Press Release - SiTel

HG Capital Trust PLC
17 May 2005


The following is the text from a press release issued by HgCapital, which
manages the investment portfolio of HgCapital Trust plc alongside those of other
clients.  The trust, which participates in all of HgCapital's investments, will
invest $10.5 million in SiTel Semiconductor BV.


  HgCapital agrees to acquire National Semiconductor's Cordless Business Unit.
        HgCapital's third investment in The Netherlands in three years.


London, 17 May 2005. HgCapital, the leading sector-focused European mid-market
private equity investor, has agreed to acquire the digital cordless business
unit of National Semiconductor Corporation. The sale is expected to complete in
July 2005.  The newly independent company, to be known as SiTel Semiconductor
BV, will design and sell chips to OEMs in the digital short-range wireless
communications market, across a range of end-user applications. The acquisition
represents HgCapital's third investment in The Netherlands.

The new company has agreed to acquire the intellectual property and assets of
the business.   Its engineering design team creates system products targeted
primarily for the home wireless voice and data applications market.  These
products include baseband and radio transceivers for cordless DECT (digital
enhanced cordless telephony) and VoIP (voice over internet protocol) telephones
and basestations as well as cordless gamepads and cordless voice modules.  The
company will employ approximately 70 engineers, all of whom are based in '
s-Hertogenbosch and Hengelo, in The Netherlands.

National's OEM customers in the cordless market currently include the world's
leading manufacturers of cordless systems.

Commenting on the pending acquisition, Alex Shivananda of HgCapital, said: 'We
are acquiring key assets in an exciting segment of short-range wireless home
communications and networking in a growing international market.  The cordless
business unit's leading-edge technology expertise and IPR is very strong and we
have an excellent team based in The Netherlands. The business also has a strong
product line that generates approximately 5 percent of National Semiconductor's
annual sales.  We are fully supportive of the management team's strategy for
expansion which involves continued growth across multiple applications and
broadening its international customer base.'

Asmund Tielens, managing director of the future SiTel, said: 'HgCapital's
investment will enable SiTel to focus its resources in the high-volume cordless
voice applications market. SiTel's solutions are exceptional in that they
combine high integration and suitability to multimarket segments. Our team is
excited about the opportunities available to us in becoming an independent
company, which will translate into greater dedication and flexibility in
delivering superior customer solutions and profitable growth.'

Deloitte Corporate Finance acted as lead corporate finance adviser and Lovells
as legal adviser to HgCapital on this transaction.


                                    - ends -

For further information contact:

 HgCapital
 Alexander Shivananda                      [phone]
                                           [e-mail]
 SiTel Semiconductor
 Asmund Tielens                            [phone]

 Holborn
 John Bick                                 [phone]
                                           [e-mail]



                      This information is provided by RNS
            The company news service from the London Stock Exchange