Cree Introduces Industry’s First $99 LED Street Light as a Direct Replacement for Residential Street Lights

  Cree Introduces Industry’s First $99 LED Street Light as a Direct
  Replacement for Residential Street Lights

Ground-Breaking XSPR Street Light Uses 65 Percent Less Energy While Delivering
                    Better Light Quality and Rapid Payback

Business Wire

DURHAM, N.C. -- August 6, 2013

Cree, Inc. (Nasdaq: CREE) announces an industry-changing technology
breakthrough for the LED street lighting market. The XSPR^™ LED Residential
Street Light delivers better lighting while consuming over 65 percent less
energy at an initial cost as low as $99 for common applications. The new
Cree^® XSPR street light is the ideal replacement for municipalities and
cities using outdated high-pressure sodium fixtures up to 100 watts and can
deliver payback in less than one year.*

“With the low initial price of the XSPR street light and the dramatic energy
savings, wholesale replacement of existing street lights becomes a simple
choice,” said Al Ruud, Cree vice-chairman, lighting. “Utilities and city
managers can now improve the lighting in their neighborhoods, save energy and
see payback in less than a year. Why would anyone choose otherwise?”

Extending the technical breakthroughs of the XSP Series LED Street Light
portfolio, the 25-watt and 42-watt XSPR street light is designed to replace up
to 100-watt high-pressure sodium street lights, reducing energy consumption
while improving lighting performance. Cree’s NanoOptic^® Precision Delivery
Grid^™ optic technology achieves better optical control than traditional
street lighting fixtures and efficiently delivers white uniform light for
safer-feeling communities. In addition to a low initial cost and significant
energy savings, the XSPR street light is backed by Cree’s 10-year
industry-leading warranty.

“Street lighting is our city’s largest single energy-related cost, and the
XSPR street light appears to dramatically change the economics of LED relative
to traditional lighting technologies,” said Dan Howe, assistant city manager,
City of Raleigh, N.C. “This breakthrough technology can change the total cost
of ownership equation, encouraging municipalities to transition sooner to LED
with less risk, and redirect resources to other important community needs.”

The XSPR LED Residential Street Light is sold through Cree lighting sales
channels. Please visit www.cree.com/lighting/XSPR to learn more.

*Payback calculated against high-pressure sodium and based on municipal 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/lighting.

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 24, 2012, and
subsequent filings.

Cree^® and NanoOptic^® are registered trademarks, and XSPR^™ and Precision
Delivery Grid^™ are trademarks, of Cree, Inc.

Contact:

Cree, Inc.
Lauren Taber, 919-407-7651
Corporate Communications
media@cree.com