1934 Act Registration No. 1-14700

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_____________________________

FORM 6-K

_____________________________

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

For the month of November 2024

(Commission File Number: 001-14700)

_____________________________

Taiwan Semiconductor Manufacturing Company Ltd.

(Translation of Registrant’s Name Into English)

_____________________________

No. 8, Li-Hsin Rd. 6,

Hsinchu Science Park,

Taiwan, R.O.C.

(Address of Principal Executive Offices)

_____________________________

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F  x            Form 40-F  o

Indicate by check mark if the registrant is submitting the Form 6-K in papers as permitted by Regulation S-T Rule 101(b)(1): o

Indicate by check mark if the registrant is submitting the Form 6-K in papers as permitted by Regulation S-T Rule 101(b)(7): o

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Taiwan Semiconductor Manufacturing Company Ltd.

Date:  November 14, 2024

By

/s/ Wendell Huang

Wendell Huang

Senior Vice President and Chief Financial Officer

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Exhibits

			Exhibit Number			Exhibit Description
			99.1			Consolidated Financial Statements for the Nine Months Ended September 30, 2024 and 2023 and Independent Auditors’ Review Report pursuant to International Financial Reporting Standards adopted by ROC ("Taiwan-IFRSs")

English Translation of Financial Statements Originally Issued in Chinese

Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries

Consolidated Financial Statements for the

Nine Months Ended September 30, 2024 and 2023 and

Independent Auditors’ Review Report

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勤業眾信

勤業眾信聯合會計師事務所

110016 台北市信義區松仁路100號20樓

Deloitte & Touche

20F, Taipei Nan Shan Plaza

No. 100, Songren Rd.,

Xinyi Dist., Taipei 110016, Taiwan

Tel :+886 (2) 2725-9988

Fax:+886 (2) 4051-6888

www.deloitte.com.tw

INDEPENDENT AUDITORS’ REVIEW REPORT

The Board of Directors and Shareholders

Taiwan Semiconductor Manufacturing Company Limited

Introduction

We have reviewed the accompanying consolidated balance sheets of Taiwan Semiconductor Manufacturing Company Limited and its subsidiaries (collectively, the “Company”) as of September 30, 2024 and 2023, the related consolidated statements of comprehensive income for the three months ended September 30, 2024 and 2023 and for the nine months ended September 30, 2024 and 2023, the consolidated statements of changes in equity and cash flows for the nine months then ended, and the related notes to the consolidated financial statements, including material accounting policy information (collectively referred to as the “consolidated financial statements”). Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers and International Accounting Standard 34 “Interim Financial Reporting” endorsed and issued into effect by the Financial Supervisory Commission of the Republic of China. Our responsibility is to express a conclusion on the consolidated financial statements based on our reviews.

Scope of Review

We conducted our reviews in accordance with the Standards on Review Engagements of the Republic of China 2410 “Review of Interim Financial Information Performed by the Independent Auditor of the Entity”. A review of consolidated financial statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our reviews, nothing has come to our attention that caused us to believe that the accompanying consolidated financial statements do not present fairly, in all material respects, the consolidated financial position of the Company as of September 30, 2024 and 2023, its consolidated financial performance for the three months ended September 30, 2024 and 2023, and its consolidated financial performance and its consolidated cash flows for the nine months ended September 30, 2024 and 2023 in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers, and International Accounting Standard 34 “Interim Financial Reporting” endorsed and issued into effect by the Financial Supervisory Commission of the Republic of China.

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The engagement partners on the reviews resulting in this independent auditors’ review report are Shih Tsung Wu and Shang Chih Lin.

Deloitte & Touche

Taipei, Taiwan

Republic of China

November 12, 2024

Notice to Readers

The accompanying consolidated financial statements are intended only to present the consolidated financial position, financial performance and cash flows in accordance with accounting principles and practices generally accepted in the Republic of China and not those of any other jurisdictions. The standards, procedures and practices to review such consolidated financial statements are those generally applied in the Republic of China.

For the convenience of readers, the independent auditors’ review report and the accompanying consolidated financial statements have been translated into English from the original Chinese version prepared and used in the Republic of China. If there is any conflict between the English version and the original Chinese version or any difference in the interpretation of the two versions, the Chinese-language independent auditors’ review report and consolidated financial statements shall prevail.

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Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries

CONSOLIDATED BALANCE SHEETS

(In Thousands of New Taiwan Dollars)

						September 30, 2024																											December 31, 2023																											September 30, 2023
ASSETS						Amount															%												Amount															%												Amount															%
CURRENT ASSETS
Cash and cash equivalents (Note 6)						$						1,886,780,555												31									$						1,465,427,753												26									$						1,311,806,535												24
Financial assets at fair value through profit or loss (Note 7)									971,386															-												924,636															-												378,526															-
Financial assets at fair value through other comprehensive income (Note 8)									189,649,314															3												154,530,830															3												154,838,390															3
Financial assets at amortized cost (Note 9)									90,197,355															1												66,761,221															1												84,261,089															2
Hedging financial assets (Note 10)									1,079															-												-															-												37,451															-
Notes and accounts receivable, net (Note 11)									249,570,573															4												201,313,914															4												222,467,653															4
Receivables from related parties (Note 31)									403,379															-												624,451															-												356,257															-
Other receivables from related parties (Note 31)									74,477															-												71,871															-												82,363															-
Inventories (Note 12)									292,883,930															5												250,997,088															5												262,090,072															5
Other financial assets (Notes 28 and 32)									35,301,765															1												27,158,766															1												26,938,240															-
Other current assets									28,080,050															-												26,222,380															-												19,221,060															-
Total current assets									2,773,913,863															45												2,194,032,910															40												2,082,477,636															38
NONCURRENT ASSETS
Financial assets at fair value through profit or loss (Note 7)									14,594,649															-												13,417,457															-												111,637															-
Financial assets at fair value through other comprehensive income (Note 8)									7,502,973															-												7,208,655															-												7,933,799															-
Financial assets at amortized cost (Note 9)									74,266,804															1												79,199,367															2												79,379,651															2
Investments accounted for using equity method (Note 13)									30,967,916															1												29,616,638															1												28,921,558															1
Property, plant and equipment (Notes 14 and 28)									3,071,599,327															50												3,064,474,984															55												3,132,664,367															57
Right-of-use assets (Note 15)									39,698,749															1												40,424,830															1												41,254,711															1
Intangible assets (Note 16)									22,083,031															-												22,766,744															-												23,410,569															-
Deferred income tax assets (Note 4)									65,944,214															1												64,175,787															1												71,030,144															1
Refundable deposits									4,483,344															-												7,044,420															-												8,388,839															-
Other noncurrent assets (Notes 28 and 29)									60,603,306															1												10,009,423															-												8,983,470															-
Total noncurrent assets									3,391,744,313															55												3,338,338,305															60												3,402,078,745															62
TOTAL						$						6,165,658,176												100									$						5,532,371,215												100									$						5,484,556,381												100
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Financial liabilities at fair value through profit or loss (Note 7)						$						34,277												-									$						121,412												-									$						132,768												-
Hedging financial liabilities (Notes 10 and 29)									1,875															-												27,334,164															-												26,879,550															-
Accounts payable									69,134,197															1												55,726,757															1												52,150,883															1
Payables to related parties (Note 31)									1,685,850															-												1,566,300															-												1,621,423															-
Salary and bonus payable									37,714,425															1												33,200,563															1												28,657,288															1
Accrued profit sharing bonus to employees and compensation to directors (Note 27)									49,399,323															1												50,716,944															1												37,708,203															1
Payables to contractors and equipment suppliers									125,132,085															2												171,484,616															3												230,848,866															4
Cash dividends payable (Note 19)									207,456,038															4												168,558,461															3												155,592,426															3
Income tax payable (Note 4)									77,422,729															1												98,912,902															2												102,953,391															2
Long-term liabilities - current portion (Notes 17, 18 and 29)									58,804,983															1												9,293,266															-												7,420,132															-
Accrued expenses and other current liabilities (Notes 15, 20 and 29)									453,613,317															7												296,667,931															5												326,069,886															6
Total current liabilities									1,080,399,099															18												913,583,316															16												970,034,816															18
NONCURRENT LIABILITIES
Bonds payable (Notes 17 and 29)									909,703,588															15												913,899,843															17												932,479,423															17
Long-term bank loans (Notes 18 and 29)									26,459,677															-												4,382,965															-												5,013,050															-
Deferred income tax liabilities (Note 4)									61,376															-												53,856															-												212,549															-
Lease liabilities (Notes 15 and 29)									28,208,721															-												28,681,835															1												29,415,325															1
Net defined benefit liability (Note 4)									7,704,373															-												9,257,224															-												8,615,678															-
Guarantee deposits									914,462															-												923,164															-												983,928															-
Others (Note 20)									90,284,589															2												178,326,165															3												164,983,505															3
Total noncurrent liabilities									1,063,336,786															17												1,135,525,052															21												1,141,703,458															21
Total liabilities									2,143,735,885															35												2,049,108,368															37												2,111,738,274															39
EQUITY ATTRIBUTABLE TO SHAREHOLDERS OF THE PARENT
Capital stock (Note 19)									259,327,332															4												259,320,710															5												259,320,710															5
Capital surplus (Notes 19 and 26)									72,390,172															1												69,876,381															1												69,879,218															1
Retained earnings (Note 19)
Appropriated as legal capital reserve									311,146,899															5												311,146,899															6												311,146,899															6
Appropriated as special capital reserve									-															-												-															-												17,228,363															-
Unappropriated earnings									3,346,232,342															55												2,846,883,893															51												2,682,157,537															49
									3,657,379,241															60												3,158,030,792															57												3,010,532,799															55
Others (Notes 19 and 26)									922,408															-												(28,314,256						)									-												8,616,930															-
Equity attributable to shareholders of the parent									3,990,019,153															65												3,458,913,627															63												3,348,349,657															61
NON - CONTROLLING INTERESTS									31,903,138															-												24,349,220															-												24,468,450															-
Total equity									4,021,922,291															65												3,483,262,847															63												3,372,818,107															61
TOTAL						$						6,165,658,176												100									$						5,532,371,215												100									$						5,484,556,381												100

The accompanying notes are an integral part of the consolidated financial statements.

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Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In Thousands of New Taiwan Dollars, Except Earnings Per Share)

						For the Three Months Ended September 30																																																						For the Nine Months Ended September 30
						2024																											2023																											2024																											2023
						Amount															%												Amount															%												Amount															%												Amount															%
NET REVENUE (Notes 20, 31 and 37)						$						759,692,143												100									$						546,732,758												100									$						2,025,846,521												100									$						1,536,206,985												100
COST OF REVENUE (Notes 12, 27, 31 and 34)									320,346,477															42												250,090,294															46												913,871,108															45												692,864,282															45
GROSS PROFIT									439,345,666															58												296,642,464															54												1,111,975,413															55												843,342,703															55
OPERATING EXPENSES (Notes 27 and 31)
Research and development									52,783,826															7												51,137,762															9												146,950,466															7												131,960,076															9
General and administrative									22,890,591															3												14,998,124															3												58,317,959															3												42,637,461															3
Marketing									3,404,487															1												2,572,905															-												9,463,070															1												7,615,158															-
Total operating expenses									79,078,904															11												68,708,791															12												214,731,495															11												182,212,695															12
OTHER OPERATING INCOME AND EXPENSES, NET (Notes 14, 27 and 34)									499,527															-												131,230															-												(903,781						)									-												131,095															-
INCOME FROM OPERATIONS (Note 37)									360,766,289															47												228,064,903															42												896,340,137															44												661,261,103															43
NON-OPERATING INCOME AND EXPENSES
Share of profits of associates									1,560,733															-												1,166,970															-												3,590,959															-												3,339,974															-
Interest income (Note 21)									22,601,654															3												15,595,274															3												62,940,059															3												42,885,113															3
Other income									40,921															-												78,165															-												316,056															-												403,727															-
Foreign exchange gain (loss), net (Note 35)									202,642															-												(791,543						)									-												5,584,628															-												(1,838,720						)									-
Finance costs (Note 22)									(2,635,790						)									-												(3,111,922						)									(1			)									(7,972,185						)									-												(9,080,763						)									-
Other gains and losses, net (Note 23)									1,650,403															1												938,648															-												(3,759,023						)									-												3,919,901															-
Total non-operating income and expenses									23,420,563															4												13,875,592															2												60,700,494															3												39,629,232															3
INCOME BEFORE INCOME TAX									384,186,852															51												241,940,495															44												957,040,631															47												700,890,335															46
INCOME TAX EXPENSE (Notes 4 and 24)									59,106,682															8												31,145,221															5												159,077,760															8												101,429,019															7
NET INCOME									325,080,170															43												210,795,274															39												797,962,871															39												599,461,316															39
OTHER COMPREHENSIVE INCOME (LOSS) (Notes 19 and 24)
Items that will not be reclassified subsequently to profit or loss:
Unrealized gain/(loss) on investments in equity instruments at fair value through other comprehensive income									(1,050,696						)									-												(8,655						)									-												4,612,885															-												987,893															-
Gain on hedging instruments									5,041															-												-															-												5,041															-												39,898															-
Share of other comprehensive income (loss) of associates									(37,704						)									-												107,972															-												(40,064						)									-												62,956															-
Income tax expense related to items that will not be reclassified subsequently									-															-												-															-												(9,996						)									-												(25						)									-
									(1,083,359						)									-												99,317															-												4,567,866															-												1,090,722															-
Items that may be reclassified subsequently to profit or loss:
Exchange differences arising on translation of foreign operations									(25,381,768						)									(4			)									27,637,865															5												23,796,799															1												28,594,668															2
Unrealized gain/(loss) on investments in debt instruments at fair value through other comprehensive income									5,455,766															1												(1,856,201						)									(1			)									5,188,559															1												(1,455,025						)									-
Loss on hedging instruments									(20,291						)									-												(19,068						)									-												(59,707						)									-												(55,327						)									-
Share of other comprehensive income (loss) of associates									(26,626						)									-												187,312															-												188,752															-												237,518															-
									(19,972,919						)									(3			)									25,949,908															4												29,114,403															2												27,321,834															2
Other comprehensive income (loss), net of income tax									(21,056,278						)									(3			)									26,049,225															4												33,682,269															2												28,412,556															2
TOTAL COMPREHENSIVE INCOME						$						304,023,892												40									$						236,844,499												43									$						831,645,140												41									$						627,873,872												41
NET INCOME ATTRIBUTABLE TO:
Shareholders of the parent						$						325,257,571												43									$						210,999,939												39									$						798,587,976												39									$						599,785,521												39
Non-controlling interests									(177,401						)									-												(204,665						)									-												(625,105						)									-												(324,205						)									-
						$						325,080,170												43									$						210,795,274												39									$						797,962,871												39									$						599,461,316												39
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO:
Shareholders of the parent						$						302,100,323												40									$						237,285,511												43									$						831,764,315												41									$						629,307,238												41
Non-controlling interests									1,923,569															-												(441,012						)									-												(119,175						)									-												(1,433,366						)									-
						$						304,023,892												40									$						236,844,499												43									$						831,645,140												41									$						627,873,872												41
EARNINGS PER SHARE (NT$, Note 25)
Basic earnings per share						$						12.55																					$						8.14																					$						30.80																					$						23.13
Diluted earnings per share						$						12.54																					$						8.14																					$						30.80																					$						23.13

The accompanying notes are an integral part of the consolidated financial statements.

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Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(In Thousands of New Taiwan Dollars)

						Equity Attributable to Shareholders of the Parent
																																																																								Others
																																																																																	Unrealized
																																																																																	Gain (Loss) on
																																																																																	Financial
																																																																																	Assets at Fair
																																																																								Foreign									Value Through																		Unearned
						Capital Stock - Common Stock																														Retained Earnings																																				Currency									Other									Gain (Loss) on									Stock-Based
						Shares																														Legal Capital									Special Capital									Unappropriated																		Translation									Comprehensive									Hedging									Employee																		Treasury																		Non-controlling									Total
						(In Thousands)												Amount									Capital Surplus									Reserve									Reserve									Earnings									Total									Reserve									Income									Instruments									Compensation									Total									Stock									Total									Interests									Equity
BALANCE, JANUARY 1, 2023									25,930,380									$			259,303,805						$			69,330,328						$			311,146,899						$			3,154,310						$			2,323,223,479						$			2,637,524,688						$			(11,743,301			)			$			(10,056,353			)			$			1,479,181						$			(185,153			)			$			(20,505,626			)			$			-						$			2,945,653,195						$			14,835,672						$			2,960,488,867
Appropriations of earnings
Special capital reserve									-												-									-									-									14,074,053									(14,074,053			)						-									-									-									-									-									-									-									-									-									-
Cash dividends to shareholders									-												-									-									-									-									(226,900,972			)						(226,900,972			)						-									-									-									-									-									-									(226,900,972			)						-									(226,900,972			)
Total									-												-									-									-									14,074,053									(240,975,025			)						(226,900,972			)						-									-									-									-									-									-									(226,900,972			)						-									(226,900,972			)
Net income									-												-									-									-									-									599,785,521									599,785,521									-									-									-									-									-									-									599,785,521									(324,205			)						599,461,316
Other comprehensive income (loss), net of income tax									-												-									-									-									-									-									-									29,942,174									(434,126			)						13,669									-									29,521,717									-									29,521,717									(1,109,161			)						28,412,556
Total comprehensive income (loss)									-												-									-									-									-									599,785,521									599,785,521									29,942,174									(434,126			)						13,669									-									29,521,717									-									629,307,238									(1,433,366			)						627,873,872
Employee restricted shares retired									(419			)									(4,195			)						4,195									-									-									4,614									4,614									-									-									-									-									-									-									4,614									-									4,614
Share-based payment arrangements									2,110												21,100									564,868									-									-									-									-									-									-									-									(235,582			)						(235,582			)						-									350,386									-									350,386
Disposal of investments in equity instruments at fair value through other comprehensive income									-												-									-									-									-									118,948									118,948									-									(118,948			)						-									-									(118,948			)						-									-									-									-
Basis adjustment for loss on hedging instruments									-												-									-									-									-									-									-									-									-									(44,631			)						-									(44,631			)						-									(44,631			)						-									(44,631			)
Adjustments to share of changes in equities of associates									-												-									(1,236			)						-									-									-									-									-									-									-									-									-									-									(1,236			)						-									(1,236			)
From share of changes in equities of subsidiaries									-												-									(18,937			)						-									-									-									-									-									-									-									-									-									-									(18,937			)						11,264,847									11,245,910
Decrease in non-controlling interests									-												-									-									-									-									-									-									-									-									-									-									-									-									-									(198,703			)						(198,703			)
BALANCE, SEPTEMBER 30, 2023									25,932,071									$			259,320,710						$			69,879,218						$			311,146,899						$			17,228,363						$			2,682,157,537						$			3,010,532,799						$			18,198,873						$			(10,609,427			)			$			1,448,219						$			(420,735			)			$			8,616,930						$			-						$			3,348,349,657						$			24,468,450						$			3,372,818,107
BALANCE, JANUARY 1, 2024									25,932,071									$			259,320,710						$			69,876,381						$			311,146,899						$			-						$			2,846,883,893						$			3,158,030,792						$			(25,316,769			)			$			(4,099,928			)			$			1,395,875						$			(293,434			)			$			(28,314,256			)			$			-						$			3,458,913,627						$			24,349,220						$			3,483,262,847
Appropriations of earnings
Cash dividends to shareholders									-												-									-									-									-									(298,218,286			)						(298,218,286			)						-									-									-									-									-									-									(298,218,286			)						-									(298,218,286			)
Total									-												-									-									-									-									(298,218,286			)						(298,218,286			)						-									-									-									-									-									-									(298,218,286			)						-									(298,218,286			)
Net income									-												-									-									-									-									798,587,976									798,587,976									-									-									-									-									-									-									798,587,976									(625,105			)						797,962,871
Other comprehensive income (loss), net of income tax									-												-									-									-									-									-									-									23,487,853									9,734,732									(46,246			)						-									33,176,339									-									33,176,339									505,930									33,682,269
Total comprehensive income (loss)									-												-									-									-									-									798,587,976									798,587,976									23,487,853									9,734,732									(46,246			)						-									33,176,339									-									831,764,315									(119,175			)						831,645,140
Employee restricted shares retired									(1,402			)									(14,018			)						14,018									-									-									19,934									19,934									-									-									-									-									-									-									19,934									-									19,934
Share-based payment arrangements									5,313												53,130									2,584,257									-									-									-									-									-									-									-									(1,921,617			)						(1,921,617			)						-									715,770									-									715,770
Treasury stock acquired									-												-									-									-									-									-									-									-									-									-									-									-									(3,089,177			)						(3,089,177			)						-									(3,089,177			)
Treasury stock retired									(3,249			)									(32,490			)						(7,080			)						-									-									(3,049,607			)						(3,049,607			)						-									-									-									-									-									3,089,177									-									-									-
Disposal of investments in equity instruments at fair value through other comprehensive income									-												-									-									-									-									2,008,432									2,008,432									-									(2,008,432			)						-									-									(2,008,432			)						-									-									-									-
Basis adjustment for loss on hedging instruments									-												-									-									-									-									-									-									-									-									(9,626			)						-									(9,626			)						-									(9,626			)						-									(9,626			)
Adjustments to share of changes in equities of associates									-												-									3,433									-									-									-									-									-									-									-									-									-									-									3,433									-									3,433
From difference between the consideration received and the carrying amount of the subsidiaries' net assets during actual disposal									-												-									5,284									-									-									-									-									-									-									-									-									-									-									5,284									(4,263			)						1,021
From share of changes in equities of subsidiaries									-												-									(86,121			)						-									-									-									-									-									-									-									-									-									-									(86,121			)						6,913,938									6,827,817
Increase in non-controlling interests									-												-									-									-									-									-									-									-									-									-									-									-									-									-									763,418									763,418
BALANCE, SEPTEMBER 30, 2024									25,932,733									$			259,327,332						$			72,390,172						$			311,146,899						$			-						$			3,346,232,342						$			3,657,379,241						$			(1,828,916			)			$			3,626,372						$			1,340,003						$			(2,215,051			)			$			922,408						$			-						$			3,990,019,153						$			31,903,138						$			4,021,922,291

The accompanying notes are an integral part of the consolidated financial statements.

- 5 -

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Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Thousands of New Taiwan Dollars)

						Nine Months Ended September 30
						2024															2023
CASH FLOWS FROM OPERATING ACTIVITIES
Income before income tax						$						957,040,631									$						700,890,335
Adjustments for:
Depreciation expense									485,541,546															374,654,167
Amortization expense									6,876,767															6,888,324
Expected credit losses recognized on investments in debt instruments									35,268															41,161
Finance costs									7,972,185															9,080,763
Share of profits of associates									(3,590,959						)									(3,339,974						)
Interest income									(62,940,059						)									(42,885,113						)
Share-based compensation									735,748															355,701
Loss on disposal or retirement of property, plant and equipment, net									1,965,956															335,393
Gain on disposal or retirement of intangible assets, net									-															(2,308						)
Impairment loss on property, plant and equipment									1,150,485															-
Loss (gain) on financial instruments at fair value through profit or loss, net									139,280															(27,022						)
Loss on disposal of investments in debt instruments at fair value through other comprehensive income, net									286,502															372,631
Loss on foreign exchange, net									2,239,835															4,178,853
Dividend income									(316,056						)									(387,837						)
Others									(294,299						)									(280,262						)
Changes in operating assets and liabilities:
Financial instruments at fair value through profit or loss									(349,840						)									857,225
Notes and accounts receivable, net									(48,256,709						)									7,288,198
Receivables from related parties									221,072															1,227,701
Other receivables from related parties									(2,606						)									(13,388						)
Inventories									(41,886,842						)									(40,940,924						)
Other financial assets									(2,927,759						)									263,031
Other current assets									(1,139,833						)									(5,852,289						)
Other noncurrent assets									(2,513,775						)									(378,730						)
Accounts payable									13,407,440															(2,728,825						)
Payables to related parties									119,550															(21,214						)
Salary and bonus payable									4,513,862															(7,778,221						)
Accrued profit sharing bonus to employees and compensation to directors									(1,317,621						)									(24,040,371						)
Accrued expenses and other current liabilities									61,336,839															(34,382,658						)
Other noncurrent liabilities									11,927,551															26,776,501
Net defined benefit liability									(1,552,851						)									(705,413						)
Cash generated from operations									1,388,421,308															969,445,435
Income taxes paid									(182,449,523						)									(122,307,435						)
Net cash generated by operating activities									1,205,971,785															847,138,000

(Continued)

- 6 -

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Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Thousands of New Taiwan Dollars)

						Nine Months Ended September 30
						2024															2023
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisitions of:
Financial instruments at fair value through profit or loss						$						(1,097,618			)						$						(323,973			)
Financial assets at fair value through other comprehensive income									(64,117,242						)									(54,832,622						)
Financial assets at amortized cost									(98,056,800						)									(115,641,029						)
Property, plant and equipment									(594,058,374						)									(779,656,605						)
Intangible assets									(5,827,476						)									(3,387,581						)
Proceeds from disposal or redemption of:
Financial assets at fair value through other comprehensive income									43,454,000															28,804,766
Financial assets at amortized cost									85,696,380															89,166,171
Property, plant and equipment									639,042															391,764
Intangible assets									49,293															2,308
Proceeds from return of capital of investments in equity instruments at fair value through other comprehensive income									319,518															117,897
Derecognition of hedging financial instruments									28,704															66,776
Interest received									57,961,207															41,015,135
Proceeds from government grants - property, plant and equipment									16,043,072															20,756,650
Proceeds from government grants - others									267															1,152
Other dividends received									334,348															387,837
Dividends received from investments accounted for using equity method									2,965,201															3,076,482
Increase in prepayments for leases									(87,426						)									(50,173						)
Refundable deposits paid									(253,793						)									(4,053,259						)
Refundable deposits refunded									3,083,455															357,210
Net cash used in investing activities									(552,924,242						)									(773,801,094						)
CASH FLOWS FROM FINANCING ACTIVITIES
Increase (decrease) in hedging financial liabilities - bank loans									(26,496,570						)									27,908,580
Proceeds from issuance of bonds									34,300,000															75,900,000
Repayment of bonds									(5,250,000						)									(18,100,000						)
Proceeds from long-term bank loans									23,442,000															2,450,000
Repayment of long-term bank loans									(1,659,722						)									(1,244,444						)
Payments for transaction costs attributable to the issuance of bonds									(35,681						)									(78,448						)
Treasury stock acquired									(3,089,177						)									-
Repayment of the principal portion of lease liabilities									(2,212,890						)									(2,132,449						)
Interest paid									(12,804,370						)									(11,363,895						)
Guarantee deposits received									2,573															230,116
Guarantee deposits refunded									(36,155						)									(217,446						)
Cash dividends									(259,320,708						)									(213,925,639						)
Disposal of ownership interests in subsidiaries (without losing control)									1,021															-
Increase in non-controlling interests									7,591,192															11,046,506
Net cash used in financing activities									(245,568,487						)									(129,527,119						)

(Continued)

- 7 -

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Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Thousands of New Taiwan Dollars)

						Nine Months Ended September 30
						2024															2023
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS						$						13,873,746									$						25,182,665
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS									421,352,802															(31,007,548						)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD									1,465,427,753															1,342,814,083
CASH AND CASH EQUIVALENTS, END OF PERIOD						$						1,886,780,555									$						1,311,806,535

The accompanying notes are an integral part of the consolidated financial statements.    

(Concluded)

- 8 -

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Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023

(Amounts in Thousands of New Taiwan Dollars, Unless Specified Otherwise)

1.    GENERAL

Taiwan Semiconductor Manufacturing Company Limited (TSMC), a Republic of China (R.O.C.) corporation, was incorporated on February 21, 1987. TSMC is a dedicated foundry in the semiconductor industry which engages mainly in the manufacturing, sales, packaging, testing and computer-aided design of integrated circuits and other semiconductor devices and the manufacturing of masks.

On September 5, 1994, TSMC’s shares were listed on the Taiwan Stock Exchange (TWSE). On October 8, 1997, TSMC listed some of its shares of stock on the New York Stock Exchange (NYSE) in the form of American Depositary Shares (ADSs).

The address of its registered office and principal place of business is No. 8, Li-Hsin Rd. 6, Hsinchu Science Park, Taiwan. The principal operating activities of TSMC’s subsidiaries are described in Note 4.

2.    THE AUTHORIZATION OF FINANCIAL STATEMENTS

The accompanying consolidated financial statements were approved and authorized for issue by the Board of Directors on November 12, 2024.

3.    APPLICATION OF NEW AND REVISED INTERNATIONAL FINANCIAL REPORTING STANDARDS

a.Initial application of the amendments to the International Financial Reporting Standards (IFRS), International Accounting Standards (IAS), IFRIC Interpretations (IFRIC), and SIC Interpretations (SIC) (collectively, “IFRS Accounting Standards”) endorsed and issued into effect by the Financial Supervisory Commission (FSC)

The initial application of the amendments to the IFRS Accounting Standards endorsed and issued into effect by the FSC did not have a material impact on the accounting policies of TSMC and its subsidiaries (collectively as the “Company”).

b.The IFRS Accounting Standards issued by International Accounting Standards Board (IASB), but not yet endorsed and issued into effect by the FSC

New, Amended and Revised Standards and Interpretations						Effective Date Issued by IASB
Annual Improvements to IFRS Accounting Standards - Volume 11						January 1, 2026
Amendments to IFRS 9 and IFRS 7 “Amendments to the Classification and Measurement of Financial Instruments”						January 1, 2026
Amendments to IFRS 10 and IAS 28 “Sale or Contribution of Assets between an Investor and its Associate or Joint Venture”						To be determined by IASB
IFRS 18 “Presentation and Disclosure in Financial Statements”						January 1, 2027

- 9 -

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IFRS 18 “Presentation and Disclosure in Financial Statements”

IFRS 18 will supersede IAS 1” Presentation of Financial Statements”. The main changes comprise:

•Items of income and expenses included in the statement of profit or loss shall be classified into the operating, investing, financing, income taxes and discontinued operations categories.

•The statement of profit or loss shall present totals and subtotals for operating profit or loss, profit or loss before financing and income taxes and profit or loss.

•Provides guidance to enhance the requirements of aggregation and disaggregation: The Company shall identify the assets, liabilities, equity, income, expenses and cash flows that arise from individual transactions or other events and shall classify and aggregate them into groups based on shared characteristics, so as to result in the presentation in the primary financial statements of line items that have at least one similar characteristic. The Company shall disaggregate items with dissimilar characteristics in the primary financial statements and in the notes. The Company labels items as ”other” only if it cannot find a more informative label.

Except for the above impact, as of the date the accompanying consolidated financial statements were issued, the Company continues in evaluating the impact on its financial position and financial performance from the initial adoption of the aforementioned standards or interpretations and related applicable period. The related impact will be disclosed when the Company completes its evaluation.

4.    SUMMARY OF MATERIAL ACCOUNTING POLICY INFORMATION

Except for the following, the accounting policies applied in these consolidated financial statements are consistent with those applied in the consolidated financial statements for the year ended December 31, 2023.

For the convenience of readers, the accompanying consolidated financial statements have been translated into English from the original Chinese version prepared and used in the R.O.C. If there is any conflict between the English version and the original Chinese version or any difference in the interpretation of the two versions, the Chinese-language consolidated financial statements shall prevail.

Statement of Compliance

The accompanying consolidated financial statements have been prepared in conformity with the Regulations Governing the Preparation of Financial Reports by Securities Issuers and IAS 34, “Interim Financial Reporting,” endorsed and issued into effect by the FSC. The consolidated financial statements do not present all the disclosures required for a complete set of annual consolidated financial statements prepared under the IFRS Accounting Standards endorsed and issued into effect by the FSC (collectively, the “Taiwan-IFRS Accounting Standards”).

Basis of Consolidation

The basis of preparation and the basis for the consolidated financial statements

The basis of preparation and the basis for the consolidated financial statements applied in these consolidated financial statements are consistent with those applied in the consolidated financial statements for the year ended December 31, 2023.

