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Thursday, June 16, 2011
GLOBALFOUNDRIES Appoints New CEO, Announces Investment Plan Through 2012

As part of a plan to continue investments in technology and manufacturing capacity over the next 18 months, the board of directors of GLOBALFOUNDRIES - along with its majority shareholder, the Advanced Technology Investment Company - announced today it has appointed new leadership to run the company.

Semiconductor industry veteran Ajit Manocha has been appointed interim Chief Executive Officer of GLOBALFOUNDRIES. James A. Norling will serve as Executive Chairman and Ibrahim Ajami will serve as Vice Chairman of the GLOBALFOUNDRIES board of directors. All appointments are effective immediately.

"GLOBALFOUNDRIES is just two years old, but in that short time customers have embraced what it represents to the market," said Norling. "At the same time, customers are asking us for more capacity, faster technology delivery and greater agility. The Board intends for this new management team to meet those customer needs while improving operational performance."

"GLOBALFOUNDRIES, with the continuous support of ATIC, is in the middle of an intense, competitive ramp-up of manufacturing capacity and technology development," said Ajami, who will also remain CEO of ATIC. Under this new leadership team, investment in GLOBALFOUNDRIES will double over the next 18 months."

Through end of May 2011, ATIC had invested over $6 billion, to acquire the former manufacturing assets of AMD in Dresden, Germany ($2.1 billion in March 2009) and the assets of Chartered Semiconductor Manufacturing of Singapore ($3.1 billion in December 2009) as well as an estimated $1 billion to construct a new fabrication facility in upstate New York. Through the end of 2012, ATIC said that it would invest another approximately $6 billion in manufacturing capacity in Dresden, Singapore and New York with initial construction to begin in Abu Dhabi.

Doug Grose, who has served as CEO of GLOBALFOUNDRIES since its inception, will transition to become senior advisor to GLOBALFOUNDRIES and ATIC with a focus on technology leadership and ensuring delivery of next generation technologies.

Norling also said an executive search for a permanent CEO has already begun.

Manocha is a veteran semiconductor industry executive with more than 30 years of global expertise in operations, general management, and manufacturing. He has recently served as an advisor to ATIC and previously he was Executive Vice President of Worldwide Operations at Spansion. Prior to Spansion, he was Executive Vice President and Chief Manufacturing Officer at NXP (formerly Philips Semiconductors), where he was responsible for worldwide IC manufacturing, supply chain management and purchasing for the semiconductor division. Manocha held senior executive and management positions at AT&T Microelectronics and AT&T Bell Laboratories, and began his career as a research scientist and was granted over a dozen U.S. and international patents for several inventions in the field of technology for microelectronics.

Norling is the former chairman of Chartered Semiconductor and held various positions at Motorola Inc. between 1965 and 2000. Ajami has been CEO of ATIC since November 2008. He joined ATIC from Mubadala Development Company, where he led an initial investment in AMD in 2007. Prior to Mubadala, he held several positions in Silicon Valley.

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