Jazz Expands Conference to Include Additional Day of Technical Presentations from Leading Companies Worldwide

NEWPORT BEACH, Calif., October 2, 2008 - Jazz Semiconductor,® Inc., a Tower Group Company (NASDAQ: TSEM, TASE: TSEM), and a leader in Analog-Intensive Mixed-Signal (AIMS) foundry solutions, today announced it will host its third Annual Technology Conference on October 22-23, 2008 at its Newport Beach headquarters. This year's conference series is focused on the central theme of "Analog Technology Convergence Creates New Opportunities for Innovation." The two-day event will include a list of key invited speakers as well as contributed talks, vendor exhibits, and a cocktail reception hosted by Jazz. All participants will have an opportunity to meet with leaders from academia, top executives and technical professionals in the AIMS semiconductor industry.

On Wednesday, October 22, Jazz will offer an Analog-Intensive Mixed-Signal Circuits, Applications, and Technology (AIMS-CAT) seminar bringing together invited speakers from around the world to discuss the latest technical advances in leading-edge analog applications including talks on automotive radar, very high speed data networks, RF MEMS, silicon-based power amplifiers and radio integration. These are some of the applications driving innovation in analog technology such as Silicon Germanium (SiGe), RF CMOS, BCD (Bipolar CMOS DMOS). The AIMS-CAT seminar will feature several technical presentations from the following industry leading companies and universities: Anokiwave, Arizona State University, Cadence Design Systems, Kaben Wireless Silicon, Inc., Novocell, Philips Research Laboratories, Sarnoff Corporation, Skyworks, SiTime, Texas A&M, Triad Semiconductor, UC Irvine, UC San Diego, and WiSpry.

On Thursday, October 23, Jazz will present its largest worldwide customer event. Russell Ellwanger, CEO of Tower Semiconductor and Jazz Semiconductor Chairman, will provide the keynote address to present the strategic initiatives of Jazz and Tower post-merger.

"This two-day venue at Jazz provides a unique platform for leading analog and mixedsignal chip companies to come together and share the latest advances in IC design and development," said Ellwanger. "I am excited to address such a large group of semiconductor industry leaders and share the expanded technology, IP and design enablement offerings and capacity that Jazz will offer as a Tower Group Company."

Attendees can interact with a wide range of technical professionals from industry leading companies, hear about the most recent technical advances, and experience the latest from tool and IP providers, design companies, and post wafer service companies.

Jazz will also offer window fab tours of its 200mm manufacturing facility as well as provide presentations on its modular AIMS technologies and world-class design enablement tools to accelerate customers' time from design to revenue production.

"I have found the information offered at the annual Jazz Technology Conference to be valuable and timely, and look forward to the newly added AIMS-CAT seminar," said Bill Forster, vice president of operations at Inphi Corporation. "Also, I believe the networking opportunities are beneficial as this conference attracts some of the industry’s leading companies."

Jazz Technology Conference platinum sponsors include Cadence, GSA, Kaben and Simucad Design Automation. Gold sponsors include GDSI, Helic, and Mentor Graphics, and silver sponsors include: Agilent, AWR, Chronicle Technology, Crowell & Moring, FlipChip, Galaxy, Novocell, Pacific MicroCHIP Corp., and Quik-Pak. For more information or online registration, please visit www.jazzsemi.com

About Jazz Semiconductor, Inc.

Jazz Semiconductor,® Inc., a Tower Group Company (NASDAQ: TSEM, TASE: TSEM), is a leading wafer foundry focused on Analog-Intensive Mixed-Signal (AIMS) process technologies. Jazz offers world-class design enablement tools to allow complex designs to be achieved quickly and more accurately. The company’s broad process portfolio of modular AIMS technologies includes RFCMOS, Analog CMOS, Silicon and SiGe BiCMOS, SiGe C-BiCMOS, Power CMOS and High Voltage CMOS. Through access to Tower’s process technologies, Jazz offers Digital CMOS, Embedded NVM, CMOS Image Sensors, and Flash MTP and OTP solutions. Jazz Semiconductor’s executive offices and its U.S. wafer fabrication facility are located in Newport Beach, CA. Additional capacity is available through access to Tower’s two manufacturing facilities in Israel. Jazz also has manufacturing capacity in China through partnerships with ASMC and HHNEC. For more information, please visit and www.jazzsemi.com and www.towersemi.com.

About Tower Semiconductor Ltd.

Tower Semiconductor Ltd. (NASDAQ: TSEM, TASE: TSEM), is a pure-play independent specialty wafer foundry. Tower 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 mixedsignal & RF-CMOS, Power Management, CMOS image-sensor and non-volatile memory technologies. Through access to the process portfolio of its wholly owned subsidiary, Jazz Semiconductor,® Inc., Tower offers RF CMOS, Analog CMOS, Silicon and SiGe BiCMOS, SiGe C-BiCMOS, Power CMOS and High Voltage CMOS. To provide worldclass customer service, Tower maintains two manufacturing facilities in Israel with access to Jazz Semiconductor’s fab in the U.S. and manufacturing capacity in China through Jazz’s partnerships with ASMC and HHNEC. For more information, please visit www.towersemi.com and www.jazzsemi.com.

Safe Harbor Regarding Forward Looking Statements

This press release includes forward-looking statements, which are subject to risks and uncertainties. Actual results may vary from those projected or implied by such forward-looking statements. A complete discussion of risks and uncertainties that may affect the accuracy of forward-looking statements included in this press release or which may otherwise affect Tower’s and Jazz’s business is included under the heading "Risk Factors" in Tower’s most recent filings on Forms 20-F, F-3, F-4 and 6-K, as were filed with the Securities and Exchange Commission (the “SEC”) and the Israel Securities Authority and Jazz’s most recent filings on Forms 10-K and 10-Q, as were filed with the SEC. Tower and Jazz do not intend to update, and expressly disclaim any obligation to update, the information contained in this release.