Cirrus Logic, Inc. Director and Officers Underwriter Meetings

1. Directors and Officers Underwriter Meetings Cirrus Logic, Inc. September 9-13, 2004 Confidential

2. Safe Harbor Statement Except for historical information contained herein, the matters set forth in this presentation, including estimates and assumptions regarding our revenue growth rate and opportunities, future R&D and SG&A expenses, gross margins, and operating income opportunities are forward-looking statements. These forward-looking statements are based on our current expectations, estimates and assumptions and are subject to certain risks and uncertainties that could cause actual results to differ materially from our current expectations, estimates and assumptions and the forward-looking statements made in this presentation. These risks and uncertainties include, but are not limited to, the risk factors listed in our Form 10-K for the year ended March 27, 2004, and in other filings with the Securities and Exchange Commission. The foregoing information concerning our business outlook represents our outlook as of the date of this presentation, and we undertake no obligation to update or revise any forward-looking statements, whether as a result of new developments or otherwise.

3. Meeting Agenda • Introductions • Financial performance review • Growth drivers • Improving risk profile • Company prospects • Stockholder base • Board of directors • Mergers & acquisition • Financial analysis • Litigation issues • Sarbanes-Oxley • Governance & other policies/procedures • Investor communications • Questions & answers

4. Attendee Introductions • Dave Allen, Treasurer and VP of Investor Relations • Joined Cirrus in Sept. 2002 • Over 20 years corporate finance experience • Scott Uhl, Account Executive • Joined Lockton in Oct. 2003 • Prior to joining Lockton Companies, Mr. Uhl was an Assistant Vice-President and West Coast Underwriting Manager for Liberty International Underwriters Specialty Casualty division, underwriting Directors and Officers Liability, Employment Practices Liability, Fiduciary Liability, and Professional Liability for publicly traded and privately held middle market, commercial and financial institution firms. Mr. Uhl was a Branch Manager at American International Group (AIG) Middle Market D&O Technology practice and served as a Workers’ Compensation Risk Manager for Contractors Labor Pool (CLP), a $100M+ construction staffing company with over 5,000 employees in over 50 branch offices throughout the Western United States.

5. Cirrus Logic Introduction Expanding proprietary analog/mixed-signal product line + Merchant market leadership in emerging DVD recorder market Solid year-over-year growth expected in FY 05 with increasing profit opportunities

6. Cirrus Logic’s Customers Include the World’s Most Popular Brands

7. Improving Financial Metrics:June Quarter P&L Comparisons June 03June 04 Revenue $40.7 $59.1 million Gross Margin 48.5 53.6 % R&D Expenses $20.6 $18.7 million SG&A Expenses $12.5 $12.5 million Operating expenses $12.9 $ 5.7 million not related to ongoing business* Net Income (Loss) ($24.3) ($ 3.4) million *Includes expenses for acquisition- and restructuring-related items.

8. 45%Year-over-Year Revenue Growth in June After Seasonally Soft March Quarter $70 $60 $50 $40 Sales in millions Video $30 Analog* $20 $10 $0 June 03 Sept. 03 Dec. 03 March 04 June 04 *Previously designated as the “Audio” products.

9. Q1: Strong Start for FY 05 • Increasing sales, up 45% over 1Q FY 04 • June quarter sales up 18% sequentially over March FY 04 quarter • Analog* sales up 12% sequentially • Video sales up 65% sequentially • Gaining traction with analog and mixed-signal ICs • 70%+ of June quarter sales from audio converters & analog ICs • New industrial ICs showing strong growth • 35 new audio mixed-signal ICs added in past two years • Improving financial metrics • New products and strong demand fuel sales growth opportunities • Focused on achieving sustainable and growing profitability • Continued strong balance sheet management *Previously designated as the “Audio” products, this category includes audio converters, industrial analog ICs, DSPs and Embedded processors.

