<SEC-DOCUMENT>0001193125-26-038089.txt : 20260205
<SEC-HEADER>0001193125-26-038089.hdr.sgml : 20260205
<ACCEPTANCE-DATETIME>20260204203248
ACCESSION NUMBER:		0001193125-26-038089
CONFORMED SUBMISSION TYPE:	425
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20260205
DATE AS OF CHANGE:		20260204

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SILICON LABORATORIES INC.
		CENTRAL INDEX KEY:			0001038074
		STANDARD INDUSTRIAL CLASSIFICATION:	SEMICONDUCTORS & RELATED DEVICES [3674]
		ORGANIZATION NAME:           	04 Manufacturing
		EIN:				742793174
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0103

	FILING VALUES:
		FORM TYPE:		425
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-29823
		FILM NUMBER:		26600043

	BUSINESS ADDRESS:	
		STREET 1:		400 W CESAR CHAVEZ
		CITY:			AUSTIN
		STATE:			TX
		ZIP:			78701
		BUSINESS PHONE:		5124168500

	MAIL ADDRESS:	
		STREET 1:		400 W CESAR CHAVEZ
		CITY:			AUSTIN
		STATE:			TX
		ZIP:			78701

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SILICON LABORATORIES INC
		DATE OF NAME CHANGE:	20000105

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TEXAS INSTRUMENTS INC
		CENTRAL INDEX KEY:			0000097476
		STANDARD INDUSTRIAL CLASSIFICATION:	SEMICONDUCTORS & RELATED DEVICES [3674]
		ORGANIZATION NAME:           	04 Manufacturing
		EIN:				750289970
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		425

	BUSINESS ADDRESS:	
		STREET 1:		P.O. BOX 660199
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75266
		BUSINESS PHONE:		9729953773

	MAIL ADDRESS:	
		STREET 1:		12500 TI BLVD
		STREET 2:		PO BOX 660199
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75266
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">FILED BY TEXAS INSTRUMENTS INCORPORATED </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">PURSUANT TO RULE 425 UNDER THE SECURITIES ACT OF 1933 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">AND DEEMED FILED PURSUANT TO RULE <FONT STYLE="white-space:nowrap">14a-12</FONT> AND RULE <FONT STYLE="white-space:nowrap">14d-2(b)</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">UNDER THE SECURITIES EXCHANGE ACT OF 1934 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">SUBJECT COMPANY: SILICON LABORATORIES INC. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">COMMISSION FILE NO. <FONT STYLE="white-space:nowrap">000-29823</FONT> </P>
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<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">TXN.OQ - Texas Instruments Inc and Silicon Labs Acquisition Conference Call </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">EVENT DATE/TIME: FEBRUARY 04, 2026 / 1:00PM GMT </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>OVERVIEW:
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Company Summary </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">FEBRUARY 04, 2026 / 1:00PM, TXN.OQ - Texas Instruments Inc and Silicon Labs Acquisition Conference Call
</P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CORPORATE PARTICIPANTS </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Mike Beckman</B><B> </B><I>Texas Instruments Inc - Vice President and Head of Investor Relations</I> <B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Haviv</B><B> </B><B>Ilan</B><B> </B><I>Texas</I><I> </I><I>Instruments</I><I> </I><I>Inc</I><I> </I><I>-</I><I> </I><I>Chairman,</I><I>
</I><I>President,</I><I> </I><I>Chief</I><I> </I><I>Executive</I><I> </I><I>Officer,</I><I> </I><I>Director</I> <B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Rafael Lizardi</B><B>
</B><I>Texas Instruments Inc - Chief Financial Officer, Senior Vice President</I> </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CONFERENCE CALL PARTICIPANTS </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Matt Johnson </B><I>Silicon Laboratories Inc. - President and Chief Executive Officer</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Timothy Arcuri</B><B> </B><I>UBS AG - </I><I>Analyst</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Vivek Arya</B><B> </B><I>Bofa</I><I> Merrill Lynch Asset Holdings Inc - </I><I>Analyst</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Matthew Prisco</B><B> </B><I>Cantor Fitzgerald LP - </I><I>Analyst</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Joe Quatrochi</B><B> </B><I>Wells Fargo Securities LLC - </I><I>Analyst</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>James Schneider, Ph.D.</B><B> </B><I>Goldman Sachs Group Inc - </I><I>Analyst</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Stacy </B><B>Rasgon</B><B> </B><I>Sanford C Bernstein</I><I></I><I>&nbsp;&amp; Co LLC - </I><I>Analyst</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Chris Caso </B><I>Wolfe Research LLC - Analyst</I> </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>PRESENTATION </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Mike Beckman </B><I>- Texas Instruments
Inc - Vice President and Head of Investor Relations</I> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Good morning, everyone. Thank you for joining us today to discuss TI&#8217;s acquisition of
Silicon Labs. I&#8217;m Mike Beckman, Head of Investor Relations for Texas Instruments; and I&#8217;m joined by TI&#8217;s Chairman, President, and Chief Executive Officer, Haviv Ilan; Silicon Labs&#8217; President and Chief Executive Officer, Matt
Johnson; and TI&#8217;s Chief Financial Officer, Rafael Lizardi. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For any of you who have not yet read the press release, you can find it on our website
at ti.com/ir. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This call is being broadcast live over the web and can be accessed through our website. In addition, today&#8217;s call is being recorded
and will be available via replay on our website along with the complete presentation and transcript for your convenience. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This call will include
forward-looking statements, including expectations or predictions of financial and business performance, industry outlook, and timing of completion of the transaction, each of which are based on current expectations and assumptions and that involve
risks and uncertainties that could cause TI&#8217;s results to differ materially from management&#8217;s current expectations. These constitute forward-looking statements within the meaning of the Safe Harbor provisions of the Private Securities
Litigation Reform Act. We encourage you to review the notice regarding forward-looking statements contained in the transaction press release published today, as well as TI&#8217;s most recent SEC filings for a more complete description. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">With that, I&#8217;ll now turn the call over to Haviv. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Haviv Ilan </B><I>- Texas Instruments Inc - Chairman, President, Chief Executive Officer, Director</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thank you, Mike. It is great to be with you all this morning. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Earlier today, we announced an agreement for Texas Instruments to acquire Silicon Labs, a leader in embedded wireless connectivity solutions with a broad
portfolio, deep engineering expertise and longstanding customer relationships. This transaction represents an important milestone for our company and accelerates the embedded processing strategy we&#8217;ve been executing over the last several
years. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">2 </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">FEBRUARY 04, 2026 / 1:00PM, TXN.OQ - Texas Instruments Inc and Silicon Labs Acquisition Conference Call
</P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As many of you know, Silicon Labs has a strong portfolio in mixed signal solutions and <FONT
STYLE="white-space:nowrap">low-power</FONT> wireless connectivity and has demonstrated double-digit growth in the last decade. By combining Silicon Labs&#8217; wireless connectivity IP and engineering expertise with TI&#8217;s internally-owned
technology and manufacturing and reach of market channels, TI will enhance its global leadership in embedded wireless connectivity solutions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I&#8217;ll
now take a moment to share why this transaction with Silicon Labs is strategically and financially compelling and why now is the right time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To begin,
this transaction enhances our global leadership in embedded wireless connectivity solutions and expands TI&#8217;s portfolio with 1,200 additional products that support a variety of wireless connectivity standards. Wireless connectivity is a
fast-growing space with more devices getting connected every day. Silicon Labs has a large and diverse customer base and has delivered about 15% revenue CAGR since 2014. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This transaction also utilizes TI&#8217;s industry-leading, dependable, <FONT STYLE="white-space:nowrap">low-cost</FONT> manufacturing capacity to provide
customers with greater assurance of supply. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We&#8217;ve also found a strong cultural fit. Our teams share the same high-performing culture, and I respect
