STATS ChipPAC Extends the Tender Offer and Consent Solicitation for Its Senior Notes

SINGAPORE, Jul 22 (MARKET WIRE) --
UNITED STATES -- 7/22/2008 -- STATS ChipPAC Ltd. ("STATS ChipPAC" or the
"Company") (SGX-ST: STATSChP) (SES: S24), a leading semiconductor test
and advanced packaging service provider, announced today amendments to
the pending cash tender offer and consent solicitation (the "Tender Offer
and Consent Solicitation") in respect of its $150 million of 7.5% Senior
Notes due 2010(1) (the "2010 Notes") and its $215 million of 6.75% Senior
Notes due 2011(2) (the "2011 Notes") (collectively, the "Existing Notes").

In particular, the Company is (i) extending the Expiration Date of the
Tender Offer and Consent Solicitation to 5:00 p.m., New York City time, on
Friday, August 8, 2008, unless such date is further extended or earlier
terminated (the "Amended Expiration Date") and (ii) extending the Final
Settlement Date to an expected date of August 15, 2008. In connection with
these extended deadlines, the Company is permitting Holders to validly
withdraw tenders of Existing Notes from the date of this announcement
through 5:00 p.m., New York City time, on Friday, July 25, 2008. Holders
that tender Existing Notes through the Amended Expiration Date will be
eligible to receive the applicable Total Consideration.

As of the Consent Deadline, 5:00 p.m., New York City time, on Wednesday,
July 2, 2008, 98.09% of the principal amount of the 2010 Notes and 98.51%
of the principal amount of the 2011 Notes have been validly tendered and
the related consents have been validly delivered.

Except for the amendments described above, all other terms and conditions
of the Tender Offer and Consent Solicitation in respect of each series of
Existing Notes, as set forth in the Company's Offer to Purchase and
Consent Solicitation Statement dated June 20, 2008 (the "Offer to
Purchase"), remain the same, including, among other things, the Company
obtaining adequate debt financing to fund the tender offer and consent
solicitation and the proposed cash distribution on terms and conditions
acceptable to it. All capitalized terms when used herein have the same
meanings as assigned to them in the Offer to Purchase.

Credit Suisse and Deutsche Bank are acting as the Dealer Managers and
Lucid Issuer Services Limited as the Tender and Information Agent for the
Tender Offer and Consent Solicitation. Requests for documents may be
directed to the Tender and Information Agent: Yves Theis or Sunjeeve
Patel, Tel: +44 20 7704 0880, Fax: +44 20 7067 9098,
statschippac@lucid-is.com. Any questions or requests for assistance
regarding the tender offer and consent solicitation may be directed to
the Dealer Managers:

Credit Suisse Securities (Europe) Limited
Liability Management Group
Tel: + 44 20 7883 6748 (London)

Credit Suisse (Hong Kong) Limited
Telephone: +852 2101 6000 (Hong Kong)

E-mail: liability.management@credit-suisse.com

Deutsche Bank AG, London Branch
Liability Management Group
Tel: + 44 20 7545 8011 (London)

Deutsche Bank AG, Singapore Branch
Tel: +65 6423 5342 (Singapore)

E-mail: liability.management@db.com

No Offer to Purchase Existing Notes

This release does not constitute an offer to purchase, a solicitation of
an offer to purchase, or a solicitation of tenders or consents with
respect to, any Existing Notes. The tender offer and consent solicitation
are being made solely pursuant to the Offer to Purchase and related
materials. Holders of the Existing Notes should read the Offer to
Purchase and related materials carefully prior to making any decision
with respect to the Tender Offer and Consent Solicitation because they
contain important information. Holders of the Existing Notes and
investors may obtain a free copy of the Offer to Purchase from the Tender
and Information Agent or either of the Dealer Managers specified above.

Italian residents or persons located in the Republic of Italy may not
tender Existing Notes and any offers to sell received from such persons
shall be ineffective and void. Neither this release nor any other offering
material relating to the tender offer and consent solicitation may be
distributed or made available in the Republic of Italy.

