On OCTOBER 23, 2008, CREE, a market leader in LED lighting, announces the release of its new-generation high-brightness 4-mm and 5-mm oval LEDS in blue, green and red. These new oval LEDs feature optically-matched radiation patterns in blue, green and red, resulting in superior image quality for digital billboard and full-color sign applications.

In Cree's unique matched-radiation pattern, the red pattern is inside the blue and green—resulting in a blended cool-white light, compared to the pink that results when unmatched LEDs are used.

Available in a wide range of intensities and colors, Cree's oval LEDs feature a wide viewing angle and enhanced contrast, making them ideally suited to the signage market. Use of LEDs in signs and displays helps lower power requirements and maintenance expense compared to other technologies.

“Customers can now purchase the brightest blue, green and red ovals from a single supplier--Cree,” said Norbert Hiller, Cree VP and GM, LED Components. “These products offer superior intensity for the rapidly growing video-board and signage markets. This will give customers additional flexibility to design-in the precise part they need—spanning a range of sizes and brightness levels.”

The Screen Master® 4-mm and 5-mm oval LEDs, C4SMF RGS/GJS/BJS and C5SMF-RGS/GJS/BJS, are available through Cree's global distribution network. To find a distributor near you, visit: www.cree.com/hbdistributors .

About Cree
Cree is leading the LED lighting revolution and setting the stage to obsolete the incandescent light bulb through the use of energy-efficient, environmentally friendly LED lighting. Cree is a market-leading innovator of lighting-class LEDs, LED lighting solutions, and semiconductor solutions for wireless and power applications.

Cree's product families include recessed LED downlights, blue and green LED chips, high-brightness LEDs, lighting-class power LEDs, power-switching devices and radio-frequency/wireless devices. Cree solutions are driving improvements in applications such as general illumination, backlighting, electronic signs and signals, variable-speed motors, and wireless communications.

For additional product and company information, please refer to www.cree.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, such as the risk we may encounter delays or other difficulties in ramping up production of our new products; the risk we may be unable to manufacture these products with sufficiently low cost to offer them at competitive prices or with acceptable margins; the risk that design wins may not result in actual orders; the risk that actual cost savings may vary from expectations; the potential lack of customer acceptance of the 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 29, 2008, and subsequent filings.