XP-E2 Photo Red and Far Red LEDs Deliver up to 68 Percent Higher
Performance than Competition

DURHAM, N.C.–(BUSINESS WIRE)–Cree, Inc. (NASDAQ: CREE) announces the next-generation XLamp^®
XP-E2 Photo Red (660 nm) and Far Red (730 nm) LEDs, delivering
breakthrough performance for horticulture applications. The new Red
XP-E2 LEDs provide a drop-in upgrade for the previous generation that
outperforms competing LEDs by up to 68 percent. These higher-performance
horticulture LEDs increase the efficiency of LED luminaires and shorten
their payback periods, making it more affordable to grow food under
optimized lighting.

“Lettuce and tomato farmers in the UK, the Netherlands and Belgium are
choosing our Hyperion^™ grow lights, powered by Cree’s
horticulture LEDs, as the primary light source for their large indoor,
state-of-the-art growing facilities,” said Jonathan Barton, Director of
Grow Lighting at Plessey Semiconductors. “Our customers like that the
Hyperion^™ lights replace 1000W sodium lights one-for-one with
up to 40 percent energy savings that are enabled by Cree^®
LEDs. We are pleased that Cree is delivering this efficiency upgrade in
a form that’s easily integrated, so that we can quickly improve our
product’s performance.”

The new XP-E2 LEDs are a drop-in upgrade for existing XP-based
horticulture designs with the same mechanical and optical
characteristics as the previous generations. With up to 57 percent
improvement in Far Red and up to 21 percent improvement in Photo Red,
this new generation of XP-E2 LEDs delivers industry-leading output
levels and efficiency within their performance class.

“LEDs for specialty applications, including architectural lighting and
horticulture, are a core part of our product strategy,” said Claude
Demby, Cree LEDs senior vice president and general manager. “Cree is
first to enable full spectrum luminaires that employ Photo Red and Far
Red LEDs to deliver 50 percent energy savings over sodium-based lighting
systems. This upgrade to our horticulture LEDs demonstrates our
commitment to delivering industry-leading high-power LED performance.”

The XLamp XP-E2 Photo Red and Far Red LEDs are available now with
standard lead times. Please visit https://www.cree.com/led-components/products/xlamp-leds-discrete/xlamp-xp-e2
to learn more.

About Cree

Cree is an innovator of Wolfspeed^® power and radio frequency
(RF) semiconductors, lighting class LEDs and lighting products. Cree’s
Wolfspeed^® product families include SiC materials,
power-switching devices and RF devices targeted for applications such as
electric vehicles, fast charging inverters, power supplies, telecom and
military and aerospace. Cree’s LED product families include blue and
green LED chips, high-brightness LEDs and lighting-class power LEDs
targeted for indoor and outdoor lighting, video displays, transportation
and specialty lighting applications. Cree’s LED lighting systems and
lamps serve indoor and outdoor applications.

For additional product and Company information, please refer to www.cree.com.

Forward Looking Statements:

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 and lifetimes will vary from expectations; the risk 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 our new 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, 2018, and subsequent
filings.

Cree^®, Wolfspeed^®, and XLamp^® are
registered trademarks of Cree, Inc. Hyperion^™ is a trademark
of Plessey Semiconductors Limited.

Contacts

Claire Simmons
Cree, Inc.
Corporate Communications
media@cree.com