities Co., Ltd. Yuanta Securities Co., Ltd. KGI Securities Co., Ltd. Capital Securities Co., Ltd. Trustee Guarantor Legal Counsel Auditor Taipei Fubon Commercial Bank Co., Ltd. None True Honesty International Law Offices Deloitte & Touche Redemption or Early Repayment Clause Covenants Other Rights of Bondholders Conversion Right Amount of Converted or Exchanged Common Shares, ADRs or Other Securities None None None Not Applicable Dilution Effect and Other Adverse Effects on Existing Shareholders None Custodian None (Continued) 078 079 Issuance Issue Date Denomination Offering Price Total Amount Coupon (Per Annum) Tenure and Maturity Date Repayment Outstanding Credit Rating Domestic Unsecured Bond (110-7) Domestic Unsecured Bond (111-1, Green Bond) Domestic Unsecured Bond (111-2) Domestic Unsecured Bond (111-3, Green Bond) Domestic Unsecured Bond (111-4, Green Bond) Domestic Unsecured Bond (111-5) Domestic Unsecured Bond (111-6, Green Bond) Domestic Unsecured Bond (112-1, Green Bond) Domestic Unsecured Bond (112-2, Green Bond) Domestic Unsecured Bond (112-3) Domestic Unsecured Bond (112-4) Domestic Unsecured Bond (112-5) 12/09/2021 01/12/2022 03/29/2022 05/20/2022 07/27/2022 08/25/2022 10/20/2022 03/28/2023 05/03/2023 06/01/2023 08/16/2023 10/16/2023 NT$10,000,000 Par NT$16,700,000,000 NT$5,400,000,000 NT$14,200,000,000 NT$6,100,000,000 NT$13,900,000,000 NT$15,600,000,000 NT$10,200,000,000 NT$19,300,000,000 NT$20,700,000,000 NT$20,000,000,000 NT$15,900,000,000 NT$9,800,000,000 Tranche A: 0.63% Tranche B: 0.72% Tranche A: 5 years Maturity: 01/12/2027 Tranche B: 7 years Maturity: 01/12/2029 Tranche A: 0.84% Tranche B: 0.85% Tranche C: 0.90% Tranche A: 4.5 years Maturity: 09/29/2026 Tranche B: 5 years Maturity: 03/29/2027 Tranche C: 7 years Maturity: 03/29/2029 1.50% 5 years Maturity: 05/20/2027 Tranche A: 1.60% Tranche B: 1.70% Tranche C: 1.75% Tranche D: 1.95% Tranche A: 4 years Maturity: 07/27/2026 Tranche B: 5 years Maturity: 07/27/2027 Tranche C: 7 years Maturity: 07/27/2029 Tranche D: 10 years Maturity: 07/27/2032 Tranche A: 0.65% Tranche B: 0.675% Tranche C: 0.72% Tranche A: 5 years Maturity: 12/09/2026 Tranche B: 5.5 years Maturity: 06/09/2027 Tranche C: 7 years Maturity: 12/09/2028 Bullet Tranche A: 1.75% Tranche B: 1.80% Tranche C: 2.00% Tranche A: 1.54% Tranche B: 1.60% Tranche C: 1.78% Tranche A: 1.60% Tranche B: 1.65% Tranche C: 1.82% Tranche A: 1.60% Tranche B: 1.65% Tranche C: 1.80% Tranche A: 1.60% Tranche B: 1.65% Tranche C: 1.76% Tranche A: 1.62% Tranche B: 1.76% Tranche A: 5 years Maturity: 10/20/2027 Tranche B: 7 years Maturity: 10/20/2029 Tranche C: 10 years Maturity: 10/20/2032 Tranche A: 5 years Maturity: 03/28/2028 Tranche B: 7 years Maturity: 03/28/2030 Tranche C: 10 years Maturity: 03/28/2033 Tranche A: 5 years Maturity: 05/03/2028 Tranche B: 7 years Maturity: 05/03/2030 Tranche C: 10 years Maturity: 05/03/2033 Tranche A: 5 years Maturity: 06/01/2028 Tranche B: 7 years Maturity: 06/01/2030 Tranche C: 10 years Maturity: 06/01/2033 Tranche A: 5 years Maturity: 08/16/2028 Tranche B: 7 years Maturity: 08/16/2030 Tranche C: 10 years Maturity: 08/16/2033 Tranche A: 5 years Maturity: 10/16/2028 Tranche B: 10 years Maturity: 10/16/2033 Tranche A: 1.65% Tranche B: 1.65% Tranche C: 1.65% Tranche D: 1.82% Tranche A: 4 years 10 months Maturity: 06/25/2027 Tranche B: 5 years Maturity: 08/25/2027 Tranche C: 7 years Maturity: 08/25/2029 Tranche D: 10 years Maturity: 08/25/2032 NT$16,700,000,000 NT$5,400,000,000 NT$14,200,000,000 NT$6,100,000,000 NT$13,900,000,000 NT$15,600,000,000 NT$10,200,000,000 NT$19,300,000,000 NT$20,700,000,000 NT$20,000,000,000 NT$15,900,000,000 NT$9,800,000,000 Not Applicable Underwriter (Lead Underwriter) Capital Securities Co., Ltd. Yuanta Securities Co., Ltd. Capital Securities Co., Ltd. Capital Securities Co., Ltd. SinoPac Securities Co., Ltd. Capital Securities Co., Ltd. Yuanta Securities Co., Ltd. Yuanta Securities Co., Ltd. Fubon Securities Co., Ltd. Cathay United Bank Co., Ltd. SinoPac Securities Corporation SinoPac Securities Corporation Trustee Guarantor Legal Counsel Auditor Taipei Fubon Commercial Bank Co., Ltd. None True Honesty International Law Offices Deloitte & Touche Redemption or Early Repayment Clause Covenants Other Rights of Bondholders Conversion Right Amount of Converted or Exchanged Common Shares, ADRs or Other Securities None None None Not Applicable Dilution Effect and Other Adverse Effects on Existing Shareholders None Custodian None 080 081 Onshore USD Corporate Bonds As of 02/29/2024 Offshore USD Corporate Bonds As of 02/29/2024 US-dollar Domestic Unsecured Bond (109-1) US-dollar Domestic Unsecured Bond (110-5) 09/23/2021 US$1,000,000,000 3.10% 30 years Maturity: 09/23/2051 US$1,000,000,000 Issuance Issue Date Denomination Listing Offering Price Total Amount 09/22/2020 US$1,000,000 Taipei Exchange Par US$1,000,000,000 Coupon (Per Annum) 2.70% Tenure and Maturity Date Repayment Outstanding Credit Rating Underwriter Trustee Guarantor Legal Counsel Auditor 40 years Maturity: 09/22/2060 Bullet US$1,000,000,000 Not Applicable Goldman Sachs (Asia) L.L.C., Taipei Branch KGI Securities Co., Ltd. (lead underwriter) Mega International Commercial Bank Co., Ltd. None True Honesty International Law Offices Deloitte & Touche Redemption or Early Repayment Clause Callable on the 5th anniversary of the issue date and every anniversary thereafter Covenants Other Rights of Bondholders Conversion Right Amount of Converted or Exchanged Common Shares, ADRs or Other Securities None None Not Applicable Dilution Effect and Other Adverse Effects on Existing Shareholders Custodian None None Issuance Issue Date Denomination Listing Offering Price Total Amount Coupon (Per Annum) Tenure and Maturity Date Repayment Outstanding Credit Rating Senior Unsecured Notes (Note 1) Senior Unsecured Notes (Note 1) Senior Unsecured Notes (Note 2) Senior Unsecured Notes (Note 2) Senior Unsecured Notes (Note 1) 09/28/2020 04/23/2021 10/25/2021 04/22/2022 07/22/2022 US$200,000 and integral multiples of US$1,000 in excess thereof Singapore Exchange 2025 Notes: 99.907% 2027 Notes: 99.603% 2030 Notes: 99.083% 2026 Notes: 99.759% 2028 Notes: 99.751% 2031 Notes: 99.831% 2026 Notes: 99.976% 2031 Notes: 99.561% 2041 Notes: 98.898% 2051 Notes: 98.658% 2027 Notes: 99.829% 2029 Notes: 99.843% 2032 Notes: 99.742% 2052 Notes: 99.771% 2027 Notes: 99.951% 2032 Notes: 99.124% US$3,000,000,000 US$3,500,000,000 US$4,500,000,000 US$3,500,000,000 US$1,000,000,000 2025 Notes: 0.75% 2027 Notes: 1.00% 2030 Notes: 1.375% 2026 Notes: 1.25% 2028 Notes: 1.75% 2031 Notes: 2.25% 2025 Notes: 5 years Maturity: 09/28/2025 2027 Notes: 7 years Maturity: 09/28/2027 2030 Notes: 10 years Maturity: 09/28/2030 2026 Notes: 5 years Maturity: 04/23/2026 2028 Notes: 7 years Maturity: 04/23/2028 2031 Notes: 10 years Maturity: 04/23/2031 Bullet 2026 Notes: 1.75% 2031 Notes: 2.50% 2041 Notes: 3.125% 2051 Notes: 3.25% 2026 Notes: 5 years Maturity: 10/25/2026 2031 Notes: 10 years Maturity: 10/25/2031 2041 Notes: 20 years Maturity: 10/25/2041 2051 Notes: 30 years Maturity: 10/25/2051 2027 Notes: 3.875% 2029 Notes: 4.125% 2032 Notes: 4.250% 2052 Notes: 4.500% 2027 Notes: 5 years Maturity: 04/22/2027 2029 Notes: 7 years Maturity: 04/22/2029 2032 Notes: 10 years Maturity: 04/22/2032 2052 Notes: 30 years Maturity: 04/22/2052 2027 Notes: 4.375% 2032 Notes: 4.625% 2027 Notes: 5 years Maturity: 07/22/2027 2032 Notes: 10 years Maturity: 07/22/2032 US$3,000,000,000 US$3,500,000,000 US$4,500,000,000 US$3,500,000,000 US$1,000,000,000 Aa3 (Moody’s Investors Service, 09/21/2020) AA- (Standard & Poor’s Rating Services, 09/21/2020) Aa3 (Moody’s Investors Service, 04/19/2021) AA- (Standard & Poor’s Rating Services, 04/18/2021) Aa3 (Moody’s Investors Service, 10/19/2021) AA- (Standard & Poor’s Rating Services, 10/18/2021) Aa3 (Moody’s Investors Service, 04/19/2022) AA- (Standard & Poor’s Rating Services, 04/18/2022) Underwriter Goldman Sachs International as lead underwriter Goldman Sachs & Co. LLC as lead underwriter Trustee Guarantor Legal Counsel Citicorp International Limited Citibank, N.A. TSMC Sullivan & Cromwell (Hong Kong) LLP Harney Westwood & Riegels Lee and Li, Attorneys-at-Law Sullivan & Cromwell (Hong Kong) LLP Fennemore Craig, P.C. Lee and Li, Attorneys-at-Law Aa3 (Moody’s Investors Service, 07/19/2022) AA- (Standard & Poor’s Rating Services, 07/18/2022) Goldman Sachs International as lead underwriter Citicorp International Limited Sullivan & Cromwell (Hong Kong) LLP Harney Westwood & Riegels Lee and Li, Attorneys- at-Law Auditor Deloitte & Touche Redemption or Early Repayment Clause Issuer may, at its option, redeem the Notes, at any time, in whole or in part at the relevant redemption price according to relevant agreements Covenants Other Rights of Bondholders Conversion Right Amount of Converted or Exchanged Common Shares, ADRs or Other Securities None None Not Applicable Dilution Effect and Other Adverse Effects on Existing Shareholders Custodian None None Note 1: Issued by TSMC Global Ltd., a wholly-owned subsidiary of TSMC, and unconditionally and irrevocably guaranteed by TSMC. Note 2: Issued by TSMC Arizona Corporation, a wholly-owned subsidiary of TSMC, and unconditionally and irrevocably guaranteed by TSMC. 082 083 4.2.2 Convertible Bond: None. 4.2.3 Exchangeable Bond: None. 4.2.4 Shelf Registration in Taiwan: None. 4.2.5 Bond with Warrants: None. 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 Issue 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 05/17/2001 - 06/11/2001 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$ million) 595 Offering Price Per ADS (US$) 24.78 185 15.26 36 17.75 296 159 24.516 28.964 379 57.79 225 56.16 1,168 35.75 539 20.63 321 16.03 1,002 16.75 160 8.73 909 10.40 1,077 10.77 1,402 8.60 2,563 10.68 Units Issued 24,000,000 12,094,000 2,000,000 12,094,000 5,486,000 6,560,000 4,000,000 32,667,800 26,110,000 20,000,000 59,800,000 18,348,000 87,357,200 100,000,000 163,027,500 240,000,000 Cash Offering and TSMC Common Shares from Selling Shareholders (Note 4) TSMC Common Shares from Selling Shareholders (Note 3) Common Shares Represented Each unit of ADS represents five TSMC Common Shares. Underlying Securities TSMC Common Shares from Selling Shareholders Apportionment of Expenses for Issuance and Maintenance (Note 3) Issuance and Listing NYSE Rights and Obligations of ADS Holders Same as those of Common Share Holders Trustee Not Applicable Depositary Bank Citibank, N.A. – New York Custodian Bank (Note 1) ADSs Outstanding (Note 2) Terms and Conditions in the Deposit Agreement and Custody Agreement Citibank, N.A. – Taipei Branch As of February 29, 2024, total number of outstanding ADSs was 1,062,931,607 See Deposit Agreement and Custody Agreement for Details Closing Price Per ADS (US$; source: Bloomberg) 01/01/2023 - 12/31/2023 01/01/2024 - 02/29/2024 High Low Average High Low Average 107.41 74.03 93.20 133.73 99.13 116.83 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, 2024, total number of outstanding ADSs was 1,062,931,607 after 84,903,598 were redeemed. Note 3: All fees and expenses related to issuance of ADSs were paid by the selling shareholders, while maintenance expenses were borne by TSMC. Note 4: All fees and expenses related to issuance of ADSs were paid proportionately by TSMC and the selling shareholders, while maintenance expenses were borne by TSMC. 084 085 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 Type of Employee Restricted Stock Employee Restricted Stock Awards for Year 2021 Effective Registration Date and Total Number of Shares 08/06/2021 /2,600,000 shares Issue Date Number of Restricted Employee Shares Issued 03/01/2022 1,387,000 shares Number of Restricted Employee Shares Still Available for Issuance 0 share Issued Price Ratio of the Number of Restricted Employee Shares Issued to the Total Number of Issued Shares Vesting Conditions of Restricted Employee Shares None 0.00535% 1. The RSAs granted to an executive can only be vested if (a) the executive remains employed by the Company on the last date of each vesting period; (b) during the vesting period, the executive may not breach any agreement with the Company or violate the Company’s work rules; and (c) certain executive performance metrics (a year-end performance rating of at least “S” (Note) or above for the year immediately preceding the expiration of each vesting period) and the Company’s business performance metrics are met. (Note: “S” stands for “Successful”) 2. The maximum percentage of granted RSAs that may be vested each year shall be as follows: one-year anniversary of the grant: 50%; two-year anniversary of the grant: 25%; and three-year anniversary of the grant: 25%; provided that the actual percentage and number of the RSAs to be vested in each year will be calculated based on the achievement of the Company’s business performance metrics, as detailed in the following point. 3. The maximum number of RSAs that may be vested in each year will be set as 110%, among which 100% will be subject to a calculation based on the Company’s relative TSR (Note) achievement (see table below) to determine the number of RSAs to be vested; this number will be further subject to a modifier to increase or decrease up to 10% based on the Compensation Committee’s evaluation of the Company’s ESG achievements. The number of shares so calculated should be rounded down to the nearest integral. The Company’s TSR Relative to the TSR of S&P 500 IT Index Ratio of Shares to be Vested Above the Index by X percentage points 50% + X * 2.5%, with the maximum of 100% Equal to the Index 50% Below the Index by X percentage points 50% - X * 2.5%, with the minimum of 0% Note: TSR: Total Shareholder Return (including capital gains and dividends) Restriction on Rights in the Restricted Employee Shares 1. Upon the grant of the RSAs, the RSAs shall be deposited in a trust/custody account. Before the vesting conditions are fulfilled, the executives cannot request the trustee/custodian to return to them the RSAs for any reasons or by any means. 2. During each vesting period, no executives granted RSAs may sell, pledge, transfer, give to another person, create any encumbrance on, or otherwise dispose of, any shares under the unvested RSAs. 3. Subject to the restrictions mentioned above, the rights of the executives with regard to the unvested RSAs granted under these Rules before the fulfillment of the vesting conditions, including but not limited to the entitlement to any distribution regarding dividends, bonuses and capital reserve, and the subscription right of the new shares issued for any capital increase, are the same as those of holders of common shares of the Company. The relevant matters shall be handled in accordance with the RSA trust/custody agreement. 4. Before the vesting conditions are fulfilled, the attendance, proposal rights, speech rights, voting rights and any other shareholder rights shall be exercised by the engaged trustee/custodian on the executives’ behalf. 5. During each vesting period, if the Company conducts a capital reduction for cash return, capital reduction for loss offset, or other non-statutory capital reduction, the unvested RSAs shall be cancelled proportionally by the ratio of such capital reduction. If the Company conducts a capital reduction for cash return, the returned cash shall be deposited in a trust/custody account and shall not be delivered to the executives until the vesting conditions are fulfilled; otherwise, the cash will be returned to the Company. (Continued) As of 02/29/2024 (Note) Custody of the Restricted Employee Shares 1. Upon the grant of the RSAs, the RSAs shall be deposited in a trust/custody account. Before the vesting conditions are fulfilled, the executives cannot request the trustee/custodian to return to them the RSAs for any reasons or by any means. Treatment of the Restricted Shares for Which the Grantee Fails to Meet the Vesting Conditions after Receiving or Subscribing to the Shares 2. During the period when the granted RSAs are deposited in a trust/custody account, each executive must enter into an agreement authorizing the Company to, among others, negotiate, execute, modify, extend, rescind, and terminate the trust/custody agreement with the trustee/custodian, and give instructions to deliver, use, and dispose of any of the properties under the trust/custody, on their behalf, with full power and authority. 1. The Company will reclaim the granted RSAs and cancel the same at no extra cost to the Company, where an executive fails to meet the vesting conditions. 2. Voluntary Separation, separation with a severance, or involuntary discharge: Any unvested RSAs will be forfeited on the effective date of separation due to a voluntary separation, separation with a severance, or involuntary discharge of such executives. The Company will reclaim the RSAs granted to them and cancel the same at no extra cost to the Company. 3. Leave Without Pay: All the rights and obligations in connection with the unvested RSAs will not be affected as a result of executives taking extended leave without pay. However, the actual number of shares that may be vested will not only be calculated according to the vesting conditions but also be prorated based on the number of months of their service during the year prior to the applicable vesting day. If such executives are on leave without pay on any vesting day, it shall be deemed that they fail to meet the vesting conditions, and the Company will reclaim the RSAs granted to them and cancel the same at no extra cost to the Company. 4. Retirement: All the rights and obligations in connection with the unvested RSAs will not be affected as a result of an employee’s retirement. However, the actual number of shares that may be vested shall be calculated according to the vesting condition, and the performance rating granted to them shall be deemed “S”. 5. Employment Termination Due to Death or Physical Disability Caused by Occupational Accidents: The unvested RSAs shall be deemed immediately vested in the case of death or physical disability due to an occupational accident, where the RSAs vested shall be based on the assumption that the Company’s TSR equals to the TSR of S&P 500 IT Index and there is no further adjustment for the Company’s ESG achievements. In the case of death, the respective heir(s) may apply for entitlement to those inheritable shares after completing all necessary legal procedures and providing relevant supporting documents. In the case of physical disability caused by occupational injury, the vested RSAs will be received by such executives. 6. Position Transfer: Where any executives apply for transferring to any of the Company’s subsidiaries, affiliates, or other companies, the measures to be taken with respect to their unvested RSAs will be the same as those specified in “Voluntary Separation”. Where any executives are assigned by the Company to a position in any of the Company’s subsidiaries, affiliates, or other companies, all the rights and obligations in connection with the unvested RSAs will not be affected as a result. However, subject to the vesting conditions, such executives shall continue working in the assigned subsidiaries, affiliates, or other companies on the vesting dates. Otherwise, they will be considered to fail to meet the vesting conditions, and the Company will reclaim the RSAs granted to them and cancel the same at no extra cost to the Company. With respect to the evaluation of the achievement of individual performance goals, Chairman and Chief Executive Officer will determine whether the vesting conditions are met by reviewing the evaluation of the executives’ performance provided by the assigned subsidiaries, affiliates, or other companies. 7. Where any executives declare to voluntarily relinquish the granted RSAs with a written statement, the Company will reclaim the RSAs granted to them and cancel the same at no extra cost to the Company. 8. Where any executives, after being granted the RSAs, breach any agreement with the Company employment agreement or violate the Company’s work rules, the Company will reclaim the RSAs granted to them and cancel the same at no extra cost to the Company. 9. Where any executives terminate or revoke their authorization given to the Company regarding the executive’s RSA trust/custody account, the Company will reclaim their unvested RSAs and cancel the same at no extra cost to the Company. Number of Restricted Employee Shares That Have Been Retired or Bought Back Number of Restricted Employee Shares That Have Vested 419,466 shares 274,034 shares Number of Unvested Restricted Employee Shares 693,500 shares The Ratio of Number of Unvested Restricted Employee Share to the Total Number of Issued Shares (%) 0.00267% The Effect on Shareholders’ Equity The potential dilution of the Company’s EPS is minimal; therefore, there is no material impact on shareholders’ interest. Note: The printed date of this Annual Report. 086 087 Type of Employee Restricted Stock Employee Restricted Stock Awards for Year 2022 Effective Registration Date and Total Number of Shares 07/25/2022 /3,065,000 shares Issue Date Number of Restricted Employee Shares Issued 03/01/2023 2,110,000 shares Number of Restricted Employee Shares Still Available for Issuance 0 share Issued Price Ratio of the Number of Restricted Employee Shares Issued to the Total Number of Issued Shares Vesting Conditions of Restricted Employee Shares None 0.00814% 1. The RSAs granted to an employee can only be vested if (a) the employee remains employed by the Company or the Company’s subsidiaries on the last date of each vesting period; (b) during the vesting period, the employee may not breach any agreement with the Company or the Company’s subsidiaries or violate the Company’s or the Company’s subsidiaries’ work rules; and (c) certain employee performance metrics (a year-end performance rating of at least “S” (Note) or above for the year immediately preceding the expiration of each vesting period) and the Company’s business performance metrics are met. (Note: “S” stands for “Successful”) 2. The maximum percentage of granted RSAs that may be vested each year shall be as follows: one-year anniversary of the grant: 50%; two-year anniversary of the grant: 25%; and three-year anniversary of the grant: 25%; provided that the actual percentage and number of the RSAs to be vested in each year will be calculated based on the achievement of the Company’s business performance metrics, as detailed in the following points. 3. For eligible executive officers of the Company: The maximum number of RSAs that may be vested in each year will be set as 110%, among which 100% will be subject to a calculation based on the Company’s relative TSR (Note) achievement (see table below) to determine the number of RSAs to be vested; this number will be further subject to a modifier to increase or decrease up to 10% based on the Compensation Committee’s evaluation of the Company’s ESG achievements. The number of shares so calculated should be rounded down to the nearest integral. The Company’s TSR Relative to the TSR of S&P 500 IT Index Ratio of Shares to Be Vested Above the Index by X percentage points 50% + X * 2.5%, with the maximum of 100% Equal to the Index 50% Below the Index by X percentage points 50% - X * 2.5%, with the minimum of 0% Note: TSR: Total Shareholder Return (including capital gains and dividends) 4. For eligible employees who are not executive officers of the Company and the Company’s subsidiaries: The number of RSAs to be vested in each year will be calculated in accordance with the below table based on the Company’s audited consolidated financial statements for the year prior to the vesting year. The number of shares so calculated should be rounded down to the nearest integral. Revenue Growth Gross Margin Return on Equity (ROE) Threshold Target Weighting Ratio of Shares to Be Vested 10% 50% 20% 15% 53% 25% One-third One-third One-third ● < Threshold: 0% ● = Threshold: 50% ● ≧Target: 100% ● Between Threshold and Target: as calculated by interpolation method Restriction on Rights in the Restricted Employee Shares 1. Upon the grant of the RSAs, the RSAs shall be deposited in a trust/custody account. Before the vesting conditions are fulfilled, the employees cannot request the trustee/custodian to return to them the RSAs for any reasons or by any means. 2. During each vesting period, no employees granted RSAs may sell, pledge, transfer, give to another person, create any encumbrance on, or otherwise dispose of, any shares under the unvested RSAs. 3. Subject to the restrictions mentioned above, the rights of the employees with regard to the unvested RSAs granted under these Rules before the fulfillment of the vesting conditions, including but not limited to the entitlement to any distribution regarding dividends, bonuses and capital reserve, and the subscription right of the new shares issued for any capital increase, are the same as those of holders of common shares of the Company. The relevant matters shall be handled in accordance with the RSA trust/custody agreement. 4. Before the vesting conditions are fulfilled, the attendance, proposal rights, speech rights, voting rights and any other shareholder rights shall be exercised by the engaged trustee/custodian on the employees’ behalf. 5. During each vesting period, if the Company conducts a capital reduction for cash return, capital reduction for loss offset, or other non-statutory capital reduction, the unvested RSAs shall be cancelled proportionally by the ratio of such capital reduction. If the Company conducts a capital reduction for cash return, the returned cash shall be deposited in a trust/custody account and shall not be delivered to the employees until the vesting conditions are fulfilled; otherwise, the cash will be returned to the Company. (Continued) Custody of the Restricted Employee Shares 1. Upon the grant of the RSAs, the RSAs shall be deposited in a trust/custody account. Before the vesting conditions are fulfilled, the employees cannot request the trustee/custodian to return to them the RSAs for any reasons or by any means. Treatment of the Restricted Shares for Which the Grantee Fails to Meet the Vesting Conditions after Receiving or Subscribing to the Shares 2. During the period when the granted RSAs are deposited in a trust/custody account, each executive must enter into an agreement authorizing the Company to, among others, negotiate, execute, modify, extend, rescind, and terminate the trust/custody agreement with the trustee/custodian, and give instructions to deliver, use, and dispose of any of the properties under the trust/custody, on their behalf, with full power and authority. 1. The Company will reclaim the granted RSAs and cancel the same at no extra cost to the Company, where an employee fails to meet the vesting conditions. 2. Voluntary Separation, separation with a severance, or involuntary discharge: Any unvested RSAs will be forfeited on the effective date of separation due to a voluntary separation, separation with a severance, or involuntary discharge of such employees. The Company will reclaim the RSAs granted to them and cancel the same at no extra cost to the Company. 3. Leave Without Pay: All the rights and obligations in connection with the unvested RSAs will not be affected as a result of employees taking extended leave without pay. However, the actual number of shares that may be vested will not only be calculated according to the vesting conditions but also be prorated based on the number of months of their service during the year prior to the applicable vesting day. If such employees are on leave without pay on any vesting day, it shall be deemed that they fail to meet the vesting conditions, and the Company will reclaim the RSAs granted to them and cancel the same at no extra cost to the Company. 4. Retirement: All the rights and obligations in connection with the unvested RSAs will not be affected as a result of an employee’s retirement, provided that the employee complies with both of the following conditions after his/her retirement. If any of the following conditions is not met, any unvested RSAs will be forfeited. Exemption could be made case by case by Chairman and CEO. - Not to get any full-time job; and - Not to engage in competition with the Company or the Company’s subsidiaries, including without limitation: to join a competitor, to provide any competitive services, to establish any company or business that would involve a competitive foundry process or service, or to employ, induce, or attempt to induce any TSMC employee to undertake competitive services. All the rights and obligations in connection with the unvested RSAs will not be affected as a result of an employee’s retirement. However, the actual number of shares that may be vested shall be calculated according to the vesting condition, and the performance rating granted to them shall be deemed “S”. 5. Employment Termination Due to Death or Physical Disability Caused by Occupational Accidents: The unvested RSAs shall be deemed immediately vested in the case of death or physical disability due to an occupational accident. For eligible executive officers of the Company, the RSAs vested shall be based on the assumption that the Company’s TSR equals to the TSR of S&P 500 IT Index and there is no further adjustment for the Company’s ESG achievements. For eligible employees who are not executive officers of the Company and the Company’s subsidiaries, the RSAs vested shall be based on the assumption that the Company’s Revenue growth, Gross Margin, and ROE are all equal to Threshold. In the case of death, the respective heir(s) may apply for entitlement to those inheritable shares after completing all necessary legal procedures and providing relevant supporting documents. In the case of physical disability caused by occupational injury, the vested RSAs will be received by such employees. 6. Position Transfer: - Where any employees apply for transferring to any of the Company’s subsidiaries, affiliates, or other companies, the measures to be taken with respect to their unvested RSAs will be the same as “Voluntary Separation”. - Where any employees are assigned by the Company or the Company’s subsidiaries to a position in any of the Company’s subsidiaries, affiliates, or other companies, all the rights and obligations in connection with the unvested RSAs will not be affected as a result. However, subject to the vesting condition, such employees shall continue working in the assigned subsidiaries, affiliates, or other companies on the vesting dates. Otherwise, they will be considered to fail to meet the vesting conditions, and the Company will reclaim the RSAs granted to them and cancel the same at no extra cost to the Company. With respect to the evaluation of the achievement of individual performance goals, Chairman and Chief Executive Officer will determine whether the vesting conditions are met by reviewing the evaluation of the employees’ performance provided by the assigned subsidiaries, affiliates, or other companies. 7. Where any employees declare to voluntarily relinquish the granted RSAs with a written statement, the Company will reclaim the RSAs granted to them and cancel the same at no extra cost to the Company. 8. Where any employees, after being granted the RSAs, breach any agreement with the Company employment agreement or violate the Company’s work rules, the Company will reclaim the RSAs granted to them and cancel the same at no extra cost to the Company. 9. Where any employees terminate or revoke their authorization given to the Company regarding the employees’ RSA trust/custody account, the Company will reclaim their unvested RSAs and cancel the same at no extra cost to the Company. Number of Restricted Employee Shares That Have Been Retired or Bought Back Number of Restricted Employee Shares That Have Vested 0 share 0 share Number of Unvested Restricted Employee Shares 2,110,000 shares The Ratio of Number of Unvested Restricted Employee Share to the Total Number of Issued Shares (%) 0.00814% The Effect on Shareholders’ Equity The potential dilution of the Company’s EPS is minimal; therefore, there is no material impact on shareholders’ interest. 088 089 Type of Employee Restricted Stock Employee Restricted Stock Awards for Year 2023 Effective Registration Date and Total Number of Shares 12/28/2023 /6,249,000 shares Issue Date Number of Restricted Employee Shares Issued None 0 share Number of Restricted Employee Shares Still Available for Issuance 6,249,000 shares Issued Price Ratio of the Number of Restricted Employee Shares Issued to the Total Number of Issued Shares Vesting Conditions of Restricted Employee Shares None 0% 1. The RSAs granted to an employee can only be vested if (a) the employee remains employed by the Company or the Company’s subsidiaries on the last date of each vesting period; (b) during the vesting period, the employee may not breach any agreement with the Company or the Company’s subsidiaries or violate the Company’s or the Company’s subsidiaries’ work rules; and (c) certain employee performance metrics (a year-end performance rating of at least “S” (Note) or above for the year immediately preceding the expiration of each vesting period) and the Company’s business performance metrics are met. (Note: “S” stands for “Successful”) 2. The maximum percentage of granted RSAs that may be vested each year shall be as follows: one-year anniversary of the grant: 50%; two-year anniversary of the grant: 25%; and three-year anniversary of the grant: 25%; provided that the actual percentage and number of the RSAs to be vested in each year will be calculated based on the achievement of the Company’s business performance metrics, as detailed in the following points. 3. For eligible executive officers of the Company: The maximum number of RSAs that may be vested in each year will be set as 110%, among which 100% will be subject to a calculation based on the Company’s relative TSR (Note) achievement (see table below) to determine the number of RSAs to be vested; this number will be further subject to a modifier to increase or decrease up to 10% based on the Compensation and People Development Committee’s evaluation of the Company’s ESG achievements. The number of shares so calculated should be rounded down to the nearest integral. The Company’s TSR Relative to the TSR of S&P 500 IT Index Ratio of Shares to Be Vested Above the Index by X percentage points 50% + X * 2.5%, with the maximum of 100% Equal to the Index 50% Below the Index by X percentage points 50% - X * 2.5%, with the minimum of 0% Note: TSR: Total Shareholder Return (including capital gains and dividends) 4. For eligible employees who are not executive officers of the Company and the Company’s subsidiaries: The number of RSAs to be vested in each year will be calculated in accordance with the below table based on the Company’s audited consolidated financial statements for the year prior to the vesting year. The number of shares so calculated should be rounded down to the nearest integral. Revenue Growth Gross Margin Return on Equity (ROE) Threshold Target Weighting Ratio of Shares to Be Vested 10% 50% 20% 15% 53% 25% One-third One-third One-third ● < Threshold: 0% ● = Threshold: 50% ● ≧Target: 100% ● Between Threshold and Target: as calculated by interpolation method Restriction on Rights in the Restricted Employee Shares 1. Upon the grant of the RSAs, the RSAs shall be deposited in a trust/custody account. Before the vesting conditions are fulfilled, the employees cannot request the trustee/custodian to return to them the RSAs for any reasons or by any means. 2. During each vesting period, no employees granted RSAs may sell, pledge, transfer, give to another person, create any encumbrance on, or otherwise dispose of, any shares under the unvested RSAs. 3. Subject to the restrictions mentioned above, the rights of the employees with regard to the unvested RSAs granted under these Rules before the fulfillment of the vesting conditions, including but not limited to the entitlement to any distribution regarding dividends, bonuses and capital reserve, and the subscription right of the new shares issued for any capital increase, are the same as those of holders of common shares of the Company. The relevant matters shall be handled in accordance with the RSA trust/custody agreement. 4. Before the vesting conditions are fulfilled, the attendance, proposal rights, speech rights, voting rights and any other shareholder rights shall be exercised by the engaged trustee/custodian on the employees’ behalf. 5. During each vesting period, if the Company conducts a capital reduction for cash return, capital reduction for loss offset, or other non-statutory capital reduction, the unvested RSAs shall be cancelled proportionally by the ratio of such capital reduction. If the Company conducts a capital reduction for cash return, the returned cash shall be deposited in a trust/custody account and shall not be delivered to the employees until the vesting conditions are fulfilled; otherwise, the cash will be returned to the Company. (Continued) Custody of the Restricted Employee Shares 1. Upon the grant of the RSAs, the RSAs shall be deposited in a trust/custody account. Before the vesting conditions are fulfilled, the employees cannot request the trustee/custodian to return to them the RSAs for any reasons or by any means. Treatment of the Restricted Shares for Which the Grantee Fails to Meet the Vesting Conditions after Receiving or Subscribing to the Shares 2. During the period when the granted RSAs are deposited in a trust/custody account, each executive must enter into an agreement authorizing the Company to, among others, negotiate, execute, modify, extend, rescind, and terminate the trust/custody agreement with the trustee/custodian, and give instructions to deliver, use, and dispose of any of the properties under the trust/custody, on their behalf, with full power and authority. 1. The Company will reclaim the granted RSAs and cancel the same at no extra cost to the Company, where an employee fails to meet the vesting conditions. 2. Voluntary Separation, separation with a severance, or involuntary discharge: Any unvested RSAs will be forfeited on the effective date of separation due to a voluntary separation, separation with a severance, or involuntary discharge of such employees. The Company will reclaim the RSAs granted to them and cancel the same at no extra cost to the Company. 3. Leave Without Pay: All the rights and obligations in connection with the unvested RSAs will not be affected as a result of employees taking extended leave without pay. However, the actual number of shares that may be vested will not only be calculated according to the vesting conditions but also be prorated based on the number of months of their service during the year prior to the applicable vesting day. If such employees are on leave without pay on any vesting day, it shall be deemed that they fail to meet the vesting conditions, and the Company will reclaim the RSAs granted to them and cancel the same at no extra cost to the Company. 4. Retirement: All the rights and obligations in connection with the unvested RSAs will not be affected as a result of an employee’s retirement, provided that the employee complies with both of the following conditions after his/her retirement. If any of the following conditions is not met, any unvested RSAs will be forfeited. Exemption could be made case by case by Chairman and CEO. - Not to get any full-time job; and - Not to engage in competition with the Company or the Company’s subsidiaries, including without limitation: to join a competitor, to provide any competitive services, to establish any company or business that would involve a competitive foundry process or service, or to employ, induce, or attempt to induce any TSMC employee to undertake competitive services. All the rights and obligations in connection with the unvested RSAs will not be affected as a result of an employee’s retirement. However, the actual number of shares that may be vested shall be calculated according to the vesting condition, and the performance rating granted to them shall be deemed “S”. 5. Employment Termination Due to Death or Physical Disability Caused by Occupational Accidents: The unvested RSAs shall be deemed immediately vested in the case of death or physical disability due to an occupational accident. For eligible executive officers of the Company, the RSAs vested shall be based on the assumption that the Company’s TSR equals to the TSR of S&P 500 IT Index and there is no further adjustment for the Company’s ESG achievements. For eligible employees who are not executive officers of the Company and the Company’s subsidiaries, the RSAs vested shall be based on the assumption that the Company’s Revenue growth, Gross Margin, and ROE are all equal to Threshold. In the case of death, the respective heir(s) may apply for entitlement to those inheritable shares after completing all necessary legal procedures and providing relevant supporting documents. In the case of physical disability caused by occupational injury, the vested RSAs will be received by such employees. 6. Position Transfer: - Where any employees apply for transferring to any of the Company’s subsidiaries, affiliates, or other companies, the measures to be taken with respect to their unvested RSAs will be the same as “Voluntary Separation”. - Where any employees are assigned by the Company or the Company’s subsidiaries to a position in any of the Company’s subsidiaries, affiliates, or other companies, all the rights and obligations in connection with the unvested RSAs will not be affected as a result. However, subject to the vesting condition, such employees shall continue working in the assigned subsidiaries, affiliates, or other companies on the vesting dates. Otherwise, they will be considered to fail to meet the vesting conditions, and the Company will reclaim the RSAs granted to them and cancel the same at no extra cost to the Company. With respect to the evaluation of the achievement of individual performance goals, Chairman and Chief Executive Officer will determine whether the vesting conditions are met by reviewing the evaluation of the employees’ performance provided by the assigned subsidiaries, affiliates, or other companies. 7. Where any employees declare to voluntarily relinquish the granted RSAs with a written statement, the Company will reclaim the RSAs granted to them and cancel the same at no extra cost to the Company. 8. Where any employees, after being granted the RSAs, breach any agreement with the Company employment agreement or violate the Company’s work rules, the Company will reclaim the RSAs granted to them and cancel the same at no extra cost to the Company. 9. Where any employees terminate or revoke their authorization given to the Company regarding the employees’ RSA trust/custody account, the Company will reclaim their unvested RSAs and cancel the same at no extra cost to the Company. Number of Restricted Employee Shares That Have Been Retired or Bought Back Number of Restricted Employee Shares That Have Vested 0 share 0 share Number of Unvested Restricted Employee Shares 6,249,000 shares The Ratio of Number of Unvested Restricted Employee Share to the Total Number of Issued Shares (%) 0.24098% The Effect on Shareholders’ Equity The potential dilution of the Company’s EPS is minimal; therefore, there is no material impact on shareholders’ interest. 090 091 4.6.2 Employee Restricted Stock Granted to Management Team and to Top 10 Employees Unit: Share As of 02/29/2024 Title Name No. of Employee Restricted Stock Granted Employee Restricted Stock as a Percentage of Shared Issued (Note 4) Restrictions Released Restrictions Unreleased No. of Shares Issued Price (NT$) Issued Amount (NT$ thousands) Released Shares as a Percentage of Shares Issued (Note 4) No. of Shares Issued Price (NT$) Issued Amount (NT$ thousands) Unreleased Shares as a Percentage of Shares Issued (Note 4) Management Team and Employee Chief Executive Officer C.C. Wei Senior Vice President, Chief Financial Officer/Spokesperson Wendell Huang Senior Vice President Senior Vice President Lora Ho Wei-Jen Lo Senior Vice President Y.P. Chyn (Note 1) Senior Vice President Y.J. Mii (Note 1) Senior Vice President J.K. Lin Senior Vice President J.K. Wang (Note 2) Senior Vice President Cliff Hou (Note 3) Senior Vice President Kevin Zhang (Note 3) Senior Vice President and General Counsel/Corporate Governance Officer Sylvia Fang Vice President Vice President Vice President and TSMC Distinguished Fellow Connie Ma (Note 2) Y.L. Wang Douglas Yu Vice President and TSMC Fellow T.S. Chang Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President and Chief Information Officer Vice President Vice President Michael Wu Min Cao Marvin Liao (Note 2) Y.H. Liaw Simon Jang C.S. Yoo Jun He Geoffrey Yeap Chris Horng-Dar Lin Jonathan Lee Arthur Chuang Vice President and TSMC Fellow L.C. Lu Vice President Employee K.C. Hsu Y.C. Huang (Note 2) 3,497,000 0.01349% 274,034 0 0 0.00106% 2,803,500 0 0 0.01081% Note 1: Mr. Y.P. Chyn and Dr. Y.J. Mii were appointed as Executive Vice Presidents and Co-Chief Operating Officers, effective March 1, 2024. Note 2: Vice President J.K. Wang retired, effective May 7, 2022. Vice President Connie Ma retired, effective November 1, 2022. Vice President Dr. Marvin Liao retired, effective November 11, 2022. Mr. Y.C. Huang retired, effective May 1, 2022. Note 3: Dr. Cliff Hou and Dr. Kevin Zhang were appointed as Senior Vice Presidents and Deputy Co-Chief Operating Officers, effective March 1, 2024. Note 4: The number of shares issued is based on the amended number of total shares disclosed on Ministry of Economic Affairs as of 02/29/2024. 4.7 Status of New Share Issuance in Connection with Mergers and Acquisitions: None. 4.8 Funding Plans and Implementation TThe funds raised by TSMC through issuances of domestic corporate bonds are used in accordance with respective funding plans and actual needs. As of the end of the fourth quarter of 2023, the implementation of uncompleted plan was as follows: Projects Unsecured Corporate Bond (112-1, Green Bond) Gross Proceeds NT$19.3 billion Unsecured Corporate Bond (112-2, Green Bond) NT$20.7 billion Use of Proceeds Implementation Status Green buildings and environmental protection related expenditures Green buildings and environmental protection related expenditures As of the end of the fourth quarter of 2023, the actual completion rate was 52.53% (calculated based on actual payments), as compared to the original plan of 75.81%. The actual completion rate was lower than planned due to the progress of actual payment application. There is no change to the use of proceeds, and the proceeds will be used in order depending on the actual time of payments. There were no material differences between the expected benefits and the actual ones, and no impacts on shareholders’ interests. The funds are scheduled to be used from the first quarter of 2024. 092 093 Fab 15 5 Operational Highlights TSMC manufactured 11,895 different products using 288 distinct technologies for 528 customers in 2023. 095 5.1 Business Activities 5.1.1 Business Scope As the founder and a leader of the dedicated semiconductor foundry segment, TSMC provides a full range of integrated semiconductor foundry services, including leading advanced process and specialty technologies, advanced mask technologies, TSMC 3DFabric® advanced packaging and silicon stacking technologies, excellent manufacturing productivity and quality, as well as comprehensive design ecosystem support, to meet a growing variety of customer needs. The Company strives to provide unparalleled overall value to its customers and views customer success as TSMC’s own success. As a result, TSMC has gained customer trust from around the world and has experienced strong growth and success of its own. TSMC developed or introduced the following technologies in 2023: Logic Technology ● 2nm (N2) technology development kept on track and made good progress. N2 technology features TSMC’s first generation of nanosheet transistor technology with full-node strides in performance and power consumption. Volume production is expected in 2025. ● 3nm fin field-effect transistor (FinFET) (N3) technology entered its second year of volume production in 2023 for customers’ smartphone and high performance computing (HPC) products. ● N3 Enhanced (N3E) technology, an enhanced version of N3 technology, will continue to provide industry-leading advantages for both mobile communication and HPC applications. Volume production started in the fourth quarter of 2023. ● N3P technology, an enhanced version of N3E technology, will further provide industry-leading advantages for both mobile communications and HPC applications. Volume production is expected in the second half of 2024. ● N3X technology, a process tailored for HPC applications, was introduced in 2023. Customer product tape-outs are expected to start in 2024. ● 4nm FinFET (N4) technology, an enhanced version of 5nm FinFET (N5) technology, entered its second year volume production in 2023. ● N4P technology with additional performance boost over N4 started volume production in 2023. ● N4X technology, introduced in 2021, is TSMC’s first HPC-focused technology, representing the ultimate performance and maximum clock frequencies in TSMC’s 5nm family. Customer tape-outs were received in the second half of 2023. ● N5 Plus (N5P) technology, a performance-enhanced version of 5nm technology (N5), entered its third year of volume production in 2023 for customers’ smartphones and HPC products. ● 6nm FinFET (N6) technology entered its fourth year of volume production in 2023 and was widely adopted for customers’ smartphone, HPC, and digital consumer electronics (DCE) products. ● N6 ultra-low power (ULP) technology – N6eTM development is on track. Its process design kit (PDK) was completed in the fourth quarter of 2023 and the technology is expected to start production in 2024. ● 7nm FinFET (N7) and 7nm FinFET plus (N7+), which have been in volume production for customers’ 5G and HPC products for several years, entered their third year of volume production for customers’ DCE and automotive products in 2023. ● N12eTM technology, which leverages TSMC’s 12nm FinFET compact plus (12FFC+) baseline, started volume production in 2021. Following this, N12eTM technology introduced innovative ultra-low leakage input/output (IO) devices in 2022. This technology started volume production in 2023 to help customers provide more competitive ultra-low power products. ● 22nm ultra-low leakage (22ULL) technology entered its second year of volume production in 2023 and has been widely adopted for Internet of Things (IoT) products. Specialty Technology ● Based on its N3E technology, TSMC introduced N3 Auto Early (N3AE) program in 2023, providing automotive PDKs to support automotive customers to design in the most advanced 3nm technology for automotive applications. ● N4P radio frequency (N4P RF) technology development was completed, and its V1.0 PDK was available in the fourth quarter of 2023. ● 5nm FinFET Automotive (N5A) technology, an automotive qualified version of 5nm technology (N5) with an automotive design enablement platform, completed technology development and IP AEC-Q100 qualification and certified by ISO26262: Functional Safety – Road Vehicles Standard in 2022. Customer product tape-outs were received in 2023. ● N6 RF technology received multiple customer product tape-outs in 2022. In addition, the second generation N6 radio frequency (N6 RF+) technology is also being developed, and its V0.9 PDK is available in the fourth quarter of 2023. ● 12FFC+ RF technology, developed on the same logic process platform as N12eTM technology, started volume production for customers’ 4G cellular RF and IoT wireless connectivity products in 2023. ● 16FFC FinFET compact (16FFC) RF technology received multiple customer tape-outs in 2021. The development of its enhanced version (Enhancement I/II) was completed in 2022 to support applications such as 28/39/47GHz mmWave RF front-end module and 77GHz/79GHz automotive radar. In addition, non-conductive stress (NCS) calculator and aging model were introduced in 2023 to support automotive radar power amplifier designs. ● 16FFC embedded magnetoresistive random access memory (MRAM) technology completed reliability qualification in 2022, with one million cycles endurance and reflow capability. This technology was ready for production and passed AEC-Q100 Grade-1 reliability qualification in 2023. ● 22ULL and 28ULL embedded resistive random access memory (RRAM) technologies, TSMC’s second generation of RRAM solutions featuring balanced cost and reliability, entered the second year of volume production in 2023. ● 40nm Silicon on Insulator (N40SOI) technology on 12-inch wafers, which provides industry-leading competitive advantages, entered its second year of volume production in 2023. ● Development of the second generation of 6-inch gallium nitride (GaN) on silicon technology kept on track. This technology will support both DCE and automotive electronics applications and is expected to be ready in 2024. In addition, the 8-inch GaN on Silicon technology development is on track. This technology will support both DCE and automotive electronics applications and is expected to be ready in 2025. ● CMOS image sensor (CIS) technology was enhanced and moved to the next generation to further strengthen the capabilities of advanced automotive CISs. In 2023, TSMC helped customers roll out products with the world’s highest dynamic range in performance. ● For silicon photonics technology, TSMC is developing an innovative 3D photonics stack technology – compact universal photonics engine (COUPE), which can integrate silicon photonics chip and electrical control chip into a single-chip photonic engine. This photonics engine can be co-packaged with a HPC chip to provide low power and high speed data transmission. In 2023, the data rate of the test vehicles using TSMC’s COUPE technology achieved the expected goal, laying a solid foundation for future volume production. TSMC 3DFabric® - TSMC Advanced Packaging and 3D Silicon Stacking Technologies ● TSMC-SoIC® Chip-on-Wafer (CoW) technology was qualified for N5-on-N5 stacking and successfully started volume production in 2023. ● TSMC-SoIC® Wafer-on-Wafer (WoW) technology was qualified for stacking 7nm logic wafer on deep trench capacitor (DTC) wafer in 2023 and demonstrated superb system performance enhancement for HPC products. ● Chip on Wafer on Substrate with Silicon Interposer (CoWoS®-S) technology, which integrates multiple system-on-chip (SoC) chips, the third generation high bandwidth memory (HBM3) stacks, and a 3.3-reticle size silicon interposer featuring the second generation of embedded deep trench capacitor (eDTC), was qualified for customer HPC products in 2023. ● Chip on Wafer on Substrate with Redistribution Layer Interposer (CoWoS®-R) technology featuring redistribution layer (RDL) interposer for better signal integrity for HPC applications successfully started volume production in 2023. ● Integrated Fan-Out on Substrate (InFO_oS) technology that extended its capability to integrate multiple homogeneous SoC chips in a 2.5-reticle size fan-out package successfully started volume production in 2023. ● Integrated Fan-Out Multi-chips with Package-on-Package (InFO_M_PoP) technology, which integrates multiple heterogeneous chips with package stacking for wearable products, successfully started volume production in 2023. ● Fine pitch copper (Cu) bump technology for flip chip packaging on 3nm silicon successfully started volume production in 2023. 5.1.2 Customer Applications TSMC manufactured 11,895 different products for 528 customers in 2023. These chips were used across a broad spectrum of electronic applications, including artificial intelligence (AI) and high-performance computing servers, wired and wireless communication systems, automotive and industrial equipment, personal computers and peripherals and information appliances, as well as consumer electronics such as digital TVs, game consoles, digital cameras, AI-enabled IoT and wearables, and many other devices and applications. The rapid ongoing evolution of end products prompts customers to pursue product differentiation using TSMC’s innovative technologies and services and, at the same time, spurs TSMC’s own development of technology. As always, TSMC believes success depends on leading rather than following industry trends. 096 097 5.1.3 Consolidated Shipments and Net Revenue in 2023 and 2022 Unit: Shipments (thousand of 12-inch equivalent wafers) / Net Revenue (NT$ thousands) Shipments Wafer Domestic (Note 1) Export Others (Note 2) Domestic (Note 1) Total Export Domestic (Note 1) Export 2023 Shipments 1,551 Net Revenue 145,720,682 10,451 1,736,797,398 N/A N/A 1,551 21,637,291 257,580,470 167,357,973 2022 Shipments 2,324 12,929 N/A N/A Net Revenue 202,075,489 1,789,780,458 16,668,631 255,366,714 2,324 218,744,120 10,451 1,994,377,868 12,929 2,045,147,172 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. 5.1.4 Production in 2023 and 2022 Unit: Capacity / Output (million 12-inch equivalent wafers) / Amount (NT$ millions) Year 2023 2022 5.2 Technology Leadership 5.2.1 R&D Organization and Investment Wafers Capacity 16-17 15-16 Output 11-12 15-16 Amount 791,773 854,900 In 2023, 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 continuous challenge of significantly scaling up semiconductor computing power every two years, thereby extending Moore’s Law, the Company has focused its R&D efforts on contributing to customers’ product success by offering leading-edge technologies and design solutions. In 2023, while the development of 2nm technology continued baseline setup and moved into yield enhancement stage, TSMC started development and made good progress on 14 Angstrom (A14) technology, which aims to further improve speed, power, density and cost. Furthermore, the Company’s research efforts continued pushing forward with exploratory studies for nodes beyond 14 Angstrom technology. In addition to complementary metal oxide semiconductor (CMOS) logic, TSMC conducts R&D on a wide range of other semiconductor technologies that provide the functionality required by customers for mobile system-on-chip (SoC) and other applications. Highlights in 2023 included: ● The Company’s integrated interconnect and packaging solution, the 3DFabric® technology service, showed further progress in supporting the newest generation of high bandwidth memory, HBM3E, on both CoWoS®-S and CoWoS®-L. While TSMC continued its industry leadership in high-volume manufacturing of InFO_PoP Gen-8 packaging, InFO_PoP Gen-9 was also fully qualified for mobile applications. In addition, InFO_oS Gen-5 was successfully qualified, offering larger application-specific integrated circuits (ASIC) area, more chip-partition integration, larger package size and higher bandwidth. ● In specialty technologies, examples of progress included: 0.13μm and 90nm BCD (Bipolar-CMOS-DMOS) technologies were expanded to meet the demand of the automotive market; TSMC’s industry leading GaN (Gallium Nitride) power device technology, the second generation of 650V and 100V E-HEMT, entered the reliability verification stage with production expected in 2024; the worldwide first CMOS image sensor technology with 3D-MiM embedded LOFIC (lateral overflow integration capacitor) pixel with a high dynamic range (DR>100dB) for high-end smart phone or advanced driver-assistance systems (ADAS) automotive imaging applications entered risk production; and the world’s first mass-production of 22nm consumer-grade magnetoresistive random access memory (MRAM) was achieved. In 2023, TSMC maintained strong partnerships with many world-class research institutions, including SRC in the U.S. and IMEC in Belgium. The Company also continued to expand research collaboration with leading universities throughout the world for two major purposes: the advancement of semiconductor technologies and the nurturing of human talent for the future. R&D Expenditures Amount: NT$ thousands , 0 7 1 0 7 3 2 8 1 , , 8 0 2 2 6 2 3 6 1 , 2 1 7 , 1 0 5 , 9 2 2022 2023 01/01/2024~ 02/29/2024 5.2.2 R&D Accomplishments in 2023 Highlights ● 2nm Technology In 2023, TSMC’s 2nm technological development focused on baseline setup, yield enhancement, transistor and interconnect R/C performance improvement, and reliability evaluation. During the year, major customers completed IP design and started silicon validation. The Company also developed low resistance RDL (redistribution layer), super high performance metal-insulator-metal (MiM) capacitors and backside power delivery network to further boost performance. ● A14 Technology Development of the 14 Angstrom (A14) platform technology, targeting both SoC and HPC applications, made good progress in 2023. 14 Angstrom platform technology is expected to offer excellent improvement in speed, power, density and cost over 2nm technology. ● Lithography Technology In 2023, TSMC R&D demonstrated high performance and expected wafer yield for the development of 2nm technology. The Company’s R&D efforts in lithography have been focused on improving patterning and material quality, controlling variations, reducing defects, and lowering costs to support 2nm technology. Looking ahead to A14 and beyond, TSMC R&D will continue to explore next-generation EUV (extreme ultraviolet) lithography scanners, conduct research on mask pellicles and blanks to support leading-edge technology and extend Moore’s Law. Furthermore, TSMC R&D will continuously evaluate new process technologies and materials to enhance lithography capabilities in the future. ● Mask Technology In 2023, to achieve the wafer yield and productivity for lithography requirements at 2nm node, the R&D team improved the critical dimension, pattern fidelity, overlay stability, exposure durability and defect mitigation of curvilinear patterns by EUV photoresist and blank material modification, multi-beam writer resolution enhancement, mask process recipe optimization, and advanced deep learning inspection. Future improvements will focus on developing new blank materials and new mask process technology at the A14 node and beyond. Integrated Interconnect and Packaging TSMC’s existing fine pitch, chip-to-chip connection leveraging wafer processes is called 3DFabric® and consists of both wafer-level frontend and backend technologies. The Company’s frontend technologies, or TSMC-SoIC®, enables leading-edge silicon for 3D silicon stacking. TSMC’s advanced backend technologies includes CoWoS® with chips placed onto pre-made RDLs and InFO with chips embedded before interconnection. The Company’s 3DFabric® technology service offers the ultimate flexibility in product design with integrated frontend and backend technologies to meet future computing systems integration scaling needs. ● 3DIC and TSMC-SoIC® TSMC-SoIC® wafer product is an innovative wafer-level frontend 3DIC chip stacking platform with outstanding bonding density, interconnect bandwidth, power efficiency, and thin profile. It extends Moore’s Law through system-level scaling with sustainable performance gains and corresponding cost benefits. SoIC integrated chips can be subsequently assembled by using conventional packages or TSMC’s new 3DFabric® technology service, such as CoWoS® or InFO, for next generation HPC, AI and mobile applications. The SoIC CoW Face-to-Back Gen-1 process is in production and the SoIC CoW Face-to-Back Gen-2 process, with significant thermal performance improvement, is under product qualification and will enter production phase in 2024. The SoIC CoW 098 099 Face-to-Face Gen-1 process is under development and will provide an ultrahigh density connection solution in 2025. TSMC will continue to pursue SoIC technological improvements and co-optimize with the Company’s advanced silicon technologies for further gains in transistor density, system power/performance/area and cost. ● CoWoS® CoWoS® advanced packaging service is the leading 2.5D technology to make ultra-high-performance AI and HPC packages by integrating most advanced logic and memory dies on an interposer. Market demands became even greater with the advent of generative AI in late 2022. TSMC qualified the CoWoS®-S Si interposer up to 3.3-reticle size (1 reticle size ~830mm2), with volume production launched in 2023. Beyond 3.3-reticle size, CoWoS®-L with reconstituted interposer of multiple LSIs (local silicon interconnects) increases the momentum for continuous interposer scaling. After its successful development in 2023, the first generation CoWoS®-L technology will enter volume production in 2024. HBM3E, the newest generation of high bandwidth memory, is ready now for production on both CoWoS®-S and CoWoS®-L, while the next generation of stacked memory of HBM4 and process upgrades in CoWoS® advanced packaging service are being planned to meet new performance requirements. ● InFO In 2023, TSMC continued its industry leadership in high-volume manufacturing of InFO_PoP Gen-8 packaging for mobile applications. InFO_PoP Gen-9 was also successfully qualified for mobile applications, as was InFO_oS Gen-5, offering larger application-specific integrated circuits (ASIC) area, larger package size and higher bandwidth. InFO_M_PoP Gen-1, which integrates different functional chips suitable for wearable applications, started volume production in 2023, while the next-generation InFO_PoP with backside RDL for integrated low power DDR DRAM technology (LPDDR) was qualified in 2023 and is ready for volume production in 2024. technologies will reinforce TSMC’s technology leadership in semiconductor field. Corporate Research TSMC remains at the forefront of 2D transistor research with innovation in devices and materials to enable extremely scaled logic transistors. At the 2023 Symposia on VLSI Technology and Circuits, the Company demonstrated contact length scaling with record low contact resistance. Monolayer-MoS2 channel transistors have the same driving current at contact length down to 30nm. At the 2023 International Electron Device Meeting (IEDM), TSMC successfully demonstrated the first stacked nanosheet devices with two 2D monolayer MoS2 channels. With gate dielectric optimization, the Company also showed high performance 40nm gate length 1L-MoS2 single nanosheet n-FET with a high on-state current. Also at the 2023 IEDM, TSMC demonstrated, for the first time, n-type MoS2 and p-type WSe2 2D FET with comparable high on-state current. This on-state current for 2D p-FET also set a record for high performance. CMOS demonstration with co-integration of MoS2 n-FET and WSe2 p-FET on the same chip resulted in nearly unaltered performance. The Company continues to research emerging high-density, non-volatile memory devices and hardware accelerators for AI and HPC applications. At the 2023 IEDM, TSMC presented a new 1S1R device based on the arsenic-free SNGCT chalcogenide selector and on the STT-MRAM memory element. This 1S1R device demonstrated excellent write and read performance, including low write voltage, high speed, low write error rate, high write endurance, and excellent immunity to read disturb. At the 2023 International Solid-State Circuits Conference (ISSCC), TSMC demonstrated a nonvolatile AI-Edge processor with 4MB hybrid-mode ReRAM compute-in-memory (CIM) macro. This CIM macro includes configurable circuits supporting both near-memory computing (NMC) and in-memory computing (IMC) modes within a macro. Among reported nonvolatile AI-edge processors, the proposed 22nm AI-edge processor achieved the highest energy efficiency. ● Advanced Interconnect TSMC’s continuous striving for excellence and focus on innovative interconnect technologies empower its customers to design and manufacture highly competitive products. In 2023, the Company developed a unique backend-of-line process that reduces via resistance. In addition, TSMC research on new materials for future interconnect applications demonstrated significant line resistance reduction. These state-of-the-art Specialty Technologies TSMC offers a broad array of technologies to address a wide range of applications: ● Mixed Signal/Radio Frequency (MS/RF) While global consumer electronics were impacted by the aftermath of economic uncertainty triggered by COVID-19, in 2023 TSMC introduced N6RF+ technology to provide an alternative, cost-effective option to solve the excess inventory in smartphone markets and also provided N4RF for more high-end RF applications. To address the market in mmWave and RF frontend modules, the Company made continuous enhancements in N28HPC+ and N40SOI RF technologies by value-added design technology co-optimization (DTCO) as verified by many win-win solutions with customers. TSMC provided services for other RF technologies aimed at new emerging markets, such as low earth orbit (LEO) satellites and autonomous vehicles, in the form of RF process design kits (PDKs) with the most powerful ecosystem and time-to-market advantages from circuit design to product verification. ● Power IC/Bipolar-CMOS-DMOS (BCD) In 2023, TSMC continued to improve its competitiveness in the 12-inch BCD technology process by expanding its 0.13μm and 90nm BCD technology to meet the demand of the automotive market, where the 0.13μm to support 45V operation is currently undergoing reliability verification and is expected to be launched in 2024. The 55nm BCD has been successfully put into mass production and offers multiple 5V solutions for high-performance and low-power mobile applications. The second-generation of 40nm BCD and ultra-low power (ULP) process are fully compatible with 5-28V high-voltage components, thereby enabling more power management chip applications. The Company also successfully developed a 5V operated 6nm FinFET device for RF power amplifiers in high-end SoC. ● Micro-Electromechanical Systems (MEMS) In 2023, TSMC implemented qualified piezoelectric micro electromechanical systems (MEMS) technology for the sampling of in-ear dynamic vent application, which could optimize user experience for wireless earphones and strengthen customers’ competitiveness. In parallel, TSMC’s next generation monolithic CMOS-MEMS technology was qualified to produce 6-axis inertial measurement unit (IMU) for automotive with high frequency vibration rejection capability to enable reliable and accurate responses regardless of different vehicle designs and road conditions. Future plans include the development of next-generation environmentally friendly piezoelectric technology, and ultrasound transducer applications. ● Gallium Nitride (GaN) TSMC’s second generation of 650V and 100V E-HEMT entered the reliability verification stage in 2023, maintaining the Company’s leading position in the field of GaN power devices. The reliability test is expected to be completed in 2024 and then put into production. Meanwhile, to enhance customer product competitiveness, TSMC is also developing 8-inch 650V HEMTs for power devices in automotive electronics, expected to be launched in 2025. ● Display Drivers TSMC completed 28nm HV product IC yield and reliability verification in 2023 and will start production in 2024. To bolster the Company’s leading position in the field of high voltage display driver technologies, TSMC is developing 16nm high voltage FinFET with better performance and lower power usage for customers to design more competitive OLED display driver ICs. ● Complementary Metal-Oxide-Semiconductor (CMOS) Image Sensors TSMC achieved several accomplishments in CMOS Image Sensor technology in 2023, including (1) risk production of the worldwide first 3D-MiM embedded LOFIC pixel with a high dynamic range (DR>100dB) for high-end smartphones or ADAS automotive imaging applications; (2) technology transfer of an enhanced 3D-MiM (2.5X capacitance boost) embedded voltage domain global shutter (VDGS) CMOS image sensor to a manufacturing fab; (3) demonstration of TSMC’s next generation Si SPAD (single photon avalanche diode) technology with 55% pixel area shrinkage and 2X PDE improvement for more advanced and powerful 3D depth sensing applications; and (4) demonstration of new generation Ge/Si heterogeneous photodetector with 90% dark current reduction for SWIR (short-wave infrared radiation) 3D depth and bio signal sensing applications. ● Emerging Memory/Memory WoW Stacking Technology The Company reached several major milestones in emerging memory technologies in 2023. TSMC offered RRAM as a low-cost embedded NVM (Non-Volatile Memory) solution for the price sensitive IoT market. The Company’s 40nm, 28nm and 22nm nodes entered volume production, while 12nm and the next generation also entered development stage. TSMC has achieved the world’s first mass-production of 22nm consumer-grade MRAM. Moreover, the Company has taken steps to enhance its properties to meet automotive grade applications on the 22nm node. In 2023, TSMC successfully completed the technical qualification of the 16nm consumer-grade MRAM. Going forward, TSMC will collaborate closely with customers to develop an automotive grade 16nm 100 101 MRAM, as well as explore the next generation of 16nm embedded MRAM technology and focus on reducing the bit cell size for cost efficiency to accelerate the deployment of future technologies for software-defined vehicles (SDVs), smart sensor and edge-AI applications. TSMC developed 55nm node logic wafer and dynamic RAM heterogeneous wafer stacking processes, not only increasing data transfer bandwidth but also significantly reducing power consumption, with mass production already underway in 2023. TSMC also verified the wafer stacking technology of 28nm node RRAM. The electrical performance and reliability passed the test, providing a solution for high performance computing. In addition, TSMC demonstrated the wafer stacking technology of 22nm node MRAM, which is expected to meet the high speed and low power requirements of AI computing. 5.2.3 Technology Platform TSMC provides customers with advanced technology platforms that include the comprehensive infrastructure needed to optimize design performance, power, area (PPA) and cycle times. These include electronic design automation (EDA) design flows; silicon-proven libraries and IPs; and simulation and verification design kits, also known as PDKs, and technology files. For the latest advanced technologies such as 2nm, 3nm, 4nm and 3DFabric®, the Company provides certified EDA tools, features and IP solutions for customer adoption at various design stages to meet their product requirements. 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 solution providers from 14 EDA partners, seven Cloud partners, 39 IP partners, 26 design center alliance (DCA) and nine value chain aggregator (VCA) partners, as well as 22 partners with 3DIC expertise in the new 3DFabric® Alliance. 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 IPs or use IPs and EDA tools available from TSMC’s OIP partners. Tech Files and PDKs EDA tool certification, an essential element for IP and customer designs to ensure that features meet TSMC process technology requirements, can be found on TSMC-Online. Corresponding technology files and PDKs are available for customers to download and use 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 from 0.5μm to 2nm. In addition, the Company provides technology files for design rule checking (DRC), layout versus schematic (LVS), resistance- capacitance (RC) extraction, automatic place and route, and a layout editor to ensure that process technology information is accurately represented in EDA tools. By 2023, TSMC had provided customers more than 48,000 technology files and 3,400 PDKs. Library and IP Silicon intellectual property (IP) is the basic building block of IC designs. Various IP types are available to support different customer design applications including: foundation, analog/ mixed-signal, embedded memory, interface and soft IP. TSMC and its alliance partners offer customers a rich portfolio of reusable IPs, which are building blocks for many circuit designs. To support 3DIC customer needs, TSMC introduced 3DIC IP in 2019. By 2023, the Company had expanded its library and silicon IP portfolio to contain more than 73,000 items, a 33% increase over 2022. Design Methodology and Flow Design reference flows are developed based on certified EDA tools to provide robust and comprehensive design methodology innovations that can help boost productivity. In 2023, TSMC released N2 HPC, mobile and custom design reference flows through OIP collaboration and announced their availability for customer adoption. In addition to process technology advancements, the Company released the design reference flows for analog design migration 2.0, N16 79GHz mmWave and N4P RF sub-10GHz technologies, and continued to develop and offer 3DFabric® design solutions for both 3D chip stacking and 2.5D advanced packaging technologies, including solutions supporting the 3Dblox standard, to reduce 3DIC design barriers, thus helping customers to improve productivity in their system-level designs. These design reference flows feature FinFET-specific and 3DFabric® design solutions to optimize PPA. 5.2.5 Intellectual Property For a long time, TSMC has been protecting R&D innovation and operation development by way of utilizing patents and trade secrets as dual tracks under the established comprehensive IP management system, encouraging Company’s innovation culture, and strengthening Company’s competitive strengths so as to fulfill the Company’s ESG vision. TSMC’s General Counsel updates the Board of Directors on the status of the intellectual property management scheme. TSMC’s comprehensive patent management system includes: Patent management strategies, such as Global patent deployment, Exploratory invention mining, Patent portfolio expansion, and Patent exploitation and exercise; and Patent management rules, such as Tier-based IP evaluation, Patent competition rewards, Educational patent promotion, and Patent professional training. TSMC has established technological patent road maps by way of innovative patent strategy, strict management and risk-control measures; analyzed and monitored competitors by using intelligent patent maps; conducted core technology mining through invention workshops; expanded patent families on key technologies; filed and maintained patents by tier-based management, further enhanced patent protection through quality control on patent applications and continued to construct massive global patent portfolio with high quality; and, diversified exploitation of patent assets. In terms of patent filings, TSMC has accumulated more than 94,000 patent applications worldwide as of end of 2023, including 8,700+ applications filed in 2023. TSMC ranked No. 2 among global U.S. patent applicants, and No. 1 among patent applicants in Taiwan. In terms of patent grants, TSMC has accumulated 62,000+ patents worldwide as of end of 2023, including more than 6,000 global patents received. TSMC ranked No. 3 among U.S. Patentees, and No. 1 among patent patentees in Taiwan. In terms of patent quality, the allowance rate of TSMC’s U.S. applications approached 100%. Turning to trade secret management and strategy, 10 years after TSMC pioneered the “Trade Secret Registration System” in 2013, followed by the adoption of numerous intelligent management programmes, TSMC successfully launched the “Trade Secret Intelligent Management Version 2.0” and piloted the “Trade Secret Innovation Talent Scouting Online Merge Offline Service” in specific departments selected by a customized artificial intelligence (AI) system at Fab 12B, Fab 15A, and Fab 15B in 2023. By leveraging AI, static data from registered trade secrets were intelligently utilized to select colleagues with innovative potential by analyzing innovation indicators of their registered trade secrets. One-on-one, tailored guidance were provided to these colleagues by enthusiastic senior managers who have won several Golden Trade Secret Awards in the past to elevate their innovation’s quality and generate more exceptional trade secrets. Through the transformational synergistic effects of quality and quantity, a continuous upward spiral of innovation is generated, strengthening the company’s sustainable innovative culture and competitive advantage. The pilot run demonstrated that not only 18 inventors with innovation potential were successfully mentored by 6 Golden Coaches, but it also verified the feasibility of this novel initiative. This laid the foundation for future expansion and implementation in other fabs and divisions. TSMC identifies and rewards impactful and high-quality innovations through the annual Golden Trade Secret Award ceremony, presenting 2,738 trade secrets with the Golden Trade Secret Award between 2013 and 2023. In addition, immense innovative drive and potential are illustrated through the 348,503 trade secrets registered thus far and with annual registrations exceeding 100,000 cases for the first time in 2023. TSMC established the “Green Trade Secret Registration” column in 2021, and in 2023 alone recorded 633 registrations, a 500% increase from 2021’s registration numbers, demonstrating how much TSMC’s colleagues value Green Trade Secrets. Participating employees who registered for Green Trade Secrets span across multiple departments. On top of the Facility department, departments such as R&D and Manufacturing also participated enthusiastically in recording innovations contributing to sustainability, energy conservation, and carbon emission reduction, enriching the innovation diversity of Green Trade Secrets. TSMC received a AAA (the highest tier) certificate by Taiwan Intellectual Property Management System (TIPS) in December 2021, and the valid period will expire after December 31, 2024. TSMC’s IP team works closely with technical teams from R&D in early stage to mass production, and actively constructs IP portfolio for each key innovative technology, including the latest technology nodes, so as to ensure Company’s technology leadership in semiconductor field; TSMC utilize patents and trade secrets as dual tracks to successfully protect Company’s 102 103 main business including process technologies, designs, manufacturing and sales, and have been strategically utilized for defense and cross-license negotiation, so as to secure freedom of business operation worldwide. 5.2.6 TSMC University Collaboration Programs In recent years TSMC has collaborated closely with several prestigious universities in Taiwan to carry out a variety of joint research projects. These collaborations encourage more university professors to conduct leading-edge semiconductor research in areas such as novel devices, process, materials manufacturing technologies, specialty technologies for electronic applications, and green manufacturing. At the same time, these projects provide hands-on training opportunities for students interested in these fields to prepare them for joining the semiconductor industry after graduation. Starting in 2013, TSMC established research centers at four top universities in Taiwan: National Yang Ming Chiao Tung University, National Taiwan University, National Cheng Kung University and National Tsing Hua University. In the past ten years, a total of 295 professors and more than 3,800 students with backgrounds in the disciplines of electronics, electrical engineering, physics, materials, chemistry, chemical engineering, and mechanical engineering have joined the research centers. In 2022, TSMC also actively supported the establishment of semiconductor or key technology research academies at National Taiwan University, National Cheng Kung University, National Tsing Hua University, National Yang Ming Chiao Tung University, National Sun Yet San University, and National Chung Hsing University, providing continuous funding for forward-looking research in Taiwan’s semiconductor field and planning scholarship programs to encourage students who are interested in the field. In 2019, the Company jointly launched the TSMC-NTHU Semiconductor Program to enhance the quality and number of domestic semiconductor students and attract more outstanding students to a career in the semiconductor industry. By 2023, the list of school partners had grown to thirteen universities, including National Taiwan University, National Cheng Kung University, National Yang Ming Chiao Tung University, National Taipei University of Technology, National Taiwan University of Science and Technology, National Central University, National Sun Yet San University, National Chung Hsing University, National Chung Cheng University, Feng Chia University, Yuan Ze University, and Chung Yuan Christian University, with over 7,600 students enrolled to date. In addition, TSMC has long conducted strategic research projects at top overseas universities such as Stanford University, Massachusetts Institute of Technology, Princeton University, University of California, San Diego, University of Texas at Austin, University of Toronto, and the University of Tokyo and so on, focusing on innovative capabilities in transistors, interconnect, materials, device simulation and circuit design. TSMC University Shuttle Program The TSMC University Shuttle Program was established to provide professors at outstanding research universities worldwide with access to the leading silicon process technologies needed to develop innovative circuit design concepts. In 2023, TSMC teamed up with the Taiwan Semiconductor Research Institute (TSRI) to apply the successful customer experience to the University Shuttle Program. 16 nm technology is available at TSRI for advanced students to design, enabling their creativity to be transformed into physical chips. The University Shuttle Program provides access to TSMC silicon process technologies for digital and analog/mixed-signal circuits, RF designs, non-volatile memory design and ultra-low power designs. TSMC and the University Shuttle Program participants enjoy win-win collaboration through the program, which allows graduate students to implement exciting designs and achieve silicon proof points for innovation in various end-applications. 5.2.7 Future R&D Plans To maintain its technology leadership, TSMC plans to continue investing heavily in R&D. While TSMC’s 2nm and 14 Angstrom advanced CMOS logic nodes are progressing through the development pipeline, the Company’s exploratory R&D work is focused on nodes beyond 14 Angstrom, and on areas such as 3D transistors, new memories and low-R interconnect, to lay a strong foundation to foster the development of innovative technology platforms in the future. TSMC’s 3DFabric® advanced packaging R&D is developing innovations in subsystem integration to further augment advanced CMOS logic applications. The Company maintains its intensified focus on new specialty technologies such as RF and 3D intelligent sensors for 5G and smart IoT applications. TSMC research continues to develop novel materials, processes, devices and memories that may be adopted in the distant future, ten years and beyond. The Company also continues to collaborate with external research bodies from academia and industry consortia alike with the goal of gaining early awareness and adoption of future cost-effective technologies and manufacturing solutions for its customers. With a highly competent and dedicated R&D team and unwavering commitment to innovation, TSMC is confident in its ability to drive future business growth and profitability for years to come, by delivering advanced competitive semiconductor technologies to its customers. Summary of TSMC’s Major Future R&D Projects Project Name Description 2nm logic technology platform and applications A14 and beyond logic technology platform and applications 3DIC Next-generation lithography Long-term research 3D CMOS technology platform for SoC 3D CMOS technology platform for SoC Cost-effective solutions with better form factor and performance for 3DIC integration Next-generation EUV lithography and related patterning technology to extend Moore’s Law Specialty SoC technology (including new NVM, MEMS, RF, analog) and transistors with 8 to 10 years horizon The projects above account for roughly 73% of the total R&D budget for 2024. Total R&D budget is estimated to be around 8% of 2024 revenue. 5.3 Manufacturing Excellence 5.3.1 GIGAFAB® Facilities Maintaining reliable production capacity is a key manufacturing strategy at TSMC. The Company currently operates four 12-inch GIGAFAB® facilities – Fab 12, 14, 15 and 18. The combined capacity of the four facilities exceeded 12 million 12-inch wafers in 2023. Production within these facilities support 0.13μm, 90nm, 65nm, 40nm, 28nm, 16nm, 7nm, 5nm and 3nm process technologies and their sub-nodes. The GIGAFAB® facilities are coordinated by a centralized management system known as super manufacturing platform (SMP) to provide customers with consistent quality and reliability, greater flexibility to cope with demand fluctuations, and faster yield learning and time-to-volume production, as well as lower-cost product requalification. In July 2023, TSMC inaugurated its global R&D center specializing in the technology development of 2nm nodes and beyond and to support the exploration of new materials and research on transistors structures. In addition, in response to strong market demand for 3DIC, TSMC opened and started operating its Advanced Packaging Fab 6 also in June 2023 as to provide comprehensive semiconductor manufacturing services from frontend to backend and testing. 5.3.2 Engineering Performance Optimization As advanced technology continues to evolve and IC geometry keeps shrinking, the need for tighter manufacturing process and quality control becomes extremely challenging. TSMC has tailored its manufacturing infrastructure to handle a diversified product portfolio that uses strict process control to meet tightened specs and higher product quality, performance and reliability requirements from customers. TSMC’s process control systems are integrated with numerous intelligent functions to achieve excellence in both quality and manufacturing. Through intelligent detection, smart diagnosis, and cognitive action, the Company produces remarkable yield enhancement, quality assurance, workflow improvement, fault detection, and cost reductions, while shortening its R&D cycle. To meet 5G’s stricter quality requirements for mobile, high performance computing (HPC), automotive and the Internet of Things (IoT), TSMC is implementing artificial intelligence (AI) and machine learning technologies, and has developed systems for precise fault detection and classification, intelligent advanced equipment control and intelligent advanced process control to ensure the consistency of tool matching and process stability. Combining intelligent process variation detection with foundry know-how to identify potential defects and minimize the convergence of process variation through self-diagnosis and cognitive action. As the result, each chip can be precisely controlled at the nanometer level to produce the highest quality wafers for customers. 5.3.3 Agile and Intelligent Operations The Company’s sophisticated, agile and intelligent operating system drives manufacturing excellence. TSMC has integrated process experience, machine tuning, manufacturing know-how, and AI technologies to create an intelligent manufacturing environment. Intelligent manufacturing technologies are widely applied to lean manufacturing, employee productivity, equipment productivity, process and equipment control, quality defense, and robotic control to optimize quality, productivity, efficiency, and flexibility. The end result is real-time information analysis, improved forecast capability, maximum cost effectiveness, and accelerated innovation. TSMC has also integrated new applications such as intelligent mobile devices, IoT, edge computing, and mobile robot, with intelligent automated material handling systems (AMHS) to consolidate wafer manufacturing data collection and analysis, utilize manufacturing resources efficiently, 104 105 and maximize manufacturing effectiveness. TSMC continues to improve semiconductor production through AI that uses massive amounts of production data to achieve agile and intelligent operations. 5.3.4 Digital Transformation To meet strong pent-up demand from customers, TSMC continues to implement technology to transform the “automated fab” into the “intelligent fab,” with the simultaneous improvement of product quality, equipment capacity, and personnel effectiveness. Intelligent fab has integrated the domain knowledge of semiconductor manufacturing, enabled system self-learning, and expanded the application of AI and machine learning, which includes dispatching, equipment tuning, process control, equipment diagnosis and maintenance, and quality inspection. This frees today’s engineers to focus on problem solving. Looking ahead to the future, all manufacturing improvement plans and productivity enhancements within the factory can be synchronized across global factories through the Global Manufacturing and Management Platform. Furthermore, the implementation of augmented reality (AR) and remote operation platforms will provide greater flexibility and efficiency in cross-factory machine maintenance and operations, thereby enabling a collaborative model to achieve operational efficiency and manufacturing quality consistency across all factories. 5.3.5 Raw Materials and Supply Chain Management In 2023, TSMC, together with suppliers, continued to review and resolve supply and quality issues as well as potential supply chain risks through the collaboration of teams formed by fab operations, quality control and business organizations. TSMC also worked with suppliers to drive research and process innovation for advanced materials, strengthen quality, and save energy and reduce carbon emission in the supply chain to achieve a sustainable supply chain and create benefits from win-win solutions. Raw Materials Supply Major Materials Major Suppliers Market Status Procurement Strategy Raw Wafers FST GlobalWafers SEH Siltronic SK siltron SUMCO These 6 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 optimize cost and supply. ● Most suppliers have located their new operations closer to TSMC’s major manufacturing facilities, thereby significantly improving procurement logistics and reducing supply risk. ● All supplied products are regularly reviewed to ensure that TSMC’s specifications are met and product quality is satisfactory. ● In order to effectively manage costs and supply chain, TSMC has collaborated with suppliers and adopted various strategies. ● TSMC encourages and collaborates with chemical suppliers to implement innovative green manufacturing improvement programs. These 12 companies are the major worldwide suppliers of chemicals. Chemicals Lithographic Materials Air Liquide BASF DuPont Entegris Fujifilm Electronic Materials Kanto PPC Kuang Ming Merck RASA Shiny Tokuyama Wah Lee DuPont Fujifilm Electronic Materials JSR Nissan Shin-Etsu Chemical Sumitomo Chemical T.O.K. 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 policies, and jointly set improvement programs and monitor progress to ensure continuous improvement in TSMC’s supply chain. Major Materials Major Suppliers Market Status Procurement Strategy Gases Slurry, Pad, Disk Air Liquide Air Products Central Glass Entegris Linde LienHwa Merck SK specialty Co., Ltd. Taiwan Material Technology Nippon Sanso Taiwan 3M AGC Entegris DuPont Fujibo Fujifilm Electronic Materials Fujimi These 9 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 these suppliers meet TSMC’s standards. 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 jointly set improvement programs and monitor progress to ensure continuous improvement in TSMC’s supply chain. ● Most suppliers have relocated or plan to establish new 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 in 2023 and 2022 Unit: NT$ thousands Supplier Company A Company B Others Total Net Procurement Procurement Amount 2023 As % of 2023 Total Net Procurement Relation to TSMC Procurement Amount As % of 2022 Total Net Procurement Relation to TSMC 2022 17,862,380 17,763,637 53,109,061 88,735,078 20% 20% 60% 100% None None 　- 　- 18,259,301 16,120,039 56,546,611 90,925,951 20% 18% 62% 100% None None 　- 　- ● Reason for Increase or Decrease: The changes of procurement amount and percentage were mainly due to customer product demand change. 5.3.6 Quality and Reliability (Q&R) TSMC strives to offer excellence in semiconductor manufacturing services to all its customers worldwide. The Company is dedicated to providing outstanding quality in every facet of its business and maintains a culture of continuous improvement to assure customer satisfaction. TSMC implements containment and preventive measures to protect customers from potential product defects. In the technology development stage, the Q&R organization helps customers design in superior product reliability. In 2023, Q&R worked continuously with R&D in advanced logic, specialty and advanced packaging technologies throughout development and qualification stages to ensure meeting commitments to customers with respect to device characteristics, process yield and product reliability. For advanced logic technology, following 3nm FinFET, Q&R successfully certified N3E, which is an enhanced version of 3nm processes for better power, performance and density. For specialty technologies, Q&R successfully qualified consumer-grade 22nm embedded MRAM process enhancement IP and completed reliability certification for 28nm HV (high voltage) technology. In addition, TSMC’s advanced packaging solutions enabled system improvement of the wafer level process by integrating the frontend wafer process and backend chip packaging. In 2023, Q&R completed the qualification and entered volume production 106 107 of TSMC-SoIC® stacking technology, which stacks chips on wafers (CoW). TSMC also successfully certified the CoWoS® advanced packaging technology on larger substrates, enabling the 3DFabric® technology platform to be applied to artificial intelligence and high-speed computing. In terms of advanced packaging technology, TSMC has successfully certified the InFO_PoP technology for advanced N3 chips and power management ICs (PMICs), achieving higher efficiency and lower power consumption in mobile devices. To continuously reduce product defects, enhance process controls, facilitate early detection of abnormalities and prevent quality problems in general, Q&R collaborates with other operational entities to establish and continuously improve real-time defense systems using advanced statistical methods and quality tools. Q&R and the Company’s fabs have also 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 requirements to tighten in-line and wafer acceptance testing in fabs and the handling of maverick wafers and lots. 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 defective parts per million (DPPM) requirements. To stimulate employee problem-solving and develop related quality systems and methodologies, Q&R held several company-wide symposia and training programs on total quality excellence (TQE) in 2023. Q&R has successfully completed a series of digital transformation development tasks, applied in areas such as raw material management, statistical process control (SPC), metrology, and laboratory analysis. By leveraging advanced digital technologies and platforms, TSMC achieved its digital transformation goals. Moreover, during the initial phase of overseas expansion, Q&R addressed the challenges of personnel training, remote management, and support through digital transformation. This has made the successful practice of globalized management possible, achieving zero distance and zero time difference in quality management across global fabs. In 2024, Q&R will continue to promote the development of quality management methods and professional training and apply artificial intelligence technologies to consolidate TSMC comprehensive competitive advantages in this industry. Q&R is committed to quality excellence, responsible supply chain, green manufacturing, and sustainable management practices. Q&R has established a state-of-the-art chemical lab responsible for monitoring raw material quality, assisting R&D organizations in the breakthrough of cutting-edge materials, and improving the yield of products and processes. In addition, Q&R and its chemical lab also assist the supply chain in material innovation, guiding suppliers to ensure compliance with international regulation for carcinogenic, mutagenic and reprotoxic (CMR) substances and to classify risky materials and carry out test sampling. In addition, Q&R applies best known methods based on professional expertise and collaborates with the materials supply chain management division to build a resilient raw material supply chain. Even in the face of pandemic restrictions, geopolitical tensions and material shortages, TSMC successfully expanded existing material production capacity with suppliers, established new production lines of verified quality at overseas bases, and developed sufficient qualified second sources. All the efforts above have supported TSMC in navigating through geo-political turmoil to achieve continuous growth and optimize the balance between quality and capacity. Furthermore, Q&R assisted suppliers in developing recycling projects, enabling several recycled chemicals to achieve an electronic grade quality level. Q&R also collaborated with operations to conduct engineering verification for recycled chemicals, meeting TSMC’s quality requirements and environmentally friendly sustainability goals. Q&R is also committed to the continual improvement of local supply chains and developing local talent. In 2023, TSMC again collaborated with the Semiconductor Equipment and Materials International (SEMI) to hold the fifth Strategic Materials Conference (SMC) in Taiwan and invited domestic and overbroad members to share the most advanced material technology, to motivate talented personnel and elevate the international competitiveness of the local supply chain. In addition, in 2023 Q&R collaborated with a professional consulting firm to participate in the Electronic Specialty Gases & Systems Conference in Arizona, U.S., to discuss the importance of technical goals and quality management with the local supply chain. This provided an opportunity to attract talented local individuals who share the same values. TSMC fully supports continuous improvement programs to strengthen the work culture, improve product quality and production efficiency, reduce production costs, and enhance customer satisfaction. These programs encourage colleagues to strive for excellence, drive cross-departmental observation and learning, and enhance their innovative, problem-solving abilities – all traits that greatly contribute to achieving a win-win outcome of honing TSMC’s competitive edge and building customer satisfaction. To continue and uphold the excellent quality culture of TSMC, Q&R began offering quality culture courses for new employees in 2022. These courses help new employees establish the correct quality values and accelerate their integration and adaptation to their roles. In addition to internal cross-organizational learning and exchange, TSMC participates in the Taiwan Continuous Improvement Award (TCIA) 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 improvement methods of other industries. In 2023, TSMC’s outstanding performance was recognized with seven gold, two silver and two “best improvement and innovation” awards. Meanwhile, Q&R encouraged local material suppliers to participate in the TCIA for ability and quality culture enhancement, and in 2023, they won a total of nine medals: one gold, seven silver, and one bronze. Additionally, Q&R added quality courses to TSMC’s Supply Online 360, sharing basic concepts of quality tools, problem-solving, and continuous improvement, as well as explaining the necessary procedures for management changes and evaluation of new materials. 