Taiwan Semiconductor Manufacturing Company Ltd.

1934 Act Registration No. 1-14700

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934

For the month of April 2008

Taiwan Semiconductor Manufacturing Company Ltd.

(Translation of Registrant’s Name Into English)

No. 8, Li-Hsin Rd. 6,
Hsinchu Science Park,
Taiwan
(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 þ Form 40-F o

(Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.)

Yes o No þ

(If “Yes” is marked, indicated below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82: .)

FOR IMMEDIATE RELEASE


		1Q08		Quarterly Management Report April 29, 2008

CONTACT

Elizabeth Sun / Harrison Hsueh

Investor Relations Division
TSMC
invest@tsmc.com
886-3-568-2085/ 2088

Topics in This Report

•		Revenue Analysis

•		Profit & Expense Analysis

•		Financial Condition Review

•		Cash Flow

•		CapEx & Capacity

•		Recap of Recent Important Events & Announcements

Operating Results Review:

Summary:


*(Amounts are on consolidated basis and are in NT billions except otherwise noted)*	1Q08			4Q07			1Q07			QoQ			YoY

EPS (NT$ per common share)		1.10			1.31			0.71			(16.4	%)		54.0	%
(US$ per ADR unit)		0.17			0.20			0.11

Consolidated Net Sales		87.48			93.86			64.90			(6.8	%)		34.8	%
Gross Profit		38.24			44.84			24.61			(14.7	%)		55.4	%
Gross Margin		43.7	%		47.8	%		37.9	%

Operating Expense		(9.12	)		(8.08	)		(6.73	)		12.9	%		35.4	%
Operating Income		29.12			36.76			17.88			(20.8	%)		62.9	%
Operating Margin		33.3	%		39.2	%		27.5	%
Non-Operating Items		2.45			2.57			2.19			(4.9	%)		11.8	%

Net Income		28.14			34.48			18.84			(18.4	%)		49.4	%
Net Profit Margin		32.2	%		36.7	%		29.0	%

Wafer Shipment (kpcs 8 inch-equiv.)		2,196			2,357			1,566			(6.8	%)		40.3	%

Remarks:

The first quarter diluted earnings per share were NT$1.10, representing an increase of 54.0% over the same period last year and a decline of 16.4% from the previous quarter. The consolidated operating results of 1Q08 are summarized below:

Net sales in the first quarter were NT$87.5 billion, up 34.8% from NT$64.9 billion in 1Q07 and down 6.8% from NT$93.9 billion in 4Q07.

Gross profit for the quarter was NT$38.2 billion with gross margin of 43.7%, 4.1 percentage points lower than the 47.8% gross margin in 4Q07, mainly due to accrued expenses of employee profit sharing and negative impact of a higher than forecast appreciation of the NT dollar.

Operating expenses, including expenses accrued for employee profit sharing, were NT$9.1 billion or 10.4% of net sales. The combined result from non-operating income and long-term investments was a gain of NT$2.4 billion.

Consolidated net income attributable to shareholders of the parent company, including an accrual of employee profit sharing, was NT$28.1 billion, up 49.4% from a year ago level and down 18.4% from the previous quarter. Net profit margin was 32.2% for 1Q08.


TSMC
April 29, 2008		Page 2

I. Revenue Analysis

I. Wafer Sales Analysis


By Application	1Q08			4Q07			1Q07
Computer		34	%		35	%		30	%
Communication		42	%		42	%		42	%
Consumer		17	%		15	%		17	%
Industrial/Others		5	%		5	%		7	%
Memory		2	%		3	%		4	%


By Technology	1Q08			4Q07			1Q07
65nm and below		15	%		10	%		1	%
90nm		28	%		29	%		22	%
0.11/0.13um		20	%		20	%		26	%
0.15/0.18um		23	%		27	%		30	%
0.25/0.35um		10	%		10	%		15	%
0.50um+		4	%		4	%		6	%


By Customer Type	1Q08			4Q07			1Q07
Fabless/System		71	%		68	%		65	%
IDM		29	%		32	%		35	%


By Geography	1Q08			4Q07			1Q07
North America		76	%		79	%		77	%
Asia Pacific		12	%		11	%		11	%
Europe		9	%		8	%		7	%
Japan		3	%		2	%		5	%

Revenue Analysis:

In-line with our guidance, first quarter 2008 revenue reached NT$87.5 billion. 1Q08 business followed a normal seasonal pattern but revenue was negatively impacted by a 2.6% appreciation in the NT dollar. Demand from consumer related applications grew but communication and computer applications declined during the quarter. On a sequential basis, revenue from consumer applications increased 3%, while revenues for communication and computer applications declined 9% and 12%, respectively.

