UMC Shareholders Approve NT$0.8 Stock Dividend for Fiscal Year 2003

Taipei, Taiwan, R.O.C. – June 1, 2004 — United Microelectronics Corporation (NYSE: UMC; TAIEX: 2303) today held its 2004 annual shareholders meeting, with shareholders approving a stock dividend for fiscal 2003 of NT$0.8 per common share.

At the meeting, shareholders also approved:

1. The financial statements for fiscal 2003, according to which UMC's revenues for the year were NT$84,862 million, and net income was NT$14,020 million, with earnings per share of NT$0.92.

2. A capitalization of NT$13,996,855,390, which includes NT$13,335,556,780 from un-appropriated earnings for and prior to the year 2003 and NT$661,298,610 from capital reserve.

3. The revision of Article 12 of the Articles of Incorporation for the Company's operational needs, and the subsequent amendment of Article 25 that records the last revision.

Jackson Hu, UMC's CEO, stated, "The most updated information we have shows that we are on track to meet our previously issued guidance for the second quarter of 2004. Fab capacity during this quarter will be fully utilized, while average selling price (ASP) per wafer has benefited from increased shipments of chips using advanced process technology."

Hu continued, "UMC continues to focus on delivering the most advanced production technology and maintaining its foundry leadership position in 300mm manufacturing. We believe these factors will help carry our positive business momentum throughout 2004 under the improving economic environment, maximizing UMC's profitability for the coming year."

About UMC
UMC (NYSE: UMC, TSE: 2303) is a leading global semiconductor foundry that manufactures advanced process ICs for applications spanning every major sector of the semiconductor industry. UMC delivers cutting-edge foundry technologies that enable sophisticated system-on-chip (SOC) designs, including 90nm copper, 0.13um copper, and mixed signal/RFCMOS. UMC is also a leader in 300mm manufacturing; Fab 12A in Taiwan and Singapore-based UMCi are both in volume production for a variety of customer products. UMC employs over 9,000 people worldwide and has offices in Taiwan, Japan, Singapore, Europe, and the United States. UMC can be found on the web at http://www.umc.com.