UMC Reports 2008 Fourth Quarter Results

    First Quarter of 2009 Outlook & Guidance

    Quarter-over-quarter Guidance:

    -- Wafer shipments: to decrease by approximately 40-42% points
    -- Wafer ASP in NT$: to decrease by approximately 3-5% points
    -- Sustain positive cash flow generation
    -- Weakness across the three major applications
    -- 2009 capex budget: will not exceed US$400 million

    Conference Call / Webcast Announcement

    Tuesday, February 10, 2009
    Time:  9:00 PM (Taipei) / 8:00 AM (New York) / 1:00 PM (London)

    Dial-in numbers and Access Codes:
    USA Toll Free:              1866 519 4004
    UK Toll Free:               0808 234 6646
    Singapore and Other Areas:  +65 6735 7955

    Access Code:                UMC

A live webcast and replay of the 4Q08 results announcement will be available at http://www.umc.com under the "Investor Relations \ Investor Events" section.

About UMC

UMC (NYSE: UMC) (TSE: 2303) is a leading global semiconductor foundry that provides advanced technology and manufacturing services for applications spanning every major sector of the IC industry. UMC's customer-driven foundry solutions allow chip designers to leverage the strength of the company's leading-edge processes, which include production proven 65nm, 45/40nm, mixed signal/RFCMOS, and a wide range of specialty technologies. Production is supported through 10 wafer manufacturing facilities that include two advanced 300mm fabs; Fab 12A in Taiwan and Singapore-based Fab 12i are both in volume production for a variety of customer products. The company employs approximately 12,000 people worldwide and has offices in Taiwan, Japan, Singapore, Europe, and the United States. UMC can be found on the web at http://www.umc.com .

Safe Harbor Statements

This release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward- looking statements by use of words such as "strategy," "expects," "continues," "plans," "anticipates," "believes," "will," "estimates," "intends," "projects," "goals," "targets" and other words of similar meaning. You can also identify them by the fact that they do not relate strictly to historical or current facts.

These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual performance, financial condition or results of operations of UMC to be materially different from what is stated or may be implied in such forward-looking statements. Investors are cautioned that actual events and results could differ materially from those statements as a result of a number of factors including, but not limited to: (i) our dependence upon the frequent introduction of new services and technologies based on the latest developments in our industry; (ii) the intensely competitive semiconductor, communications, consumer electronics and computer industries and markets; (iii) the risks associated with international global business activities; (iv) our dependence upon key personnel; (v) general economic and political conditions; (vi) possible disruptions in commercial activities caused by natural and human-induced events and disasters, including terrorist activity, armed conflict and highly contagious diseases; (vii) reduced end-user purchases relative to expectations and orders; and (viii) fluctuations in foreign currency exchange rates. Further information regarding these and other risks is included in UMC's filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F.

The financial statements included in this release are unaudited and unconsolidated, and prepared and published in accordance with ROC GAAP. Investors are cautioned that there are many differences between ROC GAAP and US GAAP.

The forward-looking statements in this release reflect the current belief of UMC as of the date of this release, and UMC does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.

                       -- FINANCIAL TABLES TO FOLLOW --



                     UNITED MICROELECTRONICS CORPORATION
                  Unaudited Condensed Unconsolidated Balance Sheet
                             As of Dec 31, 2008
    Figures in Million of New Taiwan Dollars (NT$) and U.S. Dollars (US$)

                                                    Dec 31, 2008
                                             US$         NT$          %
    ASSETS
    Current Assets
     Cash and Cash Equivalents             1,102       36,124       17.4%
     Financial assets at fair value
      through profit or loss, current         53        1,741        0.8%
     Notes & Accounts Receivable             238        7,795        3.8%
     Inventories                             237        7,770        3.7%
     Other Current Assets                     37        1,185        0.6%
      Total Current Assets                 1,667       54,615       26.3%

    Non-Current Assets
     Funds and Long-term Investments       1,424       46,657       22.4%
     Property, Plant and Equipment         3,065      100,443       48.3%
     Other Assets                            191        6,273        3.0%
      Total Non-Current Assets             4,680      153,373       73.7%
    TOTAL ASSETS                           6,347      207,988      100.0%

