FREMONT, Calif. -- April 3, 2000- Cirrus Logic Inc. (Nasdaq: CRUS) today announced that it has released approximately 2.4 million shares of common stock from escrow as payment to IBM in conjunction with the previously announced restructuring of its joint venture wafer fab manufacturing agreement.

Cirrus Logic placed approximately 3.6 million shares in escrow in July 1999, and filed an S-3 with the SEC last month to provide IBM with registration rights to these shares. Due to the appreciation of Cirrus Logic’s stock since the signing of the restructuring agreement last June, the financial obligation to IBM was satisfied with approximately 2.4 million shares, which was about 33 percent fewer shares than the total placed in escrow.

“This transaction not only affirms our return to the streamlined fabless model, but it also highlights the appreciation of our stock over the past year,” said David D. French, president and chief executive officer of Cirrus Logic Inc. “ As we drive the new Cirrus Logic to become a leading supplier of analog and DSP solutions for Internet entertainment appliances, we will continue our focus on greater operating efficiency and enhanced shareholder value.”

Cirrus Logic, Inc.

Cirrus Logic is a premier supplier of high-performance analog circuits and advanced mixed-signal chip solutions. The company's products, sold under its own name and the Crystal product brand, enable system-level applications in mass storage, audio, and precision data conversion. Additional information about Cirrus Logic is available at www.cirrus.com.