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 product recalls initiated by customers due to safety concerns in 2023. Meanwhile, a third-party audit verified the effectiveness of the Company’s quality management systems in compliance with IATF 16949: 2016 and IECQ QC 080000: 2017 requirements. In 2023, TSMC’s backend fabs also continually passed the certification of American National Standards Institute ANSI/ESD (electrostatic discharge) S20.20 standard. Regular customer feedback indicates that products shipped from TSMC have consistently met or exceeded all field quality and reliability requirements. In these ways, TSMC helps customers improve time-to-market delivery and competitiveness with excellent, reliable products for the five major growth markets the Company serves: HPC, smartphones, IoT, automotive, and digital consumer electronics. 5.4 Customer Trust 5.4.1 Customers TSMC’s customers make a wide variety of products that deliver excellent performance across the semiconductor industry. They include fabless semiconductor companies, system companies, and integrated device manufacturers such as Advanced Micro Devices, Inc., Amazon Web Services, Inc., Broadcom Inc., Infineon Technologies AG, Intel Corporation, MediaTek Inc., NVIDIA Corporation, NXP Semiconductors N.V., Qualcomm Incorporated, Sony Semiconductor Solutions Corporation and many more worldwide. Customer Service TSMC is committed to providing customers with the highest quality service. The Company believes that excellent service is key to maintaining and improving customer satisfaction, solidifying existing customers, and attracting new customers. To this end, TSMC has established a dedicated customer service team to act as the primary contact window, facilitating seamless communication and coordination with customers in areas such as product design, mask making, wafer manufacturing, and 3DFabric® technology services, ensuring world-class service every step of the way. TSMC is committed to continuously improving customer satisfaction, earning customer trust, maintaining sales and profitability, and solidifying its role as a most reliable partner. To improve customer interaction on a real-time basis, TSMC-Online offers a suite of web-based applications to provide more proactive customer service and support in design, engineering and logistics. Customers thus have 24-7 access to critical information. TSMC-Online facilitates design collaboration by maintaining data availability and accessibility and providing customers with accurate up-to-date information at each stage of the design process. Engineering collaboration focuses on wafer, and 3DFabric® processes, yield and wafer acceptance test analysis, as well as data quality and reliability. Logistics collaboration includes information on wafer fabrication, advanced packaging, testing, and transportation. In addition, customers can generate customized reports through TSMC-Online to meet their system automation needs. Customer Satisfaction To ensure customer satisfaction, TSMC must fully comprehend its customers’ needs. To this end, the Company works with third-party consulting firms to conduct annual customer satisfaction surveys (ACSS) with the majority of existing customers, either via online surveys or in direct interviews. In addition to the survey, TSMC also conducts quarterly business/technical reviews (QBR/QTR) with customers to collect their feedback on a regular basis. Customer feedback is routinely reviewed, analyzed and used to develop appropriate improvement plans, all in all becoming an integral part of the customer satisfaction process. Through surveys and feedback reviews, TSMC is able to closely interact with customers, provide better services, and enhance the quality of customer collaboration. 108 109 Customer Information Protection TSMC complies with applicable regulations and international standards to protect customer information and has received ISO 27001 international information security certification. In addition, relevant proprietary information protection policies and standard work processes are also established to ensure only authorized personnel can access the engineering and production data of any specific customer. Customers Accounting for at Least 10% of Annual Consolidated Net Revenue in 2023 and 2022 Unit: NT$ thousands Customer Customer A Customer B Others Total Net Revenue 2023 2022 Net Revenue As % of 2023 Total Net Revenue Relation to TSMC Net Revenue As % of 2022 Total Net Revenue Relation to TSMC 546,550,925 241,152,357 1,374,032,559 2,161,735,841 25% None 11% None 64% 100% - - 529,649,200 N/A 1,734,242,092 2,263,891,292 23% None N/A None 77% 100% - - ● 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® Initiative At TSMC, innovation has always been an exciting challenge. Competition continues to intensify in the face of increasing industry consolidation and the commoditization of technology at more mature, conventional levels, and thus semiconductor 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®, an “outside in” approach to complement traditional “inside out” methods. TSMC has chosen this path to stimulate innovation via its 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 design cycle times and first-time silicon success rates. OIP promotes the speedy implementation of innovation within the semiconductor design community and its ecosystem partners using TSMC’s process technology and OIP partners’ solutions in design implementation 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 precision and quality required by the ecosystem interfaces and collaborative components. 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 production, 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. ● Alliances that enable semiconductor designing in the Cloud for the benefit of scalability, agility and flexibility to meet various customer requirements for work models. ● Alliances that provide design services to support customer demand regarding resources and capabilities, depending on the scope and various requirements in the semiconductor design stages and value chain. ● Alliances to enable customers’ system-level designs for integrating multiple chips/chiplets in 3D stacking and advanced packaging. ● Participants consisting of 14 EDA partners, seven Cloud partners, 39 IP partners, 26 design center alliance (DCA) partners, nine value chain aggregator (VCA) partners and 22 partners in the new 3DFabric® Alliance. ● A partner management portal to facilitate communication with ecosystem partners for efficient business productivity – designed with a highly intuitive interface and accessible via a direct link from TSMC-Online. TSMC and partners work together proactively and engage much earlier and deeper than ever before in order to address the mounting design challenges of advanced technology nodes. Through this early and intensive collaboration, 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 customer success. Hence, this helps achieve DTCO among TSMC process technologies, OIP design solutions and customer product designs. The 2023 annual OIP Ecosystem Forum in North America demonstrated how TSMC and its ecosystem partners jointly develop design solutions on top of TSMC’s advanced technologies through OIP. At the forum, TSMC made key presentations on its comprehensive 3nm technology family that continues the full-node PPA scaling trend, together with the offering of high-density and high-performance libraries and design solutions to support smartphone and high performance computing (HPC) design applications. The Company also made presentations on the readiness of analog cells that can help boost analog IP yields and analog design productivity, with the design solutions to enable EDA and design flow automation to support analog design migration. In response to the rising demand for more complex system level designs, TSMC collaborates with 3DFabric® alliance partners of 3DIC expertise in EDA, IP, DCA/VCA, memory, substrate, outsourcing semiconductor assembly testing (OSAT) and testing to provide 3D chip stacking and 2.5D advanced packaging design solutions, together with EDA tools compliant to the 3Dblox open standard to facilitate integration of multiple chips/ chiplets in system-level designs using 3DFabric® technology services which include TSMC-SoIC®, InFO and CoWoS®. The availability of the aforementioned design ecosystem solutions helps customers successfully pursue opportunities in all major markets: HPC, smartphones, the Internet of Things (IoT), automotive and digital consumer electronics. 5.5 Information Security Management 5.5.1 Information Security Policy and Organization TSMC is committed to information security and confidentiality protection for its customers, shareholders, and partners. To this end, the Company has formulated, implemented and regularly updated rigorous cybersecurity policies, procedures and measures as reflected in TSMC’s Information Security Declaration. In 2022, following the regulations of the Financial Supervisory Commission of Taiwan, TSMC appointed J.K Lin, Senior Vice President of Information Technology, Material and Risk Management, to take on the addition role of Chief Information Security Officer (CISO). Mr. Lin is responsible for the overall planning and coordination of Company resources, communicating on information security policies and directions. TSMC has established a dedicated corporate information security (CIS) organization, led by Director James Tu, to be responsible for the implementation, planning, monitoring, and management of information security. TSMC has also established the PIP and Risk Committee and the IT Security Committee to cooperate with the Company’s information technology and related organizations to strengthen corporate information security protection and management mechanisms. Both committees are chaired by the CISO and comprise VP-level executives who meet regularly to review and deliberate on important information security policies as well as project implementation. Every six months, CIS executives report risk management measures to the Audit and Risk Committee, including global information security trends, corporate information security policies, plans, and implementation results. The chair of the Audit and Risk Committee also reports on the effectiveness of information security supervision and risk control measures to the Board of Directors. 110 111 Corporate Information Security Organization Structure Board of Directors Audit and Risk Committee Corporate Information Security Organization PIP and Risk Committee IT Security Committee countermeasures to mitigate these risks. In 2023 and as of the date of this Annual Report, TSMC has not suffered any financial losses nor experienced any operational impact due to material information security incidents. 5.6 Human Capital Human capital is TSMC’s most treasured asset. The Company strives to provide employees with meaningful work, continuous learning, a safe and pleasant work environment that is both diverse and inclusive, and high-quality compensation and benefits. TSMC goes beyond this by actively encouraging employees to nurture and enjoy a healthy family life, develop personal interests, expand social participation, and, in general, live a happy life. 5.5.2 Information Security Management Strategy and 5.6.1 Human Rights Policy and Specific Actions Resources To achieve TSMC’s information security goals and maintain competitiveness, the corporate information security organization actively strengthens security and confidential information protection mechanisms. CIS sets clear policy, procedures and guidelines and continuously enhances the Company’s management systems and implements comprehensive risk controls. In addition, CIS regularly performs information security risk assessments and sets priorities based on the impact and probability of a risk, as well as the cost of reducing such risk. CIS uses the plan-do-check-act (PDCA) methodology to continuously enhance multi-layer information security defenses and establish key performance indicators (KPIs) for information security. In 2023, TSMC invested in excess of NT$1 billion to strengthen information security, involving more than 500 employees for information security-related activities, with more than 1,000 external security personnel engaged in the physical aspects of information security services. 5.5.3 Information Security Incident Handling and Notification TSMC has established enterprise risk management mechanisms and procedures to handle information security incidents. The mechanisms and procedures define relevant processes and measures for incident notification, designation of personnel responsible for handling material information security incidents, and assessment of losses suffered as well as additional measures needed, evaluation of information security risks to the Company’s financial and operations, and proposed TSMC strongly believes that respecting human rights and promoting a decent work environment are vitally important. The Company is committed to supporting the following international human rights standards while complying with local laws in all operating locations, treating and respecting all personnel equally. The TSMC Human Rights Policy applies to the management team and all employees (those employed by TSMC and receiving wages or compensation), affiliated enterprises, suppliers, contractors, partners (including customers and communities), and other stakeholders committed to eliminating any human rights violations. Management Principles ● Human Rights Governance Structure TSMC has established a human rights governance structure with the Board of Directors at the highest level. The ESG Committee has established a cross-department human rights task force, encompassing Customer Service, Corporate Sustainability, Environmental Safety and Health, Human Resources, Information Technology, Corporate Information Security, Materials Management, Legal, Operations, Quality and Reliability, Research and Development and other functional organizations to systematically and effectively promote human rights management activities. In addition to regularly reporting progress to the ESG Steering Committee, the chairperson of the ESG Committee reports to The Nominating, Corporate Governance and Sustainability Committee under the Board of Directors on human rights management actions and implementation results. ● Due Diligence TSMC follows the recommendations of the OECD Due Diligence Guidance for Responsible Business Conduct to carry out the Company’s due diligence process. TSMC conducts the due diligence process by embedding responsible business practices into its policies and management systems, regularly identifying and assessing risks, implementing prevention and mitigation measures, and tracking mechanisms. ● Training and Advocacy TSMC develops human rights protection training to establish awareness and develop a culture of respecting human rights. Through such training, the Company informs employees about human rights concepts and their importance, accessible grievance channels to all, and TSMC’s measures for the management, prevention, and remediation of human rights violations. ● Grievance Channels TSMC establishes robust grievance and communication channels and commits to protecting complainants. Potential human rights violations can be reported anonymously or through multiple communication mechanisms to provide concerns or suspected violations to TSMC, and the Company will initiate corresponding measures. ● Remediation Once a human rights violation caused or contributed to by TSMC is identified, the Company will initiate a remediation mechanism based on the type of incident and, if necessary, cooperate with relevant stakeholders to prevent recurrence. ● Communication and Disclosure TSMC identifies affected individuals on a case-by-case basis based on salient human rights issues to build a solid, trusting relationship, and listens to the voices of stakeholders through diverse, open, and two-way communication channels. The Company regularly discloses human rights management goals, actions, performance, and progress on the Company’s ESG website, Sustainability Report, and Human Rights Report. In 2023, the Company used the Responsible Business Alliance’s Self-Assessment Questionnaire (SAQ) to identify the greatest risks regarding labor, health and safety, environment, and ethics matters and to formulate substantive actions and managerial response. The SAQ scores of each of TSMC’s operating fabs were in the low risk range, defined as xx points or above. TSMC conducted multiple human rights protection training courses in 2023 including plant safety and health, emergency response, first-aid personnel training, friendly workplace, etc. The total training hours are 156,595 hours, and a total of 70,576 employees have completed the training, accounting for 92% of employees. To further promote human rights, TSMC offered a course called “Understand TSMC Human Rights Policy, Create a Friendly Workplace, and Eliminate Sexual Harassment”. 65,364 employees completed this training, and the passing rate of the post-training test was 100%. TSMC abides by the rights granted to workers by laws and regulations and respects the freedom of collective consultation and assembly and association of all employees. The Company will not interfere or intervene with these activities. TSMC holds Silicon Garden meetings, aka Labor-Management meetings, on a regular basis, listens to employees’ opinions and makes timely and appropriate responses through a diversified and comprehensive internal communication framework, in order to strengthen the communication between the Company’s management team and employees and ensure harmonious employee relations. 5.6.2 Diversity and Inclusion TSMC believes that a diverse management and talent structure contributes to the Company’s competitive advantage and sustainable development. Through the implementation of the Diversity and Inclusion Statement, TSMC actively establishes an open management model, creates an inclusive working environment, and encourages people of varying skills and backgrounds to join the semiconductor sector, so that the industry can maximize the benefits of diverse talent resources. To realize TSMC’s People Vision and provide an inclusive workplace, TSMC has officially established three employee resource groups (ERGs), Women@tsmc, Global Family@ tsmc and Accessibility@tsmc, to focus on the diversity areas of gender, race/nationality and disability since 2022-2023. In 2023, TSMC hosted the first Diversity and Inclusion Campaign, turning the Company’s goals into concrete actions and promoting the innovative value of diversity and inclusion. TSMC has further expanded the scope of diversity and inclusion, planning learning structures and learning focus for different roles for all employees, aiming to support colleagues in understanding the subtleties of diversity and inclusion, including unconscious bias and how it is formed, jointly raising diverse and inclusive awareness. 112 113 台積公司願景成為全球最先進及最大的專業積體電路技術及製造服務業者公司永續發展儲備員工未來能力釋放員工潛能與創新準備員工未來所需的能力、促動員工自主學習、建構人才梯隊為公司與社會創造正向影響人才發展策略能力導向的學習模組多元且彈性的學習方式各職級的訓練與發展計劃學習動能培養台積人才發展架構 & 70/20/10法則、混成學習 & 系統化學習藍圖組織發展診斷 AI自適應學習 TSMC Talent Development Model TSMC Vision Company Sustainability Be the most advanced and largest technology and foundry services provider Equip employees with future capabilities Unleash employees’ potential & innovation Prepare employees with the skills for the future and build a talent pool Enable self-learning and create positive impact to the company and the society Talent Development Strategy Ability-based Learning Program Diverse & Versatile Learning Approach Training & Development Programs at all levels TSMC People Development Framework & organization development diagnosis 70/20/10 principle, blended learning & AI adaptive learning Systematic learning roadmap Learning Momentum Cultivation In 2023, TSMC conducted over more than 7,000 training sessions, more than 10,000 online courses, and provided over 6.53 million hours of training with a total in excess of 2.59 million participants. The average annual training time per employee grew to 85.4 hours, an increase of 23% over the previous year. TSMC training expense reached NT$887 million and the average training cost per employee was approximately NT$11,604, a 12 percent decrease from the previous year (Note). 5.6.6 Competitive Overall Compensation In order to develop the most effective compensation strategies, TSMC reviews and selects benchmark companies annually and collects market information on compensation data of the whole industry for competitiveness analysis. TSMC’s compensation program includes a monthly salary, performance bonuses based on quarterly business results, and profit sharing based on annual results. The purpose of the business performance bonus and profit sharing programs is to reward employee contributions appropriately, to encourage employees to work consistently toward ensuring TSMC’s success, and to align employee interests with those of TSMC’s shareholders so as to achieve win-wins for the Company, shareholders and employees alike. The Company determines the bonus and profit sharing amounts based on operating results and domestic industry practice. The amount and distribution of the employee bonuses are recommended by the Compensation and People Development Committee to the Board of Directors for approval. Individual rewards are based on each employee’s job responsibility, contributions and performance. A similar approach is used in TSMC’s compensation programs at subsidiaries. In addition to providing employees with a locally competitive base salary, annual bonuses are granted as a part of total compensation, in line with local regulations, market practices and the overall operating performance of each subsidiary. Note: In order to align the definition of training expenses with international market research information (as in Training magazine) to include total training spending, outside products and services, and training staff payroll, starting in 2022 the Company began including training staff payroll in annual training expenses. The change in the average training cost per employee in 2023 reflects the comprehensive impact of training manpower’s business performance bonus and profit sharing and changes in the number of employees. 5.6.3 Workforce Structure At the end of 2023, TSMC had 76,478 employees worldwide, including 7,861 managers, 36,807 professionals, 9,235 assistants and 22,575 technicians. The following two tables summarize the makeup of TSMC’s workforce and the female portion of management as of the end of February 2024: TSMC adheres to its core values and continues to move forward with a lofty vision, attracting the attention of young talents both in Taiwan and overseas. To ensure the talent it needs for the continuous growth, TSMC expanded its recruiting channels to attract top-notch professionals in all positions and employed over 6,000 employees worldwide in 2023. Workforce Structure Job Total Gender Education Managers Professionals Assistant Engineer/Clerical Technicians Male Female Ph.D. Master’s Bachelor’s Other Higher Education High School Average Age Average Years of Service 12/31/2022 12/31/2023 02/29/2024 7,295 35,189 8,665 21,941 73,090 65.6% 34.4% 3.8% 47.2% 29.3% 8.4% 7,861 36,807 9,235 22,575 76,478 65.8% 34.2% 3.9% 47.7% 29.5% 8.0% 8,000 37,129 9,284 22,620 77,033 65.9% 34.1% 3.9% 47.9% 29.5% 8.0% 11.3% 10.9% 10.9% 35.7 8.3 36.2 8.7 36.2 8.8 Female Ratio in Management 12/31/2022 12/31/2023 02/29/2024 Female Ratio in Junior Management Female Ratio in Senior Management Female Ratio in Top Management 13.6% 13.0% 6.1% 14.3% 13.7% 5.9% 14.4% 13.9% 5.9% Note: Junior management positions include first-line managers; top management positions include vice presidents and higher as well as the CEO. 5.6.4 Recruitment Sharing a common vision and values by the Company’s employees is key to TSMC’s growth and success. As for recruitment of new employees, the Company is committed to finding and hiring top-notch professionals in all positions. TSMC is an equal opportunity employer and practices open and fair recruitment. In addition to prioritizing integrity and ability as the primary conditions for employment, the Company also considers suitability for the position, evaluating all candidates equally regardless of race, gender, age, religion, nationality or political affiliation. 5.6.5 Talent Development Employees are TSMC’s most important asset. In addition to creating a diverse and inclusive workplace that encourages employees to learn and develop their strengths, TSMC also attaches great importance to the early and continuous development of the capabilities of all employees. In this regard, the Company integrates internal and external resources, provides challenging, meaningful and interesting work in a world-class workplace and creates a continuous, diverse learning environment. In addition, the Company has initiated training and education procedures to ensure that the employees and the Company can grow together with “goals, plan and discipline” so as to become a force to uplift the society. To pursue sustainable growth TSMC intends to expand global operations, and talent development is crucial to achieving this strategic goal. Therefore, the Company selects and cultivates talented employees based on the TSMC Talent Development Model to support sustainability and follows two strategies for talent development: equipping employees with future capabilities, i.e. preparing employees with the skills for the future and building a talent pool, and unleashing employees’ potentials and innovation, i.e. encouraging and enabling self-learning and continuous innovation to create positive impacts on the Company and society. To this end, the Company initiates ability-based learning programs, focusing on the core traits of character (perseverance, resilience, initiative, innovation, judgment, broadness of mind and breadth/depth of knowledge), and further develop leadership, professional and general skills according to colleagues’ different positions and professional, and the needs of Company’s organization. At the same time, the Company uses a blended approach consisting of experiential learning (70%), feedback and guidance (20%), and education and training (10%). The Company also employs future AI adaptive learning, together with training and development programs at all levels, to comprehensively and systematically plan and develop the capabilities required by all employees. These approaches help cultivate learning momentum and support employees and the Company in achieving continuous growth and breakthroughs. 114 115 In addition to the competitive compensation described above, the Company approved and implemented a global employee stock purchase plan in 2022, which is available to all regular employees of TSMC and its wholly owned subsidiaries. Through this plan, employees are encouraged to participate in the Company’s long-term success. To strengthen the link between TSMC managers and shareholders’ interests, the Company established corporate officer shareholding guidelines in 2020. The required holding value of TSMC shares by the chairman, CEO, and corporate officers is proportional to their annual base salary: 18 times for the chairman and CEO, nine times or three times for officers (three times is only applicable for officers hired in overseas) Officers shall fulfill the required value within three years of appointment and maintain the required value for the entire period of employment. Furthermore, to attract and retain corporate executives and other critical talent and to link their compensation with shareholder interests and environmental, social, governance (ESG) achievements, TSMC established employee restricted stock awards rules in 2021, 2022 and 2023. 5.6.7 Employee Benefit System Superior to Statute TSMC offers employee benefits that are superior to those required by applicable statutes. In addition to twelve national holidays per year, seven memorial days are also designated as holidays. To alleviate traffic congestion during commuting hours, support family care needs, and create a diverse and inclusive workplace, the Company implemented a staggered commuting policy in 2023 and continuously optimized related flexible support. In order to support employees in practicing the Company’s sustainable vision of “making society better,” TSMC provides one day of volunteer leave per year since 2023. The Company provides employees with statuary labor insurance and national health insurance as well as comprehensive paid group insurance plans. Coverage includes life insurance and insurance for accidents, hospitalization, cancer, critical illness, maternity and international business travel. There are also various and unique employee self-paid group insurance plans available for employee family members. The group insurance coverage is extended to employees on approved unpaid leave. To better support new hires, TSMC offers one day of annual leave for every two months of service in the first year. Employees who need to take long leaves of absence for military service or severe injuries can also apply for unpaid leave, and then apply for reinstatement after the expiration of the period. In addition, TSMC provides pensions, financial assistance for emergencies, subsidies for marriage, childbirth and funerals, as well as discounts in designated shops. In accordance with local laws and regulations, TSMC provides breastfeeding and breast milk collection rooms. To help employees balance their personal and work lives, TSMC not only offers parental leave but also provides a comprehensive leave management system. To further create a family-friendly workplace and support for TSMC employees’ parenting needs, starting from October 1, 2023 the Company implemented the TSMC Childcare Benefit Program 2.0, to extend maternity leave for second birth from 12 to 16 weeks and third birth from 16 to 20 weeks. The maternity subsidy increased to a maximum of NT$20,000 (NT$10,000 from employee welfare committee and maximum NT$10,000 maternity insurance). TSMC has set up four onsite kindergartens for employees in Taiwan. In addition, a holiday STEAM (science, technology, engineering, art and math) campus has been organized for employees’ children. All TSMC facilities are equipped with 24-hour health centers, where healthcare management professionals and appointed onsite physicians provide quality services beyond those required legally. The health centers work with hospitals and employee assistance program service providers to offer comprehensive support for the emotional and physical well-being of employees. In addition to annual checkups for all employees, in 2023 TSMC began providing employees with five advanced checkup items upon completion of every five years of service. The Company encourages employees to exercise regularly by subsidizing 65 clubs, improving exercise facilities, and holding regular sports events to help employees find peers with similar sports interests. Also, to help employees balance their work and life, TSMC provides: ● Convenient onsite services and amenities such as in-fab cafeterias, convenience stores, and other services ● Comprehensive health management services, including in-fab clinic services, post health-exam follow-up activities, and employee assistance programs ● Diverse employee welfare programs, leisure and art events, hobby clubs, vibrant sports centers and onsite preschool services to meet employees’ needs for childcare, festival bonuses and emergency subsidies if and when needed Vacation and insurance policies at TSMC’s overseas offices are designed to be in compliance with local regulations. In China, North America and Europe, TSMC provides more vacation days to employees than legally required. In overseas offices, TSMC offers a more comprehensive life and medical insurance than required by local regulations and customs. 5.6.9 Employee Engagement The Company encourages employees to maintain a healthy and well-balanced life while pursuing their career goals effectively. TSMC facilitates employee communication and provides employee caring, benefit, rewards and recognition programs. 5.6.8 Diverse Employee Recognition TSMC sponsors various internal award programs to recognize employees for outstanding achievement, both individual and at a team level. With these award programs, TSMC aims to encourage continued employee development, which also enhances the Company’s competitiveness. The award programs include: ● TSMC Academy to recognize outstanding scientists and engineers whose individual technical capabilities have made significant contributions ● TSMC Excellent Labor Award to recognize technicians whose outstanding performances have made significant contributions ● Total Quality Excellence to recognize employees’ continuous efforts in creating value at each fab ● Service Award to recognize and show appreciation of senior employees for their long-term commitment and dedication ● Excellent Instructor Award to praise the outstanding performance and contribution of internal instructors of training courses for employees Apart from the recognitions above, there are function-wide awards dedicated to innovation, such as the Idea Forum, the Total Quality Excellence Award and the ESG Award, which recognize employee initiative and continuous implementation of innovative practices. In addition, TSMC encourages employees to participate in external talent activities and competitions. In 2023, distinguished TSMC employees continued to be recognized through a host of awards, such as the Model Labor Award, the Excellent Young Engineers Award, the Outstanding Engineer Award, the Taiwan Continuous Improvement Awards, the National Manager Excellence Award and the National Industrial Awards. Employee Communication TSMC values employee communication and is committed to keeping communication channels open and transparent between managers and employees, and amongst 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 recrimination, reprisal, intimidation or harassment. TSMC makes continuous efforts to listen to employees and to facilitate mutual and timely employee communication, through multiple channels and platforms, which in turn fosters harmonious labor relations. TSMC conducts biannual face-to-face CEO dialogue sessions in Hsinchu, Taichung, and Tainan, which allows the employees to make suggestions, express their thoughts and get direct feedback from the CEO. In addition, the Company has also enlarged the scope of the labor-management meeting, transforming it into the Silicon Garden Meeting, which helps all employees feel free to put forward their ideas so the Company can take appropriate action. TSMC supports a host of various communication channels including: ● Communication meetings for various levels of managers and employees, e.g. the executives communication meeting, skip levels and communication meetings in individual functions/ divisions ● Quarterly Silicon Garden meetings, aka Labor-Management meetings, to provide business updates and discuss issues of concern for employees ● The biennial employee survey on core values taken to understand the Company’s implementation of core values and employee commitment ● The biennial global employee engagement survey taken to systematically understand the work experience of employees and to enhance employee engagement and sense of belonging in the Company 116 117 ● Periodic employee pulse surveys and service satisfaction surveys given to selected employees with follow-up actions based on survey findings ● myTSMC employee portal, an internal website featuring talks by the Founder, the Chairman and the CEO, corporate messages, executive interviews, and other topics of interest to employees ● eSilicon Garden Stories, TSMC’s newsletter providing real-time updates on major activities of the Company as well as inspirational content featuring outstanding teams or individuals ● Three channels for reporting complaints regarding managerial, financial, auditing, ethics and business conduct issues: – The whistleblower reporting system, administered by the Audit Committee – The irregular business conduct reporting system, administered by the Ethics 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 work environment ● The Fab Caring Circle in each fab, which addresses issues related to employees’ work and personal life – dedicated mainly to the Company’s direct laborers ● The 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 appointed by the CEO, one from human resources, one from legal affairs, and the third from another organization Employee Communication Channels TSMC Internal Communication Structure Face-to-Face Meeting •Chairman’s/CEO’s Communication Meeting • Silicon Garden Meeting (Labor-Management Meeting) • Communication Meetings in Individual Functions/Divisions •Functional Activity Managers of All Levels Employees Employee Portal Employee Survey HR Business Partner eSilicon Garden Stories Human Resources Board of Directors and Management Team Employee Voice Channels •Ombudsman System •Employee Opinion Box •Whistleblower Procedures •Fab Caring Circle •Ethic Report Channel •Sexual Harassment Investigation Committee • Employee Voices for Silicon Garden Meeting (Labor-Management Meeting) System/ Committee Chair During 2023 and as of the date of this Annual Report, TSMC has not incurred any labor-dispute related losses. However, the Company was fined for the following labor inspection results: NT$100,000 issued on 04/26/2023 for the extension of working hours combined with the regular working hours exceeding permitted limit (Labor Standards Act Article 32 Paragraph 2). NT$100,000, and NT$50,000 issued, respectively, on 05/19/2023 for the extension of working hours combined with the regular working hours exceeding permitted limit, and inadequate rest time of a minimum of 12 hours after the occurrence of an ● Encourage colleagues to proactively share their ideas through an open management model in order to create a mutually respectful environment. ● Enhance colleagues’ sense of belonging and achievement by unleashing their potential, allowing them to enjoy their work, continuously learn, and grow. ● Motivate and retain talent by providing more non-monetary rewards. TSMC’s turnover rate was 3.7% in 2023 compared to 6.7% in 2022, both within a healthy range of less than 10%. 5.6.11 Retirement Policy TSMC established its statutory defined benefit plan and supervisory committee of labor retirement reserve according to the Labor Standards Act, and also set up its statutory defined contribution plan according to Labor Pension Act, which became effective starting July 1, 2005. For each region, TSMC also established pension plans according to local standards and regulations. The previously mentioned supervisory committee not only holds quarterly meetings but also supervises affairs in connection with labor’s retirement reserve fund. To meet legal requirements for disclosure of financial reporting and ensure sufficient funding levels, TSMC makes contributions based statutory requirements and also engages an actuarial consulting firm to assess the valuation of the defined benefit plan. Please refer to page 45-47 of the attached financial report for details. Thanks to the Company’s sound financial condition, it is able to ensure the future viability of employee retirement benefits and solid pension contributions and payments, which encourages employees to make long-term career plans with and further deepen their commitment to TSMC. 5.7 Material Contracts TSMC is not currently a party to any material contracts, other than those 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, page 73. emergency or unexpected event (Labor Standards Act Article 32 Paragraph 2, and Paragraph 4). NT$300,000 issued on 08/07/2023 for the extension of working hours combined with the regular working hours exceeding permitted limit (Labor Standards Act Article 32 Paragraph 2). NT$350,000 issued on 08/18/2023 for the extension of working hours combined with the regular working hours exceeding permitted limit (Labor Standards Act Article 32 Paragraph 2). NT$150,000 issued on 09/26/2023 for the extension of working hours combined with the regular working hours exceeding permitted limit (Labor Standards Act Article 32 Paragraph 2). NT$150,000 issued on 10/03/2023 for the extension of working hours combined with the regular working hours exceeding permitted limit (Labor Standards Act Article 32 Paragraph 2). NT$400,000 issued on 02/07/2024 for the extension of working hours combined with the regular working hours exceeding permitted limit (Labor Standards Act Article 32 Paragraph 2). The Company has reviewed its working hour management process and established indices to remind employees to apply for overtime payment on time and for mangers to respond to such applications efficiently and in a timely fashion, and to be more diligent about employee working hours as well as to strengthen communication about these matters and relevant policies. 5.6.10 Retention In 2023, TSMC conducted its second global employee engagement survey (EES), based on High Performance Employee Experience Model (Note) to maintain comparability with 2021 EES data. The survey aimed to understand the strengths and opportunities for continuous improvement in employee experience at TSMC and to develop action plans that retain talent. The survey participants included global TSMC employees and its subsidiaries, except for VisEra due to its different industrial background. Overall, 65,123 employees participated in the survey, representing 89% of all TSMC employees. Based on the survey results in 2023, TSMC is perceived by its employees as possessing strong competitiveness in the market, exhibiting agility in responding to market changes, and being adept at delivering innovative products and services that create value for its customers. TSMC will continue to enhance the following 3 aspects: Note: Based on Willis Towers Watson’s “High Performance Employee Experience (HPEX) Model”. 118 119 Fab 8 6 Financial Highlights & Analysis TSMC’s gross profit margin was 54.4% in 2023. 120 121 6.1 Financial Highlights 6.1.1 Condensed Balance Sheet Condensed Balance Sheet from 2019 to 2023 (Consolidated) Unit: NT$ thousands Item Current Assets Year 2019 2020 2021 2022 2023 822,613,914 1,092,185,308 1,607,072,907 2,052,896,744 2,194,032,910 Long-term Investments 30,172,039 27,728,208 29,384,701 68,927,920 129,442,117 Property, Plant and Equipment 1,352,377,405 1,555,589,120 1,975,118,704 2,693,836,970 3,064,474,984 Right-of-use Assets Intangible Assets Other Assets (Note 1) 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 17,232,402 20,653,028 21,756,244 27,728,382 25,768,179 31,712,208 32,734,537 26,821,697 54,370,909 41,914,136 25,999,155 81,203,953 40,424,830 22,766,744 81,229,630 2,264,805,032 2,760,711,405 3,725,503,455 4,964,778,878 5,532,371,215 590,735,701 655,561,652 51,973,905 642,709,606 707,535,557 617,151,048 681,976,999 292,938,358 739,503,358 944,226,817 913,583,316 810,811,904 1,015,535,363 1,004,345,564 (Note 2) 815,266,892 1,060,063,194 1,135,525,052 910,089,406 1,554,770,250 2,004,290,011 2,049,108,368 974,915,357 1,626,078,796 2,075,598,557 2,139,870,616 (Note 2) 259,303,805 259,303,805 259,303,805 259,303,805 259,320,710 56,339,709 56,347,243 64,761,602 69,330,328 69,876,381 1,333,334,979 1,588,686,081 1,906,829,661 2,637,524,688 3,158,030,792 1,268,509,028 1,523,860,130 1,835,521,115 2,566,216,142 3,067,268,544 (Note 2) (27,568,369) (54,679,873) (62,608,515) (20,505,626) (28,314,256) 1,621,410,124 1,849,657,256 2,168,286,553 2,945,653,195 3,458,913,627 1,556,584,173 1,784,831,305 2,096,978,007 2,874,344,649 3,368,151,379 (Note 2) 685,302 964,743 2,446,652 14,835,672 24,349,220 1,622,095,426 1,850,621,999 2,170,733,205 2,960,488,867 3,483,262,847 1,557,269,475 1,785,796,048 2,099,424,659 2,889,180,321 3,392,500,599 (Note 2) Note 1: Other assets consist of deferred income tax assets, refundable deposits, and other noncurrent assets. Note 2: The amount was approved by Board of Directors on February 6, 2024. Condensed Balance Sheet from 2019 to 2023 (Unconsolidated) Unit: NT$ thousands Item Current Assets Long-term Investments Year 2019 2020 2021 2022 2023 355,118,125 559,380,999 580,949,248 565,432,338 783,205,937 1,118,550,389 1,185,788,564 603,640,944 728,961,910 1,095,656,042 Property, Plant and Equipment 1,310,900,634 1,511,784,556 1,889,970,529 2,432,675,050 2,453,465,322 Right-of-use Assets Intangible Assets Other Assets (Note 1) 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 15,030,020 16,271,444 18,774,850 25,184,827 21,733,597 28,420,547 30,123,052 22,910,400 48,644,283 39,051,427 21,456,104 81,724,184 37,872,705 17,684,064 83,612,587 2,275,476,072 2,733,505,113 3,378,495,145 4,422,419,064 4,874,079,284 605,540,547 670,366,498 48,525,401 654,065,948 718,891,899 680,529,735 745,355,686 203,318,122 704,833,370 776,141,916 505,375,222 899,245,600 763,602,324 970,554,146 854,364,572 (Note 2) 577,520,269 651,563,333 883,847,857 1,210,208,592 1,476,765,869 1,415,165,657 948,673,808 1,281,517,138 1,548,074,415 1,505,927,905 (Note 2) 259,303,805 259,303,805 259,303,805 259,303,805 259,320,710 56,339,709 56,347,243 64,761,602 69,330,328 69,876,381 1,333,334,979 1,588,686,081 1,906,829,661 2,637,524,688 3,158,030,792 1,268,509,028 1,523,860,130 1,835,521,115 2,566,216,142 3,067,268,544 (Note 2) (27,568,369) (54,679,873) (62,608,515) (20,505,626) (28,314,256) 1,621,410,124 1,849,657,256 2,168,286,553 2,945,653,195 3,458,913,627 1,556,584,173 1,784,831,305 2,096,978,007 2,874,344,649 3,368,151,379 (Note 2) Note 1: Other assets consist of deferred income tax assets, refundable deposits, and other noncurrent assets. Note 2: The amount was approved by Board of Directors on February 6, 2024. 122 123 　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　 6.1.2 Condensed Statement of Comprehensive Income 6.1.3 Financial Analysis Condensed Statement of Comprehensive Income from 2019 to 2023 (Consolidated) Financial Analysis from 2019 to 2023 (Consolidated) Year 2019 2020 2021 2022 2023 Capital Structure Analysis Debts Ratio (%) 1,069,985,448 1,339,254,811 1,587,415,037 2,263,891,292 2,161,735,841 Long-term Fund to Property, Plant and Equipment (%) 819,537,266 1,348,354,806 1,175,110,628 Liquidity Analysis Current Ratio (%) Unit: NT$ thousands (Except EPS: NT$) Item Net Revenue Gross Profit Income from Operations Non-operating Income and Expenses Income before Income Tax Net Income Other Comprehensive Income (Loss) for the Year, Net of Income Tax 492,701,896 372,701,090 17,144,246 389,845,336 345,343,809 (11,823,562) 711,130,120 566,783,698 17,993,482 584,777,180 518,158,082 (30,321,802) 649,980,897 1,121,278,851 921,465,606 13,145,417 22,911,867 663,126,314 1,144,190,718 597,073,134 1,016,900,515 (7,619,456) 42,430,165 57,705,718 979,171,324 837,767,517 (8,813,644) Total Comprehensive Income for the Year 333,520,247 487,836,280 589,453,678 1,059,330,680 828,953,873 Net Income Attributable to: Shareholders of the Parent Noncontrolling Interests Total Comprehensive Income Attributable to: Shareholders of the Parent Noncontrolling Interests Basic/Diluted Earnings Per Share (Note) 345,263,668 517,885,387 596,540,013 1,016,530,249 838,497,664 80,141 272,695 533,121 370,266 (730,147) 333,440,460 487,563,478 588,918,059 1,059,124,890 830,509,542 79,787 13.32 272,802 19.97 535,619 23.01 205,790 39.20 (1,555,669) 32.34 Note: Based on weighted average shares and diluted weighted average shares outstanding in each year. Condensed Statement of Comprehensive Income from 2019 to 2023 (Unconsolidated) Unit: NT$ thousands (Except EPS: NT$) Item Net Revenue Gross Profit Income from Operations Non-operating Income and Expenses Income before Income Tax Net Income Other Comprehensive Income (Loss) for the Year, Net of Income Tax Year 2019 2020 2021 2022 2023 1,059,646,793 1,314,793,013 1,574,745,881 2,252,320,561 2,153,285,095 480,143,141 365,923,992 22,821,227 388,745,219 345,263,668 (11,823,208) 682,004,023 543,465,507 39,153,435 582,618,942 517,885,387 (30,321,909) 788,629,037 1,300,392,888 1,130,624,931 629,632,836 1,090,746,689 907,372,855 30,869,355 49,927,127 660,502,191 1,140,673,816 596,540,013 1,016,530,249 (7,621,954) 42,594,641 Total Comprehensive Income for the Year 333,440,460 487,563,478 588,918,059 1,059,124,890 Basic/Diluted Earnings Per Share (Note) 13.32 19.97 23.01 39.20 Note: Based on weighted average shares and diluted weighted average shares outstanding in each year. 70,398,381 977,771,236 838,497,664 (7,988,122) 830,509,542 32.34 Operating Performance Analysis Quick Ratio (%) Times Interest Earned (Times) Average Collection Turnover (Times) Days Sales Outstanding Average Inventory Turnover (Times) Average Inventory Turnover (Days) Average Payment Turnover (Times) Property, Plant and Equipment Turnover (Times) Total Assets Turnover (Times) Profitability Analysis Return on Total Assets (%) Return on Equity attributable to Shareholders of the Parent (%) Operating Income to Paid-in Capital Ratio (%) Pre-tax Income to Paid-in Capital Ratio (%) Net Margin (%) Basic Earnings Per Share (NT$) Diluted Earnings Per Share (NT$) Cash Flow Cash Flow Ratio (%) Cash Flow Adequacy Ratio (%) Cash Flow Reinvestment Ratio (%) Leverage Operating Leverage Financial Leverage Advanced Technologies (7-nanometer and below) Percentage of Wafer Sales (%) Sales Growth (%) Net Income Growth (%) 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 27 3.73 -1.67 2020 32.97 137.80 176.97 154.35 281.95 9.35 39.04 5.70 64.04 15.45 0.92 0.53 20.69 29.84 218.58 225.52 38.69 19.97 19.97 133.30 100.74 11.24 1.97 1.00 41 25.17 50.00 2021 41.73 151.18 217.32 190.61 123.48 9.20 39.67 4.65 78.49 17.10 0.90 0.49 18.56 29.69 250.66 255.73 37.61 23.01 23.01 150.39 97.84 13.56 2.05 1.01 50 18.53 15.19 2022 40.37 149.25 217.42 193.65 80.18 10.52 34.70 4.42 82.58 17.40 0.97 0.52 23.64 39.76 432.42 441.25 44.92 39.20 39.20 170.57 101.82 17.25 1.77 1.01 53 42.61 70.40 2023 37.04 150.72 240.16 212.46 54.08 9.96 36.65 4.18 87.32 17.34 0.75 0.41 16.14 26.18 355.34 377.59 38.75 32.34 32.34 135.94 100.63 10.84 2.03 1.01 58 -4.51 -17.51 Analysis of deviation of 2023 vs. 2022 over 20%: 1. Times interest earned decreased by 33% mainly due to increase in interest expenses. 2. Property, Plant and Equipment Turnover (Times) decreased by 23% mainly due to increase in average Property, Plant and Equipment. 3. Total Assets Turnover (Times) decreased by 21% mainly due to increase in average total assets. 4. Return on Total Assets decreased by 32% mainly due to increase in average total assets and decrease in net income. 5. Return on Equity attributable to Shareholders of the Parent decreased by 34% mainly due to increase in average Equity attributable to Shareholders of the Parent and decrease in net income. 6. Cash Flow Ratio decreased by 20% as a result of decrease in cash generated by operating activities. 7. Cash Flow Reinvestment Ratio decreased by 37% as a result of decrease in cash generated by operating activities. * 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 4. Profitability Analysis (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 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 3. Operating Performance Analysis 5. Cash Flow (1) Average Collection Turnover = Net Sales / Average Trade Receivables (including Accounts Receivable and Notes Receivable originated from operation) (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 (including Accounts Payable and Notes Payable originated from operation) (6) Property, Plant and Equipment Turnover = Net Sales / Average Net Property, Plant and Equipment (7) Total Assets Turnover = Net Sales / Average Total Assets (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. Leverage (1) Operating Leverage = (Net Sales - Variable Cost) / Income from Operations (2) Financial Leverage = Income from Operations / (Income from Operations - Interest Expenses) 124 125 　　　　　　　　　　　　 Financial Analysis from 2019 to 2023 (Unconsolidated) 6.1.4 Auditors’ Opinions from 2019 to 2023 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 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 2020 32.33 135.80 85.37 65.93 330.85 9.80 37.24 6.13 59.58 14.89 0.93 0.52 20.74 29.84 209.59 224.69 39.39 19.97 19.97 2021 35.82 141.47 111.12 84.33 261.58 9.80 37.23 4.98 73.23 17.06 0.93 0.52 19.59 29.69 242.82 254.72 37.88 23.01 23.01 114.56 153.79 99.88 10.93 2.04 1.00 97.62 14.20 2.11 1.00 2022 33.39 144.83 124.39 100.95 277.57 11.28 32.35 4.84 75.43 17.68 1.04 0.58 26.14 39.76 420.64 439.90 45.13 39.20 39.20 173.41 104.90 18.23 1.81 1.00 2023 29.03 167.54 155.29 123.93 183.38 10.65 34.26 4.58 79.69 17.55 0.88 0.46 18.12 26.18 349.90 377.05 38.94 32.34 32.34 158.12 108.97 11.39 2.07 1.01 Analysis of deviation of 2023 vs. 2022 over 20%: 1. Current Ratio increased by 25% mainly due to decrease in Current Liability. 2. Quick Ratio increased by 23% mainly due to decrease in Current Liability. 3. Times interest earned decreased by 34% mainly due to increase in interest expenses. 4. Return on Total Assets Turnover (Times) decreased by 20% mainly due to increase in average total assets. 5. Return on Total Assets decreased by 31% mainly due to increase in average total assets and decrease in net income. 6. Return on Equity decreased by 34% mainly due to increase in average equity and decrease in net income. 7. Cash Flow Reinvestment Ratio decreased by 38% as a result of decrease in cash generated by operating activities. * 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 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 3. Operating Performance Analysis (1) Average Collection Turnover = Net Sales / Average Trade Receivables(including Accounts Receivable and Notes Receivable originated from operation) (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(including Accounts Payable and Notes Payable originated from operation) (6) Property, Plant and Equipment Turnover = Net Sales / Average Net Property, Plant and Equipment (7) Total Assets Turnover = Net Sales / Average Total Assets (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. Leverage (1) Operating Leverage = (Net Sales - Variable Cost) / Income from Operations (2) Financial Leverage = Income from Operations / (Income from Operations - Interest Expenses) Year 2019 2020 2021 2022 2023 CPA Mei Yen Chiang, Yu-Feng Huang Mei Yen Chiang, Yu-Feng Huang Mei Yen Chiang, Shang Chih Lin Mei Yen Chiang, Shang Chih Lin Shih-Tsung Wu, Shang Chih Lin Audit Opinion An Unmodified Opinion An Unmodified Opinion An Unmodified Opinion An Unmodified Opinion 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 and Risk Committee’s Review Report The Board of Directors has prepared the Company’s 2023 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 and Risk 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. Taiwan Semiconductor Manufacturing Company Limited Chairman of the Audit and Risk Committee: Sir Peter L. Bonfield February 6, 2024 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 2023 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. 126 127 　　 6.2 Financial Status and Operating Results 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 Equity Equity Attributable to Shareholders of the Parent Total Equity 2023 2,194,032,910 129,442,117 3,064,474,984 40,424,830 22,766,744 81,229,630 5,532,371,215 913,583,316 1,135,525,052 2,049,108,368 259,320,710 69,876,381 3,158,030,792 (28,314,256) 3,458,913,627 3,483,262,847 2022 2,052,896,744 68,927,920 2,693,836,970 41,914,136 25,999,155 81,203,953 4,964,778,878 944,226,817 1,060,063,194 2,004,290,011 259,303,805 69,330,328 2,637,524,688 (20,505,626) 2,945,653,195 2,960,488,867 Difference 141,136,166 60,514,197 370,638,014 (1,489,306) (3,232,411) 25,677 567,592,337 (30,643,501) 75,461,858 44,818,357 16,905 546,053 520,506,104 (7,808,630) 513,260,432 522,773,980 % 7% 88% 14% -4% -12% 0% 11% -3% 7% 2% 0% 1% 20% -38% 17% 18% Note 1: Long-term investments consist of noncurrent financial assets at fair value through profit and loss, 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 Long-term Investments: The increase was mainly due to increase in financial assets at amortized cost and noncurrent financial assets at fair value through profit and loss. Increase in Retained Earnings: The increase was mainly due to net income of 2023, partially offset by distribution of earnings. Decrease in Others Equity: The decrease was mainly due to currency exchange loss arising from translation of foreign operations in 2023. ● Major Impact on Financial Position The above deviations had no major impact on TSMC’s financial position. ● Future Plan on Financial Position: Not applicable. 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 2023 1,185,788,564 1,095,656,042 2,453,465,322 37,872,705 17,684,064 83,612,587 2022 1,118,550,389 728,961,910 2,432,675,050 39,051,427 21,456,104 81,724,184 4,874,079,284 4,422,419,064 763,602,324 651,563,333 899,245,600 577,520,269 1,415,165,657 1,476,765,869 259,320,710 69,876,381 3,158,030,792 (28,314,256) 3,458,913,627 259,303,805 69,330,328 2,637,524,688 (20,505,626) 2,945,653,195 Difference 67,238,175 366,694,132 20,790,272 (1,178,722) (3,772,040) 1,888,403 451,660,220 (135,643,276) 74,043,064 (61,600,212) 16,905 546,053 520,506,104 (7,808,630) 513,260,432 % 6% 50% 1% -3% -18% 2% 10% -15% 13% -4% 0% 1% 20% -38% 17% 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% Increase in Long-term Investments: The increase was mainly due to increase in investments accounted for using equity method. Increase in Retained Earnings: The increase was mainly due to net income of 2023, partially offset by distribution of earnings. Decrease in Others Equity: The decrease was mainly due to currency exchange loss arising from translation of foreign operations in 2023. ● Major Impact on Financial Position The above deviations had no major impact on TSMC’s financial position. ● Future Plan on Financial Position: Not applicable. 128 129 6.2.2 Financial Performance Consolidated Unit: NT$ thousands Item Net Revenue Cost of Revenue 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 Gain (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 2023 2,161,735,841 986,625,213 1,175,110,628 253,833,716 188,694 921,465,606 57,705,718 979,171,324 141,403,807 837,767,517 (8,813,644) 828,953,873 838,497,664 830,509,542 2022 2,263,891,292 915,536,486 1,348,354,806 226,707,552 (368,403) 1,121,278,851 22,911,867 1,144,190,718 127,290,203 1,016,900,515 42,430,165 1,059,330,680 1,016,530,249 1,059,124,890 Difference (102,155,451) 71,088,727 (173,244,178) 27,126,164 557,097 (199,813,245) 34,793,851 (165,019,394) 14,113,604 (179,132,998) (51,243,809) (230,376,807) (178,032,585) (228,615,348) % -5% 8% -13% 12% NM -18% 152% -14% 11% -18% -121% -22% -18% -22% ● Analysis of Deviation over 20% Increase in other Operating Income and Expenses, Net: The increase was mainly due to a net gain on disposal of property, plant and equipment in 2023. Increase in Non-operating Income and Expenses: The increase was mainly due to higher interest income in 2023. Decrease in Other Comprehensive Gain (Loss), Net of Income Tax: The decrease was mainly due to increase in currency exchange loss arising from translation of foreign operations in 2023. Decrease in Total Comprehensive Income for the Year and Total Comprehensive Income Attributable to Shareholders of the Parent: The decrease was mainly due to lower net income in 2023. ● 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. Unconsolidated Unit: NT$ thousands Item Net Revenue Cost of Revenue 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 Gain (Loss), Net of Income Tax Total Comprehensive Income for the Year 2023 2,153,285,095 1,022,660,164 1,130,624,931 223,733,531 481,455 907,372,855 70,398,381 977,771,236 139,273,572 838,497,664 (7,988,122) 830,509,542 2022 2,252,320,561 951,927,673 1,300,392,888 209,637,924 (8,275) 1,090,746,689 49,927,127 1,140,673,816 124,143,567 1,016,530,249 42,594,641 1,059,124,890 Difference (99,035,466) 70,732,491 (169,767,957) 14,095,607 489,730 (183,373,834) 20,471,254 (162,902,580) 15,130,005 (178,032,585) (50,582,763) (228,615,348) % -4% 7% -13% 7% NM -17% 41% -14% 12% -18% -119% -22% ● Analysis of Deviation over 20% Increase in other Operating Income and Expenses, Net: The increase was mainly due to a net gain on disposal of property, plant and equipment in 2023. Increase in Non-operating Income and Expenses: The increase was mainly due to higher interest income and share of profits of subsidiaries and associates in 2023. Decrease in Other Comprehensive Gain (Loss), Net of Income Tax: The decrease was mainly due to increase in currency exchange loss arising from translation of foreign operations in 2023. Decrease in Total Comprehensive Income for the Year: The decrease was mainly due to lower net income in 2023. ● 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. 130 131 6.2.3 Cash Flow Consolidated Unit: NT$ thousands Cash Balance 12/31/2022 Net Cash Provided by Operating Activities in 2023 Net Cash Used in Investing Activities in 2023 Net Cash Generated by Financing Activities in 2023 Effect of Exchange Rate Changes on Cash and Cash Equivalents in 2023 Cash Balance 12/31/2023 Remedy for Liquidity Shortfall Investment Plan Financing Plan 1,342,814,083 1,241,967,347 (906,120,596) (204,894,252) (8,338,829) 1,465,427,753 None None ● Analysis of Cash Flow NT$1,242.0 billion net cash generated by operating activities: mainly include net income, along with depreciation and amortization expenses. NT$906.1 billion net cash used in investing activities: primarily for capital expenditures. NT$204.9 billion net cash used in financing activities: mainly for cash dividend payment, partially offset by issuance of corporate bonds. ● Remedial Actions for Liquidity Shortfall As a result of positive operating cash flows and cash on-hand, remedial actions are not required. ● Cash Flow Projection for Next Year: Not applicable. Unconsolidated Unit: NT$ thousands Cash Balance 12/31/2022 Net Cash Provided by Operating Activities in 2023 Net Cash Used in Investing Activities in 2023 Net Cash Used in Financing Activities in 2023 Cash Balance 12/31/2023 Remedy for Liquidity Shortfall Investment Plan Financing Plan 628,875,897 1,207,082,903 (588,128,653) (529,126,435) 718,703,712 None None ● Analysis of Cash Flow NT$1,207.1 billion net cash generated by operating activities: mainly include net income, along with depreciation and amortization expenses. NT$588.1 billion net cash used in investing activities: primarily for capital expenditures. NT$529.1 billion net cash used in financing activities: mainly for investment in subsidiaries and cash dividend payment, partially offset by issuance of corporate bonds and hedges of net investments in foreign operations. ● Remedial Actions for Liquidity Shortfall As a result of positive operating cash flows and cash on-hand, remedial actions are not required. ● Cash Flow Projection for Next Year: Not applicable. 6.2.4 Recent Years Major Capital Expenditures and Impact on Financial and Business Unit: NT$ thousands Plan Actual or Planned Source of Capital Production Facilities, R&D and Production Equipment Cash flow generated from operations and issuance of corporate bonds Total Amount for 2023 and 2022 Actual Use of Capital 2023 2022 2,010,767,157 938,456,321 1,072,310,836 Others Total Cash flow generated from operations 21,721,798 11,360,504 10,361,294 2,032,488,955 949,816,825 1,082,672,130 Based on capital expenditures listed above, TSMC’s annual production capacity increased by approximately 0.8 million 12-inch equivalent wafers in 2023. 企業風險管理架構業務策略：技術領先、卓越製造、客戶信任 6.2.5 Long-term Equity Investment Policy and Results 董事會 TSMC’s long-term equity investments, accounted for using the equity method, were all made for strategic purposes. In 2023, the gains from these investments amounted to NT$4,655,098 thousand on a consolidated basis, down from the previous year mainly due to decreases in product demand. In the future, TSMC’s long-term equity investments, accounted for using the equity method, will continue to focus on strategic purposes through prudent assessments. 管理團隊(註) 審計委員會風險治理 6.3 Risk Management 6.3.1 Risk Management Overview 風險管理政策與程序辨識評估回應監控審查風險管理流程策略風險 Risk Management Policy and Framework TSMC adopts a balanced risk-reward approach to risk management to optimize business returns while considering the holistic impact on corporate sustainability. TSMC’s risk management policy, approved by the Board of Directors and signed by the Chairman, affirms the commitment to proactive and robust risk management system in assisting TSMC in making well-considered, 風險管理工具 risk-based decisions that fulfill the corporate vision and deliver sustainable value to TSMC and its stakeholders. 關鍵風險指標 / 風險登記冊財務風險合規風險營運風險具風險意識的文化 Adhering closely to the ISO 31000: 2018 Risk Management System and the Committee of Sponsoring Organizations of the Treadway Commission (COSO)’s Enterprise Risk Management – Integrated Framework, TSMC’s enterprise risk management (ERM) framework was established to provide a systematic approach to risk management. It outlines the risk governance structure, the management process that integrates business operations, and tools that facilitate the monitoring of risks, as well as a formalized * 包含風險管理指導委員會、風險管理執行委員會、風險管理工作小組、中央危機指揮中心與危機處理小組 training and communication program in building risk competency and fostering a risk-aware culture, to assist the management in making informed risk-based decisions while implementing business strategies. 整合式風險管理IT系統風險管理職能與溝通 ● Enterprise Risk Management Framework TSMC Enterprise Risk Management Framework CORPORATE STRATEGY | Technology Leadership, Manufacturing Excellence, Customer Partnership Board of Directors Audit and Risk Committee Management (Note) Risk Management Policy and Procedures Identification Assessment Response Monitor Review Strategic Risk Financial Risk Compliance Risk Operational Risk e r u t l u C e r a w a - k s R i Risk Governance Risk Management Process Key Risk Indicator / Risk Register Risk Management Tools Risk Management Competency and Communication Integrated Risk Managemet IT System Note: Includes the Risk Management Steering Committee, Risk Management Executive Council, Risk Management Taskforces, Central Crisis Command Center and Crisis Management Team * Comprising of Risk Management Steering Committee, Risk Management Executive Council, Risk Management Taskforces, Central Crisis Command Centre & Crisis Management Team 132 133 Risk Appetite and Risk Management Scope TSMC has defined its risk appetite in statements that outline the nature and extent of risks that TSMC is willing to take in pursuit of its business goals: ● Risk taken should be carefully evaluated, commensurate with rewards and be in line with the Company’s strategic, investment, financial and corporate objectives. ● Risk considerations are an integral part of business operations and managed within the risk tolerance (risk indicators) of the divisions, of relevant functional units and of the Company itself. ● The Company will not invest or participate in any business activities that exceed its risk tolerance. Specifically, the Company does not safety related breaches or lapses, non-compliance with laws and regulations, or illegal acts such as fraud, bribery and corruption. Following a five-step risk management process – identification, assessment, response, monitoring and review, risks assessments are performed by key functional units to form an enterprise-level risk map and mitigation plans, which are presented to the Audit and Risk Committee. This process is supported by ongoing education and awareness efforts in fostering a risk-aware culture and building risk competencies. TSMC recognizes that its systems and processes provide reasonable but not absolute assurance and hence continually strives to improve its ability to manage and respond to risks and opportunities that remain relevant and effective. ● TSMC’s Key Risks Strategic Risks ● Industry developments ● Changes in technology ● Decrease in demand and average selling price ● Competition ● Investment and capacity expansion Financial Risks ● Economic risks including interest rate fluctuation, foreign exchange volatility, inflation, and amendments to tax regulations or implementation of new tax laws ● External financing ● High-risk or highly leveraged investments; lending, endorsements, and guarantees for other parties; and financial derivative transactions ● Impairment charges Compliance Risks ● Changes in the government policies and regulatory environment ● Litigation and non-litigation matters ● Non-compliance with export control, environmental and climate change related laws, regulations and accords, and failure to timely obtain requisite approvals necessary for conducting business Operational Risks ● Natural and man-made disasters ● Project management, construction of new fabs ● Sales concentration ● Purchasing concentration ● Intellectual property rights ● Mergers and acquisitions ● IT security ● Recruiting quality personnel ● Future R&D plans and expected R&D spending ● Change in corporate reputation and impact on the Company’s crisis management ● Change in management Risk Management Governance Structure Risk management at TSMC involves both the Board of Directors and management in an effort to embed sound risk management practices in business decisions and operations across the Company. The Board of Directors is responsible for the governance of risk and has authorized the Audit and Risk Committee to review TSMC’s ERM framework. At the managerial level, risk management governance structure includes Risk Management Steering Committee, Risk Management Executive Council, taskforces and the risk management division. Assisting the Audit and Risk Committee in establishing and overseeing a proactive and effective risk management system, the risk management division works with each function and fab in applying the ERM framework to assess and mitigate risks throughout TSMC by monitoring, implementing risk related policies and guidelines, as well as taking initiatives to support the implementation of ERM framework. Every six months, the risk management division reports to the Audit and Risk Committee on TSMC’s key risks and mitigation efforts. The Audit and Risk Committee’s chairperson then reports to the Board of Directors on the current risk profile and risk mitigation measures being taken. ● Risk Management Governance Structure d r a o B t n e m e g a n a M Board of Directors Audit and Risk Committee Risk Management Steering Committee (Functional heads, VP level) Risk Management Executive Council (Members titled as Risk Management Champion (RMC), director-level) Risk Management Division Risk Management Taskforces (Representatives from each Fab/Division) Risk management is a responsibility shared by both management and employees. All employees are required to be competent and accountable for managing risks related to their area of responsibility with clear risk ownership. TSMC Risk Management Academy is set up with the aim to equip and raise risk competencies for all levels of employees, including Board of Directors and management in support of an effective risk-aware culture embedding risk management as part of performance appraisal process promotes risk accountability and ownership. The roles and responsibilities of the risk management governance structure are defined as below: Risk Management Steering Committee ● Advises the Board in determining overall risk appetite, tolerance, strategy and resource allocation, taking into account current and prospective macroeconomic, technological, regulatory, environmental and social developments and trends. ● Reviews and oversees the applicability and performances of the risk management framework, policy and procedures. ● Provides advice and assurance to the Board by adopting a holistic view of the key risks that TSMC is exposed to and approves the prioritization of risk mitigations. ● Sets the tone toward risk management from the top, provides sponsorship to initiatives and activities to nurture the desired risk culture, awareness and capabilities of effectively and sufficiently managing key risks and new type of risks, including clarifying risk ownership. ● Ensures that risk management is incorporated into strategic business development and operational planning, day-to-day management and decision making. ● Advises the Board on proposed transactions to address strategic risks and capitalize on opportunities. Risk Management Executive Council ● Identifies potential and emerging risks that may impact TSMC in achieving its objectives and/or the continued effectiveness and efficiency of its business operations. ● Conducts risk assessments, defines mitigation plans, including incident management plans, provides sponsorship and allocates sufficient resources to enable timely and effective mitigation. ● Leads and drives cross-functional taskforces, meetings or other activities to ensure that risks are adequately and effectively mitigated, including collaboration with risk management division and various other parties. ● Defines key risk indicators (KRIs) to proactively monitor risk dynamics and respond in a timely and effective manner. ● Builds a risk-aware culture and raises risk competency in fabs and divisions, including but not limited to training, exercises and continuous improvements. ● Defines and facilitates action plans based on root cause analysis to prevent reoccurrences of major incidents, high-risk events and major findings raised from internal and external reviews. ● Reports to the risk management steering committee on the progress, effectiveness, and lessons learned, and implements the decisions made by the committee. Risk Management Taskforce ● Identifies and assesses potential risks and threats that may prevent TSMC from achieving its business objectives and deploys appropriate mitigation measures. ● Plans and executes risk prevention and mitigation in accordance with various scenarios. ● Organizes and/or participates in cross-functional meetings, in addressing risks that span multiple disciplines or divisions/ fabs. ● Participates in the implementation and execution of risk management initiatives and activities. ● Reviews the investigation of major incidents, high-risk events and major findings raised from internal and external checks for division. Monitors the effectiveness of action plans. 134 135 Risk Management Division ● Assists the Board in establishing and overseeing a proactive and effective mechanism of risk management and business continuity, including risk appetite and tolerance, risk strategy and management framework, policy, and procedures. ● Strengthens risk culture, awareness, and risk management capabilities through continuous trainings, communications and awareness programs. preparedness. In major incidents or crisis events, the crisis management guidelines are followed. The Central Crisis Command Centre (C4), headed by the CEO and comprised of senior executives across key functions, provides guidance and decision-making to ensure a constant readiness-to-respond capability, including timely responses and communication to key stakeholders. ● Identifies and analyzes the sources and categories of risks to 6.3.2 Strategic Risks the Company and regularly reviews their relevance. ● Facilitates risk management committees and risk owners in the implementation of risk management activities and initiatives to identify and manage risks, including the review of mitigation plans, business continuity, crisis and incident management plans; reviews the effectiveness of risk management activities through documented reports, management discussions and meetings. ● Coordinates cross-department and cross-functional interaction and communication of risk management operations and decisions, including implementing decisions of Risk Management Steering Committee. ● Consults with management, consultants and peers on best practices and standards for continuous improvement and benchmarking. ● Prepares reports to stakeholders that may be required from time to time by regulators, government agencies, insurers/ brokers and customers, including an annual report on the implementation of Company’s risk management system. Crisis Management and Business Continuity Management TSMC is committed to maintaining operational resilience and business continuity by following standards that enable the Company to respond effectively to business disruption. The Company is cognizant of the major risks of natural and man-made disasters, including earthquakes, flooding, typhoons, droughts, tsunamis, sandstorms, wildfires, volcanic eruptions, fire, gas/chemical leakage, pandemic, cyberattacks, supply chain disruption, geopolitical tension, sabotage, failure of critical facilities and equipment, and shortages in the supply of utilities, such as water, electricity and natural gas that could disrupt operations. To mitigate the operational impact of crisis events, the risk management division implements pre-crisis risk assessment, response procedures and recovery plans. Exercises and drills are also conducted to validate emergency responses, crisis management, business continuity plans to enhance operational Risks Associated with Changes in Technology and Industry ● Industry Developments The electronics industries and semiconductor market are cyclical and subject to significant and often rapid fluctuations in product demand, which could impact TSMC’s semiconductor foundry business. Variations in customer order levels may result in volatility in the Company’s revenue and earnings. From time to time, the electronics and semiconductor industries have experienced significant and occasionally prolonged periods of downturns and overcapacity. Because TSMC is, and will continue to be, dependent on the demand of electronics and semiconductor companies for its 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 is not able take appropriate actions, such as reducing its costs to sufficiently offset declines in demand, the Company’s revenue, margins 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 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 if the Company’s competitors unforeseeably gain sudden access to additional technologies, TSMC may not be able to provide foundry services on competitive terms. For example, the global surge in the development of artificial intelligence (AI) has had a significant impact on customer demand for advanced semiconductor chips and the market dynamics in TSMC’s industry; thus, TSMC’s ability to continuously develop relevant technologies, products and services to meet these customer needs will be critical for the Company to effectively compete in this space. TSMC also believes that the effective use of AI in its internal operations is important to its long-term success. As the AI technologies are rapidly evolving, if TSMC is unable to deploy new AI technologies in its internal operations as effectively as its competitors, it may hurt the Company’s competitive position. 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, it 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 competition and concentration of customers (all further discussed among these risk factors). Also, the uncertainty and instability inherent in advanced technologies impose challenges for achieving expected product quality and product yield. If TSMC fails to maintain quality, it may result in loss of revenue and additional cost, as well as loss of business or customer trust. If TSMC is unable to overcome the above factors, it may become less competitive and its 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 page 19-21 of this Annual Report. ● IT Security Even though TSMC has established a comprehensive internet and computing security network, the Company cannot guarantee that its computing systems which control or maintain vital corporate functions, such as manufacturing operations and enterprise accounting, would be completely immune to crippling cyberattacks. In the event of a serious cyberattack, TSMC’s systems may lose important corporate data or its production lines may be shut down pending the resolution of such attack. Major cyberattacks could also lead to loss or divulgence of trade secrets and other sensitive information, such as proprietary information of its customers and other stakeholders and personal information of its employees. While TSMC seeks to continuously review and assess its cybersecurity policies and procedures to ensure their adequacy and effectiveness, it can’t guarantee that it will not be susceptible to new and emerging risks and attacks in the evolving landscape of cybersecurity threats. For example, as AI continues to evolve, cyber-attackers could also use AI to develop malicious codes and sophisticated phishing attempts. Malicious hackers may also try to introduce computer viruses, corrupted software or ransomware into TSMC’s network systems to disrupt its operations, blackmail the Company to regain control of its computing systems, or spy on it for sensitive information. These attacks may result in TSMC having to pay damages for its delayed or disrupted orders or incur significant expenses in implementing remedial and improvement measures to further enhance its cybersecurity network, and may also expose the Company to significant legal liabilities arising from or related to legal proceedings or regulatory investigations associated with such breaches. TSMC has experienced in the past, and may in the future be subject to attacks by malicious software. TSMC has implemented and continually updated rigorous cybersecurity measures to prevent and minimize harm caused by such attacks. Such measures include establishing advanced portable virus scanning tools and new fab tool virus scanning including internal computer scanning to protect fab equipment, strengthening GIGAFAB® network architecture and network controls to prevent computer viruses from spreading among tools and fabs, installing advanced malware defense solutions for critical computers, building a defense shield in the Cloud, including new Cloud solution architecture to secure internet access, and enhancing Cloud solutions and public website security policy and framework, adopting advanced solutions against distributed denial-of-service attacks, introducing new technology for data protection, enhancing and certifying office computer security compliance, improving email phishing defense and implementing employee awareness testing. TSMC also established an integrated and automatic security operation platform, enabled the automation of cybersecurity event detection and response, enhanced internal security assessment automation, conducted external red team testing and practiced responses to ransomware attacks. For supply chain risk reduction, through collaboration, TSMC helps major suppliers improve their security, shares best practices at industry security events, and conducts supplier security onsite audits. Moreover, TSMC has collaborated with the Semiconductor Equipment and Materials Institute (SEMI) to set up a Semiconductor Cybersecurity Committee to promote security standards (SEMI E187) as well as security assessment methodology for improving the resilience of the semiconductor supply chain, an action that was recognized by a 2023 SEMI International 136 137 Standards award. While these ongoing enhancements further improve Company’s cybersecurity defense solutions, there can be no assurance that the Company is immune to cyberattacks. use applications may increase pricing pressure on components produced by us, which, in turn, may negatively impact the Company’s revenue, margin and earnings. In addition, TSMC employs certain third-party service providers for itself and its affiliates worldwide with whom it needs to share highly sensitive and confidential information to enable them to provide the relevant services. While TSMC requires such third-party service providers to strictly fulfill the confidentiality and/or internet security requirements in its service agreements with them, there is no assurance that each of them will comply with such obligations. Moreover, such third-party service providers may also be susceptible to cyberattacks. If TSMC or its service providers are not able to timely resolve the respective technical difficulties caused by such cyberattacks, or ensure the integrity and availability of its data (and data belonging to its customers and other third parties) or maintain 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. Risks Associated with Decrease in Demand and Average Selling Price A vast majority of the Company’s revenue is derived from customers who use TSMC’s products in high performance computing (“HPC”), smartphones, IoT, automotive, and digital consumer electronics. 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 TSMC’s products and services, could adversely affect the Company’s revenue. Further, semiconductor manufacturing facilities require substantial investment to construct and are largely fixed cost assets once they are in operation. Because the Company owns most of its manufacturing capacities, a significant portion of its operating costs is fixed. In general, these costs do not decline when customer demand or TSMC’s capacity utilization rates drop, and thus declines in customer demand, among other factors, may significantly decrease TSMC’s margins. Conversely, as product demand rises and factory utilization increases, the fixed costs are spread over increased output, which can improve TSMC’s margins. In addition, the historical trend of declining average selling prices (“ASP”) of end-use applications places downward pressure on the prices of the components that go into such applications. Decreases in the ASP of end Risks Associated with Competition The competition in the semiconductor foundry industry is fierce. The Company competes with other foundry service providers, as well as a number of integrated device manufacturers. Some of these companies may have access to more advanced or different technologies than TSMC. Other companies may have greater financial and other resources than TSMC, such as the possibility of receiving direct or indirect government subsidies, economic stimulus funds, or other incentives that may be unavailable to TSMC. The governments of the United States, China, Europe, South Korea and Japan provide various incentive programs to promote developments of their domestic semiconductor industries, such as the Creating Helpful Incentives to Produce Semiconductors and Science Act of 2022 (the “U.S. CHIPS Act”), which provides financial incentives to incentivize the development of U.S. semiconductor industry. Although governments in certain of the countries or regions where TSMC is currently expanding or planning to expand its production capacity have extended or may in the future extend certain financial incentives to the Company, there is no assurance that TSMC will be able to receive such financial incentives at the levels TSMC anticipates or at all. Additionally, any financial incentives the Company receives may be subject to conditions imposed by the grantors, such as restrictions on the expansion of facilities in foreign countries of concern and on joint research and technology licensing efforts with foreign entities of concern on any technology or product that raises national security concerns, or the grantors could seek to recover any funds provided to TSMC, or cancel, reduce or deny TSMC’s requested subsidies or grants in the future. This could materially increase TSMC’s costs or otherwise adversely affect its operations. Moreover, the Company’s competitors may, from time to time, also decide to undertake aggressive pricing initiatives in one or several technology nodes. The Company’s competitors may also compete for its customers who seek to diversify their supply chains. These competitive activities may decrease TSMC’s customer base, TSMC’s pricing, or both. If TSMC is unable to compete effectively with such competitors on technology, manufacturing capacity, product quality, supply chain diversification and resilience, and customer satisfaction, it risks losing customers or business to such 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 2023 and as of the date of this Annual Report, the following changes or developments in governmental policies and regulations may influence the Company’s business operations: The manufacturing, assembling and testing of TSMC’s products require the use of chemicals and materials that are subject to environmental, climate related, health and safety laws and regulations issued worldwide as well as international accords such as the Paris Agreement. Climate change related laws or regulations currently are too indefinite for the Company to assess the impact on our future financial condition with any degree of reasonable certainty. For example, the Taiwan “Greenhouse Gas Reduction and Management Act”, which became effective on July 1, 2015, was amended and was renamed as “Climate Change Response Act”. The amendments became effective in February 2023, which set a goal of reaching net-zero emissions in Taiwan by 2050 and also established a carbon fee system to collect carbon fees on direct and indirect emissions from emitters whose emissions reach certain thresholds. The government will start collecting carbon fees from 2025 but the rate for such fees has yet to be determined by the relevant authorities. We could be required to pay any incurred carbon fees since our emission levels exceed applicable thresholds pursuant to the current regulatory requirements, which will result in increased operating costs for us and affect us financially to a certain extent. We expect to see more of its relevant regulations promulgated by the regulators in the future. Also, the R.O.C. legislative authority is reviewing, at all times, various environmental issues to develop laws and regulations relating to environmental protection and climate related changes. The impact of such laws and regulations, as well as of the carbon fee, is indeterminable at the moment. It is not expected that other governmental policies or regulatory changes would materially impact TSMC’s operations or financial condition. 6.3.3 Operational Risks Natural and Man-Made Disaster TSMC is committed to maintaining operational resilience in accordance with business continuity management standards that equips it with the capability to respond effectively to business disruption. Disruptions caused by natural and man-made disasters, including earthquakes, flooding, typhoons, droughts, tsunamis, sandstorms, wildfires, volcanic eruptions, fire, gas/chemical leakage, pandemic, supply chain disruption, geopolitical tensions, cyberattacks, sabotage, failure of critical facilities and equipment, shortages in the supply of utilities, such as water, electricity and natural gas, etc., could interrupt TSMC’s operations. Most of TSMC’s production facilities, as well as those of many of its suppliers, customers and upstream providers of complementary semiconductor manufacturing services, are located in areas susceptible to natural disasters and may face potential shortages of electricity and/or water, which could cause interruptions to TSMC’s operations. Thus, if one or more natural disasters 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 unforeseen disruptive event, it could reduce TSMC’s manufacturing capacity and cause the loss of important customers and thereby have an adverse, material impact on its operational and financial performance. To cope with possible droughts resulted from severe climate change, TSMC implemented manufacturing process water saving, as well as building up industrial water recycling plants, using household water and cooperating with government to mitigate water shortage risk. As part of TSMC’s business continuity plans, measures taken include water conservation measures, use of alternative water sources. Close monitoring of water situation including stress testing and exercises are carried out to validate our response plan. TSMC has occasionally suffered power outages, dips or surges caused by difficulties encountered by its electricity supplier or other power consumers on the same power grid. Some of these incidents have resulted in interruptions to TSMC’s operations. Such outages, shortages or interruptions in electricity supply could further be exacerbated by changes in the energy policy of the governments. If TSMC is unable to secure reliable and uninterrupted supply of electricity to power its manufacturing fabs, its ability to fill customers’ orders would be jeopardized. Moreover, TSMC has encountered and may continue to encounter increases in the prices of utilities. For example, effective from April 1, 2024, TSMC is subject to a higher electricity tariff rate in Taiwan, which is estimated to increase by 25%, as compared to the tariff rate applicable to 138 139 the Company in 2023. The increased prices for electricity could increase TSMC’s manufacturing costs and therefore adversely impact TSMC’s financial results. If such events were to occur over prolonged periods of time, TSMC’s operations and financial performance may be materially adversely affected. Moreover, TSMC’s future capacity expansions in Taiwan and elsewhere could be curtailed by utility shortages. TSMC has further strengthened its business continuity management, which includes periodic risk assessments and mitigations, and the establishment of taskforces before emergency events. The taskforces define emergency response, crisis communication, recovery plans and preventative measures based on the thorough analysis of derivative effects and alternative solutions to ensure the impacts of people injury, business interruption, finance are minimized. TSMC reviews periodically its business continuity plans and refines them to reflect exercise results and implementation. In response to the impact of the earthquakes that occurs in Taiwan, TSMC continues to improve its earthquake emergency response, tool anchorage and seismic isolation facilities, and readiness for tool salvage and production recovery. These improvements have been integrated into new fab design. TSMC’s business continuity procedures were further enhanced through close reference to ISO 22301 business continuity management system (BCMS). TSMC maintains a comprehensive risk management system dedicated to human safety, 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) and ISO 45001 certified (occupational health and safety management). 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 maintains multiple layers of risk prevention and protection, as well as fire and casualty insurance, TSMC’s risk management and insurance coverage may not always be sufficient to cover all of its 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 TSMC’s manufacturing capacity leading to the loss of important sales and customers and have a negative impact on TSMC’s financial performance. In addition to periodic fire-protection inspections and firefighting drills, TSMC has also carried out a corporate-wide fire risk mitigation project focused on managerial and hardware improvements. TSMC continues to monitor key disruptive threats to its business operations and adapt the plans to ensure operational resilience. Risks Associated with Capacity Expansion TSMC performs long-term market demand forecasts for its products and services to manage its overall capacity. Based on its market demand forecasts, the Company has continued to add capacity to meet market needs for its products and services, including in Taiwan, in Arizona, U.S., in Nanjing, China, in Kumamoto, Japan and in Dresden, Germany. Implementing these capacity expansion plans will increase its costs, and the increases may be substantial. For example, the Company would need to build new facilities, purchase additional equipment and hire 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 addition, market conditions are dynamic and TSMC’s market demand forecasts 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 demand subsequently increases rapidly over a short period of time, TSMC may not be able to restore the capacity in a timely manner to take advantage of the upturn. In such circumstances, its financial performance and competitiveness may be adversely affected. TSMC and many of its suppliers use flammable 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 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. If TSMC is unable to overcome the above challenges, the Company’s business, financial condition and results of operations could be adversely affected. Risks Associated with Construction of New Fabs The Company has multiple expansion projects that are currently underway, including the design and construction of new fabs worldwide. Global expansion has required and will continue to require considerable managerial, financial and other resources. The Company expects to face particular challenges in global expansion and operations, including but not limited to: ● higher costs associated with construction of new fabs, establishing supply chains for various materials in different overseas locations, the impact on the Company’s ability to sustain its current level of productivity and manufacturing efficiency provided by its ecosystem of interconnected semiconductor fabs, employees and suppliers in the R.O.C., and recruiting and retaining talent in various overseas locations; ● labor shortages, interruptions in the supply chains for various materials, and construction issues, which could substantially delay the completion of the Company’s expansion projects, and could further result in substantial additional costs or failure to meet its capacity expansion plans; ● disruptions to the Company’s operations caused by natural or man-made disasters, including earthquakes, flooding, typhoons, droughts, tsunamis, sandstorms, wildfires, volcanic eruptions, fire, gas/chemical leakage, pandemic, supply chain disruption, geopolitical tensions, sabotage, failure of critical facilities and equipment and shortages in the supply of utilities, such as water, electricity, and natural gas, etc.; ● scarcity of industrial-use land, which could limit the Company’s future expansion of operations; ● compliance with applicable foreign laws and regulations, and the risk of penalties if the Company’s practices are deemed not to be in compliance; ● challenges in managing information technology infrastructure in multiple locations and across different systems and risks of our information technology infrastructure succumbing to cyberattacks by third parties worldwide; ● adverse changes relating to government grants or other government incentives; ● challenges in creating an inclusive workplace in new sites to embrace the cultural differences and managing the operation over large geographic distances; ● limited or insufficient intellectual property protection or difficulties enforcing the Company’s rights to intellectual property; and ● exposure to different tax jurisdictions and potential adverse tax consequences. Risks Associated with Sales Concentration Over the years, the Company’s customer profile and the nature of the Company’s customers’ business have changed dramatically. While TSMC generates revenue from hundreds of customers worldwide, TSMC’s ten largest customers in 2021, 2022 and 2023 accounted for approximately, 71%, 68% and 70% of TSMC’s net revenue in the respective year. TSMC’s largest customer in 2021, 2022 and 2023 accounted for 26%, 23% and 25% of the Company’s net revenue in the respective year. TSMC’s second largest customer in 2021, 2022 and 2023 accounted for 10%, less than 10% and 11% of TSMC’s net revenue in the respective year. A more concentrated customer base will subject TSMC’s revenue to seasonal demand fluctuations from the Company’s large customers, and cause different seasonal patterns in the Company’s business. This customer concentration results in part from the changing dynamics of the electronics industry with the structural shift to mobile and high performance computing (HPC) 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, TSMC has seen changes in the nature of its customers’ business models in response to this new business model paradigm. For example, there is a growing trend among system companies designing their own semiconductors and working directly with the semiconductor foundries, which makes their products and services more marketable in a changing consumer market. Also, since the global semiconductor industry has become 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 controls directed at TSMC’s major customers, could impact the Company’s ability to supply products to those customers or reduce those customers’ demand for TSMC’s products and services and thus impact their business operations. The loss of, or significant curtailment of purchases by, one or more of the Company’s top customers including curtailments 140 141 due to increased competitive pressures, industry consolidation, changes in applicable regulatory restrictions, product designs, manufacturing sourcing or outsourcing policies or practices of these customers, the timing of customer inventory adjustments, or changes 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 obtain 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 suppliers 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, including military conflicts and inflation, 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. Importation and domestic production limitations may also limit the Company’s ability to obtain adequate supplies of raw materials as well as materials of the necessary quality. 