10. June 2004 Balance Sheet Continues to Strengthen June 03 June 04 Cash, securities & investments $116 $198 million and no debt Receivables $ 24 $ 28 million 53 43 DSO Inventory $ 21 $ 41 million 4.0 2.7 turns Shareholders’ equity $140 $212 million

11. Growth Led by Strong Analog Portfolio DSP and Embedded Processors Video • Expanding proprietary product line • Cirrus Logic has strong IP in analog and mixed-signal technologies • Refreshed and expanded product line • Leader in diverse niche markets • Highly fragmented customer base • Leader in audio applications • Broad set of growth drivers including: industrial data acquisition, power measurement and energy exploration Analog (Primarily Industrial) Audio Converters (Primarily Consumer) Analog Video

12. Large, Growing and Diversified Analog/Mixed-Signal IC Markets Industrial Consumer & Automotive Telecom Computer in millions of dollars $12,000 $10,000 $8,000 In millions of dollars $6,000 $4,000 $2,000 2002 2003 2004 2005 2006 2007 Source: IMS Research 2003

13. Targeting the Fastest GrowingAnalog Market Segments Source: IMS Research 2003

14. Consumer Audio Systems Digital TV Digital Satellite Radios Automotive entertainment systems Audio Converters • Highest revenue product category • Leading market position • Attractive growth opportunities in consumer audio, DTV, digital satellite radio and automotive entertainment markets

15. Targeting Analog/Mixed-Signal Consumer Market Segments Home Video Home & Car Audio Professional Audio High Performance Audio ADC, DAC, CODEC, Interface IC,PWM Controller High Performance Audio ADC, DAC, CODEC and Video ADC High Performance Audio ADC, DAC, CODEC, Interface IC, AVR, DVD Receiver, Car Amplifier and Radio, Digital Satellite Radio DVD Player, DVD Recorder, Digital STB Keyboard, Mixer, Guitar, Amplifier, Effect Processor

16. Industrial Analog • Second highest revenue category • Growing sales in diverse niche markets • Attractive growth opportunities in industrial data acquisition, power measurement and energy exploration markets Data Acquisition Applications: Load cells/Weigh scales 3 Phase Power Meters Oil Field Evaluation

17. Seismic Oil Exploration Industrial Measurement EnergyMeasurement Single Phase and Three Phase Power Meter IC High Precision Measurement ADC and SARs Offering the complete Analog Signaling Chain Digital Power Meters targeted for Indian and Chinese markets with new infrastructure Weigh Scale, Medical, Temperature Measurement Measurement Nodes for Oceanic & Land-based Exploration Systems Targeting Analog/Mixed-Signal Industrial Market Segments

18. Video Solutions • Approximately 15% of June revenue • Leadership technology in emerging consumer entertainment category • Cirrus Logic surpassed one million video encoder chip sales in Jan. 2004 • Flexible software with modular structure allows for easy customer product upgrades and feature additions • Customer expansion strategy • Initially targeted engineering-capable customers in Taiwan • Now expanding customer base to branded companies in Korea and Japan • Aggressively expand sales to Chinese OEMs as retail prices decline • Cost-reduction and integration roadmap • Attractive growth opportunities in digital video recording applications DVD Recorders Home Theater Systems USB PC Video Encoders

19. Targeting Digital Video Applications That Provide Growth Opportunities in Emerging Markets USB /PC Peripherals DVD Receiver DVD Recorder Audio/Video encoder IC and mixed-signal ICs Audio/Video decoder ICs and mixed-signal ICs Audio/Video encoder and decoder and mixed-signal ICs DVD playback units DVD Recorders, HDD- Enabled DVD Recorders, PC video record functionality Home Theater Systems

20. 60 Source: 50 IDC 40 InStat World wide Units sold in M 30 CAGR 120-170% Gartner 20 10 0 2002 2003 2004 2005 2006 Emerging DVD Recording ProductsCreates Additional IC Opportunities

21. Improving Risk Profile • Changed historical market focus • Exited commodity PC graphics/storage markets • Focused on leadership positions in diversified, high-growth analog markets with expanded and refreshed product portfolio • Established early merchant market lead in emerging DVD recording applications • Expanding blue-chip customer base • Defended successfully broad portfolio of intellectual property • Enhanced business model • Increasing use of outsourcing to provide more flexibility and lower capital requirements with fabless manufacturing model • De-leveraged company, now with debt-free balance sheet

