Inotera Memories : Progress of the Share Swap Transaction

1.Date of occurrence of the event:2016/09/20

2.Company name:Inotera Memories, Inc.

3.Relationship to the Company (please enter 'head office' or 'subsidiaries'):head office

4.Reciprocal shareholding ratios:N/A

5.Cause of occurrence:Progress of the Share Swap Transaction

6.Countermeasures:

(1)Upon request of the Taiwan Stock Exchange, we wish to update the status of certain conditions precedent to the Share Swap Transaction:

(a)On March 29, 2016, the Company's Special Shareholder's meeting resolved to approve the signing of the Share Swap Agreement and execute the Share Swap Transaction with Micron Semiconductor Taiwan Co., Ltd. ('MST') ('Transaction')

(b)On April 13, 2016, the Taiwan Fair Trade Commission approved the Transaction.

(c)On May 31, 2016, the Investment Commission approved MST's capital increase and for its execution of the Transaction.

(d)On June 17, 2016, Inotera and MST signed back the Debt Commitment Letter of the NT$80 billion Loan issued by the Arrangers.

(e)Regarding the participation by Nanya Technology Corporation ('NTC') in the private placement of Micron Technology Inc., please refer to NTC's public announcement dated May 10, 2016 on MOPS.

(2)According to Section 8.1(e) of the Share Swap Agreement, either party may terminate the Transaction if the closing of the Transaction shall not have occurred by November 30, 2016 ('Outside Date'), saved that the private placement remains not satisfied, then MST and its parent company shall have the right but not obligation to extend the Outside Date by ninety (90) days; in addition, according to the Article 53-17 of 'Operating Rules of the Taiwan Stock Exchange Corporation', a delisting application shall be completed and filed with the TWSE at least 30 trading days before the share swap record date. Thereby, if the closing of the Transaction is desired to take place before the Outside Date, the Company shall make the delisting filing with TWSE by October 19, 2016, at the latest.

(3)The Company's BoD may, under the authorization by the Company's shareholders meeting on March 29, 2016, revise the Share Swap Agreement to extend the Outside Date by mutual agreement with Micron, without convening a shareholders meeting.

7.Any other matters that need to be specified:None