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 it 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 costs effectively, TSMC commits resources toward developing new supply sources and developing a future capacity plan with qualified raw material suppliers. Furthermore, the Company continually encourages its suppliers to reduce their supply chain risk by decentralizing production plants to improve their cost competitiveness and to support TSMC global demands in a timely fashion. TSMC not only operates world-class manufacturing process and facilities but needs sufficient world-class high-quality raw materials. As a result, TSMC engages early and extensively with primary suppliers on managing quality and capacity issues so as to be prepared for any unexpected need to ramp up or curtail production. To streamline supply chain risk, the Company communicates early on with major material suppliers regarding quality and capacity topics and has formed a dedicated team for supplier plant onsite or remote audits 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 also performs supply chain risk assessments to ensure that critical suppliers meet various standards in labor, ethics, environmental, safety and health (ESH) practices and business continuity plans (BCPs). ● Equipment The Company’s operations and ongoing expansion plans depend on its ability to obtain necessary equipment and related services available from a limited number of suppliers. As a result, TSMC may encounter the situation of limited supply and/or long delivery cycles. To better manage its supply chain, the Company evaluates and projects delivery lead times to minimize the impact of supply chain risks on operating costs. TSMC has also implemented various collaborative business models and risk management contingencies with suppliers to ensure supply and shorten the procurement lead time. To enhance its sourcing capabilities for its global sites, the company has also taken steps to strengthen its understanding of local regulations, policies, and supply chains. However, if TSMC is unable to acquire in a timely manner the equipment and parts it needs, it may fail to successfully implement capacity expansion plans and exploit time sensitive business opportunities. Additionally, ongoing trade tensions could result in increased prices for, or even unavailability of, key equipment, through delay or denial of necessary export licenses, adoption of additional export control measures and other tariff or non-tariff barriers. If TSMC is unable to obtain equipment in a timely fashion to fulfill its customers’ demand for technology and production capacity, or unable to do so at a reasonable cost, its financial condition and results of operations could be negatively impacted. 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 the Company actively enforces and protects 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, the Company 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 the Company 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. The Company has received, from time to time, communications from third parties, including non-practicing entities and semiconductor companies, 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. Because of the nature of the industry, its market position, and the expansion of its manufacturing operations outside of Taiwan, the Company may receive an increased number of such communications in the future. The assertions made and lawsuits initiated by litigious, well-funded, non-practicing entities are particularly aggressive in their monetary demand and in seeking court-issued injunctions. 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, with the expansion of its manufacturing operations into certain non-R.O.C jurisdictions, it has faced increased challenges in managing 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 the Company 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. The Company has taken related measures to minimize potential loss of shareholder value arising from intellectual property claims and litigation filed against it. These measures include: strategically obtaining licenses from certain semiconductor and other technology companies as needed; timely securing intellectual property rights originating within and outside of TSMC 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, the Company 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, the Company could incur significant costs in the defense thereof or could suffer adverse effects on its operations. The Company 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 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 the Company to potential significant legal liability. Currently, TSMC’s material legal proceeding is as follows: In September 2022, Daedalus Prime LLC (“Daedalus”) filed complaints in the U.S. International Trade Commission (“ITC”) and the U.S. District Court for the Eastern District of Texas alleging that TSMC, TSMC North America, and other companies infringe four U.S. patents. The ITC instituted an investigation in October 2022. In June 2023, Daedalus dropped two of the asserted patents in the ITC. Also in June 2023, Daedalus filed another complaint in the Eastern District 142 143 of Texas alleging that TSMC infringes five U.S. patents. In September 2023, the ITC granted the parties’ joint motion to suspend the procedural schedule while the parties finalize the settlement agreement and then request termination of the ITC Investigation and related litigations. In October 2023, the parties jointly requested the ITC to terminate the investigation and Eastern District of Texas to dismiss the related litigations. In November 2023, the ITC investigation was terminated and the related litigations in the Eastern District of Texas were dismissed. Other than the matter 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 2023 and as of the date of this Annual Report, TSMC had not conducted any merger or acquisition. Risks Associated with Recruiting Quality Personnel TSMC relies on the continued services and contributions of its management team, as well as 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, talent shortages, illegal talent poaching, immigration controls, or related changes in market demand for our products and services. Since there is fierce competition for talent recruitment, the Company cannot ensure timely fulfillment of its personnel demand. In order to reduce the risk of talent recruitment, TSMC encourages job rotation and employs an on-the-job training and certification system. In this way, employees can continuously learn and enhance their work efficiency and effectiveness in the workplace. Moreover, TSMC creates multiple recruitment channels and continues to hire diverse top-notch, talented professionals from Taiwan and overseas. At the same time, the Company continues to expand industry-academic cooperation to meet outstanding talent at an early phase to recruit them in the future. Future R&D Plans and Expected R&D Spending For additional details, see “5.2.7 Future R&D Plans” on page 104-105 of this Annual Report. Changes in Corporate Reputation and Impact on the Company’s Crisis Management TSMC has established an excellent reputation worldwide 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 sustainable responsibility by serving as a good corporate citizen. TSMC continues to pursue innovation in economic, environmental and social dimensions. In 2023, TSMC was honored with numerous awards and citations for achievements in various areas including operations, corporate governance, patents, profit growth, investor relations, environmental protection, and corporate sustainability. The Company was selected as a part of the Dow Jones Sustainability World Index for the 23rd consecutive year. TSMC won first place in CommonWealth magazine’s inaugural Talent Sustainability award and in the Taiwan Institute for Sustainable Energy’s Corporate Sustainability award for 2023. The Company was recognized as a Taiwan Top Ten Sustainability Exemplary in the Corporate Sustainability report, and for Climate Leadership, Circular Economy Leadership, Supply Chain Management, Sustainable Water Management and Information Security Leadership. The Carbon Disclosure Project chose TSMC as a Supplier Engagement Leader in 2022, ranking in the top 5% of the Taiwan Stock Exchange corporate governance evaluation. The Company was named a member of Fortune’s 2023 World’s Most Admired Companies and the Fortune Global 500; Forbes’s World’s Largest Technology Companies in 2023; PricewaterhouseCoopers’ Global Top 100 Companies by market capitalization; and the 2023 Carbon Clean 200TM list issued by the media research company Corporate Knights and the non-profit As You Sow organization. TSMC was honored to be a part of the World Benchmarking Alliance’s SDG2000, the 2,000 Most Influential Companies, and included in Morgan Stanley Capital International’s All Country World Index ESG Leaders, while being ranked AAA by MSCI Research in its ESG Indexes. To promote sustainability, TSMC’s ESG Steering Committee, led by Chairman Dr. Mark Liu, presented the fourth TSMC ESG Award in 2023, honoring internal organizations and divisions for tangible achievements in the Company’s five ESG strategic directions: drive green manufacturing, build a responsible supply chain, create a diverse and inclusive workplace, develop talent, and care for the disadvantaged. At the same time, this award presentation encouraged all employees to propose new ideas for sustainability to be assessed for feasibility and potential incorporation in the Company’s implementation plans. Compared to 1,880 sustainability proposals in the third year, the fourth annual ESG Award generated 3,166 innovative ideas, adding new energy to the Company’s culture of sustainability. Mindful of its global reputation, TSMC employs numerous preventative measures to address potential risks from earthquakes, fires, IT service disruption, yield loss, cyberattacks, supply chain disruption, pandemics, environmental events, and utility supply disruption. TSMC practices crisis management, implements recovery measures to deal with possible crisis events, maintains a crisis command center for control guidelines, and prepares emergency response procedures to ensure timely and prompt responses during a crisis. TSMC also performs regular exercises for crisis scenarios to ensure that crisis management procedures are comprehensive and valid. In 2023, TSMC received a rating of Low ESG Risk from the Sustainalytics ESG Risk Ratings. TSMC’s environment, safety and health committee holds monthly meetings to coordinate with relevant departments in each fab to conduct emergency response drills and continuously improve their notification and operational procedures to ensure clear channels of communication to stakeholders if a crisis arises, with the public relations division serving as the designated gateway for external communications. In 2023, the Board of TSMC took steps to enhance its corporate governance by expanding and strengthening the functions and responsibilities of its committees. The “Audit Committee” was renamed as the “Audit and Risk Committee” to assist the Board in overseeing the quality and integrity of accounting, auditing, reporting, financial control practices, and risk management structure. TSMC also deepened the risk management mechanisms of its overseas subsidiaries by conducting risk management and business continuity management workshops and incident commander trainings. Business continuity plans are also rehearsed and validated through regular exercises to ensure timely and effective responses. These efforts aim to fortify operational resilience and raise risk awareness of operational preparedness across TSMC’s global footprint. If the above-mentioned crisis occurs, relevant personnel at TSMC’s headquarters and global operating locations can deploy comprehensive emergency response measures to eliminate or minimize the impact on personnel safety, environment, property and operations. Responders also involve the public relations division from initial stage to ensure timely, clear and consistent external communication regarding the situation. Risks Associated with Change in Management In 2023 and as of the date of this Annual Report, there were no such risks for TSMC. Risks Regarding Non-Compliance with Export Control, Environmental and Climate Change 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 its 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 equipment that is subject to export control laws and regulations, as well as metals, chemicals, and materials that are subject to environmental, climate-related, health and safety, and humanitarian forced labor prohibition and 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; ● the temporary or permanent inability to procure or use certain production critical chemicals or materials; ● unfavorable alterations in TSMC’s manufacturing, fabrication and assembly and test processes; ● challenges from its 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; ● restrictions on TSMC’s operations or sales; 144 145 ● 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 and air pollution reduction plans; (3) modify its product designs and manufacturing processes, or incur other significant expenses such as paying any incurred carbon fees if the Company’s emission levels exceed applicable thresholds, and obtaining renewable energy sources, renewable energy certificates or carbon credits, 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 in response 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 managed 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 158-159 of this Annual Report. 6.3.4 Financial Risks Economic Risks Any future systemic political, economic or financial crisis or market volatility, including but not limited to interest rate and foreign exchange rate fluctuations, inflation or deflation or changes in economic, fiscal and monetary policies in major economies, could cause revenue or profits for the semiconductor industry as a whole to decline dramatically. If the economic conditions or financial conditions of the Company’s customers were to deteriorate, the demand for its products and services may decrease and additional accounting related allowances may be required, which could reduce TSMC’s operating and net income. ● Interest Rate Fluctuation TSMC is exposed to interest rate risks primarily in relation 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 the 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 the Company to invest in investment grade securities and limits the amount of credit exposure to any one issuer. The majority of TSMC’s fixed income investments are fixed-rate securities, which are classified as financial assets at fair value through other comprehensive income (“FVTOCI”) or amortized cost. For those fixed income investments classified as financial assets at FVTOCI, changes in their fair value are recognized through other comprehensive income; for those classified as financial assets at amortized cost, changes in their fair value are not reflected in asset values unless the assets are sold. TSMC has entered and may in the future enter into interest rate derivatives to partially hedge interest rate risk on its fixed income investments and anticipated debt issuance. However, these hedges can offset only a limited portion of the financial impact from movements in interest rates. The majority of TSMC’s debt is fixed-rate and measured at amortized cost and, as such, changes in interest rates would not affect future cash flows or the carrying amount. ● Foreign Exchange Volatility Substantially all of TSMC’s sales are denominated in U.S. dollars and over half of its capital expenditures are denominated in currencies other than the NT dollar, primarily in U.S. dollars, Euros and Japanese yen. As a result, any significant fluctuations to its disadvantage in the exchange rate of the NT dollar against such currencies, in particular a weakening of the U.S. dollar against the NT dollar, would have an adverse impact on the Company’s revenue and operating profit as expressed in NT dollars. For example, every one percent depreciation of the U.S. dollar against the NT dollar would result in an approximately 0.4 percentage point decrease in the Company’s operating margin based on its 2023 results. 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 its 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, and non-derivative financial instruments, such as foreign currency denominated debts, to protect against currency exchange rate risks associated with non-NT dollar-denominated assets and liabilities, investments in foreign subsidiaries, and certain forecasted transactions. 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) as well as any cash dividends paid in NT dollars on TSMC’s common shares represented by ADSs. ● Inflation TSMC is subject to the effects of inflation through increases in the cost of items such as raw materials and equipment used to produce its products, wage expenses and employee benefits, electricity costs, and costs in relation to construction of fabs. Although TSMC does not believe that inflation has had a material impact on its financial position or results of operations to date, a high inflation in the future may have an adverse effect on the Company’s ability to maintain current levels of profit margin if the selling prices of its products and services do not increase with these increased costs. 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. 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. The R.O.C. Controlled Foreign Company (“CFC”) rules enacted in 2016 have been implemented since January 1, 2023, pursuant to which, certain profits retained at a CFC located in a low-tax jurisdiction would be taxable at its parent company in Taiwan. On the other hand, effective from January 1, 2023, the R.O.C. Statute for Industrial Innovation was amended such that eligible companies that develop innovative technologies domestically and possess leading position in global supply chain may claim investment tax credit of 25% on qualified R&D expenditure and 5% on procurement of machinery/equipment for advanced processes over a fiscal year. The Company is eligible for these new incentives pursuant to the R.O.C. Statute for Industrial Innovation. Further, changes in the tax laws of foreign jurisdictions could arise as a result of the base erosion and profit shifting (BEPS) project that was undertaken by the Organization for Economic Cooperation and Development (OECD). These changes may increase tax uncertainty and have an adverse effect on TSMC’s 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. 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, the Company 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 2023 and as of the date of this Annual Report, TSMC made no high-risk or highly leveraged financial investments. All financial derivative transactions engaged by TSMC were strictly for hedging and not for trading or speculative purposes. All guarantees and intercompany loans provided by TSMC and 146 147 including our own. For example, in January 2021, China adopted a blocking statute that, among other matters, entitles Chinese entities incurring damages from a multinational’s compliance with foreign laws to seek civil remedies. Imposition of trade barriers, including protectionist measures, sanctions and import and export controls (including without limitation the export control measures mentioned in the foregoing paragraph), could increase TSMC’s manufacturing costs, limit TSMC’s access to certain supplies, make TSMC’s pricing less competitive, and impact the sales of TSMC or its customers. In 2023 and as of the date of this annual report, our current results of operations have not been materially affected. Nevertheless, depending on future developments of global trade tensions, such relevant regulations, rules, or measures may have an adverse impact on the Company’s business and operations, and TSMC may incur significant legal liability and financial losses as a result. 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. its subsidiaries were solely for TSMC and/or its wholly-owned subsidiaries. All guarantees and intercompany loans were in compliance with relevant rules and regulations. To manage risks of various financial transactions, TSMC has established internal control policies and procedures based on sound financial and business practices, all in compliance with the relevant rules and regulations issued by the R.O.C. Financial Supervisory Commission. TSMC’s 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 not able 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 mainly based 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 Other Risks Potential Impact and Risks Associated with Sales of Significant Numbers of Shares by TSMC’s Directors, and/ or 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. As of the date of this Annual Report, no single shareholder owned 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 19-21 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. In 2020, the U.S. tightened its export control measures against Huawei Technology Co. Ltd. and its affiliates (collectively, “Huawei”). To comply with relevant laws and regulations, TSMC has discontinued shipment of products to Huawei since September 2020. Since February 2022, there have been expansive sanctions and export controls imposed by several countries and regions against Russia, including certain individuals and entities, in connection with the military conflict in Ukraine. In October 2022 and October 2023, the U.S. adopted additional export controls over specified countries (including China) under the U.S. Export Administration Regulations (“U.S. EAR”) on certain advanced computing integrated circuits (“ICs”), computer commodities that contain such ICs, and certain semiconductor manufacturing items, as well as controls on transactions involving items for supercomputer and semiconductor manufacturing end-uses. The new controls add new license requirements for items subject to the U.S. EAR where the items are destined to a semiconductor fabrication facility in China that fabricates ICs meeting specified advanced node parameters as well as for U.S. persons’ activities supporting such facility or semiconductor manufacturing items. In October 2022, the Company secured a one-year general authorization from the U.S. government, which allows TSMC to maintain the Company’s fab’s operations in Nanjing, China. This general authorization has been renewed and extended to be effective until May 31, 2024. TSMC is also applying for a Validated End-User (the “VEU”) authorization for its Nanjing fab, which, once obtained, would be a permanent authorization that allows the Company to receive exports of eligible items from the U.S. without separate licenses. However, there is no assurance that TSMC will be able to obtain the VEU authorization for our Nanjing fab or that the obtained general authorization will not be terminated in the future. On the other hand, measures adopted by an affected country to counteract the impact of another country’s actions or regulations could lead to significant legal liability to multinational corporations 148 149 Fab 6 consecutive years.7 Environmental, Social & Governance (ESG) TSMC is the only semiconductor company to be selected as a component of the Dow Jones Sustainability Indices for 23 150 151 7.1 Overview TSMC actively implements ESG management following three missions: Acting with Integrity, Strengthening Environmental Protection, and Caring for the Disadvantaged. In so doing, the Company seeks maximum achievements as the leading technology and capacity provider of the global logic IC industry and strives to establish mutually beneficial interaction with all stakeholders – employees, shareholders/investors, customers, suppliers/contractors, governments/associations and society as a whole – aiming to create sustainable value and to be a force for positive change. Guidance for Implementing – ESG With the vision of Uplifting Society, TSMC has formulated its ESG Policy as the overarching guiding principle for sustainable development, in which the ESG Matrix, established by the Company’s founder Dr. Morris Chang, clearly defines the scope of its ESG responsibilities. TSMC strives to carry out its ESG commitment in seven areas: morality, business ethics, economy, rule of law, sustainability, work-life balance and happiness, and philanthropy. Actions that TSMC has taken to fulfill these commitments are integrity, law compliance, anti-corruption/anti-bribery/anti-cronyism, environmental protection/climate control/energy conservation, corporate governance, providing well-paying jobs, generating good shareholder return, employee work-life balance, encouraging innovation and a good work environment. TSMC also advances ESG through its Charity Foundation and Education and Culture Foundation to fulfill corporate citizenship responsibilities. TSMC ESG 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 ESG Management TSMC has established the ESG Steering Committee as the highest level of ESG decision-making, chaired by the Company’s Chairman, while the Chairperson of the ESG Committee serves as executive secretary, and other members are senior executives from a wide variety of functions. All work together to examine material ESG issues in relation to the Company’s operations, set the short-, medium- and long-term strategic directions that link to the UN’s Sustainable Development Goals (SDGs). The ESG Committee functions to coordinate and integrate resources, and facilitate communication among various divisions, implementing the resolutions of the Company’s ESG Steering Committee. The ESG Department, on behalf of the ESG Committee, works together with cross-organizational representatives to identify key sustainability issues in relation to the Company’s operations and stakeholders’ concerns. Task forces are formed to address various issues and frame adaptive strategies, goals and action plans. The ESG Committee holds quarterly meetings to track progress and ensure the strategies are implemented effectively in daily operations. At the same time, every quarter the chairperson of the ESG Committee reports on the implementation of plans and results to the Board of Directors/Nominating, Corporate Governance and Sustainability Committee, under whose supervision the ESG Committee continues to improve TSMC’s sustainability management policies, strategies, and goal setting and deepen sustainable development. In 2023, TSMC focused primarily on green manufacturing and supply chain management (including net zero emissions, renewable energy access and use, biodiversity strategy, and low-carbon value chain management), diverse and inclusive workplace, and talent development (including a series of activities promoting diversity and inclusion, conducting human rights due diligence, deepening high school students’ science, technology, engineering, and mathematics (STEM) programs), and public welfare investments such as the Public Welfare Green Energy Project. TSMC also planned and oversaw ESG budgets for 2023 and 2024. The Company uses sustainability reports as an ESG management tool and updates themed reports such as the Climate and Nature Report, the UN’s SDG Action Report, and the Materiality Analysis Report. In June 2024, TSMC will release its first Sustainability Impact Valuation Report, which includes social impact and environmental profit and loss analysis, and Human Rights Report to further expand sustainability transparency and drive towards a better future. Stakeholder Engagement TSMC respects all stakeholders’ rights and interests in sustainability issues and aims to foster interaction through diverse communication platforms. These channels include a dedicated ESG website, ESG mailbox, Investor mailbox, Employee Feedback Channels, Irregular Business Conduct Reporting System, and the Supply Chain Worker Grievance Channel. TSMC systematically manages and addresses stakeholders’ concerns through identification, prioritization, and validation. Stakeholders and Communication Channels in 2023 Stakeholders Employees Shareholders/Investors Customers Suppliers/Contractors Government/Industry Associations Society Communication Channels ● Employee Opinion Survey on Company Core Values, Employee Engagement Survey ● Employee trainings ● Silicon Garden Meeting (labor-management meeting) ● Communication meetings for various levels of managers and employees; e.g. the executives communication meeting, skip levels and communication meeting in individual functions or divisions ● Human Resources Business Partner Team ● Ombudsman system, whistleblower reporting system, irregular business conduct reporting system, and sexual harassment investigation committee ● Corporate intranet (myTSMC), internal emails, and other announcement channels (such as promotion posters at facilities), TSMC eSilicon Garden Stories ● Employee suggestion channels, such as the Fab Caring Circle, Employee Opinion Box, Wellness Center, wellness website, employee PIP & IT Security mailbox and hotline, etc. ● Annual general shareholders’ meeting ● Annual Reports, Sustainability Reports, Theme Reports (UN SDGs Action Reports, Materiality Analysis Reports, Sustainability Impact Valuation Report, Climate and Nature Report, Human Rights Report), and Form 20-F with the U.S. Securities and Exchange Commission ● Quarterly earnings conference ● Domestic and overseas broker conference ● Face-to-face meetings, video conference calls and telephone conference calls ● Major announcements on the Market Observation Post System, and corporate press releases on the Company’s website ● Customer satisfaction survey ● Business and technology assessment ● Customer meetings ● Customer visits/audits ● Supplier Code of Conduct promotion ● Supplier Sustainability Management Self-Assessment Questionnaire (SAQ) ● Supply chain environment, safety and health training ● Sustainable Supply Chain Environment, Safety and Health Forum ● Carbon reduction follow-up meeting with major emission contributors ● Supplier meetings ● On-site support and audit ● Supply Chain Employee Grievance Channel ● Supply Online 360 Global Responsible Supply Chain Platform ● Industry association communication platform ● Official correspondence and visits ● Offer industry experience and advice, and keynote speech ● Conferences (e.g., briefings, public hearings, symposia, seminars, meetups) ● Volunteer activities and services, volunteer cadre meetings ● Project collaboration and visit ● Sponsorship of charity projects and educational projects ● “Sending Love” charity platform ● TSMC Education and Culture Foundation and TSMC Charity Foundation websites ● ESG website, ESG Newsletter, ESG mailbox and social media (Facebook and LinkedIn) 152 153 Responsibilities of ESG Steering Committee and ESG 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 Customers’ service and satisfaction, customer trust, customer confidentiality, Responsible Business Alliance and its code of conduct Information Technology and Materials & Risk Management Information security, materials and supply chain risk management, supplier management, conflict minerals, Responsible Business Alliance and its code of conduct; risk management, crisis management, emergency response and action plan Quality and Reliability Product quality and reliability, product recall mechanism Research and Development Innovation management, green products Stakeholders Employees Government/Industry Associations Society (Note) Customers Government/Industry Associations Employees Shareholders/Investors Customers Suppliers/Contractors Government/Industry Associations Society Customers Suppliers/Contractors Employees Customers Suppliers/Contractors Government/Industry Associations Business Development Shaping an energy-efficient technology roadmap; building alliance with customers to foster smarter and greener product innovations; establishing and promoting TSMC as a responsible technology thought leader, and sharing its experiences and achievements Employees Customers Society Finance Financial disclosure, dividend policy, tax strategy Investor Relations Resolving issues of stakeholder concern, establishing trusting long-term relationships, effective two-way communication, annual report production 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 Diversity and inclusion, talent attraction and retention, talent development, human rights TSMC Education and Culture Foundation Cultivating young generation, educational collaboration, promote arts and culture TSMC Charity Foundation Philanthropy, community relations Public Relations Stakeholder engagement, mechanism for reflecting issues of social concern, media relations Note: Society includes community, non-governmental organizations, non-profit organizations, and the public. Employees Shareholders/Investors Customers Suppliers/Contractors Government/Industry Associations Shareholders/Investors Customers Shareholders/Investors Suppliers/Contractors Employees Shareholders/Investors Customers Suppliers/Contractors Government/Industry Associations Society Employees Government/Industry Associations Society Society Society Society 154 TSMC demonstrated its commitment to sustainable development by publishing a non-financial annual report for the 25th consecutive year and engaging diverse stakeholders in daily operations. Based on the five ESG directions of Drive Green Manufacturing, Build a Responsible Supply Chain, Create a Diverse and Inclusive Workplace, Develop Talent, and Care for the Disadvantaged, TSMC continued to develop more sustainable innovation models. The Company conducted a materiality analysis in line with GRI 3: Material Topics 2021 from the GRI Universal Standards 2021 released in October 2021 by the Global Sustainability Standards Board (GSSB), incorporated the spirit of its risk management policy, and identified ESG issues of significant impact on its operations and potential challenges that need to be addressed at its Taiwan facilities (headquarters, wafer fabs, backend packaging fabs, and testing fabs), TSMC China, TSMC Nanjing, TSMC Arizona, TSMC Washington, LLC, Japan Advanced Semiconductor Manufacturing, Inc., VisEra and other subsidiaries. This process has helped calibrate the Company’s sustainable strategy, set goals, implement risk mitigation measures, enhance operational resilience, and deepen its sustainable development capacity. The TSMC sustainability report incorporates the following: the GRI Standards, Task Force on Climate-related Financial Disclosures (TCFD) Recommendations, Taskforce on Nature-related Financial Disclosures (TNFD) Recommendations, Sustainability Accounting Standards Board (SASB) Standards, AA1000 Accountability Principles. TSMC received assurance from the DNV Business Assurance Co. Ltd. that the Company is in compliance with DNV VeriSustainTM Protocol, the GRI standards, SASB Standards, and the TCFD framework. As the only semiconductor company selected for the Dow Jones Sustainability World Indices for the past 23 consecutive years, TSMC actively fulfills its corporate citizenship responsibilities and responds to the UN SDGs by setting long-term goals for 2030 and implementing corresponding actions. Anchored in the concept of SDG 17 Partnerships for the Goals, TSMC collaborates with internal and external stakeholders to create sustainable value in ESG aspects. Through mutual dialogue, cooperation, and participation, TSMC strengthens resource linkage and overall value chain influence, driving substantial positive change and building a better future for all. 2023 ESG Awards and Ratings Category Overall ESG Organization Awards and Ratings Dow Jones Sustainability Indices (DJSI) ● Dow Jones Sustainability World Index for the 23rd consecutive year MSCI ESG Indexes Sustainalytics ISS ESG FTSE4Good Index ● MSCI ACWI ESG Leaders Index component ● MSCI ESG Research – AAA Ratings ● MSCI ACWI SRI Index component ● MSCI ACWI Islamic Index component ● MSCI Emerging Markets ESG Leaders Index ● Company ESG Risk Ratings: Low ESG Risk – Semiconductor Industry ● “Prime” Rated by ISS ESG Corporate Rating ● FTSE4Good Emerging Index component ● FTSE4Good All-World Index component ● FTSE4Good TIP Taiwan ESG Index component World Benchmarking Alliance (WBA) ● SDG2000 – The 2,000 Most Influential Companies S&P Global ● The Sustainability Yearbook Award 2023 – Top 10% S&P Global ESG Score Taiwan Institute for Sustainable Energy ● Taiwan Top 10 Sustainability Exemplary Awards for the 8th consecutive year ● Corporate Sustainability Report Awards ● Circular Economy Leadership Awards ● Information Security Leadership Awards ● Supply Chain Leadership Awards ● Sustainable Water Management Leadership Awards ● Climate Leadership Awards Morningstar ● The Best Sustainable Companies to Own in 2023 The Financial Times and Statista ● Asia-Pacific Climate Leaders 2023 (Continued) 155 Category Organization Awards and Ratings Economy and Governance Institutional Investor Magazine ● Most Honored Company (Technology/Semiconductors) – All-Asia ● Best Overall ESG (Technology/Semiconductors) – 1st Place (buy-side and sell-side) – All-Asia ● Best CEO (Technology/Semiconductors) – 1st Place (buy-side and sell-side) – All-Asia ● Best CFO (Technology/Semiconductors) – 1st Place (buy-side and sell-side) – All-Asia ● Best Investor Relations Program (Technology/Semiconductors) – 1st Place (buy-side and sell-side) – All-Asia ● Best Investor Relations Professional (Technology/Semiconductors) – 1st Place (buy-side and sell-side) – All-Asia ● Best Investor Relations Team (Technology/Semiconductors) – 1st Place (buy-side and sell-side) – All-Asia ● Best Company Board (Technology/Semiconductors) – 1st Place (buy-side and sell-side) – All-Asia IFI Claims Patent Services ● Ranked as 3rd in 2023 Top 50 US Patent Assignees Forbes FutureBrand Index FORTUNE Brand Finance Asiamoney Business Today ● The World’s Top 10 Largest Technology Companies in 2023 ● Global 2000 ● FutureBrand Index component ● 2023 World’s Most Admired Companies ● Fortune Global 500 ● Brand Finance Global 500 ● Overall Outstanding Companies by market ● 2023 Asia’s Outstanding Companies – Semiconductors & Semiconductor Equipment Sector for the 6th consecutive year ● Top 1,000 Enterprises in Taiwan, Hong Kong and Mainland China Taiwan Stock Exchange PricewaterhouseCoopers ● Top 5% in Corporate Governance Evaluation of Listed Companies for the 9th consecutive year ● Global Top 100 Companies by Market Capitalization for the 11th consecutive year R.O.C. Ministry of Economic Affairs Intellectual Property Office ● Ranked No.1 in Taiwan Patent Applications for the 8th consecutive year ● Ranked No.1 in Taiwan Patent Grants for the 4th consecutive year Germany Federal Office for Information Security ● Common Criteria, ISO/IEC 15408- EAL6 Site Certification – Fab 18A, Fab 18B, AP6, Fab 14A, Fab 14B Corporate Synergy Development Center ● Taiwan Continuous Improvement Award – Gold Tower Award – Fab 3 & EBO, Fab 8, Fab 14A, Fab 15B, Fab 18A, IMC ● Taiwan Continuous Improvement Award – Silver Tower Award – Fab 2 & Fab 5, CPO, ACCT ● Taiwan Continuous Improvement Award – Fab 3, EBO, IMC Clarivate LexisNexis ● 2023 Top 100 Global Innovators ● Innovation Momentum 2023: The Global Top 100 Environment, Safety and Health Corporate Knights & As You Sow ● 2023 Carbon Clean 200TM List CDP ● Climate Change B Ratings ● Water Security A- Ratings ● Supplier Engagement B Rating Alliance for Water Stewardship, AWS U.S. Green Building Council ● “Platinum” Class Certification for the 4th consecutive year – Fab 5, Fab 6, Fab 12A, Fab 12B, Fab 14P5, Fab 14P6, Fab 14P7, Fab 15A, Fab 15B, AP3 ● Leadership in Energy and Environmental Design (LEED) – “Gold” Class Certification – Fab 18P4 Office, Fab 18P6 & P7 Manufacturing Facility, Fab 12P8 Manufacturing Facility UL Solutions ● Platinum Rating for UL 2799 Waste Recycling Standard Ministry of Environment, R.O.C. ● National Enterprise Environmental Protection Award – Fab 8, Fab 14B, Fab 15B, VisEra ● Green Chemistry Application and Innovation Award – Fab 14B, Fab 18P1, AP3 Society Forbes ● 2023 World’s Best Employers Occupational Safety and Health Administration, Ministry of Labor, R.O.C. ● National Occupational Safety and Health Award – Enterprise Benchmarking Award for the 2nd consecutive year CommonWealth Magazine ● Talent Sustainability 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 with internationally recognized best practices. The Company’s ESH policies aim to achieve “zero incidents” and “environmental sustainability” and to make TSMC a world-class organization 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 and its subsidiaries’ manufacturing facilities have received ISO 14001: 2015 certification for environmental management systems and ISO 45001: 2018 certification for occupational safety and health management systems. TSMC and its subsidiary fabs in Taiwan have each been certified by the Taiwan Occupational Safety and Health Management System (TOSHMS). All the above certifications are maintained and valid. Per TSMC policy, all new facilities are required to attain the aforementioned certifications within 18 months after receiving their facility operating license. To reduce overall environmental, safety and health risks, 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, and fire and explosion prevention, as well as to minimize the impact of earthquake damage. 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 fabs have been QC 080000 certified and have maintained validity since 2007. Through the establishment of QC 080000, TSMC ensures that its products comply with customer requirements and international regulations 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 related substances restriction standards. In addition, in 2016 TSMC started a project to minimize usage of the hazardous substance N-methylpyrrolidinone (NMP) and as a result by the end of 2022 NMP use in the Company’s Taiwan fabs had been reduced by 97.2% compared to the use in 2016. In 2023, TSMC continued to further reduce NMP usage in its subsidiary fabs and expected to complete process replacement in 2024. In 2011, TSMC began implementing the ISO 50001 energy management system for continuous improvement in energy conservation. In 2022, all TSMC and its subsidiaries’ manufacturing facilities had received ISO 50001 Energy Management System certification and has maintained the certification validity until now except for TSMC Washington. TSMC Washington in the U.S. plans to receive this certification in 2024. Aiming to establish the healthiest possible workplace, in 2017 TSMC formed a corporate-level health promotion committee led by executives at the vice president level to address on an ad-hoc basis occupational disease cases or other health issues. The committee members include site directors, managers of safety and health department, and representatives from wellness, HR and legal affairs divisions. External experts have also been invited to discuss the potential risks of occupational diseases in the semiconductor manufacturing process and 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 focused on preventing occupational injuries and diseases and promoting employee safety, physical and mental health. To minimize supply chain risk and fulfill corporate social responsibility, TSMC not only follows ESH best practices internally but also strives to improve the ESH performance of its suppliers and contractors through audits and counselling. TSMC uses priority work management and self-management to govern services provided by contractors. The Company requires contractors performing level-one high-risk operations to complete certification for technicians and to establish their own ISO 45001 safety and health management system. The emphasis on self-management nurtures the sense of responsibility, with the goal of promoting safety awareness and technical improvement for all contractors in the industry. For onsite contractor personnel, TSMC has standardized courses on safety and health and increased the frequency of such courses to improve training effectiveness and safety awareness. To ensure that the Company’s safety protocols are accurately delivered to contractors on a timely basis, TSMC has established a digital platform for mutual communication so that onsite operational risks can be mitigated. TSMC collaborates with suppliers to manage the sustainability of the supply chain, including formulating supplier sustainability standards, drawing up audit plans, performing audits and tracking improvements, coaching and training, and additional instruction for suppliers with subpar performance. Strengthening the professional capabilities of suppliers in environmental protection, safety and health, fire response, and carbon inventory were key focuses in 2023. To achieve the goal, the Company held the environmental protection, safety and health workshops (57 participants from 52 suppliers), fire emergency response workshops (60 participants from 51 suppliers), supplier carbon inventory workshops (28 participants from 24 suppliers) and environmental protection, safety and health workshops for suppliers’ senior managers (29 participants from 17 suppliers). In addition, for the past eight years suppliers have been invited to observe TSMC’s annual emergency response drills (accumulated 195 participants from 190 suppliers) and the Company’s environmental, safety and health sustainability forum focused on successful case sharing 156 157 (359 participants from 117 suppliers). TSMC also conducts environmental, safety and health audits at supplier manufacturing sites and actively assists suppliers in improving their ESH performance. Finally, the Company requests that suppliers conduct a carbon emissions inventory and encourages them to implement measures to save energy, reduce carbon emissions, conserve water and reduce waste. 7.2.1 Environmental Protection Climate Change and Energy Management ● Task Force on Climate-related Financial Disclosures (TCFD) In view of the potential financial risks of climate change on operations, in 2018 TSMC adopted TCFD recommendations released by the Financial Stability Board (FSB) to identify risks and opportunities and further establish metrics and management targets based on the results identified. Management Structure of TSMC Climate-related Risks and Opportunities Category Governance Management Strategy and Actions Board of Directors periodically reviews climate change related risks and opportunities ● ESG Steering Committee: TSMC’s top organization in climate change management. Chaired by the Chairman of TSMC with the chairperson of the ESG Committee serving as executive secretary. The Committee reviews TSMC’s climate change strategies and goals every quarter and reports to the Board of Directors. ● Energy Saving and Carbon Reduction Committee: The Company’s management organization for taking action on climate change risk and opportunity. It is chaired by the Vice President of Fab Operations. Every quarter, this Committee formulates management plans, reviews implementation status, and discusses future plans. Strategy Identify short-, medium- and long-term climate risks and opportunities through cross-departmental discussion Use scenario analysis to assess the potential operational and financial impact of significant climate risks and opportunities to the Company Promote low carbon manufacturing to approach net zero emissions and strengthen climate resilience Through communication and coaching, enhance suppliers’ climate risk awareness and response capabilities, and cooperate with suppliers to actively develop and implement specific carbon reduction actions Risk Management Use the TCFD framework to establish TSMC’s climate risk identification process Follow the risk identification and ranking on climate change to develop relevant responding projects Integrate climate risk identification and assessment into the enterprise risk management (ERM) process Metrics and Targets Set management metrics related to climate change Develop carbon emission reduction targets for TSMC and its suppliers and regularly review the progress on achieving said targets Financial Impact Analysis and Response of Climate Risks and Opportunities Climate Risks Potential Financial Impact Climate Opportunities Potential Financial Impact 2023 Actions Greenhouse Gas (GHG) Emissions Cap and Carbon Tax/Carbon Fee Restrictions on capacity expansion, increases in operation costs ● Participation in renewable energy plans ● Participation in carbon trading market Early purchases of renewable energy, successfully increasing production capacity Trend to Net Zero Emission ● Increased cost of installation and operation of carbon reduction equipment ● Increased cost of purchasing carbon offset products Win public recognition and carbon emissions offset cooperation Accumulate carbon credits in preparation for future carbon emissions offset Develop low-carbon product services to improve product energy efficiency Use reclaimed water Satisfy customers’ needs for energy-saving products and increase revenue Smooth construction of advanced production lines ● Entered into power purchasing agreements for renewable energy totaling 3.1GW ● Used 2,590 GWh in renewable energy, and increased the proportion of renewable energy use to 11.2% ● Achieved 100% renewable energy used in overseas subsidiaries and offices for the sixth consecutive year ● Purchased 284 thousand tons of carbon credits to achieve net zero emissions of overseas plants ● Received carbon credit for fluorinated-GHG and nitrous oxide reduction offset project about 600 thousand tons ● 100% use of carbon neutral natural gas from Chinese Petroleum Corporation in TSMC Taiwan fabs ● TSMC global offices used carbon credits to achieve net zero emissions ● Developed energy saving products for the 5nm, 3nm and more advanced manufacturing process ● Consumed reclaimed water 12.61 million cubic meter/year Commitment of Environmental Impact Assessment (EIA) The development of advanced technologies potentially hampered by inability to obtain renewable energy and reclaimed water Uncertainty of Development of New Energy Saving Technology Rising electricity consumption in advanced technology production lines increases production costs Construct green buildings Reduce utility costs ● Received five green building certifications (Continued) Climate Risks Potential Financial Impact Climate Opportunities Potential Financial Impact 2023 Actions Impact on the Company’s reputation Inability to satisfy the expectations of stakeholders, negatively impacting the Company’s reputation Improve the Company’s reputation Upgrade TSMC performance in stakeholders’ sustainability ranking ● Led the industry as the only semiconductor company chosen for the Dow Jones Sustainability Indices (DJSI) for the 23rd consecutive year Drought (TSMC Operation) Drought (Supply Chain) Production negatively affected, causing financial losses and a decrease in revenue Increase resilience and ability to cope with natural disasters Flooding (TSMC Operation) Flooding (Supply Chain) Strengthen resilience in coping with climate change impact, lower risk of operations disruption, and reduce potential losses ● Raised the building base of Fab 18 Phase 8 and Fab 14 Phase 8 two meters higher ● Fab 18 Phase 8 and Fab 14 Phase 8 committed to using and developing reclaimed water ● Required suppliers to assess drought and flooding risk in operating facilities and implement related risk reduction actions ● Implemented drills based on drought emergency procedures Rising Temperatures Increase in electricity consumption, cost, and carbon emissions Strive for low-carbon, green manufacturing Save energy and cut costs ● Conserved 830 GWh of electricity through energy-saving projects Greenhouse Gas (GHG) Emission Reduction and Energy Management TSMC remains committed to becoming a global leader in green manufacturing. In response to threats presented by extreme weather, TSMC sets strategies and targets, ensures sound execution and strives to build a sustainable culture. In 2021, TSMC announced its long-term goal of net zero emissions by 2050, while setting the short-term goal of zero growth in emissions by 2025. By actively implementing emission reduction measures, the Company is working to return its carbon emissions to 2020 levels by 2030. The Company actively participates in the initiatives of the World Semiconductor Council (WSC), and has leveraged its past experience to develop best practices, which have been fully adopted and implemented by the Company since 2012, to reduce perfluorinated compounds (PFC) emissions. In 2013, in accordance with the Ministry of Environment’s regulation Early Actions for Carbon Credit of Greenhouse Gases Reduction, TSMC applied for recognition of GHG 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 GHG 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 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 was performed not only to meet domestic regulatory reporting requirements but also to serve as a baseline reference for the Company’s strategy to reduce GHG emissions. Since 2005, TSMC has also participated in the international disclosure and rating agency CDP to publicly disclose climate change information for 19 consecutive years and to continuously review and improve related management practices. 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 carbon management in 2016. The three areas of focus of this platform are legal compliance, emission reduction, and carbon credit acquisition. In addition to participating in official regulatory consultation and communications meetings, the Company also sets short-, medium- and long-term reduction targets through the Energy Saving and Carbon Reduction Committee led by the fab operations vice president. The measures are carried out by energy and carbon reduction teams of individual fabs. Because more than 80% of TSMC’s GHG emissions come from electricity consumption, the Company 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 in operating its facilities. These efforts simultaneously reduce carbon dioxide gas emissions and costs. As a result, TSMC has conserved 3.9 billion kilowatt hours (kWh) of power since 2016. In February 2023, Taiwan renamed the “Greenhouse Gas Reduction and Management Act” to the “Climate Change Response Act” and amended the provisions. Relevant laws and regulations are being formulated. TSMC will continue to monitor and evaluate the potential impact on the Company, so as to respond early. 158 159 Since 2018, TSMC began to aggressively negotiate the purchase of renewable energy with suppliers in Taiwan. Targeting a long-term commitment of 100% renewable energy, TSMC has committed to achieving 60% renewable energy 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 net zero emissions in 2023 again. Although development of renewable energy in Taiwan is in an early stage, TSMC has established a renewable energy task force and continues to communicate closely with government. In the hope that the collaboration would speed up renewable energy development in Taiwan, the Company has made recommendations to the government. TSMC continues to find renewable energy. By the end of 2023, the total installation capacity of renewable energy contracted reached 3.1GW (gigawatts). The renewable energy will be provided to TSMC gradually after the related business process has been completed. This is a clear manifestation of the Company’s active support of the UN Sustainable Development Goals (SDGs). In 2020, TSMC became the first semiconductor company to join RE100, the global corporate renewable energy initiative, and pledged that power consumption of all the Company’s manufacturing plants and offices would be 100% supplied from renewable energy by 2050. In 2023, TSMC further announced the acceleration of the RE100 sustainability process in response to climate change and mitigation of climate impacts by moving up the original goal from 2050 to 2040. TSMC GHG Reduction Target and Achievement Status Strategy 2030 Goal 2023 Target and Achievement Achievement Status Continue to use best available technology to reduce GHG emissions and become an industry leader in low-carbon manufacturing Reduce GHG emissions per unit product (metric ton of carbon dioxide equivalent (MTCO2e)/12- inch equivalent wafer mask layer) by 30% (Base year: 2020) Reduced GHG emissions per unit product (metric ton of carbon dioxide equivalent (MTCO2e)/12- inch equivalent wafer mask layer) increased by 31% (Target: -9%) Unachieved (Note) Note: Due to the impact of the global economic cycle, the overall production capacity of TSMC in 2023 did not meet expectations, resulting in an increase in unit product GHG emission and failure to achieve the annual target. Therefore, TSMC will continue to implement energy saving and carbon reduction related actions. Air and Water Pollution Control The Company has installed air and water pollution control equipment in each fab to meet regulatory emissions requirements. In addition, TSMC maintains backup pollution control systems, including emergency power supplies, to mitigate 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 24 hours a day by rotating staff and treats system effectiveness as an important tracking item to ensure the quality of emitted air and discharged water. To further enhance water resources management, TSMC has adopted and followed the Alliance for Water Stewardship (AWS) standard, the sustainable water management standard. In 2022, TSMC AWS certified fabs (Note) in Taiwan's three science parks including Hsinchu, Central Taiwan and Southern Taiwan obtained AWS Platinum certification – the highest level available and it has maintained it platinum-level certification in subsequent years. Furthermore, the Company has upgraded the internal water platform (Water Map) to diverse water supply integration platform. In addition to improving use interface, the platform also includes diverse water use information like reclaimed water quality and quantity to fully grasp and manage the usage of water within the fab from all aspects, not only continuously tracks water reservoir capacity but also monitors in-house water quality and quantity. Based on the water balance diagram, it further integrates the water usage flow, flow rate, and recycling mechanisms to calculate the recovery rate, discharge rate, and water usage of each unit to improve water recycling rate. In 2023, TSMC continued to implement four major water saving measures: improving the water production rate of the system, reducing facility system water consumption, increasing the wastewater recycling of facilities, and decreasing water discharge loss from the system, and the overall system has increased recycled water use by 4.28 million cubic meters. Note: TSMC AWS certified fabs include Advanced Backend Fab 3, Fab 5, Fab 12A/B, Fab 15A/B, Fab 6, Fab 14B and Fab 14 Phase 7, covering the watersheds of all the fab locations across the Hsinchu, Central Taiwan and Southern Taiwan Science Park. The goal of water management at TSMC is to optimize utilization of every drop of water. In addition to positively implementing process water-saving measures, TSMC collaborates with industrial, governmental, and academic organizations to invest in the development of water reclamation technology. Through participation in the professional committee activities of the Taiwan Science Park Association, TSMC shares water-saving experiences and professional knowledge with semiconductor industry peers to achieve the common goal of the entire park and ensure long-term water resource supply-demand balance. In order to further circulate the use of water resources and support the government’s promotion of reclaimed water policy, TSMC launched the Southern Taiwan Science Park Reclaimed Water Plant operation in September 2022, the first private water reclamation plant in Taiwan, and introduced reclaimed water into the semiconductor manufacturing process. In addition to reclaimed water supplied by TSMC’s Southern Taiwan Science Park Reclaimed Water Plant, TSMC’s fabs in Southern Taiwan Science Park started using reclaimed water supplied by the Yongkang reclaimed water plant and the Anping reclaimed water plant when they started up in later 2022 and early 2023 respectively. The supply of above reclaimed water exceeded 62.5 thousand cubic meters per day in 2023. By the end of 2023, 1.261 million cubic meters of reclaimed water had been used in the semiconductor manufacturing process in TSMC’s Tainan fabs, helping the Tainan fabs reduce city water usage by 21% and TSMC reach the replacement rate of reclaimed water up to 12%. TSMC commits to continuing to increase the utilization of reclaimed water in newly constructed fabs in the future. TSMC Water Usage in Recent Two Years Year 2023 2022 Total Water Usage (m3) (Note 1) Unit Product Water Usage (L/12-inch wafer-e-layer) 113,610,463 104,681,272 176.4 137.3 TSMC Water Usage Reduction Target and Achievement Status Strategy 2030 Goal Enforce climate change mitigation policies, implement water conservation and water shortage adaptation measures Reduce unit water consumption (liter/12- inch equivalent wafer mask layer) by 30% (Base year: 2010) 2023 Target and Achievement Achievement Status Increased unit water consumption by 25.24% (Target: -2.7%) Unachieved (Note 2) Note 1: Includes TSMC fabs in Taiwan and subsidiaries total use of city water and reclaimed water. Note 2: Due to the impact of the global economic cycle, the overall production capacity of TSMC in 2023 did not meet expectations, resulting in an increase in unit product water consumption and failure to achieve the annual target. Therefore, TSMC will continue to implement process water saving and the use of reclaimed water. Waste Management and Recycling In recent years, as TSMC continued to develop advanced processes and expand capacity rapidly both at home and overseas, waste production has increased due to the complexity of new process development, demand for reliable yield rates, and increasing use of raw materials. To achieve the goal of sustainable resource utilization, TSMC has a designated unit responsible for waste recycling and disposal. The priorities are process waste reduction onsite and offsite recycling and regeneration, with incineration and landfill as the least desirable final option. In 2017, TSMC amended its articles of incorporation to add four business items for chemical materials to enhance waste process flow and reduce risks of improper waste disposal by commissioned agencies. It also set up onsite resource activation facilities to convert waste resources produced during manufacturing process into products to be used onsite or to sell to other industries. TSMC recycled copper sulfate waste, cobalt-containing liquid waste, sulfuric acid waste and ammonium sulfate waste, all of which were regenerated into products. The Company also developed a system of cryolite synthesis whereby hydrogen fluoride (HF) waste is recycled and regenerated into raw material that can be used in other industries. As a result, the Company has become a leader in waste resources regeneration. At the same time, TSMC’s fabs in Taiwan achieved a 95% waste recycling rate for the ninth consecutive year, with a landfill rate below 1% for the 14th consecutive year. Furthermore, TSMC’s Taiwan fabs became the first semiconductor facilities in the world to jointly obtain the highest platinum rating for UL 2799 certification in 2023. This achievement builds on the success of TSMC’s Fab 12 Phase 1 and Phase 2 in gaining the UL 2799 platinum certification in 2021. TSMC will continue to strive towards its goal of net-zero emission by 2050 reaffirming its commitment to the SDG 12. TSMC Waste Quantity and Outsourced Unit Waste Disposal in Recent Two Years (Note 1) Year 2023 2022 Outsourced General Waste (ton) (Note 2) Outsourced Hazardous Waste (ton) (Note 2) Outsourced Unit Waste Disposal (Note 3) (kg/12-inch equivalent wafer mask layer) 285,605 342,804 371,236 401,215 1.17 0.99 Note 1: The data in the table are preliminary results collected by TSMC and have not yet been verified by a third party Note 2: Totals include Taiwan and subsidiary facilities Note 3: Taiwan facilities 160 161 TSMC Waste Reduction Target and Achievement Status Strategy 2030 Goal 2023 Target and Achievement Achievement Status Promote waste reduction by source separation and require vendors to provide low chemical consumption equipment Outsourced unit waste disposal per wafer ≦0.50 (kg/12-inch equivalent wafer mask layer) Outsourced unit waste disposal per wafer 1.17 (kg/12-inch equivalent wafer mask layer) (Target: ≦0.98%) Unachieved (Note) Note: The main reason was production decreased while waste generation did not decrease proportionally. In order to ensure that all waste is treated and recycled properly, TSMC closely tracks the recycling and reuse practices of its cleanup and disposal vendors. The Company carefully selects waste disposal and recycling vendors that are certified and have required permits. TSMC regularly checks the onsite operational status, disposal declaration forms, operational records, etc., to compare with actual reuse and disposal, and takes proactive steps to strengthen vendor auditing. For example, all waste transportation contractors have agreed to join the GPS Satellite Fleet so that the cleanup transportation routes and abnormal stays for all trucks can be traced. All waste recycling and disposal vendors have installed closed-circuit TV systems at operating sites to monitor and audit waste handling. At the same time, to further guarantee proper waste handling, in 2022 TSMC built the system of waste intelligent fast track (S.W.I.F.T.) and completed five different types of waste treatment vendors for pilot testing. As of 2023, 29% of waste treatment vendors have instituted S.W.I.F.T. and TSMC intends to roll it out to all waste treatment vendors in 2030. Using AI technology in lieu of in-person on-site spot checks increases inspection efficiency 65-fold and reduces manual inspection by 13,000 hours each year. In addition, TSMC conducts ongoing surveys of recycled product tracking and requires all recycling contractors to report their recycled product sales monthly to track waste flow and ensure that actions are taken to adhere to lawful and proper waste recycling and treatment. Environmental Accounting The purpose of TSMC’s environmental accounting system is to identify and quantify environmental costs for internal management. At the same time, the Company also calculates and evaluates the savings or economic benefits of environmental protection programs so as to continuously promote economically effective programs. While environmental expenses are expected to continue to rise, environmental accounting can help 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 energy conservation, water or waste reductions and recycling benefits in accordance with its environmental protection programs. The benefits disclosed in this report include real income from projects such as waste recycling as well as savings from major environmental projects. In 2023, the total benefits of environmental protection programs of TSMC fabs including waste recycling exceeded NT$3,160 million. 2023 Environmental Cost of TSMC Fabs in Taiwan Unit: NT$ thousands Classification 1. Direct Costs for Reducing Environmental Impact Description Expense Investment (1) Pollution Control Fees for air pollution control, water pollution control, and others (2) Resource Conservation Costs for resource (e.g. water) conservation (3) Energy Conservation Costs for electricity consumption saving (4) GHG Reduction Include: (1) Process GHG emissions abatement equipment; (2) Premium for purchasing renewable energy; (3) Costs for purchasing carbon credits; (4) Other costs for direct GHG emissions reduction (5) Industrial Waste Disposal and Recycling Costs for waste treatment (including recycling, incineration and landfill) 2. Indirect Costs for Reducing Environmental Impact (Environmental Managerial Costs) 3. Other Environmental Costs Total (1) Cost of employee environmental 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 (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 12,527,395 - - 1,405,002 3,844,746 751,872 21,936,725 7,322,372 3,370,600 3,962,322 - 1,137,685 - - 18,529,015 37,729,703 2023 Environmental Efficiency of TSMC Fabs in Taiwan Unit: NT$ thousands Category Description 1. Cost Savings of Environmental Protection Energy savings Projects Water savings Waste reduction 2. Economic Efficiency for Industrial Waste Recycling Total Recycling of used chemicals, wafers, sputter targets, batteries, lamps, packaging materials, paper cardboard, metals, plastics, and other waste Efficiency 1,326,241 53,419 1,127,000 656,000 3,162,660 Green Building and Green Factory Since 2006, TSMC has adopted standards from both the Taiwan Green Building and 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 compared to conventional designs. The Company has also continued to upgrade existing office buildings to comply with the LEED standard each year. From 2008 to 2023, 44 of TSMC’s fabs and office buildings achieved LEED certifications: three platinum and 41 gold. During this time, the Company also received six Taiwan Intelligent Building diamond-class certifications and 29 Taiwan ecology, energy saving, waste reduction and health (EEWH) certifications: 21 diamond, six gold and two silver. Since 2009, the Company has been a leading supporter of the Taiwan government’s Green Factory Label standard, including the Clean Production and Factory Green Building evaluation systems. TSMC received Taiwan’s first Green Factory Label and 14 labels in total as of the end of 2023 and is the most awarded company of this label in Taiwan. Environmental Audit Results in Violation of Environmental Regulations In 2023 and as of the date of this Annual Report, TSMC has had no environmental regulation violations. 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. These include ultra-low power (ULP) and low operating voltage (low Vdd) 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 adaptor 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, smarter 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 additional 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. The Company endeavors 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 Contributions by TSMC Foundry Services 1. Continuously Drive Technology to Reduce Power Consumption and Save Resources ● To play its part in achieving sustainability, TSMC continues to drive the development of advanced semiconductor process technologies to help customers create more advanced, energy-efficient and environmentally friendly products. In each new 162 163 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. In addition, calculations using the Industry, Science, and Technology International Strategy Center’s model reveal that in 2020 TSMC helped the world conserve 4kWh of energy for each 1kWh spent in production – a testimony to TSMC’s commitment to green manufacturing both internally and externally. (Please refer to “Sustainable Products by TSMC Facilitates Global Energy Conservation” on page 11 of TSMC’s 2020 Corporate Social Responsibility Report.) ● As TSMC quickly ramped up its 7nm and newer generation technologies, combined wafer revenue contribution of 7nm and technologies beyond grew significantly from 9% in 2018 to 58% in 2023. TSMC’s objective is to continue R&D investment and increase wafer revenue contribution in 7nm and technologies beyond, helping the Company achieve both profitable growth and sustainability. Chip Total Power Consumption Cross-Technology Comparison More power is saved as line width shrinks 1 0.6 0.3 0.07 0.056 0.034 0.022 0.015 N55LP N40LP N28HPM 16FFC/ 12FFC (1.2V) (0.8V) (0.9V) (1.1V) 10nm (0.75V) (0.75V) 7nm 5nm 3nm (0.75V) (0.75V) TSMC Wafer Revenue Contribution from 7nm and Technologies re-aligned. Beyond Note: The logic chip/SRAM/IO (input/output) ratio, which affects die size and power consumption, was 2018 9% 2019 27% 2020 41% 2021 50% 2022 53% 2023 58% Chip Die Size Cross-Technology Comparison Die size reduces as line width shrinks 1 0.48 0.25 0.11 55nm 40nm 28nm 16FFC/ 12FFC 0.063 0.047 0.035 0.026 10nm 7nm 5nm 3nm Note: The logic chip/SRAM/IO (input/output) ratio, which affects die size and power consumption, was re-aligned. 2. Provide Customers Leading Power Management IC Processes with the Highest Efficiency ● TSMC’s leading manufacturing technology helps customers design and produce green products. Power management chips, 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. Power management ICs manufactured by TSMC for its customers are widely used in computer, communication, consumer, electric vehicle, server and data center, and other systems around the globe. 3. Drive Industry-leading, Comprehensive ULP Technology Platform ● To meet low-power consumption requirements for IoT markets, such as smart wearable, smart home, health care and smart city for IoT products, TSMC continues to invest in expanding and enhancing its ultra-low power processes. The Company provides industry’s leading and most comprehensive ULP technology platform to support various smart edge devices, including smart watches, hearing aids, pacemakers, continuous glucose monitoring (CGM) devices, environment monitoring, and smart grid infrastructure. TSMC’s industry-leading ULP offerings include FinFET-based 12-nanometer technology, N12eTM, featuring energy efficiency with high performance that results in more computing power and AI inferencing, 22nm Ultra-low leakage (ULL), 28nm ULP, 40nm ULP, and 55nm ULP, which have been widely adopted by various edge AI system-on-a-chip (SoC), battery-powered applications. TSMC has also extended its low Vdd offerings with simulation program with integrated circuit emphasis (SPICE) models with a wide-range of operating voltages for extreme low-power applications. 4. Develop Greener Manufacturing to Lower Energy Consumption ● 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 2023 through TSMC’s green manufacturing, see “Environmental Accounting“ on page 162-163 in this annual report. Social Contributions 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 (CIS), near field communication (NFC), Bluetooth, and global positioning systems (GPS), ultra-wide band (UWB), organic light-emitting diode (OLED) display drivers and power management ICs (PMIC) among others. These mobile devices offer remarkable convenience in daily living, and TSMC contributes significant value to these devices in the following ways: (1) new TSMC process technologies help chips achieve faster computing speeds 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 between recharges; 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 productivity and mobility of modern society. 2. Unleash Customer Innovations in CMOS Image Sensors (CIS) and Micro-Electromechanical Systems (MEMS) that Enhance Human Health and Safety and Create Green Products ● To make machines smarter, safer and more user and environmentally friendly, sensors are a must. Optical, acoustic, motion, and environment sensors are mostly made using either CIS or MEMS technologies. TSMC continues to put substantial effort into developing more advanced CIS and MEMS technologies to enable customers to create 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 near infrared (NIR) machine vision, etc. For MEMS, TSMC and customers have extended applications from traditional motion sensing to microphone, bio-sensing, micro-speakers, medical ultrasound actuators and more. TSMC customers’ sensing devices are used in consumer electronics, mobile communications, automotive electronics, industrial, and medical devices, and so on. They are increasingly smaller, faster, more accurate and more energy efficient, greatly enhancing human convenience, health and safety, and contributing to sustainability. As an example, TSMC customers introduced the latest automotive CIS products for car safety systems in 2023, which makes the advanced driver assistance systems (ADAS) and autonomous driving systems smarter and safer. In addition, adopting TSMC’s innovative MEMS technology, TSMC customers successfully introduced next-generation MEMS speakers, featuring smaller form factor and better high frequency response. These features further improve user experience by enabling more flexible industry design, bigger battery space and closer to natural sound quality for hearing aid and consumer grade hearing assistance devices. 164 165 7.2.3 Safety and Health Safety and Health Management TSMC’s safety and health management complies 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 received Taiwan Occupational Safety and Health Management System (TOSHMS) 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, the expectations and demands of stakeholders, the assessment of risk inspections, communication and consultation with non-managers, the application of performance indicators, and the evaluation of corrective and preventive actions. Meanwhile, ISO 45001 ensures the spirit of the system can be effectively implemented at the management level through management review, internal audit, automatic check, and security patrol to identify safety concerns and opportunities for improvement. All Company fabs in Taiwan received ISO 45001 certification for occupational health and safety in 2019 and all TSMC subsidiaries obtained the certification in 2020. All the above certifications have been maintained. New facilities, including TSMC Arizona, Japan Advanced Semiconductor Manufacturing, Inc. (JASM), are required to receive aforementioned certifications within 18 months upon receiving facility license per TSMC’s internal policy. In addition to 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 the potential risk in operating 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 a strong ESH culture. There were a total of 48 occupational injuries at TSMC in 2023, involving 48 people, representing approximately 0.07% of the total number of employees. The disabling injury frequency rate (FR) was 0.35, under the 0.4 target, and the disability injury severity rate (SR) was 4, not meeting the target of less than 4. TSMC is reviewing potential improvement measures, such as the promotion of safety culture-related posters or animations to strengthen employee safety awareness. By implementing interactive communication training courses on safety culture, TSMC can integrate safety into daily life and encourage employees to proactively discuss safety-related issues. To reduce sports injuries, it is mandatory for the welfare committee and departments to conduct risk identification and hazard reminders before organizing sports activities. The Company continuously observes operations and conducts compliance inspections to identify potential injury risks in the workplace and implement improvement measures to enhance workplace safety. In addition to regular reviews, the caring program for employees has been enhanced and managers have been directed to pay closer attention to the physical and mental state of employees to ensure their safety and health while at work. 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 expanding 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 the transportation of 300mm front-opening unified pods (FOUPs) to prevent cumulative physical injury caused by repetitive manual handling of this equipment. TSMC 300mm fabs have all converted to 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 tool 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 environmental, safety and health concerns about new chemicals are addressed and controlled including the use of engineering controls and personal protection equipment, as well as operational safety training during storage, transportation, use and disposal. A total of 417 cases of new tools and chemical substances were approved by the new tool and new chemical review committee in 2023 after they were evaluated and reviewed in accordance with the aforementioned standards and before entering TSMC. ● 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 injuries to employees and damage to property, as well as the impact on society and the environment in the event of a disaster. TSMC Safety-related Training and Promotion in Recent Two Years Year 2023 2022 Total Number of Employees Who Have Completed Safety-related Training 297,403 271,702 ● Working Environment Hazardous Factors Management TSMC conducts workplace hazard assessments to provide a comfortable, safe workplace for employees. The Company also educates employees and requires them, when appropriate, 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 as regulated by local laws. In addition, TSMC performs exposure assessments and uses 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 on employees, ESH professionals immediately conduct onsite observation and intervention to reduce the risk of hazardous factors exposure to acceptable levels. ● Health Promotion Program In order to establish the healthiest possible workplace and reduce the incidence of occupational disease, TSMC formed a corporate-level committee to carry out health promotion programs covering three key areas: 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 they begin working or providing any services there. 3. Strengthening management of chemicals with significant health risks: request suppliers that all materials they provide to TSMC comply with applicable laws including clear disclosure of any hazardous substances. Perform sampling of raw materials used in the manufacturing process to confirm that they do not contain any carcinogenic, mutagenic or toxic-reproductive materials as claimed on supplier’s safety data sheet (SDS). ● Emergency Response The planning and execution of an effective emergency response requires identifying potential high-risk events via risk assessment and being prepared for various scenarios. It should focus on continuous improvements and drills covering all potentially serious events. TSMC’s emergency response plans include procedures for rapid-response crisis management and disaster recovery for 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. In 2023, the Company held 132 evacuation drills and 36 fire drills. At least every two years, each fab director invites fab management and support functions to participate in business continuity drills for potentially high-risk events such as earthquake, fire and flood (at the Tainan site). Since 2018, TSMC has conducted complex accident emergency response drills, which include simultaneous scenarios for earthquake, fire and chemical spills to ensure rapid response 166 167 to emergencies so that losses can be minimized in the event of a real disaster. In 2020, TSMC took the lead in the industry to introduce the all-hazard approach as recommended by the Federal Emergency Management Agency (FEMA) to conduct disaster prevention exercises. In response to the COVID-19 pandemic, TSMC added tabletop exercises to disaster prevention training in an effort to minimize the risks of group infections that may arise as a result of full-scale exercises. The inclusion of tabletop exercises also aids in the verification of full-scale exercise procedures to make disaster response more comprehensive, thus effectively mitigating the impact of various types of disasters on business continuity in the future. As of 2023, in addition to 644 sessions of tabletop exercises, 91 full-scale exercises had also been completed. 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, H1N1 influenza in 2009, and MERS in 2015, as well as with COVID-19 from 2019 to 2023, TSMC followed the Taiwan CDC’s (Center 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, 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. For example during the COVID-19 outbreak, in order to protect the health of TSMC employees, their families, and work partners, employees were encouraged to be fully vaccinated if in healthy condition. In addition, TSMC reviewed the situation from time to time and formulated appropriate preventive measures such as daily body temperature checks and updated vaccination information before entering Company facilities and continued to follow epidemic prevention recommendations such as mask wearing, frequent hand washing and social distancing. ● Employee Physical and Mental Health Enhancement TSMC believes that employee physical and mental health is not only fundamental to maintaining sound business operations but is also an important part of a corporation’s responsibility. To preserve and promote the physical and mental health of its employees, TSMC fosters collaboration among the onsite industrial safety and environmental protection department, the onsite medical personnel of the health center, and physicians of occupational medicine. TSMC strives to reduce cerebral and cardiovascular conditions or injuries that might be induced or aggravated by overwork, night work or shift work. The Company conducts programs for maternal health protection and for prevention of cumulative trauma disorders as well. TSMC devotes significant resources to mental health awareness, focused not only on hazards at work but also on employee health in general. In 2023, planned personal health management activities included: (1) 497 female employees participated in the maternal health program, and the completion rate was 100%. 496 of them were at first degree risk, where there was no potential harm to the mother or infant. One female employee was assessed as second degree risk, with potential harm to the mother or infant, but after proper adjustments to her work duties, her risk was downgraded to first degree. (2) Through analysis of historical cerebral and cardiovascular cases of its employees, TSMC sharpened the disease assessment criteria used by contracted doctors, and, in combination with internal annual health examination reports and work scheduling information, the Company was able to identify 2,830 employees with middle to high risk for cerebral and cardiovascular diseases. These employees were provided with health education and medical assistance. Also, they and their managers received recommended changes in working hours and shifts to reduce health risks. (3) 170 employees were identified as high risk for cumulative trauma disorders, including one who might also have job-related risks, and the Company adjusted working conditions accordingly to reduce potential risks. (4) As obesity has been considered as a precursor to hyperglycemia, dyslipidemia, and hypertension and insomnia, TSMC has held health promotion programs for several consecutive years. In 2023, in light of the COVID-19 pandemic and catering to the younger generation’s preference for social and video media, apart from physical weight loss activities (5,782 participants; total weight loss reached 5,263 kg),TSMC conducted a series of online interactive activities including: (a) Fourteen sessions of “Health Lecture Online” with 7,142 attendees in total; (b) Nine health workshops with a total of 238 person-times; (c) Activities of World Mental Health Day with a total of 2,189 attendees. The above activities have all received positive feedback from employees. In the future, the Company will continue to implement relevant promotional activities to take care of the health of employees. training and hopes to establish a world-class semiconductor supply chain that exceeds international standards and serves as a global benchmark. 7.2.4 Supplier Management Management Aspect For better supply chain management, TSMC is committed to communicating with and encouraging its suppliers and contractors to increase their quality, cost effectiveness and delivery performance, and make continuous improvement in supply chain sustainability. Through regular communication with senior managers, site audits and experience sharing, the Company collaborates with major suppliers and contractors to enhance partnerships and ensure continued improvement of 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 obtained ISO 45001 certification 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 environmental, 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 evaluate the risk and impact on the economy, the environment, and society and to make continuous improvement. The Company has helped boost suppliers’ performance of sustainability through experience sharing and 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 ensure procurement of 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 Organization for Economic Cooperation and Development (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 a strong supporter of the RBA and the Global e-Sustainability Initiative (GeSI). As a member of RBA, TSMC requires suppliers source conflict-free minerals through their jointly developed Responsible Minerals Initiative (RMI). Since 2011, TSMC has asked its suppliers to disclose and make timely updates on smelters information. The Company encourages suppliers to source minerals from facilities or smelters that have received a “conformant” designation by a recognized industry group (such as the RMI) and also requires those who have not received such designation to become compliant with RMI or an equivalent third-party audit program. TSMC requires the use of conflict-free tantalum, tin, tungsten and gold in its products. 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://investor.tsmc.com/english/sec-filings) 7.3 TSMC Education and Culture Foundation In 2023, the TSMC Education and Culture Foundation focused on three major areas: cultivation of the younger generation, educational collaboration, and promoting arts and culture. In order to meet these objectives, the Foundation committed NT$99 million to work towards achieving three of the United Nations 17 sustainable development goals (SDGs): SDG 4 Quality Education, SDG 5 Gender Equality, and SDG 11 Sustainable Cities and Communities. Foundation activities included organizing trips to science and arts museums for students from rural areas to broaden their horizon, 168 169 empowering teachers in rural areas to elevate students’ literacy, and hosting popular science camps for young women from senior high school so as to spark their interest in STEM fields. In doing so, the Foundation contributed to sustainable development and created a positive impact on our society. Create Diverse Platforms, Encourage the Young to Explore More Opportunities The TSMC Education and Culture Foundation has long dedicated itself to young people’s development. Hence the Foundation regularly organizes science and humanity learning platforms in the various forms of competitions, camps and lectures to spark young students’ interest in the humanities and science. The Foundation joins forces with several educational institutes and media outlets to tap into great potential of the younger generation. For the eighth TSMC Udreamer, themed “sowing a seed of dreams,” the Foundation held a special exhibition that combined the dream-building journey of popular science writer Rui-Ming Wang (Fat Fat Tree) and organized events such as a guided ecological tour of the Botanical Garden, lectures and fairs as a way to inspire the younger generation to pursue their dreams. More than 5,000 person-times participated in this series of events reaching a historical high. In addition the Foundation launched the TSMC Udreamer mentorship program whereby 15 TSMC employees joined the mentorship effort to accompany competition teams along their nine-month journey of a dream-building project through professional training workshops and regular experience sharing to help the students be connected with the society and fully realize their potential through a multi-dimensional educational philosophy and design. For artistic education to take root in children at an early age, the Foundation teamed up with the Sun Yun-Suan Foundation and the Mandarin Daily News to organize the first TSMC Penmanship Competition, thereby encouraging students to understand the beautiful lines embedded in Chinese characters by utilizing tools found in everyday life and to further enhance their own sense of beauty. The first competition was well-received and drew 4,824 entries. In addition to the Penmanship Competition, the Foundation continued to further develop the art of Chinese calligraphy and seal-carving. The 16th TSMC Youth Calligraphy and Seal-Carving Competition drew its inspiration from calligraphic characters seen in everyday life on billboards and signboards in the streets, urging the public to observe and appreciate Taiwan’s unique signboards in Chinese characters. The Foundation invited two artists, Jun-Lin Ye and Liang-Zhi Ke, for a face-to-face conversation to share their knowledge of font design and calligraphy. The two artists also discussed the information embedded in and aestheticism conveyed through the Chinese characters on signboards. Their talks addressed the essence and beauty of the art of Chinese characters, increasing the public’s knowledge of and interest in the arts of calligraphy and seal-carving. The TSMC Youth Literature Award, co-organized by TSMC Education and Culture Foundation and the United Daily, celebrated its 20th anniversary in 2023 and received 13,752 entries. As part of the celebration, the Foundation also held three special literary events: Online Book Exhibitions of Past Award Winners, Risingsun Awards, and Documentary of Portraits of TSMC Youth Literary Writers. The Risingsun Awards grants its award to the most representative works of fiction, essays and contemporary poems as selected by a panel of judges of writers, Wen-Yin Zhong, Yu-Hui Liao and Wen-Wei Xu, from the published works of former TSMC Youth Literature Award winners and upcoming literary stars, which included 22 novels, 15 essays and 17 contemporary poems. The final Risingsun Awards were granted to the tenth award winner Zhen-Fu Xu, the first award winner Jie-An Chen, and the third award winner Zi-Xuan Zhuang. Judging from the list of the winners, it can be said that the literary seeds sown by the TSMC Youth Literature Award over the past 20 years are now growing into a flourishing garden of literature. Apart from the humanities, TSMC Education and Culture Foundation has long promoted popular science education, sponsoring a wide range of science competitions and camps. The Foundation continued its partnership with Center for the Advancement of Science Education of National Taiwan University to hold the TSMC Cup: Competition of Scientific Short Talk, which included two events: competition for expressing scientific innovation and essay awards on reading popular science books, which aim to encourage young students to read popular science books and watch related videos. The events hope to enhance students’ capacity to convey scientific knowledge through internalizing skills of analyzing and discussing science with dialectical logic. The competition for expressing scientific innovation, expanded its scope in 2023 and, as a result, not only did students in Taiwan enter the competition, but teams from as far as Malaysia also participated. More than 400 people took part in the two competitions. The Foundation has long funded the three major science camps for gifted students in Taiwan, Chien-Shiung Wu science camp, Ta-You Wu science camp and Marie Curie (formerly Madame Curie) science camp as a way to cultivate domestic talent in fundamental science. The TSMC Female Scientists Tour, on the other hand, focused on kindling female high school seniors’ passion for science. Each year, young women from 12 senior high schools in Taiwan are invited to visit science museums, participate in science workshops and attend talks by female scientists, who can encourage female students to keep on exploring the STEM fields by relating their own education and work experience. Work in Tandem with Educational Partners, Realize Quality Education The TSMC Education and Culture Foundation works in tandem with public and private educational institutions – schools, NGOs and state-funded arts and educational institutes – to pool available resources and focus on the real needs of the society so as to reach those who need but have no accessible resources and allow quality education to be realized in every corner of Taiwan. In 2021 the TSMC Education and Culture Foundation launched a five-year Teaching & Learning Project, in partnership with CommonWealth Magazine Education Foundation and Prof. Hwawei Ko Reading Research Center of National Tsing Hua University. The project aims to improve the measurement and evaluation of learning effectiveness through empowering teachers, to enhance teachers’ literacy teaching capacity through technological integration, and to assist teachers in teaching reading comprehension. As the project reached its third year, the teaching plan was adjusted in accordance with actual practice so that the project would better fit the teachers’ needs. In doing so, the Teaching & Learning Project gradually transformed from a one-way resource into a two-way communication activity and therefore provided more solid support for school teachers in rural areas. So far 127 teachers and 1,341 students have participated in the project. The Foundation also continued its collaboration with Junyi Academy to develop and promote online courses that cater to the real needs of teachers and students in rural areas and narrowing the gap of available sources between the urban and rural areas. The Foundation also funded scholarships and sponsored free laptops for 101 outstanding students from disadvantaged backgrounds at five national universities: National Central University, National Tsing Hua University, National Chung Cheng University, National Cheng Kung University, and National Sun Yat-sen University so that students from disadvantaged backgrounds can be free of financial worries and focus on their academic performance. A three-way partnership with the Foundation, the National Symphony Orchestra (NSO), and Taipei National University of the Arts was launched and continued to promote the Music sans frontier Educational Project, which invited internationally- renown conductor Shao-Chia Lu and NSO’s music director Jun Markl to university campuses to broaden music students’ horizons. The initiative further arranged internships at the orchestra for the students enrolled in the class as a way to enrich their stage experience. The Foundation also carried on its collaboration with GuoGuang Opera Company to continue its three-year “on-campus project: Passing on Traditional Theatre Heritage,” starting from 2021. This project offers a year-long course at both National Tsing Hua University and Tunghai University for three years consecutively. The course contents included the knowledge of the theater, Peking Opera analysis and appreciation, Peking Opera performance demonstration, showcasing and combining theoretical knowledge and hands-on performance practices, guiding 115 number of students to learn about and experience the beauty of theater. A public performance is scheduled at the end of this 3-year project that showcases the course’s teaching and learning is scheduled to take place at the Main Theater of Taiwan Traditional Theatre Center in 2024. In 2023, TSMC Theater Lectures also broadened its scope. In addition to its partnership in passing on traditional theater with GuoGuang Opera Company, two other theater companies – Taiwan Kunju Opera Theatre and Hsing Legend Youth Theatre – came together to organize events specially designed for high school seniors in Hsinchu, Taichung and Tainan. 1,620 person-times participated in the events, which fostered the appreciation and understanding of traditional theater. In 2023, the TSMC Education and Culture Foundation enhanced the contents of the TSMC Aesthetics Trip and the TSMC Science Trip from museum trips to in-depth educational courses. The trips still offer students guided tours to important permanent exhibitions at arts and science museums, but they now also offer lectures on art appreciation, hands-on workshops and science workshops with trained lecturers. The lectures guide primary students from rural areas to experience and learn in depth subjects on historical culture and artifacts, arts and aesthetics, architectural landscape and science. Finally, in order to assist junior high school students to appreciate the beauty of literature, the Foundation continued its partnership with Unitas literary magazine to organize the third TSMC Youth Literature Camp at the Emei Junior High School in Hsinchu. The Camp expanded to be an event lasting four days and three nights with the goal of improving literary education for junior high school students and guiding them to appreciate the 170 171 beauty of novels, essays, scripts and theater so that literature can take root in their lives. Supporting Arts and Culture Teams, Promoting Cultural Canon In addition to providing continuous quality education, the TSMC Education and Culture Foundation furthers dedicates itself to preserving traditional culture, funding long-term support for domestic and international performance teams, and promoting quality arts performances in local communities, thereby lifting the public’s spirits, promoting good and beauty in society. In 2023, the TSMC Hsinchu Arts Festival reached its twentieth anniversary and invited domestic and international artists to participate so they could give their talents full play to this year’s theme, Ode to Youth. Among the performances, Youthful Whispering, a piece of a dance theater, was choreographed by a youth-run theater company from Hsinchu Plan B Theatre. Fifteen rising stars, selected from roughly 100 who auditioned, were trained intensively over the course of four months. The performers’ youthful vivacity and physical rhythm exhibited explosive theatrical energy at their performance at the Moat Park in Hsinchu city and received loud applause and shouts of Bravo! from the 3,000 person-times strong audience from the local community. As part of the effort to promote exquisite performances, there were two other programs: the xiangsheng (traditional Chinese comic dialogues) Qu, Blooming into 30-Year Brilliance, performed by both second and third generation xiangsheng artists. The fact that the piece is taught hands-on to the third generation of young xiangsheng artists such as Ming-Han Song and Yin-Xie Wu by the second generation xiangsheng artists such as De-Gang Zhu, Guang-Yao Fan, and Yi-Jun Ye at the 30-year-old Taipei Qu Company is particularly meaningful as the process embodies the act of passing on tradition. The popular Berliner Barock Solisten, founded by leading members of the Berliner Philharmoniker, together with Yu-Chien Tseng, the prize-winning violinist of the international Tchaikovsky Competition, brought to the audience world-class performances of classical music. The 2023 TSMC Hsinchu Arts Festival organized 47 exquisite performances and exhibitions throughout, attended by over 52,000 person-times community members. In addition to fine performances and exhibitions, the Foundation also funds radio programs, helping the public appreciate the beauty of theater and literature. The Stories of Peking Opera radio program on Sound of IC radio station, co-hosted by An-Qi Wang the artistic director of GuoGuang Opera Company and Prof. Shih-Lung Lo at the Department of Chinese Literature of National Tsing Hua University, introduced the public to fine and elegant theater through analyzing texts and the history of theater and interviewing theater maestros. This program was nominated for the Best Host of Arts and Culture at the 58th Golden Bell Awards. On another front, Yi-Yun Xin, a master in classic Chinese literature who has been presenting a radio lecture on Chinese classics on Sound of IC radio station since 2008, presented a new program in 2023, Yi-Yun Xin on Chinses Fu Verse, focusing on Chinese classical Fu verse and sharing the beauty of classic literature with the audience 1.62 million person-times tuned in to listen to the two programs: Stories of Peking Opera and Yi-Yun Xin on Chinese Classical Fu Verse. As a way to enrich university campuses with arts and culture, the TSMC Education and Culture Foundation organizes the annual TSMC Lectures series at the end of each year. The lectures series invites renowned scholars in the humanities to introduce the public and college students to the richness of literature, history and philosophy. In 2023, the series specifically invited Yu-Shan Wu, academician at and founder of Institute of Political Science at Academia Sinica, to discuss Russia-Ukraine War. By analyzing the historical roots and the power dynamics between large and small countries, academician Wu offered a systematic analysis of this international war and what can be learned from it. Nearly a thousand community members attended the lectures. 