As a result of continued strong ramp for our 65nm technology, revenue from 65nm reached 15% of total wafer sales during the quarter, up from 10% in the previous quarter. Meanwhile, revenue from 90nm remained strong and accounted for 28% of total wafer sales. Overall, revenues from advanced technologies (0.13-micron and below) accounted for 63% of total wafer sales, up four percentage points from the 4Q07.

Revenues from IDM customers accounted for 29% of total wafer sales in 1Q08, compared to 32% in 4Q07.

From a geographic perspective, revenues from customers based in North America accounted for 76% of total wafer sales. Meanwhile, sales from customers in Asia Pacific, Europe and Japan accounted for 12%, 9% and 3% of wafer sales, respectively.

II. Profit & Expense Analysis

II — 1. Gross Profit Analysis

(In NT billions)

1Q08

4Q07

1Q07

COGS

49.2

49.0

40.3

Depreciation

18.1

18.5

Other MFG Cost

31.1

30.5

21.8

Gross Profit

38.2

44.8

24.6

Gross Margin

43.7

47.8

37.9

Gross Profit Analysis:

Gross margin in 1Q08 was 43.7%, down 4.1 percentage points from the previous quarter, reflecting the expensing of employee profit sharing (2.5 percentage points), an appreciation of NT dollar (1.0 percentage point), and a lower level of capacity utilization, partially offset by cost improvements.


TSMC
April 29, 2008		Page 3

II — 2. Operating Expenses

(In NT billions)

1Q08

4Q07

1Q07

Total Operating Exp.

9.12

8.08

6.73

SG&A

3.85

3.07

2.79

Research & Development

5.27

5.01

3.94

Total Operating Exp. as a % of Sales

10.4

8.6

10.4

Operating Expenses:

Total operating expenses for 1Q08, including the accrued expenses of employee profit sharing (2.3 percentage points), increased by 12.9% sequentially to reach NT$9.1 billion, or 10.4% of net sales, compared with 8.6% of net sales in the previous quarter.

Research and development expenditures increased by NT$258 million quarter-over-quarter, mainly due to expensing of employee profit sharing, offset partially by cost improvement due to the maturity of 65nm technologies.

SG&A expenses increased by NT$780 million from the previous quarter, mostly due to expensing of employee profit sharing.

II — 3. Non-Operating Items

(In NT billions)

1Q08

4Q07

1Q07

Non-Operating Inc./(Exp.)

1.8

1.7

1.8

Net Interest Income/(Exp.)

1.2

Other Non-Operating

0.6

0.5

0.6

L-T Investments

0.6

0.9

0.4

SSMC

0.4

0.5

0.1

Others

0.2

0.4

0.3

Total Non-Operating Items

2.4

2.6

2.2

Non-Operating Items:

Combined result from non-operating income and long-term investments was a gain of NT$2.4 billion for first quarter 2008.

Non-operating income was NT$1.8 billion, up from NT$1.7 billion in the previous quarter, primarily due to lower hedging costs.

Net investment income decreased by NT$300 million in the quarter to NT$577 million.

