Forstmann Little & Co Sells General Semiconductor Stock in Block Trade

Business Wire, April 27, 1999

MELVILLE, N.Y.--(BUSINESS WIRE)--April 27, 1999--

General Semiconductor, Inc. (NYSE:SEM), a leading manufacturer of discrete semiconductors, today announced that partnerships affiliated with Forstmann Little & Co. sold their position in General Semiconductor (5,427,166 shares or 14.7% of the total outstanding) to Donaldson, Lufkin & Jenrette Securities Corp in a block trade.

As previously indicated, in connection with the sale, Steven B. Klinsky, a general partner of Forstmann Little & Co. is resigning as a director of the Company. "We appreciate the many contributions that Forstmann Little and its partners have made to the Company's success and its positioning in the discrete semiconductor industry," said Ronald A. Ostertag, Chairman and Chief Executive Officer of General Semiconductor.

Founded in 1978, Forstmann Little is a private investment firm that has invested over $13 billion in 23 acquisitions, including Gulfstream Aerospace, General Instrument, Ziff-Davis Publishing and Community Health Systems. The firm currently has approximately $4 billion in committed capital for future investments.

General Semiconductor, Inc. is a market leader in the discrete segment of the semiconductor industry with manufacturing facilities in China, France, Germany, Ireland, Taiwan and the United States. The Company provides customers with a broad array of power rectifiers, transient voltage suppressors and small signal transistors and diodes. It has a diversified customer base, in terms of geography and end-use markets. Customers include leading manufacturers, located around the globe, of consumer electronics, lighting, telecommunications equipment, computers, automotive and automotive aftermarket products.

Visit General Semiconductor on the web at www.gensemi.com