7.4 TSMC Charity Foundation Established in 2017 and led by its chairperson Sophie Chang, the TSMC Charity Foundation (the Foundation) focuses on empowering communities in rural and suburban areas in three ways: education empowerment, taking care of the elderly, and protecting the environment. Internally, the Foundation calls on TSMC volunteers’ onsite/online services to address social inequalities and leverages its industrial network advantages to strengthen cooperation with local governments, enterprises and universities externally. Both the Foundation and the TSMC volunteers were committed to providing educational, medical and social welfare resources to children in rural schools or disadvantaged educational institutions, as well as to their families who were in urgent need of financial support, to help cultivate long-term career capabilities and improve their quality of life independently. The Foundation continued to operate the Sending Love platform to strengthen the cooperation among enterprises, local governments and universities so as to strengthen local services and jointly uplift society. In 2023, the Foundation demonstrated its dedication to investing in public welfare and expanding projects to improve its scope of services: ● Education Empowerment The Foundation continuously provides educational and living assistance to institutes in need and to children in rural areas, including volunteer services, economic support, food supplies and the purchase of digital learning equipment and materials. From 2022, the Foundation focused on rural students’ employability. In 2023, the Foundation worked with six city governments to organize job fairs for senior high and vocational high school students, with career exploration and job placement designed as the main highlights. The aim was to focus resources on these two issues to help students identify certain targets early on and discover even more diverse career options, which eventually benefited more than 12,000 participants. In helping rural students obtain the skills to work locally, four enterprises, IKEA, LDC Hotels & Resorts Group, Howard Resort Xitou Hotel, and Panasonic Taiwan Co., Ltd., joined in 2023 to give training to seven senior vocational high schools and extended job offers to 68 students. The Foundation also spread the acknowledgement of vocational education by organizing a junior high school vocational expo and parent-child career workshops, as well as collaborating with 104 JOB BANK to promote the Road to Employment Program, inviting 104 professionals to appear on film and share their career stories. A dedicated website was also built to showcase these stories, encouraging students to use them as a reference in choosing their career paths. The Foundation assisted 31,133 students from rural areas in 2023. TSMC volunteers used their professional knowledge to develop science popularization AI lesson plans with ideas generated by ChatGPT, which were later modularized and promoted to 35 science education activities by the Foundation, benefiting a total of 1,093 children. The Foundation’s Sending Love platform initiative visited and screened disadvantaged individuals in need of financial support and also provided financial assistance and daily necessities made possible by internal and external donations from TSMC to improve the living conditions of highly vulnerable and disadvantaged families. As of 2023, the Foundation had supported a total of 295 families. ● Taking Care of the Elderly The Foundation collaborates with Network of Compassion partners to enhance the health and welfare of solitary elders by connecting them with social welfare groups and medical units. In 2022, the Foundation cooperated with National Yang Ming Chiao Tung University and Guandau Hospital to establish a smart exercise club for the elderly, and introduce the TSMC volunteer services to prevent disability and delay aging through exercise. In 2023, the Foundation launched the adaptability assessment system for TSMC volunteers. The system not only provides guidance for employees to join the volunteer team but also encourages retired colleagues to explore themselves. With the Foundation’s volunteer training programs, the TSMC retired colleagues can contribute their experience and knowledge to society, thus better managing their next stage of life. ● Protecting the Environment The Foundation helped disadvantaged social welfare institutes to increase the use of green energy and save power, while also continuing to implement the Cherish Food program to reduce resource waste. The Green Energy for the Disadvantaged project was launched in 2021, and by 2023 the Foundation had installed solar panels at seven social welfare institutes, which can supplement these institutes’ operating expenses by selling green energy. The LED Lighting Replacement program helped 240 schools to reduce electricity costs by at least 30% with energy-saving lights. In the Cherish Food program, the Foundation continued to work with many food companies to donate out-of-spec foods to 150 disadvantaged social welfare institutes in order to provide children with after-school snacks, thereby reducing food waste. Current collaborators include Chi Mei Frozen Food Co., Ltd., Hunya Food Co., Ltd., Laurel Corporation, Lian-Hwa Foods Corp., Hsin Tung Yang Co., Ltd., and Lao Xie Zhen Co., Ltd. 7.5 TSMC i-Charity The TSMC i-Charity platform, launched in 2014, is an interactive intranet site that employees use to propose charity projects, share project results, provide suggestions and responses, and conduct timely funding of activities to give back to society. In 2023, a total of 62,351 people donated more than NT$71.68 million to support programs such as Lighting Up the Rural Learning Dream, Delivery of Fruit and Vegetables from Sheltered Farms, and four regular fundraising projects in helping baseball sports and academic education in rural areas and other fundraising projects. The TSMC i-Charity platform has accumulated more than NT$343 million in donations since its inception in 2014. TSMC continues to carry out its social commitments and encourages its employees to care for and give back to society in various ways. 172 173 7.6 Sustainability Development Implementation Status as Required by Taiwan Financial Supervisory Commission Assessment Item Implementation Status Yes No Summary Non- implementation and Its Reason(s) 1. Does the Company have a governance structure for sustainability V development and a dedicated (or ad-hoc) sustainable development organization with Board of Directors authorization for senior management, which is reviewed by the Board of Directors? For the Company’s governance structure for sustainability development, please refer to“7.1 Environmental, Social and Governance (ESG) – Overview” on page 152-156 of this Annual Report. None For the structure, operations, implementation status and frequency of reporting to the Board of Directors of the Company’s dedicated organization for sustainability development, please refer to “7.1 Environmental, Social and Governance (ESG) – Overview” on page 152-156 of this Annual Report. For progress of the Board of Directors’ supervision of the Company’s sustainability development, please refer to “7.1 Environmental, Social and Governance (ESG) – Overview” on page 152-156 of this Annual Report. Assessment Item 4. Social Topic (1) Does the Company set policies and procedures in compliance with regulations 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? V V 2. 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? V For the Company’s scope of risk assessment, please refer to “7.1 Environmental, Social and Governance (ESG) – Overview” on page 152-156 of this Annual Report. None (3) Does the Company provide employees with a safe and healthy working V environment, with regular safety and health training? 3. Environmental Topic (1) Has the Company set an environmental management system designed to V industry characteristics? (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 recent two years, and set greenhouse gas emissions reduction, water usage reduction and other waste management policies? V V V None For the principle, process and result of the Company’s materiality analysis of ESG related topics and risk management related policy or strategy, please refer to “7.1 Environmental, Social and Governance (ESG) – Overview” on page 152- 156 of this Annual Report. (1) For the Company’s environmental management system and the regulations on which it is based, please refer to “7.2 Environmental, Safety and Health (ESH) Management” on page 156-169 and “6.3.3 Operational Risks – Risks Regarding Non-Compliance with Export Control, Environmental and Climate Change Related Laws, Regulations and Accords, and Failure to Timely Obtain Requisite Approvals Necessary for Conducting Business” on page 145-146 of this Annual Report. For the Company’s international certifications and their scope, please refer to “7.2 Environmental, Safety and Health (ESH) Management” on page 156-169 of this Annual Report. (2) For the Company’s improvement of resource efficiency and the use of renewable materials, please refer to “7.2.1 Environmental Protection – Climate Change and Energy Management/Waste Management and Recycling” on page 158-159, 161-162 of this Annual Report. (3) For the Company’s evaluation of potential risks and opportunities of current and future climate change and measures taken related to climate topics, please refer to “7.2.1 Environmental Protection – Climate Change and Energy Management” on page 158-159 of this Annual Report. (4) For the Company’s statistical data, intensity and data coverage for greenhouse gas emissions, water usage and waste quantity in recent two years, please refer to “7.2.1 Environmental Protection – Climate Change and Energy Management/Greenhouse Gas (GHG) Emission Reduction and Energy Management/Air and Water Pollution Control/Waste Management and Recycling” on page 158-159, 159-160, 160-161, 161-162, “7.7 Climate- related Information of Listed Companies – TSMC GHG Emissions in Recent Two Years” on page 176 of this Annual Report. For the Company’s policies on the reduction of greenhouse gas emissions, water usage and waste management, please refer to “7.2.1 Environmental Protection” on page 158-163 of this Annual Report. For the Company’s certification status of each data set and its scope, please refer to “7.2.1 Environmental Protection – Climate Change and Energy Management/Greenhouse Gas (GHG) Emission Reduction and Energy Management/Air and Water Pollution Control/Waste Management and Recycling” on page 158-159, 159-160, 160-161, 161-162 of this Annual Report. Implementation Status Yes No Summary Non- implementation and Its Reason(s) None (1) For the Company’s policies and specific programs in compliance with regulations and internationally recognized human rights principles, please refer to “5.6.1 Human Rights Policy and Specific Actions” on page 112-113 of this Annual Report. (2) For the Company’s employee welfare measures, including salary and compensation, diverse and fair workplace, leave, allowance, bonuses, and subsidies, please refer to “5.6.6 Competitive Overall Compensation”, “5.6.2 Diversity and Inclusion”, “5.6.3 Workforce Structure”, and “5.6.7 Employee Benefit System Superior to Statute” on page 115-116, 113, 114, 116-117 of this Annual Report. For the information on how the Company’s operational performance or achievements are reflected in the policy and implementation of employee salary and compensation, please refer to “5.6.6 Competitive Overall Compensation” on page 115-116 of this Annual Report. (3) For the Company’s status with respect to providing employees with a safe and healthy working environment, with regular safety and health training, please refer to “7.2.3 Safety and Health” on page166-169 of this Annual Report. For the Company’s related certification status and its scope, please refer to “7.2.3 Safety and Health” on page166-169 of this Annual Report. For a presentation and analysis of the Company’s occupational accidents in the current year and the number of employees involved, as well as related improvement measures taken, please refer to “7.2.3 Safety and Health” on page166-169 of this Annual Report. The number of fire incidents and the number of casualties in the given year, and the ratio of the number of casualties to the total number of employees, and improvement measures related to fire incidents: In 2023 and as of the date of this Annual Report, there were two fire incidents in the new construction site of TSMC and its subsidiary, which did not result in any injuries or deaths. The improvement measures at construction sites include (1) strengthening fire operation and personnel control measures, (2) adding mobile water mist fire extinguishing equipment, and (3) conducting annual fire emergency response and notification drills. (4) Has the Company established effective career development training plans? (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 policies to protect consumers’ or customers’ rights and consumer appeal procedures? V V (4) For the scope and implementation of the Company’s employee training plans, please refer to “5.6.5 Talent Development” on page 114-115 of this Annual Report. (5) Not applicable as TSMC is not an end product manufacturer. For the Company’s policy to protect customers’ rights, please refer to “5.4.1 Customers” on page 110 of this Annual Report. (6) Does the Company set supplier management policy and request suppliers V (6) For the Company’s supplier management policy and related compliance to comply with related standards on the topics of environmental, occupational safety and health or labor right, and their implementation status? norms, and specific requirements for suppliers in environmental protection, occupational safety and health or labor rights, please refer to “7.2.4 Supplier Management” on page 169 and “5.6.1 Human Rights Policy and Specific Actions” on page 112-113 of this Annual Report. For a description of the implementation of the Company’s supplier management policy and related compliance norms, please refer to “7.2.4 Supplier Management” on page 169 of this Annual Report. 5. Does the Company refer to international reporting rules or guidelines to publish Sustainability Report to disclose non-financial information of the Company? Has the said Report acquire third party verification or statement of assurance? V For the reporting rules and guidelines that the Company follows in disclosing non-financial information in the Sustainability Report, please refer to “7.1 Environmental, Social and Governance (ESG) – Overview” on page 152-156 of this Annual Report. None For third party verification of the Sustainability Report, please refer to “7.1 Environmental, Social and Governance (ESG) – Overview” on page 152-156 of this Annual Report. (Continued) 6. If the Company has established its sustainable development code of practice according to “Listed Companies Sustainable Development Code of Practice,” please describe the operational status and differences. TSMC follows the ESG Policy set by the Chairman, Dr. Mark Liu, to promote the Company’s sustainable development through concrete practices. For sustainable development operational status, please refer to “7. Environmental, Social and Governance (ESG)” on page 150-176 of this Annual Report and environmental social governance related information on the Company’s website: https://esg.tsmc.com/en-US 7. Other important information to facilitate better understanding of the Company’s implementation of sustainable development: Please refer to TSMC’s website for its sustainable development implementation status: https://esg.tsmc.com/en-US 174 175 7.7 Climate-related Information of Listed Companies Items Execution Status 1. Description on the Board and Management’s oversight and governance on climate- related risks and opportunities 2. Description on how the identified climate risks and opportunities impact the company’s business, strategies, and finance (short, mid, longterm) ● ESG Steering Committee: TSMC’s top organization in climate change management. Chaired by the Chairman of TSMC with the chairperson of the ESG Committee serving as executive secretary. The Committee reviews TSMC’s climate change strategies and goals every quarter and reports to the Board of Directors ● Energy Saving and Carbon Reduction Committee: The Company’s management organization for taking action on climate change risk and opportunity. It is chaired by the Vice President of Fab Operations. Every quarter, this Committee formulates management plans, reviews implementation status, and discusses future plans TSMC holds the Climate Change Risk and Opportunity Workshop once every two years to identify and update climate risks and opportunities based on the Recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) framework. Please refer to the “Financial Impact Analysis and Response of Climate Risks and Opportunities” table for details on page 158-159 of this Annual Report. 3. Description on the impact extreme climate events and transitional actions have on finance Please refer to the “Financial Impact Analysis and Response of Climate Risks and Opportunities” table for details on page 158-159 of this Annual Report. 4. Description on how the climate risk identification, assessment, and management process is integrated in the overall risk management system Please refer to the Risk Management in “Management Structure of TSMC Climate-related Risks and Opportunities” table for details on page 158 of this Annual Report. 5. Should scenario analysis is used to assess the Company’s resilience in face of climate change risks, explanations on the scenario, parameters, hypothesis, analysis factors and major financial impacts should be provided 6. Should there be transitional programs in response to managing climate-related risks, please explain the program’s content and metrics and targets used to identify and manage physical and transitional risks TSMC selected high-emission scenarios (SSP5-8.5) from IPCC AR6 to analyze physical risks and assess the potential short, mid and long-term risks in TSMC facilities and supply chains. In addition to the existing flood, drought, and heat risks, the Company further evaluated risks such as wind disasters from typhoons, landslide disasters, and rising ocean levels. Meanwhile, TSMC increased its scope to cover all facilities around the world as well as five critical supply chains - direct raw materials, indirect raw materials, equipment, fab facilities, and parts and components. Analysis of physical risks shows that the risks of droughts are the most significant physical risks, which cause the impact to self-operation resulting financial loss and revenue decrease due to water shortage. TSMC actively implements greenhouse gas reduction measures in accordance with the 2050 Net Zero Transition Plan, in order to achieve the RE100 target by 2040 and net-zero emissions by 2050. Throughout the process, TSMC will continue to introduce the best energy-saving and carbon-reducing technologies to reduce emissions, and will continuously expand the use of renewable energy until reaching the RE100 goal. Ultimately, TSMC plans to achieve the net-zero transition target by partially offsetting emissions with carbon credits. 7. Should the internal carbon pricing is used as the planning tool, the pricing mechanism should be explained Internal carbon prices include carbon tax (fee), regulatory fines, carbon reduction and renewable energy cost, carbon market price. 8. Should climate-related targets are in place, information such as their scope of action, GHG emissions, planned timeline, and yearly achieved progress should be stated; for targets achieved through carbon offset and RECs, the source of offset amount and number of RECs should be stated 1. Reduce unit GHG emissions by 30% compared to the base year (metric ton of carbon dioxide equivalent (MTCO2e)/12-inch equivalent wafer mask layer), and restore GHG emissions to the 2020 level in 2030, net zero emissions in 2050. 2. 60% renewable energy company-wide in 2030, 100% renewable energy company-wide in 2040. 9. GHG inventory and assurance status, and reduction goals, strategies and specific action plans TSMC GHG Emissions in Recent Two Years 2023 achievements: unit GHG emissions (metric ton of carbon dioxide equivalent (MTCO2e)/12-inch equivalent wafer mask layer) increased by 31%; used 2,590 GWh in renewable energy, and increased the proportion of renewable energy use to 11.2%. Please refer to “7.2.1 Environmental Protection – Climate Change and Energy Management” on page 158-159 of this Annual Report , “7.2.1 Environmental Protection – Greenhouse Gas (GHG) Emission Reduction and Energy Management” on page 159-160 of this Annual Report and the “TSMC GHG Emissions in Recent Two Years” table on page 176 of this Annual Report. Year Scope 2023 Parent Company VisEra Technologies Company Ltd. TSMC China Company Limited TSMC Nanjing Company Limited TSMC Washington, LLC 2022 Parent Company VisEra Technologies Company Ltd. TSMC China Company Limited TSMC Nanjing Company Limited Scope 1 Scope 2 Total Emissions (Metric Ton CO2e) Intensity (Metric Ton CO2e / M NTD) Total Emissions (Metric Ton CO2e) Intensity (Metric Ton CO2e / M NTD) Verification Party Verification Guideline Verification Statement 1,307,966 4,399 161,698 45,118 76,851 1,669,738 5,845 187,181 46,209 0.61 0.61 6.34 0.74 9.28 0.75 0.64 6.6 1.09 10,150,252 37,135 0 0 0 9,540,171 29,683 0 0 0 4.71 5.13 0 0 0 4.24 3.27 0 0 0 DNV DNV DNV DNV AWN DNV DNV DNV DNV AWN ISO 14064-3 Reasonable Assurance ISO 14064-3 Reasonable Assurance ISO 14064-3 Reasonable Assurance ISO 14064-3 Reasonable Assurance ISO 14064-3 Limited Assurance ISO 14064-3 Reasonable Assurance ISO 14064-3 Reasonable Assurance ISO 14064-3 Reasonable Assurance ISO 14064-3 Reasonable Assurance ISO 14064-3 Limited Assurance TSMC Washington, LLC 109,784 10.65 Note 1: GHG includes CO2, CH4, N2O, HCFCs, PFCs, SF6, NF3 Note 2: Scope 1: Direct emissions, i.e. sources owned or controlled by the Company; according to the 2019 Refinement to the Guidelines for National Greenhouse Gases Inventories of the United Nations; and use the Global Warming Potential (GWP) referring to the Intergovernmental Panel on Climate Change (IPCC) AR5 for calculation. Scope 2: Indirect emissions, i.e. those arising from externally purchased electricity, heat or steam. The calculation is according to market-based method. 176 177 Fab 2 8 Subsidiary Information & Other Special Notes TSMC inaugurated its Global R&D Center and continued to expand its investments in Taiwan and around the world in 2023. 178 179 8.1 Subsidiaries 8.1.1 TSMC Subsidiaries Chart As of 12/31/2023 TSMC Development, Inc. Shareholding: 100% TSMC Washington, LLC Shareholding: 100% TSMC Technology, Inc. Shareholding: 100% TSMC Design Technology Canada Inc. Shareholding: 100% Taiwan Semiconductor Manufacturing Company Limited TSMC North America Shareholding: 100% TSMC Europe B.V. Shareholding: 100% TSMC Japan Limited Shareholding: 100% TSMC Design Technology Japan, Inc. Shareholding: 100% TSMC Japan 3DIC R&D Center, Inc. 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: 67% TSMC Arizona Corporation Shareholding: 100% Japan Advanced Semiconductor Manufacturing, Inc. Shareholding: 71% European Semiconductor Manufacturing Company (ESMC) GmbH Shareholding: 100% VentureTech Alliance Fund II, L.P. Shareholding: 98% VentureTech Alliance Fund III, L.P. Shareholding: 98% Growth Fund Limited Shareholding: 100% Emerging Fund, L.P. Shareholding: 99.9% 8.1.2 Business Scope of TSMC and Its Subsidiaries TSMC and its subsidiaries strive to deliver the best possible foundry services. TSMC Washington, LLC in the United States and TSMC China provide 8-inch wafer capacity, while TSMC Nanjing provides 12-inch wafer capacity. In addition, TSMC Arizona in the United States, Japan Advanced Semiconductor Manufacturing, Inc. in Japan and European Semiconductor Manufacturing Company (ESMC) GmbH are currently scheduled to provide 12-inch wafer capacity by year end 2025, 2024 and 2027, respectively. TSMC’s subsidiaries in North America, Europe, Japan, China, South Korea and other regions are dedicated to providing timely services and engineering support to customers worldwide and also support the Company’s core foundry business with related services as well as investing in start-up companies in the semiconductor industry. 8.1.3 TSMC Subsidiaries Unit: NT$ (USD, EUR, JPY, KRW, RMB, CAD) thousands As of 12/31/2023 Company Date of Incorporation Place of Registration Capital Stock Business Activities TSMC North America Jan. 18, 1988 San Jose, California, U.S. TSMC Europe B.V. TSMC Japan Limited TSMC Korea Limited Mar. 04, 1994 Amsterdam, The Netherlands Sep. 10, 1997 Yokohama, Japan May 02, 2006 Seoul, Korea TSMC Design Technology Japan, Inc. Jan. 10, 2020 Yokohama, Japan TSMC Japan 3DIC R&D Center, Inc. Mar. 29, 2021 Yokohama, Japan TSMC China Company Limited Aug. 04, 2003 Shanghai, China TSMC Nanjing Company Limited May 16, 2016 Nanjing, China TSMC Arizona Corporation Nov. 10, 2020 Arizona, U.S. Japan Advanced Semiconductor Manufacturing, Inc. European Semiconductor Manufacturing Company (ESMC) GmbH Dec. 10, 2021 Kumamoto, Japan Jun. 30, 2023 Dresden, Germany TSMC Technology, Inc. Feb. 20, 1996 Delaware, U.S. TSMC Development, Inc. Feb. 16, 1996 Delaware, U.S. TSMC Washington, 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. 18, 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 Emerging Fund, L.P. May 30, 2007 Cayman Islands Jan. 27, 2021 Cayman Islands VisEra Technologies Company Ltd. Dec. 01, 2003 Hsinchu, Taiwan US$ EUR JPY KRW JPY JPY RMB RMB US$ JPY EUR US$ US$ US$ US$ CAD US$ US$ US$ US$ US$ NT$ 11,000 Sales and marketing of integrated circuits and semiconductor devices 100 Customer service and supporting activities 300,000 Customer service and supporting activities 400,000 Customer service and supporting activities 750,000 Engineering support activities 2,450,000 Engineering support activities 4,502,080 Manufacturing, sales, testing, and computer-aided design of integrated circuits and other semiconductor devices 6,650,119 Manufacturing, sales, testing, and computer-aided design of integrated circuits and other semiconductor devices 11 (Note 1) Manufacturing, sales, and testing of integrated circuits and other semiconductor devices 158,942,400 (Note 2) Manufacturing, sales, testing, and computer-aided design of integrated circuits and other semiconductor devices 100 (Note 3) Manufacturing, sales, testing, and computer-aided design of integrated circuits and other semiconductor devices 0.001 Engineering support activities 0.001 Investing in companies involved in semiconductor manufacturing 0 Manufacturing, sales, and testing of integrated circuits and other semiconductor devices 988,268 Investing in companies involved in the semiconductor design and manufacturing, and other investment activities 2,434 Engineering support activities 11,384,000 Investment activities 3,487 Investing in technology start-up companies 93,998 Investing in technology start-up companies 2,295 Investing in technology start-up companies 55,966 Investing in technology start-up companies 3,165,671 Research, design, development, manufacturing, sales, packaging and test of color filter Note 1: TSMC Arizona Corporation completed capital injections in January 2024 and March 2024 with capital stock of US$11.5 thousands post the capital injection. Note 2: Japan Advanced Semiconductor Manufacturing, Inc. completed a capital injection in January 2024 with capital stock of JPY195,506,800 thousands post the capital injection. Note 3: European Semiconductor Manufacturing Company (ESMC) GmbH completed a capital injection in February 2024 with capital stock of EUR1,000 thousands post the capital injection. 180 181 8.1.4 Shareholders in Common of TSMC and Its Subsidiaries with Deemed Control and Subordination: None. 8.1.5 Rosters of Directors, Supervisors, and Presidents of TSMC’s Subsidiaries Unit: NT$ (USD), except shareholding Company Title Name As of 12/31/2023 Shareholding Shares (Investment Amount) % (Investment Holding %) TSMC North America TSMC Europe B.V. TSMC Japan Limited TSMC Korea Limited TSMC Design Technology Japan, Inc. TSMC Japan 3DIC R&D Center, Inc. TSMC China Company Limited TSMC Nanjing Company Limited TSMC Arizona Corporation Director Director President/CEO Director Director President Sylvia Fang David Keller David Keller Wendell Huang Paul de Bot Maria Marced (Note 1) Representative Director Director President Makoto Onodera Sylvia Fang Makoto Onodera Representative Director Director Director Representative Director Director Supervisor Representative Director Director Supervisor Chairman Director Director Supervisor President Chairman Director Director Director Supervisor Supervisor President Chairman Director Director Director Director CEO President Wei-Li Chen Ray Wan Wendell Huang Cliff Hou Wendell Huang Morris Cheng Jun He Diane Kao Morris Cheng F.C. Tseng Y.P. Chyn Roger Luo Lora Ho Roger Luo Lora Ho Y.P. Chyn Cliff Hou Roger Luo Wendell Huang Sylvia Fang Roger Luo Rick Cassidy Cliff Hou Y.L. Wang Sylvia Fang Wendell Huang Y.L. Wang Brian Harrison - - - TSMC holds 11,000,000 shares - - - TSMC holds 200 shares - - - TSMC holds 6,000 shares - - - TSMC holds 80,000 shares - - - TSMC holds 15,000 shares - - - TSMC holds 49,000 shares - - - - - (TSMC invests US$596,000,000) - - - - - - - (TSMC invests US$1,000,000,000) - - - - - - - TSMC holds 10,500,000 shares (Note 2) - - - 100% - - - 100% - - - 100% - - - 100% - - - 100% - - - 100% - - - - - (100%) - - - - - - - (100%) - - - - - - - 100% Company Title Name Japan Advanced Semiconductor Manufacturing, Inc. Representative Director Director Director Director/President Director Supervisor Y.H. Liaw Diane Kao Simon Wang Yuichi Horita Yasuhiro Kono Morris Cheng European Semiconductor Manufacturing Company (ESMC) GmbH (Note 4) Managing Director Managing Director Kenneth Lee Gunnar Thomas TSMC Technology, Inc. TSMC Development, Inc. TSMC Washington, LLC (Note 6) 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 Emerging Fund, L.P. VisEra Technologies Company Ltd. Chairman Director President Chairman Director President Director Director President Director Director President Director Director Director President Director Director None None None None Chairman Director Director Independent Director Independent Director Independent Director Independent Director CEO/President Wendell Huang Cliff Hou Cliff Hou Wendell Huang Sylvia Fang Wendell Huang Y.H. Liaw Wendell Huang Julian Lee Wendell Huang Sylvia Fang Wendell Huang Cliff Hou Cormac Michael O’Connell Sylvia Fang Cliff Hou Wendell Huang Sylvia Fang None None None None Robert Kuan George Liu Diane Kao Laura Huang Emma Chang P.H. Chang Han-Fei Lin Robert Kuan Shareholding Shares (Investment Amount) - - - - - - TSMC holds 2,269,291 shares (Note 3) - - TSMC holds 100,000 shares (Note 5) - - - TSMC Partners, Ltd. holds 10 shares - - - TSMC Partners, Ltd. holds 10 shares - - - TSMC Development, Inc. holds 293,636,833 shares - - - TSMC holds 988,268,244 shares - - - - TSMC Partners, Ltd. holds 2,300,000 shares - - TSMC holds 11,384 shares (TSMC invests US$3,417,545) (TSMC invests US$92,118,263) (VentureTech Alliance Fund III, L.P. invests US$2,295,455) % (Investment Holding %) - - - - - - 71.39% (Note 3) - - 100% (Note 5) - - - 100% - - - 100% - - - 100% - - - 100% - - - - 100% - - 100% (98.00%) (98.00%) (100%) (TSMC invests US$55,909,937) (99.90%) 214,500 shares - - - - - - - TSMC holds 213,619,000 shares 0.07% - - - - - - - 67.48% (Note 7) (Continued) Note 1: Effective January 24, 2024, Mr. Paul de Bot was appointed as President of TSMC Europe B.V., in addition to his current position as Director of the company. Note 2: TSMC Arizona Corporation completed capital injections in January 2024 and March 2024. After the capital injection, TSMC holds 11,500,000 shares and 100% of the equity interests in TSMC Arizona Corporation. Note 3: Japan Advanced Semiconductor Manufacturing, Inc. (“JASM”) completed a capital injection in January 2024. After the capital injection, TSMC holds 2,790,533 shares and 71.37% of the equity interests in JASM. Note 4: European Semiconductor Manufacturing Company (ESMC) GmbH (“ESMC”) was incorporated on June 30, 2023. Effective January 1, 2024, Mr. Jui-Ping Chuang and Dr Christian Koitzsch were appointed as Managing Directors of ESMC. Effective January 30, 2024, Mr. Arthur Chuang, Mr. Chien-Hsin Lee, Mr. Morris Cheng, and Mr. David Ta-Wey Liu were appointed as ESMC’s Shareholders’ Committee members, with Mr. Arthur Chuang was appointed as the Chairman of Shareholders’ Committee effective March 19, 2024. Note 5: In January 2024, TSMC sold 30% equity interests of European Semiconductor Manufacturing Company (ESMC) GmbH (“ESMC”) to Robert Bosch GmbH, Infineon Technologies AG, and NXP Semiconductors Germany GmbH (a wholly-owned subsidiary of NXP Semiconductors N.V.). In February 2024, ESMC completed a capital injection. After these transactions, TSMC holds 700,000 shares and 70% of the equity interests in ESMC. Note 6: Effective December 2023, “WaferTech, LLC” changed its name to “TSMC Washington, LLC”. Note 7: As of February 2024, TSMC’s ownership of VisEra is 67.44% due to VisEra’s continuous execution of the Employee Stock Purchase Plan. 182 183 8.1.6 Operational Highlights of TSMC Subsidiaries Unit: NT$ thousands, except EPS (NT$) Capital Stock Assets Liabilities Net Worth Net Revenues Income (Loss) from Operation Net Income (Loss) 338,217 410,404,290 404,125,539 6,278,751 1,462,533,813 726,479 836,066 76.01 As of 12/31/2023 Basic Earning (Loss) Per Share Company TSMC North America TSMC Europe B.V. TSMC Japan Limited TSMC Design Technology Japan, Inc. TSMC Korea Limited TSMC Development, Inc. TSMC Partners, Ltd. TSMC Global Ltd. TSMC Washington, LLC 3,418 65,760 164,400 949,374 222,012 643,485 356,875 91,609 249,294 592,499 130,403 394,191 649,943 293,457 796,524 784,320 14,252 44,628 12,472 57,636 134,844 1,326 42,865 4,084 40,787 122,786 1,792 214,326.06 680.58 2,719.13 2,435.71 22.40 TSMC Japan 3DIC R&D Center, Inc. 537,040 2,195,275 970,826 1,224,449 9,480 0.03 45,250 37,523,988 651 0 44,599 37,523,988 1,463,114 1,463,075 1,191,778 119,177,835.40 30,386,284 68,201,464 1,688 68,199,776 2,808,332 2,782,540 2,776,792 2.81 350,023,848 672,155,758 230,929,875 441,225,883 30,174,130 24,922,961 24,922,961 2,189,297.39 0 7,003,570 855,886 6,147,684 8,284,024 24,767 171,187 TSMC China Company Limited 19,518,318 99,679,738 3,922,342 95,757,396 25,516,473 10,141,206 10,118,593 TSMC Nanjing Company Limited 28,830,928 132,719,184 45,062,304 87,656,880 61,350,286 21,627,296 21,755,071 VisEra Technologies Company Ltd 3,165,671 25,178,522 8,547,355 16,631,167 7,236,928 278,139 356,080 TSMC Arizona Corporation 323 619,949,098 321,306,797 298,642,301 Japan Advanced Semiconductor Manufacturing, Inc. European Semiconductor Manufacturing Company (ESMC) GmbH 34,840,174 134,137,238 68,004,859 66,132,379 3,418 4,785,814 17,801 4,768,013 0 0 0 (15,696,164) (10,924,639) (2,877.12) (3,697,737) (2,965,675) (1,493.04) (17,570) (17,570) (348.54) TSMC Technology, Inc. 0.03 2,674,820 1,548,296 1,126,524 3,863,296 TSMC Design Technology Canada Inc. VentureTech Alliance Fund II, L.P. VentureTech Alliance Fund III, L.P. Growth Fund Limited Emerging Fund, L.P. 56,514 107,224 2,890,163 70,578 476,972 113,721 239,016 189,021 1,720,784 1,903,677 98,047 31 31 31 31 378,925 113,690 238,985 188,990 1,903,646 394,174 3,566 15,758 221 42,438 186,524 35,834 999 6,619 (905) 49,846 429 6,619 (996) 20,313 20,313 130,938 13,093,801.40 0.58 NA NA 1.13 21.67 NA NA NA NA 8.2 Status of TSMC Common Shares and ADRs Acquired, Disposed of, and Held by Subsidiaries: None. 8.3 Special Notes 8.3.1 Private Placement Securities in 2023 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 2023 and as of the Date of this Annual Report: None. 8.3.3 Any Events in 2023 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 Act of Taiwan: None. 8.3.4 Other Necessary Supplement: None. 184 185 Contact Information Taiwan Corporate Headquarters & Fab 12A 8, Li-Hsin Rd. 6, Hsinchu Science Park, Hsinchu 300-096, Taiwan, R.O.C. Tel: +886-3-5636688 Fax: +886-3-5637000 Global R&D Center 168, Kehuan Rd., Hsinchu Science Park, Hsinchu 308-001, Taiwan, R.O.C. Tel: +886-3-5636688 Fab 12B 168, Park Ave. 2, Hsinchu Science Park, Hsinchu 300-091, Taiwan, R.O.C. Tel: +886-3-5636688 Fax: +886-3-6687827 Fab 2, Fab 5 121, Park Ave. 3, Hsinchu Science Park, Hsinchu 300-096, Taiwan, R.O.C. Tel: +886-3-5636688 Fax: +886-3-5781546 Fab 3 9, Creation Rd. 1, Hsinchu Science Park, Hsinchu 300-092, Taiwan, R.O.C. Tel: +886-3-5636688 Fax: +886-3-5781548 Fab 6 1, Nan-Ke North Rd., Southern Taiwan Science Park, Tainan 741-014, Taiwan, R.O.C. Tel: +886-6-5056688 Fax: +886-6-5052057 Fab 8 25, Li-Hsin Rd., Hsinchu Science Park, Hsinchu 300-094, Taiwan, R.O.C. Tel: +886-3-5636688 Fax: +886-3-5662051 Fab 14A 1-1, Nan-Ke North Rd., Southern Taiwan Science Park, Tainan 741-014, Taiwan, R.O.C. Tel: +886-6-5056688 Fax: +886-6-5051262 Fab 14B 17, Nan-Ke 9th Rd., Southern Taiwan Science Park, Tainan 741-014, Taiwan, R.O.C. Tel: +886-6-5056688 Fax: +886-6-5055217 Fab 15A 1, Keya Rd. 6, Central Taiwan Science Park, Taichung 428-303, Taiwan, R.O.C. Tel: +886-4-27026688 Fax: +886-4-25607548 Fab 15B 1, Xinke Rd., Central Taiwan Science Park, Taichung 428-015, Taiwan, R.O.C. Tel: +886-4-27026688 Fax: +886-4-24630372 Fab 18A 8, Beiyuan Rd. 2, Southern Taiwan Science Park, Tainan 745-093, Taiwan, R.O.C. Tel: +886-6-5056688 Fax: +886-6-5050363 Fab 18B 8, Beiyuan Rd. 2, Southern Taiwan Science Park, Tainan 745-093, Taiwan, R.O.C. Tel: +886-6-5056688 Advanced Backend Fab 1 6, Creation Rd. 2, Hsinchu Science Park, Hsinchu 300-093, Taiwan, R.O.C. Tel: +886-3-5636688 Fax: +886-3-5773628 Advanced Backend Fab 2 1, Sanbaozhu Rd., Southern Taiwan Science Park, Tainan 741-013, Taiwan, R.O.C. Tel: +886-6-5056688 Fax: +886- 6-5057223 Advanced Backend Fab 3 101, Longyuan 6th Rd., Longtan Dist., Taoyuan City 325-002, Taiwan, R.O.C. Tel: +886-3-5636688 Fax: +886-3-4804250 Advanced Backend Fab 5 5, Keya W. Rd., Central Taiwan Science Park, Taichung 428-303, Taiwan, R.O.C. Tel: +886-4-27026688 Fax: +886-4-25609631 Advanced Backend Fab 6 1, Kezhuan 1st Rd., Zhunan Township, Miaoli 350-012, Taiwan, R.O.C. Tel: +886-3-5636688 VisEra Technologies Company Limited 12, Duxing Rd. 1, Hsinchu Science Park, Hsinchu 300-096, Taiwan, R.O.C. Tel: +886-3-6668788 Fax: +886-3-6662858 186 Asia TSMC China Company Limited 4000, Wen Xiang Road, Songjiang, Shanghai, China Postcode: 201616 Tel: +86-21-57768000 TSMC Nanjing Company Limited 16, Zifeng Road, Pukou Economic Development Zone, Nanjing, Jiangsu Province, China Postcode: 211806 Tel: +86-25-57668000 TSMC Korea Limited Rm 2104-2105 west, Hanshin Inter Valley 24 Building, 322, Teheran-ro, Gangnam-gu, Seoul 06211, Korea Tel: +82-2-20511688 TSMC Japan Limited 21F, Queen’s Tower C, 2-3-5, Minatomirai, Nishi-ku, Yokohama, Kanagawa, 220-6221, Japan Tel: +81-45-682-0670 Europe/North America TSMC Europe B.V. World Trade Center, Zuidplein 60, 1077 XV Amsterdam, The Netherlands Tel: +31-20-3059900 TSMC Design Technology Canada Inc. 1000 Innovation Drive, Suite 400, Kanata, ON K2K 3E7, Canada Tel: +613-576-1990 TSMC North America 2851 Junction Avenue, San Jose, CA 95134, U.S.A. Tel: +1-408-3828000 Fax: +1-408-3828008 TSMC Spokesperson Name: Wendell Huang Title: Senior Vice President & CFO Tel: +886-3-5636688 Fax: +886-3-5637000 Email: press@tsmc.com TSMC Deputy Spokesperson Name: Nina Kao Title: Head of Public Relations Division Tel: +886-3-5636688 Fax: +886-3-5637000 Email: press@tsmc.com Auditors Company: Deloitte & Touche Auditors: Shih-Tsung Wu, Shang-Chih Lin Address: 20F, No. 100, Songren Rd., Xinyi Dist.,Taipei 110-016, Taiwan, R.O.C. Tel: +886-2-27259988 Fax: +886-2-40516888 Website: http://www.deloitte.com.tw TSMC Design Technology Japan, Inc. 10F, Minatomirai Grand Central Tower, 4-6-2, Minatomirai, Nishi-ku, Yokohama, Kanagawa, 220-0012, Japan Tel: +81-45-6644500 TSMC Japan 3DIC R&D Center, Inc. 2F, 7D Bldg., West, 16-1 Onogawa, Tsukuba, Ibaraki, 305-8569, Japan Tel: +81-29-893-2968 Japan Advanced Semiconductor Manufacturing, Inc. 4106-1 Haramizu, Kikuchi-gun Kikuyo-machi, Kumamoto 869-1102, Japan TSMC Technology, Inc. 2851 Junction Avenue, San Jose, CA 95134, U.S.A. Tel: +1-408-3828000 TSMC Washington, LLC 5509 N.W. Parker Street, Camas, WA 98607-9299, U.S.A. Tel: +1-360-8173000 Fax: +1-360-8173009 TSMC Arizona Corporation 5088 W. Innovation Circle, Phoenix, AZ 85083, U.S.A. Tel: +1 602-567-1688 Common Share Transfer Agent and Registrar Company: Transfer Agency Department, CTBC Bank Co., Ltd. Address: 5F., No. 83, Sec. 1, Chongqing S. Rd., Zhongzheng Dist., Taipei City 100-003, Taiwan, R.O.C. Tel: +886-2-66365566 Website: https://www.ctbcbank.com ADR Depositary Bank Company: Citibank, N.A. Depositary Receipts Services Address: 388 Greenwich Street, Trading Building, 4th Floor, New York, NY 10013, U.S.A. Website: https://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 https://www.nyse.com and https:// mops.twse.com.tw “TSMC”, “tsmc”, “Open Innovation Platform”, “Open Innovation”, “GIGAFAB”, “CoWoS”, “TSMC-SoIC”, “3DFabric”, “N12e”, “3Dblox”, and “FinFlex” are some of TSMC’s registered and/ or pending trademarks used by the Company in various jurisdictions, including Taiwan. All rights reserved. Copyright © 2023 by Taiwan Semiconductor Manufacturing Company, Ltd. All rights reserved. Contents Consolidated Financial Statements for the Years Ended December 31, 2023 and 2022 and Independent Auditors’ Report Parent Company Only Financial Statements for the Years Ended December 31, 2023 and 2022 and Independent Auditors’ Report 1 111 2023-財報目錄-英.indd 1 2024/3/8 上午2:43 Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries Consolidated Financial Statements for the Years Ended December 31, 2023 and 2022 and Independent Auditors’ Report - 1 - - 2 - - 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, 2023, 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 6, 2024 - 2 - - 3 - - 1 - - 4 - Key audit matter for the Company’s consolidated financial statements for the year ended December 31, 2023 is stated as follows: Property, plant and equipment (PP&E) – commencement of depreciation related to PP&E classified as equipment under installation and construction in progress (EUI/CIP) Refer to Notes 4, 5 and 14 to the consolidated financial statements. The Company’s evaluation of when to commence depreciation of EUI/CIP involves determining when the assets are available for their intended use. The criteria the Company uses to determine whether EUI/CIP are available for their intended use involves subjective judgments and assumptions about the conditions necessary for the assets to be capable of operating in the intended manner. Changes in these assumptions could have a significant impact on when depreciation is recognized. Given the subjectivity in determining the date to commence depreciation of EUI/CIP, performing audit procedures to evaluate the reasonableness of the Company’s judgments and assumptions required a high degree of auditor judgment. Consequently, the validity of commencement of depreciation related to PP&E classified as EUI/CIP is identified as a key audit matter. Our audit procedures related to the evaluation of when to commence depreciation of EUI/CIP included the following, among others: 1. We read the Company’s policy and understood the criteria used to determine when to commence depreciation. 2. We tested the effectiveness of the controls over the evaluation of when to commence depreciation of EUI/CIP. 3. We sampled the year-end balance of EUI/CIP and performed the following for each selection: a. Evaluated whether the selection did not meet the criteria specified by the Company for commencement of depreciation. b. Observed the assets and evaluated their status. 4. We sampled and evaluated whether the selection of EUI/CIP met the criteria specified by the Company for commencement of depreciation during the year. 5. We sampled and evaluated whether the selection of EUI/CIP met the criteria specified by the Company for commencement of depreciation subsequent to year end. Other Matter We have also audited the parent company only financial statements of Taiwan Semiconductor Manufacturing Company Limited as of and for the years ended December 31, 2023 and 2022 on which we have issued an unmodified opinion. Responsibilities of Management and Those Charged with Governance for the Consolidated Financial Statements Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers and the IFRS, IAS, IFRIC, and SIC endorsed and issued into effect by the Financial Supervisory Commission of the Republic of China, and for such internal control as management - 5 - - 5 - determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. In preparing the consolidated financial statements, management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Those charged with governance (including members of the Audit and Risk Committee) are responsible for overseeing the Company’s financial reporting process. Auditors’ Responsibilities for the Audit of the Consolidated Financial Statements Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Standards on Auditing of the Republic of China will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements. As part of an audit in accordance with the Standards on Auditing of the Republic of China, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: 1. Identify and assess the risks of material misstatement of the consolidated 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 consolidated 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 consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation. - 6 - - 6 - - 7 - Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries CONSOLIDATED BALANCE SHEETS (In Thousands of New Taiwan Dollars) 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 profit or loss (Note 7) 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 25) Refundable deposits Other noncurrent assets Total noncurrent assets TOTAL LIABILITIES AND EQUITY CURRENT LIABILITIES Financial liabilities at fair value through profit or loss (Note 7) Hedging financial liabilities (Notes 10 and 30) Accounts payable Payables to related parties (Note 33) Salary and bonus payable Accrued profit sharing bonus to employees and compensation to directors (Note 28) Payables to contractors and equipment suppliers Cash dividends payable (Note 20) Income tax payable (Notes 5 and 25) Long-term liabilities - current portion (Notes 17, 18 and 30) Accrued expenses and other current liabilities (Notes 5, 15, 21, 30 and 33) Total current liabilities NONCURRENT LIABILITIES Bonds payable (Notes 17 and 30) Long-term bank loans (Notes 18 and 30) Deferred income tax liabilities (Notes 5 and 25) Lease liabilities (Notes 5, 15 and 30) Net defined benefit liability (Note 19) Guarantee deposits Others (Note 21) Total noncurrent liabilities Total liabilities EQUITY ATTRIBUTABLE TO SHAREHOLDERS OF THE PARENT Capital stock (Note 20) Capital surplus (Notes 20 and 27) Retained earnings (Note 20) Appropriated as legal capital reserve Appropriated as special capital reserve Unappropriated earnings Others (Notes 20 and 27) December 31, 2023 Amount % December 31, 2022 Amount % $ 1,465,427,753 924,636 154,530,830 66,761,221 - 201,313,914 624,451 71,871 250,997,088 27,158,766 26,222,380 26 - 3 1 - 4 - - 5 1 - $ 1,342,814,083 1,070,398 122,998,543 94,600,219 2,329 229,755,887 1,583,958 68,975 221,149,148 25,964,428 12,888,776 27 - 2 2 - 5 - - 4 1 - 2,194,032,910 40 2,052,896,744 41 13,417,457 7,208,655 79,199,367 29,616,638 3,064,474,984 40,424,830 22,766,744 64,175,787 7,044,420 10,009,423 - - 2 1 55 1 - 1 - - - 6,159,200 35,127,215 27,641,505 2,693,836,970 41,914,136 25,999,155 69,185,842 4,467,022 7,551,089 - - 1 1 54 1 1 1 - - 3,338,338,305 60 2,911,882,134 59 $ 5,532,371,215 100 $ 4,964,778,878 100 $ 121,412 27,334,164 55,726,757 1,566,300 33,200,563 50,716,944 171,484,616 168,558,461 98,912,902 9,293,266 296,667,931 $ - - 1 - 1 1 3 3 2 - 5 116,215 813 54,879,708 1,642,637 36,435,509 61,748,574 213,499,613 142,617,093 120,801,814 19,313,889 293,170,952 - - 1 - 1 1 4 3 3 - 6 913,583,316 16 944,226,817 19 913,899,843 4,382,965 53,856 28,681,835 9,257,224 923,164 178,326,165 17 - - 1 - - 3 834,336,439 4,760,047 1,031,383 29,764,097 9,321,091 892,021 179,958,116 17 - - - - - 4 1,135,525,052 21 1,060,063,194 21 2,049,108,368 37 2,004,290,011 40 259,320,710 69,876,381 5 1 259,303,805 69,330,328 5 1 311,146,899 - 2,846,883,893 3,158,030,792 6 - 51 57 - 311,146,899 3,154,310 2,323,223,479 2,637,524,688 6 - 47 53 - (28,314,256) (20,505,626) Equity attributable to shareholders of the parent 3,458,913,627 63 2,945,653,195 59 NON - CONTROLLING INTERESTS Total equity TOTAL The accompanying notes are an integral part of the consolidated financial statements. 24,349,220 - 14,835,672 1 3,483,262,847 63 2,960,488,867 60 $ 5,532,371,215 100 $ 4,964,778,878 100 - 8 - - 8 - Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In Thousands of New Taiwan Dollars, Except Earnings Per Share) 2023 2022 Amount % Amount % NET REVENUE (Notes 5, 21, 33 and 38) $ 2,161,735,841 100 $ 2,263,891,292 100 COST OF REVENUE (Notes 5, 12, 28 and 33) 986,625,213 46 915,536,486 40 GROSS PROFIT 1,175,110,628 54 1,348,354,806 60 OPERATING EXPENSES (Notes 5, 28 and 33) Research and development General and administrative Marketing 182,370,170 60,872,841 10,590,705 8 3 - 163,262,208 53,524,898 9,920,446 7 2 1 Total operating expenses 253,833,716 11 226,707,552 10 OTHER OPERATING INCOME AND EXPENSES, NET (Notes 14 and 28) 188,694 - (368,403) - INCOME FROM OPERATIONS (Note 38) 921,465,606 43 1,121,278,851 50 NON-OPERATING INCOME AND EXPENSES Share of profits of associates Interest income (Note 22) Other income Foreign exchange gain (loss), net (Note 36) Finance costs (Note 23) Other gains and losses, net (Note 24) 4,655,098 60,293,901 479,984 (2,685,484) (11,999,360) 6,961,579 - 3 - - (1) - 7,798,359 22,422,209 947,697 4,505,784 (11,749,984) (1,012,198) Total non-operating income and expenses 57,705,718 2 22,911,867 - 1 - - - - 1 INCOME BEFORE INCOME TAX 979,171,324 45 1,144,190,718 51 INCOME TAX EXPENSE (Notes 5 and 25) 141,403,807 6 127,290,203 6 NET INCOME 837,767,517 39 1,016,900,515 45 OTHER COMPREHENSIVE INCOME (LOSS) (Notes 5, 19, 20 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 on hedging instruments Share of other comprehensive income of associates Income tax benefit related to items that will not be reclassified subsequently (623,356) - (823,060) - 1,954,563 39,898 42,554 124,646 1,538,305 - - - - - (263,749) - 154,457 733,956 (198,396) - - - - - (Continued) - 9 - - 9 - Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In Thousands of New Taiwan Dollars, Except Earnings Per Share) 2023 2022 Amount % Amount % Items that may be reclassified subsequently to profit or loss: Exchange differences arising on translation of foreign operations $ (14,464,353) (1) $ 50,845,614 Unrealized gain/(loss) on investments in debt instruments at fair value through other comprehensive income Gain (loss) on hedging instruments Share of other comprehensive income of associates Income tax benefit related to items that may be reclassified subsequently 4,123,201 (74,735) 63,938 - - - (10,102,658) 1,329,231 550,338 - (10,351,949) - (1) 6,036 42,628,561 Other comprehensive income (loss), net of income tax (8,813,644) (1) 42,430,165 2 - - - - 2 2 TOTAL COMPREHENSIVE INCOME $ 828,953,873 38 $ 1,059,330,680 47 NET INCOME ATTRIBUTABLE TO: Shareholders of the parent Non-controlling interests TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO: Shareholders of the parent Non-controlling interests $ 838,497,664 (730,147) 39 - $ 1,016,530,249 370,266 45 - $ 837,767,517 39 $ 1,016,900,515 45 $ 830,509,542 (1,555,669) 38 - $ 1,059,124,890 205,790 47 - EARNINGS PER SHARE (NT$, Note 26) Basic earnings per share Diluted earnings per share $ $ 32.34 32.34 $ $ 39.20 39.20 $ 828,953,873 38 $ 1,059,330,680 47 The accompanying notes are an integral part of the consolidated financial statements. (Concluded) - 10 - - 10 - l a t o T y t i u q E g n i l l o r t n o c - n o N s t s e r e t n I l a t o T y r u s a e r T k c o t S 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 d e z i l a e r n U n o ) s s o L ( n i a G l a i c n a n F i r i a F t a s t e s s A h g u o r h T e u l a V r e h t O 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 i s g n n r a E e v r e s e R 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 d n a s u o h T n I ( i s g n n r a E d e n i a t e R 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 l a t i p a C l a g e L k c o t S n o m m o C - k c o t S l a t i p a C s e r a h S s r e h t O t n e r a P e h t f o s r e d l o h e r a h S o t e l b a t u b i r t t A y t i u q E 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 D E T A D I L O S N O C ) 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 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 $ 6 3 5 , 0 2 1 $ 0 1 3 , 4 7 5 $ ) 1 6 3 , 3 0 3 , 3 6 ( $ 1 6 6 , 9 2 8 , 6 0 9 , 1 $ 0 5 5 , 8 7 3 , 6 3 5 , 1 $ 2 1 2 , 4 0 3 , 9 5 $ 9 9 8 , 6 4 1 , 1 1 3 $ 2 0 6 , 1 6 7 , 4 6 $ 5 0 8 , 3 0 3 , 9 5 2 $ 0 8 3 , 0 3 9 , 5 2 2 2 0 2 , 1 Y R A U N A J , E C N A L A B 6 4 7 , 6 6 2 ) 6 6 5 , 1 7 8 ( - - ) 9 2 9 , 2 5 ( 1 4 5 , 4 - - - - - - 6 4 7 , 6 6 2 - - ) 9 2 9 , 2 5 ( 1 4 5 , 4 ) 9 0 0 , 7 6 1 ( ) 9 0 0 , 7 6 1 ( - 5 2 2 , 3 1 0 2 5 0 2 , 3 1 9 5 1 , 6 6 4 , 6 1 9 1 2 , 0 5 3 , 2 1 0 4 9 , 5 1 1 , 4 7 6 8 , 8 8 4 , 0 6 9 , 2 2 7 6 , 5 3 8 , 4 1 5 9 1 , 3 5 6 , 5 4 9 , 2 - ) 0 2 2 , 3 6 6 , 7 1 3 ( ) 0 2 2 , 3 6 6 , 7 1 3 ( - - - - ) 0 2 2 , 3 6 6 , 7 1 3 ( ) 0 2 2 , 3 6 6 , 7 1 3 ( 7 1 5 , 7 6 7 , 7 3 8 ) 7 4 1 , 0 3 7 ( 4 6 6 , 7 9 4 , 8 3 8 ) 4 4 6 , 3 1 8 , 8 ( ) 2 2 5 , 5 2 8 ( ) 2 2 1 , 8 8 9 , 7 ( 3 7 8 , 3 5 9 , 8 2 8 ) 9 6 6 , 5 5 5 , 1 ( 2 4 5 , 9 0 5 , 0 3 8 4 1 6 , 4 7 8 6 , 7 7 4 - ) 1 8 1 , 5 4 ( ) 3 4 ( - - - - - ) 2 8 4 , 8 1 ( ) 0 7 3 ( ) 2 1 1 , 8 1 ( 4 1 6 , 4 7 8 6 , 7 7 4 - ) 1 8 1 , 5 4 ( ) 3 4 ( ) 1 8 3 , 6 9 1 ( ) 1 8 3 , 6 9 1 ( - 5 6 6 , 4 4 2 , 1 1 3 3 9 , 5 6 2 , 1 1 ) 8 6 2 , 1 2 ( 8 4 4 , 6 1 5 3 3 1 4 , 6 1 7 4 8 , 2 6 2 , 3 8 4 , 3 $ 0 2 2 , 9 4 3 , 4 2 $ 7 2 6 , 3 1 9 , 8 5 4 , 3 $ - - - - - - - - - - - - - - - - - - - - - - - 6 6 5 , 1 7 8 - ) 5 8 1 , 4 3 2 , 5 8 2 ( ) 5 8 1 , 4 3 2 , 5 8 2 ( - - - - ) 5 8 1 , 4 3 2 , 5 8 2 ( ) 5 8 1 , 4 3 2 , 5 8 2 ( 5 1 5 , 0 0 9 , 6 1 0 , 1 6 6 2 , 0 7 3 9 4 2 , 0 3 5 , 6 1 0 , 1 5 6 1 , 0 3 4 , 2 4 ) 6 7 4 , 4 6 1 ( 1 4 6 , 4 9 5 , 2 4 0 8 6 , 0 3 3 , 9 5 0 , 1 0 9 7 , 5 0 2 0 9 8 , 4 2 1 , 9 5 0 , 1 5 0 2 , 3 3 7 , 0 7 1 , 2 $ 2 5 6 , 6 4 4 , 2 $ 3 5 5 , 6 8 2 , 8 6 1 , 2 $ - - - - - - - - $ ) 5 1 5 , 8 0 6 , 2 6 ( $ - - - - 3 1 2 , 4 4 6 , 2 4 3 1 2 , 4 4 6 , 2 4 - - - - - - - ) 3 5 1 , 5 8 1 ( ) 3 5 1 , 5 8 1 ( ) 6 6 5 , 1 7 8 ( ) 6 6 5 , 1 7 8 ( - - ) 2 4 2 , 3 0 3 ( ) 9 2 9 , 2 5 ( - - - - - - - - - - - - - - - - ) 9 2 9 , 2 5 ( - - - - - - - ) 2 4 2 , 3 0 3 ( - - - - - - - - - - - - - - - - - - ) 7 0 7 , 4 5 8 ( ) 7 0 7 , 4 5 8 ( 2 4 2 , 3 0 3 2 4 2 , 3 0 3 - - - - - - - - - - 4 7 5 , 1 1 4 , 1 ) 1 2 4 , 7 2 3 , 0 1 ( 0 6 0 , 0 6 5 , 1 5 ) 2 7 5 , 9 4 ( ) 2 7 5 , 9 4 ( 4 7 5 , 1 1 4 , 1 ) 1 2 4 , 7 2 3 , 0 1 ( 0 6 0 , 0 6 5 , 1 5 7 7 6 , 0 8 4 , 6 1 0 , 1 7 7 6 , 0 8 4 , 6 1 0 , 1 - - - - - - - - - - - - 9 4 2 , 0 3 5 , 6 1 0 , 1 9 4 2 , 0 3 5 , 6 1 0 , 1 - ) 5 8 1 , 4 3 2 , 5 8 2 ( ) 5 8 1 , 4 3 2 , 5 8 2 ( 2 0 9 , 9 4 1 , 6 5 ) 5 8 1 , 4 3 2 , 5 8 2 ( ) 3 8 2 , 4 8 0 , 9 2 2 ( - ) 2 0 9 , 9 4 1 , 6 5 ( ) 2 0 9 , 9 4 1 , 6 5 ( - - - - - - ) 4 2 2 , 3 0 5 , 7 ( ) 4 2 2 , 3 0 5 , 7 ( - - - - - - - - - - - - ) 4 4 9 , 1 5 1 ( ) 1 8 1 , 5 4 ( - - - - - - ) 1 8 2 , 8 0 1 ( ) 1 8 2 , 8 0 1 ( - - - - ) 5 2 1 , 8 3 ( ) 5 2 1 , 8 3 ( - - - - ) 1 8 1 , 5 4 ( - - - - - - - ) 4 4 9 , 1 5 1 ( - - - - - - - - - - - - - - - - 4 1 6 , 4 - - 4 1 6 , 4 4 4 9 , 1 5 1 4 4 9 , 1 5 1 - - - - - - - - - - 9 6 3 , 8 0 1 , 6 ) 8 6 4 , 3 7 5 , 3 1 ( ) 8 9 8 , 4 8 4 ( ) 8 9 8 , 4 8 4 ( 9 6 3 , 8 0 1 , 6 ) 8 6 4 , 3 7 5 , 3 1 ( 6 6 7 , 2 1 0 , 8 3 8 6 6 7 , 2 1 0 , 8 3 8 - - - - - - - - 4 6 6 , 7 9 4 , 8 3 8 4 6 6 , 7 9 4 , 8 3 8 - ) 0 2 2 , 3 6 6 , 7 1 3 ( ) 0 2 2 , 3 6 6 , 7 1 3 ( 0 1 3 , 4 5 1 , 3 ) 0 2 2 , 3 6 6 , 7 1 3 ( ) 0 1 9 , 8 0 5 , 4 1 3 ( ) 0 1 3 , 4 5 1 , 3 ( - ) 0 1 3 , 4 5 1 , 3 ( $ ) 6 5 2 , 4 1 3 , 8 2 ( $ ) 4 3 4 , 3 9 2 ( $ 5 7 8 , 5 9 3 , 1 $ ) 8 2 9 , 9 9 0 , 4 ( $ ) 9 6 7 , 6 1 3 , 5 2 ( $ 2 9 7 , 0 3 0 , 8 5 1 , 3 $ 3 9 8 , 3 8 8 , 6 4 8 , 2 $ - - 1 1 1 1 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 9 2 0 , 8 3 4 0 7 8 , 3 1 - 7 8 3 , 1 ) 9 8 9 , 2 ( ) 0 7 8 , 3 1 ( ) 7 8 3 , 1 ( - - 1 4 5 , 4 0 4 9 , 5 1 1 , 4 - 5 0 2 , 3 1 - - - - - - - - - - - - e m o c n i f o t e n , ) 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 x a t 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 l a t o T e m o c n i t e N ) 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 t n e m e g n a r r a t n e m y a p d e s a b - e r a h S d e r i u q c a k c o t s y r u s a e r T d e r i t e r k c o t s y r u s a e r T 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 e u l a v s t n e m u r t s n i g n i g d e h n o s s o l r o f t n e m t s u j d a s i s a B 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 t a i c o s s 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 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 - - - - - - - - - - - - - - - - - - - - - ) 2 1 1 , 8 1 ( 5 9 1 , 4 8 6 8 , 4 6 5 - - ) 3 4 ( ) 8 6 2 , 1 2 ( 3 1 4 , 6 1 - - - - - - - - - - - - - - - e m o c n i f o t e n , ) 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 x a t ) 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 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 f o l a s o p s i D d o h t e m 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 l a t o T e m o c n i t e N ) 5 9 1 , 4 ( 0 0 1 , 1 2 ) 9 1 4 ( 0 1 1 , 2 d e r i t e r s e r a h s d e t c i r t s e r e e y o l p m E s t n e m e g n a r r a t n e m y a p d e s a b - e r a h S - - - - - - - - - - - - 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 e u l a v s t n e m u r t s n i g n i g d e h n o s s o l r o f t n e m t s u j d a s i s a B 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 t a i c o s s 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 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 $ 9 9 8 , 6 4 1 , 1 1 3 $ 1 8 3 , 6 7 8 , 9 6 $ 0 1 7 , 0 2 3 , 9 5 2 $ 1 7 0 , 2 3 9 , 5 2 3 2 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 ) 6 2 6 , 5 0 5 , 0 2 ( ) 3 5 1 , 5 8 1 ( 1 8 1 , 9 7 4 , 1 ) 3 5 3 , 6 5 0 , 0 1 ( ) 1 0 3 , 3 4 7 , 1 1 ( 8 8 6 , 4 2 5 , 7 3 6 , 2 9 7 4 , 3 2 2 , 3 2 3 , 2 0 1 3 , 4 5 1 , 3 9 9 8 , 6 4 1 , 1 1 3 8 2 3 , 0 3 3 , 9 6 5 0 8 , 3 0 3 , 9 5 2 0 8 3 , 0 3 9 , 5 2 2 2 0 2 , 1 3 R E B M E C E D , E C N A L A B 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 on investments in debt instruments Finance costs Share of profits of associates Interest income Share-based compensation Loss (gain) on disposal or retirement of property, plant and equipment, net Loss (gain) on disposal or retirement of intangible assets, net Impairment loss on property, plant and equipment Gain on financial instruments at fair value through profit or loss, net Loss on disposal of investments in debt instruments at fair value through other comprehensive income, net Gain on disposal of investments accounted for using equity method, net Loss (gain) on foreign exchange, net Dividend income Others 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 Accrued expenses and other current liabilities Other noncurrent liabilities Net defined benefit liability Cash generated from operations Income taxes paid 2023 2022 $ 979,171,324 $ 1,144,190,718 522,932,671 9,258,250 35,745 11,999,360 (4,655,098) (60,293,901) 483,050 369,140 (3,045) - (12,355) 428,498,179 8,756,094 52,351 11,749,984 (7,798,359) (22,422,209) 302,348 (98,856) 6,004 790,740 - 473,897 (15,758) (246,695) (464,094) (337,935) 410,076 - 10,342,706 (266,767) 138,827 289,570 28,441,987 959,507 (2,896) (29,847,940) 1,878,712 (12,530,880) (720,278) 847,049 (76,337) (3,234,946) (11,031,630) (44,466,734) 13,329,895 (687,223) (1,354,359) (32,169,853) (868,634) (7,444) (28,046,827) (1,680,611) (4,450,883) - 7,594,105 205,451 12,633,409 25,223,833 46,578,784 101,390,476 (2,538,848) 1,697,160,435 (86,561,247) 1,401,842,412 (159,875,065) Net cash generated by operating activities 1,241,967,347 1,610,599,188 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 (125,540) (14,142,072) (54,566,725) (62,752,002) (149,387,898) (183,125,920) (949,816,825) (1,082,672,130) (6,954,326) (Continued) (5,518,414) - 12 - - 12 - Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries CONSOLIDATED STATEMENTS OF CASH FLOWS (In Thousands of New Taiwan Dollars) 2023 2022 Proceeds from disposal or redemption of: Financial assets at fair value through other comprehensive income Financial assets at amortized cost Property, plant and equipment Intangible assets $ $ 35,698,575 134,605,822 703,904 3,078 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 - others Other dividends received Dividends received from investments accounted for using equity method Increase in prepayments for leases Refundable deposits paid Refundable deposits refunded 127,963 68,237 55,887,164 47,544,746 1,152 445,129 3,076,482 (63,153) (4,056,496) 1,454,012 44,963,367 62,329,674 983,358 12,636 2,938 1,684,430 18,083,755 7,046,136 5,296 266,767 2,749,667 - (2,117,041) 505,423 Net cash used in investing activities (906,120,596) (1,190,928,235) CASH FLOWS FROM FINANCING ACTIVITIES Decrease in short-term loans Increase in hedging financial liabilities - bank loans Proceeds from issuance of bonds Repayment of bonds Proceeds from long-term bank loans Repayment of long-term bank loans Payments for transaction costs attributable to the issuance of bonds Treasury stock acquired Repayment of the principal portion of lease liabilities Interest paid Guarantee deposits received Guarantee deposits refunded Cash dividends Donation from shareholders Increase in non-controlling interests - 27,908,580 85,700,000 (18,100,000) 2,450,000 (1,756,944) (88,681) - (2,854,344) (17,358,981) 230,116 (367,375) (291,721,852) 16,448 11,048,781 (111,959,992) - 198,293,561 (4,400,000) 2,670,000 (166,667) (414,307) (871,566) (2,428,277) (12,218,659) 271,387 (62,100) (285,234,185) 13,225 16,263,548 Net cash used in financing activities (204,894,252) (200,244,032) EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS (8,338,829) 58,396,970 NET INCREASE IN CASH AND CASH EQUIVALENTS 122,613,670 277,823,891 CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 1,342,814,083 1,064,990,192 CASH AND CASH EQUIVALENTS, END OF YEAR $ 1,465,427,753 $ 1,342,814,083 The accompanying notes are an integral part of the consolidated financial statements. (Concluded) - 13 - - 13 - Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022 (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, sales, 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 6, 2024. 3. APPLICATION OF NEW AND REVISED INTERNATIONAL FINANCIAL REPORTING STANDARDS a. Initial application of the amendments to the International Financial Reporting Standards (IFRS), International Accounting Standards (IAS), IFRIC Interpretations (IFRIC), and SIC Interpretations (SIC) (collectively, “IFRS Accounting Standards”) endorsed and issued into effect by the Financial Supervisory Commission (FSC) Except for the following, the initial application of the amendments to the IFRS Accounting Standards endorsed and issued into effect by the FSC did not have a material impact on the accounting policies of TSMC and its subsidiaries (collectively as the “Company”): Amendments to IAS 12 “International Tax Reform - Pillar Two Model Rules” The amendments introduce a temporary exception to the requirements in IAS 12 by stipulating that the Company should neither recognize nor disclose information about deferred tax assets and liabilities related to Pillar Two income taxes. The amendments also require the Company to disclose that it has applied the exception and separately disclose its current tax expense (income) related to Pillar Two income taxes. In addition, for periods in which Pillar Two legislation is enacted or substantively enacted but not yet in effect, the Company should disclose qualitative and quantitative information that helps users of financial statements understand the Company’s exposure to Pillar Two income taxes. The requirement that the Company applies the exception and the requirement to disclose that fact is applied immediately upon issuance of the amendments in May 2023. The remaining disclosure requirements are applied for annual reporting periods beginning on or after January 1, 2023, but not for any interim period ending on or before December 31, 2023. - 14 - - 14 - b. The IFRS Accounting Standards issued by International Accounting Standards Board (IASB) and endorsed by the FSC with effective date starting 2024 New, Amended and Revised Standards and Interpretations Effective Date Issued by IASB Amendments to IAS 1 “Classification of Liabilities as Current or Non-current” and “Non-current Liabilities with Covenants” January 1, 2024 c. The IFRS Accounting Standards issued by IASB, but not yet endorsed and issued into effect by the FSC New, Amended and Revised 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” 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 from the initial adoption of the aforementioned standards or interpretations and related applicable period. The related impact will be disclosed when the Company completes its evaluation. 4. SUMMARY OF MATERIAL ACCOUNTING POLICY INFORMATION For the convenience of readers, the accompanying 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 IFRS Accounting Standards endorsed by the FSC with the effective dates (collectively, “Taiwan-IFRS Accounting Standards”). 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. - 15 - - 15 - 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 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: Name of Investor Name of Investee Main Businesses and Products Establishment and Operating Location Percentage of Ownership December 31, 2023 December 31, 2022 Note TSMC TSMC North America Sales and marketing of integrated San Jose, California, 100% 100% circuits and other semiconductor devices U.S.A. TSMC Europe B.V. (TSMC Customer service and supporting Europe) activities TSMC Japan Limited (TSMC Customer service and supporting Amsterdam, the Netherlands Yokohama, Japan Japan) activities TSMC Design Technology Japan, Inc. (TSMC JDC) TSMC Japan 3DIC R&D Center, Inc. (TSMC 3DIC) TSMC Korea Limited (TSMC Engineering support activities Yokohama, Japan Engineering support activities Yokohama, Japan Customer service and supporting Seoul, Korea Korea) activities TSMC Partners, Ltd. (TSMC Investing in companies involved in the Tortola, British Virgin Partners) semiconductor design and manufacturing, and other investment activities Islands TSMC Global, Ltd. (TSMC Investment activities Global) TSMC China Company Manufacturing, sales, testing and Tortola, British Virgin Islands Shanghai, China Limited (TSMC China) computer-aided design of integrated circuits and other semiconductor devices 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% TSMC Nanjing Company Manufacturing, sales, testing and Nanjing, China 100% 100% Limited (TSMC Nanjing) computer-aided design of integrated circuits and other semiconductor devices VisEra Technologies Company Research, design, development, Hsin-Chu, Taiwan 67% 68% Ltd. (VisEra Tech) TSMC Arizona Corporation (TSMC Arizona) manufacturing, sales, packaging and test of color filter Manufacturing, sales and testing of integrated circuits and other semiconductor devices Phoenix, Arizona, 100% 100% U.S.A. Japan Advanced Semiconductor Manufacturing, Inc. (JASM) Manufacturing, sales, testing and Kumamoto, Japan 71% 71% computer aided design of integrated circuits and other semiconductor devices - a) a) a) a) a) - - - - b) c) d) European Semiconductor Manufacturing Company (ESMC) GmbH (ESMC) Manufacturing, sales and testing of integrated circuits and other semiconductor devices Dresden, Germany 100% 100% a), e) (Continued) - 16 - - 16 - Name of Investor Name of Investee Main Businesses and Products Establishment and Operating Location Percentage of Ownership December 31, 2023 December 31, 2022 Note TSMC VentureTech Alliance Fund II, Investing in technology start-up Cayman Islands L.P. (VTAF II) companies VentureTech Alliance Fund III, Investing in technology start-up Cayman Islands L.P. (VTAF III) companies 98% 98% 98% 98% Emerging Fund L.P. (Emerging Investing in technology start-up Cayman Islands 99.9% 99.9% TSMC Partners VTAF III Fund) TSMC Development, Inc. (TSMC Development) TSMC Technology, Inc. (TSMC Technology) TSMC Design Technology Canada Inc. (TSMC Canada) Growth Fund Limited (Growth companies Investing in companies involved in semiconductor manufacturing Delaware, U.S.A. Engineering support activities Delaware, U.S.A. Engineering support activities Ontario, Canada Investing in technology start-up Cayman Islands Fund) companies TSMC Development TSMC Washington, LLC (TSMC Washington) Manufacturing, sales and testing of integrated circuits and other semiconductor devices Washington, U.S.A. 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% - - - - a) a) - f) (Concluded) Note a: This is an immaterial subsidiary for which the consolidated financial statements are not audited by the Company’s independent auditors. Note b: As VisEra's employees continue to exercise their employee share options, TSMC’s ownership in VisEra continues to decline. This transaction was accounted for as an equity transaction since the transaction did not change TSMC’s control over VisEra. Note c: Under the terms of the development agreement entered into between TSMC Arizona and the City of Phoenix, the City of Phoenix commits approximately US$205 million toward various public infrastructure projects in the area of the proposed manufacturing facility, conditioned on TSMC Arizona’s achieving a minimum project scale with defined spending and job-creation thresholds. Note d: TSMC’s shareholding and the proportion of voting rights in JASM are 71% and 81%, respectively. Note e: ESMC was established in June 2023. TSMC sold its 10% shares to Robert Bosch GmbH, Infineon Technologies AG and NXP Semiconductors N.V. in January 2024, respectively. After selling shares, TSMC’s shareholding in ESMC decreased from 100% to 70%. This transaction was accounted for as an equity transaction since the transaction did not change TSMC’s control over ESMC. Note f: WaferTech, LLC was renamed to TSMC Washington, LLC in December 2023. Foreign Currencies The financial statements of each individual consolidated entity were expressed in the currency which reflected its primary economic environment (functional currency). The functional currency of TSMC and presentation currency of the consolidated financial statements are both New Taiwan Dollars (NT$). 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. - 17 - - 17 - 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. 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. - 18 - - 18 - 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, commercial paper, debt instrument investments, notes and accounts receivable (including related parties), other receivables, refundable deposits and temporary payments (including those classified under other current assets and other noncurrent assets) are measured at amortized cost. 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 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 - 19 - - 19 - been recognized in other comprehensive income is transferred directly to retained earnings, without recycling through profit or loss. Financial Liabilities and Equity Instruments Classification as debt or equity Debt and equity instruments issued by the Company are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument. Equity instruments An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by the Company are recognized at the proceeds received, net of direct issue costs. Financial liabilities Financial liabilities are subsequently measured either at amortized cost using effective interest method or at FVTPL. Financial liabilities are classified as at fair value through profit or loss when the financial liability is either held for trading or is designated as at fair value through profit or loss. Financial liabilities at fair value through profit or loss are stated at fair value, with any gains or losses arising on remeasurement recognized in profit or loss. Financial liabilities other than those held for trading purposes and designated as at FVTPL are subsequently measured at amortized cost at the end of each reporting period. Derecognition of financial liabilities The Company derecognizes financial liabilities when, and only when, the Company’s obligations are discharged, cancelled or they expire. The difference between the carrying amount of the financial liability derecognized and the consideration paid and payable is recognized in profit or loss. Derivative Financial Instruments Derivative financial instruments are initially recognized at fair value at the date the derivative contracts are entered into and are subsequently remeasured to their fair value at the end of each reporting period. The resulting gain or loss is recognized in profit or loss immediately unless the derivative financial instrument is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship. Hedge Accounting a. 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 instruments 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. - 20 - - 20 - b. Cash flow hedge The Company designates certain hedging instruments, such as forward contracts, to partially hedge its foreign exchange rate risks or interest rate risks associated with certain highly probable forecast transactions (capital expenditures or issuance of debts). The effective portion of changes in the fair value of hedging instruments is recognized in other comprehensive income. When forecast transactions actually take place, the accumulated gains or losses that were recognized in other comprehensive income are transferred from equity to the initial cost of the hedged items, or reclassified to finance costs of hedged items in the same period or periods during which the hedged expected future cash flows affect profit or loss. 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. c. Hedges of net investments in foreign operations The Company designates certain hedging instruments, such as bank loans denominated in foreign currency, as a hedge of net investments in foreign operations to manage the exchange differences arising on translation of foreign operations due to currency fluctuations. Any gains or losses on the hedging instrument relating to the effective portion of the hedge are recognized in other comprehensive income and accumulated under the heading of foreign currency translation reserve. The gains or losses relating to the ineffective portion are recognized immediately in profit or loss. The gains and losses on the hedging instrument relating to the effective portion of the hedge, which were accumulated in the foreign currency translation reserve, are reclassified to profit or loss on the disposal or partial disposal of a foreign operation. Inventories Inventories are stated at the lower of cost or net realizable value. Inventories are recorded at standard cost and adjusted to approximate weighted-average cost at the end of the reporting period. Net realizable value represents the estimated selling price of inventories less all estimated costs of completion and costs necessary to make the sale. Investments Accounted for Using Equity Method Investments accounted for using the equity method 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. - 21 - - 21 - 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. Property, Plant and Equipment Property, plant and equipment are measured at cost less accumulated depreciation and accumulated impairment. Costs include any incremental costs that are directly attributable to the construction, acquisition of the item of property, plant and equipment or borrowing costs eligible for capitalization. Property, plant and equipment in the course of construction for production, supply or administrative purposes are carried at cost, less any recognized impairment loss. Such assets are classified to the appropriate categories of property, plant and equipment when completed and ready for intended use. Depreciation of these assets, on the same basis as other identical categories of property, plant and equipment, commences when the assets are available for their intended use. Depreciation is recognized so as to write off the cost of the assets less their residual values over their useful lives, and it is computed using the straight-line method mainly over the following estimated useful lives: land improvements - 20 years; buildings (assets used by the Company and assets subject to operating leases) - 10 to 20 years; machinery and equipment (assets used by the Company and assets subject to operating leases) - 5 years; and office equipment - 5 years. The estimated useful lives, residual values and depreciation method are reviewed at the end of each 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. - 22 - - 22 - Leases For a contract that contains a lease component and non-lease component, the Company may elect to account for the lease and non-lease components as a single lease component. The Company as lessor Rental income from operating lease is recognized on a straight-line basis over the term of the lease. The Company as lessee Except for payments for low-value asset leases and short-term leases (leases of machinery and equipment and others) which are recognized as expenses on a straight-line basis, the Company recognizes right-of-use assets and lease liabilities for all leases at the commencement date of the lease. Right-of-use assets are measured at cost. The cost of right-of-use assets comprises the initial measurement of lease liabilities adjusted for lease payments and initial direct costs made at or before the commencement date, plus an estimate of costs needed to restore the underlying assets. Subsequent measurement is calculated as cost less accumulated depreciation and accumulated impairment loss and adjusted for changes in lease liabilities as a result of lease term modifications or other related factors. Right-of-use assets are presented separately in the 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. 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. 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 - 23 - - 23 - 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 recognized directly in profit or loss. An impairment loss recognized for goodwill is not reversed in subsequent periods. Tangible assets, right-of-use assets and other intangible assets At the end of each reporting period, the Company reviews the carrying amounts of its tangible assets (property, plant and equipment), right-of-use assets and other intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss. When it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs. When a reasonable and consistent basis of allocation can be identified, corporate assets are also allocated to individual cash-generating units, or otherwise they are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified. Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset or cash-generating unit is estimated to be less than its carrying amount, the carrying amount of the asset or cash-generating unit is reduced to its recoverable amount. An impairment loss is recognized immediately in profit or loss. When an impairment loss subsequently reverses, the carrying amount of the asset or a cash-generating unit is increased to the revised estimate of its recoverable amount, but the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset or cash-generating unit in prior years. A reversal of an impairment loss is recognized immediately in profit or loss. Revenue Recognition The Company recognizes revenue when performance obligations are satisfied. The performance obligations are satisfied when customers obtain control of the promised goods, which is generally when the goods are delivered to the customers’ specified locations. 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. - 24 - - 24 - In principle, payment term granted to customers is due 30 days from the invoice date or 15-30 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. Employee Benefits Short-term employee benefits Liabilities recognized in respect of short-term employee benefits are measured at the undiscounted amount of the benefits expected to be paid in exchange for service rendered by employees. Retirement benefits For defined contribution retirement benefit plans, payments to the benefit plan are recognized as an expense when the employees have rendered service entitling them to the contribution. For defined benefit retirement benefit plans, the cost of providing benefit is recognized based on actuarial calculations. Defined benefit costs (including service cost, net interest and remeasurement) under the defined benefit retirement benefit plans are determined using the Projected Unit Credit Method. Service cost (including current service cost), and net interest on the net defined benefit liability (asset) are recognized as employee benefits expense in the period they occur. Remeasurement, comprising actuarial gains and losses and the return on plan assets (excluding interest), is recognized in other comprehensive income in the period in which they occur. Remeasurement recognized in other comprehensive income is reflected immediately in retained earnings and will not be reclassified to profit or loss. Net defined benefit liability represents the actual deficit in the Company’s defined benefit plan. Treasury Stock Treasury stock represents the outstanding shares that the Company buys back from market, which is stated at cost and shown as a deduction in shareholders’ equity. When the Company retires treasury stock, the treasury stock account is reduced and the common stock as well as the capital surplus - additional paid-in capital are reversed on a pro rata basis. When the book value of the treasury stock exceeds the sum of the par value and additional paid-in capital, the difference is charged to capital surplus - treasury stock transactions and to retained earnings for any remaining amount. Share-based payment arrangements a. Equity-settled share-based payment arrangements Restricted shares for employees are expensed on a straight-line basis over the vesting period, based on the fair value at the grant date and the Company’s best estimate of the number expected to ultimately vest, with a corresponding increase in other equity - unearned employee benefits. When restricted shares for employees are issued, other equity - unearned employee benefits is recognized on the grant date, with a corresponding increase in capital surplus - restricted shares for employees. Dividends paid to employees on restricted shares which do not need to be returned if employees resign in the vesting period are recognized as expenses upon the dividend declaration with a corresponding adjustment in retained earnings. At the end of each reporting period, the Company revises its estimate of the number of restricted shares for employees that are expected to vest. The impact from such revision is recognized in profit or loss so that the cumulative expenses reflect the revised estimate, with a corresponding adjustment to capital surplus - restricted shares for employees. - 25 - - 25 - b. Cash-settled share-based payment arrangements For cash-settled share-based payments, a liability is recognized for the services acquired, measured at the fair value of the liability incurred. At the end of each reporting period until the liability is settled, and at the date of settlement, the fair value of the liability is remeasured, with any changes in fair value recognized in profit or loss. Taxation Income tax expense represents the sum of the tax currently payable and deferred tax. Current tax Income tax on unappropriated earnings (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. 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. - 26 - - 26 - 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. MATERIAL ACCOUNTING JUDGMENTS AND KEY SOURCES OF ESTIMATION AND UNCERTAINTY In the application of the aforementioned Company’s accounting policies, the Company is required to make judgments, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the year in which the estimate is revised if the revision affects only that year, or in the year of the revision and future years if the revision affects both current and future years. Material Accounting Judgments Revenue Recognition The Company recognizes revenue when the conditions described in Note 4 are satisfied. Commencement of Depreciation Related to Property, Plant and Equipment Classified as Equipment under Installation and Construction in Progress (EUI/CIP) As described in Note 4, commencement of depreciation related to EUI/CIP involves determining when the assets are available for their intended use. The criteria the Company uses to determine whether EUI/CIP are available for their intended use involves subjective judgments and assumptions about the conditions necessary for the assets to be capable of operating in the intended manner. Judgments on Lease Terms In determining a lease term, the Company considers all facts and circumstances that create an economic incentive to exercise or not to exercise an option, including any expected changes in facts and circumstances from the commencement date until the exercise date of the option. Main factors considered include contractual terms and conditions covered by the optional periods, and the importance of the underlying asset to the lessee’s operations, etc. The lease term is reassessed if a significant change in circumstances that are within the control of the Company occurs. Key Sources of Estimation and Uncertainty Estimation of Sales Returns and Allowances Sales returns and other allowance is estimated and recorded based on historical experience and in consideration of different contractual terms. The amount is deducted from revenue in the same period the related revenue is recorded. The Company periodically reviews the reasonableness of the estimates. - 27 - - 27 - 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 Money market funds Repurchase agreements Government bonds/Agency bonds Commercial paper Corporate bonds December 31, 2023 December 31, 2022 $ 1,453,101,566 $ 1,327,884,602 1,406,792 1,133,310 2,451,570 9,566,430 371,379 10,898,720 1,346,719 50,787 29,961 - $ 1,465,427,753 $ 1,342,814,083 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. - 28 - - 28 - 7. FINANCIAL ASSETS AND LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS Financial assets Mandatorily measured at FVTPL Convertible preferred stocks Forward exchange contracts Convertible bonds Mutual funds Current Noncurrent Financial liabilities Held for trading Forward exchange contracts December 31, 2023 December 31, 2022 $ $ 13,307,160 701,182 223,454 110,297 - 947,546 122,852 - $ 14,342,093 $ 1,070,398 $ 924,636 13,417,457 $ 1,070,398 - $ 14,342,093 $ 1,070,398 $ 121,412 $ 116,215 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: December 31, 2023 Sell NT$ Sell US$ Sell JPY December 31, 2022 Sell NT$ Sell US$ Sell RMB Maturity Date Contract Amount (In Thousands) January 2024 January 2024 to March 2024 January 2024 NT$ 26,251,763 US$ 1,112,000 JPY 20,000,000 January 2023 to March 2023 January 2023 to March 2023 January 2023 to March 2023 NT$ 79,610,590 US$ 752,486 RMB 1,448,371 - 29 - - 29 - 8. FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME Investments in debt instruments at FVTOCI Corporate bonds Agency mortgage-backed securities Government bonds/Agency bonds Asset-backed securities Investments in equity instruments at FVTOCI Non-publicly traded equity investments Publicly traded stocks Current Noncurrent December 31, 2023 December 31, 2022 $ 79,605,567 37,959,691 22,338,901 9,898,766 149,802,925 $ 66,116,166 28,367,926 18,961,888 9,274,697 122,720,677 7,208,655 4,727,905 11,936,560 6,159,200 277,866 6,437,066 $ 161,739,485 $ 129,157,743 $ 154,530,830 7,208,655 $ 122,998,543 6,159,200 $ 161,739,485 $ 129,157,743 These investments in equity instruments are held for medium to long-term purposes and therefore are accounted for as FVTOCI. For dividends recognized from these investments, please refer to consolidated statements of cash flows. All of the dividends are mainly from investments held at the end of the reporting period. For the years ended December 31, 2023 and 2022, as the Company adjusted its investment portfolio, equity investments designated at FVTOCI were divested for NT$271,983 thousand and NT$561,600 thousand, respectively. The related other equity-unrealized gain/loss on financial assets at FVTOCI of NT$151,944 thousand and NT$303,242 thousand were transferred to increase retained earnings, respectively. As of December 31, 2023 and 2022, the cumulative loss allowance for expected credit loss of NT$ 47,311 thousand and NT$37,783 thousand was recognized under investments in debt instruments at FVTOCI, respectively. Refer to Note 32 for information relating to the credit risk management and expected credit loss. 9. FINANCIAL ASSETS AT AMORTIZED COST December 31, 2023 December 31, 2022 Corporate bonds Commercial paper Government bonds/Agency bonds Less: Allowance for impairment loss Current Noncurrent $ 113,851,856 18,387,835 13,803,559 $ 81,041,056 48,742,817 - (56,439) (82,662) $ 145,960,588 $ 129,727,434 $ 66,761,221 79,199,367 $ 94,600,219 35,127,215 $ 145,960,588 $ 129,727,434 Refer to Note 32 for information relating to credit risk management and expected credit loss for financial assets at amortized cost. - 30 - - 30 - 10. HEDGING FINANCIAL INSTRUMENTS Financial assets- current Fair value hedges Interest rate futures contracts Financial liabilities- current Fair value hedges Interest rate futures contracts Hedges of net investments in foreign operations Bank loans Fair value hedge December 31, 2023 December 31, 2022 $ - $ 2,329 $ 43,764 $ 813 27,290,400 - $ 27,334,164 $ 813 The Company entered into interest rate futures contracts, which are used to partially hedge against the fair value changes caused by interest rate 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 value of the interest rate futures contracts and the value of the hedged financial assets 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 during the hedging period. Amount of hedge ineffectiveness recognized in profit or loss is classified under other gains and losses, net. The following tables summarize the information relating to the hedges of interest rate risks. December 31, 2023 Hedging Instruments Contract Amount (US$ in Thousands) Maturity Interest rate futures contracts - US Treasury US$ 48,600 March 2024 futures Hedged Items Asset Carrying Amount Accumulated Amount of Fair Value Hedge Adjustments Financial assets at FVTOCI $ 3,959,523 $ 43,764 - 31 - - 31 - December 31, 2022 Hedging Instruments Contract Amount (US$ in Thousands) Maturity Interest rate futures contracts - US Treasury US$ 74,300 March 2023 futures Hedged Items Asset Carrying Amount Accumulated Amount of Fair Value Hedge Adjustments Financial assets at FVTOCI $ 4,008,179 $ (1,516) The effect for the years ended December 31, 2023 and 2022 is detailed below: Hedging Instruments/Hedged Items Change in Value Used for Calculating Hedge Ineffectiveness Years Ended December 31 2023 2022 Hedging Instruments Interest rate futures contracts - US Treasury futures $ 20,478 $ 283,995 Hedged Items Financial assets at FVTOCI Cash flow hedge (20,478) (283,995) $ - $ - The Company entered into forward contracts to partially hedge foreign exchange rate risks or interest rate risks associated with certain highly probable forecast transactions (capital expenditures or issuance of debts). The hedge ratio is adjusted in response to the changes in the financial market and capped at 100%. The forward contracts have maturities of 12 months or less. On the basis of economic relationships, the Company expects that the value of forward contracts and the value of hedged transactions will change in opposite directions in response to movements in foreign exchange rates or interest 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 contracts. No other sources of ineffectiveness emerged from these hedging relationships during the hedging period. For the years ended December 31, 2023 and 2022, refer to Note 20(d) for gain or loss arising from changes in the fair value of hedging instruments, the amount transferred to initial carrying amount of hedged items and the amount reclassified to finance costs of hedged items. - 32 - - 32 - The effect for the years ended December 31, 2023 and 2022 is detailed below: Hedging Instruments/Hedged Items Change in Value Used for Calculating Hedge Ineffectiveness Years Ended December 31 2023 2022 Hedging Instruments Forward exchange contracts (capital expenditures) Forward interest rate contracts (issuance of debts) $ $ 39,898 - $ - $ 1,379,119 Hedged Items Forecast transaction (capital expenditures) Forecast transaction (issuance of debts) Hedges of net investments in foreign operations $ $ (39,898) - $ - $ (1,379,119) TSMC has designated the bank loans denominated in foreign currency as a hedge of net investments in foreign operations to manage its foreign currency risk arising from investment in overseas subsidiaries. The main source of hedge ineffectiveness in these hedging relationships is driven by the material difference between the notional amount of bank loans denominated in foreign currency and the net investment in foreign operations. No other sources of ineffectiveness have emerged from these hedging relationships during the hedging period. For the year ended December 31, 2023, refer to Note 20 (d) for gain or loss arising from changes in the fair value of hedging instruments. The following tables summarize the information relating to the hedges of net investments in foreign operations. December 31, 2023 Hedging Instruments Contract Amount (In Thousands) Annual Interest Rate Maturity Balance in Other Equity (Continuing Hedges) Bank loans JPY124,500,000 0% Due by April 2024 $ 618,180 The effect for the years ended December 31, 2023 is detailed below: Hedging Instruments/Hedged Items Hedging Instruments Bank loans Hedged Items Net investments in foreign operations - 33 - - 33 - Change in Value Used for Calculating Hedge Ineffectiveness Year Ended December 31, 2023 $ 618,180 $ (618,180) 11. NOTES AND ACCOUNTS RECEIVABLE, NET December 31, 2023 December 31, 2022 At amortized cost Notes and accounts receivable Less: Loss allowance At FVTOCI $ 196,434,151 (531,554) 195,902,597 5,411,317 $ 222,761,927 (331,646) 222,430,281 7,325,606 $ 201,313,914 $ 229,755,887 The Company signed a contract with the bank to sell certain accounts receivable without recourse and transaction cost required. These accounts receivable are classified as at FVTOCI because they are held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets. In principle, the payment term granted to customers is due 30 days from the invoice date or 15-30 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 over 31 days Less: Loss allowance December 31, 2023 December 31, 2022 $ 183,188,499 $ 205,053,142 18,641,148 15,821 (531,554) 24,516,277 518,114 (331,646) $ 201,313,914 $ 229,755,887 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 2023 2022 $ 331,646 199,922 (14) $ 347,020 (15,449) 75 $ 531,554 $ 331,646 For the years ended December 31, 2023 and 2022, the changes in loss allowance were mainly due to the variations in the balance of accounts receivable of different risk levels. - 34 - - 34 - 12. INVENTORIES Finished goods Work in process Raw materials Supplies and spare parts December 31, 2023 December 31, 2022 $ 34,511,032 156,498,469 38,818,273 21,169,314 $ 54,818,402 125,661,912 20,389,115 20,279,719 $ 250,997,088 $ 221,149,148 Write-down of inventories to net realizable value and reversal of write-down of inventories resulting from the increase in net realizable value were included in the cost of revenue. The amounts are illustrated below: Net inventory losses $ 3,494,638 $ 4,689,112 Years Ended December 31 2023 2022 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, 2023 December 31, 2022 December 31, 2023 December 31, 2022 Vanguard International Manufacturing, sales, packaging, Hsinchu, Taiwan $ 13,590,430 $ 13,492,653 28% 28% Semiconductor Corporation (VIS) Systems on Silicon Manufacturing Company Pte Ltd. (SSMC) Xintec Inc. (Xintec) Global Unichip Corporation (GUC) Mutual-Pak Technology Co., Ltd. (Mutual-Pak) testing and computer-aided design of integrated circuits and other semiconductor devices and the manufacturing and design service of masks Manufacturing and sales 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 9,728,801 8,934,731 Taoyuan, Taiwan 3,759,701 3,528,417 Hsinchu, Taiwan 2,537,706 1,666,651 New Taipei, Taiwan - 19,053 39% 41% 35% - 39% 41% 35% 28% $ 29,616,638 $ 27,641,505 Due to the decrease in shareholding to 17%, the Company consequently ceased to have significant influence over Mutual-Pak. Therefore, the investment in Mutual-Pak was classified as financial assets at FVTOCI starting November 2023. As of December 31, 2023 and 2022, 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 associates’ ownership held by the Company in publicly traded stocks calculated by the closing price are summarized as follows. The closing price represents the quoted price in active markets, the level 1 fair value measurement. - 35 - - 35 - Name of Associate GUC VIS Xintec 14. PROPERTY, PLANT AND EQUIPMENT Assets used by the Company Assets subject to operating leases Assets used by the Company December 31, 2023 December 31, 2022 $ 81,236,875 $ 37,834,215 $ 14,188,445 $ 29,926,918 $ 35,977,321 $ 10,716,449 December 31, 2023 December 31, 2022 $ 3,064,424,259 $ 2,693,815,688 21,282 50,725 $ 3,064,474,984 $ 2,693,836,970 Land and Land Improvements Buildings Machinery and Equipment Office Equipment Equipment under Installation and Construction in Progress Total Cost Balance at January 1, 2023 Additions (deductions) Disposals or retirements Transfers from right-of-use assets Transfers from assets subject to operating leases Transfers to assets subject to operating leases $ 7,661,817 - - - - - $ 637,046,949 182,033,268 $ 4,295,942,530 1,120,848,716 $ (585,487 ) (28,525,908 ) 85,028,040 18,205,541 (3,325,297 ) - - - 4,444 80,370 (71,078 ) (3,293,426 ) $ 1,336,842,608 (423,568,764 ) - - - - $ 6,362,521,944 897,518,761 (32,436,692 ) 4,444 80,370 (71,078 ) (9,072,294 ) - - - Effect of exchange rate changes (39,820 ) (671,755 ) (83,200 ) (4,984,093 ) Balance at December 31, 2023 $ 7,621,997 $ 817,822,975 $ 5,384,985,648 $ 99,825,084 $ 908,289,751 $ 7,218,545,455 Accumulated depreciation and impairment Balance at January 1, 2023 Additions Disposals or retirements Transfers from right-of-use assets Transfers from assets subject to operating leases Transfers to assets subject to operating leases Effect of exchange rate changes $ 556,161 1,315 - - - - 598 $ 342,938,359 45,052,891 (582,993 ) $ 3,264,880,880 463,825,315 (27,407,731 ) $ 59,540,116 10,586,695 (3,324,247 ) $ - - - (394,346 ) 1,851 53,537 (45,731 ) (2,299,629 ) - - - (52,585 ) 790,740 - - - $ 3,668,706,256 519,466,216 (31,314,971 ) 1,851 - - - 53,537 (45,731 ) (2,745,962 ) Balance at December 31, 2023 $ 558,074 $ 387,013,911 $ 3,699,008,492 $ 66,749,979 $ 790,740 $ 4,154,121,196 Carrying amounts at December 31, 2023 Cost Balance at January 1, 2022 Additions Disposals or retirements Transfers to assets subject to operating leases Effect of exchange rate changes $ 7,063,923 $ 430,809,064 $ 1,685,977,156 $ 33,075,105 $ 907,499,011 $ 3,064,424,259 $ 6,488,230 816,366 - $ 576,597,777 59,443,801 (236,765 ) $ 3,984,749,236 330,782,690 (25,846,536 ) $ 76,154,170 10,325,337 (1,709,151 ) $ 593,155,733 738,523,914 - $ 5,237,145,146 1,139,892,108 (27,792,452 ) - 357,221 - 1,242,136 (65,779 ) 6,322,919 - 257,684 - 5,162,961 (65,779 ) 13,342,921 Balance at December 31, 2022 $ 7,661,817 $ 637,046,949 $ 4,295,942,530 $ 85,028,040 $ 1,336,842,608 $ 6,362,521,944 (Continued) - 36 - - 36 - Land and Land Improvements Buildings Machinery and Equipment Office Equipment Equipment under Installation and Construction in Progress Total Accumulated depreciation and impairment Balance at January 1, 2022 Additions Disposals or retirements Transfers to assets subject to operating leases Impairment Effect of exchange rate changes $ 499,826 1,402 - - - 54,933 $ 306,165,242 35,982,373 (225,637 ) $ 2,903,539,441 380,216,160 (24,706,719 ) $ $ 51,826,663 9,216,278 (1,708,639 ) - - - $ 3,262,031,172 425,416,213 (26,640,995 ) - - 1,016,381 (40,266 ) - 5,872,264 - - 205,814 - 790,740 - (40,266 ) 790,740 7,149,392 Balance at December 31, 2022 $ 556,161 $ 342,938,359 $ 3,264,880,880 $ 59,540,116 $ 790,740 $ 3,668,706,256 Carrying amounts at December 31, 2022 $ 7,105,656 $ 294,108,590 $ 1,031,061,650 $ 25,487,924 $ 1,336,051,868 $ 2,693,815,688 (Concluded) 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 2022, the Company recognized an impairment loss of NT$790,740 thousand for certain machinery and equipment that were assessed to have no future use, and the recoverable amount of the aforementioned assets were nil. Such impairment loss was recognized in other operating income and expenses. Information about capitalized interest is set out in Note 23. 15. LEASE ARRANGEMENTS a. Right-of-use assets Carrying amounts Land Buildings Machinery and equipment Office equipment December 31, 2023 December 31, 2022 $ 37,437,179 2,946,008 - 41,643 $ 38,525,856 3,356,700 2,965 28,615 $ 40,424,830 $ 41,914,136 Years Ended December 31 2023 2022 Additions to right-of-use assets $ 2,145,431 $ 12,610,664 Depreciation of right-of-use assets Land Buildings Machinery and equipment Office equipment $ 2,459,068 976,097 369 23,434 $ 2,119,828 928,726 863 23,588 $ 3,458,968 $ 3,073,005 - 37 - - 37 - b. Lease liabilities Carrying amounts Current portion (classified under accrued expenses and other current liabilities) Noncurrent portion 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, 2023 December 31, 2022 $ 2,810,551 28,681,835 $ 2,603,504 29,764,097 $ 31,492,386 $ 32,367,601 December 31, 2023 December 31, 2022 0.39%-2.30% 0.57%-6.52% - 0.28%-7.13% 0.39%-2.30% 0.39%-5.63% 0.71% 0.28%-4.71% 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. d. Other lease information Expenses relating to short-term leases $ 1,215,147 $ 4,731,087 Total cash outflow for leases $ 4,916,886 $ 7,618,290 Years Ended December 31 2023 2022 16. INTANGIBLE ASSETS Cost Goodwill Technology License Fees Software and System Design Costs Patent and Others Total Balance at January 1, 2023 Additions Disposals or retirements Effect of exchange rate changes $ 5,791,821 - - 4,617 $ 25,759,019 461,089 - 1,243 $ 48,675,794 4,947,364 (4,289,185 ) (16,942 ) $ 11,701,892 621,312 - 24,230 $ 91,928,526 6,029,765 (4,289,185 ) 13,148 Balance at December 31, 2023 $ 5,796,438 $ 26,221,351 $ 49,317,031 $ 12,347,434 $ 93,682,254 (Continued) - 38 - - 38 - Goodwill Technology License Fees Software and System Design Costs Patent and Others Total Accumulated amortization and impairment Balance at January 1, 2023 Additions Disposals or retirements Effect of exchange rate changes $ - - - - $ 17,696,437 2,792,353 - 1,280 $ $ 38,838,394 5,308,109 (4,289,152 ) (10,680 ) 9,394,540 1,157,788 - 26,441 $ 65,929,371 9,258,250 (4,289,152 ) 17,041 Balance at December 31, 2023 $ - $ 20,490,070 $ 39,846,671 $ 10,578,769 $ 70,915,510 Carrying amounts at December 31, 2023 $ 5,796,438 $ 5,731,281 $ 9,470,360 $ 1,768,665 $ 22,766,744 Cost Balance at January 1, 2022 Additions Disposals or retirements Effect of exchange rate changes $ 5,379,164 - - 412,657 $ 23,533,959 2,253,095 $ 43,650,957 5,078,967 $ 11,497,309 203,030 - 1,553 $ 84,061,389 7,535,092 (96,252 ) 428,297 (66,261 ) 12,131 (29,991 ) 1,956 Balance at December 31, 2022 $ 5,791,821 $ 25,759,019 $ 48,675,794 $ 11,701,892 $ 91,928,526 Accumulated amortization and impairment Balance at January 1, 2022 Additions Disposals or retirements Effect of exchange rate changes $ - - - - $ 14,912,293 2,793,539 $ 34,121,578 4,774,522 $ (11,351 ) (66,261 ) 1,956 8,555 8,205,821 1,188,033 - 686 $ 57,239,692 8,756,094 (77,612 ) 11,197 Balance at December 31, 2022 $ - $ 17,696,437 $ 38,838,394 $ 9,394,540 $ 65,929,371 Carrying amounts at December 31, 2022 $ 5,791,821 $ 8,062,582 $ 9,837,400 $ 2,307,352 $ 25,999,155 (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 9.0% and 8.7% in its test of impairment as of December 31, 2023 and 2022, respectively, to reflect the relevant specific risk in the cash-generating unit. For the years ended December 31, 2023 and 2022, the Company did not recognize any impairment loss on goodwill. 17. BONDS PAYABLE Domestic unsecured bonds Overseas unsecured bonds Less: Discounts on bonds payable Less: Current portion December 31, 2023 December 31, 2022 $ 447,194,000 476,578,500 $ 379,526,000 476,051,500 (3,141,061) (18,100,000) (2,874,947) (6,997,710) $ 913,899,843 $ 834,336,439 - 39 - - 39 - The major terms of domestic unsecured bonds are as follows: Issuance Tranche Issuance Period Total Amount Coupon Rate Repayment and Interest Payment NT$ unsecured bonds 101-3 101-4 102-1 102-2 102-4 109-1 109-2 109-3 109-4 109-5 - C C B E F A B C A B C A B C A B C A October 2012 to October 2022 January 2013 to January 2023 February 2013 to February 2023 July 2013 to July 2023 September 2013 to March 2023 September 2013 to September 2023 March 2020 to March 2025 March 2020 to March 2027 March 2020 to March 2030 April 2020 to April 2025 April 2020 to April 2027 April 2020 to April 2030 May 2020 to May 2025 $ 4,400,000 1.53% Bullet repayment; interest 3,000,000 1.49% payable annually The same as above 3,600,000 1.50% The same as above 3,500,000 1.70% The same as above 5,400,000 2.05% The same as above 2,600,000 2.10% The same as above 3,000,000 0.58% The same as above 10,500,000 0.62% The same as above 10,500,000 0.64% The same as above 5,900,000 0.52% The same as above 10,400,000 0.58% The same as above 5,300,000 0.60% The same as above 4,500,000 0.55% The same as above May 2020 to May 7,500,000 0.60% The same as above 2027 May 2020 to May 2,400,000 0.64% The same as above 2030 July 2020 to July 5,700,000 0.58% 2025 July 2020 to July 6,300,000 0.65% 2027 Two equal installments in last two years; interest payable annually The same as above July 2020 to July 1,900,000 0.67% The same as above 2030 September 2020 to September 2025 4,800,000 0.50% The same as above (Continued) - 40 - - 40 - Issuance Tranche Issuance Period Total Amount Coupon Rate Repayment and Interest Payment 109-5 109-6 (Green bond) 109-7 110-1 110-2 110-3 110-4 110-6 B C A B C A B C A B C A B C A B C A B C D A B C D September 2020 to September 2027 September 2020 to September 2030 December 2020 to December 2025 December 2020 to December 2027 December 2020 to December 2030 December 2020 to December 2025 December 2020 to December 2027 December 2020 to December 2030 March 2021 to March 2026 March 2021 to March 2028 March 2021 to March 2031 May 2021 to May 2026 $ 8,000,000 0.58% 2,800,000 0.60% Two equal installments in last two years; interest payable annually The same as above 1,600,000 0.40% The same as above 5,600,000 0.44% The same as above 4,800,000 0.48% The same as above 1,900,000 0.36% The same as above 10,200,000 0.41% The same as above 6,400,000 0.45% The same as above 4,800,000 0.50% Bullet repayment; interest 11,400,000 0.55% payable annually The same as above 4,900,000 0.60% The same as above 5,200,000 0.50% The same as above May 2021 to May 8,400,000 0.58% The same as above 2028 May 2021 to May 5,600,000 0.65% The same as above 2031 June 2021 to June 6,900,000 0.52% The same as above 2026 June 2021 to June 7,900,000 0.58% The same as above 2028 June 2021 to June 4,900,000 0.65% The same as above 2031 August 2021 to August 2025 August 2021 to August 2026 August 2021 to August 2028 August 2021 to August 2031 October 2021 to April 2026 October 2021 to October 2026 October 2021 to October 2028 October 2021 to October 2031 - 41 - - 41 - 4,000,000 0.485% The same as above 8,000,000 0.50% The same as above 5,400,000 0.55% The same as above 4,200,000 0.62% The same as above 3,200,000 0.535% The same as above 6,900,000 0.54% The same as above 4,600,000 0.60% The same as above 1,600,000 0.62% The same as above (Continued) Issuance Tranche Issuance Period Total Amount Coupon Rate Repayment and Interest Payment 110-7 111-1 (Green bond) 111-2 111-3 (Green bond) 111-4 (Green bond) 111-5 111-6 (Green bond) 112-1 (Green bond) A B C A B A B C - A B C D A B C D A B C A B C December 2021 to December 2026 December 2021 to June 2027 December 2021 to December 2028 January 2022 to January 2027 January 2022 to January 2029 March 2022 to September 2026 March 2022 to March 2027 March 2022 to March 2029 May 2022 to May 2027 $ 7,700,000 0.65% Bullet repayment; interest 3,500,000 payable annually 0.675% The same as above 5,500,000 0.72% The same as above 2,100,000 0.63% The same as above 3,300,000 0.72% The same as above 3,000,000 0.84% The same as above 9,600,000 0.85% The same as above 1,600,000 0.90% The same as above 6,100,000 1.50% The same as above July 2022 to July 1,200,000 1.60% The same as above 2026 July 2022 to July 10,100,000 1.70% The same as above 2027 July 2022 to July 1,200,000 1.75% The same as above 2029 July 2022 to July 1,400,000 1.95% The same as above 2032 August 2022 to June 2027 August 2022 to August 2027 August 2022 to August 2029 August 2022 to August 2032 October 2022 to October 2027 October 2022 to October 2029 October 2022 to October 2032 March 2023 to March 2028 March 2023 to March 2030 March 2023 to March 2033 2,000,000 1.65% The same as above 8,900,000 1.65% The same as above 2,200,000 1.65% The same as above 2,500,000 1.82% The same as above 5,700,000 1.75% The same as above 1,000,000 1.80% The same as above 3,500,000 2.00% The same as above 12,200,000 1.54% The same as above 2,300,000 1.60% The same as above 4,800,000 1.78% The same as above (Continued) - 42 - - 42 - Issuance Tranche Issuance Period Total Amount Coupon Rate Repayment and Interest Payment 112-2 (Green bond) 112-3 112-4 112-5 A B C A B C A B C A B May 2023 to May $ 13,100,000 1.60% Bullet repayment; interest 2028 May 2023 to May 2,300,000 1.65% 2030 payable annually The same as above May 2023 to May 5,300,000 1.82% The same as above 2033 June 2023 to June 11,400,000 1.60% The same as above 2028 June 2023 to June 2,600,000 1.65% The same as above 2030 June 2023 to June 6,000,000 1.80% The same as above 2033 August 2023 to August 2028 August 2023 to August 2030 August 2023 to August 2033 October 2023 to October 2028 October 2023 to October 2033 7,300,000 1.60% The same as above 700,000 1.65% The same as above 7,900,000 1.76% The same as above 4,300,000 1.62% The same as above 5,500,000 1.76% The same as above (Concluded) Issuance Tranche Issuance Period Total Amount (US$ in Thousands) Coupon Rate Repayment and Interest Payment US$ unsecured bonds 109-1 110-5 - - September 2020 to September 2060 US$ 1,000,000 2.70% Bullet repayment (callable on the 5th anniversary of the issue date and every anniversary thereafter); interest payable annually September 2021 to September 2051 1,000,000 3.10% The same as above The major terms of overseas unsecured bonds are as follows: Issuance Period September 2020 to September 2025 Total Amount (US$ in Thousands) Coupon Rate Repayment and Interest Payment US$ 1,000,000 0.75% Bullet repayment (callable at any time, in whole or in part, at the relevant redemption price according to relevant agreements); interest payable semi-annually (Continued) - 43 - - 43 - Issuance Period September 2020 to September 2027 September 2020 to September 2030 April 2021 to April 2026 April 2021 to April 2028 April 2021 to April 2031 October 2021 to October 2026 Total Amount (US$ in Thousands) Coupon Rate Repayment and Interest Payment US$ 750,000 1.00% 1,250,000 1.375% Bullet repayment (callable at any time, in whole or in part, at the relevant redemption price according to relevant agreements); interest payable semi-annually The same as above 1,100,000 900,000 1,500,000 1,250,000 1.25% 1.75% 2.25% 1.75% The same as above The same as above The same as above The same as above October 2021 to October 1,250,000 2.50% The same as above 2031 October 2021 to October 1,000,000 3.125% The same as above 2041 October 2021 to October 1,000,000 3.25% The same as above 2051 April 2022 to April 2027 April 2022 to April 2029 April 2022 to April 2032 April 2022 to April 2052 July 2022 to July 2027 July 2022 to July 2032 1,000,000 500,000 1,000,000 1,000,000 400,000 600,000 3.875% 4.125% 4.25% 4.50% 4.375% 4.625% The same as above The same as above The same as above The same as above The same as above The same as above 18. LONG-TERM BANK LOANS Unsecured loans Less: Discounts on government grants Less: Current portion Loan content Annual interest rate Maturity date (Concluded) December 31, 2023 December 31, 2022 $ 6,706,389 (27,868) (2,295,556) $ 6,013,333 (39,397) (1,213,889) $ 4,382,965 $ 4,760,047 1.15%-1.35% Due by December 1.03%-1.23% Due by December 2027 2027 The long-term bank loans of the Company are with preferential interest rates subsidized by the government, and the loans are used to fund capital expenditure qualifying for the subsidy. - 44 - - 44 - 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 Europe, TSMC Japan, TSMC JDC, TSMC 3DIC, TSMC China, TSMC Nanjing, TSMC Arizona, JASM, TSMC Technology and TSMC Canada also make monthly contributions at certain percentages of the basic salary of their employees. Accordingly, the Company recognized expenses of NT$5,365,458 thousand and NT$4,550,387 thousand for the years ended December 31, 2023 and 2022, 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 arising from experience adjustments Actuarial (gain) loss arising from changes in financial assumptions Components of defined benefit costs recognized in other comprehensive income Years Ended December 31 2023 2022 $ $ 139,101 142,291 281,392 134,376 74,265 208,641 (16,252) 68,342 (429,948) 1,413,760 571,266 (160,752) 623,356 823,060 Total $ 904,748 $ 1,031,701 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 - 45 - - 45 - Years Ended December 31 2023 2022 $ 182,333 76,120 19,248 3,691 $ 135,125 55,632 15,129 2,755 $ 281,392 $ 208,641 The amounts arising from the defined benefit obligation of the Company were as follows: December 31, 2023 December 31, 2022 Present value of defined benefit obligation Fair value of plan assets $ 17,995,066 (8,737,842) $ 17,483,951 (8,162,860) Net defined benefit liability $ 9,257,224 $ 9,321,091 Movements in the present value of the defined benefit obligation were as follows: Balance, beginning of year Current service cost Interest expense Remeasurement: Actuarial loss arising from experience adjustments Actuarial (gain) loss arising from changes in financial assumptions Benefits paid from plan assets Benefits paid directly by the Company Years Ended December 31 2023 2022 $ 17,483,951 139,101 303,970 $ 16,585,442 134,376 120,791 68,342 1,413,760 571,266 (556,455) (15,109) (160,752) (585,343) (24,323) Balance, end of year $ 17,995,066 $ 17,483,951 Movements in the fair value of the plan assets were as follows: Balance, beginning of year Interest income Remeasurement: Years Ended December 31 2023 2022 $ 8,162,860 161,679 $ 5,548,563 46,526 Return on plan assets (excluding amounts included in net interest expense) Contributions from employer Benefits paid from plan assets 16,252 953,506 (556,455) 429,948 2,723,166 (585,343) Balance, end of year $ 8,737,842 $ 8,162,860 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, 2023 December 31, 2022 $ 1,351,744 4,998,919 2,387,179 $ 1,337,893 4,696,909 2,128,058 $ 8,737,842 $ 8,162,860 - 46 - - 46 - 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, 2023 December 31, 2022 1.40% 4.00% 1.80% 4.00% Through the defined benefit plans under the R.O.C. Labor Standards Law, the Company is exposed to the following risks: 1) Investment risk: The pension funds are invested in equity and debt securities, bank deposits, etc. The investment is conducted at the discretion of the government’s designated authorities or under the mandated management. However, under the R.O.C. Labor Standards Law, the rate of return on assets shall not be less than the average interest rate on a two-year time deposit published by the local banks and the government is responsible for any shortfall in the event that the rate of return is less than the required rate of return. 2) Interest risk: A decrease in the government bond interest rate will increase the present value of the defined benefit obligation; however, this will be partially offset by an increase in the return on the debt investments of the plan assets. Assuming a hypothetical decrease in interest rate at the end of the reporting period contributed to a decrease of 0.5% (and not below 0.0%) in the discount rate and all other assumptions were held constant, the present value of the defined benefit obligation would increase by NT$757,663 thousand and NT$766,692 thousand as of December 31, 2023 and 2022, 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$735,167 thousand and NT$746,933 thousand as of December 31, 2023 and 2022, 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$991,646 thousand to the defined benefit plans in the next year starting from December 31, 2023. The weighted average duration of the defined benefit obligation is 8 years. - 47 - - 47 - 20. EQUITY a. Capital stock Authorized shares (in thousands) Authorized capital Issued and paid shares (in thousands) Issued capital December 31, 2023 December 31, 2022 28,050,000 $ 280,500,000 25,932,071 $ 259,320,710 28,050,000 $ 280,500,000 25,930,380 $ 259,303,805 The par value of issued common shares is NT$10 per share. A holder of common shares has one vote for each common share and is entitled to receive dividends. The authorized shares include 500,000 thousand shares allocated for the exercise of employee stock options. On March 1, 2023 and March 1, 2022, the Company issued employee restricted stock awards (RSAs) for its employees in a total of 2,110 thousand shares and 1,387 thousand shares, respectively, with a par value of NT$10 per share. The aforementioned issuance of new shares was approved by the relevant authority and the registration has been completed. During the first quarter of 2023, TSMC reclaimed 419 thousand employee restricted shares that were unvested. On May 9, 2023, TSMC’s Board of Directors resolved to cancel the aforementioned shares. Subsequently, TSMC completed the registration for share cancellation. Refer to Note 27 for information on RSAs. On May 10, 2022, TSMC’s Board of Directors resolved to cancel 1,387 thousand treasury shares. Refer to Note 20 (e) for information. As of December 31, 2023, TSMC’s total issued and outstanding ADSs were 1,063,103 thousand units, representing 5,315,513 thousand common shares. b. Capital surplus The categories of uses and the sources of capital surplus based on regulations were as follows: May be used to offset a deficit, distributed as cash dividends, or transferred to share capital Additional paid-in capital From merger From convertible bonds From difference between the consideration received and the carrying amount of the subsidiaries’ net assets during actual disposal Donations - donated by shareholders December 31, 2023 December 31, 2022 $ 24,406,854 22,803,291 8,892,371 $ 24,183,645 22,803,291 8,892,371 8,406,282 11,275 8,406,282 11,275 (Continued) - 48 - - 48 - December 31, 2023 December 31, 2022 May only be used to offset a deficit From share of changes in equities of subsidiaries From share of changes in equities of associates Donations - unclaimed dividend $ 4,199,936 302,396 70,093 $ 4,229,892 311,863 53,680 May not be used for any purpose Employee restricted shares 783,883 438,029 $ 69,876,381 $ 69,330,328 (Concluded) If such capital surplus is distributed as transferred to share capital, it is limited to a certain percentage of the Company’s paid-in capital each year. c. Retained earnings and dividend policy TSMC’s Articles of Incorporation provide that, earnings distribution may be made on a quarterly basis after the close of each quarter. Distribution of earnings by way of cash dividends should be approved by TSMC’s Board of Directors and reported to TSMC’s shareholders in its meeting. 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 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 legal capital reserve may be used to offset a deficit, or be distributed as dividends in cash or stocks for the portion in excess of 25% of the paid-in capital if the Company incurs no loss. Pursuant to existing regulations, the Company is required to set aside an additional special capital reserve equivalent to the net debit balance of the other components of stockholders’ equity, such as the accumulated balance of the foreign currency translation reserve, the effectiveness of hedges of net investments in foreign operations, unrealized valuation gain or loss from fair value through other comprehensive income financial assets, 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 2023, 2022 and 2021 quarterly earnings have been approved by TSMC’s Board of Directors in its meeting, respectively. The appropriations and cash dividends per share were as follows: Resolution Date of TSMC’s Board of Directors in its meeting of 2023 February 6, 2024 of 2023 November 14, 2023 of 2023 August 8, 2023 of 2023 May 9, 2023 Fourth Quarter Third Quarter Second Quarter First Quarter Special capital reserve Cash dividends to shareholders Cash dividends per share (NT$) $ 28,020,822 $ 90,762,248 3.50 $ - 49 - $ (17,228,363) $ $ 90,762,248 3.50 $ $ 77,796,213 3.00 $ (6,365,562) $ 3,273,452 $ 77,796,213 3.00 $ - 49 - Resolution Date of TSMC’s Board of Directors in its meeting of 2022 of 2022 February 14, November 8, 2023 2022 of 2022 August 9, 2022 of 2022 May 10, 2022 Fourth Quarter Third Quarter Second Quarter First Quarter Special capital reserve Cash dividends to shareholders Cash dividends per share (NT$) $ 17,166,163 $ 71,308,546 2.75 $ $ (31,910,353) $ (12,002,798) $ (15,541,054) $ 71,308,546 $ 71,308,546 $ 71,308,547 2.75 $ 2.75 $ 2.75 $ Resolution Date of TSMC’s Board of Directors in its meeting of 2021 of 2021 of 2021 February 15, November 9, August 10, 2022 2021 2021 of 2021 June 9, 2021 Fourth Quarter Third Quarter Second Quarter First Quarter Special capital reserve Cash dividends to shareholders Cash dividends per share (NT$) $ 3,304,303 $ 71,308,546 2.75 $ $ 710,169 $ 71,308,547 2.75 $ $ 10,201,220 $ 71,308,546 2.75 $ $ (6,287,050) $ 71,308,546 2.75 $ The special capital reserve for 2023 is to be presented for approval in TSMC’s shareholders’ meeting to be held on June 4, 2024 (expected). The quarterly cash dividends per share is affected by the subsequent number of outstanding ordinary shares, the information of the actual payout is available at the Market Observation Post System website. d. Others Changes in others were as follows: Year Ended December 31, 2023 Foreign Currency Translation Reserve Unrealized Gain (Loss) on Financial Assets at FVTOCI Gain (Loss) on Hedging Instruments Unearned Stock-Based Employee Compensation Total Balance, beginning of year Exchange differences arising on translation of $ (11,743,301 ) $ (10,056,353 ) $ 1,479,181 $ (185,153 ) $ (20,505,626 ) foreign operations (14,255,586 ) Gain (Loss) on hedging instruments designated as hedges of net investments in foreign operations Unrealized gain (loss) on financial assets at 618,180 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 and hedged item affects profit or loss Transferred to initial carrying amount of hedged items Issuance of shares Share-based payment expenses recognized Share of other comprehensive income (loss) of associates Income tax effect - - 1,953,138 3,639,779 (151,944 ) 473,897 9,525 - - - - - - - - - - - (34,837 ) (45,181 ) - - - - - - - - - - - - (14,255,586 ) - - - - - - - - (585,968 ) 477,687 618,180 1,953,138 3,639,779 (151,944 ) 473,897 9,525 (34,837 ) (45,181 ) (585,968 ) 477,687 92,705 (25 ) 63,938 - 32,055 (25 ) (3,288 ) - - - Balance, end of year $ (25,316,769 ) $ (4,099,928 ) $ 1,395,875 $ (293,434 ) $ (28,314,256 ) - 50 - - 50 - Year Ended December 31, 2022 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 $ (63,303,361 ) $ 574,310 $ 120,536 $ - $ (62,608,515 ) foreign operations 51,009,722 - 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 and hedged item affects profit or loss Transferred to initial carrying amount of hedged items Issuance of shares Share-based payment expenses recognized Share of other comprehensive income (loss) of associates Income tax effect - - - - - - (263,380 ) (10,513,643 ) (303,242 ) 410,076 909 - - - - - - - - - - - - - 1,329,231 (52,929 ) - - (451,899 ) 266,746 550,338 - 38,696 (79 ) 76,307 6,036 - - - - - - - - - - 51,009,722 (263,380 ) (10,513,643 ) (303,242 ) 410,076 909 1,329,231 (52,929 ) (451,899 ) 266,746 665,341 5,957 Balance, end of year $ (11,743,301 ) $ (10,056,353 ) $ 1,479,181 $ (185,153 ) $ (20,505,626 ) The aforementioned other equity includes the changes in other equities of TSMC and TSMC’s share of its subsidiaries and associates. e. Treasury stock For TSMC’s shareholders’ interests, TSMC’s Board of Directors approved a share buyback program on February 15, 2022 to repurchase 1,387 thousand shares. TSMC has completed the aforementioned share buyback program during the first quarter of 2022. On May 10, 2022, TSMC’s Board of Directors resolved to cancel the 1,387 thousand shares. Subsequently, TSMC completed the registration for share cancellation. 21. NET REVENUE a. Disaggregation of revenue from contracts with customers Product Wafer Others Years Ended December 31 2023 2022 $ 1,882,518,080 $ 1,991,855,947 272,035,345 279,217,761 $ 2,161,735,841 $ 2,263,891,292 - 51 - - 51 - Geography Taiwan United States China Japan Europe, the Middle East and Africa Others Years Ended December 31 2023 2022 $ 149,777,343 $ 210,470,783 1,408,841,921 1,493,328,765 245,168,746 119,099,336 123,767,140 72,056,522 267,154,140 132,072,000 117,348,237 86,542,200 $ 2,161,735,841 $ 2,263,891,292 The Company categorized the net revenue mainly based on the countries where the customers are headquartered. Platform High Performance Computing Smartphone Internet of Things Automotive Digital Consumer Electronics Others Resolution 3-nanometer 5-nanometer 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 b. Contract balances Years Ended December 31 2023 2022 $ 934,768,625 $ 932,383,729 888,879,250 196,114,987 116,380,987 56,158,772 73,973,567 814,914,287 161,916,543 133,654,276 46,999,803 69,482,307 $ 2,161,735,841 $ 2,263,891,292 Years Ended December 31 2023 2022 $ 108,045,275 $ 629,300,387 357,247,365 23,332 191,306,073 10,359,042 186,924,916 114,667,360 107,425,400 25,642,010 47,149,333 86,614,213 17,813,374 - 508,689,881 535,153,763 24,871 258,544,274 8,853,291 206,611,955 145,546,243 93,288,614 40,184,169 57,992,328 110,571,222 26,395,336 $ 1,882,518,080 $ 1,991,855,947 December 31, 2023 December 31, 2022 January 1, 2022 Contract liabilities (classified under accrued expenses and other current liabilities) $ 52,736,430 $ 70,806,617 $ 39,762,588 - 52 - - 52 - 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$69,598,265 thousand and NT$38,433,111 thousand for the years ended December 31, 2023 and 2022, respectively. c. Temporary receipts from customers Current portion (classified under accrued expenses and other current liabilities) Noncurrent portion (classified under other noncurrent liabilities) December 31, 2023 December 31, 2022 $ 114,639,514 163,655,128 $ 107,723,580 168,399,207 $ 278,294,642 $ 276,122,787 The Company’s temporary receipts from customer are payments made by customers to the Company to retain the Company’s capacity. When the terms and conditions set forth in the agreements are subsequently satisfied, the treatment of temporary receipts, either by refund or by accounts receivable offsetting, will be determined by mutual consent. d. Refund liabilities Estimated sales returns and other allowances is made and adjusted based on historical experience and the consideration of varying contractual terms. As of December 31, 2023 and 2022, the aforementioned refund liabilities amounted to NT$37,847,605 thousand and NT$53,078,351 thousand (classified under accrued expenses and other current liabilities), respectively. 22. INTEREST INCOME Interest income Cash and cash equivalents Financial assets at amortized cost Financial assets at FVTOCI 23. FINANCE COSTS Interest expense Corporate bonds Lease liabilities Bank loans Others Less: Capitalized interest under property, plant and equipment - 53 - - 53 - Years Ended December 31 2023 2022 $ 49,740,006 6,363,684 4,190,211 $ 17,831,257 2,008,611 2,582,341 $ 60,293,901 $ 22,422,209 Years Ended December 31 2023 2022 $ 17,848,916 382,041 95,366 2,755 (6,329,718) $ 14,116,112 267,050 32,017 1,673 (2,666,868) $ 11,999,360 $ 11,749,984 Information about capitalized interest is as follows: Capitalization rate 1.08%-3.36% 0.56%-3.36% Years Ended December 31 2023 2022 24. OTHER GAINS AND LOSSES, NET Loss on disposal of financial assets, net Investments in debt instruments at FVTOCI Gain on disposal of investments accounted for using equity method, net Gain (loss) on financial instruments at FVTPL, net Mandatorily measured at FVTPL The accrual of expected credit loss of financial assets Investments in debt instruments at FVTOCI Financial assets at amortized cost Other gains, 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 expense (benefit) The origination and reversal of temporary differences Investment tax credits Years Ended December 31 2023 2022 $ (473,897) $ (410,076) 15,758 - 6,523,084 (622,537) (9,525) (26,220) 932,379 (909) (51,442) 72,766 $ 6,961,579 $ (1,012,198) Years Ended December 31 2023 2022 $ 136,931,127 92,331 244,358 137,267,816 $ 147,685,403 (563,555) 206,136 147,327,984 3,210,032 925,959 4,135,991 (24,714,488) 4,676,707 (20,037,781) Income tax expense recognized in profit or loss $ 141,403,807 $ 127,290,203 - 54 - - 54 - A reconciliation of income before income tax and income tax expense recognized in profit or loss was as follows: Years Ended December 31 2023 2022 Income before tax $ 979,171,324 $ 1,144,190,718 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 The origination and reversal of temporary differences Income tax credits Income tax adjustments on prior years Other income tax adjustments $ 197,906,699 $ 231,799,774 (7,613,159) - - 9,468,943 3,210,032 (61,905,397) 141,067,118 92,331 244,358 12,286,136 (157,955,934) 61,578,020 - (24,714,488) 4,654,114 127,647,622 (563,555) 206,136 Income tax expense recognized in profit or loss $ 141,403,807 $ 127,290,203 For the years ended December 31, 2023 and 2022, the Company applied a tax rate of 20% for entities subject to the R.O.C. Income Tax Law; for other jurisdictions, taxes are calculated using the applicable tax rate for each individual jurisdiction. b. Deferred income tax balance The analysis of deferred income tax assets and liabilities was as follows: December 31, 2023 December 31, 2022 $ 41,094,712 9,414,971 7,100,019 2,771,188 1,729,672 489,609 19,079 1,556,537 $ 45,299,310 12,089,451 5,782,345 2,305,328 1,722,005 361,241 945,038 681,124 $ 64,175,787 $ 69,185,842 $ (53,856) $ (1,031,383) Deferred income tax assets Temporary differences Depreciation Refund liability Unrealized exchange losses Unrealized loss on inventories Net defined benefit liability Deferred compensation cost Investment tax credits Others Deferred income tax liabilities Temporary differences Others - 55 - - 55 - Deferred income tax assets Temporary differences Depreciation Refund liability Unrealized exchange losses Unrealized loss on inventories Net defined benefit liability Deferred compensation cost Investment tax credits Others Deferred income tax liabilities Temporary differences Others Deferred income tax assets Temporary differences Depreciation Refund liability Unrealized exchange losses Unrealized loss on inventories Net defined benefit liability Investment tax credits Deferred compensation cost Others Deferred income tax liabilities Temporary differences Unrealized exchange gains Others Year Ended December 31, 2023 Recognized in Balance, Beginning of Year Profit or Loss Other Comprehensive Income Effect of Exchange Rate Changes Balance, End of Year $ 45,299,310 12,089,451 5,782,345 2,305,328 1,722,005 361,241 945,038 681,124 $ (4,197,221 ) $ (2,673,474 ) 1,317,674 466,186 (117,004 ) 129,852 (925,959 ) 887,134 $ - - - - 124,671 - - (25 ) (326 ) (7,377 ) $ 41,094,712 9,414,971 (1,006 ) 7,100,019 - 2,771,188 1,729,672 489,609 19,079 1,556,537 - (1,484 ) - (11,696 ) $ 69,185,842 $ (5,112,812 ) $ 124,646 $ (21,889 ) $ 64,175,787 $ (1,031,383 ) $ 976,821 $ - $ 706 $ (53,856 ) Year Ended December 31, 2022 Recognized in Balance, Beginning of Year Profit or Loss Other Comprehensive Income Effect of Exchange Rate Changes Balance, End of Year $ 34,720,661 5,986,173 - 898,998 1,237,086 5,621,745 373,983 315,240 $ $ 10,552,264 6,100,849 5,782,345 1,402,241 (249,116 ) (4,676,707 ) (48,180 ) 334,801 $ - - - - 734,035 - - (79 ) 26,385 2,429 - 4,089 - - 35,438 31,162 $ 45,299,310 12,089,451 5,782,345 2,305,328 1,722,005 945,038 361,241 681,124 $ 49,153,886 $ 19,198,497 $ 733,956 $ 99,503 $ 69,185,842 $ (706,311 ) $ (1,167,566 ) 706,311 132,973 $ $ - 6,036 - $ (2,826 ) - (1,031,383 ) $ (1,873,877 ) $ 839,284 $ 6,036 $ (2,826 ) $ (1,031,383 ) c. The deductible temporary differences for which no deferred income tax assets have been recognized As of December 31, 2023 and 2022, the aggregate deductible temporary differences for which no deferred income tax assets have been recognized amounted to NT$52,686,244 thousand and NT$26,790,935 thousand, respectively. d. Unused tax-exemption information As of December 31, 2022, the profits generated from the following project of TSMC are exempt from income tax for a five-year period: Construction and expansion of 2009 by TSMC 2018 to 2022 Tax-exemption Period - 56 - - 56 - e. The information of unrecognized deferred income tax liabilities associated with investments As of December 31, 2023 and 2022, the aggregate taxable temporary differences associated with investments to income NT$254,182,901 thousand and NT$222,682,649 thousand, respectively. in subsidiaries not recognized as deferred liabilities amounted tax f. Income tax examination The tax authorities have examined income tax returns of TSMC through 2021. All investment tax credit adjustments assessed by the tax authorities have been recognized accordingly. 26. EARNINGS PER SHARE Basic EPS Diluted EPS EPS is computed as follows: Basic EPS Net income available to common shareholders of the parent Weighted average number of common shares outstanding used in the computation of basic EPS (in thousands) Basic EPS (in dollars) Diluted EPS Years Ended December 31 2023 2022 $ 32.34 $ 32.34 $ 39.20 $ 39.20 Years Ended December 31 2023 2022 $ 838,497,664 $ 1,016,530,249 25,929,223 $ 32.34 $ 25,929,190 39.20 Net income available to common shareholders of the parent Weighted average number of common shares outstanding used in the computation of basic EPS (in thousands) Effects of all dilutive potential common shares (in thousands) Weighted average number of common shares used in the computation of diluted EPS (in thousands) Diluted EPS (in dollars) $ 838,497,664 $ 1,016,530,249 25,929,223 44 25,929,190 193 25,929,267 $ 32.34 $ 25,929,383 39.20 27. SHARE-BASED PAYMENT ARRANGEMENTS a. Equity-settled share-based payment- RSAs The RSAs in each year are as follows: Resolution Date of TSMC’s shareholders in its June 6, 2023 June 8, 2022 July 26, 2021 2023 RSAs 2022 RSAs 2021 RSAs meeting Resolution Date of TSMC’s Board of Directors in its meeting Issuance of stocks (in thousands) Eligible employees Grant date/Issuance date February 6, 2024 February 14, 2023 February 15, 2022 2,960 2,110 Executive officers Executive officers Executive officers March 1, 2024 March 1, 2022 March 1, 2023 1,387 - 57 - - 57 - Vesting conditions of the aforementioned arrangement are as follow: 1) The RSAs granted to eligible employees can only be vested if  the employee remains employed by the Company on the last date of each vesting period;  during the vesting period, the employee may not breach any agreement with the Company or violate the Company’s work rules; and  certain employee performance metrics and TSMC’s business performance metrics are met. 2) The maximum percentage of granted RSAs that may be vested each year shall be as follows: one- year anniversary of the grant: 50%; two-year anniversary of the grant: 25%; and three-year anniversary of the grant: 25%; provided that the actual percentage and number of the RSAs to be vested in each year will be calculated based on the achievement of TSMC’s business performance metrics. 3) For eligible executive officers of TSMC: The maximum number of RSAs that may be vested in each year will be set as 110%, among which 100% will be subject to a calculation based on TSMC’s relative Total Shareholder Return (”TSR”, including capital gains and dividends) achievement to determine the number of RSAs to be vested; this number will be further subject to a modifier to increase or decrease up to 10% based on the Compensation and People Development Committee evaluation of TSMC’s Environmental, Social, and Governance (”ESG”) achievements. The number of shares so calculated should be rounded down to the nearest integral. TSMC’s TSR relative to the TSR of S&P 500 IT Index Above the Index by X percentage points Equal to the Index Below the Index by X percentage points Ratio of Shares to be Vested 50% + X * 2.5%, with the maximum of 100% 50% - X * 2.5%, with the minimum of 0% 50% 4) Restrictions imposed on the employees’ rights in the RSAs before the vesting conditions are fulfilled:  During each vesting period, no employee granted RSAs, except for inheritance, may sell, pledge, transfer, give to another person, create any encumbrance on, or otherwise dispose of, any shares under the unvested RSAs.  Before the vesting conditions are fulfilled, the attendance, proposal rights, speech rights, voting rights and etc. shall be exercised by the engaged trustee/custodian on the employee’s behalf. Any other shareholder rights including but not limited to the entitlement to any distribution regarding dividends, bonuses and capital reserve, and the subscription right of the new shares issued for any capital increase, are the same as those of holders of common shares of TSMC. 5) Details of granted RSAs in each year are as follows: Balance, beginning of year Issuance of stocks Vested shares Canceled shares Balance, end of year 2022 RSAs Number of Shares (In Thousands) 2021 RSAs Number of Shares (In Thousands) - 2,110 - - 2,110 1,387 - (274) (419) 694 Weighted-average fair value of RSAs (in dollars) $ 277.71 $ 325.81 - 58 - - 58 - The RSAs in each year are measured at fair value at grant date by using the binominal tree approach. Relevant information is as follows: 2022 RSAs March 1, 2023 2021 RSAs March 1, 2022 Stock price at measurement date (in dollars) Expected price volatility Expected life Risk-free interest rate $ 29.34%-32.11% 511 $ 604 25.34%-28.28% 1-3 years 0.57% 1-3 years 1.06% Refer to Note 28 for the compensation costs of the RSAs recognized by TSMC. On February 6, 2024, TSMC’s Board of Directors approved the issuance of RSAs for year 2024 of no more than 4,185 thousand common shares. The grants will be made free of charge. The actual number of shares to be issued will be resolved by the Board of Directors after the RSAs is approved at the shareholders’ meeting and by the competent authority. b. Cash-settled share-based payment arrangements The cash-settled share-based payment arrangements in each year are as follows: 2023 Plan 2022 Plan 2021 Plan Resolution Date of TSMC’s Board of February 6, 2024 February 14, February 15, Directors in its meeting Issuance of units (in thousands) (Note) Grant date 2023 2022 550 March 1, 2024 400 March 1, 2023 236 March 1, 2022 Note: One unit of the right represents a right to the market value of one TSMC’s common share when vested. The vesting conditions and the ratio of units to be vested for key management personnel of the plan are the same as the aforementioned RSAs. The fair value of compensation costs for the cash-settled share-based payment was measured by using binominal tree approach and will be measured at each reporting period until settlement. Relevant information is as follows: Years Ended December 31 2023 2022 Plan 2021 Plan 2022 2021 Plan Stock price at measurement date (in dollars) Expected price volatility Residual life Risk-free interest rate 593 $ 451 $ 24.76%-29.05% 24.76%-29.05% 28.80%-32.19% 1-3 years 1.09% 1-2 years 1.14% 1-3 years 1.15% 593 $ Refer to Note 28 for the compensation costs of the cash-settled share-based payment recognized by TSMC. As of December 31, 2023 and 2022, the liabilities under cash-settled share-based payment arrangement amounted to NT$62,695 thousand and NT$30,757 thousand, respectively. - 59 - - 59 - 28. ADDITIONAL INFORMATION OF EXPENSES BY NATURE 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 b. Amortization of intangible assets Recognized in cost of revenue Recognized in operating expenses c. Employee benefits expenses Post-employment benefits Defined contribution plans Defined benefit plans Share-based payments Equity-settled Cash-settled Years Ended December 31 2023 2022 $ 492,827,379 30,097,805 7,487 $ 399,638,755 28,850,463 8,961 $ 522,932,671 $ 428,498,179 $ 6,538,107 2,720,143 $ 6,086,246 2,669,848 $ 9,258,250 $ 8,756,094 $ $ 5,365,458 281,392 5,646,850 4,550,387 208,641 4,759,028 483,050 61,329 544,379 302,348 32,704 335,052 Other employee benefits 233,517,335 234,367,880 Employee benefits expense summarized by function Recognized in cost of revenue Recognized in operating expenses $ 239,708,564 $ 239,461,960 $ 133,334,667 106,373,897 $ 139,361,369 100,100,591 $ 239,708,564 $ 239,461,960 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; 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. Accrued profit sharing bonus to employees is illustrated below: Profit sharing bonus to employees $ 50,090,533 $ 60,702,047 - 60 - - 60 - Years Ended December 31 2023 2022 TSMC’s profit sharing bonus to employees and compensation to directors for 2023, 2022 and 2021 had been approved by the Board of Directors of TSMC, as illustrated below: Resolution Date of TSMC’s Board of Directors in its meeting 2023 Years Ended December 31 2022 February 6, February 14, February 15, 2023 2024 2021 2022 Profit sharing bonus to employees Compensation to directors $ 50,090,533 $ 551,955 $ 60,702,047 $ 690,128 $ 35,601,449 487,537 $ There is no significant difference between the aforementioned approved amounts and the amounts charged against earnings of 2023, 2022 and 2021, 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. 29. GOVERNMENT GRANTS Subsidiaries such as JASM and TSMC Nanjing received subsidies from the governments of Japan and China, respectively, for local plants setup and operation, which were mainly used to subsidize the purchase costs of property, plant and equipment as well as partial costs and expenses incurred from plant construction and production. For the years ended December 31, 2023 and 2022, TSMC received a total of NT$47,545,898 thousand and NT$7,051,432 thousand as government grants respectively. 30. CASH FLOW INFORMATION a. Non-cash transactions Years Ended December 31 2022 2023 Additions of financial assets at FVTOCI Discontinuation of significant influence from investment accounted for $ 62,779,060 $ 45,126,181 using the equity method Conversion of convertible bonds into equity securities Changes in accrued expenses and other current liabilities (10,728) (145,144) 128,814 - - 9,440,544 Payments for acquisition of financial assets at FVTOCI $ 62,752,002 $ 54,566,725 Disposal of financial assets at FVTOCI Changes in other financial assets $ 35,346,897 351,678 $ 43,130,926 1,832,441 Proceeds from disposal of financial assets at FVTOCI $ 35,698,575 $ 44,963,367 Additions of property, plant and equipment Changes in other financial assets Exchange of assets Changes in payables to contractors and equipment suppliers Changes in accrued expenses and other current liabilities Transferred to initial carrying amount of hedged items Capitalized interests $ 897,557,179 44,431 (78,034) $ 1,139,892,108 5,730,104 (275,564) (60,638,244) 630,594 - (2,666,868) 40,750,228 17,832,841 39,898 (6,329,718) Payments for acquisition of property, plant and equipment $ 949,816,825 $ 1,082,672,130 - 61 - - 61 - b. Reconciliation of liabilities arising from financing activities Balance as of January 1, 2023 Financing Cash Flow Foreign Exchange Movement Leases Modifications Other Changes (Note) Balance as of December 31, 2023 Non-cash Changes Hedging financial liabilities- bank loans $ - Bonds payable Long-term bank loans Lease liabilities 852,436,439 5,973,936 32,367,601 $ 27,908,580 $ 67,511,319 693,056 (3,228,219 ) (618,180 ) $ 587,758 - (31,765 ) - $ - - 2,002,728 - $ 27,290,400 362,037 920,897,553 6,678,521 31,492,386 11,529 382,041 Total $ 890,777,976 $ 92,884,736 $ (62,187 ) $ 2,002,728 $ 755,607 $ 986,358,860 Balance as of January 1, 2022 Financing Cash Flow Foreign Exchange Movement Leases Modifications Other Changes (Note) Balance as of December 31, 2022 Non-cash Changes Short-term loans Bonds payable Long-term bank loans Lease liabilities $ 114,921,333 $ (111,959,992 ) $ 614,470,652 193,479,254 2,503,333 (2,690,784 ) 3,475,798 22,940,665 (2,372,053 ) $ 44,183,113 - 137,196 - $ - - 11,713,474 (589,288 ) $ - 303,420 852,436,439 5,973,936 32,367,601 (5,195 ) 267,050 Total $ 755,808,448 $ 81,331,811 $ 41,948,256 $ 11,713,474 $ (24,013 ) $ 890,777,976 Note: Other changes include amortization of bonds payable, amortization of long-term bank loan interest subsidy, financial cost of lease liabilities and discounts on short-term loans. 31. CAPITAL MANAGEMENT The objective of the Company’s capital management is to maintain a capital structure that ensures liquidity and supports a solid investment grade credit rating. The capital structure includes both debt and equity. The Company adjusts its capital structure mainly through changes in the level of debt and adjustments of dividend payout to shareholders. The Company’s capital management policy remained unchanged in 2023. TSMC’s current credit ratings are AA- from Standard & Poor’s and Aa3 from Moody’s, same as those as of December 31, 2022. 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, 2023 December 31, 2022 $ 1,070,398 14,342,093 $ 136,483,349 167,150,802 2,329 - 1,842,412,631 1,727,306,556 $ 2,023,905,526 $ 1,864,862,632 $ 121,412 $ 116,215 813 1,741,356,555 1,669,270,659 27,334,164 $ 1,768,812,131 $ 1,669,387,687 - 62 - - 62 - 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, refundable deposits and temporary payments (including those classified under other current assets and other noncurrent assets). Note 4: Held for trading. Note 5: Including accounts payable (including related parties), payables to contractors and equipment suppliers, cash dividends payable, accrued expenses and other current liabilities, bonds payable, long-term bank loans, guarantee deposits and other noncurrent liabilities. b. Financial risk management objectives The Company manages its exposure to foreign currency risk, interest rate risk, equity price risk, credit risk and liquidity risk with the objective to reduce the potentially adverse effects the market uncertainties may have on its financial performance. The plans for material treasury activities are reviewed by the Audit and Risk Committee and/or Board of Directors in accordance with procedures required by relevant regulations or internal controls. During the implementation of such plans, the Company must comply with certain treasury procedures that provide guiding principles for overall financial risk management and segregation of duties. c. Market risk The Company is exposed to the financial market risks, primarily changes in foreign currency exchange rates, interest rates and equity investment prices. A portion of these risks is hedged. Foreign currency risk Substantially all the Company’s sales are denominated in U.S. dollars and over half of its capital expenditures and equity investments are denominated in currencies other than NT dollars, primarily in U.S. dollars, Japanese yen and Euros. As a result, any significant fluctuations to its disadvantage in the exchanges rate of NT dollar against such currencies, in particular a weakening of U.S. dollar against NT dollar, would have an adverse impact on the revenue and operating profit as expressed in NT dollars. The Company uses foreign currency derivative contracts and non-derivative financial instruments, such as currency forwards, currency swaps and bank loans denominated in foreign currency, to protect against currency exchange rate risks associated with non-NT dollar-denominated assets and liabilities, certain forecasted transactions, and net investments in foreign operations. These hedges reduce, but do not entirely eliminate, the effect of foreign currency exchange rate movements on the assets and liabilities. Based on a sensitivity analysis performed on the Company’s total monetary assets and liabilities for the years ended December 31, 2023 and 2022, a hypothetical adverse foreign currency exchange rate change of 10% would have decreased its net income by NT$891,039 thousand and NT$1,704,553 thousand, respectively, after taking into account hedges and offsetting positions. Interest rate risk The Company is exposed to interest rate risks primarily in relation to its 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 the interest paid on its debt. - 63 - - 63 - The majority of the Company’s fixed income investments are fixed-rate securities, which are classified as financial assets at FVTOCI and amortized cost. Those classified as FVTOCI may have their fair value adversely affected due to an increase in interest rates, but for those classified as amortized cost, their carrying amount will not be affected by changes in interest rates. At the same time, if interest rates fall, cash and cash equivalents may generate less interest income than expected. The Company has entered and may in the future enter into interest rate derivatives to partially hedge the interest rate risk on its fixed income investments and anticipated debt issuance. However, these hedges can offset only a limited portion of the financial impact from movements in interest rates. Based on a sensitivity analysis performed on the Company’s fixed income investments at the end of the reporting period, interest rates increase of 100 basis points (1.00%) across all maturities would have decreased the Company’s other comprehensive income by NT$3,841,994 thousand and NT$3,831,326 thousand for the years ended December 31, 2023 and 2022, respectively. The majority of the Company’s debt is fixed-rate and measured at amortized cost and as such, changes in interest rates would not affect future cash flows or the carrying amount. Other price risk The Company is exposed to mutual funds and equity price risk arising from financial assets at FVTPL and FVTOCI. Assuming a hypothetical decrease of 10% in prices of the mutual funds and equity investments at the end of the reporting period, the net income would have decreased by NT$1,073,397 thousand for the year ended December 31, 2023, and the other comprehensive income would have decreased by NT$954,925 thousand and NT$631,530 thousand for the years ended December 31, 2023 and 2022, respectively. d. Credit risk management Credit risk refers to the risk that a counterparty may default on its contractual obligations resulting in financial losses to the Company. The Company is exposed to credit risks from operating activities, primarily accounts receivable, and from investing activities, primarily deposits, fixed-income investments and other financial instruments with banks. Credit risk is managed separately for business related and financial related exposures. As of the end of the reporting period, the Company’s maximum credit risk exposure is equal to the carrying amount of financial assets. Business related credit risk The Company’s accounts receivable are from its customers worldwide. The majority of the Company’s outstanding accounts receivable are not covered by collaterals or guarantees. While the Company has procedures to monitor and manage credit risk exposure on accounts receivable, there is no assurance such procedures will effectively eliminate losses resulting from its credit risk. This risk is heightened during periods when economic conditions worsen. As of December 31, 2023 and 2022, the Company’s ten largest customers accounted for 91% and 82% of accounts receivable, respectively. The Company considers the concentration of credit risk for the remaining accounts receivable not material. Financial credit risk The Company mitigates its financial credit risk by selecting counterparties with investment grade credit ratings and by limiting the exposure to any individual counterparty. The Company regularly monitors and reviews the limit applied to counterparties and adjusts the limit according to market conditions and the credit standing of the counterparties. The objective of the Company’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 - 64 - - 64 - investment grade and limits the amount of credit exposure to any one issuer. The Company assesses whether there has been a significant increase in credit risk in the invested securities since initial recognition by reviewing changes in external credit ratings, financial market conditions and material information of the 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 is investment grade on 12 months expected credit 0-0.1% Doubtful Credit rating is non-investment grade Lifetime expected credit valuation date loss In default Credit rating is CC or below on on valuation date Write-off valuation date There is evidence indicating that the debtor is in severe financial difficulty and the Company has no realistic prospect of recovery loss-not credit impaired Lifetime expected credit loss-credit impaired Amount is written off - - - For the years ended December 31, 2023 and 2022, the expected credit loss increased NT$35,751 thousand and NT$57,936 thousand, respectively. The changes were mainly due to increased investment amount and adjusted investment portfolio. e. Liquidity risk management The objective of liquidity risk management is to ensure the Company has sufficient liquidity to fund its business operations over the next 12 months. The Company manages its liquidity risk by maintaining adequate cash and cash equivalents, financial assets at FVTOCI-current, financial assets at amortized cost-current and sufficient cost-efficient funding. The table below summarizes the maturity profile of the Company’s financial liabilities based on contractual undiscounted payments, including principal and interest. Less Than 1 Year 1-3 Years 3-5 Years More Than 5 Years Total December 31, 2023 Non-derivative financial liabilities Hedging financial liabilities-bank loans Accounts payable (including related parties) Payables to contractors and equipment suppliers Accrued expenses and other current liabilities Bonds payable Long-term bank loans Lease liabilities (including those classified under accrued expenses and other current liabilities) (Note) Others $ 27,290,400 $ 57,293,057 171,484,616 241,118,948 24,890,500 2,371,296 $ - - - $ - - - - - - $ 27,290,400 57,293,057 171,484,616 - 224,062,937 3,889,029 - 303,525,276 585,094 - 583,364,167 - 241,118,948 1,135,842,880 6,845,419 3,181,651 - 527,630,468 5,248,337 165,188,432 398,388,735 4,662,868 6,303,135 315,076,373 21,754,375 2,908,666 608,027,208 34,847,231 174,400,233 1,849,122,784 (Continued) - 65 - - 65 - Derivative financial instruments Forward exchange contracts Outflows Inflows December 31, 2022 Non-derivative financial liabilities Accounts payable (including related parties) Payables to contractors and equipment suppliers Accrued expenses and other current liabilities Bonds payable Long-term bank loans Lease liabilities (including those classified under accrued expenses and other current liabilities) (Note) Others Derivative financial instruments Forward exchange contracts Outflows Inflows Less Than 1 Year 1-3 Years 3-5 Years More Than 5 Years Total $ 64,826,427 $ (65,384,000 ) (557,573 ) $ - - - $ - - - $ - - - 64,826,427 (65,384,000 ) (557,573 ) $ 527,072,895 $ 398,388,735 $ 315,076,373 $ 608,027,208 $ 1,848,565,211 $ 56,522,345 $ 213,499,613 219,587,908 34,668,909 1,278,130 $ - - $ - - - - $ 56,522,345 213,499,613 - 94,869,159 3,533,152 - 320,211,460 1,360,549 - 625,049,539 - 219,587,908 1,074,799,067 6,171,831 2,999,840 - 528,556,745 5,367,809 166,266,718 270,036,838 4,754,007 10,518,481 336,844,497 22,589,117 783,182 648,421,838 35,710,773 177,568,381 1,783,859,918 103,617,399 (104,600,085 ) (982,686 ) - - - - - - - - - 103,617,399 (104,600,085 ) (982,686 ) $ 527,574,059 $ 270,036,838 $ 336,844,497 $ 648,421,838 $ 1,782,877,232 (Concluded) Note: Information about the maturity analysis for lease liabilities more than 5 years: 5-10 Years 10-15 Years 15-20 Years More Than 20 Years Total December 31, 2023 Lease liabilities $ 10,197,521 $ 7,121,539 $ 4,117,107 $ 318,208 $ 21,754,375 December 31, 2022 Lease liabilities $ 10,241,734 $ 7,329,012 $ 4,233,886 $ 784,485 $ 22,589,117 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; - 66 - - 66 -  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. 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, 2023 Financial assets at FVTPL Mandatorily measured at FVTPL Convertible preferred stocks Forward exchange contracts Convertible bonds Mutual funds $ $ Financial assets at FVTOCI Investments in debt instruments Corporate bonds Agency mortgage-backed $ securities Government bonds/Agency bonds Asset-backed securities Investments in equity instruments Non-publicly traded equity investments Publicly traded stocks Notes and accounts receivable, net - - - - - - - 22,091,087 - - 4,727,905 - $ - 701,182 - - $ 13,307,160 - 223,454 110,297 $ 13,307,160 701,182 223,454 110,297 $ 701,182 $ 13,640,911 $ 14,342,093 $ 79,605,567 $ 37,959,691 247,814 9,898,766 - - 5,411,317 - - - - 7,208,655 - - $ 79,605,567 37,959,691 22,338,901 9,898,766 7,208,655 4,727,905 5,411,317 $ 26,818,992 $ 133,123,155 $ 7,208,655 $ 167,150,802 Financial liabilities at FVTPL Held for trading Forward exchange contracts $ - $ 121,412 $ - $ 121,412 Hedging financial liabilities Fair value hedges Interest rate futures contracts $ 43,764 $ - $ - $ 43,764 - 67 - - 67 - Level 1 Level 2 Level 3 Total December 31, 2022 Financial assets at FVTPL Mandatorily measured at FVTPL Forward exchange contracts Convertible bonds $ $ Financial assets at FVTOCI Investments in debt instruments Corporate bonds Agency mortgage-backed $ securities Government bonds/Agency bonds Asset-backed securities Investments in equity instruments Non-publicly traded equity investments Publicly traded stocks Notes and accounts receivable, net - - - - - 18,845,577 - - 277,866 - $ 947,546 - $ - 122,852 $ 947,546 122,852 $ 947,546 $ 122,852 $ 1,070,398 $ 66,116,166 $ 28,367,926 116,311 9,274,697 - - 7,325,606 - - - - 6,159,200 - - $ 66,116,166 28,367,926 18,961,888 9,274,697 6,159,200 277,866 7,325,606 $ 19,123,443 $ 111,200,706 $ 6,159,200 $ 136,483,349 Hedging financial assets Fair value hedges Interest rate futures contracts $ 2,329 $ - $ - $ 2,329 Financial liabilities at FVTPL Held for trading Forward exchange contracts $ - $ 116,215 $ - $ 116,215 Hedging financial liabilities Fair value hedges Interest rate futures contracts $ 813 $ - $ - $ 813 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 and financial assets at FVTPL. Reconciliations for the years ended December 31, 2023 and 2022 are as follows: Years Ended December 31 2023 2022 Balance, beginning of year Additions Recognized in profit or loss Recognized in other comprehensive income or loss Disposals and proceeds from return of capital of investments Transfers out of level 3 (Note) Effect of exchange rate changes $ 6,282,052 14,887,187 12,355 262,380 (127,963) - (466,445) $ 5,887,892 715,612 - (373,263) (359,506) (139,770) 551,087 Balance, end of year $ 20,849,566 $ 6,282,052 Note: The transfer from level 3 to level 1 is because quoted prices (unadjusted) in active markets data became available for the equity investments. - 68 - - 68 - 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 and government bonds are determined by quoted market prices provided by third party pricing services.  The fair values of forward contracts are measured using forward rates and discount rates derived from quoted market prices.  The fair value of accounts receivable classified as at FVTOCI is determined by the present value of future cash flows based on the discount rate that reflects the credit risk of counterparties. Valuation techniques and assumptions used in Level 3 fair value measurement The fair values of mutual funds and non-publicly traded equity investments (excluding those trading on the Emerging Stock Board) 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. On December 31, 2023 and 2022, the Company uses unobservable inputs derived from discount for lack of marketability of 10%. When other inputs remain equal, the fair value will decrease by NT$52,704 thousand and NT48,704 thousand, respectively, if discounts for lack of marketability increase by 1%. 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 preferred stocks and convertible bonds are prior transaction prices. 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. Fair value hierarchy The table below sets out the fair value hierarchy for the Company’s financial assets and liabilities which are not required to be measured at fair value: Carrying Amount Level 1 Fair Value Level 2 Total December 31, 2023 Financial assets Financial assets at amortized costs Corporate bonds Commercial paper Government bonds/Agency bonds $ 113,785,324 18,371,705 $ - - $ 113,694,397 18,385,329 $ 113,694,397 18,385,329 13,803,559 2,751,893 11,053,234 13,805,127 $ 145,960,588 $ 2,751,893 $ 143,132,960 $ 145,884,853 (Continued) - 69 - - 69 - Financial liabilities Financial liabilities at amortized costs Bonds payable Carrying Amount Level 1 Fair Value Level 2 Total December 31, 2023 $ 920,897,553 $ - $ 849,236,882 $ 849,236,882 (Concluded) Carrying Amount Level 1 Fair Value Level 2 Total December 31, 2022 Financial assets Financial assets at amortized costs Corporate bonds Commercial paper $ 80,994,958 48,732,476 $ $ - - 80,236,142 48,882,028 $ 80,236,142 48,882,028 $ 129,727,434 $ - $ 129,118,170 $ 129,118,170 Financial liabilities Financial liabilities at amortized costs Bonds payable $ 852,436,439 $ - $ 765,301,535 $ 765,301,535 Valuation techniques and assumptions used in Level 2 fair value measurement The fair values of corporate bonds, the Company’s bonds payable and agency bonds are 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. 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 in 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 Associates Associates Associates Associates - 70 - - 70 - b. Net revenue Item Related Party Categories Net revenue from sale of goods Associates $ 13,406,049 $ 15,351,465 Years Ended December 31 2023 2022 c. Purchases Related Party Categories Associates d. Receivables from related parties Item Related Party Name Receivables from related parties GUC Xintec Other receivables from related SSMC parties VIS Others e. Payables to related parties Item Related Party Name Payables to related parties Xintec SSMC VIS Others - 71 - - 71 - Years Ended December 31 2023 2022 $ 4,562,206 $ 6,423,913 December 31, 2023 December 31, 2022 $ 514,819 109,632 $ 1,471,351 112,607 $ 624,451 $ 1,583,958 $ $ 58,093 13,778 - 68,277 669 29 $ 71,871 $ 68,975 December 31, 2023 December 31, 2022 $ 1,020,226 457,348 66,653 22,073 $ 1,047,452 385,979 190,587 18,619 $ 1,566,300 $ 1,642,637 f. Accrued expenses and other current liabilities December 31, 2023 December 31, 2022 Item Related Party Categories Contract liabilities Associates $ 1,666,113 $ 1,075,659 g. Others Years Ended December 31 2023 2022 Item Related Party Categories Manufacturing expenses Associates $ 5,043,545 $ 6,011,522 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. h. Compensation of key management personnel The compensation to directors and other key management personnel were as follows: Short-term employee benefits Post-employment benefits Share-based payments Years Ended December 31 2023 2022 $ 3,492,258 3,870 525,808 $ 4,369,097 3,013 286,227 $ 4,021,936 $ 4,658,337 The compensation to directors and other key management personnel were determined by the Compensation and People Development Committee of TSMC in accordance with the individual performance and 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, 2023 and 2022, the aforementioned other financial assets amounted to NT$124,302 thousand and NT$129,138 thousand, respectively. - 72 - - 72 - 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 the end of reporting period, the R.O.C. Government did not invoke such right. b. Under a Shareholders Agreement entered into with Philips and EDB Investments Pte Ltd. on March 30, 1999, the parties formed a joint venture company, SSMC, which is an integrated circuit foundry in Singapore. 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 the end of reporting period. c. In September 2022, Daedalus Prime LLC (“Daedalus”) filed complaints in the U.S. International Trade Commission (“ITC”) and the U.S. District Court for the Eastern District of Texas alleging that TSMC, TSMC North America, and other companies infringe four U.S. patents. The ITC instituted an investigation in October 2022. In June 2023, Daedalus dropped two of the asserted patents in the ITC. Also in June 2023, Daedalus filed another complaint in the Eastern District of Texas alleging that TSMC infringes five U.S. patents. In September 2023, the ITC granted the parties’ joint motion to suspend the procedural schedule while the parties finalize the settlement agreement and then request termination of the ITC Investigation and related litigations. In October 2023, the parties jointly requested the ITC to terminate the investigation and Eastern District of Texas to dismiss the related litigations. In November 2023, the ITC investigation was terminated and the related litigations in the Eastern District of Texas were dismissed. d. TSMC entered into long-term purchase agreements of materials and supplies and agreements of waste disposal with multiple suppliers. The relative minimum fulfillment quantity and price are specified in the agreements. e. TSMC entered into a long-term purchase agreement of equipment. The relative fulfillment quantity and price are specified in the agreement. f. TSMC entered into long-term energy purchase agreements with multiple suppliers. The relative fulfillment period, quantity and price are specified in the agreements. g. Amounts available under unused letters of credit as of December 31, 2023 and 2022 were NT$433,994 thousand and NT$383,974 thousand, respectively. h. The Company entrusted financial institutions to provide performance guarantees mainly for import and export of goods, lease agreement and energy purchase agreement. As of December 31, 2023 and 2022, the aforementioned guarantee amounted to NT$8,012,973 thousand and NT$7,623,262 thousand, respectively. - 73 - - 73 - 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, 2023 Financial assets Monetary items USD EUR EUR JPY Financial liabilities Monetary items USD EUR EUR JPY December 31, 2022 Financial assets Monetary items USD EUR EUR JPY Financial liabilities Monetary items USD EUR JPY $ 14,756,970 432,124 484,580 13,320,705 30.747 34.175 1.111(Note 2) 0.2192 $ 453,732,565 14,767,835 16,560,515 2,919,899 14,121,653 803,472 482,869 199,911,305 30.747 34.175 1.111(Note 2) 0.2192 434,198,454 27,458,643 16,502,044 43,820,558 15,214,896 8,375 29,161 133,034,271 30.713 32.838 7.432(Note 3) 0.2331 467,295,097 275,006 957,587 31,010,288 15,190,659 2,375,378 134,608,488 30.713 32.838 0.2331 466,550,704 78,002,647 31,377,239 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 U.S. dollar for which one Euro could be exchanged. Note 3: The exchange rate represents the number of RMB for which one Euro 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, 2023 and 2022, respectively. Since there - 74 - - 74 - 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. ADDITIONAL DISCLOSURES Following are the additional disclosures required by the Securities and Futures Bureau for TSMC: a. Financings provided: See Table 1 attached; b. Endorsement/guarantee provided: See Table 2 attached; c. Marketable securities held (excluding investments in subsidiaries and associates): See Table 3 attached; d. Marketable securities acquired and disposed of at costs or prices of at least NT$300 million or 20% of the paid-in capital: See Table 4 attached; e. Acquisition of individual real estate properties at costs of at least NT$300 million or 20% of the paid-in capital: See Table 5 attached; f. Disposal of individual real estate properties at prices of at least NT$300 million or 20% of the paid-in capital: None; g. Total purchases from or sales to related parties of at least NT$100 million or 20% of the paid-in capital: See Table 6 attached; h. Receivables from related parties amounting to at least NT$100 million or 20% of the paid-in capital: See Table 7 attached; i. Information about the derivative financial instruments transaction: See Notes 7 and 10; j. Others: The business relationship between the parent and the subsidiaries and significant transactions between them: 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): 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: 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: See Table 8 attached. m. Information of major shareholders List of all shareholders with ownership of 5 percent or greater showing the names and the number of shares and percentage of ownership held by each shareholder: See Table 11 attached. - 75 - - 75 - 38. 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, sales, 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. b. Geographic and major customers’ information were as follows: 1) Geographic information Noncurrent Assets Taiwan United States China Japan Europe, the Middle East and Africa Others December 31, 2023 December 31, 2022 $ 2,525,608,435 $ 2,510,238,722 153,137,833 90,349,673 15,432,491 140,709 1,922 420,093,092 97,268,882 94,558,890 146,247 435 $ 3,137,675,981 $ 2,769,301,350 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 2023 2022 Amount % Amount % Customer A Customer B $ 546,550,925 25 241,152,357 11 $ 529,649,200 23 NA (Note) NA Note: Revenue less than 10% of the Company’s net revenue. - 76 - - 76 - 6 9 3 , 7 5 7 , 5 9 6 9 3 , 7 5 7 , 5 9 ) 2 d n a 1 s e t o N ( ) 2 d n a 1 s e t o N ( 5 2 7 , 2 8 7 , 1 9 6 $ 3 6 3 , 1 9 8 , 5 4 3 $ - - $ - - - - $ n o i t a l l a t s n i y t i c a p a C l a t i p a c g n i k r o w d n a l a t i p a c g n i t a r e p O - - 1 E L B A T g n i c n a n i F 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 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 h c a E r o f g n i w o r r o B y n a p m 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 g n i c n a n i F r o f n o s a e R 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 e t a R t s e r e t n I $ m r e t - t r o h s r o f d e e n e h T - - $ m r e t - t r o h s r o f d e e n e h T g n i c n a n i f m r e t - g n o l d n a g n i c n a n i f . % 0 5 1 - % 0 3 1 . , ) 0 0 0 0 0 8 8 , , 0 2 5 1 5 1 8 3 , B M R ( & ) 0 0 0 0 0 8 8 , , ) 0 0 0 0 5 4 , , 0 7 6 7 8 9 1 5 , B M R ( $ S U ( & ) 0 0 0 0 0 8 , 8 , , ) 0 0 0 0 5 1 , 1 B M R ( $ S U ( , 0 7 5 0 1 5 3 7 , , ) 0 0 0 0 0 0 3 , , 0 0 0 1 4 2 2 9 , $ S U ( , ) 0 0 0 0 0 0 , 3 $ S U ( $ , 0 0 0 1 4 2 2 9 , $ y l l a u t c A t n u o m A n w a r D 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 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 d n a s u o h T n i ) 3 e t o N ( 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 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 ( 3 2 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 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 Y s e Y m o r f s e l b a v i e c e r r e h t O a n o z i r A C M S T C M S T s e i t r a p d e t a l e r 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 g n i j n a N C M S T a n i h C C M S T 0 1 - - 7 7 7 7 - - . C M S T f o h t r o w t e n e h t f o ) % 0 2 ( t n e c r e p y t n e w t d e e c x e t o n l l a h s s r e w o r r o b o t C M S T m o r f 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 d n a , 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 C M S T m o r f a n o z i r A C M S T o t 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 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 a n i h C C M S T m o r f g n i j n a N C M S T o t 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 e t a g e r g g a e h T . 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 : 1 e t o N : 2 e t o N : 3 e t o N 2 E L B A T 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 3 2 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 d n a 1 s 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 n w a r D n i $ S U ( ) s d n a s u o h T e c n a l a B g n i d n E m u m i x a M e c n a l a B n g i e r o F ( d o i r e P e h t r o f n i s e i c n e r r u C ) s d n a s u o h T ) 3 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 ) 3 e t o N ( n o s t i m L i / 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 h c a E o t d e d i v o r P 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 ( y t r a P d e e t n a r a u G f o e r u t a N i p h s n o i t a l e R e m a N / t n e m e s r o d n E e e t n a r a u G r e d i v o r P . o N o N o N o N o N o N o N o N o N o N o N s e Y s e Y s e Y s e Y o N 1 5 4 , 5 6 5 , 3 8 3 , 1 $ % 7 0 . 0 1 5 4 , 5 6 5 , 3 8 3 , 1 % 7 6 . 6 1 5 4 , 5 6 5 , 3 8 3 , 1 % 0 7 . 0 1 1 5 4 , 5 6 5 , 3 8 3 , 1 - 7 0 0 , 6 2 3 % 1 0 . 0 - - - - - $ 9 5 5 , 8 5 5 2 , $ 9 5 5 , 8 5 5 2 , $ 9 5 5 , 8 5 5 2 , $ ) 3 1 2 3 8 , $ S U ( ) 3 1 2 , 3 8 $ S U ( ) 3 1 2 3 8 , $ S U ( , 1 5 4 5 6 5 3 8 3 , ) 0 0 0 , 0 0 5 7 , $ S U ( ) 0 0 0 , 0 0 5 7 , $ S U ( ) 0 0 0 , 0 0 5 7 , $ S U ( - ) 0 2 4 , 2 3 0 8 , $ S U ( ) 0 2 4 , 2 3 0 , 2 1 $ S U ( ) 0 2 4 , , 2 3 0 2 1 $ S U ( - 2 0 3 , 7 0 3 3 1 , , 1 5 4 5 6 5 3 8 3 , 8 1 8 , 2 7 9 , 6 4 2 , 8 1 8 0 6 9 9 6 3 , , 8 1 8 0 6 9 9 6 3 , , 1 5 4 5 6 5 3 8 3 , 0 0 5 , 2 0 6 , 0 3 2 , 0 0 5 2 0 6 0 3 2 , , 0 0 5 2 0 6 0 3 2 , , 1 5 4 5 6 5 3 8 3 , , 1 , 1 , 1 y r a i d i s b u S l a b o l G C M S T y r a i d i s b u S a n o z i r A C M S T y r a i d i s b u S t n e m p o l e v e D C M S T , 1 $ y r a i d i s b u S a c i r e m A h t r o N C M S T C M S T 0 4 4 3 9 8 2 , 4 4 3 , 9 8 2 ) 0 0 8 , 2 3 4 4 4 3 9 8 2 , ) 0 0 0 , 0 2 3 1 , Y P J ( ) 0 0 0 , 0 2 3 1 , Y P J ( ) 0 0 0 , 0 2 3 1 , $ S U ( Y P J ( 7 0 0 6 2 3 , t n e r a p e m a s e h T y n a p m o c C D J C M S T n a p a J C M S T 1 - - 8 8 7 7 - - . h t r o w t e n s ’ C M S 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 t n e m p o l e v e D C M S T d n a a n o z i r A C M S T , l a b o l G C M S T , a c i r e m A h t r o N C M S T 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 / t n e m e s r o d n e e h t f o t n u o m a l a t o t e h T : 1 . h t r o w t e n s ’ n a p a J C M S T f o ) % 0 5 2 ( t n e c r e p y t f i f d n a d e r d n u h o w t d e e c x e t o n l l a h s C D J C M S T o t n a p a J C M S T y b d 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 e h t f o t n u o m a l a t o t e h T : 2 . 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 e t o N e t o N e t o N 3 E L B A T - 8 7 - 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 ( 3 2 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 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 ) 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 3 2 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 ) d e u n i t n o C ( - 1 1 2 , 1 2 4 9 3 2 , 9 0 1 0 2 2 , 9 2 9 , 6 6 2 7 , 2 8 9 , 5 0 0 4 , 6 8 9 , 1 8 6 2 , 7 9 9 0 2 4 , 5 9 9 4 7 3 , 5 9 9 1 2 9 , 8 9 4 0 0 5 , 0 3 4 $ 7 8 5 , 3 $ S U 9 6 9 , 8 2 $ S U - 7 8 1 , 8 1 8 5 4 , 3 1 $ S U $ S U 3 5 3 , 7 4 1 $ S U 3 7 8 , 1 $ S U 8 8 5 , 6 8 $ S U 7 7 7 , 6 7 4 5 5 , 8 5 1 5 3 , 8 5 3 5 1 , 8 5 6 3 4 , 0 5 2 7 1 , 5 4 3 0 9 , 6 3 7 7 2 , 5 3 4 2 1 , 0 3 5 1 0 , 9 2 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U 7 6 1 0 1 A N / A N / A N / A N / A N / A N / A N / 7 6 9 4 2 2 - 6 A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / 0 0 5 , 0 3 4 $ 0 0 5 , 0 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 - 1 1 2 , 1 2 4 9 3 2 , 9 0 1 5 6 6 , 4 2 9 , 6 7 7 6 , 6 7 9 , 5 4 9 0 , 5 8 9 , 1 0 6 2 , 6 9 9 3 5 5 , 5 9 9 0 4 5 , 4 9 9 6 1 9 , 8 9 4 7 8 5 , 3 $ S U 9 6 9 , 8 2 $ S U - 7 8 1 , 8 1 8 5 4 , 3 1 $ S U $ S U 3 5 3 , 7 4 1 $ S U 3 7 8 , 1 $ S U 8 8 5 , 6 8 $ S U 7 7 7 , 6 7 4 5 5 , 8 5 1 5 3 , 8 5 3 5 1 , 8 5 6 3 4 , 0 5 2 7 1 , 5 4 3 0 9 , 6 3 7 7 2 , 5 3 4 2 1 , 0 3 5 1 0 , 9 2 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U - 0 3 2 , 1 2 2 4 4 , 0 1 7 9 6 0 0 6 0 0 2 0 0 1 0 0 1 0 0 1 0 5 - - - - 2 4 9 , 6 1 6 9 , 1 5 9 0 , 3 - - - - - - - - - - - 〃〃〃〃〃〃〃〃〃 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 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 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 9 7 7 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - . d t L , . o C g n i d l o H l a i c n a n i F y a h t a C n o i t a r o p r o C s c i t s a l P a Y n a N r e p a p l a i c r e m m o C n o i t a r o p r o C s c i t s a l P a s o m r o F n a w i a T , n o i t a r o p r o C C P C n o i t a r o p r o C l e e t S a n i h C n o i t a r o p r o C e r b i F & s l a c i m e h C a s o m r o F y n a p m o C r e w o P n a w i a T . 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 . 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 l a t i p a C a i s A n o s m i r C 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 n a w i a T i a t o d n a H u s t E - n i h S C M S T . . P L , I d n u F s r e n t r a P e r u t n e V r e t t a M d n u F s r e n t r a P C M S T . . P L , I I s t n e m t s e v n I s e r u t n e V y g o l o n h c e T n e d l a W . . P L , I I I s t n e m t s e v n I s e r u t n e V y g o l o n h c e T n e d l a 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 s k c o t s d e d a r t y l c i l b u P c l p s g n i d l o H M R A . c n I s g n i d l o H a l l e v o M s n o i t a v o n n I a l e T . c n I , p u o r G s h c a S n a m d l o G e h T y e l n a t S n a g r o M y n a p m o C & o g r a F s l l e W . o C & e s a h C n a g r o M P J . c n I p u o r g i t i C n o i t a r o p r o C a c i r e m A f o k 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 . 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 C L P s y a l c r 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 . A S . , r e d n a t n a S o c n a B 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 ( 3 2 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 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 5 9 8 , 6 2 $ S U 9 6 4 , 5 2 1 9 5 , 4 2 1 3 1 , 4 2 5 7 8 , 3 2 1 5 7 , 3 2 8 6 5 , 2 2 2 7 5 , 1 2 5 9 3 , 0 2 5 4 3 , 0 2 7 9 2 , 0 2 0 2 3 , 9 1 0 1 9 , 8 1 9 2 4 , 8 1 8 2 4 , 8 1 9 9 2 , 8 1 7 4 2 , 8 1 2 3 9 , 7 1 0 6 7 , 7 1 6 8 2 , 7 1 0 4 1 , 7 1 2 6 9 , 6 1 8 9 6 , 6 1 9 8 5 , 6 1 4 7 4 , 6 1 1 5 2 , 6 1 4 6 0 , 6 1 9 1 7 , 5 1 9 3 4 , 4 1 8 2 3 , 4 1 4 0 3 , 4 1 5 5 1 , 4 1 5 8 6 , 3 1 3 7 6 , 3 1 7 6 5 , 3 1 4 4 5 , 3 1 0 3 3 , 3 1 8 7 2 , 3 1 9 3 1 , 3 1 5 9 0 , 3 1 6 8 6 , 2 1 0 9 5 , 2 1 9 8 4 , 2 1 4 3 4 , 2 1 3 4 3 , 2 1 7 7 2 , 2 1 3 7 8 , 1 1 3 7 7 , 1 1 7 7 6 , 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 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ 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 / 5 9 8 , 6 2 $ S U 9 6 4 , 5 2 1 9 5 , 4 2 1 3 1 , 4 2 5 7 8 , 3 2 1 5 7 , 3 2 8 6 5 , 2 2 2 7 5 , 1 2 5 9 3 , 0 2 5 4 3 , 0 2 7 9 2 , 0 2 0 2 3 , 9 1 0 1 9 , 8 1 9 2 4 , 8 1 8 2 4 , 8 1 9 9 2 , 8 1 7 4 2 , 8 1 2 3 9 , 7 1 0 6 7 , 7 1 6 8 2 , 7 1 0 4 1 , 7 1 2 6 9 , 6 1 8 9 6 , 6 1 9 8 5 , 6 1 4 7 4 , 6 1 1 5 2 , 6 1 4 6 0 , 6 1 9 1 7 , 5 1 9 3 4 , 4 1 8 2 3 , 4 1 4 0 3 , 4 1 5 5 1 , 4 1 5 8 6 , 3 1 3 7 6 , 3 1 7 6 5 , 3 1 4 4 5 , 3 1 0 3 3 , 3 1 8 7 2 , 3 1 9 3 1 , 3 1 5 9 0 , 3 1 6 8 6 , 2 1 0 9 5 , 2 1 9 8 4 , 2 1 4 3 4 , 2 1 3 4 3 , 2 1 7 7 2 , 2 1 3 7 8 , 1 1 3 7 7 , 1 1 7 7 6 , 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 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ 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 ( - - 0 0 8 8 - - 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 n o i t a r o p r o C n o l l e M k r o Y w e N f o k n a B e h T e m y n o n a é t é i c o S e l a r é n é G é t é i c o S a i t o c S a v o N f o k n a B e h T l e u t u M t i d é r C u d e v i t a r é d é F e u q n a B . c n I , s g n i d l o H a r u m o N d e t a r o p r o c n I p u o r G h t l a e H d e t i n U 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 y n a p m o C s s e r p x E n a c i r e m A C L P d e r e t r a h C d r a d n a t S G A p u o r G S B U a c i r e m A l a t i p a C i a d n u y H n o i t a r o p r o C e c n a n i F T T N . c n I n e g m A y n a p m o C y t i v i t c A d e t a n g i s e D l a t i p a C d n a l e r I p a C r e A . d t L . e t P s e s i r p r e t n E t n e m t s e v n I r e z i f P . . 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 . . P L , . o C g n i s a e L k c u r T e k s n e P . c n I t i u t n I . c n I e l p p A d e t i m L i 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 s u r T i u s t i M o m o t i m u S 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 S / A k n a B e k s n a D . p r o c n a B . . S U n o i t a r o p r o C l a i c n a n i F e n O l a t i p a C h c n a r B n o d n o L A S e l o c i r g A t i d e r C k n a B n o i n i m o D - o t n o r o T e h T g n i d n u F l a b o l G e n e h t A A S s a b i r a P P N B c l p p u o r G g n i k n a B s d y o l L n o i t a r o p r o C h t l a e H S V C a d a n a C f o k n a B l a y o R n o i t a r o p r o C e l c a r O A S E C P B c e b é u Q u d s n i d r a j s e D s e s s i a c s e d n o i t a r é d é F g n i d n u F l a b o l G e f i L l a i c n a n i F e l b a t i u q E n o i t a r o p r o C g n i r a e l C s e i t i r u c e S l a n o i t a N 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 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 . . V N k n a B O R M A N B A g n i d n u F l a b o l G G A I . c n I e i V b b A l a b o l G C M S T 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 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 U k n a b o b a R e v e i t a r e p ö o C c l P s t e k r a M t s e W t a N p b A k n a B a e d r o N . . V N p e o r G G N I - 0 8 - 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 ( 3 2 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 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 5 6 6 , 1 1 $ S U 4 0 5 , 1 1 2 3 3 , 1 1 7 1 3 , 1 1 8 4 0 , 1 1 2 3 0 , 1 1 0 7 9 , 0 1 6 9 7 , 0 1 8 8 5 , 0 1 4 8 5 , 0 1 6 5 5 , 0 1 4 5 4 , 0 1 8 3 3 , 0 1 6 0 2 , 0 1 9 7 8 , 9 6 6 8 , 9 6 7 7 , 9 3 1 5 , 9 2 3 3 , 9 7 7 1 , 9 0 0 1 , 9 9 4 0 , 9 2 4 0 , 9 7 7 9 , 8 1 5 9 , 8 6 6 8 , 8 9 5 7 , 8 1 5 4 , 8 0 9 3 , 8 3 7 1 , 8 5 6 0 , 8 4 6 9 , 7 5 5 9 , 7 3 0 9 , 7 3 6 8 , 7 0 6 8 , 7 0 2 8 , 7 0 7 7 , 7 1 3 6 , 7 3 0 6 , 7 1 1 5 , 7 3 5 4 , 7 5 8 1 , 7 2 3 0 , 7 3 1 0 , 7 8 7 9 , 6 7 0 8 , 6 8 9 7 , 6 5 4 7 , 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 A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / 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 6 6 , 1 1 $ S U 4 0 5 , 1 1 2 3 3 , 1 1 7 1 3 , 1 1 8 4 0 , 1 1 2 3 0 , 1 1 0 7 9 , 0 1 6 9 7 , 0 1 8 8 5 , 0 1 4 8 5 , 0 1 6 5 5 , 0 1 4 5 4 , 0 1 8 3 3 , 0 1 6 0 2 , 0 1 9 7 8 , 9 6 6 8 , 9 6 7 7 , 9 3 1 5 , 9 2 3 3 , 9 7 7 1 , 9 0 0 1 , 9 9 4 0 , 9 2 4 0 , 9 7 7 9 , 8 1 5 9 , 8 6 6 8 , 8 9 5 7 , 8 1 5 4 , 8 0 9 3 , 8 3 7 1 , 8 5 6 0 , 8 4 6 9 , 7 5 5 9 , 7 3 0 9 , 7 3 6 8 , 7 0 6 8 , 7 0 2 8 , 7 0 7 7 , 7 1 3 6 , 7 3 0 6 , 7 1 1 5 , 7 3 5 4 , 7 5 8 1 , 7 2 3 0 , 7 3 1 0 , 7 8 7 9 , 6 7 0 8 , 6 8 9 7 , 6 5 4 7 , 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 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃 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 1 8 8 - - g n i d n u F l a b o l G l a u t u M n r e t s e w h t r o N . c n I , m o c . n o z a m A l a e r t n o M f o k n a B . c n I , K O E N O . 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 y n a p m 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 . 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 , m e t s y S r e d y R . c n I l a b o l G P & S h c n a r B k r o Y w e N - G A k n a B e h c s t u e D . c n I x a f i u q E d e t i i m L p u o r G e i r a u q c a M ) l b u p ( B A n e k n a b s l e d n a H a k s n e v S n o i t a r o p r o C l a t i p a C e r e e D n h o J n o i t a r o p r o C l a i c n a n i F t s i u r T . c n I T & T A y n a p m o C t h g i L & r e w o P a d i r o l F . 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 C L L l a t i p a C S U n o e l a H . c n I , s e i g o l o n h c e T r e p o R n o i t a r o p r o C n o l e x E g n i d n u F l a b o l G A G R . c n I , . o C & k c r e M A S A r o n i u q E . 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 e h T . c n I l a n o i t a n r e t n I l l e w y e n o H d e t i i m L k n a B e i r a u q c a M t n e m p o l e v e D d n a n o i t c u r t s n o c e R r o f k n a B l a n o i t a n r e t n I p L , 0 2 0 2 e c n a n i F . . S U o c e f i L t s e W - t a e r G 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 n o i t a r o p r o C X T R C L L , n o i t a r e n e G y g r e n E n o i t a l l e t s n o C n o i t a r o p r o C n i t r a M d e e h k c o L n o i t a r o p r o C l e t n I W K f h c n a r B k r o Y w e N - d n a l r e d e N k n a b o b a R . c n I , s n o i t a c i n u m m o C x o C . c n I , s e i n a p m o C s e w o L ' / I E H T K N A B N O N M O D O T N O R O T I - d e t i i m L k n a B B S A . c n I , p u o r G l a i c n a n i F o h u z i M l a b o l G C M S T C L L a c i r e m A h t r o N e c n a n i F s k c u r T r e l m i a D C L L e c n a n i F a c e n e Z a r t s A n o i t a r o p r o C n o r v e h C . 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 y n a p m o C s a G o i h O t s a E e h T C L P a c e n e Z a r t s A . c n I , v r e s i F d e t i i m L y a w t e M - p r o c n 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 ( 3 2 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 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 6 2 7 , 6 $ S U 5 9 5 , 6 5 5 5 , 6 0 5 5 , 6 9 3 5 , 6 4 1 5 , 6 8 9 4 , 6 7 3 4 , 6 0 6 3 , 6 4 0 3 , 6 7 3 2 , 6 8 1 2 , 6 0 9 0 , 6 5 8 9 , 5 4 1 9 , 5 6 0 9 , 5 7 3 8 , 5 3 8 7 , 5 7 7 7 , 5 2 2 7 , 5 5 8 6 , 5 0 3 6 , 5 2 7 5 , 5 7 3 5 , 5 7 3 5 , 5 0 4 4 , 5 1 2 4 , 5 9 6 3 , 5 9 6 3 , 5 8 4 3 , 5 0 2 3 , 5 6 1 3 , 5 0 6 1 , 5 5 7 0 , 5 3 6 0 , 5 1 2 0 , 5 0 1 0 , 5 8 1 9 , 4 2 4 8 , 4 2 1 8 , 4 6 8 7 , 4 9 8 6 , 4 4 0 6 , 4 3 0 6 , 4 4 6 5 , 4 5 3 5 , 4 5 0 5 , 4 7 5 4 , 4 5 5 4 , 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 A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / 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 2 7 , 6 $ S U 5 9 5 , 6 5 5 5 , 6 0 5 5 , 6 9 3 5 , 6 4 1 5 , 6 8 9 4 , 6 7 3 4 , 6 0 6 3 , 6 4 0 3 , 6 7 3 2 , 6 8 1 2 , 6 0 9 0 , 6 5 8 9 , 5 4 1 9 , 5 6 0 9 , 5 7 3 8 , 5 3 8 7 , 5 7 7 7 , 5 2 2 7 , 5 5 8 6 , 5 0 3 6 , 5 2 7 5 , 5 7 3 5 , 5 7 3 5 , 5 0 4 4 , 5 1 2 4 , 5 9 6 3 , 5 9 6 3 , 5 8 4 3 , 5 0 2 3 , 5 6 1 3 , 5 0 6 1 , 5 5 7 0 , 5 3 6 0 , 5 1 2 0 , 5 0 1 0 , 5 8 1 9 , 4 2 4 8 , 4 2 1 8 , 4 6 8 7 , 4 9 8 6 , 4 4 0 6 , 4 3 0 6 , 4 4 6 5 , 4 5 3 5 , 4 5 0 5 , 4 7 5 4 , 4 5 5 4 , 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 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃 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 2 8 8 - - . c n I , e r a w t f o S e v i t c a r e t n I o w T - e k a T n o i t a r o p r o C n e r e m A y n a p m o C r e w o P a i g r o e G n o i t a r o p r o C n o t a E d e t a r o p r o c n I s e r a h s c n a B n o t g n i t n u H . 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 , h t l a e H e c n a v e l E . c n I , l a i c n a n i F e s i r p i r e m A a d a n a C f o k n a B l a n o i t a N C L L e c n a n i F A S U C A R E p r o c n a B d r i h T h t f i F 1 t s u r T p u o r G e r t n e c S n o i t a r o p r o C r e k y r t S . . . A C S s g n i d l o H l a b o l G c i n o r t d e M d e t i i m L o C N B N ) e r a w a l e D , e l t s a C w e N ( k n a B r e v o c s i D 0 1 0 2 e c n a n i F P P W n o i t a r o p r o C l i b o M n o x x E y n a p m o C r e w o P a m a b a l A n o i t a r o p r o C n o s s e K c M n o i t a r o p r o C x o F n o i t a r o p r o C t s a c m o C A S A k n a B B N D d t L y t P y n a p m o C e c n a n i F t r o p r i A y e n d y S . . V N j i p p a h c s t a a m s g n i r e i c n a n i F s n e m e i S y n a p m o C r e w o P d n a c i r t c e l E a i n i g r i V . o C s e n i l r i A t s e w h t u o S p i h s r e n t r a P d e t i m L i , y t l a e R s a t n e V . c n I e c r u o S i N . c n I I G C y n a p m 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 . c n I , y g r e n E t n i o P r e t n e C . c n I y e r a C . P . W y n a p m o C b b i u q S s r e y M - l o t s i r B . c n I e g d i r b n E . d t L n e i r t u N . c n I P H d e t i i m L ) l ' t n I ( d n a l a e Z w e N Z N A . c n I e c n a n i F d l e i f k o o r B n o i t a r o p r o C O C I E H c l p p u o r G t s e W t a N . 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 n o i t a r o p r o C b a w h c S s e l r a h C e h T h c n a r B n o d n o L , G A S B U . c n I , p u o r G y g r e n E C E W g n i d n u F l a b o l G r e w o T t e M . c n I , s g n i d l o H e h c o R P L X L P M I I g n i d n u F l a b o l G e f i L c i f i c a P l a b o l G C M S T - 2 8 - 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 ( 3 2 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 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 2 4 4 , 4 $ S U 1 1 4 , 4 3 6 3 , 4 3 4 3 , 4 3 1 3 , 4 1 6 2 , 4 8 8 1 , 4 2 3 1 , 4 0 2 1 , 4 4 1 1 , 4 4 4 0 , 4 6 3 0 , 4 8 2 0 , 4 6 0 0 , 4 4 0 0 , 4 7 6 9 , 3 8 4 9 , 3 6 4 9 , 3 4 3 9 , 3 5 7 8 , 3 8 5 8 , 3 7 5 8 , 3 2 9 7 , 3 7 6 6 , 3 6 6 6 , 3 1 6 6 , 3 6 4 6 , 3 8 6 5 , 3 5 6 5 , 3 3 6 5 , 3 4 5 5 , 3 2 5 5 , 3 9 3 5 , 3 6 8 4 , 3 8 6 4 , 3 4 4 4 , 3 0 3 4 , 3 9 2 4 , 3 6 2 4 , 3 6 1 4 , 3 5 2 3 , 3 3 8 2 , 3 1 8 2 , 3 1 7 2 , 3 7 6 2 , 3 2 1 2 , 3 1 9 1 , 3 3 7 1 , 3 0 2 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 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ 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 / 2 4 4 , 4 $ S U 1 1 4 , 4 3 6 3 , 4 3 4 3 , 4 3 1 3 , 4 1 6 2 , 4 8 8 1 , 4 2 3 1 , 4 0 2 1 , 4 4 1 1 , 4 4 4 0 , 4 6 3 0 , 4 8 2 0 , 4 6 0 0 , 4 4 0 0 , 4 7 6 9 , 3 8 4 9 , 3 6 4 9 , 3 4 3 9 , 3 5 7 8 , 3 8 5 8 , 3 7 5 8 , 3 2 9 7 , 3 7 6 6 , 3 6 6 6 , 3 1 6 6 , 3 6 4 6 , 3 8 6 5 , 3 5 6 5 , 3 3 6 5 , 3 4 5 5 , 3 2 5 5 , 3 9 3 5 , 3 6 8 4 , 3 8 6 4 , 3 4 4 4 , 3 0 3 4 , 3 9 2 4 , 3 6 2 4 , 3 6 1 4 , 3 5 2 3 , 3 3 8 2 , 3 1 8 2 , 3 1 7 2 , 3 7 6 2 , 3 2 1 2 , 3 1 9 1 , 3 3 7 1 , 3 0 2 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 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ 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 ( - - 3 3 8 8 - - 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 d t L n o i t a r o p r o C c i r t c e l E l e a r s I e h T n o i t a r o p r o C n i f i n n a H - r e k r a P . 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 t s u r T g n i d n u F l a b o l G A G n o i t a r o p r o C y t l a e R o c m K i . c n I l a n o i t a n r e t n I r e t x a B n o i t a r o p r o C s l a t i p s o H & h t l a e H e t a c o v d A y n a p m o C r e w o P n a i h c a l a p p A y g r e n E e c r u o s r e v E . c n I , e n o Z o t u A A S A o r d y H k s r o N . c n I , t e n i t r o F . A N . . c n I , s m r o f t a l P a t e M a r p m e S , k n a B y e l n a t S n a g r o M . c n I r e n r a W g r o B n o i t a r o p r o C l a t i p a C T A B . . n o i t a r o p r o C e m o c n I y t l a e R . c n I , s e c i v r e S c i l b u p e R . c n I , s c i t y l a n A k s i r e V . c n I , s e r o t S s s o R k n a B t s i u r T . c n I , l a i c n a n i F e g d i r b e r o C . c n I k r a m h g i H . c n I r e z i f P . 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 . ) l b u p ( 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 n o i t a i c o s s A l a n o i t a N , k n a B s n e z i t i C . p r o C s g n i d l o H C T I g n i d n u F l a b o l G l a i c n a n i F e s u o h t h g i r B n o i t a r o p r o C t i d e r C r o t o M a t o y o T n o i t a r o p r o C l a r e n e G r a l l o D n o i t a r o p r o C t e e r t S e t a t S O C & E S A H C N A G R O M P J g n i d n u F l a b o l G G & F d e t a r o p r o 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 n o i t a r o p r o C r e w o P c i r t c e l E a e r o K . p r o C t n e m e g a n a M t e e l F t n e m e l E A S t n e m t s e v n I r e g r e b m u l h c S . c n I , s e i t i n u m m o C y a B n o l a v A y n a p m o C r e w o P a l e h a g n o n o M n o i t a r o p r o C l a n o i t a N n l o c n i L g n i d n u F l a b o l G O N C e g a r o t S c i l b u P . c n I t r a m l a W n o i t a r o p r o C e d i w d l r o W s i t O l a b o l G C M S T C L L , s e i n a p m o C h c s u B - r e s u e h n A . A N . , k n a b i t i 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 ( 3 2 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 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 9 0 , 3 $ S U 8 9 0 , 3 8 6 0 , 3 9 5 0 , 3 7 5 0 , 3 0 4 0 , 3 7 1 0 , 3 5 1 0 , 3 8 7 9 , 2 4 7 9 , 2 9 2 9 , 2 0 0 9 , 2 4 9 8 , 2 1 9 8 , 2 5 6 8 , 2 7 4 8 , 2 0 1 8 , 2 0 5 7 , 2 6 4 7 , 2 7 3 7 , 2 6 1 7 , 2 2 9 6 , 2 7 8 6 , 2 7 4 6 , 2 3 4 6 , 2 6 3 6 , 2 0 1 6 , 2 9 0 6 , 2 1 0 6 , 2 5 7 5 , 2 4 7 5 , 2 3 6 5 , 2 1 3 5 , 2 0 6 4 , 2 3 3 4 , 2 1 3 4 , 2 7 2 4 , 2 6 0 4 , 2 0 0 4 , 2 9 9 3 , 2 0 6 3 , 2 9 4 3 , 2 6 4 3 , 2 4 4 3 , 2 6 1 3 , 2 4 1 3 , 2 7 7 2 , 2 8 6 2 , 2 6 6 2 , 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 A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / 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 9 0 , 3 $ S U 8 9 0 , 3 8 6 0 , 3 9 5 0 , 3 7 5 0 , 3 0 4 0 , 3 7 1 0 , 3 5 1 0 , 3 8 7 9 , 2 4 7 9 , 2 9 2 9 , 2 0 0 9 , 2 4 9 8 , 2 1 9 8 , 2 5 6 8 , 2 7 4 8 , 2 0 1 8 , 2 0 5 7 , 2 6 4 7 , 2 7 3 7 , 2 6 1 7 , 2 2 9 6 , 2 7 8 6 , 2 7 4 6 , 2 3 4 6 , 2 6 3 6 , 2 0 1 6 , 2 9 0 6 , 2 1 0 6 , 2 5 7 5 , 2 4 7 5 , 2 3 6 5 , 2 1 3 5 , 2 0 6 4 , 2 3 3 4 , 2 1 3 4 , 2 7 2 4 , 2 6 0 4 , 2 0 0 4 , 2 9 9 3 , 2 0 6 3 , 2 9 4 3 , 2 6 4 3 , 2 4 4 3 , 2 6 1 3 , 2 4 1 3 , 2 7 7 2 , 2 8 6 2 , 2 6 6 2 , 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 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃 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 ( - - 4 4 8 8 - - h c n a r B k r o Y w e N , d e t i i m 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 y n a p m o C y r e v i l e D c i r t c e l E r o c n O . . P L , p u o r G y t r e p o r P n o m i S y n a p m o C r e s u e a h r e y e W n o i t a r o p r o C l a t i p a C s i t r a v o N . c n I , y g r e n E n o i n i m o D d e t a r o p r o c n I a t l a x a B . c n I , n e v e l E - 7 C L L y n a p m o C l a c i m e h C s p i l l i h P n o r v e h C C L L , s g n i d l o H s a G y g r e n E n r e t s a E . c n I s e i n a p m o C r e d u a L e é t s E e h T . c n I , e v i t o m o t u A y l l i e R O ' . c n I , y n a p m o C r e w o P c i r t c e l E n a c i r e m A C L P s r e n t r a P c i f i c a p o r u E a l o C - a c o C . c n I , s l a c i m e h C d n a s t c u d o r P r i A C L L , e c n a n i F n e e v u N y n a p m o C n r e h t u o S e h T n o i t a r o p r o C o c s a M d n a l a e Z w e N f o k n a B . c n I , d i r g n a v A n o i t a r o p r o C e s a e L r i A ) l b u p ( B A k n a b d e w S . c n I , a c i r e m A H R C . c n I , s a x e T y g r e t n E . c n I , y a d k r o W 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 d e t i i m L ) A S U ( e c n a n i F n o t i l l i B P H B c l p l a t i p a C o e g a i D d e t a r o p r o c n I s t n e m u r t s n I s a x e T n o i t a r o p r o C g n i k n a B c a p t s e W A S A l a n o i t a n r e t n I a r a Y . . 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 . c n I s e i g o l o n h c e T e r a C h t l a e H E G P L , 0 2 0 2 e c n a n i F r e w o p m E . c n I , h t l a e H l a n i d r a C . c n I . . . A S U n o r v e h C d e t i i m L ) A S U ( e c n a n i F o t n i T o i R . c n I y g r e n E l e c X g n i d n u F l a b o l G s e i n a p m o C a h a m O f O l a u t u M n o i t a i c o s s A l a n o i t a N , k n a B o g r a F s l l e W n o i t a r o p r o C y g r e n E s o m A t . c n I , P D I E y n a p m o C s a G a i n r o f i l a C n r e h t u o S n o i t a r o p r o C y g r e n E S M C . c n I , s g n i d l o H é l t s e N n o s n h o J & n o s n h o J n o i t a r o p r o C l a i c n a n i F A N C . . P L , s i g o l o r P V B e c n a n i F y g r e n E n i d n u L l a b o l G C M S T - 4 8 - 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 ( 3 2 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 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 ( 5 6 2 , 2 $ S U 9 4 2 , 2 0 3 2 , 2 7 8 1 , 2 0 6 1 , 2 0 3 1 , 2 7 8 0 , 2 7 5 0 , 2 6 3 0 , 2 9 1 0 , 2 6 9 9 , 1 6 8 9 , 1 3 7 9 , 1 7 6 9 , 1 1 5 9 , 1 8 4 9 , 1 3 4 9 , 1 0 3 9 , 1 6 1 9 , 1 1 1 9 , 1 6 5 8 , 1 3 2 8 , 1 2 1 8 , 1 9 0 8 , 1 2 9 7 , 1 5 8 7 , 1 9 5 7 , 1 0 5 7 , 1 7 4 7 , 1 7 4 7 , 1 2 9 6 , 1 5 8 6 , 1 1 3 6 , 1 1 0 6 , 1 8 9 5 , 1 4 9 5 , 1 6 7 5 , 1 0 7 5 , 1 6 6 5 , 1 6 5 5 , 1 3 4 5 , 1 8 3 5 , 1 6 2 5 , 1 7 1 5 , 1 1 1 5 , 1 0 1 5 , 1 5 9 4 , 1 9 7 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 A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / 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 6 2 , 2 $ S U 9 4 2 , 2 0 3 2 , 2 7 8 1 , 2 0 6 1 , 2 0 3 1 , 2 7 8 0 , 2 7 5 0 , 2 6 3 0 , 2 9 1 0 , 2 6 9 9 , 1 6 8 9 , 1 3 7 9 , 1 7 6 9 , 1 1 5 9 , 1 8 4 9 , 1 3 4 9 , 1 0 3 9 , 1 6 1 9 , 1 1 1 9 , 1 6 5 8 , 1 3 2 8 , 1 2 1 8 , 1 9 0 8 , 1 2 9 7 , 1 5 8 7 , 1 9 5 7 , 1 0 5 7 , 1 7 4 7 , 1 7 4 7 , 1 2 9 6 , 1 5 8 6 , 1 1 3 6 , 1 1 0 6 , 1 8 9 5 , 1 4 9 5 , 1 6 7 5 , 1 0 7 5 , 1 6 6 5 , 1 6 5 5 , 1 3 4 5 , 1 8 3 5 , 1 6 2 5 , 1 7 1 5 , 1 1 1 5 , 1 0 1 5 , 1 5 9 4 , 1 9 7 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 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 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 5 8 8 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - n o i t a i c o s s A l a n o i t a N , a c i r e m A f o k n a B . d t L , . o C 1 - 3 2 0 2 l a b o l G T I D O K I g n i d n u F l a b o l G a o c i r P y n a p m o C s a G d n a c i r t c e l E e c i v r e S c i l b u P n o i t a r o p r o C e c n a n i F a d n o H n a c i r e m A y n a p m o C 6 6 s p i l l i h P y n a p m o C n o i t i r t u N n o s n h o J d a e M . d t L ) y e s r e J ( g n i d n u F p u o r G S B U y n a p m o C r e w o P c i r t c e l E n o s c u T . c n I l a n o i t a n r e t n I a n g a M . d t L , . o C p u o r G l a i c n a n i F n a h n i h S n o i t a r o p r o C i h s i b u s t i M c l L o C m u r t c e p S t n i r p S n o i t a r o p r o C s u p m y l O . c n I r e w o t l l e W y n a p m o C r e w o P f l u G n o i t a r o p r o C X S C e v r e s e R l a g e L l a u t u M a , n o i t a r o p r o C e c i v r e S e r a C h t l a e H C L L , e c n a n i F y g r e n E t n a i l l A y n a p m o C n o i n U n r e t s e W e h T . c n I l a t i p a C C H i h s i b u s t i M C L L c i f i c a P - a i g r o e G . c n I , s a G E N O l a b o l G C M S T C L L , c i r t c e l E n o t s u o H y g r e n E t n i o P r e t n e C y n a p m 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 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 , l a n o i t a n r e t n I z e l e d n o M y n a p m o C s e i t i l i t U y k c u t n e K d e t i i m L C P S K B N . . C L L . . c n I , l a r t n e C s a s n a K y g r e v E . p r o C l a t i p a C A A S U y n a p m o C y g r e n E E T D a i n r o f i l a C f o y t i s r e v i n U c l p e c n a n i F L S C , m e t s y S s a G l a r u t a N m a e r t s f l u G . o C c i r t c e l E n o s r e m E . c n I y a B e n o i t a r o 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 C L L , e F a t n a S n r e h t r o N n o t g n i l r u B . c n I p u o r G l a i c n a n i F s e i r e f f e J n o i t a r o p r o C y g r e n E e k u D C L L g n i d n u F e r o c n e l G . c n I , A S U e l i b o M - T . c n I s i t e o Z . 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 . c n I , n a g r o M r e d n i K y n a p m o C 6 6 s p i l l i h P d e t i i m L e r u t c u r t s a r f n I A P A 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 ( 3 2 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 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 7 7 4 , 1 $ S U 7 7 4 , 1 3 7 4 , 1 1 7 4 , 1 5 5 4 , 1 8 4 4 , 1 5 4 4 , 1 2 4 4 , 1 0 4 3 , 1 9 1 3 , 1 0 0 3 , 1 9 5 2 , 1 7 4 2 , 1 7 2 2 , 1 5 0 2 , 1 8 9 1 , 1 5 1 1 , 1 3 1 1 , 1 2 1 1 , 1 2 7 0 , 1 5 6 0 , 1 4 3 0 , 1 6 2 0 , 1 6 2 0 , 1 8 1 0 , 1 4 0 0 , 1 3 7 9 9 5 9 6 5 9 2 4 9 2 3 9 6 2 9 3 2 9 7 1 9 7 1 9 6 1 9 4 1 9 4 1 9 0 9 8 9 8 8 5 2 8 9 1 8 4 8 7 1 7 7 1 7 7 0 7 7 1 6 7 9 5 7 5 5 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 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ 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 / 7 7 4 , 1 $ S U 7 7 4 , 1 3 7 4 , 1 1 7 4 , 1 5 5 4 , 1 8 4 4 , 1 5 4 4 , 1 2 4 4 , 1 0 4 3 , 1 9 1 3 , 1 0 0 3 , 1 9 5 2 , 1 7 4 2 , 1 7 2 2 , 1 5 0 2 , 1 8 9 1 , 1 5 1 1 , 1 3 1 1 , 1 2 1 1 , 1 2 7 0 , 1 5 6 0 , 1 4 3 0 , 1 6 2 0 , 1 6 2 0 , 1 8 1 0 , 1 4 0 0 , 1 3 7 9 9 5 9 6 5 9 2 4 9 2 3 9 6 2 9 3 2 9 7 1 9 7 1 9 6 1 9 4 1 9 4 1 9 0 9 8 9 8 8 5 2 8 9 1 8 4 8 7 1 7 7 1 7 7 0 7 7 1 6 7 9 5 7 5 5 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 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ 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 ( - - 6 6 8 8 - - n o i t a r o p r o C e c n a n i F e v i t a r e p o o C s e i t i l i t U l a r u R l a n o i t a N d e t a r o p r o c n I y g o l o n h c e T p i h c o r c i M . c n I a c i r e m A h t r o N s e l b i x e l F r o c m A y n a p m o C c i r t c e l E R A T S N C L L , a d i r o l F y g r e n E e k u D C L L s e c i v r e S T I o r p i W . c n I , e g a r o t S d n a n o i s s i m s n a r T s a G n r e t s a E n o i t a r o 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 e h T , n o i t a d n u o F n o l l e M . W w e r d n A . c n I , s e i n a p m o C s m a i l l i W e h T n o i t a r o p r o C c i f i c a P n o i n U . 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 p u o r G a n g i C e h T n o i t a r o p r o C o c s y S . c n I b a l o c E . . 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 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 C L P e c n a n i F n o s u g r e F n o i t a r o p r o C s a G & c i r t c e l E e t a t S k r o Y w e N C L L , n o i t c a f e u q i L s s a P e n i b a S 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 . c n I l a n o i t a n r e t n I x o n n e L n o i t a r o p r o C r o c u N c l p p u o r G B A I . . P L , o i l o f t r o P x e s s E l a b o l G C M S T d e t i i m L r e w o P h s i t t o c S y n a p m o C y a w l i a R c i f i c a P n a i d a n a C d e t i i m L s g n i d l o H y r o t n u S . c n I , y n a p m o C s a G l a r u t a N t n o m d e i P . . V B y n a p m o C e c n a n i F B Y L . c n I , ) A S U ( e c n a n i F r o c m A . c n I e c n a n i F s m e t s y S E A B . c n I , s k r o w t e N r e p i n u J n o i t a r o p r o C r a n n e L . c n I , s e i n a p m o C f o p u o r G c i l b u p r e t n I e h T n o i t a r o p r o C l a t i p a C r e v e l i n U . c n I n a c i r e m A s d l o n y e R a d i r o l F , h c a e B m l a P f o y t n u o C . c n I s a x e T P E A . c n I , t n a r u s s A n o i t a r o p r o C r e w o P k w a h o M a r a g a i N . 