Tower Semiconductor Ltd. — Board/Management Information 2004

Oct 28, 2004

TOWER SEMICONDUCTOR CFO AMIR HAREL TO RESIGN

Company Appoints Oren Shirazi Acting Chief Financial Officer

Migdal Haemek, Israel – October 28, 2004 – Tower Semiconductor (NASDAQ:TSEM; TASE:TSEM) announced today that Amir Harel, vice president and chief financial officer is resigning effective November 1, 2004.

The company has appointed Oren Shirazi as acting chief financial officer and initiated a search for a new CFO. Mr. Harel will continue to support the company during the next several months as needed, to assure a smooth transition of responsibilities.

Carmel Vernia, Tower chairman and chief executive officer said, "We have been fortunate to have had the benefit of Amir’s numerous contributions over the past six years, by structuring and leading our highly professional finance team and successfully executing the various fund raising transactions throughout his term of service. On behalf of the Board I would like to thank Amir for his service to Tower and wish him well in all his future endeavors. Oren Shirazi, who served in the company for the past six years, working as part of financial team and managing various responsibilities, is a natural choice for the position until a new CFO is appointed.“

Shirazi, who joined Tower in October 1998, had served as Tower’s controller since July 2000, after serving as vice controller since October 1998. Prior to joining Tower, Shirazi was employed as an Audit Manager in the accounting firm of Ratzkovski-Fried & Co., which has merged into Ernst & Young (Israel), commencing August 1995. Shirazi is a Certified Public Accountant in Israel (CPA), and has an MBA in Business Management from the Graduate School of Business of Haifa University with honors and a BA in economics and accounting from the Haifa University.

About Tower Semiconductor Ltd.

Tower Semiconductor LTD. is a pure-play independent wafer foundry established in 1993. The company manufactures integrated circuits with geometries ranging from 1.0 to 0.13 micron; it also provides complementary technical services and design support. In addition to digital CMOS process technology, Tower offers advanced nonvolatile memory solutions, mixed-signal and CMOS image-sensor technologies. To provide world-class customer service, the company maintains two manufacturing facilities: Fab 1 has process technologies from 1.0 to 0.35 micron and can produce up to 16,000 150mm wafers per month. Fab 2 features 0.18-micron and below process technologies, including foundry-standard technology. When fully equipped, Fab 2 is expected to offer full production capacity of 33,000 200mm wafers per month. The Tower Web site is located at www.towersemi.com.

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PR Agency ContactMatt BeeversPacifico, Inc. +1 (408) 293-8600mbeevers@pacifico.com	Investor Relations Contact Corporate ContactSheldon LutchTamar CohenIR & CommunicationsTower Semiconductor+1 (212) 268 1816+972 (4) 650 6998sheldon@fusionir.com pr@towersemi.com