Taipei, Taiwan, R.O.C. - March 17, 2008 - United Microelectronics Corporation (TAIEX: 2303, NYSE: UMC), at a meeting of the Board of Directors and Supervisors held today, approved the 2007 Business Report and Financial Statements, submitted proposals to be resolved at the Annual General Meeting, and set the agenda for the Annual General Meeting. A brief summary of the proposals is as follows:

• The 2007 Business Report and Financial Statements. The Company's revenue for 2007 was NT$106,771 million and net income after tax was NT$16,962 million, with earnings per share of NT$1.09.
• A capitalization of NT$6,775,753,830, which includes NT$2,146,981,340 from un-appropriated earnings for and prior to the year 2007 and NT$4,628,772,490 from capital reserve.
• Shareholder cash dividend of NT$9,382,646,949 and stock dividend of NT$1,000,815,670. Total issued to shareholders estimated at NT$1.20 per share, including cash dividend of estimated NT$0.75 per share, stock dividend of estimated NT$0.08 per share, and estimated NT$0.37 per share from capital reserve.
• Employee cash bonus of NT$286,541,418 and stock bonus of NT$1,146,165,670.
• For the purpose of recording employee bonus expense since Jan 2008, the Company will use 15% of net income after tax (excluding employee bonus expenses) as the accounting book-entry basis.
• Amendments to the "Company's Articles of Incorporation", "Acquisition or Disposal of Assets Procedure", "Financial Derivatives Transaction Procedures", "Rules Governing Procedures for Meetings of Board of Directors", and "Rules of Election of Directors and Supervisors".

UMC's Board of Directors approved the 2007 Business Report and Financial Statements. The Company's revenue for 2007 was NT$106,771 million and net income after tax was NT$16,962 million, with EPS of NT$1.09. The distributable earnings for 2007 were NT$11,939 million. Under ROC GAAP, there were distributable earnings adjustments of NT$2,650 million and NT$2,655 million, due to the NT$57.4 billion capital reduction and cancellation of 192 million treasury shares in 2007, respectively.

UMC's Board of Directors will propose to issue a total dividend of approximately NT$0.83 per share (estimated NT$0.75 per share in cash and estimated NT$0.08 per share in stock), plus estimated NT$0.37 per share from capital reserve, totaling an estimated NT$1.20 per share issued to shareholders. The Board will also propose to issue a total of NT$1,433 million for employee bonus (NT$286 million in cash and NT$1,146 million in stock), which is 8.4% of the net income after tax. As a whole, the 2007 earnings payout ratio will be more than 99%. To comply with the current regulation changes for employee bonus issuance that became effective on Jan 1st, 2008 and, at the same time, to attract and retain the most talented employees, the Board will propose to use 15% of net income after tax (excluding employee bonus expenses) as the accounting book-entry basis for recording employee bonus expenses.

The 2008 Annual General Meeting will be held at 9:00 AM, on Friday, June 13, 2008 at the UMC Recreation Center in Hsinchu Science Park.

UMC (NYSE: UMC, TSE: 2303) is a leading global semiconductor foundry that manufactures advanced system-on-chip (SoC) designs for applications spanning every major sector of the IC industry. UMC's SoC Solution Foundry strategy is based on the strength of the company's advanced technologies, which include production proven 90nm, 65nm, mixed signal/RFCMOS, and a wide range of specialty technologies. Production is supported through 10 wafer manufacturing facilities that include two advanced 300mm fabs; Fab 12A in Taiwan and Singapore-based Fab 12i are both in volume production for a variety of customer products. The company employs approximately 13,000 people worldwide and has offices in Taiwan, Japan, Singapore, Europe, and the United States. UMC can be found on the web at http://www.umc.com.