Taipei, Taiwan, R.O.C. - March 14, 2002, - United Microelectronics Corporation (TAIEX: 2303, NYSE: UMC), S(UMC) today held a meeting of the Board of Directors and Supervisors, at which the Board passed the following items for proposal at the 2002 General Shareholders Meeting to be held on June, 3, 2002 (Monday) at 9:30 AM at the Hsinchu Science Park Workers Recreation Center:

1. The company's revenue for 2001 was NT$64,493 million with an after tax loss of NT$3,157 million. This is an after tax loss of NT$0.24 per share.

2. The company adopted a proposal for the distribution of a stock dividend of 150 common shares for every 1000 shares held by shareholders.

3. The company will issue 171,132,018 new shares for distribution as employee bonuses.