Silicon Labs&#8217; technical expertise, winning spirit and strong results. Together, our teams will deliver cutting-edge products and technologies to meet our customers&#8217; needs. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Finally, from a financial perspective, we expect the transaction to generate compelling annual manufacturing and operational synergies of more than
$450&nbsp;million within three years after close. We expect the transaction to be accretive to earnings per share, excluding transaction-related costs, in the first full year post-close. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">TI has a great business model built around four sustainable competitive advantages. As a reminder, TI&#8217;s competitive advantages are a strong foundation
of manufacturing and technology, a broad portfolio of analog and embedded processing products, the reach of our market channels, and diversity and longevity of our products, markets, and customer positions. The acquisition of Silicon Labs will
further strengthen all of TI&#8217;s competitive advantages and drive free cash flow per share growth over the long term. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In addition, Silicon
Labs&#8217; comprehensive platform, including hardware, software, tools, and services, has earned them a strong reputation in the industry and a loyal customer base. Silicon Labs&#8217; strong engineering culture is expected to further advance
TI&#8217;s technology leadership. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">By combining Silicon Labs&#8217; comprehensive portfolio with TI&#8217;s scale and competitive advantages, we will be
better positioned to serve more customers and accelerate growth. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I would now like to turn the call over to Matt, who will share more about why this is an
exciting opportunity. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Matt Johnson </B><I>- Silicon Laboratories Inc. - President and Chief Executive Officer</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thanks, Haviv. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">It&#8217;s great to be here today and have the
opportunity to address you all. I share Haviv&#8217;s enthusiasm for this transaction and truly believe TI is the ideal partner to accelerate Silicon Labs&#8217; growth. It&#8217;s an honor to be combining Silicon Labs with a partner with such a
storied place in our industry, and I&#8217;d like to thank the entire Silicon Labs team for the sustained execution and dedication that made today&#8217;s announcement possible. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Turning to our company for a moment. You&#8217;ve heard Haviv say that Silicon Labs has an intense commitment to engineering and innovation, and you can see
that in the composition of our team. Approximately 70% of our employees are engineers allocated across software and hardware disciplines. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">3 </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">FEBRUARY 04, 2026 / 1:00PM, TXN.OQ - Texas Instruments Inc and Silicon Labs Acquisition Conference Call
</P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">From my conversations with TI, it&#8217;s clear that they deeply value the expertise that Silicon Labs brings
to the table and that they&#8217;re highly focused on identifying opportunities to scale our operations and optimize our manufacturing processes to better serve new and existing customers. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our focus on engineering innovative products has earned us a strong reputation in the industry, and we&#8217;ve built a loyal customer base, especially across
industrial applications. Not only are we proud of the growth we&#8217;ve achieved over more than a decade, we&#8217;ve also worked hard to build a high-quality revenue base across thousands of customers. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We&#8217;ve established diverse and long-lived positions across the industrial market in a broad set of end equipments. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">There are significant growth opportunities available, and these will be further enhanced with TI&#8217;s dependable and
<FONT STYLE="white-space:nowrap">low-cost</FONT> manufacturing capabilities and extensive reach of channels. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thank you for the time today. And with that
said, I&#8217;d like to turn the call back to Haviv. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Haviv Ilan </B><I>- Texas Instruments Inc - Chairman, President, Chief Executive Officer, Director</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thanks, Matt. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As I said before, Silicon Labs has delivered
about 15% revenue CAGR over the past decade. We see additional opportunity for growth as part of TI, supported by increased customer access, manufacturing capacity and cross-sell opportunities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Silicon Labs&#8217; extensive wireless connectivity portfolio is an important part of the increasingly connected world, where we see secular content growth in
areas like industrial automation, medical, and energy infrastructure, just to name a few. With our direct customer relationships, sales force, website and <FONT STYLE="white-space:nowrap">e-commerce</FONT> capabilities, we believe we can further
accelerate growth. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Manufacturing is a key differentiator for TI and is a core value driver for this transaction. Our manufacturing footprint includes <FONT
STYLE="white-space:nowrap">low-cost</FONT> 300mm wafer fabs as well as internal assembly and test capabilities. This footprint will allow us to transfer Silicon Labs&#8217; manufacturing from external foundries and outside assembly and tests into TI
facilities, providing their customers with dependable and affordable supply at scale. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Specifically, TI&#8217;s defined process technologies are optimized
for Silicon Labs&#8217; wireless connectivity portfolio, including our latest 28nm process node. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We expect the transaction to deliver meaningful
synergies with efficiencies across TI&#8217;s wafer fabs with optimized process technologies, <FONT STYLE="white-space:nowrap">low-cost</FONT> assembly and test, and our direct market channels. The transaction is expected to drive more than
$450&nbsp;million of annual manufacturing and operational synergies within three years post-close. We expect this transaction to be accretive to TI&#8217;s earnings per share, excluding transaction-related costs, in the first full year post-close.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I&#8217;ll now turn it over to Rafael to recap the details of the transaction. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Rafael Lizardi </B><I>- Texas Instruments Inc - Chief Financial Officer, Senior Vice President</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thanks, Haviv. Let me now provide a brief summary of the transaction details. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Silicon Labs&#8217; shareholders will receive $231 per share in cash. We plan to fund the transaction with cash on hand and by raising additional debt. And
importantly, we remain committed to our capital return strategy to return 100% of free cash flow to shareholders over time via dividends and share repurchases. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">4 </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">FEBRUARY 04, 2026 / 1:00PM, TXN.OQ - Texas Instruments Inc and Silicon Labs Acquisition Conference Call
</P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We expect to close in the first half of 2027. The transaction is subject to regulatory approvals, Silicon
Labs&#8217; shareholder approval, and other customary closing conditions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">With that, I&#8217;ll turn it back over to Haviv. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Haviv Ilan </B><I>- Texas Instruments Inc - Chairman, President, Chief Executive Officer, Director</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thanks, Rafael. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In closing, this acquisition enhances our
global leadership in embedded wireless connectivity solutions. It leverages each company&#8217;s strengths to better serve our combined customers and deliver sustained long-term value for TI shareholders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">With that, let me turn it back over to Mike. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Mike Beckman </B><I>- Texas Instruments Inc - Vice President and Head of Investor Relations</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thanks, Haviv. Operator, you can now open the lines for questions. In order to provide as many of you as possible an opportunity to ask your questions, please
