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VIS Shareholders Approved Capital Reduction
Hsinchu, Taiwan, June 15, 2004 - Vanguard International Semiconductor Corporation (VIS) today held its 2004 annual shareholders meeting at which the shareholders approved the 2003 Business Report and Financial Statements. Revenue for 2003 amounted NT$ 10.95 billion and net income was NT$ 178 million, with earnings per share of NT$ 0.06. The Shareholders also approved to reduce the current capital by NT13.53 billion or 48.28%.

¡§In order to erase the negative retain earnings and improve the financial structure, VIS decided to decrease its current capital by NT13.53 billion from NT$ 28 billion to NT$ 14.5 billion. After the capital reduction, the net asset value per share will increase from NT$ 5.18 to NT$ 12.14,¡¨ said Mr. Daniel S. Chen, VIS spokesman and vice president.

The capital reduction should be approved by Securities and Futures Commission, Ministry of Finance and will require suspension of trading for 1 to 1.5 month, which should happen in September or October time frame.