- 10 -

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The subsidiaries in the consolidated financial statements

The detail information of the subsidiaries at the end of reporting period was as follows:

																		Establishment						Percentage of Ownership
Name of Investor						Name of Investee						Main Businesses and Products						and Operating Location						September 30, 2024						December 31, 2023						September 30, 2023						Note
TSMC						TSMC North America						Sales and marketing of integrated circuits and other semiconductor devices						San Jose, California, U.S.A.						100%						100%						100%						-
						TSMC Europe B.V. (TSMC Europe)						Customer service and supporting activities						Amsterdam, the Netherlands						100%						100%						100%						a)
						TSMC Japan Limited (TSMC Japan)						Customer service and supporting activities						Yokohama, Japan						100%						100%						100%						a)
						TSMC Design Technology Japan, Inc. (TSMC JDC)						Engineering support activities						Yokohama, Japan						100%						100%						100%						a)
						TSMC Japan 3DIC R&D Center, Inc. (TSMC 3DIC)						Engineering support activities						Yokohama, Japan						100%						100%						100%						a)
						TSMC Korea Limited (TSMC Korea)						Customer service and supporting activities						Seoul, Korea						100%						100%						100%						a)
						TSMC Partners, Ltd. (TSMC Partners)						Investing in companies involved in the semiconductor design and manufacturing, and other investment activities						Tortola, British Virgin Islands						100%						100%						100%						-
						TSMC Global Ltd. (TSMC Global)						Investment activities						Tortola, British Virgin Islands						100%						100%						100%						-
						TSMC China Company Limited (TSMC China)						Manufacturing, sales, testing and computer-aided design of integrated circuits and other semiconductor devices						Shanghai, China						100%						100%						100%						-
						TSMC Nanjing Company Limited (TSMC Nanjing)						Manufacturing, sales, testing and computer-aided design of integrated circuits and other semiconductor devices						Nanjing, China						100%						100%						100%						-
						VisEra Technologies Company Ltd. (VisEra Tech)						Research, design, development, manufacturing, sales, packaging and test of color filter						Hsin-Chu, Taiwan						67%						67%						68%						c)
						TSMC Arizona Corporation (TSMC Arizona)						Manufacturing, sales and testing of integrated circuits and other semiconductor devices						Phoenix, Arizona, U.S.A.						100%						100%						100%						d)
						Japan Advanced Semiconductor Manufacturing, Inc. (JASM)						Manufacturing, sales, testing and computer-aided design of integrated circuits and other semiconductor devices						Kumamoto, Japan						73%						71%						71%						e)
						European Semiconductor Manufacturing Company (ESMC) GmbH (ESMC)						Manufacturing, sales and testing of integrated circuits and other semiconductor devices						Dresden, Germany						70%						100%						100%						a), f)
						VentureTech Alliance Fund II, L.P. (VTAF II)						Investing in technology start-up companies						Cayman Islands						98%						98%						98%						b)
						VentureTech Alliance Fund III, L.P. (VTAF III)						Investing in technology start-up companies						Cayman Islands						98%						98%						98%						b)
						Emerging Fund, L.P. (Emerging Fund)						Investing in technology start-up companies						Cayman Islands						99.9%						99.9%						99.9%						b)
TSMC Partners						TSMC Development, Inc. (TSMC Development)						Investing in companies involved in semiconductor manufacturing						Delaware, U.S.A.						100%						100%						100%						-
						TSMC Technology, Inc. (TSMC Technology)						Engineering support activities						Delaware, U.S.A.						100%						100%						100%						a)
						TSMC Design Technology Canada Inc. (TSMC Canada)						Engineering support activities						Ontario, Canada						100%						100%						100%						a)
VTAF III						Growth Fund Limited (Growth Fund)						Investing in technology start-up companies						Cayman Islands						100%						100%						100%						b)
TSMC Development						TSMC Washington, LLC (TSMC Washington)						Manufacturing, sales and testing of integrated circuits and other semiconductor devices						Washington, U.S.A.						100%						100%						100%						-

Note a:    This is an immaterial subsidiary for which the consolidated financial statements are neither reviewed nor audited by the Company’s independent auditors.

Note b:    This is an immaterial subsidiary for which the consolidated financial statements for the year ended, are audited by the Company’s independent auditors.

Note c:    As VisEra’s employees continue to exercise their employee share options, TSMC’s ownership in VisEra continues to decline. This transaction was accounted for as an equity transaction since the transaction did not change TSMC’s control over VisEra.

Note d:    TSMC Arizona signed an agreement with the U.S. Department of Commerce in November 2024, based on the “CHIPS and Science Act,” which could provide a subsidy of up to US$6.6 billion, aligned with the construction schedule of the TSMC Arizona facility. The contract also includes the construction timeline and other conditions that TSMC Arizona must comply with. TSMC Arizona is also eligible to apply for a 25% investment grant for qualified investments.

Note e:    JASM has increased its capital and converted its preferred shares to common shares in July 2024. The increase in capital, resulted in changes in shareholding rights from 71% to 73% and voting rights from 81% to 73%, respectively.

Note f:    ESMC was established in June 2023. TSMC sold its 10% shares to Robert Bosch GmbH, Infineon Technologies AG and NXP Semiconductors N.V. in January 2024, respectively. After selling shares, TSMC’s shareholding in ESMC decreased from 100% to 70%. This transaction was accounted for as an equity transaction since the transaction did not change TSMC’s control over ESMC.

Retirement Benefits

Pension cost for an interim period is calculated on a year-to-date basis by using the actuarially determined pension cost rate at the end of the prior financial year.

- 11 -

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Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax. The interim period income tax expense is accrued using the tax rate that would be applicable to expected total annual earnings, that is, the estimated average annual effective income tax rate applied to the pre-tax income of the interim period.

5.    MATERIAL ACCOUNTING JUDGMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The same material accounting judgments and key sources of estimates and uncertainty have been followed in these consolidated financial statements as were applied in the preparation of the Company’s consolidated financial statements for the year ended December 31, 2023.

6.    CASH AND CASH EQUIVALENTS

						September 30, 2024															December 31, 2023															September 30, 2023
Cash and deposits in banks						$						1,879,710,837									$						1,453,101,566									$						1,297,689,297
Money market funds									4,455,181															10,898,720															3,336,162
Repurchase agreements									2,614,537															1,346,719															1,229,906
Government bonds/Agency bonds									-															50,787															142,392
Commercial paper									-															29,961															9,408,778
						$						1,886,780,555									$						1,465,427,753									$						1,311,806,535

Deposits in banks consisted of highly liquid time deposits that were readily convertible to known amounts of cash and were subject to an insignificant risk of changes in value.

7.    FINANCIAL ASSETS AND LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS

						September 30, 2024															December 31, 2023															September 30, 2023
Financial assets
Mandatorily measured at FVTPL
Convertible preferred stocks						$						13,692,780									$						13,307,160									$						-
Forward exchange contracts									971,386															701,182															147,504
Mutual funds									775,317															110,297															111,637
Simple agreement for future equity									126,552															-															-
Convertible bonds									-															223,454															231,022
						$						15,566,035									$						14,342,093									$						490,163
Current						$						971,386									$						924,636									$						378,526
Noncurrent									14,594,649															13,417,457															111,637
						$						15,566,035									$						14,342,093									$						490,163

(Continued)

- 12 -

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						September 30, 2024												December 31, 2023												September 30, 2023
Financial liabilities
Held for trading
Forward exchange contracts						$			34,277									$			121,412									$			132,768

(Concluded)

The Company entered into forward exchange contracts to manage exposures due to fluctuations of foreign exchange rates. These forward exchange contracts did not meet the criteria for hedge accounting. Therefore, the Company did not apply hedge accounting treatment for these forward exchange contracts.

Outstanding forward exchange contracts consisted of the following:

Contract Amount

Maturity Date

(In Thousands)

September 30, 2024

Sell NT$

October 2024 to November 2024

NT$

5,984,214

Sell US$

October 2024 to December 2024

US$

2,608,500

December 31, 2023

Sell NT$

January 2024

NT$

26,251,763

Sell US$

January 2024 to March 2024

US$

1,112,000

Sell JPY

January 2024

JPY

20,000,000

September 30, 2023

Sell NT$

October 2023

NT$

10,026,983

Sell US$

October 2023 to November 2023

US$

173,000

8.    FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME

						September 30, 2024															December 31, 2023															September 30, 2023
Investments in debt instruments at FVTOCI
Corporate bonds						$						106,675,983									$						79,605,567									$						80,389,109
Agency mortgage-backed securities									43,708,974															37,959,691															36,337,585
Government bonds/Agency bonds									20,873,108															22,338,901															24,061,844
Asset-backed securities									11,539,314															9,898,766															10,419,593
									182,797,379															149,802,925															151,208,131
Investments in equity instruments at FVTOCI
Non-publicly traded equity investments									7,502,973															7,208,655															7,933,799
Publicly traded stocks									6,851,935															4,727,905															3,630,259
									14,354,908															11,936,560															11,564,058
						$						197,152,287									$						161,739,485									$						162,772,189

(Continued)

- 13 -

---

						September 30, 2024															December 31, 2023															September 30, 2023
Current						$						189,649,314									$						154,530,830									$						154,838,390
Noncurrent									7,502,973															7,208,655															7,933,799
						$						197,152,287									$						161,739,485									$						162,772,189

(Concluded)

These investments in equity instruments are held for medium to long-term purposes and therefore are accounted for as FVTOCI. For dividends recognized from these investments, please refer to consolidated statements of cash flows. All of the dividends are mainly from investments held at the end of the reporting period.

For the nine months ended September 30, 2024 and 2023, as the Company adjusted its investment portfolio, equity investments designated at FVTOCI were divested for NT$3,486,190 thousand and NT$189,390 thousand, respectively. The related other equity-unrealized gain/loss on financial assets at FVTOCI of NT$2,008,432 thousand and NT$118,948 thousand were transferred to increase retained earnings, respectively.

As of September 30, 2024 and 2023, the cumulative loss allowance for expected credit loss of NT$61,721 thousand and NT$49,497 thousand was recognized under investments in debt instruments at FVTOCI, respectively. Refer to Note 30 for information relating to the credit risk management and expected credit loss.

9.    FINANCIAL ASSETS AT AMORTIZED COST

						September 30, 2024															December 31, 2023															September 30, 2023
Corporate bonds						$						137,366,565									$						113,851,856									$						126,268,615
Commercial paper									22,978,287															18,387,835															22,166,254
Government bonds/Agency bonds									4,225,749															13,803,559															15,297,477
Less: Allowance for impairment loss									(106,442						)									(82,662						)									(91,606						)
						$						164,464,159									$						145,960,588									$						163,640,740
Current						$						90,197,355									$						66,761,221									$						84,261,089
Noncurrent									74,266,804															79,199,367															79,379,651
						$						164,464,159									$						145,960,588									$						163,640,740

Refer to Note 30 for information relating to credit risk management and expected credit loss for financial assets at amortized cost.

10.    HEDGING FINANCIAL INSTRUMENTS

						September 30, 2024												December 31, 2023												September 30, 2023
Financial assets - current
Fair value hedges
Interest rate futures contracts						$			1,079									$			-									$			37,451

(Continued)

- 14 -

---

						September 30, 2024															December 31, 2023															September 30, 2023
Financial liabilities - current
Fair value hedges
Interest rate futures contracts						$						1,875									$						43,764									$						-
Hedges of net investments in foreign operations
Bank loans									-															27,290,400															26,879,550
						$						1,875									$						27,334,164									$						26,879,550

(Concluded)

Fair value hedge

The Company entered into interest rate futures contracts, which are used to partially hedge against the fair value changes caused by interest rate fluctuation in the Company’s fixed income investments. The hedge ratio is adjusted in response to the changes in the financial market and capped at 100%.

On the basis of economic relationships, the value of the interest rate futures contracts and the value of the hedged financial assets change in opposite directions in response to movements in interest rates.

The main source of hedge ineffectiveness in these hedging relationships is the credit risk of the hedged financial assets, which is not reflected in the fair value of the interest rate futures contracts. No other sources of ineffectiveness emerged from these hedging relationships during the hedging period. Amount of hedge ineffectiveness recognized in profit or loss is classified under other gains and losses, net.

The following tables summarize the information relating to the hedges of interest rate risks.

September 30, 2024

Hedging Instruments

Contract Amount (US$ in Thousands)

Maturity

Interest rate futures contracts - US Treasury futures

US$    48,300

December 2024

Hedged Items

Asset Carrying Amount

Accumulated Amount of Fair Value Hedge Adjustments

Financial assets at FVTOCI

$    3,881,468

$    796

December 31, 2023

Hedging Instruments

Contract Amount (US$ in Thousands)

Maturity

Interest rate futures contracts - US Treasury futures

US$    48,600

March 2024

Hedged Items

Asset Carrying Amount

Accumulated Amount of Fair Value Hedge Adjustments

Financial assets at FVTOCI

$    3,959,523

$    43,764

- 15 -

---

September 30, 2023

Hedging Instruments

Contract Amount (US$ in Thousands)

Maturity

Interest rate futures contracts - US Treasury futures

US$    54,400

December 2023

Hedged Items

Asset Carrying Amount

Accumulated Amount of Fair Value Hedge Adjustments

Financial assets at FVTOCI

$    3,615,318

$    (37,451)

The effect for the nine months ended September 30, 2024 and 2023 is detailed below:

						Change in Value Used for Calculating Hedge Ineffectiveness
						Nine Months Ended September 30
Hedging Instruments/Hedged Items						2024															2023
Hedging Instruments
Interest rate futures contracts - US Treasury futures						$						72,897									$						101,369
Hedged Items
Financial assets at FVTOCI									(72,897						)									(101,369						)
						$						-									$						-

Cash flow hedge

The Company entered into forward contracts to partially hedge foreign exchange rate risks associated with certain highly probable forecast transactions (capital expenditures). The hedge ratio is adjusted in response to the changes in the financial market and capped at 100%. The forward contracts have maturities of 12 months or less.

On the basis of economic relationships, the Company expects that the value of forward contracts and the value of hedged transactions will change in opposite directions in response to movements in foreign exchange rates.

The main source of hedge ineffectiveness in these hedging relationships is driven by the effect of the counterparty’s own credit risk on the fair value of forward contracts. No other sources of ineffectiveness have emerged from these hedging relationships during the hedging period. Refer to Note 19 (d) for gain or loss arising from changes in the fair value of hedging instruments and hedged item affects profit or loss, and the amount transferred to initial carrying amount of hedged items.

The effect for the nine months ended September 30, 2024 and 2023 is detailed below:

						Change in Value Used for Calculating Hedge Ineffectiveness
						Nine Months Ended September 30
Hedging Instruments/Hedged Items						2024												2023
Hedging Instruments
Forward exchange contracts						$			5,042									$			39,898

(Continued)

- 16 -

---

						Change in Value Used for Calculating Hedge Ineffectiveness
						Nine Months Ended September 30
Hedging Instruments/Hedged Items						2024												2023
Hedged Items
Forecast transaction (capital expenditures)						$			(5,042			)						$			(39,898			)

(Concluded)

Hedges of net investments in foreign operations

TSMC has designated the bank loans denominated in foreign currency as a hedge of net investments in foreign operations to manage its foreign currency risk arising from investment in overseas subsidiaries.

The main source of hedge ineffectiveness in these hedging relationships is driven by the material difference between the notional amount of bank loans denominated in foreign currency and the net investment in foreign operations. No other sources of ineffectiveness have emerged from these hedging relationships during the hedging period. Refer to Note 19 (d) for gain or loss arising from changes in the fair value of hedging instruments.

The following tables summarize the information relating to the hedges of net investments in foreign operations.

December 31, 2023

Hedging Instruments

Contract Amount (In Thousands)

Annual Interest Rate

Maturity

Balance in Other Equity (Continuing Hedges)

Bank loans

JPY    124,500,000

0%

Due by April 2024

$

618,180

September 30, 2023

Hedging Instruments

Contract Amount (In Thousands)

Annual Interest Rate

Maturity

Balance in Other Equity (Continuing Hedges)

Bank loans

JPY    124,500,000

0%-0.06%

Due by February 2024

$

1,029,030

The effect for the nine months ended September 30, 2024 and 2023 is detailed below:

						Change in Value Used for Calculating Hedge Ineffectiveness
						Nine Months Ended September 30
Hedging Instruments/Hedged Items						2024															2023
Hedging Instruments
Bank loans						$						793,830									$						1,029,030
Hedged Items
Net investments in foreign operations						$						(793,830			)						$						(1,029,030			)

- 17 -

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11.    NOTES AND ACCOUNTS RECEIVABLE, NET

						September 30, 2024															December 31, 2023															September 30, 2023
At amortized cost
Notes and accounts receivable						$						244,095,134									$						196,434,151									$						218,688,626
Less: Loss allowance									(496,026						)									(531,554						)									(752,380						)
									243,599,108															195,902,597															217,936,246
At FVTOCI									5,971,465															5,411,317															4,531,407
						$						249,570,573									$						201,313,914									$						222,467,653

The Company signed a contract with the bank to sell certain accounts receivable without recourse and transaction cost required. These accounts receivable are classified as at FVTOCI because they are held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets.

In principle, the payment term granted to customers is due 30 days from the invoice date or 15 days from the end of the month when the invoice is issued. Aside from recognizing impairment loss for credit-impaired accounts receivable, the Company recognizes loss allowance based on the expected credit loss ratio of customers by different risk levels with consideration of factors of historical loss ratios and customers’ financial conditions, competitiveness and business outlook. For accounts receivable past due over 90 days without collaterals or guarantees, the Company recognizes loss allowance at full amount.

Aging analysis of notes and accounts receivable

						September 30, 2024															December 31, 2023															September 30, 2023
Not past due						$						236,368,821									$						183,188,499									$						207,436,935
Past due
Past due within 30 days									13,695,921															18,641,148															15,751,218
Past due over 31 days									1,857															15,821															31,880
Less: Loss allowance									(496,026						)									(531,554						)									(752,380						)
						$						249,570,573									$						201,313,914									$						222,467,653

All of the Company’s accounts receivable classified as at FVTOCI were not past due.

Movements of the loss allowance for accounts receivable

						Nine Months Ended September 30
						2024															2023
Balance, beginning of period						$						531,554									$						331,646
Provision (Reversal)									(35,578						)									420,698
Effect of exchange rate changes									50															36
Balance, end of period						$						496,026									$						752,380

For the nine months ended September 30, 2024 and 2023, the changes in loss allowance were mainly due to the variations in the balance of accounts receivable of different risk levels.

- 18 -

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12.    INVENTORIES

						September 30, 2024															December 31, 2023															September 30, 2023
Finished goods						$						34,782,721									$						34,511,032									$						35,048,480
Work in process									190,951,410															156,498,469															171,354,152
Raw materials									43,402,647															38,818,273															35,076,818
Supplies and spare parts									23,747,152															21,169,314															20,610,622
						$						292,883,930									$						250,997,088									$						262,090,072

Write-down of inventories to net realizable value (excluding earthquake losses) and reversal of write-down of inventories resulting from the increase in net realizable value were included in the cost of revenue, which were as follows. Please refer to related earthquake losses in Note 34.

						Three Months Ended September 30																								Nine Months Ended September 30
						2024												2023												2024												2023
Net inventory losses (reversal of write-down of inventories)						$			137,620									$			(1,090,783			)						$			(1,898,656			)						$			1,830,238

13.    INVESTMENTS ACCOUNTED FOR USING EQUITY METHOD

Associates consisted of the following:

												Place of						Carrying Amount																																													% of Ownership and Voting Rights Held by the Company
Name of Associate						Principal Activities						Incorporation and Operation						September 30, 2024															December 31, 2023															September 30, 2023															September 30, 2024						December 31, 2023						September 30, 2023
Vanguard International Semiconductor Corporation (VIS)						Manufacturing, sales, packaging, testing and computer-aided design of integrated circuits and other semiconductor devices and the manufacturing and design service of masks						Hsinchu, Taiwan						$						13,105,023									$						13,590,430									$						13,103,470									28%						28%						28%
Systems on Silicon Manufacturing Company Pte Ltd. (SSMC)						Manufacturing and sales of integrated circuits and other semiconductor devices						Singapore									10,713,507															9,728,801															9,985,558												39%						39%						39%
Xintec Inc. (Xintec)						Wafer level chip size packaging and wafer level post passivation interconnection service						Taoyuan, Taiwan									4,028,681															3,759,701															3,580,425												41%						41%						41%
Global Unichip Corporation (GUC)						Researching, developing, manufacturing, testing and marketing of integrated circuits						Hsinchu, Taiwan									3,120,705															2,537,706															2,238,136												35%						35%						35%
Mutual-Pak Technology Co., Ltd. (Mutual-Pak)						Manufacturing of electronic parts, wholesaling and retailing of electronic materials, and researching, developing and testing of RFID						New Taipei, Taiwan									-															-															13,969												-						-						28%
																		$						30,967,916									$						29,616,638									$						28,921,558

Due to the decrease in shareholding to 17%, the Company consequently ceased to have significant influence over Mutual-Pak. Therefore, the investment in Mutual-Pak was classified as financial assets at FVTOCI starting November 2023.

- 19 -

---

The market prices of the associates’ ownership held by the Company in publicly traded stocks calculated by the closing price are summarized as follows. The closing price represents the quoted price in active markets, the level 1 fair value measurement.

Name of Associate						September 30, 2024												December 31, 2023												September 30, 2023
GUC						$			51,356,645									$			81,236,875									$			63,728,928
VIS						$			48,047,132									$			37,834,215									$			31,567,198
Xintec						$			22,868,436									$			14,188,445									$			13,075,626

14.    PROPERTY, PLANT AND EQUIPMENT

						September 30, 2024															December 31, 2023															September 30, 2023
Assets used by the Company						$						3,071,391,628									$						3,064,424,259									$						3,132,660,998
Assets subject to operating leases									207,699															50,725															3,369
						$						3,071,599,327									$						3,064,474,984									$						3,132,664,367

Assets used by the Company

						Land and Land Improvements															Buildings															Machinery and Equipment															Office Equipment															Equipment under Installation and Construction in Progress															Total
Cost
Balance at January 1, 2024						$						7,621,997									$						817,822,975									$						5,384,985,648									$						99,825,084									$						908,289,751									$						7,218,545,455
Additions									5,484,191															48,758,424															377,421,855															8,643,558															35,057,655															475,365,683
Disposals or retirements									(278,309						)									(91,915						)									(26,826,751						)									(7,421,476						)									-															(34,618,451						)
Transfers from assets subject to operating leases									-															-															39,825															-															-															39,825
Transfers to assets subject to operating leases									-															(197,752						)									-															-															-															(197,752						)
Effect of exchange rate changes									312,178															1,909,176															10,202,055															249,669															14,508,576															27,181,654
Balance at September 30, 2024						$						13,140,057									$						868,200,908									$						5,745,822,632									$						101,296,835									$						957,855,982									$						7,686,316,414
Accumulated depreciation   and impairment
Balance at January 1, 2024						$						558,074									$						387,013,911									$						3,699,008,492									$						66,749,979									$						790,740									$						4,154,121,196
Additions									8,647															38,602,180															435,226,444															8,941,089															-															482,778,360
Disposals or retirements									-															(89,743						)									(24,295,865						)									(7,420,365						)									-															(31,805,973						)
Transfers from assets subject to operating leases									-															-															37,614															-															-															37,614
Transfers to assets subject to operating leases									-															(14,367						)									-															-															-															(14,367						)
Impairment									-															47,539															1,102,946															-															-															1,150,485
Effect of exchange rate changes									15,996															1,110,773															7,357,006															173,696															-															8,657,471
Balance at September 30, 2024						$						582,717									$						426,670,293									$						4,118,436,637									$						68,444,399									$						790,740									$						4,614,924,786
Carrying amounts at January 1, 2024						$						7,063,923									$						430,809,064									$						1,685,977,156									$						33,075,105									$						907,499,011									$						3,064,424,259
Carrying amounts at September 30, 2024						$						12,557,340									$						441,530,615									$						1,627,385,995									$						32,852,436									$						957,065,242									$						3,071,391,628

(Continued)

- 20 -

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						Land and Land Improvements															Buildings															Machinery and Equipment															Office Equipment															Equipment under Installation and Construction in Progress															Total
Cost
Balance at January 1, 2023						$						7,661,817									$						637,046,949									$						4,295,942,530									$						85,028,040									$						1,336,842,608									$						6,362,521,944
Additions (deductions)									-															165,720,355															938,930,779															14,788,418															(322,659,640						)									796,779,912
Disposals or retirements									-															(484,812						)									(19,043,355						)									(529,565						)									-															(20,057,732						)
Transfers from right-of-use assets									-															-															4,444															-															-															4,444
Transfers from assets subject to operating leases									-															-															80,370															-															-															80,370
Transfers to assets subject to operating leases									-															-															(14,592						)									-															-															(14,592						)
Effect of exchange rate changes									135,207															365,755															2,727,400															107,811															14,648,846															17,985,019
Balance at September 30, 2023						$						7,797,024									$						802,648,247									$						5,218,627,576									$						99,394,704									$						1,028,831,814									$						7,157,299,365
Accumulated depreciation   and impairment
Balance at January 1, 2023						$						556,161									$						342,938,359									$						3,264,880,880									$						59,540,116									$						790,740									$						3,668,706,256
Additions									979															32,551,748															331,772,027															7,730,495															-															372,055,249
Disposals or retirements									-															(482,318						)									(18,272,627						)									(528,515						)									-															(19,283,460						)
Transfers from right-of-use assets									-															-															1,851															-															-															1,851
Transfers from assets subject to operating leases									-															-															53,537															-															-															53,537
Transfers to assets subject to operating leases									-															-															(1,702						)									-															-															(1,702						)
Effect of exchange rate changes									28,436															383,964															2,598,645															95,591															-															3,106,636
Balance at September 30, 2023						$						585,576									$						375,391,753									$						3,581,032,611									$						66,837,687									$						790,740									$						4,024,638,367
Carrying amounts at January 1, 2023						$						7,105,656									$						294,108,590									$						1,031,061,650									$						25,487,924									$						1,336,051,868									$						2,693,815,688
Carrying amounts at September 30, 2023						$						7,211,448									$						427,256,494									$						1,637,594,965									$						32,557,017									$						1,028,041,074									$						3,132,660,998

(Concluded)

The significant part of the Company’s buildings includes main plants, mechanical and electrical power equipment and clean rooms, and the related depreciation is calculated using the estimated useful lives of 20 years, 10 years and 10 years, respectively.

In the second quarter of 2024, the Company recognized an impairment loss due to partial plant facilities and machinery and equipment damage caused by an earthquake, which rendered them unusable. Please refer to the related earthquake losses in Note 34.

Information about capitalized interest is set out in Note 22.

15.    LEASE ARRANGEMENTS

a.    Right-of-use assets

						September 30, 2024															December 31, 2023															September 30, 2023
Carrying amounts
Land						$						36,725,766									$						37,437,179									$						38,056,493
Buildings									2,929,760															2,946,008															3,163,900
Office equipment									43,223															41,643															34,318
						$						39,698,749									$						40,424,830									$						41,254,711

- 21 -

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						Nine Months Ended September 30
						2024												2023
Additions to right-of-use assets						$			3,214,068									$			2,006,983

						Three Months Ended September 30																														Nine Months Ended September 30
						2024															2023															2024															2023
Depreciation of right-of-use assets
Land						$						639,841									$						618,681									$						1,874,273									$						1,838,310
Buildings									242,627															256,734															846,997															738,607
Machinery and equipment									-															-															-															369
Office equipment									5,822															5,632															17,716															17,663
						$						888,290									$						881,047									$						2,738,986									$						2,594,949

b.    Lease liabilities

						September 30, 2024															December 31, 2023															September 30, 2023
Carrying amounts
Current portion (classified under accrued expenses and other current liabilities)						$						2,899,784									$						2,810,551									$						2,775,196
Noncurrent portion									28,208,721															28,681,835															29,415,325
						$						31,108,505									$						31,492,386									$						32,190,521

Ranges of discount rates for lease liabilities are as follows:

						September 30, 2024						December 31, 2023						September 30, 2023
Land						0.39%-2.30%						0.39%-2.30%						0.39%-2.30%
Buildings						0.40%-6.52%						0.57%-6.52%						0.47%-6.52%
Office equipment						0.28%-6.45%						0.28%-7.13%						0.28%-7.13%

c.    Material terms of right-of-use assets

The Company leases land and buildings mainly for the use of plants and offices with lease terms of 1 to 36 years. The lease contracts for land located in the R.O.C. specify that lease payments will be adjusted every 2 years on the basis of changes in announced land value prices. The Company does not have purchase options to acquire the leasehold land and buildings at the end of the lease terms.

d.    Other lease information

						Three Months Ended September 30																								Nine Months Ended September 30
						2024												2023												2024												2023
Expenses relating to short-term leases						$			62,182									$			155,708									$			121,651									$			1,170,143

- 22 -

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						Nine Months Ended September 30
						2024												2023
Total cash outflow for leases						$			2,613,735									$			4,052,060

16.    INTANGIBLE ASSETS

						Goodwill															Technology License Fees															Software and System Design Costs															Patent and Others															Total
Cost
Balance at January 1, 2024						$						5,796,438									$						26,221,351									$						49,317,031									$						12,347,434									$						93,682,254
Additions									-															764,988															4,424,018															949,425															6,138,431
Disposals or retirements									-															(32,460						)									(4,420,290						)									(202,681						)									(4,655,431						)
Effect of exchange rate changes									120,986															585															54,399															19,900															195,870
Balance at September 30, 2024						$						5,917,424									$						26,954,464									$						49,375,158									$						13,114,078									$						95,361,124
Accumulated amortization and   impairment
Balance at January 1, 2024						$						-									$						20,490,070									$						39,846,671									$						10,578,769									$						70,915,510
Additions									-															2,078,442															4,068,778															729,547															6,876,767
Disposals or retirements									-															(32,460						)									(4,420,290						)									(102,000						)									(4,554,750						)
Effect of exchange rate changes									-															488															22,532															17,546															40,566
Balance at September 30, 2024						$						-									$						22,536,540									$						39,517,691									$						11,223,862									$						73,278,093
Carrying amounts at January 1, 2024						$						5,796,438									$						5,731,281									$						9,470,360									$						1,768,665									$						22,766,744
Carrying amounts at September 30, 2024						$						5,917,424									$						4,417,924									$						9,857,467									$						1,890,216									$						22,083,031
Cost
Balance at January 1, 2023						$						5,791,821									$						25,759,019									$						48,675,794									$						11,701,892									$						91,928,526
Additions									-															401,909															3,575,195															102,337															4,079,441
Disposals or retirements									-															-															(54,677						)									-															(54,677						)
Effect of exchange rate changes									212,914															2,863															7,445															27,499															250,721
Balance at September 30, 2023						$						6,004,735									$						26,163,791									$						52,203,757									$						11,831,728									$						96,204,011
Accumulated amortization and   impairment
Balance at January 1, 2023						$						-									$						17,696,437									$						38,838,394									$						9,394,540									$						65,929,371
Additions									-															2,105,832															3,923,467															859,025															6,888,324
Disposals or retirements									-															-															(54,677						)									-															(54,677						)
Effect of exchange rate changes									-															2,863															91															27,470															30,424
Balance at September 30, 2023						$						-									$						19,805,132									$						42,707,275									$						10,281,035									$						72,793,442
Carrying amounts at January 1, 2023						$						5,791,821									$						8,062,582									$						9,837,400									$						2,307,352									$						25,999,155
Carrying amounts at September 30, 2023						$						6,004,735									$						6,358,659									$						9,496,482									$						1,550,693									$						23,410,569

The Company’s goodwill has been tested for impairment at the end of the annual reporting period and the recoverable amount is determined based on the value in use. The value in use was calculated based on the cash flow forecast from the financial budgets covering the future five-year period, and the Company used annual discount rate of 9.0% in its test of impairment as of December 31, 2023 to reflect the relevant specific risk in the cash-generating unit.

