TSMC ECONOMIC

Supply Chain & Sourcing Relationships

• On 20 February 2024, TSMC appointed Avnet ASIC Israel Ltd. as a Value Chain Aggregator channel partner ¹.

• Avnet described the channel as providing ASIC/SoC services spanning design, layout, backend work, wafer manufacturing, assembly, and testing using TSMC processes ¹.

• Avnet stated that its collaboration with TSMC had lasted 20 years as of February 2024, while the release included a TSMC EMEA general-manager statement welcoming Avnet ASIC Israel as a Value Chain Aggregator ¹.

• The available release identifies an engineering and semiconductor-manufacturing-services channel, rather than an Israeli agricultural, consumer-goods, or white-label sourcing relationship ¹.

• No public evidence identified of TSMC procurement from Israeli agricultural exporters, an Israeli importer of record, seasonal-produce sourcing, or white-label consumer-goods sourcing.

• The public VCA announcement does not identify Israeli customers, contract value, wafer volumes, end-use sectors, military users, or a settlement-related location ¹.

Product Origin, Labeling & Regulatory Compliance

• TSMC’s 2024 annual report identifies manufacturing sites in Taiwan, China, the United States, Japan, and Germany ².

• The same report describes overseas customer-support, account-management, and engineering offices in North America, Europe, Japan, China, and South Korea, without identifying Israel in that footprint description ².

• The reviewed sources do not establish that TSMC products are manufactured, labeled, imported, or distributed from an Israeli TSMC-owned facility ^{2, 3}.

• No public evidence identified of Israeli product-origin labeling, Israeli importer-of-record arrangements, Israeli customs registrations, or regulatory approvals for a TSMC-owned local operation.

Investment, Capital & Financial Exposure

• TSMC’s 2024 subsidiary chart lists controlled entities and investment funds in the United States, Netherlands, Japan, South Korea, China, Taiwan, Germany, and other disclosed jurisdictions, but does not identify an Israeli subsidiary ³.

• This subsidiary-chart observation is disclosure-scoped and does not establish the absence of indirect entities, non-controlled investments, distributors, customers, or other commercial relationships in Israel ³.

• TSMC’s SEC significant-subsidiary exhibit identifies TSMC Global Ltd. and TSMC Arizona Corporation, while expressly omitting other subsidiaries that were not significant in aggregate for that exhibit’s purpose ⁴.

• No public evidence identified in the reviewed corporate disclosures of an Israeli TSMC factory, data centre, research centre, acquisition, Israeli sovereign-bond holding, or Israel-focused fund investment.

• The reviewed filings do not provide a complete register of all indirect subsidiaries because the SEC exhibit applies a materiality-based disclosure threshold ⁴.

Operational Presence & Market Activity

• The available evidence identifies Avnet ASIC Israel’s VCA appointment as TSMC’s verified Israel-linked operating mechanism, rather than a disclosed TSMC-owned Israeli office or manufacturing site ^{1, 2}.

• TSMC’s disclosed operational footprint does not identify an Israeli manufacturing site or overseas customer-support, account-management, or engineering office ².

• No public evidence identified of a TSMC office, warehouse, support centre, workforce figure, Israeli tax registration, Israeli market-revenue figure, or Israeli corporate subsidiary.

• The available VCA announcement establishes the appointment on 20 February 2024 but does not confirm whether it remained active after July or November 2024 ¹.

• The supplied document-scoped scan reported no full-text mention of TSMC in the specified UN, OHCHR, DBIO, PAX, Who Profits, HRW, insurance, and related NGO-library materials ^{5, 6}.

• That scan result is document-scoped and does not establish database-wide absence, absence of activity, or absence of a relationship with settlement-linked entities ^{5, 6}.

• No public evidence identified in the reviewed material linking the Avnet ASIC Israel channel to settlements, occupied East Jerusalem, the West Bank, or the Golan Heights.

Corporate Structure & Foundational Ties

• Taiwan Semiconductor Manufacturing Company Limited is incorporated in the Republic of China (Taiwan), and its principal executive office is in Hsinchu Science Park, Hsinchu, Taiwan ⁷.

• TSMC was incorporated on 21 February 1987 as a Republic of China corporation ⁸.

• TSMC states that it was established in 1987 and is headquartered in Hsinchu Science Park, Taiwan ².

• As of 31 December 2024, the group chart identifies direct subsidiaries and controlled entities including TSMC North America, TSMC Europe B.V., TSMC Japan Limited, TSMC China, TSMC Nanjing, TSMC Arizona, Japan Advanced Semiconductor Manufacturing, and ESMC GmbH, without identifying an Israeli-incorporated subsidiary ³.

• Moshe N. Gavrielov was disclosed as an independent director and as chairman of Foretellix, Ltd., described by TSMC as a non-public company in Israel ^{9, 10}.

• TSMC’s disclosures do not identify TSMC ownership of Foretellix, an ownership interest in Foretellix held by Gavrielov, an Israeli state contract, a settlement nexus, or political activity associated with that outside role ^{9, 10}.

• Morris Chang announced his retirement effective after the June 2018 annual shareholders’ meeting and is not a current director ^{11, 10}.

• As of 28 February 2026, TSMC identified Taiwan’s National Development Fund as its only disclosed beneficial owner of at least 5%, holding 6.38%, while directors and executive officers as a group held 0.23% ¹².

• TSMC stated that it was not aware of an arrangement that could subsequently result in a change of control ¹².

• No public evidence identified of TSMC being founded, incorporated, headquartered, tax-resident, state-owned, or structurally governed in Israel, or of an acquired Israeli operating subsidiary.

Profit Repatriation & Economic Contribution

• The reviewed corporate disclosures identify TSMC as a Taiwan-incorporated company with its principal executive office in Hsinchu, rather than as an Israeli-headquartered or Israeli tax-resident enterprise ^{7, 8}.

• The reviewed disclosures do not provide an Israel-specific revenue figure, workforce figure, tax-payment figure, dividend figure, profit-repatriation amount, transfer-pricing arrangement, or local economic-contribution calculation ^{2, 3}.

• TSMC’s 2024 Sustainability Report states that the company is legally prohibited from making political donations because it is majority-owned by foreign shareholders, and states that it has maintained political neutrality ¹³.

• TSMC’s 2009 statement reported historical political donations in Taiwan between 2000 and 2004 of NT$203 million to the Kuomintang and NT$120 million to the Democratic Progressive Party, while denying an alleged personal payment by Morris Chang to Wu Shu-Jen or former President Chen Shui-bian ¹⁴.

• The 2009 statement does not establish whether such political donations continued after 2004 ¹⁴.

• Ursula M. Burns is disclosed as a Ford Foundation trustee, and Ford’s 2024 Form 990-PF records grants and matching-gift entries with Israel- and Palestine-related purposes or recipients ^{10, 15}.

• Burns’s trusteeship does not establish that she selected, directed, or funded any individual Ford Foundation grant ^{10, 15}.

• L. Rafael Reif is disclosed as a director of Waverley Street Foundation, but the reviewed 2024 and 2023 IRS-derived records did not yield a supportable Israel/Palestine-recipient enumeration from their grant schedules ^{10, 16, 17}.

• No public evidence identified of TSMC or a named principal making Israeli or Palestinian political contributions, lobbying Israeli authorities, funding settlements, holding Israeli sovereign bonds, or making an Israel/Palestine-specific public statement.