II — 4. PSE Impact


	1Q08			4Q07			1Q07

Gross Margin w/ PSE		43.7	%		43.2	%		34.3	%
Gross Margin w/o PSE		46.2	%		47.8	%		37.9	%
PSE Impact		-2.5	%		-4.6	%		-3.6	%

Operating Margin w/ PSE		33.3	%		30.2	%		20.4	%
Operating Margin w/o PSE		38.1	%		39.2	%		27.5	%
PSE Impact		-4.8	%		-9.0	%		-7.1	%


*		PSE: Profit Sharing Expenses

**		2007 PSE impact is estimated using the 12/31/2007 closing share price adjusted for dividends

The Impact of Employee Profit Sharing:

Total impact from employee profit sharing expensing (PSE) on gross margin in 1Q08 was 2.5 percentage points. If we use 12/31/2007 market price, adjusted for dividends, to reflect PSE’s impact in 2007, gross margin in 1Q08 would represent an improvement of 50 basis points from 4Q07.

Similarly, total PSE impact on operating margin was 4.8 percentage points in 1Q08, which was 4.2 percentage points less than that of 4Q07.


TSMC April 29, 2008		Page 4

III. Financial Condition Review


III — 1.		Liquidity Analysis (Selected Balance Sheet Items)


(In NT billions)	1Q08		4Q07		1Q07

Cash & Marketable Securities		210.3		174.8		217.4
Accounts Receivable — Trade		38.0		42.4		33.1
Inventory		21.9		23.9		22.3
Total Current Assets		281.5		249.8		286.1
Accounts Payable		22.6		19.3		19.2
Current Portion of Bonds Payable		8.0		0.0		4.5
Accrued Liabilities and Others		31.4		29.4		21.4
Total Current Liabilities		62.0		48.7		45.1
Current Ratio (x)		4.5		5.1		6.3
Net Working Capital		219.4		201.1		241.0

Liquidity Analysis:

At the end of 1Q08, total cash and marketable securities increased by NT$35.5 billion, as we generated $42.0 billion free cash flow during the quarter. TSMC ended the quarter with total current assets of NT$281.5 billion.

Total current liabilities increased by NT$13.3 billion in 1Q08, primarily due to increases in payables to equipment suppliers, accrual of employee profit sharing, and reclassification of corporate bonds.

Net working capital was NT$219.4 billion at the end of the quarter, current ratio declined slightly to 4.5.


III — 2.		Receivable/Inventory Days

(In Number of Days)


	1Q08		4Q07		1Q07
Days of Receivable		43		42		47
Days of Inventory		46		48		52

Receivable and Inventory Days:

Sequentially, days of receivable increased by one day to 43 days in 1Q08 while days of inventory declined by two days to 46 days.


IlI — 3.		Debt Service


(In NT billions)	1Q08		4Q07		1Q07

Cash & Marketable Securities		210.3		174.8		217.4
Interest-Bearing Debt		22.9		23.1		26.2
Net Cash Reserves		187.4		151.7		191.2

Debt Service:

Net cash reserves — defined as the excess of cash and short-term marketable securities over interest-bearing debt — increased by NT$35.7 billion to NT$187.4 billion at the end of 1Q08. Interest-bearing debt declined slightly due to the appreciation of NT dollar.


TSMC April 29, 2008		Page 5

IV. Cash Flow

IV — 1. Cash Flow Analysis


(In NT billions)	1Q08			4Q07			1Q07

Net Income		28.1			34.5			18.8
Depreciation & Amortization		19.8			20.3			20.3
Other Operating Sources/(Uses)		9.4			5.0			(1.0	)
Total Operating Sources/(Uses)		57.3			59.8			38.1


Capital Expenditure		(15.3	)		(19.8	)		(14.0	)
Marketable Financial Instruments		12.9			8.2			3.5
Other Investing Sources/(Uses)		(0.7	)		(1.1	)		(2.9	)
Net Investing Sources/(Uses)		(3.1	)		(12.7	)		(13.4	)


Repayment of Bonds Payable		0.0			(4.5	)		(2.5	)
Repurchase of Treasury Stock		(3.1	)		(45.4	)		0.0
Other Financing Sources/(Uses)		(0.2	)		(0.2	)		(0.3	)
Net Financing Sources/(Uses)		(3.3	)		(50.1	)		(2.8	)


Net Cash Position Changes		50.9			(3.0	)		21.9

Exchange Rate Changes & Others		(1.6	)		(0.3	)		0.6

Ending Cash Balance		144.3			95.0			140.3

Summary of Cash Flow:

Cash generated from operating activities totaled NT$57.3 billion during the quarter, down from NT$59.8 billion in 4Q07.