- 23 -

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17.    BONDS PAYABLE

						September 30, 2024															December 31, 2023															September 30, 2023
Domestic unsecured bonds						$						478,026,000									$						447,194,000									$						440,462,000
Overseas unsecured bonds									490,389,000															476,578,500															500,355,500
Less: Discounts on bonds payable									(2,699,763						)									(2,874,947						)									(3,090,167						)
Less: Current portion									(56,011,649						)									(6,997,710						)									(5,247,910						)
						$						909,703,588									$						913,899,843									$						932,479,423

The Company issued domestic unsecured bonds for the nine months ended September 30, 2024. The major terms are as follows:

Issuance

Tranche

Issuance Period

Total Amount

Coupon Rate

Repayment and Interest Payment

NT$ unsecured   bonds

113-1 (Green bond)

A

March 2024 to March 2029

$

12,000,000

1.64%

Bullet repayment; interest payable annually

B

March 2024 to March 2034

10,800,000

1.76%

The same as above

113-2 (Green bond)

A

May 2024 to May 2029

4,900,000

1.98%

The same as above

B

May 2024 to May 2034

6,600,000

2.10%

The same as above

The major terms of overseas unsecured bonds are as follows:

Issuance Period						Total Amount (US$ in Thousands)															Coupon Rate												Repayment and Interest Payment
September 2020 to September 2025						US$						1,000,000												0.75%									Bullet repayment (callable at any time, in whole or in part, at the relevant redemption price according to relevant agreements); interest payable semi-annually
September 2020 to September 2027									750,000															1.00%									The same as above
September 2020 to September 2030									1,250,000															1.375%									The same as above
April 2021 to April 2026									1,100,000															1.25%									The same as above
April 2021 to April 2028									900,000															1.75%									The same as above
April 2021 to April 2031									1,500,000															2.25%									The same as above

(Continued)

- 24 -

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Issuance Period						Total Amount (US$ in Thousands)															Coupon Rate												Repayment and Interest Payment
October 2021 to October 2026						US$						1,250,000												1.75%									Bullet repayment (callable at any time, in whole or in part, at the relevant redemption price according to relevant agreements); interest payable semi-annually
October 2021 to October 2031									1,250,000															2.50%									The same as above
October 2021 to October 2041									1,000,000															3.125%									The same as above
October 2021 to October 2051									1,000,000															3.25%									The same as above
April 2022 to April 2027									1,000,000															3.875%									The same as above
April 2022 to April 2029									500,000															4.125%									The same as above
April 2022 to April 2032									1,000,000															4.25%									The same as above
April 2022 to April 2052									1,000,000															4.50%									The same as above
July 2022 to July 2027									400,000															4.375%									The same as above
July 2022 to July 2032									600,000															4.625%									The same as above

(Concluded)

18.    LONG-TERM BANK LOANS

						September 30, 2024															December 31, 2023															September 30, 2023
NT$ unsecured loans						$						5,046,667									$						6,706,389									$						7,218,889
JPY unsecured loans									24,219,800															-															-
Less: Discounts on government grants									(13,456						)									(27,868						)									(33,617						)
Less: Current portion									(2,793,334						)									(2,295,556						)									(2,172,222						)
						$						26,459,677									$						4,382,965									$						5,013,050
Loan content
Annual interest rate									0.13%-1.48%															1.15%-1.35%															1.15%-1.35%
Maturity date									Due by December 2030															Due by December 2027															Due by December 2027

The long-term bank loans of the Company are used for plants setup, procurement of machinery and equipment, and operating capital. The partial long-term bank loans are with preferential interest rates subsidized by the government, and the loans are used to fund capital expenditure qualifying for the subsidy.

The Company is required to maintain certain financial covenants during the borrowing period, including the annual equity of the subsidiary receiving the partial loan not to fall below a specific amount; its debt-to-equity ratio must not exceed a certain ratio; and the ratio of the Company’s annual debt to earnings before interest, taxes, depreciation, and amortization (EBITDA) not to exceed a certain multiple.

- 25 -

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19.    EQUITY

a.    Capital stock

						September 30, 2024												December 31, 2023												September 30, 2023
Authorized shares (in thousands)									28,050,000												28,050,000												28,050,000
Authorized capital						$			280,500,000									$			280,500,000									$			280,500,000
Issued and paid shares (in thousands)									25,932,733												25,932,071												25,932,071
Issued capital						$			259,327,332									$			259,320,710									$			259,320,710

The par value of issued common shares is NT$10 per share. A holder of common shares has one vote for each common share and is entitled to receive dividends.

The authorized shares include 500,000 thousand shares allocated for the exercise of employee stock options.

On September 1, 2024, March 1, 2024 and March 1, 2023, the Company issued employee restricted stock awards (RSAs) for its employees in a total of 2,353 thousand shares, 2,960 thousand shares and 2,110 thousand shares, respectively, with a par value of NT$10 per share. The aforementioned issuance of new shares was approved by the relevant authority and the registration has been completed.

During the first quarter of 2024 and 2023, TSMC reclaimed 1,402 thousand and 419 thousand employee restricted shares, respectively, that were unvested. On June 5, 2024 and May 9, 2023, TSMC’s Board of Directors resolved to cancel the aforementioned shares. Subsequently, TSMC completed the registration for share cancellation. Refer to Note 26 for information on RSAs.

On August 13, 2024, TSMC’s Board of Directors resolved to cancel 3,249 thousand treasury shares. Refer to Note 19(e) for the information.

As of September 30, 2024, TSMC’s total issued and outstanding ADSs were 1,062,819 thousand units, representing 5,314,096 thousand common shares.

b.    Capital surplus

The categories of uses and the sources of capital surplus based on regulations were as follows:

						September 30, 2024															December 31, 2023															September 30, 2023
May be used to offset a deficit, distributed as   cash dividends, or transferred to share   capital
Additional paid-in capital						$						24,809,704									$						24,406,854									$						24,406,854
From merger									22,800,434															22,803,291															22,803,291
From convertible bonds									8,891,257															8,892,371															8,892,371
From difference between the consideration received and the carrying amount of the subsidiaries’ net assets during actual disposal									8,411,566															8,406,282															8,406,282
Donations - donated by shareholders									11,275															11,275															11,275

(Continued)

- 26 -

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						September 30, 2024															December 31, 2023															September 30, 2023
May only be used to offset a deficit
From share of changes in equities of subsidiaries						$						4,113,816									$						4,199,936									$						4,210,955
From share of changes in equities of associates									305,828															302,396															310,627
Donations - unclaimed dividend									70,093															70,093															53,680
May not be used for any purpose
Employee restricted shares									2,976,199															783,883															783,883
						$						72,390,172									$						69,876,381									$						69,879,218

(Concluded)

If such capital surplus is distributed as transferred to share capital, it is limited to a certain percentage of the Company’s paid-in capital each year.

c.    Retained earnings and dividend policy

TSMC’s Articles of Incorporation provide that, earnings distribution may be made on a quarterly basis after the close of each quarter. Distribution of earnings by way of cash dividends should be approved by TSMC’s Board of Directors and reported to TSMC’s shareholders in its meeting. When allocating earnings, TSMC shall first estimate and reserve the taxes to be paid, offset its losses, set aside a legal capital reserve at 10% of the remaining earnings (until the accumulated legal capital reserve equals TSMC’s paid-in capital), then set aside a special capital reserve in accordance with relevant laws or regulations or as requested by the authorities in charge. Any balance left over shall be allocated according to relevant laws and TSMC’s Articles of Incorporation.

TSMC’s Articles of Incorporation also provide that profits of TSMC may be distributed by way of cash dividend and/or stock dividend. However, distribution of earnings shall be made preferably by way of cash dividend. Distribution of earnings may also be made by way of stock dividend, provided that the ratio for stock dividend shall not exceed 50% of the total distribution.

The legal capital reserve may be used to offset a deficit, or be distributed as dividends in cash or stocks for the portion in excess of 25% of the paid-in capital if the Company incurs no loss.

Pursuant to existing regulations, the Company is required to set aside an additional special capital reserve equivalent to the net debit balance of the other components of stockholders’ equity, such as the accumulated balance of the foreign currency translation reserve, the effectiveness of hedges of net investments in foreign operations, unrealized valuation gain or loss from fair value through other comprehensive income financial assets, gain or loss from changes in fair value of hedging instruments in cash flow hedges, etc. For the subsequent decrease in the deduction amount to stockholders’ equity, any special reserve appropriated may be reversed to the extent that the net debit balance reverses.

- 27 -

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The appropriations of 2024, 2023 and 2022 quarterly earnings have been approved by TSMC’s Board of Directors in its meeting, respectively. The appropriations and cash dividends per share were as follows:

												Third Quarter												Second Quarter												First Quarter
Resolution Date of TSMC’s												of 2024												of 2024												of 2024
Board of Directors in its												November 12,												August 13,												May 10,
meeting												2024												2024												2024
Special capital reserve												$			-									$			-									$			(28,020,822			)
Cash dividends to shareholders												$			116,697,300									$			103,721,521									$			103,734,517
Cash dividends per share (NT$)												$			4.50									$			4.00									$			4.00

						Fourth Quarter												Third Quarter												Second Quarter												First Quarter
Resolution Date of TSMC’s						of 2023												of 2023												of 2023												of 2023
Board of Directors in its						February 6,												November 14,												August 8,												May 9,
meeting						2024												2023												2023												2023
Special capital reserve						$			28,020,822									$			(17,228,363			)						$			(6,365,562			)						$			3,273,452
Cash dividends to shareholders						$			90,762,248									$			90,762,248									$			77,796,213									$			77,796,213
Cash dividends per share (NT$)						$			3.50									$			3.50									$			3.00									$			3.00

						Fourth Quarter												Third Quarter												Second Quarter												First Quarter
Resolution Date of TSMC’s						of 2022												of 2022												of 2022												of 2022
Board of Directors in its						February 14,												November 8,												August 9,												May 10,
meeting						2023												2022												2022												2022
Special capital reserve						$			17,166,163									$			(31,910,353			)						$			(12,002,798			)						$			(15,541,054			)
Cash dividends to shareholders						$			71,308,546									$			71,308,547									$			71,308,546									$			71,308,546
Cash dividends per share (NT$)						$			2.75									$			2.75									$			2.75									$			2.75

The quarterly cash dividends per share is affected by the subsequent number of outstanding ordinary shares, the information of the actual payout is available at the Market Observation Post System website.

d.    Others

Changes in others were as follows:

						Nine Months Ended September 30, 2024
						Foreign Currency Translation Reserve															Unrealized Gain (Loss) on Financial Assets at FVTOCI															Gain (Loss) on Hedging Instruments															Unearned Stock-Based Employee Compensation															Total
Balance, beginning of period						$						(25,316,769			)						$						(4,099,928			)						$						1,395,875									$						(293,434			)						$						(28,314,256			)
Exchange differences arising on translation of foreign operations									22,505,271															-															-															-															22,505,271
Gain (loss) on hedging instruments designated as hedges of net investments in foreign operations									793,830															-															-															-															793,830
Unrealized gain (loss) on financial assets at FVTOCI
Equity instruments									-															4,604,652															-															-															4,604,652
Debt instruments									-															4,888,979															-															-															4,888,979
Cumulative unrealized gain (loss) of equity instruments transferred to retained earnings due to disposal									-															(2,008,432						)									-															-															(2,008,432						)
Cumulative unrealized gain (loss) of debt instruments transferred to profit or loss due to disposal									-															286,502															-															-															286,502

(Continued)

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						Nine Months Ended September 30, 2024
						Foreign Currency Translation Reserve															Unrealized Gain (Loss) on Financial Assets at FVTOCI															Gain (Loss) on Hedging Instruments															Unearned Stock-Based Employee Compensation															Total
Loss allowance adjustments from debt instruments						$						-									$						13,079									$						-									$						-									$						13,079
Gain (loss) arising on changes in the fair value of hedging instruments and hedged item affects profit or loss									-															-															(54,666						)									-															(54,666						)
Transferred to initial carrying amount of hedged items									-															-															(9,626						)									-															(9,626						)
Issuance of employee restricted stock									-															-															-															(2,637,387						)									(2,637,387						)
Share-based payment expenses recognized									-															-															-															715,770															715,770
Share of other comprehensive income (loss) of associates									188,752															(48,484						)									8,420															-															148,688
Income tax effect									-															(9,996						)									-															-															(9,996						)
Balance, end of period						$						(1,828,916			)						$						3,626,372									$						1,340,003									$						(2,215,051			)						$						922,408

(Concluded)

						Nine Months Ended September 30, 2023
						Foreign Currency Translation Reserve															Unrealized Gain (Loss) on Financial Assets at FVTOCI															Gain (Loss) on Hedging Instruments															Unearned Stock-Based Employee Compensation															Total
Balance, beginning of period						$						(11,743,301			)						$						(10,056,353			)						$						1,479,181									$						(185,153			)						$						(20,505,626			)
Exchange differences arising on translation of foreign operations									28,675,626															-															-															-															28,675,626
Gain (loss) on hedging instruments designated as hedges of net investments in foreign operations									1,029,030															-															-															-															1,029,030
Unrealized gain (loss) on financial assets at FVTOCI
Equity instruments									-															987,066															-															-															987,066
Debt instruments									-															(1,837,009						)									-															-															(1,837,009						)
Cumulative unrealized gain (loss) of equity instruments transferred to retained earnings due to disposal									-															(118,948						)									-															-															(118,948						)
Cumulative unrealized gain (loss) of debt instruments transferred to profit or loss due to disposal									-															372,631															-															-															372,631
Loss allowance adjustments from debt instruments									-															9,353															-															-															9,353
Gain (loss) arising on changes in the fair value of hedging instruments and hedged item affects profit or loss									-															-															(15,429						)									-															(15,429						)
Transferred to initial carrying amount of hedged items									-															-															(44,631						)									-															(44,631						)
Issuance of employee restricted stock									-															-															-															(585,968						)									(585,968						)
Share-based payment expenses recognized									-															-															-															350,386															350,386
Share of other comprehensive income (loss) of associates									237,518															33,858															29,098															-															300,474
Income tax effect									-															(25						)									-															-															(25						)
Balance, end of period						$						18,198,873									$						(10,609,427			)						$						1,448,219									$						(420,735			)						$						8,616,930

The aforementioned other equity includes the changes in other equities of TSMC and TSMC’s share of its subsidiaries and associates.

e.    Treasury stock

For TSMC’s shareholders’ interests, TSMC’s Board of Directors approved a share buyback program on June 5, 2024 to repurchase 3,249 thousand shares. TSMC has completed this share buyback program during the second quarter of 2024. On August 13, 2024, TSMC’s Board of Directors resolved to cancel the 3,249 thousand shares and set September 1, 2024 as the record date for capital reduction. The registration for share cancellation was completed on September 11, 2024.

- 29 -

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20.    NET REVENUE

a.    Disaggregation of revenue from contracts with customers

						Three Months Ended September 30																														Nine Months Ended September 30
Product						2024															2023															2024															2023
Wafer						$						645,121,210									$						473,037,347									$						1,763,258,801									$						1,342,457,631
Others									114,570,933															73,695,411															262,587,720															193,749,354
						$						759,692,143									$						546,732,758									$						2,025,846,521									$						1,536,206,985

						Three Months Ended September 30																														Nine Months Ended September 30
Geography						2024															2023															2024															2023
Taiwan						$						72,582,081									$						36,868,992									$						201,443,281									$						104,596,734
United States									497,682,699															360,671,111															1,310,631,705															969,078,250
China									92,849,486															67,735,985															254,781,394															200,699,087
Japan									40,162,106															31,507,219															112,382,966															100,697,479
Europe, the Middle East and Africa									27,310,571															24,986,738															74,295,603															92,761,775
Others									29,105,200															24,962,713															72,311,572															68,373,660
						$						759,692,143									$						546,732,758									$						2,025,846,521									$						1,536,206,985

The Company categorized the net revenue mainly based on the countries where the customers are headquartered.

						Three Months Ended September 30																														Nine Months Ended September 30
Platform						2024															2023															2024															2023
High Performance Computing						$						389,309,409									$						227,816,587									$						1,015,474,913									$						667,707,961
Smartphone									257,495,611															212,001,177															705,071,120															545,740,324
Internet of Things									50,255,327															47,409,811															122,922,544															128,299,154
Automotive									35,671,522															28,338,188															101,556,018															101,636,345
Digital Consumer Electronics									11,404,721															13,570,337															37,261,882															38,157,300
Others									15,555,553															17,596,658															43,560,044															54,665,901
						$						759,692,143									$						546,732,758									$						2,025,846,521									$						1,536,206,985

						Three Months Ended September 30																														Nine Months Ended September 30
Resolution						2024															2023															2024															2023
3-nanometer						$						129,922,709									$						28,994,752									$						265,482,929									$						29,478,462
5-nanometer									205,265,439															173,185,785															605,528,724															440,305,826
7-nanometer									110,118,632															78,280,622															311,614,860															264,328,384
16-nanometer									50,836,959															44,470,242															151,990,234															146,737,652
20-nanometer									671,100															2,788,643															3,147,487															8,710,398
28-nanometer									47,499,161															47,211,672															141,075,995															146,858,837
40/45-nanometer									29,856,699															29,417,131															84,557,230															91,585,761
65-nanometer									24,121,011															26,323,837															66,126,266															81,748,326
90-nanometer									5,217,346															5,044,479															16,322,736															20,590,275
0.11/0.13 micron									13,443,588															13,072,664															38,139,676															33,590,386
0.15/0.18 micron									23,941,303															20,137,375															67,669,341															64,474,177
0.25 micron and above									4,227,263															4,110,145															11,603,323															14,049,147
Wafer revenue						$						645,121,210									$						473,037,347									$						1,763,258,801									$						1,342,457,631

- 30 -

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b.    Contract balances

						September 30, 2024												December 31, 2023												September 30, 2023												January 1, 2023
Contract liabilities (classified under accrued expenses and other current liabilities)						$			86,939,340									$			52,736,430									$			50,852,364									$			70,806,617

The changes in the contract liability balances primarily result from the timing difference between the satisfaction of performance obligation and the customer’s payment.

The Company recognized revenue from the beginning balance of contract liability, which amounted to NT$2,522,193 thousand and NT$5,620,410 thousand for the three months ended September 30, 2024 and 2023, respectively; and NT$51,163,255 thousand and NT$69,030,566 thousand for the nine months ended September 30, 2024 and 2023, respectively.

c.    Temporary receipts from customers

						September 30, 2024															December 31, 2023															September 30, 2023
Current portion (classified under accrued expenses and other current liabilities)						$						188,664,298									$						114,639,514									$						152,751,076
Noncurrent portion (classified under other noncurrent liabilities)									79,332,925															163,655,128															148,913,776
						$						267,997,223									$						278,294,642									$						301,664,852

The Company’s temporary receipts from customer are payments made by customers to the Company to retain the Company’s capacity. When the terms and conditions set forth in the agreements are subsequently satisfied, the treatment of temporary receipts, either by refund or by accounts receivable offsetting, will be determined by mutual consent.

21.    INTEREST INCOME

						Three Months Ended September 30																														Nine Months Ended September 30
						2024															2023															2024															2023
Interest income
Cash and cash equivalents						$						18,702,813									$						12,607,398									$						52,156,310									$						35,717,276
Financial assets at FVTOCI									1,714,763															1,143,107															4,695,873															2,910,815
Financial assets at amortized cost									2,184,078															1,844,769															6,087,876															4,257,022
						$						22,601,654									$						15,595,274									$						62,940,059									$						42,885,113

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22.    FINANCE COSTS

						Three Months Ended September 30																														Nine Months Ended September 30
						2024															2023															2024															2023
Interest expense
Corporate bonds						$						4,885,516									$						4,594,570									$						14,394,417									$						13,177,497
Lease liabilities									92,551															96,148															277,012															286,653
Bank loans									47,208															24,689															97,255															71,914
Others									4,594															371															14,296															1,486
Less: Capitalized interest under property, plant and equipment									(2,394,079						)									(1,603,856						)									(6,810,795						)									(4,456,787						)
						$						2,635,790									$						3,111,922									$						7,972,185									$						9,080,763

Information about capitalized interest is as follows:

						Three Months Ended September 30												Nine Months Ended September 30
						2024						2023						2024						2023
Capitalization rate						1.32%-3.34%						1.20%-3.36%						1.20%-3.34%						1.08%-3.36%

23.    OTHER GAINS AND LOSSES, NET

						Three Months Ended September 30																														Nine Months Ended September 30
						2024															2023															2024															2023
Loss on disposal of financial assets, net
Investments in debt instruments at FVTOCI						$						(81,416			)						$						(115,078			)						$						(286,502			)						$						(372,631			)
Gain (loss) on financial instruments at FVTPL, net
Mandatorily measured at FVTPL									1,702,731															1,148,784															(3,730,753						)									3,982,692
The accrual of expected credit loss of financial assets
Investments in debt instruments at FVTOCI									(3,472						)									(2,748						)									(13,079						)									(9,353						)
Financial assets at amortized cost									(13,041						)									(18,099						)									(22,189						)									(31,808						)
Other (losses) gains, net									45,601															(74,211						)									293,500															351,001
						$						1,650,403									$						938,648									$						(3,759,023			)						$						3,919,901

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24.    INCOME TAX

a.    Income tax expense recognized in profit or loss

Income tax expense consisted of the following:

						Three Months Ended September 30																														Nine Months Ended September 30
						2024															2023															2024															2023
Current income tax expense
Current tax expense recognized in the current period						$						59,666,969									$						33,869,144									$						167,602,133									$						103,890,142
Income tax adjustments on prior years									(108						)									(14,038						)									(7,142,581						)									(9,698						)
Other income tax adjustments									91,862															51,012															227,823															166,838
									59,758,723															33,906,118															160,687,375															104,047,282
Deferred income tax expense (benefit)
The origination and reversal of temporary differences									707,227															(2,760,897						)									543,057															(3,563,301						)
Investment tax credits and operating loss carryforward									(1,359,268						)									-															(2,152,672						)									945,038
									(652,041						)									(2,760,897						)									(1,609,615						)									(2,618,263						)
Income tax expense recognized in profit or loss						$						59,106,682									$						31,145,221									$						159,077,760									$						101,429,019

b.    Income tax examination

The tax authorities have examined income tax returns of TSMC through 2022. All investment tax credit adjustments assessed by the tax authorities have been recognized accordingly.

25.    EARNINGS PER SHARE

						Three Months Ended September 30																								Nine Months Ended September 30
						2024												2023												2024												2023
Basic EPS						$			12.55									$			8.14									$			30.80									$			23.13
Diluted EPS						$			12.54									$			8.14									$			30.80									$			23.13

EPS is computed as follows:

						Three Months Ended September 30																								Nine Months Ended September 30
						2024												2023												2024												2023
Basic EPS
Net income available to common shareholders of the parent						$			325,257,571									$			210,999,939									$			798,587,976									$			599,785,521

(Continued)

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						Three Months Ended September 30																								Nine Months Ended September 30
						2024												2023												2024												2023
Weighted average number of common shares outstanding used in the computation of basic EPS (in thousands)									25,926,018												25,929,267												25,928,074												25,929,208
Basic EPS (in dollars)						$			12.55									$			8.14									$			30.80									$			23.13
Diluted EPS
Net income available to common shareholders of the parent						$			325,257,571									$			210,999,939									$			798,587,976									$			599,785,521
Weighted average number of common shares outstanding used in the computation of basic EPS (in thousands)									25,926,018												25,929,267												25,928,074												25,929,208
Effects of all dilutive potential common shares (in thousands)									2,206												91												1,637												130
Weighted average number of common shares used in the computation of diluted EPS (in thousands)									25,928,224												25,929,358												25,929,711												25,929,338
Diluted EPS (in dollars)						$			12.54									$			8.14									$			30.80									$			23.13

(Concluded)

26.    SHARE-BASED PAYMENT ARRANGEMENTS

a.    Equity-settled share-based payment-RSAs

The RSAs in each year are as follows:

2024 RSAs

2023 RSAs

2022 RSAs

2021 RSAs

Resolution Date of TSMC’s shareholders in its meeting

June 4, 2024

June 6, 2023

June 8, 2022

July 26, 2021

Resolution Date of TSMC’s Board of Directors in its meeting

August 13, 2024

February 6, 2024

February 14, 2023

February 15, 2022

Issuance of stocks (in thousands)

2,353

2,960

2,110

1,387

Available for issuance (in thousands)

1,832

3,289

-

-

Eligible employees

Executive officers

Executive officers

Executive officers

Executive officers

Grant date/Issuance date

September 1, 2024

March 1, 2024

March 1, 2023

March 1, 2022

Vesting conditions of the aforementioned arrangement are as follow:

1)    The RSAs granted to eligible employees can only be vested if

•the employee remains employed by the Company on the last date of each vesting period;

•during the vesting period, the employee may not breach any agreement with the Company or violate the Company’s work rules; and

•certain employee performance metrics and TSMC’s business performance metrics are met.

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2)    The maximum percentage of granted RSAs that may be vested each year shall be as follows: one-year anniversary of the grant: 50%; two-year anniversary of the grant: 25%; and three-year anniversary of the grant: 25%; provided that the actual percentage and number of the RSAs to be vested in each year will be calculated based on the achievement of TSMC’s business performance metrics.

3)    For eligible executive officers of TSMC: The maximum number of RSAs that may be vested in each year will be set as 110%, among which 100% will be subject to a calculation based on TSMC’s relative Total Shareholder Return (”TSR”, including capital gains and dividends) achievement to determine the number of RSAs to be vested; this number will be further subject to a modifier to increase or decrease up to 10% based on the Compensation and People Development Committee’s evaluation of TSMC’s Environmental, Social, and Governance (”ESG”) achievements. The number of shares so calculated should be rounded down to the nearest integral.

TSMC’s TSR relative to the TSR of S&P 500 IT Index			Ratio of Shares to be Vested
Above the Index by X percentage points			50% + X * 2.5%, with the maximum of 100%
Equal to the Index			50%
Below the Index by X percentage points			50% - X * 2.5%, with the minimum of 0%

4)    Restrictions imposed on the employees’ rights in the RSAs before the vesting conditions are fulfilled:

•During each vesting period, no employee granted RSAs, except for inheritance, may sell, pledge, transfer, give to another person, create any encumbrance on, or otherwise dispose of, any shares under the unvested RSAs.

•Before the vesting conditions are fulfilled, the attendance, proposal rights, speech rights, voting rights and etc. shall be exercised by the engaged trustee/custodian on the employee’s behalf. Any other shareholder rights including but not limited to the entitlement to any distribution regarding dividends, bonuses and capital reserve, and the subscription right of the new shares issued for any capital increase, are the same as those of holders of common shares of TSMC.

5)    Details of granted RSAs in each year are as follows:

						2024 RSAs												2023 RSAs												2022 RSAs												2021 RSAs
						Number of Shares (In Thousands)												Number of Shares (In Thousands)												Number of Shares (In Thousands)												Number of Shares (In Thousands)
Balance, beginning of period									-												-												2,110												694
Issuance of stocks									2,353												2,960												-												-
Canceled shares									-												-												(1,055						)						(347						)
Balance, end of period									2,353												2,960												1,055												347
Weighted-average fair value of RSAs (in dollars)						$			662.42									$			364.43									$			277.71									$			325.81

The RSAs in each year are measured at fair value at grant date by using the binominal tree approach. Relevant information is as follows:

						2024 RSAs															2023 RSAs															2022 RSAs															2021 RSAs
						September 1, 2024															March 1, 2024															March 1, 2023															March 1, 2022
Stock price at measurement date (in dollars)						$						944									$						689									$						511									$						604
Expected price volatility									25.51%-29.87%															24.77%-26.12%															29.34%-32.11%															25.34%-28.28%
Expected life									1-3 years															1-3 years															1-3 years															1-3 years
Risk-free interest rate									1.40%															1.16%															1.06%															0.57%

Refer to Note 27 for the compensation costs of the RSAs recognized by TSMC.

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b.    Cash-settled share-based payment arrangements

The cash-settled share-based payment arrangements in each year are as follows:

2023 Plan

2022 Plan

2021 Plan

Resolution Date of TSMC’s Board of Directors in its meeting

February 6, 2024

February 14, 2023

February 15, 2022

Issuance of units (in thousands) (Note)

550

400

236

Grant date

March 1, 2024

March 1, 2023

March 1, 2022

Note:    One unit of the right represents a right to the market value of one TSMC’s common share when vested.

The vesting conditions and the ratio of units to be vested for key management personnel of the plan are the same as the aforementioned RSAs.

The fair value of compensation costs for the cash-settled share-based payment was measured by using binominal tree approach and will be measured at each reporting period until settlement. Relevant information is as follows:

						Nine Months Ended September 30
						2024																																													2023
						2023 Plan															2022 Plan															2021 Plan															2022 Plan															2021 Plan
Stock price at measurement date (in dollars)						$						1,000									$						1,000									$						1,000									$						522									$						522
Expected price volatility									25.77%-30.55%															25.77%-30.55%															25.77%-30.55%															25.20%-26.65%															25.20%-26.65%
Residual life									1-3 years															1-2 years															1 year															1-3 years															1-2 years
Risk-free interest rate									1.39%															1.37%															1.36%															1.08%															1.05%

Refer to Note 27 for the compensation costs of the cash-settled share-based payment recognized by TSMC. As of September 30, 2024, December 31, 2023 and September 30, 2023, the liabilities under cash-settled share-based payment arrangement amounted to NT$312,357 thousand, NT$62,695 thousand and NT$50,222 thousand, respectively.

27.    ADDITIONAL INFORMATION OF EXPENSES BY NATURE

						Three Months Ended September 30																														Nine Months Ended September 30
						2024															2023															2024															2023
a.    Depreciation of property, plant and equipment and right-of-use assets
Recognized in cost of revenue						$						156,176,635									$						137,203,831									$						458,796,761									$						352,150,676
Recognized in operating expenses									9,730,876															7,722,319															26,720,585															22,499,522
Recognized in other operating income and expenses									7,624															680															24,200															3,969
						$						165,915,135									$						144,926,830									$						485,541,546									$						374,654,167

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						Three Months Ended September 30																														Nine Months Ended September 30
						2024															2023															2024															2023
b.    Amortization of intangible assets
Recognized in cost of revenue						$						1,584,940									$						1,672,325									$						4,752,015									$						4,859,139
Recognized in operating expenses									728,482															681,007															2,124,752															2,029,185
						$						2,313,422									$						2,353,332									$						6,876,767									$						6,888,324
c.    Employee benefits expenses
Post-employment benefits
Defined contribution plans						$						1,507,484									$						1,355,745									$						4,387,257									$						3,980,104
Defined benefit plans									68,908															70,335															206,734															211,018
									1,576,392															1,426,080															4,593,991															4,191,122
Share-based payments
Equity-settled									322,961															127,349															735,748															355,701
Cash-settled									117,470															9,124															256,879															47,303
									440,431															136,473															992,627															403,004
Other employee benefits									78,378,403															58,704,130															207,500,237															169,792,271
						$						80,395,226									$						60,266,683									$						213,086,855									$						174,386,397
Employee benefits expense summarized by function
Recognized in cost of revenue						$						43,538,300									$						33,519,721									$						115,999,386									$						98,158,663
Recognized in operating expenses									36,856,926															26,746,962															97,087,469															76,227,734
						$						80,395,226									$						60,266,683									$						213,086,855									$						174,386,397

According to TSMC’s Articles of Incorporation, TSMC shall allocate compensation to directors and profit sharing bonus to employees of TSMC not more than 0.3% and not less than 1% of annual profits during the period, respectively.

TSMC accrued profit sharing bonus to employees based on a percentage of net income before income tax, profit sharing bonus to employees and compensation to directors during the period; compensation to directors was expensed based on estimated amount payable. If there is a change in the proposed amounts after the annual consolidated financial statements are authorized for issue, the differences are recorded as a change in accounting estimate. Accrued profit sharing bonus to employees is illustrated below:

						Three Months Ended September 30																								Nine Months Ended September 30
						2024												2023												2024												2023
Profit sharing bonus to employees						$			19,517,346									$			12,607,089									$			47,815,500									$			35,832,625

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TSMC’s profit sharing bonus to employees and compensation to directors for 2023 and 2022 had been approved by the Board of Directors of TSMC, as illustrated below:

						Years Ended December 31
						2023												2022
Resolution Date of TSMC’s Board of Directors in its meeting						February 6, 2024												February 14, 2023
Profit sharing bonus to employees						$			50,090,533									$			60,702,047
Compensation to directors						$			551,955									$			690,128

There is no significant difference between the aforementioned approved amounts and the amounts charged against earnings of 2023 and 2022, respectively.

The information about the appropriations of TSMC’s profit sharing bonus to employees and compensation to directors is available at the Market Observation Post System website.

28.    GOVERNMENT GRANTS

Subsidiaries such as TSMC Arizona, JASM and TSMC Nanjing received subsidies from the governments of the United States, Japan and China, respectively, for local plant setup and operation, which were mainly used to subsidize the purchase costs of property, plant and equipment, as well as partial costs and expenses incurred from plant construction and production. For the nine months ended September 30, 2024 and 2023, the Company received a total of NT$16,043,339 thousand and NT$20,757,802 thousand as government grants, respectively.

