Micron Technology Announces Signing a Memorandum of Understanding With Hynix Semiconductor for Memory Business

Business Wire, April 22, 2002

Business/High Tech Editors

BOISE, Idaho--(BUSINESS WIRE)--April 21, 2002

Micron Technology, Inc. (NYSE:MU), today announced the signing of a non-binding memorandum of understanding for the purchase of Hynix's memory business in exchange for approximately 108.6 million shares of Micron common stock.

Micron will also invest $200 million USD in Hynix in return for a 15% equity stake in Hynix's continuing non-memory businesses. As part of the transaction, Korean lenders will provide $1.5 billion USD of long-term debt financing for use by Micron in its Korea-based operations.

The memorandum of understanding is subject to approval by the Hynix Creditors Council and the Boards of Directors of Hynix and Micron by April 30, 2002. Assuming approval, the transactions will also be subject to successful negotiation of definitive agreements and approvals from a number of additional parties, including U.S. and European antitrust authorities and the Hynix shareholders.

Mr. Steve Appleton, President and CEO of Micron, stated, "We appreciate the dedication and commitment by all parties in completing this MOU. Although there remain additional details to be negotiated before a definitive agreement can be achieved, we're confident the outstanding resources of Hynix combined with Micron's operations will create a leading semiconductor company that will benefit its employees, shareholders, affiliates and worldwide customers."

About Micron Technology, Inc.

Micron Technology, Inc., and its subsidiaries manufacture and market DRAMs, very fast SRAMs, Flash Memory, other semiconductor components, and memory modules. Micron's common stock is traded on the New York Stock Exchange (NYSE) under the MU symbol. To learn more about Micron Technology, Inc., visit its web site at www.micron.com.

This document contains forward-looking statements that involve risks, uncertainties and assumptions. If any of these risks or uncertainties materializes or any of these assumptions proves incorrect, the parties may be unable to consummate the transactions contemplated by the memorandum of understanding and the results of Micron, Hynix and their respective consolidated subsidiaries could differ materially from those express or implied by such forward-looking statements.

All statements other than any statements of historical facts are statements that could be deemed forward looking statements, including all statements made above regarding the terms for the purchase by Micron of Hynix's semiconductor memory business. The risks, uncertainties and assumptions referred to above include the ability of Hynix to secure the requisite creditor approval; the ability of the parties to negotiate mutually acceptable definitive agreements; the ability of the parties to obtain the approval of relevant regulatory bodies and the Hynix shareholders and any other necessary consents; the ability of Micron and Hynix to retain and motivate key employees; the challenges of implementing any agreed-upon restructuring plan for Hynix; the possibility that the acquisition may not close or that Micron, Hynix or other parties to the transactions may be required to modify some aspects of the transactions in order to obtain regulatory approvals; and the challenges of integration and restructuring associated with the transactions if they do close.