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Tower Semiconductor Receives $5.3 Million in Investments

September 15, 2009

The company is granting the investors approximately 5.36 million ordinary shares, based on a price of NIS 3.73, as well as warrants to purchase approximately 1.34 million ordinary shares.

MIGDAL HAEMEK, Israel /PRNewswire-FirstCall/ -- Tower Semiconductor Ltd., an independent specialty foundry, announced that it received and accepted additional orders from institutional investors of approximately $5.3 million for cash investment in the company's equity, on similar terms to the company's fundraising announced on September 3, 2009. In consideration for this cash investment, the company is granting the investors with approximately 5.36 million ordinary shares, based on a price of NIS 3.73 (approximately $1.00) per share, which is a 4% premium on the closing price of the company's ordinary shares in TASE on the day the orders were accepted (NIS 3.60 as of closing September 13, 2009), as well as warrants to purchase approximately 1.34 million ordinary shares which will have the same terms as the company's series 6 warrants, already traded on the Tel Aviv Stock Exchange. Additional information regarding the terms of the offering is included in the company's Report on Form 6-K as is filed today with the SEC and available on the agency's Web site.

Total gross immediate proceeds amounted to approximately NIS 20 million (approximately $5.3 million). The sale of the shares and warrants is being made under the previously filed shelf registration statement as was approved and declared effective by the SEC on February 15, 2008. A prospectus supplement is filed with the SEC, and is available on the agency's Web site.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities described herein.

About Tower Semiconductor
Tower Semiconductor Ltd., a global specialty foundry leader, manufactures integrated circuits, with geometries ranging from 1.0 to 0.13 micron and provides complementary technical services and design support. Tower, along with its fully owned U.S. subsidiary Jazz Semiconductor Inc., offers a broad range of process technologies, including digital, mixed-signal and RFCMOS, HV CMOS, power management, nonvolatile memory (NVM), embedded NVM, MEMS, and CMOS image sensors. Tower provides world-class customer service and maintains two fabrication facilities in Israel and a fab in Newport Beach, CA, with manufacturing capacity available in China, through partnerships with ASMC and HHNEC.

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