Novellus to redeem SpeedFam-IPEC’s notes

Dec. 16, 2002 – San Jose, CA – Novellus Systems Inc. has announced that it has called for the redemption of all of its subsidiary SpeedFam-IPEC Inc.’s six-and-one-quarter percent Convertible Subordinated Notes, due in 2004.

The aggregate principal amount outstanding under the Notes is $115 million. Novellus, which supplies deposition, surface preparation, and CMP processes for the global semiconductor industry, guaranteed the notes in connection with its acquisition of SpeedFam-IPEC, which was consummated on December 6, 2002.

The Notes will be redeemed on or about January 8, 2003. Novellus is sending to each registered holder of the Notes a notice outlining the procedure for redemption.


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