Today, in its scheduled mid-quarter update, Chartered Semiconductor Manufacturing Ltd. (Nasdaq:CHRT) (SGX:CHARTERED) updated its third quarter 2008 guidance, which was originally provided on July 25, 2008.

“Our outlook for the quarter remains much in line with our expectations in July when we provided our guidance for the quarter. However, we now expect our revenues and utilization to be at the lower end of our previous guidance range due to some changes in customer delivery schedules. Our guidance for average selling prices, gross profit and net loss remains unchanged,” said George Thomas, senior vice president & CFO of Chartered.

Chartered plans to release third quarter 2008 results on Friday, October 31, 2008, Singapore time, before the Singapore market opens. Chartered’s original guidance for third quarter 2008 was published in the Company’s second quarter 2008 earnings release dated July 25, 2008, which can be found on Chartered’s Web site at www.charteredsemi.com, under Investor Relations, Earnings Releases section.

About Chartered

Chartered Semiconductor Manufacturing Ltd. (Nasdaq: CHRT, SGX-ST: CHARTERED), one of the world’s top dedicated semiconductor foundries, offers leading-edge technologies down to 65 nanometer (nm), enabling today’s system-on-chip designs. The company further serves its customers’ needs through a collaborative, joint development approach on a technology roadmap that extends to 22nm. Chartered’s strategy is based on open and comprehensive design enablement solutions, manufacturing enhancement strategies, and a commitment to flexible sourcing. In Singapore, the company operates a 300mm fabrication facility and five 200mm facilities. Information about Chartered can be found at www.charteredsemi.com.

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This news release contains forward-looking statements, as defined in the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995.