Leverages SC³ Technology Platform to Drive Performance Up and System Cost Down

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Cree, Inc. (Nasdaq: CREE) introduces the XLamp® XP-G2 LED to deliver luminaire manufacturers up to 20 percent more lumens per watt and 2.5 times the lumens-per-dollar over the original XP-G LED. The brighter, more efficient XP-G2 LED provides customers an immediate boost in performance and enables manufacturers to use fewer LEDs to get the same brightness at lower cost or increase brightness levels using the same LED count and power.

Characterized and binned at 85°C, the new XP-G2 LED leverages the same footprint (3.45mm x 3.45mm) and is compatible optically with the original XP-G LED – providing drop-in-ready performance enhancements to shorten the LED fixture design cycle and improve customer time to market. The XP-G2 LED can enable a broad range of high-lumen applications, from indoor and outdoor to portable and lamp retrofits.

“We have many designs using Cree’s XLamp XP-G LED,” said William Weiss, partner and director of technology, MSi Solid State Lighting. “The new XP-G2 allows us to take full advantage of the benefits of Cree’s latest technology without any significant design changes, improving time-to-market.”

Built on the revolutionary SC³ Technology Platform, the XP-G2 LEDs combine high light output, reliability and efficacy to deliver up to 151 lumens per watt at 350 mA, 85°C or 165 lumens per watt at 350mA, 25°C in cool white (both at 6000K). In warm white (3000K), the XP-G2 LED delivers up to 133 lumens per watt at 350 mA, 85°C or 145 lumens per watt at 350mA, 25°C. The SC³ Technology Platform leverages Cree’s advanced silicon carbide technology, features advancements in LED chip architecture and phosphor and showcases a new package design to deliver the most advanced lighting- class LED components in the industry.

Luminaire makers seeking ENERGY STAR® qualification will have access to specification and performance data, including LM-80 reports, which can speed time to market. XP-G2 LEDs are a “successor” product to the original XP-G LED for LM-80 data – accelerating qualification of luminaires using just 3000 hours of LM-80 data, instead of the normal 6000 hours. The XP-G2 LED is also UL-recognized and features a level 4 rating.

Cree XLamp XP-G2 LED samples are available now and production quantities are available with standard lead times. To locate a distributor or to learn more, please visit www.cree.com/xpg2.

About Cree

Cree is leading the LED lighting revolution and making energy-wasting traditional lighting technologies obsolete through the use of energy-efficient, mercury-free LED lighting. Cree is a market-leading innovator of lighting-class LEDs, LED lighting, and semiconductor products for power and radio frequency (RF) applications.

Cree’s product families include LED fixtures and bulbs, blue and green LED chips, high-brightness LEDs, lighting-class power LEDs, power-switching devices and RF devices. Cree products are driving improvements in applications such as general illumination, backlighting, electronic signs and signals, power suppliers and solar inverters.

For additional product and company information, please refer to www.cree.com. To learn more about the LED Lighting Revolution, please visit www.creeledrevolution.com.

This press release contains forward-looking statements involving risks and uncertainties, both known and unknown, that may cause actual results to differ materially from those indicated. Actual results may differ materially due to a number of factors, including the risk that actual savings will vary from expectations; the risk we may be unable to manufacture these new products with sufficiently low cost to offer them at competitive prices or with acceptable margins; the risk we may encounter delays or other difficulties in ramping up production of our new products; customer acceptance of LED products; the rapid development of new technology and competing products that may impair demand or render Cree’s products obsolete; and other factors discussed in Cree’s filings with the Securities and Exchange Commission, including its report on Form 10-K for the year ended June 26, 2011, and subsequent filings.

ENERGY STAR® is a registered trademark of the U.S. Environmental Protection Agency.