limit yourself to a single question. After our response, we&#8217;ll provide you with an opportunity for an additional <FONT STYLE="white-space:nowrap">follow-up.</FONT> Operator? </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>QUESTIONS AND ANSWERS </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Operator </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thank you. We&#8217;ll now be conducting a question and answer session. (Operator Instructions) Timothy Arcuri, UBS. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Timothy Arcuri </B><I>- UBS AG - Analyst</I> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Haviv, you
talked about cost synergies. But are there any revenue synergies? I mean, it seems like SLAB has a very diversified customer base. Is there anything unique in the portfolio that&#8217;s synergistic with yours that unlocks revenue in your embedded
portfolio? </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Haviv Ilan </B><I>- Texas Instruments Inc - Chairman, President, Chief Executive Officer, Director</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">First, let me answer that what we presented today, the $450&nbsp;million of synergies by three years after the deal, you can think about 2030 as a good time
to think about that. That does not include any revenue synergies. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Just to be fair, I think about how to measure, and I decided I want to run the math
without any revenue synergies. Having said that, I think we will see some opportunities based on our very large sales force and TI.com. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">A wireless
connectivity chip is what we call -- I call an alpha socket, right? This is where customers are making one of the first choices on the board. But once you get that early look and you get selected, there is a great opportunity to cross sell power,
the sensing signal chain, et cetera. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">So I do believe the synergies are there, and our sales team is tasked to bring them on once we close the deal. But
they are not assumed in the financial model. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">5 </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">FEBRUARY 04, 2026 / 1:00PM, TXN.OQ - Texas Instruments Inc and Silicon Labs Acquisition Conference Call
</P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Mike Beckman </B><I>- Texas Instruments Inc - Vice President and Head of Investor </I><I>Relations</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Do you have a follow up, Tim? </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Timothy Arcuri </B><I>- UBS AG - </I><I>Analyst</I> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I do,
yeah. I think SLAB has a next generation 22nm process. How will you bring that internally? I think Lehi goes down to 28nm. Thanks a lot. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Haviv Ilan </B><I>- Texas Instruments Inc - Chairman, President, Chief Executive Officer, </I><I>Director</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yeah. So let me start first with what we have internally, and then I&#8217;ll let Matt talk about their view from their perspective. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">First, TI&#8217;s is now &#8211; 28nm process is now in development. We are starting to see test chips coming out, I would say, the end of last year and more
in 2026. I think it&#8217;s a great time to offer that technology to the SiLabs engineers immediately after close. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Now, our 28nm process is developed
ground up for this type of product. If you think about the memory options, if you think about the way we&#8217;ve designed cost versus power versus performance, this is not a logic, I would say, first type of process development task. It&#8217;s
really done for TI&#8217;s MCUs, wireless connectivity solutions, high speed mixed-signal analog, and will serve very well the IP of SiLabs. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I do believe
that SiLabs have proved over the years that they&#8217;re very capable of moving between fabs. We&#8217;ve seen some of these examples during our thorough due diligence, and I&#8217;ll let Matt say a few words about that. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Matt Johnson </B><I>- Silicon Laboratories Inc. - President and Chief Executive Officer</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yeah, sure. Thanks, Haviv. Yeah, I think the way to think of it is, our Series 2 platform is still early days in its life cycle, and we&#8217;re pretty
experienced there in doing multi-foundry, <FONT STYLE="white-space:nowrap">multi-fab</FONT> on that platform. And we&#8217;re just starting to ramp Series 3, which is already expected to be multi-foundry,
<FONT STYLE="white-space:nowrap">multi-fab</FONT> as well. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">What&#8217;s key about that is, as Haviv said, what TI has from a manufacturing perspective is
extremely attractive to what Silicon Labs does. You have a process technology that&#8217;s optimized for the exact type of products we do, which is incredibly exciting. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">So I think there&#8217;s a tremendous opportunity to port in multiple areas. And given that we develop on a platform, you can port a few devices and really
start to impact a lot of volume quickly. So it&#8217;s a really awesome combination, and that&#8217;s one of the reasons we&#8217;re so excited. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Mike Beckman </B><I>- Texas Instruments Inc - Vice President and Head of Investor </I><I>Relations</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thanks, Tim. Let&#8217;s move on to our next caller, please. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Operator </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Vivek Arya, Bank of America. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">6 </P>
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<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">&copy;2026 LSEG. All rights reserved. Republication or redistribution of LSEG content,
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">FEBRUARY 04, 2026 / 1:00PM, TXN.OQ - Texas Instruments Inc and Silicon Labs Acquisition Conference Call
</P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Vivek Arya </B><I>- </I><I>Bofa</I><I> Merrill Lynch Asset Holdings Inc - </I><I>Analyst</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I think the acquisition is a surprise because the narrative has been that TI prefers catalog analog, and that your Embedded business had been fixed after
undergoing for many years. I mean, SiLabs is a great business, but it is not catalog analog. And I imagine there is some level of product overlap in microcontrollers and connectivity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">So the question is, what does SLAB give you that your Embedded business isn&#8217;t able to do now or in the next one or two years? And does your internal
roadmap get impacted? Are there any dyssynergies that we have to worry about before this deal is able to close? </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Haviv Ilan </B><I>- Texas Instruments Inc - Chairman, President, Chief Executive Officer, </I><I>Director</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Vivek, thanks for the question. Let me say a few words first about our embedded journey. If you go back to maybe 10 years ago, as you remember, Vivek, all of
our embedded products were done externally. We were focused more on a big chip type of -- big SOC type of solutions, maybe remnants of our old days of running big SOCs for wireless and also base stations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We have transitioned this business between 2019 and 2025 tremendously towards a more mixed signal type of business. Think about
<FONT STYLE="white-space:nowrap">low-power</FONT> MCUs with a lot of analog content. Think about real-time control with DSPs and for power conversion or for motor drive and, of course, our radar sensing solutions and wireless connectivity. I look at
wireless connectivity as almost a tweener, between analog and embedded. The content, if you look at the die of a solution, it is dominated by a lot of analog, RF, power management, and yes, some digital. This is a great fit to what we are building
internally. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If you think about what happened in &#8216;22 and &#8216;23, we have acquired the site in Lehi from Micron. We have transitioned it from a
memory fab into an analog mixed signal EP fab, really focusing on 65nm and now ramping -- starting to ramp 28nm in terms of R&amp;D and in production by the end of this year. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If you look at the fit of the products, as Matt mentioned before, into that technology, we see a great fit. And we also have now experience of transitioning
some of our portfolio from the foundries, mainly in Taiwan into Lehi. We love the yield we&#8217;re seeing. We love the throughput we are getting out of the fab. And that&#8217;s an asset we never had 10 years ago. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">So to me, right now is the perfect time to go and look at more options to add into our portfolio, utilizing our competitive advantages. Specifically, to your