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 y n a p m o C s a G n o i n U n y l k o o r B e h T n o i t a r o p r o C o t l a r e V . c n I , s g n i d l o H t e m o i B r e m m Z i n o i t a r o p r o C s a G t s e w h t u o S . . P L , t r a m S e b u C d e t i i m L s e n i L e p i P a d a n a C s n a r T d e t i i m L p u o r G A A I - 6 8 - 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 ( 3 2 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 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 4 5 7 1 5 7 0 5 7 9 4 7 9 4 7 7 4 7 5 4 7 4 4 7 9 3 7 8 3 7 1 9 6 9 8 6 5 7 6 3 7 6 2 7 6 9 4 6 7 1 6 2 1 6 0 0 6 4 9 5 3 9 5 9 8 5 6 6 5 2 6 5 8 3 5 6 3 5 0 2 5 5 1 5 2 1 5 0 1 5 0 1 5 6 0 5 9 9 4 6 9 4 8 8 4 7 8 4 6 8 4 0 8 4 7 7 4 7 7 4 3 5 4 4 4 4 5 3 4 3 3 4 6 1 4 2 1 4 0 1 4 5 9 3 4 9 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 / 4 5 7 1 5 7 0 5 7 9 4 7 9 4 7 7 4 7 5 4 7 4 4 7 9 3 7 8 3 7 1 9 6 9 8 6 5 7 6 3 7 6 2 7 6 9 4 6 7 1 6 2 1 6 0 0 6 4 9 5 3 9 5 9 8 5 6 6 5 2 6 5 8 3 5 6 3 5 0 2 5 5 1 5 2 1 5 0 1 5 0 1 5 6 0 5 9 9 4 6 9 4 8 8 4 7 8 4 6 8 4 0 8 4 7 7 4 7 7 4 3 5 4 4 4 4 5 3 4 3 3 4 6 1 4 2 1 4 0 1 4 5 9 3 4 9 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 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃 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 ( - - 7 7 8 8 - - n o i t a r o p r o C e c n a n i F d n u F e h p o r t s a t a C e n a c i r r u H a d i r o l F C L L , y n a p m o C g n i d l o H s e n i l e p i P a i b m u l o C C L L . o C g n i t a r e p O s e n i l e p i P a i b m u l o C . p r o C l a t i p a C r e t a W n a c i r e m A . c n I , r o f n I . . 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 y n a p m o C e c i v r e S c i l b u P a n o z i r A 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 y n a p m o C r e w o P i p p i s s i s s i M y n a p m o C s p i l l i h P o c o n o C . A . p . S o l o a p n a S a s e t n I i i a w a H f o e t a t S . c n I , s e c i v r e S l a t i p a C i a d n u y H n o i t a r o p r o C e t a t s l l A e h T . d t L e c n a n i F B N Q . c n I , o x e d o S . c n I , g n i s s e c o r P a t a D c i t a m o t u A . c n I , s e i g o l o n h c e T s i r r a H 3 L y n a p m o C r e w o P n r e h t u o S . c n I s e c r u o s e R n o t g n i l r u B n o i t a r o p r o C s k c u b r a t S d e t i i m L y k S . c n I , k r o Y w e N f o y n a p m o C n o s i d E d e t a d i l o s n o C y n a p m o C t s u r T s r e d a r T d n a s r e r u t c a f u n a M y n a p m o C c i r t c e l E d n a s a G a m o h a l k O . c n I , s e i n a p m o C n a n n e L c M & h s r a M . c n I , l a i c n a n i F a y o V . c n I , t n e m e g a n a M e t s a W n o i t a r o p r o C S U L E T . c n I a s i V . p r o C l a i c n a n i F R A C C A P d e t a r o p r o c n I , s r a M l a b o l G C M S T . . 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 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 l p l a t i p a C K U n o e l a H . . A S e c n a n i F g r u o b m e x u L s e i g o l o n h c e T e n a r T C L L e c n a n i F l a n o i t a n r e t n I d r a c i R d o n r e P c n I y t i r o h t u A n o i t a c u d E r e h g i H s o z a r B d e t a r o p r o c n I , y n a p m o C & k c i m r o C c M n o i t a r o p r o C O S N E D y n a p m o C s t r a P e n i u n e G . c n I , p u o r G a i r t l A . c n I , t o p e D e m o H e h T n o i t a r o p r o C t e g r a T A S A P B r e k A d e t i i m L k n a B a i l a r t s u A l a n o i t a N . c n I l a t i p a C e n i l K h t i m S o x a l G n o i t a r o p r o C y g r e t n E d e t i i m L d n a l a e Z w e N c a p t s e W 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 ( 3 2 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 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 ( 2 9 3 1 9 3 8 8 3 6 8 3 1 8 3 4 6 3 2 6 3 9 5 3 8 0 3 4 0 3 2 0 3 0 9 2 9 8 2 6 8 2 5 7 2 1 7 2 9 3 2 5 3 2 4 1 2 4 0 1 8 8 1 8 9 7 4 6 2 5 5 2 0 9 5 , 0 0 8 2 0 6 , 6 2 6 2 9 0 , 0 7 5 3 4 3 , 8 1 4 1 3 3 , 4 9 3 1 9 4 , 2 5 2 8 2 6 , 9 4 1 4 2 4 , 9 9 1 8 2 , 9 9 6 5 1 , 0 2 3 5 1 , 0 1 3 3 6 , 9 9 1 4 , 9 2 6 5 , 9 3 3 2 , 9 8 8 0 , 9 5 9 0 , 9 1 3 0 , 9 9 9 7 , 8 2 4 4 , 8 0 6 3 , 8 1 5 2 , 8 6 0 2 , 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 A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / 2 9 3 1 9 3 8 8 3 6 8 3 1 8 3 4 6 3 2 6 3 9 5 3 8 0 3 4 0 3 2 0 3 0 9 2 9 8 2 6 8 2 5 7 2 1 7 2 9 3 2 5 3 2 4 1 2 4 0 1 8 8 1 8 9 7 4 6 2 5 5 2 9 4 4 , 9 9 7 0 3 8 , 9 1 6 0 8 8 , 6 6 5 1 1 8 , 2 3 4 8 6 8 , 1 9 3 1 8 4 , 1 5 2 1 5 9 , 9 4 1 8 6 9 , 9 9 5 0 9 , 9 9 1 8 9 , 9 1 8 3 3 , 0 1 5 8 6 , 9 0 5 5 , 9 6 4 4 , 9 5 6 2 , 9 5 8 1 , 9 2 7 1 , 9 5 5 1 , 9 9 3 8 , 8 5 3 4 , 8 7 1 4 , 8 1 0 3 , 8 9 7 2 , 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 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 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 〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃 - - 8 8 8 8 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - . c n I , r e t n e C l a c i d e M s s e n o c a e D l e a r s I h t e B n o i t a c u d E f O d r a o B a m a b a l A r e v o o H y n a p m o C y g r e n E s r e m u s n o C n o i t a r o p r o C n o s d r o N c l p d i r G l a n o i t a N y g r e n E r a t a Q C L P v i t p A y n a p m o C c i r t c e l E a i n a v l y s n n e P . c n I , l a n o i t a n r e t n I t t o i r r a M V N p u o r G C B K . c n I a n a m u H y n a p m o C n o s i d E n a t i l o p o r t e M a n o z i r A , a m i P f o y t n u o C n i s n o c s i W f o e t a t S n o i t a r o p r o C n o A n o i t a r o p r o C a c i r e m A f o k n a B y n a p m o C & o g r a F s l l e W s a x e T , s e c e u N f o y t n u o C y e l n a t S n a g r o M . c n I , p u o r G s h c a S n a m d l o G e h T . c n I s t e k r a M l a b o l G p u o r g i t i C . o C & e s a h C n a g r o M P J . c n I p u o r g i t i C d t L l a n o i t a n r e t n I p r o C e c n a n i F s h c a S n a m d l o G . c n I s g n i d l o H s t e k r a M l a b o l G p u o r g i t i C C L L a c i r e m A h t r o N e c n a n i F s k c u r T r e l m i a D p L , 0 2 0 2 e c n a n i F . . S U o c e f i L t s e W - t a e r G c e b é u Q u d s n i d r a j s e D s e s s i a c s e d n o i t a r é d é F . c n I , p u o r G l a i c n a n i F o h u z i M A S s a b i r a P P N B 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 p u o r g i t i C 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 l e u t u M t i d é r C u d e v i t a r é d é F e u q n a B . c n I , s g n i d l o H a r u m o N k n a B p u y H g n o N G A p u o r G S B U p i h s r e n t r a P d e t i m L i , y t l a e R s a t n e V . A S . , r e d n a t n a S o c n a B . . A S e c n a r F e d é t i c i r t c e l E y t i r o h t u A g n i d l i u B s t t e s u h c a s s a M f o y t i s r e v i n U . c n I , s e c n e i c S d a e l i G y n a p m o C r e w o P c i f i c a P a r r e i S e l i h C e d o d a t s E l e d o c n a B k n a B n i k u h c n i r o N e h T d e t a r o p r o c n I , l l i g r a C . c n I , o C i s p e P . . P L , s t n e m t r a p A a c i r e m A - d i M d e t a r o p r o c n I c a l f A l a b o l G C M S T - 8 8 - 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 ( 3 2 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 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 8 1 , 8 6 9 8 , 7 9 4 8 , 7 4 9 8 , 7 4 9 7 , 7 2 7 6 , 7 5 1 5 , 7 1 2 4 , 7 6 0 0 , 7 4 2 9 , 5 3 8 4 , 5 0 4 4 , 5 7 0 3 , 5 2 3 0 , 5 4 6 9 , 4 5 5 7 , 4 3 2 4 , 4 0 2 1 , 4 9 4 9 , 3 4 4 9 , 3 3 0 8 , 3 5 2 7 , 3 6 7 2 , 3 6 1 2 , 3 7 9 1 , 3 2 1 8 , 2 8 8 0 , 2 3 5 2 , 1 5 7 1 , 1 5 7 0 , 1 4 4 7 7 8 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 $ S U $ S U $ 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 4 9 , 8 5 6 $ S U 8 2 3 , 0 5 3 0 1 3 , 5 2 2 $ S U $ S U 9 7 4 , 8 1 7 $ S U 5 9 9 , 6 5 6 0 , 1 5 4 6 , 4 2 2 5 4 8 , 4 3 1 1 0 5 , 9 8 $ S U $ S U $ S U $ S U $ S U 1 4 9 , 9 $ S U 8 1 8 , 9 $ 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 / 0 5 2 , 8 3 8 9 , 7 4 5 9 , 7 6 1 9 , 7 4 7 8 , 7 7 2 7 , 7 8 3 5 , 7 0 8 4 , 7 2 4 0 , 7 3 1 9 , 5 5 1 5 , 5 1 1 5 , 5 4 4 2 , 5 2 2 1 , 5 7 0 0 , 5 3 2 7 , 4 1 2 4 , 4 5 6 1 , 4 9 7 9 , 3 4 7 9 , 3 3 5 8 , 3 7 4 7 , 3 5 4 3 , 3 1 5 2 , 3 8 8 1 , 3 1 5 8 , 2 1 9 0 , 2 4 5 2 , 1 4 7 1 , 1 3 8 0 , 1 5 4 7 5 8 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 $ S U $ S U $ 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 4 9 , 8 5 6 $ S U 8 2 3 , 0 5 3 0 1 3 , 5 2 2 $ S U $ S U 9 7 4 , 8 1 7 $ S U 5 9 9 , 6 5 6 0 , 1 0 0 0 , 5 2 2 0 0 0 , 5 3 1 0 4 9 , 8 8 $ S U $ S U $ S U $ S U $ S U 1 4 9 , 9 $ S U 8 1 8 , 9 $ S U - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃 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 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 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 9 8 8 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - ) l b u p ( B A n e k n a b s l e d n a H a k s n e v S . c n I , s e c i v r e S l a t i p a C i a d n u y H g n i d n u F l a b o l G G & F . . V N p e o r G G N I g n i d n u F l a b o l G e n e h t A d e t i m L i , k n a B t s u r T i u s t i M o m o t i m u S c l p p u o r G g n i k n a B s d y o l L . d t L e c n a n i F B N Q 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 h c n a r B k r o Y w e N - G A k n a B e h c s t u e D . 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 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 d e t i i m L ) l ' t n I ( d n a l a e Z w e N Z N A d e t i i m L r e w o P h s i t t o c S I N O I T A C O S S A E G A G T R O M L A N O I T A N L A R E D E 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 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 r o p r o C e g a g t r o M n a o L e m o H l a r e d e F y r u s a e r T e h T f o t n e m t r a p e D s e t a t S d e t i n U s d n o b y c n e g A / d n o b t n e m n r e v o G I N O I T A C O S S A E G A G T R O M L A N O I T A N L A R E D E F n o i t a r o p r o C e g a g t r o M n a o L e m o H l a r e d e F n o i t a r o p r o C e g a g t r o M n a o L e m o H l a r e d e F y r u s a e r T e h T f o t n e m t r a p e D s e t a t S d e t i n U s k n a B n a o L e m o H l a r e d e F 4 2 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 1 k n B - 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 s e i t i r u c e s d e k c a b - t e s s A 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 C L P k n a B s y a l c r a B P L , s r e n t r a P y g r e n E a r t c e p S a d a n a C f o k n a B l a n o i t a N t s u r T g n i d n u F l a b o l G A G C L L c i f i c a P - a i g r o e G d e t i i m L p u o r G A A I c l P s t e k r a M t s e W t a N . A S . , a i r a t n e g r A a y a c z i V o a b l i B o c n a B g n i d n u F l a b o l G G A I y n a p m 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 C L L a c i r e m A h t r o N e c n a n i F z n e B - s e d e c r e M d t L y t P y n a p m o C e c n a n i F t r o p r i A y e n d y S . 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 A S E C P B . . 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 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 , a c i r e m A H R C l a b o l G C M S T ) d e u n i t n o C ( - - 0 0 9 9 - - 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 ( 3 2 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 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 5 6 6 , 9 $ S U 3 3 0 , 9 4 7 6 , 7 8 8 3 , 7 1 5 3 , 7 9 6 0 , 7 1 6 8 , 6 0 8 2 , 6 5 3 1 , 6 1 3 1 , 6 8 2 0 , 6 2 0 9 , 5 0 4 8 , 5 5 0 8 , 5 9 9 6 , 5 2 0 5 , 5 6 9 4 , 5 1 5 3 , 5 4 4 2 , 5 8 0 2 , 5 2 7 1 , 5 1 0 1 , 5 7 2 0 , 5 5 1 8 , 4 7 7 7 , 4 2 7 7 , 4 6 7 6 , 4 6 2 5 , 4 2 6 1 , 4 9 1 1 , 4 3 6 0 , 4 5 2 0 , 4 0 1 0 , 4 2 0 0 , 4 9 7 7 , 3 8 3 7 , 3 6 3 6 , 3 4 1 2 , 3 2 3 1 , 3 1 8 0 , 3 7 5 0 , 3 3 2 0 , 3 1 9 9 , 2 2 3 9 , 2 6 0 8 , 2 9 2 7 , 2 4 7 5 , 2 1 2 5 , 2 9 1 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 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ 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 / 5 6 6 , 9 $ S U 3 3 0 , 9 4 7 6 , 7 8 8 3 , 7 1 5 3 , 7 9 6 0 , 7 1 6 8 , 6 0 8 2 , 6 5 3 1 , 6 1 3 1 , 6 8 2 0 , 6 2 0 9 , 5 0 4 8 , 5 5 0 8 , 5 9 9 6 , 5 2 0 5 , 5 6 9 4 , 5 1 5 3 , 5 4 4 2 , 5 8 0 2 , 5 2 7 1 , 5 1 0 1 , 5 7 2 0 , 5 5 1 8 , 4 7 7 7 , 4 2 7 7 , 4 6 7 6 , 4 6 2 5 , 4 2 6 1 , 4 9 1 1 , 4 3 6 0 , 4 5 2 0 , 4 0 1 0 , 4 2 0 0 , 4 9 7 7 , 3 8 3 7 , 3 6 3 6 , 3 4 1 2 , 3 2 3 1 , 3 1 8 0 , 3 7 5 0 , 3 3 2 0 , 3 1 9 9 , 2 2 3 9 , 2 6 0 8 , 2 9 2 7 , 2 4 7 5 , 2 1 2 5 , 2 9 1 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 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ 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 M R P - 1 2 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 Y H 0 1 - 6 1 0 2 s d r a Y n o s d u H 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 t s u r T r e n w O 2 - 3 2 0 2 s e l b a v i e c e R o t u A a d n o H 6 L - 1 2 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 6 2 K N B - 0 2 0 2 k n a B 1 - 3 2 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 F W S M t s u r T e g a g t r o M 9 3 B - 3 2 0 2 k r a m h c n e B 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 t s u r T e g a g t r o M 2 1 B - 9 1 0 2 k r a m h c n e B 6 4 K N B - 3 2 0 2 k n a B 3 3 k n b - 1 2 0 2 k n a B 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 9 5 C - 1 2 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 d n u F 2 K N B - 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 1 - 1 2 0 2 t s u r T s e l b a v i e c e R g n i v l o v e R l a i c n a n i F M G 1 1 X C - 8 1 0 2 L I A S C 6 k n B - 7 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 3 4 c G - 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 t s u r T r e n w O 4 - 1 2 0 2 s e l b a v i e c e R o t u A a d n o H 5 K N B - 7 1 0 2 K N A B A - 3 2 0 2 t s u r T r e n w O e l c i h e V w m B 7 P J - 7 1 0 2 C C M P J 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 t s u r T e g a g t r o M 4 2 E R C C - 5 1 0 2 e c r e m m o C p f M - 1 2 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 t i e r S 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 t s u r T e g a g t r o M 5 C - 3 2 0 2 o m B t s u r T r e n w O C - 3 2 0 2 s e l b a v i e c e R o t u A a t o y o T 2 - 3 2 _ T N E C D 2 2 k n B - 9 1 0 2 k n a B 1 3 C - 6 1 0 2 m a b s M t s u r T e g a g t r o M 3 V - 3 2 0 2 k r a m h c n e B t s u r T e g a g t r o M c k r P - 9 1 0 2 D C R M t s u r T e g a g t r o M 1 V - 3 2 0 2 e v i F 9 2 C - 6 1 0 2 m a b s M 7 K N B - 7 1 0 2 k n a B 9 K N B - 7 1 0 2 k n a B 3 - 3 2 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 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 k n a B y e l n a t S n a g r o M 3 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 - 3 2 0 2 t s u r T e t o N d e d n e t x E n a o L o t u A a t o y o T 2 v e R - 1 2 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 C - 1 2 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 V E R - 0 2 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 B - 3 2 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 8 C - 0 2 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 r e n w O B - 2 2 0 2 s e l b a v i e c e R o t u A a t o y o T l a b o l G C M S T - 0 9 - ) d e u n i t n o C ( - - 1 1 9 9 - - 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 ( 3 2 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 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 2 6 4 , 2 $ S U 5 1 4 , 2 5 1 4 , 2 8 6 3 , 2 4 0 3 , 2 4 7 1 , 2 0 1 1 , 2 7 0 1 , 2 0 9 0 , 2 2 9 9 , 1 0 3 9 , 1 4 4 8 , 1 1 2 8 , 1 0 3 6 , 1 4 7 5 , 1 7 2 5 , 1 4 2 5 , 1 8 1 5 , 1 5 9 4 , 1 6 7 4 , 1 9 6 3 , 1 5 0 3 , 1 3 4 2 , 1 2 4 2 , 1 7 3 2 , 1 9 1 2 , 1 4 2 1 , 1 6 1 0 , 1 2 6 9 9 3 9 7 8 8 5 6 8 9 2 8 4 2 8 8 1 8 1 9 7 8 7 7 3 3 7 5 8 6 2 4 6 1 8 5 4 7 5 9 2 5 4 4 4 7 2 4 5 2 4 7 8 3 5 5 2 9 3 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 A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / 2 6 4 , 2 $ S U 5 1 4 , 2 5 1 4 , 2 8 6 3 , 2 4 0 3 , 2 4 7 1 , 2 0 1 1 , 2 7 0 1 , 2 0 9 0 , 2 2 9 9 , 1 0 3 9 , 1 4 4 8 , 1 1 2 8 , 1 0 3 6 , 1 4 7 5 , 1 7 2 5 , 1 4 2 5 , 1 8 1 5 , 1 5 9 4 , 1 6 7 4 , 1 9 6 3 , 1 5 0 3 , 1 3 4 2 , 1 2 4 2 , 1 7 3 2 , 1 9 1 2 , 1 4 2 1 , 1 6 1 0 , 1 2 6 9 9 3 9 7 8 8 5 6 8 9 2 8 4 2 8 8 1 8 1 9 7 8 7 7 3 3 7 5 8 6 2 4 6 1 8 5 4 7 5 9 2 5 4 4 4 7 2 4 5 2 4 7 8 3 5 5 2 9 3 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 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃 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 5 C - 0 2 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 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 c h M - 1 2 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 c h M 1 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 1 P - 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 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 1 v e R - 0 2 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 7 C - 7 1 0 2 B D M P J A - 3 2 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 4 B - 8 1 0 2 k r a m h c n e B t s u r T e g a g t r o M 8 P - 7 1 0 2 T M C G C 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 C Y N - 1 2 0 2 t s u r T p l o D 7 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 0 3 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 4 4 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 o g r a F s l l e W 9 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 C - 2 2 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 7 1 k n B - 9 1 0 2 k n a B t s u r T r e n w O 1 - 3 2 0 2 s e l b a v i e c e R o t u A a d n o H 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 A - 2 2 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 5 L - 1 2 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 M B C - 0 2 0 2 M M O C 1 - 3 2 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 V E R - 3 2 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 2 C L - 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 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 8 S B U - 5 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 - 2 2 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 r e n w O A - 3 2 0 2 s e l b a v i e c e R o t u A n a s s i N t s u r T r e n w O D - 1 2 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 4 2 B - 1 2 0 2 k r a m h c n e B 5 4 k n B - 3 2 0 2 k n a B 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 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 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 t s u r T r e n w O 2 - 2 2 0 2 s e l b a v i e c e R o t u A a d n o H 9 1 C L - 5 1 0 2 s e i r e S t s u r T e g a g t r o M M M O C 3 P J - 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 C C M P J 1 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 B M P J 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 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 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 5 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 p u o r g i t i C t s u r T r e n w O C - 1 2 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 r e n w O 2 - 1 2 0 2 s e l b a v i e c e R o t u A a d n o H B - 2 2 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 l a i c r e m m o C 3 B - 8 1 0 2 k r a m h c n e B 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 ( 3 2 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 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 6 7 1 1 5 1 9 4 1 3 3 1 4 2 1 0 2 1 4 1 1 4 0 1 7 9 3 8 4 6 0 5 7 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 5 1 5 , 6 8 $ S U - - 7 5 7 , 2 $ S U 0 0 8 7 3 3 4 7 1 $ S U $ S U $ S U 8 6 1 , 4 $ S U 9 9 0 , 3 $ S U 0 8 6 , 9 $ S U 0 0 0 , 5 0 0 0 , 5 0 0 0 , 5 0 0 0 , 5 1 7 7 , 4 0 0 0 , 4 4 9 1 , 3 0 0 0 , 3 0 0 0 , 3 3 3 8 , 2 $ 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 / 4 - 0 2 3 4 1 - 7 1 6 7 1 1 5 1 9 4 1 3 3 1 4 2 1 0 2 1 4 1 1 4 0 1 7 9 3 8 4 6 0 5 7 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 5 1 5 , 6 8 $ 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 - - 1 5 8 0 , 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 7 5 7 , 2 $ S U 3 1 9 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 0 8 7 3 3 4 7 1 $ S U $ S U $ S U 2 5 9 , 1 1 0 7 , 1 7 4 1 , 4 〃〃 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 A N / A N / 8 6 1 , 4 $ S U 9 9 0 , 3 $ S U - - 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 - 1 3 3 4 2 1 2 2 3 1 0 8 6 , 9 $ S U 0 0 0 , 5 0 0 0 , 5 0 0 0 , 5 0 0 0 , 5 1 7 7 , 4 0 0 0 , 4 4 9 1 , 3 0 0 0 , 3 0 0 0 , 3 3 3 8 , 2 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U 7 8 4 , 1 5 4 3 8 6 8 1 2 0 , 1 8 2 1 , 1 6 7 1 , 1 4 6 5 2 2 1 5 1 0 , 2 0 0 0 , 3 5 5 4 , 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 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - ) d e u n i t n o C ( - - 2 2 9 9 - - 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 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 7 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 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 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 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 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 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 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 3 2 K N B - 9 1 0 2 k n a B 7 C - 0 2 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 1 F C - 9 1 0 2 F C 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 1 P J - 5 1 0 2 C C M P J l a b o l G C M S T . . P L I I d n u F l a t i p a C a r e v a m i r P . 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 s k c o t s d e d a r t y l c i l b u P n o i t a r o p r o C 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 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 . c n I , r o t c u d n o c i m e S r e w o p m E . c n I , s e i g o l o n h c e T a M i S . c n I , s b a L S M E M x . d t L y t i l a e R u e N . c n I , a r a n i K . c n I , s o V R i . c n I , I A e t y L . c n I , Q e g d E . c n I , s b a L a r e t s A . c n I , s b a L r a y A . c n I a i v o n r e h t E n o i t a r o p r o C i d n a v o M s d n o b e l b i t r e v n o C . c n I , I A e g r a h c n E . c n I , x i n o c o e N k a P - l a u t u M d n u F g n i g r e m E - 2 9 - 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 ( 3 2 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 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 ( 5 9 7 , 2 3 4 $ S U 0 1 5 9 7 , 2 3 4 $ S U - 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 6 4 1 , 4 $ S U 3 3 1 $ S U 6 8 7 , 1 $ S U - - - 6 4 1 , 4 $ S U 3 3 1 $ S U 7 3 6 3 3 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 8 7 , 1 $ S U 0 3 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 t L p u o r G y g o l o n h c e T l l e v r a M s k c o t s d e d a r t y l c i l b u P . c n I , s b a L a r e t s A . c n I , s b a L X E N C 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 L L , l a b o l G n o i t a c i r b a f o n a N S M I s k c o t s d e r r e f e r p e l b i t r e v n o C t n e m p o l e v e D C M S T - - 3 3 9 9 - - 4 E L B A T ) 1 e t o N ( e c n a l a B g n i d n E t n u o m A n g i e r o F ( s t i n U / s e r a h S ) 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 n I ( n o s s o L / n i a G l a s o p s i D 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 ) s d n a s u o h T ) s d n a s u o h T ) s d n a s u o h T ) s d n a s u o h T e u l a V g n i y r r a C n g i e r o F ( t n u o m A n g i e r o F ( s t i n U / s e r a h S t n u o m A n g i e r o F ( s t i n U / s e r a h S t n u o m A n g i e r o F ( s t i n U / s e r a h S 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 n I ( n i s e i c n e r r u C ) s d n a s u o h T n I ( n i s e i c n e r r u C ) 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 y t i u q e d e d a r t y l c i l b u p - n o N 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 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 ( 3 2 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 2 4 7 , 1 0 9 , 1 - 5 7 9 , 4 0 6 , 8 9 2 $ 0 0 5 , 0 1 3 1 0 , 8 6 7 , 4 0 4 1 , 7 8 0 , 7 4 0 0 1 9 6 2 , 2 5 6 6 , 4 2 9 , 6 7 7 6 , 6 7 9 , 5 4 9 0 , 5 8 9 , 1 0 6 2 , 6 9 9 3 5 5 , 5 9 9 0 4 5 , 4 9 9 - 6 1 9 , 8 9 4 7 9 6 0 0 6 0 0 2 0 0 1 0 0 1 0 0 1 - 0 5 7 8 5 , 3 $ S U - 3 5 3 , 7 4 1 $ S U 1 6 9 , 1 8 8 5 , 6 8 $ S U 7 7 7 , 6 7 4 5 5 , 8 5 1 5 3 , 8 5 3 5 1 , 8 5 6 3 4 , 0 5 2 7 1 , 5 4 $ S U $ S U $ S U $ S U $ S U $ S U - - - - - - - ) d e u n i t n o C ( - - - - - - - - - - - - - - $ S U $ S U - - $ S U $ S U - - $ S U $ S U - 0 0 0 , 0 0 0 , 2 0 0 0 , 0 0 0 , 8 0 0 0 , 0 0 5 , 7 - 0 0 0 , 0 0 0 , 2 0 0 0 , 0 0 0 , 8 0 0 0 , 0 0 5 , 7 - 0 0 2 0 0 8 0 5 7 0 0 0 , 0 0 0 , 7 1 0 0 0 , 0 0 0 , 7 1 0 0 7 , 1 0 0 0 , 0 0 0 , 3 0 0 0 , 0 0 5 , 4 3 0 0 0 , 0 0 0 , 3 0 0 0 , 0 0 5 , 4 3 0 0 3 0 5 4 , 3 ) 7 3 1 ( $ S U 5 8 6 , 5 2 $ S U 8 4 5 , 5 2 $ S U ) 2 1 1 ( ) 6 8 ( ) 1 4 ( ) 0 5 1 ( ) 4 1 1 ( ) 2 7 1 ( $ S U $ S U $ S U $ S U $ S U $ S U 2 1 6 , 8 2 6 6 1 , 4 1 4 2 8 , 4 1 3 4 3 , 9 1 7 1 3 , 1 3 9 7 0 , 6 $ S U $ S U $ S U $ S U $ S U $ S U 0 0 5 , 8 2 0 8 0 , 4 1 3 8 7 , 4 1 3 9 1 , 9 1 3 0 2 , 1 3 7 0 9 , 5 $ S U $ S U $ S U $ S U $ S U $ S U - - - - - - - - - 6 6 5 , 5 8 9 , 1 4 0 6 , 3 1 4 8 1 , 2 0 4 , 4 9 9 2 5 3 , 1 9 4 , 1 2 6 6 , 9 6 9 , 5 - 2 9 3 , 3 7 4 , 5 0 0 2 , 4 $ S U 0 0 2 0 0 1 0 5 1 0 0 6 0 5 5 0 5 8 , 1 - - 0 0 0 , 0 0 1 $ S U 1 6 9 , 1 9 9 4 , 2 3 $ S U 9 7 5 , 9 1 7 5 4 , 9 1 5 9 8 , 1 1 2 4 9 , 4 2 8 0 4 , 8 1 1 9 0 , 2 2 $ S U $ S U $ S U $ S U $ S U $ S U - - - - - - - 0 0 0 , 0 0 9 , 9 0 0 0 , 0 0 9 , 9 0 9 9 8 0 7 , 1 7 7 6 1 , 7 8 6 , 1 - $ - - - ) 6 7 3 , 4 4 2 ( $ - - - - $ - - - - ) 2 e t o N ( 6 3 5 , 1 4 6 7 5 9 , 2 6 0 8 2 , 3 9 2 , 4 1 8 , 4 - 0 0 1 9 4 2 , 1 0 1 5 , 9 4 6 2 9 2 , $ 0 3 2 , 9 9 7 0 , 9 3 6 5 2 , $ 0 7 2 , 1 5 2 1 , 0 3 3 3 2 , 0 2 0 , 1 - , 5 8 8 0 6 7 , 1 - , 1 0 3 6 7 4 , 4 , 9 5 4 0 9 9 , 1 , 6 3 9 8 5 4 , 7 , 6 6 6 5 8 4 , 2 - - - - 0 5 4 0 0 2 0 5 7 0 5 2 , 5 8 3 5 8 9 , 2 9 2 7 , 5 3 3 9 2 , 0 0 3 0 5 9 , 2 - - $ S U $ S U 6 2 6 6 7 , $ S U 2 4 2 3 8 , 9 3 4 1 5 , 5 3 7 9 5 , 9 2 6 0 5 , 3 9 4 1 6 , 8 5 6 7 2 , $ S U $ S U $ S U $ S U $ S U $ S U - - - - - - - - - - - 4 4 9 9 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 〃〃〃 r o f d e t n u o c c a s t n e m t s e v n I d o h t e m y t i u q e g n i s u s t n e m t s e v n i a n o z i r A C M S T M S A J C M S E r e p a p l a i c r e m m o C d n u F g n i g r e m E 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 g n i d l o H l a i c n a n i F y a h t a C 〃〃〃〃〃〃〃 t s o c n o i t a r o p r o C s c i t s a l P a Y n a N n o i t a r o p r o C l e e t S a n i h C n o i t a r o p r o C s c i t s a l P a s o m r o F e r b i F & s l a c i m e h C a s o m r o F n a w i a T , n o i t a r o p r o C C P C y n a p m o C r e w o P n a w i a T l a c i m e h c o r t e P a s o m r o F n o i t a r o p r o C n o i t a r o p r o C . d t L 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 s k c o t s d e d a r t y l c i l b u P c l p s g n i d l o H M R A 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 , I d n u F s r e n t r a P e r u t n e V r e t t a M s s o L r o t i f o r P h g u o r h t ) 3 e t o N ( . . P L d n u F s r e n t r a P 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 n o i t a r o 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 〃〃〃〃〃〃 . c n I , p u o r G s h c a S n a m d l o G e h T y e l n a t S n a g r o M y n a p m o C & o g r a F s l l e W . o C & e s a h C n a g r o M P J . c n I p u o r g i t i C l a i c n a n i F i u s t i M o m o t i m u S . c n I , p u o r G - 4 9 - ) 1 e t o N ( e c n a l a B g n i d n E t n u o m A n g i e r o F ( s t i n U / s e r a h S ) 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 n I ( n o s s o L / n i a G l a s o p s i D 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 ) s d n a s u o h T ) s d n a s u o h T ) s d n a s u o h T ) s d n a s u o h T e u l a V g n i y r r a C n g i e r o F ( t n u o m A n g i e r o F ( s t i n U / s e r a h S t n u o m A n g i e r o F ( s t i n U / s e r a h S t n u o m A n g i e r o F ( s t i n U / s e r a h S 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 n I ( n i s e i c n e r r u C ) s d n a s u o h T n I ( n i s e i c n e r r u C ) 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 0 9 , 6 3 $ S U 7 7 2 , 5 3 4 2 1 , 0 3 1 9 5 , 4 2 1 3 1 , 4 2 5 7 8 , 3 2 1 5 7 , 3 2 2 7 5 , 1 2 $ S U $ S U $ S U $ S U $ S U $ S U $ S U 5 9 3 , 0 2 $ S U 8 2 4 , 8 1 9 9 2 , 8 1 7 4 2 , 8 1 8 9 6 , 6 1 4 6 0 , 6 1 0 3 3 , 3 1 8 7 2 , 3 1 $ S U $ S U $ S U $ S U $ S U $ S U $ S U 0 9 5 , 2 1 $ S U - 8 4 0 , 1 1 $ S U $ S U 9 4 4 , 9 9 7 $ S U 0 3 8 , 9 1 6 0 8 8 , 6 6 5 1 1 8 , 2 3 4 8 6 8 , 1 9 3 1 8 4 , 1 5 2 1 5 9 , 9 4 1 8 6 9 , 9 9 $ S U $ S U $ S U $ S U $ S U $ S U $ S U 5 0 9 , 9 9 $ S U - 1 8 9 , 9 1 $ S U $ S U 4 4 9 , 8 5 6 $ S U 8 2 3 , 0 5 3 $ S U 0 1 3 , 5 2 2 $ S U ) d e u n i t n o C ( - - - - - - - - - - - - - - - - - - - - - - ) 4 5 ( $ S U 1 9 2 , 2 1 $ S U 7 3 2 , 2 1 $ S U ) 6 2 ( 5 4 1 ) 9 6 ( ) 2 1 ( ) 0 1 ( ) 7 7 ( ) 7 2 ( ) 3 ( ) 9 3 ( ) 6 5 ( - 6 7 2 9 1 3 4 - - - ) 0 0 8 , 1 ( 4 4 5 4 7 3 - - 5 1 3 8 8 3 - - - - - $ S U $ S U $ S U $ S U $ S U $ S U $ S U 0 5 1 , 3 6 8 5 , 0 1 6 8 0 , 7 9 2 7 0 5 8 , 5 9 5 2 , 4 3 5 6 , 4 1 $ S U $ S U $ S U $ S U $ S U $ S U $ S U 4 2 1 , 3 1 3 7 , 0 1 7 1 0 , 7 7 1 7 0 4 8 , 5 2 3 2 , 4 6 7 5 , 4 1 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U 7 2 6 , 2 $ S U 4 2 6 , 2 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U 9 9 6 , 2 9 9 1 , 1 1 - 0 6 2 , 7 0 5 2 , 5 8 6 5 , 5 - - - 9 6 3 , 4 1 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U 0 6 6 , 2 3 4 1 , 1 1 - 2 5 4 , 7 6 2 3 , 5 1 1 6 , 5 - - - 9 6 5 , 2 1 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U 6 5 4 , 1 0 2 $ S U 0 0 0 , 2 0 2 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U - 6 2 6 , 8 5 1 0 0 5 , 0 7 2 5 8 6 , 1 2 3 2 1 6 , 8 5 1 0 0 0 , 0 0 2 0 0 0 , 0 5 $ S U $ S U $ S U $ S U $ S U $ S U $ S U - 0 0 0 , 9 5 1 0 0 5 , 0 7 2 0 0 0 , 2 2 3 0 0 0 , 9 5 1 0 0 0 , 0 0 2 0 0 0 , 0 5 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U 0 0 0 , 0 5 $ S U 0 0 0 , 0 5 $ S U $ S U $ S U - 0 0 0 , 0 5 $ S U $ S U - 0 0 0 , 0 5 $ S U $ S U ) 6 0 9 ( $ S U 1 4 5 , 2 7 $ S U 5 3 6 , 1 7 $ S U ) 5 1 4 ( $ S U 2 9 6 , 0 6 $ S U 7 7 2 , 0 6 $ S U ) 9 8 6 ( $ S U 1 7 8 , 3 2 $ S U 2 8 1 , 3 2 $ S U - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 3 8 9 , 4 1 $ S U 1 6 3 , 7 0 2 2 , 6 2 1 1 3 , 6 2 2 4 8 , 3 1 8 7 4 , 4 1 2 5 7 , 5 1 5 3 0 , 1 1 $ S U $ S U $ S U $ S U $ S U $ S U $ S U 4 4 7 , 0 1 $ S U 7 7 5 , 4 0 7 3 , 2 1 0 0 9 , 7 1 5 3 2 , 7 1 5 9 7 , 9 7 7 3 , 8 1 9 9 8 , 2 1 $ S U $ S U $ S U $ S U $ S U $ S U $ S U 4 8 5 , 2 1 $ S U - 3 3 7 , 0 1 $ S U $ S U 0 4 9 , 9 6 6 $ S U - - - 4 8 1 , 9 9 4 5 9 5 , 2 0 5 3 8 0 , 1 6 2 4 6 2 , 6 2 4 6 8 3 , 2 3 2 - 0 0 0 , 0 2 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U 7 9 4 , 8 5 2 $ S U 3 6 8 , 1 2 1 $ S U 9 7 0 , 0 7 $ S U - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 9 4 9 2 3 , $ S U 3 6 2 1 1 , 2 0 4 2 3 , 0 5 7 , 4 3 3 5 0 1 , 1 9 6 4 1 , 5 6 8 1 2 , 5 2 1 4 1 , $ S U $ S U $ S U $ S U $ S U $ S U $ S U 1 1 6 1 1 , $ S U 9 0 2 , 8 8 0 4 4 2 , - 9 4 1 , 6 2 8 2 1 1 , 0 1 3 - - - 8 8 6 2 1 , $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U , 7 5 7 4 2 3 $ S U 7 0 2 0 6 , , 3 1 7 4 7 2 , 5 5 6 0 4 4 , 3 1 2 0 8 2 , 0 4 5 4 7 1 , 6 8 8 9 4 3 , 1 5 9 9 4 1 $ S U $ S U $ S U $ S U $ S U $ S U $ S U , 0 7 8 9 4 1 $ S U - 4 8 9 9 4 , $ S U $ S U , 5 4 6 3 6 4 $ S U , 3 3 9 4 8 2 $ S U , 7 6 0 5 7 1 $ S U - - 5 5 9 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 p p u o r G g n i k n a B s d y o l L n o i t a r o p r o C h t l a e H S V C c l p s g n i d l o H C B S H C L P s y a l c r a B l a i c n a n i F e n O l a t i p a C n o i t a r o p r o C e l c a r O n o i t a r o p r o C A S E C P B n o d n o L A S e l o c i r g A t i d e r C g n i d n u F l a b o l G G A I h c n a r B . c n 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 n o l l e M k r o Y w e N f o k n a B e h T . . V N k n a B O R M A N B A S / A k n a B e k s n a D I n o i t a r o p r o C . c n I n e g m A y n a p m o C y t i v i t c A d e t a n g i s e D . e t P s e s i r p r e t n E t n e m t s e v n I r e z i f P l a t i p a C d n a l e r I p a C r e A k r o Y w e N , G A e s s i u S t i d e r C h c n a r B . c n I , K O E N O . d t L 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 n o i t a r o p r o C a c i r e m A f o k n a B 〃〃〃〃〃〃〃〃〃〃 . c n I , p u o r G s h c a S n a m d l o G e h T . c n I s t e k r a M l a b o l G p u o r g i t i C s t e k r a M l a b o l G p u o r g i t i C . c n I s g n i d l o H p r o C e c n a n i F 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 . c n I p u o r g i t i C y n a p m 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 d t L l a n o i t a n r e t n I C L L n a g r o m p J p u o r g i t i C d e k c a b - e g a g t r o m y c n e g A s e i t i r u c e s 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 L A N O I T A N L A R E D E F r e h t o h g u o r h t I N O I T A C O S S A E G A G T R O M 〃〃 e g a g t r o M n a o L e m o H l a r e d e F n o i t a r o p r o 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 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 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 l a b o l G C M S T ) 1 e t o N ( e c n a l a B g n i d n E t n u o m A n g i e r o F ( s t i n U / s e r a h S ) 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 n I ( n o s s o L / n i a G l a s o p s i D 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 ) s d n a s u o h T ) s d n a s u o h T ) s d n a s u o h T ) s d n a s u o h T e u l a V g n i y r r a C n g i e r o F ( t n u o m A n g i e r o F ( s t i n U / s e r a h S t n u o m A n g i e r o F ( s t i n U / s e r a h S t n u o m A n g i e r o F ( s t i n U / s e r a h S 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 n I ( n i s e i c n e r r u C ) s d n a s u o h T n I ( n i s e i c n e r r u C ) 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 9 7 4 , 8 1 7 $ S U 5 9 9 , 6 $ S U 0 0 0 , 5 2 2 $ S U 0 0 0 , 5 3 1 $ S U 0 4 9 , 8 8 $ S U - - ) 7 6 4 , 4 ( $ S U 5 1 7 , 1 8 1 $ S U 8 4 2 , 7 7 1 $ S U ) 6 ( $ S U 0 0 0 , 3 $ S U 4 9 9 , 2 $ S U - - - $ S U - $ S U - $ S U $ S U 0 0 0 , 5 2 $ S U 0 0 0 , 5 2 $ S U $ S U - $ S U - $ S U - $ S U - ) 6 0 2 ( $ S U 0 0 0 , 0 1 $ S U 4 9 7 , 9 $ S U - - - - - - 7 5 6 , 3 6 2 $ S U 3 9 9 , 9 $ S U 0 0 0 , 5 2 2 $ S U 0 0 0 , 0 6 1 $ S U 6 2 8 , 8 8 $ S U - $ S U - - - - - - , 3 0 6 3 1 6 $ S U - - - - $ S U $ S U $ S U $ S U 5 5 6 , 9 $ S U - - - - - - 5 9 7 , 2 3 4 $ S U - - $ S U - $ S U - $ S U - 5 9 7 , 2 3 4 $ S U - - $ S 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 h T f o t n e m t r a p e D 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 g a g t r o M n a o L e m o H l a r e d e F n o i t a r o p r o C y r u s a e r T 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 s k n a B n a o L e m o H l a r e d e 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 〃〃 t s o c e h T f o t n e m t r a p e D s e t a t S d e t i n U e g a g t r o M n a o L e m o H l a r e d e F n o i t a r o p r o C y r u s a e r T s e i t i r u c e s d e k c a b - t e s s A 6 A B L - 2 2 0 2 t s u r T X B s d n o b y c n e g A / d n o b t n e m n r e v o G l a b o l G C M S T s s o L r o t i f o r P h g u o r h t C L L 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 , l a b o l G n o i t a c i r b a f o n a N S M I t n e m p o l e v e D s k c o t s d e r r e f e r p e l b i t r e v n o C C M S T ) d e d u l c n o C ( . d e t t i m e r n e e b s a h d n a s u o h t 0 0 2 4 , $ S U , r e t r a u q s i h t f o d n e e h t f o s A . s r o t c e r i d f o d r a o b e h t f o n o i t u l o s e r e h t n o d e s a b I d n u F s r e n t r a P e r u t n e V r e t t a M n i d n a s u o h t 0 0 0 , 0 2 $ S U t s e v n i o t s t c e p x e s r e n t r a P C M S T . t n e m t s u j d a d e t a l e r r e h t o d n a s t n e m t s e v n i s d n o b n o t n u o c s i d / m u i m e r p f o n o i t a z i t r o m a e h t , t n e m t s e v n i y t i u q e n o s s o l / n i a g d e z i l a e r e h t s e d u l c n i e c n a l a b g n i d n e e h T . d n a s u o h t 0 3 9 , 9 3 1 R U E f o t n e m t s e v n i r o f t n e m y a p e r p a s e d u l c n I : 1 : 2 : 3 e t o N e t o N e t o N - 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C M S T f o r e d r o e s a h c r u p l a n i f e h t o t t c e j b u s e b l l a h s n o i t a m r o f n i l a u t c a e h T . ) d e d u l c n i e r a s t e s s a e s u - f o - t h g i R ( 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 n o i t a i r p o r p p a l a t i p a c e h t n o d e s a b n o i t a m r o f n i d e t c e p x e e r a s e r u s o l c s i d e h T : e t o N , . o C g n i r e e n i g n E h c e t g n a Y , . o C g n i r e e n i g n E y e k n a Y . d t L . c n I y g o l o n h c e T o a P g n i Y . p r o C g n e h C - o a h Z . d t L - - 3 3 0 0 1 1 - - e t o N o t % l a t o 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 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 e c i r P t i n U 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 2 8 4 2 3 , 9 8 7 , 4 5 1 $ - - - 9 4 - 1 - - - - 8 2 7 , 1 7 4 ) 2 8 2 , 4 6 0 , 5 ( ) 9 6 7 , 2 1 3 , 2 ( ) 8 5 1 , 9 9 1 ( ) 8 4 3 , 7 5 4 ( ) 3 5 6 , 6 6 ( ) 1 0 4 , 1 1 9 0 , 3 4 $ S U ( 2 1 2 3 6 , 9 0 1 - - - - - - - - - - - - - - - - - - - - - - - - 4 4 0 0 1 1 - - e h t f o d n e e h t m o r f s y a d 0 3 t e N s i e c i o v n i n e h w f o h t n o m ) e t o N ( e h t f o d n e e h t m o r f s y a d 0 3 t e N 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 - - 0 5 1 , 6 5 3 0 5 1 , 5 4 1 s e l a S s e l a S y r a i d i s b u S M S A J y r a i d i s b u S a n o z i r A C M S T e h t f o d n e e h t m o r f s y a d e t a d e c i o v n i m o r f s y a d 0 3 0 3 t e N t e N - 5 3 7 3 2 8 9 8 , , 8 6 1 5 , 2 5 2 , 2 6 s e l a S s e s a h c r u P e t a i c o s s A y r a i d i s b u S g n i j n a N C M S T C U G 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 f o d n e e h t m o r f s y a d 0 3 t e N 4 1 2 0 2 , 3 4 6 , 5 2 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 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 f o d n e e h t m o r f s y a d 0 3 t e N 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 f o d n e e h t m o r f s y a d 0 3 t e N 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 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 t a d e c i o v n i m o r f s y a d 0 3 t e N e h t f o d n e e h t m o r f s y a d 0 6 t e N 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 5 2 1 - 9 2 0 9 2 0 3 , , 8 s e s a h c r u P y r a i d i s b u s t c e r i d n I n o t g n i h s a W C M S T 1 7 6 3 9 4 , , 3 s e s a h c r u P 5 3 5 8 6 0 , , 1 s e s a h c r u P 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 , 3 1 1 2 4 6 ) 6 8 9 , 4 2 1 1 0 3 9 5 8 , , 3 $ S U ( s e l a S s e l a S 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 . 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 s i r o n e t e h T : 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 6 6 , 6 0 4 9 5 5 , 9 5 4 1 , $ s e l a S y r a i d i s b u S a c i r e m A h t r o N C M S T C M S T 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 ( 3 2 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 7 E L B A T - 4 0 1 - e u d r e v O 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 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 ( ) s d n a s u o h T n i 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 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 ( 3 2 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 - - - - - - - - - - - - - - - - - - - - - - - $ 0 5 7 , 6 3 3 , 1 8 $ - - - - - - - - - - - - - - - - - - - - - - - 7 3 1 , 4 1 1 $ 1 4 2 e t o N 6 3 2 e t o N 2 e t o N , 8 0 0 7 3 5 8 5 1 , $ 9 3 1 6 1 4 , 8 2 7 1 7 4 , ) 4 7 7 , 3 1 5 0 6 1 1 , 3 0 3 2 4 1 , ) 2 9 1 9 4 6 , $ S U ( Y P J ( 3 3 9 6 7 , 2 1 3 2 , y n a p m o c t n e r a P 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 C M S T M S A J C U G C M S T h t r o N C M S T a c i r e m A y n a p m o c t n e r a P C M S T C D J C M S T y n a p m o c t n e r a P C M S T a n i h C C M S T 2 e t o N 7 2 3 6 2 e t o N 3 2 2 e t o N 7 0 5 , 5 9 3 8 3 , ) 6 5 4 3 3 5 , B M R ( 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 ) 8 7 2 2 8 2 , 6 5 8 8 , , 4 6 0 5 , ) 0 1 1 , 8 6 1 1 , 2 3 6 9 0 1 , ) 7 3 7 , 5 1 1 5 8 3 8 4 , ) 7 7 4 , 6 8 5 1 9 9 1 , ) 3 2 1 , 1 1 4 0 0 2 4 3 , B M R ( B M R ( $ S U ( $ S U ( $ S U ( y n a p m o c t n e r a P t n e m p o l e v e D C M S T 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 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 n o t g n i h s a W 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 - - 5 5 0 0 1 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 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 ( % 3 % 8 6 - % 2 % 2 - % 1 % 3 - - - % 1 - - - - - - - - - - - - 4 2 3 , 9 8 7 , 4 5 1 4 8 6 , 7 4 7 , 3 4 0 0 , 5 5 0 , 1 0 1 1 0 1 , 2 5 0 , 4 3 1 6 6 7 , 2 3 1 , 2 1 2 0 2 , 3 4 6 , 5 2 6 1 5 , 2 5 2 , 2 6 2 8 2 , 4 6 0 , 5 0 4 9 , 5 5 8 , 3 2 0 9 , 2 0 3 , 8 7 0 5 , 5 9 3 , 8 3 6 0 4 , 9 5 5 , 9 5 4 , 1 $ s e i t i l i b a i l t n e r r u c r e h t o d n a s e s n e p x e d e u r c c 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 r e h t O 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 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 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 s e i t i l i b a i l t n e r r u c n o n r e h t O s t e s s a t n e r r u c n o n r e h t O s e s a h c r u P s e s a h c r u P 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 g n i j n a N C M S T a n i h C C M S T M S A J y g o l o n h c e T C M S T n o t g n i h s a W C M S T g n i j n a N C M S T a n i h C C M S T 1 . 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 . 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 e h t s t n e s e r p e r 1 . o N : 1 . 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 s t n e s e r p e r 3 . o N e t o N 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 3 2 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 ( - - 6 6 0 0 1 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 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 - 6 0 1 - ) 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 ( 3 2 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 3 2 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 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 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 2 2 0 2 n g i e r o F ( 3 2 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 u n i t n o C ( y r a i d i s b u S ) 9 3 6 , 4 2 9 , 0 1 ( ) 9 3 6 , 4 2 9 , 0 1 ( 5 7 9 , 4 0 6 , 8 9 2 y r a i d i s b u S 1 6 9 , 2 2 9 , 4 2 $ 1 6 9 , 2 2 9 , 4 2 $ 3 8 8 , 5 2 2 , 1 4 4 $ y r a i d i s b u S 2 9 7 , 6 7 7 , 2 2 9 7 , 6 7 7 , 2 9 1 7 , 3 4 1 , 8 6 y r a i d i s b u S ) 7 3 0 , 0 2 1 , 2 ( ) 5 7 6 , 5 6 9 , 2 ( 0 4 1 , 7 8 0 , 7 4 e t a i c o s s A 8 9 5 , 2 8 0 , 2 4 7 0 , 0 7 3 , 7 0 3 4 , 0 9 5 , 3 1 y r a i d i s b u S 9 4 7 , 0 4 2 0 8 0 , 6 5 3 1 6 9 , 1 6 2 , 1 1 e t a i c o s s A 3 3 5 , 1 9 7 0 6 5 , 0 4 0 , 2 1 0 8 , 8 2 7 , 9 y r a i d i s b u S 6 6 0 , 6 3 8 6 6 0 , 6 3 8 1 5 7 , 8 7 2 , 6 y r a i d i s b u S ) 0 7 5 , 7 1 ( ) 0 7 5 , 7 1 ( 3 1 0 , 8 6 7 , 4 e t a i c o s s A 1 9 1 , 4 6 5 4 7 7 , 5 7 3 , 1 1 0 7 , 9 5 7 , 3 e t a i c o s s A 1 2 1 , 2 2 2 , 1 5 8 8 , 7 0 5 , 3 6 0 7 , 7 3 5 , 2 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 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 y r a i d i s b u S y r a i d i s b u S 3 9 2 , 0 2 6 8 7 , 2 2 1 5 6 8 , 2 4 7 8 7 , 0 4 7 8 4 , 6 4 8 0 , 4 1 2 4 2 9 7 , 1 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 3 1 3 , 0 2 6 8 7 , 2 2 1 5 6 8 , 2 4 7 8 7 , 0 4 9 1 6 , 6 4 8 0 , 4 9 2 4 2 9 7 , 1 2 4 7 , 1 0 9 , 1 9 4 4 , 4 2 2 , 1 9 9 4 , 2 9 5 1 9 1 , 4 9 3 0 4 5 , 7 5 2 3 0 4 , 0 3 1 2 6 6 , 7 1 1 9 9 5 , 4 4 8 7 7 , 1 9 1 , 1 5 1 8 , 1 4 8 , 7 3 ) 0 6 7 , 8 3 $ S U ( ) 8 4 7 , 0 3 2 , 1 $ S U ( ) 4 8 2 , 4 6 4 8 , 9 4 ) 6 9 5 , 1 8 3 9 , 0 3 1 $ S U ( ) 8 3 6 , 6 3 $ S U ( 4 2 5 , 6 2 1 , 1 5 2 9 , 8 7 3 $ S U ( ) 4 2 3 , 2 1 $ S U ( 0 0 1 0 0 1 0 0 1 1 7 8 2 7 6 9 3 0 0 1 0 0 1 1 4 5 3 9 . 9 9 0 0 1 0 0 1 0 0 1 8 9 0 0 1 8 9 0 0 1 0 0 1 0 0 1 0 0 1 1 1 0 0 5 , 0 1 0 0 8 , 5 1 0 7 3 , , 9 0 3 2 6 1 5 5 3 $ , , 9 0 3 2 6 1 5 5 3 $ , s e i t i v i t c a t n e m t s e v n I 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 , 0 1 3 5 6 6 9 2 3 , d e t a r g e t n i f o g n i t s e t d n a s e l a 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 . , a n o z i r A , x i n e o h P 8 6 2 , 8 8 9 0 3 1 , 6 5 4 1 3 , 0 3 1 , 6 5 4 1 3 , 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 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 d n a , g n i r u t c a f u n a m d n a n g i s e d r o t c u d n o c i m e s s e i t i v i t c a t n e m t s e v n i r e h t o 9 6 2 , 2 5 8 0 , 7 6 5 4 2 , 2 4 0 , 0 3 6 2 5 , d e d i a - r e t u p m o c d n a g n i t s e t , s e l a s , g n i r u t c a f u n a M n a p a J , o t o m a m u K 3 2 2 , 4 6 4 7 7 6 , 0 8 1 0 1 , 7 7 6 , 0 8 1 0 1 , d n a g n i t s e t , g n i g a k c a p , s e l a s , g n i r u t c a f u n a M n a w i a T , u h C - n i s H r e h t o d n a 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 s e c i v e d r o t c u d n o c i m e s 9 1 6 , 3 1 2 2 8 0 , 4 2 2 , 4 , 2 8 0 4 2 2 , 4 , g n i r u t c a f u n a m , t n e m p o l e v e d , n g i s e d , h c r a e s e R n a w i a T , u h C - n i s H 4 1 3 8 2 0 , 0 2 1 , 5 , 8 2 0 0 2 1 , 5 d n a s t i u c r i c d e t a r g e t n i f o s e l a 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 r e t l i f r o l o c f o t s e t d n a g n i g a k c a p , s e l a s 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 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 a n o z i r A C M S T l a b o l G C M S T s r e n t r a P C M S T M S A J S I V h c e T a r E s i V C M S S C M S T - 9 4 - 5 1 - 6 - 0 8 - - 0 0 3 , 2 5 2 4 , 9 6 2 , 1 6 5 3 , 4 4 1 , 1 9 4 7 5 1 , 0 8 6 , 0 1 4 1 2 6 , 9 3 2 , 1 0 6 7 3 8 , 6 5 6 3 1 , 0 0 3 , 0 6 2 , 5 8 5 6 6 6 , 1 , 6 5 3 4 4 1 , 1 9 4 7 5 1 , , 0 8 6 0 1 4 , 9 7 6 2 4 2 , 1 0 6 7 3 8 , 6 5 6 3 1 , , 0 0 3 0 6 2 7 0 6 , 6 4 0 8 1 , 7 0 6 , 6 4 0 8 1 , ) 9 3 9 , 6 8 5 $ S U ( ) 9 3 9 6 8 5 , $ S U ( ) 2 8 2 4 1 , 8 1 7 0 7 , ) 0 0 3 , 2 9 2 1 , 9 3 4 , 9 2 1 9 3 4 $ S U ( ) 2 8 2 4 1 , $ S U ( 8 1 7 0 7 , $ S U ( ) 0 0 3 , 2 $ S U ( s e i n a p m o c p u - t r a t s y g o l o n h c e t 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 p u - t r a t s y g o l o n h c e t 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 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 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 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 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 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 s e l a 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 0 0 1 - 2 8 2 , 1 1 1 7 1 3 , 8 8 9 , 1 , 3 9 2 4 1 8 , 4 ) 4 e t o N ( , 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 d e t a r g e t n i f o g n i t s e t d n a s e l a 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 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 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 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 s e i n a p m o c p u - t r a t s y g o l o n h c e t n i g n i 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 g n i t e k r a m d n a 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 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 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 . 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 y n a m r e G , n e d s e r D n a w i a T , n a u y o a T 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 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 a e r o K , l u o e S d n u F g n i g r e m E e p o r u E C M S T I C D 3 C M S T C D J C M S T I I I F A T V n a p a J C M S T I I F A T V a e r o K C M S T C M S E c e t n i X C U G - - 7 7 0 0 1 1 - - 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 a d a n a C C M S T . A S U . . A S U . , e r a w a l e D , e r a w a l e D y g o l o n h c e T C M S T 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 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 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 y r a i d i s b u S 2 e t o N 3 e t o N 2 e t o N ) 6 9 9 ( ) ) 2 3 ( 3 e t o N $ S U ( ) 7 4 1 , 6 $ S U ( $ 0 9 9 , 8 8 1 $ 0 0 1 - 3 e t o N 3 e t o N 3 e t o N , 1 3 r e b m e c e D , 1 3 r e b m e c e D 2 2 0 2 n g i e r o F ( 3 2 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 4 0 5 7 6 , ) 5 9 1 , 2 ) 3 9 5 , 1 1 9 9 8 4 , $ S U ( 3 e t o N $ S U ( ) 5 9 2 , 2 $ S U ( $ 8 7 5 0 7 , $ 3 2 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 ) 3 5 0 , 6 $ S U ( ) 6 8 5 , 9 8 1 $ S U ( y r a i d i s b u S 2 e t o N 7 8 1 , 1 7 1 7 9 1 , 9 2 8 , 5 0 0 1 7 3 6 , 3 9 2 - - 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 s e i n a p m o c p u - t r a t s y g o l o n h c e t n i g n i t s e v n I s d n a l s I n a m y a C d n u F h t w o r G I I I F A T V 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 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 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 d e t a r g e t n i f o g n i t s e t d n a s e l a 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 n a w i a T , i e p i a T w e N k a P - l a u t u M . A S U . , n o t g n i h s a W n o t g n i h s a W C M S T t n e m p o l e v e D C M S T ) d e d u l c n o C ( . 3 2 0 2 r e b m e v o N g n i t r a t s I C O T V F t a s t e s s a l a i c n a n i f s a d e i f i s s a l c s a w k a P - l a u t u M n i t n e m t s e v n i e h t , e r o f e r e h T . k a P - l a u t u M r e v o e c n e u l f n i t n a c i f i n g i s e v a h o t d e s a e c y l t n e u q e s n o c y n a p m o C e h t , % 7 1 o t g n i d l o h e r a h s n i e s a e r c e d e h t o t e u D : 3 . d n a s u o h t 0 3 9 , 9 3 1 R U E f o t n e m t s e v n i r o f t n e m y a p e r p a s e d u l c n I : 4 . 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 e t o N e t o N - - 8 8 0 0 1 1 - - 0 1 E L B A T - 8 0 1 - 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 3 2 0 2 g n i y r r a C t n u o m A f o s a f o s a e c n a l a B , 1 3 r e b m e c e D 3 2 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 ( 3 2 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 3 2 0 2 , 1 y r a u n a J ) s d n a s u o h T n i $ S U ( 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 ) s d n a s u o h T n i B M R ( 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 3 2 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 - - ) 2 e t o N ( ) 0 0 0 6 9 5 , $ S U ( ) 0 0 0 6 9 5 , $ S U ( ) 0 8 0 , 2 0 5 , 4 B M R ( 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 r e h t o d n a s t i u c r i c r o t c u d n o c i m e s d n a g n i t s e t s e c i v e d $ 7 9 0 , 9 1 4 , 5 9 $ 5 4 7 , 0 1 2 , 0 1 $ % 0 0 1 3 9 5 , 8 1 1 , 0 1 $ 7 6 6 , 9 3 9 8 1 , $ - $ - $ 7 6 6 , 9 3 9 , 8 1 $ ) 1 e t o N ( 7 6 6 , 9 3 9 , 8 1 $ , s e l a s , g n i r u t c a f u n a M a n i h C C M S T 0 3 8 , 5 2 6 , 7 8 ) 2 e t o N ( 8 7 3 , 2 6 7 , 1 2 % 0 0 1 1 7 0 , 5 5 7 , 1 2 2 1 4 , 1 2 5 0 3 , - - 2 1 4 , 1 2 5 , 0 3 ) 1 e t o N ( 2 1 4 , 1 2 5 , 0 3 , s e l a 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 ) 0 0 0 , 0 0 0 1 , $ S U ( ) 0 0 0 , 0 0 0 1 , $ S U ( ) 9 1 1 , 0 5 6 , 6 B M R ( d e t a r g e t n i f o n g i s e d r e h t o d n a s t i u c r i c r o t c u d n o c i m e s d e d i a - r e t u p m o c d n a g n i t s e t 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 i a n 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 , 8 0 7 7 5 9 , 9 8 0 , 2 $ ) 3 e t o N ( . g n i j n a N C M S T n i , 7 6 6 2 1 4 9 1 1 , $ ) 0 0 0 6 9 5 , , 3 $ S U ( 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 ) s d n a s u o h T n i $ S U ( - - 9 9 0 0 1 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 . 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 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 e t o N e t o N e t o N 3 2 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 ( 1 1 E L B A T s e r a h S ) 2 e t o N ( e g a t n e c r e P p i h s r e n w O d e n w O s e r a h S l a t o T ) 1 e t o N ( s r e d l o h e r a h S S R E D L O H E R A H S R O J A M N O N O I T A M R O F N I 3 2 0 2 , 1 3 R E B M E C E D 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 % 0 5 . 0 2 % 8 3 . 6 , 3 6 0 3 1 5 5 1 3 , , 0 8 9 9 0 7 3 5 6 , - - 0 0 1 1 1 1 - - , 5 , 1 . d t 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 - R D A n a u Y e v i t u c e x E , d n u F t n e m p o l e v e D l a n o i t a N . r e t a e r g r o t n e c r e p 5 f o p i h s r e n w o h t i w s r e d l o h e r a h s l l a f o t s i l e h t s w o h s s r e d l o h e r a h s r o j a M : 1 . s e c a l p l a m i c e d o w t o t d e d n u o r s i e g a t n e c r e p p i h s r e n w o f o n o i t a l u c l a c e h T : 2 e t o N e t o N Taiwan Semiconductor Manufacturing Company Limited Parent Company Only Financial Statements for the Years Ended December 31, 2023 and 2022 and Independent Auditors’ Report - 0 1 1 - - 111 - - 112 - - 112 - - 112 - - 113 - to be capable of operating in the intended manner. Changes in these assumptions could have a significant impact on when depreciation is recognized. Given the subjectivity in determining the date to commence depreciation of EUI/CIP, performing audit procedures to evaluate the reasonableness of the Company’s judgments and assumptions required a high degree of auditor judgment. Consequently, the validity of commencement of depreciation related to PP&E classified as EUI/CIP is identified as a key audit matter. Our audit procedures related to the evaluation of when to commence depreciation of EUI/CIP included the following, among others: 1. We read the Company’s policy and understood the criteria used to determine when to commence depreciation. 2. We tested the effectiveness of the controls over the evaluation of when to commence depreciation of EUI/CIP. 3. We sampled the year-end balance of EUI/CIP and performed the following for each selection: a. Evaluated whether the selection did not meet the criteria specified by the Company for commencement of depreciation. b. Observed the assets and evaluated their status. 4. We sampled and evaluated whether the selection of EUI/CIP met the criteria specified by the Company for commencement of depreciation during the year. 5. We sampled and evaluated whether the selection of EUI/CIP met the criteria specified by the Company for commencement of depreciation subsequent to year end. Responsibilities of Management and Those Charged with Governance for the Parent Company Only Financial Statements Management is responsible for the preparation and fair presentation of the parent company only financial statements in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers, and for such internal control as management determines is necessary to enable the preparation of parent company only financial statements that are free from material misstatement, whether due to fraud or error. In preparing the parent company only financial statements, management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Those charged with governance (including members of the Audit and Risk Committee) are responsible for overseeing the Company’s financial reporting process. Auditors’ Responsibilities for the Audit of the Parent Company Only Financial Statements Our objectives are to obtain reasonable assurance about whether the parent company only financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Standards on Auditing of the Republic of China will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, 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. - 114 - - 114 - As part of an audit in accordance with the Standards on Auditing of the Republic of China, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: 1. Identify and assess the risks of material misstatement of the parent company only financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. 2. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. 3. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. 4. Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors’ report to the related disclosures in the parent company only financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors’ report. However, future events or conditions may cause the Company to cease to continue as a going concern. 5. Evaluate the overall presentation, structure and content of the parent company only financial statements, including the disclosures, and whether the parent company only financial statements represent the underlying transactions and events in a manner that achieves fair presentation. 6. Obtain sufficient and appropriate audit evidence regarding the financial information of the entities or business activities within the Company to express an opinion on the parent company only financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the parent company only financial statements for the year ended December 31, 2023 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. - 115 - - 115 - - 116 - 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 amortized cost (Note 8) Notes and accounts receivable, net (Note 10) Receivables from related parties (Note 30) Other receivables from related parties (Note 30) Inventories (Notes 5 and 11) 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 (Note 12) Property, plant and equipment (Notes 5 and 13) Right-of-use assets (Notes 5 and 14) Intangible assets (Notes 5 and 15) Deferred income tax assets (Notes 5 and 23) Refundable deposits Other noncurrent assets (Note 30) Total noncurrent assets TOTAL LIABILITIES AND EQUITY CURRENT LIABILITIES Financial liabilities at fair value through profit or loss (Note 7) Hedging financial liabilities (Notes 9 and 27) Accounts payable Payables to related parties (Note 30) Salary and bonus payable Accrued profit sharing bonus to employees and compensation to directors (Note 26) Payables to contractors and equipment suppliers Cash dividends payable (Note 18) Income tax payable (Notes 5 and 23) Long-term liabilities - current portion (Notes 16 and 27) Accrued expenses and other current liabilities (Notes 5, 14, 19, 27 and 30) Total current liabilities NONCURRENT LIABILITIES Bonds payable (Notes 16 and 27) Deferred income tax liabilities (Notes 5 and 23) Lease liabilities (Notes 5, 14 and 27) Net defined benefit liability (Note 17) Guarantee deposits Others (Notes 19 and 30) Total noncurrent liabilities Total liabilities EQUITY ATTRIBUTABLE TO SHAREHOLDERS OF THE PARENT Capital stock (Note 18) Capital surplus (Note 18) Retained earnings (Note 18) Appropriated as legal capital reserve Appropriated as special capital reserve Unappropriated earnings Others (Note 18) Total equity TOTAL The accompanying notes are an integral part of the parent company only financial statements. - 117 - - 117 - December 31, 2023 Amount % December 31, 2022 Amount % $ 718,703,712 624,685 18,371,705 33,557,279 155,261,877 4,360,322 238,259,195 4,321,083 12,328,706 15 - - 1 3 - 5 - - $ 628,875,897 552,255 48,732,476 41,311,836 173,044,812 6,357,925 208,282,895 2,801,253 8,591,040 14 - 1 1 4 - 5 - - 1,185,788,564 24 1,118,550,389 25 960,950 1,094,695,092 2,453,465,322 37,872,705 17,684,064 62,356,061 3,433,404 17,823,122 - 23 50 1 - 1 - 1 1,014,741 727,947,169 2,432,675,050 39,051,427 21,456,104 67,708,061 2,095,656 11,920,467 - 16 55 1 1 2 - - 3,688,290,720 76 3,303,868,675 75 $ 4,874,079,284 100 $ 4,422,419,064 100 $ 25,673 27,290,400 47,643,493 10,119,695 27,754,742 50,642,488 84,146,173 168,558,461 98,564,981 6,997,710 241,858,508 $ - 1 1 - 1 1 2 3 2 - 5 17,468 - 48,732,542 10,051,044 31,308,620 61,392,175 200,046,018 142,617,093 120,077,567 18,100,000 266,903,073 - - 1 - 1 1 5 3 3 - 6 763,602,324 16 899,245,600 20 439,869,855 - 26,959,435 9,257,224 915,344 174,561,475 9 - - - - 4 361,130,474 908,273 27,593,900 9,321,091 885,273 177,681,258 8 - 1 - - 4 651,563,333 13 577,520,269 13 1,415,165,657 29 1,476,765,869 33 259,320,710 69,876,381 5 2 259,303,805 69,330,328 6 2 311,146,899 - 2,846,883,893 3,158,030,792 6 - 59 65 311,146,899 3,154,310 2,323,223,479 2,637,524,688 (28,314,256) (1) (20,505,626) 7 - 53 60 (1) 3,458,913,627 71 2,945,653,195 67 $ 4,874,079,284 100 $ 4,422,419,064 100 Taiwan Semiconductor Manufacturing Company Limited PARENT COMPANY ONLY STATEMENTS OF COMPREHENSIVE INCOME (In Thousands of New Taiwan Dollars, Except Earnings Per Share) 2023 2022 Amount % Amount % NET REVENUE (Notes 5, 19 and 30) $ 2,153,285,095 100 $ 2,252,320,561 100 COST OF REVENUE (Notes 5, 11, 26 and 30) 1,022,660,164 47 951,927,673 42 GROSS PROFIT 1,130,624,931 53 1,300,392,888 58 OPERATING EXPENSES (Notes 5, 26 and 30) Research and development General and administrative Marketing 178,725,098 39,890,037 5,118,396 9 2 - 160,813,633 42,764,642 6,059,649 Total operating expenses 223,733,531 11 209,637,924 7 2 - 9 OTHER OPERATING INCOME AND EXPENSES, NET (Notes 13 and 26) 481,455 - (8,275) (1) INCOME FROM OPERATIONS 907,372,855 42 1,090,746,689 48 NON-OPERATING INCOME AND EXPENSES Share of profits of subsidiaries and associates (Note 12) Interest income (Note 20) Other income Foreign exchange gain (loss), net (Note 32) Finance costs (Note 21) Other gains and losses, net (Note 22) 52,587,403 17,825,551 230,801 (3,238,713) (4,600,793) 7,594,132 Total non-operating income and expenses 70,398,381 2 1 - - - - 3 42,415,408 5,957,864 887,958 853,022 (3,240,406) 3,053,281 49,927,127 2 1 - - - - 3 INCOME BEFORE INCOME TAX 977,771,236 45 1,140,673,816 51 INCOME TAX EXPENSE (Notes 5 and 23) 139,273,572 6 124,143,567 6 NET INCOME 838,497,664 39 1,016,530,249 45 OTHER COMPREHENSIVE INCOME (LOSS) (Notes 5, 12, 17, 18 and 23) Items that will not be reclassified subsequently to profit or loss: Remeasurement of defined benefit obligation Unrealized gain/(loss) on investments in equity instruments at fair value through other comprehensive income Gain on hedging instruments Share of other comprehensive gain/(loss) of subsidiaries and associates Income tax benefit related to items that will not be reclassified subsequently (623,356) - (823,060) - (53,665) 39,898 2,049,357 124,646 1,536,880 - - - - - 18,979 - (127,903) 733,956 (198,028) - - - - - (Continued) - 118 - - 118 - Taiwan Semiconductor Manufacturing Company Limited PARENT COMPANY ONLY STATEMENTS OF COMPREHENSIVE INCOME (In Thousands of New Taiwan Dollars, Except Earnings Per Share) 2023 2022 Amount % Amount % Items that may be reclassified subsequently to profit or loss: Exchange differences arising on translation of foreign operations $ (13,645,829) - $ 51,030,928 Share of other comprehensive gain/(loss) of subsidiaries and associates Income tax benefit related to items that may be reclassified subsequently 4,120,827 - (9,525,002) Other comprehensive income (loss), net of income tax (7,988,122) - - - - (8,244,295) 6,036 42,792,669 42,594,641 2 - - 2 2 TOTAL COMPREHENSIVE INCOME $ 830,509,542 39 $ 1,059,124,890 47 EARNINGS PER SHARE (NT$, Note 24) Basic earnings per share Diluted earnings per share $ $ 32.34 32.34 $ $ 39.20 39.20 The accompanying notes are an integral part of the parent company only financial statements. (Concluded) - 119 - - 119 - $ ) 6 5 2 , 4 1 3 , 8 2 ( $ ) 4 3 4 , 3 9 2 ( $ 5 7 8 , 5 9 3 , 1 $ ) 8 2 9 , 9 9 0 , 4 ( $ ) 9 6 7 , 6 1 3 , 5 2 ( $ 2 9 7 , 0 3 0 , 8 5 1 , 3 $ 3 9 8 , 3 8 8 , 6 4 8 , 2 $ - - 0 0 2 2 1 1 - - l a t o T y t i u q E y r u s a e r T k c o t S 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 d e z i l a e r n U n o ) s s o L ( n i a G l a i c n a n i F r i a F t a s t e s s A h g u o r h T e u l a V r e h t O 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 s r e h t O l a t o T s g n i n r a E e v r e s e R 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 d n a s u o h T n I ( i s g n n r a E d e n i a t e R 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 l a t i p a C l a g e L k c o t S n o m m o C - k c o t S l a t i p a C s e r a h S 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 $ 6 3 5 , 0 2 1 $ 0 1 3 , 4 7 5 $ ) 1 6 3 , 3 0 3 , 3 6 ( $ 1 6 6 , 9 2 8 , 6 0 9 , 1 $ 0 5 5 , 8 7 3 , 6 3 5 , 1 $ 2 1 2 , 4 0 3 , 9 5 $ 9 9 8 , 6 4 1 , 1 1 3 $ 2 0 6 , 1 6 7 , 4 6 $ 5 0 8 , 3 0 3 , 9 5 2 $ 0 8 3 , 0 3 9 , 5 2 2 2 0 2 , 1 Y R A U N A J , E C N A L A B - ) 5 8 1 , 4 3 2 , 5 8 2 ( ) 5 8 1 , 4 3 2 , 5 8 2 ( 6 4 7 , 6 6 2 1 4 6 , 4 9 5 , 2 4 9 4 2 , 0 3 5 , 6 1 0 , 1 0 9 8 , 4 2 1 , 9 5 0 , 1 3 5 5 , 6 8 2 , 8 6 1 , 2 $ - - - - - - - - ) 6 6 5 , 1 7 8 ( ) 6 6 5 , 1 7 8 ( - - ) 9 2 9 , 2 5 ( 1 4 5 , 4 5 0 2 , 3 1 0 4 9 , 5 1 1 , 4 5 9 1 , 3 5 6 , 5 4 9 , 2 - ) 0 2 2 , 3 6 6 , 7 1 3 ( ) 0 2 2 , 3 6 6 , 7 1 3 ( 4 6 6 , 7 9 4 , 8 3 8 ) 2 2 1 , 8 8 9 , 7 ( 2 4 5 , 9 0 5 , 0 3 8 4 1 6 , 4 7 8 6 , 7 7 4 - ) 1 8 1 , 5 4 ( ) 5 5 1 , 8 1 ( ) 8 6 2 , 1 2 ( 3 1 4 , 6 1 7 2 6 , 3 1 9 , 8 5 4 , 3 $ - - - - - - - - - - - - - - - - - - - - 6 6 5 , 1 7 8 $ ) 5 1 5 , 8 0 6 , 2 6 ( $ - - - - 3 1 2 , 4 4 6 , 2 4 3 1 2 , 4 4 6 , 2 4 - - - - - - - ) 3 5 1 , 5 8 1 ( ) 3 5 1 , 5 8 1 ( - - ) 2 4 2 , 3 0 3 ( ) 9 2 9 , 2 5 ( - - - - - - - - - - - - - - - - - ) 9 2 9 , 2 5 ( - - - ) 2 4 2 , 3 0 3 ( - - - - - - - - - - - - - - - - ) 7 0 7 , 4 5 8 ( ) 7 0 7 , 4 5 8 ( 2 4 2 , 3 0 3 2 4 2 , 3 0 3 - - - - - - - - 4 7 5 , 1 1 4 , 1 ) 1 2 4 , 7 2 3 , 0 1 ( 0 6 0 , 0 6 5 , 1 5 ) 2 7 5 , 9 4 ( ) 2 7 5 , 9 4 ( 4 7 5 , 1 1 4 , 1 ) 1 2 4 , 7 2 3 , 0 1 ( 0 6 0 , 0 6 5 , 1 5 7 7 6 , 0 8 4 , 6 1 0 , 1 7 7 6 , 0 8 4 , 6 1 0 , 1 - - - - - - - - - - - - 9 4 2 , 0 3 5 , 6 1 0 , 1 9 4 2 , 0 3 5 , 6 1 0 , 1 - ) 5 8 1 , 4 3 2 , 5 8 2 ( ) 5 8 1 , 4 3 2 , 5 8 2 ( 2 0 9 , 9 4 1 , 6 5 ) 5 8 1 , 4 3 2 , 5 8 2 ( ) 3 8 2 , 4 8 0 , 9 2 2 ( - ) 2 0 9 , 9 4 1 , 6 5 ( ) 2 0 9 , 9 4 1 , 6 5 ( - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 9 2 0 , 8 3 4 - 0 7 8 , 3 1 - 7 8 3 , 1 ) 9 8 9 , 2 ( ) 0 7 8 , 3 1 ( ) 7 8 3 , 1 ( - - 1 4 5 , 4 5 0 2 , 3 1 0 4 9 , 5 1 1 , 4 - - - - - - - - - - ) 6 2 6 , 5 0 5 , 0 2 ( ) 3 5 1 , 5 8 1 ( 1 8 1 , 9 7 4 , 1 ) 3 5 3 , 6 5 0 , 0 1 ( ) 1 0 3 , 3 4 7 , 1 1 ( 8 8 6 , 4 2 5 , 7 3 6 , 2 9 7 4 , 3 2 2 , 3 2 3 , 2 0 1 3 , 4 5 1 , 3 9 9 8 , 6 4 1 , 1 1 3 8 2 3 , 0 3 3 , 9 6 5 0 8 , 3 0 3 , 9 5 2 0 8 3 , 0 3 9 , 5 2 - - - - - ) 4 2 2 , 3 0 5 , 7 ( ) 4 2 2 , 3 0 5 , 7 ( - - - - - - - ) 1 8 2 , 8 0 1 ( ) 1 8 2 , 8 0 1 ( - - - ) 4 4 9 , 1 5 1 ( ) 1 8 1 , 5 4 ( - - - - - - - - - ) 5 2 1 , 8 3 ( ) 5 2 1 , 8 3 ( - - - - - - ) 1 8 1 , 5 4 ( - - - - - - ) 4 4 9 , 1 5 1 ( - - - - - - - - - - - - - - - - 4 1 6 , 4 - 4 1 6 , 4 4 4 9 , 1 5 1 4 4 9 , 1 5 1 9 6 3 , 8 0 1 , 6 ) 8 6 4 , 3 7 5 , 3 1 ( ) 8 9 8 , 4 8 4 ( ) 8 9 8 , 4 8 4 ( 9 6 3 , 8 0 1 , 6 ) 8 6 4 , 3 7 5 , 3 1 ( 6 6 7 , 2 1 0 , 8 3 8 6 6 7 , 2 1 0 , 8 3 8 - - - - - - - - 4 6 6 , 7 9 4 , 8 3 8 4 6 6 , 7 9 4 , 8 3 8 - ) 0 2 2 , 3 6 6 , 7 1 3 ( ) 0 2 2 , 3 6 6 , 7 1 3 ( 0 1 3 , 4 5 1 , 3 ) 0 2 2 , 3 6 6 , 7 1 3 ( ) 0 1 9 , 8 0 5 , 4 1 3 ( ) 0 1 3 , 4 5 1 , 3 ( - ) 0 1 3 , 4 5 1 , 3 ( - - - - - - - - - - - - - - - - - - - 5 9 1 , 4 8 6 8 , 4 6 5 - - ) 5 5 1 , 8 1 ( ) 8 6 2 , 1 2 ( 3 1 4 , 6 1 - - - - - - - - - - - - ) 5 9 1 , 4 ( 0 0 1 , 1 2 ) 9 1 4 ( 0 1 1 , 2 - - - - - - - - - - $ 9 9 8 , 6 4 1 , 1 1 3 $ 1 8 3 , 6 7 8 , 9 6 $ 0 1 7 , 0 2 3 , 9 5 2 $ 1 7 0 , 2 3 9 , 5 2 - - - - - - - - - - - - - - - - - - - - - - x a t e m o c n i f o t e n , ) 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 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 l a t o T e m o c n i t e N ) 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 t n e m e g n a r r a t n e m y a p d e s a b - e r a h S d e r i u q c a k c o t s y r u s a e r T d e r i t e r k c o t s y r u s a e r 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 h g u o r h 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 s s o l 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 x a t e m o c n i f o t e n , ) 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 ) 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 d e r i t e r s e r a h s d e t c i r t s e r e e y o l p m E s t n e m e g n a r r a t n e m y a p d e s a b - e r a h S 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 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 s s o l 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 3 2 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 2 2 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 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 s r e d l o h e r a h s m o r f n o i t a n o D l a t o T e m o c n i t e N . 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: Depreciation expense Amortization expense Expected credit losses recognized on investments in debt instruments Finance costs Share of profits of subsidiaries and associates Interest income Share-based compensation Loss (gain) on disposal or retirement of property, plant and equipment, net Loss (gain) on disposal or retirement of intangible assets, net Impairment loss on property, plant and equipment Loss (gain) on foreign exchange, net Dividend income Others 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 Accrued expenses and other current liabilities Other noncurrent liabilities Net defined benefit liability Cash generated from operations Income taxes paid - 0 2 1 - 2023 2022 $ 977,771,236 $ 1,140,673,816 500,300,771 9,197,976 5,789 4,600,793 (52,587,403) (17,825,551) 482,302 76,638 (3,045) - 183,093 (214,911) (317,394) 413,595,082 8,706,961 10,341 3,240,406 (42,415,408) (5,957,864) 266,746 (436,567) 3,720 790,740 9,965,603 (207,028) 131,637 (24,326) 7,754,557 17,782,935 2,115,413 (29,976,300) (1,019,979) (7,799,552) (720,278) (1,089,049) 67,281 (3,553,878) (10,749,687) (42,119,570) 12,836,220 (687,223) (1,025,979) 4,588,461 (34,692,438) (1,074,087) (23,123,047) 1,894,328 (712,233) (8,532,751) 7,528,120 2,362,846 10,494,186 25,303,189 47,110,082 86,831,552 (2,538,848) 1,642,781,566 (83,364,086) 1,364,486,858 (157,403,955) Net cash generated by operating activities 1,207,082,903 1,559,417,480 CASH FLOWS FROM INVESTING ACTIVITIES Acquisitions of: Financial assets at amortized cost Equity interest in subsidiary Property, plant and equipment Intangible assets Proceeds from disposal or redemption of: 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 (51,099,687) (3,359) (634,971,543) (4,898,499) (97,748,105) - (897,574,802) (6,679,871) 81,900,000 1,369,856 3,078 125 49,190,000 1,665,212 3,750 2,938 (Continued) - 121 - - 121 - Taiwan Semiconductor Manufacturing Company Limited PARENT COMPANY ONLY STATEMENTS OF CASH FLOWS (In Thousands of New Taiwan Dollars) Interest received Other dividends received Dividends received from investments accounted for using equity method Refundable deposits paid Refundable deposits refunded $ $ 16,851,011 214,911 3,849,295 (1,703,523) 359,682 4,889,786 207,028 3,248,044 (1,611,716) 406,185 Net cash used in investing activities (588,128,653) (944,001,551) 2023 2022 CASH FLOWS FROM FINANCING ACTIVITIES Decrease in short-term loans Increase in hedging financial liabilities - bank loans Proceeds from issuance of bonds Repayment of bonds Payments for transaction costs attributable to the issuance of bonds Treasury stock acquired 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 - 27,908,580 85,700,000 (18,100,000) (88,681) - (2,094,258) (4,724,074) 187,164 (286,036) (291,721,852) (326,167,994) 244,376 16,340 (111,959,992) - 65,400,000 (4,400,000) (69,528) (871,566) (1,848,257) (3,757,985) 216,589 (45,643) (285,234,185) (40,421,374) 144,505 13,163 Net cash used in financing activities (529,126,435) (382,834,273) NET INCREASE IN CASH AND CASH EQUIVALENTS 89,827,815 232,581,656 CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 628,875,897 396,294,241 CASH AND CASH EQUIVALENTS, END OF YEAR $ 718,703,712 $ 628,875,897 The accompanying notes are an integral part of the parent company only financial statements. (Concluded) - 122 - - 122 - Taiwan Semiconductor Manufacturing Company Limited NOTES TO PARENT COMPANY ONLY FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022 (Amounts in Thousands of New Taiwan Dollars, Unless Specified Otherwise) 1. GENERAL Taiwan Semiconductor Manufacturing Company Limited (the “Company” or “TSMC”), a Republic of China (R.O.C.) corporation, was incorporated on February 21, 1987. The Company is a dedicated foundry in the semiconductor industry which engages mainly in the manufacturing, sales, packaging, testing and computer- aided design of integrated circuits and other semiconductor devices and the manufacturing of masks. On September 5, 1994, the Company’s shares were listed on the Taiwan Stock Exchange (TWSE). On October 8, 1997, the Company listed some of its shares of stock on the New York Stock Exchange (NYSE) in the form of American Depositary Shares (ADSs). The address of its registered office and principal place of business is No. 8, Li-Hsin Rd. 6, Hsinchu Science Park, Taiwan. 2. THE AUTHORIZATION OF FINANCIAL STATEMENTS The accompanying parent company only financial statements were approved and authorized for issue by the Board of Directors on February 6, 2024. 3. APPLICATION OF NEW AND REVISED INTERNATIONAL FINANCIAL REPORTING STANDARDS a. Initial application of the amendments to the International Financial Reporting Standards (IFRS), International Accounting Standards (IAS), IFRIC Interpretations (IFRIC), and SIC Interpretations (SIC) (collectively, “IFRS Accounting Standards”) endorsed and issued into effect by the Financial Supervisory Commission (FSC) Except for the following, the initial application of the amendments to the IFRS Accounting Standards endorsed and issued into effect by the FSC did not have a material impact on the accounting policies of the Company: Amendments to IAS 12 “International Tax Reform - Pillar Two Model Rules” The amendments introduce a temporary exception to the requirements in IAS 12 by stipulating that the Company should neither recognize nor disclose information about deferred tax assets and liabilities related to Pillar Two income taxes. The amendments also require the Company to disclose that it has applied the exception and separately disclose its current tax expense (income) related to Pillar Two income taxes. In addition, for periods in which Pillar Two legislation is enacted or substantively enacted but not yet in effect, the Company should disclose qualitative and quantitative information that helps users of financial statements understand the Company’s exposure to Pillar Two income taxes. The requirement that the Company applies the exception and the requirement to disclose that fact is applied immediately upon issuance of the amendments in May 2023. The remaining disclosure requirements are applied for annual reporting periods beginning on or after January 1, 2023, but not for any interim period ending on or before December 31, 2023. - 123 - - 123 - b. The IFRS Accounting Standards issued by International Accounting Standards Board (IASB) and endorsed by the FSC with effective date starting 2024 New, Amended and Revised Standards and Interpretations Effective Date Issued by IASB Amendments to IAS 1 “Classification of Liabilities as Current or Non-current” and “Non-current Liabilities with Covenants” January 1, 2024 c. The IFRS Accounting Standards issued by IASB, but not yet endorsed and issued into effect by the FSC New, Amended and Revised 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” 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 from the initial adoption of the aforementioned standards or interpretations and related applicable period. The related impact will be disclosed when the Company completes its evaluation. 4. SUMMARY OF MATERIAL ACCOUNTING POLICY INFORMATION For the convenience of readers, the accompanying parent company only financial statements have been translated into English from the original Chinese version prepared and used in the R.O.C. If there is any conflict between the English version and the original Chinese version or any difference in the interpretation of the two versions, the Chinese-language parent company only financial statements shall prevail. Statement of Compliance The accompanying parent company only financial statements have been prepared in conformity with the Regulations Governing the Preparation of Financial Reports by Securities Issuers (the “Accounting Standards Used in Preparation of the Parent Company Only Financial Statements”). Basis of Preparation The accompanying parent company only financial statements have been prepared on the historical cost basis except for financial instruments that are measured at fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for the assets. When preparing the parent company only financial statements, the Company account for subsidiaries and associates by using the equity method. In order to agree with the amount of net income, other comprehensive income and equity attributable to shareholders of the parent in the consolidated financial statements, the differences of the accounting treatment between the parent company only basis and the consolidated basis are adjusted under the heading of investments accounted for using equity method, share of profits of subsidiaries and associates and share of other comprehensive income of subsidiaries and associates in the parent company only financial statements. Foreign Currencies In preparing the parent company only financial statements, transactions in currencies other than the entity’s functional currency (foreign currencies) are recognized at the rates of exchange prevailing at the dates of the 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 - 124 - - 124 - the year in which they arise. Non-monetary items measured at fair value that are denominated in foreign currencies are retranslated at the rates prevailing at the date when the fair value was determined. Exchange differences arising on the retranslation of non-monetary items are included in profit or loss for the year except for exchange differences arising on the retranslation of non-monetary items in respect of which gains and losses are recognized directly in other comprehensive income, in which case, the exchange differences are also recognized directly in other comprehensive income. Non-monetary items that are measured in terms of historical cost in foreign currencies are not retranslated. For the purposes of presenting parent company only financial statements, the assets and liabilities of the Company’s foreign operations are translated into NT$ using exchange rates prevailing at the end of each reporting period. Income and expense items are translated at the average exchange rates for the period. Exchange differences arising, if any, are recognized in other comprehensive income and accumulated in equity. Classification of Current and Noncurrent Assets and Liabilities Current assets are assets held for trading purposes and assets expected to be converted to cash, sold or consumed within one year from the end of the reporting period. Current liabilities are obligations incurred for trading purposes and obligations expected to be settled within one year from the end of the reporting period. Assets and liabilities that are not classified as current are noncurrent assets and liabilities, respectively. Cash Equivalents Cash equivalents, for the purpose of meeting short-term cash commitments, consist of highly liquid time deposits and investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. Financial Instruments Financial assets and liabilities shall be recognized when the Company becomes a party to the contractual provisions of the instruments. Financial assets and liabilities are initially recognized at fair values. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognized immediately in profit or loss. Financial Assets The classification of financial assets depends on the nature and purpose of the financial assets and is determined at the time of initial recognition. Regular way purchases or sales of financial assets are recognized and derecognized on a trade date or settlement date basis for which financial assets were classified in the same way, respectively. Regular way purchases or sales are purchases or sales of financial assets that require delivery of assets within the time frame established by regulation or convention in the marketplace. a. Category of financial assets and measurement Financial assets are classified into the following categories: financial assets at FVTPL, investments in equity instruments at FVTOCI and financial assets at amortized cost. 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 - 125 - - 125 - remeasurement is recognized in profit or loss. The net gain or loss recognized in profit or loss incorporates any interest earned on the financial asset. 2) Investments in equity instruments at FVTOCI On initial recognition, the Company may irrevocably designate investments in equity investments that is not held for trading as at FVTOCI. Investments in equity instruments at FVTOCI are subsequently measured at fair value with gains and losses arising from changes in fair value recognized in other comprehensive income and accumulated in other equity. Dividends on these investments in equity instruments at FVTOCI are recognized in profit or loss when the Company’s right to receive the dividends is established, unless the Company’s rights clearly represent a recovery of part of the cost of the investment. 3) Measured at amortized cost Cash and cash equivalents, commercial paper, notes and accounts receivable (including related parties), other receivables, refundable deposits and temporary payments (including those classified under other current assets and other noncurrent assets) are measured at amortized cost. Subsequent to initial recognition, financial assets measured at amortized cost are measured at amortized cost, which equals to carrying amount determined by the effective interest method less any impairment loss. b. Impairment of financial assets At the end of each reporting period, a loss allowance for expected credit loss is recognized for financial assets at amortized cost (including accounts receivable). The loss allowance for accounts receivable is measured at an amount equal to lifetime expected credit losses. For financial assets at amortized cost, when the credit risk on the financial instrument has not increased significantly since initial recognition, a loss allowance is recognized at an amount equal to expected credit loss resulting from possible default events of a financial instrument within 12 months after the reporting date. If, on the other hand, there has been a significant increase in credit risk since initial recognition, a loss allowance is recognized at an amount equal to expected credit loss resulting from all possible default events over the expected life of a financial instrument. The Company recognizes an impairment loss in profit or loss for all financial instruments with a corresponding adjustment to their carrying amount through a loss allowance account. c. Derecognition of financial assets The Company derecognizes a financial asset only when the contractual rights to the cash flows from the financial asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the financial asset to another entity. On derecognition of a financial asset at amortized cost in its entirety, the difference between the asset’s carrying amount and the sum of the consideration received and receivable is recognized in profit or loss. However, on derecognition of an investment in an equity instrument at FVTOCI, the cumulative gain or loss that had been recognized in other comprehensive income is transferred directly to retained earnings, without recycling through profit or loss. - 126 - - 126 - Financial Liabilities and Equity Instruments Classification as debt or equity Debt and equity instruments issued by the Company are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument. Equity instruments An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by the Company are recognized at the proceeds received, net of direct issue costs. Financial liabilities Financial liabilities are subsequently measured either at amortized cost using effective interest method or at FVTPL. Financial liabilities are classified as at fair value through profit or loss when the financial liability is either held for trading or is designated as at fair value through profit or loss. Financial liabilities at fair value through profit or loss are stated at fair value, with any gains or losses arising on remeasurement recognized in profit or loss. Financial liabilities other than those held for trading purposes and designated as at FVTPL are subsequently measured at amortized cost at the end of each reporting period. Derecognition of financial liabilities The Company derecognizes financial liabilities when, and only when, the Company’s obligations are discharged, cancelled or they expire. The difference between the carrying amount of the financial liability derecognized and the consideration paid and payable is recognized in profit or loss. Derivative Financial Instruments Derivative financial instruments are initially recognized at fair value at the date the derivative contracts are entered into and are subsequently remeasured to their fair value at the end of each reporting period. The resulting gain or loss is recognized in profit or loss immediately unless the derivative financial instrument is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship. Hedge Accounting a. Cash flow hedge The Company designates certain hedging instruments, such as forward exchange contracts, to partially hedge its foreign exchange rate risks associated with certain highly probable forecast transactions (capital expenditures). The effective portion of changes in the fair value of hedging instruments is recognized in other comprehensive income. When forecast transactions actually take place, the accumulated gains or losses that were recognized in other comprehensive income are transferred from equity to the initial cost of the hedged items. The gains or losses from hedging instruments relating to the ineffective portion are recognized immediately in profit or loss. - 127 - - 127 - The Company prospectively discontinues hedge accounting only when the hedging relationship ceases to meet the qualifying criteria; for instance, when the hedging instrument expires or is sold, terminated or exercised. b. Hedges of net investments in foreign operations The Company designates certain hedging instruments, such as bank loans denominated in foreign currency, as a hedge of net investments in foreign operations to manage the exchange differences arising on translation of foreign operations due to currency fluctuations. Any gains or losses on the hedging instrument relating to the effective portion of the hedge are recognized in other comprehensive income and accumulated under the heading of foreign currency translation reserve. The gains or losses relating to the ineffective portion are recognized immediately in profit or loss. The gains and losses on the hedging instrument relating to the effective portion of the hedge, which were accumulated in the foreign currency translation reserve, are reclassified to profit or loss on the disposal or partial disposal of a foreign operation. Inventories Inventories are stated at the lower of cost or net realizable value. Inventories are recorded at standard cost and adjusted to approximate weighted-average cost at the end of the reporting period. Net realizable value represents the estimated selling price of inventories less all estimated costs of completion and costs necessary to make the sale. Investments Accounted for Using Equity Method Investments accounted for using the equity method include investments in subsidiaries and associates. Investment in subsidiaries A subsidiary is an entity that is controlled by the Company. Under the equity method, an investment in a subsidiary is initially recognized at cost and adjusted thereafter to recognize the Company’s share of profit or loss and other comprehensive income of the subsidiary as well as the distribution received. The Company also recognized its share in the changes in the equity of subsidiaries. Changes in the Company’s ownership interests in subsidiaries that do not result in the Company losing control over the subsidiaries are accounted for as equity transactions. Any difference between the carrying amount of the subsidiary and the fair value of the consideration paid or received is recognized directly in equity. When the Company loses control of a subsidiary, any retained investment of the former subsidiary is measured at the fair value at that date. A gain or loss is recognized in profit or loss and calculated as the difference between (a) the aggregate of the fair value of consideration received and the fair value of any retained interest at the date when control is lost; and (b) the previous carrying amount of the investments in such subsidiary. In addition, the Company shall account for all amounts previously recognized in other comprehensive income in relation to the subsidiary on the same basis as would be required if the subsidiary had directly disposed of the related assets and liabilities. When the Company transacts with its subsidiaries, profits and losses resulting from the transactions with the subsidiaries are recognized in the Company’s parent company only financial statements only to the extent of interests in the subsidiaries that are not owned by the Company. - 128 - - 128 - Investment in associates An associate is an entity over which the Company has significant influence and that is neither a subsidiary nor a joint venture. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies. The operating results and assets and liabilities of associates are incorporated in these parent company only financial statements using the equity method of accounting. Under the equity method, an investment in an associate is initially recognized in the statement of financial position at cost and adjusted thereafter to recognize the Company’s share of profit or loss and other comprehensive income of the associate as well as the distribution received. The Company also recognizes its share in the changes in the equities of associates. Any excess of the cost of acquisition over the Company’s share of the net fair value of the identifiable assets, liabilities and contingent liabilities of an associate recognized at the date of acquisition is recognized as goodwill, which is included within the carrying amount of the investment. Any excess of the Company’s share of the net fair value of the identifiable assets, liabilities and contingent liabilities over the cost of acquisition, after reassessment, is recognized immediately in profit or loss. When necessary, the entire carrying amount of the investment (including goodwill) is tested for impairment as a single asset by comparing its recoverable amount (higher of value in use and fair value less costs to sell) with its carrying amount. Any impairment loss recognized forms part of the carrying amount of the investment. Any reversal of that impairment loss is recognized to the extent that the recoverable amount of the investment subsequently increases. When the Company subscribes to additional shares in an associate at a percentage different from its existing ownership percentage, the resulting carrying amount of the investment differs from the amount of the Company’s proportionate interest in the net assets of the associate. The Company records such a difference as an adjustment to investments with the corresponding amount charged or credited to capital surplus. If the Company’s ownership interest is reduced due to the additional subscription to the shares of associate by other investors, the proportionate amount of the gains or losses previously recognized in other comprehensive income in relation to that associate shall be reclassified to profit or loss on the same basis as would be required if the associate had directly disposed of the related assets or liabilities. When the Company transacts with an associate, profits and losses resulting from the transactions with the associate are recognized in the Company’s parent company only financial statements only to the extent of interests in the associate that are not owned by the Company. Property, Plant and Equipment Property, plant and equipment are measured at cost less accumulated depreciation and accumulated impairment. Costs include any incremental costs that are directly attributable to the construction, acquisition of the item of property, plant and equipment or borrowing costs eligible for capitalization. Property, plant and equipment in the course of construction for production, supply or administrative purposes are carried at cost, less any recognized impairment loss. Such assets are classified to the appropriate categories of property, plant and equipment when completed and ready for intended use. Depreciation of these assets, on the same basis as other identical categories of property, plant and equipment, commences when the assets are available for their intended use. Depreciation is recognized so as to write off the cost of the assets less their residual values over their useful lives, and it is computed using the straight-line method mainly over the following estimated useful lives: buildings (assets used by the Company and assets subject to operating leases) - 10 to 20 years; machinery and equipment (assets used by the Company and assets subject to operating leases) - 5 years; and office equipment - 5 years. The estimated useful lives, residual values and depreciation method are reviewed at the end of each - 129 - - 129 - reporting period, with the effect of any changes in estimates accounted for on a prospective basis. Land is not depreciated. An item of property, plant and equipment is derecognized upon disposal or when no future economic benefits are expected to arise from the continued use of the assets. Any gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognized in profit or loss. Leases For a contract that contains a lease component and non-lease component, the Company may elect to account for the lease and non-lease components as a single lease component. The Company as lessor Rental income from operating lease is recognized on a straight-line basis over the term of the lease. The Company as lessee Except for payments for low-value asset leases and short-term leases (leases of machinery and equipment and others) which are recognized as expenses on a straight-line basis, the Company recognizes right-of-use assets and lease liabilities for all leases at the commencement date of the lease. Right-of-use assets are measured at cost. The cost of right-of-use assets comprises the initial measurement of lease liabilities adjusted for lease payments and initial direct costs made at or before the commencement date, plus an estimate of costs needed to restore the underlying assets. Subsequent measurement is calculated as cost less accumulated depreciation and accumulated impairment loss and adjusted for changes in lease liabilities as a result of lease term modifications or other related factors. Right-of-use assets are presented separately in the parent company only balance sheets. Right-of-use assets are depreciated using the straight-line method from the commencement dates to the earlier of the end of the useful lives of the right-of-use assets or the end of the lease terms. If the lease transfers ownership of the underlying assets to the Company by the end of the lease terms or if the cost of right-of-use assets reflects that the Company will exercise a purchase option, the Company depreciates the right-of-use assets from the commencement dates to the end of the useful lives of the underlying assets. Lease liabilities are measured at the present value of the lease payments. Lease payments comprise fixed payments, variable lease payments which depend on an index or a rate and the exercise price of a purchase option if the Company is reasonably certain to exercise that option. The lease payments are discounted using the lessee’s incremental borrowing rates. Subsequently, lease liabilities are measured at amortized cost using the effective interest method, with interest expense recognized over the lease terms. When there is a change in a lease term, a change in future lease payments resulting from a change in an index or a rate used to determine those payments, or a change in the assessment of an option to purchase an underlying asset, the Company remeasures the lease liabilities with a corresponding adjustment to the right-of-use assets. Lease liabilities are presented on a separate line in the parent company only balance sheets. Intangible Assets Goodwill Goodwill arising on an acquisition of a business is carried at cost as established at the date of acquisition of the business less accumulated impairment losses, if any. - 130 - - 130 - Other intangible assets Other separately acquired intangible assets with finite useful lives are carried at cost less accumulated amortization and accumulated impairment losses. Amortization is recognized using the straight-line method over the following estimated useful lives: Technology license fees - the estimated life of the technology or the term of the technology transfer contract; software and system design costs - 3 years or contract period; patent and others - the economic life or contract period. The estimated useful life and amortization method are reviewed at the end of each reporting period, with the effect of any changes in estimate being accounted for on a prospective basis. Impairment of Tangible Assets, Right-of-use Assets and Intangible Assets Goodwill Goodwill is not amortized and instead is tested for impairment annually, or more frequently when there is an indication that the cash generating unit may be impaired. For the purpose of impairment testing, goodwill is allocated to each of the Company’s cash generating units or groups of cash-generating units that are expected to benefit. If the recoverable amount of a cash generating unit is less than its carrying amount, the difference is allocated first to reduce the carrying amount of any goodwill allocated to such cash-generating unit and then to the other assets of the cash generating unit pro rata based on the carrying amount of each asset in the cash generating unit. Any impairment loss for goodwill is recognized directly in profit or loss. An impairment loss recognized for goodwill is not reversed in subsequent periods. Tangible assets, right-of-use assets and other intangible assets At the end of each reporting period, the Company reviews the carrying amounts of its tangible assets (property, plant and equipment), right-of-use assets and other intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss. When it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs. When a reasonable and consistent basis of allocation can be identified, corporate assets are also allocated to individual cash-generating units, or otherwise they are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified. Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset or cash-generating unit is estimated to be less than its carrying amount, the carrying amount of the asset or cash-generating unit is reduced to its recoverable amount. An impairment loss is recognized immediately in profit or loss. When an impairment loss subsequently reverses, the carrying amount of the asset or a cash-generating unit is increased to the revised estimate of its recoverable amount, but the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset or cash-generating unit in prior years. A reversal of an impairment loss is recognized immediately in profit or loss. Revenue Recognition The Company recognizes revenue when performance obligations are satisfied. The performance obligations are satisfied when customers obtain control of the promised goods which is generally when the goods are delivered to the customers’ specified locations. - 131 - - 131 - Revenue from sale of goods is measured at the fair value of the consideration received or receivable. Revenue is reduced for estimated customer returns, rebates and other similar allowances. Estimated sales returns and other allowances is generally made and adjusted based on historical experience and the consideration of varying contractual terms to recognize refund liabilities, which is classified under accrued expenses and other current liabilities. In principle, payment term granted to customers is due 30 days from the invoice date or 15-30 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. Employee Benefits Short-term employee benefits Liabilities recognized in respect of short-term employee benefits are measured at the undiscounted amount of the benefits expected to be paid in exchange for service rendered by employees. Retirement benefits For defined contribution retirement benefit plans, payments to the benefit plan are recognized as an expense when the employees have rendered service entitling them to the contribution. For defined benefit retirement benefit plans, the cost of providing benefit is recognized based on actuarial calculations. Defined benefit costs (including service cost, net interest and remeasurement) under the defined benefit retirement benefit plans are determined using the Projected Unit Credit Method. Service cost (including current service cost), and net interest on the net defined benefit liability (asset) are recognized as employee benefits expense in the period they occur. Remeasurement, comprising actuarial gains and losses and the return on plan assets (excluding interest), is recognized in other comprehensive income in the period in which they occur. Remeasurement recognized in other comprehensive income is reflected immediately in retained earnings and will not be reclassified to profit or loss. Net defined benefit liability represents the actual deficit in the Company’s defined benefit plan. Treasury Stock Treasury stock represents the outstanding shares that the Company buys back from market, which is stated at cost and shown as a deduction in shareholders’ equity. When the Company retires treasury stock, the treasury stock account is reduced and the common stock as well as the capital surplus - additional paid-in capital are reversed on a pro rata basis. When the book value of the treasury stock exceeds the sum of the par value and additional paid-in capital, the difference is charged to capital surplus - treasury stock transactions and to retained earnings for any remaining amount. Share-based payment arrangements a. Equity-settled share-based payment arrangements Restricted shares for employees are expensed on a straight-line basis over the vesting period, based on the fair value at the grant date and the Company’s best estimate of the number expected to ultimately vest, with a corresponding increase in other equity - unearned employee benefits. When restricted shares for employees are issued, other equity - unearned employee benefits is recognized on the grant date, with a corresponding increase in capital surplus - restricted shares for employees. Dividends paid to employees on restricted shares which do not need to be returned if employees resign in the vesting period are recognized as expenses upon the dividend declaration with a corresponding adjustment in retained earnings. - 132 - - 132 - At the end of each reporting period, the Company revises its estimate of the number of restricted shares for employees that are expected to vest. The impact from such revision is recognized in profit or loss so that the cumulative expenses reflect the revised estimate, with a corresponding adjustment to capital surplus - restricted shares for employees. b. Cash-settled share-based payment arrangements For cash-settled share-based payments, a liability is recognized for the services acquired, measured at the fair value of the liability incurred. At the end of each reporting period until the liability is settled, and at the date of settlement, the fair value of the liability is remeasured, with any changes in fair value recognized in profit or loss. Taxation Income tax expense represents the sum of the tax currently payable and deferred tax. Current tax Income tax on unappropriated earnings is expensed in the year the shareholders approved the appropriation of earnings which is the year subsequent to the year the earnings are generated. Adjustments of prior years’ tax liabilities are added to or deducted from the current year’s tax provision. Deferred tax Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities in the parent company only financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognized for all taxable temporary differences. Deferred tax assets are generally recognized for all deductible temporary differences, net operating loss carryforwards and tax credits for research and development expenses to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilized. Deferred tax liabilities are recognized for taxable temporary differences associated with investments in subsidiaries and associates, except where the Company is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments are only recognized to the extent that it is probable that there will be sufficient taxable profits against which to utilize the benefits of the temporary differences and they are expected to reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the deferred tax asset to be recovered. The deferred tax assets which originally not recognized is also reviewed at the end of each reporting period and recognized to the extent that it is probable that sufficient taxable profits will be available to allow all or part of the deferred tax asset to be recovered. Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the year in which the liability is settled or the asset is realized, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Current and deferred tax for the year Current and deferred tax are recognized in profit or loss, except when they relate to items that are recognized in other comprehensive income or directly in equity, in which case, the current and deferred tax are also recognized in other comprehensive income or directly in equity, respectively. - 133 - - 133 - 5. MATERIAL ACCOUNTING JUDGMENTS AND KEY SOURCES OF ESTIMATION AND UNCERTAINTY In the application of the aforementioned Company’s accounting policies, the Company is required to make judgments, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the year in which the estimate is revised if the revision affects only that year, or in the year of the revision and future years if the revision affects both current and future years. Material Accounting Judgments Revenue Recognition The Company recognizes revenue when the conditions described in Note 4 are satisfied. Commencement of Depreciation Related to Property, Plant and Equipment Classified as Equipment under Installation and Construction in Progress (EUI/CIP) As described in Note 4, commencement of depreciation related to EUI/CIP involves determining when the assets are available for their intended use. The criteria the Company uses to determine whether EUI/CIP are available for their intended use involves subjective judgments and assumptions about the conditions necessary for the assets to be capable of operating in the intended manner. Judgments on Lease Terms In determining a lease term, the Company considers all facts and circumstances that create an economic incentive to exercise or not to exercise an option, including any expected changes in facts and circumstances from the commencement date until the exercise date of the option. Main factors considered include contractual terms and conditions covered by the optional periods, and the importance of the underlying asset to the lessee’s operations, etc. The lease term is reassessed if a significant change in circumstances that are within the control of the Company occurs. Key Sources of Estimation and Uncertainty Estimation of Sales Returns and Allowances Sales returns and other allowance is estimated and recorded based on historical experience and in consideration of different contractual terms. The amount is deducted from revenue in the same period the related revenue is recorded. The Company periodically reviews the reasonableness of the estimates. Valuation of Inventory Inventories are stated at the lower of cost or net realizable value, and the Company uses estimate to determine the net realizable value of inventory at the end of each reporting period. The Company estimates the net realizable value of inventory for normal waste, obsolescence and unmarketable items at the end of reporting period and then writes down the cost of inventories to net realizable value. The net realizable value of the inventory is determined mainly based on assumptions of future demand within a specific time horizon. - 134 - - 134 - 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 Money market funds Repurchase agreements Commercial paper December 31, 2023 December 31, 2022 $ 710,158,232 7,438,588 1,106,892 - $ 618,449,503 - 859,964 9,566,430 $ 718,703,712 $ 628,875,897 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 Financial liabilities Held for trading Forward exchange contracts - 135 - - 135 - December 31, 2023 December 31, 2022 $ 624,685 $ 552,255 $ 25,673 $ 17,468 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: December 31, 2023 Sell NT$ Sell US$ December 31, 2022 Maturity Date Contract Amount (In Thousands) January 2024 January 2024 NT$ US$ 26,251,763 829,000 Sell NT$ January 2023 to March 2023 NT$ 79,610,590 8. FINANCIAL ASSETS AT AMORTIZED COST Commercial paper Less: Allowance for impairment loss December 31, 2023 December 31, 2022 $ 18,387,835 (16,130) $ 48,742,817 (10,341) Refer to Note 29 for information relating to the credit risk management and expected credit loss for financial assets at amortized cost. $ 18,371,705 $ 48,732,476 9. HEDGING FINANCIAL INSTRUMENTS Financial liabilities- current Hedges of net investments in foreign operations Bank loans Cash flow hedge December 31, 2023 $ 27,290,400 The Company entered into forward exchange contracts to partially hedge foreign exchange rate risks associated with certain highly probable forecast transactions (capital expenditures). The hedge ratio is adjusted in response to the changes in the financial market and capped at 100%. The forward exchange contracts have maturities of 12 months or less. - 136 - - 136 - On the basis of economic relationships, the Company expects that the value of forward exchange contracts and the value of hedged transactions will change in opposite directions in response to movements in foreign exchange rates. The main source of hedge ineffectiveness in these hedging relationships is driven by the effect of the counterparty’s own credit risk on the fair value of forward exchange contracts. No other sources of ineffectiveness emerged from these hedging relationships during the hedging period. For the years ended December 31, 2023, refer to Note 18 (d) for gain or loss arising from changes in the fair value of hedging instruments and the amount transferred to initial carrying amount of hedged items. The effect of hedging foreign currency risk for the years ended December 31, 2023 is detailed below: Hedging Instruments/Hedged Items Hedging Instruments Forward exchange contracts Hedged Items Forecast transaction Hedges of net investments in foreign operations Change in Value Used for Calculating Hedge Ineffectiveness Years Ended December 31, 2023 $ 39,898 $ (39,898) The Company has designated the bank loans denominated in foreign currency as a hedge of net investments in foreign operations to manage its foreign currency risk arising from investment in overseas subsidiaries. The main source of hedge ineffectiveness in these hedging relationships is driven by the material difference between the notional amount of bank loans denominated in foreign currency and the net investment in foreign operations. No other sources of ineffectiveness have emerged from these hedging relationships during the hedging period. For the year ended December 31, 2023, refer to Note 18 (d) for gain or loss arising from changes in the fair value of hedging instruments. The following tables summarize the information relating to the hedges of net investments in foreign operations. December 31, 2023 Hedging Instruments Contract Amount (In Thousands) Annual Interest Rate Maturity Balance in Other Equity (Continuing Hedges) Bank loans JPY124,500,000 0% Due by April 2024 $ 618,180 - 137 - - 137 - The effect for the year ended December 31, 2023 is detailed below: Hedging Instruments/Hedged Items Hedging Instruments Bank loans Hedged Items Net investments in foreign operations 10. NOTES AND ACCOUNTS RECEIVABLE, NET At amortized cost Notes and accounts receivable Less: Loss allowance At FVTOCI Change in Value Used for Calculating Hedge Ineffectiveness Year Ended December 31, 2023 $ 618,180 $ (618,180) December 31, 2023 December 31, 2022 $ 28,676,101 (530,139) 28,145,962 5,411,317 $ 34,316,916 (330,686) 33,986,230 7,325,606 $ 33,557,279 $ 41,311,836 The Company signed a contract with the bank to sell certain accounts receivable without recourse and transaction cost required. These accounts receivable are classified as at FVTOCI because they are held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets. In principle, the payment term granted to customers is due 30 days from the invoice date or 15-30 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 over 31 days Less: Loss allowance - 138 - - 138 - December 31, 2023 December 31, 2022 $ 33,618,149 $ 40,353,856 469,269 - (530,139) 1,268,778 19,888 (330,686) $ 33,557,279 $ 41,311,836 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 2023 2022 $ 330,686 199,453 $ 345,905 (15,219) $ 530,139 $ 330,686 For the years ended December 31, 2023 and 2022, the changes in loss allowance were mainly due to the variations in the balance of accounts receivable of different risk levels. 11. INVENTORIES Finished goods Work in process Raw materials Supplies and spare parts December 31, 2023 December 31, 2022 $ 33,839,662 153,362,168 37,279,545 13,777,820 $ 52,318,299 120,893,772 19,750,618 15,320,206 $ 238,259,195 $ 208,282,895 Write-down of inventories to net realizable value and reversal of write-down of inventories resulting from the increase in net realizable value were included in the cost of revenue. The amounts are illustrated below: Net inventory losses $ 3,526,480 $ 4,613,077 Years Ended December 31 2023 2022 12. INVESTMENTS ACCOUNTED FOR USING EQUITY METHOD Investments accounted for using the equity method consisted of the following: Subsidiaries Associates December 31, 2023 December 31, 2022 $ 1,065,078,454 $ 700,324,717 27,622,452 29,616,638 $ 1,094,695,092 $ 727,947,169 - 139 - - 139 - a. Investments in subsidiaries Subsidiaries consisted of the following: Subsidiaries Principal Activities Place of Incorporation and Operation Carrying Amount Percentage of Ownership December 31, December 31, December 31, December 31, 2023 2022 2023 100% 100% 2022 100% 100% TSMC Global Ltd. (TSMC Global) TSMC Arizona Corporation (TSMC Arizona) Investment activities Tortola, British $ 441,225,883 $ 411,992,426 Manufacturing, selling and testing of integrated circuits and other semiconductor devices Virgin Islands Phoenix, Arizona, U.S.A. 298,604,975 25,639,079 TSMC China Manufacturing, selling, Shanghai, China 95,419,097 87,028,722 100% 100% Company Limited (TSMC China) testing and computer-aided design of integrated circuits and other semiconductor devices TSMC Nanjing Manufacturing, selling, Nanjing, China 87,625,830 67,385,300 100% 100% Company Limited (TSMC Nanjing) TSMC Partners, Ltd. (TSMC Partners) Japan Advanced Semiconductor Manufacturing, Inc. (JASM) VisEra Technologies Company Ltd. (VisEra Tech) testing and computer-aided design of integrated circuits and other semiconductor devices Investing in companies Tortola, British 68,143,719 63,697,217 100% 100% Virgin Islands Kumamoto, Japan 47,087,140 23,330,125 71% 71% involved in the design, manufacture, and other related business in the semiconductor industry and other investment activities Manufacturing, sales, testing and computer aided design of integrated circuits and other semiconductor devices Research, design, Hsinchu, Taiwan 11,261,961 11,467,860 67% 68% development, manufacturing, sales, packaging and test of color filter TSMC North America Selling and marketing of integrated circuits and other semiconductor devices San Jose, California, U.S.A. 6,278,751 5,449,755 100% 100% Dresden, Germany 4,768,013 - 100% - Manufacturing, sales and testing of integrated circuits and other semiconductor devices Investing in technology start-up companies European Semiconductor Manufacturing Company (ESMC) GmbH (ESMC) Emerging Fund L.P. (Emerging Fund) TSMC Japan 3DIC R&D Center, Inc. (TSMC 3DIC) TSMC Europe B.V. (TSMC Europe) 99.9% 100% 100% 100% Cayman Islands 1,901,742 1,760,885 99.9% Engineering support activities Yokohama, Japan 1,224,449 1,172,706 100% Customer service and supporting activities Amsterdam, the Netherlands 592,499 527,693 TSMC Design Engineering support activities Yokohama, Japan 394,191 376,176 100% 100% Technology Japan, Inc. (TSMC JDC) 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) Investing in new start-up technology companies Cayman Islands 257,540 246,702 98% 98% Customer service and Yokohama, Japan 130,403 134,560 supporting activities Investing in new start-up technology companies Cayman Islands 117,662 71,429 100% 98% 100% 98% Customer service and Seoul, Korea 44,599 44,082 100% 100% supporting activities $ 1,065,078,454 $ 700,324,717 The Company continually increased its investment in TSMC Arizona for the amount of NT$292,649,510 thousand and NT$15,372,500 thousand in both of 2023 and 2022, respectively. Under the terms of the development agreement entered into between TSMC Arizona and the City of Phoenix, the City of Phoenix commits approximately US$205 million toward various public infrastructure projects in the area of the proposed manufacturing facility, conditioned on TSMC Arizona’s achieving a minimum project scale with defined spending and job-creation thresholds. - 140 - - 140 - The Company continually increased its investment in JASM for the amount of NT$28,062,957 thousand and NT$23,150,164 thousand in both of 2023 and 2022, respectively. The Company’s shareholding and the proportion of voting rights in JASM are 71% and 81%, respectively. The Company increased its investment in JASM for the amount of NT$11,144,154 thousand in January 2024. As VisEra employees continue to exercise their employee share options, the Company’s ownership in VisEra continues to decline. This transaction was accounted for as an equity transaction since the transaction did not change the Company’s control over VisEra. ESMC was established in June 2023, and the Company continually increased its investment in ESMC for the amount of NT$4,814,293 thousand. The Company sold its 10% shares to Robert Bosch GmbH, Infineon Technologies AG and NXP Semiconductors N.V. in January 2024. After selling shares, The Company’s shareholding in ESMC decreased from 100% to 70%. This transaction was accounted for as an equity transaction since the transaction did not change the Company’s control over ESMC. b. Investments in associates Associates consisted of the following: Name of Associate Principal Activities Vanguard International Semiconductor Corporation (VIS) Manufacturing, sales, packaging, testing and computer-aided design of integrated circuits and other semiconductor devices and the manufacturing and design service of masks Place of Incorporation and Operation Carrying Amount % of Ownership and Voting Rights Held by the Company December 31, December 31, December 31, December 31, 2023 2022 2023 2022 Hsinchu, Taiwan $ 13,590,430 $ 13,492,653 28% 28% Systems on Silicon Manufacturing Company Pte Ltd. (SSMC) Manufacturing and selling of Singapore 9,728,801 8,934,731 39% 39% integrated circuits and other semiconductor devices Xintec Inc. (Xintec) Wafer level chip size packaging Taoyuan, Taiwan 3,759,701 3,528,417 41% 41% and wafer level post passivation interconnection service Global Unichip Researching, developing, Hsinchu, Taiwan 2,537,706 1,666,651 35% 35% Corporation (GUC) manufacturing, testing and marketing of integrated circuits $ 29,616,638 $ 27,622,452 As of December 31, 2023 and 2022, no investments in associates are individually material to the Company. Please refer to the parent company only statements of comprehensive income for recognition of share of both profit (loss) and other comprehensive income (loss) of associates that are not individually material. The market prices of the associates’ ownership held by the Company in publicly traded stocks calculated by the closing price are summarized as follows. The closing price represents the quoted price in active markets, the level 1 fair value measurement. Name of Associate GUC VIS Xintec December 31, 2023 December 31, 2022 $ 81,236,875 $ 37,834,215 $ 14,188,445 $ 29,926,918 $ 35,977,321 $ 10,716,449 - 141 - - 141 - 13. PROPERTY, PLANT AND EQUIPMENT Assets used by the Company Assets subject to operating leases Assets used by the Company December 31, 2023 December 31, 2022 $ 2,453,454,729 $ 2,432,657,698 17,352 10,593 $ 2,453,465,322 $ 2,432,675,050 Land Buildings Machinery and Equipment Office Equipment Cost Balance at January 1, 2023 Additions (deductions) Disposals or retirements Transfers from assets subject to operating leases Transfers to assets subject to operating leases $ 3,212,000 - - $ 588,665,721 170,726,292 $ 4,073,634,985 1,092,820,315 $ (585,487 ) (34,652,800 ) 78,940,726 17,029,650 (3,268,575 ) - - - - 80,370 (71,078 ) - - Equipment under Installation and Construction in Progress Total $ 1,157,545,820 (760,754,707 ) - - - $ 5,901,999,252 519,821,550 (38,506,862 ) 80,370 (71,078 ) Balance at December 31, 2023 $ 3,212,000 $ 758,806,526 $ 5,131,811,792 $ 92,701,801 $ 396,791,113 $ 6,383,323,232 Accumulated depreciation and impairment Balance at January 1, 2023 Additions Disposals or retirements Transfers from assets subject to operating leases Transfers to assets subject to operating leases $ Balance at December 31, 2023 $ Carrying amounts at December 31, - - - - - - $ 315,107,562 42,097,968 (582,993 ) $ 3,098,295,994 445,570,821 (33,138,618 ) $ $ 55,147,258 9,840,540 (3,268,575 ) 790,740 - - $ 3,469,341,554 497,509,329 (36,990,186 ) - - 53,537 (45,731 ) - - - - 53,537 (45,731 ) $ 356,622,537 $ 3,510,736,003 $ 61,719,223 $ 790,740 $ 3,929,868,503 2023 Cost Balance at January 1, 2022 Additions Disposals or retirements Transfers to assets subject to operating leases $ 3,212,000 $ 402,183,989 $ 1,621,075,789 $ 30,982,578 $ 396,000,373 $ 2,453,454,729 $ 3,212,000 - - $ 536,912,374 51,982,217 (228,870 ) $ 3,814,331,964 289,897,592 (30,528,791 ) $ 71,312,061 9,288,321 (1,659,656 ) $ 552,647,944 604,897,876 - $ 4,978,416,343 956,066,006 (32,417,317 ) - - (65,780 ) - - (65,780 ) Balance at December 31, 2022 $ 3,212,000 $ 588,665,721 $ 4,073,634,985 $ 78,940,726 $ 1,157,545,820 $ 5,901,999,252 Accumulated depreciation and impairment Balance at January 1, 2022 Additions Disposals or retirements Transfers to assets subject to operating leases Impairment $ Balance at December 31, 2022 $ Carrying amounts at December 31, - - - - - - $ 281,421,525 33,911,674 (225,637 ) $ 2,758,724,265 368,684,999 (29,073,004 ) $ $ 48,300,051 8,506,391 (1,659,184 ) - - - $ 3,088,445,841 411,103,064 (30,957,825 ) - - (40,266 ) - - - - 790,740 (40,266 ) 790,740 $ 315,107,562 $ 3,098,295,994 $ 55,147,258 $ 790,740 $ 3,469,341,554 2022 $ 3,212,000 $ 273,558,159 $ 975,338,991 $ 23,793,468 $ 1,156,755,080 $ 2,432,657,698 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 2022, the Company recognized an impairment loss of NT$790,740 thousand for certain machinery and equipment that were assessed to have no future use, and the recoverable amount of the - 142 - - 142 - aforementioned assets were nil. Such impairment loss was recognized in other operating income and expenses. Information about capitalized interest is set out in Note 21. 14. LEASE ARRANGEMENTS a. Right-of-use assets Carrying amounts Land Buildings Office equipment December 31, 2023 December 31, 2022 $ 37,039,145 811,037 22,523 $ 38,121,835 911,108 18,484 $ 37,872,705 $ 39,051,427 Years Ended December 31 2023 2022 Additions to right-of-use assets $ 1,657,886 $ 11,808,591 Depreciation of right-of-use assets Land Buildings Office equipment b. Lease liabilities Carrying amounts Current portion (classified under accrued expenses and other current liabilities) Noncurrent portion Ranges of discount rates for lease liabilities are as follows: Land Buildings Office equipment - 143 - - 143 - $ 2,439,615 330,361 16,193 $ 2,102,934 365,167 15,728 $ 2,786,169 $ 2,483,829 December 31, 2023 December 31, 2022 $ 2,122,132 26,959,435 $ 2,029,362 27,593,900 $ 29,081,567 $ 29,623,262 December 31, 2023 December 31, 2022 0.39%-2.30% 0.57%-1.76% 0.28%-1.73% 0.39%-2.30% 0.39%-1.76% 0.28%-1.73% c. Material terms of right-of-use assets The Company leases land and buildings mainly for the use of plants and offices with lease terms of 1 to 22 years. The lease contracts for land located in the R.O.C. specify that lease payments will be adjusted every 2 years on the basis of changes in announced land value prices. The Company does not have purchase options to acquire the leasehold land and buildings at the end of the lease terms. d. Other lease information Expenses relating to short-term leases Total cash outflow for leases Years Ended December 31 2023 2022 $ 1,212,080 $ 4,128,092 $ 4,616,518 $ 7,037,733 15. INTANGIBLE ASSETS Cost Balance at January 1, 2023 Additions Disposals or retirements Goodwill Technology License Fees Software and System Design Costs Patent and Others Total $ 1,567,756 - - $ 25,706,243 460,032 - $ 47,821,483 4,417,438 (4,289,185 ) $ 11,668,271 548,499 - $ 86,763,753 5,425,969 (4,289,185 ) Balance at December 31, 2023 $ 1,567,756 $ 26,166,275 $ 47,949,736 $ 12,216,770 $ 87,900,537 Accumulated amortization and impairment Balance at January 1, 2023 Additions Disposals or retirements Balance at December 31, 2023 Carrying amounts at December 31, 2023 Cost Balance at January 1, 2022 Additions Disposals or retirements $ $ $ $ - - - - $ 17,643,661 2,792,353 - $ 38,255,701 5,244,804 (4,289,152 ) $ 9,408,287 1,160,819 - $ 65,307,649 9,197,976 (4,289,152 ) $ 20,436,014 $ 39,211,353 $ 10,569,106 $ 70,216,473 1,567,756 $ 5,730,261 $ 8,738,383 $ 1,647,664 $ 17,684,064 1,567,756 - - $ 23,483,138 2,253,096 $ 43,072,450 4,815,294 (29,991 ) (66,261 ) $ 11,465,356 202,915 - $ 79,588,700 7,271,305 (96,252 ) Balance at December 31, 2022 $ 1,567,756 $ 25,706,243 $ 47,821,483 $ 11,668,271 $ 86,763,753 Accumulated amortization and impairment Balance at January 1, 2022 Additions Disposals or retirements Balance at December 31, 2022 Carrying amounts at December 31, 2022 $ $ $ - - - - $ 14,861,472 2,793,540 $ 33,599,582 4,722,380 $ (11,351 ) (66,261 ) 8,217,246 1,191,041 - $ 56,678,300 8,706,961 (77,612 ) $ 17,643,661 $ 38,255,701 $ 9,408,287 $ 65,307,649 1,567,756 $ 8,062,582 $ 9,565,782 $ 2,259,984 $ 21,456,104 The Company’s goodwill has been tested for impairment at the end of the annual reporting period and the recoverable amount is determined based on the value in use. The value in use was calculated based on the cash flow forecast from the financial budgets covering the future five-year period, and the Company used annual discount rates of 9.0% and 8.7% in its test of impairment as of December 31, 2023 and 2022, respectively, to reflect the relevant specific risk in the cash-generating unit. For the years ended December 31, 2023 and 2022, the Company did not recognize any impairment loss on goodwill. - 144 - - 144 - 16. BONDS PAYABLE Domestic unsecured bonds Less: Discounts on bonds payable Less: Current portion December 31, 2023 December 31, 2022 $ 447,194,000 (326,435) (6,997,710) $ 379,526,000 (295,526) (18,100,000) The major terms of domestic unsecured bonds are as follows: Issuance Tranche Issuance Period Total Amount Coupon Rate Repayment and Interest Payment $ 439,869,855 $ 361,130,474 NT$ unsecured bonds 101-3 101-4 102-1 102-2 102-4 109-1 109-2 109-3 - C C B E F A B C A B C A B C October 2012 to October 2022 January 2013 to January 2023 February 2013 to February 2023 July 2013 to July 2023 September 2013 to March 2023 September 2013 to September 2023 March 2020 to March 2025 March 2020 to March 2027 March 2020 to March 2030 April 2020 to April 2025 April 2020 to April 2027 April 2020 to April 2030 May 2020 to May 2025 $ 4,400,000 1.53% Bullet repayment; interest 3,000,000 1.49% payable annually The same as above 3,600,000 1.50% The same as above 3,500,000 1.70% The same as above 5,400,000 2.05% The same as above 2,600,000 2.10% The same as above 3,000,000 0.58% The same as above 10,500,000 0.62% The same as above 10,500,000 0.64% The same as above 5,900,000 0.52% The same as above 10,400,000 0.58% The same as above 5,300,000 0.60% The same as above 4,500,000 0.55% The same as above May 2020 to May 7,500,000 0.60% The same as above 2027 May 2020 to May 2,400,000 0.64% The same as above 2030 (Continued) - 145 - - 145 - Issuance Tranche Issuance Period Total Amount Coupon Rate Repayment and Interest Payment 109-4 A July 2020 to July $ 5,700,000 0.58% 2025 109-5 109-6 (Green bond) 109-7 110-1 110-2 110-3 110-4 B C A B C A B C A B C A B C A B C A B C A B C D Two equal installments in last two years; interest payable annually The same as above July 2020 to July 6,300,000 0.65% 2027 July 2020 to July 1,900,000 0.67% The same as above 2030 September 2020 to September 2025 September 2020 to September 2027 September 2020 to September 2030 December 2020 to December 2025 December 2020 to December 2027 December 2020 to December 2030 December 2020 to December 2025 December 2020 to December 2027 December 2020 to December 2030 March 2021 to March 2026 March 2021 to March 2028 March 2021 to March 2031 May 2021 to May 2026 4,800,000 0.50% The same as above 8,000,000 0.58% The same as above 2,800,000 0.60% The same as above 1,600,000 0.40% The same as above 5,600,000 0.44% The same as above 4,800,000 0.48% The same as above 1,900,000 0.36% The same as above 10,200,000 0.41% The same as above 6,400,000 0.45% The same as above 4,800,000 0.50% Bullet repayment; interest 11,400,000 0.55% payable annually The same as above 4,900,000 0.60% The same as above 5,200,000 0.50% The same as above May 2021 to May 8,400,000 0.58% The same as above 2028 May 2021 to May 5,600,000 0.65% The same as above 2031 June 2021 to June 6,900,000 0.52% The same as above 2026 June 2021 to June 7,900,000 0.58% The same as above 2028 June 2021 to June 4,900,000 0.65% The same as above 2031 August 2021 to August 2025 August 2021 to August 2026 August 2021 to August 2028 August 2021 to August 2031 4,000,000 0.485% The same as above 8,000,000 0.50% The same as above 5,400,000 0.55% The same as above 4,200,000 0.62% The same as above (Continued) - 146 - - 146 - Issuance Tranche Issuance Period Total Amount Coupon Rate Repayment and Interest Payment 110-6 110-7 111-1 (Green bond) 111-2 111-3 (Green bond) 111-4 (Green bond) 111-5 111-6 (Green bond) A B C D A B C A B A B C - A B C D A B C D A B C October 2021 to April 2026 October 2021 to October 2026 October 2021 to October 2028 October 2021 to October 2031 December 2021 to December 2026 December 2021 to June 2027 December 2021 to December 2028 January 2022 to January 2027 January 2022 to January 2029 March 2022 to September 2026 March 2022 to March 2027 March 2022 to March 2029 May 2022 to May 2027 $ 3,200,000 0.535% Bullet repayment; interest 6,900,000 0.54% payable annually The same as above 4,600,000 0.60% The same as above 1,600,000 0.62% The same as above 7,700,000 0.65% The same as above 3,500,000 0.675% The same as above 5,500,000 0.72% The same as above 2,100,000 0.63% The same as above 3,300,000 0.72% The same as above 3,000,000 0.84% The same as above 9,600,000 0.85% The same as above 1,600,000 0.90% The same as above 6,100,000 1.50% The same as above July 2022 to July 1,200,000 1.60% The same as above 2026 July 2022 to July 10,100,000 1.70% The same as above 2027 July 2022 to July 1,200,000 1.75% The same as above 2029 July 2022 to July 1,400,000 1.95% The same as above 2032 August 2022 to June 2027 August 2022 to August 2027 August 2022 to August 2029 August 2022 to August 2032 October 2022 to October 2027 October 2022 to October 2029 October 2022 to October 2032 2,000,000 1.65% The same as above 8,900,000 1.65% The same as above 2,200,000 1.65% The same as above 2,500,000 1.82% The same as above 5,700,000 1.75% The same as above 1,000,000 1.80% The same as above 3,500,000 2.00% The same as above (Continued) - 147 - - 147 - Issuance Tranche Issuance Period Total Amount Coupon Rate Repayment and Interest Payment 112-1 (Green bond) 112-2 (Green bond) 112-3 112-4 112-5 A B C A B C A B C A B C A B March 2023 to March 2028 March 2023 to March 2030 March 2023 to March 2033 May 2023 to May 2028 $ 12,200,000 1.54% Bullet repayment; interest 2,300,000 1.60% payable annually The same as above 4,800,000 1.78% The same as above 13,100,000 1.60% The same as above May 2023 to May 2,300,000 1.65% The same as above 2030 May 2023 to May 5,300,000 1.82% The same as above 2033 June 2023 to June 11,400,000 1.60% The same as above 2028 June 2023 to June 2,600,000 1.65% The same as above 2030 June 2023 to June 6,000,000 1.80% The same as above 2033 August 2023 to August 2028 August 2023 to August 2030 August 2023 to August 2033 October 2023 to October 2028 October 2023 to October 2033 7,300,000 1.60% The same as above 700,000 1.65% The same as above 7,900,000 1.76% The same as above 4,300,000 1.62% The same as above 5,500,000 1.76% The same as above (Concluded) Issuance Tranche Issuance Period Total Amount (US$ in Thousands) Coupon Rate Repayment and Interest Payment US$ unsecured bonds 109-1 110-5 - - September 2020 to September 2060 US$ 1,000,000 2.70% Bullet repayment (callable on the 5th anniversary of the issue date and every anniversary thereafter); interest payable annually September 2021 to September 2051 1,000,000 3.10% The same as above - 148 - - 148 - 17. RETIREMENT BENEFIT PLANS a. Defined contribution plans The plan under the R.O.C. Labor Pension Act (the “Act”) is deemed a defined contribution plan. Pursuant to the Act, the Company has made monthly contributions equal to 6% of each employee’s monthly salary to employees’ pension accounts. Accordingly, the Company recognized expenses of NT$4,154,345 thousand and NT$3,663,757 thousand for the years ended December 31, 2023 and 2022, respectively. b. Defined benefit plans The Company has defined benefit plans under the R.O.C. Labor Standards Law that provide benefits based on an employee’s length of service and average monthly salary for the six-month period prior to retirement. The Company contributes an amount equal to 2% of salaries paid each month to their respective pension funds (the Funds), which are administered by the Labor Pension Fund Supervisory Committee (the Committee) and deposited in the Committee’s name in the Bank of Taiwan. Before the end of each year, the Company assesses the balance in the Funds. If the amount of the balance in the Funds is inadequate to pay retirement benefits for employees who conform to retirement requirements in the next year, the Company is required to fund the difference in one appropriation that should be made before the end of March of the next year. The Funds are operated and managed by the government’s designated authorities; as such, the Company does not have any right to intervene in the investments of the Funds. Amounts recognized in respect of these defined benefit plans were as follows: 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 arising from experience adjustments Actuarial (gain) loss arising from changes in financial assumptions Components of defined benefit costs recognized in other comprehensive income Years Ended December 31 2023 2022 $ $ 139,101 142,291 281,392 134,376 74,265 208,641 (16,252) 68,342 (429,948) 1,413,760 571,266 (160,752) 623,356 823,060 Total $ 904,748 $ 1,031,701 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 - 149 - - 149 - Years Ended December 31 2023 2022 $ 182,333 76,120 19,248 3,691 $ 135,125 55,632 15,129 2,755 $ 281,392 $ 208,641 The amounts arising from the defined benefit obligation of the Company were as follows: December 31, 2023 December 31, 2022 Present value of defined benefit obligation Fair value of plan assets $ 17,995,066 (8,737,842) $ 17,483,951 (8,162,860) Net defined benefit liability $ 9,257,224 $ 9,321,091 Movements in the present value of the defined benefit obligation were as follows: Balance, beginning of year Current service cost Interest expense Remeasurement: Actuarial loss arising from experience adjustments Actuarial (gain) loss arising from changes in financial assumptions Benefits paid from plan assets Benefits paid directly by the Company Years Ended December 31 2023 2022 $ 17,483,951 139,101 303,970 $ 16,585,442 134,376 120,791 68,342 1,413,760 571,266 (556,455) (15,109) (160,752) (585,343) (24,323) Balance, end of year $ 17,995,066 $ 17,483,951 Movements in the fair value of the plan assets were as follows: Balance, beginning of year Interest income Remeasurement: Years Ended December 31 2023 2022 $ 8,162,860 161,679 $ 5,548,563 46,526 Return on plan assets (excluding amounts included in net interest expense) Contributions from employer Benefits paid from plan assets 16,252 953,506 (556,455) 429,948 2,723,166 (585,343) Balance, end of year $ 8,737,842 $ 8,162,860 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, 2023 December 31, 2022 $ 1,351,744 4,998,919 2,387,179 $ 1,337,893 4,696,909 2,128,058 $ 8,737,842 $ 8,162,860 - 150 - - 150 - 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, 2023 December 31, 2022 1.40% 4.00% 1.80% 4.00% Through the defined benefit plans under the R.O.C. Labor Standards Law, the Company is exposed to the following risks: 1) Investment risk: The pension funds are invested in equity and debt securities, bank deposits, etc. The investment is conducted at the discretion of the government’s designated authorities or under the mandated management. However, under the R.O.C. Labor Standards Law, the rate of return on assets shall not be less than the average interest rate on a two-year time deposit published by the local banks and the government is responsible for any shortfall in the event that the rate of return is less than the required rate of return. 2) Interest risk: A decrease in the government bond interest rate will increase the present value of the defined benefit obligation; however, this will be partially offset by an increase in the return on the debt investments of the plan assets. Assuming a hypothetical decrease in interest rate at the end of the reporting period contributed to a decrease of 0.5% (and not below 0.0%) in the discount rate and all other assumptions were held constant, the present value of the defined benefit obligation would increase by NT$757,663 thousand and NT$766,692 thousand as of December 31, 2023 and 2022, 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$735,167 thousand and NT$746,933 thousand as of December 31, 2023 and 2022, 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$991,646 thousand to the defined benefit plans in the next year starting from December 31, 2023. The weighted average duration of the defined benefit obligation is 8 years. - 151 - - 151 - 18. EQUITY a. Capital stock Authorized shares (in thousands) Authorized capital Issued and paid shares (in thousands) Issued capital December 31, 2023 December 31, 2022 28,050,000 $ 280,500,000 25,932,071 $ 259,320,710 28,050,000 $ 280,500,000 25,930,380 $ 259,303,805 The par value of issued common shares is NT$10 per share. A holder of common shares has one vote for each common share and is entitled to receive dividends. The authorized shares include 500,000 thousand shares allocated for the exercise of employee stock options. On March 1, 2023 and March 1, 2022, the Company issued employee restricted stock awards (RSAs) for its employees in a total of 2,110 thousand shares and 1,387 thousand shares, respectively, with a par value of NT$10 per share. The aforementioned issuance of new shares was approved by the relevant authority and the registration has been completed. During the first quarter of 2023, the Company reclaimed 419 thousand employee restricted shares that were unvested. On May 9, 2023, the Company’s Board of Directors resolved to cancel the aforementioned shares. Subsequently, the Company completed the registration for share cancellation. Refer to Note 25 for information on RSAs. On May 10, 2022, the Company’s Board of Directors resolved to cancel 1,387 thousand treasury shares. Refer to Note 18(e) for information. As of December 31, 2023, the Company’s total issued and outstanding ADSs were 1,063,103 thousand units, representing 5,315,513 thousand common shares. b. Capital surplus The categories of uses and the sources of capital surplus based on regulations were as follows: May be used to offset a deficit, distributed as cash dividends, or transferred to share capital Additional paid-in capital From merger From convertible bonds From difference between the consideration received and the carrying amount of the subsidiaries’ net assets during actual disposal Donations - donated by shareholders December 31, 2023 December 31, 2022 $ 24,406,854 22,803,291 8,892,371 $ 24,183,645 22,803,291 8,892,371 8,406,282 11,275 8,406,282 11,275 (Continued) - 152 - - 152 - May only be used to offset a deficit From share of changes in equities of subsidiaries From share of changes in equities of associates Donations – unclaimed dividend $ 4,199,936 302,396 70,093 $ 4,229,892 311,863 53,680 December 31, 2023 December 31, 2022 May not be used for any purpose Employee restricted shares 783,883 438,029 If such capital surplus is distributed as transferred to share capital, it is limited to a certain percentage of the Company’s paid-in capital each year. c. Retained earnings and dividend policy $ 69,876,381 $ 69,330,328 (Concluded) The Company’s Articles of Incorporation provide that, earnings distribution may be made on a quarterly basis after the close of each quarter. Distribution of earnings by way of cash dividends should be approved by the Company’s Board of Directors and reported to the Company’s shareholders in its meeting. When allocating earnings, the Company shall first estimate and reserve the taxes to be paid, offset its losses, set aside a legal capital reserve at 10% of the remaining earnings (until the accumulated legal capital reserve equals the Company’s paid-in capital), then set aside a special capital reserve in accordance with relevant laws or regulations or as requested by the authorities in charge. Any balance left over shall be allocated according to relevant laws and the Company’s Articles of Incorporation. The Company’s Articles of Incorporation also provide that profits of the Company may be distributed by way of cash dividend and/or stock dividend. However, distribution of earnings shall be made preferably by way of cash dividend. Distribution of earnings may also be made by way of stock dividend, provided that the ratio for stock dividend shall not exceed 50% of the total distribution. The legal capital reserve may be used to offset a deficit, or be distributed as dividends in cash or stocks for the portion in excess of 25% of the paid-in capital if the Company incurs no loss. Pursuant to existing regulations, the Company is required to set aside an additional special capital reserve equivalent to the net debit balance of the other components of stockholders’ equity, such as the accumulated balance of the foreign currency translation reserve, the effectiveness of hedges of net investments in foreign operations, unrealized valuation gain or loss from fair value through other comprehensive income financial assets and gain or loss from changes in fair value of hedging instruments in cash flow hedges, etc. For the subsequent decrease in the deduction amount to stockholders’ equity, any special reserve appropriated may be reversed to the extent that the net debit balance reverses. The appropriations of 2023, 2022 and 2021 quarterly earnings have been approved by the Company’s Board of Directors in its meeting, respectively. The appropriations and cash dividends per share were as follows: Resolution Date of the Company’s Board of Directors in its meeting of 2023 February 6, 2024 of 2023 November 14, 2023 of 2023 August 8, 2023 of 2023 May 9, 2023 Fourth Quarter Third Quarter Second Quarter First Quarter Special capital reserve Cash dividends to shareholders Cash dividends per share (NT$) $ 28,020,822 $ 90,762,248 3.50 $ $ (17,228,363) $ $ 90,762,248 3.50 $ $ 77,796,213 3.00 $ (6,365,562) $ 3,273,452 $ 77,796,213 3.00 $ - 153 - - 153 - Resolution Date of the Company’s Board of Directors in its meeting of 2022 of 2022 February 14, November 8, 2023 2022 of 2022 August 9, 2022 of 2022 May 10, 2022 Fourth Quarter Third Quarter Second Quarter First Quarter Special capital reserve Cash dividends to shareholders Cash dividends per share (NT$) $ 17,166,163 $ 71,308,546 2.75 $ $ (31,910,353) $ (12,002,798) $ (15,541,054) $ 71,308,546 $ 71,308,546 $ 71,308,547 2.75 $ 2.75 $ 2.75 $ Resolution Date of the Company’s Board of Directors in its meeting of 2021 of 2021 of 2021 February 15, November 9, August 10, 2022 2021 2021 of 2021 June 9, 2021 Fourth Quarter Third Quarter Second Quarter First Quarter Special capital reserve Cash dividends to shareholders Cash dividends per share (NT$) $ 3,304,303 $ 71,308,546 2.75 $ $ 710,169 $ 71,308,547 2.75 $ $ 10,201,220 $ 71,308,546 2.75 $ $ (6,287,050) $ 71,308,546 2.75 $ The special capital reserve for 2023 is to be presented for approval in the Company’s shareholders’ meeting to be held on June 4, 2024 (expected). The quarterly cash dividends per share is affected by the subsequent number of outstanding ordinary shares, the information of the actual payout is available at the Market Observation Post System website. d. Others Changes in others were as follows: Year Ended December 31, 2023 Foreign Currency Translation Reserve Unrealized Gain (Loss) on Financial Assets at FVTOCI Gain (Loss) on Hedging Instruments Unearned Stock-Based Employee Compensation Total $ (11,743,301 ) $ (10,056,353 ) $ 1,479,181 $ (185,153 ) $ (20,505,626 ) (14,264,009 ) 618,180 - - - - - - - - (53,665 ) (151,944 ) - - - - 72,361 - 6,162,059 (25 ) - - - - 39,898 (45,181 ) - - (78,023 ) - - (14,264,009 ) - - - - - (585,968 ) 477,687 618,180 (53,665 ) (151,944 ) 39,898 (45,181 ) (585,968 ) 477,687 - - 6,156,397 (25 ) $ (25,316,769 ) $ (4,099,928 ) $ 1,395,875 $ (293,434 ) $ (28,314,256 ) Balance, beginning of year Exchange differences arising on translation of foreign operations Gain (Loss) on hedging instruments designated as hedges of net investments in 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 Issuance of shares Share-based payment expenses recognized Share of other comprehensive income (loss) of subsidiaries and associates Income tax effect Balance, end of year - 154 - - 154 - Year Ended December 31, 2022 Foreign Currency Translation Reserve Unrealized Gain (Loss) on Financial Assets at FVTOCI Gain (Loss) on Hedging Instruments Unearned Stock-Based Employee Compensation Total $ (63,303,361 ) $ 574,310 $ 120,536 $ - $ (62,608,515 ) 51,030,928 - 18,979 (303,242 ) - - - - - - - - (52,929 ) - - - - - - 51,030,928 - - - (451,899 ) 266,746 18,979 (303,242 ) (52,929 ) (451,899 ) 266,746 529,132 - (10,346,321 ) (79 ) 1,405,538 6,036 - - (8,411,651 ) 5,957 $ (11,743,301 ) $ (10,056,353 ) $ 1,479,181 $ (185,153 ) $ (20,505,626 ) 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 Transferred to initial carrying amount of hedged items Issuance of shares Share-based payment expenses recognized Share of other comprehensive income (loss) of subsidiaries and associates Income tax effect Balance, end of year The aforementioned other equity includes the changes in other equities of the Company and the Company’s share of its subsidiaries and associates. e. Treasury stock For the Company’s shareholders’ interests, the Company’s Board of Directors approved a share buyback program on February 15, 2022 to repurchase 1,387 thousand shares. The Company has completed the aforementioned share buyback program during the first quarter of 2022. On May 10, 2022, the Company’s Board of Directors resolved to cancel the 1,387 thousand shares. Subsequently, TSMC completed the registration for share cancellation. 19. NET REVENUE a. Disaggregation of revenue from contracts with customers Product Wafer Others Geography Taiwan United States China Japan Europe, the Middle East and Africa Others - 155 - - 155 - Years Ended December 31 2023 2022 $ 1,881,677,167 $ 1,989,174,117 263,146,444 271,607,928 $ 2,153,285,095 $ 2,252,320,561 Years Ended December 31 2023 2022 $ 149,777,343 $ 210,470,783 1,404,615,395 1,488,848,778 245,168,746 119,099,336 123,767,140 64,965,778 267,154,140 132,072,000 117,348,237 82,317,980 $ 2,153,285,095 $ 2,252,320,561 The Company categorized the net revenue mainly based on the countries where the customers are headquartered. Platform High Performance Computing Smartphone Internet of Things Automotive Digital Consumer Electronics Others Resolution 3-nanometer 5-nanometer 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 b. Contract balances Years Ended December 31 2023 2022 $ 931,334,614 $ 927,459,536 884,505,210 194,878,453 115,678,391 56,317,962 73,481,009 810,053,991 161,685,797 133,741,115 46,994,528 69,475,050 $ 2,153,285,095 $ 2,252,320,561 Years Ended December 31 2023 2022 $ 106,434,419 $ 628,017,081 357,624,994 28,577 191,789,213 10,379,144 187,423,174 115,017,630 107,582,277 25,772,497 47,043,623 86,716,114 17,848,424 - 503,914,841 536,730,486 24,775 258,793,242 8,848,885 206,578,337 145,748,015 93,292,327 40,280,729 57,915,290 110,631,548 26,415,642 $ 1,881,677,167 $ 1,989,174,117 December 31, 2023 December 31, 2022 January 1, 2022 Contract liabilities (classified under accrued expenses and other current liabilities) $ 47,760,098 $ 62,380,554 $ 33,951,838 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$61,349,317 thousand and NT$33,365,181 thousand for the years ended December 31, 2023 and 2022, respectively. - 156 - - 156 - c. Temporary receipts from customers Current portion (classified under accrued expenses and other current liabilities) Noncurrent portion (classified under other noncurrent liabilities) December 31, 2023 December 31, 2022 $ 114,639,514 $ 107,723,580 163,655,128 168,399,207 $ 278,294,642 $ 276,122,787 The Company’s temporary receipts from customer are payments made by customers to the Company to retain the Company’s capacity. When the terms and conditions set forth in the agreements are subsequently satisfied, the treatment of temporary receipts, either by refund or by accounts receivable offsetting, will be determined by mutual consent. d. Refund liabilities Estimated sales returns and other allowances is made and adjusted based on historical experience and the consideration of varying contractual terms. As of December 31, 2023 and 2022, the aforementioned refund liabilities amounted to NT$36,144,370 thousand and NT$50,980,669 thousand (classified under accrued expenses and other current liabilities), respectively. 20. INTEREST INCOME Interest income Cash and cash equivalents Financial assets at amortized cost 21. FINANCE COSTS Years Ended December 31 2023 2022 $ 17,414,490 411,061 $ 5,644,170 313,694 $ 17,825,551 $ 5,957,864 Years Ended December 31 2023 2022 Interest expense Corporate bonds Lease liabilities Bank loans Others Less: Capitalized interest under property, plant and equipment $ 5,019,826 334,971 262 2,103 (756,369) $ 3,888,669 231,037 279 1,228 (880,807) Information about capitalized interest is as follows: $ 4,600,793 $ 3,240,406 Years Ended December 31 2023 2022 Capitalization rate 1.08%-1.20% 0.72%-1.20% - 157 - - 157 - 22. OTHER GAINS AND LOSSES, NET Gain on financial instruments at FVTPL, net Mandatorily measured at FVTPL The accrual of expected credit loss of financial assets Financial assets at amortized cost Other gains, net 23. 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 expense (benefit) The origination and reversal of temporary differences Investment tax credits Years Ended December 31 2023 2022 $ 7,243,770 $ 2,518,506 (5,789) 356,151 (10,341) 545,116 $ 7,594,132 $ 3,053,281 Years Ended December 31 2023 2022 $ 134,436,152 34,145 234,902 134,705,199 $ 144,561,484 (489,638) 205,529 144,277,375 3,623,335 945,038 4,568,373 (24,810,515) 4,676,707 (20,133,808) Income tax expense recognized in profit or loss $ 139,273,572 $ 124,143,567 A reconciliation of income before income tax and income tax expense recognized in profit or loss was as follows: Years Ended December 31 2023 2022 Income before tax $ 977,771,236 $ 1,140,673,816 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 The origination and reversal of temporary differences Income tax credits Income tax adjustments on prior years Other income tax adjustments $ 195,554,247 $ 228,134,763 (7,861,524) - - 9,468,943 3,623,335 (61,780,476) 139,004,525 34,145 234,902 12,804,635 (157,955,934) 61,578,020 - (24,810,515) 4,676,707 124,427,676 (489,638) 205,529 Income tax expense recognized in profit or loss $ 139,273,572 $ 124,143,567 - 158 - - 158 - For the years ended December 31, 2023 and 2022, the Company applied a tax rate of 20% subject to the R.O.C. Income Tax Law. b. Deferred income tax balance The analysis of deferred income tax assets and liabilities was as follows: Deferred income tax assets Temporary differences Depreciation Refund liability Unrealized exchange losses Unrealized loss on inventories Net defined benefit liability Investment tax credits Others December 31, 2023 December 31, 2022 $ 40,726,261 9,348,138 7,096,229 2,702,288 1,729,672 - 753,473 $ 44,989,153 12,002,094 5,779,739 2,260,011 1,722,005 945,038 10,021 $ 62,356,061 $ 67,708,061 Deferred income tax liabilities Temporary differences Others $ - $ (908,273) Year Ended December 31, 2023 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 Unrealized exchange losses Unrealized loss on inventories Net defined benefit liability Investment tax credits Others $ 44,989,153 12,002,094 5,779,739 2,260,011 1,722,005 945,038 10,021 $ (4,262,892) (2,653,956) 1,316,490 442,277 (117,004) (945,038) 743,477 $ - - - - 124,671 - (25) $ 40,726,261 9,348,138 7,096,229 2,702,288 1,729,672 - 753,473 $ 67,708,061 $ (5,476,646) $ 124,646 $ 62,356,061 Deferred income tax liabilities Temporary differences Others $ (908,273) $ 908,273 $ - $ - - 159 - - 159 - Year Ended December 31, 2022 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 Unrealized exchange losses Unrealized loss on inventories Net defined benefit liability Investment tax credits Others $ 34,146,437 5,903,698 - 861,924 1,237,086 5,621,745 10,100 $ 10,842,716 6,098,396 5,779,739 1,398,087 (249,116) (4,676,707) - $ - - - - 734,035 - (79) $ 44,989,153 12,002,094 5,779,739 2,260,011 1,722,005 945,038 10,021 $ 47,780,990 $ 19,193,115 $ 733,956 $ 67,708,061 Deferred income tax liabilities Temporary differences Unrealized exchange gains Others $ (706,311) (1,142,655) $ 706,311 234,382 $ $ (1,848,966) $ 940,693 $ - - - $ - (908,273) $ (908,273) c. The deductible temporary differences for which no deferred income tax assets have been recognized As of December 31, 2023 and 2022, the aggregate deductible temporary differences for which no deferred income tax assets have been recognized amounted to NT$52,686,244 thousand and NT$26,790,935 thousand, respectively. d. Unused tax-exemption information As of December 31,2022, the profits generated from the following project of the Company are exempt from income tax for a five-year period: Construction and expansion of 2009 Tax-exemption Period 2018 to 2022 e. The information of unrecognized deferred income tax liabilities associated with investments As of December 31, 2023 and 2022, the aggregate taxable temporary differences associated with liabilities amounted to income investments NT$254,182,901 thousand and NT$222,682,649 thousand, respectively. in subsidiaries not recognized as deferred tax f. Income tax examination The tax authorities have examined income tax returns of the Company through 2021. All investment tax credit adjustments assessed by the tax authorities have been recognized accordingly. 24. EARNINGS PER SHARE Basic EPS Diluted EPS Years Ended December 31 2023 2022 $ 32.34 $ 32.34 $ 39.20 $ 39.20 - 160 - - 160 - EPS is computed as follows: Basic EPS Net income available to common shareholders Weighted average number of common shares outstanding used in the computation of basic EPS (in thousands) Basic EPS (in dollars) Diluted EPS Years Ended December 31 2023 2022 $ 838,497,664 $ 1,016,530,249 25,929,223 32.34 $ 25,929,190 39.20 $ Net income available to common shareholders Weighted average number of common shares outstanding used in the computation of basic EPS (in thousands) Effects of all dilutive potential common shares (in thousands) Weighted average number of common shares used in the computation of diluted EPS (in thousands) Diluted EPS (in dollars) $ 838,497,664 $ 1,016,530,249 25,929,223 44 25,929,190 193 25,929,267 32.34 $ 25,929,383 39.20 $ 25. SHARE-BASED PAYMENT ARRANGEMENTS a. Equity-settled share-based payment- RSAs The RSAs in each year are as follows: 2023 RSAs 2022 RSAs 2021 RSAs Resolution Date of the Company’s shareholders in June 6, 2023 June 8, 2022 July 26, 2021 its meeting Resolution Date of the Company’s Board of Directors in its meeting Issuance of stocks (in thousands) Eligible employees February 6, 2024 February 14, 2023 February 15, 2022 2,960 Executive officers 2,110 1,387 Executive officers Executive officers Grant date/Issuance date March 1, 2024 March 1, 2023 March 1, 2022 Vesting conditions of the aforementioned arrangement are as follow: 1) The RSAs granted to eligible employees can only be vested if  the employee remains employed by the Company or the subsidiaries on the last date of each vesting period;  during the vesting period, the employee may not breach any agreement with the Company or the subsidiaries or violate the Company’s work rules; and  certain employee performance metrics and the Company’s or the subsidiaries’ business performance metrics are met. 2) The maximum percentage of granted RSAs that may be vested each year shall be as follows: one-year anniversary of the grant: 50%; two-year anniversary of the grant: 25%; and three-year anniversary of the grant: 25%; provided that the actual percentage and number of the RSAs to be vested in each year will be calculated based on the achievement of the Company’s business performance metrics. - 161 - - 161 - 3) For eligible executive officers of the Company: The maximum number of RSAs that may be vested in each year will be set as 110%, among which 100% will be subject to a calculation based on the Company’s relative Total Shareholder Return (”TSR”, including capital gains and dividends) achievement to determine the number of RSAs to be vested; this number will be further subject to a modifier to increase or decrease up to 10% based on the Compensation and People Development Committee evaluation of the Company’s Environmental, Social, and Governance (”ESG”) achievements. The number of shares so calculated should be rounded down to the nearest integral. The Company’s TSR relative to the TSR of S&P 500 IT Index Above the Index by X percentage points Equal to the Index Below the Index by X percentage points Ratio of Shares to be Vested 50% + X * 2.5%, with the maximum of 100% 50% - X * 2.5%, with the minimum of 0% 50% 4) Restrictions imposed on the employees’ rights in the RSAs before the vesting conditions are fulfilled:  During each vesting period, no employee granted RSAs, except for inheritance, may sell, pledge, transfer, give to another person, create any encumbrance on, or otherwise dispose of, any shares under the unvested RSAs.  Before the vesting conditions are fulfilled, the attendance, proposal rights, speech rights, voting rights and etc. shall be exercised by the engaged trustee/custodian on the employee’s behalf. Any other shareholder rights including but not limited to the entitlement to any distribution regarding dividends, bonuses and capital reserve, and the subscription right of the new shares issued for any capital increase, are the same as those of holders of common shares of the Company. 5) Details of granted RSAs in each year are as follows: Balance, beginning of year Issuance of stocks Vested shares Canceled shares Balance, end of year 2022 RSAs Number of Shares (In Thousands) 2021 RSAs Number of Shares (In Thousands) - 2,110 - - 2,110 1,387 - (274) (419) 694 Weighted-average fair value of RSAs (in dollars) $ 277.71 $ 325.81 The RSAs in each year are measured at fair value at grant date by using the binominal tree approach. Relevant information is as follows: 2022 RSAs March 1, 2023 2021 RSAs March 1, 2022 Stock price at measurement date (in dollars) Expected price volatility Expected life Risk-free interest rate $ 29.34%-32.11% 511 $ 604 25.34%-28.28% 1-3 years 0.57% 1-3 years 1.06% Refer to Note 26 for the compensation costs of the RSAs recognized by the Company. - 162 - - 162 - On February 6, 2024, the Company’s Board of Directors approved the issuance of RSAs for year 2024 of no more than 4,185 thousand common shares. The grants will be made free of charge. The actual number of shares to be issued will be resolved by the Board of Directors after the RSAs is approved at the shareholders' meeting and by the competent authority. b. Cash-settled share-based payment arrangements The cash-settled share-based payment arrangements in each year are as follows: 2023 Plan 2022 Plan 2021 Plan Resolution Date of the Company’s Board of February 6, 2024 February 14, February 15, Directors in its meeting Issuance of units (in thousands) (Note) Grant date 550 March 1, 2024 2023 400 March 1, 2023 2022 236 March 1, 2022 Note: One unit of the right represents a right to the market value of one the Company’s common share when vested. The vesting conditions and the ratio of units to be vested for key management personnel of the plan are the same as the aforementioned RSAs. The fair value of compensation costs for the cash-settled share-based payment was measured by using binominal tree approach and will be measured at each reporting period until settlement. Relevant information is as follows: Years Ended December 31 2023 2022 Plan 2021 Plan 2022 2021 Plan Stock price at measurement date (in dollars) Expected price volatility Residual life Risk-free interest rate 593 $ $ 451 24.76%-29.05% 24.76%-29.05% 28.80%-32.19% 1-3 years 1.09% 1-2 years 1.14% 1-3 years 1.15% 593 $ Refer to Note 26 for the compensation costs of the cash-settled share-based payment recognized by the Company. As of December 31, 2023 and 2022, the liabilities under cash-settled share-based payment arrangement amounted to NT$62,695 thousand and NT$30,757 thousand, respectively. 26. ADDITIONAL INFORMATION OF EXPENSES BY NATURE Years Ended December 31 2023 2022 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 $ 471,343,567 28,951,931 5,273 $ 385,647,215 27,939,678 8,189 $ 500,300,771 $ 413,595,082 - 163 - - 163 - b. Amortization of intangible assets Recognized in cost of revenue Recognized in operating expenses c. Employee benefits expenses Post-employment benefits Defined contribution plans Defined benefit plans Share-based payments Equity-settled Cash-settled Years Ended December 31 2023 2022 $ 6,515,540 2,682,436 $ 6,069,729 2,637,232 $ 9,197,976 $ 8,706,961 $ $ 4,154,345 281,392 4,435,737 3,663,757 208,641 3,872,398 482,302 61,329 543,631 266,746 32,704 299,450 Other employee benefits 195,611,221 209,410,863 Employee benefits expense summarized by function Recognized in cost of revenue Recognized in operating expenses $ 200,590,589 $ 213,582,711 $ 122,143,462 78,447,127 $ 128,714,551 84,868,160 $ 200,590,589 $ 213,582,711 According to the Company’s Articles of Incorporation, the Company shall allocate compensation to directors and profit sharing bonus to employees of the Company not more than 0.3% and not less than 1% of annual profits during the period, respectively. The Company accrued profit sharing bonus to employees based on a percentage of net income before income tax, profit sharing bonus to employees and compensation to directors during the period; compensation to directors was expensed based on estimated amount payable. If there is a change in the proposed amounts after the annual parent company only financial statements are authorized for issue, the differences are recorded as a change in accounting estimate. Accrued profit sharing bonus to employees is illustrated below: Profit sharing bonus to employees $ 50,090,533 $ 60,702,047 The Company’s profit sharing bonus to employees and compensation to directors for 2023, 2022 and 2021 had been approved by the Board of Directors of the Company, as illustrated below: Years Ended December 31 2023 2022 Resolution Date of the Company’s Board of Directors in its meeting 2023 Years Ended December 31 2022 February 6, February 14, February 15, 2023 2021 2022 2024 Profit sharing bonus to employees Compensation to directors $ 50,090,533 $ 551,955 $ 60,702,047 $ 690,128 $ 35,601,449 487,537 $ - 164 - - 164 - There is no significant difference between the aforementioned approved amounts and the amounts charged against earnings of 2023, 2022 and 2021, respectively. The information about the appropriations of the Company’s profit sharing bonus to employees and compensation to directors is available at the Market Observation Post System website. 27. CASH FLOW INFORMATION a. Non-cash transactions 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 Capitalized interests Years Ended December 31 2023 2022 $ 519,821,550 (78,036) 115,944,500 39,898 (756,369) $ 956,066,006 (275,564) (57,334,833) - (880,807) Payments for acquisition of property, plant and equipment $ 634,971,543 $ 897,574,802 b. Reconciliation of liabilities arising from financing activities Balance as of January 1, 2023 Financing Cash Flow Foreign Exchange Movement Leases Modifications Other Changes (Note) Balance as of December 31, 2023 Non-cash Changes Hedging financial liabilities- bank loans Bonds payable Lease liabilities $ - 379,230,474 29,623,262 $ 27,908,580 67,511,319 (2,429,250 ) $ (618,180 ) 67,916 - $ - - 1,552,584 $ - 57,856 334,971 $ 27,290,400 437,067,565 29,081,567 Total $ 408,853,736 $ 92,990,649 $ (550,264) $ 1,552,584 $ 392,827 $ 503,239,532 Balance as of January 1, 2022 Financing Cash Flow Foreign Exchange Movement Leases Modifications Other Changes (Note) Balance as of December 31, 2022 Non-cash Changes Short-term loans Bonds payable Lease liabilities $ 114,921,333 312,183,409 20,333,476 $ (111,959,992 ) 60,930,472 (2,076,495 ) $ (2,372,053 ) 6,071,821 - $ - - 11,135,244 $ (589,288 ) 44,772 231,037 - $ 379,230,474 29,623,262 Total $ 447,438,218 $ (53,106,015 ) $ 3,699,768 $ 11,135,244 $ (313,479 ) $ 408,853,736 Note: Other changes include discounts on short-term loans, amortization of bonds payable and financial cost of lease liabilities. 28. CAPITAL MANAGEMENT The objective of the Company’s capital management is to maintain a capital structure that ensures liquidity and supports a solid investment grade credit rating. The capital structure includes both debt and equity. The Company adjusts its capital structure mainly through changes in the level of debt and adjustments of dividend payout to shareholders. The Company’s capital management policy remained unchanged in 2023. The Company’s current credit ratings are AA- from Standard & Poor’s and Aa3 from Moody’s, same as those as of December 31, 2022. - 165 - - 165 - 29. FINANCIAL INSTRUMENTS a. Categories of financial instruments Financial assets FVTPL (Note 1) FVTOCI (Note 2) Amortized cost (Note 3) Financial liabilities FVTPL (Note 4) Hedging financial liabilities Amortized cost (Note 5) December 31, 2023 December 31, 2022 $ 624,685 $ 6,372,267 944,953,016 552,255 8,340,347 903,070,406 $ 951,949,968 $ 911,963,008 $ 25,673 $ 17,468 - 1,124,627,242 1,161,623,982 27,290,400 $ 1,151,943,315 $ 1,161,641,450 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, refundable deposits, and temporary payments (including those classified under other current assets and other noncurrent assets). Note 4: Held for trading. Note 5: Including accounts payable (including related parties), payables to contractors and equipment suppliers, cash dividends payable, accrued expenses and other current liabilities, bonds payable, guarantee deposits and other noncurrent liabilities. b. Financial risk management objectives The Company manages its exposure to foreign currency risk, interest rate risk, equity price risk, credit risk and liquidity risk with the objective to reduce the potentially adverse effects the market uncertainties may have on its financial performance. The plans for material treasury activities are reviewed by the Audit and Risk Committee and/or Board of Directors in accordance with procedures required by relevant regulations or internal controls. During the implementation of such plans, the Company must comply with certain treasury procedures that provide guiding principles for overall financial risk management and segregation of duties. c. Market risk The Company is exposed to the financial market risks, primarily changes in foreign currency exchange rates, interest rates and equity investment prices. A portion of these risks is hedged. Foreign currency risk Substantially all the Company’s sales are denominated in U.S. dollars and over half of its capital expenditures and equity investments are denominated in currencies other than NT dollars, primarily in U.S. dollars, Japanese yen and Euros. As a result, any significant fluctuations to its disadvantage in the exchanges rate of NT dollar against such currencies, in particular a weakening of U.S. dollar against NT - 166 - - 166 - dollars, would have an adverse impact on the revenue and operating profit as expressed in NT dollar. The Company uses foreign currency derivative contracts and non-derivative financial instruments, such as currency forwards, currency swaps and bank loans denominated in foreign currency, to protect against currency exchange rate risks associated with non-NT dollar-denominated assets and liabilities, certain forecasted transactions, and net investments in foreign operations. These hedges reduce, but do not entirely eliminate, the effect of foreign currency exchange rate movements on the assets and liabilities. Based on a sensitivity analysis performed on the Company’s total monetary assets and liabilities for the years ended December 31, 2023 and 2022, a hypothetical adverse foreign currency exchange rate change of 10% would have decreased its net income by NT$726,145 thousand and NT$1,649,664 thousand, respectively, after taking into account hedges and offsetting positions. Interest rate risk The Company is exposed to interest rate risks primarily in relation to its bank deposits and 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 future cash flows or the carrying amount. 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, 2023 and 2022, the other comprehensive income would have decreased by NT$76,876 thousand and NT$89,297 thousand, respectively. d. Credit risk management Credit risk refers to the risk that a counterparty may default on its contractual obligations resulting in financial losses to the Company. The Company is exposed to credit risks from operating activities, primarily accounts receivable, and from investing activities, primarily deposits, fixed-income investments and other financial instruments with banks. Credit risk is managed separately for business related and financial related exposures. As of the end of the reporting period, the Company’s maximum credit risk exposure is equal to the carrying amount of financial assets. Business related credit risk The Company’s accounts receivable are from its customers worldwide. The majority of the Company’s outstanding accounts receivable are not covered by collaterals or guarantees. While the Company has procedures to monitor and manage credit risk exposure on accounts receivable, there is no assurance such procedures will effectively eliminate losses resulting from its credit risk. This risk is heightened during periods when economic conditions worsen. As of December 31, 2023 and 2022, the Company’s ten largest customers accounted for 85% and 69% of accounts receivable, respectively. The Company considers the concentration of credit risk for the remaining accounts receivable not material. Financial credit risk The Company mitigates its financial credit risk by selecting counterparties with investment grade credit ratings and by limiting the exposure to any individual counterparty. The Company regularly monitors and reviews the limit applied to counterparties and adjusts the limit according to market conditions and the credit standing of the counterparties. - 167 - - 167 - The Company assesses the 12-month expected credit loss and lifetime expected credit loss based on the probability of default and loss given default provided by external credit rating agencies. The current credit risk assessment policies are as follows: Category Description Basis for Recognizing Expected Credit Loss Expected Credit Loss Ratio Performing Credit rating is investment grade on 12 months expected credit 0-0.1% Doubtful Credit rating is non-investment grade Lifetime expected credit valuation date loss In default Credit rating is CC or below on on valuation date Write-off valuation date There is evidence indicating that the debtor is in severe financial difficulty and the Company has no realistic prospect of recovery loss-not credit impaired Lifetime expected credit loss-credit impaired Amount is written off - - - For the years ended December 31, 2023 and 2022, the expected credit loss increased NT$5,789 thousand and NT$10,341 thousand, respectively. The changes were mainly due to increased investment amount and adjusted investment portfolio. e. Liquidity risk management The objective of liquidity risk management is to ensure the Company has sufficient liquidity to fund its business operations over the next 12 months. The Company manages its liquidity risk by maintaining adequate cash and cash equivalents, financial assets at amortized cost-current and sufficient cost-efficient funding. The table below summarizes the maturity profile of the Company’s financial liabilities based on contractual undiscounted payments, including principal and interest. Less Than 1 Year 1-3 Years 3-5 Years More Than 5 Years Total December 31, 2023 Non-derivative financial liabilities Hedging financial liabilities-bank 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) (Note) Others Derivative financial instruments Forward exchange contracts Outflows Inflows $ 27,290,400 $ - $ - $ - $ 27,290,400 57,763,188 84,146,173 - - - - - - 57,763,188 84,146,173 191,976,278 12,455,260 - 96,892,557 - 190,937,676 - 222,606,055 191,976,278 522,891,548 2,457,570 - 376,088,869 4,475,101 165,188,432 266,556,090 4,203,205 6,303,135 201,444,016 21,136,670 2,908,666 246,651,391 32,272,546 174,400,233 1,090,740,366 51,741,026 (52,317,678 ) (576,652 ) - - - - - - - - - 51,741,026 (52,317,678 ) (576,652 ) $ 375,512,217 $ 266,556,090 $ 201,444,016 $ 246,651,391 $ 1,090,163,714 (Continued) - 168 - - 168 - December 31, 2022 Non-derivative financial liabilities 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) (Note) Others Derivative financial instruments Forward exchange contracts Outflows Inflows Less Than 1 Year 1-3 Years 3-5 Years More Than 5 Years Total $ 58,783,586 $ - $ - $ - $ 58,783,586 200,046,018 202,361,596 22,247,420 - - - 200,046,018 - 39,372,048 - 160,243,071 - 228,241,509 202,361,596 450,104,048 2,356,314 - 485,794,934 4,358,739 166,266,719 209,997,506 4,163,558 10,518,481 174,925,110 21,795,680 783,181 250,820,370 32,674,291 177,568,381 1,121,537,920 74,107,091 (74,837,641 ) (730,550 ) - - - - - - - - - 74,107,091 (74,837,641 ) (730,550 ) $ 485,064,384 $ 209,997,506 $ 174,925,110 $ 250,820,370 $ 1,120,807,370 (Concluded) Note: Information about the maturity analysis for lease liabilities more than 5 years: 5-10 Years 10-15 Years 15-20 Years More Than 20 Years Total December 31, 2023 Lease liabilities $ 9,629,306 $ 7,088,110 $ 4,101,046 $ 318,208 $ 21,136,670 December 31, 2022 Lease liabilities $ 9,497,599 $ 7,291,192 $ 4,222,404 $ 784,485 $ 21,795,680 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). - 169 - - 169 - 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 2 December 31, 2023 Level 3 Total Financial assets at FVTPL Mandatorily measured at FVTPL Forward exchange contracts Financial assets at FVTOCI Investments in equity instruments $ 624,685 $ - $ 624,685 Non-publicly traded equity investments $ - 5,411,317 $ 960,950 - $ 960,950 5,411,317 $ 5,411,317 $ 960,950 $ 6,372,267 Notes and accounts receivable, net Financial liabilities at FVTPL Held for trading Forward exchange contracts $ 25,673 $ - $ 25,673 Level 2 December 31, 2022 Level 3 Total Financial assets at FVTPL Mandatorily measured at FVTPL Forward exchange contracts Financial assets at FVTOCI Investments in equity instruments $ 552,255 $ - $ 552,255 Non-publicly traded equity investments $ - 7,325,606 $ 1,014,741 - $ 1,014,741 7,325,606 $ 7,325,606 $ 1,014,741 $ 8,340,347 Notes and accounts receivable, net Financial liabilities at FVTPL Held for trading Forward exchange contracts $ 17,468 $ - $ 17,468 - 170 - - 170 - 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, 2023 and 2022 were as follows: Years Ended December 31 2023 2022 Balance, beginning of year Recognized in other comprehensive income Disposals and proceeds from return of capital of investments $ 1,014,741 (53,666) (125) $ 998,400 18,979 (2,638) Balance, end of year $ 960,950 $ 1,014,741 Valuation techniques and assumptions used in Level 2 fair value measurement The fair values of financial assets and financial liabilities are determined as follows:  Forward exchange contracts are measured using forward exchange rates and discount rates derived from quoted market prices.  The fair value of accounts receivable classified as at FVTOCI is determined by the present value of future cash flows based on the discount rate that reflects the credit risk of counterparties. Valuation techniques and assumptions used in Level 3 fair value measurement The fair values of non-publicly traded equity investments are mainly determined by using the asset approach and market approach. The asset approach takes into account the net asset value measured at the fair value by independent parties. The market approach is used to arrive at their fair values, for which the recent financing activities of investees, the market transaction prices of the similar companies and market conditions are considered. 3) Fair value of financial instruments that are not measured at fair value Except as detailed in the following table, the Company considers that the carrying amounts of financial instruments in the parent company only financial statements that are not measured at fair value approximate their fair values. Fair value hierarchy The table below sets out the fair value hierarchy for the Company’s financial assets and liabilities which are not required to be measured at fair value: Financial assets Financial assets at amortized costs Commercial paper - 171 - - 171 - December 31, 2023 Carrying Amount Level 2 Fair Value $ 18,371,705 $ 18,385,329 (Continued) 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, 2023 Carrying Amount Level 2 Fair Value $ 446,867,565 $ 418,841,652 (Concluded) December 31, 2022 Carrying Amount Level 2 Fair Value $ 48,732,476 $ 48,882,028 $ 379,230,474 $ 349,956,767 Valuation techniques and assumptions used in Level 2 fair value measurement The fair value of the Company’s bonds payable is determined by quoted market prices provided by third party pricing services. The fair value of commercial paper is determined by the present value of future cash flows based on the discounted curves that are derived from the quoted market prices. 30. RELATED PARTY TRANSACTIONS The significant transactions between the Company and its related parties, other than those disclosed in other notes, are summarized as follows: a. Related party name and categories Related Party Name Related Party Categories TSMC China TSMC Nanjing TSMC Arizona VisEra Tech TSMC North America TSMC Europe TSMC JDC TSMC 3DIC JASM TSMC Japan TSMC Korea TSMC Design Technology Canada Inc. (TSMC Canada) Indirect Subsidiaries Subsidiaries Subsidiaries Subsidiaries Subsidiaries Subsidiaries Subsidiaries Subsidiaries Subsidiaries Subsidiaries Subsidiaries Subsidiaries - 172 - - 172 - (Continued) Related Party Name Related Party Categories TSMC Technology, Inc. (TSMC Technology) TSMC Washington, LLC (TSMC Washington) (Note) GUC VIS SSMC Xintec Indirect Subsidiaries Indirect Subsidiaries Associates Associates Associates Associates Note: WaferTech, LLC was renamed to TSMC Washington, LLC in December 2023. (Concluded) b. Net revenue Years Ended December 31 2023 2022 Item Related Party Name/Categories Net revenue from sale of goods TSMC North America Associates Other subsidiaries c. Purchases Related Party Categories Subsidiaries Associates d. Receivables from related parties $ 1,459,559,406 $ 1,538,849,403 11,356,410 187,169 8,903,425 579,810 $ 1,469,042,641 $ 1,550,392,982 Years Ended December 31 2023 2022 $ 96,198,620 4,562,206 $ 81,923,311 6,422,831 $ 100,760,826 $ 88,346,142 December 31, 2023 December 31, 2022 Item Related Party Name/Categories Receivables from related parties TSMC North America Associates Other subsidiaries $ 154,789,324 471,728 825 $ 171,738,863 1,300,302 5,647 $ 155,261,877 $ 173,044,812 Other receivables from related TSMC North America $ parties Other subsidiaries Associates $ 3,747,684 540,767 71,871 6,184,798 104,640 68,487 $ 4,360,322 $ 6,357,925 - 173 - - 173 - e. Other noncurrent assets December 31, 2023 December 31, 2022 Item Related Party Name Temporary payments JASM $ 12,132,766 $ 6,925,782 f. Payables to related parties December 31, 2023 December 31, 2022 Item Related Party Name/Categories Payables to related parties TSMC Nanjing TSMC China Xintec Other subsidiaries Other associates g. Accrued expenses and other current liabilities $ 5,064,282 2,312,769 1,020,153 1,176,420 546,071 $ 4,105,919 2,296,083 1,047,374 2,006,484 595,184 $ 10,119,695 $ 10,051,044 December 31, 2023 December 31, 2022 Item Related Party Name/Categories Other payables and other current liabilities Subsidiaries Associates $ 1,150,882 1,666,113 $ 961,365 111,834 $ 2,816,995 $ 1,073,199 Temporary receipts TSMC North America Associates $ 99,904,122 153,735 $ 97,634,360 - h. Other noncurrent liabilities $ 100,057,857 $ 97,634,360 December 31, 2023 December 31, 2022 Item Related Party Name Temporary receipts TSMC North America Associates $ 134,052,101 153,735 $ 142,132,113 - $ 134,205,836 $ 142,132,113 - 174 - - 174 - i. Others Years Ended December 31 2023 2022 Item Related Party Categories Manufacturing expenses Associates Subsidiaries $ 5,032,445 11,504 $ 5,997,687 21,662 Research and development expenses Subsidiaries Associates $ 5,865,252 305,073 $ 5,264,358 258,008 $ 5,043,949 $ 6,019,349 $ 6,170,325 $ 5,522,366 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. j. Compensation of key management personnel The compensation to directors and other key management personnel were as follows: Short-term employee benefits Post-employment benefits Share-based payments Years Ended December 31 2023 2022 $ 3,271,057 3,208 525,808 $ 4,221,962 2,618 286,227 $ 3,800,073 $ 4,510,807 The compensation to directors and other key management personnel were determined by the Compensation and People Development Committee of the Company in accordance with the individual performance and market trends. 31. SIGNIFICANT CONTINGENT LIABILITIES AND UNRECOGNIZED COMMITMENTS Significant contingent liabilities and unrecognized commitments of the Company as of the end of the reporting period, excluding those disclosed in other notes, were as follows: a. Under a technical cooperation agreement with Industrial Technology Research Institute, the R.O.C. Government or its designee approved by the Company can use up to 35% of the Company’s capacity provided the Company’s outstanding commitments to its customers are not prejudiced. The term of this agreement is for five years beginning from January 1, 1987 and is automatically renewed for successive - 175 - - 175 - periods of five years unless otherwise terminated by either party with one year prior notice. As of the end of reporting period, the R.O.C. Government did not invoke such right. b. Under a Shareholders Agreement entered into with Philips and EDB Investments Pte Ltd. on March 30, 1999, the parties formed a joint venture company, SSMC, which is an integrated circuit foundry in Singapore. The Company’s equity interest in SSMC was 32%. Nevertheless, in September 2006, Philips spun-off its semiconductor subsidiary which was renamed as NXP B.V. Further, the Company and NXP B.V. purchased all the SSMC shares owned by EDB Investments Pte Ltd. pro rata according to the Shareholders Agreement on November 15, 2006. After the purchase, the Company and NXP B.V. currently own approximately 39% and 61% of the SSMC shares, respectively. The Company and NXP B.V. are required, in the aggregate, to purchase at least 70% of SSMC’s capacity, but the Company alone is not required to purchase more than 28% of the capacity. If any party defaults on the commitment and the capacity utilization of SSMC falls below a specific percentage of its capacity, the defaulting party is required to compensate SSMC for all related unavoidable costs. There was no default from the aforementioned commitment as of the end of reporting period. c. In September 2022, Daedalus Prime LLC (“Daedalus”) filed complaints in the U.S. International Trade Commission (“ITC”) and the U.S. District Court for the Eastern District of Texas alleging that the Company, TSMC North America, and other companies infringe four U.S. patents. The ITC instituted an investigation in October 2022. In June 2023, Daedalus dropped two of the asserted patents in the ITC. Also in June 2023, Daedalus filed another complaint in the Eastern District of Texas alleging that the Company infringes five U.S. patents. In September 2023, the ITC granted the parties’ joint motion to suspend the procedural schedule while the parties finalize the settlement agreement and then request termination of the ITC Investigation and related litigations. In October 2023, the parties jointly requested the ITC to terminate the investigation and Eastern District of Texas to dismiss the related litigations. In November 2023, the ITC investigation was terminated and the related litigations in the Eastern District of Texas were dismissed. d. The Company entered into long-term purchase agreements of materials and supplies and agreements of waste disposal with multiple suppliers. The relative minimum fulfillment quantity and price are specified in the agreements. e. The Company entered into a long-term purchase agreement of equipment. The relative fulfillment quantity and price are specified in the agreement. f. The Company entered into long-term energy purchase agreements with multiple suppliers. The relative fulfillment period, quantity and price are specified in the agreements. g. As of the end of reporting period, the Company provided endorsement guarantees of NT$2,558,559 thousand to its subsidiary, TSMC North America, in respect of providing endorsement guarantees for office leasing contract. h. As of the end of reporting period, the Company provided a NT$230,602,500 thousand endorsement guarantee for its subsidiary, TSMC Global, in respect of its issuance of US dollar-denominated senior unsecured corporate bonds. i. As of the end of reporting period, the Company provided a NT$369,960,818 thousand endorsement guarantee for its subsidiary, TSMC Arizona, in respect of its issuance of US dollar-denominated senior unsecured corporate bonds and operation needs. j. The Company entrusted financial institutions to provide performance guarantees mainly for import and export of goods, lease agreement and energy purchase agreement. As of December 31, 2023 and 2022, the aforementioned guarantee amounted to NT$8,012,973 thousand and NT$7,623,262 thousand, respectively. - 176 - - 176 - 32. 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, 2023 Financial assets Monetary items USD EUR JPY Financial liabilities Monetary items USD EUR JPY December 31, 2022 Financial assets Monetary items USD EUR JPY Financial liabilities Monetary items USD EUR JPY $ 13,930,953 408,480 7,683,178 30.747 34.175 0.2192 $ 428,335,022 13,959,812 1,684,153 13,381,760 778,452 194,498,358 30.747 34.175 0.2192 411,448,963 26,603,608 42,634,040 13,953,942 7,863 124,526,582 30.713 32.838 0.2331 428,567,422 258,211 29,027,146 14,450,017 2,352,220 125,984,842 30.713 32.838 0.2331 443,803,373 77,242,213 29,367,067 Note: Exchange rate represents the number of NT dollar for which one foreign currency could be exchanged. Please refer to the parent company only statements of comprehensive income for the total of realized and unrealized foreign exchange gain and loss for the years ended December 31, 2023 and 2022, 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. - 177 - - 177 - 33. ADDITIONAL DISCLOSURES Following are the additional disclosures required by the Securities and Futures Bureau for the Company: a. Financings provided: See Table 1 attached; b. Endorsement/guarantee provided: See Table 2 attached; c. Marketable securities held (excluding investments in subsidiaries and associates): See Table 3 attached; d. Marketable securities acquired and disposed of at costs or prices of at least NT$300 million or 20% of the paid-in capital: See Table 4 attached; e. Acquisition of individual real estate properties at costs of at least NT$300 million or 20% of the paid-in capital: See Table 5 attached; f. Disposal of individual real estate properties at prices of at least NT$300 million or 20% of the paid-in capital: None; g. Total purchases from or sales to related parties of at least NT$100 million or 20% of the paid-in capital: See Table 6 attached; h. Receivables from related parties amounting to at least NT$100 million or 20% of the paid-in capital: See Table 7 attached; i. Information about the derivative financial instruments transaction: See Notes 7 and 9; j. Names, locations, and related information of investees over which the Company exercises significant influence (excluding information on investment in mainland China): See Table 8 attached; k. Information on investment in mainland China 1) The name of the investee in mainland China, the main businesses and products, its issued capital, method of investment, information on inflow or outflow of capital, percentage of ownership, income (losses) of the investee, share of profits/losses of investee, ending balance, amount received as dividends from the investee, and the limitation on investee: See Table 9 attached. 2) Significant direct or indirect transactions with the investee, its prices and terms of payment, unrealized gain or loss, and other related information which is helpful to understand the impact of investment in mainland China on financial reports: See Note 30. l. Information of major shareholder List of all shareholders with ownership of 5 percent or greater showing the names and the number of shares and percentage of ownership held by each shareholder: See Table 10 attached. 34. OPERATING SEGMENTS INFORMATION The Company has provided the operating segments disclosure in the consolidated financial statements. - 178 - - 178 - 6 9 3 , 7 5 7 , 5 9 6 9 3 , 7 5 7 , 5 9 ) 2 d n a 1 s e t o N ( ) 2 d n a 1 s e t o N ( 5 2 7 , 2 8 7 , 1 9 6 $ 3 6 3 , 1 9 8 , 5 4 3 $ - - $ - - - - $ n o i t a l l a t s n i y t i c a p a C l a t i p a c g n i k r o w d n a l a t i p a c g n i t a r e p O - - 1 E L B A T g n i c n a n i F 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 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 h c a E r o f g n i w o r r o B y n a p m 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 g n i c n a n i F r o f n o s a e R 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 e t a R t s e r e t n I $ m r e t - t r o h s r o f d e e n e h T - - $ , 0 0 0 1 4 2 2 9 , $ , 0 0 0 1 4 2 2 9 , $ m r e t - t r o h s r o f d e e n e h T g n i c n a n i f m r e t - g n o l d n a g n i c n a n i f . % 0 5 1 - % 0 3 1 . , ) 0 0 0 0 0 8 8 , , 0 2 5 1 5 1 8 3 , B M R ( & ) 0 0 0 0 0 8 8 , , ) 0 0 0 0 5 4 , , 0 7 6 7 8 9 1 5 , B M R ( $ S U ( & ) 0 0 0 0 0 8 , 8 , , ) 0 0 0 0 5 1 , 1 B M R ( $ S U ( , 0 7 5 0 1 5 3 7 , , ) 0 0 0 0 0 0 3 , $ S U ( , ) 0 0 0 0 0 0 , 3 $ S U ( y l l a u t c A t n u o m A n w a r D 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 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 d n a s u o h T n i ) 3 e t o N ( 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 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 ( 3 2 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 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 Y s e Y m o r f s e l b a v i e c e r r e h t O a n o z i r A C M S T C M S T s e i t r a p d e t a l e r 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 g n i j n a N C M S T a n i h C C M S T 0 1 - - 9 9 7 7 1 1 - - . C M S T f o h t r o w t e n e h t f o ) % 0 2 ( t n e c r e p y t n e w t d e e c x e t o n l l a h s s r e w o r r o b o t C M S T m o r f 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 d n a , 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 C M S T m o r f a n o z i r A C M S T o t 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 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 a n i h C C M S T m o r f g n i j n a N C M S T o t 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 e t a g e r g g a e h T . 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 : 1 e t o N : 2 e t o N : 3 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 3 2 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 i a n 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 d n a 1 s 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 i l a i c n a n 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 n w a r D n i $ S U ( ) s d n a s u o h T e c n a l a B g n i d n E m u m i x a M e c n a l a B n g i e r o F ( d o i r e P e h t r o f n i s e i c n e r r u C ) s d n a s u o h T ) 3 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 ) 3 e t o N ( n o s t i m L i / 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 h c a E o t d e d i v o r P 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 ( 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 / t n e m e s r o d n E e e t n a r a u G r e d i v o r P . o N o N o N o N o N o N o N o N o N o N o N s e Y s e Y s e Y s e Y o N 1 5 4 , 5 6 5 , 3 8 3 , 1 $ % 7 0 . 0 1 5 4 , 5 6 5 , 3 8 3 , 1 % 7 6 . 6 1 5 4 , 5 6 5 , 3 8 3 , 1 % 0 7 . 0 1 1 5 4 , 5 6 5 , 3 8 3 , 1 - 7 0 0 , 6 2 3 % 1 0 . 0 - - - - - ) 0 0 0 , 0 0 5 7 , $ S U ( ) 0 0 0 , 0 0 5 7 , $ S U ( ) 0 0 0 , 0 0 5 7 , $ S U ( ) 0 2 4 , 2 3 0 8 , $ S U ( ) 0 2 4 , , 2 3 0 2 1 $ S U ( ) 0 2 4 , , 2 3 0 2 1 $ S U ( 8 1 8 , 2 7 9 6 4 2 , 8 1 8 , 0 6 9 9 6 3 , 8 1 8 , 0 6 9 9 6 3 , , 1 5 4 5 6 5 , 3 8 3 1 , y r a i d i s b u S a n o z i r A C M S T ) 3 1 2 3 8 , $ S U ( ) 3 1 2 3 8 , $ S U ( ) 3 1 2 3 8 , $ S U ( 0 0 5 , 2 0 6 0 3 2 , 0 0 5 , 2 0 6 0 3 2 , 0 0 5 , 2 0 6 0 3 2 , , 1 5 4 5 6 5 , 3 8 3 1 , y r a i d i s b u S l a b o l G C M S T $ 9 5 5 , 8 5 5 2 , $ 9 5 5 , 8 5 5 2 , $ 9 5 5 , 8 5 5 2 , $ , 1 5 4 5 6 5 , 3 8 3 1 $ , y r a i d i s b u S a c i r e m A h t r o N C M S T C M S T 0 , 2 0 3 7 0 3 3 1 , , 1 5 4 5 6 5 , 3 8 3 1 , y r a i d i s b u S t n e m p o l e v e D C M S T ) 0 0 0 , 0 2 3 1 , Y P J ( ) 0 0 0 , 0 2 3 1 , Y P J ( ) 0 0 0 , 0 2 3 1 , Y P J ( - - 4 4 3 9 8 2 , 4 4 3 9 8 2 , ) 0 0 8 2 3 4 , 4 4 3 9 8 2 , $ S U ( 7 0 0 6 2 3 , t n e r a p e m a s e h T y n a p m o c C D J C M S T n a p a J C M S T 1 - - 0 0 8 8 1 1 - - . h t r o w t e n s ’ C M S 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 t n e m p o l e v e D C M S T d n a a n o z i r A C M S T , l a b o l G C M S T , a c i r e m A h t r o N C M S T 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 / t n e m e s r o d n e e h t f o t n u o m a l a t o t e h T : 1 . h t r o w t e n s ’ n a p a J C M S T f o ) % 0 5 2 ( t n e c r e p y t f i f d n a d e r d n u h o w t d e e c x e t o n l l a h s C D J C M S T o t n a p a J C M S T y b d 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 e h t f o t n u o m a l a t o t e h T : 2 . 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 e t o N e t o N e t o N 3 E L B A T - 0 8 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 ( 3 2 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 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 ) 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 3 2 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 ) d e u n i t n o C ( - 1 1 2 , 1 2 4 9 3 2 , 9 0 1 0 2 2 , 9 2 9 , 6 6 2 7 , 2 8 9 , 5 0 0 4 , 6 8 9 , 1 8 6 2 , 7 9 9 0 2 4 , 5 9 9 4 7 3 , 5 9 9 1 2 9 , 8 9 4 0 0 5 , 0 3 4 $ 7 8 5 , 3 $ S U 9 6 9 , 8 2 $ S U - 7 8 1 , 8 1 8 5 4 , 3 1 $ S U $ S U 3 5 3 , 7 4 1 $ S U 3 7 8 , 1 $ S U 8 8 5 , 6 8 $ S U 7 7 7 , 6 7 4 5 5 , 8 5 1 5 3 , 8 5 3 5 1 , 8 5 6 3 4 , 0 5 2 7 1 , 5 4 3 0 9 , 6 3 7 7 2 , 5 3 4 2 1 , 0 3 5 1 0 , 9 2 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U 7 6 1 0 1 A N / A N / A N / A N / A N / A N / A N / 7 6 9 4 2 2 - 6 A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / 0 0 5 , 0 3 4 $ 0 0 5 , 0 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 - 1 1 2 , 1 2 4 9 3 2 , 9 0 1 5 6 6 , 4 2 9 , 6 7 7 6 , 6 7 9 , 5 4 9 0 , 5 8 9 , 1 0 6 2 , 6 9 9 3 5 5 , 5 9 9 0 4 5 , 4 9 9 6 1 9 , 8 9 4 7 8 5 , 3 $ S U 9 6 9 , 8 2 $ S U - 7 8 1 , 8 1 8 5 4 , 3 1 $ S U $ S U 3 5 3 , 7 4 1 $ S U 3 7 8 , 1 $ S U 8 8 5 , 6 8 $ S U 7 7 7 , 6 7 4 5 5 , 8 5 1 5 3 , 8 5 3 5 1 , 8 5 6 3 4 , 0 5 2 7 1 , 5 4 3 0 9 , 6 3 7 7 2 , 5 3 4 2 1 , 0 3 5 1 0 , 9 2 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U - 0 3 2 , 1 2 2 4 4 , 0 1 7 9 6 0 0 6 0 0 2 0 0 1 0 0 1 0 0 1 0 5 - - - - 2 4 9 , 6 1 6 9 , 1 5 9 0 , 3 - - - - - - - - - - - 〃〃〃〃〃〃〃〃〃 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 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 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 1 8 8 1 1 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - . d t L , . o C g n i d l o H l a i c n a n i F y a h t a C n o i t a r o p r o C s c i t s a l P a Y n a N r e p a p l a i c r e m m o C n o i t a r o p r o C s c i t s a l P a s o m r o F n a w i a T , n o i t a r o p r o C C P C n o i t a r o p r o C l e e t S a n i h C n o i t a r o p r o C e r b i F & s l a c i m e h C a s o m r o F y n a p m o C r e w o P n a w i a T . 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 . 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 l a t i p a C a i s A n o s m i r C 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 n a w i a T i a t o d n a H u s t E - n i h S C M S T . . P L , I d n u F s r e n t r a P e r u t n e V r e t t a M d n u F s r e n t r a P C M S T . . P L , I I s t n e m t s e v n I s e r u t n e V y g o l o n h c e T n e d l a W . . P L , I I I s t n e m t s e v n I s e r u t n e V y g o l o n h c e T n e d l a 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 s k c o t s d e d a r t y l c i l b u P c l p s g n i d l o H M R A . c n I s g n i d l o H a l l e v o M s n o i t a v o n n I a l e T . c n I , p u o r G s h c a S n a m d l o G e h T y e l n a t S n a g r o M y n a p m o C & o g r a F s l l e W . o C & e s a h C n a g r o M P J . c n I p u o r g i t i C n o i t a r o p r o C a c i r e m A f o k 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 . 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 C L P s y a l c r 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 . A S . , r e d n a t n a S o c n a B 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 ( 3 2 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 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 5 9 8 , 6 2 $ S U 9 6 4 , 5 2 1 9 5 , 4 2 1 3 1 , 4 2 5 7 8 , 3 2 1 5 7 , 3 2 8 6 5 , 2 2 2 7 5 , 1 2 5 9 3 , 0 2 5 4 3 , 0 2 7 9 2 , 0 2 0 2 3 , 9 1 0 1 9 , 8 1 9 2 4 , 8 1 8 2 4 , 8 1 9 9 2 , 8 1 7 4 2 , 8 1 2 3 9 , 7 1 0 6 7 , 7 1 6 8 2 , 7 1 0 4 1 , 7 1 2 6 9 , 6 1 8 9 6 , 6 1 9 8 5 , 6 1 4 7 4 , 6 1 1 5 2 , 6 1 4 6 0 , 6 1 9 1 7 , 5 1 9 3 4 , 4 1 8 2 3 , 4 1 4 0 3 , 4 1 5 5 1 , 4 1 5 8 6 , 3 1 3 7 6 , 3 1 7 6 5 , 3 1 4 4 5 , 3 1 0 3 3 , 3 1 8 7 2 , 3 1 9 3 1 , 3 1 5 9 0 , 3 1 6 8 6 , 2 1 0 9 5 , 2 1 9 8 4 , 2 1 4 3 4 , 2 1 3 4 3 , 2 1 7 7 2 , 2 1 3 7 8 , 1 1 3 7 7 , 1 1 7 7 6 , 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 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ 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 / 5 9 8 , 6 2 $ S U 9 6 4 , 5 2 1 9 5 , 4 2 1 3 1 , 4 2 5 7 8 , 3 2 1 5 7 , 3 2 8 6 5 , 2 2 2 7 5 , 1 2 5 9 3 , 0 2 5 4 3 , 0 2 7 9 2 , 0 2 0 2 3 , 9 1 0 1 9 , 8 1 9 2 4 , 8 1 8 2 4 , 8 1 9 9 2 , 8 1 7 4 2 , 8 1 2 3 9 , 7 1 0 6 7 , 7 1 6 8 2 , 7 1 0 4 1 , 7 1 2 6 9 , 6 1 8 9 6 , 6 1 9 8 5 , 6 1 4 7 4 , 6 1 1 5 2 , 6 1 4 6 0 , 6 1 9 1 7 , 5 1 9 3 4 , 4 1 8 2 3 , 4 1 4 0 3 , 4 1 5 5 1 , 4 1 5 8 6 , 3 1 3 7 6 , 3 1 7 6 5 , 3 1 4 4 5 , 3 1 0 3 3 , 3 1 8 7 2 , 3 1 9 3 1 , 3 1 5 9 0 , 3 1 6 8 6 , 2 1 0 9 5 , 2 1 9 8 4 , 2 1 4 3 4 , 2 1 3 4 3 , 2 1 7 7 2 , 2 1 3 7 8 , 1 1 3 7 7 , 1 1 7 7 6 , 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 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ 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 ( - - 2 2 8 8 1 1 - - 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 n o i t a r o p r o C n o l l e M k r o Y w e N f o k n a B e h T e m y n o n a é t é i c o S e l a r é n é G é t é i c o S a i t o c S a v o N f o k n a B e h T l e u t u M t i d é r C u d e v i t a r é d é F e u q n a B . c n I , s g n i d l o H a r u m o N d e t a r o p r o c n I p u o r G h t l a e H d e t i n U 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 y n a p m o C s s e r p x E n a c i r e m A C L P d e r e t r a h C d r a d n a t S G A p u o r G S B U a c i r e m A l a t i p a C i a d n u y H n o i t a r o p r o C e c n a n i F T T N . c n I n e g m A y n a p m o C y t i v i t c A d e t a n g i s e D l a t i p a C d n a l e r I p a C r e A . d t L . e t P s e s i r p r e t n E t n e m t s e v n I r e z i f P . . 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 . . P L , . o C g n i s a e L k c u r T e k s n e P . c n I t i u t n I . c n I e l p p A d e t i m L i 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 s u r T i u s t i M o m o t i m u S 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 S / A k n a B e k s n a D . p r o c n a B . . S U n o i t a r o p r o C l a i c n a n i F e n O l a t i p a C h c n a r B n o d n o L A S e l o c i r g A t i d e r C k n a B n o i n i m o D - o t n o r o T e h T g n i d n u F l a b o l G e n e h t A A S s a b i r a P P N B c l p p u o r G g n i k n a B s d y o l L n o i t a r o p r o C h t l a e H S V C a d a n a C f o k n a B l a y o R n o i t a r o p r o C e l c a r O A S E C P B c e b é u Q u d s n i d r a j s e D s e s s i a c s e d n o i t a r é d é F g n i d n u F l a b o l G e f i L l a i c n a n i F e l b a t i u q E n o i t a r o p r o C g n i r a e l C s e i t i r u c e S l a n o i t a N 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 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 . . V N k n a B O R M A N B A g n i d n u F l a b o l G G A I . c n I e i V b b A l a b o l G C M S T 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 g n i d n u F l a b o l G e f i L k r o Y w e N c l P s t e k r a M t s e W t a N p b A k n a B a e d r o N . . V N p e o r G G N I . . A U k n a b o b a R e v e i t a r e p ö o C - 2 8 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 ( 3 2 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 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 5 6 6 , 1 1 $ S U 4 0 5 , 1 1 2 3 3 , 1 1 7 1 3 , 1 1 8 4 0 , 1 1 2 3 0 , 1 1 0 7 9 , 0 1 6 9 7 , 0 1 8 8 5 , 0 1 4 8 5 , 0 1 6 5 5 , 0 1 4 5 4 , 0 1 8 3 3 , 0 1 6 0 2 , 0 1 9 7 8 , 9 6 6 8 , 9 6 7 7 , 9 3 1 5 , 9 2 3 3 , 9 7 7 1 , 9 0 0 1 , 9 9 4 0 , 9 2 4 0 , 9 7 7 9 , 8 1 5 9 , 8 6 6 8 , 8 9 5 7 , 8 1 5 4 , 8 0 9 3 , 8 3 7 1 , 8 5 6 0 , 8 4 6 9 , 7 5 5 9 , 7 3 0 9 , 7 3 6 8 , 7 0 6 8 , 7 0 2 8 , 7 0 7 7 , 7 1 3 6 , 7 3 0 6 , 7 1 1 5 , 7 3 5 4 , 7 5 8 1 , 7 2 3 0 , 7 3 1 0 , 7 8 7 9 , 6 7 0 8 , 6 8 9 7 , 6 5 4 7 , 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 A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / 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 6 6 , 1 1 $ S U 4 0 5 , 1 1 2 3 3 , 1 1 7 1 3 , 1 1 8 4 0 , 1 1 2 3 0 , 1 1 0 7 9 , 0 1 6 9 7 , 0 1 8 8 5 , 0 1 4 8 5 , 0 1 6 5 5 , 0 1 4 5 4 , 0 1 8 3 3 , 0 1 6 0 2 , 0 1 9 7 8 , 9 6 6 8 , 9 6 7 7 , 9 3 1 5 , 9 2 3 3 , 9 7 7 1 , 9 0 0 1 , 9 9 4 0 , 9 2 4 0 , 9 7 7 9 , 8 1 5 9 , 8 6 6 8 , 8 9 5 7 , 8 1 5 4 , 8 0 9 3 , 8 3 7 1 , 8 5 6 0 , 8 4 6 9 , 7 5 5 9 , 7 3 0 9 , 7 3 6 8 , 7 0 6 8 , 7 0 2 8 , 7 0 7 7 , 7 1 3 6 , 7 3 0 6 , 7 1 1 5 , 7 3 5 4 , 7 5 8 1 , 7 2 3 0 , 7 3 1 0 , 7 8 7 9 , 6 7 0 8 , 6 8 9 7 , 6 5 4 7 , 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 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃 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 3 8 8 1 1 - - t n e m p o l e v e D d n a n o i t c u r t s n o c e R r o f k n a B l a n o i t a n r e t n I p L , 0 2 0 2 e c n a n i F . . S U o c e f i L t s e W - t a e r G 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 n o i t a r o p r o C X T R C L L , n o i t a r e n e G y g r e n E n o i t a l l e t s n o C n o i t a r o p r o C n i t r a M d e e h k c o L n o i t a r o p r o C l e t n I W K f h c n a r B k r o Y w e N - d n a l r e d e N k n a b o b a R . c n I , s n o i t a c i n u m m o C x o C . c n I , s e i n a p m o C s e w o L ' / I E H T K N A B N O N M O D O T N O R O T I - C L L a c i r e m A h t r o N e c n a n i F s k c u r T r e l m i a D C L L e c n a n i F a c e n e Z a r t s A n o i t a r o p r o C n o r v e h C . 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 y n a p m o C s a G o i h O t s a E e h T C L P a c e n e Z a r t s A . c n I , v r e s i F d e t i i m L y a w t e M - p r o c n u S d e t i i m L k n a B e i r a u q c a M ) l b u p ( B A n e k n a b s l e d n a H a k s n e v S n o i t a r o p r o C l a t i p a C e r e e D n h o J n o i t a r o p r o C l a i c n a n i F t s i u r T . c n I T & T A y n a p m o C t h g i L & r e w o P a d i r o l F . 