About Elantec | Intersil Corporation

Intersil Corporation (NASDAQ: ISIL) and Elantec Semiconductor, Inc. (NASDAQ: ELNT) announced in 2002, the signing of a definitive agreement for Intersil to acquire Elantec. Intersil, a global leader in wireless networking and high performance analog, expands into additional high growth analog markets with this acquisition. Under the terms of the agreement, Elantec shareholders will receive 1.24 shares of Intersil stock and $8.00 in cash for each Elantec share. Based on Intersil's closing price of $36.65 per share on March 8, 2002, the implied transaction exchange ratio is 1.458 shares of Intersil stock for each Elantec share. This implied a transaction equity value of approximately $1.4 billion and a 15% premium to the 30-day average exchange ratio of Elantec and Intersil stocks.

The transaction combined two leaders in some of the fastest growing markets in the semiconductor industry. Elantec, a provider of high performance analog ICs, is the leader in the high growth optical storage (CD read/write & DVD recordable) and flat panel display markets. Intersil and Elantec share a significant number of customers and have complementary product portfolios. In addition, both companies share a fundamental vision of providing system level value for their target markets. Elantec will be the third acquisition for Intersil, having previously acquired two wireless companies.

Both companies operated profitably during the 2001 downturn, and exited the year with gross margins in excess of 50 percent and significant cash balances. Intersil and Elantec outperformed the overall semiconductor industry in 2001 while investing a combined 22% of sales in new product development for some of the fastest growing markets. The combined company is well positioned to again outperform the market as the industry continues to recover. In addition to the compelling strategic opportunity, Intersil expects the acquisition to result in cost savings through the consolidation of the two companies. With these cost savings and excluding the impact of amortization expenses, Intersil expects the acquisition to be accretive to its 2003 earnings per share.

Upon the close of the transaction, Greg Williams, Intersil President and CEO, will serve as Executive Chairman of the Board of Directors, working on corporate, wireless and analog strategy. Rich Beyer, Elantec President and CEO, will become President and CEO of Intersil. Beyer and current Elantec Chairman Jim Diller will join Intersil’s Board of Directors.

Credit Suisse First Boston Corporation served as financial advisor to Intersil and Robertson Stephens advised Elantec on the transaction.

Investors and interested parties within the United States may listen to the Intersil-Elantec conference call Monday, March 11 at 5:00 a.m. Pacific/8:00 a.m. Eastern by dialing (888) 831-4306 and providing the operator with the pass code INTERSIL. International callers may connect to the call by dialing (312) 470-0061. A replay of the Intersil-Elantec conference call will be available for one week beginning at 7:00 a.m. Pacific/10:00 a.m. Eastern by calling (888) 566-0413 in the US or (402) 998-0600 Internationally. Confirmation code for the replay is 3602.

About Intersil

Intersil is a global leader in designing innovative wireless networking and high performance analog solutions that enable wireless access to video, data and voice in homes, offices and public places. Creating advanced power management products, Intersil provides reliable solutions for file servers, portable information appliances and over half of all computer microprocessors manufactured today. With a rich high performance analog and mixed signal portfolio, Intersil brings added value in providing complete silicon, software and reference design solutions to new products that bring portable connectivity to people wherever they live, work or travel. Headquartered in Irvine, California, Intersil has offices in cities throughout the US, Europe and Asia. For more information about Intersil or to find out how to become a member of our winning team, visit the company's web site and career page at www.intersil.com.

About Elantec

Elantec designs, manufactures and markets high performance analog integrated circuits primarily for the video, optical storage, communication, and power management markets. The company targets high growth commercial markets in which advances in digital integrated circuit technology are driving increasing demand for high speed, high performance and low power consumption analog circuits. For more information about Elantec, visit the company's web site at www.elantec.com.

About West Coast Engineering

For over 23 years, West Coast Engineering (WCE) has been supplying electronics to OEMs, CEMs and distributors worldwide. Located in Hawthorne California, near the Los Angeles International Airport (LAX), West Coast Engineering has established itself as a premier independent distributor specializing in providing electronic components for the military, aeronautical, medical, automotive and commercial manufacturing industries. About Elantec | Intersil Corporation is one of the hundreds of manufacturers that WCE carries on its linecard.

WCE has the techology and resources to handle any size transaction, no matter how big or small.

Quick Facts

• Founded: 1984
• Headquarters: Hawthorne, CA
• Other Locations: Futain, Shenzhen ▪ China PRC ▪ Brazil

West Coast Engineering is committed to providing the highest quality service to customers with its large diverse inventory stocked in its ISO9001:2000 and ESD compliant 70,000 sq. ft. warehouse. Year after year, West Coast Engineering has been considered a top independent distributor because of its principled reputation built on longstanding relationships with a dedicated customer base.

WCE's strategies differ from any other independent distributors. Listed below are some of the added measures that WCE takes to make sure that OEMs, CEMs and distributors have peace of mind when placing orders for electornic components, selling excess inventory, forming strategic alliances, and purchasing RoHS or
non-RoHS parts.