TSMC 2022Q3 Consolidated Financial Statements - E

Taiwan Semiconductor Manufacturing
Company Limited and Subsidiaries

Consolidated Financial Statements for the
Nine Months Ended September 30, 2022 and 2021 and
Independent Auditors’ Review Report
Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries
CONSOLIDATED BALANCE SHEETS
(In Thousands of New Taiwan Dollars)
September 30, 2022 December 31, 2021 September 30, 2021

(Reviewed) (Audited) (Reviewed)
ASSETS Amount % Amount % Amount %
CURRENT ASSETS
Cash and cash equivalents (Note 6) $ 1,296,012,784 28 $ 1,064,990,192 29 $ 853,811,966 26
Financial assets at fair value through profit or loss (Note 7) 4,705,434 - 159,048 - 33,956 -
Financial assets at fair value through other comprehensive income (Note 8) 126,209,422 3 119,519,251 3 121,935,878 4
Financial assets at amortized cost (Note 9) 71,857,468 1 3,773,571 - - -
Hedging financial assets (Note 10) 88,431 - 13,468 - 37,769 -
Notes and accounts receivable, net (Note 11) 260,447,134 6 197,586,109 5 186,309,080 6
Receivables from related parties (Note 31) 1,091,174 - 715,324 - 859,144 -
Other receivables from related parties (Note 31) 76,143 - 61,531 - 73,090 -
Inventories (Note 12) 218,335,874 5 193,102,321 5 182,233,752 5
Other financial assets (Note 32) 24,855,999 - 16,630,611 1 14,007,812 -
Other current assets 10,552,495 - 10,521,481 - 11,336,722 -
Total current assets 2,014,232,358 43 1,607,072,907 43 1,370,639,169 41
NONCURRENT ASSETS
Financial assets at fair value through other comprehensive income (Note 8) 6,784,978 - 5,887,892 - 5,729,779 -
Financial assets at amortized cost (Note 9) 42,347,584 1 1,533,391 - 1,545,597 -
Investments accounted for using equity method (Note 13) 26,663,336 1 21,963,418 1 20,455,175 1
Property, plant and equipment (Note 14) 2,411,490,251 52 1,975,118,704 53 1,828,894,565 55
Right-of-use assets (Note 15) 42,349,743 1 32,734,537 1 32,961,097 1
Intangible assets (Note 16) 26,706,552 1 26,821,697 1 25,643,914 1
Deferred income tax assets (Note 4) 63,058,097 1 49,153,886 1 41,925,391 1
Refundable deposits 4,451,490 - 2,624,854 - 2,422,262 -
Other noncurrent assets 5,217,377 - 2,592,169 - 2,094,935 -
Total noncurrent assets 2,629,069,408 57 2,118,430,548 57 1,961,672,715 59
TOTAL $ 4,643,301,766 100 $ 3,725,503,455 100 $ 3,332,311,884 100
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Short-term loans (Notes 17 and 29) $ - - $ 114,921,333 3 $ 118,844,065 4
Financial liabilities at fair value through profit or loss (Note 7) 611,010 - 681,914 - 1,405,470 -
Hedging financial liabilities (Note 10) - - 9,642 - - -
Accounts payable 60,147,405 1 47,285,603 1 41,733,233 1
Payables to related parties (Note 31) 1,870,819 - 1,437,186 - 2,155,628 -
Salary and bonus payable 31,380,029 1 23,802,100 1 20,422,409 1
Accrued profit sharing bonus to employees and compensation to directors (Note 28) 45,041,965 1 36,524,741 1 27,219,784 1
Payables to contractors and equipment suppliers 159,780,369 3 145,742,148 4 128,367,724 4
Cash dividends payable (Note 20) 142,617,093 3 142,617,093 4 142,617,092 4
Income tax payable (Note 4) 76,005,324 2 59,647,152 2 33,614,402 1
Long-term liabilities - current portion (Notes 18, 19 and 29) 23,426,667 1 4,566,667 - - -
Accrued expenses and other current liabilities (Notes 15, 21, 29 and 31) 266,550,606 6 162,267,779 4 139,241,643 4
Total current liabilities 807,431,287 18 739,503,358 20 655,621,450 20
NONCURRENT LIABILITIES
Bonds payable (Notes 18 and 29) 842,386,471 18 610,070,652 16 459,733,448 14
Long-term bank loans (Notes 19 and 29) 3,055,178 - 3,309,131 - 3,472,190 -
Deferred income tax liabilities (Note 4) 1,466,389 - 1,873,877 - 2,306,909 -
Lease liabilities (Notes 15 and 29) 30,182,353 1 20,764,214 1 21,052,983 1
Net defined benefit liability (Note 4) 8,503,262 - 11,036,879 - 11,276,177 -
Guarantee deposits 907,991 - 686,762 - 641,546 -
Others (Note 21) 197,052,676 4 167,525,377 5 99,886,871 3
Total noncurrent liabilities 1,083,554,320 23 815,266,892 22 598,370,124 18
Total liabilities 1,890,985,607 41 1,554,770,250 42 1,253,991,574 38
EQUITY ATTRIBUTABLE TO SHAREHOLDERS OF THE PARENT

Capital stock (Notes 4 and 20) 259,303,805 6 259,303,805 7 259,303,805 8
Capital surplus (Notes 4, 20 and 27) 69,316,391 1 64,761,602 2 64,746,864 2
Retained earnings (Notes 4 and 20)
Appropriated as legal capital reserve 311,146,899 7 311,146,899 8 311,146,899 9
Appropriated as special capital reserve 35,064,663 1 59,304,212 2 58,594,043 2
Unappropriated earnings 2,066,562,035 44 1,536,378,550 41 1,441,532,663 43
2,412,773,597 52 1,906,829,661 51 1,811,273,605 54
Others (Notes 4, 20 and 27) (3,419,487) - (62,608,515) (2) (59,304,212) (2)
Equity attributable to shareholders of the parent 2,737,974,306 59 2,168,286,553 58 2,076,020,062 62
NON - CONTROLLING INTERESTS 14,341,853 - 2,446,652 - 2,300,248 -
Total equity 2,752,316,159 59 2,170,733,205 58 2,078,320,310 62
TOTAL $ 4,643,301,766 100 $ 3,725,503,455 100 $ 3,332,311,884 100
The accompanying notes are an integral part of the consolidated financial statements.
- 3 -
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In Thousands of New Taiwan Dollars, Except Earnings Per Share)
(Reviewed, Not Audited)
For the Three Months Ended September 30 For the Nine Months Ended September 30
2022 2021 2022 2021
Amount % Amount % Amount % Amount %
NET REVENUE (Notes 21, 31 and 36) $ 613,142,743 100 $ 414,670,379 100 $ 1,638,359,424 100 $ 1,149,225,731 100
COST OF REVENUE (Notes 12, 28 and 31) 242,644,026 40 201,924,184 49 679,189,547 41 560,443,288 49
GROSS PROFIT 370,498,717 60 212,746,195 51 959,169,877 59 588,782,443 51
OPERATING EXPENSES (Notes 28 and 31)

Research and development 42,977,507 7 30,866,634 7 118,675,177 7 92,496,368 8
General and administrative 14,499,002 2 8,929,793 2 36,567,623 2 23,280,651 2
Marketing 2,709,953 - 1,853,489 1 6,929,370 1 5,568,153 -
Total operating expenses 60,186,462 9 41,649,916 10 162,172,170 10 121,345,172 10
OTHER OPERATING INCOME AND EXPENSES,

NET (Notes 28) 11,959 - (92,731 ) - (759,626 ) - (228,328 ) -
INCOME FROM OPERATIONS (Note 36) 310,324,214 51 171,003,548 41 796,238,081 49 467,208,943 41
NON-OPERATING INCOME AND EXPENSES

Share of profits of associates 2,077,809 - 1,513,156 - 6,061,304 - 3,952,156 -
Interest income (Note 22) 6,615,044 1 1,356,544 - 11,834,868 1 4,246,129 -
Other income 120,905 - 155,818 - 941,465 - 813,088 -
Foreign exchange gain, net (Note 34) (3,748,421 ) (1 ) 3,724,723 1 5,859,265 - 9,848,594 1
Finance costs (Note 23) (3,370,018 ) - (1,334,063 ) - (8,415,015 ) (1 ) (3,240,557 ) -
Other gains and losses, net (Note 24) 4,671,334 1 (2,568,087 ) - (2,999,124 ) - (4,521,250 ) -
Total non-operating income and expenses 6,366,653 1 2,848,091 1 13,282,763 - 11,098,160 1
INCOME BEFORE INCOME TAX 316,690,867 52 173,851,639 42 809,520,844 49 478,307,103 42
INCOME TAX EXPENSE (Notes 4 and 25) 35,722,460 6 17,372,485 4 88,498,811 5 47,607,484 5
NET INCOME 280,968,407 46 156,479,154 38 721,022,033 44 430,699,619 37
OTHER COMPREHENSIVE INCOME (LOSS)

(Notes 20)
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 (103,591 ) - 264,000 - 68,610 - 1,081,336 -
Loss on hedging instruments - - - - - - (41,416 ) -
Share of other comprehensive income of
associates 21,431 - 17,230 - 76,518 - 21,732 -
Income tax benefit (expense) related to items that
will not be reclassified subsequently 31 - (231 ) - 262 - (56,076 ) -
(82,129 ) - 280,999 - 145,390 - 1,005,576 -
Items that may be reclassified subsequently to profit
or loss:
Exchange differences arising on translation of
foreign operations 34,872,636 5 (541,643 ) - 68,084,934 4 (3,636,922 ) -
Unrealized loss on investments in debt
instruments at fair value through other
comprehensive income (2,973,821 ) - (419,794 ) - (11,263,186 ) - (2,209,963 ) -
Gain on hedging instruments 4,989 - - - 1,347,573 - - -
Share of other comprehensive income (loss) of
associates 299,724 - (26,886 ) - 591,374 - (100,543 ) -
Income tax benefit related to items that may be
reclassified subsequently - - - - 6,036 - - -
32,203,528 5 (988,323 ) - 58,766,731 4 (5,947,428 ) -
Other comprehensive income (loss) for the period,

net of income tax 32,121,399 5 (707,324 ) - 58,912,121 4 (4,941,852 ) -
TOTAL COMPREHENSIVE INCOME FOR THE

PERIOD $ 313,089,806 51 $ 155,771,830 38 $ 779,934,154 48 $ 425,757,767 37
NET INCOME ATTRIBUTABLE TO:

Shareholders of the parent $ 280,865,780 46 $ 156,258,287 38 $ 720,626,072 44 $ 430,307,722 37
Non-controlling interests 102,627 - 220,867 - 395,961 - 391,897 -
$ 280,968,407 46 $ 156,479,154 38 $ 721,022,033 44 $ 430,699,619 37
TOTAL COMPREHENSIVE INCOME

ATTRIBUTABLE TO:
Shareholders of the parent $ 312,889,198 51 $ 155,549,779 38 $ 780,221,513 48 $ 425,364,812 37
Non-controlling interests 200,608 - 222,051 - (287,359 ) - 392,955 -
$ 313,089,806 51 $ 155,771,830 38 $ 779,934,154 48 $ 425,757,767 37
EARNINGS PER SHARE (NT$, Note 26)

Basic earnings per share $ 10.83 $ 6.03 $ 27.79 $ 16.59
Diluted earnings per share $ 10.83 $ 6.03 $ 27.79 $ 16.59
- 4 -
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
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, 2021 25,930,380 $ 259,303,805 $ 56,347,243 $ 311,146,899 $ 42,259,146 $ 1,235,280,036 $ 1,588,686,081 $ (57,001,627 ) $ 2,321,754 $ - $ - $ (54,679,873 ) $ - $ 1,849,657,256 $ 964,743 $ 1,850,621,999
Appropriations of earnings
Special capital reserve - - - - 16,334,897 (16,334,897 ) - - - - - - - - - -
Cash dividends to shareholders - - - - - (207,443,043 ) (207,443,043 ) - - - - - - (207,443,043 ) - (207,443,043 )
Total - - - - 16,334,897 (223,777,940 ) (207,443,043 ) - - - - - - (207,443,043 ) - (207,443,043 )
Net income for the nine months ended September 30,

2021 - - - - - 430,307,722 430,307,722 - - - - - - 430,307,722 391,897 430,699,619
Other comprehensive loss for the nine months ended

September 30, 2021, net of income tax - - - - - - - (3,737,424 ) (1,160,964 ) (44,522 ) - (4,942,910 ) - (4,942,910 ) 1,058 (4,941,852 )
Total comprehensive income (loss) for the nine months

ended September 30, 2021 - - - - - 430,307,722 430,307,722 (3,737,424 ) (1,160,964 ) (44,522 ) - (4,942,910 ) - 425,364,812 392,955 425,757,767
Disposal of investments in equity instruments at fair

value through other comprehensive income - - - - - (277,155 ) (277,155 ) - 277,155 - - 277,155 - - - -
Basis adjustment for gain on hedging instruments - - - - - - - - - 41,416 - 41,416 - 41,416 - 41,416
Adjustments to share of changes in equities of associates - - 317 - - - - - - - - - - 317 - 317
From difference between the consideration received and

the carrying amount of the subsidiaries' net assets
during actual disposal - - 8,406,282 - - - - - - - - - - 8,406,282 1,045,516 9,451,798
From share of changes in equities of subsidiaries - - (6,978 ) - - - - - - - - - - (6,978 ) 6,978 -
Decrease in non-controlling interests - - - - - - - - - - - - - - (110,099 ) (110,099 )
Effect of acquisition of subsidiary - - - - - - - - - - - - - - 155 155
BALANCE, SEPTEMBER 30, 2021 25,930,380 $ 259,303,805 $ 64,746,864 $ 311,146,899 $ 58,594,043 $ 1,441,532,663 $ 1,811,273,605 $ (60,739,051 ) $ 1,437,945 $ (3,106 ) $ - $ (59,304,212 ) $ - $ 2,076,020,062 $ 2,300,248 $ 2,078,320,310
BALANCE, JANUARY 1, 2022 25,930,380 $ 259,303,805 $ 64,761,602 $ 311,146,899 $ 59,304,212 $ 1,536,378,550 $ 1,906,829,661 $ (63,303,361 ) $ 574,310 $ 120,536 $ - $ (62,608,515 ) $ - $ 2,168,286,553 $ 2,446,652 $ 2,170,733,205
Appropriations of earnings
Special capital reserve - - - - (24,239,549 ) 24,239,549 - - - - - - - - - -
Cash dividends to shareholders - - - - - (213,925,638 ) (213,925,638 ) - - - - - - (213,925,638 ) - (213,925,638 )
Total - - - - (24,239,549 ) (189,686,089 ) (213,925,638 ) - - - - - - (213,925,638 ) - (213,925,638 )
Net income for the nine months ended September 30,

2022 - - - - - 720,626,072 720,626,072 - - - - - - 720,626,072 395,961 721,022,033
Other comprehensive income (loss) for the nine months

ended September 30, 2022, net of income tax - - - - - - - 69,359,198 (11,207,118 ) 1,443,361 - 59,595,441 - 59,595,441 (683,320 ) 58,912,121
Total comprehensive income (loss) for the nine months

ended September 30, 2022 - - - - - 720,626,072 720,626,072 69,359,198 (11,207,118 ) 1,443,361 - 59,595,441 - 780,221,513 (287,359 ) 779,934,154
Share-based payment arrangements 1,387 13,870 438,029 - - - - - - - (265,177 ) (265,177 ) - 186,722 - 186,722
Treasury stock acquired - - - - - - - - - - - - (871,566 ) (871,566 ) - (871,566 )
Treasury stock retired (1,387 ) (13,870 ) (2,989 ) - - (854,707 ) (854,707 ) - - - - - 871,566 - - -
Disposal of investments in equity instruments at fair

value through other comprehensive income - - - - - 98,209 98,209 - (98,209 ) - - (98,209 ) - - - -
Basis adjustment for loss on hedging instruments - - - - - - - - - (43,027 ) - (43,027 ) - (43,027 ) - (43,027 )
Adjustments to share of changes in equities of associates - - 2,582 - - - - - - - - - - 2,582 - 2,582
From share of changes in equities of subsidiaries - - 4,117,167 - - - - - - - - - - 4,117,167 12,348,992 16,466,159
Decrease in non-controlling interests - - - - - - - - - - - - - - (166,432 ) (166,432 )
BALANCE, SEPTEMBER 30, 2022 25,930,380 $ 259,303,805 $ 69,316,391 $ 311,146,899 $ 35,064,663 $ 2,066,562,035 $ 2,412,773,597 $ 6,055,837 $ (10,731,017 ) $ 1,520,870 $ (265,177 ) $ (3,419,487 ) $ - $ 2,737,974,306 $ 14,341,853 $ 2,752,316,159
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CONSOLIDATED STATEMENTS OF CASH FLOWS
Nine Months Ended September 30

2022 2021
CASH FLOWS FROM OPERATING ACTIVITIES

Income before income tax $ 809,520,844 $ 478,307,103
Adjustments for:
Depreciation expense 323,122,219 305,598,797
Amortization expense 6,550,157 6,133,442
Expected credit losses recognized (reversal) on investments in debt
instruments 33,282 (5,246)
Finance costs 8,415,015 3,240,557
Share of profits of associates (6,061,304) (3,952,156)
Interest income (11,834,868) (4,246,129)
Share-based compensation 222,091 6,007
Loss on disposal or retirement of property, plant and equipment, net 91,532 123,673
Loss on disposal or retirement of intangible assets, net - 1,228
Impairment loss on property, plant and equipment 790,740 274,388
Loss (gain) on disposal of investments in debt instruments at fair
value through other comprehensive income, net 346,125 (183,349)
Loss (gain) on foreign exchange, net 12,532,183 (11,104,453)
Dividend income (260,534) (357,214)
Others (292,572) (338,686)
Changes in operating assets and liabilities:
Financial instruments at fair value through profit or loss (4,622,312) 3,497,620
Notes and accounts receivable, net (62,861,124) (40,828,800)
Receivables from related parties (375,850) (301,013)
Other receivables from related parties (14,612) (22,445)
Inventories (25,233,553) (44,880,345)
Other financial assets (4,371,124) (4,503,858)
Other current assets (1,072,295) (4,760,353)
Accounts payable 12,861,802 2,745,949
Payables to related parties 433,633 47,910
Salary and bonus payable 7,577,929 351,168
Accrued profit sharing bonus to employees and compensation to
directors 8,517,224 (8,461,262)
Accrued expenses and other current liabilities 38,582,192 51,695,061
Other noncurrent liabilities 100,127,809 89,862,181
Net defined benefit liability (2,533,617) (637,897)
Cash generated from operations 1,210,191,012 817,301,878
Income taxes paid (86,473,728) (83,340,473)
Net cash generated by operating activities 1,123,717,284 733,961,405

(Continued)
- 6 -

2022 2021
CASH FLOWS FROM INVESTING ACTIVITIES

Acquisitions of:
Financial assets at fair value through other comprehensive income $ (49,269,573) $ (195,441,758)
Financial assets at amortized cost (123,508,899) -
Property, plant and equipment (745,827,757) (603,639,699)
Intangible assets (5,471,086) (5,677,525)
Proceeds from disposal or redemption of:
Financial assets at fair value through other comprehensive income 41,221,410 198,739,617
Financial assets at amortized cost 20,620,129 9,368,275
Property, plant and equipment 801,029 213,686
Proceeds from return of capital of investments in equity instruments at
fair value through other comprehensive income 300 115,627
Derecognition of hedging financial instruments 1,591,074 101,616
Interest received 9,440,363 4,469,674
Proceeds from government grants - property, plant and equipment 462,822 522,779
Proceeds from government grants - others 874 6,605
Other dividends received 260,534 357,214
Dividends received from investments accounted for using equity
method 2,749,667 2,136,426
Increase in prepayments for leases - (1,200,000)
Refundable deposits paid (1,904,318) (1,563,585)
Refundable deposits refunded 437,209 468,477
Net cash used in investing activities (848,396,222) (591,022,571)
CASH FLOWS FROM FINANCING ACTIVITIES

Increase (decrease) in short-term loans (111,959,992) 37,530,131
Proceeds from issuance of bonds 188,093,561 207,127,507
Repayment of bonds - (2,600,000)
Proceeds from long-term bank loans 500,000 1,510,000
Payments for transaction costs attributable to the issuance of bonds (403,162) (329,346)
Treasury stock acquired (871,566) -
Repayment of the principal portion of lease liabilities (1,767,753) (1,450,722)
Interest paid (6,498,170) (2,694,972)
Guarantee deposits received 199,190 410,439
Guarantee deposits refunded (43,314) (36,611)
Cash dividends (213,925,639) (194,477,853)
Disposal of ownership interests in subsidiaries (without losing control) - 9,451,798
Increase (decrease) in non-controlling interests 16,264,358 (115,951)
Net cash generated by (used in) financing activities (130,412,487) 54,324,420

(Continued)
- 7 -

2022 2021
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH

EQUIVALENTS $ 86,114,017 $ (3,621,935)
NET INCREASE IN CASH AND CASH EQUIVALENTS 231,022,592 193,641,319
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 1,064,990,192 660,170,647
CASH AND CASH EQUIVALENTS, END OF PERIOD $1,296,012,784 $ 853,811,966
The accompanying notes are an integral part of the consolidated financial statements. (Concluded)
- 8 -
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2022 AND 2021
(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 8, 2022.
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, “IFRSs”) endorsed and issued into effect by the Financial Supervisory Commission (FSC)
The initial application of the amendments to the IFRSs endorsed and issued into effect by the FSC did
not have a significant effect on the accounting policies of TSMC and its subsidiaries (collectively as the
“Company”).
b. The IFRSs issued by International Accounting Standards Board (IASB) and endorsed by FSC with
effective date starting 2023
Effective Date Issued

New, Revised or Amended Standards and Interpretations by IASB
Amendments to IAS 1 “Disclosure of Accounting Policies” January 1, 2023

Amendments to IAS 8 “Definition of Accounting Estimates” January 1, 2023
Amendments to IAS 12 “Deferred Tax related to Assets and January 1, 2023
Liabilities arising from a Single Transaction”
- 9 -
c. The IFRSs issued by IASB, but not yet endorsed and issued into effect by the FSC
Effective Date Issued