29.    CASH FLOW INFORMATION

a.    Non-cash transactions

						Nine Months Ended September 30
						2024															2023
Additions of financial assets at FVTOCI						$						67,243,640									$						56,055,303
Conversion of convertible bonds into equity securities									(387,592						)									(145,144						)
Changes in accrued expenses and other current liabilities									(2,738,806						)									(1,077,537						)
Payments for acquisition of financial assets at FVTOCI						$						64,117,242									$						54,832,622
Disposal of financial assets at FVTOCI						$						45,501,690									$						28,988,810
Changes in other financial assets									(2,047,690						)									(184,044						)
Proceeds from disposal of financial assets at FVTOCI						$						43,454,000									$						28,804,766
Additions of property, plant and equipment						$						475,365,683									$						796,779,912
Changes in other receivables									49,114,375															44,432
Exchange of assets									(109,273						)									(59,387						)
Changes in payables to contractors and equipment suppliers									49,519,008															(12,887,052						)
Changes in accrued expenses and other current liabilities									26,974,334															195,589
Transferred to initial carrying amount of hedged items									5,042															39,898
Capitalized interests									(6,810,795						)									(4,456,787						)
Payments for acquisition of property, plant and equipment						$						594,058,374									$						779,656,605

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b.    Reconciliation of liabilities arising from financing activities

																																				Non-cash Changes
						Balance as of January 1, 2024															Financing Cash Flow															Foreign Exchange Movement															Leases Modifications															Other Changes (Note)															Balance as of September 30, 2024
Hedging financial liabilities- bank loans						$						27,290,400									$						(26,496,570			)						$						(793,830			)						$						-									$						-									$						-
Bonds payable									920,897,553															29,014,319															15,513,985															-															289,380															965,715,237
Long-term bank loans									6,678,521															21,782,278															777,800															-															14,412															29,253,011
Lease liabilities									31,492,386															(2,566,213						)									(20,524						)									1,925,844															277,012															31,108,505
Total						$						986,358,860									$						21,733,814									$						15,477,431									$						1,925,844									$						580,804									$						1,026,076,753

																																				Non-cash Changes
						Balance as of January 1, 2023															Financing Cash Flow															Foreign Exchange Movement															Leases Modifications															Other Changes (Note)															Balance as of September 30, 2023
Hedging financial liabilities- bank loans						$						-									$						27,908,580									$						(1,029,030			)						$						-									$						-									$						26,879,550
Bonds payable									852,436,439															57,721,552															27,301,588															-															267,754															937,727,333
Long-term bank loans									5,973,936															1,205,556															-															-															5,780															7,185,272
Lease liabilities									32,367,601															(2,411,870						)									28,970															1,919,167															286,653															32,190,521
Total						$						890,777,976									$						84,423,818									$						26,301,528									$						1,919,167									$						560,187									$						1,003,982,676

Note:    Other changes include amortization of bonds payable, amortization of long-term bank loan interest subsidy and financial cost of lease liabilities.

30.    FINANCIAL INSTRUMENTS

a.    Categories of financial instruments

						September 30, 2024															December 31, 2023															September 30, 2023
Financial assets
FVTPL (Note 1)						$						15,566,035									$						14,342,093									$						490,163
FVTOCI (Note 2)									203,123,752															167,150,802															167,303,596
Hedging financial assets									1,079															-															37,451
Amortized cost (Note 3)									2,383,140,378															1,842,412,631															1,729,394,612
						$						2,601,831,244									$						2,023,905,526									$						1,897,225,822
Financial liabilities
FVTPL (Note 4)						$						34,277									$						121,412									$						132,768
Hedging financial liabilities									1,875															27,334,164															26,879,550
Amortized cost (Note 5)									1,848,994,088															1,741,356,555															1,820,363,905
						$						1,849,030,240									$						1,768,812,131									$						1,847,376,223

Note 1: Financial assets mandatorily measured at FVTPL.

Note 2: Including notes and accounts receivable (net), equity and debt investments.

Note 3: Including cash and cash equivalents, financial assets at amortized cost, notes and accounts receivable (including related parties), other receivables, refundable deposits and temporary payments (including those classified under other current assets and other noncurrent assets).

Note 4: Held for trading.

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Note 5: Including accounts payable (including related parties), payables to contractors and equipment suppliers, cash dividends payable, accrued expenses and other current liabilities, bonds payable, long-term bank loans, guarantee deposits and other noncurrent liabilities.

b.    Financial risk management objectives

The Company manages its exposure to foreign currency risk, interest rate risk, equity price risk, credit risk and liquidity risk with the objective to reduce the potentially adverse effects the market uncertainties may have on its financial performance.

The plans for material treasury activities are reviewed by the Audit and Risk Committee and/or Board of Directors in accordance with procedures required by relevant regulations or internal controls. During the implementation of such plans, the Company must comply with certain treasury procedures that provide guiding principles for overall financial risk management and segregation of duties.

c.    Market risk

The Company is exposed to the financial market risks, primarily changes in foreign currency exchange rates, interest rates and equity prices. A portion of these risks is hedged.

Foreign currency risk

Substantially all the Company’s sales are denominated in U.S. dollars and over half of its capital expenditures are denominated in currencies other than NT dollars, primarily in U.S. dollars, Japanese yen and Euros. As a result, any significant fluctuations to its disadvantage in the exchanges rate of NT dollar against such currencies, in particular a weakening of U.S. dollar against NT dollar, would have an adverse impact on the revenue and operating profit as expressed in NT dollars. The Company uses foreign currency derivative contracts, such as currency forwards or currency swaps, and non-derivative financial instruments, such as foreign currency denominated debts, to protect against currency exchange rate risks associated with non-NT dollar-denominated assets and liabilities, investments in foreign operations, and certain forecasted transactions. These hedges reduce, but do not entirely eliminate, the effect of foreign currency exchange rate movements on the assets and liabilities.

Based on a sensitivity analysis performed on the Company’s total monetary assets and liabilities for the nine months ended September 30, 2024 and 2023, a hypothetical adverse foreign currency exchange rate change of 10% would have decreased its net income by NT$4,748,405 thousand and NT$362,316 thousand respectively.

Interest rate risk

The Company is exposed to interest rate risks primarily in relation to its investment portfolio and outstanding debt. Changes in interest rates affect the interest earned on the Company’s cash and cash equivalents and fixed income securities, the fair value of those securities, as well as the interest paid on its debt.

The majority of the Company’s fixed income investments are fixed-rate securities, which are classified as financial assets at FVTOCI or at amortized cost. For those fixed income investments classified as financial assets at FVTOCI, changes in their fair value are recognized through other comprehensive income; for those classified as financial assets at amortized cost, changes in their fair value are not reflected in the carrying amount. Both classifications recognized in profit or loss if the assets are sold. The Company has entered and may in the future enter into interest rate derivatives to partially hedge the interest rate risk on its fixed income investments and anticipated debt issuance. However, these hedges can offset only a limited portion of the financial impact from movements in interest rates.

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Based on a sensitivity analysis performed on the Company’s fixed income investments at the end of the reporting period, interest rates increase of 100 basis points (1.00%) across all maturities would have decreased the Company’s other comprehensive income by NT$4,473,470 thousand and NT$3,887,322 thousand for the nine months ended September 30, 2024 and 2023, respectively.

The majority of the Company’s debt is fixed-rate and measured at amortized cost and as such, changes in interest rates would not affect future cash flows or the carrying amount.

Other price risk

The Company is exposed to convertible preferred stocks, equity instrument investments, and other investments price risk arising from financial assets at FVTPL and FVTOCI.

Assuming a hypothetical decrease of 10% in prices of the investments mentioned above at the end of the reporting period, the net income would have decreased by NT$1,167,572 thousand for the nine months ended September 30, 2024, and the other comprehensive income would have decreased by NT$1,148,393 thousand and NT$925,125 thousand for the nine months ended September 30, 2024 and 2023, respectively.

d.    Credit risk management

Credit risk refers to the risk that a counterparty may default on its contractual obligations resulting in financial losses to the Company. The Company is exposed to credit risks from operating activities, primarily accounts receivable, and from investing activities, primarily deposits, fixed-income investments and other financial instruments with banks. Credit risk is managed separately for business related and financial related exposures. As of the end of the reporting period, the Company’s maximum credit risk exposure is equal to the carrying amount of financial assets.

Business related credit risk

The Company’s accounts receivable are from its customers worldwide. The majority of the Company’s outstanding accounts receivable are not covered by collaterals or guarantees. While the Company has procedures to monitor and manage credit risk exposure on accounts receivable, there is no assurance such procedures will effectively eliminate losses resulting from its credit risk. This risk is heightened during periods when economic conditions worsen.

As of September 30, 2024, December 31, 2023 and September 30, 2023, the Company’s ten largest customers accounted for 88%, 91% and 85% of accounts receivable, respectively. The Company considers the concentration of credit risk for the remaining accounts receivable not material.

Financial credit risk

The Company mitigates its financial credit risk by selecting counterparties with investment grade credit ratings and by limiting the exposure to any individual counterparty. The Company regularly monitors and reviews the limit applied to counterparties and adjusts the limit according to market conditions and the credit standing of the counterparties.

The objective of the Company’s investment policy is to achieve a return that will allow the Company to preserve principal and support liquidity requirements. The policy generally requires securities to be investment grade and limits the amount of credit exposure to any one issuer. The Company assesses whether there has been a significant increase in credit risk in the invested securities since initial recognition by reviewing changes in external credit ratings, financial market conditions and material information of the issuers.

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The Company assesses the 12-month expected credit loss and lifetime expected credit loss based on the probability of default and loss given default provided by external credit rating agencies. The current credit risk assessment policies are as follows:

Category

Description

Basis for Recognizing Expected Credit Loss

Expected Credit Loss Ratio

Performing

Credit rating is investment grade on valuation date

12 months expected credit loss

0-0.1%

Doubtful

Credit rating is non-investment grade on valuation date

Lifetime expected credit loss-not credit impaired

-

In default

Credit rating is CC or below on valuation date

Lifetime expected credit loss-credit impaired

-

Write-off

There is evidence indicating that the debtor is in severe financial difficulty and the Company has no realistic prospect of recovery

Amount is written off

-

For the nine months ended September 30, 2024 and 2023, the expected credit loss increased NT$38,190 thousand and NT$46,881 thousand, respectively. The changes were mainly due to adjusted investment portfolio and fluctuations in exchange rates.

e.    Liquidity risk management

The objective of liquidity risk management is to ensure the Company has sufficient liquidity to fund its business operations over the next 12 months. The Company manages its liquidity risk by maintaining adequate cash and cash equivalents, financial assets at FVTOCI-current, financial assets at amortized cost-current and sufficient cost-efficient funding.

The table below summarizes the maturity profile of the Company’s financial liabilities based on contractual undiscounted payments, including principal and interest.

						Less Than 1 Year															1-3 Years															3-5 Years															More Than 5 Years															Total
September 30, 2024
Non-derivative financial liabilities
Accounts payable (including related parties)						$						70,820,047									$						-									$						-									$						-									$						70,820,047
Payables to contractors and equipment suppliers									125,132,085															-															-															-															125,132,085
Accrued expenses and other current liabilities									363,772,111															-															-															-															363,772,111
Bonds payable									74,901,590															318,464,019															202,710,564															580,737,650															1,176,813,823
Long-term bank loans									2,968,389															2,658,030															20,989,844															3,351,665															29,967,928
Lease liabilities (including those classified under accrued expenses and other current liabilities) (Note)									3,292,322															5,704,657															4,689,825															20,497,138															34,183,942
Others									-															73,705,993															11,474,863															748,159															85,929,015
									640,886,544															400,532,699															239,865,096															605,334,612															1,886,618,951
Derivative financial instruments
Forward exchange contracts
Outflows									88,511,937															-															-															-															88,511,937
Inflows									(89,233,704						)									-															-															-															(89,233,704						)
									(721,767						)									-															-															-															(721,767						)
						$						640,164,777									$						400,532,699									$						239,865,096									$						605,334,612									$						1,885,897,184

(Continued)

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						Less Than 1 Year															1-3 Years															3-5 Years															More Than 5 Years															Total
December 31, 2023
Non-derivative financial liabilities
Hedging financial liabilities-bank loans						$						27,290,400									$						-									$						-									$						-									$						27,290,400
Accounts payable (including related parties)									57,293,057															-															-															-															57,293,057
Payables to contractors and equipment suppliers									171,484,616															-															-															-															171,484,616
Accrued expenses and other current liabilities									241,118,948															-															-															-															241,118,948
Bonds payable									24,890,500															224,062,937															303,525,276															583,364,167															1,135,842,880
Long-term bank loans									2,371,296															3,889,029															585,094															-															6,845,419
Lease liabilities (including those classified under accrued expenses and other current liabilities) (Note)									3,181,651															5,248,337															4,662,868															21,754,375															34,847,231
Others									-															165,188,432															6,303,135															2,908,666															174,400,233
									527,630,468															398,388,735															315,076,373															608,027,208															1,849,122,784
Derivative financial instruments
Forward exchange contracts
Outflows									64,826,427															-															-															-															64,826,427
Inflows									(65,384,000						)									-															-															-															(65,384,000						)
									(557,573						)									-															-															-															(557,573						)
						$						527,072,895									$						398,388,735									$						315,076,373									$						608,027,208									$						1,848,565,211
September 30, 2023
Non-derivative financial liabilities
Hedging financial liabilities-bank loans						$						26,879,864									$						-									$						-									$						-									$						26,879,864
Accounts payable (including related parties)									53,772,306															-															-															-															53,772,306
Payables to contractors and equipment suppliers									230,848,866															-															-															-															230,848,866
Accrued expenses and other current liabilities									272,295,549															-															-															-															272,295,549
Bonds payable									23,690,820															169,555,796															358,616,332															613,998,069															1,165,861,017
Long-term bank loans									2,254,821															4,331,666															794,526															-															7,381,013
Lease liabilities (including those classified under accrued expenses and other current liabilities) (Note)									3,135,408															5,381,609															4,733,050															22,344,257															35,594,324
Others									-															143,468,212															15,847,107															2,496,129															161,811,448
									612,877,634															322,737,283															379,991,015															638,838,455															1,954,444,387
Derivative financial instruments
Forward exchange contracts
Outflows									13,751,704															-															-															-															13,751,704
Inflows									(13,763,851						)									-															-															-															(13,763,851						)
									(12,147						)									-															-															-															(12,147						)
						$						612,865,487									$						322,737,283									$						379,991,015									$						638,838,455									$						1,954,432,240

(Concluded)

Note:    Information about the maturity analysis for lease liabilities more than 5 years:

						5-10 Years												10-15 Years												15-20 Years												More Than 20 Years												Total
September 30, 2024
Lease liabilities						$			10,174,011									$			6,731,154									$			3,523,977									$			67,996									$			20,497,138

(Continued)

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						5-10 Years															10-15 Years															15-20 Years															More Than 20 Years															Total
December 31, 2023
Lease liabilities						$						10,197,521									$						7,121,539									$						4,117,107									$						318,208									$						21,754,375
September 30, 2023
Lease liabilities						$						10,347,093									$						7,277,535									$						4,244,674									$						474,955									$						22,344,257

(Concluded)

f.     Fair value of financial instruments

1) Fair value measurements recognized in the consolidated balance sheets

Fair value measurements are grouped into Levels 1 to 3 based on the degree to which the fair value is observable:

•Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities;

•Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and

•Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs).

The timing of transfers between levels within the fair value hierarchy is at the end of reporting period.

2) Fair value of financial instruments that are measured at fair value on a recurring basis

Fair value hierarchy

The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis:

						September 30, 2024
						Level 1															Level 2															Level 3															Total
Financial assets at FVTPL
Mandatorily measured at FVTPL
Convertible preferred stocks						$						-									$						-									$						13,692,780									$						13,692,780
Forward exchange contracts									-															971,386															-															971,386
Mutual funds									-															-															775,317															775,317
Simple agreement for future equity									-															-															126,552															126,552
						$						-									$						971,386									$						14,594,649									$						15,566,035
Financial assets at FVTOCI
Investments in debt instruments
Corporate bonds						$						-									$						106,675,983									$						-									$						106,675,983
Agency mortgage-backed securities									-															43,708,974															-															43,708,974
Government bonds/Agency bonds									20,714,828															158,280															-															20,873,108
Asset-backed securities									-															11,539,314															-															11,539,314

(Continued)

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						September 30, 2024
						Level 1															Level 2															Level 3															Total
Investments in equity instruments
Non-publicly traded equity investments						$						-									$						-									$						7,502,973									$						7,502,973
Publicly traded stocks									6,851,935															-															-															6,851,935
Notes and accounts receivable, net									-															5,971,465															-															5,971,465
						$						27,566,763									$						168,054,016									$						7,502,973									$						203,123,752
Hedging financial assets
Fair value hedges
Interest rate futures contracts						$						1,079									$						-									$						-									$						1,079
Financial liabilities at FVTPL
Held for trading
Forward exchange contracts						$						-									$						34,277									$						-									$						34,277
Hedging financial liabilities
Fair value hedges
Interest rate futures contracts						$						1,875									$						-									$						-									$						1,875

(Concluded)

						December 31, 2023
						Level 1															Level 2															Level 3															Total
Financial assets at FVTPL
Mandatorily measured at FVTPL
Convertible preferred stocks						$						-									$						-									$						13,307,160									$						13,307,160
Forward exchange contracts									-															701,182															-															701,182
Convertible bonds									-															-															223,454															223,454
Mutual funds									-															-															110,297															110,297
						$						-									$						701,182									$						13,640,911									$						14,342,093
Financial assets at FVTOCI
Investments in debt instruments
Corporate bonds						$						-									$						79,605,567									$						-									$						79,605,567
Agency mortgage-backed securities									-															37,959,691															-															37,959,691
Government bonds/Agency bonds									22,091,087															247,814															-															22,338,901
Asset-backed securities									-															9,898,766															-															9,898,766
Investments in equity instruments
Non-publicly traded equity investments									-															-															7,208,655															7,208,655
Publicly traded stocks									4,727,905															-															-															4,727,905
Notes and accounts receivable, net									-															5,411,317															-															5,411,317
						$						26,818,992									$						133,123,155									$						7,208,655									$						167,150,802
Financial liabilities at FVTPL
Held for trading
Forward exchange contracts						$						-									$						121,412									$						-									$						121,412
Hedging financial liabilities
Fair value hedges
Interest rate futures contracts						$						43,764									$						-									$						-									$						43,764

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						September 30, 2023
						Level 1															Level 2															Level 3															Total
Financial assets at FVTPL
Mandatorily measured at FVTPL
Convertible bonds						$						-									$						-									$						231,022									$						231,022
Forward exchange contracts									-															147,504															-															147,504
Mutual funds									-															-															111,637															111,637
						$						-									$						147,504									$						342,659									$						490,163
Financial assets at FVTOCI
Investments in debt instruments
Corporate bonds						$						-									$						80,389,109									$						-									$						80,389,109
Agency mortgage-backed securities									-															36,337,585															-															36,337,585
Government bonds/Agency bonds									23,706,398															355,446															-															24,061,844
Asset-backed securities									-															10,419,593															-															10,419,593
Investments in equity instruments
Non-publicly traded equity investments									-															-															7,933,799															7,933,799
Publicly traded stocks									3,630,259															-															-															3,630,259
Notes and accounts receivable, net									-															4,531,407															-															4,531,407
						$						27,336,657									$						132,033,140									$						7,933,799									$						167,303,596
Hedging financial assets
Fair value hedges
Interest rate futures contracts						$						37,451									$						-									$						-									$						37,451
Financial liabilities at FVTPL
Held for trading
Forward exchange contracts						$						-									$						132,768									$						-									$						132,768

Reconciliation of Level 3 fair value measurements of financial assets

The financial assets measured at Level 3 fair value were equity investments classified as financial assets at FVTOCI and financial assets at FVTPL. Reconciliations for the nine months ended September 30, 2024 and 2023 are as follows:

						Nine Months Ended September 30
						2024															2023
Balance, beginning of period						$						20,849,566									$						6,282,052
Additions									1,828,697															1,034,748
Recognized in profit or loss									(139,280						)									27,022
Recognized in other comprehensive income or loss									(518,075						)									695,099
Disposals and proceeds from return of capital of investments									(319,518						)									(117,897						)
Transfers out of level 3 (Note)									(164,860						)									-
Effect of exchange rate changes									561,092															355,434
Balance, end of period						$						22,097,622									$						8,276,458

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Note:    The transfer from level 3 to level 1 is because quoted prices (unadjusted) in active markets data became available for the equity investments.

Valuation techniques and assumptions used in Level 2 fair value measurement

The fair values of financial assets and financial liabilities are determined as follows:

•The fair values of corporate bonds, agency bonds, agency mortgage-backed securities, asset-backed securities and government bonds are determined by quoted market prices provided by third party pricing services.

•The fair values of forward contracts are measured using forward rates and discount rates derived from quoted market prices.

•The fair value of accounts receivable classified as at FVTOCI is determined by the present value of future cash flows based on the discount rate that reflects the credit risk of counterparties.

Valuation techniques and assumptions used in Level 3 fair value measurement

The fair values of convertible preferred stocks, convertible bonds, simple agreement for future equity, mutual funds and non-publicly traded equity investments (excluding those trading on the Emerging Stock Board) are mainly determined by using the asset approach, income approach and market approach.

The asset approach takes into account the net asset value measured at the fair value by independent parties. On September 30, 2024, December 31, 2023 and September 30, 2023, the Company uses unobservable inputs derived from discount for lack of marketability of 10%. When other inputs remain equal, the fair value will decrease by NT$53,470 thousand, NT$52,704 thousand and NT$59,572 thousand, respectively, if discounts for lack of marketability increase by 1%.

The income approach utilizes discounted cash flows to determine the present value of the expected future economic benefits that will be derived from the investment. On September 30, 2024, the Company mainly uses unobservable inputs, which include expected returns, discount rate of 7.9%, and discount for lack of marketability of 20%. On September 30, 2024, with other inputs remain equal, if discount rate increases by 1%, the fair value will decrease by NT$590,127 thousand; if discount for lack of marketability increases by 1%, the fair value will decrease by NT$142,378 thousand.

For the remaining few investments, the market approach is used to arrive at their fair values, for which the recent financing activities of investees, the market transaction prices of the similar companies and market conditions are considered.

3) Fair value of financial instruments that are not measured at fair value

Except as detailed in the following table, the Company considers that the carrying amounts of financial instruments in the consolidated financial statements that are not measured at fair value approximate their fair values.

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Fair value hierarchy

The table below sets out the fair value hierarchy for the Company’s financial assets and liabilities which are not required to be measured at fair value:

						September 30, 2024
						Carrying															Fair Value
						Amount															Level 1															Level 2															Total
Financial assets
Financial assets at amortized costs
Corporate bonds						$						137,277,630									$						-									$						138,689,936									$						138,689,936
Commercial paper									22,960,780															-															22,979,686															22,979,686
Government bonds/Agency bonds									4,225,749															4,326,268															-															4,326,268
						$						164,464,159									$						4,326,268									$						161,669,622									$						165,995,890
Financial liabilities
Financial liabilities at amortized costs
Bonds payable						$						965,715,237									$						-									$						900,337,602									$						900,337,602

						December 31, 2023
						Carrying															Fair Value
						Amount															Level 1															Level 2															Total
Financial assets
Financial assets at amortized costs
Corporate bonds						$						113,785,324									$						-									$						113,694,397									$						113,694,397
Commercial paper									18,371,705															-															18,385,329															18,385,329
Government bonds/Agency bonds									13,803,559															2,751,893															11,053,234															13,805,127
						$						145,960,588									$						2,751,893									$						143,132,960									$						145,884,853
Financial liabilities
Financial liabilities at amortized costs
Bonds payable						$						920,897,553									$						-									$						849,236,882									$						849,236,882

						September 30, 2023
						Carrying															Fair Value
						Amount															Level 1															Level 2															Total
Financial assets
Financial assets at amortized costs
Corporate bonds						$						126,195,790									$						-									$						124,215,176									$						124,215,176
Commercial paper									22,147,473															-															22,166,534															22,166,534
Government bonds/Agency bonds									15,297,477															2,787,162															12,327,040															15,114,202
						$						163,640,740									$						2,787,162									$						158,708,750									$						161,495,912
Financial liabilities
Financial liabilities at amortized costs
Bonds payable						$						937,727,333									$						-									$						829,219,281									$						829,219,281

Valuation techniques and assumptions used in Level 2 fair value measurement

The fair values of corporate bonds, the Company’s bonds payable and agency bonds are determined by quoted market prices provided by third party pricing services.

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The fair value of commercial paper is determined by the present value of future cash flows based on the discounted curves that are derived from the quoted market prices.

31.    RELATED PARTY TRANSACTIONS

Intercompany balances and transactions between TSMC and its subsidiaries, which are related parties of TSMC, have been eliminated upon consolidation; therefore, those items are not disclosed in this note. The following is a summary of significant transactions between the Company and other related parties:

a.    Related party name and categories

Related Party Name						Related Party Categories
GUC						Associates
VIS						Associates
SSMC						Associates
Xintec						Associates
TSMC Charity Foundation						Other related parties
TSMC Education and Culture Foundation						Other related parties

b.    Net revenue

												Three Months Ended September 30																								Nine Months Ended September 30
												2024												2023												2024												2023
Item						Related Party Categories
Net revenue from sale of goods						Associates						$			3,729,245									$			2,707,687									$			11,394,850									$			9,934,126

c.    Purchases

						Three Months Ended September 30																								Nine Months Ended September 30
						2024												2023												2024												2023
Related Party Categories
Associates						$			1,282,865									$			922,561									$			3,545,858									$			3,303,946

d.    Receivables from related parties

												September 30, 2024															December 31, 2023															September 30, 2023
Item						Related Party Name
Receivables from						GUC						$						259,441									$						514,819									$						199,068
related parties						Xintec									143,938															109,632															157,189
												$						403,379									$						624,451									$						356,257
Other receivables						SSMC						$						57,564									$						58,093									$						60,333
from related						VIS									16,913															13,778															22,030
parties
												$						74,477									$						71,871									$						82,363

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e.    Payables to related parties

												September 30, 2024															December 31, 2023															September 30, 2023
Item						Related Party Name
Payables to related						Xintec						$						1,165,016									$						1,020,226									$						1,186,773
parties						SSMC									393,729															457,348															295,730
						Others									127,105															88,726															138,920
												$						1,685,850									$						1,566,300									$						1,621,423

f.    Others

												Three Months Ended September 30																								Nine Months Ended September 30
												2024												2023												2024												2023
Item						Related Party Categories
Manufacturing expenses						Associates						$			1,683,167									$			1,536,508									$			3,780,950									$			3,454,397

The sales prices and payment terms to related parties were not significantly different from those of sales to third parties. For other related party transactions, price and terms were determined in accordance with mutual agreements.

The Company leased factory and office from associates. The lease terms and prices were both determined in accordance with mutual agreements. The rental expenses were paid to associates monthly; the related expenses were both classified under manufacturing expenses.

g.    Compensation of key management personnel

The compensation to directors and other key management personnel were as follows:

						Three Months Ended September 30																														Nine Months Ended September 30
						2024															2023															2024															2023
Short-term employee benefits						$						1,086,604									$						817,111									$						3,028,668									$						2,454,401
Post-employment benefits									808															1,049															3,054															2,965
Share-based payments									322,017															134,066															851,404															386,838
						$						1,409,429									$						952,226									$						3,883,126									$						2,844,204

The compensation to directors and other key management personnel were determined by the Compensation and People Development Committee of TSMC in accordance with the individual performance and market trends.

32.    PLEDGED ASSETS

The Company provided certificate of deposits recorded in other financial assets as collateral mainly for building lease agreements. As of September 30, 2024, December 31, 2023 and September 30, 2023, the aforementioned other financial assets amounted to NT$127,743 thousand, NT$124,302 thousand and NT$128,861 thousand, respectively.

- 50 -

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33.    SIGNIFICANT CONTINGENT LIABILITIES AND UNRECOGNIZED COMMITMENTS

Significant contingent liabilities and unrecognized commitments of the Company as of the end of the reporting period, excluding those disclosed in other notes, were as follows:

a.Under a technical cooperation agreement with Industrial Technology Research Institute, the R.O.C. Government or its designee approved by TSMC can use up to 35% of TSMC’s capacity provided TSMC’s outstanding commitments to its customers are not prejudiced. The term of this agreement is for five years beginning from January 1, 1987 and is automatically renewed for successive periods of five years unless otherwise terminated by either party with one year prior notice. As of the end of reporting period, the R.O.C. Government did not invoke such right.

b.Under a Shareholders Agreement entered into with Philips and EDB Investments Pte Ltd. on March 30, 1999, the parties formed a joint venture company, SSMC, which is an integrated circuit foundry in Singapore. TSMC’s equity interest in SSMC was 32%. Nevertheless, in September 2006, Philips spun-off its semiconductor subsidiary which was renamed as NXP B.V. Further, TSMC and NXP B.V. purchased all the SSMC shares owned by EDB Investments Pte Ltd. pro rata according to the Shareholders Agreement on November 15, 2006. After the purchase, TSMC and NXP B.V. currently own approximately 39% and 61% of the SSMC shares, respectively. TSMC and NXP B.V. are required, in the aggregate, to purchase at least 70% of SSMC’s capacity, but TSMC alone is not required to purchase more than 28% of the capacity. If any party defaults on the commitment and the capacity utilization of SSMC falls below a specific percentage of its capacity, the defaulting party is required to compensate SSMC for all related unavoidable costs. There was no default from the aforementioned commitment as of the end of reporting period.

c.TSMC entered into long-term purchase agreements of materials and supplies and agreements of waste disposal with multiple suppliers. The relative minimum fulfillment quantity and price are specified in the agreements.

d.TSMC entered into a long-term purchase agreement of equipment. The relative fulfillment quantity and price are specified in the agreement.

e.TSMC entered into long-term energy purchase agreements with multiple suppliers. The relative fulfillment period, quantity and price are specified in the agreements.

f.Amounts available under unused letters of credit as of September 30, 2024, December 31, 2023 and September 30, 2023 were NT$472,988 thousand, NT$433,994 thousand and NT$391,084 thousand, respectively.

g.The Company entrusted financial institutions to provide performance guarantees mainly for import and export of goods, lease agreement and energy purchase agreement. As of September 30, 2024, December 31, 2023 and September 30, 2023, the aforementioned guarantee amounted to NT$10,144,487 thousand, NT$8,012,973 thousand, and NT$8,064,025 thousand, respectively.

34.    SIGNIFICANT LOSS FROM DISASTER

On April 3, 2024, an earthquake struck Taiwan. The resulting damage was mostly to inventories, plant facilities and machinery and equipment. In the second quarter of 2024, the Company recognized related earthquake losses to be approximately NT$3 billion, net of insurance claim. Such losses were primarily included in the cost of revenue and other operating income and expenses in net amounts.

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35.    EXCHANGE RATE INFORMATION OF FOREIGN-CURRENCY FINANCIAL ASSETS AND LIABILITIES

The following information was summarized according to the foreign currencies other than the functional currency of the Company. The exchange rates disclosed were used to translate the foreign currencies into the functional currency. The significant financial assets and liabilities denominated in foreign currencies were as follows:

						Foreign Currencies (In Thousands)															Exchange Rate (Note 1)												Carrying Amount (In Thousands)
September 30, 2024
Financial assets
Monetary items
USD						$						16,643,822												31.638									$						526,577,229
EUR									846,618															35.412												29,980,440
EUR									124,264															1.119			(Note 2)									4,400,425
JPY									70,644,061															0.2222												15,697,110
Financial liabilities
Monetary items
USD									15,476,747															31.638												489,653,327
EUR									623,972															35.412												22,096,101
EUR									123,422															1.119			(Note 2)									4,370,625
JPY									74,865,167															0.2222												16,635,040
December 31, 2023
Financial assets
Monetary items
USD									14,756,970															30.747												453,732,565
EUR									432,124															34.175												14,767,835
EUR									484,580															1.111			(Note 2)									16,560,515
JPY									13,320,705															0.2192												2,919,899
Financial liabilities
Monetary items
USD									14,121,653															30.747												434,198,454
EUR									803,472															34.175												27,458,643
EUR									482,869															1.111			(Note 2)									16,502,044
JPY									199,911,305															0.2192												43,820,558
September 30, 2023
Financial assets
Monetary items
USD									14,024,503															32.281												452,724,972
EUR									284,709															33.989												9,676,990
EUR									172,497															1.053			(Note 2)									5,863,012
JPY									63,541,086															0.2159												13,718,520

(Continued)

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						Foreign Currencies (In Thousands)															Exchange Rate (Note 1)												Carrying Amount (In Thousands)
Financial liabilities
Monetary items
USD						$						14,086,103												32.281									$						454,713,480
EUR									436,807															33.989												14,846,641
EUR									165,914															1.053			(Note 2)									5,639,262
JPY									188,152,004															0.2159												40,622,018

(Concluded)

Note 1:    Except as otherwise noted, exchange rate represents the number of NT dollar for which one foreign currency could be exchanged.

