CHARTERED SEMICONDUCTOR PRICES US$500 MILLION SENIOR CONVERTIBLE NOTE OFFERING

CHARTERED SEMICONDUCTOR PRICES
US$500 MILLION SENIOR CONVERTIBLE NOTE OFFERING

MILPITAS, Calif. - March 27, 2001 -- Chartered Semiconductor Manufacturing (Nasdaq: CHRT and SGX-ST: CHARTERED) today announced that it has priced its offering of US$500 million of Senior Convertible Notes due 2006. The convertible notes will bear interest at the rate of 2.50% per year and have a yield to maturity of 5.25% per year. The notes will be convertible into the Company's ordinary shares or American Depositary Shares (ADSs) at a conversion price of S$6.52 per ordinary share (equivalent to approximately US$36.36 per ADS, based on a fixed exchange rate and the current ratio of ten ordinary shares per ADS). The offering is expected to close on April 2, 2001 in New York.

The Company granted the underwriter a 30-day option to purchase an additional US$75 million of notes to cover over-allotments, if any. The underwriter for the offering is Merrill Lynch. A copy of the prospectus relating to the offering can be obtained from Merrill Lynch, New York office: 4 World Financial Center, 5th Floor, New York, NY 10080; London office: 20 Farringdon Road, London EC1Y - 3NH; Singapore office: 1 Temasek Avenue, #28-01 Millenia Tower, Singapore 039192; Hong Kong office: 17/F Asia Pacific Finance Tower; 3 Garden Road, Central, Hong Kong.

The Company intends to use the offering proceeds primarily for capital expenditures as well as for working capital and general corporate purposes.

The offering was undertaken pursuant to a shelf registration statement filed with the U.S. Securities and Exchange Commission for the public offering from time to time of up to US$4 billion of the Company's securities (of which US$3 billion may be securities offered by the Company and US$1 billion may be ordinary shares offered by certain shareholders of the Company). The specific terms of other securities that may be issued under the shelf registration statement will be determined at the time of each issuance.

About Chartered
Chartered Semiconductor Manufacturing is one of the world's leading independent semiconductor foundries. The Company's business model is distinguished by its strategy to build trusted long-term relationships, where manufacturing is part of a larger customer-service focus that includes joint development and implementation of new process technologies supporting novel applications within the broad communications market. Chartered operates five semiconductor fabrication facilities at its Singapore headquarters, with a sixth fab under construction.

A Company with both global presence and perspective, Chartered's ADSs are quoted on the Nasdaq Stock Market in the United States (Nasdaq: CHRT) and its ordinary shares are listed on the Singapore Exchange Securities Trading Limited in Singapore (SGX-ST: CHARTERED). The Company reported 2000 revenues of over US$1.1 billion. More than 4,300 Chartered employees are based at 11 locations around the world. Information about Chartered Semiconductor Manufacturing can be found at www.charteredsemi.com

No Offering
This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful. Any public offering of the Company's securities will be made by means of a prospectus.

Safe Harbor Statement under the provisions of the United States Private Securities Litigation Reform Act of 1995
This news release contains forward-looking statements, as defined in the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to the closing of the Company's proposed offering of convertible notes, reflect the Company's current views and are subject to certain risks and uncertainties which could cause actual results to differ materially from those anticipated. For example, the closing may not occur if the closing conditions set forth in the underwriting agreement covering the securities are not satisfied or if the underwriting agreement is terminated prior to closing. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be attained. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.