Infineon Reports Second Quarter and 1st Half Year Results for Fiscal Year 2003




                                3 months ended        6 months ended
in Euro million           03/31/02 12/31/02 03/31/03 03/31/02 03/31/03
---------------------------------------------------- -----------------
Net cash (used in) provided
 by operating activities    (120)     4      101       (235)    105
---------------------------------------------------- -----------------

---------------------------------------------------- -----------------
Net cash used in investing
 activities                 (389)  (340)    (323)      (583)   (663)
---------------------------------------------------- -----------------

---------------------------------------------------- -----------------
Net cash provided by (used
 in) financing activities    988    (12)       4      1,502      (8)
---------------------------------------------------- -----------------

---------------------------------------------------- -----------------
Net increase (decrease) in
 cash and cash equivalents   479   (348)    (218)       684     (566)
---------------------------------------------------- -----------------

---------------------------------------------------- -----------------
Depreciation and 
 amortization                347    353      359        684      712
---------------------------------------------------- -----------------

---------------------------------------------------- -----------------
Purchases of property, plant
 and equipment               145    309      230        366      539
---------------------------------------------------- -----------------

Gross Cash Position

Infineon defines gross cash position as cash and cash equivalents,
marketable securities and restricted cash.
Since Infineon holds a substantial portion of its available
monetary resources in the form of readily marketable securities, which
for US GAAP purposes are not considered to be "cash", it reports its
gross cash position to provide investors with an understanding of the
company's overall liquidity. 
The gross cash position is determined as follows from the balance
sheet, without adjustment to the US GAAP amounts presented:


in Euro million              09/30/2002 12/31/2003 03/31/2003
-------------------------------------------------------------
Cash and cash equivalents     1,199        851        633
Marketable securities           738        712        842
Restricted cash                  70         70         66
-------------------------------------------------------------
Gross Cash Position           2,007      1,633      1,541
-------------------------------------------------------------

Free Cash Flow

Infineon defines free cash flow as cash from operating and
investing activities excluding purchases or sales of marketable
securities.
Since Infineon holds a substantial portion of its available
monetary resources in the form of readily marketable securities, and
operates in a capital intensive industry, it reports free cash flow to
provide investors with a measure to evaluate changes in liquidity
after taking capital expenditures into account, which ultimately
requires financing.
The free cash flow is determined as follows from the cash flow
statement, without adjustment to the US GAAP amounts presented:

                               3 months ended          6 months ended
in Euro million           03/31/02 12/31/02 03/31/03 03/31/02 03/31/03
---------------------------------------------------- -----------------
Net cash (used in) provided
 by operating activities      (120)     4      101     (235)    105
Net cash used in investing
 activities                   (389)  (340)    (323)    (583)   (663)
Purchase (sale) of marketable
 securities                    184    (26)     132      184     106
---------------------------------------------------  -----------------
Free cash flow                (325)  (362)     (90)    (634)   (452)
---------------------------------------------------  -----------------


Telephone Conference Information

The Management Board of Infineon Technologies will conduct a telephone conference with analysts and institutional investors on April 22, 2003 at 3:30 a.m. Eastern Standard Time (U.S. EST), 9:30 a.m. Central Europe Time (CET), to discuss operating performance of the second quarter fiscal year 2003. A broadcast of the telephone conference will be available live and for download on Infineon's web site at: http://www.infineon.com

DISCLAIMER

This discussion includes forward-looking statements about our future business. These forward-looking statements include statements relating to future developments of the world semiconductor market, especially the market for memory products, Infineon's future growth, the benefits of research and development alliances and activities, our planned levels of future investment in the expansion and modernization of our production capacity, the introduction of new technology at our facilities, the transitioning of our production processes to smaller structures, cost savings related to such transitioning and other initiatives, our successful development of technology based on industry standards, our ability to offer commercially viable products based on our technology, our ability to achieve our cost savings and growth targets. These forward-looking statements are subject to a number of uncertainties, including trends in demand and prices for semiconductors generally and for our products in particular, the success of our development efforts, both alone and with our partners, the success of our efforts to introduce new production processes at our facilities and the actions of our competitors, the availability of funds for planned expansion efforts, as well as the other factors mentioned herein. As a result, our actual results could differ materially from those contained in the forward-looking statements.

Infineon, the stylized Infineon Technologies design are trademarks and servicemarks of Infineon Technologies AG. All other trademarks are the property of their respective owners.

CONTACT: Infineon Technologies AG
             Corporate Media Relations:                  
             Katja Schlendorf, ++49 89 234-26555; Fax: -28482       
             
Email Contact
                 or
             Corporate Investor Relations:   
             Matthias Poth, ++49 89 234-26655; Fax: -26155
             
Email Contact


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