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 C L L l a t i p a C S U n o e l a H . c n I , s e i g o l o n h c e T r e p o R n o i t a r o p r o C n o l e x E g n i d n u F l a b o l G A G R . c n I , . o C & k c r e M A S A r o n i u q E . 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 e h T . c n I l a n o i t a n r e t n I l l e w y e n o H d e t i i m L p u o r G e i r a u q c a M g n i d n u F l a b o l G l a u t u M n r e t s e w h t r o N . c n I , m o c . n o z a m A l a e r t n o M f o k n a B . c n I , K O E N O . 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 y n a p m 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 . 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 , m e t s y S r e d y R . c n I l a b o l G P & S h c n a r B k r o Y w e N - G A k n a B e h c s t u e D . c n I x a f i u q E d e t i i m L k n a B B S A . c n I , p u o r G l a i c n a n i F o h u z i M 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 ( 3 2 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 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 6 2 7 , 6 $ S U 5 9 5 , 6 5 5 5 , 6 0 5 5 , 6 9 3 5 , 6 4 1 5 , 6 8 9 4 , 6 7 3 4 , 6 0 6 3 , 6 4 0 3 , 6 7 3 2 , 6 8 1 2 , 6 0 9 0 , 6 5 8 9 , 5 4 1 9 , 5 6 0 9 , 5 7 3 8 , 5 3 8 7 , 5 7 7 7 , 5 2 2 7 , 5 5 8 6 , 5 0 3 6 , 5 2 7 5 , 5 7 3 5 , 5 7 3 5 , 5 0 4 4 , 5 1 2 4 , 5 9 6 3 , 5 9 6 3 , 5 8 4 3 , 5 0 2 3 , 5 6 1 3 , 5 0 6 1 , 5 5 7 0 , 5 3 6 0 , 5 1 2 0 , 5 0 1 0 , 5 8 1 9 , 4 2 4 8 , 4 2 1 8 , 4 6 8 7 , 4 9 8 6 , 4 4 0 6 , 4 3 0 6 , 4 4 6 5 , 4 5 3 5 , 4 5 0 5 , 4 7 5 4 , 4 5 5 4 , 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 A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / 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 2 7 , 6 $ S U 5 9 5 , 6 5 5 5 , 6 0 5 5 , 6 9 3 5 , 6 4 1 5 , 6 8 9 4 , 6 7 3 4 , 6 0 6 3 , 6 4 0 3 , 6 7 3 2 , 6 8 1 2 , 6 0 9 0 , 6 5 8 9 , 5 4 1 9 , 5 6 0 9 , 5 7 3 8 , 5 3 8 7 , 5 7 7 7 , 5 2 2 7 , 5 5 8 6 , 5 0 3 6 , 5 2 7 5 , 5 7 3 5 , 5 7 3 5 , 5 0 4 4 , 5 1 2 4 , 5 9 6 3 , 5 9 6 3 , 5 8 4 3 , 5 0 2 3 , 5 6 1 3 , 5 0 6 1 , 5 5 7 0 , 5 3 6 0 , 5 1 2 0 , 5 0 1 0 , 5 8 1 9 , 4 2 4 8 , 4 2 1 8 , 4 6 8 7 , 4 9 8 6 , 4 4 0 6 , 4 3 0 6 , 4 4 6 5 , 4 5 3 5 , 4 5 0 5 , 4 7 5 4 , 4 5 5 4 , 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 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃 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 ( - - 4 4 8 8 1 1 - - ) e r a w a l e D , e l t s a C w e N ( k n a B r e v o c s i D 0 1 0 2 e c n a n i F P P W n o i t a r o p r o C l i b o M n o x x E y n a p m o C r e w o P a m a b a l A n o i t a r o p r o C n o s s e K c M n o i t a r o p r o C x o F n o i t a r o p r o C t s a c m o C A S A k n a B B N D d t L y t P y n a p m o C e c n a n i F t r o p r i A y e n d y S . . V N j i p p a h c s t a a m s g n i r e i c n a n i F s n e m e i S y n a p m o C r e w o P d n a c i r t c e l E a i n i g r i V . o C s e n i l r i A t s e w h t u o S p i h s r e n t r a P d e t i m L i , y t l a e R s a t n e V . c n I e c r u o S i N . c n I I G C . c n I e c n a n i F d l e i f k o o r B n o i t a r o p r o C O C I E H y n a p m 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 . c n I , y g r e n E t n i o P r e t n e C . c n I y e r a C . P . W y n a p m o C b b i u q S s r e y M - l o t s i r B . c n I e g d i r b n E . d t L n e i r t u N . c n I P H d e t i i m L ) l ' t n I ( d n a l a e Z w e N Z N A . . . A C S s g n i d l o H l a b o l G c i n o r t d e M d e t i i m L o C N B N . 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 n o i t a r o p r o C b a w h c S s e l r a h C e h T . c n I , e r a w t f o S e v i t c a r e t n I o w T - e k a T y n a p m o C r e w o P a i g r o e G n o i t a r o p r o C n o t a E d e t a r o p r o c n I s e r a h s c n a B n o t g n i t n u H . 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 , h t l a e H e c n a v e l E n o i t a r o p r o C n e r e m A c l p p u o r G t s e W t a N h c n a r B n o d n o L , G A S B U . c n I , p u o r G y g r e n E C E W g n i d n u F l a b o l G r e w o T t e M . c n I , s g n i d l o H e h c o R P L X L P M . c n I , l a i c n a n i F e s i r p i r e m A a d a n a C f o k n a B l a n o i t a N C L L e c n a n i F A S U C A R E p r o c n a B d r i h T h t f i F 1 t s u r T p u o r G e r t n e c S n o i t a r o p r o C r e k y r t S I I g n i d n u F l a b o l G e f i L c i f i c a P l a b o l G C M S T - 4 8 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 ( 3 2 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 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 2 4 4 , 4 $ S U 1 1 4 , 4 3 6 3 , 4 3 4 3 , 4 3 1 3 , 4 1 6 2 , 4 8 8 1 , 4 2 3 1 , 4 0 2 1 , 4 4 1 1 , 4 4 4 0 , 4 6 3 0 , 4 8 2 0 , 4 6 0 0 , 4 4 0 0 , 4 7 6 9 , 3 8 4 9 , 3 6 4 9 , 3 4 3 9 , 3 5 7 8 , 3 8 5 8 , 3 7 5 8 , 3 2 9 7 , 3 7 6 6 , 3 6 6 6 , 3 1 6 6 , 3 6 4 6 , 3 8 6 5 , 3 5 6 5 , 3 3 6 5 , 3 4 5 5 , 3 2 5 5 , 3 9 3 5 , 3 6 8 4 , 3 8 6 4 , 3 4 4 4 , 3 0 3 4 , 3 9 2 4 , 3 6 2 4 , 3 6 1 4 , 3 5 2 3 , 3 3 8 2 , 3 1 8 2 , 3 1 7 2 , 3 7 6 2 , 3 2 1 2 , 3 1 9 1 , 3 3 7 1 , 3 0 2 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 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ 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 / 2 4 4 , 4 $ S U 1 1 4 , 4 3 6 3 , 4 3 4 3 , 4 3 1 3 , 4 1 6 2 , 4 8 8 1 , 4 2 3 1 , 4 0 2 1 , 4 4 1 1 , 4 4 4 0 , 4 6 3 0 , 4 8 2 0 , 4 6 0 0 , 4 4 0 0 , 4 7 6 9 , 3 8 4 9 , 3 6 4 9 , 3 4 3 9 , 3 5 7 8 , 3 8 5 8 , 3 7 5 8 , 3 2 9 7 , 3 7 6 6 , 3 6 6 6 , 3 1 6 6 , 3 6 4 6 , 3 8 6 5 , 3 5 6 5 , 3 3 6 5 , 3 4 5 5 , 3 2 5 5 , 3 9 3 5 , 3 6 8 4 , 3 8 6 4 , 3 4 4 4 , 3 0 3 4 , 3 9 2 4 , 3 6 2 4 , 3 6 1 4 , 3 5 2 3 , 3 3 8 2 , 3 1 8 2 , 3 1 7 2 , 3 7 6 2 , 3 2 1 2 , 3 1 9 1 , 3 3 7 1 , 3 0 2 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 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ 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 5 8 8 1 1 - - 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 d t L n o i t a r o p r o C c i r t c e l E l e a r s I e h T n o i t a r o p r o C n i f i n n a H - r e k r a P . 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 t s u r T g n i d n u F l a b o l G A G n o i t a r o p r o C y t l a e R o c m K i . c n I l a n o i t a n r e t n I r e t x a B n o i t a r o p r o C s l a t i p s o H & h t l a e H e t a c o v d A y n a p m o C r e w o P n a i h c a l a p p A y g r e n E e c r u o s r e v E . c n I , e n o Z o t u A A S A o r d y H k s r o N . c n I , t e n i t r o F . A N . . c n I , s m r o f t a l P a t e M a r p m e S , k n a B y e l n a t S n a g r o M . c n I r e n r a W g r o B n o i t a r o p r o C l a t i p a C T A B . . n o i t a r o p r o C e m o c n I y t l a e R . c n I , s e c i v r e S c i l b u p e R . c n I , s c i t y l a n A k s i r e V . c n I , s e r o t S s s o R k n a B t s i u r T . c n I , l a i c n a n i F e g d i r b e r o C . c n I k r a m h g i H . c n I r e z i f P C L L , s e i n a p m o C h c s u B - r e s u e h n A . 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 . . . A N , k n a b i t i C ) l b u p ( 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 n o i t a i c o s s A l a n o i t a N , k n a B s n e z i t i C . p r o C s g n i d l o H C T I g n i d n u F l a b o l G l a i c n a n i F e s u o h t h g i r B n o i t a r o p r o C t i d e r C r o t o M a t o y o T n o i t a r o p r o C l a r e n e G r a l l o D n o i t a r o p r o C t e e r t S e t a t S O C & E S A H C N A G R O M P J g n i d n u F l a b o l G G & F d e t a r o p r o 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 n o i t a r o p r o C r e w o P c i r t c e l E a e r o K . p r o C t n e m e g a n a M t e e l F t n e m e l E A S t n e m t s e v n I r e g r e b m u l h c S . c n I , s e i t i n u m m o C y a B n o l a v A y n a p m o C r e w o P a l e h a g n o n o M n o i t a r o p r o C l a n o i t a N n l o c n i L g n i d n u F l a b o l G O N C e g a r o t S c i l b u P . c n I t r a m l a W n o i t a r o p r o C e d i w d l r o W s i t O 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 ( 3 2 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 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 9 0 , 3 $ S U 8 9 0 , 3 8 6 0 , 3 9 5 0 , 3 7 5 0 , 3 0 4 0 , 3 7 1 0 , 3 5 1 0 , 3 8 7 9 , 2 4 7 9 , 2 9 2 9 , 2 0 0 9 , 2 4 9 8 , 2 1 9 8 , 2 5 6 8 , 2 7 4 8 , 2 0 1 8 , 2 0 5 7 , 2 6 4 7 , 2 7 3 7 , 2 6 1 7 , 2 2 9 6 , 2 7 8 6 , 2 7 4 6 , 2 3 4 6 , 2 6 3 6 , 2 0 1 6 , 2 9 0 6 , 2 1 0 6 , 2 5 7 5 , 2 4 7 5 , 2 3 6 5 , 2 1 3 5 , 2 0 6 4 , 2 3 3 4 , 2 1 3 4 , 2 7 2 4 , 2 6 0 4 , 2 0 0 4 , 2 9 9 3 , 2 0 6 3 , 2 9 4 3 , 2 6 4 3 , 2 4 4 3 , 2 6 1 3 , 2 4 1 3 , 2 7 7 2 , 2 8 6 2 , 2 6 6 2 , 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 A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / 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 9 0 , 3 $ S U 8 9 0 , 3 8 6 0 , 3 9 5 0 , 3 7 5 0 , 3 0 4 0 , 3 7 1 0 , 3 5 1 0 , 3 8 7 9 , 2 4 7 9 , 2 9 2 9 , 2 0 0 9 , 2 4 9 8 , 2 1 9 8 , 2 5 6 8 , 2 7 4 8 , 2 0 1 8 , 2 0 5 7 , 2 6 4 7 , 2 7 3 7 , 2 6 1 7 , 2 2 9 6 , 2 7 8 6 , 2 7 4 6 , 2 3 4 6 , 2 6 3 6 , 2 0 1 6 , 2 9 0 6 , 2 1 0 6 , 2 5 7 5 , 2 4 7 5 , 2 3 6 5 , 2 1 3 5 , 2 0 6 4 , 2 3 3 4 , 2 1 3 4 , 2 7 2 4 , 2 6 0 4 , 2 0 0 4 , 2 9 9 3 , 2 0 6 3 , 2 9 4 3 , 2 6 4 3 , 2 4 4 3 , 2 6 1 3 , 2 4 1 3 , 2 7 7 2 , 2 8 6 2 , 2 6 6 2 , 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 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃 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 6 8 8 1 1 - - h c n a r B k r o Y w e N , d e t i i m L k n a B a i l a r t s u A l a n o i t a N 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 d e t i i m L ) A S U ( e c n a n i F n o t i l l i B P H B c l p l a t i p a C o e g a i D C L L y n a p m o C y r e v i l e D c i r t c e l E r o c n O . . P L , p u o r G y t r e p o r P n o m i S y n a p m o C r e s u e a h r e y e W n o i t a r o p r o C l a t i p a C s i t r a v o N . c n I , y g r e n E n o i n i m o D d e t a r o p r o c n I a t l a x a B . c n I , n e v e l E - 7 C L L y n a p m o C l a c i m e h C s p i l l i h P n o r v e h C C L L , s g n i d l o H s a G y g r e n E n r e t s a E . c n I s e i n a p m o C r e d u a L e é t s E e h T . c n I , e v i t o m o t u A y l l i e R O ' . c n I , y n a p m o C r e w o P c i r t c e l E n a c i r e m A C L P s r e n t r a P c i f i c a p o r u E a l o C - a c o C . c n I , s l a c i m e h C d n a s t c u d o r P r i A C L L , e c n a n i F n e e v u N y n a p m o C n r e h t u o S e h T n o i t a r o p r o C o c s a M d n a l a e Z w e N f o k n a B . c n I , d i r g n a v A ) l b u p ( B A k n a b d e w S . c n I , a c i r e m A H R C n o i t a r o p r o C e s a e L r i A . c n I , s a x e T y g r e t n E . c n I , y a d k r o W d e t a r o p r o c n I s t n e m u r t s n I s a x e T n o i t a r o p r o C g n i k n a B c a p t s e W A S A l a n o i t a n r e t n I a r a Y . . 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 . c n I s e i g o l o n h c e T e r a C h t l a e H E G P L , 0 2 0 2 e c n a n i F r e w o p m E . c n I , h t l a e H l a n i d r a C . c n I . . . A S U n o r v e h C d e t i i m L ) A S U ( e c n a n i F o t n i T o i R . c n I y g r e n E l e c X g n i d n u F l a b o l G s e i n a p m o C a h a m O f O l a u t u M n o i t a i c o s s A l a n o i t a N , k n a B o g r a F s l l e W n o i t a r o p r o C y g r e n E s o m A t . c n I , P D I E y n a p m o C s a G a i n r o f i l a C n r e h t u o S n o i t a r o p r o C y g r e n E S M C . c n I , s g n i d l o H é l t s e N n o s n h o J & n o s n h o J n o i t a r o p r o C l a i c n a n i F A N C . . P L , s i g o l o r P V B e c n a n i F y g r e n E n i d n u L l a b o l G C M S T - 6 8 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 ( 3 2 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 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 5 6 2 , 2 $ S U 9 4 2 , 2 0 3 2 , 2 7 8 1 , 2 0 6 1 , 2 0 3 1 , 2 7 8 0 , 2 7 5 0 , 2 6 3 0 , 2 9 1 0 , 2 6 9 9 , 1 6 8 9 , 1 3 7 9 , 1 7 6 9 , 1 1 5 9 , 1 8 4 9 , 1 3 4 9 , 1 0 3 9 , 1 6 1 9 , 1 1 1 9 , 1 6 5 8 , 1 3 2 8 , 1 2 1 8 , 1 9 0 8 , 1 2 9 7 , 1 5 8 7 , 1 9 5 7 , 1 0 5 7 , 1 7 4 7 , 1 7 4 7 , 1 2 9 6 , 1 5 8 6 , 1 1 3 6 , 1 1 0 6 , 1 8 9 5 , 1 4 9 5 , 1 6 7 5 , 1 0 7 5 , 1 6 6 5 , 1 6 5 5 , 1 3 4 5 , 1 8 3 5 , 1 6 2 5 , 1 7 1 5 , 1 1 1 5 , 1 0 1 5 , 1 5 9 4 , 1 9 7 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 A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / 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 6 2 , 2 $ S U 9 4 2 , 2 0 3 2 , 2 7 8 1 , 2 0 6 1 , 2 0 3 1 , 2 7 8 0 , 2 7 5 0 , 2 6 3 0 , 2 9 1 0 , 2 6 9 9 , 1 6 8 9 , 1 3 7 9 , 1 7 6 9 , 1 1 5 9 , 1 8 4 9 , 1 3 4 9 , 1 0 3 9 , 1 6 1 9 , 1 1 1 9 , 1 6 5 8 , 1 3 2 8 , 1 2 1 8 , 1 9 0 8 , 1 2 9 7 , 1 5 8 7 , 1 9 5 7 , 1 0 5 7 , 1 7 4 7 , 1 7 4 7 , 1 2 9 6 , 1 5 8 6 , 1 1 3 6 , 1 1 0 6 , 1 8 9 5 , 1 4 9 5 , 1 6 7 5 , 1 0 7 5 , 1 6 6 5 , 1 6 5 5 , 1 3 4 5 , 1 8 3 5 , 1 6 2 5 , 1 7 1 5 , 1 1 1 5 , 1 0 1 5 , 1 5 9 4 , 1 9 7 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 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃 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 ( - - 7 7 8 8 1 1 - - n o i t a i c o s s A l a n o i t a N , a c i r e m A f o k n a B . d t L , . o C 1 - 3 2 0 2 l a b o l G T I D O K I g n i d n u F l a b o l G a o c i r P y n a p m o C s a G d n a c i r t c e l E e c i v r e S c i l b u P n o i t a r o p r o C e c n a n i F a d n o H n a c i r e m A y n a p m o C 6 6 s p i l l i h P y n a p m o C n o i t i r t u N n o s n h o J d a e M . d t L ) y e s r e J ( g n i d n u F p u o r G S B U y n a p m o C r e w o P c i r t c e l E n o s c u T . c n I l a n o i t a n r e t n I a n g a M . d t L , . o C p u o r G l a i c n a n i F n a h n i h S n o i t a r o p r o C i h s i b u s t i M c l L o C m u r t c e p S t n i r p S n o i t a r o p r o C s u p m y l O . c n I r e w o t l l e W y n a p m o C r e w o P f l u G n o i t a r o p r o C X S C e v r e s e R l a g e L l a u t u M a , n o i t a r o p r o C e c i v r e S e r a C h t l a e H C L L , e c n a n i F y g r e n E t n a i l l A y n a p m o C n o i n U n r e t s e W e h T . c n I l a t i p a C C H i h s i b u s t i M C L L c i f i c a P - a i g r o e G . c n I , s a G E N O l a b o l G C M S T C L L , c i r t c e l E n o t s u o H y g r e n E t n i o P r e t n e C y n a p m 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 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 , l a n o i t a n r e t n I z e l e d n o M y n a p m o C s e i t i l i t U y k c u t n e K d e t i i m L C P S K B N . . C L L . . c n I , l a r t n e C s a s n a K y g r e v E . p r o C l a t i p a C A A S U y n a p m o C y g r e n E E T D a i n r o f i l a C f o y t i s r e v i n U c l p e c n a n i F L S C , m e t s y S s a G l a r u t a N m a e r t s f l u G . o C c i r t c e l E n o s r e m E . c n I y a B e n o i t a r o 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 C L L , e F a t n a S n r e h t r o N n o t g n i l r u B . c n I p u o r G l a i c n a n i F s e i r e f f e J n o i t a r o p r o C y g r e n E e k u D C L L g n i d n u F e r o c n e l G . c n I , A S U e l i b o M - T . c n I s i t e o Z . 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 . c n I , n a g r o M r e d n i K y n a p m o C 6 6 s p i l l i h P d e t i i m L e r u t c u r t s a r f n I A P A 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 ( 3 2 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 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 7 7 4 , 1 $ S U 7 7 4 , 1 3 7 4 , 1 1 7 4 , 1 5 5 4 , 1 8 4 4 , 1 5 4 4 , 1 2 4 4 , 1 0 4 3 , 1 9 1 3 , 1 0 0 3 , 1 9 5 2 , 1 7 4 2 , 1 7 2 2 , 1 5 0 2 , 1 8 9 1 , 1 5 1 1 , 1 3 1 1 , 1 2 1 1 , 1 2 7 0 , 1 5 6 0 , 1 4 3 0 , 1 6 2 0 , 1 6 2 0 , 1 8 1 0 , 1 4 0 0 , 1 3 7 9 9 5 9 6 5 9 2 4 9 2 3 9 6 2 9 3 2 9 7 1 9 7 1 9 6 1 9 4 1 9 4 1 9 0 9 8 9 8 8 5 2 8 9 1 8 4 8 7 1 7 7 1 7 7 0 7 7 1 6 7 9 5 7 5 5 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 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ 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 / 7 7 4 , 1 $ S U 7 7 4 , 1 3 7 4 , 1 1 7 4 , 1 5 5 4 , 1 8 4 4 , 1 5 4 4 , 1 2 4 4 , 1 0 4 3 , 1 9 1 3 , 1 0 0 3 , 1 9 5 2 , 1 7 4 2 , 1 7 2 2 , 1 5 0 2 , 1 8 9 1 , 1 5 1 1 , 1 3 1 1 , 1 2 1 1 , 1 2 7 0 , 1 5 6 0 , 1 4 3 0 , 1 6 2 0 , 1 6 2 0 , 1 8 1 0 , 1 4 0 0 , 1 3 7 9 9 5 9 6 5 9 2 4 9 2 3 9 6 2 9 3 2 9 7 1 9 7 1 9 6 1 9 4 1 9 4 1 9 0 9 8 9 8 8 5 2 8 9 1 8 4 8 7 1 7 7 1 7 7 0 7 7 1 6 7 9 5 7 5 5 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 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ 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 ( - - 8 8 8 8 1 1 - - n o i t a r o p r o C e c n a n i F e v i t a r e p o o C s e i t i l i t U l a r u R l a n o i t a N d e t a r o p r o c n I y g o l o n h c e T p i h c o r c i M . c n I a c i r e m A h t r o N s e l b i x e l F r o c m A y n a p m o C c i r t c e l E R A T S N C L L , a d i r o l F y g r e n E e k u D C L L s e c i v r e S T I o r p i W . c n I , e g a r o t S d n a n o i s s i m s n a r T s a G n r e t s a E n o i t a r o 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 e h T , n o i t a d n u o F n o l l e M . W w e r d n A . c n I , s e i n a p m o C s m a i l l i W e h T n o i t a r o p r o C c i f i c a P n o i n U . 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 p u o r G a n g i C e h T n o i t a r o p r o C o c s y S . c n I b a l o c E . . 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 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 C L P e c n a n i F n o s u g r e F n o i t a r o p r o C s a G & c i r t c e l E e t a t S k r o Y w e N C L L , n o i t c a f e u q i L s s a P e n i b a S 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 . c n I l a n o i t a n r e t n I x o n n e L n o i t a r o p r o C r o c u N c l p p u o r G B A I . . P L , o i l o f t r o P x e s s E l a b o l G C M S T y n a p m o C y a w l i a R c i f i c a P n a i d a n a C d e t i i m L s g n i d l o H y r o t n u S d e t i i m L r e w o P h s i t t o c S . c n I , y n a p m o C s a G l a r u t a N t n o m d e i P . . V B y n a p m o C e c n a n i F B Y L . c n I , ) A S U ( e c n a n i F r o c m A . c n I e c n a n i F s m e t s y S E A B . c n I , s k r o w t e N r e p i n u J n o i t a r o p r o C r a n n e L . c n I , s e i n a p m o C f o p u o r G c i l b u p r e t n I e h T n o i t a r o p r o C l a t i p a C r e v e l i n U . c n I n a c i r e m A s d l o n y e R a d i r o l F , h c a e B m l a P f o y t n u o C . c n I s a x e T P E A . c n I , t n a r u s s A n o i t a r o p r o C r e w o P k w a h o M a r a g a i N . 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 y n a p m o C s a G n o i n U n y l k o o r B e h T n o i t a r o p r o C o t l a r e V . c n I , s g n i d l o H t e m o i B r e m m Z i n o i t a r o p r o C s a G t s e w h t u o S . . P L , t r a m S e b u C d e t i i m L s e n i L e p i P a d a n a C s n a r T d e t i i m L p u o r G A A I - 8 8 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 ( 3 2 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 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 4 5 7 1 5 7 0 5 7 9 4 7 9 4 7 7 4 7 5 4 7 4 4 7 9 3 7 8 3 7 1 9 6 9 8 6 5 7 6 3 7 6 2 7 6 9 4 6 7 1 6 2 1 6 0 0 6 4 9 5 3 9 5 9 8 5 6 6 5 2 6 5 8 3 5 6 3 5 0 2 5 5 1 5 2 1 5 0 1 5 0 1 5 6 0 5 9 9 4 6 9 4 8 8 4 7 8 4 6 8 4 0 8 4 7 7 4 7 7 4 3 5 4 4 4 4 5 3 4 3 3 4 6 1 4 2 1 4 0 1 4 5 9 3 4 9 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 / 4 5 7 1 5 7 0 5 7 9 4 7 9 4 7 7 4 7 5 4 7 4 4 7 9 3 7 8 3 7 1 9 6 9 8 6 5 7 6 3 7 6 2 7 6 9 4 6 7 1 6 2 1 6 0 0 6 4 9 5 3 9 5 9 8 5 6 6 5 2 6 5 8 3 5 6 3 5 0 2 5 5 1 5 2 1 5 0 1 5 0 1 5 6 0 5 9 9 4 6 9 4 8 8 4 7 8 4 6 8 4 0 8 4 7 7 4 7 7 4 3 5 4 4 4 4 5 3 4 3 3 4 6 1 4 2 1 4 0 1 4 5 9 3 4 9 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 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃 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 9 8 8 1 1 - - n o i t a r o p r o C e c n a n i F d n u F e h p o r t s a t a C e n a c i r r u H a d i r o l F C L L , y n a p m o C g n i d l o H s e n i l e p i P a i b m u l o C C L L . o C g n i t a r e p O s e n i l e p i P a i b m u l o C . p r o C l a t i p a C r e t a W n a c i r e m A . c n I , r o f n I . . 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 y n a p m o C e c i v r e S c i l b u P a n o z i r A 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 y n a p m o C r e w o P i p p i s s i s s i M y n a p m o C s p i l l i h P o c o n o C . A . p . S o l o a p n a S a s e t n I i i a w a H f o e t a t S . c n I , s e c i v r e S l a t i p a C i a d n u y H n o i t a r o p r o C e t a t s l l A e h T . d t L e c n a n i F B N Q . c n I , o x e d o S . c n I , g n i s s e c o r P a t a D c i t a m o t u A . c n I , s e i g o l o n h c e T s i r r a H 3 L y n a p m o C r e w o P n r e h t u o S . c n I s e c r u o s e R n o t g n i l r u B n o i t a r o p r o C s k c u b r a t S d e t i i m L y k S . c n I , k r o Y w e N f o y n a p m o C n o s i d E d e t a d i l o s n o C y n a p m o C t s u r T s r e d a r T d n a s r e r u t c a f u n a M y n a p m o C c i r t c e l E d n a s a G a m o h a l k O . c n I , s e i n a p m o C n a n n e L c M & h s r a M . c n I , l a i c n a n i F a y o V . c n I , t n e m e g a n a M e t s a W n o i t a r o p r o C S U L E T . c n I a s i V . p r o C l a i c n a n i F R A C C A P d e t a r o p r o c n I , s r a M l a b o l G C M S T . . 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 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 l p l a t i p a C K U n o e l a H . . A S e c n a n i F g r u o b m e x u L s e i g o l o n h c e T e n a r T C L L e c n a n i F l a n o i t a n r e t n I d r a c i R d o n r e P c n I y t i r o h t u A n o i t a c u d E r e h g i H s o z a r B d e t a r o p r o c n I , y n a p m o C & k c i m r o C c M n o i t a r o p r o C O S N E D y n a p m o C s t r a P e n i u n e G . c n I , p u o r G a i r t l A . c n I , t o p e D e m o H e h T n o i t a r o p r o C t e g r a T A S A P B r e k A d e t i i m L k n a B a i l a r t s u A l a n o i t a N . c n I l a t i p a C e n i l K h t i m S o x a l G n o i t a r o p r o C y g r e t n E d e t i i m L d n a l a e Z w e N c a p t s e W 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 ( 3 2 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 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 ( 2 9 3 1 9 3 8 8 3 6 8 3 1 8 3 4 6 3 2 6 3 9 5 3 8 0 3 4 0 3 2 0 3 0 9 2 9 8 2 6 8 2 5 7 2 1 7 2 9 3 2 5 3 2 4 1 2 4 0 1 8 8 1 8 9 7 4 6 2 5 5 2 0 9 5 , 0 0 8 2 0 6 , 6 2 6 2 9 0 , 0 7 5 3 4 3 , 8 1 4 1 3 3 , 4 9 3 1 9 4 , 2 5 2 8 2 6 , 9 4 1 4 2 4 , 9 9 1 8 2 , 9 9 6 5 1 , 0 2 3 5 1 , 0 1 3 3 6 , 9 9 1 4 , 9 2 6 5 , 9 3 3 2 , 9 8 8 0 , 9 5 9 0 , 9 1 3 0 , 9 9 9 7 , 8 2 4 4 , 8 0 6 3 , 8 1 5 2 , 8 6 0 2 , 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 A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / 2 9 3 1 9 3 8 8 3 6 8 3 1 8 3 4 6 3 2 6 3 9 5 3 8 0 3 4 0 3 2 0 3 0 9 2 9 8 2 6 8 2 5 7 2 1 7 2 9 3 2 5 3 2 4 1 2 4 0 1 8 8 1 8 9 7 4 6 2 5 5 2 9 4 4 , 9 9 7 0 3 8 , 9 1 6 0 8 8 , 6 6 5 1 1 8 , 2 3 4 8 6 8 , 1 9 3 1 8 4 , 1 5 2 1 5 9 , 9 4 1 8 6 9 , 9 9 5 0 9 , 9 9 1 8 9 , 9 1 8 3 3 , 0 1 5 8 6 , 9 0 5 5 , 9 6 4 4 , 9 5 6 2 , 9 5 8 1 , 9 2 7 1 , 9 5 5 1 , 9 9 3 8 , 8 5 3 4 , 8 7 1 4 , 8 1 0 3 , 8 9 7 2 , 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 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 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 - - 0 0 9 9 1 1 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - . c n I , r e t n e C l a c i d e M s s e n o c a e D l e a r s I h t e B n o i t a c u d E f O d r a o B a m a b a l A r e v o o H y n a p m o C y g r e n E s r e m u s n o C n o i t a r o p r o C n o s d r o N c l p d i r G l a n o i t a N y g r e n E r a t a Q C L P v i t p A y n a p m o C c i r t c e l E a i n a v l y s n n e P . c n I , l a n o i t a n r e t n I t t o i r r a M V N p u o r G C B K . c n I a n a m u H y n a p m o C n o s i d E n a t i l o p o r t e M a n o z i r A , a m i P f o y t n u o C n i s n o c s i W f o e t a t S n o i t a r o p r o C n o A n o i t a r o p r o C a c i r e m A f o k n a B y n a p m o C & o g r a F s l l e W s a x e T , s e c e u N f o y t n u o C y e l n a t S n a g r o M . c n I , p u o r G s h c a S n a m d l o G e h T . c n I s t e k r a M l a b o l G p u o r g i t i C . o C & e s a h C n a g r o M P J . c n I p u o r g i t i C d t L l a n o i t a n r e t n I p r o C e c n a n i F s h c a S n a m d l o G . c n I s g n i d l o H s t e k r a M l a b o l G p u o r g i t i C C L L a c i r e m A h t r o N e c n a n i F s k c u r T r e l m i a D p L , 0 2 0 2 e c n a n i F . . S U o c e f i L t s e W - t a e r G c e b é u Q u d s n i d r a j s e D s e s s i a c s e d n o i t a r é d é F . c n I , p u o r G l a i c n a n i F o h u z i M A S s a b i r a P P N B 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 p u o r g i t i C 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 l e u t u M t i d é r C u d e v i t a r é d é F e u q n a B . c n I , s g n i d l o H a r u m o N k n a B p u y H g n o N G A p u o r G S B U p i h s r e n t r a P d e t i m L i , y t l a e R s a t n e V . A S . , r e d n a t n a S o c n a B . . A S e c n a r F e d é t i c i r t c e l E y t i r o h t u A g n i d l i u B s t t e s u h c a s s a M f o y t i s r e v i n U . c n I , s e c n e i c S d a e l i G y n a p m o C r e w o P c i f i c a P a r r e i S e l i h C e d o d a t s E l e d o c n a B k n a B n i k u h c n i r o N e h T d e t a r o p r o c n I , l l i g r a C . c n I , o C i s p e P . . P L , s t n e m t r a p A a c i r e m A - d i M d e t a r o p r o c n I c a l f A l a b o l G C M S T - 0 9 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 ( 3 2 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 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 8 1 , 8 6 9 8 , 7 9 4 8 , 7 4 9 8 , 7 4 9 7 , 7 2 7 6 , 7 5 1 5 , 7 1 2 4 , 7 6 0 0 , 7 4 2 9 , 5 3 8 4 , 5 0 4 4 , 5 7 0 3 , 5 2 3 0 , 5 4 6 9 , 4 5 5 7 , 4 3 2 4 , 4 0 2 1 , 4 9 4 9 , 3 4 4 9 , 3 3 0 8 , 3 5 2 7 , 3 6 7 2 , 3 6 1 2 , 3 7 9 1 , 3 2 1 8 , 2 8 8 0 , 2 3 5 2 , 1 5 7 1 , 1 5 7 0 , 1 4 4 7 7 8 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 $ S U $ S U $ 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 4 9 , 8 5 6 $ S U 8 2 3 , 0 5 3 0 1 3 , 5 2 2 $ S U $ S U 9 7 4 , 8 1 7 $ S U 5 9 9 , 6 5 6 0 , 1 5 4 6 , 4 2 2 5 4 8 , 4 3 1 1 0 5 , 9 8 $ S U $ S U $ S U $ S U $ S U 1 4 9 , 9 $ S U 8 1 8 , 9 $ 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 / 0 5 2 , 8 3 8 9 , 7 4 5 9 , 7 6 1 9 , 7 4 7 8 , 7 7 2 7 , 7 8 3 5 , 7 0 8 4 , 7 2 4 0 , 7 3 1 9 , 5 5 1 5 , 5 1 1 5 , 5 4 4 2 , 5 2 2 1 , 5 7 0 0 , 5 3 2 7 , 4 1 2 4 , 4 5 6 1 , 4 9 7 9 , 3 4 7 9 , 3 3 5 8 , 3 7 4 7 , 3 5 4 3 , 3 1 5 2 , 3 8 8 1 , 3 1 5 8 , 2 1 9 0 , 2 4 5 2 , 1 4 7 1 , 1 3 8 0 , 1 5 4 7 5 8 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 $ S U $ S U $ 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 4 9 , 8 5 6 $ S U 8 2 3 , 0 5 3 0 1 3 , 5 2 2 $ S U $ S U 9 7 4 , 8 1 7 $ S U 5 9 9 , 6 5 6 0 , 1 0 0 0 , 5 2 2 0 0 0 , 5 3 1 0 4 9 , 8 8 $ S U $ S U $ S U $ S U $ S U 1 4 9 , 9 $ S U 8 1 8 , 9 $ S U - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃 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 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 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 1 9 9 1 1 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - y n a p m 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 ) l b u p ( B A n e k n a b s l e d n a H a k s n e v S . c n I , s e c i v r e S l a t i p a C i a d n u y H c l P s t e k r a M t s e W t a N g n i d n u F l a b o l G G & F . . V N p e o r G G N I g n i d n u F l a b o l G e n e h t A d e t i m L i , k n a B t s u r T i u s t i M o m o t i m u S c l p p u o r G g n i k n a B s d y o l L . d t L e c n a n i F B N Q 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 h c n a r B k r o Y w e N - G A k n a B e h c s t u e D . 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 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 d e t i i m L ) l ' t n I ( d n a l a e Z w e N Z N A I N O I T A C O S S A E G A G T R O M L A N O I T A N L A R E D E 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 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 r o p r o C e g a g t r o M n a o L e m o H l a r e d e F y r u s a e r T e h T f o t n e m t r a p e D s e t a t S d e t i n U s d n o b y c n e g A / d n o b t n e m n r e v o G I N O I T A C O S S A E G A G T R O M L A N O I T A N L A R E D E F n o i t a r o p r o C e g a g t r o M n a o L e m o H l a r e d e F n o i t a r o p r o C e g a g t r o M n a o L e m o H l a r e d e F y r u s a e r T e h T f o t n e m t r a p e D s e t a t S d e t i n U s k n a B n a o L e m o H l a r e d e F 4 2 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 1 k n B - 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 s e i t i r u c e s d e k c a b - t e s s A 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 C L P k n a B s y a l c r a B P L , s r e n t r a P y g r e n E a r t c e p S a d a n a C f o k n a B l a n o i t a N t s u r T g n i d n u F l a b o l G A G C L L c i f i c a P - a i g r o e G d e t i i m L p u o r G A A I d e t i i m L r e w o P h s i t t o c S . A S . , a i r a t n e g r A a y a c z i V o a b l i B o c n a B g n i d n u F l a b o l G G A I C L L a c i r e m A h t r o N e c n a n i F z n e B - s e d e c r e M d t L y t P y n a p m o C e c n a n i F t r o p r i A y e n d y S . 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 A S E C P B . . 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 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 , a c i r e m A H R C l a b o l G C M S T ) d e u n i t n o C ( - - 2 2 9 9 1 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 ( 3 2 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 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 5 6 6 , 9 $ S U 3 3 0 , 9 4 7 6 , 7 8 8 3 , 7 1 5 3 , 7 9 6 0 , 7 1 6 8 , 6 0 8 2 , 6 5 3 1 , 6 1 3 1 , 6 8 2 0 , 6 2 0 9 , 5 0 4 8 , 5 5 0 8 , 5 9 9 6 , 5 2 0 5 , 5 6 9 4 , 5 1 5 3 , 5 4 4 2 , 5 8 0 2 , 5 2 7 1 , 5 1 0 1 , 5 7 2 0 , 5 5 1 8 , 4 7 7 7 , 4 2 7 7 , 4 6 7 6 , 4 6 2 5 , 4 2 6 1 , 4 9 1 1 , 4 3 6 0 , 4 5 2 0 , 4 0 1 0 , 4 2 0 0 , 4 9 7 7 , 3 8 3 7 , 3 6 3 6 , 3 4 1 2 , 3 2 3 1 , 3 1 8 0 , 3 7 5 0 , 3 3 2 0 , 3 1 9 9 , 2 2 3 9 , 2 6 0 8 , 2 9 2 7 , 2 4 7 5 , 2 1 2 5 , 2 9 1 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 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ 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 / 5 6 6 , 9 $ S U 3 3 0 , 9 4 7 6 , 7 8 8 3 , 7 1 5 3 , 7 9 6 0 , 7 1 6 8 , 6 0 8 2 , 6 5 3 1 , 6 1 3 1 , 6 8 2 0 , 6 2 0 9 , 5 0 4 8 , 5 5 0 8 , 5 9 9 6 , 5 2 0 5 , 5 6 9 4 , 5 1 5 3 , 5 4 4 2 , 5 8 0 2 , 5 2 7 1 , 5 1 0 1 , 5 7 2 0 , 5 5 1 8 , 4 7 7 7 , 4 2 7 7 , 4 6 7 6 , 4 6 2 5 , 4 2 6 1 , 4 9 1 1 , 4 3 6 0 , 4 5 2 0 , 4 0 1 0 , 4 2 0 0 , 4 9 7 7 , 3 8 3 7 , 3 6 3 6 , 3 4 1 2 , 3 2 3 1 , 3 1 8 0 , 3 7 5 0 , 3 3 2 0 , 3 1 9 9 , 2 2 3 9 , 2 6 0 8 , 2 9 2 7 , 2 4 7 5 , 2 1 2 5 , 2 9 1 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 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ 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 M R P - 1 2 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 Y H 0 1 - 6 1 0 2 s d r a Y n o s d u H 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 t s u r T r e n w O 2 - 3 2 0 2 s e l b a v i e c e R o t u A a d n o H 6 L - 1 2 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 6 2 K N B - 0 2 0 2 k n a B 1 - 3 2 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 F W S M t s u r T e g a g t r o M 9 3 B - 3 2 0 2 k r a m h c n e B 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 t s u r T e g a g t r o M 2 1 B - 9 1 0 2 k r a m h c n e B 6 4 K N B - 3 2 0 2 k n a B 3 3 k n b - 1 2 0 2 k n a B 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 9 5 C - 1 2 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 d n u F 2 K N B - 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 1 - 1 2 0 2 t s u r T s e l b a v i e c e R g n i v l o v e R l a i c n a n i F M G 1 1 X C - 8 1 0 2 L I A S C 6 k n B - 7 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 3 4 c G - 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 t s u r T r e n w O 4 - 1 2 0 2 s e l b a v i e c e R o t u A a d n o H 5 K N B - 7 1 0 2 K N A B A - 3 2 0 2 t s u r T r e n w O e l c i h e V w m B 7 P J - 7 1 0 2 C C M P J 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 t s u r T e g a g t r o M 4 2 E R C C - 5 1 0 2 e c r e m m o C p f M - 1 2 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 t i e r S 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 t s u r T e g a g t r o M 5 C - 3 2 0 2 o m B t s u r T r e n w O C - 3 2 0 2 s e l b a v i e c e R o t u A a t o y o T 2 - 3 2 _ T N E C D 2 2 k n B - 9 1 0 2 k n a B 1 3 C - 6 1 0 2 m a b s M t s u r T e g a g t r o M 3 V - 3 2 0 2 k r a m h c n e B t s u r T e g a g t r o M c k r P - 9 1 0 2 D C R M t s u r T e g a g t r o M 1 V - 3 2 0 2 e v i F 9 2 C - 6 1 0 2 m a b s M 7 K N B - 7 1 0 2 k n a B 9 K N B - 7 1 0 2 k n a B 3 - 3 2 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 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 k n a B y e l n a t S n a g r o M 3 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 - 3 2 0 2 t s u r T e t o N d e d n e t x E n a o L o t u A a t o y o T 2 v e R - 1 2 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 C - 1 2 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 V E R - 0 2 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 B - 3 2 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 8 C - 0 2 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 r e n w O B - 2 2 0 2 s e l b a v i e c e R o t u A a t o y o T l a b o l G C M S T - 2 9 1 - ) d e u n i t n o C ( - - 3 3 9 9 1 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 ( 3 2 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 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 2 6 4 , 2 $ S U 5 1 4 , 2 5 1 4 , 2 8 6 3 , 2 4 0 3 , 2 4 7 1 , 2 0 1 1 , 2 7 0 1 , 2 0 9 0 , 2 2 9 9 , 1 0 3 9 , 1 4 4 8 , 1 1 2 8 , 1 0 3 6 , 1 4 7 5 , 1 7 2 5 , 1 4 2 5 , 1 8 1 5 , 1 5 9 4 , 1 6 7 4 , 1 9 6 3 , 1 5 0 3 , 1 3 4 2 , 1 2 4 2 , 1 7 3 2 , 1 9 1 2 , 1 4 2 1 , 1 6 1 0 , 1 2 6 9 9 3 9 7 8 8 5 6 8 9 2 8 4 2 8 8 1 8 1 9 7 8 7 7 3 3 7 5 8 6 2 4 6 1 8 5 4 7 5 9 2 5 4 4 4 7 2 4 5 2 4 7 8 3 5 5 2 9 3 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 A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / A N / 2 6 4 , 2 $ S U 5 1 4 , 2 5 1 4 , 2 8 6 3 , 2 4 0 3 , 2 4 7 1 , 2 0 1 1 , 2 7 0 1 , 2 0 9 0 , 2 2 9 9 , 1 0 3 9 , 1 4 4 8 , 1 1 2 8 , 1 0 3 6 , 1 4 7 5 , 1 7 2 5 , 1 4 2 5 , 1 8 1 5 , 1 5 9 4 , 1 6 7 4 , 1 9 6 3 , 1 5 0 3 , 1 3 4 2 , 1 2 4 2 , 1 7 3 2 , 1 9 1 2 , 1 4 2 1 , 1 6 1 0 , 1 2 6 9 9 3 9 7 8 8 5 6 8 9 2 8 4 2 8 8 1 8 1 9 7 8 7 7 3 3 7 5 8 6 2 4 6 1 8 5 4 7 5 9 2 5 4 4 4 7 2 4 5 2 4 7 8 3 5 5 2 9 3 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 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃 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 5 C - 0 2 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 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 c h M - 1 2 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 c h M 1 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 1 P - 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 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 1 v e R - 0 2 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 7 C - 7 1 0 2 B D M P J A - 3 2 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 4 B - 8 1 0 2 k r a m h c n e B t s u r T e g a g t r o M 8 P - 7 1 0 2 T M C G C 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 C Y N - 1 2 0 2 t s u r T p l o D 7 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 0 3 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 4 4 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 o g r a F s l l e W 9 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 C - 2 2 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 7 1 k n B - 9 1 0 2 k n a B t s u r T r e n w O 1 - 3 2 0 2 s e l b a v i e c e R o t u A a d n o H 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 A - 2 2 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 5 L - 1 2 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 M B C - 0 2 0 2 M M O C 1 - 3 2 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 V E R - 3 2 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 2 C L - 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 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 8 S B U - 5 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 - 2 2 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 r e n w O A - 3 2 0 2 s e l b a v i e c e R o t u A n a s s i N t s u r T r e n w O D - 1 2 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 4 2 B - 1 2 0 2 k r a m h c n e B 5 4 k n B - 3 2 0 2 k n a B 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 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 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 t s u r T r e n w O 2 - 2 2 0 2 s e l b a v i e c e R o t u A a d n o H 9 1 C L - 5 1 0 2 s e i r e S t s u r T e g a g t r o M M M O C 3 P J - 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 C C M P J 1 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 B M P J 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 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 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 5 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 p u o r g i t i C t s u r T r e n w O C - 1 2 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 r e n w O 2 - 1 2 0 2 s e l b a v i e c e R o t u A a d n o H B - 2 2 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 l a i c r e m m o C 3 B - 8 1 0 2 k r a m h c n e B 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 ( 3 2 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 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 6 7 1 1 5 1 9 4 1 3 3 1 4 2 1 0 2 1 4 1 1 4 0 1 7 9 3 8 4 6 0 5 7 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 5 1 5 , 6 8 $ S U - - 7 5 7 , 2 $ S U 0 0 8 7 3 3 4 7 1 $ S U $ S U $ S U 8 6 1 , 4 $ S U 9 9 0 , 3 $ S U 0 8 6 , 9 $ S U 0 0 0 , 5 0 0 0 , 5 0 0 0 , 5 0 0 0 , 5 1 7 7 , 4 0 0 0 , 4 4 9 1 , 3 0 0 0 , 3 0 0 0 , 3 3 3 8 , 2 $ 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 / 4 - 0 2 3 4 1 - 7 1 6 7 1 1 5 1 9 4 1 3 3 1 4 2 1 0 2 1 4 1 1 4 0 1 7 9 3 8 4 6 0 5 7 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 5 1 5 , 6 8 $ 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 - - 1 5 8 0 , 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 7 5 7 , 2 $ S U 3 1 9 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 0 8 7 3 3 4 7 1 $ S U $ S U $ S U 2 5 9 , 1 1 0 7 , 1 7 4 1 , 4 〃〃 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 A N / A N / 8 6 1 , 4 $ S U 9 9 0 , 3 $ S U - - 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 - 1 3 3 4 2 1 2 2 3 1 0 8 6 , 9 $ S U 0 0 0 , 5 0 0 0 , 5 0 0 0 , 5 0 0 0 , 5 1 7 7 , 4 0 0 0 , 4 4 9 1 , 3 0 0 0 , 3 0 0 0 , 3 3 3 8 , 2 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U 7 8 4 , 1 5 4 3 8 6 8 1 2 0 , 1 8 2 1 , 1 6 7 1 , 1 4 6 5 2 2 1 5 1 0 , 2 0 0 0 , 3 5 5 4 , 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 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - ) d e u n i t n o C ( - - 4 4 9 9 1 1 - - 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 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 7 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 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 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 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 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 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 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 3 2 K N B - 9 1 0 2 k n a B 7 C - 0 2 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 1 F C - 9 1 0 2 F C 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 1 P J - 5 1 0 2 C C M P J 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 s k c o t s d e d a r t y l c i l b u P n o i t a r o p r o C 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 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 . c n I , r o t c u d n o c i m e S r e w o p m E . c n I , s e i g o l o n h c e T a M i S . c n I , s b a L S M E M x . d t L y t i l a e R u e N . c n I , a r a n i K . c n I , s o V R i . c n I , I A e t y L . c n I , Q e g d E . c n I , s b a L a r e t s A . c n I , s b a L r a y A . c n I a i v o n r e h t E n o i t a r o p r o C i d n a v o M s d n o b e l b i t r e v n o C . c n I , I A e g r a h c n E . c n I , x i n o c o e N k a P - l a u t u M d n u F g n i g r e m E - 4 9 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 ( 3 2 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 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 ( 5 9 7 , 2 3 4 $ S U 0 1 5 9 7 , 2 3 4 $ S U - 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 6 4 1 , 4 $ S U 3 3 1 $ S U 6 8 7 , 1 $ S U - - - 6 4 1 , 4 $ S U 3 3 1 $ S U 7 3 6 3 3 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 8 7 , 1 $ S U 0 3 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 t L p u o r G y g o l o n h c e T l l e v r a M s k c o t s d e d a r t y l c i l b u P . c n I , s b a L a r e t s A . c n I , s b a L X E N C 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 L L , l a b o l G n o i t a c i r b a f o n a N S M I s k c o t s d e r r e f e r p e l b i t r e v n o C t n e m p o l e v e D C M S T - - 5 5 9 9 1 1 - - 4 E L B A T ) 1 e t o N ( e c n a l a B g n i d n E t n u o m A n g i e r o F ( s t i n U / s e r a h S ) 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 n I ( n o s s o L / n i a G l a s o p s i D 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 ) s d n a s u o h T ) s d n a s u o h T ) s d n a s u o h T ) s d n a s u o h T e u l a V g n i y r r a C n g i e r o F ( t n u o m A n g i e r o F ( s t i n U / s e r a h S t n u o m A n g i e r o F ( s t i n U / s e r a h S t n u o m A n g i e r o F ( s t i n U / s e r a h S 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 n I ( n i s e i c n e r r u C ) s d n a s u o h T n I ( n i s e i c n e r r u C ) 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 y t i u q e d e d a r t y l c i l b u p - n o N 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 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 ( 3 2 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 2 4 7 , 1 0 9 , 1 - 5 7 9 , 4 0 6 , 8 9 2 $ 0 0 5 , 0 1 3 1 0 , 8 6 7 , 4 0 4 1 , 7 8 0 , 7 4 0 0 1 9 6 2 , 2 5 6 6 , 4 2 9 , 6 7 7 6 , 6 7 9 , 5 4 9 0 , 5 8 9 , 1 0 6 2 , 6 9 9 3 5 5 , 5 9 9 0 4 5 , 4 9 9 - 6 1 9 , 8 9 4 7 9 6 0 0 6 0 0 2 0 0 1 0 0 1 0 0 1 - 0 5 7 8 5 , 3 $ S U - 3 5 3 , 7 4 1 $ S U 1 6 9 , 1 8 8 5 , 6 8 $ S U 7 7 7 , 6 7 4 5 5 , 8 5 1 5 3 , 8 5 3 5 1 , 8 5 6 3 4 , 0 5 2 7 1 , 5 4 $ S U $ S U $ S U $ S U $ S U $ S U - - - - - - - ) d e u n i t n o C ( - - - - - - - - - - - - - - $ S U $ S U - - $ S U $ S U - - $ S U $ S U - 0 0 0 , 0 0 0 , 2 0 0 0 , 0 0 0 , 8 0 0 0 , 0 0 5 , 7 - 0 0 0 , 0 0 0 , 2 0 0 0 , 0 0 0 , 8 0 0 0 , 0 0 5 , 7 - 0 0 2 0 0 8 0 5 7 0 0 0 , 0 0 0 , 7 1 0 0 0 , 0 0 0 , 7 1 0 0 7 , 1 0 0 0 , 0 0 0 , 3 0 0 0 , 0 0 5 , 4 3 0 0 0 , 0 0 0 , 3 0 0 0 , 0 0 5 , 4 3 0 0 3 0 5 4 , 3 ) 7 3 1 ( $ S U 5 8 6 , 5 2 $ S U 8 4 5 , 5 2 $ S U ) 2 1 1 ( ) 6 8 ( ) 1 4 ( ) 0 5 1 ( ) 4 1 1 ( ) 2 7 1 ( $ S U $ S U $ S U $ S U $ S U $ S U 2 1 6 , 8 2 6 6 1 , 4 1 4 2 8 , 4 1 3 4 3 , 9 1 7 1 3 , 1 3 9 7 0 , 6 $ S U $ S U $ S U $ S U $ S U $ S U 0 0 5 , 8 2 0 8 0 , 4 1 3 8 7 , 4 1 3 9 1 , 9 1 3 0 2 , 1 3 7 0 9 , 5 $ S U $ S U $ S U $ S U $ S U $ S U - - - - - - - - - 6 6 5 , 5 8 9 , 1 4 0 6 , 3 1 4 8 1 , 2 0 4 , 4 9 9 2 5 3 , 1 9 4 , 1 2 6 6 , 9 6 9 , 5 - 2 9 3 , 3 7 4 , 5 0 0 2 , 4 $ S U 0 0 2 0 0 1 0 5 1 0 0 6 0 5 5 0 5 8 , 1 - - 0 0 0 , 0 0 1 $ S U 1 6 9 , 1 9 9 4 , 2 3 $ S U 9 7 5 , 9 1 7 5 4 , 9 1 5 9 8 , 1 1 2 4 9 , 4 2 8 0 4 , 8 1 1 9 0 , 2 2 $ S U $ S U $ S U $ S U $ S U $ S U - - - - - - - 0 0 0 , 0 0 9 , 9 0 0 0 , 0 0 9 , 9 0 9 9 8 0 7 , 1 7 7 6 1 , 7 8 6 , 1 - $ - - - ) 6 7 3 , 4 4 2 ( $ - - - - $ - - - - ) 2 e t o N ( 6 3 5 , 1 4 6 7 5 9 , 2 6 0 8 2 , 3 9 2 , 4 1 8 , 4 - 0 0 1 9 4 2 , 1 0 1 5 , 9 4 6 2 9 2 , $ 0 3 2 , 9 9 7 0 , 9 3 6 5 2 , $ 0 7 2 , 1 5 2 1 , 0 3 3 3 2 , 0 2 0 , 1 - , 5 8 8 0 6 7 , 1 - , 1 0 3 6 7 4 , 4 , 9 5 4 0 9 9 , 1 , 6 3 9 8 5 4 , 7 , 6 6 6 5 8 4 , 2 - - - - 0 5 4 0 0 2 0 5 7 0 5 2 , 5 8 3 5 8 9 , 2 9 2 7 , 5 3 3 9 2 , 0 0 3 0 5 9 , 2 - - $ S U $ S U 6 2 6 6 7 , $ S U 2 4 2 3 8 , 9 3 4 1 5 , 5 3 7 9 5 , 9 2 6 0 5 , 3 9 4 1 6 , 8 5 6 7 2 , $ S U $ S U $ S U $ S U $ S U $ S U - - - - - - - - - - - 6 6 9 9 1 1 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 〃〃〃 r o f d e t n u o c c a s t n e m t s e v n I d o h t e m y t i u q e g n i s u s t n e m t s e v n i a n o z i r A C M S T M S A J C M S E r e p a p l a i c r e m m o C d n u F g n i g r e m E 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 g n i d l o H l a i c n a n i F y a h t a C 〃〃〃〃〃〃〃 t s o c n o i t a r o p r o C s c i t s a l P a Y n a N n o i t a r o p r o C l e e t S a n i h C n o i t a r o p r o C s c i t s a l P a s o m r o F e r b i F & s l a c i m e h C a s o m r o F n a w i a T , n o i t a r o p r o C C P C y n a p m o C r e w o P n a w i a T l a c i m e h c o r t e P a s o m r o F n o i t a r o p r o C n o i t a r o p r o C . d t L 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 s k c o t s d e d a r t y l c i l b u P c l p s g n i d l o H M R A 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 , I d n u F s r e n t r a P e r u t n e V r e t t a M s s o L r o t i f o r P h g u o r h t ) 3 e t o N ( . . P L d n u F s r e n t r a P 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 n o i t a r o 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 〃〃〃〃〃〃 . c n I , p u o r G s h c a S n a m d l o G e h T y e l n a t S n a g r o M y n a p m o C & o g r a F s l l e W . o C & e s a h C n a g r o M P J . c n I p u o r g i t i C l a i c n a n i F i u s t i M o m o t i m u S . c n I , p u o r G - 6 9 1 - ) 1 e t o N ( e c n a l a B g n i d n E t n u o m A n g i e r o F ( s t i n U / s e r a h S ) 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 n I ( n o s s o L / n i a G l a s o p s i D 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 ) s d n a s u o h T ) s d n a s u o h T ) s d n a s u o h T ) s d n a s u o h T e u l a V g n i y r r a C n g i e r o F ( t n u o m A n g i e r o F ( s t i n U / s e r a h S t n u o m A n g i e r o F ( s t i n U / s e r a h S t n u o m A n g i e r o F ( s t i n U / s e r a h S 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 n I ( n i s e i c n e r r u C ) s d n a s u o h T n I ( n i s e i c n e r r u C ) 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 0 9 , 6 3 $ S U 7 7 2 , 5 3 4 2 1 , 0 3 1 9 5 , 4 2 1 3 1 , 4 2 5 7 8 , 3 2 1 5 7 , 3 2 2 7 5 , 1 2 $ S U $ S U $ S U $ S U $ S U $ S U $ S U 5 9 3 , 0 2 $ S U 8 2 4 , 8 1 9 9 2 , 8 1 7 4 2 , 8 1 8 9 6 , 6 1 4 6 0 , 6 1 0 3 3 , 3 1 8 7 2 , 3 1 $ S U $ S U $ S U $ S U $ S U $ S U $ S U 0 9 5 , 2 1 $ S U - 8 4 0 , 1 1 $ S U $ S U 9 4 4 , 9 9 7 $ S U 0 3 8 , 9 1 6 0 8 8 , 6 6 5 1 1 8 , 2 3 4 8 6 8 , 1 9 3 1 8 4 , 1 5 2 1 5 9 , 9 4 1 8 6 9 , 9 9 $ S U $ S U $ S U $ S U $ S U $ S U $ S U 5 0 9 , 9 9 $ S U - 1 8 9 , 9 1 $ S U $ S U 4 4 9 , 8 5 6 $ S U 8 2 3 , 0 5 3 $ S U 0 1 3 , 5 2 2 $ S U ) d e u n i t n o C ( - - - - - - - - - - - - - - - - - - - - - - ) 4 5 ( $ S U 1 9 2 , 2 1 $ S U 7 3 2 , 2 1 $ S U ) 6 2 ( 5 4 1 ) 9 6 ( ) 2 1 ( ) 0 1 ( ) 7 7 ( ) 7 2 ( ) 3 ( ) 9 3 ( ) 6 5 ( - 6 7 2 9 1 3 4 - - - ) 0 0 8 , 1 ( 4 4 5 4 7 3 - - 5 1 3 8 8 3 - - - - - $ S U $ S U $ S U $ S U $ S U $ S U $ S U 0 5 1 , 3 6 8 5 , 0 1 6 8 0 , 7 9 2 7 0 5 8 , 5 3 5 6 , 4 1 9 5 2 , 4 $ S U $ S U $ S U $ S U $ S U $ S U $ S U 4 2 1 , 3 1 3 7 , 0 1 7 1 0 , 7 7 1 7 0 4 8 , 5 6 7 5 , 4 1 2 3 2 , 4 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U 7 2 6 , 2 $ S U 4 2 6 , 2 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U 9 9 6 , 2 9 9 1 , 1 1 - 0 6 2 , 7 0 5 2 , 5 8 6 5 , 5 - - - 9 6 3 , 4 1 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U 0 6 6 , 2 3 4 1 , 1 1 - 2 5 4 , 7 6 2 3 , 5 1 1 6 , 5 - - - 9 6 5 , 2 1 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U 6 5 4 , 1 0 2 $ S U 0 0 0 , 2 0 2 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U - 6 2 6 , 8 5 1 0 0 5 , 0 7 2 5 8 6 , 1 2 3 2 1 6 , 8 5 1 0 0 0 , 0 0 2 0 0 0 , 0 5 $ S U $ S U $ S U $ S U $ S U $ S U $ S U - 0 0 0 , 9 5 1 0 0 5 , 0 7 2 0 0 0 , 2 2 3 0 0 0 , 9 5 1 0 0 0 , 0 0 2 0 0 0 , 0 5 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U 0 0 0 , 0 5 $ S U 0 0 0 , 0 5 $ S U $ S U $ S U - 0 0 0 , 0 5 $ S U $ S U - 0 0 0 , 0 5 $ S U $ S U ) 6 0 9 ( $ S U 1 4 5 , 2 7 $ S U 5 3 6 , 1 7 $ S U ) 5 1 4 ( $ S U 2 9 6 , 0 6 $ S U 7 7 2 , 0 6 $ S U ) 9 8 6 ( $ S U 1 7 8 , 3 2 $ S U 2 8 1 , 3 2 $ S U - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 3 8 9 , 4 1 $ S U 1 6 3 , 7 0 2 2 , 6 2 1 1 3 , 6 2 2 4 8 , 3 1 8 7 4 , 4 1 2 5 7 , 5 1 5 3 0 , 1 1 $ S U $ S U $ S U $ S U $ S U $ S U $ S U 4 4 7 , 0 1 $ S U 7 7 5 , 4 0 7 3 , 2 1 0 0 9 , 7 1 5 3 2 , 7 1 5 9 7 , 9 7 7 3 , 8 1 9 9 8 , 2 1 $ S U $ S U $ S U $ S U $ S U $ S U $ S U 4 8 5 , 2 1 $ S U - 3 3 7 , 0 1 $ S U $ S U 0 4 9 , 9 6 6 $ S U - - - 4 8 1 , 9 9 4 5 9 5 , 2 0 5 3 8 0 , 1 6 2 4 6 2 , 6 2 4 6 8 3 , 2 3 2 - 0 0 0 , 0 2 $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U 7 9 4 , 8 5 2 $ S U 3 6 8 , 1 2 1 $ S U 9 7 0 , 0 7 $ S U - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 9 4 9 2 3 , $ S U 3 6 2 1 1 , 2 0 4 2 3 , 0 5 7 , 4 3 3 5 0 1 , 1 9 6 4 1 , 5 6 8 1 2 , 5 2 1 4 1 , $ S U $ S U $ S U $ S U $ S U $ S U $ S U 1 1 6 1 1 , $ S U 9 0 2 , 8 8 0 4 4 2 , - 9 4 1 , 6 2 8 2 1 1 , 0 1 3 - - - 8 8 6 2 1 , $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U $ S U , 7 5 7 4 2 3 $ S U 7 0 2 0 6 , , 3 1 7 4 7 2 , 5 5 6 0 4 4 , 3 1 2 0 8 2 , 0 4 5 4 7 1 , 6 8 8 9 4 3 , 1 5 9 9 4 1 $ S U $ S U $ S U $ S U $ S U $ S U $ S U , 0 7 8 9 4 1 $ S U - 4 8 9 9 4 , $ S U $ S U , 5 4 6 3 6 4 $ S U , 3 3 9 4 8 2 $ S U , 7 6 0 5 7 1 $ S U - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 7 7 9 9 1 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 p p u o r G g n i k n a B s d y o l L n o i t a r o p r o C h t l a e H S V C c l p s g n i d l o H C B S H C L P s y a l c r a B l a i c n a n i F e n O l a t i p a C n o i t a r o p r o C e l c a r O n o i t a r o p r o C A S E C P B n o d n o L A S e l o c i r g A t i d e r C g n i d n u F l a b o l G G A I h c n a r B . c n 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 n o l l e M k r o Y w e N f o k n a B e h T . . V N k n a B O R M A N B A S / A k n a B e k s n a D I n o i t a r o p r o C . c n I n e g m A y n a p m o C y t i v i t c A d e t a n g i s e D . e t P s e s i r p r e t n E t n e m t s e v n I r e z i f P l a t i p a C d n a l e r I p a C r e A k r o Y w e N , G A e s s i u S t i d e r C h c n a r B . c n I , K O E N O . d t L 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 n o i t a r o p r o C a c i r e m A f o k n a B 〃〃〃〃〃〃〃〃〃〃 . c n I , p u o r G s h c a S n a m d l o G e h T . c n I s t e k r a M l a b o l G p u o r g i t i C s t e k r a M l a b o l G p u o r g i t i C . c n I s g n i d l o H p r o C e c n a n i F 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 . c n I p u o r g i t i C y n a p m 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 d t L l a n o i t a n r e t n I C L L n a g r o m p J p u o r g i t i C d e k c a b - e g a g t r o m y c n e g A s e i t i r u c e s 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 L A N O I T A N L A R E D E F r e h t o h g u o r h t I N O I T A C O S S A E G A G T R O M 〃〃 e g a g t r o M n a o L e m o H l a r e d e F n o i t a r o p r o 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 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 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 l a b o l G C M S T ) 1 e t o N ( e c n a l a B g n i d n E t n u o m A n g i e r o F ( s t i n U / s e r a h S ) 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 n I ( n o s s o L / n i a G l a s o p s i D 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 ) s d n a s u o h T ) s d n a s u o h T ) s d n a s u o h T ) s d n a s u o h T e u l a V g n i y r r a C n g i e r o F ( t n u o m A n g i e r o F ( s t i n U / s e r a h S t n u o m A n g i e r o F ( s t i n U / s e r a h S t n u o m A n g i e r o F ( s t i n U / s e r a h S 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 n I ( n i s e i c n e r r u C ) s d n a s u o h T n I ( n i s e i c n e r r u C ) 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 9 7 4 , 8 1 7 $ S U 5 9 9 , 6 $ S U 0 0 0 , 5 2 2 $ S U 0 0 0 , 5 3 1 $ S U 0 4 9 , 8 8 $ S U - - ) 7 6 4 , 4 ( $ S U 5 1 7 , 1 8 1 $ S U 8 4 2 , 7 7 1 $ S U ) 6 ( $ S U 0 0 0 , 3 $ S U 4 9 9 , 2 $ S U - - - $ S U - $ S U - $ S U $ S U 0 0 0 , 5 2 $ S U 0 0 0 , 5 2 $ S U $ S U - $ S U - $ S U - $ S U - ) 6 0 2 ( $ S U 0 0 0 , 0 1 $ S U 4 9 7 , 9 $ S U - - - - - - 7 5 6 , 3 6 2 $ S U 3 9 9 , 9 $ S U 0 0 0 , 5 2 2 $ S U 0 0 0 , 0 6 1 $ S U 6 2 8 , 8 8 $ S U - $ S U - - - - - - , 3 0 6 3 1 6 $ S U - - - - $ S U $ S U $ S U $ S U 5 5 6 , 9 $ S U - - - - - - 5 9 7 , 2 3 4 $ S U - - $ S U - $ S U - $ S U - 5 9 7 , 2 3 4 $ S U - - $ S 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 h T f o t n e m t r a p e D 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 g a g t r o M n a o L e m o H l a r e d e F n o i t a r o p r o C y r u s a e r T 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 s k n a B n a o L e m o H l a r e d e 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 〃〃 t s o c e h T f o t n e m t r a p e D s e t a t S d e t i n U e g a g t r o M n a o L e m o H l a r e d e F n o i t a r o p r o C y r u s a e r T s e i t i r u c e s d e k c a b - t e s s A 6 A B L - 2 2 0 2 t s u r T X B s d n o b y c n e g A / d n o b t n e m n r e v o G l a b o l G C M S T s s o L r o t i f o r P h g u o r h t C L L 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 , l a b o l G n o i t a c i r b a f o n a N S M I t n e m p o l e v e D s k c o t s d e r r e f e r p e l b i t r e v n o C C M S T ) d e d u l c n o C ( . d e t t i m e r n e e b s a h d n a s u o h t 0 0 2 4 , $ S U , r e t r a u q s i h t f o d n e e h t f o s A . s r o t c e r i d f o d r a o b e h t f o n o i t u l o s e r e h t n o d e s a b I d n u F s r e n t r a P e r u t n e V r e t t a M n i d n a s u o h t 0 0 0 , 0 2 $ S U t s e v n i o t s t c e p x e s r e n t r a P C M S T . t n e m t s u j d a d e t a l e r r e h t o d n a s t n e m t s e v n i s d n o b n o t n u o c s i d / m u i m e r p f o n o i t a z i t r o m a e h t , t n e m t s e v n i y t i u q e n o s s o l / n i a g d e z i l a e r e h t s e d u l c n i e c n a l a b g n i d n e e h T . d n a s u o h t 0 3 9 , 9 3 1 R U E f o t n e m t s e v n i r o f t n e m y a p e r p a s e d u l c n I : 1 : 2 : 3 e t o N e t o N e t o N - 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C M S T f o r e d r o e s a h c r u p l a n i f e h t o t t c e j b u s e b l l a h s n o i t a m r o f n i l a u t c a e h T . ) d e d u l c n i e r a s t e s s a e s u - f o - t h g i R ( 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 n o i t a i r p o r p p a l a t i p a c e h t n o d e s a b n o i t a m r o f n i d e t c e p x e e r a s e r u s o l c s i d e h T : e t o N , . o C g n i r e e n i g n E h c e t g n a Y , . o C g n i r e e n i g n E y e k n a Y . d t L . c n I y g o l o n h c e T o a P g n i Y . p r o C g n e h C - o a h Z . d t L - - 5 5 0 0 2 2 - - e t o N o t % l a t o 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 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 e c i r P t i n U 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 2 8 4 2 3 , 9 8 7 , 4 5 1 $ - 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9 2 0 9 , 2 0 3 8 , s e s a h c r u P y r a i d i s b u s t c e r i d n I n o t g n i h s a W C M S T 1 7 6 , 3 9 4 3 , s e s a h c r u P 5 3 5 , 8 6 0 1 , s e s a h c r u P 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 , 3 1 1 2 4 6 ) 6 8 9 4 2 1 , 1 0 3 , 9 5 8 3 , $ S U ( s e l a S s e l a S 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 . 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 s i r o n e t e h T : e t o N - - 6 6 0 0 2 2 - - 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 ( 3 2 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 - 6 0 2 - 7 E L B A T - - - - - - - - - - - - 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 $ 0 5 7 , 6 3 3 , 1 8 $ - - - - - - - - - - - - - 7 7 0 0 2 2 - - 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 3 1 4 1 1 , $ 1 4 2 e t o N 6 3 2 e t o N 2 e t o N 3 3 2 e t o N 7 2 3 6 2 e t o N 3 2 2 e t o N 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 8 0 0 , 7 3 5 8 5 1 , $ 9 3 1 6 1 4 , 8 2 7 1 7 4 , ) 4 7 7 3 , 1 5 0 6 1 1 , 3 0 3 2 4 1 , ) 2 9 1 9 4 6 , $ S U ( Y P J ( 9 6 7 , 2 1 3 2 , 7 0 5 , 5 9 3 8 3 , ) 6 5 4 3 3 5 , B M R ( ) 8 7 2 , 6 5 8 8 , B M R ( 2 8 2 , 4 6 0 5 , ) 0 1 1 , 8 6 1 1 , B M R ( 2 3 6 9 0 1 , ) 7 3 7 5 1 , 1 5 8 3 8 4 , ) 7 7 4 6 , 8 5 1 9 9 1 , ) 3 2 1 1 1 , 4 0 0 2 4 3 , $ S U ( $ S U ( $ S U ( 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 y n a p m o c t n e r a P C M S T a n i h C C M S T y n a p m o c t n e r a P t n e m p o l e v e D C M S T 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 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 n o t g n i h s a W 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 n a p m o c t n e r a P 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 C M S T M S A J C U G C M S T h t r o N C M S T a c i r e m A y n a p m o c t n e r a P C M S T C D J C M S T . 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 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 ( 3 2 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 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 3 2 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 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 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 2 2 0 2 n g i e r o F ( 3 2 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 ( 3 2 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 ) d e u n i t n o C ( y r a i d i s b u S ) 9 3 6 , 4 2 9 , 0 1 ( ) 9 3 6 , 4 2 9 , 0 1 ( 5 7 9 , 4 0 6 , 8 9 2 y r a i d i s b u S 1 6 9 , 2 2 9 , 4 2 $ 1 6 9 , 2 2 9 , 4 2 $ 3 8 8 , 5 2 2 , 1 4 4 $ y r a i d i s b u S 2 9 7 , 6 7 7 , 2 2 9 7 , 6 7 7 , 2 9 1 7 , 3 4 1 , 8 6 y r a i d i s b u S ) 7 3 0 , 0 2 1 , 2 ( ) 5 7 6 , 5 6 9 , 2 ( 0 4 1 , 7 8 0 , 7 4 e t a i c o s s A 8 9 5 , 2 8 0 , 2 4 7 0 , 0 7 3 , 7 0 3 4 , 0 9 5 , 3 1 y r a i d i s b u S 9 4 7 , 0 4 2 0 8 0 , 6 5 3 1 6 9 , 1 6 2 , 1 1 e t a i c o s s A 3 3 5 , 1 9 7 0 6 5 , 0 4 0 , 2 1 0 8 , 8 2 7 , 9 y r a i d i s b u S 6 6 0 , 6 3 8 6 6 0 , 6 3 8 1 5 7 , 8 7 2 , 6 y r a i d i s b u S ) 0 7 5 , 7 1 ( ) 0 7 5 , 7 1 ( 3 1 0 , 8 6 7 , 4 e t a i c o s s A 1 9 1 , 4 6 5 4 7 7 , 5 7 3 , 1 1 0 7 , 9 5 7 , 3 e t a i c o s s A 1 2 1 , 2 2 2 , 1 5 8 8 , 7 0 5 , 3 6 0 7 , 7 3 5 , 2 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 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 y r a i d i s b u S y r a i d i s b u S 3 9 2 , 0 2 6 8 7 , 2 2 1 5 6 8 , 2 4 7 8 7 , 0 4 7 8 4 , 6 4 8 0 , 4 1 2 4 2 9 7 , 1 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 3 1 3 , 0 2 6 8 7 , 2 2 1 5 6 8 , 2 4 7 8 7 , 0 4 9 1 6 , 6 4 8 0 , 4 9 2 4 2 9 7 , 1 2 4 7 , 1 0 9 , 1 9 4 4 , 4 2 2 , 1 9 9 4 , 2 9 5 1 9 1 , 4 9 3 0 4 5 , 7 5 2 3 0 4 , 0 3 1 2 6 6 , 7 1 1 9 9 5 , 4 4 8 7 7 , 1 9 1 , 1 5 1 8 , 1 4 8 , 7 3 ) 0 6 7 , 8 3 $ S U ( ) 8 4 7 , 0 3 2 , 1 $ S U ( ) 4 8 2 , 4 ) 6 9 5 , 1 6 4 8 , 9 4 8 3 9 , 0 3 1 $ S U ( ) 8 3 6 , 6 3 $ S U ( 4 2 5 , 6 2 1 , 1 5 2 9 , 8 7 3 $ S U ( ) 4 2 3 , 2 1 $ S U ( 0 0 1 0 0 1 0 0 1 1 7 8 2 7 6 9 3 0 0 1 0 0 1 1 4 5 3 9 . 9 9 0 0 1 0 0 1 0 0 1 8 9 0 0 1 8 9 0 0 1 0 0 1 0 0 1 0 0 1 1 1 0 0 5 , 0 1 0 0 8 , 5 1 0 7 3 , 9 0 3 , 2 6 1 5 5 3 $ , , 9 0 3 2 6 1 5 5 3 $ , s e i t i v i t c a t n e m t s e v n I 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 , 0 1 3 5 6 6 9 2 3 , d e t a r g e t n i f o g n i t s e t d n a s e l a 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 . , a n o z i r A , x i n e o h P 8 6 2 , 8 8 9 0 3 1 , 6 5 4 1 3 , 0 3 1 , 6 5 4 1 3 , 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 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 d n a , g n i r u t c a f u n a m d n a n g i s e d r o t c u d n o c i m e s s e i t i v i t c a t n e m t s e v n i r e h t o 9 6 2 , 2 5 8 0 , 7 6 5 4 2 , 2 4 0 , 0 3 6 2 5 , d e d i a - r e t u p m o c d n a g n i t s e t , s e l a s , g n i r u t c a f u n a M n a p a J , o t o m a m u K 3 2 2 , 4 6 4 7 7 6 , 0 8 1 0 1 , 7 7 6 , 0 8 1 0 1 , d n a g n i t s e t , g n i g a k c a p , s e l a s , g n i r u t c a f u n a M n a w i a T , u h C - n i s H r e h t o d n a 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 s e c i v e d r o t c u d n o c i m e s 9 1 6 , 3 1 2 , 2 8 0 4 2 2 , 4 , 2 8 0 4 2 2 , 4 , g n i r u t c a f u n a m , t n e m p o l e v e d , n g i s e d , h c r a e s e R n a w i a T , u h C - n i s H r e t l i f r o l o c f o t s e t d n a g n i g a k c a p , s e l a s 4 1 3 , 8 2 0 0 2 1 , 5 , 8 2 0 0 2 1 , 5 d n a s t i u c r i c d e t a r g e t n i f o s e l a 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 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 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 a n o z i r A C M S T l a b o l G C M S T s r e n t r a P C M S T M S A J S I V h c e T a r E s i V C M S S C M S T - 9 4 - 5 1 - 6 - 0 8 - - 0 0 3 , 2 , 5 2 4 9 6 2 , 1 , 6 5 3 4 4 1 , 1 9 4 7 5 1 , 0 8 6 , 0 1 4 , 1 2 6 9 3 2 , 1 0 6 7 3 8 , 6 5 6 3 1 , 0 0 3 , 0 6 2 , 5 8 5 6 6 6 , 1 , 6 5 3 4 4 1 , 1 9 4 7 5 1 , , 0 8 6 0 1 4 , 9 7 6 2 4 2 , 1 0 6 7 3 8 , 6 5 6 3 1 , , 0 0 3 0 6 2 7 0 6 , 6 4 0 8 1 , 7 0 6 , 6 4 0 8 1 , ) 9 3 9 , 6 8 5 $ S U ( ) 9 3 9 6 8 5 , $ S U ( ) 2 8 2 4 1 , 8 1 7 0 7 , ) 0 0 3 , 2 9 2 1 , 9 3 4 , 9 2 1 9 3 4 $ S U ( ) 2 8 2 4 1 , $ S U ( 8 1 7 0 7 , $ S U ( ) 0 0 3 , 2 $ S U ( s e i n a p m o c p u - t r a t s y g o l o n h c e t 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 p u - t r a t s y g o l o n h c e t 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 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 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 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 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 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 s e l a 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 0 0 1 - 2 8 2 , 1 1 1 , 7 1 3 8 8 9 , 1 ) 4 e t o N ( , 3 9 2 4 1 8 , 4 , 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 d e t a r g e t n i f o g n i t s e t d n a s e l a 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 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 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 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 s e i n a p m o c p u - t r a t s y g o l o n h c e t n i g n i 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 g n i t e k r a m d n a 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 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 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 . 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 y n a m r e G , n e d s e r D n a w i a T , n a u y o a T 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 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 a e r o K , l u o e S d n u F g n i g r e m E e p o r u E C M S T I C D 3 C M S T C D J C M S T I I I F A T V n a p a J C M S T I I F A T V a e r o K C M S T C M S E c e t n i X C U G - - 8 8 0 0 2 2 - - 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 a d a n a C C M S T . A S U . . A S U . , e r a w a l e D , e r a w a l e D y g o l o n h c e T C M S T 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 3 2 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 - 8 0 2 - 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 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 y r a i d i s b u S 2 e t o N 3 e t o N 2 e t o N ) 6 9 9 ( ) ) 2 3 ( 3 e t o N $ S U ( ) 7 4 1 , 6 $ S U ( $ 0 9 9 , 8 8 1 $ 0 0 1 - 3 e t o N 3 e t o N 3 e t o N , 1 3 r e b m e c e D , 1 3 r e b m e c e D 2 2 0 2 n g i e r o F ( 3 2 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 4 0 5 7 6 , ) 5 9 1 , 2 ) 3 9 5 , 1 1 9 9 8 4 , $ S U ( 3 e t o N $ S U ( ) 5 9 2 , 2 $ S U ( $ 8 7 5 0 7 , $ ) 3 5 0 , 6 $ S U ( ) 6 8 5 , 9 8 1 $ S U ( y r a i d i s b u S 2 e t o N 7 8 1 , 1 7 1 7 9 1 , 9 2 8 , 5 0 0 1 7 3 6 , 3 9 2 - - 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 s e i n a p m o c p u - t r a t s y g o l o n h c e t n i g n i t s e v n I s d n a l s I n a m y a C d n u F h t w o r G I I I F A T V 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 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 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 d e t a r g e t n i f o g n i t s e t d n a s e l a 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 n a w i a T , i e p i a T w e N k a P - l a u t u M . A S U . , n o t g n i h s a W n o t g n i h s a W C M S T t n e m p o l e v e D C M S T ) d e d u l c n o C ( . 3 2 0 2 r e b m e v o N g n i t r a t s I C O T V F t a s t e s s a l a i c n a n i f s a d e i f i s s a l c s a w k a P - l a u t u M n i t n e m t s e v n i e h t , e r o f e r e h T . k a P - l a u t u M r e v o e c n e u l f n i t n a c i f i n g i s e v a h o t d e s a e c y l t n e u q e s n o c y n a p m o C e h t , % 7 1 o t g n i d l o h e r a h s n i e s a e r c e d e h t o t e u D : 3 . d n a s u o h t 0 3 9 , 9 3 1 R U E f o t n e m t s e v n i r o f t n e m y a p e r p a s e d u l c n I : 4 . 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 e t o N e t o N - - 9 9 0 0 2 2 - - 9 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 3 2 0 2 g n i y r r a C t n u o m A f o s a f o s a e c n a l a B , 1 3 r e b m e c e D 3 2 0 2 s e s s o L / s t i f o r P i p 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 ( 3 2 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 3 2 0 2 , 1 y r a u n a J ) s d n a s u o h T n i $ S U ( 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 ) s d n a s u o h T n i B M R ( 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 - - ) 2 e t o N ( ) 0 0 0 6 9 5 , $ S U ( ) 0 0 0 6 9 5 , $ S U ( ) 0 8 0 , 2 0 5 , 4 B M R ( 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 r e h t o d n a s t i u c r i c r o t c u d n o c i m e s d n a g n i t s e t s e c i v e d $ 7 9 0 , 9 1 4 , 5 9 $ 5 4 7 , 0 1 2 , 0 1 $ % 0 0 1 3 9 5 , 8 1 1 , 0 1 $ 7 6 6 , 9 3 9 8 1 , $ - $ - $ 7 6 6 , 9 3 9 8 1 , $ 1 e t o N 7 6 6 , 9 3 9 , 8 1 $ , s e l a s , g n i r u t c a f u n a M a n i h C C M S T 0 3 8 , 5 2 6 , 7 8 ) 2 e t o N ( 8 7 3 , 2 6 7 , 1 2 % 0 0 1 1 7 0 , 5 5 7 , 1 2 ) 0 0 0 , 0 0 0 1 , $ S U ( 2 1 4 , 1 2 5 0 3 , - - 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 ( d e t a r g e t n i f o n g i s e d r e h t o d n a s t i u c r i c r o t c u d n o c i m e s d e d i a - r e t u p m o c d n a g n i t s e t s e c i v e d 1 e t o N 2 1 4 , 1 2 5 , 0 3 , s e l a 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 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 3 2 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 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 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 , 8 0 7 7 5 9 , 9 8 0 2 , $ ) 3 e t o N ( . g n i j n a N C M S T n i - - 0 0 1 1 2 2 - - . 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 . 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 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 e t o N e t o N e t o N ) 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 ( 3 2 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 ( 0 1 E L B A T - 0 1 2 - s e r a h S ) 2 e t o N ( e g a t n e c r e P p h s r e n w O i d e n w O s e r a h S l a t o T ) 1 e t o N ( s r e d l o h e r a h S % 0 5 . 0 2 % 8 3 . 6 , 3 6 0 3 1 5 , 5 1 3 5 , , 0 8 9 9 0 7 , 3 5 6 1 , . d t 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 - R D A n a u Y e v i t u c e x E , d n u F t n e m p o l e v e D l a n o i t a N . r e t a e r g r o t n e c r e p 5 f o p i h s r e n w o h t i w s r e d l o h e r a h s l l a f o t s i l e h t s w o h s s r e d l o h e r a h s r o j a M : 1 . s e c a l p l a m i c e d o w t o t d e d n u o r s i e g a t n e c r e p p i h s r e n w o f o n o i t a l u c l a c e h T : 2 e t o N e t o N S R E D L O H E R A H S R O J A M N O N O I T A M R O F N I 3 2 0 2 , 1 3 R E B M E C E D - - 1 1 1 1 2 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 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 DEFERRED INCOME TAX ASSETS / LIABILITIES STATEMENT OF ACCOUNTS PAYABLES STATEMENT OF PAYABLES TO RELATED PARTIES STATEMENT OF PAYABLES TO CONTRACTORS AND EQUIPMENT SUPPLIERS STATEMENT OF ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES STATEMENT OF BONDS PAYABLE STATEMENT OF LEASE LIABILITIES 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 13 Note 13 6 Note 15 Note 23 7 8 9 10 11 12 13 14 15 Note 21 16 - 212 - - 212 - STATEMENT 1 Taiwan Semiconductor Manufacturing Company Limited STATEMENT OF CASH AND CASH EQUIVALENTS DECEMBER 31, 2023 (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 Cash equivalents Money market funds Repurchase agreements Total Including US$1,572,022 thousand @30.747, JPY7,103,748 thousand @0.2192 and EUR7,299 thousand @34.175 From 2023.08.02 to 2024.05.31, interest rates at 0.84%-5.99%, including NT$483,710,492 thousand, US$5,157,940 thousand @30.747 and EUR400,000 thousand @34.175 Expired by 2024.01.29, interest rates at 5.95% $ 400 4,044,596 50,141,558 655,971,678 7,438,588 1,106,892 $ 718,703,712 - 213 - - 213 - Taiwan Semiconductor Manufacturing Company Limited STATEMENT OF NOTES AND ACCOUNTS RECEIVABLE, NET DECEMBER 31, 2023 (In Thousands of New Taiwan Dollars) Client Name Client A Client B Client C Client D Others (Note) Less: Allowance for doubtful accounts Total STATEMENT 2 Amount $ 13,304,349 5,770,773 2,393,706 2,271,656 10,346,934 34,087,418 (530,139) $ 33,557,279 Note: The amount of individual client included in others does not exceed 5% of the account balance. - 214 - - 214 - Taiwan Semiconductor Manufacturing Company Limited STATEMENT OF RECEIVABLES FROM RELATED PARTIES DECEMBER 31, 2023 (In Thousands of New Taiwan Dollars) Client Name TSMC North America Others (Note) Total STATEMENT 3 Amount $ 154,789,324 472,553 $ 155,261,877 Note: The amount of individual client included in others does not exceed 5% of the account balance. - 215 - - 215 - Taiwan Semiconductor Manufacturing Company Limited STATEMENT OF INVENTORIES DECEMBER 31, 2023 (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 $ 33,839,662 $ 98,436,995 153,362,168 592,888,207 37,279,545 37,279,545 13,777,820 13,777,820 $ 238,259,195 $ 742,382,567 - 216 - - 216 - 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 l i N l i N l i N l i N l i N 3 8 8 , 5 2 2 , 1 4 4 1 0 3 , 2 4 6 , 8 9 2 $ 6 7 7 , 9 9 1 , 8 6 5 0 9 , 1 1 2 , 7 4 5 1 2 , 4 3 8 , 7 3 4 5 6 , 5 6 0 , 9 5 7 1 8 , 4 1 5 , 9 1 5 7 , 8 7 2 , 6 3 1 0 , 8 6 7 , 4 5 4 4 , 8 8 1 , 4 1 5 7 8 , 6 3 2 , 1 8 9 4 4 , 4 2 2 , 1 9 9 4 , 2 9 5 1 9 1 , 4 9 3 3 0 4 , 0 3 1 9 9 5 , 4 4 6 7 7 , 2 5 5 , 0 7 0 , 1 5 0 2 , 4 3 2 6 1 4 , 1 1 1 6 9 3 , 7 5 7 , 5 9 0 8 8 , 6 5 6 , 7 8 2 4 7 , 1 0 9 , 1 9 3 6 , 1 6 6 , 5 8 1 - - - - - - - - - - - - - - - - - ) 1 e t o N ( 2 8 ) 1 e t o N ( 7 7 2 ) 1 e t o N ( 8 2 1 ) 1 e t o N ( 0 4 7 , 1 $ 3 8 8 , 5 2 2 , 1 4 4 5 7 9 , 4 0 6 , 8 9 2 $ 9 1 7 , 3 4 1 , 8 6 0 4 1 , 7 8 0 , 7 4 0 3 4 , 0 9 5 , 3 1 1 6 9 , 1 6 2 , 1 1 1 0 8 , 8 2 7 , 9 1 5 7 , 8 7 2 , 6 3 1 0 , 8 6 7 , 4 1 0 7 , 9 5 7 , 3 6 0 7 , 7 3 5 , 2 9 4 4 , 4 2 2 , 1 9 9 4 , 2 9 5 1 9 1 , 4 9 3 3 0 4 , 0 3 1 9 9 5 , 4 4 1 2 2 , 3 7 3 , 9 0 9 0 4 5 , 7 5 2 2 6 6 , 7 1 1 7 9 0 , 9 1 4 , 5 9 0 3 8 , 5 2 6 , 7 8 2 4 7 , 1 0 9 , 1 1 7 8 , 1 2 3 , 5 8 1 5 1 4 , 4 1 2 , 6 5 2 , 1 $ 2 9 0 , 5 9 6 , 4 9 0 , 1 $ 0 0 1 0 0 1 0 0 1 1 7 8 2 7 6 9 3 0 0 1 0 0 1 1 4 5 3 0 0 1 0 0 1 0 0 1 0 0 1 0 0 1 0 0 1 0 0 1 9 . 9 9 8 9 8 9 1 1 0 0 5 , 0 1 8 6 2 , 8 8 9 9 6 2 , 2 3 2 2 , 4 6 4 9 1 6 , 3 1 2 4 1 3 0 0 1 0 0 0 , 1 1 8 8 6 , 6 4 2 8 2 , 1 1 1 9 4 - 6 5 1 0 8 - - - - - , 7 5 4 3 3 2 9 2 , , 2 0 5 6 4 4 4 , 7 7 7 7 9 , , ) 9 9 8 5 0 2 ( , 0 7 0 4 9 7 , 6 9 9 8 2 8 ) 0 8 2 6 4 ( , ) 2 4 9 5 0 3 , , 4 ( 3 4 7 1 5 , 6 0 8 4 6 , 5 1 0 8 1 , ) 7 5 1 , 4 ( 7 1 5 , 4 8 2 1 3 2 , 5 5 0 1 7 8 , ) 4 1 6 3 8 6 9 1 ( , , 0 3 3 2 9 3 2 1 , , 5 7 3 0 9 3 8 , , 0 3 5 0 4 2 0 2 , 0 8 7 7 , 3 3 2 6 4 , , ) 3 0 3 6 5 2 ( , 5 1 6 8 2 4 8 2 , , 5 4 9 0 2 8 0 4 , $ - - - - - - - - - - - - - - - - - - - $ - - , ) 6 7 3 4 4 2 ( , ) 6 7 3 4 4 2 ( $ , ) 6 7 3 4 4 2 ( $ - - - - - - - - - - - - - - - - - - - - - - , 7 5 9 2 6 0 8 2 , - - - - - - - - - - - ) 3 e t o N ( , 3 9 2 4 1 8 4 , , 0 1 5 9 4 6 2 9 2 , - $ , 0 6 7 6 2 5 5 2 3 , - - 8 5 0 3 , , 6 3 5 1 4 6 - , 4 9 5 4 4 6 , 4 5 3 1 7 1 6 2 3 , $ - - 0 3 2 9 , 9 4 2 1 , - - - - 0 0 1 - - - - - - - - - - - - , 9 7 0 9 3 6 5 2 , , 7 1 2 7 9 6 3 6 , , 5 2 1 0 3 3 3 2 , , 3 5 6 2 9 4 3 1 , , 0 6 8 7 6 4 1 1 , , 1 3 7 4 3 9 8 , , 5 5 7 9 4 4 5 , - , 7 1 4 8 2 5 3 , , 6 2 4 2 9 9 1 1 4 , , 1 5 6 6 6 6 1 , , 6 0 7 2 7 1 1 , , 3 9 6 7 2 5 , 6 7 1 6 7 3 , 0 6 5 4 3 1 2 8 0 4 4 , , 1 3 1 4 5 4 1 7 5 , , 2 2 7 8 2 0 7 8 , , 5 8 8 0 6 7 1 , , 0 0 3 5 8 3 7 6 , 9 2 4 1 7 , , 2 0 7 6 4 2 , 8 3 0 3 9 4 6 5 1 , , 9 6 1 7 4 9 7 2 7 , $ 1 1 - 0 2 0 , 1 0 7 2 , 1 8 6 2 , 8 8 9 3 2 2 , 4 6 4 9 1 6 , 3 1 2 4 1 3 0 0 0 , 1 1 8 8 6 , 6 4 2 8 2 , 1 1 1 9 4 - 6 5 1 0 8 - - - - - $ 5 T N E M E T A T S 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 3 2 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 3 2 0 2 , 1 y r a u n a J , e c n a l a B 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 e r a h S ) s d n a s u o h T n I ( t n u o m A ) 2 e t o N ( 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 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 ( 3 2 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 a c i r e m A h t r o N C M S T a n o z i r A 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 h c e T a r E s i V C M S S M S A J S I V s k c o t S e p o r u E C M S T I C D 3 C M S T n a p a J C M S T a e r o K C M S T C D J C M S T l a t o t b u S C M S E c e t n i X C U G g n i j n a N C M S T d n u F g n i g r e m E a n i h C C M S T I I I F A T V I I F A T V l a t o t b u S l a t i p a C l a t o T : 1 e t o N : 2 e t o N : 3 e t o N - - 7 7 1 1 2 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 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 . , 3 2 0 2 9 2 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 . d n a s u o h t 0 3 9 , 9 3 1 R U E f o t n e m t s e v n i r o f t n e m y a p e r p a s e d u l c n I STATEMENT 6 Taiwan Semiconductor Manufacturing Company Limited STATEMENT OF RIGHT-OF-USE ASSETS FOR THE YEAR ENDED DECEMBER 31, 2023 (In Thousands of New Taiwan Dollars) Item Land Buildings Office Equipment Total Cost Balance at January 1, 2023 Additions Deductions $ 44,197,961 1,391,105 $ 1,716,590 246,426 (149,481) $ 51,851 20,355 (14,023) $ 45,966,402 1,657,886 (197,684) (34,180) Balance at December 31, 2023 $ 45,554,886 $ 1,813,535 $ 58,183 $ 47,426,604 Accumulated depreciation Balance at January 1, 2023 Additions Deductions $ 6,076,126 2,439,615 - $ $ 805,482 330,361 (133,345) 33,367 16,193 (13,900) $ 6,914,975 2,786,169 (147,245) Balance at December 31, 2023 $ 8,515,741 $ 1,002,498 $ 35,660 $ 9,553,899 Carrying amounts at December 31, 2023 $ 37,039,145 $ 811,037 $ 22,523 $ 37,872,705 - 218 - - 218 - Taiwan Semiconductor Manufacturing Company Limited STATEMENT OF ACCOUNTS PAYABLES DECEMBER 31, 2023 (In Thousands of New Taiwan Dollars) Vendor Name Vendor A Others (Note) Total STATEMENT 7 Amount $ 2,483,914 45,159,579 $ 47,643,493 Note: The amount of individual vendor included in others does not exceed 5% of the account balance - 219 - - 219 - Taiwan Semiconductor Manufacturing Company Limited STATEMENT OF PAYABLES TO RELATED PARTIES DECEMBER 31, 2023 (In Thousands of New Taiwan Dollars) Vendor Name TSMC Nanjing TSMC China Xintec Others (Note) Total STATEMENT 8 Amount $ 5,064,282 2,312,769 1,020,153 1,722,491 $ 10,119,695 Note: The amount of individual vendor in others does not exceed 5% of the account balance. - 220 - - 220 - Taiwan Semiconductor Manufacturing Company Limited STATEMENT OF PAYABLES TO CONTRACTORS AND EQUIPMENT SUPPLIERS DECEMBER 31, 2023 (In Thousands of New Taiwan Dollars) STATEMENT 9 Vendor Name Vendor A Vendor B Vendor C Others (Note) Total Amount $ 15,937,674 5,751,033 5,334,257 57,123,209 $ 84,146,173 Note: The amount of individual vendor included in others does not exceed 5% of the account balance. - 221 - - 221 - Taiwan Semiconductor Manufacturing Company Limited STATEMENT OF ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES DECEMBER 31, 2023 (In Thousands of New Taiwan Dollars) Item Temporary receipts from customers Contract liabilities Refund liability Others (Note) Total Note: The amount of each item in others does not exceed 5% of the account balance. STATEMENT 10 Amount $ 114,639,514 47,760,098 36,144,370 43,314,526 $ 241,858,508 - 222 - - 222 - 1 1 T N E M E T A T S l a r e t a l l o C t n e m y a p e R d e z i t r o m a n U e u l a V g n i y r r a C s m u i m e r P ) s t n u o c s i D ( t n u o m A , e c n a l a B r a e Y f o d n E 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 E L B A Y A P S D N O B F O T N E M E T A T S 3 2 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 ( 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 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 l i N l i N l i N l i N l i N ) d e u n i t n o C ( s r a e y s r a e y s r a e y o w t o w t o w t t s a l t s a l t s a l n i n i n i s t n e m l l a t s n i l a u q e o w T s t n e m l l a t s n i l a u q e o w T s t n e m l l a t s n i l a u q e o w T s r a e y s r a e y s r a e y o w t o w t o w t t s a l t s a l t s a l n i n i n i s t n e m l l a t s n i l a u q e o w T s t n e m l l a t s n i l a u q e o w T s t n e m l l a t s n i l a u q e o w T s r a e y s r a e y s r a e y o w t o w t o w t t s a l t s a l t s a l n i n i n i s t n e m l l a t s n i l a u q e o w T s t n e m l l a t s n i l a u q e o w T s t n e m l l a t s n i l a u q e o w T 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 7 6 6 , 8 9 4 , 4 8 6 1 , 6 9 4 , 7 6 7 3 , 8 9 3 , 2 6 2 6 , 8 9 6 , 5 7 0 9 , 6 9 2 , 6 3 2 7 , 8 9 8 , 1 7 8 6 , 8 9 7 , 4 3 2 9 , 5 9 9 , 7 9 8 0 , 8 9 7 , 2 5 2 4 , 9 9 5 , 1 8 5 6 , 6 9 5 , 5 2 1 3 , 6 9 7 , 4 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 6 3 2 , 9 9 9 , 2 5 2 9 , 4 9 4 , 0 1 6 5 1 , 3 9 4 , 0 1 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 3 4 , 8 9 8 , 5 3 5 5 , 6 9 2 , 5 2 6 9 , 4 9 3 , 0 1 ) 4 6 7 ( ) 5 7 0 , 5 ( ) 4 4 8 , 6 ( ) 0 7 5 , 1 ( ) 8 3 0 , 5 ( ) 7 4 4 , 3 ( ) 3 3 3 , 1 ( ) 2 3 8 , 3 ( ) 4 2 6 , 1 ( ) 4 7 3 , 1 ( ) 3 9 0 , 3 ( ) 7 7 2 , 1 ( ) 3 1 3 , 1 ( ) 7 7 0 , 4 ( ) 1 1 9 , 1 ( ) 5 7 5 ( ) 2 4 3 , 3 ( ) 8 8 6 , 3 ( d n a e t a d e u s s i e h t f o y r a s r e v i n n a ) r e t f a e r e h t y r a s r e v i n n a y r e v e s r a e y s r a e y s r a e y o w t o w t o w t t s a l t s a l t s a l n i n i n i s t n e m l l a t s n i l a u q e o w T s t n e m l l a t s n i l a u q e o w T s t n e m l l a t s n i l a u q e o w T h t 5 e h t n o e l b a l l a c ( t n e m y a p e r t e l l u B 8 4 3 , 9 9 8 , 1 2 2 3 , 4 9 1 , 0 1 3 4 4 , 5 9 3 , 6 5 3 6 , 6 1 7 , 0 3 ) 2 5 6 ( ) 8 7 6 , 5 ( ) 7 5 5 , 4 ( ) 5 6 3 , 0 3 ( 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 1 7 7 , 7 9 7 , 4 5 1 3 , 6 9 8 , 4 7 3 8 , 2 9 3 , 1 1 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 4 8 4 , 7 9 1 , 5 8 9 5 , 4 9 3 , 8 8 2 7 , 5 9 5 , 5 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 5 5 4 , 6 9 8 , 6 4 5 7 , 4 9 8 , 7 3 0 2 , 6 9 8 , 4 ) 9 2 2 , 2 ( ) 3 6 1 , 7 ( ) 5 8 6 , 3 ( ) 6 1 5 , 2 ( ) 2 0 4 , 5 ( ) 2 7 2 , 4 ( ) 5 4 5 , 3 ( ) 6 4 2 , 5 ( ) 7 9 7 , 3 ( 0 0 0 , 0 0 0 , 3 0 0 0 , 0 0 5 , 0 1 0 0 0 , 0 0 5 , 0 1 0 0 0 , 0 0 9 , 5 0 0 0 , 0 0 3 , 5 0 0 0 , 0 0 4 , 0 1 0 0 0 , 0 0 5 , 4 0 0 0 , 0 0 5 , 7 0 0 0 , 0 0 4 , 2 0 0 0 , 0 0 7 , 5 0 0 0 , 0 0 3 , 6 0 0 0 , 0 0 9 , 1 0 0 0 , 0 0 8 , 4 0 0 0 , 0 0 0 , 8 0 0 0 , 0 0 8 , 2 0 0 0 , 0 0 6 , 1 0 0 0 , 0 0 6 , 5 0 0 0 , 0 0 8 , 4 0 0 0 , 0 0 9 , 1 0 0 0 , 0 0 2 , 0 1 0 0 0 , 0 0 4 , 6 0 0 0 , 7 4 7 , 0 3 0 0 0 , 0 0 8 , 4 0 0 0 , 0 0 9 , 4 0 0 0 , 0 0 4 , 1 1 0 0 0 , 0 0 2 , 5 0 0 0 , 0 0 4 , 8 0 0 0 , 0 0 6 , 5 0 0 0 , 0 0 9 , 6 0 0 0 , 0 0 9 , 7 0 0 0 , 0 0 9 , 4 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 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 , 5 , 0 0 0 0 0 6 , 2 $ , 0 0 0 0 0 0 , 3 $ , 0 0 0 0 0 0 , 3 $ , 0 0 0 0 0 6 , 3 , 0 0 0 0 0 6 , 3 , 0 0 0 0 0 5 , 3 , 0 0 0 0 0 5 , 3 , 0 0 0 0 0 4 , 5 , 0 0 0 0 0 6 , 2 , 0 0 0 0 0 0 , 3 0 0 0 , 0 0 5 0 1 , 0 0 0 , 0 0 5 0 1 , , 0 0 0 0 0 9 , 5 , 0 0 0 0 0 3 , 5 0 0 0 , 0 0 4 0 1 , , 0 0 0 0 0 5 , 4 , 0 0 0 0 0 5 , 7 , 0 0 0 0 0 4 , 2 , 0 0 0 0 0 7 , 5 , 0 0 0 0 0 3 , 6 , 0 0 0 0 0 9 , 1 , 0 0 0 0 0 8 , 4 , 0 0 0 0 0 0 , 8 , 0 0 0 0 0 8 , 2 , 0 0 0 0 0 6 , 1 , 0 0 0 0 0 6 , 5 , 0 0 0 0 0 8 , 4 , 0 0 0 0 0 9 , 1 0 0 0 , 0 0 2 0 1 , , 0 0 0 0 0 4 , 6 0 0 0 , 7 4 7 0 3 , , 0 0 0 0 0 8 , 4 0 0 0 , 0 0 4 1 1 , , 0 0 0 0 0 9 , 4 , 0 0 0 0 0 2 , 5 , 0 0 0 0 0 4 , 8 , 0 0 0 0 0 6 , 5 , 0 0 0 0 0 9 , 6 , 0 0 0 0 0 9 , 7 , 0 0 0 0 0 9 , 4 - - 3 3 2 2 2 2 - - 9 4 . 1 0 5 . 1 0 7 . 1 5 0 . 2 0 1 . 2 8 5 . 0 2 6 . 0 4 6 . 0 2 5 . 0 8 5 . 0 0 6 . 0 5 5 . 0 0 6 . 0 4 6 . 0 8 5 . 0 5 6 . 0 7 6 . 0 0 5 . 0 8 5 . 0 0 6 . 0 0 4 . 0 4 4 . 0 8 4 . 0 6 3 . 0 1 4 . 0 5 4 . 0 0 7 . 2 0 5 . 0 5 5 . 0 0 6 . 0 0 5 . 0 8 5 . 0 5 6 . 0 2 5 . 0 8 5 . 0 5 6 . 0 y l l a u n n a 4 0 . 1 0 n O y l l a u n n a 6 0 . 2 0 n O y l l a u n n a 6 1 . 7 0 n O 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 y l l a u n n a 3 2 . 3 0 y l l a u n n a 3 2 . 3 0 y l l a u n n a 3 2 . 3 0 n O n O n O y l l a u n n a 5 1 . 4 0 y l l a u n n a 5 1 . 4 0 y l l a u n n a 5 1 . 4 0 n O n O n O y l l a u n n a 9 2 . 5 0 y l l a u n n a 9 2 . 5 0 y l l a u n n a 9 2 . 5 0 n O n O n O y l l a u n n a 4 1 . 7 0 y l l a u n n a 4 1 . 7 0 y l l a u n n a 4 1 . 7 0 n O n O n O y l l a u n n a 3 0 . 9 0 y l l a u n n a 3 0 . 9 0 y l l a u n n a 3 0 . 9 0 n O n O n O y l l a u n n a 2 0 . 2 1 y l l a u n n a 2 0 . 2 1 y l l a u n n a 2 0 . 2 1 n O n O n O y l l a u n n a 9 2 . 2 1 y l l a u n n a 9 2 . 2 1 y l l a u n n a 9 2 . 2 1 y l l a u n n a 2 2 . 9 0 n O n O n O n O y l l a u n n a 0 3 . 3 0 y l l a u n n a 0 3 . 3 0 y l l a u n n a 0 3 . 3 0 n O n O n O y l l a u n n a 3 0 . 5 0 y l l a u n n a 3 0 . 5 0 y l l a u n n a 3 0 . 5 0 n O n O n O y l l a u n n a 5 2 . 6 0 y l l a u n n a 5 2 . 6 0 y l l a u n n a 5 2 . 6 0 n O n O n O . 4 0 1 0 3 1 0 2 . . 6 0 2 0 3 1 0 2 . . 6 1 7 0 3 1 0 2 . . 5 2 9 0 3 1 0 2 . . 5 2 9 0 3 1 0 2 . . 3 2 3 0 0 2 0 2 . . 3 2 3 0 0 2 0 2 . . 3 2 3 0 0 2 0 2 . . 5 1 4 0 0 2 0 2 . . 5 1 4 0 0 2 0 2 . . 5 1 4 0 0 2 0 2 . . 9 2 5 0 0 2 0 2 . . 9 2 5 0 0 2 0 2 . . 9 2 5 0 0 2 0 2 . . 4 1 7 0 0 2 0 2 . . 4 1 7 0 0 2 0 2 . . 4 1 7 0 0 2 0 2 . . 3 0 9 0 0 2 0 2 . . 3 0 9 0 0 2 0 2 . . 3 0 9 0 0 2 0 2 . . 2 0 2 1 0 2 0 2 . . 2 0 2 1 0 2 0 2 . . 2 0 2 1 0 2 0 2 . . 9 2 2 1 0 2 0 2 . . 9 2 2 1 0 2 0 2 . . 9 2 2 1 0 2 0 2 . . 2 2 9 0 0 2 0 2 . . 0 3 3 0 1 2 0 2 . . 0 3 3 0 1 2 0 2 . . 0 3 3 0 1 2 0 2 . . 3 0 5 0 1 2 0 2 . . 3 0 5 0 1 2 0 2 . . 3 0 5 0 1 2 0 2 . . 5 2 6 0 1 2 0 2 . . 5 2 6 0 1 2 0 2 . . 5 2 6 0 1 2 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 , . 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 . 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 . 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 . 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 . 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 . 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 . 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 . 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 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 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 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 B - 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 C - 1 - 9 0 1 - s d n o b d e r u c e s n u c i t s e m o D E - F - A - B - C - 2 - 9 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 - 9 0 1 - s d n o b d e r u c e s n u c i t s e m o D A - B - C - 4 - 9 0 1 - s d n o b d e r u c e s n u c i t s e m o D A - B - C - 5 - 9 0 1 - s d n o b d e r u c e s n u c i t s e m o D A - B - C - 6 - 9 0 1 - s d n o b d e r u c e s n u c i t s e m o D A - B - C - 7 - 9 0 1 - s d n o b d e r u c e s n u c i t s e m o D A - B - C - A - B - C - . d t L . 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 , . 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 . 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 1 - 0 1 1 - s d n o b d e r u c e s n u c i t s e m o D A - B - C - 2 - 0 1 1 - s d n o b d e r u c e s n u c i t s e m o D A - B - C - 3 - 0 1 1 - s d n o b d e r u c e s n u c i t s e m o D A - B - C - . 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 1 - 9 0 1 - s d n o b d e r u c e s n u $ S U c i t s e m o D l a r e t a l l o C t n e m y a p e R d e z i t r o m a n U e u l a V g n i y r r a C s m u i m e r P ) s t n u o c s i D ( t n u o m A , e c n a l a B r a e Y f o d n E 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 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 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 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 d n a e t a d e u s s i e h t f o y r a s r e v i n n a ) r e t f a e r e h t y r a s r e v i n n a y r e v e h t 5 e h t n o e l b a l l a c ( t n e m y a p e r t e l l u B 7 3 8 , 6 1 7 , 0 3 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 4 3 3 , 8 9 9 , 3 1 0 7 , 5 9 9 , 7 6 4 3 , 6 9 3 , 5 1 1 7 , 6 9 1 , 4 $ ) 6 6 6 , 1 ( ) 9 9 2 , 4 ( ) 4 5 6 , 3 ( ) 9 8 2 , 3 ( ) 3 6 1 , 0 3 ( $ 0 0 0 , 0 0 0 , 4 0 0 0 , 0 0 0 , 8 0 0 0 , 0 0 4 , 5 0 0 0 , 0 0 2 , 4 0 0 0 , 7 4 7 , 0 3 $ 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 2 3 3 , 8 9 1 , 3 7 3 0 , 6 9 8 , 6 1 4 7 , 6 9 5 , 4 8 0 7 , 8 9 5 , 1 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 1 9 2 , 5 9 6 , 7 2 3 7 , 7 9 4 , 3 4 4 9 , 5 9 4 , 5 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 3 4 , 8 9 0 , 2 2 7 0 , 7 9 2 , 3 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 1 9 0 , 8 9 9 , 2 5 9 4 , 3 9 5 , 9 8 3 7 , 8 9 5 , 1 3 7 3 , 5 9 0 , 6 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 9 8 1 , 9 9 1 , 1 6 2 4 , 2 9 0 , 0 1 2 9 9 , 8 9 1 , 1 3 3 7 , 8 9 3 , 1 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 6 9 4 , 8 9 9 , 1 2 9 1 , 3 9 8 , 8 7 2 1 , 8 9 1 , 2 4 1 7 , 7 9 4 , 2 6 6 0 , 9 9 9 7 5 1 , 5 9 6 , 5 8 2 5 , 6 9 4 , 3 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 9 0 8 , 7 9 2 , 2 7 5 2 , 5 9 7 , 4 4 2 9 , 8 8 1 , 2 1 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 6 2 8 , 7 9 2 , 2 1 3 8 , 4 9 2 , 5 4 1 1 , 8 8 0 , 3 1 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 2 5 , 7 9 5 , 2 9 1 1 , 4 9 9 , 5 4 0 5 , 9 8 3 , 1 1 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 9 7 9 , 2 9 2 , 7 8 0 3 , 9 9 6 2 0 1 , 2 9 8 , 7 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 3 7 6 , 5 9 2 , 4 0 5 3 , 4 9 4 , 5 ) 8 6 6 , 1 ( ) 3 6 9 , 3 ( ) 9 5 2 , 3 ( ) 2 9 2 , 1 ( ) 9 0 7 , 4 ( ) 8 6 2 , 2 ( ) 6 5 0 , 4 ( ) 0 7 5 , 1 ( ) 8 2 9 , 2 ( ) 9 0 9 , 1 ( ) 5 0 5 , 6 ( ) 2 6 2 , 1 ( ) 7 2 6 , 4 ( ) 1 1 8 ( ) 4 7 5 , 7 ( ) 8 0 0 , 1 ( ) 7 6 2 , 1 ( ) 4 0 5 , 1 ( ) 8 0 8 , 6 ( ) 3 7 8 , 1 ( ) 6 8 2 , 2 ( ) 4 3 9 ( ) 3 4 8 , 4 ( ) 2 7 4 , 3 ( ) 1 9 1 , 2 ( ) 3 4 7 , 4 ( ) 6 7 0 , 1 1 ( ) 4 7 1 , 2 ( ) 9 6 1 , 5 ( ) 6 8 8 , 1 1 ( ) 0 8 4 , 2 ( ) 1 8 8 , 5 ( ) 6 9 4 , 0 1 ( ) 1 2 0 , 7 ( ) 2 9 6 ( ) 8 9 8 , 7 ( ) 7 2 3 , 4 ( ) 0 5 6 , 5 ( 0 0 0 , 0 0 2 , 3 0 0 0 , 0 0 9 , 6 0 0 0 , 0 0 6 , 4 0 0 0 , 0 0 6 , 1 0 0 0 , 0 0 7 , 7 0 0 0 , 0 0 5 , 3 0 0 0 , 0 0 5 , 5 0 0 0 , 0 0 1 , 2 0 0 0 , 0 0 3 , 3 0 0 0 , 0 0 0 , 3 0 0 0 , 0 0 6 , 9 0 0 0 , 0 0 6 , 1 0 0 0 , 0 0 1 , 6 0 0 0 , 0 0 2 , 1 0 0 0 , 0 0 1 , 0 1 0 0 0 , 0 0 2 , 1 0 0 0 , 0 0 4 , 1 0 0 0 , 0 0 0 , 2 0 0 0 , 0 0 9 , 8 0 0 0 , 0 0 2 , 2 0 0 0 , 0 0 5 , 2 0 0 0 , 0 0 7 , 5 0 0 0 , 0 0 0 , 1 0 0 0 , 0 0 5 , 3 0 0 0 , 0 0 3 , 2 0 0 0 , 0 0 8 , 4 0 0 0 , 0 0 2 , 2 1 0 0 0 , 0 0 3 , 2 0 0 0 , 0 0 3 , 5 0 0 0 , 0 0 1 , 3 1 0 0 0 , 0 0 6 , 2 0 0 0 , 0 0 0 , 6 0 0 0 , 0 0 4 , 1 1 0 0 0 , 0 0 3 , 7 0 0 0 , 0 0 7 0 0 0 , 0 0 9 , 7 0 0 0 , 0 0 3 , 4 0 0 0 , 0 0 5 , 5 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - $ , 0 0 0 0 0 0 , 4 , 0 0 0 0 0 0 , 8 , 0 0 0 0 0 4 , 5 , 0 0 0 0 0 2 , 4 0 0 0 , 7 4 7 0 3 , $ , 0 0 0 0 0 2 , 3 , 0 0 0 0 0 9 , 6 , 0 0 0 0 0 6 , 4 , 0 0 0 0 0 6 , 1 , 0 0 0 0 0 7 , 7 , 0 0 0 0 0 5 , 3 , 0 0 0 0 0 5 , 5 , 0 0 0 0 0 1 , 2 , 0 0 0 0 0 3 , 3 , 0 0 0 0 0 0 , 3 , 0 0 0 0 0 6 , 9 , 0 0 0 0 0 6 , 1 , 0 0 0 0 0 1 , 6 , 0 0 0 0 0 2 , 1 0 0 0 , 0 0 1 0 1 , , 0 0 0 0 0 2 , 1 , 0 0 0 0 0 4 , 1 , 0 0 0 0 0 0 , 2 , 0 0 0 0 0 9 , 8 , 0 0 0 0 0 2 , 2 , 0 0 0 0 0 5 , 2 , 0 0 0 0 0 7 , 5 , 0 0 0 0 0 0 , 1 , 0 0 0 0 0 5 , 3 , 0 0 0 0 0 3 , 2 , 0 0 0 0 0 8 , 4 0 0 0 , 0 0 2 2 1 , , 0 0 0 0 0 3 , 2 , 0 0 0 0 0 3 , 5 0 0 0 , 0 0 1 3 1 , , 0 0 0 0 0 6 , 2 , 0 0 0 0 0 0 , 6 0 0 0 , 0 0 4 1 1 , , 0 0 0 0 0 3 , 7 , 0 0 0 0 0 7 , 0 0 0 0 0 9 , 7 , 0 0 0 0 0 3 , 4 , 0 0 0 0 0 5 , 5 5 8 4 . 0 0 5 . 0 5 5 . 0 2 6 . 0 0 1 . 3 5 3 5 . 0 4 5 . 0 0 6 . 0 2 6 . 0 5 6 . 0 5 7 6 . 0 2 7 . 0 3 6 . 0 2 7 . 0 4 8 . 0 5 8 . 0 0 9 . 0 0 5 . 1 0 6 . 1 0 7 . 1 5 7 . 1 5 9 . 1 5 6 . 1 5 6 . 1 5 6 . 1 2 8 . 1 5 7 . 1 0 8 . 1 0 0 . 2 4 5 . 1 0 6 . 1 8 7 . 1 0 6 . 1 5 6 . 1 2 8 . 1 0 6 . 1 5 6 . 1 0 8 . 1 0 6 . 1 5 6 . 1 6 7 . 1 2 6 . 1 6 7 . 1 y l l a u n n a 9 1 . 8 0 y l l a u n n a 9 1 . 8 0 y l l a u n n a 9 1 . 8 0 y l l a u n n a 9 1 . 8 0 y l l a u n n a 3 2 . 9 0 n O n O n O n O n O y l l a u n n a 5 0 . 0 1 y l l a u n n a 5 0 . 0 1 y l l a u n n a 5 0 . 0 1 y l l a u n n a 5 0 . 0 1 n O n O n O n O y l l a u n n a 9 0 . 2 1 y l l a u n n a 9 0 . 2 1 y l l a u n n a 9 0 . 2 1 n O n O n O y l l a u n n a 2 1 . 1 0 y l l a u n n a 2 1 . 1 0 n O n O y l l a u n n a 9 2 . 3 0 y l l a u n n a 9 2 . 3 0 y l l a u n n a 9 2 . 3 0 y l l a u n n a 0 2 . 5 0 n O n O n O n O y l l a u n n a 7 2 . 7 0 y l l a u n n a 7 2 . 7 0 y l l a u n n a 7 2 . 7 0 y l l a u n n a 7 2 . 7 0 n O n O n O n O y l l a u n n a 5 2 . 8 0 y l l a u n n a 5 2 . 8 0 y l l a u n n a 5 2 . 8 0 y l l a u n n a 5 2 . 8 0 n O n O n O n O y l l a u n n a 0 2 . 0 1 y l l a u n n a 0 2 . 0 1 y l l a u n n a 0 2 . 0 1 n O n O n O y l l a u n n a 8 2 . 3 0 y l l a u n n a 8 2 . 3 0 y l l a u n n a 8 2 . 3 0 n O n O n O y l l a u n n a 3 0 . 5 0 y l l a u n n a 3 0 . 5 0 y l l a u n n a 3 0 . 5 0 n O n O n O y l l a u n n a 1 0 . 6 0 y l l a u n n a 1 0 . 6 0 y l l a u n n a 1 0 . 6 0 n O n O n O y l l a u n n a 6 1 . 8 0 y l l a u n n a 6 1 . 8 0 y l l a u n n a 6 1 . 8 0 n O n O n O y l l a u n n a 6 1 . 0 1 y l l a u n n a 6 1 . 0 1 n O n O ) d e d u l c n o C ( ) 0 1 7 , 7 9 9 , 6 ( 5 5 8 , 9 6 8 , 9 3 4 $ 5 6 5 , 7 6 8 , 6 4 4 ) 5 3 4 , 6 2 3 ( $ 0 0 0 , 4 9 1 , 7 4 4 $ 0 0 0 , 0 0 1 8 1 , $ , 0 0 0 4 9 2 5 6 4 , $ - - 4 4 2 2 2 2 - - . 9 1 8 0 1 2 0 2 . . 9 1 8 0 1 2 0 2 . . 9 1 8 0 1 2 0 2 . . 9 1 8 0 1 2 0 2 . . 3 2 9 0 1 2 0 2 . . 5 0 0 1 1 2 0 2 . . 5 0 0 1 1 2 0 2 . . 5 0 0 1 1 2 0 2 . . 5 0 0 1 1 2 0 2 . . 9 0 2 1 1 2 0 2 . . 9 0 2 1 1 2 0 2 . . 9 0 2 1 1 2 0 2 . . 2 1 1 0 2 2 0 2 . . 2 1 1 0 2 2 0 2 . . 9 2 3 0 2 2 0 2 . . 9 2 3 0 2 2 0 2 . . 9 2 3 0 2 2 0 2 . . 0 2 5 0 2 2 0 2 . . 7 2 7 0 2 2 0 2 . . 7 2 7 0 2 2 0 2 . . 7 2 7 0 2 2 0 2 . . 7 2 7 0 2 2 0 2 . . 5 2 8 0 2 2 0 2 . . 5 2 8 0 2 2 0 2 . . 5 2 8 0 2 2 0 2 . . 5 2 8 0 2 2 0 2 . . 0 2 0 1 2 2 0 2 . . 0 2 0 1 2 2 0 2 . . 0 2 0 1 2 2 0 2 . . 8 2 3 0 3 2 0 2 . . 8 2 3 0 3 2 0 2 . . 8 2 3 0 3 2 0 2 . . 3 0 5 0 3 2 0 2 . . 3 0 5 0 3 2 0 2 . . 3 0 5 0 3 2 0 2 . . 1 0 6 0 3 2 0 2 . . 1 0 6 0 3 2 0 2 . . 1 0 6 0 3 2 0 2 . . 6 1 8 0 3 2 0 2 . . 6 1 8 0 3 2 0 2 . . 6 1 8 0 3 2 0 2 . . 6 1 0 1 3 2 0 2 . . 6 1 0 1 3 2 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 4 - 0 1 1 - s d n o b d e r u c e s n u c i t s e m o D A - B - C - D - . 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 5 - 0 1 1 - s d n o b d e r u c e s n u $ S U c i t s e m o D . 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 . 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 . 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 . 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 . d t L . d t L . d t L . d t L . 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 , . 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 , . 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 . 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 . 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 . 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 . 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 . 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 , . 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 6 - 0 1 1 - s d n o b d e r u c e s n u c i t s e m o D 7 - 0 1 1 - s d n o b d e r u c e s n u c i t s e m o D A - B - C - 1 - 1 1 1 - s d n o b d e r u c e s n u c i t s e m o D 2 - 1 1 1 - s d n o b d e r u c e s n u c i t s e m o D A - B - A - B - C - 3 - 1 1 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 1 1 - s d n o b d e r u c e s n u c i t s e m o D 5 - 1 1 1 - s d n o b d e r u c e s n u c i t s e m o D 6 - 1 1 1 - s d n o b d e r u c e s n u c i t s e m o D 1 - 2 1 1 - s d n o b d e r u c e s n u c i t s e m o D A - B - C - 2 - 2 1 1 - s d n o b d e r u c e s n u c i t s e m o D A - B - C - 3 - 2 1 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 1 1 - s d n o b d e r u c e s n u c i t s e m o D A - B - C - 5 - 2 1 1 - s d n o b d e r u c e s n u c i t s e m o D n o i t r o p t n e r r u C : s s e L L A T O T A - B - A - B - C - A - B - C - A - B - C - D - A - B - C - D - A - B - C - D - STATEMENT 12 Taiwan Semiconductor Manufacturing Company Limited STATEMENT OF LEASE LIABILITIES DECEMBER 31, 2023 (In Thousands of New Taiwan Dollars) Item Description Lease Term Discount Rate (%) Balance, End of Year Land Mainly for the use of plants 1 to 22 years 0.39-2.30 $ 28,270,257 and offices Buildings Mainly for the use of offices 1 to 12 years 0.57-1.76 786,879 Office equipment For operation use 3 to 5 years 0.28-1.73 24,431 Less: Current portion Noncurrent portion - 4 2 2 - 29,081,567 (2,122,132) $ 26,959,435 - 225 - - 225 - STATEMENT 13 Taiwan Semiconductor Manufacturing Company Limited STATEMENT OF NET REVENUE FOR THE YEAR ENDED DECEMBER 31, 2023 (In Thousands of New Taiwan Dollars, Unless Specified Otherwise) Item Wafer Other Net revenue Note: 12-inch equivalent wafers. Shipments (Piece) (Note) 12,002,177 Amount $ 1,881,677,167 271,607,928 $ 2,153,285,095 - 226 - - 226 - Taiwan Semiconductor Manufacturing Company Limited STATEMENT OF COST OF REVENUE FOR THE YEAR ENDED DECEMBER 31, 2023 (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 14 Amount $ 19,750,618 77,523,097 (37,279,545) (12,675,412) (298,749) 47,020,009 22,193,265 940,590,841 1,009,804,115 120,893,772 (153,362,168) (81,911,749) 895,423,970 52,318,299 102,104,249 (33,839,662) (18,172,008) (624,073) 997,210,775 25,449,389 $ 1,022,660,164 - 227 - - 227 - STATEMENT 15 Taiwan Semiconductor Manufacturing Company Limited STATEMENT OF OPERATING EXPENSES FOR THE YEAR ENDED DECEMBER 31, 2023 (In Thousands of New Taiwan Dollars) Item Research and Development Expenses General and Administrative Expenses Selling Expenses Payroll and related expense $ 57,108,147 $ 17,846,942 $ 3,492,038 Consumables 64,582,650 876,655 Depreciation expense 26,887,243 2,037,370 Repair and maintenance expense 8,650,513 2,725,617 Management fees of the Science Park Administration Patents Commission Others (Note) Total 3,875,748 3,133,290 - - - - 1,285,238 21,496,545 9,394,415 307,876 $ 178,725,098 $ 39,890,037 $ 5,118,396 27 27,318 5,899 - - Note: The amount of each item in others does not exceed 5% of the account balance. - 228 - - 228 - 6 1 T N E M E T A T S 2 2 0 2 , 1 3 r e b m e c e D d e d n E r a e Y 3 2 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 ( 2 2 0 2 D N A 3 2 0 2 , 1 3 R E B M E C E D D E D N E S 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 5 5 3 , 9 2 7 , 8 4 8 1 , 2 7 8 , 3 0 9 9 , 3 4 7 7 9 5 , 6 1 1 , 4 5 8 5 , 0 2 1 , 6 9 1 $ 1 1 7 , 2 8 5 , 3 1 2 $ - - - - - - 1 6 9 , 6 0 7 , 8 $ - 2 8 0 , 5 9 5 , 3 1 4 $ 9 8 1 , 8 $ 8 9 9 , 1 4 0 , 8 7 $ 7 8 5 , 8 7 0 , 8 1 1 $ 3 0 5 , 9 5 5 , 1 8 1 $ 6 3 5 , 6 0 3 , 3 8 8 1 , 4 6 3 , 1 0 9 9 , 3 4 7 8 4 4 , 1 1 4 , 1 - 9 1 8 , 2 2 4 , 5 6 9 9 , 7 0 5 , 2 9 4 1 , 5 0 7 , 2 9 4 0 , 4 2 1 , 9 9 5 4 , 5 3 4 , 4 7 7 4 , 5 3 6 1 0 1 , 6 3 8 , 4 $ $ $ 0 6 1 , 8 6 8 , 4 8 8 7 6 , 9 3 9 , 7 2 2 3 2 , 7 3 6 , 2 $ $ $ 1 5 5 , 4 1 7 , 8 2 1 $ 9 8 5 , 0 9 5 , 0 0 2 $ 9 2 7 , 9 6 0 , 6 $ 6 7 9 , 7 9 1 , 9 $ - 5 1 2 , 7 4 6 , 5 8 3 $ 1 7 7 , 0 0 3 , 0 0 5 $ 3 7 2 5 , - - - - - - $ 8 2 2 3 6 1 , , 1 7 $ , 5 7 2 6 9 3 0 1 1 , $ 4 9 3 , 0 1 4 3 , 9 4 0 , 1 6 5 1 , 7 7 4 5 3 6 , 9 7 9 , 6 7 6 1 , - 5 5 6 , 3 1 7 5 , 0 1 4 , 4 7 8 2 , 2 2 1 , 9 5 1 3 , $ $ $ 7 2 1 7 4 4 , , 8 7 1 3 9 , 1 5 9 8 2 , 6 3 4 , 2 8 6 2 , $ $ $ 2 6 4 , 3 4 1 2 2 1 , $ 7 6 5 , 3 4 3 1 7 4 , $ 0 4 5 , 5 1 5 6 , $ 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 g n i r a h s t i f o r p d n a s u n o b e c n a m r o f r e p s s e n i s u b e h t f o t n u o m a e h t s e n i m r e t e d y n a p m o C e h T . n a l P e s a h c r u P k c o t S e e y o l p m E n o d e s a b y d i s b u s a d n a , s t i f o r p l a u n n a n o d e s a b s u n o b g n i r a h s t i f o r p a , s t l u s e r s s e n i s u b y l r e t r a u q n o d e s a b s e s u n o b e c n a m r o f r e p s s e n i s u b , y r a l a s y l h t n o m a s e d u l c n i m a r g o r p n o i t a s n e p m o c e h T . e g a r e v a y r t s u d n i e h t e v o b a m a r g o r p s t i f e n e b d n a n o i t a s n e p m o c e v i s n e h e r p m o c a o t d e l t i t n e e r a s e e y o l p m e s ’ y n a p m o C e h T : s e i c i l o p n o i t a s n e p m o c s ’ y n a p m o C e h T : 5 . r a e y r e v o r a e y % 0 8 . 3 1 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 5 7 1 , 3 d n a d n a s u o h t 7 3 7 , 2 $ T N e r e w 2 2 0 2 d n a 3 2 0 2 , 1 3 r e b m e c e D d e d n e s 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 . r o s i v r e p u s e h t o t n o i t a s n e p m o c o n s a w e r e h t , e r o f e r e h T . 2 2 0 2 d n a 3 2 0 2 , 1 3 r e b m e c e D d e d n e s r a e y e h t r o f s r o s i v r e p u s e v a h t o n d i d y n a p m o C e h T : 4 . 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 9 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 7 7 1 6 d n a 6 3 3 , , 6 6 e g a r e v a d a h y n a p m o C e h t , 2 2 0 2 d n a 3 2 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 6 4 4 3 d n a , , d n a s u o h t 5 1 0 3 $ T N e r e w 2 2 0 2 d n a 3 2 0 2 , 1 3 r e b m e c e D d e d n e s 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 . l a v o r p p a r o f s r o t c e r i D f o d r a o B e h t o t e e t t i m m o C t n e m p o l e v e D e l p o e P d n a n o i t a s n e p m o C e h t y b d e d n e m m o c e r e r a g n i r a h s t i f o r p d n a s u n o b e h t f o n o i t u b i r t s i d d n a t n u o m a e h T . . . . C O R e h t n i e c i t c a r p y r t s u d n i d n a s t l u s e r g n i t a r e p o n o d e s a b e l p o e P d n a n o i t a s n e p m o C e h t y b d e w e i v e r s i t I . e c a f l l i w y n a p m o C e h t s k s i r e r u t u f d e t c e j o r p d n a e c n a m r o f r e p y n a p m o c , n o i t u b i r t n o c , y t i l i b i s n o p s e r b o j r i e h t n o d e s a b d e d i c e d s i s r e c i f f o e v i t u c e x e e h t o t d i a p n o i t a s n e p m o c l a t o t e h T : 6 . l a v o r p p a r o f s r o t c e r i D f o d r a o B e h t o t d e t t i m b u s n e h t e e t t i m m o C t n e m p o l e v e D e h t r o f d e d i v o r p s e c i v r e s e h t f o e u l a v d n a t n e t x e e h t t n u o c c a o t n i g n i k a t , s r o t c e r i D d n a n a m r i a h C e c i V , n a m r i a h C e h t r o f y r a l a s e h t e n i m r e t e d o t d e z i r o h t u a s i s r o t c e r i D f o d r a o B e h t , n o i t a r o p r o c n I f o s e l c i t r A s ’ y n a p m o C e h t o t g n i d r o c c A : 7 . e c n a m r o f r e p d n a n o i t u b i r t n o c , y t i l i b i s n o p s e r b o j s ’ e e y o l p m e h c a e n o d e s a b e r a s d r a w e r l a u d i v i d n I o h w s r o t c e r i d d n a s t i f o r p l a u n n a f o % 3 . 0 n a h t e r o m o n e b l l a h s s r o t c e r i d o t n o i t a s n e p m o c e h t t a h t e d i v o r p o s l a n o i t a r o p r o c n I f o s e l c i t r A e h T . s a e s r e v o d n a . . . C O R e h t n i h t i w y r t s u d n i e h t f o s d r a d n a t s e h t d n a y n a p m o C e h t f o t n e m e g a n a m n o i t a s n e p m o C f o n o i t u b i r t s i D r o f s e l u R “ s ’ y n a p m o C e h t h t i w e c n a d r o c c a n i e d a m e b l l a h s s r o t c e r i d o t n o i t a s n e p m o c f o n o i t u b i r t s i d e h T . s r o t c e r i d o t n o i t a s n e p m o c e v i e c e r o t d e l t i t n e t o n e r a y n a p m o C e h t f o s r e c i f f o e v i t u c e x e s a e v r e s o s l a , s r o t c e r i d r e h t o e h t n a h t r e h g i h e b y a m s r o t c e r i d t n e d n e p e d n i r o f n o i t a s n e p m o c e h t ) 2 ( ; n o i t a s n e p m o c e v i e c e r o t d e l t i t n e t o n e r a y n a p m o C e h t f o s r e c i f f o e v i t u c e x e s a e v r e s o s l a o h w s r o t c e r i d ) 1 ( : s e l p i c n i r p g n i w o l l o f e h t n o d e s a b ” s r o t c e r i D o t n i s g n i t e e m e e t t i m m o c d e t a l e r f o s n o i t u l o s e r s a l l e w s a s n o i s s u c s i d e h t n i e t a p i c i t r a p s u h t d n a e e t t i m m o C t n e m p o l e v e D e l p o e P d n a n o i t a s n e p m o C e h t d n a e e t t i m m o C k s i R d n a t i d u A e h t f o s r e b m e m s a e v r e s o s l a s r o t c e r i d t n e d n e p e d n i l l a s a . s r o t c e r i d t n e d n e p e d n i c i t s e m o d n a h t r e h g i h e b y a m s r o t c e r i d t n e d n e p e d n i s a e s r e v o r o f n o i t a s n e p m o c e h t ) 3 ( d n a ; e e t t i m m o c h c a e f o r e t r a h c e h t h t i w e c n a d r o c c a - - 9 9 2 2 2 2 - - e t o N e t o N e t o N e t o N e t o N e t o N e t o N Fab 18 Fab 3 AP2 Fab 5 Fab 16 Fab 23 Fab 21 Taiwan Semiconductor Manufacturing Company, Ltd. Mark Liu, Chairman 8, Li-Hsin Rd. 6, Hsinchu Science Park, Hsinchu 300-096, Taiwan, R.O.C. | Tel: +886-3-5636688 Fax: +886-3-5637000 | https://www.tsmc.com This report is made with recycled paper I T A W A N S E M I C O N D U C T O R M A N U F A C T U R I N G C O M P A N Y , L T D A n n u a l R e p o r t 2 0 2 3 ( I ) TSMC ANNUAL REPORT 2023 (I) Printed on March 12, 2024 TSE: 2330 | NYSE: TSM Fab 15 AP6 Global R&D Center Fab 8 Fab 2 Fab 12 Taiwan Stock Exchange Market Observation Post System: https://mops.twse.com.tw TSMC annual report is available at https://investor.tsmc.com/english/annual-reports Fab 11 TSMC_COVER_年報2023_ENGLISH.indd 1-3 TSMC_COVER_年報2023_ENGLISH.indd 1-3 2024/5/8 下午5:06 2024/5/8 下午5:06

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