March 26, 2015

Cree Redefines Outdoor Lighting Performance for Rural Applications

New LED Rural Utility Lighting Brings Reliability, Affordability, and Ease of Installation to Utilities and Municipalities
DURHAM, NC -- Cree, Inc. (Nasdaq: CREE) introduces the LED Rural Utility Light (RUL) Series, designed to deliver an unprecedented combination of price, performance and quality to accelerate adoption of LED lighting across rural areas in North America. The first of Cree’s innovative outdoor LED luminaires to address the estimated 10 to 13 million rural street and area light fixtures installed, the new RUL Series delivers a better, more affordable lighting experience for residential roadways, security, storage and loading areas with game-changing efficacy, rapid payback of less than one year* and Cree’s industry-leading 10-year warranty.

“The RUL Series exemplifies Cree’s commitment to relentless innovation, resulting in another uncompromising LED luminaire that challenges long-established assumptions for what’s possible in lighting, while lowering the cost of ownership,” said Norbert Hiller, Cree executive vice president, lighting. “By providing unmatched performance and price, the RUL Series improves the value of LED lighting for our customers and enables municipalities and utilities to take advantage of Cree’s best-in-class solutions for all of their outdoor lighting needs.”

Featuring elements of Cree’s groundbreaking SC5 Technology™ Platform, the Cree® LED Rural Utility Light outperforms incumbent high-pressure sodium (HPS) and mercury-vapor (MV) technology, as well as competing LED products, to provide unrivaled 110 lumens-per-watt efficacy and system-level performance for expedient payback and reduced cost of ownership for municipalities and utilities. Featuring a light-weight design, tool-less entry and straight-in wiring, the 4000-K color temperature Cree LED Rural Utility Lights enables seamless installation in addition to long-term maintenance savings over the 100,000-hour-rated lifetime.

The RUL Series is sold through Cree lighting sales channels throughout the United States and Canada. Please visit www.cree.com/lighting/RULseries to learn more.

* Payback compared to 175-watt mercury-vapor luminaire and based on usage of 12 hours per day and the national average of $0.11 per kWh electric costs.

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, electronic signs and signals, power supplies and solar inverters.

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, including the risk that actual savings will vary from expectations; the risk that 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 29, 2014, and subsequent filings.