22. Financial Trends & Model Historical Results Strategic Model *Excluding favorable patent and legal settlements, operating margins in FY 04 would have been -25.9%

23. Stockholder Base* • Institutional: 62% • Non-institutional (retail): 38% • “Insiders”: 11%* Options Fully Market Pct & Indirect Diluted Date Source Value O/S Shares Shares Reported Position Holder Affiliation to Cirrus** Held

24. Stockholder BaseMajority of Institutional Investors Have Low Portfolio Turnover Source: FactSet Research Systems Inc. as reported on Nasdaq.net on Sept. 1, 2004

25. Stockholder BaseInvestment Style of Institutional Investors Source: FactSet Research Systems Inc. as reported on Nasdaq.net on Sept. 1, 2004

26. Stockholder Base Position Ranking Holder Held Market Pct of Stock Invest Turnover Value Outstanding Style Style Ex-board member Founder, board member and current employee Source: FactSet Research Systems Inc. as reported on Nasdaq.net on Sept. 1, 2004

27. Stockholder BaseAlfred Teo Former CRUS Board member 1998-2001 Filed Aug. 8, 03 5,205,274 shares 6%; subsequently increased position to 10%

28. Stockholder BaseAlfred Teo Cirrus purchased shares in 2001 Former CRUS Board member 1998-2001

29. Stockholder BaseAlfred Teo SEC CHARGES ALFRED TEO, SR. AND OTHERS WITH INSIDER TRADING The Commission announced today that it filed securities fraud charges against Alfred S. Teo, Sr., and ten of his relatives, friends and colleagues who collectively received approximately $1.8 million in illicit profits from insider trading in the securities of Musicland Stores Corporation (Musicland) and C-Cube Microsystems, Inc. (C-Cube). The Commission charged violations of Sections 10(b), 13(d), 14(e) and 16(a) of the Securities Exchange Act of 1934 and Rules 10b-5, 12b-20, 13d-1, 13d-2, 14e-3, and 16a-3 thereunder. The Commission seeks the following relief from the defendants: (a) permanent injunctions; (b) disgorgement of all illicit profits; (c) civil penalties; and (d) and officer and director bars against Teo and Rosen. The Commission filed its complaint in the U.S. District Court for the District of New Jersey. The Commission also announced that it reached settlements with Fortune, Johnston and Rosen. Without admitting or denying the allegations in the Commission's complaint, Fortune Johnston and Rosen each consented to final judgments that permanently enjoined them, ordered them to disgorge their illicit profits plus prejudgment interest, and imposed a civil penalty equal to the illicit profits they obtained. Rosen also agreed to the entry of an order barring him from serving as an officer or director for five years. The Commission expresses its appreciation to the New York Stock Exchange, Inc. for their substantial assistance in the investigation of this matter. [SEC v. Alfred S. Teo, Sr., et al., Civil Action No. CV 04- 1815 (WGB)] (LR-18673) Source: SEC NEWS DIGEST Issue 2004-78 April 22, 2004 http://www.sec.gov/news/digest/dig042204.txt Cirrus Logic note: No other member of Cirrus Logic’s management or board of directors was charged with any violations associated with these matters. Mr. Teo was a member of Cirrus Logic’s board of directors at the time that Cirrus Logic evaluated acquiring C-Cube prior to the acquisition of that company by LSI Logic.