wireless connectivity question and the overlap, if at all, look, TI&#8217;s wireless connectivity business is growing. It&#8217;s going slower than SiLabs, and it&#8217;s also focused -- most of the momentum we see right now is coming from the
automotive market. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SiLabs&#8217; automotive business is less than 5% of the revenue. They don&#8217;t operate in wireless BMS, the car entry, wireless
TPS, et cetera; but they have a very strong position in the garage door opener in the car that we don&#8217;t do. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If you go to the industrial market,
this is where you see a ton of momentum coming from SiLabs. They have done the work to build the stack of chips, software and firmware, application level, to support hundreds of end equipments. And we are very excited about that. This is something
that would take TI, I would say, decades to replicate in order to be able to be a leader in this market. I think we could have, but it would have taken too long. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">So when you look at the footprint of SiLabs, at 85% of their business in industrial, with such a rich portfolio and software suite and tools that are tailored
to each and every application, with a variety of standards that TI does not have, I think it&#8217;s a great complementary portfolio. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Mike Beckman </B><I>- Texas Instruments Inc - Vice President and Head of Investor Relations</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Do you have a <FONT STYLE="white-space:nowrap">follow-up,</FONT> Vivek? </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">FEBRUARY 04, 2026 / 1:00PM, TXN.OQ - Texas Instruments Inc and Silicon Labs Acquisition Conference Call
</P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Vivek Arya </B><I>- </I><I>Bofa</I><I> Merrill Lynch Asset Holdings Inc - </I><I>Analyst</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yes. For my <FONT STYLE="white-space:nowrap">follow-up,</FONT> just kind of few clarifications. What is the next few milestones from a shareholder or a
regulatory perspective that we should keep in mind? And when is the earliest you can get SiLabs products onto your own fabs? </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Haviv Ilan </B><I>- Texas Instruments Inc - Chairman, President, Chief Executive Officer, </I><I>Director</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yes. So again, when we -- let me start with the second part of the question, Vivek, and I will let Rafael talk a little bit about what we expect in terms of
time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">But in terms of the 2030 COGS synergies that you see on the presentation, we have been busy in the last several years transitioning a couple of <FONT
STYLE="white-space:nowrap">6-inch</FONT> fabs into our own 300 wafer fabs internally. And we have learned what it takes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Luckily, in the case of SiLabs,
we don&#8217;t need to move hundreds of dies from one process to another. Actually, we talk about somewhere between 10 and 15 dies, which is actually very efficient. So that work can start immediately after close. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">And we believe that our plan presents, I would say, a nominal to conservative time to complete all that work by 2030. My expectation is that we hit the ground
running as soon as we can, and we can do it even quicker. But that&#8217;s going to be a little bit of upside to the COGS plan we showed you today. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">So I
expect the team -- and again, during the due diligence work that we&#8217;ve done, we see the fit of the platform. And the team is eager to start to work as soon as we can. And I&#8217;m expecting us to meet or beat our execution plan. A little bit
about the next milestone, Rafael. Anything there? </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Rafael Lizardi </B><I>- Texas Instruments Inc - Chief Financial Officer, Senior Vice President</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yeah, no. So of course, the SiLabs shareholders need to approve this. That should happen within a few months. And then we need regulatory approval from
multiple countries, and that&#8217;s what takes until about the first half of 2027, as we said during the prepared remarks. </P>
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<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Mike Beckman </B><I>- Texas Instruments Inc - Vice President and Head of Investor </I><I>Relations</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thanks, Vivek. Let&#8217;s move on to the next caller. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Operator </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Joshua Buchalter, TD Cowen. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Unidentified Participant </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This is Sam on for Josh.
Congrats to both teams on the deal announcement. Building on an earlier question, am I correct in hearing that you&#8217;re able to substantially bring the entire portfolio <FONT STYLE="white-space:nowrap">in-house,</FONT> or are there still going
to be some products and processes that will remain at foundry? </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Haviv Ilan </B><I>- Texas Instruments Inc - Chairman, President, Chief Executive Officer, Director</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I would say the answer is the vast majority. Think about Series 2 and Series 3. Every company has some very nice, call it, legacy, but very profitable tale of
the portfolio. But I would say about 75% of the revenue of 2030 would be moving inside TI. Matt, anything to add there? </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">8 </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">FEBRUARY 04, 2026 / 1:00PM, TXN.OQ - Texas Instruments Inc and Silicon Labs Acquisition Conference Call
</P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Matt Johnson </B><I>- Silicon Laboratories Inc. - President and Chief Executive </I><I>Officer</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The easy way to think of it is exactly that, and all the growth can move inside quite quickly. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Mike Beckman </B><I>- Texas Instruments Inc - Vice President and Head of Investor </I><I>Relations</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sam, do you have a follow-up? </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Unidentified Participant </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yes, I do. And then a quick
one. Will this change how TI looks at their distribution strategy as it is today, or are we going to operate legacy TI in terms of how you use the channel or don&#8217;t use the channel? </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Haviv Ilan </B><I>- Texas Instruments Inc - Chairman, President, Chief Executive Officer, Director</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Look, in a high level, Sam, we see the channel as an advantage for the combination of the companies, right? Some of the customers that <FONT
STYLE="white-space:nowrap">--and</FONT> we&#8217;ve reviewed, of course, during the due diligence, the customer base of SiLabs, and we are very impressed by it. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">But some of the customers there, we support direct, and there is always a benefit, in our opinion, to support customers direct in terms of just the
transparency, the information flow, the level of support we can bring in. And of course also, there is a little bit of synergies on the margin that we can take into TI. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All of that is part of the plan. There are customers that continue to be supported for TI and for SiLabs by the disty partners, and I think that will
continue. Our main disty partner is continuing to be the plan of record for us moving forward. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Mike Beckman </B><I>- Texas Instruments Inc - Vice President and Head of Investor </I><I>Relations</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thanks, Sam. Let&#8217;s move on to the next caller, please. </P>
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<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Operator </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Matthew Prisco, Cantor Fitzgerald. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Matthew Prisco </B><I>- Cantor Fitzgerald LP - </I><I>Analyst</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Let me just start. Can you help break down that expected $450&nbsp;million in manufacturing and operational synergies? How should we think about linearity of
that synergy recognition here? Can you offer some more color on the primary drivers? </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Haviv Ilan </B><I>- Texas Instruments Inc - Chairman, President, Chief Executive Officer, Director</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yeah. Again, I think we showed a chart in our presentation. More than 50% of the synergies will come from COGS. And the more you wait, the better it gets.
