Japan Fair Trade Commission Approves the Murata Acquisition of Peregrine Semiconductor

Peregrine Sets Record Date for October 13 and Calls Shareholder Vote on November 19

Peregrine Semiconductor Corp. (Peregrine) (NASDAQ: PSMI), founder of RF SOI (silicon on insulator) and pioneer of advanced RF solutions, today announces that the Japan Fair Trade Commission has informed Peregrine that it has granted clearance of the proposed merger with Murata Electronics North America, Inc. The approval is subject to a 30-day waiting period set to terminate on October 12, 2014. The merger remains subject to other closing conditions, which were described in Peregrine's Current Report on Form 8-K filed with the Securities and Exchange Commission on August 22, 2014.

The Peregrine Board of Directors has established the close of business on October 13, 2014 as the record date for its special meeting of shareholders to consider and vote on, among other things, the proposed merger. The shareholder meeting is scheduled for November 19, 2014. Peregrine will file with the Securities and Exchange Commission definitive proxy materials related to the proposed merger as soon as reasonably practicable.

Completion of the merger remains subject to approval by Peregrine's shareholders and remaining regulatory approvals. Peregrine expects to complete the merger during the fourth calendar quarter of this year.

Peregrine will announce its third quarter earnings on October 29, 2014 after market close.

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