New, Revised or Amended Standards and Interpretations by IASB
Amendments to IFRS 10 and IAS 28 “Sale or Contribution of Assets To be determined by IASB

between an Investor and its Associate or Joint Venture”
Amendments to IAS 1 “Classification of Liabilities as Current or Non- January 1, 2024
current”
Amendments to IAS 1 “Non-current Liabilities with Covenants” January 1, 2024
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 SIGNIFICANT ACCOUNTING POLICIES
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, 2021.
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
IFRSs endorsed and issued into effect by the FSC (collectively, “Taiwan-IFRSs”).
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, 2021.
The subsidiaries in the consolidated financial statements
The detail information of the subsidiaries at the end of reporting period is as follows:
Establishment Percentage of Ownership
and Operating September 30, December 31, September 30,
Name of Investor Name of Investee Main Businesses and Products Location 2022 2021 2021 Note
TSMC TSMC North America Sales and marketing of integrated San Jose, California, 100% 100% 100% -
circuits and other semiconductor U.S.A.
devices
TSMC Europe B.V. (TSMC Customer service and supporting Amsterdam, the 100% 100% 100% a)
Europe) activities Netherlands
TSMC Japan Limited Customer service and supporting Yokohama, Japan 100% 100% 100% a)
(TSMC Japan) activities
TSMC Design Technology Engineering support activities Yokohama, Japan 100% 100% 100% a)
Japan, Inc. (TSMC JDC)
TSMC Japan 3DIC R&D Engineering support activities Yokohama, Japan 100% 100% 100% a)
Center, Inc. (TSMC
3DIC)
(Continued)
- 10 -
Establishment Percentage of Ownership
and Operating September 30, December 31, September 30,
Name of Investor Name of Investee Main Businesses and Products Location 2022 2021 2021 Note
TSMC TSMC Korea Limited Customer service and supporting Seoul, Korea 100% 100% 100% a)
(TSMC Korea) activities
TSMC Partners, Ltd. Investing in companies involved in Tortola, British 100% 100% 100% a)
(TSMC Partners) the semiconductor design and Virgin Islands
manufacturing, and other
investment activities
TSMC Global, Ltd. (TSMC Investment activities Tortola, British 100% 100% 100% -
Global) Virgin Islands
TSMC China Company Manufacturing, sales, testing and Shanghai, China 100% 100% 100% -
Limited (TSMC China) computer-aided design of
integrated circuits and other
semiconductor devices
TSMC Nanjing Company Manufacturing, sales, testing and Nanjing, China 100% 100% 100% -
Limited (TSMC Nanjing) computer-aided design of
integrated circuits and other
VisEra Technologies Research, design, development, Hsin-Chu, Taiwan 68% 73% 73% b)
Company Ltd. (VisEra manufacturing, sales, packaging
Tech) and test of color filter
TSMC Arizona Corporation Manufacturing, sales and testing of Phoenix, Arizona, 100% 100% 100% a), c)
(TSMC Arizona) integrated circuits and other U.S.A.
Japan Advanced Manufacturing, sales, testing and Kumamoto, Japan 71% 100% - a), d)
Semiconductor computer-aided design of
Manufacturing, Inc. integrated circuits and other
（JASM） semiconductor devices
VentureTech Alliance Fund Investing in technology start-up Cayman Islands 98% 98% 98% a)
II, L.P. (VTAF II) companies
VentureTech Alliance Fund Investing in technology start-up Cayman Islands 98% 98% 98% a)
III, L.P. (VTAF III) companies
Emerging Fund L.P. Investing in technology start-up Cayman Islands 99.9% 99.9% 99.9% a)
(Emerging Fund) companies
TSMC Partners TSMC Development, Inc. Investing in companies involved in Delaware, U.S.A. 100% 100% 100% -
(TSMC Development) semiconductor manufacturing
TSMC Technology, Inc. Engineering support activities Delaware, U.S.A. 100% 100% 100% a)
(TSMC Technology)
TSMC Design Technology Engineering support activities Ontario, Canada 100% 100% 100% a)
Canada Inc. (TSMC
Canada)
TSMC Development WaferTech, LLC Manufacturing, sales and testing of Washington, U.S.A. 100% 100% 100% -
(WaferTech) integrated circuits and other
VTAF III Growth Fund Limited Investing in technology start-up Cayman Islands 100% 100% 100% a)
(Growth Fund) companies
(Concluded)
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: VisEra has increased its capital in June 2022. After the increase in capital, TSMC’s shareholding in VisEra decreased from 73% to 68%. This transaction was accounted for as an equity
transaction since the transaction did not change TSMC’s control over VisEra.
Note c: Under the terms of the development agreement entered into between TSMC Arizona and the City of Phoenix, the City of Phoenix commits approximately US$205 million toward various
public infrastructure projects in the area of the proposed manufacturing facility, conditioned on TSMC Arizona’s achieving a minimum project scale with defined spending and job-creation
thresholds.
Note d: JASM is established in December 2021 and has increased its capital in January 2022. After the increase in capital, TSMC’s shareholding in JASM decreased from 100% to 81%. In addition,
JASM increased its capital by issuing noncumulative preferred shares and common shares in April 2022, TSMC’s shareholding in JASM decreased from 81% to 71% and the proportion of
voting right remain 81%. The aforementioned transactions were accounted for as an equity transaction since the transaction did not change TSMC’s control over JASM.
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.
Treasury Stock
Treasury stock represents the outstanding shares that the Company buys back from market, which is stated at
cost and shown as a deduction in shareholders’ equity. When the Company retires treasury stock, the treasury
stock account is reduced and the common stock as well as the capital surplus - additional paid-in capital are
reversed on a pro rata basis. When the book value of the treasury stock exceeds the sum of the par value and
additional paid-in capital, the difference is charged to capital surplus - treasury stock transactions and to
retained earnings for any remaining amount.
Share-based payment arrangements
a. Equity-settled share-based payment arrangements
Restricted shares for employees are expensed on a straight-line basis over the vesting period, based on
the fair value at the grant date and the Company’s best estimate of the number expected to ultimately
vest, with a corresponding increase in other equity - unearned employee benefits.
- 11 -
When restricted shares for employees are issued, other equity - unearned employee benefits is recognized
on the grant date, with a corresponding increase in capital surplus - restricted shares for employees.
Dividends paid to employees on restricted shares which do not need to be returned if employees resign
in the vesting period are recognized as expenses upon the dividend declaration with a corresponding
adjustment in retained earnings.
At the end of each reporting period, the Company revises its estimate of the number of restricted shares
for employees that are expected to vest. The impact from such revision is recognized in profit or loss so
that the cumulative expenses reflect the revised estimate, with a corresponding adjustment to capital
surplus - restricted shares for employees.
b. Cash-settled share-based payment arrangements
For cash-settled share-based payments, a liability is recognized for the services acquired, measured at the
fair value of the liability incurred. At the end of each reporting period until the liability is settled, and at
the date of settlement, the fair value of the liability is remeasured, with any changes in fair value
recognized in profit or loss.
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. CRITICAL ACCOUNTING JUDGMENTS AND KEY SOURCES OF ESTIMATION AND

UNCERTAINTY
The Company has considered the economic implications of COVID-19 on critical accounting estimations
and will continue evaluating the impact on its financial position and financial performance as a result of the
pandemic.
In addition, the same critical 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, 2021.
6. CASH AND CASH EQUIVALENTS
September 30, December 31, September 30,

2022 2021 2021
Cash and deposits in banks $ 1,277,760,695 $ 1,058,808,104 $ 847,957,032

Commercial paper 16,458,450 - -
Government bonds 1,793,639 906,743 1,036,536
Repurchase agreements - 5,275,345 4,818,398
$ 1,296,012,784 $ 1,064,990,192 $ 853,811,966
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.
- 12 -
7. FINANCIAL ASSETS AND LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS

2022 2021 2021
Financial assets
Mandatorily measured at FVTPL

Forward exchange contracts $ 4,705,434 $ 159,048 $ 33,956
Financial liabilities
Held for trading

Forward exchange contracts $ 611,010 $ 681,914 $ 1,405,470
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, 2022
Sell NT$ October 2022 to November 2022 NT$ 104,780,845

Sell US$ October 2022 to December 2022 US$ 1,871,955
Sell RMB October 2022 to November 2022 RMB 1,481,748
December 31, 2021
Sell NT$ January 2022 to March 2022 NT$ 132,734,482

Sell US$ January 2022 to March 2022 US$ 2,009,148
September 30, 2021
Sell NT$ October 2021 to December 2021 NT$ 126,403,873

Sell US$ October 2021 to November 2021 US$ 1,787,551
8. FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME

2022 2021 2021
Investments in debt instruments at FVTOCI

Corporate bonds $ 66,420,737 $ 57,253,161 $ 58,340,908
Agency bonds/Agency mortgage-backed
securities 29,713,881 32,070,114 33,836,903
Government bonds 20,226,682 21,345,794 22,479,749
Asset-backed securities 9,580,806 8,660,424 7,219,193
125,942,106 119,329,493 121,876,753
(Continued)
- 13 -
2022 2021 2021
Investments in equity instruments at FVTOCI

Non-publicly traded equity investments $ 6,784,978 $ 5,887,892 $ 5,729,779
Publicly traded stocks 267,316 189,758 59,125
7,052,294 6,077,650 5,788,904
$ 132,994,400 $ 125,407,143 $ 127,665,657
Current $ 126,209,422 $ 119,519,251 $ 121,935,878

Noncurrent 6,784,978 5,887,892 5,729,779
$ 132,994,400 $ 125,407,143 $ 127,665,657

(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, 2022, as the Company adjusted its investment portfolios, equity
investments designated at FVTOCI were divested for NT$195,301 thousand. The related other equity-
unrealized gain/loss on financial assets at FVTOCI of NT$98,209 thousand was transferred to increase
retained earnings.
As of September 30, 2022 and 2021, the cumulative loss allowance for expected credit loss of NT$38,718
thousand and NT$32,764 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

2022 2021 2021
Corporate bonds $ 70,840,021 $ 5,310,039 $ 1,546,856

Commercial paper 43,404,235 - -
Less: Allowance for impairment loss (39,204) (3,077) (1,259)
$ 114,205,052 $ 5,306,962 $ 1,545,597
Current $ 71,857,468 $ 3,773,571 $ -

Noncurrent 42,347,584 1,533,391 1,545,597
$ 114,205,052 $ 5,306,962 $ 1,545,597
Refer to Note 30 for information relating to credit risk management and expected credit loss for financial
assets at amortized cost.
- 14 -
10. HEDGING FINANCIAL INSTRUMENTS

2022 2021 2021
Financial assets - current
Fair value hedges

Interest rate futures contracts $ 88,431 $ - $ 37,769
Cash flow hedges
Forward interest rate contracts - 13,468 -
$ 88,431 $ 13,468 $ 37,769
Financial liabilities - current
Fair value hedges

Interest rate futures contracts $ - $ 9,642 $ -
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 risk.
September 30, 2022
Contract Amount
Hedging Instruments (US$ in Thousands) Maturity
Interest rate futures contracts - US Treasury US$ 78,900 December 2022

futures
Accumulated Amount of
Fair Value Hedge
Hedged Items Asset Carrying Amount Adjustments
Financial assets at FVTOCI $ 4,148,778 $ (88,431)
- 15 -
December 31, 2021
Contract Amount
Interest rate futures contracts - US Treasury US$ 53,900 March 2022

futures
Fair Value Hedge
Financial assets at FVTOCI $ 4,079,274 $ 9,642
September 30, 2021
Contract Amount
Interest rate futures contracts - US Treasury US$ 85,200 December 2021

futures
Fair Value Hedge
Financial assets at FVTOCI $ 6,295,906 $ (37,769)
The effect for the nine months ended September 30, 2022 and 2021 is detailed below:
Change in Value Used for

Hedging Instruments/Hedged Items Calculating Hedge Ineffectiveness
2022 2021
Hedging Instruments
Interest rate futures contracts - US Treasury futures $ 276,460 $ 140,575
Hedged Items
Financial assets at FVTOCI (276,460) (140,575)
$ - $ -
Cash flow hedge
The Company entered into forward contracts to partially hedge foreign exchange rate risks or interest rate
risks associated with certain highly probable forecast transactions (capital expenditures or issuance of debts).
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 or interest 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
emerged from these hedging relationships during the hedging period. For the nine months ended September
- 16 -
30, 2022 and 2021, refer to Note 20(d) for gain or loss arising from changes in the fair value of hedging
instruments, the amount transferred to initial carrying amount of hedged items and the amount reclassified to
finance costs of hedged items.
The following tables summarize the information relating to the hedges of interest rate risks.
December 31, 2021
Balance in
Other Equity
Contract Amount (Continuing
Hedging Instruments (In Thousands) Maturity Hedges)
Forward interest rate contracts US$ 328,000 January 2022 $ 128,165
The effect for the nine months ended September 30, 2022 and 2021 is detailed below:
Change in Value Used for

Calculating Hedge
Hedging Instruments/Hedged Items Ineffectiveness
2022 2021
Hedging Instruments
Forward exchange contracts (capital expenditures) $ - $ (41,416)
Forward interest rate contracts (issuance of debts) $ 1,378,928 $ -
Hedged Items
Forecast transaction (capital expenditures) $ - $ 41,416
Forecast transaction (issuance of debts) $ (1,378,928) $ -
11. NOTES AND ACCOUNTS RECEIVABLE, NET

2022 2021 2021
At amortized cost
Notes and accounts receivable $ 254,776,451 $ 193,733,220 $ 183,139,013
Less: Loss allowance (375,054) (347,020) (322,950)
254,401,397 193,386,200 182,816,063
At FVTOCI 6,045,737 4,199,909 3,493,017
$ 260,447,134 $ 197,586,109 $ 186,309,080
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 30 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.
- 17 -
Aging analysis of notes and accounts receivable

2022 2021 2021
Not past due $ 252,863,359 $ 191,740,045 $ 183,113,259

Past due
Past due within 30 days 7,958,446 6,186,814 3,472,387
Past due 31-60 days 361 6,182 46,228
Past due 61-120 days 22 88 156
Less: Loss allowance (375,054) (347,020) (322,950)
$ 260,447,134 $ 197,586,109 $ 186,309,080
All of the Company’s accounts receivable classified as at FVTOCI were not past due.
Movements of the loss allowance for accounts receivable

2022 2021
Balance, beginning of period $ 347,020 $ 246,626

Provision 27,935 76,332
Effect of exchange rate changes 99 (8)
Balance, end of period $ 375,054 $ 322,950
For the nine months ended September 30, 2022 and 2021, the changes in loss allowance were mainly due to
the variations in the balance of accounts receivable of different risk levels.
12. INVENTORIES

2022 2021 2021
Finished goods $ 38,572,060 $ 32,562,750 $ 19,823,464

Work in process 144,337,075 137,700,402 139,395,844
Raw materials 14,998,114 11,111,122 12,206,876
Supplies and spare parts 20,428,625 11,728,047 10,807,568
$ 218,335,874 $ 193,102,321 $ 182,233,752
Write-down of inventories to net realizable value and reversal of write-down of inventories resulting from
the increase in net realizable value were included in the cost of revenue during reporting period. The amounts
are illustrated below:
Three Months Ended Nine Months Ended

September 30 September 30
2022 2021 2022 2021
Inventory losses (reversal of write-

down of inventories) $ 1,710,080 $ (578,018) $ 2,967,546 $ (1,524,065)
- 18 -
13. INVESTMENTS ACCOUNTED FOR USING EQUITY METHOD
Associates consisted of the following:

% of Ownership and Voting Rights
Place of Carrying Amount Held by the Company
Incorporation September 30, December 31, September 30, September 30, December 31, September 30,
Name of Associate Principal Activities and Operation 2022 2021 2021 2022 2021 2021
Vanguard International Manufacturing, sales, Hsinchu, $ 12,763,668 $ 10,613,127 $ 9,623,603 28% 28% 28%
Semiconductor Corporation packaging, testing and Taiwan
(VIS) computer-aided design
of integrated circuits and
other semiconductor
devices and the
manufacturing and
design service of masks
Systems on Silicon Manufacturing and sales of Singapore 8,845,688 6,795,699 6,604,176 39% 39% 39%
Manufacturing Company Pte integrated circuits and
Ltd. (SSMC) other semiconductor
devices
Xintec Inc. (Xintec) Wafer level chip size Taoyuan, 3,340,497 3,046,961 2,860,422 41% 41% 41%
packaging and wafer Taiwan
level post passivation
interconnection service
Global Unichip Corporation Researching, developing, Hsinchu, 1,693,668 1,484,683 1,343,198 35% 35% 35%
(GUC) manufacturing, testing Taiwan
and marketing of
integrated circuits
Mutual-Pak Technology Co., Manufacturing of electronic New Taipei, 19,815 22,948 23,776 28% 28% 28%
Ltd. (Mutual-Pak) parts, wholesaling and Taiwan
retailing of electronic
materials, and
researching, developing
and testing of RFID
$ 26,663,336 $ 21,963,418 $ 20,455,175
The market prices of the associates’ ownership held by the Company in publicly traded stocks calculated by
the closing price at the end of the reporting period are summarized as follows. The closing price represents
the quoted price in active markets, the level 1 fair value measurement.

Name of Associate 2022 2021 2021
VIS $ 30,174,527 $ 73,347,312 $ 70,329,859

GUC $ 27,499,149 $ 27,359,085 $ 23,390,617
Xintec $ 10,683,065 $ 15,913,315 $ 14,188,445
14. PROPERTY, PLANT AND EQUIPMENT

2022 2021 2021
Assets used by the Company $ 2,411,465,486 $ 1,975,113,974 $ 1,828,889,640

Assets subject to operating leases 24,765 4,730 4,925
$ 2,411,490,251 $ 1,975,118,704 $ 1,828,894,565
- 19 -
Assets used by the Company
Equipment under
Installation and
Land and Land Machinery and Office Construction in
Improvements Buildings Equipment Equipment Progress Total
Cost
Balance at January 1, 2022 $ 6,488,230 $ 576,597,777 $ 3,984,749,236 $ 76,154,170 $ 593,155,733 $ 5,237,145,146

Additions 702,377 44,034,103 270,334,176 6,208,437 426,656,999 747,936,092
Disposals or retirements - (83,302 ) (17,020,612 ) (890,753 ) - (17,994,667 )
Transfers to assets subject to
operating leases - - (65,779 ) - - (65,779 )
Effect of exchange rate
changes 445,035 2,002,705 9,896,845 366,624 8,982,282 21,693,491
Balance at September 30,

2022 $ 7,635,642 $ 622,551,283 $ 4,247,893,866 $ 81,838,478 $ 1,028,795,014 $ 5,988,714,283
Accumulated depreciation
and impairment
Balance at January 1, 2022 $ 499,826 $ 306,165,242 $ 2,903,539,441 $ 51,826,663 $ - $ 3,262,031,172

Additions 1,042 26,567,909 287,390,332 6,921,986 - 320,881,269
Impairment - - - - 790,740 790,740
changes 73,997 1,514,039 8,843,768 292,855 - 10,724,659

2022 $ 574,865 $ 334,175,017 $ 3,183,556,994 $ 58,151,181 $ 790,740 $ 3,577,248,797
Carrying amounts at
January 1, 2022 $ 5,988,404 $ 270,432,535 $ 1,081,209,795 $ 24,327,507 $ 593,155,733 $ 1,975,113,974
Carrying amounts at
September 30, 2022 $ 7,060,777 $ 288,376,266 $ 1,064,336,872 $ 23,687,297 $ 1,028,004,274 $ 2,411,465,486
Cost
Balance at January 1, 2021 $ 3,942,625 $ 522,447,474 $ 3,607,005,732 $ 68,862,648 $ 223,965,360 $ 4,426,223,839

Additions 2,587,183 46,613,697 318,204,846 5,597,208 204,674,844 577,677,778
Transfers from assets subject
to operating leases - 35,478 1,443,590 - - 1,479,068
changes (19,085 ) 44,863 614,474 (17,070 ) (192,162 ) 431,020

2021 $ 6,510,723 $ 569,109,810 $ 3,915,191,170 $ 74,297,348 $ 428,448,042 $ 4,993,557,093
Accumulated depreciation
and impairment
Balance at January 1, 2021 $ 506,129 $ 271,799,471 $ 2,555,529,969 $ 43,802,332 $ - $ 2,871,637,901

Additions 998 25,530,181 271,954,105 6,091,281 - 303,576,565
Transfers from assets subject
to operating leases - 15,066 436,816 - - 451,882
Impairment - - 274,388 - - 274,388
changes (4,201 ) (2,726 ) 447,113 (14,594 ) - 425,592

2021 $ 502,926 $ 297,314,222 $ 2,817,115,902 $ 49,734,403 $ - $ 3,164,667,453
Carrying amounts at
January 1, 2021 $ 3,436,496 $ 250,648,003 $ 1,051,475,763 $ 25,060,316 $ 223,965,360 $ 1,554,585,938
Carrying amounts at
September 30, 2021 $ 6,007,797 $ 271,795,588 $ 1,098,075,268 $ 24,562,945 $ 428,448,042 $ 1,828,889,640
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 first quarter of 2022 and 2021, the Company recognized an impairment loss of NT$790,740
thousand and NT$274,388 thousand for certain equipment under machinery and equipment that were
- 20 -
assessed to have no future use, and the recoverable amounts of the aforementioned assets were nil. Such
impairment loss was recognized in other operating income and expenses.
Information about capitalized interest is set out in Note 23.
15. LEASE ARRANGEMENTS
a. Right-of-use assets

2022 2021 2021
Carrying amounts
Land $ 39,025,511 $ 29,778,636 $ 30,082,601

Buildings 3,290,126 2,918,133 2,843,518
Machinery and equipment 3,298 3,474 3,701
Office equipment 30,808 34,294 31,277
$ 42,349,743 $ 32,734,537 $ 32,961,097
Nine Months Ended

September 30
2022 2021
Additions to right-of-use assets $ 12,187,065 $ 7,246,575

2022 2021 2022 2021
Depreciation of right-of-use
assets
Land $ 571,074 $ 461,356 $ 1,519,635 $ 1,360,772
Buildings 247,566 186,874 697,566 497,503
Machinery and equipment 219 202 635 337
Office equipment 5,929 5,371 17,636 16,249
$ 824,788 $ 653,803 $ 2,235,472 $ 1,874,861
b. Lease liabilities

2022 2021 2021
Carrying amounts
Current portion (classified under accrued

expenses and other current liabilities) $ 2,564,228 $ 2,176,451 $ 2,075,629
Noncurrent portion 30,182,353 20,764,214 21,052,983
$ 32,746,581 $ 22,940,665 $ 23,128,612
- 21 -
Ranges of discount rates for lease liabilities are as follows:

2022 2021 2021
Land 0.39%-1.89% 0.39%-2.14% 0.39%-2.14%

Buildings 0.39%-3.88% 0.39%-3.88% 0.39%-3.88%
Machinery and equipment 0.71% 0.71% 0.71%
Office equipment 0.28%-3.88% 0.28%-3.88% 0.28%-3.88%
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

2022 2021 2022 2021
Expenses relating to short-term

leases $ 1,181,261 $ 1,295,891 $ 3,499,639 $ 3,884,773
Nine Months Ended

September 30
2022 2021
Total cash outflow for leases $ 5,421,545 $ 5,495,274
16. INTANGIBLE ASSETS
Software and
Technology System Design Patent and
Goodwill License Fees Costs Others Total
Cost
Balance at January 1, 2022 $ 5,379,164 $ 23,533,959 $ 43,650,957 $ 11,497,309 $ 84,061,389

Additions - 2,257,739 3,431,703 185,092 5,874,534
Disposals or retirements - - (55,727) - (55,727)
Effect of exchange rate changes 555,641 3,329 18,700 2,723 580,393
Balance at September 30, 2022 $ 5,934,805 $ 25,795,027 $ 47,045,633 $ 11,685,124 $ 90,460,589
Accumulated amortization and

impairment
Balance at January 1, 2022 $ - $ 14,912,293 $ 34,121,578 $ 8,205,821 $ 57,239,692

Additions - 2,076,582 3,583,345 890,230 6,550,157
Effect of exchange rate changes - 3,329 15,282 1,304 19,915
Balance at September 30, 2022 $ - $ 16,992,204 $ 37,664,478 $ 9,097,355 $ 63,754,037
Carrying amounts at January 1, 2022 $ 5,379,164 $ 8,621,666 $ 9,529,379 $ 3,291,488 $ 26,821,697

Carrying amounts at September 30, 2022 $ 5,934,805 $ 8,802,823 $ 9,381,155 $ 2,587,769 $ 26,706,552
(Continued)
- 22 -
Software and
Technology System Design Patent and
Goodwill License Fees Costs Others Total
Cost
Balance at January 1, 2021 $ 5,436,602 $ 22,161,712 $ 36,238,967 $ 11,277,701 $ 75,114,982

Additions - 1,350,950 4,599,668 90,702 6,041,320
Effect of exchange rate changes (31,638) (326) 1,420 140 (30,404)
Balance at September 30, 2021 $ 5,404,964 $ 23,512,336 $ 40,818,921 $ 11,368,543 $ 81,104,764
Accumulated amortization and

impairment
Balance at January 1, 2021 $ - $ 12,226,066 $ 30,111,759 $ 7,008,978 $ 49,346,803

Additions - 2,004,389 3,226,688 902,365 6,133,442
Effect of exchange rate changes - (326) 733 104 511
Balance at September 30, 2021 $ - $ 14,230,129 $ 33,319,274 $ 7,911,447 $ 55,460,850
Carrying amounts at January 1, 2021 $ 5,436,602 $ 9,935,646 $ 6,127,208 $ 4,268,723 $ 25,768,179

Carrying amounts at September 30, 2021 $ 5,404,964 $ 9,282,207 $ 7,499,647 $ 3,457,096 $ 25,643,914
(Concluded)
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 8.0% in its test of impairment as of December 31, 2021 to reflect the relevant specific
risk in the cash-generating unit.
17. SHORT-TERM LOANS
December 31, September 30,

2021 2021
Unsecured loans
Amount $ 114,921,333 $ 118,844,065
Loan content
EUR (in thousands) $ 3,652,935 $ 3,496,802
JPY (in thousands) - 21,500,000
Annual interest rate (0.73)%-0% (0.25)%-0.15%
Maturity date Due by Due by
June 2022 March 2022
18. BONDS PAYABLE

2022 2021 2021
Domestic unsecured bonds $ 375,832,000 $ 312,448,000 $ 279,828,000

Overseas unsecured bonds 492,373,000 304,414,000 181,116,000
Less: Discounts on bonds payable (3,318,529) (2,391,348) (1,210,552)
Less: Current portion (22,500,000) (4,400,000) -
$ 842,386,471 $ 610,070,652 $ 459,733,448
- 23 -
The Company issued domestic unsecured bonds for the nine months ended September 30, 2022, the major
terms are as follows:
Coupon Repayment and

Issuance Tranche Issuance Period Total Amount Rate Interest Payment
NT$ unsecured
bonds
111-1 A January 2022 to $ 2,100,000 0.63% Bullet repayment;

(Green bond) January 2027 interest payable
annually
B January 2022 to 3,300,000 0.72% The same as above
January 2029
111-2 A March 2022 to 3,000,000 0.84% The same as above
September
2026
B March 2022 to 9,600,000 0.85% The same as above
March 2027
C March 2022 to 1,600,000 0.90% The same as above
March 2029
111-3 May 2022 to May 6,100,000 1.50% The same as above
(Green bond) 2027
111-4 A July 2022 to July 1,200,000 1.60% The same as above

(Green bond) 2026
B July 2022 to July 10,100,000 1.70% The same as above
2027
C July 2022 to July 1,200,000 1.75% The same as above
2029
D July 2022 to July 1,400,000 1.95% The same as above
2032
111-5 A August 2022 to 2,000,000 1.65% The same as above
June 2027
B August 2022 to 8,900,000 1.65% The same as above
August 2027
C August 2022 to 2,200,000 1.65% The same as above
August 2029
D August 2022 to 2,500,000 1.82% The same as above
August 2032
The major terms of overseas unsecured bonds are as follows:
Total Amount (US$

Issuance Period in Thousands) Coupon Rate Repayment and Interest Payment
September 2020 US$ 1,000,000 0.75% Bullet repayment (callable at any time, in
to September whole or in part, at the relevant redemption
2025 price according to relevant agreements);
interest payable semi-annually
September 2020 750,000 1.00% The same as above
to September
2027
(Continued)
- 24 -
Total Amount (US$
Issuance Period in Thousands) Coupon Rate Repayment and Interest Payment
September 2020 US$ 1,250,000 1.375% Bullet repayment (callable at any time, in
to September whole or in part, at the relevant redemption
2030 price according to relevant agreements);
interest payable semi-annually
April 2021 to 1,100,000 1.25% The same as above
April 2026
April 2021 to 900,000 1.75% The same as above
April 2028
April 2031
October 2021 to 1,250,000 1.75% The same as above
October 2026
October 2031
October 2041
October 2051
April 2027
April 2022 to 500,000 4.125% The same as above
April 2029
April 2032
April 2052
July 2022 to July 400,000 4.375% The same as above
2027
July 2022 to July 600,000 4.625% The same as above
2032
(Concluded)
The company issued domestic unsecured bonds during the period from October 1, 2022 to November 8, 2022,
the major terms are as follows:
Coupon Repayment and

Issuance Tranche Issuance Period Total Amount Rate Interest Payment
NT$ unsecured
bonds
111-6 A October 2022 to $ 5,700,000 1.75% Bullet repayment;

(Green bond) October 2027 interest payable
annually
B October 2022 to 1,000,000 1.80% The same as above
October 2029
C October 2022 to 3,500,000 2.00% The same as above
October 2032
- 25 -
19. LONG-TERM BANK LOANS

2022 2021 2021
Unsecured loans $ 4,010,000 $ 3,510,000 $ 3,510,000

Less: Discounts on government grants (28,155) (34,202) (37,810)
Less: Current portion (926,667) (166,667) -
$ 3,055,178 $ 3,309,131 $ 3,472,190
Loan content
Annual interest rate 0.40%-1.10% 0.40%-0.90% 0.40%-0.90%
Maturity date Due by Due by Due by
May 2027 September 2026 September 2026
The long-term bank loans of the Company are with preferential interest rates subsidized by the government,
and the loans are used to fund capital expenditure qualifying for the subsidy.
20. EQUITY
a. Capital stock

2022 2021 2021
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) 25,930,380 25,930,380 25,930,380
Issued capital $ 259,303,805 $ 259,303,805 $ 259,303,805
A holder of issued common shares with par value of NT$10 per share is entitled to vote and to receive
dividends.
The authorized shares include 500,000 thousand shares allocated for the exercise of employee stock
options.
On March 1, 2022, the Company issued employee restricted stocks awards (RSAs) for its employees in
a total of 1,387 thousand shares with a par value of NT$10 each. The aforementioned issuance of new
shares was approved by the relevant authority and the registration has been completed. Refer to Note 27
for the information on RSAs.
On May 10, 2022, TSMC’s Board of Directors resolved to cancel 1,387 thousand treasury shares. Refer
to Note 20(e) for the information.
As of the end of reporting period, 1,063,995 thousand ADSs of TSMC were traded on the NYSE. The
number of common shares represented by the ADSs was 5,319,976 thousand shares (one ADS represents
five common shares).
- 26 -
b. Capital surplus
The categories of uses and the sources of capital surplus based on regulations were as follows:

2022 2021 2021
May be used to offset a deficit, distributed as

cash dividends, or transferred to share
capital
Additional paid-in capital $ 24,183,645 $ 24,184,939 $ 24,184,939

From merger 22,803,291 22,804,510 22,804,510
From convertible bonds 8,892,371 8,892,847 8,892,847
From difference between the consideration
received and the carrying amount of the
subsidiaries’ net assets during actual
disposal 8,406,282 8,406,282 8,406,282
Donations – donated by shareholders 11,275 11,275 11,275
May only be used to offset a deficit
From share of changes in equities of

subsidiaries 4,231,119 113,952 114,865
From share of changes in equities of
associates 309,904 307,322 302,843
Donations – unclaimed dividend 40,475 40,475 29,303
May not be used for any purpose
Employee restricted shares 438,029 - -
$ 69,316,391 $ 64,761,602 $ 64,746,864
If such capital surplus is distributed as transferred to share capital, it is limited to a certain percentage of
the Company’s capital surplus and to once a 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 the 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.
- 27 -
Pursuant to existing regulations, the Company is required to set aside additional special capital reserve
equivalent to the net debit balance of the other components of stockholders’ equity, such as the
accumulated balance of foreign currency translation reserve, 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.
The appropriations of 2022, 2021 and 2020 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 2022 of 2022 of 2022
Board of Directors in its November 8, August 9, May 10,
meeting 2022 2022 2022
Special capital reserve $ (31,910,353) $ (12,002,798) $ (15,541,054)

Cash dividends to shareholders $ 71,308,547 $ 71,308,546 $ 71,308,546
Cash dividends per share (NT$) $ 2.75 $ 2.75 $ 2.75
Fourth Quarter Third Quarter Second Quarter First Quarter

Resolution Date of TSMC’s of 2021 of 2021 of 2021 of 2021
Board of Directors in its February 15, November 9, August 10, June 9,
meeting 2022 2021 2021 2021
Special capital reserve $ 3,304,303 $ 710,169 $ 10,201,220 $ (6,287,050)

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
Fourth Quarter Third Quarter Second Quarter First Quarter

Resolution Date of TSMC’s of 2020 of 2020 of 2020 of 2020
Board of Directors in its February 9, November 10, August 11, May 12,
meeting 2021 2020 2020 2020
Special capital reserve $ 12,420,727 $ 5,501,351 $ 11,884,457 $ (2,694,841)

Cash dividends to shareholders $ 64,825,951 $ 64,825,951 $ 64,825,951 $ 64,825,951
Cash dividends per share (NT$) $ 2.5 $ 2.5 $ 2.5 $ 2.5
d. Others
Changes in others were as follows:
Nine Months Ended September 30, 2022

Unrealized
Foreign Gain (Loss) on Unearned
Currency Financial Gain (Loss) on Stock-Based
Translation Assets at Hedging Employee
Reserve FVTOCI Instruments Compensation Total
Balance, beginning of period $ (63,303,361) $ 574,310 $ 120,536 $ - $ (62,608,515)

foreign operations 68,767,824 - - - 68,767,824
Unrealized gain (loss) on financial assets at
FVTOCI
Equity instruments - 69,040 - - 69,040
Debt instruments - (11,609,864) - - (11,609,864)
Cumulative unrealized gain (loss) of equity
instruments transferred to retained
earnings due to disposal - (98,209) - - (98,209)
Cumulative unrealized gain (loss) of debt
instruments transferred to profit or loss due
to disposal - 346,125 - - 346,125
(Continued)
- 28 -
Unrealized
Loss allowance adjustments from debt

instruments $ - $ 553 $ - $ - $ 553
Gain (loss) arising on changes in the fair value
of hedging instruments - - 1,347,573 - 1,347,573
Transferred to initial carrying amount of
hedged items - - (43,027) - (43,027)
Issuance of shares - - - (451,899) (451,899)
Share-based payment expenses recognized - - - 186,722 186,722
Share of other comprehensive income (loss)
of associates 591,374 (13,234) 89,752 - 667,892
Income tax effect - 262 6,036 - 6,298
Balance, end of period $ 6,055,837 $ (10,731,017) $ 1,520,870 $ (265,177) $ (3,419,487)

(Concluded)

Unrealized
Balance, beginning of period $ (57,001,627) $ 2,321,754 $ - $ - $ (54,679,873)

foreign operations (3,636,881) - - - (3,636,881)
Unrealized gain (loss) on financial assets at
FVTOCI
Equity instruments - 1,080,237 - - 1,080,237
Debt instruments - (2,027,175) - - (2,027,175)
Cumulative unrealized gain (loss) of equity
instruments transferred to retained
earnings due to disposal - 277,155 - - 277,155
Cumulative unrealized gain (loss) of debt
instruments transferred to profit or loss due
to disposal - (183,349) - - (183,349)
Loss allowance adjustments from debt
instruments - 561 - - 561
Gain (loss) arising on changes in the fair
value of hedging instruments - - (41,416) - (41,416)
Transferred to initial carrying amount of
hedged items - - 41,416 - 41,416
Share of other comprehensive income (loss)
of associates (100,543) 24,838 (3,106) - (78,811)
Income tax effect - (56,076) - - (56,076)
Balance, end of period $ (60,739,051) $ 1,437,945 $ (3,106) $ - $ (59,304,212)
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
February 15, 2022 to repurchase 1,387 thousand shares. TSMC has completed this share buyback
program during the first quarter of 2022. On May 10, 2022, TSMC’s Board of Directors resolved to cancel
the 1,387 thousand shares and set May 10, 2022 as the record date for capital reduction. The registration
for share cancellation was completed on May 20, 2022.
- 29 -
21. NET REVENUE
a. Disaggregation of revenue from contracts with customers

Product 2022 2021 2022 2021
Wafer $ 540,209,881 $ 366,007,932 $1,454,627,869 $1,020,485,888

Others 72,932,862 48,662,447 183,731,555 128,739,843
$ 613,142,743 $ 414,670,379 $1,638,359,424 $1,149,225,731

Geography 2022 2021 2022 2021
Taiwan $ 51,983,021 $ 35,358,868 $ 173,512,993 $ 134,839,517

United States 432,369,098 279,297,136 1,072,532,079 735,474,816
China 48,832,450 51,893,832 171,635,229 130,133,265
Europe, the Middle East and
Africa 31,192,872 21,956,800 87,590,071 66,979,067
Japan 29,592,683 18,218,572 81,396,101 52,599,321
Others 19,172,619 7,945,171 51,692,951 29,199,745
$ 613,142,743 $ 414,670,379 $1,638,359,424 $1,149,225,731
The Company categorized the net revenue mainly based on the countries where the customers are
headquartered.
Platform 2022 2021 2022 2021
Smartphone $ 251,069,572 $ 180,649,835 $ 648,625,225 $ 501,602,527

High Performance Computing 238,237,286 155,629,734 669,423,118 426,864,135
Internet of Things 59,410,567 36,282,241 143,104,893 95,796,759
Automotive 31,203,686 17,186,114 81,976,301 48,187,568
Digital Consumer Electronics 14,900,562 13,204,541 44,625,094 42,159,242
Others 18,321,070 11,717,914 50,604,793 34,615,500
$ 613,142,743 $ 414,670,379 $1,638,359,424 $1,149,225,731

Resolution 2022 2021 2022 2021
5-nanometer $ 148,812,933 $ 66,930,524 $ 335,834,446 $ 173,733,470

7-nanometer 142,152,179 122,606,053 417,396,526 334,954,675
10-nanometer 4,480 14,701 17,837 643,187
16-nanometer 66,299,632 48,812,969 191,645,300 139,462,708
20-nanometer 2,124,614 1,203,472 6,409,003 3,734,272
28-nanometer 52,861,617 37,739,348 149,841,720 111,922,338
40/45-nanometer 37,855,129 27,233,876 108,326,372 74,029,676
65-nanometer 25,338,814 16,189,697 69,063,607 48,148,098
90-nanometer 11,311,235 6,998,277 31,089,564 24,753,997
0.11/0.13 micron 16,732,222 10,382,373 42,810,676 28,387,457
0.15/0.18 micron 29,754,752 22,268,008 82,486,441 63,875,473
0.25 micron and above 6,962,274 5,628,634 19,706,377 16,840,537
Wafer revenue $ 540,209,881 $ 366,007,932 $1,454,627,869 $1,020,485,888
- 30 -
b. Contract balances
September 30, December 31, September 30, January 1,

2022 2021 2021 2021
Contract liabilities (classified

under accrued expenses and
other current liabilities) $ 56,941,335 $ 39,762,588 $ 33,659,796 $ 13,775,088
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$1,502,974 thousand and NT$492,255 thousand for the three months ended September 30, 2022 and
2021, respectively; and NT$37,198,089 thousand and NT$11,296,660 thousand for the nine months
ended September 30, 2022 and 2021, respectively.
c. Temporary receipts from customers

2022 2021 2021
Current portion (classified under accrued

expenses and other current liabilities) $ 97,843,204 $ 30,612,702 $ 16,200,130
Noncurrent portion (classified under other
noncurrent liabilities) 190,225,981 155,381,485 90,128,894
$ 288,069,185 $ 185,994,187 $ 106,329,024
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.
22. INTEREST INCOME

2022 2021 2022 2021
Interest income
Bank deposits $ 5,294,717 $ 686,841 $ 8,960,401 $ 2,026,308
Financial assets at FVTOCI 670,317 509,785 1,812,928 1,685,252
Financial assets at amortized cost 650,010 159,918 1,061,539 534,569
$ 6,615,044 $ 1,356,544 $ 11,834,868 $ 4,246,129
- 31 -
23. FINANCE COSTS

2022 2021 2022 2021
Interest expense
Corporate bonds $ 4,051,243 $ 1,282,154 $ 9,781,682 $ 3,080,458
Lease liabilities 85,705 47,895 183,008 144,822
Bank loans 6,882 3,924 21,527 15,017
Others 328 90 503 260
Less: Capitalized interest under
property, plant and equipment (774,140) - (1,571,705) -
$ 3,370,018 $ 1,334,063 $ 8,415,015 $ 3,240,557
Information about capitalized interest is as follows:
Three Months Nine Months

Ended Ended
September 30, 2022 September 30, 2022
Capitalization rate 0.84%-3.36% 0.56%-3.36%
24. OTHER GAINS AND LOSSES, NET

2022 2021 2022 2021
Gain (loss) on disposal of financial

assets, net
Investments in debt instruments
at FVTOCI $ (100,974) $ 14,015 $ (346,125) $ 183,349
Gain (loss) on financial instruments
at FVTPL, net
Mandatorily measured at FVTPL 4,884,964 (2,572,629) (2,537,012) (4,971,538)
The reversal (accrual) of expected
credit loss of financial assets
at FVTOCI (1,085) 1,056 (553) (561)
Financial assets at amortized cost (9,319) 906 (32,729) 5,807
Other gains (losses), net (102,252) (11,435) (82,705) 261,693
$ 4,671,334 $ (2,568,087) $ (2,999,124) $ (4,521,250)
- 32 -
25. INCOME TAX
a. Income tax expense recognized in profit or loss
Income tax expense consisted of the following:

2022 2021 2022 2021
Current income tax expense

Current tax expense
recognized in the current
period $ 40,291,507 $ 22,861,314 $103,055,761 $ 62,738,892
Income tax adjustments on
prior years - 53,479 (523,244) 211,922
Other income tax
adjustments 55,481 40,188 142,285 110,074
40,346,988 22,954,981 102,674,802 63,060,888
Deferred income tax benefit
The origination and reversal
of temporary differences (5,731,478) (4,150,348) (15,260,364) (11,388,659)
Investment tax credits 1,106,950 (1,432,148) 1,084,373 (4,064,745)
(4,624,528) (5,582,496) (14,175,991) (15,453,404)
Income tax expense recognized

in profit or loss $ 35,722,460 $ 17,372,485 $ 88,498,811 $ 47,607,484
b. Income tax examination
The tax authorities have examined income tax returns of TSMC through 2020. All investment tax credit
adjustments assessed by the tax authorities have been recognized accordingly.
26. EARNINGS PER SHARE

2022 2021 2022 2021
Basic EPS $ 10.83 $ 6.03 $ 27.79 $ 16.59

Diluted EPS $ 10.83 $ 6.03 $ 27.79 $ 16.59
EPS is computed as follows:

2022 2021 2022 2021
Basic EPS
Net income available to common
shareholders of the parent $ 280,865,780 $ 156,258,287 $ 720,626,072 $ 430,307,722
Weighted average number of
common shares outstanding
used in the computation of
basic EPS (in thousands) 25,928,993 25,930,380 25,929,256 25,930,380
Basic EPS (in dollars) $ 10.83 $ 6.03 $ 27.79 $ 16.59
(Continued)
- 33 -
2022 2021 2022 2021
Diluted EPS
Net income available to common
shareholders of the parent $ 280,865,780 $ 156,258,287 $ 720,626,072 $ 430,307,722
common shares outstanding
used in the computation of
basic EPS (in thousands) 25,928,993 25,930,380 25,929,256 25,930,380
Effects of all dilutive potential
common shares 172 - 137 -
common shares used in the
computation of diluted EPS
(in thousands) 25,929,165 25,930,380 25,929,393 25,930,380
Diluted EPS (in dollars) $ 10.83 $ 6.03 $ 27.79 $ 16.59
(Concluded)
27. SHARE-BASED PAYMENT ARRANGEMENTS
a. Equity-settled share-based payment-RSAs
The issuance of RSAs for year 2021 (2021 RSAs) of no more than 2,600 thousand common shares has
been approved by TSMC’s shareholders’ meeting held on July 26, 2021. The grants will be made free of
charge. Under the aforementioned resolution, TSMC’s Board of Directors approved the issuance of RSAs
of 1,387 thousand shares. The grant date and the issuance date were both March 1, 2022.
Vesting conditions of the aforementioned arrangement are as follow:
1) The RSAs granted to key management personnel can only be vested if
 the key management personnel remain employed by TSMC on the last date of each vesting period;
 during the vesting period, the key management personnel may not breach any agreement with the
TSMC or violate the TSMC’s work rules; and
 certain key management personnel performance metrics and the TSMC’s business performance
metrics are met.
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 the TSMC’s business performance
metrics.
3) 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 the 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 Committee’s evaluation of the TSMC’s Environmental, Social, and Governance
(”ESG”) achievements. The number of shares so calculated should be rounded down to the nearest
integral.
- 34 -
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%
Restrictions imposed on the key management personnel’ rights in the RSAs before the vesting conditions
are fulfilled:
1) During each vesting period, no key management personnel 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.
2) 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 key management personnel’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.
3) Details of granted 2021 RSAs are as follows:
Nine Months Ended

September 30, 2022
Number of Stocks
(In Thousands)
Balance, beginning of period -
Issuance of stocks 1,387
Balance, end of period 1,387
Weighted-average fair value of RSAs (in dollars) $ 325.81
The 2021 RSAs is measured at fair value at grant date by using the binominal tree approach. Relevant
information is as follows:
March 1, 2022
Stock price at grant date (in dollars) $ 604

Expected price volatility 25.34%-28.28%
Expected option life 1-3 years
Risk-free interest rate 0.57%
Refer to Note 28 for the compensation costs of the 2021 RSAs recognized by TSMC.
The issuance of RSAs for year 2022 (2022 RSAs) of no more than 3,065 thousand common shares
has been approved by TSMC’s shareholders’ meeting held on June 8, 2022. The grants will be made
free of charge.
- 35 -
b. Cash-settled share-based payment arrangements
On March 1, 2022, TSMC executed a compensation plan to grant 236 thousand units of employee cash-
settled share-based payment arrangement. 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 2021 RSAs.
The fair value of compensation cost for the cash-settled share-based payment was measured by using
binominal tree approach and will be measured each reporting period until settlement. Relevant
information is as follows:
Nine Months Ended

September 30, 2022
Stock price at measurement date (in dollars) $ 476.5

Expected price volatility 26.72%-30.73%
Expected option life 1-3 years
Risk-free interest rate 1.18%
Refer to Note 28 for the compensation costs of the cash-settled share-based payment recognized by TSMC.
The liabilities under cash-settle share-based payment arrangement amounted to NT$23,537 thousands as
of the end of reporting period.
28. ADDITIONAL INFORMATION OF EXPENSES BY NATURE

2022 2021 2022 2021
a. Depreciation of property, plant

and equipment and right-of-use
assets
Recognized in cost of revenue $ 95,904,327 $ 97,830,855 $ 301,364,537 $ 284,777,952

Recognized in operating
expenses 7,239,604 7,057,572 21,752,204 20,673,474
Recognized in other operating
income and expenses 3,288 13,317 5,478 147,371
$ 103,147,219 $ 104,901,744 $ 323,122,219 $ 305,598,797
b. Amortization of intangible
assets
Recognized in cost of revenue $ 1,536,479 $ 1,468,312 $ 4,548,103 $ 4,150,177

expenses 661,968 656,707 2,002,054 1,983,265
$ 2,198,447 $ 2,125,019 $ 6,550,157 $ 6,133,442
- 36 -
2022 2021 2022 2021
c. Employee benefits expenses
Post-employment benefits
Defined contribution plans $ 1,194,939 $ 999,238 $ 3,342,703 $ 2,713,067
Defined benefit plans 52,626 48,112 157,187 144,344
1,247,565 1,047,350 3,499,890 2,857,411
Share-based payments
Equity-settled 80,290 2,553 222,091 6,007
Cash-settled 7,536 - 24,835 -
87,826 2,553 246,926 6,007
Other employee benefits 63,077,715 41,633,719 168,008,855 117,312,328
$ 64,413,106 $ 42,683,622 $ 171,755,671 $ 120,175,746
Employee benefits expense

summarized by function
Recognized in cost of
revenue $ 37,344,903 $ 25,364,310 $ 100,859,986 $ 71,684,550
expenses 27,068,203 17,319,312 70,895,685 48,491,196
$ 64,413,106 $ 42,683,622 $ 171,755,671 $ 120,175,746
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:

2022 2021 2022 2021
Profit sharing bonus to employees $ 16,771,157 $ 9,326,508 $ 43,031,392 $ 25,685,342
TSMC’s profit sharing bonus to employees and compensation to directors for 2021 and 2020 had been
approved by the Board of Directors of TSMC, as illustrated below:
Years Ended December 31

2021 2020
February 15, February 9,
Resolution Date of TSMC’s Board of Directors in its meeting 2022 2021
Profit sharing bonus to employees $ 35,601,449 $ 34,753,184

Compensation to directors $ 487,537 $ 509,753
- 37 -
There is no significant difference between the aforementioned approved amounts and the amounts charged
against earnings of 2021 and 2020, 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.
29. CASH FLOW INFORMATION
a. Non-cash transactions
2022 2021
Additions of financial assets at FVTOCI $ 40,812,439 $ 200,469,936

Changes in accrued expenses and other current liabilities 8,458,351 (5,028,178)
Changes in other financial assets (1,217) -
Payments for acquisition of financial assets at FVTOCI $ 49,269,573 $ 195,441,758
Disposal of financial assets at FVTOCI $ 38,683,380 $ 197,256,267

Changes in other financial assets 2,538,030 1,483,350
Proceeds from disposal of financial assets at FVTOCI $ 41,221,410 $ 198,739,617
Additions of property, plant and equipment $ 747,936,092 $ 577,677,778

Changes in other financial assets 5,599,717 761,893
Changes in payables to contractors and equipment suppliers (6,733,136) 25,241,444
Changes in accrued expenses and other current liabilities 596,789 -
Transferred to initial carrying amount of hedged items - (41,416)
Capitalized interests (1,571,705) -
Payments for acquisition of property, plant and equipment $ 745,827,757 $ 603,639,699
Additions of intangible assets $ 5,874,534 $ 6,041,320

Changes in other financial assets 7,584 2,700
Changes in accrued expenses and other current liabilities (411,032) (366,495)
Payments for acquisition of intangible assets $ 5,471,086 $ 5,677,525
b. Reconciliation of liabilities arising from financing activities

Non-cash Changes
Foreign Balance as of
Balance as of Financing Cash Exchange Leases Other Changes September 30,
January 1, 2022 Flow Movement Modifications (Note) 2022
Short-term loans $ 114,921,333 $ (111,959,992 ) $ (2,372,053 ) $ - $ (589,288 ) $ -

Bonds payable 614,470,652 187,690,399 62,510,018 - 215,402 864,886,471
Long-term bank loans 3,475,798 500,000 - - 6,047 3,981,845
Lease liabilities 22,940,665 (1,941,321 ) 147,704 11,416,525 183,008 32,746,581
Total $ 755,808,448 $ 74,289,086 $ 60,285,669 $ 11,416,525 $ (184,831 ) $ 901,614,897
Non-cash Changes
Foreign Balance as of
Balance as of Financing Cash Exchange Leases Other Changes September 30,
January 1, 2021 Flow Movement Modifications (Note) 2021
Short-term loans $ 88,559,026 $ 37,530,131 $ (6,830,906 ) $ - $ (414,186 ) $ 118,844,065

Bonds payable 256,705,084 204,198,161 (1,272,285 ) - 102,488 459,733,448
Long-term bank loans 1,967,611 1,510,000 - - (5,421 ) 3,472,190
Lease liabilities 22,388,674 (1,595,286 ) (47,830 ) 2,238,232 144,822 23,128,612
Total $ 369,620,395 $ 241,643,006 $ (8,151,021 ) $ 2,238,232 $ (172,297 ) $ 605,178,315
Note: Other changes include discounts on short-term loans, amortization of bonds payable, amortization of long-term bank
loan interest subsidy and financial cost of lease liabilities.
- 38 -
30. FINANCIAL INSTRUMENTS
a. Categories of financial instruments

2022 2021 2021
Financial assets
FVTPL (Note 1) $ 4,705,434 $ 159,048 $ 33,956
FVTOCI (Note 2) 139,040,137 129,607,052 131,158,674
Hedging financial assets 88,431 13,468 37,769
Amortized cost (Note 3) 1,695,094,039 1,283,715,674 1,055,535,934
$1,838,928,041 $1,413,495,242 $1,186,766,333
FVTPL (Note 4) $ 611,010 $ 681,914 $ 1,405,470
Hedging financial liabilities - 9,642 -
Amortized cost (Note 5) 1,635,913,770 1,355,957,244 1,098,592,492
$1,636,524,780 $1,356,648,800 $1,099,997,962
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 and refundable deposits.
Note 4: Held for trading.
Note 5: Including short-term loans, 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 Committees 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 investment prices. A portion of these risks is hedged.
- 39 -
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, to protect against currency
exchange rate risks associated with non-NT dollar-denominated assets and liabilities 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, 2022 and 2021, a hypothetical adverse foreign currency exchange rate
change of 10% would have decreased its net income by NT$697,072 thousand and NT$542,268 thousand
respectively, after taking into account hedges and offsetting positions.
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 Company’s cash and cash equivalents as well as fixed income investments in both fixed- and floating-
rate securities carry a degree of interest rate risk. The majority of the Company’s fixed income
investments are fixed-rate securities, which are classified as financial assets at FVTOCI, and may have
their fair value adversely affected due to a rise in interest rates. At the same time, if interest rates fall,
cash and cash equivalents as well as floating-rate securities may generate less interest income than
expected. 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.
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$4,065,956 thousand and NT$3,871,576
thousand for the nine months ended September 30, 2022 and 2021, respectively.
All of the Company’s short-term debt is floating-rate, hence a rise in interest rates may result in higher
interest expense than expected. The majority of the Company’s long-term 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 equity price risk arising from financial assets at FVTOCI.
Assuming a hypothetical decrease of 10% in prices of the equity investments at the end of the reporting
period for the nine months ended September 30, 2022 and 2021, the other comprehensive income would
have decreased by NT$692,880 thousand and NT$567,419 thousand, respectively.
d. Credit risk management
Credit risk refers to the risk that a counterparty will 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
- 40 -
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, 2022, December 31, 2021 and September 30, 2021, the Company’s ten largest
customers accounted for 82%, 79% and 80% 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.
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:
Expected
Basis for Recognizing Credit Loss
Category Description Expected Credit Loss Ratio
Performing Credit rating is investment grade on 12 months expected credit 0-0.9%

valuation date loss
Doubtful Credit rating is non-investment grade Lifetime expected credit -
on valuation date loss-not credit impaired
In default Credit rating is CC or below on Lifetime expected credit -
valuation date loss-credit impaired
Write-off There is evidence indicating that the Amount is written off -
debtor is in severe financial
difficulty and the Company has no
realistic prospect of recovery
For the nine months ended September 30, 2022 and 2021, the expected credit loss increased NT$41,636
thousand and decreased NT$5,556 thousand, respectively. The changes were mainly due to increased
investment amount and adjusted investment portfolio.
- 41 -
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 More Than

1 Year 1-3 Years 3-5 Years 5 Years Total
September 30, 2022
Non-derivative financial liabilities
Accounts payable (including related

parties) $ 62,018,224 $ - $ - $ - $ 62,018,224
Payables to contractors and
equipment suppliers 159,780,369 - - - 159,780,369
Accrued expenses and other current
liabilities 206,908,541 - - - 206,908,541
Bonds payable 39,450,837 94,867,341 314,685,674 648,515,423 1,097,519,275
Long-term bank loans 963,041 2,601,517 524,867 - 4,089,425
Lease liabilities (including those
classified under accrued
expenses and other current
liabilities) (Note) 2,946,938 5,278,010 4,749,791 23,213,612 36,188,351
Others - 191,095,118 3,581,616 - 194,676,734
472,067,950 293,841,986 323,541,948 671,729,035 1,761,180,919
Derivative financial instruments
Forward exchange contracts

Outflows 170,881,226 - - - 170,881,226
Inflows (175,119,667) - - - (175,119,667)
(4,238,441) - - - (4,238,441)
$ 467,829,509 $ 293,841,986 $ 323,541,948 $ 671,729,035 $ 1,756,942,478
December 31, 2021
Short-term loans $ 114,767,034 $ - $ - $ - $ 114,767,034

parties) 48,722,789 - - - 48,722,789
liabilities 120,240,359 - - - 120,240,359
Bonds payable 13,580,628 42,801,397 191,458,126 506,504,958 754,345,109
Long-term bank loans 183,671 2,217,112 1,153,900 - 3,554,683
Others - 164,991,929 - - 164,991,929
445,608,197 213,906,687 195,997,321 521,154,193 1,376,666,398

Outflows 187,708,035 - - - 187,708,035
Inflows (187,631,930) - - - (187,631,930)
76,105 - - - 76,105
$ 445,684,302 $ 213,906,687 $ 195,997,321 $ 521,154,193 $ 1,376,742,503

(Continued)
- 42 -
Less Than More Than
1 Year 1-3 Years 3-5 Years 5 Years Total
September 30, 2021
Short-term loans $ 118,660,406 $ - $ - $ - $ 118,660,406

parties) 43,888,861 - - - 43,888,861
liabilities 103,426,537 - - - 103,426,537
Bonds payable 5,785,181 38,720,687 126,849,991 372,476,536 543,832,395
Long-term bank loans 17,021 2,086,920 1,454,963 - 3,558,904
Others - 97,521,348 - - 97,521,348
402,418,715 142,125,610 131,695,588 387,533,126 1,063,773,039

Outflows 176,212,206 - - - 176,212,206
Inflows (175,119,313) - - - (175,119,313)
1,092,893 - - - 1,092,893
$ 403,511,608 $ 142,125,610 $ 131,695,588 $ 387,533,126 $ 1,064,865,932

(Concluded)
Note: Information about the maturity analysis for lease liabilities more than 5 years:
More Than
5-10 Years 10-15 Years 15-20 Years 20 Years Total
September 30, 2022
Lease liabilities $ 10,373,309 $ 7,513,470 $ 4,390,162 $ 936,671 $ 23,213,612
December 31, 2021
September 30, 2021
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.
- 43 -
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, 2022
Level 1 Level 2 Level 3 Total
Financial assets at FVTPL

Forward exchange contracts $ - $ 4,705,434 $ - $ 4,705,434
Financial assets at FVTOCI

Corporate bonds $ - $ 66,420,737 $ - $ 66,420,737
Agency bonds/Agency
mortgage-backed securities - 29,713,881 - 29,713,881
Government bonds 20,139,588 87,094 - 20,226,682
Asset-backed securities - 9,580,806 - 9,580,806
Investments in equity instruments
Non-publicly traded equity
investments - - 6,784,978 6,784,978
Publicly traded stocks 267,316 - - 267,316
Notes and accounts receivable, net - 6,045,737 - 6,045,737
$ 20,406,904 $ 111,848,255 $ 6,784,978 $ 139,040,137
Hedging financial assets
Fair value hedges

Interest rate futures contracts $ 88,431 $ - $ - $ 88,431
Financial liabilities at FVTPL
Held for trading

Forward exchange contracts $ - $ 611,010 $ - $ 611,010
December 31, 2021



Corporate bonds $ - $ 57,253,161 $ - $ 57,253,161
Agency bonds/Agency
investments - - 5,887,892 5,887,892
$ 21,456,760 $ 102,262,400 $ 5,887,892 $ 129,607,052
Cash flow hedges

Forward interest rate contracts $ - $ 13,468 $ - $ 13,468
(Continued)
- 44 -
December 31, 2021
Held for trading

Hedging financial liabilities
Fair value hedges

(Concluded)
September 30, 2021



Corporate bonds $ - $ 58,340,908 $ - $ 58,340,908
Agency bonds/Agency
investments - - 5,729,779 5,729,779
$ 22,458,848 $ 102,970,047 $ 5,729,779 $ 131,158,674
Fair value hedges

Held for trading

Forward exchange contracts $ - $ 1,405,470 $ - $ 1,405,470
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. Reconciliations for the nine months ended September 30, 2022 and 2021 are as
follows:
2022 2021
Balance, beginning of period $ 5,887,892 $ 4,514,940

Additions 315,772 293,034
Recognized in other comprehensive income or loss (11,606) 1,071,721
Disposals and proceeds from return of capital of investments - (115,627)
Transfers out of level 3 (Note) (139,770) -
Effect of exchange rate changes 732,690 (34,289)
Balance, end of period $ 6,784,978 $ 5,729,779
- 45 -
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.
The fair values of non-publicly traded equity investments (excluding those trading on the Emerging
Stock Board) are mainly determined by using the asset 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, 2022, December 31, 2021 and September 30, 2021, 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$56,247 thousand, NT$51,372 thousand and
NT$47,821 thousand, respectively, if discounts for lack of marketability increase by 1%.
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.
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, 2022

Carrying Level 2
Amount Fair Value
Financial assets
Financial assets at amortized costs

Corporate bonds $ 70,800,817 $ 69,466,149
Commercial paper 43,404,235 43,517,466
$ 114,205,052 $ 112,983,615
(Continued)
- 46 -
September 30, 2022
Carrying Level 2
Amount Fair Value
Financial liabilities at amortized costs

Bonds payable $ 864,886,471 $ 765,664,981
(Concluded)
December 31, 2021

Carrying Level 2
Amount Fair Value
Financial assets

Corporate bonds $ 5,306,962 $ 5,317,957

Bonds payable $ 614,470,652 $ 613,514,692
September 30, 2021

Carrying Level 2
Amount Fair Value
Financial assets

Corporate bonds $ 1,545,597 $ 1,577,696

Bonds payable $ 459,733,448 $ 454,886,671
The fair values of corporate bonds and the Company’s bonds payable are determined by quoted
market prices provided by third party pricing services.
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:
- 47 -
a. Related party name and categories
Related Party Name Related Party Categories
GUC Associates
VIS Associates
SSMC Associates
Xintec Associates
TSMC Education and Culture Foundation Other related parties
TSMC Charity Foundation Other related parties
b. Net revenue

2022 2021 2022 2021
Item Related Party Categories
Net revenue from Associates $ 3,392,845 $ 2,438,567 $ 9,363,166 $ 5,885,674

sale of goods
c. Purchases

2022 2021 2022 2021
Related Party Categories
Associates $ 1,699,804 $ 1,817,821 $ 4,797,872 $ 5,720,954
d. Receivables from related parties

2022 2021 2021
Item Related Party Name
Receivables from GUC $ 934,086 $ 597,836 $ 678,067

related parties Xintec 157,088 117,488 181,077
$ 1,091,174 $ 715,324 $ 859,144
Other receivables SSMC $ 70,674 $ 50,375 $ 49,304

VIS 5,469 11,156 8,758
TSMC Charity Foundation - - 15,028
$ 76,143 $ 61,531 $ 73,090
- 48 -
e. Payables to related parties

2022 2021 2021
Item Related Party Name
Payables to related Xintec $ 1,181,914 $ 725,325 $ 1,403,671

parties SSMC 527,944 349,211 419,846
VIS 141,586 357,151 305,298
Others 19,375 5,499 26,813
$ 1,870,819 $ 1,437,186 $ 2,155,628
f. Accrued expenses and other current liabilities

2022 2021 2021
Contract liabilities Associates $ 837,482 $ 726,350 $ 523,538
g. Others

2022 2021 2022 2021
Manufacturing Associates $ 1,624,663 $ 1,676,996 $ 4,489,117 $ 4,243,515

expenses
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.
h. Compensation of key management personnel
The compensation to directors and other key management personnel were as follows:

2022 2021 2022 2021
Short-term employee benefits $ 1,138,271 $ 712,947 $ 3,122,981 $ 2,015,418

Post-employment benefits 698 746 2,373 2,241
Share-based payments 82,887 - 203,008 -
$ 1,221,856 $ 713,693 $ 3,328,362 $ 2,017,659
The compensation to directors and other key management personnel were determined by the
Compensation Committee of TSMC in accordance with the individual performance and market trends.
- 49 -
32. PLEDGED ASSETS
The Company provided certificate of deposits recorded in other financial assets as collateral mainly for
building construction, building lease agreements and energy purchase agreements. As of September 30, 2022,
December 31, 2021 and September 30, 2021, the aforementioned other financial assets amounted to
NT$131,995 thousand, NT$210,235 thousand and NT$262,147 thousand, respectively.
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. In September 2022, Daedalus Prime LLC (“Daedalus”) filed complaints in the U.S. International Trade
Commission (“ITC”) and the U.S. District Court for the Eastern District of Texas alleging that TSMC,
TSMC North America, and other companies infringe four U.S. patents. The ITC instituted an
investigation in October 2022. The outcome cannot be determined and we cannot make a reliable estimate
of the contingent liability at this time.
d. 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.
e. TSMC entered into a long-term purchase agreement of equipment. The relative fulfillment quantity and
price are specified in the agreement.
f. TSMC entered into long-term energy purchase agreements with multiple suppliers. The relative
fulfillment period, quantity and price are specified in the agreements.
g. Amounts available under unused letters of credit as of September 30, 2022, December 31, 2021 and
September 30, 2021 were NT$238,309 thousand, NT$136,710 thousand and NT$137,648 thousand,
respectively.
h. The Company entrusted financial institutions to open performance guarantee mainly for import and
export of goods, lease agreement and energy purchase agreement. As of September 30, 2022, December
- 50 -
31, 2021 and September 30, 2021, the aforementioned guarantee amounted to NT$7,603,958 thousand,
NT$4,954,798 thousand, and NT$5,668,250 thousand, respectively.
34. 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 Carrying
Currencies Exchange Rate Amount
(In Thousands) (Note 1) (In Thousands)
September 30, 2022
Financial assets
Monetary items
USD $ 12,210,697 31.766 $ 387,884,990
USD 712,465 7.093(Note 2) 22,632,159
EUR 1,546 31.121 48,100
EUR 20,774 6.949(Note 3) 646,523
JPY 93,019,566 0.2202 20,482,908
JPY 6,683,505 0.0492(Note 4) 1,471,708
Monetary items
USD 14,953,889 31.766 475,025,231
EUR 1,180,147 31.121 36,727,345
JPY 93,842,663 0.2202 20,664,154
JPY 6,697,526 0.0492(Note 4) 1,474,795
December 31, 2021
Financial assets
Monetary items
USD 11,445,396 27.674 316,739,883
USD 2,023,233 6.379(Note 2) 55,990,951
EUR 14,964 31.460 470,776
EUR 40,326 7.252(Note 3) 1,268,665
JPY 10,921,880 0.2414 2,636,542
Monetary items
USD 11,958,503 27.674 330,939,620
EUR 3,539,320 31.460 111,347,020
JPY 112,456,908 0.2414 27,147,098
(Continued)
- 51 -
Foreign Carrying
Currencies Exchange Rate Amount
(In Thousands) (Note 1) (In Thousands)
September 30, 2021
Financial assets
Monetary items
USD $ 9,582,823 27.864 $ 267,015,782
USD 1,772,067 6.463(Note 2) 49,376,882
EUR 7,248 32.450 235,213
JPY 1,089,600 0.2499 272,291
Monetary items
USD 9,777,821 27.864 272,449,192
EUR 2,906,442 32.450 94,314,055
JPY 129,710,147 0.2499 32,414,566
(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 RMB for which one U.S. dollar could be exchanged.
Note 3: The exchange rate represents the number of RMB for which one Euro could be exchanged.
Note 4: The exchange rate represents the number of RMB for which one Japanese yen 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, 2022 and 2021,
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.
35. 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;
- 52 -
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;
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.
36. 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.
- 53 -
TABLE 1

FINANCINGS PROVIDED
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2022
Maximum Collateral Financing Limits Financing

Ending Balance Amount Actually
Balance for the for Each Company’s Total
Financing Financial Statement Related (Foreign Currencies Drawn Transaction Reason for Allowance for Bad
No. Counterparty Period (Foreign Interest Rate Nature for Financing Borrowing Financing Amount
Company Account Party in Thousands) (Foreign Currencies in Amounts Financing Debt Item Value
Currencies in Company Limits
(Note 2) Thousands)
Thousands) (Note 2) (Note 1) (Note 1)
1 TSMC China TSMC Nanjing Other receivables from Yes $ 71,462,420 $ 71,462,420 $ 42,914,740 0.75%-1.50% The need for short-term $ - Operating capital $ - - $ - $ 85,372,028 $ 85,372,028
related parties (RMB 7,800,000)& (RMB 7,800,000)& (RMB 7,100,000)& and long-term
(US$ 1,150,000) (US$ 1,150,000) (US$ 350,000) financing
Note 1: The aggregate amount available for lending to TSMC Nanjing from TSMC China shall not exceed the net worth of TSMC China.
Note 2: The maximum balance for the period and ending balance represent the amounts approved by the Board of Directors.
- 54 -
TABLE 2

