Peregrine Semiconductor Announces Pricing of Initial Public Offering

Peregrine Semiconductor Corporation (Peregrine) (NASDAQ:PSMI), a fabless provider of high-performance radio-frequency (RF) integrated circuits (ICs), today announced the pricing of its initial public offering of 5,500,000 shares of common stock at a price to the public of $14 per share. The shares are expected to begin trading on the NASDAQ Global Market on August 8, 2012 under the ticker symbol “PSMI.”

Of the 5,500,000 shares being offered, 5,340,780 are being offered by Peregrine and 159,220 shares are being offered by certain selling stockholders. The Company will not receive any proceeds from the sale of shares by the selling stockholders. Peregrine has also granted the underwriters a 30-day option to purchase up to 825,000 additional shares of common stock from Peregrine.

Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC are acting as joint book-running managers for the offering. RBC Capital Markets LLC, Needham & Company LLC, Oppenheimer & Co. Inc., and Pacific Crest Securities LLC are acting as co-managers for the offering.

A registration statement relating to this offering was declared effective by the Securities and Exchange Commission on August 7, 2012. This offering is being made only by means of a prospectus, copies of which may be obtained from Deutsche Bank Securities Inc. (Prospectus Department, 60 Wall Street, New York, NY 10005, +1 (800) 503-4611 or prospectus.cpdg@db.com) or J.P. Morgan Securities LLC (Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, + 1 (866) 803-9204).

This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

About Peregrine Semiconductor

Peregrine Semiconductor is a fabless provider of high-performance Radio Frequency Integrated Circuits, or RFICs. Our solutions leverage our proprietary UltraCMOS^® technology, which enables the design, manufacture, and integration of multiple RF, mixed-signal, and digital functions on a single chip. Our products deliver what we believe is an industry-leading combination of performance and monolithic integration, and target a broad range of applications in the aerospace and defense, broadband, industrial, mobile wireless device, test-and-measurement equipment, and wireless-infrastructure markets. UltraCMOS technology combines the ability to achieve the high levels of performance of traditional specialty processes, with the fundamental benefits of standard CMOS, the most widely-used semiconductor process technology. UltraCMOS technology utilizes a synthetic sapphire substrate, a near-perfect electrical insulator, providing low parasitic capacitance and enabling high signal isolation and excellent broadband linearity. These attributes result in RF devices with excellent high-frequency performance and power-handling performance, reduced crosstalk between frequencies, and enhanced network efficiency. We have engineered design advancements, including our patented HaRP™ technology, which significantly improves harmonic and linearity performance; and our patent-pending DuNE™ technology, a circuit design technique that we have used to develop our advanced Digitally Tunable Capacitor (DTC) products. We offer a broad portfolio of high-performance RFICs including switches, digital attenuators, mixers/upconverters, prescalers, frequency synthesizers, Digitally Tunable Capacitors (DTCs), and DC-to-DC converter products, and we are currently developing Power Amplifiers (PAs). Our products are sold worldwide through our direct sales and field applications engineering staff, and our network of independent sales representatives, and distribution partners. Additional information is available on the Company website at http://www.psemi.com.

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The Peregrine Semiconductor name, logo and UltraCMOS are registered trademarks, and DuNE, and HaRP are trademarks of Peregrine Semiconductor Corporation in the U.S.A., and other countries. All other trademarks are the property of their respective owners.