UNITED STATES--(Marketwire - April 23, 2008) - SINGAPORE -- 4/24/2008 -- STATS ChipPAC Ltd. ("STATS ChipPAC" or the "Company") (SGX-ST: STATSChP), a leading semiconductor test and advanced packaging service provider, today announced results for the first quarter 2008.

Tan Lay Koon, President and Chief Executive Officer of STATS ChipPAC, said, "Revenue for the first quarter of 2008 of $427.2 million increased by 9.4% over the first quarter of 2007 and declined by 10.4% from prior quarter. Our first quarter revenue reflected the seasonally softer demand and tight inventory control by our customers as they became increasingly cautious about their business outlook because of the global economic uncertainty."

Net income for the first quarter of 2008 grew by 4.7% to $17.9 million or $0.08 per diluted ADS, compared to net income of $17.0 million or $0.08 per diluted ADS in the first quarter of 2007.

John Lau, Chief Financial Officer of STATS ChipPAC, said, "We continue to be disciplined in capital spending in the first quarter of 2008. In the first quarter of 2008, we spent approximately $55.2 million in capital expenditures, which were 12.9% of revenue compared to 14.2% of revenue in the prior quarter. Due to the lower utilization rate from the weaker demand, higher material cost, and Asian currencies appreciation, gross margin for the first quarter of 2008 was 17.4% compared to 19.5% in the prior quarter."

Forward-looking Statements

Certain statements in this release, including statements regarding expected future financial results and industry growth, 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 Exchange Act; our ability to meet specific conditions imposed for the continued listing or delisting of our ordinary shares on the 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 SEC filings, 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.

Since the beginning of fiscal 2005, we have employed quarterly and fiscal year reporting periods. Our 52-53 week fiscal year ends on the Sunday nearest and prior to December 31. Our fiscal quarters end on a Sunday and are generally thirteen weeks in length. Our first quarter of 2008 ended on March 30, 2008, while our first quarter of 2007 ended on April 1, 2007. References to "US GAAP" are to Generally Accepted Accounting Principles as practiced in the United States of America and references to "$" are to the lawful currency of the United States of America.

About STATS ChipPAC Ltd.

STATS ChipPAC Ltd. ("STATS ChipPAC" or the "Company") (SGX-ST: STATSChP) 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 Singapore Exchange Securities Trading Limited (SGX-ST). Further information is available at www.statschippac.com. Information contained in this website does not constitute a part of this release.

                            STATS ChipPAC Ltd.
              Condensed Consolidated Statements of Operations
      (In thousands of U.S. Dollars, except share and per share data)
                                (Unaudited)

                                                    Three Months Ended
                                                   --------------------
                                                    April 1,  March 30,
                                                      2007      2008
                                                   ---------  ---------
Net revenues                                       $ 390,470  $ 427,242
Cost of revenues                                    (312,911)  (352,704)
                                                   ---------  ---------
Gross profit                                          77,559     74,538

Operating expenses:
     Selling, general and administrative              27,999     31,466
     Research and development                          8,185     10,005
     Restructuring expenses                                -        900
     Tender offer charges                              6,808          -
                                                   ---------  ---------
       Total operating expenses                       42,992     42,371
                                                   ---------  ---------

Operating income                                      34,567     32,167
Other income (expenses), net                          (8,719)    (5,307)
                                                   ---------  ---------
Income before income taxes                            25,848     26,860
Income tax expense                                    (7,651)    (7,620)
                                                   ---------  ---------
Income before minority interest                       18,197     19,240
Minority interest                                     (1,150)    (1,387)
                                                   ---------  ---------
Net income                                         $  17,047  $  17,853
                                                   =========  =========

Net income per ordinary share:
     Basic                                         $    0.01  $    0.01
     Diluted                                       $    0.01  $    0.01

Net income per ADS:
     Basic                                         $    0.08  $    0.09
     Diluted                                       $    0.08  $    0.08

Ordinary shares (in thousands) used in per
 ordinary share calculation:
     Basic                                         2,009,832  2,052,159
     Diluted                                       2,191,760  2,202,146

