Peregrine Semiconductor Corp. Raises $12.3 Million in Private Placement.

SAN DIEGO--(BUSINESS WIRE)--Dec. 18, 1997--

Patricia M. Cloherty, President of International Investment Firm Patricof & Co. Ventures Inc., Joins Board of Directors

Peregrine Semiconductor Corp., developer of the patented UTSi (Ultra-Thin-Silicon) CMOS process for integrated circuit design, Thursday announced the conclusion of a $12.3 million round of private capital and the addition of Patricia M. Cloherty to the company's board of directors.

Peregrine was assisted in the private placement by A.G. Edwards & Sons of St. Louis, and Westview Securities of San Diego. Patricof and Co., a New York-based international private equity firm, invested $5 million of the $12.3 million total, with the remainder coming from private investors.

"We've experienced an extensive interest in our technology from both the wireless communication and commercial satellite markets. Raising this new capital gives us the bandwidth to accommodate it," commented Ron Reedy, Peregrine's president and chief executive officer. "We are also very pleased to welcome an executive of Pat Cloherty's caliber to our board, and gain her tremendous insight into both the high-tech and financial marketplaces."

Cloherty is a prominent figure in the venture capital industry and small business community, with more than 26 years of investing experience. Cloherty's work was honored in 1992 by the National Association of Small Business Investment Company's (NASBIC) highest accolade, the Lifetime Achievement Award. Cloherty is past president and chairperson of the National Venture Capital Association; former deputy administrator of the U.S. Small Business Administration (SBA); former chairperson of the Investment Advisory Council that revamped the SBA's Small Business Investment Company (SBIC); and former chairperson of the SBIC Reinvention Council.

Cloherty is a trustee of the Center for Entrepreneurial Leadership of the Kauffman Foundation and of The Rockefeller University; a member of the National Selection Committee for Entrepreneur of the Year Award Program, and of The Council on Foreign Relations. Cloherty also serves on the boards of Agouron Pharmaceuticals Inc., Diversa Corp., Greenbacks Inc., Momentum Partners Inc., and Tessera Inc., among several others over the years. Cloherty holds a B.A. from the San Francisco College for Women and M.A. and M.I.A. degrees from Columbia University.

Peregrine Semiconductor Corp., with offices in San Diego and San Jose, Calif., designs and markets high-performance integrated circuits based on its proprietary UTSi (Ultra-Thin-Silicon) technology. Offering benefits in integration, speed, power consumption and cost, Peregrine's leading-edge products are designed for the wireless communication and commercial satellite markets. For more information, please contact Peregrine Semiconductor at 619/455-0660; fax: [phone] or visit the Web site at www.peregrine-semi.com . -0-

Trademarks subject to trademark claims.

Peregrine Semiconductor and UTSi are registered trademarks of Peregrine Semiconductor Corp.

CONTACT: Peregrine Semiconductor Corp.

William R. Peavey, 619/455-0660

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