    LIABILITIES
    Current Liabilities
     Financial  liabilities  at  fair
            value  through  profit  or  loss,
            current                                                                    1                      33                0.0%
          Payables                                                                341              11,167                5.4%
          Current  Portion  of  Long-term
            Liabilities                                                            2                      67                0.0%
          Other  Current  Liabilities                                  5                    162                0.1%
            Total  Current  Liabilities                            349              11,429                5.5%

        Non-Current  Liabilities
          Bonds  Payable                                                      229                7,497                3.6%
          Long-term  Loans                                                    19                    633                0.3%
          Other  Liabilities                                              114                3,753                1.8%
            Total  Non-Current  Liabilities                    362              11,883                5.7%
        TOTAL  LIABILITIES                                                711              23,312              11.2%

        STOCKHOLDERS'  EQUITY
        Capital  Stock                                                    3,964            129,878              62.5%
        Additional  Paid-in  Capital                          1,775              58,150              28.0%
        Retained  Earnings,  Unrealized  Gain
          on  Financial  Assets  and
          Translation  Adjustment                                    (99)            (3,232)            (1.6%)
        Treasury  Stock                                                        (4)                (120)            (0.1%)
        TOTAL  STOCKHOLDERS'  EQUITY                          5,636            184,676              88.8%
        TOTAL  LIABILITIES  AND
          STOCKHOLDERS'  EQUITY                                    6,347            207,988            100.0%


        Note:  New  Taiwan  Dollars  have  been  translated  into  U.S.  Dollars  at  the
                    December  31,  2008  exchange  rate  of  NT  $32.77  per  U.S.  Dollar.
                    All  figures  are  in  ROC  GAAP.



                                              UNITED  MICROELECTRONICS  CORPORATION
                              Unaudited  Condensed  Unconsolidated  Income  Statement
            Figures  in  Million  of  New  Taiwan  Dollars  (NT$)  and  U.S.  Dollars  (US$)
                                                Except  Per  Share  and  Per  ADS  Data


                                                                                        Year  over  Year  Comparison

                                                                                  Three-Month  Period  Ended
                                                                            Dec  31,  2008          Dec  31,  2007            %
                                                                            US$            NT$          US$          NT$            Chg.
        Net  Sales                                                  566      18,541        843      27,621          (32.9%)
        Cost  of  Goods  Sold                              (508)  (16,642)    (671)  (21,972)        (24.3%)
        Net  Gross  Profit                                      58        1,899        172        5,649          (66.4%)
                                                                        10.2%        10.2%    20.5%        20.5%                  --
        Operating  Expenses
            --  Sales  &  Marketing                          21            679          27            882          (23.1%)
            --  General  &  Administrative            13            428          28            906          (52.8%)
            --  Research  &  Development                60        1,966          77        2,535          (22.4%)
                                                                              94        3,073        132        4,323          (28.9%)
        Operating  Income  (Loss)                      (36)    (1,174)        40        1,326        (188.5%)
                                                                        (6.3%)      (6.3%)    4.8%          4.8%                  --

        Net  Non-Operating  Income
          (Expenses)                                            (664)  (21,784)        34        1,097    (2,085.8%)
        Income  (Loss)  from  continuing
          operations  before  income  tax        (700)  (22,958)        74        2,423    (1,047.5%)
                                                                    (123.8%)  (123.8%)    8.8%          8.8%                  --

        Income  Tax  (Expense)  Benefit            (17)        (552)      (33)    (1,064)        (48.1%)
        Net  Income  (Loss)                                (717)  (23,510)        41        1,359    (1,829.9%)
                                                                    (126.8%)  (126.8%)    4.9%          4.9%                  --

        Earnings  per  Share                          (0.055)      (1.81)  0.004          0.14                  --
        Earnings  per  ADS  (2)                      (0.276)      (9.05)  0.021          0.70                  --
        Weighted  Average  Number  of
          Shares  Outstanding
          (in  millions)                                          --      12,972          --      13,100                  --



                                              UNITED  MICROELECTRONICS  CORPORATION
                              Unaudited  Condensed  Unconsolidated  Income  Statement  (CONTINUED)
            Figures  in  Million  of  New  Taiwan  Dollars  (NT$)  and  U.S.  Dollars  (US$)
                                                Except  Per  Share  and  Per  ADS  Data