ADS (in thousands) used in per ADS calculation:
     Basic                                           200,983    205,216
     Diluted                                         219,176    220,215

Key Ratios and Information:
Gross Margin                                            19.9%      17.4%
Operating Expenses as a % of Revenue                    11.0%       9.9%
Operating Margin                                         8.9%       7.5%

Depreciation & Amortization, including
 Amortization of Debt Issuance Costs               $  61,397  $  72,263
Capital Expenditures                               $  56,786  $  55,216

Share-based compensation expense included under
 SFAS 123(R) were as follows:
     Cost of revenues                              $   1,488  $     586
     Selling, general and administrative               1,018        515
     Research and development                            376        139
                                                   ---------  ---------
                                                   $   2,882  $   1,240
                                                   =========  =========




                            STATS ChipPAC Ltd.
                  Condensed Consolidated Balance Sheets
                      (In thousands of U.S. Dollars)

                                                December 30,    March 30,
                                                    2007          2008
                                                ------------- -------------
                                                              (Unaudited)
ASSETS
Current assets:
  Cash, cash equivalents and marketable
   securities                                   $     242,691 $     262,884
  Accounts receivable, net                            271,360       264,347
  Inventories                                          83,312        83,505
  Other current assets                                 38,489        43,451
                                                ------------- -------------
    Total current assets                              635,852       654,187

  Marketable securities                                15,296        15,809
  Property, plant and equipment, net                1,276,490     1,271,178
  Investment in equity investee                        10,350        10,257
  Goodwill and intangible assets                      588,712       586,586
  Other non-current assets *                           70,254        66,079
                                                ------------- -------------
    Total assets                                $   2,596,954 $   2,604,096
                                                ------------- -------------

LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
  Accounts and other payables                   $     235,044 $     226,842
  Other current liabilities                           128,417       130,377
  Short-term debts                                    240,781       226,348
                                                ------------- -------------
    Total current liabilities                         604,242       583,567
Long-term debts                                       423,853       421,616
Other non-current liabilities                         125,093       116,635
                                                ------------- -------------
    Total liabilities                               1,153,188     1,121,818
                                                ------------- -------------
Minority interest                                      59,797        66,194
                                                ------------- -------------
Shareholders' equity                                1,383,969     1,416,084
                                                ------------- -------------
    Total liabilities and shareholders' equity  $   2,596,954 $   2,604,096
                                                ------------- -------------

  * Includes $1.7 million and $1.6 million of non-current restricted cash
    as of March 30, 2008 and December 30, 2007, respectively.




                            STATS ChipPAC Ltd.
                      Other Supplemental Information
                                (Unaudited)

                                                 1Q 2007  4Q 2007  1Q 2008
Net Revenues by Product Line
Packaging - array                                   58.6%    54.5%    55.0%
Packaging - leaded                                  16.9%    19.3%    18.7%
Test and other services                             24.5%    26.2%    26.3%
                                                 -------  -------  -------
                                                   100.0%   100.0%   100.0%
                                                 =======  =======  =======
Net Revenues by End User Market
Communications                                      52.5%    54.6%    53.7%
Personal Computers                                  16.1%    16.2%    16.0%
Consumer, Multi-applications and Others             31.4%    29.2%    30.3%
                                                 -------  -------  -------
                                                   100.0%   100.0%   100.0%
                                                 =======  =======  =======
Net Revenues by Region
United States of America                            77.1%    75.8%    75.4%
Europe                                               2.2%     3.1%     3.4%
Asia                                                20.7%    21.1%    21.2%
                                                 -------  -------  -------
                                                   100.0%   100.0%   100.0%
                                                 =======  =======  =======

Number of Testers                                    938    1,051    1,041
Number of Wirebonders                              3,808    4,519    4,679

Overall Equipment Utilization Rate                    75%      79%      69%

Contact Information: Investor Relations Contact: Tham Kah Locke Vice President of Corporate Finance Tel: (65) 6824 7788 Fax: (65) 6720 7826 email: Media Contact: Lisa Lavin Deputy Director of Corporate Communications Tel: (208) 939 3104 Fax: (208) 939 4817 email: