Amkor Says Anam Semiconductor Inc. Workout Formally Approved.

WEST CHESTER, Pa.--(BUSINESS WIRE)--April 29, 1999--

Program Now Being Implemented Provides Anam with

Significant Debt Relief

Amkor Technology Inc. said today that Korea's Anam Semiconductor Inc. ("Anam') has received formal approval from its Creditor Banks on the financial restructuring known as "Workout", and the Workout program is now being implemented.

Under the terms of the Workout, outlined more fully below, Anam is receiving significant relief on its bank debt and financial guarantees.

Amkor's President, John Boruch, noted that "The implementation of Anam's restructuring program should provide Anam with a stronger balance sheet and much greater financial stability. Because Amkor will continue to derive a large percentage of revenues from services provided by Anam, a meaningful improvement in Anam's financial health has very positive implications for our operational relationship."

The Workout contains the following relief provisions, in which the Creditor Banks agree to:

-- Convert, over a four-year period, approximately $208 million (at

today's exchange rates) of Anam debt into a combination of Anam

common stock, non-interest bearing convertible debt (convertible

into Anam common stock) and non-interest bearing loans.

-- Defer payment of principal on ordinary loans until Dec. 31, 2003,

when a payment schedule will then be determined. No interest will

be paid on these loans through Dec. 31, 1999.

-- Defer payment of principal under capital leases until Dec. 31,

1999; payments will be made under a 7-year installment plan

thereafter.

-- Allow Anam to defer maturity of Won-denominated debentures for

additional three years.

-- Reduce the interest rate on Anam's Won-denominated bank loans.

-- Provide a five-year grace period on Anam's subsidiary debt

guarantees. Anam will not be responsible for interest on these

obligations over the five-year period.

-- Provide Anam with a short-term loan of approximately $42 million

to be repaid with proceeds from the sale of Anam's

packaging plant known as K4.

As previously announced, Amkor is moving forward with the acquisition of K4 and expects to complete the transaction in mid-May.

In addition, and as previously announced, in connection with the Workout Amkor has agreed to make a $41 million investment in Anam, with an additional $109 million committed over the next three years, subject to certain conditions.

Amkor Technology Inc. is the world's largest provider of contract semiconductor packaging and test services. The company offers a complete set of semiconductor services including deep submicron wafer fabrication, wafer probe testing, IC packaging assembly and design, final testing, burn-in, characterization and reliability testing.

More information on Amkor Technology Inc. is available from the company's SEC filings and on Amkor's web site, http://www.amkor.com. Amkor is traded on the Nasdaq Stock Market under the symbol AMKR.

The statements in this news release may contain forward-looking statements - such as (1) the belief that implementation of Anam's restructuring program should provide Anam with a stronger balance sheet and much greater financial stability; and (2) a meaningful improvement in Anam's financial health has very positive implications for Amkor's operational relationship with Anam - that involve risks and uncertainties that could cause actual results to differ from anticipated results.

Further information on risk factors that could affect the company's results is detailed in the company's filings with the Securities and Exchange Commission, including the Report on Form 10-K for the fiscal year ended Dec. 31, 1998.