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Stmicroelectronics Finance B.V. (Incorporated in the Netherlands) OFFERING MEMORANDUM March 13, 2006 ® STMicroelectronics Finance B.V. (incorporated in The Netherlands) 5500,000,000 aggregate principal amount of Floating Rate Senior Bonds due 2013 Issue Price 99.873% fully and unconditionally guaranteed on a senior, unsecured basis by STMicroelectronics N.V. (incorporated in The Netherlands) Joint Lead Managers Citigroup Lehman Brothers Senior Co-Manager UBS Investment Bank Co-Managers Banca Akros S.p.A. Ó Gruppo Banca Popolare di Milano MPS Finance B.M. BNL Caboto UBM Ó UniCredit Banca Mobiliare STMicroelectronics Finance B.V., a Dutch company, is offering 4500,000,000 in aggregate principal amount of Floating Rate Senior Bonds due 2013 (the ""Senior Bonds'') guaranteed on a senior, unsecured basis by STMicroelectronics N.V. STMicroelectronics Finance B.V., the Issuer, is a direct, wholly-owned subsidiary of STMicroelectronics N.V., the Guarantor. The Issuer was incorporated on February 21, 2006 and is a finance company that has not engaged in any activities other than those related to its formation. Therefore, we do not present any financial information for STMicroelectronics Finance B.V. in this offering memorandum. In this offering memoran- dum, we refer to, and present financial information for, STMicroelectronics N.V. and its subsidiaries. In this offering memorandum, references to ""we'', ""us'' and ""our'' are to STMicroelectronics N.V. together with its consolidated subsidiaries, which include STMicroelectronics Finance B.V. Application will be made to list the Senior Bonds on the Luxembourg Stock Exchange. There is a possibility that the Senior Bonds may not be listed on the Luxembourg Stock Exchange on the Settlement Date and no assurance can be given that our application to list the Senior Bonds will be granted. For purposes of applying to list the Senior Bonds on the Luxembourg Stock Exchange, this offering memorandum has been submitted for approval by the Dutch Autoriteit Financiele Markten (""AFM'') and must be approved by the AFM and recognized by the Commission de Surveillance du Secteur Financier in Luxembourg prior to the listing of the Senior Bonds on the Luxembourg Stock Exchange. Investing in our Senior Bonds involves risks. See ""Risk Factors'' beginning on page 12. IN CONNECTION WITH THE ISSUE OF THE SENIOR BONDS, LEHMAN BROTHERS INTERNATIONAL (EUROPE), ACTING AS STABILIZATION AGENT ON BEHALF OF THE MANAGERS, MAY OVERALLOT OR EFFECT TRANSACTIONS WITH A VIEW TO SUPPORT- ING THE MARKET PRICE OF THE SENIOR BONDS AT A LEVEL HIGHER THAN THAT WHICH MIGHT OTHERWISE PREVAIL FOR A LIMITED PERIOD AFTER THE ISSUANCE OF THE SENIOR BONDS. HOWEVER, THERE IS NO ASSURANCE THAT THE STABILIZATION AGENT WILL UNDERTAKE ANY STABILIZATION ACTION. ANY STABILIZATION ACTION MAY BEGIN ON THE DATE OF ADEQUATE PUBLIC DISCLOSURE OF THE FINAL TERMS OF THE OFFER IN RELATION TO THE SENIOR BONDS AND, IF COMMENCED, MAY BE DISCONTINUED AT ANY TIME AND MUST END NO LATER THAN (i) 20 CALENDAR DAYS AFTER THE DATE ON WHICH THE ISSUER RECEIVES THE PROCEEDS OF THE ISSUE OR (ii) 60 CALENDAR DAYS AFTER THE DATE OF ALLOTMENT OF THE SENIOR BONDS, WHICHEVER IS EARLIER. i TABLE OF CONTENTS Page OFFERING MEMORANDUM SUMMARY ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1 SUMMARY OF THE SENIOR BOND OFFERINGÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 7 RISK FACTORS ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 12 CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS ÏÏÏÏÏÏ 27 ABOUT THIS OFFERING MEMORANDUMÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 28 THE CONVERTIBLE BOND OFFERING ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 33 USE OF PROCEEDS ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 34 CAPITALIZATION ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 35 SELECTED CONSOLIDATED FINANCIAL DATAÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 36 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 38 QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK ÏÏÏÏÏÏÏÏÏ 75 BUSINESS ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 78 DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 107 DIVIDEND POLICY ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 130 PRINCIPAL SHAREHOLDERS AND RELATED-PARTY TRANSACTIONS ÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 131 DESCRIPTION OF THE SENIOR BONDSÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 139 SENIOR BONDS CERTIFICATES AND TRANSFER ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 150 DESCRIPTION OF THE SHARE CAPITAL OF STMICROELECTRONICS FINANCE B.V. 152 DESCRIPTION OF THE SHARE CAPITAL OF STMICROELECTRONICS N.V. ÏÏÏÏÏÏÏÏÏÏ 155 TAXATION ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 