Semiconductor Manufacturer in $1.2 Billion Share Offering

October 31, 2005

Cleary Gottlieb represented Korea Exchange Bank, as representative of the selling shareholders, and Hynix Semiconductor Inc. in a Rule 144A/Reg S offering of Hynix Semiconductor global depositary shares. The GDSs are listed on the Euro MTF of the Luxembourg Stock Exchange. Merrill Lynch & Co., Citigroup, Credit Suisse First Boston, Deutsche Bank Securities and Woori Investment & Securities acted as representatives of the initial purchasers. The $1.2 billion secondary offering priced on October 26 and closed on October 31. Certain of the selling shareholders also sold $700 million common shares in a concurrent domestic block trade led by Daewoo Securities and Goodmorning Shinhan Securities.

Hynix Semiconductor is one of the world’s leading manufacturers of DRAMs, the most widely used memory chip, as well as NAND flash memory products.