Note 2:    The exchange rate represents the number of U.S. dollar for which one Euro could be exchanged.

Please refer to the consolidated statements of comprehensive income for the total of realized and unrealized foreign exchange gain and loss for the three months and the nine months ended September 30, 2024 and 2023, respectively. Since there were varieties of foreign currency transactions and functional currencies within the subsidiaries of the Company, the Company was unable to disclose foreign exchange gain (loss) towards each foreign currency with significant impact.

36.    ADDITIONAL DISCLOSURES

Following are the additional disclosures required by the Securities and Futures Bureau for TSMC:

a.Financings provided: See Table 1 attached;

b.Endorsement/guarantee provided: See Table 2 attached;

c.Marketable securities held (excluding investments in subsidiaries and associates): See Table 3 attached;

d.Marketable securities acquired and disposed of at costs or prices of at least NT$300 million or 20% of the paid-in capital: See Table 4 attached;

e.Acquisition of individual real estate properties at costs of at least NT$300 million or 20% of the paid-in capital: See Table 5 attached;

f.Disposal of individual real estate properties at prices of at least NT$300 million or 20% of the paid-in capital: None;

g.Total purchases from or sales to related parties of at least NT$100 million or 20% of the paid-in capital: See Table 6 attached;

h.Receivables from related parties amounting to at least NT$100 million or 20% of the paid-in capital: See Table 7 attached;

i.Information about the derivative financial instruments transaction: See Notes 7 and 10;

j.Others: The business relationship between the parent and the subsidiaries and significant transactions between them: See Table 8 attached;

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k.Names, locations, and related information of investees over which TSMC exercises significant influence (excluding information on investment in mainland China): See Table 9 attached;

l.Information on investment in mainland China

1) The name of the investee in mainland China, the main businesses and products, its issued capital, method of investment, information on inflow or outflow of capital, percentage of ownership, income (losses) of the investee, share of profits/losses of investee, ending balance, amount received as dividends from the investee, and the limitation on investee: See Table 10 attached.

2) Significant direct or indirect transactions with the investee, its prices and terms of payment, unrealized gain or loss, and other related information which is helpful to understand the impact of investment in mainland China on financial reports: See Table 8 attached.

m.Information of major shareholders

List of all shareholders with ownership of 5 percent or greater showing the names and the number of shares and percentage of ownership held by each shareholder: See Table 11 attached.

37.    OPERATING SEGMENTS INFORMATION

TSMC’s chief operating decision makers periodically review operating results, focusing on operating income generated by foundry segment. Operating results are used for resource allocation and/or performance assessment. As a result, the Company has only one operating segment, the foundry segment. The foundry segment engages mainly in the manufacturing, sales, packaging, testing and computer-aided design of integrated circuits and other semiconductor devices and the manufacturing of masks.

The basis for the measurement of income from operations is the same as that for the preparation of financial statements. Please refer to the consolidated statements of comprehensive income for the related segment revenue and operating results.

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TABLE 1

Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries

FINANCINGS PROVIDED

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024

(Amounts in Thousands of New Taiwan Dollars, Unless Specified Otherwise)

No.			Financing Company			Counterparty			Financial Statement Account			Related Party			Maximum Balance for the Period (Foreign Currencies in Thousands) (Note 4)												Ending Balance (Foreign Currencies in Thousands) (Note 4)															Amount Actually Drawn (Foreign Currencies in Thousands)															Interest Rate			Nature for Financing			Transaction Amounts												Reason for Financing			Allowance for Bad Debt												Collateral															Financing Limits for Each Borrowing Company (Notes 1 to 3)												Financing Company’s Total Financing Amount Limits (Notes 1 to 3)
																																																																																										Item			Value
0			TSMC			TSMC Arizona			Other receivables from related parties			Yes			$ (US$						94,914,000 3,000,000			$ )			$						-									$						-									-			The need for short-term financing			$						-						Capacity installation and working capital			$						-						-			$						-						$						399,001,915						$						798,003,831
1			TSMC China			TSMC Nanjing			Other receivables from related parties			Yes			$ (RMB (US$						53,928,620 8,800,000 450,000			$ )& )			$ (RMB (US$									50,320,300 8,000,000 450,000			$ )& )			$ (RMB									36,083,200 8,000,000			$ )			1.30%-1.50%			The need for short-term and long-term financing						-									Operating capital						-									-						-												108,188,209												108,188,209
2			TSMC Development			TSMC Washington			Other receivables from related parties			Yes			$ (US$						1,898,280 60,000			$ )			$ (US$									1,898,280 60,000			$ )			$ (US$									949,140 30,000			$ )			-			The need for short-term financing						-									Operating capital						-									-						-												33,878,572												33,878,572

Note 1: The amount available for lending to TSMC Arizona from TSMC shall not exceed ten percent (10%) of the net worth of TSMC, and the total amount available for lending from TSMC to borrowers shall not exceed twenty percent (20%) of the net worth of TSMC.

Note 2: The aggregate amount available for lending to TSMC Nanjing from TSMC China shall not exceed the net worth of TSMC China.

Note 3: The aggregate amount available for lending to TSMC Washington from TSMC Development and the aggregate amount of lending from TSMC Development shall not exceed the net worth of TSMC Development.

Note 4: The maximum balance for the period and ending balance represent the amounts approved by the Board of Directors.

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TABLE 2

Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries

ENDORSEMENTS/GUARANTEES PROVIDED

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024

(Amounts in Thousands of New Taiwan Dollars, Unless Specified Otherwise)

No.			Endorsement/ Guarantee Provider			Guaranteed Party						Limits on Endorsement/ Guarantee Amount Provided to Each Guaranteed Party (Notes 1 and 2)												Maximum Balance for the Period (Foreign Currencies in Thousands) (Note 3)												Ending Balance (Foreign Currencies in Thousands) (Note 3)												Amount Actually Drawn (US$ in Thousands)												Amount of Endorsement/ Guarantee Collateralized by Properties												Ratio of Accumulated Endorsement/ Guarantee to Net Equity per Latest Financial Statements			Maximum Endorsement/ Guarantee Amount Allowable (Notes 1 and 2)												Guarantee Provided by Parent Company			Guarantee Provided by A Subsidiary			Guarantee Provided to Subsidiaries in Mainland China
						Name			Nature of Relationship
0			TSMC			TSMC North America			Subsidiary			$						1,596,007,661						$ (US$						2,632,702 83,213			)			$ (US$						2,632,702 83,213			)			$ (US$						2,632,702 83,213			)			$						-						0.07%			$						1,596,007,661						Yes			No			No
						TSMC Global			Subsidiary						1,596,007,661									(US$						237,285,000 7,500,000			)			(US$						237,285,000 7,500,000			)			(US$						237,285,000 7,500,000			)						-									5.95%						1,596,007,661									Yes			No			No
						TSMC Arizona			Subsidiary						1,596,007,661									(US$						380,681,704 12,032,420			)			(US$						380,681,704 12,032,420			)			(US$						254,129,704 8,032,420			)						-									9.54%						1,596,007,661									Yes			No			No
1			TSMC Japan			TSMC JDC			The same parent company						364,605									(JPY						293,304 1,320,000			)			(JPY						293,304 1,320,000			)			(JPY						293,304 1,320,000			)						-									0.01%						364,605									No			No			No

Note 1:    TSMC provides endorsements and guarantees for TSMC North America, TSMC Global and TSMC Arizona. Both individual and total endorsements and guarantees shall not exceed forty percent (40%) of TSMC’s net worth.

Note 2:    The total amount of the endorsement/guarantee provided by TSMC Japan to TSMC JDC shall not exceed two hundred and fifty percent (250%) of TSMC Japan’s net worth.

Note 3:    The maximum balance for the period and ending balance represent the amounts approved by the Board of Directors.

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TABLE 3

Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries

MARKETABLE SECURITIES HELD

SEPTEMBER 30, 2024

(Amounts in Thousands of New Taiwan Dollars, Unless Specified Otherwise)

Held Company Name			Marketable Securities Type and Name			Relationship with the Company			Financial Statement Account			September 30, 2024																																																Note
												Shares/Units (In Thousands)									Carrying Value (Foreign Currencies in Thousands)															Percentage of Ownership (%)									Fair Value (Foreign Currencies in Thousands)
TSMC			Non-publicly traded equity investments
			United Industrial Gases Co., Ltd.			-			Financial assets at fair value through other comprehensive income						21,230						$						486,601												10						$						486,601
			Shin-Etsu Handotai Taiwan Co., Ltd.			-			〃						10,500									456,372															7									456,372
			Global Investment Holding Inc.			-			〃						10,442									106,825															6									106,825
			Commercial paper
			China Steel Corporation			-			Financial assets at amortized cost						770									7,678,160															N/A									7,685,830
			Cathay Financial Holding Co., Ltd.			-			〃						432									4,308,592															N/A									4,313,146
			Formosa Chemicals & Fibre Corporation			-			〃						250									2,492,368															N/A									2,494,976
			Taiwan Power Company			-			〃						245									2,446,341															N/A									2,446,407
			CPC Corporation, Taiwan			-			〃						220									2,196,535															N/A									2,196,755
			Formosa Plastics Corporation			-			〃						200									1,993,861															N/A									1,995,800
			Nan Ya Plastics Corporation			-			〃						185									1,844,923															N/A									1,846,772
TSMC Partners			Fund
			Carbon Nature SCSp			-			Financial assets at fair value through Profit or Loss						-						US$									9,487									18						US$									9,487
			Imprint Nature-Based Opportunities Offshore SCSp			-			〃						-						US$									7,567									5						US$									7,567
			Matter Venture Partners Fund I, L.P.			-			〃						-						US$									7,452									7						US$									7,452
			Non-publicly traded equity investments
			Shanghai Walden Venture Capital Enterprise			-			Financial assets at fair value through other comprehensive income						-						US$									21,709									6						US$									21,709
			Walden Technology Ventures Investments II, L.P.			-			〃						-						US$									19,310									9						US$									19,310
			Walden Technology Ventures Investments III, L.P.			-			〃						-						US$									11,703									4						US$									11,703
			Tela Innovations			-			〃						6,942									-															22									-
			Publicly traded stocks
			ARM Holdings plc			-			Financial assets at fair value through other comprehensive income						1,111						US$									158,853									-						US$									158,853
			Movella Holdings Inc.			-			〃						3,095						US$									48									6						US$									48
TSMC Global			Corporate bond
			Bank of America Corporation			-			Financial assets at fair value through other comprehensive income						-						US$									102,697									N/A						US$									102,697
			Morgan Stanley			-			〃						-						US$									89,991									N/A						US$									89,991
			Wells Fargo & Company			-			〃						-						US$									83,317									N/A						US$									83,317
			JPMorgan Chase & Co.			-			〃						-						US$									82,887									N/A						US$									82,887
			The Goldman Sachs Group, Inc.			-			〃						-						US$									75,146									N/A						US$									75,146
			Citigroup Inc.			-			〃						-						US$									59,091									N/A						US$									59,091
			HSBC Holdings plc			-			〃						-						US$									39,159									N/A						US$									39,159
			BNP Paribas SA			-			〃						-						US$									38,615									N/A						US$									38,615
			Principal Life Global Funding II			-			〃						-						US$									37,419									N/A						US$									37,419
			Sumitomo Mitsui Trust Bank, Limited			-			〃						-						US$									36,782									N/A						US$									36,782
			NatWest Group plc			-			〃						-						US$									36,613									N/A						US$									36,613
			Banco Santander, S.A.			-			〃						-						US$									36,174									N/A						US$									36,174

(Continued)

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Held Company Name			Marketable Securities Type and Name			Relationship with the Company			Financial Statement Account			September 30, 2024																														Note
												Shares/Units (In Thousands)			Carrying Value (Foreign Currencies in Thousands)												Percentage of Ownership (%)			Fair Value (Foreign Currencies in Thousands)
TSMC Global			Nationwide Building Society			-			Financial assets at fair value through other comprehensive income			-			US$						35,691						N/A			US$						35,691
			Credit Agricole SA London Branch			-			〃			-			US$						35,136						N/A			US$						35,136
			BPCE SA			-			〃			-			US$						34,215						N/A			US$						34,215
			Barclays PLC			-			〃			-			US$						33,769						N/A			US$						33,769
			Lloyds Banking Group plc			-			〃			-			US$						30,488						N/A			US$						30,488
			Hyundai Capital America			-			〃			-			US$						30,065						N/A			US$						30,065
			Sumitomo Mitsui Financial Group, Inc.			-			〃			-			US$						29,686						N/A			US$						29,686
			American Express Company			-			〃			-			US$						27,950						N/A			US$						27,950
			Volkswagen Group of America Finance, LLC			-			〃			-			US$						25,924						N/A			US$						25,924
			Athene Global Funding			-			〃			-			US$						25,494						N/A			US$						25,494
			Toyota Motor Credit Corporation			-			〃			-			US$						24,607						N/A			US$						24,607
			Deutsche Bank AG - New York Branch			-			〃			-			US$						24,278						N/A			US$						24,278
			Penske Truck Leasing Co., L.P.			-			〃			-			US$						23,943						N/A			US$						23,943
			The Toronto-Dominion Bank			-			〃			-			US$						23,788						N/A			US$						23,788
			The Bank of Nova Scotia			-			〃			-			US$						22,925						N/A			US$						22,925
			AIG Global Funding			-			〃			-			US$						22,750						N/A			US$						22,750
			Banque Fédérative du Crédit Mutuel			-			〃			-			US$						22,198						N/A			US$						22,198
			Glencore Funding LLC			-			〃			-			US$						21,501						N/A			US$						21,501
			Bank of Montreal			-			〃			-			US$						21,320						N/A			US$						21,320
			Capital One Financial Corporation			-			〃			-			US$						21,026						N/A			US$						21,026
			Equitable Financial Life Global Funding			-			〃			-			US$						20,951						N/A			US$						20,951
			General Motors Financial Company, Inc.			-			〃			-			US$						20,925						N/A			US$						20,925
			Bunge Limited Finance Corp.			-			〃			-			US$						20,812						N/A			US$						20,812
			Mizuho Financial Group, Inc.			-			〃			-			US$						20,765						N/A			US$						20,765
			RGA Global Funding			-			〃			-			US$						20,555						N/A			US$						20,555
			ABN AMRO Bank N.V.			-			〃			-			US$						19,731						N/A			US$						19,731
			Macquarie Bank Limited			-			〃			-			US$						19,610						N/A			US$						19,610
			Daimler Trucks Finance North America LLC			-			〃			-			US$						19,479						N/A			US$						19,479
			Danske Bank A/S			-			〃			-			US$						18,583						N/A			US$						18,583
			UnitedHealth Group Incorporated			-			〃			-			US$						18,527						N/A			US$						18,527
			Mitsubishi UFJ Financial Group, Inc.			-			〃			-			US$						18,193						N/A			US$						18,193
			NTT Finance Corporation			-			〃			-			US$						18,130						N/A			US$						18,130
			Royal Bank of Canada			-			〃			-			US$						18,101						N/A			US$						18,101
			Metropolitan Life Global Funding I			-			〃			-			US$						17,946						N/A			US$						17,946
			Guardian Life Global Funding			-			〃			-			US$						17,932						N/A			US$						17,932
			Fédération des caisses Desjardins du Québec			-			〃			-			US$						17,484						N/A			US$						17,484
			Enel Finance International N.V.			-			〃			-			US$						17,228						N/A			US$						17,228
			NatWest Markets Plc			-			〃			-			US$						16,586						N/A			US$						16,586
			Coöperatieve Rabobank U.A.			-			〃			-			US$						16,418						N/A			US$						16,418
			New York Life Global Funding			-			〃			-			US$						16,383						N/A			US$						16,383
			Oracle Corporation			-			〃			-			US$						16,068						N/A			US$						16,068
			U.S. Bancorp.			-			〃			-			US$						15,863						N/A			US$						15,863
			Roper Technologies, Inc.			-			〃			-			US$						15,619						N/A			US$						15,619
			UBS Group AG			-			〃			-			US$						15,560						N/A			US$						15,560
			Northwestern Mutual Global Funding			-			〃			-			US$						15,512						N/A			US$						15,512
			Jackson National Life Global Funding			-			〃			-			US$						15,419						N/A			US$						15,419
			Philip Morris International Inc.			-			〃			-			US$						15,229						N/A			US$						15,229
			Protective Life Global Funding			-			〃			-			US$						15,116						N/A			US$						15,116
			NextEra Energy Capital Holdings, Inc.			-			〃			-			US$						15,061						N/A			US$						15,061
			The Kroger Co.			-			〃			-			US$						15,035						N/A			US$						15,035
			BMW US Capital, LLC			-			〃			-			US$						14,866						N/A			US$						14,866

(Continued)

- 58 -

---

Held Company Name			Marketable Securities Type and Name			Relationship with the Company			Financial Statement Account			September 30, 2024																														Note
												Shares/Units (In Thousands)			Carrying Value (Foreign Currencies in Thousands)												Percentage of Ownership (%)			Fair Value (Foreign Currencies in Thousands)
TSMC Global			Quest Diagnostics Incorporated			-			Financial assets at fair value through other comprehensive income			-			US$						14,634						N/A			US$						14,634
			ING Groep N.V.			-			〃			-			US$						14,469						N/A			US$						14,469
			AerCap Ireland Capital Designated Activity Company			-			〃			-			US$						14,283						N/A			US$						14,283
			Santander Holdings USA, Inc.			-			〃			-			US$						14,190						N/A			US$						14,190
			SMBC Aviation Capital Finance DAC			-			〃			-			US$						14,183						N/A			US$						14,183
			National Securities Clearing Corporation			-			〃			-			US$						14,060						N/A			US$						14,060
			Ryder System, Inc.			-			〃			-			US$						13,860						N/A			US$						13,860
			Standard Chartered PLC			-			〃			-			US$						13,687						N/A			US$						13,687
			The Bank of New York Mellon Corporation			-			〃			-			US$						13,602						N/A			US$						13,602
			Southern California Edison Company			-			〃			-			US$						13,276						N/A			US$						13,276
			COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH			-			〃			-			US$						13,240						N/A			US$						13,240
			Amphenol Corporation			-			〃			-			US$						13,191						N/A			US$						13,191
			ONEOK, Inc.			-			〃			-			US$						12,808						N/A			US$						12,808
			BAE Systems plc			-			〃			-			US$						12,801						N/A			US$						12,801
			Equifax Inc.			-			〃			-			US$						12,371						N/A			US$						12,371
			CNO Global Funding			-			〃			-			US$						11,978						N/A			US$						11,978
			Mercedes-Benz Finance North America LLC			-			〃			-			US$						11,928						N/A			US$						11,928
			Bristol-Myers Squibb Company			-			〃			-			US$						11,926						N/A			US$						11,926
			Truist Financial Corporation			-			〃			-			US$						11,849						N/A			US$						11,849
			Amazon.com, Inc.			-			〃			-			US$						11,637						N/A			US$						11,637
			National Rural Utilities Cooperative Finance Corporation			-			〃			-			US$						11,436						N/A			US$						11,436
			Nomura Holdings, Inc.			-			〃			-			US$						11,436						N/A			US$						11,436
			AT&T Inc.			-			〃			-			US$						11,422						N/A			US$						11,422
			Prologis Targeted U.S. Logistics Fund L.P.			-			〃			-			US$						11,356						N/A			US$						11,356
			MassMutual Global Funding II			-			〃			-			US$						11,170						N/A			US$						11,170
			ERAC USA Finance LLC			-			〃			-			US$						11,002						N/A			US$						11,002
			DTE Energy Company			-			〃			-			US$						10,968						N/A			US$						10,968
			S&P Global Inc.			-			〃			-			US$						10,845						N/A			US$						10,845
			Apple Inc.			-			〃			-			US$						10,815						N/A			US$						10,815
			Canadian Imperial Bank of Commerce			-			〃			-			US$						10,137						N/A			US$						10,137
			Macquarie Group Limited			-			〃			-			US$						10,134						N/A			US$						10,134
			Svenska Handelsbanken AB (publ)			-			〃			-			US$						10,060						N/A			US$						10,060
			T-Mobile USA, Inc.			-			〃			-			US$						10,039						N/A			US$						10,039
			Hewlett Packard Enterprise Company			-			〃			-			US$						10,003						N/A			US$						10,003
			Enbridge Inc.			-			〃			-			US$						9,948						N/A			US$						9,948
			John Deere Capital Corporation			-			〃			-			US$						9,943						N/A			US$						9,943
			Nordea Bank Abp			-			〃			-			US$						9,919						N/A			US$						9,919
			The Charles Schwab Corporation			-			〃			-			US$						9,568						N/A			US$						9,568
			Realty Income Corporation			-			〃			-			US$						9,273						N/A			US$						9,273
			Merck & Co., Inc.			-			〃			-			US$						9,263						N/A			US$						9,263
			LSEG US Fin Corp.			-			〃			-			US$						9,223						N/A			US$						9,223
			Public Service Enterprise Group Incorporated			-			〃			-			US$						9,219						N/A			US$						9,219
			Florida Power & Light Company			-			〃			-			US$						9,173						N/A			US$						9,173
			American Honda Finance Corporation			-			〃			-			US$						9,134						N/A			US$						9,134
			Amgen Inc.			-			〃			-			US$						9,108						N/A			US$						9,108
			Equinor ASA			-			〃			-			US$						8,801						N/A			US$						8,801
			Haleon US Capital LLC			-			〃			-			US$						8,659						N/A			US$						8,659
			Pioneer Natural Resources Company			-			〃			-			US$						8,579						N/A			US$						8,579
			Morgan Stanley Bank, N.A.			-			〃			-			US$						8,577						N/A			US$						8,577
			Pfizer Investment Enterprises Pte. Ltd.			-			〃			-			US$						8,566						N/A			US$						8,566
			Goldman Sachs Bank USA			-			〃			-			US$						8,347						N/A			US$						8,347

(Continued)

- 59 -

---

Held Company Name			Marketable Securities Type and Name			Relationship with the Company			Financial Statement Account			September 30, 2024																														Note
												Shares/Units (In Thousands)			Carrying Value (Foreign Currencies in Thousands)												Percentage of Ownership (%)			Fair Value (Foreign Currencies in Thousands)
TSMC Global			Aon North America, Inc.			-			Financial assets at fair value through other comprehensive income			-			US$						8,285						N/A			US$						8,285
			Verizon Communications Inc.			-			〃			-			US$						8,272						N/A			US$						8,272
			Citibank, N.A.			-			〃			-			US$						8,233						N/A			US$						8,233
			Lowe's Companies, Inc.			-			〃			-			US$						8,227						N/A			US$						8,227
			Tampa Electric Company			-			〃			-			US$						8,222						N/A			US$						8,222
			META PLATFORMS INC			-			〃			-			US$						8,144						N/A			US$						8,144
			Kimco Realty Corporation			-			〃			-			US$						8,132						N/A			US$						8,132
			KfW			-			〃			-			US$						8,126						N/A			US$						8,126
			Société Générale Société anonyme			-			〃			-			US$						8,038						N/A			US$						8,038
			Constellation Energy Generation, LLC			-			〃			-			US$						8,025						N/A			US$						8,025
			Santander UK Group Holdings plc			-			〃			-			US$						7,960						N/A			US$						7,960
			Intuit Inc.			-			〃			-			US$						7,776						N/A			US$						7,776
			Roche Holdings, Inc.			-			〃			-			US$						7,755						N/A			US$						7,755
			AstraZeneca Finance LLC			-			〃			-			US$						7,519						N/A			US$						7,519
			Johnson & Johnson			-			〃			-			US$						7,349						N/A			US$						7,349
			Bank of Ireland Group plc			-			〃			-			US$						7,272						N/A			US$						7,272
			Pacific Gas and Electric Company			-			〃			-			US$						7,261						N/A			US$						7,261
			Chevron Corporation			-			〃			-			US$						7,215						N/A			US$						7,215
			McKesson Corporation			-			〃			-			US$						7,201						N/A			US$						7,201
			Keurig Dr Pepper Inc.			-			〃			-			US$						7,101						N/A			US$						7,101
			Intercontinental Exchange, Inc.			-			〃			-			US$						7,052						N/A			US$						7,052
			Cox Communications, Inc.			-			〃			-			US$						7,047						N/A			US$						7,047
			AstraZeneca PLC			-			〃			-			US$						7,039						N/A			US$						7,039
			Consumers Energy Company			-			〃			-			US$						7,020						N/A			US$						7,020
			Exelon Corporation			-			〃			-			US$						7,005						N/A			US$						7,005
			Novartis Capital Corporation			-			〃			-			US$						6,907						N/A			US$						6,907
			Great-West Lifeco U.S. Finance 2020, Lp			-			〃			-			US$						6,863						N/A			US$						6,863
			The Cigna Group			-			〃			-			US$						6,775						N/A			US$						6,775
			The East Ohio Gas Company			-			〃			-			US$						6,711						N/A			US$						6,711
			WEC Energy Group, Inc.			-			〃			-			US$						6,699						N/A			US$						6,699
			Fidelity National Information Services, Inc.			-			〃			-			US$						6,666						N/A			US$						6,666
			Pacific Life Global Funding II			-			〃			-			US$						6,648						N/A			US$						6,648
			Met Tower Global Funding			-			〃			-			US$						6,643						N/A			US$						6,643
			Swedbank AB (publ)			-			〃			-			US$						6,584						N/A			US$						6,584
			Health Care Service Corporation, a Mutual Legal Reserve Company			-			〃			-			US$						6,531						N/A			US$						6,531
			Take-Two Interactive Software, Inc.			-			〃			-			US$						6,363						N/A			US$						6,363
			Eaton Corporation			-			〃			-			US$						6,306						N/A			US$						6,306
			Empower Finance 2020, LP			-			〃			-			US$						6,245						N/A			US$						6,245
			Schlumberger Holdings Corporation			-			〃			-			US$						6,064						N/A			US$						6,064
			NBN Co Limited			-			〃			-			US$						5,933						N/A			US$						5,933
			HEICO Corporation			-			〃			-			US$						5,912						N/A			US$						5,912
			National Bank of Canada			-			〃			-			US$						5,910						N/A			US$						5,910
			Thermo Fisher Scientific Inc.			-			〃			-			US$						5,905						N/A			US$						5,905
			NiSource Inc.			-			〃			-			US$						5,829						N/A			US$						5,829
			Scentre Group Trust 1			-			〃			-			US$						5,820						N/A			US$						5,820
			The Williams Companies, Inc.			-			〃			-			US$						5,753						N/A			US$						5,753
			Ingersoll Rand Inc.			-			〃			-			US$						5,741						N/A			US$						5,741
			Marriott International, Inc.			-			〃			-			US$						5,687						N/A			US$						5,687
			ASB Bank Limited			-			〃			-			US$						5,686						N/A			US$						5,686
			Workday, Inc.			-			〃			-			US$						5,686						N/A			US$						5,686

(Continued)

- 60 -

---

Held Company Name			Marketable Securities Type and Name			Relationship with the Company			Financial Statement Account			September 30, 2024																														Note
												Shares/Units (In Thousands)			Carrying Value (Foreign Currencies in Thousands)												Percentage of Ownership (%)			Fair Value (Foreign Currencies in Thousands)
TSMC Global			Ameriprise Financial, Inc.			-			Financial assets at fair value through other comprehensive income			-			US$						5,680						N/A			US$						5,680
			Medtronic Global Holdings S.C.A.			-			〃			-			US$						5,660						N/A			US$						5,660
			RTX Corporation			-			〃			-			US$						5,638						N/A			US$						5,638
			Magna International Inc.			-			〃			-			US$						5,548						N/A			US$						5,548
			Starbucks Corporation			-			〃			-			US$						5,521						N/A			US$						5,521
			BorgWarner Inc.			-			〃			-			US$						5,458						N/A			US$						5,458
			Stryker Corporation			-			〃			-			US$						5,453						N/A			US$						5,453
			MPLX LP			-			〃			-			US$						5,406						N/A			US$						5,406
			Intel Corporation			-			〃			-			US$						5,293						N/A			US$						5,293
			Newmont Corporation			-			〃			-			US$						5,268						N/A			US$						5,268
			Sydney Airport Finance Company Pty Ltd			-			〃			-			US$						5,268						N/A			US$						5,268
			Inter-American Development Bank			-			〃			-			US$						5,215						N/A			US$						5,215
			Virginia Electric and Power Company			-			〃			-			US$						5,181						N/A			US$						5,181
			NATIONAL SECURITIES CLEARING CORP			-			〃			-			US$						5,175						N/A			US$						5,175
			Southwest Airlines Co.			-			〃			-			US$						5,096						N/A			US$						5,096
			Smith & Nephew plc			-			〃			-			US$						5,093						N/A			US$						5,093
			CGI Inc.			-			〃			-			US$						5,062						N/A			US$						5,062
			Spire Inc.			-			〃			-			US$						5,060						N/A			US$						5,060
			Bank of New Zealand			-			〃			-			US$						5,037						N/A			US$						5,037
			AbbVie Inc.			-			〃			-			US$						5,028						N/A			US$						5,028
			Mizuho Markets Cayman LP			-			〃			-			US$						4,999						N/A			US$						4,999
			ONE Gas, Inc.			-			〃			-			US$						4,969						N/A			US$						4,969
			Ameren Corporation			-			〃			-			US$						4,951						N/A			US$						4,951
			Alabama Power Company			-			〃			-			US$						4,949						N/A			US$						4,949
			Brookfield Finance Inc.			-			〃			-			US$						4,944						N/A			US$						4,944
			Deutsche Telekom International Finance B.V.			-			〃			-			US$						4,874						N/A			US$						4,874
			ANZ New Zealand (Int'l) Limited			-			〃			-			US$						4,865						N/A			US$						4,865
			HP Inc.			-			〃			-			US$						4,771						N/A			US$						4,771
			National Australia Bank Limited, New York Branch			-			〃			-			US$						4,762						N/A			US$						4,762
			Fifth Third Bancorp			-			〃			-			US$						4,699						N/A			US$						4,699
			Georgia Power Company			-			〃			-			US$						4,694						N/A			US$						4,694
			F&G Global Funding			-			〃			-			US$						4,606						N/A			US$						4,606
			GA Global Funding Trust			-			〃			-			US$						4,598						N/A			US$						4,598
			ITC Holdings Corp.			-			〃			-			US$						4,466						N/A			US$						4,466
			State Street Corporation			-			〃			-			US$						4,412						N/A			US$						4,412
			AutoZone, Inc.			-			〃			-			US$						4,386						N/A			US$						4,386
			Brighthouse Financial Global Funding			-			〃			-			US$						4,271						N/A			US$						4,271
			Labcorp Holdings Inc.			-			〃			-			US$						4,254						N/A			US$						4,254
			Lincoln National Corporation			-			〃			-			US$						4,132						N/A			US$						4,132
			AvalonBay Communities, Inc.			-			〃			-			US$						4,129						N/A			US$						4,129
			Piedmont Natural Gas Company, Inc.			-			〃			-			US$						4,073						N/A			US$						4,073
			Korea Electric Power Corporation			-			〃			-			US$						4,065						N/A			US$						4,065
			Public Storage			-			〃			-			US$						4,065						N/A			US$						4,065
			Mid-Atlantic Interstate Transmission, LLC			-			〃			-			US$						4,062						N/A			US$						4,062
			Schlumberger Investment SA			-			〃			-			US$						4,060						N/A			US$						4,060
			L3Harris Technologies, Inc.			-			〃			-			US$						3,985						N/A			US$						3,985
			Duke Energy Carolinas, LLC			-			〃			-			US$						3,970						N/A			US$						3,970
			Banco Bilbao Vizcaya Argentaria, S.A.			-			〃			-			US$						3,962						N/A			US$						3,962
			Alliant Energy Finance, LLC			-			〃			-			US$						3,939						N/A			US$						3,939
			CNH Industrial Capital LLC			-			〃			-			US$						3,929						N/A			US$						3,929
			B.A.T. International Finance p.l.c.			-			〃			-			US$						3,928						N/A			US$						3,928

(Continued)

