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VIS Board of Directors Proposes Dividend Policy Amendment, With Emphasis on Cash Dividend Distribution
Hsinchu, Taiwan, Nov. 9, 2004 - Vanguard International Semiconductor Corporation, a leading specialty IC foundry service provider, held a meeting of the Board of Directors today, at which the directors proposed to amend the dividend policy, and adopt the policy of ˇ§cash dividends would not be lower than 10 percent of total distributionˇ¨. The directors also agreed to hold a special shareholders' meeting to approve this proposed amendment to the Company's Articles of Incorporation.

Mr. Daniel Chen, Vanguard's spokesman and vice president, noted that the directors proposed a partial amendment to Article 29 of the Company's Articles of Incorporation. The revised version of the dividend distribution policy adopts a more flexible method of dividend distribution, by placing emphasis on cash dividend instead of stock dividend. Based on the new policy, cash dividend would not be lower than 10 percent of total distribution. However, VIS will adjust the percentage of cash and stock dividend distribution according to the development and operation needs of the company.

The Board of Directors also approved to hold a special shareholders' meeting at 9:00 a.m. on December 27, 2004 at VIS to approve the proposed amendment to the Company's Articles of Incorporation. The revision, once approved by VIS shareholders, is expected to allow VIS to have more flexibility in planning cash dividend distributions and to better manage the build-up of VIS paid-in capital to ensure shareholders' long-term ROE.
 
Media Contacts:
Daniel Chen
Spokesman
General Counsel, Vice President of Administration
Vanguard International Semiconductor Corporation
Tel: 886-3-5770355 ext.2009
Fax: 886-3-5773504
E-mail: Vanguard_PR@vis.com.tw

Michelle Chang
Public Relations
Vanguard International Semiconductor Corporation
Tel: 886-3-5770355 ext.1900
Fax: 886-3-5773504
E-mail: ijchang@vis.com.tw