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Intel needs a culture reset Lip-Bu Tan is a strong choice to respin Intel Foundry into a customer-first organization Given he left the board because of frustration with the slow-moving bureaucracy, he likely will give high priority to speeding up + slimming down the company 1/4 We expect significant restructuring of the slow and ineffective middle management at Intel. Although his recent time was spent in management, Lip-Bu has technical bona fides and should approach the role with a technical eye. 2/4 This contrasts with some of his predecessors who focused on financial engineering, to Intel’s long-term detriment. His experience as CEO of Cadence also bodes well for Intel’s PDK issues as he will understand the importance and put appropriate focus there. 3/4 Intel Foundry’s survival is key to America’s national and economic security as the only domestic company with advanced logic R&D and manufacturing capability. We hope that Lip-Bu Tan can keep the company alive and at the leading edge. 4/4