National Semiconductor Prices $1.0 Billion Senior Unsecured Notes Offering

National Semiconductor Corporation (NYSE:NSM) announced today that it has priced a public offering of $1.0 billion principal amount of senior unsecured notes. The offering of senior unsecured notes includes $250 million in aggregate principal amount of senior floating rate notes, $375 million in aggregate principal amount of 6.15 percent senior notes due 2012 and $375 million in aggregate principal amount of 6.60 percent senior notes due 2017. The senior floating rate notes will bear interest at a rate per year equal to the three-month LIBOR plus 0.25 percent, reset and payable quarterly, and will be callable by National beginning 18 months after issuance. The senior fixed rate notes will be callable by National at any time. The sale of the notes is expected to close on June 18, 2007, subject to customary closing conditions.

National plans to use the net proceeds from this offering to partially repay indebtedness under its recent $1.5 billion bridge facility, the proceeds of which are being used to repurchase outstanding shares of National’s common stock pursuant to a $1.5 billion accelerated share repurchase program announced on June 7, 2007.

Goldman, Sachs & Co. is the sole book-running manager, and Banc of America Securities LLC is the co-manager for the offering. The offering of these securities will be made only by means of a prospectus and related prospectus supplement. Copies of the prospectus and related prospectus supplement may be obtained from Goldman, Sachs & Co. by mail at Goldman, Sachs & Co., Attention: Prospectus Department, 85 Broad Street, New York, NY 10004, by fax at (212) 902- 9316 or by email at prospectus-ny@ny.email.gs.com