Renesas Technology to License 1Gbit AG-AND Technology to PSC

Tokyo, February 7, 2006 −− Renesas Technology Corp. today announced the conclusion of a licensing agreement with Powerchip Semiconductor Corp. (PSC) covering the technology used in 1Gbit AG-AND flash memory devices and the sale of such devices. The agreement follows an earlier manufacturing agreement between the two companies.

The new agreement further strengthens the working relationship between the two partners. It will allow PSC to sell AND flash memory under its own brand. The agreement will increase the number of available sources for AND flash memory and encourage expansion of the market for such devices, thus providing benefits for customers.

About Renesas Technology Corp.
Renesas Technology Corp. is one of the world's leading semiconductor system solutions providers for mobile, automotive and PC/AV (Audio Visual) markets and the world's No.1 supplier of microcontrollers. It is also a leading provider of LCD Driver ICs, Smart Card microcontrollers, RF-ICs, High Power Amplifiers, Mixed Signal ICs, System-on-Chip (SoC), System-in-Package (SiP) and more. Established in 2003 as a joint venture between Hitachi, Ltd. (TSE:6501, NYSE:HIT) and Mitsubishi Electric Corporation (TSE:6503), Renesas Technology achieved consolidated revenue of 1002.4 billion JPY in FY2004 (end of March 2005). Renesas Technology is based in Tokyo, Japan and has a global network of manufacturing, design and sales operations in around 20 countries with about 26,000 employees worldwide. For further information, please visit http://www.renesas.com