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Clarification Regarding the Report of Cooperation with Macronix
Hsinchu, Taiwan, May 19, 2004 - Vanguard International Semiconductor Corporation (VIS) today clarified that it did not have the plan to form a strategic alliance with Macronix International Co., Ltd. (MXIC) as alleged by a May 19 Economic Daily News report.

The report said Taiwan Semiconductor Manufacturing Company (TSMC) and VIS are undertaking the tri-lateral strategic cooperation with MXIC. The news also said that TSMC and VIS might acquire MXIC shares, transfer technology and outsource LCD driver IC orders to MXIC. VIS clarified the above report and emphasized that it did not have any strategic alliance with MXIC now.

Mr. Daniel S. Chen, spokesman and vice president of Vanguard International Semiconductor Corporation stated that VIS fab utilization rate of the coming quarters is expected to remain high along with the strengthening global semiconductor market. However, VIS did not plan to undertake the strategic cooperation with MXIC, or plan to sell any Powerchip Semiconductor Corporation (PSC) shares to purchase MXIC Global Depositary Receipts (GDRs) issued in the second half of 2004 in the near future.