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VIS Board of Directors Approved Capital Appropriation
Hsinchu, Taiwan, June 15, 2004 - Vanguard International Semiconductor Corporation (VIS) today held a meeting of the Board of Directors, at which the Board approved a capital appropriation of NT$1.72 billion to expand its manufacturing capacity and advanced the production technology. The Board also approved to invest NT$ 42.72 million in Cadence Methodology Service Company.

VIS held its Board of Directors meeting after the 2004 annual shareholders meeting. During the Board of Directors meeting, the Board approved the financial forecast for fiscal 2004, according to which VIS revenues for the year are NT$ 15.58 billion, and the income before tax will be NT$ 4.08 billion. Earnings per share of 2004 are NT$ 2.18 after the capital reduction.

Mr. Daniel S. Chen, VIS spokesman and vice president stated, ¡§In order to meet customers' needs, VIS plans to expand its capacity from 56,000 wafers to 60,000 wafers per month. Besides, we are going to increase our research and development expenditure to advance our production technology. These two major projects totaled approximately NT$ 1.72 billion of the capital appropriation.¡¨

The Board also approved to invest NT$ 42.72 million in Cadence Methodology Service Company for IP design service development. After the investment, the VIS ownership ratio of Cadence Methodology Service Company shares will be 34.22%.