- 61 -

---

Held Company Name			Marketable Securities Type and Name			Relationship with the Company			Financial Statement Account			September 30, 2024																														Note
												Shares/Units (In Thousands)			Carrying Value (Foreign Currencies in Thousands)												Percentage of Ownership (%)			Fair Value (Foreign Currencies in Thousands)
TSMC Global			GAIF Bond Issuer Pty Limited			-			Financial assets at fair value through other comprehensive income			-			US$						3,918						N/A			US$						3,918
			Eli Lilly and Company			-			〃			-			US$						3,876						N/A			US$						3,876
			Fortinet, Inc.			-			〃			-			US$						3,818						N/A			US$						3,818
			Alimentation Couche-Tard Inc.			-			〃			-			US$						3,780						N/A			US$						3,780
			Appalachian Power Company			-			〃			-			US$						3,715						N/A			US$						3,715
			Walmart Inc.			-			〃			-			US$						3,715						N/A			US$						3,715
			Texas Instruments Incorporated			-			〃			-			US$						3,690						N/A			US$						3,690
			Norsk Hydro ASA			-			〃			-			US$						3,653						N/A			US$						3,653
			Parker-Hannifin Corporation			-			〃			-			US$						3,617						N/A			US$						3,617
			Nutrien Ltd.			-			〃			-			US$						3,616						N/A			US$						3,616
			Advocate Health & Hospitals Corporation			-			〃			-			US$						3,601						N/A			US$						3,601
			CenterPoint Energy Resources Corp.			-			〃			-			US$						3,572						N/A			US$						3,572
			Burlington Northern Santa Fe, LLC			-			〃			-			US$						3,549						N/A			US$						3,549
			Meta Platforms, Inc.			-			〃			-			US$						3,480						N/A			US$						3,480
			Cisco Systems, Inc.			-			〃			-			US$						3,457						N/A			US$						3,457
			Comcast Corporation			-			〃			-			US$						3,455						N/A			US$						3,455
			Sempra			-			〃			-			US$						3,452						N/A			US$						3,452
			Chubb INA Holdings LLC			-			〃			-			US$						3,438						N/A			US$						3,438
			Pfizer Inc.			-			〃			-			US$						3,391						N/A			US$						3,391
			DuPont de Nemours, Inc.			-			〃			-			US$						3,278						N/A			US$						3,278
			Wisconsin Electric Power Company			-			〃			-			US$						3,276						N/A			US$						3,276
			Republic Services, Inc.			-			〃			-			US$						3,255						N/A			US$						3,255
			Lundin Energy Finance BV			-			〃			-			US$						3,236						N/A			US$						3,236
			Corebridge Financial, Inc.			-			〃			-			US$						3,202						N/A			US$						3,202
			Fiserv, Inc.			-			〃			-			US$						3,169						N/A			US$						3,169
			Tyco Electronics Group S.A.			-			〃			-			US$						3,167						N/A			US$						3,167
			Atmos Energy Corporation			-			〃			-			US$						3,161						N/A			US$						3,161
			UBS AG, London Branch			-			〃			-			US$						3,148						N/A			US$						3,148
			Nestlé Holdings, Inc.			-			〃			-			US$						3,142						N/A			US$						3,142
			Anheuser-Busch Companies, LLC			-			〃			-			US$						3,137						N/A			US$						3,137
			Duke Energy Corporation			-			〃			-			US$						3,111						N/A			US$						3,111
			Mutual Of Omaha Companies Global Funding			-			〃			-			US$						3,071						N/A			US$						3,071
			The PNC Financial Services Group, Inc.			-			〃			-			US$						3,062						N/A			US$						3,062
			Caterpillar Financial Services Corporation			-			〃			-			US$						3,047						N/A			US$						3,047
			ORIX Corporation			-			〃			-			US$						3,025						N/A			US$						3,025
			Prologis, L.P.			-			〃			-			US$						3,024						N/A			US$						3,024
			Archer-Daniels-Midland Company			-			〃			-			US$						3,012						N/A			US$						3,012
			Southern California Gas Company			-			〃			-			US$						3,008						N/A			US$						3,008
			Citizens Bank, National Association			-			〃			-			US$						3,003						N/A			US$						3,003
			Xcel Energy Inc.			-			〃			-			US$						2,946						N/A			US$						2,946
			Fortive Corporation			-			〃			-			US$						2,943						N/A			US$						2,943
			Rio Tinto Finance (USA) Limited			-			〃			-			US$						2,909						N/A			US$						2,909
			Rochester Gas and Electric Corporation			-			〃			-			US$						2,906						N/A			US$						2,906
			BHP Billiton Finance (USA) Limited			-			〃			-			US$						2,885						N/A			US$						2,885
			Lockheed Martin Corporation			-			〃			-			US$						2,876						N/A			US$						2,876
			CSL Finance plc			-			〃			-			US$						2,867						N/A			US$						2,867
			7-Eleven, Inc.			-			〃			-			US$						2,833						N/A			US$						2,833
			Simon Property Group, L.P.			-			〃			-			US$						2,784						N/A			US$						2,784
			Invitation Homes Operating Partnership LP			-			〃			-			US$						2,783						N/A			US$						2,783
			Oncor Electric Delivery Company LLC			-			〃			-			US$						2,769						N/A			US$						2,769
			Ventas Realty, Limited Partnership			-			〃			-			US$						2,728						N/A			US$						2,728

(Continued)

- 62 -

---

Held Company Name			Marketable Securities Type and Name			Relationship with the Company			Financial Statement Account			September 30, 2024																														Note
												Shares/Units (In Thousands)			Carrying Value (Foreign Currencies in Thousands)												Percentage of Ownership (%)			Fair Value (Foreign Currencies in Thousands)
TSMC Global			Weyerhaeuser Company			-			Financial assets at fair value through other comprehensive income			-			US$						2,720						N/A			US$						2,720
			Chevron Phillips Chemical Company LLC			-			〃			-			US$						2,703						N/A			US$						2,703
			Bayer US Finance LLC			-			〃			-			US$						2,695						N/A			US$						2,695
			Masco Corporation			-			〃			-			US$						2,686						N/A			US$						2,686
			Eastern Energy Gas Holdings, LLC			-			〃			-			US$						2,678						N/A			US$						2,678
			The Estée Lauder Companies Inc.			-			〃			-			US$						2,651						N/A			US$						2,651
			Pennsylvania Electric Company			-			〃			-			US$						2,647						N/A			US$						2,647
			The Southern Company			-			〃			-			US$						2,640						N/A			US$						2,640
			O'Reilly Automotive, Inc.			-			〃			-			US$						2,634						N/A			US$						2,634
			Transcontinental Gas Pipe Line Company, LLC			-			〃			-			US$						2,631						N/A			US$						2,631
			Avangrid, Inc.			-			〃			-			US$						2,624						N/A			US$						2,624
			Air Products and Chemicals, Inc.			-			〃			-			US$						2,617						N/A			US$						2,617
			KBC Group NV			-			〃			-			US$						2,612						N/A			US$						2,612
			Kraton Corporation			-			〃			-			US$						2,556						N/A			US$						2,556
			Otis Worldwide Corporation			-			〃			-			US$						2,541						N/A			US$						2,541
			Siemens Financieringsmaatschappij N.V.			-			〃			-			US$						2,536						N/A			US$						2,536
			American Electric Power Company, Inc.			-			〃			-			US$						2,524						N/A			US$						2,524
			Nuveen Finance, LLC			-			〃			-			US$						2,497						N/A			US$						2,497
			Entergy Texas, Inc.			-			〃			-			US$						2,486						N/A			US$						2,486
			W. P. Carey Inc.			-			〃			-			US$						2,443						N/A			US$						2,443
			CRH America, Inc.			-			〃			-			US$						2,435						N/A			US$						2,435
			Westpac Banking Corporation			-			〃			-			US$						2,419						N/A			US$						2,419
			NBN CO LTD			-			〃			-			US$						2,407						N/A			US$						2,407
			DNB Bank ASA			-			〃			-			US$						2,379						N/A			US$						2,379
			Yara International ASA			-			〃			-			US$						2,369						N/A			US$						2,369
			CVS Health Corporation			-			〃			-			US$						2,368						N/A			US$						2,368
			Boston Gas Company			-			〃			-			US$						2,353						N/A			US$						2,353
			Cardinal Health, Inc.			-			〃			-			US$						2,316						N/A			US$						2,316
			GE HealthCare Technologies Inc.			-			〃			-			US$						2,294						N/A			US$						2,294
			Pricoa Global Funding I			-			〃			-			US$						2,267						N/A			US$						2,267
			Bimbo Bakeries USA, Inc.			-			〃			-			US$						2,247						N/A			US$						2,247
			Enel Finance America, LLC			-			〃			-			US$						2,233						N/A			US$						2,233
			Dominion Energy, Inc.			-			〃			-			US$						2,184						N/A			US$						2,184
			Humana Inc.			-			〃			-			US$						2,134						N/A			US$						2,134
			Phillips 66			-			〃			-			US$						2,120						N/A			US$						2,120
			Welltower Inc.			-			〃			-			US$						2,097						N/A			US$						2,097
			CMS Energy Corporation			-			〃			-			US$						2,090						N/A			US$						2,090
			Air Lease Corporation			-			〃			-			US$						2,054						N/A			US$						2,054
			Public Service Electric and Gas Company			-			〃			-			US$						2,039						N/A			US$						2,039
			KODIT Global 2023-1 Co., Ltd.			-			〃			-			US$						2,018						N/A			US$						2,018
			Olympus Corporation			-			〃			-			US$						2,004						N/A			US$						2,004
			UBS Group Funding (Jersey) Ltd.			-			〃			-			US$						1,992						N/A			US$						1,992
			Tucson Electric Power Company			-			〃			-			US$						1,982						N/A			US$						1,982
			FirstEnergy Transmission, LLC			-			〃			-			US$						1,973						N/A			US$						1,973
			Gulf Power Company			-			〃			-			US$						1,969						N/A			US$						1,969
			Shinhan Financial Group Co., Ltd.			-			〃			-			US$						1,924						N/A			US$						1,924
			Mitsubishi Corporation			-			〃			-			US$						1,894						N/A			US$						1,894
			NBK SPC Limited			-			〃			-			US$						1,885						N/A			US$						1,885
			Aptiv PLC			-			〃			-			US$						1,823						N/A			US$						1,823
			Eversource Energy			-			〃			-			US$						1,813						N/A			US$						1,813
			Engie SA			-			〃			-			US$						1,809						N/A			US$						1,809

(Continued)

- 63 -

---

Held Company Name			Marketable Securities Type and Name			Relationship with the Company			Financial Statement Account			September 30, 2024																														Note
												Shares/Units (In Thousands)			Carrying Value (Foreign Currencies in Thousands)												Percentage of Ownership (%)			Fair Value (Foreign Currencies in Thousands)
TSMC Global			Mondelez International, Inc.			-			Financial assets at fair value through other comprehensive income			-			US$						1,804						N/A			US$						1,804
			CenterPoint Energy Houston Electric, LLC			-			〃			-			US$						1,797						N/A			US$						1,797
			Kentucky Utilities Company			-			〃			-			US$						1,782						N/A			US$						1,782
			Element Fleet Management Corp.			-			〃			-			US$						1,778						N/A			US$						1,778
			KeySpan Corporation			-			〃			-			US$						1,742						N/A			US$						1,742
			Evergy Kansas Central, Inc.			-			〃			-			US$						1,730						N/A			US$						1,730
			Georgia-Pacific LLC			-			〃			-			US$						1,713						N/A			US$						1,713
			Motorola Solutions, Inc.			-			〃			-			US$						1,707						N/A			US$						1,707
			Wells Fargo Bank, National Association			-			〃			-			US$						1,691						N/A			US$						1,691
			University of California			-			〃			-			US$						1,685						N/A			US$						1,685
			The Western Union Company			-			〃			-			US$						1,671						N/A			US$						1,671
			eBay Inc.			-			〃			-			US$						1,651						N/A			US$						1,651
			Emerson Electric Co.			-			〃			-			US$						1,641						N/A			US$						1,641
			International Business Machines Corporation			-			〃			-			US$						1,620						N/A			US$						1,620
			Gulfstream Natural Gas System, L.L.C.			-			〃			-			US$						1,613						N/A			US$						1,613
			Jefferies Financial Group Inc.			-			〃			-			US$						1,578						N/A			US$						1,578
			B.A.T Capital Corporation			-			〃			-			US$						1,573						N/A			US$						1,573
			Cadence Design Systems, Inc.			-			〃			-			US$						1,571						N/A			US$						1,571
			Genuine Parts Company			-			〃			-			US$						1,564						N/A			US$						1,564
			Kinder Morgan, Inc.			-			〃			-			US$						1,555						N/A			US$						1,555
			Zoetis Inc.			-			〃			-			US$						1,554						N/A			US$						1,554
			Essex Portfolio, L.P.			-			〃			-			US$						1,551						N/A			US$						1,551
			Wipro IT Services LLC			-			〃			-			US$						1,530						N/A			US$						1,530
			APA Infrastructure Limited			-			〃			-			US$						1,529						N/A			US$						1,529
			Phillips 66 Company			-			〃			-			US$						1,529						N/A			US$						1,529
			Entergy Mississippi, LLC			-			〃			-			US$						1,525						N/A			US$						1,525
			American International Group, Inc.			-			〃			-			US$						1,520						N/A			US$						1,520
			CenterPoint Energy, Inc.			-			〃			-			US$						1,486						N/A			US$						1,486
			NSTAR Electric Company			-			〃			-			US$						1,480						N/A			US$						1,480
			Duke Energy Florida, LLC			-			〃			-			US$						1,478						N/A			US$						1,478
			Berkshire Hathaway Energy Company			-			〃			-			US$						1,471						N/A			US$						1,471
			Dollar General Corporation			-			〃			-			US$						1,455						N/A			US$						1,455
			Jersey Central Power & Light Company			-			〃			-			US$						1,445						N/A			US$						1,445
			IDEX Corporation			-			〃			-			US$						1,373						N/A			US$						1,373
			Aon Corporation			-			〃			-			US$						1,350						N/A			US$						1,350
			Northrop Grumman Corporation			-			〃			-			US$						1,339						N/A			US$						1,339
			Eastern Gas Transmission and Storage, Inc.			-			〃			-			US$						1,337						N/A			US$						1,337
			Andrew W. Mellon Foundation, The			-			〃			-			US$						1,309						N/A			US$						1,309
			Elevance Health, Inc.			-			〃			-			US$						1,300						N/A			US$						1,300
			Pernod Ricard International Finance LLC			-			〃			-			US$						1,289						N/A			US$						1,289
			Becton, Dickinson and Company			-			〃			-			US$						1,261						N/A			US$						1,261
			Union Pacific Corporation			-			〃			-			US$						1,257						N/A			US$						1,257
			Ecolab Inc.			-			〃			-			US$						1,229						N/A			US$						1,229
			Sysco Corporation			-			〃			-			US$						1,221						N/A			US$						1,221
			Solvay Finance (America), LLC			-			〃			-			US$						1,180						N/A			US$						1,180
			Mondelez International Holdings Netherlands B.V.			-			〃			-			US$						1,157						N/A			US$						1,157
			OGE Energy Corp.			-			〃			-			US$						1,143						N/A			US$						1,143
			Ferguson Finance PLC			-			〃			-			US$						1,131						N/A			US$						1,131
			Niagara Mohawk Power Corporation			-			〃			-			US$						1,085						N/A			US$						1,085
			Nucor Corporation			-			〃			-			US$						1,085						N/A			US$						1,085
			AIB Group plc			-			〃			-			US$						1,083						N/A			US$						1,083

(Continued)

- 64 -

---

Held Company Name			Marketable Securities Type and Name			Relationship with the Company			Financial Statement Account			September 30, 2024																														Note
												Shares/Units (In Thousands)			Carrying Value (Foreign Currencies in Thousands)												Percentage of Ownership (%)			Fair Value (Foreign Currencies in Thousands)
TSMC Global			EDP Finance B.V.			-			Financial assets at fair value through other comprehensive income			-			US$						1,060						N/A			US$						1,060
			CBRE Services, Inc.			-			〃			-			US$						1,045						N/A			US$						1,045
			New York State Electric & Gas Corporation			-			〃			-			US$						1,045						N/A			US$						1,045
			PacifiCorp			-			〃			-			US$						1,035						N/A			US$						1,035
			MORGAN STANLEY BANK NA FXD-FRN			-			〃			-			US$						1,022						N/A			US$						1,022
			Sabine Pass Liquefaction, LLC			-			〃			-			US$						1,018						N/A			US$						1,018
			Bayer US Finance II LLC			-			〃			-			US$						990						N/A			US$						990
			American Water Capital Corp.			-			〃			-			US$						987						N/A			US$						987
			Canadian Pacific Railway Company			-			〃			-			US$						979						N/A			US$						979
			Juniper Networks, Inc.			-			〃			-			US$						959						N/A			US$						959
			LYB Finance Company B.V.			-			〃			-			US$						942						N/A			US$						942
			AEP Texas Inc.			-			〃			-			US$						940						N/A			US$						940
			Lennar Corporation			-			〃			-			US$						939						N/A			US$						939
			The Interpublic Group of Companies, Inc.			-			〃			-			US$						937						N/A			US$						937
			Assurant, Inc.			-			〃			-			US$						935						N/A			US$						935
			BAE Systems Finance Inc.			-			〃			-			US$						921						N/A			US$						921
			TC PipeLines, LP			-			〃			-			US$						913						N/A			US$						913
			County of Palm Beach, Florida			-			〃			-			US$						855						N/A			US$						855
			Metropolitan Edison Company			-			〃			-			US$						830						N/A			US$						830
			CubeSmart, L.P.			-			〃			-			US$						821						N/A			US$						821
			Cox Enterprises, Inc.			-			〃			-			US$						801						N/A			US$						801
			BP Capital Markets America, Inc.			-			〃			-			US$						780						N/A			US$						780
			Zimmer Biomet Holdings, Inc.			-			〃			-			US$						780						N/A			US$						780
			Southwest Gas Corporation			-			〃			-			US$						779						N/A			US$						779
			The Brooklyn Union Gas Company			-			〃			-			US$						777						N/A			US$						777
			Consolidated Edison Company of New York, Inc.			-			〃			-			US$						769						N/A			US$						769
			Veralto Corporation			-			〃			-			US$						767						N/A			US$						767
			Oklahoma Gas and Electric Company			-			〃			-			US$						766						N/A			US$						766
			Voya Financial, Inc.			-			〃			-			US$						766						N/A			US$						766
			PACCAR Financial Corp.			-			〃			-			US$						765						N/A			US$						765
			TELUS Corporation			-			〃			-			US$						763						N/A			US$						763
			Visa Inc.			-			〃			-			US$						761						N/A			US$						761
			Marsh & McLennan Companies, Inc.			-			〃			-			US$						760						N/A			US$						760
			Mars, Incorporated			-			〃			-			US$						760						N/A			US$						760
			Sprint Spectrum Co Llc			-			〃			-			US$						730						N/A			US$						730
			Hyundai Capital Services, Inc.			-			〃			-			US$						718						N/A			US$						718
			The Allstate Corporation			-			〃			-			US$						695						N/A			US$						695
			Sodexo, Inc.			-			〃			-			US$						692						N/A			US$						692
			Automatic Data Processing, Inc.			-			〃			-			US$						670						N/A			US$						670
			Baxter International Inc.			-			〃			-			US$						664						N/A			US$						664
			Reliance Standard Life Global Funding II			-			〃			-			US$						657						N/A			US$						657
			Southern Power Company			-			〃			-			US$						637						N/A			US$						637
			The Sherwin-Williams Company			-			〃			-			US$						620						N/A			US$						620
			Florida Hurricane Catastrophe Fund Finance Corporation			-			〃			-			US$						610						N/A			US$						610
			Infor, Inc.			-			〃			-			US$						607						N/A			US$						607
			Burlington Resources Inc.			-			〃			-			US$						592						N/A			US$						592
			Columbia Pipelines Holding Company, LLC			-			〃			-			US$						573						N/A			US$						573
			Columbia Pipelines Operating Company LLC			-			〃			-			US$						553						N/A			US$						553
			Skandinaviska Enskilda Banken AB (publ)			-			〃			-			US$						533						N/A			US$						533
			State of Hawaii			-			〃			-			US$						533						N/A			US$						533
			Arizona Public Service Company			-			〃			-			US$						531						N/A			US$						531

(Continued)

- 65 -

---

Held Company Name			Marketable Securities Type and Name			Relationship with the Company			Financial Statement Account			September 30, 2024																														Note
												Shares/Units (In Thousands)			Carrying Value (Foreign Currencies in Thousands)												Percentage of Ownership (%)			Fair Value (Foreign Currencies in Thousands)
TSMC Global			AIA Group Limited			-			Financial assets at fair value through other comprehensive income			-			US$						522						N/A			US$						522
			Mississippi Power Company			-			〃			-			US$						520						N/A			US$						520
			Waste Management, Inc.			-			〃			-			US$						518						N/A			US$						518
			Monongahela Power Company			-			〃			-			US$						516						N/A			US$						516
			Intesa Sanpaolo S.p.A.			-			〃			-			US$						512						N/A			US$						512
			Westpac New Zealand Limited			-			〃			-			US$						510						N/A			US$						510
			Commonwealth Bank of Australia			-			〃			-			US$						500						N/A			US$						500
			Enterprise Products Operating LLC			-			〃			-			US$						500						N/A			US$						500
			Diageo Capital plc			-			〃			-			US$						498						N/A			US$						498
			Trane Technologies Luxembourg Finance S.A.			-			〃			-			US$						495						N/A			US$						495
			McCormick & Company, Incorporated			-			〃			-			US$						491						N/A			US$						491
			Altria Group, Inc.			-			〃			-			US$						487						N/A			US$						487
			Verisk Analytics, Inc.			-			〃			-			US$						478						N/A			US$						478
			DENSO Corporation			-			〃			-			US$						472						N/A			US$						472
			Aker BP ASA			-			〃			-			US$						441						N/A			US$						441
			The Home Depot, Inc.			-			〃			-			US$						426						N/A			US$						426
			Aflac Incorporated			-			〃			-			US$						407						N/A			US$						407
			Coca-Cola Consolidated, Inc.			-			〃			-			US$						407						N/A			US$						407
			GlaxoSmithKline Capital Inc.			-			〃			-			US$						399						N/A			US$						399
			Nuveen, LLC			-			〃			-			US$						399						N/A			US$						399
			Gilead Sciences, Inc.			-			〃			-			US$						397						N/A			US$						397
			Sierra Pacific Power Company			-			〃			-			US$						390						N/A			US$						390
			University of Massachusetts Building Authority			-			〃			-			US$						390						N/A			US$						390
			The Norinchukin Bank			-			〃			-			US$						376						N/A			US$						376
			CSX Corporation			-			〃			-			US$						373						N/A			US$						373
			Honeywell International Inc.			-			〃			-			US$						366						N/A			US$						366
			Cargill, Incorporated			-			〃			-			US$						363						N/A			US$						363
			Equitable Holdings, Inc.			-			〃			-			US$						347						N/A			US$						347
			Mid-America Apartments, L.P.			-			〃			-			US$						321						N/A			US$						321
			National Grid plc			-			〃			-			US$						293						N/A			US$						293
			Nordson Corporation			-			〃			-			US$						288						N/A			US$						288
			QatarEnergy			-			〃			-			US$						284						N/A			US$						284
			Electricité de France S.A.			-			〃			-			US$						209						N/A			US$						209
			Beth Israel Deaconess Medical Center, Inc.			-			〃			-			US$						92						N/A			US$						92
			Wells Fargo & Company			-			Financial assets at amortized cost			-			US$						1,100,584						N/A			US$						1,116,453
			Bank of America Corporation			-			〃			-			US$						854,118						N/A			US$						862,830
			Citigroup Inc.			-			〃			-			US$						553,527						N/A			US$						556,788
			JPMorgan Chase & Co.			-			〃			-			US$						484,448						N/A			US$						489,884
			Morgan Stanley			-			〃			-			US$						459,800						N/A			US$						466,657
			The Goldman Sachs Group, Inc.			-			〃			-			US$						360,560						N/A			US$						363,122
			Goldman Sachs Finance Corp International Ltd			-			〃			-			US$						209,799						N/A			US$						211,020
			BNP Paribas SA			-			〃			-			US$						37,668						N/A			US$						37,702
			Morgan Stanley Bank, N.A.			-			〃			-			US$						27,004						N/A			US$						27,049
			Nationwide Building Society			-			〃			-			US$						10,559						N/A			US$						10,533
			Daimler Trucks Finance North America LLC			-			〃			-			US$						9,859						N/A			US$						9,862
			Great-West Lifeco U.S. Finance 2020, Lp			-			〃			-			US$						9,798						N/A			US$						9,787
			Mizuho Financial Group, Inc.			-			〃			-			US$						9,587						N/A			US$						9,789
			UBS Group AG			-			〃			-			US$						9,227						N/A			US$						9,274
			Fédération des caisses Desjardins du Québec			-			〃			-			US$						9,201						N/A			US$						9,225
			Nomura Holdings, Inc.			-			〃			-			US$						9,123						N/A			US$						9,118
			NongHyup Bank			-			〃			-			US$						9,070						N/A			US$						9,095

(Continued)

- 66 -

---

Held Company Name			Marketable Securities Type and Name			Relationship with the Company			Financial Statement Account			September 30, 2024																														Note
												Shares/Units (In Thousands)			Carrying Value (Foreign Currencies in Thousands)												Percentage of Ownership (%)			Fair Value (Foreign Currencies in Thousands)
TSMC Global			Banque Fédérative du Crédit Mutuel			-			Financial assets at amortized cost			-			US$						8,463						N/A			US$						8,542
			Canadian Imperial Bank of Commerce			-			〃			-			US$						8,454						N/A			US$						8,471
			Ventas Realty, Limited Partnership			-			〃			-			US$						8,356						N/A			US$						8,356
			Banco Santander, S.A.			-			〃			-			US$						8,297						N/A			US$						8,333
			Enel Finance International N.V.			-			〃			-			US$						8,278						N/A			US$						8,281
			Protective Life Global Funding			-			〃			-			US$						8,051						N/A			US$						8,039
			BPCE SA			-			〃			-			US$						8,005						N/A			US$						7,999
			CRH America, Inc.			-			〃			-			US$						7,989						N/A			US$						7,963
			Sydney Airport Finance Company Pty Ltd			-			〃			-			US$						7,803						N/A			US$						7,805
			Sumitomo Mitsui Financial Group, Inc.			-			〃			-			US$						7,734						N/A			US$						7,766
			AIG Global Funding			-			〃			-			US$						7,698						N/A			US$						7,740
			Banco Bilbao Vizcaya Argentaria, S.A.			-			〃			-			US$						7,242						N/A			US$						7,284
			Southern California Edison Company			-			〃			-			US$						5,957						N/A			US$						5,978
			NatWest Markets Plc			-			〃			-			US$						5,565						N/A			US$						5,561
			F&G Global Funding			-			〃			-			US$						5,518						N/A			US$						5,530
			ING Groep N.V.			-			〃			-			US$						5,277						N/A			US$						5,357
			Athene Global Funding			-			〃			-			US$						5,208						N/A			US$						5,204
			Hyundai Capital Services, Inc.			-			〃			-			US$						5,105						N/A			US$						5,104
			Svenska Handelsbanken AB (publ)			-			〃			-			US$						4,787						N/A			US$						4,823
			QNB Finance Ltd.			-			〃			-			US$						4,516						N/A			US$						4,534
			Sumitomo Mitsui Trust Bank, Limited			-			〃			-			US$						4,186						N/A			US$						4,189
			Lloyds Banking Group plc			-			〃			-			US$						3,989						N/A			US$						3,991
			Deutsche Bank AG - New York Branch			-			〃			-			US$						3,987						N/A			US$						3,990
			Volkswagen Group of America Finance, LLC			-			〃			-			US$						3,911						N/A			US$						3,909
			Mitsubishi UFJ Financial Group, Inc.			-			〃			-			US$						3,826						N/A			US$						3,827
			Jackson National Life Global Funding			-			〃			-			US$						3,360						N/A			US$						3,353
			ANZ New Zealand (Int'l) Limited			-			〃			-			US$						3,298						N/A			US$						3,291
			Scottish Power Limited			-			〃			-			US$						3,183						N/A			US$						3,196
			Spectra Energy Partners, LP			-			〃			-			US$						2,866						N/A			US$						2,860
			Georgia-Pacific LLC			-			〃			-			US$						1,283						N/A			US$						1,293
			GA Global Funding Trust			-			〃			-			US$						1,189						N/A			US$						1,193
			Reliance Standard Life Global Funding II			-			〃			-			US$						1,102						N/A			US$						1,103
			AIA Group Limited			-			〃			-			US$						594						N/A			US$						596
			Agency mortgage-backed securities
			FEDERAL NATIONAL MORTGAGE ASSOCIATION			-			Financial assets at fair value through other comprehensive income			-			US$						710,226						N/A			US$						710,226
			Federal Home Loan Mortgage Corporation			-			〃			-			US$						399,950						N/A			US$						399,950
			Government National Mortgage Association			-			〃			-			US$						271,358						N/A			US$						271,358
			Government bond/Agency bonds
			United States Department of The Treasury			-			Financial assets at fair value through other comprehensive income			-			US$						654,745						N/A			US$						654,745
			Federal Home Loan Mortgage Corporation			-			〃			-			US$						5,003						N/A			US$						5,003
			United States Department of The Treasury			-			Financial assets at amortized cost			-			US$						133,566						N/A			US$						136,743
			Asset-backed securities
			Wells Fargo Commercial Mortgage Trust 2016-Bnk1			-			Financial assets at fair value through other comprehensive income			-			US$						10,273						N/A			US$						10,273
			Gm Financial Consumer Automobile Receivables Trust 2023-3			-			〃			-			US$						9,045						N/A			US$						9,045
			G23-182I			-			〃			-			US$						8,560						N/A			US$						8,560
			Ford Credit Auto Owner Trust 2021-Rev2			-			〃			-			US$						7,966						N/A			US$						7,966
			Honda Auto Receivables 2024-1 Owner Trust			-			〃			-			US$						7,766						N/A			US$						7,766
			Toyota Auto Receivables 2022-B Owner Trust			-			〃			-			US$						7,705						N/A			US$						7,705

(Continued)