Because by 2030, we don&#8217;t complete the entire COGS transition, but I would say most of it. I think by 2031 or 2032, it&#8217;s all done. So you can think about this as a growing number in terms of percentages. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">9 </P>
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<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">&copy;2026 LSEG. All rights reserved. Republication or redistribution of LSEG content,
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">FEBRUARY 04, 2026 / 1:00PM, TXN.OQ - Texas Instruments Inc and Silicon Labs Acquisition Conference Call
</P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Of course, it&#8217;s not immediate. We will try to do whatever we can as soon as we can, but it takes time
to develop the die, to qualify it, to get the customer approvals and qualifications. As I said before, we have a lot of experience with that. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We&#8217;ve
done it for two fabs with tens and thousands of customers and hundreds of dies. This effort here is going to be, I believe, more focused -- as I mentioned, 10 to 15 dies. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I would say the OpEx synergies are more immediate. Of course, TI is a very large company. SiLabs doesn&#8217;t have the same scale of TI. So there are some
natural synergies, obviously, on the SG&amp;A side, but even some of the fixed R&amp;D functions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If you think about areas like IT and your test team or
your process definition or design team, that type of synergy is straightforward, and I think the SiLabs team will enjoy them from day one. I don&#8217;t know if that is the color you were looking for. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Matthew Prisco </B><I>- Cantor Fitzgerald LP - Analyst</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">That&#8217;s perfect. As a <FONT STYLE="white-space:nowrap">follow-up,</FONT> how should we be thinking about potential for incremental investment required by
you guys in the front end to bring SLAB products <FONT STYLE="white-space:nowrap">in-house?</FONT> Maybe on the back end, how should we be thinking about your capacity to support SLAB needs and potential further investments there? </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Haviv Ilan </B><I>- Texas Instruments Inc - Chairman, President, Chief Executive Officer, Director</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yeah. When we looked at the SiLabs run, it had a pretty good efficiency of revenue per wafer. The cost of wafer is pretty high, but they still have a
respectable GPM, I think, above 60% right now. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In terms of the load on our fab, I would say we just absorb it. You would not see material change, if at
all, on our CapEx plan in the next five years. That would be my high level answer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The same is for the assembly and test. Our volumes are well above
10&nbsp;billion units a quarter, and we&#8217;ve looked at the volume of SiLabs. Again, very efficient revenue per pin, we call it, portfolio. That would be easily absorbed in our existing assembly and test facilities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The packages they use, namely QFN and a little bit of WCSP, we have the internal capacity there. You can imagine or you can model, quote-unquote, zero delta
investment from our side. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Mike Beckman </B><I>- Texas Instruments Inc - Vice President and Head of Investor </I><I>Relations</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thanks, Matt. Move on to the next caller, please. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Operator </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Joe Quatrochi, Wells Fargo. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Joe Quatrochi </B><I>- Wells Fargo Securities LLC - Analyst</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I was wondering if you could maybe just share a little bit more thoughts on just how you think about just the mix of cash and debt that&#8217;s required for
the deal. Obviously, you&#8217;re going to generate a lot of free cash flow between now and deal close, but also talking about committing still 100% of free cash flow to dividends and share repos. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">10 </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">FEBRUARY 04, 2026 / 1:00PM, TXN.OQ - Texas Instruments Inc and Silicon Labs Acquisition Conference Call
</P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Just any kind of help there in terms of how we should think about that. And maybe, how much cash should we
think about you needing to have on the balance sheet? </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Rafael Lizardi </B><I>- Texas Instruments Inc - Chief Financial Officer, Senior Vice </I><I>President</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yeah, let me take that. First, as we said in the prepared remarks, we&#8217;ll use cash on hand and incremental debt right now. While we do that, to answer
your second question, we&#8217;re committed to continue to return all free cash flow to owners of the company over the long term, as we have been doing for many, many years. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">With that combination of things, we&#8217;ll issue incremental debt probably in the neighborhood of $7&nbsp;billion or so. That&#8217;ll be a combination of
investment-grade bonds and then some corporate -- some commercial paper. And we&#8217;ll issue that probably later this year, the investment-grade debt in order to -- and then the commercial paper will be closer to when the deal will close. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I&#8217;ll also add that the combined entity is expected to be leveraged neutral within 18 to 24 months post-close. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Mike Beckman </B><I>- Texas Instruments Inc - Vice President and Head of Investor Relations</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Got a follow-up? </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Joe Quatrochi </B><I>- Wells Fargo Securities LLC - Analyst</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yeah, that&#8217;s helpful. Maybe just -- you talked about regulatory approval across multiple countries. I assume China is one of those. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Haviv Ilan </B><I>- Texas Instruments Inc - Chairman, President, Chief Executive Officer, Director</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yes, we expect that to be one of the countries that we&#8217;ll have to go through. Our business, as a reminder, in China, headquarter companies, is about 20%
of our revenue. I think, Matt, for you guys, it&#8217;s a little bit less than 15%. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Matt Johnson </B><I>- Silicon Laboratories Inc. - President and Chief Executive </I><I>Officer</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Correct. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Haviv Ilan </B><I>- Texas Instruments Inc - Chairman, President, Chief Executive Officer, Director</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">And we are planning to go through it. Again, I believe this is something that can also serve our China customers. That allows SiLabs to be competitive across
the geographies. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">China is always a market that is very -- the cost leadership is very important to succeed there. And I think that our customers in China
will value the combination. I do believe that we will get that through. I have high confidence that, as we said, by the first half of 2027, we&#8217;ll get that approved. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Mike Beckman </B><I>- Texas Instruments Inc - Vice President and Head of Investor Relations</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thanks, Joe. We&#8217;ll move on to the next caller, please. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">FEBRUARY 04, 2026 / 1:00PM, TXN.OQ - Texas Instruments Inc and Silicon Labs Acquisition Conference Call
</P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Operator </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Jim Schneider, Goldman Sachs. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>James Schneider, Ph.D. </B><I>- Goldman Sachs Group Inc - </I><I>Analyst</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I was wondering if -- you already addressed, I think fairly clearly, the synergy you expect from a portfolio perspective with Silicon Labs&#8217; industrial
presence in wireless connectivity and what that means to TI. Can you maybe tell or talk about any of the Texas Instruments&#8217; native product portfolio that is going to be particularly synergistic in terms of Silicon Labs&#8217; designs? Think
about it the other way around. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Haviv Ilan </B><I>- Texas Instruments Inc - Chairman, President, Chief Executive Officer, </I><I>Director</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yeah. Again, as I said before, Jim, if you think about some of the applications that -- we looked at some of the boards that they run. In the center of the
board, you will see, I call it, a wireless MCU, right? It&#8217;s almost like the -- if you think about the servers, the main chip is the CPU or the GPU. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In many of the applications where SiLabs is playing, the host, the master of the system is that wireless connectivity solution. So for us, it means great
news. It gives you -- usually, when customers design a board or a new system, they start with what I call this alpha part. And this alpha part will be the wireless connectivity in many, many applications. I&#8217;ll let Matt say a few words about it
in a minute. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">What we are excited about is everything around. Power management, obviously. Many of the applications are battery-based. There is also
battery management that TI is a market leader in. That will be important. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Many times, the wireless solution collects information. So there is a sensing
signal chain attached to the wireless MCU. We think that will let us very early look into that and will help us to sell more sockets per board. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In some
cases, the wireless connectivity solution behaves like a front end. Then, you need a higher-level process or a higher-performing MCU that can drive that. We have that also in our embedded portfolio. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">So overall, I am excited about the cross-selling opportunity. But as I said, to be prudent and not to justify the deal on revenue synergies, it&#8217;s
currently valued in our Excel sheet at zero. We think it&#8217;s going to be much higher. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Maybe, Matt, you can talk a little bit about the applications
you are operating and what happens when a customer selects your solution. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Matt Johnson </B><I>- Silicon Laboratories Inc. - President and Chief Executive Officer</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yeah, absolutely. Just the first thing I would do is reiterate what Haviv said. At Silicon Labs, we have had more opportunity than we can keep up with in the
core wireless space for a long time. We have seen a lot of opportunity around the silicon in the areas that were just mentioned, but we had to focus on that one area. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">However, there is literally silicon all around that can support and not only support it, but can also, over time, allow further differentiation of the
application and solution as well. So there is really something there that we just haven&#8217;t been able to get to, but we will be able to do now. That&#8217;s exciting. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If you just look across a few example applications, what Haviv said, pick applications that Silicon Labs has talked about historically. Take, in healthcare,
continuous glucose monitors, where you have core silicon, but you also have an analog front end that&#8217;s right there that&#8217;s supporting it. You put those together, you can do something special, and that&#8217;s a huge opportunity. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">12 </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">FEBRUARY 04, 2026 / 1:00PM, TXN.OQ - Texas Instruments Inc and Silicon Labs Acquisition Conference Call
</P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Same in electronic shelf labels. Think of metering, where there&#8217;s this position across gas, water, and
electric, where if you can combine not only the compute and wireless, but all supporting analog and power management, you have a complete solution for customers, literally. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">So there&#8217;s quite a bit of excitement around this, and I think we&#8217;re just seeing the tip of the iceberg of what&#8217;s possible there over time.