                                                                                    Quarter  over  Quarter  Comparison

                                                                                Three-Month  Period  Ended
                                                                            Dec  31,  2008          Sep  30,  2008              %
                                                                            US$            NT$          US$            NT$            Chg.
        Net  Sales                                                  566      18,541          755      24,748        (25.1%)
        Cost  of  Goods  Sold                              (508)  (16,642)      (622)  (20,380)      (18.3%)
        Net  Gross  Profit                                      58        1,899          133        4,368        (56.5%)
                                                                        10.2%        10.2%      17.6%        17.6%                --
        Operating  Expenses
            --  Sales  &  Marketing                          21            679            21            673            0.8%
            --  General  &  Administrative            13            428            19            639        (33.1%)
            --  Research  &  Development                60        1,966            64        2,109          (6.8%)
                                                                              94        3,073          104        3,421        (10.2%)
        Operating  Income  (Loss)                      (36)    (1,174)          29            947      (224.0%)
                                                                        (6.3%)      (6.3%)      3.8%          3.8%                --

        Net  Non-Operating  Income
          (Expenses)                                            (664)  (21,784)        (64)    (2,105)      934.9%
        Income  (Loss)  from  continuing
          operations  before  income  tax        (700)  (22,958)        (35)    (1,158)  1,882.6%
                                                                    (123.8%)  (123.8%)    (4.7%)      (4.7%)              --

        Income  Tax  (Expense)  Benefit            (17)        (552)          (8)        (255)      116.5%
        Net  Income  (Loss)                                (717)  (23,510)        (43)    (1,413)  1,563.8%
                                                                    (126.8%)  (126.8%)    (5.7%)      (5.7%)              --

        Earnings  per  Share                          (0.055)      (1.81)  (0.003)      (0.11)              --
        Earnings  per  ADS  (2)                      (0.276)      (9.05)  (0.017)      (0.55)              --
        Weighted  Average  Number  of
          Shares  Outstanding
          (in  millions)                                          --        12,972          --      13,130                --


        Note:
        (1)  New  Taiwan  Dollars  have  been  translated  into  U.S.  Dollars  at  the
                December  31,  2008  exchange  rate  of  NT  $32.77  per  U.S.  Dollar.
                All  figures  are  in  ROC  GAAP.
        (2)  1  ADS  equals  5  common  shares.



                                              UNITED  MICROELECTRONICS  CORPORATION
                              Unaudited  Condensed  Unconsolidated  Income  Statement
            Figures  in  Million  of  New  Taiwan  Dollars  (NT$)  and  U.S.  Dollars  (US$)
                                                Except  Per  Share  and  Per  ADS  Data


                                        For  the  Three-Month  Period  Ended        For  the  year  Ended
                                                                    Dec  31,  2008                              Dec  31,  2008
                                                              US$          NT$            %              US$            NT$            %
        Net  Sales                                    566      18,541      100.0%      2,824      92,530    100.0%
        Cost  of  Goods  Sold                (508)  (16,642)    (89.8%)  (2,347)  (76,892)  (83.1%)
        Net  Gross  Profit                        58        1,899        10.2%          477      15,638      16.9%


        Operating  Expenses
            --  Sales  &  Marketing            21            679          3.6%            82        2,688        2.9%
            --  General  &
                    Administrative                13            428          2.3%            75        2,447        2.6%
            --  Research  &
                    Development                      60        1,966        10.6%          250        8,199        8.9%
                                                                94        3,073        16.5%          407      13,334      14.4%
        Operating  Income  (Loss)        (36)    (1,174)      (6.3%)          70        2,304        2.5%

        Net  Non-Operating
          Income  (Expenses)                (664)  (21,784)  (117.5%)      (723)  (23,698)  (25.6%)

        Income  (Loss)  from
          continuing  operations
          before  income  tax                (700)  (22,958)  (123.8%)      (653)  (21,394)  (23.1%)

        Income  Tax  (Expense)
          Benefit                                      (17)        (552)      (3.0%)        (28)        (926)    (1.0%)
        Net  Income  (Loss)                  (717)  (23,510)  (126.8%)      (681)  (22,320)  (24.1%)

        Earnings  per  Share            (0.055)      (1.81)            --    (0.052)      (1.70)          --
        Earnings  per  ADS  (2)        (0.276)      (9.05)            --    (0.259)      (8.50)          --

        Weighted  Average  Number
          of  Shares  Outstanding
          (in  millions)                          --        12,972              --            --      13,111            --


        Note:
        (1)  New  Taiwan  Dollars  have  been  translated  into  U.S.  Dollars  at  the
                December  31,  2008  exchange  rate  of  NT  $32.77  per  U.S.  Dollar.
                All  figures  are  in  ROC  GAAP.
        (2)  1  ADS  equals  5  common  shares.



