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Business Outlook

Safe Harbor

The statements in this outlook are forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These risk factors include, but are not restricted to: changes in overall economic conditions; changes in demand for our products; changes in inventories at our customers and distributors; technological and product development risks; competitors' actions; and degree of factory utilization.

These and other risk factors are listed in the company's annual report on Form 10-K for the fiscal year ended March 31, 2009 (see Outlook and Risk Factors sections of Management's Discussion and Analysis of Financial Condition and Results of Operations).

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National Semiconductor, the industry's premier analog company, creates high-performance analog devices and subsystems