SINGAPORE -- August 14, 2000 -- Laying the groundwork for its next phase of growth, Chartered Semiconductor Manufacturing has announced a new organization that creates an office of the president to lead the execution of its global strategy. In the new organization, Barry Waite, president and chief executive officer of Chartered, remains in his current role but adds collaborative decision-making to the responsibilities of president with three newly promoted executives: Rob Baxter, senior vice president of business operations; Chia Song Hwee, senior vice president/chief financial officer and chief administrative officer; and John Docherty, senior vice president of manufacturing and technology operations.

Barry Waite described the Company's new leadership model, saying, "This organizational structure lets us guide Chartered's growth as a global company by drawing on our collective acumen in business, operations, finance, manufacturing, and technology. Just as the foundry model has undergone a significant transformation from a basic external manufacturing service to an essential business model grounded in strategic long-term relationships, so must organizational models change to serve the global character of today's markets."

Mr. Waite continued, "Companies today develop increasingly complex technologies for increasingly innovative products for rapidly expanding markets that defy geographical boundaries. In this dynamic environment, winning decisions are based on having the best data available from a broad base of perspectives in the fastest time possible. An office of the president allows us to serve our global constituencies in the best way possible."

To demonstrate its emphasis on excelling in service to its geographic markets, Chartered's regional presidents will now report directly to the office of the president. These positions are held by Bruno Guilmart, president of Asia-Pacific and Japan region; Allan Hughes, newly appointed president of the Europe region; and Michael Rekuc, president of the Americas region.

"Over the past two years, Chartered's customer base has come to reflect our focus on providing system solutions to serve high-growth markets," said Barry Waite. "With increasing customer representation in regions outside of Asia, it is important that our regional presidents hold the right balance between autonomy and corporate impact to make the best decisions on behalf of their clients. The office of the president gives them the power to take action quickly and with the full perspective of the Company's essential functions."