Fairchild Semiconductor Announces the Sale of Its Military / Aerospace MOSFET Product Line to International Rectifier

Business Wire, March 28, 2002

Business/Technology Editors

SOUTH PORTLAND, Maine--(BUSINESS WIRE)--March 28, 2002

Fairchild Semiconductor International (NYSE: FCS), the leading global supplier of high performance products for multiple end markets, today announced it has completed the sale of its military and space-related discrete power product line to International Rectifier (NYSE: IRF) for approximately $29.6 million cash.

"The product line we've sold to International Rectifier was a small part of the portfolio we acquired when we purchased Intersil's Discrete Power Business Division in March of last year. Since Fairchild's end-market focus has never concentrated on defense and aerospace applications, it made sense to sell this line to a mainstream defense component supplier like International Rectifier," said Kirk Pond, Fairchild's president, CEO and chairman of the board. "Fairchild will continue to aggressively build our position as a leading supplier of high performance power and interface solutions for computing, consumer, communications, industrial and automotive applications utilizing our two-pronged growth strategy of new product development and strategic acquisitions."

About Fairchild Semiconductor International:

Fairchild Semiconductor International (NYSE: FCS) is a leading global supplier of high performance products for multiple end markets. With a focus on developing leading edge power and interface solutions to enable the electronics of today and tomorrow, Fairchild's components are used in computing, communications, consumer, industrial and automotive applications. Fairchild's 10,000 employees design, manufacture and market power, analog & mixed signal, interface, logic, and optoelectronics products from its headquarters in South Portland, Maine, USA and numerous locations around the world. Please contact us on the web at www.fairchildsemi.com.

Special Note on Forward-Looking Statements:

This press release includes forward-looking statements that are based on management's assumptions and expectations and that involve risk and uncertainty. Forward-looking statements usually, but do not always, contain forward-looking terminology such as "we believe," "we expect," "we plan," or "we anticipate," or refer to management's expectations about Fairchild's future performance. Many factors could cause actual results to differ materially from those expressed in forward-looking statements. Among these factors are the following: changes in overall global or regional economic or political conditions (including as a result of terrorist attacks and responses to them); changes in demand for our products; changes in inventories at our customers and distributors; technological and product development risks; availability of manufacturing capacity; availability of raw materials; competitors' actions; loss of key customers; order cancellations or reduced bookings; changes in manufacturing yields or output; and significant litigation. These and other risk factors are discussed in more detail in our annual and quarterly filings with the Securities and Exchange Commission, available on the SEC's website at www.sec.gov or at Fairchild Semiconductor's website at www.investor.fairchildsemi.com.