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New VG Series Combines High-Performance Optical System, Architectural Design and Low Initial Cost in One Revolutionary Luminaire DURHAM, N.C. – Cree, Inc. (Nasdaq: CREE) introduces the VG Series Parking Garage Luminaire, demonstrating Cree’s innovative approach to challenging lighting applications. Cree® VG Series parking garage luminaires are designed to deliver optimal, low-glare illumination by intelligently eliminating direct view of the LEDs with a revolutionary optical system. The VG Series helps create a pleasing appearance while delivering high-performance lighting. Best of all, the innovative VG Series lowers total cost of ownership and can deliver payback in less than two years.* With typical parking garages operating 24/7, managing energy costs is critical for facility managers and owners. The new VG Series delivers energy savings up to 73 percent compared to the outdated metal halide fixtures they replace, while simultaneously delivering exceptional illumination quality, which can help create a safer feeling in garages. The low-glare luminaire features a composite optical system combining a highly efficient internal reflector and a precisely designed prismatic lens. Contrast between bright and dark areas in garages can create safety concerns for building owners and garage users. The Cree VG Series high-performance optical system can help achieve lighting design uniformity goals and a comfortable, safer-feeling environment for both vehicles and pedestrians. Designed with simplified mounting solutions for seamless installation in most parking garages, the VG Series also delivers up to 10 percent desirable uplight, reducing the “cave effect” that is typical with existing LED luminaires and many conventional solutions lighting parking garages today. “The VG Series was specifically designed for the unique challenges presented by parking garages,” said Greg Merritt, vice president, lighting at Cree. “With low initial cost and virtually no maintenance expenses, the VG Series is the ideal choice to transform any garage from a poorly illuminated and uninviting space, to a well-lit garage with aesthetically pleasing lighting—all backed by a 10-year limited warranty.” The VG Series is sold through Cree lighting sales channels. Please visit www.cree.com/lighting/VGseries to learn more. *Payback calculated against metal halide and based on commercial usage of 24 hours per-day and the national average of $0.11 per kWh electric costs. About CreeCree 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® is a registered trademark of Cree, Inc.