Taoyuan, Taiwan (R.O.C.), April 30th, 2009 – Inotera Memories, Inc. (TWSE: 3474) today announced results for the first quarter of year 2009, which ended March 31st, 2009. The operating loss registered for the first quarter of year 2009 was NTD 4,614 million and net loss was NTD 5,316 million, on the back of sales revenues of NTD 6,355 million. The net loss incurred for the quarter translates into a loss per share of NTD 1.59. First quarter results include a reversal of previous write-downs for the carrying value of inventory in the amount of NTD 251 million, which was included in the cost of goods sold. All numbers are un-audited, and the loss per share calculation is based on weighted average outstanding shares of 3,338 million.

The 23% decrease in sales revenues quarter-on-quarter was due to a sequential decline in DRAM average selling prices and a 49% decrease in bit shipments as a result of production cuts during the first quarter of 2009. Due to the insolvency filing of one of Inotera's major customers, Qimonda AG, on January 23rd, 2009, Inotera has discontinued wafer shipments and wafer starts for Qimonda AG, which has resulted in a 51% decrease in overall wafer shipments compared to the previous quarter. As a result of Qimonda's insolvency filing, a write-down of accounts receivables of NTD 3,345 million was included in 4Q'08 G&A expenses, and non-operating expenses for 4Q'08 were NTD 2,148 million with a charge of NTD 364 million added in for the partial write-down of work-in-process inventories previously designated for Qimonda.

According to the existing Supply Agreement between Nanya Technology (“Nanya Tech”), Micron Technology (“Micron”) and Inotera, Micron will gradually assume the rights and responsibilities related to the capacity corridor formerly reserved for Qimonda AG up to a level of 50% of Inotera's total capacity by the third quarter of 2009. Such rights and responsibilities include, among others, the right to purchase wafers from Inotera subject to certain terms and conditions and the responsibility to assume certain idle charges, if wafer purchases do not meet certain limits. Going forward, the Company expects a continuous need to be responsive to changes in customer demand and the broader market environment and may adjust its production and shipment volume accordingly.

On April 9th, 2009, the Company announced in a press conference that the Micron / Nanya Tech / Inotera camp will not join TMC (Taiwan Memory Corporation) – a government-backed venture – over concerns about the feasibility of TMC's business plan and the potential leakage of technology know-how to competitor companies. Instead, the alliance between Micron, Nanya Tech and Inotera will focus on the introduction of Micron's 50nm stack technology and further technological development. Inotera plans to start pilot production in Micron's 50nm stack technology from the third quarter of 2009 and will decide on the exact conversion schedule based on funding availability.

2009 capital expenditures were NTD 120 million as of the end of March. Total capital expenditures for 2009 are expected to be about NTD 11.7 billion including approximately NTD 6.5 billion for 50nm stack pilot line, NTD 2.0 billion and NTD 2.7 billion, respectively, for the acquisition of certain facility-assets and for the expected lease of the MeiYa fab (which is expected to be accounted for as a capital lease), and NTD 0.5 billion for remaining capital expenditures from previous projects.

On April 30th, 2009, the Board of Directors of the Company has approved resolutions to recommend to the shareholders at the Shareholders' Meeting to authorize the Board to issue new common shares not exceeding a total of 2.0 billion shares at an appropriate timing in order to fulfill the financial needs of the Company. Inotera's shareholders will vote on this item during the Annual General Meeting on June 18th, 2009.

About Inotera

Inotera Memories, Inc. was incorporated on January 23rd, 2003. Inotera's production facilities are designed to manufacture high-density and high-performance commodity DRAM（Dynamic Random Access Memory）products using state-of-the-art technology. The combination of world-leading technology transferred from its technology partners and local cost-efficiency in mass production has resulted in an innovative company that is highly productive, highly competitive and at the leading edge in the DRAM industry. For more information please visit Inotera's IR Website：http://ir.inotera.com

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Spokesperson
Charles Kau, President     

Press Contact
Maggie Lin, IR / PR Department
Tel.  03-327-2988  Ext. 3309
E-mail：maggielin@inotera.com

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