                                              UNITED  MICROELECTRONICS  CORPORATION
                      Unaudited  Condensed  Unconsolidated  Statement  of  Cash  Flows
                                        For  The  Twelve  Months  Ended  Dec.  31,  2008
        Figures  in  Million  of  New  Taiwan  Dollars  (NT$)  and  U.S.  Dollars  (US$)

                                                                                                  USD                                NTD
        Cash  flows  from  operating  activities:
            Net  Income                                                                (681)                      (22,320)
            Depreciation  &  Amortization                            1,141                          37,387
            Loss  on  decline  in  market  value
              and  obsolescence  of  inventories                        94                            3,082
            Cash  dividends  received  under  the
              equity  method                                                            15                                493
            Investment  loss  accounted  for
              under  the  equity  method                                      377                          12,374
            Loss  on  valuation  of  financial
              assets  and  liabilities                                        105                            3,448
            Impairment  loss                                                        311                          10,192
            Gain  on  disposal  of  investments                        (56)                        (1,839)
            Gain  on  disposal  of  property,
              plant  and  equipment                                                (1)                              (47)
            Exchange  gain  on  financial  assets
              and  liabilities                                                        (1)                              (33)
            Exchange  gain  on  long-term
              liabilities                                                                (5)                            (179)
            Amortization  of  bond  discounts                              0                                    8
            Amortization  of  deferred  income                          (5)                            (173)
            Change  in  assets,  liabilities  and
              others                                                                          72                            2,382
            Net  cash  provided  by  operating
              activities                                                            1,366                          44,775

        Cash  flows  from  investing  activities:
            Proceeds  from  disposal  of
              available-for-sales  financial
              assets                                                                          63                            2,075
            Acquisition  of  financial  assets
              measured  at  cost                                                    (12)                            (416)
            Proceeds  from  disposal  of
              financial  assets  measured  at
              cost                                                                                0                                    8
            Acquisition  of  long-term
              investments  accounted  for  under
              the  equity  method                                                  (66)                        (2,176)
            Proceeds  from  disposal  of  long-
              term  investments  accounted  for
              the  equity  method                                                      0                                    0
            Proceeds  from  liquidation  of
              long-term  investments                                              6                                207
            Acquisition  of  property,  plant
              and  equipment                                                        (349)                      (11,422)
            Proceeds  from  disposal  of
              property,  plant  and  equipment                              5                                164
            Increase  in  deferred  charges                              (23)                            (767)
            Decrease  in  other  assets  --  others                      0                                    3
        Net  cash  used  in  investing  activities              (376)                      (12,324)

        Cash  flows  from  financing  activities:
            Proceeds  from  long-term  Loans                              21                                700
            Redemption  of  bonds                                              (693)                      (22,717)
            Cash  dividends                                                        (286)                        (9,383)
            Payment  of  employee  bonus                                      (9)                            (286)
            Remuneration  paid  to  directors
              and  supervisors                                                        (0)                              (12)
            Purchase  of  treasury  stock                                  (70)                        (2,278)
            Decrease  in  deposits-in                                          (0)                                (7)
        Net  cash  used  in  financing  activities          (1,037)                      (33,983)

        Effect  of  exchange  rate  changes  on
          cash  and  cash  equivalents                                          6                                203
        Net  decrease  in  cash  and  cash
          equivalents                                                                  (41)                        (1,329)

        Cash  and  cash  equivalents  at
          beginning  of  period                                              1,143                          37,453

        Cash  and  cash  equivalents  at  end  of
          period                                                                        1,102                          36,124


        Note:  New  Taiwan  Dollars  have  been  translated  into  U.S.  Dollars  at  the
                    December  31,  2008  exchange  rate  of  NT  $32.77  per  U.S.  Dollar.
                    All  figures  are  in  ROC  GAAP.



        Contacts:

          Bowen  Huang  /  Tien  Yu  Tseng
          UMC,  Investor  Relations
          Tel:      +886-2-2700-6999  ext.  6957
          Email:  bowen_huang@umc.com
                        tien_yu_tseng@umc.com
 


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