SINGAPORE - May 5, 1998 - Singapore Technologies (ST) has announced changes in the leadership of two of its semiconductor companies. The announcements were made as part of ST's strategic plan for the next millennium.

Mr. Barry Waite, 49, joins ST as new president & CEO of Chartered Semiconductor Manufacturing, Ltd, effective May 18.

Mr. Waite brings to Chartered more than 25 years of experience in the semiconductor industry, starting with Texas Instruments in 1970, and later with Motorola from 1982. For the past seven years, he has served as a Motorola senior vice president in the semiconductor products sector. Mr. Waite has held regional and product group general manager positions with responsibilities well exceeding US$1 billion in sales, involving several thousand people. Most recently, he was general manager of Motorola's Europe, Middle East and Africa region.

Mr. Tan Bock Seng, 55, who has been president and CEO of Chartered since 1993, will move to ST Assembly Test Services Ltd (STATS), as chairman and CEO, effective from May 18, 1998.

Instrumental in the formation of STATS, Mr. Tan has provided the strategic direction for the company to achieve profitability in 1997, less than three years after its start in January 1995. With nearly 30 years of semiconductor experience, Mr. Tan has led Chartered's successful metamorphosis from a single 6-inch wafer fabrication plant to one of the world's largest dedicated foundries.

"These appointments provide Chartered and STATS with the executive vision and experience necessary for the next stages of growth at each company," said Ms. Ho Ching, president & CEO of ST. "Barry's industry background and international experience will be valuable in moving Chartered in its next phase of growth. In parallel, with the rapid ramp-up at STATS, we look to Bock Seng to lead STATS' continued growth as the market volume for manufacturing outsourcing quickens."

Mr. Waite commented on his appointment, saying, "I am very happy to be part of the Chartered team. We have enormous opportunities and business potential as the industry continues to undergo changes. It will be an exciting challenge to be the preferred foundry helping our customers and partners achieve their market success. Thanks to Bock Seng's work, we will build on the excellent foundation of technology and people already in place at Chartered."

Mr. Tan added, "I have had a good five years with Chartered, watching it grow, and pushing the limits of possibilities for our people. We started STATS in January 1995 because we saw an emerging opportunity for a world class independent player to be a reliable and competitive outsource partner in the industry. It will be another challenge for me to work with the team in STATS to set new benchmarks in the assembly and test market."

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