- 67 -

---

Held Company Name			Marketable Securities Type and Name			Relationship with the Company			Financial Statement Account			September 30, 2024																														Note
												Shares/Units (In Thousands)			Carrying Value (Foreign Currencies in Thousands)												Percentage of Ownership (%)			Fair Value (Foreign Currencies in Thousands)
TSMC Global			Toyota Auto Loan Extended Note Trust 2023-1			-			Financial assets at fair value through other comprehensive income			-			US$						7,488						N/A			US$						7,488
			Citigroup Commercial Mortgage Trust 2015-GC33			-			〃			-			US$						7,232						N/A			US$						7,232
			Hyundai Auto Receivables Trust 2023-B			-			〃			-			US$						7,228						N/A			US$						7,228
			Ford Credit Auto Owner Trust 2020-REV2			-			〃			-			US$						7,110						N/A			US$						7,110
			BBCMS Mortgage Trust 2020-C8			-			〃			-			US$						6,409						N/A			US$						6,409
			Morgan Stanley Capital I Trust 2021-L6			-			〃			-			US$						6,145						N/A			US$						6,145
			Bank 2020-BNK26			-			〃			-			US$						6,137						N/A			US$						6,137
			Honda Auto Receivables 2023-2 Owner Trust			-			〃			-			US$						6,092						N/A			US$						6,092
			Hudson Yards 2016-10HY Mortgage Trust			-			〃			-			US$						6,012						N/A			US$						6,012
			Benchmark 2019-B11 Mortgage Trust			-			〃			-			US$						5,767						N/A			US$						5,767
			Bank 2017 - BNK7			-			〃			-			US$						5,702						N/A			US$						5,702
			Bank 2021-bnk33			-			〃			-			US$						5,606						N/A			US$						5,606
			Benchmark 2019-B12 Mortgage Trust			-			〃			-			US$						5,604						N/A			US$						5,604
			Citigroup Commercial Mortgage Trust 2021-PRM2			-			〃			-			US$						5,572						N/A			US$						5,572
			Morgan Stanley Bank America Merrill Lynch Trust 2016-C30			-			〃			-			US$						5,435						N/A			US$						5,435
			Nissan Auto Receivables 2024-A Owner Trust			-			〃			-			US$						5,381						N/A			US$						5,381
			Bank 2023-BNK46			-			〃			-			US$						5,290						N/A			US$						5,290
			MSWF Commercial Mortgage Trust 2023-1			-			〃			-			US$						5,278						N/A			US$						5,278
			Benchmark 2023-B39 Mortgage Trust			-			〃			-			US$						5,276						N/A			US$						5,276
			BBCMS 2018-Tall Mortgage Trust			-			〃			-			US$						5,176						N/A			US$						5,176
			Wells Fargo Commercial Mortgage Trust 2021-C59			-			〃			-			US$						5,006						N/A			US$						5,006
			Wells Fargo Commercial Mortgage Trust 2016-C35			-			〃			-			US$						4,944						N/A			US$						4,944
			CSAIL 2018-CX11			-			〃			-			US$						4,940						N/A			US$						4,940
			Morgan Stanley Capital I Trust 2016 - BNK2 Fund			-			〃			-			US$						4,854						N/A			US$						4,854
			GM Financial Revolving Receivables Trust 2021-1			-			〃			-			US$						4,717						N/A			US$						4,717
			Bank 2017-BNK9			-			〃			-			US$						4,306						N/A			US$						4,306
			Benchmark 2023-V3 Mortgage Trust			-			〃			-			US$						4,177						N/A			US$						4,177
			Msbam 2016-C29			-			〃			-			US$						4,099						N/A			US$						4,099
			MRCD 2019-Prkc Mortgage Trust			-			〃			-			US$						4,051						N/A			US$						4,051
			Gm Financial Consumer Automobile Receivables Trust 2023-4			-			〃			-			US$						3,652						N/A			US$						3,652
			Bmw Vehicle Owner Trust 2023-A			-			〃			-			US$						3,648						N/A			US$						3,648
			Discover Card Execution Note Trust			-			〃			-			US$						3,549						N/A			US$						3,549
			GM Financial Consumer Automobile Receivables Trust 2023-2			-			〃			-			US$						3,409						N/A			US$						3,409
			American Express Credit Account Master Trust			-			〃			-			US$						3,388						N/A			US$						3,388
			Citigroup Commercial Mortgage Trust 2019-Gc43			-			〃			-			US$						3,319						N/A			US$						3,319
			Msbam 2016-C31			-			〃			-			US$						3,118						N/A			US$						3,118
			Honda Auto Receivables 2023-4 Owner Trust			-			〃			-			US$						3,074						N/A			US$						3,074
			Mercedes-Benz Auto Receivables Trust 2024-1			-			〃			-			US$						3,069						N/A			US$						3,069
			Bank 2019-Bnk22			-			〃			-			US$						2,964						N/A			US$						2,964
			Five 2023-V1 Mortgage Trust			-			〃			-			US$						2,906						N/A			US$						2,906
			Commerce 2015-CCRE24 Mortgage Trust			-			〃			-			US$						2,877						N/A			US$						2,877
			Bmo 2023-C5 Mortgage Trust			-			〃			-			US$						2,830						N/A			US$						2,830
			Sreit Commercial Mortgage Trust 2021-Mfp			-			〃			-			US$						2,761						N/A			US$						2,761
			CGCMT 2017-P8 Mortgage Trust			-			〃			-			US$						2,750						N/A			US$						2,750
			Bank5 2023-5YR1			-			〃			-			US$						2,723						N/A			US$						2,723
			Mercedes-Benz Auto Receivables Trust 2023-2			-			〃			-			US$						2,642						N/A			US$						2,642
			Hyundai Auto Receivables Trust 2021-C			-			〃			-			US$						2,562						N/A			US$						2,562
			Benchmark 2019-B15 Mortgage Trust			-			〃			-			US$						2,555						N/A			US$						2,555
			Benchmark 2018-B3 Commercial Mortgage Trust			-			〃			-			US$						2,551						N/A			US$						2,551
			Honda Auto Receivables 2023-1 Owner Trust			-			〃			-			US$						2,539						N/A			US$						2,539
			Toyota Auto Receivables 2023-C Owner Trust			-			〃			-			US$						2,534						N/A			US$						2,534

(Continued)

- 68 -

---

Held Company Name			Marketable Securities Type and Name			Relationship with the Company			Financial Statement Account			September 30, 2024																														Note
												Shares/Units (In Thousands)			Carrying Value (Foreign Currencies in Thousands)												Percentage of Ownership (%)			Fair Value (Foreign Currencies in Thousands)
TSMC Global			Gm Financial Consumer Automobile Receivables Trust 2024-1			-			Financial assets at fair value through other comprehensive income			-			US$						2,503						N/A			US$						2,503
			Ford Credit Auto Owner Trust 2020-Rev1			-			〃			-			US$						2,473						N/A			US$						2,473
			GS Mortgage Securities Trust 2015-GC32			-			〃			-			US$						2,423						N/A			US$						2,423
			Hyundai Auto Receivables Trust 2021-B			-			〃			-			US$						2,413						N/A			US$						2,413
			Citigroup Commercial Mortgage Trust 2016-C1			-			〃			-			US$						2,356						N/A			US$						2,356
			Toyota Auto Receivables 2024-A Owner Trust			-			〃			-			US$						2,350						N/A			US$						2,350
			Benchmark 2020-B18 Mortgage Trust			-			〃			-			US$						2,315						N/A			US$						2,315
			BANK5 2023-5YR4			-			〃			-			US$						2,314						N/A			US$						2,314
			WFRBS Commercial Mortgage Trust 2014-C25			-			〃			-			US$						2,263						N/A			US$						2,263
			Citigroup Commercial Mortgage Trust 2015-P1			-			〃			-			US$						2,227						N/A			US$						2,227
			Wells Fargo Commercial Mortgage Trust 2020-C55			-			〃			-			US$						2,213						N/A			US$						2,213
			Bmark 2018-B5			-			〃			-			US$						2,178						N/A			US$						2,178
			Toyota Auto Receivables 2023 D Owner Trust			-			〃			-			US$						2,154						N/A			US$						2,154
			Ford Credit Auto Owner Trust 2023-C			-			〃			-			US$						2,147						N/A			US$						2,147
			Ford Credit Auto Owner Trust 2023-A			-			〃			-			US$						2,007						N/A			US$						2,007
			Benchmark 2018-B4 Mortgage Trust			-			〃			-			US$						1,979						N/A			US$						1,979
			Dolp Trust 2021-NYC			-			〃			-			US$						1,973						N/A			US$						1,973
			Ubs 2018-C13			-			〃			-			US$						1,942						N/A			US$						1,942
			Mhc Commercial Mortgage Trust 2021-Mhc			-			〃			-			US$						1,913						N/A			US$						1,913
			Bank 2017-Bnk6			-			〃			-			US$						1,906						N/A			US$						1,906
			Mercedes-Benz Auto Receivables Trust 2023-1			-			〃			-			US$						1,706						N/A			US$						1,706
			GM Financial Consumer Automobile Receivables Trust 2023-1			-			〃			-			US$						1,702						N/A			US$						1,702
			Hyundai Auto Receivables Trust 2022-A			-			〃			-			US$						1,562						N/A			US$						1,562
			Wells Fargo Commercial Mortgage Trust 2015-C30			-			〃			-			US$						1,548						N/A			US$						1,548
			American Express Credit Account Master Trust , series 2023-1			-			〃			-			US$						1,520						N/A			US$						1,520
			UBS Commercial Mortgage Trust 2018-C11			-			〃			-			US$						1,518						N/A			US$						1,518
			COMM 2020-CBM Mortgage Trust			-			〃			-			US$						1,513						N/A			US$						1,513
			Morgan Stanley Capital I Trust 2021-L5			-			〃			-			US$						1,437						N/A			US$						1,437
			Wells Fargo Commercial Mortgage Trust 2015-C29			-			〃			-			US$						1,272						N/A			US$						1,272
			Ford Credit Auto Owner Trust 2022-C			-			〃			-			US$						1,257						N/A			US$						1,257
			Gs Mortgage Securities Trust 2018-Gs10			-			〃			-			US$						1,257						N/A			US$						1,257
			Morgan Stanley Capital I Trust			-			〃			-			US$						1,255						N/A			US$						1,255
			Honda Auto Receivables 2021 - 4 Owner Trust			-			〃			-			US$						1,222						N/A			US$						1,222
			BANK 2017-BNK5			-			〃			-			US$						1,158						N/A			US$						1,158
			Citigroup Commercial Mortgage Trust 2015-GC27			-			〃			-			US$						1,156						N/A			US$						1,156
			FORD CREDIT AUTO OWNER TRUST 2023-REV2			-			〃			-			US$						1,141						N/A			US$						1,141
			Wells Fargo Commercial Mortgage Trust 2018-C44			-			〃			-			US$						1,090						N/A			US$						1,090
			JPMBB Commercial Mortgage Securities Trust 2015-C27			-			〃			-			US$						1,037						N/A			US$						1,037
			Morgan Stanley Capital I Trust 2015 - UBS8			-			〃			-			US$						984						N/A			US$						984
			Citigroup Commercial Mortgage Trust 2016-C3			-			〃			-			US$						969						N/A			US$						969
			Wells Fargo Commercial Mortgage Trust 2016-LC24			-			〃			-			US$						966						N/A			US$						966
			Toyota Auto Receivables 2024-B Owner Trust			-			〃			-			US$						949						N/A			US$						949
			Hyundai Auto Receivables Trust 2022-B			-			〃			-			US$						939						N/A			US$						939
			Ford Credit Auto Owner Trust 2022-A			-			〃			-			US$						912						N/A			US$						912
			Benchmark 2021-B24 Mortgage Trust			-			〃			-			US$						883						N/A			US$						883
			Bank 2023-Bnk45			-			〃			-			US$						874						N/A			US$						874
			BBCMS Mortgage Trust 2018-C2			-			〃			-			US$						872						N/A			US$						872
			Nissan Auto Receivables 2023-A Owner Trust			-			〃			-			US$						834						N/A			US$						834
			COMM Mortgage Trust Series 2015-LC19			-			〃			-			US$						795						N/A			US$						795
			DBJPM 2016-C1 Mortgage Trust			-			〃			-			US$						775						N/A			US$						775
			JPMCC 2017-JP7			-			〃			-			US$						770						N/A			US$						770

(Continued)

- 69 -

---

Held Company Name			Marketable Securities Type and Name			Relationship with the Company			Financial Statement Account			September 30, 2024																																										Note
												Shares/Units (In Thousands)									Carrying Value (Foreign Currencies in Thousands)												Percentage of Ownership (%)									Fair Value (Foreign Currencies in Thousands)
TSMC Global			Honda Auto Receivables 2022-2 Owner Trust			-			Financial assets at fair value through other comprehensive income						-						US$						744									N/A						US$						744
			Citigroup Commercial Mortgage Trust 2015-GC35			-			〃						-						US$						698									N/A						US$						698
			Wells Fargo Commercial Mortgage Trust 2017-C40			-			〃						-						US$						641									N/A						US$						641
			JPMCC Commercial Mortgage Securities Trust 2016 - JP3			-			〃						-						US$						599									N/A						US$						599
			JPMBB Commercial Mortgage Securities Trust 2016-C1			-			〃						-						US$						591									N/A						US$						591
			Wells Fargo Commercial Mortgage Trust 2015-C28			-			〃						-						US$						527									N/A						US$						527
			JPMDB 2017-C7			-			〃						-						US$						457									N/A						US$						457
			Toyota Auto Receivables 2021-C Owner Trust			-			〃						-						US$						401									N/A						US$						401
			Citigroup Commercial Mortgage Trust 2018-C5			-			〃						-						US$						363									N/A						US$						363
			Toyota Auto Receivables 2021-D Owner Trust			-			〃						-						US$						341									N/A						US$						341
			Gm Financial Consumer Automobile Receivables Trust 2022-3			-			〃						-						US$						268									N/A						US$						268
			Ford Credit Auto Owner Trust 2023-B			-			〃						-						US$						234									N/A						US$						234
			Ford Credit Auto Owner Trust 2022-B			-			〃						-						US$						204									N/A						US$						204
			Porsche Financial Auto Securitization Trust 2023-1			-			〃						-						US$						201									N/A						US$						201
			Nissan Auto Receivables 2022-B Owner Trust			-			〃						-						US$						195									N/A						US$						195
			Wells Fargo Commercial Mortgage Trust 2015-NXS3			-			〃						-						US$						164									N/A						US$						164
			JPMBB Commercial Mortgage Securities Trust 2015-C28			-			〃						-						US$						157									N/A						US$						157
			JPMCC 2015 - JP1			-			〃						-						US$						112									N/A						US$						112
			Morgan Stanley Capital I Trust 2018-H3			-			〃						-						US$						106									N/A						US$						106
			JPMDB Commercial Mortgage Securities Trust 2019-COR6			-			〃						-						US$						16									N/A						US$						16
			COMM 2015-CCRE22 Mortgage Trust			-			〃						-						US$						13									N/A						US$						13
			BBCMS Mortgage Trust 2020-C7			-			〃						-						US$						8									N/A						US$						8
			Non-publicly traded equity investments
			Primavera Capital Fund II L.P.			-			Financial assets at fair value through other comprehensive income						-						US$						71,501									4						US$						71,501
VTAF II			Non-publicly traded equity investments
			Aether Systems, Inc.			-			Financial assets at fair value through other comprehensive income						1,085						US$						2									20						US$						2
			5V Technologies, Inc.			-			〃						1									-												-									-
			Publicly traded stocks
			Sentelic Corporation			-			Financial assets at fair value through other comprehensive income						882						US$						2,354									3						US$						2,354
VTAF III			Non-publicly traded equity investments
			Mutual-Pak			-			Financial assets at fair value through other comprehensive income						1,701						US$						337									17						US$						337
			Neoconix, Inc.			-			〃						4,147						US$						174									-						US$						174
			LiquidLeds Lighting Corp.			-			〃						1,952						US$						35									14						US$						35
Emerging Fund			Simple Agreement for Future Equity
			Eliyan Corp.			-			Financial assets at fair value through Profit or Loss						-						US$						4,000									N/A						US$						4,000
			Convertible bonds
			Movandi Corporation			-			Financial assets at fair value through Profit or Loss						-									-												N/A									-
			Non-publicly traded equity investments
			Lyte AI, Inc.			-			Financial assets at fair value through other comprehensive income						1,325						US$						10,757									4						US$						10,757
			Encharge AI, Inc.			-			〃						445						US$						6,098									2						US$						6,098
			Avicenatech Corp.			-			〃						730						US$						5,894									2						US$						5,894

(Continued)

- 70 -

---

Held Company Name			Marketable Securities Type and Name			Relationship with the Company			Financial Statement Account			September 30, 2024																																										Note
												Shares/Units (In Thousands)									Carrying Value (Foreign Currencies in Thousands)												Percentage of Ownership (%)									Fair Value (Foreign Currencies in Thousands)
Emerging Fund			Ayar Labs, Inc.			-			Financial assets at fair value through other comprehensive income						345						US$						5,470									1						US$						5,470
			Cerebras Systems, Inc.			-			〃						341						US$						5,000									-						US$						5,000
			Empower Semiconductor, Inc.			-			〃						868						US$						5,000									3						US$						5,000
			Ethernovia Inc.			-			〃						1,021						US$						5,000									3						US$						5,000
			RiVos, Inc.			-			〃						2,568						US$						5,000									1						US$						5,000
			EdgeQ, Inc.			-			〃						1,176						US$						4,771									2						US$						4,771
			SiMa Technologies, Inc.			-			〃						564						US$						4,000									1						US$						4,000
			Xsight Labs Ltd.			-			〃						500						US$						4,000									1						US$						4,000
			NeuReality Ltd.			-			〃						122						US$						3,991									2						US$						3,991
			xMEMS Labs, Inc.			-			〃						3,000						US$						3,240									2						US$						3,240
			Atlas Magnetics, Co.			-			〃						1,500						US$						3,000									3						US$						3,000
			Ambiq Micro, Inc.			-			〃						3,318						US$						3,000									1						US$						3,000
			Kinara, Inc.			-			〃						2,138						US$						2,980									2						US$						2,980
			Reed Semiconductor Corp.			-			〃						500						US$						2,000									1						US$						2,000
			Publicly traded stocks
			Astera Labs, Inc.			-			Financial assets at fair value through other comprehensive income						644						US$						33,728									-						US$						33,728
			Raspberry Pi Holdings Plc			-			〃						1,364						US$						7,058									1						US$						7,058
TSMC Development			Convertible preferred stocks
			IMS Nanofabrication Global, LLC			-			Financial assets at fair value through Profit or Loss						-						US$						432,795									10						US$						432,795
Growth Fund			Non-publicly traded equity investments
			CNEX Labs, Inc.			-			Financial assets at fair value through other comprehensive income						33									-												-									-
			Publicly traded stocks
			Astera Labs, Inc.			-			Financial assets at fair value through other comprehensive income						262						US$						13,731									-						US$						13,731
			Marvell Technology Group Ltd.			-			〃						11						US$						801									-						US$						801

(Concluded)

- 71 -

---

TABLE 4

Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries

MARKETABLE SECURITIES ACQUIRED AND DISPOSED OF AT COSTS OR PRICES OF AT LEAST NT$300 MILLION OR 20% OF THE PAID-IN CAPITAL

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024

(Amounts in Thousands of New Taiwan Dollars, Unless Specified Otherwise)

Company Name			Marketable Securities Type and Name			Financial Statement Account			Counterparty			Nature of Relationship			Beginning Balance																								Acquisition																								Disposal																																																						Ending Balance (Note )
															Shares/Units (In Thousands)									Amount (Foreign Currencies in Thousands)															Shares/Units (In Thousands)									Amount (Foreign Currencies in Thousands)															Shares/Units (In Thousands)									Amount (Foreign Currencies in Thousands)															Carrying Value (Foreign Currencies in Thousands)															Gain/Loss on Disposal (Foreign Currencies in Thousands)															Shares/Units (In Thousands)									Amount (Foreign Currencies in Thousands)
TSMC			Non-publicly traded equity investments
			TSMC Global			Investments accounted for using equity method			-			-						11						$						441,225,883												8						$						261,677,200												-						$						-									$						-									$						-												19						$						737,933,677
			TSMC Arizona			〃			-			-						10,500									298,604,975															5,000									160,056,800															-									-															-															-															15,500									456,201,309
			JASM			〃			-			-						2,269									47,087,140															742									15,754,106															-									-															-															-															3,011									61,654,610
			ESMC			〃			-			-						100									4,768,013															648									2,002,168															30									1,021															(4,263									)						5,284															718									6,694,782
			Emerging Fund			〃			-			-						-									1,901,742															-									1,089,770															-									-															-															-															-									4,107,090
			Commercial paper
			China Steel Corporation			Financial assets at amortized cost			-			-						200									1,985,094															920									9,136,858															350									3,500,000															3,500,000															-															770									7,678,160
			Cathay Financial Holding Co., Ltd.			〃			-			-						697									6,924,665															432									4,300,978															697									6,970,000															6,970,000															-															432									4,308,592
			Formosa Chemicals & Fibre Corporation			〃			-			-						100									994,540															490									4,874,121															340									3,400,000															3,400,000															-															250									2,492,368
			Taiwan Power Company			〃			-			-						50									498,916															245									2,427,071															50									500,000															500,000															-															245									2,446,341
			CPC Corporation, Taiwan			〃			-			-						100									995,553															370									3,677,952															250									2,500,000															2,500,000															-															220									2,196,535
			Formosa Plastics Corporation			〃			-			-						100									996,260															300									2,981,418															200									2,000,000															2,000,000															-															200									1,993,861
			Nan Ya Plastics Corporation			〃			-			-						600									5,976,677															485									4,821,161															900									9,000,000															9,000,000															-															185									1,844,923
TSMC Partners			Fund
			Carbon Nature SCSp			Financial assets at fair value through Profit or Loss			-			-						-						US$									-									-						US$									12,011									-						US$									-						US$									-						US$									-									-						US$									9,487
			Publicly traded stocks
			ARM Holdings plc			Financial assets at fair value through other comprehensive income			-			-						1,961						US$									147,353									-						US$									-									850						US$									101,535						US$									43,350						US$									58,185									1,111						US$									158,853
TSMC Global			Corporate bond
			Bank of America Corporation			Financial assets at fair value through other comprehensive income			-			-						-						US$									86,588									-						US$									42,071									-						US$									29,128						US$									29,347						US$									(219			)						-						US$									102,697
			Morgan Stanley			〃			-			-						-						US$									76,777									-						US$									34,651									-						US$									24,641						US$									24,610						US$									31									-						US$									89,991
			Wells Fargo & Company			〃			-			-						-						US$									58,351									-						US$									35,405									-						US$									12,771						US$									12,898						US$									(127			)						-						US$									83,317
			JPMorgan Chase & Co.			〃			-			-						-						US$									62,267									-						US$									33,675									-						US$									15,566						US$									15,703						US$									(137			)						-						US$									82,887
			The Goldman Sachs Group, Inc.			〃			-			-						-						US$									58,554									-						US$									30,408									-						US$									16,404						US$									16,469						US$									(65			)						-						US$									75,146
			Citigroup Inc.			〃			-			-						-						US$									50,436									-						US$									23,833									-						US$									16,901						US$									16,978						US$									(77			)						-						US$									59,091
			HSBC Holdings plc			〃			-			-						-						US$									30,124									-						US$									17,339									-						US$									9,371						US$									9,596						US$									(225			)						-						US$									39,159
			BNP Paribas SA			〃			-			-						-						US$									20,345									-						US$									26,435									-						US$									9,376						US$									9,416						US$									(40			)						-						US$									38,615
			Principal Life Global Funding II			〃			-			-						-						US$									17,932									-						US$									22,252									-						US$									3,893						US$									3,994						US$									(101			)						-						US$									37,419

(Continued)

- 72 -

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Company Name			Marketable Securities Type and Name			Financial Statement Account			Counterparty			Nature of Relationship			Beginning Balance															Acquisition															Disposal																																							Ending Balance (Note )
															Shares/Units (In Thousands)			Amount (Foreign Currencies in Thousands)												Shares/Units (In Thousands)			Amount (Foreign Currencies in Thousands)												Shares/Units (In Thousands)			Amount (Foreign Currencies in Thousands)												Carrying Value (Foreign Currencies in Thousands)												Gain/Loss on Disposal (Foreign Currencies in Thousands)												Shares/Units (In Thousands)			Amount (Foreign Currencies in Thousands)
TSMC Global			Sumitomo Mitsui Trust Bank, Limited			Financial assets at fair value through other comprehensive income			-			-			-			US$						17,286						-			US$						23,089						-			US$						4,594						US$						4,650						US$						(56			)			-			US$						36,782
			NatWest Group plc			〃			-			-			-			US$						6,360						-			US$						29,473						-			US$						-						US$						-						US$						-						-			US$						36,613
			Banco Santander, S.A.			〃			-			-			-			US$						29,015						-			US$						14,561						-			US$						8,240						US$						8,308						US$						(68			)			-			US$						36,174
			Nationwide Building Society			〃			-			-			-			US$						17,760						-			US$						18,150						-			US$						981						US$						1,017						US$						(36			)			-			US$						35,691
			Credit Agricole SA London Branch			〃			-			-			-			US$						20,395						-			US$						16,321						-			US$						2,389						US$						2,440						US$						(51			)			-			US$						35,136
			BPCE SA			〃			-			-			-			US$						23,875						-			US$						12,832						-			US$						3,272						US$						3,244						US$						28						-			US$						34,215
			Barclays PLC			〃			-			-			-			US$						35,277						-			US$						9,994						-			US$						12,078						US$						12,036						US$						42						-			US$						33,769
			Lloyds Banking Group plc			〃			-			-			-			US$						24,131						-			US$						15,025						-			US$						9,529						US$						9,483						US$						46						-			US$						30,488
			Hyundai Capital America			〃			-			-			-			US$						13,567						-			US$						15,803						-			US$						-						US$						-						US$						-						-			US$						30,065
			Sumitomo Mitsui Financial Group, Inc.			〃			-			-			-			US$						45,172						-			US$						2,412						-			US$						18,587						US$						18,736						US$						(149			)			-			US$						29,686
			American Express Company			〃			-			-			-			US$						13,685						-			US$						17,156						-			US$						3,505						US$						3,530						US$						(25			)			-			US$						27,950
			Volkswagen Group of America Finance, LLC			〃			-			-			-			US$						16,251						-			US$						15,690						-			US$						6,637						US$						6,623						US$						14						-			US$						25,924
			Athene Global Funding			〃			-			-			-			US$						20,297						-			US$						10,811						-			US$						6,476						US$						6,544						US$						(68			)			-			US$						25,494
			Toyota Motor Credit Corporation			〃			-			-			-			US$						4,261						-			US$						24,742						-			US$						4,915						US$						5,000						US$						(85			)			-			US$						24,607
			Deutsche Bank AG - New York Branch			〃			-			-			-			US$						10,454						-			US$						21,424						-			US$						8,470						US$						8,500						US$						(30			)			-			US$						24,278
			Penske Truck Leasing Co., L.P.			〃			-			-			-			US$						13,095						-			US$						10,628						-			US$						381						US$						399						US$						(18			)			-			US$						23,943
			The Bank of Nova Scotia			〃			-			-			-			US$						16,474						-			US$						10,965						-			US$						4,900						US$						5,038						US$						(138			)			-			US$						22,925
			Banque Fédérative du Crédit Mutuel			〃			-			-			-			US$						14,439						-			US$						11,057						-			US$						3,620						US$						3,592						US$						28						-			US$						22,198
			Glencore Funding LLC			〃			-			-			-			US$						1,556						-			US$						19,310						-			US$						-						US$						-						US$						-						-			US$						21,501
			Bank of Montreal			〃			-			-			-			US$						11,032						-			US$						9,984						-			US$						-						US$						-						US$						-						-			US$						21,320
			General Motors Financial Company, Inc.			〃			-			-			-			US$						-						-			US$						20,425						-			US$						-						US$						-						US$						-						-			US$						20,925
			Bunge Limited Finance Corp.			〃			-			-			-			US$						-						-			US$						20,603						-			US$						-						US$						-						US$						-						-			US$						20,812
			RGA Global Funding			〃			-			-			-			US$						8,977						-			US$						10,770						-			US$						-						US$						-						US$						-						-			US$						20,555
			Macquarie Bank Limited			〃			-			-			-			US$						8,390						-			US$						10,818						-			US$						-						US$						-						US$						-						-			US$						19,610
			Daimler Trucks Finance North America LLC			〃			-			-			-			US$						7,013						-			US$						12,021						-			US$						-						US$						-						US$						-						-			US$						19,479
			Danske Bank A/S			〃			-			-			-			US$						16,698						-			US$						11,180						-			US$						9,748						US$						9,721						US$						27						-			US$						18,583
			Mitsubishi UFJ Financial Group, Inc.			〃			-			-			-			US$						36,903						-			US$						3,400						-			US$						22,941						US$						23,219						US$						(278			)			-			US$						18,193
			Royal Bank of Canada			〃			-			-			-			US$						25,469						-			US$						3,930						-			US$						11,804						US$						11,843						US$						(39			)			-			US$						18,101
			Oracle Corporation			〃			-			-			-			US$						23,751						-			US$						4,995						-			US$						13,078						US$						13,662						US$						(584			)			-			US$						16,068
			U.S. Bancorp.			〃			-			-			-			US$						16,962						-			US$						12,369						-			US$						14,047						US$						14,129						US$						(82			)			-			US$						15,863
			Roper Technologies, Inc.			〃			-			-			-			US$						9,177						-			US$						9,457						-			US$						3,431						US$						3,500						US$						(69			)			-			US$						15,619
			Jackson National Life Global Funding			〃			-			-			-			US$						3,563						-			US$						12,386						-			US$						995						US$						1,025						US$						(30			)			-			US$						15,419
			The Kroger Co.			〃			-			-			-			US$						-						-			US$						14,886						-			US$						-						US$						-						US$						-						-			US$						15,035
			BMW US Capital, LLC			〃			-			-			-			US$						-						-			US$						14,699						-			US$						-						US$						-						US$						-						-			US$						14,866
			Quest Diagnostics Incorporated			〃			-			-			-			US$						-						-			US$						14,408						-			US$						-						US$						-						US$						-						-			US$						14,634
			Santander Holdings USA, Inc.			〃			-			-			-			US$						-						-			US$						13,962						-			US$						-						US$						-						US$						-						-			US$						14,190
			SMBC Aviation Capital Finance DAC			〃			-			-			-			US$						1,747						-			US$						11,997						-			US$						-						US$						-						US$						-						-			US$						14,183
			Amphenol Corporation			〃			-			-			-			US$						-						-			US$						12,737						-			US$						-						US$						-						US$						-						-			US$						13,191
			BAE Systems plc			〃			-			-			-			US$						-						-			US$						12,292						-			US$						-						US$						-						US$						-						-			US$						12,801

(Continued)

- 73 -

---

Company Name			Marketable Securities Type and Name			Financial Statement Account			Counterparty			Nature of Relationship			Beginning Balance															Acquisition															Disposal																																							Ending Balance (Note )
															Shares/Units (In Thousands)			Amount (Foreign Currencies in Thousands)												Shares/Units (In Thousands)			Amount (Foreign Currencies in Thousands)												Shares/Units (In Thousands)			Amount (Foreign Currencies in Thousands)												Carrying Value (Foreign Currencies in Thousands)												Gain/Loss on Disposal (Foreign Currencies in Thousands)												Shares/Units (In Thousands)			Amount (Foreign Currencies in Thousands)
TSMC Global			Mercedes-Benz Finance North America LLC			Financial assets at fair value through other comprehensive income			-			-			-			US$						-						-			US$						15,325						-			US$						3,574						US$						3,597						US$						(23			)			-			US$						11,928
			Bristol-Myers Squibb Company			〃			-			-			-			US$						4,604						-			US$						21,106						-			US$						14,572						US$						14,275						US$						297						-			US$						11,926
			National Rural Utilities Cooperative Finance Corporation			〃			-			-			-			US$						1,445						-			US$						9,899						-			US$						-						US$						-						US$						-						-			US$						11,436
			Prologis Targeted U.S. Logistics Fund L.P.			〃			-			-			-			US$						-						-			US$						10,940						-			US$						-						US$						-						US$						-						-			US$						11,356
			MassMutual Global Funding II			〃			-			-			-			US$						506						-			US$						10,025						-			US$						-						US$						-						US$						-						-			US$						11,170
			DTE Energy Company			〃			-			-			-			US$						1,685						-			US$						10,580						-			US$						1,712						US$						1,735						US$						(23			)			-			US$						10,968
			Hewlett Packard Enterprise Company			〃			-			-			-			US$						-						-			US$						9,989						-			US$						-						US$						-						US$						-						-			US$						10,003
			American Honda Finance Corporation			〃			-			-			-			US$						2,087						-			US$						15,878						-			US$						8,989						US$						8,918						US$						71						-			US$						9,134
			Keurig Dr Pepper Inc.			〃			-			-			-			US$						-						-			US$						11,790						-			US$						4,980						US$						4,987						US$						(7			)			-			US$						7,101
			Marriott International, Inc.			〃			-			-			-			US$						271						-			US$						9,744						-			US$						4,582						US$						4,488						US$						94						-			US$						5,687
			AbbVie Inc.			〃			-			-			-			US$						26,895						-			US$						8,427						-			US$						30,655						US$						30,962						US$						(307			)			-			US$						5,028
			Fiserv, Inc.			〃			-			-			-			US$						6,745						-			US$						6,887						-			US$						10,634						US$						10,662						US$						(28			)			-			US$						3,169
			CVS Health Corporation			〃			-			-			-			US$						24,591						-			US$						-						-			US$						22,083						US$						21,803						US$						280						-			US$						2,368
			Wells Fargo & Company			Financial assets at amortized cost			-			-			-			US$						619,830						-			US$						485,315						-			US$						15,000						US$						15,000						US$						-						-			US$						1,100,584
			Bank of America Corporation			〃			-			-			-			US$						799,449						-			US$						270,251						-			US$						223,000						US$						222,991						US$						9						-			US$						854,118
			Citigroup Inc.			〃			-			-			-			US$						271,462						-			US$						487,398						-			US$						208,000						US$						207,997						US$						3						-			US$						553,527
			JPMorgan Chase & Co.			〃			-			-			-			US$						391,868						-			US$						205,845						-			US$						121,000						US$						120,999						US$						1						-			US$						484,448
			Morgan Stanley			〃			-			-			-			US$						566,880						-			US$						183,053						-			US$						297,000						US$						296,972						US$						28						-			US$						459,800
			The Goldman Sachs Group, Inc.			〃			-			-			-			US$						432,811						-			US$						93,192						-			US$						168,000						US$						168,000						US$						-						-			US$						360,560
			Goldman Sachs Finance Corp International Ltd			〃			-			-			-			US$						99,905						-			US$						210,000						-			US$						100,000						US$						100,000						US$						-						-			US$						209,799
			BNP Paribas SA			〃			-			-			-			US$						9,265						-			US$						32,354						-			US$						4,000						US$						4,000						US$						-						-			US$						37,668
			Morgan Stanley Bank, N.A.			〃			-			-			-			US$						-						-			US$						27,014						-			US$						-						US$						-						US$						-						-			US$						27,004
			Citigroup Global Markets Holdings Inc.			〃			-			-			-			US$						99,968						-			US$						-						-			US$						100,000						US$						100,000						US$						-						-			US$						-
			Citigroup Global Markets Inc.			〃			-			-			-			US$						149,951						-			US$						-						-			US$						150,000						US$						150,000						US$						-						-			US$						-
			Agency mortgage-backed securities
			FEDERAL NATIONAL MORTGAGE ASSOCIATION			Financial assets at fair value through other comprehensive income			-			-			-			US$						658,944						-			US$						137,177						-			US$						103,749						US$						104,160						US$						(411			)			-			US$						710,226
			Federal Home Loan Mortgage Corporation			〃			-			-			-			US$						350,328						-			US$						107,798						-			US$						68,771						US$						69,505						US$						(734			)			-			US$						399,950
			Government National Mortgage Association			〃			-			-			-			US$						225,310						-			US$						92,222						-			US$						50,662						US$						50,983						US$						(321			)			-			US$						271,358
			Government bond/Agency bonds
			United States Department of The Treasury			Financial assets at fair value through other comprehensive income			-			-			-			US$						718,479						-			US$						103,857						-			US$						187,655						US$						190,151						US$						(2,496			)			-			US$						654,745
			United States Department of The Treasury			Financial assets at amortized cost			-			-			-			US$						88,940						-			US$						44,399						-			US$						-						US$						-						US$						-						-			US$						133,566
			Federal Home Loan Mortgage Corporation			〃			-			-			-			US$						135,000						-			US$						30,000						-			US$						165,000						US$						165,000						US$						-						-			US$						-
			Federal Home Loan Banks			〃			-			-			-			US$						225,000						-			US$						30,000						-			US$						255,000						US$						255,000						US$						-						-			US$						-

(Continued)

- 74 -

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Company Name			Marketable Securities Type and Name			Financial Statement Account			Counterparty			Nature of Relationship			Beginning Balance															Acquisition															Disposal																																							Ending Balance (Note )
															Shares/Units (In Thousands)			Amount (Foreign Currencies in Thousands)												Shares/Units (In Thousands)			Amount (Foreign Currencies in Thousands)												Shares/Units (In Thousands)			Amount (Foreign Currencies in Thousands)												Carrying Value (Foreign Currencies in Thousands)												Gain/Loss on Disposal (Foreign Currencies in Thousands)												Shares/Units (In Thousands)			Amount (Foreign Currencies in Thousands)
TSMC Global			Asset-backed securities
			G23-182I			Financial assets at fair value through other comprehensive income			-			-			-			US$						-						-			US$						10,151						-			US$						1,637						US$						1,638						US$						(1			)			-			US$						8,560
			JPMBB Commercial Mortgage Securities Trust 2014-C24			〃			-			-			-			US$						9,818						-			US$						-						-			US$						10,000						US$						10,016						US$						(16			)			-			US$						-

Note:    The ending balance includes the realized gain/loss on equity investment, the amortization of premium/discount on bonds investments and other related adjustment.