ENDORSEMENTS/GUARANTEES PROVIDED
Guaranteed Party Limits on

Maximum Ratio of
Endorsement/ Maximum
Balance Ending Balance Amount of Accumulated Guarantee
Guarantee Amount Actually Endorsement/ Guarantee
for the Period (Foreign Endorsement/ Endorsement/ Guarantee Provided to
Endorsement/ Amount Drawn Guarantee Provided by
No. Nature of (Foreign Currencies in Guarantee Guarantee to Net Provided by Subsidiaries
Guarantee Provider Name Provided to Each (US$ in Amount Parent
Relationship Currencies in Thousands) Collateralized by Equity per A Subsidiary in Mainland
Guaranteed Thousands) Allowable Company
Thousands) (Note 3) Properties Latest Financial China
Party (Notes 1 and 2)
(Note 3) Statements
(Notes 1 and 2)
0 TSMC TSMC North Subsidiary $ 684,493,577 $ 2,643,354 $ 2,643,354 $ 2,643,354 $ - 0.10% $ 684,493,577 Yes No No
America ( US$ 83,213 ) ( US$ 83,213 ) ( US$ 83,213 )
TSMC Global Subsidiary 684,493,577 238,245,000 238,245,000 238,245,000 - 8.70% 684,493,577 Yes No No
( US$ 7,500,000 ) ( US$ 7,500,000 ) ( US$ 7,500,000 )
TSMC Arizona Subsidiary 684,493,577 382,221,854 382,221,854 255,157,838 - 13.96% 684,493,577 Yes No No
( US$12,032,420 ) ( US$12,032,420 ) ( US$ 8,032,420 )
1 TSMC Japan TSMC JDC The same parent 314,009 290,664 290,664 290,664 - 0.01% 314,009 No No No
company ( JPY 1,320,000 ) ( JPY 1,320,000 ) ( JPY 1,320,000 )
Note 1: The total amount of the endorsement/guarantee provided by TSMC to TSMC North America, TSMC Global and TSMC Arizona shall not exceed twenty-five percent (25%) 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.
- 55 -
TABLE 3

MARKETABLE SECURITIES HELD
September 30, 2022
September 30, 2022

Carrying Value Fair Value
Held Company Name Marketable Securities Type and Name Relationship with the Company Financial Statement Account Shares/Units Percentage of Note
(Foreign Currencies (Foreign Currencies
(In Thousands) Ownership (%)
in Thousands) in Thousands)
TSMC Commercial paper

Taiwan Power Company - Financial assets at amortized cost 2,350 $ 23,392,427 N/A $ 23,455,153
CPC Corporation, Taiwan - 〃 2,009 20,011,808 N/A 20,062,313
Non-publicly traded equity investments

United Industrial Gases Co., Ltd. - Financial assets at fair value through other 21,230 468,258 10 468,258
comprehensive income
Shin-Etsu Handotai Taiwan Co., Ltd. - 〃 10,500 461,412 7 461,412
Global Investment Holding Inc. - 〃 10,442 97,930 6 97,930
Crimson Asia Capital - 〃 - 934 1 934
TSMC Partners Non-publicly traded equity investments

Shanghai Walden Venture Capital Enterprise - Financial assets at fair value through other - US$ 36,414 6 US$ 36,414
China Walden Venture Investments II, L.P. - 〃 - US$ 19,603 9 US$ 19,603
China Walden Venture Investments III, L.P. - 〃 - US$ 13,397 4 US$ 13,397
Tela Innovations - 〃 6,942 - 22 -
Movella Inc. - 〃 6,333 - 9 -
TSMC Global Corporate bond