</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Mike Beckman </B><I>- Texas Instruments Inc - Vice President and Head of Investor </I><I>Relations</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Jim, do you have a follow-up? </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>James Schneider, Ph.D. </B><I>- Goldman Sachs Group Inc - </I><I>Analyst</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yeah, just quickly. To clarify, would you expect to discontinue TI&#8217;s organic efforts or product lines in connectivity after the close of this deal? </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Haviv Ilan </B><I>- Texas Instruments Inc - Chairman, President, Chief Executive Officer, Director</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">No, the short answer is no. Again, the momentum we are building right now is predominantly on the automotive market. This is where we see the highest growth.
Our revenue there is about 50% of our overall revenue. Our revenue is lower than SiLabs. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Of course, once we get together, we can attack the industrial
market. We say industrial, but we are talking about hundreds of end equipments. Even when I talk with Matt, they themselves cannot attack all of them. So there&#8217;s going to be some, I would say, better partitioning to utilize our joint R&amp;D
force. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I want to add one more point that I think is very helpful for the synergies. SiLabs has a great software team that has been able to deliver not
only the wireless stack, which is the bare minimum, which we do today, they also have a higher level of software that many application builders need. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">So
you will see again that software suite running in the future on TI&#8217;s portfolio. So there is not going to be a shutdown of activities or roadmap items in TI. There&#8217;s going to be an acceleration of how we attack this broad market. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Mike Beckman </B><I>- Texas Instruments Inc - Vice President and Head of Investor </I><I>Relations</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thanks, Jim. Moving on to our next caller, please. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Operator </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Stacy Rasgon, Bernstein Research. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Stacy Rasgon </B><I>- Sanford C Bernstein</I><I></I><I>&nbsp;&amp; Co LLC - Analyst</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For my first one, look, I&#8217;m probably characterizing this too harshly, so I apologize in advance. But the signal that I think you&#8217;re sending -- and
it seems like manufacturing is the key driver of this. So the signal that seems to be emerging for this is we built all this capacity. We thought we could fill it. We can&#8217;t fill it, and so we&#8217;re buying stuff to fill it. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">So I guess, why is that not a fair characterization, number one? And number two, SLAB isn&#8217;t actually that big. So maybe that&#8217;s the answer, they
can&#8217;t fill it. But I mean, should we be expecting more deals like this to leverage the capacity footprint that you have? </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">13 </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">FEBRUARY 04, 2026 / 1:00PM, TXN.OQ - Texas Instruments Inc and Silicon Labs Acquisition Conference Call
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<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Haviv Ilan </B><I>- Texas Instruments Inc - Chairman, President, Chief Executive Officer, </I><I>Director</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I think you&#8217;ve answered it in your question. That&#8217;s not going to move the needle anyhow, Stacy. I think the reason we buy SiLabs is their position
and their portfolio. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">And if you look at our pitch -- I don&#8217;t know if you had the chance to look at the beginning of today&#8217;s call --
that&#8217;s what drove the excitement. That&#8217;s what drove the enthusiasm of us going after this asset. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I will say that every deal has to make sense
financially, and the reason it does is mainly built on COGS. But that&#8217;s not the reason we are doing this. As you said, in terms of wafers per day versus our overall footprint, because SiLabs has such a high-performing, lucrative margin of
revenue per wafer, it doesn&#8217;t move the needle. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">But I do believe, and I&#8217;ll let Rafael comment here, that every deal has to make sense
financially. And we are happy that our synergies are built on tangible -- we have an exact plan, die by die, how we are going to do it in the next coming years. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I think that&#8217;s very important. Many times, deals are justified on revenue synergies that are harder to measure. I think the fact that we can do it in a
very tangible way is very important. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Stacy Rasgon </B><I>- Sanford C Bernstein</I><I></I><I>&nbsp;&amp; Co LLC - Analyst</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This is not a test case, is what you&#8217;re saying? </P>
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<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Haviv Ilan </B><I>- Texas Instruments Inc - Chairman, President, Chief Executive Officer, </I><I>Director</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Say that again, Stacy? </P>
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<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Stacy </B><B>Rasgon</B><B> </B><I>- Sanford C Bernstein</I><I></I><I>&nbsp;&amp; Co LLC - </I><I>Analyst</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I said, this is not a test case? </P>
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<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Haviv Ilan </B><I>- Texas Instruments Inc - Chairman, President, Chief Executive Officer, Director</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">No. I&#8217;ve been looking at SiLabs for many, many years. I think we were not ready internally, based on our execution plan on Embedded, to go after it.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">But then I think about our embedded portfolio, Stacy, and I always mention <FONT STYLE="white-space:nowrap">low-power</FONT> MCU. I mention real-time
control. I mention wireless connectivity. I mention radar systems. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I want to be a leader. TI should be a leader over the long term in all areas. We got
to the conclusion that the best way to be a leader in wireless connectivity is with this asset, and I think we will certainly be once the deal closes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In
terms of real-time control, I think we are heading there. We&#8217;re seeing a ton of momentum on our DSPs, on power conversion and motor control. In terms of radar, I think we are on our way to be there as well. It&#8217;s just going to take
several more years. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The last point -- and you say it&#8217;s not a test case, maybe you are alluding to MCUs. I think MCUs in general are harder to bring
in. When you look at an MCU company, you look at tens of different architectures, probably thousands, if not tens of thousands of dies. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">14 </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">FEBRUARY 04, 2026 / 1:00PM, TXN.OQ - Texas Instruments Inc and Silicon Labs Acquisition Conference Call
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">When I talk with Amichai and the team, this one we&#8217;ll have to do organically, and it&#8217;s going to
take time. But we plan to be a leader in the <FONT STYLE="white-space:nowrap">low-power</FONT> MCU market. I think we will do it organically rather than inorganically, because doing it inorganically is, I think, impossible. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">So hopefully, that gives you a little bit more color on the way we think about our future, Stacy. </P>
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<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Mike Beckman </B><I>- Texas Instruments Inc - Vice President and Head of Investor </I><I>Relations</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Stacy, thanks for the questions. Moving on to the next caller and our last caller for the call today. </P>
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<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Operator </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Chris Caso, Wolfe Research. Your line is now
live. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Chris Caso </B><I>- Wolfe Research LLC - Analyst</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Rafael, just one quick clarification for you on something you said earlier. If the plan is to borrow $7&nbsp;billion against the deal, then is it right to
conclude that this transaction wouldn&#8217;t really affect TI&#8217;s buyback in terms of cash return to investors? </P>
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<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Rafael Lizardi </B><I>- Texas Instruments Inc - Chief Financial Officer, Senior Vice President</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">No, it will not. We&#8217;ll continue to return all free cash flow to owners through dividends and buybacks over time. What the deal does is that we issue the
debt in order to fund the deal. That way, the free cash flow stays available to return. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">And of course, this deal makes sense financially. So over time,
we&#8217;re going to grow free cash flow. We&#8217;re going to accelerate the growth of free cash flow versus a standalone basis. So then we&#8217;ll have more free cash flow to return to the owners of the company. </P>
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<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Haviv Ilan </B><I>- Texas Instruments Inc - Chairman, President, Chief Executive Officer, Director</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I think that&#8217;s a very important point I just want to reiterate because that&#8217;s how we review the deal with the board. When we look at 2030, for
example, of TI&#8217;s free cash flow with and without SiLabs, it&#8217;s obvious that our free cash flow per share will be higher with SiLabs. Moreover, we will have a great portfolio and leadership in wireless connectivity. So that combination is
a very attractive one. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Mike Beckman </B><I>- Texas Instruments Inc - Vice President and Head of Investor </I><I>Relations</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Chris, do you have a follow-up? </P>
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<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Chris Caso </B><I>- Wolfe Research LLC - Analyst</I> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I do.