Net cash used in investing activities was NT$3.1 billion in 1Q08, reflecting capital expenditure of NT$15.3 billion and a net decrease of NT$12.9 billion in marketable financial instruments.

Net cash used in financing activities was NT$3.3 billion during the quarter, as we spent NT$3.1 billion in share buybacks.

As a result, TSMC ended the quarter with a cash balance of NT$144.3 billion.

IV—2. Operating and Free Cash Flows

Operating and Free Cash Flows:

Cash flows generated from operating activities were NT$57.3 billion during the quarter. Free cash flow, defined as the excess of operating cash flows over capital expenditures, totaled NT$42.0 billion in 1Q08, compared to NT$40.0 billion in 4Q07.


TSMC April 29, 2008		Page 6

V. CapEx & Capacity

V — 1. Capital Expenditures


(In US millions)	1Q08		4Q07

TSMC		452		577
XinTec and GUC		13		16
TSMC Shanghai & WaferTech		18		17
Other TSMC Subsidiaries		1		1

Total TSMC		484		611

Capital Expenditures:

Capital expenditures for TSMC on a consolidated basis totaled US$484 million during the quarter.

For year 2008, total capital expenditures for TSMC is expected to be around US$1.8 billion, compared with US$2.6 billion spent in 2007.

V—2. Capacity


	1Q08		2Q08		3Q08		4Q08		2008
Fab / (Wafer size)	(A)		(F)		(F)		(F)		(F)
Fab-2 (6")¹		248		267		269		272		1,056
Fab-3 (8")		277		283		274		274		1,109
Fab-5 (8")		163		165		167		167		662
Fab-6 (8")		265		272		280		277		1,094
Fab-8 (8")		262		275		278		278		1,094
Fab-12 (12")²		197		206		210		214		828
Fab-14 (12")²		167		185		225		229		806
WaferTech (8")		105		105		106		106		420
TSMC (Shanghai) (8")		88		110		128		128		453
TSMC total capacity (8" equiv. Kpcs)		2,117		2,241		2,363		2,380		9,101
SSMC (8")		63		67		69		73		272
Total managed capacity (8" equiv. Kpcs)		2,180		2,308		2,433		2,454		9,374


Note:	1.	Figues represent number of 6" wafers. Conversion to 8"-equivalent wafers is obtained by dividing this number by 1.78

	2.	Figues represent number of 12" wafers. Conversion to 8"-equivalent wafers is obtained by multiplying this number by 2.25

Capacity:

Total TSMC managed capacity was 2,180K 8-inch equivalent wafers in the first quarter, 4% lower than 4Q07, mostly due to scheduled fab maintenance and less working days.

TSMC managed capacity in 2Q08 will increase by 6% to reach 2,308K 8-inch equivalent wafers.

Total managed capacity for 2008 is expected to reach 9,374K 8-inch equivalent wafers, representing an increase of 13% from 8,290K 8-inch equivalent wafers in 2007, while capacity for 12-inch wafer fabs will increase by 25%.


TSMC April 29, 2008		Page 7

VI. Recap of Recent Important Events & Announcements

•

TSMC First to Deliver 40nm Process Technology, including Embedded DRAM, Mixed Signal & RF and Regular MPW Prototyping Service (2008/03/24)

•

TSMC Announces Reorganization of Advanced and Mainstream Business Units to Improve Structural Profitability and Strengthen Customer Partnership (2008/02/29)

•

TSMC Board Proposes Dividend of NT$3.0 Cash and 0.5% Stock Per Share (2008/02/19)

•		TSMC Board Approves The Cancellation of 800 million Treasury Shares Purchased from The Open Market and Reduction of Capital Stock by NT$8,000 million. (2008/02/19)

•		Sun Selects TSMC to Fab 45-nanometer and Future Generation Processors (2008/02/19)


*		Please visit TSMC’s Web site (http://www.tsmc.com) for details about these and other announcements.


		TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED AND SUBSIDIARIES Consolidated Condensed Balance Sheets (Expressed in Millions of New Taiwan Dollars (“NTD”) and U.S. Dollars (“USD”)) ⁽¹⁾


	March 31, 2008 (unaudited)									December 31, 2007 (audited)						March 31, 2007 (unaudited)						QoQ						YoY
	USD			NTD			%			NTD			%			NTD			%			Amount			%			Amount			%
Assets
Current Assets
Cash and Cash Equivalents	$	4,745		$	144,277			24.2		$	94,986			16.6		$	140,274			23.0		$	49,291			51.9		$	4,003			2.9
Investments in Marketable Financial Instruments		2,172			66,034			11.1			79,848			14.0			77,096			12.7			(13,814	)		(17.3	)		(11,062	)		(14.3	)
Accounts Receivable — Trade		1,248			37,950			6.3			42,424			7.4			33,094			5.4			(4,474	)		(10.5	)		4,856			14.7
Inventories, Net		720			21,890			3.7			23,862			4.2			22,259			3.7			(1,972	)		(8.3	)		(369	)		(1.7	)
Other Current Assets		372			11,304			1.9			8,702			1.5			13,356			2.2			2,602			29.9			(2,052	)		(15.4	)

Total Current Assets		9,257			281,455			47.2			249,822			43.7			286,079			47.0			31,633			12.7			(4,624	)		(1.6	)

Long-Term Investments		1,108			33,693			5.6			36,461			6.4			52,185			8.6			(2,768	)		(7.6	)		(18,492	)		(35.4	)

Property, Plant and Equipment		26,886			817,464			136.9			800,352			140.2			734,182			120.6			17,112			2.1			83,282			11.3
Less: Accumulated Depreciation		(18,282	)		(555,854	)		(93.1	)		(540,100	)		(94.6	)		(483,834	)		(79.5	)		(15,754	)		2.9			(72,020	)		14.9

Property, Plant and Equipment, Net		8,604			261,610			43.8			260,252			45.6			250,348			41.1			1,358			0.5			11,262			4.5

Other Assets		667			20,285			3.4			24,330			4.3			20,159			3.3			(4,045	)		(16.6	)		126			0.6

Total Assets	$	19,636		$	597,043			100.0		$	570,865			100.0		$	608,771			100.0		$	26,178			4.6			($11,728	)		(1.9	)


LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Short-Term Bank Loans	$	—		$	—			—		$	—			—		$	79			—		$	—			—			($79	)		(100.0	)
Accounts Payables		340			10,338			1.7			13,078			2.3			10,129			1.7			(2,740	)		(21.0	)		209			2.1
Payables to Contractors and Equipment Suppliers		403			12,256			2.1			6,257			1.1			9,094			1.5			5,999			95.9			3,162			34.8
Accrued Expenses and Other Current Liabilities		1,025			31,162			5.2			29,090			5.1			21,101			3.4			2,072			7.1			10,061			47.7
Current Portion of Bonds Payable and Long-Term liabilities		272			8,280			1.4			281			—			4,714			0.8			7,999			2,848.4			3,566			75.6

Total Current Liabilities		2,040			62,036			10.4			48,706			8.5			45,117			7.4			13,330			27.4			16,919			37.5

Bonds Payable		148			4,500			0.8			12,500			2.2			12,500			2.1			(8,000	)		(64.0	)		(8,000	)		(64.0	)
Other Long-Term Liabilities		577			17,537			2.9			18,973			3.3			19,415			3.2			(1,436	)		(7.6	)		(1,878	)		(9.7	)

Total Liabilities		2,765			84,073			14.1			80,179			14.0			77,032			12.7			3,894			4.9			7,041			9.1


