AUSTIN, Texas – May 31, 2000 – Capitalizing on its improved liquidity position, Cirrus Logic Inc. (NASDAQ:CRUS) disclosed today that its board of directors has authorized the repurchase from the open market up to $100 million of the company’s convertible subordinated notes. The company already has purchased approximately $30 million of the notes, leaving $70 million available for future repurchase during favorable conditions.

"Our sequential improvements in operating performance over the past three quarters have resulted in a much stronger balance sheet," said David D. French, president and chief executive officer of Cirrus Logic. "We expect the bond repurchase program to further solidify our financial posture, and enable us to accelerate our drive to create the entertainment experience for the Internet age."

On December 12, 1996, Cirrus Logic sold $300 million in 6 percent Convertible Subordinated Notes due December 15, 2003. The notes are convertible into shares of Cirrus Logic common stock at a conversion rate of 41.2903 shares per $1000 principal (equivalent to a conversion price of approximately $24.219 per share), unless previously redeemed by the company.

Cirrus Logic

Cirrus Logic is a premier supplier of high-performance analog and DSP chip solutions for Internet entertainment electronics. Building on its global market share leadership in audio integrated circuits and its rich mixed-signal patent portfolio, the company targets high-volume audio, storage and communications applications. Cirrus Logic sells its products under the Crystal ®, Maverick™ and 3Ci™ brands as well as its own name. Founded in 1984 in Silicon Valley, Cirrus Logic operates from headquarters in Austin, Texas and major sites located in Fremont, California and Broomfield, Colorado as well as offices in Europe, Japan and Asia. More information about Cirrus Logic is available at www.cirrus.com.

Any forward looking statements and all other statements that may be made in this news release that are not historical facts are subject to a number of risks and uncertainties, and actual results may differ materially. Please refer to Cirrus Logic’s current Form 10-K and other filings with the Securities and Exchange Commission for more information on the risk factors that could cause actual results to differ.

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