30. Board of Directors • 5 of 7 members are independent* • Michael Hackworth • David French** • D. James Guzy • Suhas Patil** • Walden Rhines • William Sherman • Robert Smith • Experienced board with continuity of service • 5 current or former board chairpersons or CEOs • 1 attorney • 1 retired CFO • Board convened 10 and 7 times in FY 04 and FY 03, respectively • 75%-plus attendance for each member for Board meetings *As defined by the relevant Nasdaq rules **Employee directors per Rule 4200(a)(15) of the NASD

31. Board of Directors • Board committees • Audit • 3 independent members, including retired CFO of Novellus • Board annually reviews committee membership compliance in accordance with NASD rules • Committee reviews independence and performance of external auditors and internal audit scope and procedures • Committee reviews earnings press releases and significant accounting, audit, finance or ethics developments • Committee serves reviews and assess the code of business conduct and ethics. • Internal audit function provides quarterly update to audit committee • Charter established for board audit committee* • Committee annually reviews charter for compliance with NASD rules • Committee convened 9 and 8 times in FY 04 and FY 03, respectively, with management and separately with external auditors • Annual committee report to stockholders in proxy statement *Available on http://www.cirrus.com/en/ethics.html

32. Board of Directors • Board committees • Compensation • 4 independent members, including retired CFO of Novellus • Charter established for board compensation committee* • Committee convened 4 and 5 times in FY 04 and FY 03, respectively • Governance and Nominating • 5 independent members, including retired CFO of Novellus • Charter established for board governance and nominating committee* • Committee convened 2 times in both FY 04 and FY 03 • Annual and periodic independence reviews • Independent director executive sessions conducted at the end of each BOD session *Available on http://www.cirrus.com/en/ethics.html

33. Recent Mergers and Acquisitions • Peak Audio (commercial audio networking products) • Acquired assets in April 2001 • $9.8 million (cash, options issued, direct acquisition costs) • ShareWave (wireless home networking products) • Acquired 100% of outstanding stock in October 2001 • $76.6 million (including 2.8 million shares, options issued, direct acquisition costs, cash for fractional shares) • Operation shut down in FY 03 as part of Cirrus Logic’s cost containment efforts • LuxSonor Semiconductors (DVD video processors and audio/video semiconductor solutions) • Acquired 100% of outstanding stock in October 2001 • $51.3 million (including 1.8 million shares, options issued, direct acquisition costs, cash for fractional shares) • Recovered $8.9 million from escrow account due to breach of reps and warranties by LuxSonor

34. Recent Mergers and Acquisitions • Stream Machine (supplier of MPEG-2 video recording technology) • Acquired 100% of outstanding stock in December 2001 • $72.1 million (including 3.6 million shares, options issued, direct acquisition costs, cash for fractional shares) • Recovered 740,000 shares of Cirrus Logic from escrow account due to breach of reps, warranties and revenue commitments by Stream Machine • eMicro (a fabless joint manufacturing venture between Cirrus, Creative Technology, Ltd and Vertex Technology Fund (II) Ltd.) • Announced creation of Singaporean JV in May 2000 • JV partners voted to dissolve eMicro in June 2002 • Operations ceased in Q1 FY 03 • Final cash distributions to shareholders in Q1 FY 04

35. Financial AnalysisFocused on Growing Revenues and Cutting Costs • Strong balance sheet • $198 million • No debt • No off-balance sheet GAAP liabilities (See Form 10-K, pp. 55-56, note 10 for “Commitments and Contingencies”) • No special purpose companies • Profitable in FY 04 after losses in FY 02 and FY 03 • Completed repositioning company away from PC focus in FY 02 • Improved gross margins from 24% in FY 02 to 51% in FY 04 • Experienced gained in DVD players, now helping in the emerging DVD recorder market • Expanding analog product portfolio • Successfully defended IP and commercial litigation in FY 04 • FY 05 sales expected to be up strongly • June quarter sales up 45% over the prior year • June quarter sales up 18% sequentially over March FY 04 quarter • Analog sales up 12% sequentially • Video sales up 65% sequentially

36. Financial AnalysisFocused on Growing Revenues and Cutting Costs • Cost reductions continue • 47% reduction in headcount since April 2001 implemented • Retired $299 million convertible debt in FY 01 • Decreasing fixed costs via outsourcing • Returned to 100% fabless model in FY 00 • Transitioning test operations to ChipPAC expected to save $5-$7 million a year, starting in calendar 2004 • Clean financials • No restatements, other than reclassifications • No regulatory investigations • No auditor changes