Forward-looking Statements

Certain statements in this release, including statements regarding the
consummation of the tender offer and consent solicitation, the proposed
capital reduction and cash distribution, and the availability of the debt
financing, are forward-looking statements that involve a number of risks
and uncertainties that could cause actual events or results to differ
materially from those described in this release. Factors that could cause
actual results to differ include, but are not limited to, general business
and economic conditions and the state of the semiconductor industry; level
of competition; demand for end-use applications products such as
communications equipment and personal computers; decisions by customers to
discontinue outsourcing of test and packaging services; our reliance on a
small group of principal customers; our continued success in technological
innovations; pricing pressures, including declines in average selling
prices; availability of financing; prevailing market conditions; our
ability to meet the applicable requirements for the termination of
registration under the Securities Exchange Act of 1934, as amended; our
ability to meet specific conditions imposed for the continued listing or
delisting of our ordinary shares on the Singapore Exchange Securities
Trading Limited ("SGX-ST"); our substantial level of indebtedness;
potential impairment charges; delays in acquiring or installing new
equipment; adverse tax and other financial consequences if the South
Korean taxing authorities do not agree with our interpretation of the
applicable tax laws; our ability to develop and protect our intellectual
property; rescheduling or canceling of customer orders; changes in our
product mix; intellectual property rights disputes and litigation; our
capacity utilization; limitations imposed by our financing arrangements
which may limit our ability to maintain and grow our business; changes in
customer order patterns; shortages in supply of key components;
disruption of our operations; loss of key management or other personnel;
defects or malfunctions in our testing equipment or packages; changes in
environmental laws and regulations; exchange rate fluctuations;
regulatory approvals for further investments in our subsidiaries;
majority ownership by Temasek Holdings (Private) Limited ("Temasek") that
may result in conflicting interests with Temasek and our affiliates;
unsuccessful acquisitions and investments in other companies and
businesses; labor union problems in South Korea; uncertainties of
conducting business in China and other countries in Asia; natural
calamities and disasters, including outbreaks of epidemics and
communicable diseases; and other risks described from time to time in the
Company's filings with the Securities and Exchange Commission, including
its annual report on Form 20-F dated March 7, 2008. We do not intend, and
do not assume any obligation to update any forward-looking statements to
reflect subsequent events or circumstances. References to "$" are to the
lawful currency of the United States of America.

Disclaimer

This release has been issued by and is the sole responsibility of the
Company. In accordance with normal practice, Credit Suisse and Deutsche
Bank express no opinion on the merits of the debt financing or the tender
offer, nor do they accept any responsibility for the accuracy or
completeness of this release or any other document prepared in connection
with the debt financing or the tender offer.

About STATS ChipPAC Ltd.

STATS ChipPAC Ltd. is a leading service provider of semiconductor
packaging design, assembly, test and distribution solutions in diverse
end market applications including communications, digital consumer and
computing. With global headquarters in Singapore, STATS ChipPAC has
design, research and development, manufacturing or customer support
offices in 10 different countries. STATS ChipPAC is listed on the SGX-ST.
Further information is available at www.statschippac.com. Information
contained in this website does not constitute a part of this release.

(1) Common Codes / CUSIPs / ISINs: 022422669, 022422642, 022457241 /
85771TAD6, 85771TAE4, Y8162BAB1 / US85771TAD63, USY8162BAB19,
US85771TAE47.

(2) Common Codes / CUSIPs / ISINs: 020574089, 020563532, 021811157 /
85771TAA2, 85771TAC8, Y8162BAA3 / US85771TAA25, USY8162BAA36,
US85771TAC80.

Investor Relations Contact:
Tham Kah Locke
Vice President of Corporate Finance
Tel: (65) 6824 7788
Fax: (65) 6720 7826
email: Email Contact

Media Contact:
Lisa Lavin
Deputy Director of Corporate Communications
Tel: (208) 939 3104
Fax: (208) 939 4817
email: Email Contact

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