Morgan Stanley - Financial assets at fair value through other - US$ 76,812 N/A US$ 76,812
Bank of America Corporation - 〃 - US$ 75,386 N/A US$ 75,386
Wells Fargo & Company - 〃 - US$ 58,829 N/A US$ 58,829
Citigroup Inc. - 〃 - US$ 56,384 N/A US$ 56,384
The Goldman Sachs Group, Inc. - 〃 - US$ 49,532 N/A US$ 49,532
JPMorgan Chase & Co. - 〃 - US$ 45,415 N/A US$ 45,415
Mitsubishi UFJ Financial Group, Inc. - 〃 - US$ 32,568 N/A US$ 32,568
AbbVie Inc. - 〃 - US$ 28,393 N/A US$ 28,393
Sumitomo Mitsui Financial Group, Inc. - 〃 - US$ 27,427 N/A US$ 27,427
HSBC Holdings plc - 〃 - US$ 26,429 N/A US$ 26,429
Banco Santander, S.A. - 〃 - US$ 25,925 N/A US$ 25,925
Metropolitan Life Global Funding I - 〃 - US$ 24,226 N/A US$ 24,226
Athene Global Funding - 〃 - US$ 23,051 N/A US$ 23,051
The Toronto-Dominion Bank - 〃 - US$ 19,252 N/A US$ 19,252
BNP Paribas SA - 〃 - US$ 18,654 N/A US$ 18,654
Nordea Bank Abp - 〃 - US$ 18,095 N/A US$ 18,095
Fédération des caisses Desjardins du Québec - 〃 - US$ 17,934 N/A US$ 17,934
Sumitomo Mitsui Trust Bank, Limited - 〃 - US$ 17,030 N/A US$ 17,030
Hyundai Capital America, Inc. - 〃 - US$ 16,326 N/A US$ 16,326
Guardian Life Global Funding - 〃 - US$ 16,234 N/A US$ 16,234
Mizuho Financial Group, Inc. - 〃 - US$ 15,982 N/A US$ 15,982
Principal Life Global Funding II - 〃 - US$ 15,918 N/A US$ 15,918
Deutsche Bank AG - New York Branch - 〃 - US$ 15,817 N/A US$ 15,817
(Continued)
- 56 -
September 30, 2022
TSMC Global Lloyds Banking Group plc - Financial assets at fair value through other - US$ 15,739 N/A US$ 15,739
Volkswagen Group of America Finance, LLC - 〃 - US$ 15,438 N/A US$ 15,438
Oracle Corporation - 〃 - US$ 15,299 N/A US$ 15,299
Nationwide Building Society - 〃 - US$ 15,133 N/A US$ 15,133
NatWest Markets Plc - 〃 - US$ 15,124 N/A US$ 15,124
Bank of Montreal - 〃 - US$ 14,981 N/A US$ 14,981
Royal Bank of Canada - 〃 - US$ 14,642 N/A US$ 14,642
BPCE SA - 〃 - US$ 14,521 N/A US$ 14,521
Credit Suisse AG, New York Branch - 〃 - US$ 14,517 N/A US$ 14,517
Capital One Financial Corporation - 〃 - US$ 13,936 N/A US$ 13,936
ING Groep N.V. - 〃 - US$ 13,805 N/A US$ 13,805
NTT Finance Corporation - 〃 - US$ 13,614 N/A US$ 13,614
Svenska Handelsbanken AB (publ) - 〃 - US$ 13,400 N/A US$ 13,400
Société Générale Société anonyme - 〃 - US$ 13,110 N/A US$ 13,110
The Bank of Nova Scotia - 〃 - US$ 12,744 N/A US$ 12,744
Standard Chartered PLC - 〃 - US$ 12,568 N/A US$ 12,568
Protective Life Global Funding - 〃 - US$ 12,436 N/A US$ 12,436
Apple Inc. - 〃 - US$ 12,184 N/A US$ 12,184
Macquarie Group Limited - 〃 - US$ 11,898 N/A US$ 11,898
Toyota Motor Credit Corporation - 〃 - US$ 11,535 N/A US$ 11,535
UBS Group AG - 〃 - US$ 11,299 N/A US$ 11,299
Equitable Financial Life Global Funding - 〃 - US$ 11,251 N/A US$ 11,251
Banque Fédérative du Crédit Mutuel Société anonyme - 〃 - US$ 11,126 N/A US$ 11,126
National Securities Clearing Corporation - 〃 - US$ 10,810 N/A US$ 10,810
Barclays PLC - 〃 - US$ 10,737 N/A US$ 10,737
AT&T Inc. - 〃 - US$ 10,383 N/A US$ 10,383
S&P Global Inc. - 〃 - US$ 10,082 N/A US$ 10,082
Nomura Holdings, Inc. - 〃 - US$ 10,014 N/A US$ 10,014
Verizon Communications Inc. - 〃 - US$ 9,578 N/A US$ 9,578
Citizens Bank, National Association - 〃 - US$ 9,262 N/A US$ 9,262
Credit Agricole SA London Branch - 〃 - US$ 9,125 N/A US$ 9,125
U.S. Bancorp - 〃 - US$ 9,006 N/A US$ 9,006
Roper Technologies, Inc. - 〃 - US$ 8,933 N/A US$ 8,933
Equifax Inc. - 〃 - US$ 8,839 N/A US$ 8,839
Amazon.com, Inc. - 〃 - US$ 8,761 N/A US$ 8,761
Equinor ASA - 〃 - US$ 8,757 N/A US$ 8,757
Santander UK Group Holdings plc - 〃 - US$ 8,519 N/A US$ 8,519
Merck & Co., Inc. - 〃 - US$ 8,518 N/A US$ 8,518
Bristol-Myers Squibb Company - 〃 - US$ 8,418 N/A US$ 8,418
New York Life Global Funding - 〃 - US$ 8,156 N/A US$ 8,156
Enel Finance International N.V. - 〃 - US$ 8,151 N/A US$ 8,151
GSK Consumer Healthcare Capital US LLC - 〃 - US$ 8,145 N/A US$ 8,145
AIG Global Funding - 〃 - US$ 8,119 N/A US$ 8,119
American Express Company - 〃 - US$ 7,908 N/A US$ 7,908
Truist Financial Corporation - 〃 - US$ 7,711 N/A US$ 7,711
International Bank for Reconstruction and Development - 〃 - US$ 7,624 N/A US$ 7,624
KfW - 〃 - US$ 7,523 N/A US$ 7,523
Canadian Imperial Bank of Commerce - 〃 - US$ 7,406 N/A US$ 7,406
AstraZeneca Finance LLC - 〃 - US$ 7,389 N/A US$ 7,389
(Continued)
- 57 -
September 30, 2022
TSMC Global UnitedHealth Group Incorporated - Financial assets at fair value through other - US$ 7,387 N/A US$ 7,387
Inter-American Development Bank - 〃 - US$ 7,320 N/A US$ 7,320
Suncorp-Metway Limited - 〃 - US$ 7,297 N/A US$ 7,297
Great-West Lifeco U.S. Finance 2020, Lp - 〃 - US$ 7,209 N/A US$ 7,209
Northwestern Mutual Global Funding - 〃 - US$ 6,802 N/A US$ 6,802
Chevron Corporation - 〃 - US$ 6,792 N/A US$ 6,792
Fidelity National Information Services, Inc. - 〃 - US$ 6,536 N/A US$ 6,536
Prudential Funding Corp. - 〃 - US$ 6,496 N/A US$ 6,496
John Deere Capital Corporation - 〃 - US$ 6,400 N/A US$ 6,400
AstraZeneca PLC - 〃 - US$ 6,400 N/A US$ 6,400
Cargill, Incorporated - 〃 - US$ 6,342 N/A US$ 6,342
Intuit Inc. - 〃 - US$ 6,307 N/A US$ 6,307
Fifth Third Bancorp - 〃 - US$ 6,268 N/A US$ 6,268
Roche Holdings, Inc. - 〃 - US$ 6,262 N/A US$ 6,262
Jackson National Life Global Funding - 〃 - US$ 6,252 N/A US$ 6,252
Daimler Trucks Finance North America LLC - 〃 - US$ 6,247 N/A US$ 6,247
Montpelier Re Holdings Ltd. - 〃 - US$ 6,194 N/A US$ 6,194
Danske Bank A/S - 〃 - US$ 6,108 N/A US$ 6,108
Ameren Corporation - 〃 - US$ 5,863 N/A US$ 5,863
Discover Bank (New Castle, Delaware) - 〃 - US$ 5,840 N/A US$ 5,840
Huntington Bancshares Incorporated - 〃 - US$ 5,836 N/A US$ 5,836
Exxon Mobil Corporation - 〃 - US$ 5,739 N/A US$ 5,739
Swedbank AB (publ) - 〃 - US$ 5,698 N/A US$ 5,698
Fox Corporation - 〃 - US$ 5,621 N/A US$ 5,621
ANZ New Zealand (Int'l) Limited - 〃 - US$ 5,592 N/A US$ 5,592
Exelon Corporation - 〃 - US$ 5,524 N/A US$ 5,524
Macquarie Bank Limited - 〃 - US$ 5,517 N/A US$ 5,517
Take-Two Interactive Software, Inc. - 〃 - US$ 5,494 N/A US$ 5,494
Scentre Group Trust 1 - 〃 - US$ 5,490 N/A US$ 5,490
WPP Finance 2010 - 〃 - US$ 5,472 N/A US$ 5,472
Huntington National Bank - 〃 - US$ 5,417 N/A US$ 5,417
WEC Energy Group, Inc. - 〃 - US$ 5,383 N/A US$ 5,383
Intercontinental Exchange, Inc. - 〃 - US$ 5,327 N/A US$ 5,327
UBS AG, London Branch - 〃 - US$ 5,326 N/A US$ 5,326
Pacific Life Global Funding II - 〃 - US$ 5,311 N/A US$ 5,311
The Charles Schwab Corporation - 〃 - US$ 5,253 N/A US$ 5,253
Alabama Power Company - 〃 - US$ 5,228 N/A US$ 5,228
Siemens Financieringsmaatschappij N.V. - 〃 - US$ 5,218 N/A US$ 5,218
ASB Bank Limited - 〃 - US$ 5,195 N/A US$ 5,195
Pioneer Natural Resources Company - 〃 - US$ 5,174 N/A US$ 5,174
Cox Communications, Inc. - 〃 - US$ 5,108 N/A US$ 5,108
Intel Corporation - 〃 - US$ 4,973 N/A US$ 4,973
Lowe's Companies, Inc. - 〃 - US$ 4,968 N/A US$ 4,968
Fiserv, Inc. - 〃 - US$ 4,953 N/A US$ 4,953
Five Corners Funding Trust - 〃 - US$ 4,951 N/A US$ 4,951
CVS Health Corporation - 〃 - US$ 4,725 N/A US$ 4,725
CGI Inc. - 〃 - US$ 4,617 N/A US$ 4,617
Thermo Fisher Scientific Inc. - 〃 - US$ 4,565 N/A US$ 4,565
Brookfield Finance Inc. - 〃 - US$ 4,506 N/A US$ 4,506
(Continued)
- 58 -
September 30, 2022
TSMC Global Eversource Energy - Financial assets at fair value through other - US$ 4,451 N/A US$ 4,451
Virginia Electric and Power Company - 〃 - US$ 4,430 N/A US$ 4,430
DNB Bank ASA - 〃 - US$ 4,379 N/A US$ 4,379
NextEra Energy Capital Holdings, Inc. - 〃 - US$ 4,371 N/A US$ 4,371
W. P. Carey Inc. - 〃 - US$ 4,348 N/A US$ 4,348
HP Inc. - 〃 - US$ 4,313 N/A US$ 4,313
CenterPoint Energy, Inc. - 〃 - US$ 4,290 N/A US$ 4,290
Penske Truck Leasing Co., L.P. - 〃 - US$ 4,228 N/A US$ 4,228
Bank of New Zealand - 〃 - US$ 4,221 N/A US$ 4,221
Comcast Corporation - 〃 - US$ 4,215 N/A US$ 4,215
Mercedes-Benz Finance North America LLC - 〃 - US$ 4,072 N/A US$ 4,072
Brighthouse Financial Global Funding - 〃 - US$ 4,048 N/A US$ 4,048
Florida Power & Light Company - 〃 - US$ 4,023 N/A US$ 4,023
Korea Electric Power Corporation - 〃 - US$ 3,994 N/A US$ 3,994
Credit Suisse Group Funding (Guernsey) Limited - 〃 - US$ 3,993 N/A US$ 3,993
Dollar General Corporation - 〃 - US$ 3,993 N/A US$ 3,993
F&G Global Funding - 〃 - US$ 3,960 N/A US$ 3,960
7-Eleven, Inc. - 〃 - US$ 3,946 N/A US$ 3,946
Element Fleet Management Corp. - 〃 - US$ 3,858 N/A US$ 3,858
The Bank of New York Mellon Corporation - 〃 - US$ 3,857 N/A US$ 3,857
AvalonBay Communities, Inc. - 〃 - US$ 3,809 N/A US$ 3,809
CNO Global Funding - 〃 - US$ 3,806 N/A US$ 3,806
Coca-Cola Europacific Partners PLC - 〃 - US$ 3,804 N/A US$ 3,804
European Bank for Reconstruction and Development - 〃 - US$ 3,798 N/A US$ 3,798
Mondelez International, Inc. - 〃 - US$ 3,671 N/A US$ 3,671
Sprint Spectrum Co Llc - 〃 - US$ 3,608 N/A US$ 3,608
Appalachian Power Company - 〃 - US$ 3,605 N/A US$ 3,605
B.A.T. International Finance p.l.c. - 〃 - US$ 3,542 N/A US$ 3,542
V.F. Corporation - 〃 - US$ 3,484 N/A US$ 3,484
Public Storage - 〃 - US$ 3,444 N/A US$ 3,444
Monongahela Power Company - 〃 - US$ 3,404 N/A US$ 3,404
BorgWarner Inc. - 〃 - US$ 3,399 N/A US$ 3,399
Ryder System, Inc. - 〃 - US$ 3,393 N/A US$ 3,393
Welltower Inc. - 〃 - US$ 3,391 N/A US$ 3,391
Public Service Electric and Gas Company - 〃 - US$ 3,367 N/A US$ 3,367
Truist Bank - 〃 - US$ 3,365 N/A US$ 3,365
OGE Energy Corp. - 〃 - US$ 3,358 N/A US$ 3,358
HSBC Bank Canada - 〃 - US$ 3,329 N/A US$ 3,329
Kimco Realty Corporation - 〃 - US$ 3,317 N/A US$ 3,317
Diageo Capital plc - 〃 - US$ 3,309 N/A US$ 3,309
Ross Stores, Inc. - 〃 - US$ 3,267 N/A US$ 3,267
U.S. Bancorp. - 〃 - US$ 3,185 N/A US$ 3,185
SMBC Aviation Capital Finance DAC - 〃 - US$ 3,181 N/A US$ 3,181
Highmark Inc. - 〃 - US$ 3,173 N/A US$ 3,173
Credit Suisse Group AG - 〃 - US$ 3,165 N/A US$ 3,165
Dominion Energy, Inc. - 〃 - US$ 3,165 N/A US$ 3,165
Pfizer Inc. - 〃 - US$ 3,150 N/A US$ 3,150
Verisk Analytics, Inc. - 〃 - US$ 3,146 N/A US$ 3,146
Realty Income Corporation - 〃 - US$ 3,121 N/A US$ 3,121
(Continued)
- 59 -
September 30, 2022
TSMC Global ERAC USA Finance LLC - Financial assets at fair value through other - US$ 3,077 N/A US$ 3,077
Anheuser-Busch Companies, LLC - 〃 - US$ 3,025 N/A US$ 3,025
Xcel Energy Inc. - 〃 - US$ 3,023 N/A US$ 3,023
ONE Gas, Inc. - 〃 - US$ 3,009 N/A US$ 3,009
Simon Property Group, L.P. - 〃 - US$ 2,957 N/A US$ 2,957
Gilead Sciences, Inc. - 〃 - US$ 2,949 N/A US$ 2,949
CNA Financial Corporation - 〃 - US$ 2,946 N/A US$ 2,946
The Western Union Company - 〃 - US$ 2,943 N/A US$ 2,943
Oncor Electric Delivery Company LLC - 〃 - US$ 2,908 N/A US$ 2,908
MPLX LP - 〃 - US$ 2,906 N/A US$ 2,906
Rio Tinto Finance (USA) Limited - 〃 - US$ 2,877 N/A US$ 2,877
Atmos Energy Corporation - 〃 - US$ 2,870 N/A US$ 2,870
Johnson & Johnson - 〃 - US$ 2,860 N/A US$ 2,860
Nestlé Holdings, Inc. - 〃 - US$ 2,858 N/A US$ 2,858
Avangrid, Inc. - 〃 - US$ 2,849 N/A US$ 2,849
Air Lease Corporation - 〃 - US$ 2,837 N/A US$ 2,837
Southern California Gas Company - 〃 - US$ 2,824 N/A US$ 2,824
National Bank of Canada - 〃 - US$ 2,819 N/A US$ 2,819
TORONTO-DOMINION BANK/THE - 〃 - US$ 2,751 N/A US$ 2,751
Coöperatieve Rabobank U.A. - 〃 - US$ 2,730 N/A US$ 2,730
PPL Electric Utilities Corporation - 〃 - US$ 2,722 N/A US$ 2,722
Parker-Hannifin Corporation - 〃 - US$ 2,721 N/A US$ 2,721
Baxalta Incorporated - 〃 - US$ 2,720 N/A US$ 2,720
Phillips 66 - 〃 - US$ 2,699 N/A US$ 2,699
Novartis Capital Corporation - 〃 - US$ 2,694 N/A US$ 2,694
Amazon.com, Inc - 〃 - US$ 2,677 N/A US$ 2,677
Ameriprise Financial, Inc. - 〃 - US$ 2,665 N/A US$ 2,665
B.A.T Capital Corporation - 〃 - US$ 2,634 N/A US$ 2,634
Hewlett Packard Enterprise Company - 〃 - US$ 2,628 N/A US$ 2,628
Eastern Energy Gas Holdings, LLC - 〃 - US$ 2,606 N/A US$ 2,606
Ventas Realty, Limited Partnership - 〃 - US$ 2,589 N/A US$ 2,589
Chevron Phillips Chemical Company LLC - 〃 - US$ 2,571 N/A US$ 2,571
Mondelez International Holdings Netherlands B.V. - 〃 - US$ 2,555 N/A US$ 2,555
Public Service Enterprise Group Incorporated - 〃 - US$ 2,546 N/A US$ 2,546
Masco Corporation - 〃 - US$ 2,468 N/A US$ 2,468
GA Global Funding Trust - 〃 - US$ 2,462 N/A US$ 2,462
NBN Co Limited - 〃 - US$ 2,442 N/A US$ 2,442
Nuveen Finance, LLC - 〃 - US$ 2,432 N/A US$ 2,432
Baxter International Inc. - 〃 - US$ 2,430 N/A US$ 2,430
International Business Machines Corporation - 〃 - US$ 2,426 N/A US$ 2,426
M&T Bank Corporation - 〃 - US$ 2,424 N/A US$ 2,424
The PNC Financial Services Group, Inc. - 〃 - US$ 2,417 N/A US$ 2,417
Air Products and Chemicals, Inc. - 〃 - US$ 2,414 N/A US$ 2,414
Santander UK plc - 〃 - US$ 2,412 N/A US$ 2,412
Cigna Corporation - 〃 - US$ 2,411 N/A US$ 2,411
CRH America, Inc. - 〃 - US$ 2,364 N/A US$ 2,364
Pinnacle West Capital Corporation - 〃 - US$ 2,362 N/A US$ 2,362
AutoZone, Inc. - 〃 - US$ 2,359 N/A US$ 2,359
Bayer US Finance II LLC - 〃 - US$ 2,354 N/A US$ 2,354
(Continued)
- 60 -
September 30, 2022
TSMC Global Southern California Edison Company - Financial assets at fair value through other - US$ 2,349 N/A US$ 2,349
CMS Energy Corporation - 〃 - US$ 2,339 N/A US$ 2,339
Workday, Inc. - 〃 - US$ 2,312 N/A US$ 2,312
American Electric Power Company, Inc. - 〃 - US$ 2,300 N/A US$ 2,300
Magellan Midstream Partners, L.P. - 〃 - US$ 2,276 N/A US$ 2,276
Georgia Power Company - 〃 - US$ 2,265 N/A US$ 2,265
Texas Instruments Incorporated - 〃 - US$ 2,259 N/A US$ 2,259
Shire Acquisitions Investments Ireland Designated Activity - 〃 - US$ 2,257 N/A US$ 2,257
Company
Chevron U.S.A. Inc. - 〃 - US$ 2,242 N/A US$ 2,242
USAA Capital Corp. - 〃 - US$ 2,230 N/A US$ 2,230
O'Reilly Automotive, Inc. - 〃 - US$ 2,221 N/A US$ 2,221
Reynolds American Inc. - 〃 - US$ 2,218 N/A US$ 2,218
BOC Aviation Limited - 〃 - US$ 2,217 N/A US$ 2,217
Yara International ASA - 〃 - US$ 2,208 N/A US$ 2,208
RGA Global Funding - 〃 - US$ 2,207 N/A US$ 2,207
Crédit Agricole S.A. - 〃 - US$ 2,203 N/A US$ 2,203
National Australia Bank - New York Branch - 〃 - US$ 2,194 N/A US$ 2,194
NiSource Inc. - 〃 - US$ 2,149 N/A US$ 2,149
Berkshire Hathaway Inc. - 〃 - US$ 2,139 N/A US$ 2,139
Empower Finance 2020, LP - 〃 - US$ 2,104 N/A US$ 2,104
CNH Industrial Capital LLC - 〃 - US$ 2,081 N/A US$ 2,081
Union Pacific Corporation - 〃 - US$ 2,070 N/A US$ 2,070
Health Care Service Corporation, a Mutual Legal Reserve - 〃 - US$ 2,044 N/A US$ 2,044
Company
DTE Energy Company - 〃 - US$ 2,029 N/A US$ 2,029
Georgia-Pacific LLC - 〃 - US$ 2,015 N/A US$ 2,015
Baidu, Inc. - 〃 - US$ 1,997 N/A US$ 1,997
The East Ohio Gas Company - 〃 - US$ 1,992 N/A US$ 1,992
General Electric Company - 〃 - US$ 1,983 N/A US$ 1,983
Mead Johnson Nutrition Company - 〃 - US$ 1,959 N/A US$ 1,959
Amphenol Corporation - 〃 - US$ 1,955 N/A US$ 1,955
The Sherwin-Williams Company - 〃 - US$ 1,951 N/A US$ 1,951
Reliance Standard Life Global Funding II - 〃 - US$ 1,947 N/A US$ 1,947
Magna International Inc. - 〃 - US$ 1,946 N/A US$ 1,946
Tucson Electric Power Company - 〃 - US$ 1,918 N/A US$ 1,918
Gulf Power Company - 〃 - US$ 1,862 N/A US$ 1,862
Olympus Corporation - 〃 - US$ 1,848 N/A US$ 1,848
Otis Worldwide Corporation - 〃 - US$ 1,836 N/A US$ 1,836
Shinhan Financial Group Co., Ltd. - 〃 - US$ 1,780 N/A US$ 1,780
Kinder Morgan, Inc. - 〃 - US$ 1,772 N/A US$ 1,772
DuPont de Nemours, Inc. - 〃 - US$ 1,740 N/A US$ 1,740
Mitsubishi Corporation - 〃 - US$ 1,733 N/A US$ 1,733
Sydney Airport Finance Company Pty Ltd - 〃 - US$ 1,720 N/A US$ 1,720
Caterpillar Financial Services Corporation - 〃 - US$ 1,718 N/A US$ 1,718
NBK SPC Limited - 〃 - US$ 1,714 N/A US$ 1,714
Kentucky Utilities Company - 〃 - US$ 1,713 N/A US$ 1,713
Wipro IT Services LLC - 〃 - US$ 1,662 N/A US$ 1,662
Evergy Kansas Central, Inc. - 〃 - US$ 1,658 N/A US$ 1,658
Infor, Inc. - 〃 - US$ 1,655 N/A US$ 1,655
(Continued)
- 61 -
September 30, 2022
TSMC Global Enbridge Inc. - Financial assets at fair value through other - US$ 1,652 N/A US$ 1,652
Tyson Foods, Inc. - 〃 - US$ 1,619 N/A US$ 1,619
Quest Diagnostics Incorporated - 〃 - US$ 1,599 N/A US$ 1,599
Gulfstream Natural Gas System, L.L.C. - 〃 - US$ 1,598 N/A US$ 1,598
Burlington Northern Santa Fe, LLC - 〃 - US$ 1,592 N/A US$ 1,592
Berkshire Hathaway Energy Company - 〃 - US$ 1,575 N/A US$ 1,575
Raytheon Technologies Corporation - 〃 - US$ 1,575 N/A US$ 1,575
University of California - 〃 - US$ 1,568 N/A US$ 1,568
CSL Finance plc - 〃 - US$ 1,563 N/A US$ 1,563
NatWest Group plc - 〃 - US$ 1,557 N/A US$ 1,557
Walmart Inc. - 〃 - US$ 1,548 N/A US$ 1,548
Midwest Connector Capital Company LLC - 〃 - US$ 1,545 N/A US$ 1,545
eBay Inc. - 〃 - US$ 1,515 N/A US$ 1,515
UBS AG (LONDON BRANCH) - 〃 - US$ 1,508 N/A US$ 1,508
MetLife, Inc. - 〃 - US$ 1,505 N/A US$ 1,505
KEB Hana Bank - 〃 - US$ 1,500 N/A US$ 1,500
Elevance Health Inc. - 〃 - US$ 1,497 N/A US$ 1,497
Emerson Electric Co. - 〃 - US$ 1,495 N/A US$ 1,495
Westpac Banking Corporation - 〃 - US$ 1,494 N/A US$ 1,494
Glencore Funding LLC - 〃 - US$ 1,483 N/A US$ 1,483
APA Infrastructure Limited - 〃 - US$ 1,476 N/A US$ 1,476
Brookfield Finance LLC - 〃 - US$ 1,473 N/A US$ 1,473
CK Hutchison International (19) Limited - 〃 - US$ 1,466 N/A US$ 1,466
Commonwealth Bank of Australia - 〃 - US$ 1,454 N/A US$ 1,454
Microchip Technology Incorporated - 〃 - US$ 1,452 N/A US$ 1,452
Amcor Flexibles North America Inc. - 〃 - US$ 1,448 N/A US$ 1,448
NSTAR Electric Company - 〃 - US$ 1,431 N/A US$ 1,431
Marsh & McLennan Companies, Inc. - 〃 - US$ 1,426 N/A US$ 1,426
UBS Group Funding (Jersey) Ltd. - 〃 - US$ 1,420 N/A US$ 1,420
Duke Energy Florida, LLC - 〃 - US$ 1,411 N/A US$ 1,411
Marathon Petroleum Corporation - 〃 - US$ 1,406 N/A US$ 1,406
The Southern Company - 〃 - US$ 1,396 N/A US$ 1,396
Essex Portfolio, L.P. - 〃 - US$ 1,376 N/A US$ 1,376
Alimentation Couche-Tard Inc. - 〃 - US$ 1,353 N/A US$ 1,353
ITC Holdings Corp. - 〃 - US$ 1,346 N/A US$ 1,346
National Rural Utilities Cooperative Finance Corporation - 〃 - US$ 1,345 N/A US$ 1,345
Eastern Gas Transmission and Storage, Inc. - 〃 - US$ 1,302 N/A US$ 1,302
Alliant Energy Finance, LLC - 〃 - US$ 1,300 N/A US$ 1,300
Entergy Arkansas, LLC - 〃 - US$ 1,268 N/A US$ 1,268
NetApp, Inc. - 〃 - US$ 1,261 N/A US$ 1,261
PACCAR Financial Corp. - 〃 - US$ 1,217 N/A US$ 1,217
State Of Tennessee - 〃 - US$ 1,217 N/A US$ 1,217
Andrew W. Mellon Foundation, The - 〃 - US$ 1,211 N/A US$ 1,211
Met Tower Global Funding - 〃 - US$ 1,207 N/A US$ 1,207
American Honda Finance Corporation - 〃 - US$ 1,163 N/A US$ 1,163
Banco Bilbao Vizcaya Argentaria, S.A. - 〃 - US$ 1,151 N/A US$ 1,151
Corebridge Financial, Inc. - 〃 - US$ 1,143 N/A US$ 1,143
Skandinaviska Enskilda Banken AB (publ) - 〃 - US$ 1,083 N/A US$ 1,083
The Curators of the University of Missouri - 〃 - US$ 1,080 N/A US$ 1,080
(Continued)
- 62 -
September 30, 2022
TSMC Global Ferguson Finance PLC - Financial assets at fair value through other - US$ 1,060 N/A US$ 1,060
Nucor Corporation - 〃 - US$ 1,057 N/A US$ 1,057
Baker Hughes Holdings LLC - 〃 - US$ 1,031 N/A US$ 1,031
State Street Corporation - 〃 - US$ 1,026 N/A US$ 1,026
Enterprise Products Operating LLC - 〃 - US$ 1,025 N/A US$ 1,025
IBERDROLA INTL BV - 〃 - US$ 1,022 N/A US$ 1,022
The Cleveland Electric Illuminating Company - 〃 - US$ 1,005 N/A US$ 1,005
Texas Eastern Transmission, LP - 〃 - US$ 999 N/A US$ 999
Foxconn (Far East) Limited - 〃 - US$ 997 N/A US$ 997
Sinopec Group Overseas Development (2014) Ltd. - 〃 - US$ 996 N/A US$ 996
Baltimore Gas and Electric Company - 〃 - US$ 992 N/A US$ 992
BBVA México, S.A., Institución de Banca Múltiple, Grupo - 〃 - US$ 988 N/A US$ 988
Financiero BBVA México
Entergy Mississippi, LLC - 〃 - US$ 987 N/A US$ 987
Board of Regents, State of Iowa - 〃 - US$ 980 N/A US$ 980
MassMutual Global Funding II - 〃 - US$ 979 N/A US$ 979
Denver City & County Housing Authority - 〃 - US$ 974 N/A US$ 974
Pricoa Global Funding I - 〃 - US$ 951 N/A US$ 951
Kansas City Southern - 〃 - US$ 936 N/A US$ 936
Suntory Holdings Limited - 〃 - US$ 935 N/A US$ 935
Aflac Incorporated - 〃 - US$ 878 N/A US$ 878
American International Group, Inc. - 〃 - US$ 874 N/A US$ 874
Unilever Capital Corporation - 〃 - US$ 873 N/A US$ 873
KeyBank National Association - 〃 - US$ 858 N/A US$ 858
QNB Finance Ltd. - 〃 - US$ 853 N/A US$ 853
AmerisourceBergen Corporation - 〃 - US$ 827 N/A US$ 827
Hormel Foods Corporation - 〃 - US$ 814 N/A US$ 814
BMW US Capital, LLC - 〃 - US$ 801 N/A US$ 801
BHP Billiton Finance (USA) Limited - 〃 - US$ 798 N/A US$ 798
Sinopec Capital (2013) Ltd. - 〃 - US$ 793 N/A US$ 793
Palm Beach County, Florida - 〃 - US$ 789 N/A US$ 789
TransCanada PipeLines Limited - 〃 - US$ 784 N/A US$ 784
Oregon Health & Science University - 〃 - US$ 771 N/A US$ 771
Tencent Holdings Limited - 〃 - US$ 747 N/A US$ 747
Niagara Mohawk Power Corporation - 〃 - US$ 745 N/A US$ 745
The Walt Disney Company - 〃 - US$ 734 N/A US$ 734
CubeSmart, L.P. - 〃 - US$ 724 N/A US$ 724
Southern Power Company - 〃 - US$ 710 N/A US$ 710
Visa Inc. - 〃 - US$ 707 N/A US$ 707
Canadian Natural Resources Limited - 〃 - US$ 693 N/A US$ 693
Sky Limited - 〃 - US$ 683 N/A US$ 683
PayPal Holdings, Inc. - 〃 - US$ 668 N/A US$ 668
Hyundai Capital Services, Inc. - 〃 - US$ 655 N/A US$ 655
Abbott Laboratories - 〃 - US$ 643 N/A US$ 643
Norsk Hydro ASA - 〃 - US$ 642 N/A US$ 642
State Of Washington - 〃 - US$ 640 N/A US$ 640
Sodexo, Inc. - 〃 - US$ 635 N/A US$ 635
Stryker Corporation - 〃 - US$ 629 N/A US$ 629
Automatic Data Processing, Inc. - 〃 - US$ 619 N/A US$ 619
(Continued)
- 63 -
September 30, 2022
TSMC Global Bell Canada, Inc. - Financial assets at fair value through other - US$ 612 N/A US$ 612
DH Europe Finance II S.a.r.l. - 〃 - US$ 599 N/A US$ 599
Intact U.S. Holdings Inc. - 〃 - US$ 595 N/A US$ 595
QUALCOMM Incorporated - 〃 - US$ 590 N/A US$ 590
Keurig Dr Pepper Inc. - 〃 - US$ 589 N/A US$ 589
Republic Services, Inc. - 〃 - US$ 576 N/A US$ 576
Lincoln National Corporation - 〃 - US$ 572 N/A US$ 572
Port of Morrow - 〃 - US$ 565 N/A US$ 565
Florida Hurricane Catastrophe Fund Finance Corporation - 〃 - US$ 564 N/A US$ 564
American Water Capital Corp. - 〃 - US$ 555 N/A US$ 555
Fifth Third Bank, National Association - 〃 - US$ 546 N/A US$ 546
Duke Energy Progress, LLC - 〃 - US$ 544 N/A US$ 544
Shell International Finance B.V. - 〃 - US$ 523 N/A US$ 523
ConocoPhillips Company - 〃 - US$ 497 N/A US$ 497
State of Hawaii - 〃 - US$ 495 N/A US$ 495
Arizona Public Service Company - 〃 - US$ 492 N/A US$ 492
United Parcel Service, Inc. - 〃 - US$ 492 N/A US$ 492
Gsk Consumer Healthcare Capital Uk Plc - 〃 - US$ 473 N/A US$ 473
Trane Technologies Luxembourg Finance S.A. - 〃 - US$ 469 N/A US$ 469
Ecolab Inc. - 〃 - US$ 463 N/A US$ 463
Genuine Parts Company - 〃 - US$ 462 N/A US$ 462
McCormick & Company, Incorporated - 〃 - US$ 461 N/A US$ 461
Altria Group, Inc. - 〃 - US$ 459 N/A US$ 459
DENSO Corporation - 〃 - US$ 433 N/A US$ 433
AIA Group Limited - 〃 - US$ 432 N/A US$ 432
Brazos Higher Education Authority Inc - 〃 - US$ 427 N/A US$ 427
The Home Depot, Inc. - 〃 - US$ 403 N/A US$ 403
Target Corporation - 〃 - US$ 401 N/A US$ 401
Aetna Inc. - 〃 - US$ 394 N/A US$ 394
National Australia Bank Limited - 〃 - US$ 394 N/A US$ 394
Boston Properties Limited Partnership - 〃 - US$ 393 N/A US$ 393
University of Massachusetts Building Authority - 〃 - US$ 389 N/A US$ 389
Comerica Bank - 〃 - US$ 383 N/A US$ 383
Entergy Corporation - 〃 - US$ 374 N/A US$ 374
Banco del Estado de Chile - 〃 - US$ 373 N/A US$ 373
Sierra Pacific Power Company - 〃 - US$ 370 N/A US$ 370
Duke Energy Corporation - 〃 - US$ 369 N/A US$ 369
McKesson Corporation - 〃 - US$ 368 N/A US$ 368
Honeywell International Inc. - 〃 - US$ 368 N/A US$ 368
PepsiCo, Inc. - 〃 - US$ 355 N/A US$ 355
NIKE, Inc. - 〃 - US$ 355 N/A US$ 355
Principal Financial Group, Inc. - 〃 - US$ 348 N/A US$ 348
First Republic Bank - 〃 - US$ 346 N/A US$ 346
The Norinchukin Bank - 〃 - US$ 345 N/A US$ 345
Aon Corporation - 〃 - US$ 339 N/A US$ 339
Rabobank Nederland - New York Branch - 〃 - US$ 331 N/A US$ 331
Amgen Inc. - 〃 - US$ 308 N/A US$ 308
Philip Morris International Inc. - 〃 - US$ 296 N/A US$ 296
Mid-America Apartments, L.P. - 〃 - US$ 291 N/A US$ 291
(Continued)
- 64 -
September 30, 2022
TSMC Global Alabama State Federal Aid Highway Finance Authority - Financial assets at fair value through other - US$ 290 N/A US$ 290
The Allstate Corporation - 〃 - US$ 288 N/A US$ 288
TotalEnergies Capital International - 〃 - US$ 285 N/A US$ 285
BOC Aviation (USA) Corporation - 〃 - US$ 283 N/A US$ 283
Salesforce, Inc. - 〃 - US$ 280 N/A US$ 280
Aptiv PLC - 〃 - US$ 279 N/A US$ 279
Johnson Controls International plc - 〃 - US$ 269 N/A US$ 269
Barclays Bank PLC - 〃 - US$ 269 N/A US$ 269
Southern Natural Gas Company, L.L.C. - 〃 - US$ 267 N/A US$ 267
QatarEnergy - 〃 - US$ 261 N/A US$ 261
Sales Tax Securitization Corporation Of Chicago - 〃 - US$ 249 N/A US$ 249
Equitable Holdings, Inc. - 〃 - US$ 243 N/A US$ 243
Starbucks Corporation - 〃 - US$ 236 N/A US$ 236
E. I. du Pont de Nemours and Company - 〃 - US$ 226 N/A US$ 226
Waste Management, Inc. - 〃 - US$ 221 N/A US$ 221
Nasdaq, Inc. - 〃 - US$ 218 N/A US$ 218
Entergy Louisiana, LLC - 〃 - US$ 217 N/A US$ 217
Children's Hospital Of Orange County - 〃 - US$ 212 N/A US$ 212
The Pennsylvania State University - 〃 - US$ 205 N/A US$ 205
Martin Marietta Materials, Inc. - 〃 - US$ 203 N/A US$ 203
Riverside County Infrastructure Financing Authority - 〃 - US$ 197 N/A US$ 197
Saudi Arabian Oil Company - 〃 - US$ 192 N/A US$ 192
Los Angeles Department of Water and Power, California - 〃 - US$ 191 N/A US$ 191
Deere & Company - 〃 - US$ 191 N/A US$ 191
NongHyup Bank - 〃 - US$ 186 N/A US$ 186
San Francisco Public Utilities Commission - 〃 - US$ 180 N/A US$ 180
Hoover Alabama Board Of Education - 〃 - US$ 174 N/A US$ 174
Dormitory Authority of the State of New York - 〃 - US$ 152 N/A US$ 152
Oregon Education Districts - 〃 - US$ 151 N/A US$ 151
Electricité de France S.A. - 〃 - US$ 96 N/A US$ 96
Beth Israel Deaconess Medical Center, Inc. - 〃 - US$ 84 N/A US$ 84
Municipal Improvement Corporation of Los Angeles - 〃 - US$ 80 N/A US$ 80
Pima County, Arizona - 〃 - US$ 75 N/A US$ 75
State of Wisconsin - 〃 - US$ 61 N/A US$ 61
Huntington Beach California - 〃 - US$ 49 N/A US$ 49
City of Worcester, MA - 〃 - US$ 30 N/A US$ 30
Nueces County - 〃 - US$ 24 N/A US$ 24
Bank of America Corporation - Financial assets at amortized cost - US$ 365,654 N/A US$ 360,738
The Goldman Sachs Group, Inc. - 〃 - US$ 340,683 N/A US$ 335,408
Citigroup Global Markets Inc. - 〃 - US$ 249,919 N/A US$ 243,346
JPMorgan Chase & Co. - 〃 - US$ 205,628 N/A US$ 202,660
Wells Fargo & Company - 〃 - US$ 189,392 N/A US$ 185,987
Citigroup Global Markets Holdings Inc. - 〃 - US$ 149,951 N/A US$ 144,379
Goldman Sachs Finance Corp International Ltd. - 〃 - US$ 149,870 N/A US$ 146,502
Citigroup Inc. - 〃 - US$ 106,012 N/A US$ 104,672
Jpmorgan LLC - 〃 - US$ 49,984 N/A US$ 49,072
Morgan Stanley - 〃 - US$ 30,237 N/A US$ 29,274
Banco Bilbao Vizcaya Argentaria, S.A. - 〃 - US$ 10,443 N/A US$ 10,314
Hyundai Capital Services, Inc. - 〃 - US$ 9,212 N/A US$ 9,065
(Continued)
- 65 -
September 30, 2022
TSMC Global Nomura Holdings, Inc. - Financial assets at amortized cost - US$ 9,207 N/A US$ 8,982
Fédération des caisses Desjardins du Québec - 〃 - US$ 9,161 N/A US$ 8,918
Great-West Lifeco U.S. Finance 2020, Lp - 〃 - US$ 9,156 N/A US$ 8,897
UBS Group AG - 〃 - US$ 9,087 N/A US$ 8,923
Sumitomo Mitsui Trust Bank, Limited - 〃 - US$ 9,022 N/A US$ 8,845
Deutsche Bank AG - New York Branch - 〃 - US$ 8,981 N/A US$ 8,788
Lloyds Banking Group plc - 〃 - US$ 8,972 N/A US$ 8,822
NatWest Markets Plc - 〃 - US$ 8,933 N/A US$ 8,769
Athene Global Funding - 〃 - US$ 8,858 N/A US$ 8,710
NongHyup Bank - 〃 - US$ 8,473 N/A US$ 8,401
BPCE SA - 〃 - US$ 8,390 N/A US$ 8,167
Banco Santander, S.A. - 〃 - US$ 8,308 N/A US$ 8,058
Enel Finance International N.V. - 〃 - US$ 8,206 N/A US$ 7,995
Ventas Realty, Limited Partnership - 〃 - US$ 8,157 N/A US$ 8,029
Protective Life Global Funding - 〃 - US$ 8,065 N/A US$ 7,880
Volkswagen Group of America Finance, LLC - 〃 - US$ 8,012 N/A US$ 7,862
Sydney Airport Finance Company Pty Ltd - 〃 - US$ 7,607 N/A US$ 7,418
BNP Paribas SA - 〃 - US$ 7,541 N/A US$ 7,397
Nationwide Building Society - 〃 - US$ 7,161 N/A US$ 6,913
AIG Global Funding - 〃 - US$ 7,131 N/A US$ 7,058
KeyBank National Association - 〃 - US$ 7,016 N/A US$ 6,812
GA Global Funding Trust - 〃 - US$ 6,244 N/A US$ 6,139
Canadian Imperial Bank of Commerce - 〃 - US$ 6,162 N/A US$ 5,999
Mitsubishi UFJ Financial Group, Inc. - 〃 - US$ 6,049 N/A US$ 5,950
CRH America, Inc. - 〃 - US$ 5,970 N/A US$ 5,805
Sumitomo Mitsui Financial Group, Inc. - 〃 - US$ 5,709 N/A US$ 5,625
Daimler Trucks Finance North America LLC - 〃 - US$ 5,671 N/A US$ 5,541
CREDIT SUISSE AG (NEW YORK BRANCH) - 〃 - US$ 5,608 N/A US$ 5,505
Swedbank AB (publ) - 〃 - US$ 5,215 N/A US$ 5,119
F&G Global Funding - 〃 - US$ 5,183 N/A US$ 5,101
Bayer US Finance II LLC - 〃 - US$ 4,986 N/A US$ 4,915
Ecolab Inc. - 〃 - US$ 4,847 N/A US$ 4,791
Credit Suisse AG, New York Branch - 〃 - US$ 4,727 N/A US$ 4,597
Kinder Morgan, Inc. - 〃 - US$ 4,699 N/A US$ 4,646
Jackson Financial Inc. - 〃 - US$ 4,643 N/A US$ 4,601
Bristol-Myers Squibb Company - 〃 - US$ 4,640 N/A US$ 4,596
ING Groep N.V. - 〃 - US$ 4,507 N/A US$ 4,451
Toyota Motor Credit Corporation - 〃 - US$ 4,496 N/A US$ 4,452
Five Corners Funding Trust - 〃 - US$ 4,421 N/A US$ 4,350
Svenska Handelsbanken AB (publ) - 〃 - US$ 4,191 N/A US$ 4,112
Danone S.A. - 〃 - US$ 4,144 N/A US$ 4,108
National Australia Bank - New York Branch - 〃 - US$ 4,008 N/A US$ 3,980
Société Générale Société anonyme - 〃 - US$ 4,007 N/A US$ 3,957
Mercedes-Benz Finance North America LLC - 〃 - US$ 4,005 N/A US$ 3,982
Mizuho Financial Group, Inc. - 〃 - US$ 4,001 N/A US$ 3,983
BMW US Capital, LLC - 〃 - US$ 4,000 N/A US$ 3,979
Penske Truck Leasing Co., L.P. - 〃 - US$ 3,998 N/A US$ 3,959
Georgia-Pacific LLC - 〃 - US$ 3,995 N/A US$ 3,980
Simon Property Group, L.P. - 〃 - US$ 3,980 N/A US$ 3,952
SMBC Aviation Capital Finance DAC - 〃 - US$ 3,974 N/A US$ 3,950
(Continued)
- 66 -
September 30, 2022
TSMC Global Danske Bank A/S - Financial assets at amortized cost - US$ 3,965 N/A US$ 3,911
Philip Morris International Inc. - 〃 - US$ 3,947 N/A US$ 3,926
The Bank of Nova Scotia - 〃 - US$ 3,884 N/A US$ 3,836
Komatsu Finance America, Inc. - 〃 - US$ 3,881 N/A US$ 3,851
Nordea Bank Abp - 〃 - US$ 3,789 N/A US$ 3,749
Shire Acquisitions Investments Ireland Designated Activity - 〃 - US$ 3,731 N/A US$ 3,692
Company
Georgia Power Company - 〃 - US$ 3,537 N/A US$ 3,518
Enbridge Inc. - 〃 - US$ 3,399 N/A US$ 3,346
Central Japan Railway Company - 〃 - US$ 3,386 N/A US$ 3,350
Jackson National Life Global Funding - 〃 - US$ 3,321 N/A US$ 3,240
Nestlé Holdings, Inc. - 〃 - US$ 3,277 N/A US$ 3,245
ANZ New Zealand (Int'l) Limited - 〃 - US$ 3,177 N/A US$ 3,109
Spectra Energy Partners, LP - 〃 - US$ 2,826 N/A US$ 2,761
Reliance Standard Life Global Funding II - 〃 - US$ 2,659 N/A US$ 2,645
Ryder System, Inc. - 〃 - US$ 2,552 N/A US$ 2,525
Southern California Edison Company - 〃 - US$ 2,269 N/A US$ 2,254
American Honda Finance Corporation - 〃 - US$ 1,951 N/A US$ 1,926
Oracle Corporation - 〃 - US$ 885 N/A US$ 876
Baxter International Inc. - 〃 - US$ 777 N/A US$ 769
Fidelity National Information Services, Inc. - 〃 - US$ 591 N/A US$ 590
Abbott Laboratories - 〃 - US$ 362 N/A US$ 358
Metropolitan Life Global Funding I - 〃 - US$ 147 N/A US$ 145
Government bond
United States Department of The Treasury - Financial assets at fair value through other - US$ 633,998 N/A US$ 633,998
Emirate of Abu Dhabi - 〃 - US$ 1,447 N/A US$ 1,447
Qatar - 〃 - US$ 1,295 N/A US$ 1,295
Agency bonds/Agency mortgage-backed securities