37. Litigation Issues • No D&O litigation in past 5 years • Received $18 million before expenses in nVidia and ATI patent lawsuit settlements in FY 04 • Reached favorable settlement with WDC in FY 04 • WDC paid Cirrus $45 million to settle outstanding claims • Cirrus Logic initiated litigation and ITC action against Wolfson in FY 04 for alleged IP infringement • AVT withdrew patent suit it filed against Cirrus Logic on June 23, 2004 within 90 days of the suit’s original filing

38. Litigation Issues • Fujitsu lawsuit currently scheduled to go to trial in January 2005 • Breach of contract complaint and counter complaint • Cirrus Logic is seeking damages in excess of $46 million • Cirrus filed a complaint against St. Paul Fire and Marine in June 2005 relating to a coverage dispute on a General Liability policy • St. Paul answered on July 3rd with affirmative defenses and denied the company’s allegations (still open) • Additional information on legal matters is included in Cirrus Logic’s latest Form 10-Q filed with the SEC

39. Early Adopter of Sarbanes-Oxley Provisions • GAAP only • Certifications implemented • CEO and CFO • Executive, and certain Legal and Financial staff • SEC filings • Reviewed by external counsel • Insider filings on cirrus.com • Disclosure review committee established • Internal audit function established and process to review key functions underway • Anonymous whistle blower hotline implemented

40. Audit Committee Control Cycles Review Meeting FY 04 Internal Audit Plan Status Cash Receipts Completed Apr 2003 Accounts Receivable & Allow for Bad Debt Completed Apr 2003 Sales & Deferred Revenue Completed Jul 2003 Accounts Payable & Cash Disbursements Completed Jul 2003 Income Tax – Provision and Valuation Completed Jul 2003 Inventory Receiving Completed Sep 2003 Inventory Valuation (Standard Costing) Completed Sep 2003 Payroll Completed Sep 2003 Travel & Expense Reimbursement Completed Sep 2003 Inventory Reserves (E&O and LCM) Completed Feb 2004 Purchases (Inventory & Non-inventory) Completed Feb 2004 Information Systems Security & Control Completed Apr 2004 Calculation of Accrued Liabilities Completed Apr 2004 Marketable Securities & Investments Completed Apr 2004 Physical Invent Completed Apr 2004 Fixed & Intangible Assets Postponed to FY 05 due to resource constraints Financial Statement Closure & Disclosure Postponed to FY 05 due to resource constraints

41. Audit Committee SOX 404 Reviews: Review Meeting FY 05 Internal Audit Plan Status Target Date Cash Receipts, A/R and Allow for Bad Debt Completed Jul 2004 Sales & Deferred Revenue Completed Nov 2004 Accounts Payable & Cash Disbursements Completed Nov 2004 Income Tax – Provision and Valuation Oct 2004 Nov 2004 Purchases (Inventory & Non-inventory) Oct 2004 Feb 2005 Inventory Valuation & Reserves Nov 2004 Feb 2005 Marketable Securities & Investments Dec 2004 Feb 2005 Calculation of Accrued Liabilities Feb 2005 Apr 2005 Physical Inventory Counts & Scrap April 2005 Apr 2005

42. Audit Committee Internal Audits: Review Meeting FY 05 Internal Audit Plan Status Target Date Fixed & Intangible Assets Sept 2004 Nov 2004 Financial Statement Closure & Disclosure Oct 2004 Nov 2004 Payroll/Human Resources Nov 2004 Nov 2004 Information Systems Security & Control Oct 2004 Feb 2005 IT Change Management & Access Oct 2004 Feb 2005 IT Applications Controls (SAP & Camstar) Dec 2004 Feb 2005 Inventory Receiving & Movements Jan 2005 Feb 2005

