Ex-Infineon CEO to manage<br>Grace Semiconductor

Mr. Dong Yeshun, Chairman of Grace Semiconductor, said: “We are delighted and honoured that Dr. Ulrich Schumacher has decided to take on this role as President and CEO of Grace Semiconductor. Dr. Schumacher enjoys an unrivalled reputation worldwide as one of the best minds and leaders in the semiconductor industry. With someone of Dr. Schumacher's calibre and international stature heading our management team, we are confident that we can further accelerate the process of bringing the Company to the next level." Dr. Schumacher was born in 1958 in Bergisch Gladbach, Germany. He studied Electrical Engineering and Business Administration at the University of Aachen, Germany, and was awarded a Doctorate of Engineering. In 1986, he joined the Semiconductor Group of Siemens AG in Munich, Germany, where he held several management positions in manufacturing, engineering and marketing. In 1988, he became Assistant to the CEO and drove Strategic Planning and Alliances. In 1991, he became General Manager of Memory, Chipcard IC and Multimedia Products. In 1996, he was appointed President and CEO of Siemens Semiconductor Group, and in 1998, he became a member of the Board of Siemens AG. In 1999, Dr. Schumacher led the spin-off of the Siemens Semiconductor Group and successfully brought it public in 2000 as Infineon Technologies. Under his leadership, Infineon Technologies grew significantly, from being the 19th to the 4th biggest semiconductor company in the world, and for several years, it was the fastest growing company among the world's top 20 semiconductor companies. Dr. Schumacher resigned in 2004 and joined Francisco Partners, a private equity firm in San Francisco, USA, which specializes in high technology investments, as Operating Partner. Dr. Ulrich Schumacher said: “I very much look forward to joining the Grace team as its President and CEO. It is an opportunity I could not resist. The potential of the foundry market remains enormous, and Grace is in an excellent position to become one of the leading PRC companies in this space. I am glad to work in such a competitive environment, and in such a vibrant and dynamic country." Dr. Schumacher has resigned from Francisco Partners but will continue to support it as a special advisor. Dr. Schumacher is assuming the role of President and CEO from Mr. Dong, who will remain as Chairman of the Board. Mr. Dong first took over as President and CEO of Grace in 2004. Previously the General Manager of Bosch Gasoline Systems China, Mr. Dong has overseen a critical transition of the Company over the last three years. Under his leadership, the Company was able to weather an industry downturn, strengthen its technological, manufacturing and product capabilities, and attract new talent. Mr. Dong is also a Vice President of Shanghai Alliance Investment, the leading shareholder of Grace.