FEDERAL NATIONAL MORTGAGE ASSOCIATION - Financial assets at fair value through other - US$ 480,057 N/A US$ 480,057
Federal Home Loan Mortgage Corporation - 〃 - US$ 275,758 N/A US$ 275,758
Government National Mortgage Association - 〃 - US$ 179,583 N/A US$ 179,583
Asset-backed securities
Hyundai Auto Receivables Trust 2021-C - Financial assets at fair value through other - US$ 10,383 N/A US$ 10,383
JPMBB Commercial Mortgage Securities Trust 2014-C24 - 〃 - US$ 9,638 N/A US$ 9,638
BX Trust 2022-LBA6 - 〃 - US$ 9,617 N/A US$ 9,617
Toyota Auto Receivables 2022-B Owner Trust - 〃 - US$ 9,570 N/A US$ 9,570
Wells Fargo Commercial Mortgage Trust 2016-Bnk1 - 〃 - US$ 8,876 N/A US$ 8,876
Ford Credit Auto Owner Trust 2021-Rev2 - 〃 - US$ 7,331 N/A US$ 7,331
Citigroup Commercial Mortgage Trust 2015-GC33 - 〃 - US$ 7,251 N/A US$ 7,251
Ford Credit Auto Owner Trust 2020-REV2 - 〃 - US$ 6,538 N/A US$ 6,538
Morgan Stanley Capital I Trust 2021-L6 - 〃 - US$ 6,127 N/A US$ 6,127
Morgan Stanley Bank America Merrill Lynch Trust 2016-C30 - 〃 - US$ 6,031 N/A US$ 6,031
Bank 2020-BNK26 - 〃 - US$ 5,676 N/A US$ 5,676
Benchmark 2019-B11 Mortgage Trust - 〃 - US$ 5,670 N/A US$ 5,670
Hudson Yards 2016-10HY Mortgage Trust - 〃 - US$ 5,620 N/A US$ 5,620
Citigroup Commercial Mortgage Trust 2021-PRM2 - 〃 - US$ 5,413 N/A US$ 5,413
(Continued)
- 67 -
September 30, 2022
TSMC Global Wells Fargo Commercial Mortgage Trust 2016-C35 - Financial assets at fair value through other - US$ 5,317 N/A US$ 5,317
Bank 2017-Bnk6 - 〃 - US$ 5,270 N/A US$ 5,270
Bank 2021-bnk33 - 〃 - US$ 5,263 N/A US$ 5,263
BBCMS 2018-Tall Mortgage Trust - 〃 - US$ 5,176 N/A US$ 5,176
WFRBS Commercial Mortgage Trust 2013-C13 - 〃 - US$ 4,959 N/A US$ 4,959
Morgan Stanley Bank America Merrill Lynch Trust 2013-C10 - 〃 - US$ 4,696 N/A US$ 4,696
CSAIL 2018-CX11 - 〃 - US$ 4,685 N/A US$ 4,685
Wells Fargo Commercial Mortgage Trust 2021-C59 - 〃 - US$ 4,629 N/A US$ 4,629
GM Financial Revolving Receivables Trust 2021-1 - 〃 - US$ 4,329 N/A US$ 4,329
MRCD 2019-Prkc Mortgage Trust - 〃 - US$ 4,322 N/A US$ 4,322
Honda Auto Receivables 2021 - 4 Owner Trust - 〃 - US$ 4,316 N/A US$ 4,316
Bank 2017-BNK9 - 〃 - US$ 4,314 N/A US$ 4,314
Bank 2017 - BNK7 - 〃 - US$ 3,946 N/A US$ 3,946
Bank 2019-Bnk17 - 〃 - US$ 3,862 N/A US$ 3,862
JPMCC 2017-JP7 - 〃 - US$ 3,854 N/A US$ 3,854
BANK 2017-BNK5 - 〃 - US$ 3,469 N/A US$ 3,469
Msbam 2016-C29 - 〃 - US$ 3,417 N/A US$ 3,417
Bank 2019-Bnk22 - 〃 - US$ 3,327 N/A US$ 3,327
Citigroup Commercial Mortgage Trust 2019-Gc43 - 〃 - US$ 3,155 N/A US$ 3,155
GM Financial Consumer Automobile Receivables Trust 2021-4 - 〃 - US$ 3,142 N/A US$ 3,142
Commerce 2015-CCRE24 Mortgage Trust - 〃 - US$ 3,032 N/A US$ 3,032
Msbam 2016-C31 - 〃 - US$ 2,982 N/A US$ 2,982
Ford Credit Auto Owner Trust 2022-B - 〃 - US$ 2,977 N/A US$ 2,977
WFRBS Commercial Mortgage Trust 2014-C25 - 〃 - US$ 2,889 N/A US$ 2,889
J.P. Morgan Chase Commercial Mortgage Securities Trust 2012- - 〃 - US$ 2,860 N/A US$ 2,860
LC9
GS Mortgage Securities Corporation Trust 2018-RIVR - 〃 - US$ 2,837 N/A US$ 2,837
Sreit Commercial Mortgage Trust 2021-Mfp - 〃 - US$ 2,766 N/A US$ 2,766
JPMDB 2017-C7 - 〃 - US$ 2,654 N/A US$ 2,654
GS Mortgage Securities Trust 2015-GC32 - 〃 - US$ 2,594 N/A US$ 2,594
GS Mortgage Securities Trust 2013-GCJ12 - 〃 - US$ 2,547 N/A US$ 2,547
Benchmark 2018-B3 Commercial Mortgage Trust - 〃 - US$ 2,447 N/A US$ 2,447
Ford Credit Auto Owner Trust 2020-Rev1 - 〃 - US$ 2,327 N/A US$ 2,327
Mhc Commercial Mortgage Trust 2021-Mhc - 〃 - US$ 2,204 N/A US$ 2,204
UBS Barclays Commercial Mortgage Trust 2013-C6 - 〃 - US$ 2,184 N/A US$ 2,184
Citigroup Commercial Mortgage Trust 2015-P1 - 〃 - US$ 2,153 N/A US$ 2,153
BBCMS Mortgage Trust 2020-C8 - 〃 - US$ 2,041 N/A US$ 2,041
Commerce 2013-CCRE12 Mortgage Trust - 〃 - US$ 1,976 N/A US$ 1,976
UBS Commercial Mortgage Trust 2018-C11 - 〃 - US$ 1,975 N/A US$ 1,975
Morgan Stanley Capital I Trust 2018-H3 - 〃 - US$ 1,973 N/A US$ 1,973
CGCMT 2017-P8 Mortgage Trust - 〃 - US$ 1,909 N/A US$ 1,909
Morgan Stanley Capital I Trust - 〃 - US$ 1,838 N/A US$ 1,838
(Continued)
- 68 -
September 30, 2022
TSMC Global Dolp Trust 2021-NYC - Financial assets at fair value through other - US$ 1,781 N/A US$ 1,781
COMM 2020-CBM Mortgage Trust - 〃 - US$ 1,415 N/A US$ 1,415
Morgan Stanley Capital I Trust 2021-L5 - 〃 - US$ 1,327 N/A US$ 1,327
Dbgs 2018-Biod Mortgage Trust - 〃 - US$ 1,253 N/A US$ 1,253
Honda Auto Receivables 2021-2 Owner Trust - 〃 - US$ 1,253 N/A US$ 1,253
WFRBS Commercial Mortgage Trust 2013-UBS1 - 〃 - US$ 1,227 N/A US$ 1,227
Toyota Auto Receivables 2021-D Owner Trust - 〃 - US$ 1,136 N/A US$ 1,136
Morgan Stanley Capital I Trust 2015 - UBS8 - 〃 - US$ 945 N/A US$ 945
UBS Commercial Mortgage Trust 2018-C10 - 〃 - US$ 928 N/A US$ 928
JPMCC Commercial Mortgage Securities Trust 2016 - JP3 - 〃 - US$ 916 N/A US$ 916
Morgan Stanley Bank Of America Merrill Lynch Trust 2013-C13 - 〃 - US$ 871 N/A US$ 871
BX Trust 2021-BXMF - 〃 - US$ 809 N/A US$ 809
280 Park Avenue Trust 2017 - 280P - 〃 - US$ 808 N/A US$ 808
Citigroup Commercial Mortgage Trust 2013-GCJ11 - 〃 - US$ 767 N/A US$ 767
Bx 2021-21M Mortgage Trust - 〃 - US$ 764 N/A US$ 764
COMM Mortgage Trust Series 2015-LC19 - 〃 - US$ 764 N/A US$ 764
Elp Commercial Mortgage Trust 2021-Elp - 〃 - US$ 762 N/A US$ 762
Benchmark 2019-B14 Mortgage Trust - 〃 - US$ 657 N/A US$ 657
Commerce 2014-Ccre17 Mortgage Trust - 〃 - US$ 642 N/A US$ 642
Morgan Stanley Capital I Trust 2019-H6 - 〃 - US$ 611 N/A US$ 611
GS Mortgage Securities Trust 2014-GC22 - 〃 - US$ 608 N/A US$ 608
Equs 2021-Eqaz Mortgage Trust - 〃 - US$ 570 N/A US$ 570
JPMBB Commercial Mortgage Securities Trust 2016-C1 - 〃 - US$ 568 N/A US$ 568
Gs Mortgage Securities Corporation Trust 2020-Uptn - 〃 - US$ 543 N/A US$ 543
Wells Fargo Commercial Mortgage Trust 2015-C28 - 〃 - US$ 531 N/A US$ 531
Toyota Auto Receivables 2018-D Owner Trust - 〃 - US$ 528 N/A US$ 528
Bx Commercial Mortgage Trust 2021-CIP - 〃 - US$ 527 N/A US$ 527
Wells Fargo Commercial Mortgage Trust 2015-LC20 - 〃 - US$ 497 N/A US$ 497
WFRBSCommercial Mortgage Trust 2013-C17 - 〃 - US$ 496 N/A US$ 496
Bbcms Mortgage Trust 2017-C1 - 〃 - US$ 487 N/A US$ 487
Citigroup Commercial Mortgage Trust 2018-C5 - 〃 - US$ 482 N/A US$ 482
GS Mortgage Securities Trust 2019-GSA1 - 〃 - US$ 476 N/A US$ 476
Bank 2019-BNK23 - 〃 - US$ 433 N/A US$ 433
Benchmark 2019-B9 Mortgage Trust - 〃 - US$ 423 N/A US$ 423
CF 2019-CF1 Mortgage Trust - 〃 - US$ 407 N/A US$ 407
Morgan Stanley Capital I Trust 2019-H7 - 〃 - US$ 406 N/A US$ 406
Wells Fargo Commercial Mortgage Trust 2015-NXS3 - 〃 - US$ 404 N/A US$ 404
COMM 2013-LC6 Mortgage Trust - 〃 - US$ 393 N/A US$ 393
Citigroup Commercial Mortgage Trust 2014-GC23 - 〃 - US$ 359 N/A US$ 359
COMM 2015-CCRE22 Mortgage Trust - 〃 - US$ 339 N/A US$ 339
JPMBB Commercial Mortgage Securities Trust 2014-C19 - 〃 - US$ 315 N/A US$ 315
(Continued)
- 69 -
September 30, 2022
TSMC Global JPMCC 2015 - JP1 - Financial assets at fair value through other - US$ 290 N/A US$ 290
JPMDB Commercial Mortgage Securities Trust 2019-COR6 - 〃 - US$ 269 N/A US$ 269
Citigroup Commercial Mortgage Trust 2016-C3 - 〃 - US$ 238 N/A US$ 238
Morgan Stanley Bank Of America Merrill Lynch Trust 2013-C12 - 〃 - US$ 235 N/A US$ 235
UBS-Barclays Commercial Mortgage Trust 2012-C2 - 〃 - US$ 155 N/A US$ 155
Bank 2020-BNK28 - 〃 - US$ 104 N/A US$ 104
BBCMS Mortgage Trust 2020-C7 - 〃 - US$ 74 N/A US$ 74
Wells Fargo Commercial Mortgage Trust 2015-NXS1 - 〃 - US$ 3 N/A US$ 3
Non-publicly traded equity investments

Primavera Capital Fund II L.P. - Financial assets at fair value through other - US$ 86,834 4 US$ 86,834
VTAF II Non-publicly traded equity investments

Aether Systems, Inc. - Financial assets at fair value through other 1,085 - 20 -
5V Technologies, Inc. - 〃 4 - - -
Publicly traded stocks

Sentelic Corporation - Financial assets at fair value through other 971 US$ 1,529 3 US$ 1,529
VTAF III Non-publicly traded equity investments

LiquidLeds Lighting Corp. - Financial assets at fair value through other 1,952 US$ 800 14 US$ 800
Neoconix, Inc. - 〃 4,147 US$ 174 - US$ 174
Growth Fund Non-publicly traded equity investments

Astera Labs, Inc. - Financial assets at fair value through other 637 US$ 4,146 - US$ 4,146
CNEX Labs, Inc. - 〃 33 US$ 166 - US$ 166

Marvell Technology Group Ltd. - Financial assets at fair value through other 30 US$ 1,270 - US$ 1,270
EmergingFund Non-publicly traded equity investments

Astera Labs, Inc. - Financial assets at fair value through other 1,487 US$ 9,680 - US$ 9,680
Solanium Labs, Ltd. - 〃 1,429 US$ 5,000 2 US$ 5,000
Kinara, Inc. - 〃 2,015 US$ 3,000 2 US$ 3,000
RiVos, Inc. - 〃 750 US$ 2,000 - US$ 2,000

Credo Technology Group Holding Ltd - Financial assets at fair value through other 511 US$ 5,616 - US$ 5,616
(Concluded)
- 70 -
TABLE 4

MARKETABLE SECURITIES ACQUIRED AND DISPOSED OF AT COSTS OR PRICES OF AT LEAST NT$300 MILLION OR 20% OF THE PAID-IN CAPITAL
Beginning Balance Acquisition Disposal Ending Balance (Note)

Gain/Loss on
Amount Amount Amount Carrying Value Amount
Marketable Securities Financial Statement Nature of Disposal
Company Name Counterparty Shares/Units (Foreign Shares/Units (Foreign Shares/Units (Foreign (Foreign Shares/Units (Foreign
Type and Name Account Relationship (Foreign
(In Thousands) Currencies in (In Thousands) Currencies in (In Thousands) Currencies in Currencies in (In Thousands) Currencies in
Currencies in
Thousands) Thousands) Thousands) Thousands) Thousands)
Thousands)
TSMC Commercial paper

Taiwan Power Company Financial assets at amortized - - - $ - 3,210 $ 31,966,563 860 $ 8,600,000 $ 8,600,000 $ - 2,350 $ 23,392,427
cost
CPC Corporation, Taiwan 〃 - - - - 2,559 25,493,771 550 5,500,000 5,500,000 - 2,009 20,011,808

investments
JASM Investments accounted for - - 58 1,383,554 962 23,150,164 - - - - 1,020 22,290,954
using equity method
TSMC 3DIC 〃 - - 11 270,513 38 865,370 - - - - 49 1,106,003
Capital
Emerging Fund Investments accounted for - - - 286,205 - 572,165 - - - - - 1,272,826
using equity method
TSMC Global Corporate bond

Morgan Stanley Financial assets at fair value - - - US$ 65,115 - US$ 22,148 - US$ 4,750 US$ 4,678 US$ 72 - US$ 76,812
through other
Bank of America Corporation 〃 - - - US$ 75,265 - US$ 18,472 - US$ 12,205 US$ 12,156 US$ 49 - US$ 75,386
Wells Fargo & Company 〃 - - - US$ 38,439 - US$ 24,456 - US$ - US$ - US$ - - US$ 58,829
Citigroup Inc. 〃 - - - US$ 49,298 - US$ 16,770 - US$ 5,787 US$ 5,779 US$ 8 - US$ 56,384
The Goldman Sachs Group, Inc. 〃 - - - US$ 53,756 - US$ 14,176 - US$ 14,292 US$ 14,346 US$ (54) - US$ 49,532
Metropolitan Life Global Funding 〃 - - - US$ 17,341 - US$ 10,758 - US$ 3,000 US$ 3,000 US$ - - US$ 24,226
I
The Toronto-Dominion Bank 〃 - - - US$ 14,786 - US$ 15,598 - US$ 9,344 US$ 9,685 US$ (341) - US$ 19,252
Bank of Montreal 〃 - - - US$ 6,295 - US$ 14,842 - US$ 5,076 US$ 4,999 US$ 77 - US$ 14,981
S&P Global Inc. 〃 - - - US$ - - US$ 14,096 - US$ 2,893 US$ 2,934 US$ (41) - US$ 10,082
Bank of America Corporation Financial assets at amortized - - - US$ - - US$ 388,666 - US$ 23,000 US$ 23,000 US$ - - US$ 365,654
cost
The Goldman Sachs Group, Inc. 〃 - - - US$ 51,347 - US$ 461,607 - US$ 171,000 US$ 171,000 US$ - - US$ 340,683
Citigroup Global Markets Inc. 〃 - - - US$ 99,968 - US$ 150,000 - US$ - US$ - US$ - - US$ 249,919
JPMorgan Chase & Co. 〃 - - - US$ 10,054 - US$ 194,840 - US$ - US$ - US$ - - US$ 205,628
Wells Fargo & Company 〃 - - - US$ 30,399 - US$ 159,137 - US$ - US$ - US$ - - US$ 189,392
Citigroup Global Markets 〃 - - - US$ - - US$ 150,000 - US$ - US$ - US$ - - US$ 149,951
Holdings Inc.
Goldman Sachs Finance Corp 〃 - - - US$ - - US$ 150,000 - US$ - US$ - US$ - - US$ 149,870
International Ltd.
Citigroup Inc. 〃 - - - US$ - - US$ 119,897 - US$ 14,000 US$ 14,000 US$ - - US$ 106,012
Jpmorgan LLC 〃 - - - US$ - - US$ 50,000 - US$ - US$ - US$ - - US$ 49,984
Morgan Stanley 〃 - - - US$ - - US$ 30,255 - US$ - US$ - US$ - - US$ 30,237
Banco Bilbao Vizcaya Argentaria, 〃 - - - US$ - - US$ 10,418 - US$ - US$ - US$ - - US$ 10,443
S.A.
(Continued)
- 71 -
Beginning Balance Acquisition Disposal Ending Balance (Note)
Marketable Securities Financial Statement Nature of
Company Name Counterparty Shares/Units Shares/Units Shares/Units Gain/Loss on Shares/Units
Type and Name Account Relationship Amount Amount Amount Carrying Value Amount
(In Thousands) (In Thousands) (In Thousands) Disposal (In Thousands)
TSMC Global Government bond

United States Department of The Financial assets at fair value - - - US$ 768,483 - US$ 93,078 - US$ 169,332 US$ 171,044 US$ (1,712) - US$ 633,998
Treasury through other
Agency bonds/Agency mortgage-

backed securities
FEDERAL NATIONAL Financial assets at fair value - - - US$ 460,205 - US$ 251,742 - US$ 152,501 US$ 155,377 US$ (2,876) - US$ 480,057
MORTGAGE ASSOCIATION through other
Federal Home Loan Mortgage 〃 - - - US$ 253,075 - US$ 128,307 - US$ 64,001 US$ 65,258 US$ (1,257) - US$ 275,758
Corporation
Government National Mortgage 〃 - - - US$ 285,581 - US$ 75,482 - US$ 153,180 US$ 156,329 US$ (3,149) - US$ 179,583
Association
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)
- 72 -
TABLE 5

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

Amount
Company Types of Nature of Price Purpose of Other
Transaction Date (Foreign Payment Term Counterparty
Name Property Relationships Owner Relationships Transfer Date Amount Reference Acquisition Terms
Currencies in
Thousands)
TSMC Real estate February 15, 2022 $ 213,300,000 Based on the terms in 122 counterparties(Note), - N/A N/A N/A N/A Price Manufacturing None
(Note) (Note) the purchase order including: comparison purpose
and price
negotiation
ABB Ltd.
Accudevice Co., Ltd.
Addtron Technology (Japan),
Inc.
Aegis Technology Co.
Air Liquid Japan G.K.
Air Liquide Far Eastern Ltd.
Air Water Plant Engineering
Co., Ltd.
Allis Electric Co., Ltd.
Am-Power Machine
International Enterprise
Co., Ltd.
Atlas Copco Taiwan Ltd.
Atlas Technology Corp.
Capital Machinery Limited
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.
Chunghwa Telecom Japan
Co., Ltd.
(Continued)
- 73 -
Amount
Currencies in
Thousands)
TSMC Real estate Cica-Huntek Chemical

Technology Taiwan Co.,
Ltd.
Confederate Technology Co.,
Ltd.
Da-Cin Construction Co.,
Ltd.
Desiccant Technology
Corporation
Eaton Electric Japan
Evergreen Steel Corporation
Exyte Taiwan Co., Ltd.
Fortune Electric Co., Ltd.
Fu Tsu Construction Co.,
Ltd.
Fuji Electric Co., Ltd
Fuji Furukawa E&C Co., Ltd
Green Partners Industry Co.,
Ltd
Hantech Engineering Co.,
Ltd.
Hitachi Energy 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
Japan Material Co., Ltd.
JG Environmental
Technology Co., Ltd.
Jienshian Information
Engineering Co., Ltd.
JJmr-Clean-Air Solution
Tech.Services Co., Ltd.
Johnson Controls York
Taiwan Co, Ltd.
Jusun Instruments Co., Ltd.
Kajima Corporation
Kanto Chemical Engineering
Co., Ltd.
Kao Hsin Engineering Co.,
Ltd.
(Continued)
- 74 -
Amount
Currencies in
Thousands)
TSMC Real estate Kedge Construction Co., Ltd.