43. Internal Audit Process • Identify the Key Audit Contact (Manager for that process) and Sponsor (VP) • Communicate and clarify audit scope with Key Audit Contact and Sponsor • Conduct interviews with process owners to gain an understanding of the system • Flowchart the process and identify key control points • Develop “what can go wrong” questions and identify any “gaps” not addressed by control points • Test control points to determine if they are effective or “functioning as designed” • Conduct Closing Meeting with auditees • Confirm process documentation and flowcharts • Agreement on issue and how management plans to respond to recommendation (specifics on who, what and when) • Review audit results and key objectives of testing with E&Y • Issue Final Audit Report • Conduct formal 3-month follow up on all recommendations

44. Governance & Other Policies/Procedures • Corporate governance guidelines* • Insider trading policy* • Directors and Section 16 officers are restricted from trading in the company’s securities for the last calendar month of each fiscal quarter. Trading may commence 2 business days after the company publicly announces its financial results. Prior to the execution of trades, these individuals must notify the Corporate Counsel. • Company has implemented processes to comply with SEC Form 4 two- business day reporting requirements, insider activity posted on www.cirrus.com • Adopted policy to permit 10b5-1 plans in April 2004 • CEO 10b5-1 trading plan** • Revenue recognition policy** • External communication policy** • Whistle blower procedures* • Independent violation reporting process in affect by calling 1-866-384-4277 or www.ethicspoint.com *Available on http://www.cirrus.com/en/ethics.html **Not available on the internet, but provided with broker submission

45. Governance & Other Policies/Procedures • Corporate code of conduct* addresses conflicts of interest, insider information, integrity of records and compliance with laws (e.g. antitrust, securities, environmental, harassment, discrimination and other important areas) and corrective action process. • Comprehensive ethics and compliance questionnaire distributed annually to Directors and Officers and the results reported to and discussed with the audit committee • Human resources policies and procedures reviewed by legal department • Company intranet includes all human resource and other significant corporate policies *Available on http://www.cirrus.com/en/ethics.html

46. Governance & Other Policies/ProceduresNew cirrus.com Page

47. Governance & Other Policies/ProceduresNew Intranet Tool

48. Investor Communications • Practices comply with Regulation FD • Experienced designated spokespersons • Quarterly financial results press releases, SEC 10Q and 10K filings reviewed in advance by the Board’s Audit Committee, external legal and auditors • All material financial guidance presented in press releases, 8-K filings and conference calls • Investor materials (press releases, presentations, conference call remarks) reviewed by General Counselprior to presentations or conference calls • Conference call remarks “scripted” by CEO, CFO, VP Investor Relations • Comprehensive web site: quarterly financial results remarks, presentations, press releases, and SEC filings posted at www.cirrus.com • Quarterly financial results conference calls and investor conferences are publicized in advance via press releases and are available through web casts

49. Designated Investor Spokespersons • President & CEO (David French) • 20+ years of semiconductor experience (ADI, TI, Fairchild) • Bachelor of science degree in Electrical Engineering from the University of Rochester • Member of the Board of Directors of the Fabless Semiconductor Association • Joined Cirrus Logic as president and COO in June 1998 • Named CEO in February 1999 • SVP & CFO (John Kurtzweil), CPA, CMA • 20+ years of financial management experience (OnSemiconductor, ReadRite, Maxtor, Honeywell) • Degrees in accounting from Arizona State University and a master’s degree in Business Administration from the University of St. Thomas in St. Paul, Minnesota • Joined Cirrus Logic as CFO in March 2004 • Member of Disclosure Review Committee • VP Investor Relations/Treasurer (Dave Allen) • 20+ years of financial management experience (Palm, Infoseek, Komag, Atari) • Extensive investor relations experience • MBA from Duke University’s J.B. Fuqua Graduate School of Business • Bachelor's degree in Economics from the State University of New York at Binghamton • Joined Cirrus Logic in current capacity in September 2002 • Member of Disclosure Review Committee • Team leader for sales and deferred revenue internal audit control cycle in FY 04

50. Easy to find/request financial documents Accessible conference calls: live and replays Investor CommunicationsComprehensive Website Easy to find quarterly info Text of quarterly conference calls Web cast of stock-holders’ meeting Web cast of quarterly con- ference calls