Shareholders’ Equity Attributable to Shareholders of the Parent
Capital Stock		8,429			256,292			42.9			264,271			46.3			258,330			42.4			(7,979	)		(3.0	)		(2,038	)		(0.8	)
Capital Surplus		1,700			51,696			8.7			53,733			9.4			54,231			8.9			(2,037	)		(3.8	)		(2,535	)		(4.7	)
Retained Earnings		6,862			208,633			34.9			218,864			38.3			215,963			35.5			(10,231	)		(4.7	)		(7,330	)		(3.4	)
Treasury Stock		(30	)		(918	)		(0.2	)		(49,385	)		(8.7	)		(918	)		(0.2	)		48,467			(98.1	)		—			—
Others		(211	)		(6,410	)		(1.0	)		(391	)		0.0			1,020			0.2			(6,019	)		1,535.8			(7,430	)		(728.7	)

Total Equity Attributable to Shareholders of the Parent		16,750			509,293			85.3			487,092			85.3			528,626			86.8			22,201			4.6			(19,333	)		(3.7	)
Minority Interest		121			3,677			0.6			3,594			0.7			3,113			0.5			83			2.3			564			18.1

Total Shareholders’ Equity		16,871			512,970			85.9			490,686			86.0			531,739			87.3			22,284			4.5			(18,769	)		(3.5	)

Total Liabilities & Shareholders’ Equity	$	19,636		$	597,043			100.0		$	570,865			100.0		$	608,771			100.0		$	26,178			4.6			($11,728	)		(1.9	)


Note	:	(1) Amounts in New Taiwan dollars have been translated into U.S. dollars at the rate of NT$30.405 as of March 31, 2008.


		TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED AND SUBSIDIARIES Unaudited Consolidated Condensed Income Statements
		For the Three Months Ended March 31, 2008, December 31, 2007, and March 31, 2007
		(Expressed in Millions of New Taiwan Dollars (“NTD”) and U.S. Dollars (“USD”) ⁽¹⁾ Except for Per Share Amounts and Shares Outstanding)


	Q1 2008									Q4 2007						Q1 2007						QoQ						YoY
	USD			NTD			%			NTD			%			NTD			%			Amount			%			Amount			%
Net Sales	$	2,767		$	87,480			100.0		$	93,860			100.0		$	64,897			100.0			($6,380	)		(6.8	)	$	22,583			34.8
Cost of Sales		(1,557	)		(49,241	)		(56.3	)		(49,024	)		(52.2	)		(40,287	)		(62.1	)		(217	)		0.4			(8,954	)		22.2

Gross Profit		1,210			38,239			43.7			44,836			47.8			24,610			37.9			(6,597	)		(14.7	)		13,629			55.4

Operating Expenses
Research and Development Expenses		(167	)		(5,270	)		(6.0	)		(5,012	)		(5.3	)		(3,942	)		(6.1	)		(258	)		5.1			(1,328	)		33.7
General and Administrative Expenses		(84	)		(2,662	)		(3.0	)		(2,039	)		(2.2	)		(1,902	)		(2.9	)		(623	)		30.6			(760	)		40.0
Sales and Marketing Expenses		(37	)		(1,184	)		(1.4	)		(1,027	)		(1.1	)		(889	)		(1.4	)		(157	)		15.2			(295	)		33.1

Total Operating Expenses		(288	)		(9,116	)		(10.4	)		(8,078	)		(8.6	)		(6,733	)		(10.4	)		(1,038	)		12.9			(2,383	)		35.4


Income from Operations		922			29,123			33.3			36,758			39.2			17,877			27.5			(7,635	)		(20.8	)		11,246			62.9


Non-Operating Income, Net		59			1,872			2.1			1,697			1.8			1,830			2.8			175			10.3			42			2.3
Investment Gains		18			577			0.7			877			0.9			361			0.6			(300	)		(34.1	)		216			60.1

Income before Income Tax		999			31,572			36.1			39,332			41.9			20,068			30.9			(7,760	)		(19.7	)		11,504			57.3

Income Tax (Expenses) Benefits		(106	)		(3,336	)		(3.8	)		(4,608	)		(4.9	)		(1,107	)		(1.7	)		1,272			(27.6	)		(2,229	)		201.3


Net Income		893			28,236			32.3			34,724			37.0			18,961			29.2			(6,488	)		(18.7	)		9,275			48.9

