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National Semiconductor Completes Sale of Cordless Business to HgCapital, a Private Investment Group in London

Jun 27, 2005

June 27, 2005 - National Semiconductor Corporation (NYSE:NSM) today announced that it has closed the sale of its cordless business unit to HgCapital, a private equity investor based in London, UK.  The sale of this unit, which was initially disclosed May 17 with the signing of a definitive agreement, is consistent with National’s ongoing focus on core analog businesses.

The business unit’s products include baseband and radio transceivers for cordless telephones and basestations as well as cordless voice modules.

Pursuant to the sale, HgCapital acquired intellectual property and assets of the cordless unit and approximately 70 employees based in ‘s-Hertogenbosch and Hengelo, The Netherlands.  National will continue to provide manufacturing, sales and infrastructure support during a transition period.

National and HgCapital announced on May 17 that they had signed a definitive agreement on the transaction and, further, that they anticipated to close the deal during the first quarter of National’s 2006 fiscal year, which started May 31, 2005.

National’s financial release and conference call for the first quarter of fiscal 2006, which ends August 28, are scheduled for September 8, 2005.  During the conference call, the company will discuss financial results and forward outlook, including the impact from the sale of this business.

About National Semiconductor
National Semiconductor, the industry's premier analog company, creates high performance analog devices and subsystems.  National's leading-edge products include power management circuits, display drivers, audio and operational amplifiers, communication interface products and data conversion solutions. National's key analog markets include wireless handsets, displays and a variety of broad electronics markets, including medical, automotive, industrial, and test and measurement applications. Headquartered in Santa Clara, California, National reported sales of $1.91 billion for fiscal 2005, which ended May 29, 2005.  Additional company and product information is available at www.national.com