Just pointing out that this is the first significant acquisition that TI has made since National Semiconductor, which was a while ago. Perhaps you could just talk about how the philosophy has changed here with regard to M&amp;A. How are you thinking
about that going forward? And what&#8217;s changed in TI&#8217;s thinking? Was it particularly Silicon Labs, or is it perhaps a rethink in TI&#8217;s position in M&amp;A in general? </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">FEBRUARY 04, 2026 / 1:00PM, TXN.OQ - Texas Instruments Inc and Silicon Labs Acquisition Conference Call
</P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Haviv Ilan </B><I>- Texas Instruments Inc - Chairman, President, Chief Executive Officer,
</I><I>Director</I> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The short answer is no, no change. We always talked about analog and mixed signal as the target. I explained why we think an MCU
portfolio is very hard to bring in because it&#8217;s usually so diverse and dispersed among architectures and software suites. It&#8217;s very, very hard to achieve the efficiency of the synergy when you bring it in. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As I said, wireless connectivity or SiLabs, we land at our Embedded Processing organization. But I see it as a tweener between analog and embedded. It&#8217;s
really a mixed signal solution. Very diverse customer base on a very diverse set of applications on a very efficient die base. This is why we like the deal here, and this is why we&#8217;ll continue to look at the future deal with the same criteria
that we&#8217;ve looked at in the last 10 years. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Mike Beckman </B><I>- Texas Instruments Inc - Vice President and Head of Investor </I><I>Relations</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Chris, thank you for the questions, and thank you all for joining us today. A replay of this call will be available on our website as well as the slides that
were used on this call. With that, have a great day. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Additional information and where to find it </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In connection with the proposed transaction, Silicon Labs plans to file a proxy statement with the Securities and Exchange Commission (&#8220;SEC&#8221;) with
respect to a special meeting of stockholders for purposes of obtaining stockholder approval of the proposed transaction.&nbsp;STOCKHOLDERS OF SILICON LABS ARE URGED TO READ THE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO AND ANY
DOCUMENTS INCORPORATED BY REFERENCE THEREIN) AND OTHER RELEVANT DOCUMENTS IN CONNECTION WITH THE PROPOSED TRANSACTION THAT SILICON LABS WILL FILE WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE
PROPOSED TRANSACTION AND THE PARTIES TO THE PROPOSED TRANSACTION.&nbsp;Stockholders and investors will be able to obtain free copies of the proxy statement and other relevant materials (when available) and other documents filed by Silicon Labs at
the SEC&#8217;s website at&nbsp;<U>www.sec.gov</U>. Copies of the proxy statement (when available) and the filings that will be incorporated by reference therein may also be obtained, without charge, by contacting Silicon Labs&#8217; Investor
Relations at&nbsp;<U>investor.relations@silabs.com</U>&nbsp;or (512) <FONT STYLE="white-space:nowrap">416-8500.</FONT> </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Participants in Solicitation
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Texas Instruments, Silicon Labs and their respective directors and executive officers may be deemed, under SEC rules, to be participants in the
solicitation of proxies in respect of the proposed transaction.&nbsp;Information regarding Texas Instruments&#8217; directors and executive officers is available in (a)&nbsp;Texas Instruments&#8217; Annual Report on Form <FONT
STYLE="white-space:nowrap">10-K</FONT> for the fiscal year ended December&nbsp;31, 2024, including under the headings &#8220;ITEM 10. Directors, executive officers and corporate governance,&#8221; &#8220;ITEM 11. Executive compensation,&#8221;
&#8220;ITEM 12. Security ownership of certain beneficial owners and management and related stockholder matters&#8221; and &#8220;ITEM 13. Certain relationships and related transactions, and director independence,&#8221; which was filed with the SEC
on February&nbsp;14, 2025, and can be found at&nbsp;<U>www.sec.gov</U>; (b)&nbsp;Texas Instruments&#8217; definitive proxy statement for its 2025 annual meeting of stockholders, which was filed with the SEC on March&nbsp;5, 2025, under the headings
&#8220;Election of directors,&#8221; &#8220;Executive compensation,&#8221; and &#8220;Security ownership of directors and management,&#8221; and can be found at&nbsp;<U>www.sec.gov</U>; and (c)&nbsp;subsequently filed Current Reports on Form <FONT
STYLE="white-space:nowrap">8-K</FONT> and Quarterly Reports on Form <FONT STYLE="white-space:nowrap">10-Q.</FONT> To the extent holdings of Texas Instruments&#8217; securities by its directors or executive officers have changed since the amounts set
forth in Texas Instruments&#8217; proxy statement for its 2025 annual meeting of stockholders, such changes have been or will be reflected on Forms 3, 4 and 5, filed with the SEC (which can be found at&nbsp;<U>www.sec.gov</U>). Copies of the
documents filed with the SEC by Texas Instruments will be available free of charge through the website maintained by the SEC at&nbsp;<U>www.sec.gov</U>&nbsp;and Texas Instruments&#8217; website
at&nbsp;<U>https://investor.ti.com/</U>.&nbsp;Information regarding Silicon Labs&#8217; directors and executive officers is available in (a)&nbsp;Silicon Labs&#8217; Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the fiscal
year ended December&nbsp;28, 2024, including under the headings &#8220;Item 10. Directors, Executive Officers and Corporate Governance,&#8221; &#8220;Item 11. Executive Compensation,&#8221; &#8220;Item 12. Security Ownership of Certain Beneficial
Owners and Management and Related Stockholder Matters&#8221; and &#8220;Item 13. Certain Relationships, Related Transactions, and </P>
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Director Independence,&#8221; which was filed with the SEC on February&nbsp;4, 2025, and can be found at&nbsp;<U>www.sec.gov</U>; (b)&nbsp;Silicon Labs&#8217; definitive proxy statement for its
2025 annual meeting of stockholders, which was filed with the SEC on March&nbsp;12, 2025, under the headings &#8220;Proposal One: Election of Directors,&#8221; &#8220;Ownership of Securities,&#8221; &#8220;Executive Officers,&#8221; and
&#8220;Compensation Discussion and Analysis,&#8221; and can be found at&nbsp;<U>www.sec.gov</U>; and (c)&nbsp;subsequently filed Current Reports on Form <FONT STYLE="white-space:nowrap">8-K</FONT> and Quarterly Reports on Form <FONT
STYLE="white-space:nowrap">10-Q.</FONT> To the extent holdings of&nbsp;Silicon Labs&#8217; securities by its directors or executive officers have changed since the amounts set forth in Silicon Labs&#8217; proxy statement for its 2025 annual meeting
of stockholders, such changes have been or will be reflected on Forms 3, 4 and 5, filed with the SEC (which can be found at&nbsp;<U>www.sec.gov</U>). Other information regarding the participants in the solicitation and a description of their direct
and indirect interests, by security holdings or otherwise, will be set forth in Silicon Labs&#8217; definitive proxy statement and other relevant materials to be filed with the SEC regarding the proposed transaction when such materials become
available. Investors and stockholders should read the proxy statement carefully when it becomes available before making any voting or investment decisions. Copies of these documents may be obtained, free of charge, from the sources indicated above.