(Concluded)

- 75 -

---

TABLE 5

Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries

ACQUISITION OF INDIVIDUAL REAL ESTATE PROPERTIES AT COSTS OF AT LEAST NT$300 MILLION OR 20% OF THE PAID-IN CAPITAL

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024 (Amounts in Thousands of New Taiwan Dollars, Unless Specified Otherwise)

Company Name

Types of Property

Transaction Date

Transaction Amount (Foreign Currencies in Thousands)

Payment Term

Counterparty

Nature of Relationships

Prior Transaction of Related Counterparty

Price Reference

Purpose of Acquisition

Other Terms

Owner

Relationships

Transfer Date

Amount

TSMC

Real estate

February 06, 2024 (Note)

US$

2,155,000 (Note)

Based on the terms in the purchase order

96 counterparties (Note), including:

-

N/A

N/A

N/A

N/A

Price comparison and price negotiation

Manufacturing purpose

None

ABB Ltd.

Accudevice Co., Ltd.

Air Liquide Far Eastern Ltd.

Allis Electric Co., Ltd.

Am-Power Machine International Enterprise Co., Ltd.

Atlas Copco Taiwan Ltd.

Atlas Technology Corp.

Capital Machinery Limited

Chang Chun Petrochemical Co., Ltd.

Chen Yuan International Co., Ltd.

Chenfull International Co., Ltd.

Cheng Deh Fire Protection Industrial Corp.

Chien Kuo Construction Co., Ltd.

China Steel Structure Co., Ltd.

Chun Yuan Steel Industry Co., Ltd.

Chung-Lin General Contractors, Ltd.

Cica-Huntek Chemical Technology Taiwan Co., Ltd.

Confederate Technology Co., Ltd.

(Continued)

- 76 -

---

Company Name

Types of Property

Transaction Date

Transaction Amount (Foreign Currencies in Thousands)

Payment Term

Counterparty

Nature of Relationships

Prior Transaction of Related Counterparty

Price Reference

Purpose of Acquisition

Other Terms

Owner

Relationships

Transfer Date

Amount

TSMC

Real estate

CTCI Smart Engineering Corporation

Da-Cin Construction Co., Ltd.

Desiccant Technology Co., Ltd.

Evergreen Steel Corporation

Exyte Taiwan Co., Ltd.

Fortune Electric Co., Ltd.

Fu Tsu Construction Co., Ltd.

Gang-Wei Construction Ltd.

Hantech Engineering Co., Ltd.

Hsieh Kun Co., Ltd.

Hueng Luei Process Industry Co., Ltd.

Ingersoll-Rand Southeast Asia (Pte) Ltd. Taiwan Branch (Singapore)

J.C. Yang Architect and Associates

JG Environmental Technology Co., Ltd.

JJmr-Clean-Air Solution Tech.Services Co., Ltd.

Jusun Instruments Co., Ltd.

Kaohsiung City Government

Kedge Construction Co., Ltd.

Kinetics Technology Corporation

L&K Engineering Co., Ltd.

Lead-Fu Industrials Corporation

Lee Ming Construction Co., Ltd.

Li Jin Engineering Co., Ltd.

Mandartech Interiors Inc.

Marketech Integrated Pte Ltd.

Mega Union Technology Incorporated

Organo Technology Co., Ltd.

Ovivo Taiwan Co., Ltd.

Pan Asia (Engineers & Constructors) Corporation

(Continued)

- 77 -

---

Company Name

Types of Property

Transaction Date

Transaction Amount (Foreign Currencies in Thousands)

Payment Term

Counterparty

Nature of Relationships

Prior Transaction of Related Counterparty

Price Reference

Purpose of Acquisition

Other Terms

Owner

Relationships

Transfer Date

Amount

TSMC

Real estate

Ruentex Engineering & Construction Co., Ltd.

San Fu Chemical Co., Ltd.

Schneider Electric Taiwan Co., Ltd.

Shihlin Electric & Engineering Corporation

Siemens Limited

Solomon Technology Corporation

Swift Engineering Co., Ltd.

Taiwan Gleno Enterprise Co., Ltd.

Taiwan Obayashi Corporation

Taiwan Puritic Corp.

TASA Construction Corporation

Techgo Industrial Co., Ltd.

Transcene Corporation

Trusval Technology Co., Ltd.

Tung Kang Steel Structure Corp.

Uangyih-Tech Industrial Co., Ltd.

Unelectra International Corp.

United Integrated Services Co., Ltd.

Versum Materials Taiwan Co., Ltd.

Wei Shung Technology Corporation

Weltall Technology Corporation

Wholetech System Hitech Limited

Yangtech Engineering Co., Ltd.

Yankey Engineering Co., Ltd.

Ying Pao Technology Inc.

YUNG CHING CONSTRUCTION CO., LTD.

Zhao-Cheng Corp.

(Continued)

- 78 -

---

Company Name

Types of Property

Transaction Date

Transaction Amount (Foreign Currencies in Thousands)

Payment Term

Counterparty

Nature of Relationships

Prior Transaction of Related Counterparty

Price Reference

Purpose of Acquisition

Other Terms

Owner

Relationships

Transfer Date

Amount

TSMC

Real estate

June 05, 2024 (Note)

US$

11,014,000 (Note)

Based on the terms in the purchase order

182 counterparties (Note), including:

-

N/A

N/A

N/A

N/A

Price comparison and price negotiation

Manufacturing purpose

None

ABB Ltd.

Accudevice Co., Ltd.

Air Liquide Far Eastern Ltd.

Allied Supreme Corp.

Allis Electric Co., Ltd.

Am-Power Machine International Enterprise Co., Ltd.

Apollo Sheet Metal, Inc.

Atlas Copco Taiwan Ltd.

Atlas Technology Corp.

Brycon Corporation

Capital Machinery Limited

Chang Chun Petrochemical Co., Ltd.

Chen Yuan International Co., Ltd.

Chenfull International Co., Ltd.

Cheng Deh Fire Protection Industrial Corp.

Chien Kuo Construction Co., Ltd.

China Steel Structure Co., Ltd.

Chun Yuan Steel Industry Co., Ltd.

Chung-Lin General Contractors, Ltd.

Cica-Huntek Chemical Technology Taiwan Co., Ltd.

Confederate Technology Co., Ltd.

Corbins, LLC

CTCI Corporation

Currie and Brown Inc.

Da-Cin Construction Co., Ltd.

Desiccant Technology Co., Ltd.

(Continued)

- 79 -

---

Company Name

Types of Property

Transaction Date

Transaction Amount (Foreign Currencies in Thousands)

Payment Term

Counterparty

Nature of Relationships

Prior Transaction of Related Counterparty

Price Reference

Purpose of Acquisition

Other Terms

Owner

Relationships

Transfer Date

Amount

TSMC

Real estate

EnerMech Mechanical Services, Inc.

Evergreen Steel Corporation

Exyte Taiwan Co., Ltd.

Fortune Electric Co., Ltd.

Fu Tsu Construction Co., Ltd.

GCON, Inc.

Gold Stone Development Co., Ltd.

Hantech Engineering Co., Ltd.

Hsieh Kun Co., Ltd.

Hueng Luei Process Industry Co., Ltd.

Ingersoll-Rand Southeast Asia (Pte) Ltd. Taiwan Branch (Singapore)

J.C. Yang Architect and Associates

Jack B. Henderson Construction Company, Inc.

Jaie Haour Industry Corporation

JG Environmental Technology Co., Ltd.

JJmr-Clean-Air Solution Tech.Services Co., Ltd.

Job Brokers, Inc.

Johnson Controls, Inc.

Jusun Instruments Co., Ltd.

Kedge Construction Co., Ltd.

Kinetic Systems, Inc.

Kinetics Technology Corporation

L&K Engineering Co., Ltd.

Lead-Fu Industrials Corporation

Lee Ming Construction Co., Ltd.

Li Jin Engineering Co., Ltd.

Lumax International Corp., Ltd.

Mandartech Interiors Inc.

(Continued)

- 80 -

---

Company Name

Types of Property

Transaction Date

Transaction Amount (Foreign Currencies in Thousands)

Payment Term

Counterparty

Nature of Relationships

Prior Transaction of Related Counterparty

Price Reference

Purpose of Acquisition

Other Terms

Owner

Relationships

Transfer Date

Amount

TSMC

Real estate

Marketech Integrated Pte Ltd.

Mega Union Technology Incorporated

MornstAir Inc.

MSR-FSR, LLC

OBR Cooling Towers, Inc.

Okland Construction Company, Inc.

Organo Technology Co., Ltd.

Ovivo Taiwan Co., Ltd.

Pan Asia (Engineers & Constructors) Corporation

Prime Controls LP

Propersys Corp

Rosendin Electric, Inc.

Ruentex Engineering & Construction Co., Ltd.

San Fu Chemical Co., Ltd.

Schneider Electric Taiwan Co., Ltd.

Shihlin Electric & Engineering Corporation

Siemens Limited

Solomon Technology Corporation

Southland Industries

SSOE Inc.

Swift Engineering Co., Ltd.

T C Boiler Inc.

Taiwan Gleno Enterprise Co., Ltd.

Taiwan Obayashi Corporation

Taiwan Puritic Corp.

Taiwan Valqua Engineering International, Ltd.

TASA Construction Corporation

Techgo Industrial Co., Ltd.

Trusval Technology Co., Ltd.

TUN YI Industrial Co., Ltd.

Tung Kang Steel Structure Corp.

Uangyih-Tech Industrial Co., Ltd.

(Continued)

- 81 -

---

Company Name

Types of Property

Transaction Date

Transaction Amount (Foreign Currencies in Thousands)

Payment Term

Counterparty

Nature of Relationships

Prior Transaction of Related Counterparty

Price Reference

Purpose of Acquisition

Other Terms

Owner

Relationships

Transfer Date

Amount

TSMC

Real estate

Unelectra International Corp.

United Integrated Services Co., Ltd.

Verde Clean, LLC

Versum Materials Taiwan Co., Ltd.

Wei Shung Technology Corporation

Weltall Technology Corporation

Wholetech System Hitech Limited

World Wide Professional Solutions

Yangtech Engineering Co., Ltd.

Yankey Engineering Co., Ltd.

YE SIANG Enterprise Co., Ltd.

Ying Pao Technology Inc.

Yung Ching Construction Co., Ltd.

Zhao-Cheng Corp.

TSMC

Real estate

August 13, 2024 (Note)

US$

8,320,000 (Note)

Based on the terms in the purchase order

91 counterparties (Note), including:

-

N/A

N/A

N/A

N/A

Price comparison and price negotiation

Manufacturing purpose

None

ABB Ltd.

Accudevice Co., Ltd.

Air Liquide Far Eastern Ltd.

Allis Electric Co., Ltd.

Am-Power Machine International Enterprise Co., Ltd.

Atlas Copco Taiwan Ltd.

Atlas Technology Corp.

Capital Machinery Limited

Chang Chun Petrochemical Co., Ltd.

Chen Yuan International Co., Ltd.

Chenfull International Co., Ltd.

Cheng Deh Fire Protection Industrial Corp.

(Continued)

- 82 -

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Company Name

Types of Property

Transaction Date

Transaction Amount (Foreign Currencies in Thousands)

Payment Term

Counterparty

Nature of Relationships

Prior Transaction of Related Counterparty

Price Reference

Purpose of Acquisition

Other Terms

Owner

Relationships

Transfer Date

Amount

TSMC

Real estate

Chern Shuo System Technology Co., Ltd.

China Steel Structure Co., Ltd.

Chun Yuan Steel Industry Co., Ltd.

Cica-Huntek Chemical Technology Taiwan Co., Ltd.

Confederate Technology Co., Ltd.

Da-Cin Construction Co., Ltd.

Desiccant Technology Co., Ltd.

Evergreen Steel Corporation

Exyte Taiwan Co., Ltd.

Fortune Electric Co., Ltd.

Fu Tsu Construction Co., Ltd.

Gang-Wei Construction Ltd.

Hantech Engineering Co., Ltd.

Hsieh Kun Co., Ltd.

Hueng Luei Process Industry Co., Ltd.

Ingersoll-Rand Southeast Asia (Pte) Ltd. Taiwan Branch (Singapore)

Jaie Haour Industry Corporation

JG Environmental Technology Co., Ltd.

JJmr-Clean-Air Solution Tech.Services Co., Ltd.

JJP Architects and Planners

Jusun Instruments Co., Ltd.

Kedge Construction Co., Ltd.

Kinetics Technology Corporation

L&K Engineering Co., Ltd.

Lee Ming Construction Co., Ltd.

Mandartech Interiors Inc.

Marketech International Corp.

(Continued)

- 83 -

---

Company Name

Types of Property

Transaction Date

Transaction Amount (Foreign Currencies in Thousands)

Payment Term

Counterparty

Nature of Relationships

Prior Transaction of Related Counterparty

Price Reference

Purpose of Acquisition

Other Terms

Owner

Relationships

Transfer Date

Amount

TSMC

Real estate

Mega Union Technology Incorporated

Organo Technology Co., Ltd.

Ovivo Taiwan Co., Ltd.

REIJU Construction Co., Ltd.

San Fu Chemical Co., Ltd.

Schneider Electric Taiwan Co., Ltd.

Shihlin Electric & Engineering Corporation

Siemens Limited

Solomon Technology Corporation

Southern Taiwan Science Park Bureau, National Science and Technology Council

Swift Engineering Co., Ltd.

Taiwan Gleno Enterprise Co., Ltd.

TAIWAN POWER COMPANY

Taiwan Puritic Corp.

TASA Construction Corporation

Techgo Industrial Co., Ltd.

Tianding construction industry Co., Ltd.

Trusval Technology Co., Ltd.

Tung Kang Steel Structure Corp.

Uangyih-Tech Industrial Co., Ltd.

Unelectra International Corp.

United Integrated Services Co., Ltd.

Versum Materials Taiwan Co., Ltd.

Wei Shung Technology Corporation

Weltall Technology Corporation

Wholetech System Hitech Limited

(Continued)

- 84 -

---

Company Name

Types of Property

Transaction Date

Transaction Amount (Foreign Currencies in Thousands)

Payment Term

Counterparty

Nature of Relationships

Prior Transaction of Related Counterparty

Price Reference

Purpose of Acquisition

Other Terms

Owner

Relationships

Transfer Date

Amount

TSMC

Real estate

Yangtech Engineering Co., Ltd.

Yankey Engineering Co., Ltd.

Ying Pao Technology Inc.

Yuan Yi Construction Co., Ltd.

Yuanshuo Archi & Construction COMPANY LIMITED

YUNG CHING CONSTRUCTION CO., LTD.

Zhao-Cheng Corp.

Note:    The disclosures are expected information based on the capital appropriation approved by the Board of Directors (Right-of-use assets are included). The actual information shall be subject to the final purchase order of TSMC.

(Concluded)

- 85 -

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TABLE 6

Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries

TOTAL PURCHASES FROM OR SALES TO RELATED PARTIES OF AT LEAST NT$100 MILLION OR 20% OF THE PAID-IN CAPITAL

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024

(Amounts in Thousands of New Taiwan Dollars, Unless Specified Otherwise)

Company Name			Related Party			Nature of Relationships			Transaction Details																														Abnormal Transaction						Notes/Accounts Payable or Receivable																								Note
									Purchases/ Sales			Amount (Foreign Currencies in Thousands)															% to Total									Payment Terms			Unit Price			Payment Terms			Ending Balance (Foreign Currencies in Thousands)															% to Total
TSMC			TSMC North America			Subsidiary			Sales			$						1,402,325,384												70						Net 30 days from invoice date (Note)			-			-			$						187,845,310												81
			TSMC Arizona			Subsidiary			Sales						989,652															-						Net 30 days from the end of the month of when invoice is issued			-			-						-															-
			JASM			Subsidiary			Sales						359,588															-						Net 30 days from the end of the month of when invoice is issued			-			-						-															-
			GUC			Associate			Sales						5,085,620															-						Net 30 days from invoice date			-			-						137,550															-
			VIS			Associate			Sales						158,688															-						Net 30 days from the end of the month of when invoice is issued			-			-						-															-
			TSMC Nanjing			Subsidiary			Purchases						55,871,369															39						Net 30 days from the end of the month of when invoice is issued			-			-						(4,467,518									)						3
			TSMC China			Subsidiary			Purchases						20,018,244															14						Net 30 days from the end of the month of when invoice is issued			-			-						(2,326,167									)						2
			TSMC Washington			Indirect subsidiary			Purchases						4,064,032															3						Net 30 days from the end of the month of when invoice is issued			-			-						(426,121									)						-
			SSMC			Associate			Purchases						3,009,228															2						Net 30 days from the end of the month of when invoice is issued			-			-						(393,729									)						-
			VIS			Associate			Purchases						536,630															-						Net 30 days from the end of the month of when invoice is issued			-			-						(60,376									)						-
TSMC North America			GUC			Associate of TSMC			Sales			(US$									5,639,697 176,174			)						-						Net 30 days from invoice date			-			-			(US$									121,891 3,853			)						-
VisEra Tech			Xintec			Associate of TSMC			Sales						509,265															7						Net 60 days from the end of the month of when invoice is issued			-			-						143,938															12

Note:    The tenor is determined by the payment terms granted to its clients by TSMC North America.

- 86 -

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TABLE 7

Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries

RECEIVABLES FROM RELATED PARTIES AMOUNTING TO AT LEAST NT$100 MILLION OR 20% OF THE PAID-IN CAPITAL

SEPTEMBER 30, 2024

(Amounts in Thousands of New Taiwan Dollars, Unless Specified Otherwise)

Company Name			Related Party			Nature of Relationships			Ending Balance (Foreign Currencies in Thousands)															Turnover Days (Note 1)									Overdue															Amounts Received in Subsequent Period												Allowance for Bad Debts
																																	Amount												Action Taken
TSMC			TSMC North America			Subsidiary			$						192,350,551												33						$						-						-			$						-						$						-
			GUC			Associate						137,550															16									-									-						-												-
TSMC North America			TSMC			Parent company			(US$									122,093 3,859			)						Note 2									-									-									-									-
			GUC			Associate of TSMC			(US$									121,891 3,853			)						4									-									-									-									-
TSMC Japan 3DIC R&D Center			TSMC			Parent company			(JPY									123,731 556,843			)						Note 2									-									-									-									-
TSMC China			TSMC			Parent company						2,326,167															32									-									-						-												-
									(RMB									515,730			)
			TSMC Nanjing			The same parent company						36,181,603															Note 2									-									-						-												-
									(RMB									8,021,817			)
TSMC Nanjing			TSMC			Parent company						4,467,518															23									-									-						-												-
									(RMB									990,485			)
VisEra Tech			Xintec			Associate of TSMC						143,938															68									-									-						-												-
TSMC Arizona Corporation			TSMC			Parent company			(US$									56,949,180 1,800,025			)						Note 2									-									-									-									-
TSMC Technology			TSMC			The ultimate parent of the Company			(US$									712,398 22,517			)						Note 2									-									-						-												-
TSMC Development			TSMC Washington			Subsidiary			(US$									551,402 17,428			)						Note 2									-									-						-												-
TSMC Washington			TSMC			The ultimate parent of the Company			(US$									426,121 13,468			)						22									-									-						-												-

Note 1:    The calculation of turnover days excludes other receivables from related parties.

Note 2:    The ending balance is primarily consisted of other receivables, which is not applicable for the calculation of turnover days.

- 87 -

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TABLE 8

Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries

INTERCOMPANY RELATIONSHIPS AND SIGNIFICANT INTERCOMPANY TRANSACTIONS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024

(Amounts in Thousands of New Taiwan Dollars)

No.			Company Name			Counterparty			Nature of Relationship (Note 1)			Intercompany Transactions
												Financial Statements Item			Amount												Terms (Note 2)			Percentage of Consolidated Net Revenue or Total Assets
0			TSMC			TSMC North America			1			Net revenue from sale of goods			$						1,402,325,384						-						69%
												Receivables from related parties						187,845,310									-						3%
												Other receivables from related parties						4,505,241									-						-
												Accrued expenses and other current liabilities						172,469,488									-						3%
												Other noncurrent liabilities						54,926,487									-						1%
						TSMC China			1			Purchases						20,018,244									-						1%
						TSMC Nanjing			1			Purchases						55,871,369									-						3%
												Payables to related parties						4,467,518									-						-
						TSMC Technology			1			Research and development expenses						3,641,919									-						-
						TSMC Washington			1			Purchases						4,064,032									-						-
1			TSMC China			TSMC Nanjing			3			Other receivables from related parties						36,181,603									-						1%

Note 1:    No. 1 represents the transactions from parent company to subsidiary.

No. 3 represents the transactions between subsidiaries.

Note 2:    The sales prices and payment terms of intercompany sales are not significantly different from those to third parties. For other intercompany transactions, prices and terms are determined in accordance with mutual agreements.

- 88 -

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TABLE 9

Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries

NAMES, LOCATIONS, AND RELATED INFORMATION OF INVESTEES OVER WHICH THE COMPANY EXERCISES SIGNIFICANT INFLUENCE (EXCLUDING INFORMATION ON INVESTMENT IN MAINLAND CHINA)

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024

(Amounts in Thousands of New Taiwan Dollars, Unless Specified Otherwise)

Investor Company			Investee Company			Location			Main Businesses and Products			Original Investment Amount																														Balance as of September 30, 2024																																	Net Income (Losses) of the Investee (Foreign Currencies in Thousands)															Share of Profits/Losses of Investee (Note 1) (Foreign Currencies in Thousands)												Note
												September 30, 2024 (Foreign Currencies in Thousands)															December 31, 2023 (Foreign Currencies in Thousands)															Shares (In Thousands)									Percentage of Ownership									Carrying Value (Foreign Currencies in Thousands)
TSMC			TSMC Global			Tortola, British Virgin Islands			Investment activities			$						616,839,509									$						355,162,309												19									100						$						737,933,677									$						26,305,867									$						26,305,867						Subsidiary
			TSMC Arizona			Phoenix, Arizona, U.S.A.			Manufacturing, sales and testing of integrated circuits and other semiconductor devices						489,722,110															329,665,310															15,500									100									456,201,309															(9,318,835									)						(9,318,835						)			Subsidiary
			TSMC Partners			Tortola, British Virgin Islands			Investing in companies involved in the semiconductor design and manufacturing, and other investment activities						31,456,130															31,456,130															988,268									100									74,200,714															906,661															906,661									Subsidiary
			JASM			Kumamoto, Japan			Manufacturing, sales, testing and computer-aided design of integrated circuits and other semiconductor devices						68,384,148															52,630,042															3,011									73									61,654,610															(3,188,226									)						(2,276,700						)			Subsidiary
			VIS			Hsin-Chu, Taiwan			Manufacturing, sales, packaging, testing and computer-aided design of integrated circuits and other semiconductor devices and the manufacturing and design service of masks						10,180,677															10,180,677															464,223									28									13,105,023															5,199,773															1,469,192									Associate
			VisEra Tech			Hsin-Chu, Taiwan			Research, design, development, manufacturing, sales, packaging and test of color filter						4,224,082															4,224,082															213,619									67									11,834,032															1,181,725															796,315									Subsidiary
			SSMC			Singapore			Manufacturing and sales of integrated circuits and other semiconductor devices						5,120,028															5,120,028															314									39									10,713,507															1,849,649															717,479									Associate
			TSMC North America			San Jose, California, U.S.A.			Sales and marketing of integrated circuits and other semiconductor devices						333,718															333,718															11,000									100									7,230,009															778,203															778,203									Subsidiary
			ESMC			Dresden, Germany			Manufacturing, sales and testing of integrated circuits and other semiconductor devices						6,815,453															4,814,293															718									70									6,694,782															(329,737									)						(230,816						)			Subsidiary
			Emerging Fund			Cayman Islands			Investing in technology start-up companies						2,756,355															1,666,585															-									99.9									4,107,090															(22,654									)						(22,631						)			Subsidiary
			Xintec			Taoyuan, Taiwan			Wafer level chip size packaging and wafer level post passivation interconnection service						1,988,317															1,988,317															111,282									41									4,028,681															1,212,382															497,189									Associate
			GUC			Hsin-Chu, Taiwan			Researching, developing, manufacturing, testing and marketing of integrated circuits						386,568															386,568															46,688									35									3,120,705															2,603,691															907,099									Associate
			TSMC 3DIC			Yokohama, Japan			Engineering support activities						1,144,356															1,144,356															49									100									1,395,714															148,105															148,105									Subsidiary
			TSMC Europe			Amsterdam, the Netherlands			Customer service and supporting activities						15,749															15,749															-									100									645,254															30,790															30,790									Subsidiary
			VTAF III			Cayman Islands			Investing in technology start-up companies						1,242,679															1,242,679															-									98									630,039															(2,307									)						(2,260						)			Subsidiary
			TSMC JDC			Yokohama, Japan			Engineering support activities						410,680															410,680															15									100									428,720															27,822															27,822									Subsidiary
			TSMC Japan			Yokohama, Japan			Customer service and supporting activities						83,760															83,760															6									100									145,842															12,924															12,924									Subsidiary
			VTAF II			Cayman Islands			Investing in technology start-up companies						260,300															260,300															-									98									112,748															70															69									Subsidiary
			TSMC Korea			Seoul, Korea			Customer service and supporting activities						13,656															13,656															80									100									47,418															1,842															1,842									Subsidiary
TSMC Partners			TSMC Development			Delaware, U.S.A.			Investing in companies involved in semiconductor manufacturing			$ (US$									18,569,570 586,939			$ )			$ (US$									18,569,570 586,939			$ )						-									100						$ (US$									38,501,631 1,216,943			$ )			$ (US$									(440,092 (13,806			) ))						Note 2									Subsidiary
			TSMC Technology			Delaware, U.S.A.			Engineering support activities						451,855															451,855															-									100									1,395,372															239,040															Note 2									Subsidiary
												(US$									14,282			)			(US$									14,282			)																					(US$									44,104			)			(US$									7,466			)
			TSMC Canada			Ontario, Canada			Engineering support activities						72,767															72,767															2,300									100									425,944															43,768															Note 2									Subsidiary
												(US$									2,300			)			(US$									2,300			)																					(US$									13,463			)			(US$									1,369			)
VTAF III			Growth Fund			Cayman Islands			Investing in technology start-up companies						72,624															72,624															-									100									593,453															(660									)						Note 2									Subsidiary
												(US$									2,295			)			(US$									2,295			)																					(US$									18,758			)			(US$									(20			))
TSMC Development			TSMC Washington			Washington, U.S.A.			Manufacturing, sales and testing of integrated circuits and other semiconductor devices						-															-															293,637									100						$ (US$									5,068,119 160,191			$ )			$ (US$									(939,236 (29,395			) ))						Note 2									Subsidiary

Note 1:     The share of profits/losses of investee includes the effect of unrealized gross profit on intercompany transactions.

Note 2:    The share of profits/losses of the investee company is not reflected herein as such amount is already included in the share of profits/losses of the investor company.

- 89 -

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TABLE 10

Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries

INFORMATION ON INVESTMENT IN MAINLAND CHINA

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024

(Amounts in Thousands of New Taiwan Dollars, Unless Specified Otherwise)

Investee Company			Main Businesses and Products			Total Amount of Paid-in Capital (RMB in Thousands)												Method of Investment			Accumulated Outflow of Investment from Taiwan as of January 1, 2024 (US$ in Thousands)												Investment Flows																								Accumulated Outflow of Investment from Taiwan as of September 30, 2024 (US$ in Thousands)												Net Income (Losses) of the Investee Company												Percentage of Ownership			Share of Profits/Losses															Carrying Amount as of Balance as of September 30, 2024												Accumulated Inward Remittance of Earnings as of September 30, 2024
																																	Outflow (US$ in Thousands)												Inflow
TSMC China			Manufacturing, sales, testing and computer-aided design of integrated circuits and other semiconductor devices			$ (RMB						18,939,667 4,502,080			$ )			(Note 1)			$ (US$						18,939,667 596,000			)			$						-						$						-						$ (US$						18,939,667 596,000			)			$						8,451,304						100%			$									8,518,183 (Note 2)						$						107,924,536						$						-
TSMC Nanjing			Manufacturing, sales, testing and computer-aided design of integrated circuits and other semiconductor devices			(RMB						30,521,412 6,650,119			)			(Note 1)			(US$						30,521,412 1,000,000			)						-												-									(US$						30,521,412 1,000,000			)						21,927,027									100%									21,932,741 (Note 2)												113,358,614												-

Accumulated Investment in Mainland China as of September 30, 2024 (US$ in Thousands)			Investment Amounts Authorized by Investment Commission, MOEA (US$ in Thousands)			Upper Limit on Investment
$    49,461,079 (US$    1,596,000)			$    119,412,667 (US$    3,596,000)			$    2,413,153,375 (Note 3)

Note 1:    TSMC directly invested US$596,000 thousand in TSMC China and US$1,000,000 thousands in TSMC Nanjing.

Note 2:    Amount was recognized based on the reviewed financial statements.

Note 3:    The upper limit on investment in mainland China is determined by sixty percent (60%) of the Company's consolidated net worth.

- 90 -

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TABLE 11

Taiwan Semiconductor Manufacturing Company Limited

INFORMATION ON MAJOR SHAREHOLDERS

SEPTEMBER 30, 2024

Shareholders (Note 1)			Shares
			Total Shares Owned			Ownership Percentage (Note 2)
ADR-Taiwan Semiconductor Manufacturing Company Ltd.			5,314,095,558			20.49%
National Development Fund, Executive Yuan			1,653,709,980			6.38%

Note 1:    Major shareholders shows the list of all shareholders with ownership of 5 percent or greater.

Note 2:    The calculation of ownership percentage is rounded to two decimal places.

- 91 -