Kinetics Technology
Corporation
Koei International Corp.
Kuken Kogyo Co., Ltd.
Kurita Water Industries Ltd.,
Taiwan
Kyudenko Corporation
L&K Engineering Co., Ltd.
Lead-Fu Industrials
Corporation
Lee Ming Construction Co.,
Ltd.
Lumax International Corp.,
Ltd.
Mandartech Interiors Inc.
Marketech International
Corp.
Mega Union Technology
Incorporated
Mitsubishi Heavy Industries
Air-Conditioning &
Refrigeration Corporation
Mitsubishi Heavy Industries,
Ltd.
NAGASE & CO. LTD.
NEC Facilities, Ltd.
Organo Corporation
Organo Technology Co., Ltd.
Ovivo Taiwan Co., Ltd.
Pan Asia (Engineers &
Constructors) Corporation
Quicken System Integration
Co., Ltd.
Ruentex Engineering &
Construction Co., Ltd.
SACHEM Inc.
San Fu Chemical Co., Ltd.
Schneider Electric Taiwan
Co., Ltd.
Seibu Giken Co., Ltd.
Shihlin Electric &
Engineering Corporation
Shimizu Corporation
Siemens Limited
(Continued)
- 75 -
Amount
Currencies in
Thousands)
TSMC Real estate SN Tech Corporation

Solomon Technology
Corporation
Sumitomo Corporation
Swift Engineering Co., Ltd.
Taikisha Ltd.
Taisei Corporation
Taiwan Gleno Enterprise Co.,
Ltd.
Taiwan Obayashi
Corporation
Taiwan Puritic Corp.
Taiyo Nippon Sanso
Corporation
TASA Construction
Corporation
Techgo Industrial Co., Ltd.
Toshiba Mitsubishi-Electric
Industrial Systems
Corporation
Toyoko Kagaku Co., Ltd.
Trane Taiwan Distribution
Limited
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.
Vertiv
Weltall Technology
Corporation
Wholetech System Hitech
Limited
Yangtech Engineering Co.,
Ltd.
Yankey Engineering Co.,
Ltd.
Ying Pao Technology Inc.
Zhao-Cheng Corp.
(Continued)
- 76 -
Amount
Currencies in
Thousands)
TSMC Real estate May 10, 2022 US$2,147,000 Based on the terms in 19 counterparties(Note), - N/A N/A N/A N/A Price Manufacturing None
(Note) (Note) the purchase order including: comparison purpose
and price
negotiation
Southern Taiwan Science
Park Bureau, Ministry of
Science and Technology
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)
- 77 -
TABLE 6

TOTAL PURCHASES FROM OR SALES TO RELATED PARTIES OF AT LEAST NT$100 MILLION OR 20% OF THE PAID-IN CAPITAL
Notes/Accounts Payable or
Transaction Details Abnormal Transaction
Receivable
Company Name Related Party Nature of Relationships Amount Ending Balance Note
Purchases/ % to % to
(Foreign Currencies Payment Terms Unit Price Payment Terms (Foreign Currencies
Sales Total Total
TSMC TSMC North America Subsidiary Sales $1,100,732,622 68 Net 30 days from invoice date - (Note) $ 200,684,976 81
(Note)
TSMC Nanjing Subsidiary Sales 149,805 - Net 30 days from the end of the - - - -
month of when invoice is issued
GUC Associate Sales 6,683,081 - Net 30 days from the end of the - - 918,898 -
TSMC Nanjing Subsidiary Purchases 31,276,001 26 Net 30 days from the end of the - - (3,409,873) 5
TSMC China Subsidiary Purchases 20,759,218 17 Net 30 days from the end of the - - (2,630,108) 4
WaferTech Indirect subsidiary Purchases 7,523,614 6 Net 30 days from the end of the - - (972,242) 2
SSMC Associate Purchases 3,457,638 3 Net 30 days from the end of the - - (527,944) 1
VIS Associate Purchases 1,339,151 1 Net 30 days from the end of the - - (141,586) -
TSMC North America GUC Associate of TSMC Sales 2,045,044 - Net 30 days from invoice date - - 15,164 -
(US$ 69,752) (US$ 477)
VisEra Tech Xintec Associate of TSMC Sales 623,862 9 Net 60 days from the end of the - - 157,088 11
Note: The tenor is determined by the payment terms granted to its clients by TSMC North America.
- 78 -
TABLE 7

RECEIVABLES FROM RELATED PARTIES AMOUNTING TO AT LEAST NT$100 MILLION OR 20% OF THE PAID-IN CAPITAL
September 30, 2022
Overdue
Ending Balance Amounts Received
Turnover Days Allowance for
Company Name Related Party Nature of Relationships (Foreign Currencies in Subsequent
(Note 1) Amount Action Taken Bad Debts
in Thousands) Period
TSMC TSMC North America Subsidiary $ 208,824,740 42 $ - - $ - $ -

TSMC Nanjing Subsidiary 159,682 Note 2 - - - -
GUC Associate 918,898 27 - - - -
TSMC North TSMC Parent company 151,818 Note 2 - - - -

America (US$ 4,779)
TSMC China TSMC Nanjing The same parent company 42,944,432 Note 2 - - - -
(RMB 9,589,235)
TSMC Parent company 2,630,108 29 - - - -
(RMB 587,283)
TSMC Nanjing TSMC Parent company 3,409,873 27 - - - -

(RMB 761,398)
VisEra Tech Xintec Associate of TSMC 157,088 60 - - - -
TSMC Technology TSMC The ultimate parent of the 421,502 Note 2 - - - -

Company (US$ 13,269)
WaferTech TSMC The ultimate parent of the 972,242 30 - - - -

Company
(US$ 30,606)
TSMC Development Parent company 189,778 Note 2 - - - -
(US$ 5,974)
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.
- 79 -
TABLE 8

INTERCOMPANY RELATIONSHIPS AND SIGNIFICANT INTERCOMPANY TRANSACTIONS
(Amounts in Thousands of New Taiwan Dollars)
Intercompany Transactions
Nature of
Percentage of
No. Company Name Counterparty Relationship Terms
Financial Statements Item Amount Consolidated Net Revenue
(Note 1) (Note 2)
or Total Assets
0 TSMC TSMC North America 1 Net revenue from sale of goods $ 1,100,732,622 - 67%
Receivables from related parties 200,684,976 - 4%
Other receivables from related parties 8,139,764 - -
Accrued expenses and other current liabilities 89,108,075 - 2%
Other noncurrent liabilities 165,996,671 - 4%
JASM 1 Other noncurrent assets 3,581,617 - -
TSMC JDC 1 Research and development expenses 358,030 - -
TSMC 3DIC 1 Research and development expenses 625,396 - -
TSMC Europe 1 Marketing expenses-commission 402,743 - -
TSMC China 1 Purchases 20,759,218 - 1%

Payables to related parties 2,630,108 - -
TSMC Nanjing 1 Purchases 31,276,001 - 2%

Proceeds from disposal of property, plant and equipment 640,953 - -
Payables to related parties 3,409,873 - -
TSMC Technology 1 Research and development expenses 2,467,603 - -
WaferTech 1 Purchases 7,523,614 - -

Payables to related parties 972,242 - -
1 TSMC China TSMC Nanjing 3 Other receivables from related parties 42,944,432 - 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.
- 80 -
TABLE 9

NAMES, LOCATIONS, AND RELATED INFORMATION OF INVESTEES OVER WHICH THE COMPANY EXERCISES SIGNIFICANT INFLUENCE (EXCLUDING INFORMATION ON INVESTMENT IN MAINLAND CHINA)
Original Investment Amount Balance as of September 30, 2022 Share of

Net Income
Profits/Losses
September, December 31, (Losses) of the
Carrying Value of Investee
2022 2021 Investee
Investor Company Investee Company Location Main Businesses and Products Shares (In Percentage of (Foreign (Note 1) Note
(Foreign (Foreign (Foreign
Thousands) Ownership Currencies in (Foreign
Currencies in Currencies in Currencies in
Thousands) Currencies in
Thousands) Thousands) Thousands)
Thousands)
TSMC TSMC Global Tortola, British Virgin Islands Investment activities $ 355,162,309 $ 355,162,309 11 100 $ 421,208,004 $ 3,410,221 $ 3,410,221 Subsidiary
TSMC Partners Tortola, British Virgin Islands Investing in companies involved in the 31,456,130 31,456,130 988,268 100 65,176,420 2,103,490 2,103,490 Subsidiary
semiconductor design and manufacturing, and
other investment activities
JASM Kumamoto, Japan Manufacturing, sales, testing and computer-aided 24,567,085 1,416,921 1,020 71 22,290,954 (236,413) (197,218) Subsidiary
design of integrated circuits and other
TSMC Arizona Phoenix, Arizona, U.S.A. Manufacturing, sales and testing of integrated 21,643,300 21,643,300 770 100 13,954,855 (6,168,148) (6,168,148) Subsidiary
circuits and other semiconductor devices
VIS Hsin-Chu, Taiwan Manufacturing, sales, packaging, testing and 10,180,677 10,180,677 464,223 28 12,763,668 12,801,311 3,621,948 Associate
computer-aided design of integrated circuits
and other semiconductor devices and the
manufacturing and design service of masks
VisEra Tech Hsin-Chu, Taiwan Research, design, development, manufacturing, 4,224,082 4,224,082 213,619 68 11,307,593 1,528,701 1,093,449 Subsidiary
sales, packaging and test of color filter
SSMC Singapore Manufacturing and sales of integrated circuits and 5,120,028 5,120,028 314 39 8,845,688 2,556,035 991,486 Associate
other semiconductor devices
TSMC North America San Jose, California, U.S.A Sales and marketing of integrated circuits and 333,718 333,718 11,000 100 5,439,500 (132,523) (132,523) Subsidiary
other semiconductor devices
Xintec Taoyuan, Taiwan Wafer level chip size packaging and wafer level 1,988,317 1,988,317 111,282 41 3,340,497 1,529,860 627,382 Associate
post passivation interconnection service
GUC Hsin-Chu, Taiwan Researching, developing, manufacturing, testing 386,568 386,568 46,688 35 1,693,668 2,364,050 823,622 Associate
and marketing of integrated circuits
Emerging Fund Cayman Islands Investing in technology start-up companies 870,783 298,618 - 99.9 1,272,826 (6,213) (6,207) Subsidiary
TSMC 3DIC Yokohama, Japan Engineering support activities 1,144,356 278,986 49 100 1,106,003 26,126 26,126 Subsidiary
TSMC Europe Amsterdam, the Netherlands Customer service and supporting activities 15,749 15,749 - 100 523,996 19,671 19,671 Subsidiary
TSMC JDC Yokohama, Japan Engineering support activities 410,680 410,680 15 100 345,660 10,495 10,495 Subsidiary
VTAF III Cayman Islands Investing in technology start-up companies 1,321,594 1,321,594 - 98 345,392 (5,129) (5,027) Subsidiary
TSMC Japan Yokohama, Japan Customer service and supporting activities 83,760 83,760 6 100 125,604 5,032 5,032 Subsidiary
VTAF II Cayman Islands Investing in technology start-up companies 260,300 260,300 - 98 77,309 657 644 Subsidiary
TSMC Korea Seoul, Korea Customer service and supporting activities 13,656 13,656 80 100 40,209 1,326 1,326 Subsidiary
TSMC Partners TSMC Development Delaware, U.S.A Investing in companies involved in 18,644,698 18,644,698 - 100 37,091,905 1,857,071 Note 2 Subsidiary
semiconductor manufacturing
(US$ 586,939) (US$ 586,939) (US$1,167,661) (US$ 63,468)
TSMC Technology Delaware, U.S.A Engineering support activities 453,683 453,683 - 100 975,436 15,293 Note 2 Subsidiary
(US$ 14,282) (US$ 14,282) (US$ 30,707) (US$ 502)
TSMC Canada Ontario, Canada Engineering support activities 73,062 73,062 2,300 100 320,626 23,256 Note 2 Subsidiary
(US$ 2,300) (US$ 2,300) (US$ 10,093) (US$ 792)
VTAF III Growth Fund Cayman Islands Investing in technology start-up companies 82,711 82,711 - 100 264,420 (412) Note 2 Subsidiary
(US$ 2,604) (US$ 2,604) (US$ 8,324) (US$ (14))
Mutual-Pak New Taipei, Taiwan Manufacturing of electronic parts, wholesaling 50,614 50,614 4,693 28 19,815 (11,051) Note 2 Associate
and retailing of electronic materials, and (US$ 1,593) (US$ 1,593) (US$ 624) (US$ (378))
researching, developing and testing of RFID
(Continued)
- 81 -
Original Investment Amount Balance as of September 30, 2022 Share of
Net Income
Profits/Losses
September, December 31, (Losses) of the
Carrying Value of Investee
2022 2021 Investee
Investor Company Investee Company Location Main Businesses and Products Shares (In Percentage of (Foreign (Note 1) Note
(Foreign (Foreign (Foreign
Thousands) Ownership Currencies in (Foreign
Currencies in Currencies in Currencies in
Thousands) Currencies in
Thousands) Thousands) Thousands)
Thousands)
TSMC Development WaferTech Washington, U.S.A Manufacturing, sales and testing of integrated $ - $ - 293,637 100 $ 6,828,670 $ 1,716,388 Note 2 Subsidiary
circuits and other semiconductor devices (US$ 214,968) (US$ 58,738)
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.
(Concluded)
- 82 -
TABLE 10

INFORMATION ON INVESTMENT IN MAINLAND CHINA
Accumulated Investment Flows Accumulated

Outflow of Outflow of Carrying Accumulated
Total Amount of Net Income
Investment from Investment from Amount Inward
Main Businesses and Paid-in Capital Method of Outflow (Losses) of the Percentage of Share of
Investee Company Taiwan as of Taiwan as of as of Remittance of
Products (RMB in Investment (US$ in Inflow Investee Ownership Profits/Losses
January 1, September 30, September 30, Earnings as of
Thousands) Thousands) Company
2022(US$ in 2022(US$ in 2022 September, 2022
Thousands) Thousands)
TSMC China Manufacturing, sales, $ 18,939,667 Note 1 $ 18,939,667 $ - $ - $ 18,939,667 $ 9,207,667 100% $ 8,994,811 $ 84,937,968 $ -
testing and computer- (RMB 4,502,080) (US$ 596,000) (US$ 596,000) (Note 2)
aided design of
integrated circuits and
other semiconductor
devices
TSMC Nanjing Manufacturing, sales, 30,521,412 Note 1 30,521,412 - - 30,521,412 15,689,153 100% 15,686,282 63,427,512 -
testing and computer- (RMB 6,650,119) (US$ 1,000,000) (US$ 1,000,000) (Note 2)
aided design of
integrated circuits and
other semiconductor
devices
Accumulated Investment in Mainland China Investment Amounts Authorized by

as of September 30, 2022 Investment Commission, MOEA Upper Limit on Investment
(US$ in Thousands) (US$ in Thousands)
$ 49,461,079 $ 119,412,667 $ 1,651,389,695

(US$ 1,596,000) (US$ 3,596,000) (Note 3)
Note 1: TSMC directly invested US$596,000 thousand in TSMC China and US$1,000,000 thousand 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.
- 83 -
TABLE 11
Taiwan Semiconductor Manufacturing Company Limited

INFORMATION ON MAJOR SHAREHOLDERS
SEPTEMBER 30, 2022
Shares
Shareholders (Note)
Total Shares Owned Ownership Percentage
ADR-Taiwan Semiconductor Manufacturing Company, Ltd. 5,319,975,808 20.52%

National Development Fund, Executive Yuan 1,653,709,980 6.38%
Note: Major shareholders shows the list of all shareholders with ownership of 5 percent or greater.
- 84 -

TSMC 2022Q3 Consolidated Financial Statements - E

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Taiwan Semiconductor Manufacturing

Company Limited and Subsidiaries

September 30, 2022 December 31, 2021 September 30, 2021

Total current assets 2,014,232,358 43 1,607,072,907 43 1,370,639,169 41

Total noncurrent assets 2,629,069,408 57 2,118,430,548 57 1,961,672,715 59

TOTAL $ 4,643,301,766 100 $ 3,725,503,455 100 $ 3,332,311,884 100

LIABILITIES AND EQUITY

Total current liabilities 807,431,287 18 739,503,358 20 655,621,450 20

Total noncurrent liabilities 1,083,554,320 23 815,266,892 22 598,370,124 18

Total liabilities 1,890,985,607 41 1,554,770,250 42 1,253,991,574 38

EQUITY ATTRIBUTABLE TO SHAREHOLDERS OF THE PARENT

Equity attributable to shareholders of the parent 2,737,974,306 59 2,168,286,553 58 2,076,020,062 62

NON - CONTROLLING INTERESTS 14,341,853 - 2,446,652 - 2,300,248 -

Total equity 2,752,316,159 59 2,170,733,205 58 2,078,320,310 62

TOTAL $ 4,643,301,766 100 $ 3,725,503,455 100 $ 3,332,311,884 100

GROSS PROFIT 370,498,717 60 212,746,195 51 959,169,877 59 588,782,443 51

OPERATING EXPENSES (Notes 28 and 31)

Total operating expenses 60,186,462 9 41,649,916 10 162,172,170 10 121,345,172 10

OTHER OPERATING INCOME AND EXPENSES,

INCOME FROM OPERATIONS (Note 36) 310,324,214 51 171,003,548 41 796,238,081 49 467,208,943 41

NON-OPERATING INCOME AND EXPENSES

Total non-operating income and expenses 6,366,653 1 2,848,091 1 13,282,763 - 11,098,160 1

INCOME BEFORE INCOME TAX 316,690,867 52 173,851,639 42 809,520,844 49 478,307,103 42

NET INCOME 280,968,407 46 156,479,154 38 721,022,033 44 430,699,619 37

OTHER COMPREHENSIVE INCOME (LOSS)

Other comprehensive income (loss) for the period,

TOTAL COMPREHENSIVE INCOME FOR THE

NET INCOME ATTRIBUTABLE TO:

$ 280,968,407 46 $ 156,479,154 38 $ 721,022,033 44 $ 430,699,619 37

TOTAL COMPREHENSIVE INCOME

$ 313,089,806 51 $ 155,771,830 38 $ 779,934,154 48 $ 425,757,767 37

EARNINGS PER SHARE (NT$, Note 26)

Equity Attributable to Shareholders of the Parent

Net income for the nine months ended September 30,

Other comprehensive loss for the nine months ended

Total comprehensive income (loss) for the nine months

Disposal of investments in equity instruments at fair

Adjustments to share of changes in equities of associates - - 317 - - - - - - - - - - 317 - 317

From difference between the consideration received and

From share of changes in equities of subsidiaries - - (6,978 ) - - - - - - - - - - (6,978 ) 6,978 -

Decrease in non-controlling interests - - - - - - - - - - - - - - (110,099 ) (110,099 )

Effect of acquisition of subsidiary - - - - - - - - - - - - - - 155 155

Net income for the nine months ended September 30,

Other comprehensive income (loss) for the nine months

Total comprehensive income (loss) for the nine months

Treasury stock acquired - - - - - - - - - - - - (871,566 ) (871,566 ) - (871,566 )

Treasury stock retired (1,387 ) (13,870 ) (2,989 ) - - (854,707 ) (854,707 ) - - - - - 871,566 - - -

Disposal of investments in equity instruments at fair

Adjustments to share of changes in equities of associates - - 2,582 - - - - - - - - - - 2,582 - 2,582

From share of changes in equities of subsidiaries - - 4,117,167 - - - - - - - - - - 4,117,167 12,348,992 16,466,159

Decrease in non-controlling interests - - - - - - - - - - - - - - (166,432 ) (166,432 )

Nine Months Ended September 30

CASH FLOWS FROM OPERATING ACTIVITIES

Net cash generated by operating activities 1,123,717,284 733,961,405

Nine Months Ended September 30

CASH FLOWS FROM INVESTING ACTIVITIES

Net cash used in investing activities (848,396,222) (591,022,571)

CASH FLOWS FROM FINANCING ACTIVITIES

Net cash generated by (used in) financing activities (130,412,487) 54,324,420