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><FONT STYLE="white-space:nowrap">Non-GAAP</FONT> Financial Measures </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This presentation includes certain <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measures, including free cash flow and free cash flow per share,
which are not prepared in accordance with generally accepted accounting principles in the United States (&#8220;GAAP&#8221;) and may be different from <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measures used by other companies. These
<FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measures are presented to provide investors with additional information and should not be considered in isolation or as a substitute for financial measures calculated in accordance with
GAAP. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>No Offer or Solicitation </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This communication
is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.&nbsp;No offer of securities shall be made except by means of a prospectus meeting the requirements of
Section&nbsp;10 of the Securities Act of 1933, as amended, and otherwise in accordance with applicable law. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Cautionary Statement Regarding
Forward-Looking Statements </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This communication contains &#8220;forward-looking statements&#8221; within the meaning of&nbsp;of Section&nbsp;27A of the
Securities Act of 1933, as amended, and Rule 175 promulgated thereunder, and Section&nbsp;21E of the Securities Exchange Act of 1934, as amended, and Rule <FONT STYLE="white-space:nowrap">3b-6</FONT> promulgated thereunder. Such statements include
statements concerning anticipated future events and expectations that are not historical facts. Any statements about Texas Instruments&#8217; (&#8220;Texas Instruments&#8221;) or Silicon Labs&#8217; (&#8220;Silicon Labs&#8221;) plans, objectives,
expectations, strategies, beliefs, or future performance or events constitute </P>
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forward-looking statements. Forward-looking statements are typically identified by words such as &#8220;believe,&#8221; &#8220;expect,&#8221; &#8220;anticipate,&#8221; &#8220;intend,&#8221;
&#8220;target,&#8221; &#8220;estimate,&#8221; &#8220;continue,&#8221; &#8220;positions,&#8221; &#8220;plan,&#8221; &#8220;predict,&#8221; &#8220;project,&#8221; &#8220;forecast,&#8221; &#8220;guidance,&#8221; &#8220;goal,&#8221;
&#8220;objective,&#8221; &#8220;prospects,&#8221; &#8220;possible&#8221; or &#8220;potential,&#8221; by future conditional verbs such as &#8220;assume,&#8221; &#8220;will,&#8221; &#8220;would,&#8221; &#8220;should,&#8221; &#8220;could&#8221; or
&#8220;may,&#8221; or by variations of such words or by similar expressions or the negative thereof.&nbsp;Such forward-looking statements include but are not limited to statements about the benefits of the proposed transaction, including future
financial and operating results, Texas Instruments&#8217; or Silicon Labs&#8217; plans, objectives, expectations and intentions, the expected timing of completion of the proposed transaction and other statements that are not historical
facts.&nbsp;Actual results may vary materially from those expressed or implied by forward-looking statements based on a number of factors, including, without limitation: (1)&nbsp;risks related to the consummation of the proposed transaction,
including the risks that (a)&nbsp;the proposed transaction may not be consummated within the anticipated time period, or at all, (b)&nbsp;the parties may fail to obtain Silicon Labs stockholder approval of the merger agreement, (c)&nbsp;the parties
may fail to secure the termination or expiration of any waiting period applicable under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, or obtain other required governmental and regulatory approvals, and (d)&nbsp;other
conditions to the consummation of the proposed transaction under the merger agreement may not be satisfied; (2)&nbsp;the effects that any termination of the merger agreement may have on Texas Instruments or Silicon Labs or their respective
businesses, including the risks that Texas Instruments&#8217; or Silicon Labs&#8217; stock price may decline significantly if the proposed transaction is not completed; (3)&nbsp;the effects that the announcement or pendency of the proposed
transaction may have on Texas Instruments or Silicon Labs and their respective businesses, including the risks that as a result (a)&nbsp;Texas Instruments&#8217; or Silicon Labs&#8217; business, operating results or stock price may suffer,
(b)&nbsp;Texas Instruments&#8217; or Silicon Labs&#8217; current plans and operations may be disrupted, (c)&nbsp;Texas Instruments&#8217; or Silicon Labs&#8217; ability to retain or recruit key employees may be adversely affected, (d)&nbsp;Texas
Instruments&#8217; or Silicon Labs&#8217; business relationships (including, customers and suppliers) may be adversely affected, or (e)&nbsp;Texas Instruments&#8217; or Silicon Labs&#8217; management&#8217;s or employees&#8217; attention may be
diverted from other important matters; (4)&nbsp;the effect of limitations that the merger agreement places on Silicon Labs&#8217; ability to operate its business, return capital to stockholders or engage in alternative transactions; (5)&nbsp;the
nature, cost and outcome of pending and future litigation and other legal proceedings, including any such proceedings related to the proposed transaction and instituted against Silicon Labs and others; (6)&nbsp;the risk that the proposed transaction
and related transactions may involve unexpected costs, liabilities or delays; (7)&nbsp;other economic, business, competitive, legal, regulatory, and/or tax factors, including the impact of the current global memory chip shortage; and (8)&nbsp;other
factors described in the reports of (a)&nbsp;Texas Instruments filed with the SEC, including but not limited to the risks described in Texas Instruments&#8217; Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for its fiscal year
ended December&nbsp;31, 2024, which was filed with the SEC on February&nbsp;14, 2025, and Texas Instruments&#8217; Quarterly Reports on Form <FONT STYLE="white-space:nowrap">10-Q,</FONT> and that are otherwise described or updated from time to time
in other filings with the SEC and (b)&nbsp;Silicon Labs filed with the SEC, including but not limited to the risks described in Silicon Labs&#8217; Annual Report on Form </P>
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<FONT STYLE="white-space:nowrap">10-K</FONT> for its fiscal year ended December&nbsp;28, 2024, which was filed with the SEC on February&nbsp;4, 2025, and Silicon Labs&#8217; Quarterly Reports on
Form <FONT STYLE="white-space:nowrap">10-Q,</FONT> and that are otherwise described or updated from time to time in other filings with the SEC. All forward-looking statements attributable to Texas Instruments or Silicon Labs, or persons acting on
Texas Instruments&#8217; or Silicon Labs&#8217; behalf, are expressly qualified in their entirety by this cautionary statement. Further, each of Texas Instruments and Silicon Labs disclaims any obligation to update the information in this
communication or to announce publicly the results of any revisions to any of the forward-looking statements to reflect future events or developments, except as otherwise required by law. Readers are cautioned not to place undue reliance on these
forward-looking statements that speak only as of the date hereof. </P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