Minority Interest		(3	)		(93	)		(0.1	)		(239	)		(0.3	)		(122	)		(0.2	)		146			(61.2	)		29			(24.1	)


Net Income Attributable to Shareholders of the Parent		890			28,143			32.2			34,485			36.7			18,839			29.0			(6,342	)		(18.4	)		9,304			49.4


Earnings per Share — Diluted	$	0.03		$	1.10					$	1.31					$	0.71						($0.22	)		(16.4	)	$	0.39			54.0

Earnings per ADR — Diluted ⁽²⁾	$	0.17		$	5.49					$	6.57					$	3.57						($1.08	)		(16.4	)	$	1.93			54.0


Weighted Average Outstanding Shares — Diluted (‘M)⁽³⁾					25,610						26,243						26,406


Note:

(1)		Amounts in New Taiwan dollars have been translated into U.S. dollars at the weighted average rate of NT$31.614 for the first quarter of 2008.

(2)		1 ADR equals 5 ordinary shares.

(3)		Total diluted weighted average outstanding shares were 26,406M shares for 1Q07 after the retroactive adjustments for stock dividends and stock bonus.


		TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED AND SUBSIDIARIES Consolidated Condensed Statements of Cash Flows
		For the The Three Months Ended March 31, 2008, December 31, 2007, and March 31, 2007
		(Expressed in Millions of New Taiwan Dollars (“NTD”) and U.S. Dollars (“USD”)) ⁽¹⁾


	1Q 2008						4Q 2007			1Q 2007
	(Unaudited)						(Unaudited)			(Unaudited)
	USD			NTD			NTD			NTD
Cash Flows from Operating Activities:
Net Income	$	890		$	28,143		$	34,485		$	18,839
Net Income Attributable to Minority Interest		3			93			239			122
Depreciation & Amortization		627			19,831			20,281			20,251
Deferred Income Tax		14			435			877			(972	)
Equity in Earnings of Equity Method Investees, Net		(18	)		(577	)		(877	)		(361	)
Changes in Working Capital & Others		296			9,370			4,754			265

Net Cash Provided by Operating Activities		1,812			57,295			59,759			38,144

Cash Flows from Investing Activities:
Acquisitions of:
Marketable Financial Instruments		(440	)		(13,902	)		(32,478	)		(15,796	)
Investments Accounted for Using Equity Method		—			—			6			—
Property, Plant and Equipment		(484	)		(15,313	)		(19,781	)		(13,959	)
Financial Assets Carried at Cost		(7	)		(213	)		(103	)		(212	)
Proceeds from Disposal or maturity of:
Marketable Financial Instruments		848			26,816			40,680			19,259
Property, Plant and Equipment		—			1			34			1
Financial Assets Carried at Cost		3			93			141			14
Others		(19	)		(607	)		(1,160	)		(2,717	)

Net Cash Used In Investing Activities		(99	)		(3,125	)		(12,661	)		(13,410	)

Cash Flows from Financing Activities:
Increase (Decrease) in Guarantee Deposits		(12	)		(371	)		(321	)		(388	)
Proceeds from Exercise of Stock Options		3			81			35			122
Repayment of Long-Term Bonds Payable		—			—			(4,500	)		(2,500	)
Repurchase of Treasury Stock		(97	)		(3,054	)		(45,413	)		—
Others		2			58			90			(28	)

Net Cash Used in Financing Activities		(104	)		(3,286	)		(50,109	)		(2,794	)


Net Increase (Decrease) in Cash and Cash Equivalents		1,609			50,884			(3,011	)		21,940


Effect of Exchange Rate Changes and Others		(50	)		(1,593	)		(331	)		497

Cash and Cash Equivalents at Beginning of Period		3,005			94,986			98,328			117,837


Cash and Cash Equivalents at End of Period	$	4,564		$	144,277		$	94,986		$	140,274


Note:		(1) Amounts in New Taiwan dollars have been translated into U.S. dollars at the weighted average rate of NTD31.614 for the three months ended March 31, 2008.

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: April 29, 2008	By	/s/ Lora Ho
		Lora Ho
		Vice President & Chief Financial Officer