164 PLAN OF DISTRIBUTION ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 167 TRANSFER RESTRICTIONSÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 170 GENERAL INFORMATION ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 171 LEGAL MATTERS ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 173 INDEPENDENT ACCOUNTANTS ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 174 STATEMENT BY THE AUDITORS ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 175 CERTAIN TERMSÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 176 CONSOLIDATED FINANCIAL STATEMENTS ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ F-1 ii OFFERING MEMORANDUM SUMMARY This summary must be read as an introduction to this Offering Memorandum. Any decision to invest in the Senior Bonds should be based on a consideration of this Offering Memorandum as a whole, including the documents incorporated by reference and the risks of investing in the Senior Bonds set out in ""Risk Factors''. This summary is not complete and does not contain all the information that you should consider in connection with any decision relating to the Senior Bonds. No civil liability will attach to us in respect of this Summary, including the Summary of the Senior Bond Offering and the Summary Consolidated Financial Data included herein, or any translation thereof, unless it is misleading, inaccurate or inconsistent when read together with the other parts of this Offering Memorandum. Where a claim relating to information contained in this Offering Memorandum is brought before a court in a state within the European Economic Area, the plaintiff may, under the national legislation of the state where the claim is brought, be required to bear the costs of translating this Offering Memorandum before the legal proceedings are initiated. STMicroelectronics N.V. Business Overview We are a global independent semiconductor company that designs, develops, manufactures and markets a broad range of semiconductor products used in a wide variety of microelectronic applications, including automotive products, computer peripherals, telecommunications systems, consumer products, industrial automation and control systems. According to provisional industry data published by iSuppli, we have been ranked the world's fifth largest semiconductor company based on forecasted 2005 total market sales and we held leading positions in sales of Analog Products, Application Specific Integrated Circuits (or ""ASICs'') and Application Specific Standard Products (or ""ASSPs''). Based on provisional 2005 results published by iSuppli, we believe we were also number one in discretes and number two in automotive electronics, industrial products and analog products and number three in NOR Flash. Based on 2004 industry results, we also believe we ranked as a leading supplier of semiconductors in 2005 for set-top boxes, Smart cards and power management devices. Furthermore, based on our relationship with Hewlett-Packard, which has a leading position in the printhead market, we believe that we are a leading supplier of integrated circuits for printheads. Major customers include Axalto, Alcatel, Bosch, Delphi, Delta, Ericsson, Hewlett-Packard, LG Electronics, Marelli, Maxtor, Motorola, Nokia, Philips, Pioneer, Samsung, Scientific Atlanta, Seagate, Siemens, Thom- son, Vestel, Visteon and Western Digital. We also sell our products through global distributors and retailers, including Arrow Electronics, Avnet, BSI Group, Wintech and Yosun. The semiconductor industry has historically been a cyclical one and we have responded through emphasizing balance in our product portfolio, in the applications we serve, and in the regional markets we address. Consequently, from 1994 through 2005, our revenues grew at a compounded annual growth rate of 11.6% compared to 7.6% for the industry as a whole. We offer a diversified product portfolio and develop products for a wide range of market applications to reduce our dependence on any single product, application or end market. Within our diversified portfolio, we have focused on developing products that leverage our technological strengths in creating customized, system- level solutions with high-growth digital and mixed-signal content. Our product families include differentiated application specific products (which we define as being our dedicated analog, mixed signal and digital ASIC and ASSP offerings and semicustom devices) power microcontrollers and discrete products and non-volatile memory and Smart cards. Application specific products, which are generally less vulnerable to market cycles than standard commodity products, accounted for approximately 56% of our net revenues in 2005. Memory product sales accounted
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