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Affymetrix Announces Proposed $250 Million Offering of Senior Convertible Notes Due 2038

SANTA CLARA, Calif.--Affymetrix Inc., (Nasdaq:AFFX) today announced that it intends to offer, subject to market and other considerations, $250 million aggregate principal amount of unsecured Senior Convertible Notes due 2038 under an automatically effective shelf registration statement on file with the Securities and Exchange Commission. Affymetrix also expects to grant the underwriter an over-allotment option to purchase up to $37.5 million aggregate principal amount of additional notes on the same terms and conditions.

The Company intends to use the net proceeds from the offering for working capital and general corporate purposes, which may include funding its operations, capital expenditures, potential acquisitions of businesses, product or technologies it believes to be of strategic importance and repurchases or redemption of all or a portion of its 0.75% Senior Convertible Notes due 2033.

J.P. Morgan Securities Inc. is acting as the sole book-running manager of the offering.

The interest rate, conversion price and other terms will be determined by negotiations between Affymetrix and the underwriter upon pricing of the notes.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. The offering of securities may be made only by means of a prospectus. Copies of the prospectus can be obtained from J.P. Morgan Securities Inc., 4 Chase Metrotech Center, CS Level, Brooklyn, New York 11245, Tel: (866) 430-0686.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: All statements in this press release that are not historical are "forward-looking statements" under the federal securities laws. Such statements are subject to risks and uncertainties that could cause actual results to differ materially, including but not limited to whether or not the Company will complete the offering, the anticipated terms of the offering and the anticipated use of proceeds. For a detailed discussion of these and other cautionary statements and risk factors, please refer to the Company's Form 10-K for the year ended December 31, 2006 and other SEC reports. Affymetrix expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Affymetrix' expectations or any change in events, conditions, or circumstances on which any such statements are based.


Affymetrix and the Affymetrix logo are trademarks owned or used by Affymetrix, Inc.


Affymetrix, Inc.
Doug Farrell, 408-731-5285
Vice President of Investor Relations
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