Revisión de las comunicaciones inalámbricas

Interest Rate Risk. Our exposure to market risk for changes in interest rates relates primarily to our investment portfolio and long-term debt. We usually invest our cash in investments with short maturities or with frequent interest reset terms. Accordingly, our interest income fluctuates with short-term market conditions. As of December 29, 2007, substantially all of our investments in our portfolio were highly liquid investments and consisted primarily of bank notes, short-term corporate notes, money market auction rate preferred stocks and short-term federal agency notes.

In April 2007, we issued $2.2 billion aggregate principal amount of 6.00% Notes. The 6.00% Notes bear interest at 6.00% per annum. Interest is payable in arrears on May 1 and November 1 of each year beginning November 1, 2007 until the maturity date of May 1, 2015 unless the 6.00% Notes are repurchased or converted prior to the maturity date. We used $500 million of the net proceeds to repay a portion of the amounts outstanding under our October 2006 Term Loan. As a result of this partial repayment, the margin on the interest rate for the October 2006 Term Loan was reduced from 2.25 percent to 2.00 percent. Of the remaining net proceeds, approximately $1.5 billion was invested in investments with short maturities or with frequent interest reset terms and $182 million was used to purchase a capped call associated with the sale and issuance of our 6.00% Notes.

In August 2007, we issued $1.5 billion aggregate principal amount of 5.75% Notes. The 5.75% Notes bear interest at 5.75% per annum. Interest is payable in arrears on February 15 and August 15 of each year beginning February 15, 2008 until the maturity date of August 15, 2012 unless the 5.75% Notes are repurchased or

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converted prior to the maturity date. We used all of the net proceeds, together with available cash, to repay in full the outstanding balance of the October 2006 Term Loan.

With the full repayment of the October 2006 Term Loan, we replaced a substantial amount of our floating interest rate debt with fixed interest rate debt. Accordingly, our exposure to market risk for changes in interest rates on reported interest expense and corresponding cash flows has decreased.

We will continue to monitor our exposure to interest rate risk.

Default Risk. We mitigate default risk in our investment portfolio by investing in only the highest credit quality securities and by constantly positioning our portfolio to respond appropriately to a significant reduction in a credit rating of any investment issuer or guarantor. The portfolio includes marketable securities with active secondary or resale markets to ensure portfolio liquidity. We are averse to principal loss and strive to preserve our invested funds by limiting default risk and market risk. At this point in time, we believe the current credit market difficulties do not have a material impact on our financial position. However, a future degradation in credit market conditions, could have a material adverse effect on our financial position.

With the exception of the October 2006 Term Loan, which was used to fund a portion of the ATI acquisition, we generally use proceeds from borrowings primarily for general corporate purposes, including capital expenditures and working capital needs.

The following table presents the cost basis, fair value and related weighted-average interest rates by year of maturity for our investment portfolio and debt obligations as of December 29, 2007: Fiscal 2008 Fiscal 2009 Fiscal 2010 Fiscal 2011 Fiscal 2011 Thereafter Total Fiscal 2007 Fair Value (In millions except for percentages)

Investment Portfolio Cash equivalents:

Fixed rate amounts $ 986 $ — $ — $ — $ — $ — $ 986 $ 986 Weighted-average rate 5.03% — — — — — 5.03% 5.03% Variable rate amounts $ 312 $ — $ — $ — $ — $ — $ 312 $ 312

Weighted-average rate 4.83% — — — — — 4.83% 4.83%

Marketable securities

Fixed rate amounts $ 132 $ — $ — $ — $ — $ — $ 132 $ 132 Weighted-average rate 5.11% — — — — — 5.11% 5.11% Variable rate amounts $ 269 $ — $ — $ — $ — $ — $ 269 $ 269

Weighted-average rate 6.44% — — — — — 6.44% 6.44%

Long-term investments:

Fixed rate amounts $ 12 $ — $ — $ — $ — $ — $ 12 $ 12 Weighted-average rate 4.77% — — — — — 4.77% 4.77%

Total Investment Portfolio $ 1,711 $ — $ — $ — $ — $ — $ 1,711 $ 1,711

Debt Obligations

Fixed rate amounts $ 49 $ 49 $ 2 $ 2 $ 1,891 $ 2,203 $ 4,196 $ 3,240 Weighted-average rate 12.83% 12.82% 6.86% 6.86% 6.16% 6.00% 6.23% 6.30% Variable rate amounts $ 179 $ 268 $ 303 $ 89 $ — $ — $ 839 $ 839

Weighted-average rate 7.10% 7.10% 7.11% 7.11% — — 7.10% 7.10%

Total Debt Obligations $ 228 $ 317 $ 305 $ 91 $ 1,891 $ 2,203 $ 5,035 $ 4,079 86

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Foreign Exchange Risk. As of December 29, 2007, as a result of our foreign operations, we had costs, assets and liabilities that were denominated in foreign currencies, primarily the euro and Canadian dollar. For example, some fixed asset purchases and certain expenses of our German subsidiaries, AMD Saxony and AMD Fab 36 KG, are denominated in euros while sales of products are denominated in U.S. dollars. Additionally, as a result of our acquisition of ATI in October 2006, some of our expenses and debt are denominated in Canadian dollars.

As a consequence, movements in exchange rates could cause our foreign currency denominated expenses to increase as a percentage of net revenue, affecting our profitability and cash flows. We use foreign currency forward and option contracts to reduce our exposure to currency fluctuations on our foreign currency exposures. The objective of these contracts is to minimize the impact of foreign currency exchange rate movements on our operating results and on the cost of capital asset acquisitions. Our accounting policy for these instruments is based on our designation of such instruments as hedges of underlying exposure to variability in cash flows. We do not use these contracts for speculative or trading purposes.

Unrealized gains and losses related to the foreign currency forward and option contracts for the year ended December 29, 2007 were not material. We do not anticipate any material adverse effect on our consolidated financial position, results of operations or cash flows resulting from the use of these instruments in the future. However, we cannot give any assurance that these strategies will be effective or that transaction losses can be minimized or forecasted accurately. In particular, generally we hedge only a portion of our foreign currency exchange exposure. Moreover, we determine our total foreign currency exchange exposure using projections of long-term expenditures for items such as payroll, equipment and materials used in manufacturing. We cannot assure you that our hedging activities will eliminate foreign exchange rate exposure. Failure to do so could have an adverse effect on our business, financial condition, results of operations and cash flow.

The following table provides information about our foreign currency forward and option contracts as of December 29, 2007 and December 31, 2006. All of our foreign currency forward contracts and option contracts mature within 12 months.

Fiscal 2007 Fiscal 2006 Notional Amount Average Contract Rate Estimated Fair Value Gain (Loss) Notional Amount Average Contract Rate Estimated Fair Value Gain (Loss)

(In millions except contract rates)

Foreign currency forward contracts:

Japanese yen $ 13 112.76 $ — $ 26 117.62 $ — Canadian Dollar 172 1.0231 8 117 1.1181 (4)

Euro 894 1.4228 30 1,099 1.3036 13

Total: $ 1,079 $ 38 $ 1,242 $ 9

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