791915--2/26/2009--CYPRESS_SEMICONDUCTOR_CORP

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{interest, director, officer}

{property, intellectual, protect}

{product, market, service}

{operation, natural, condition}

{product, liability, claim}

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{financial, litigation, operation}

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Currently unfavorable economic and market conditions, domestically and internationally, may adversely affect our business, financial condition, results of operations and cash flows. If the spin-off of SunPower does not qualify as a tax-free transaction, tax could be imposed on both our shareholders and us. The trading price of Cypress s common stock has been and will likely continue to be volatile due to various factors, some of which are beyond our control We face significant volatility in supply and demand conditions for our products, and this volatility, as well as any failure by us to accurately forecast future supply and demand conditions, could materially and negatively impact our business. Our business, financial condition and results of operations will be seriously harmed if we fail to compete successfully in our highly competitive industry and markets. Our financial results could be adversely impacted if we fail to develop, introduce and sell new products or fail to develop and implement new technologies. The complex nature of our manufacturing activities and broad product portfolio makes us highly susceptible to manufacturing problems and these problems can have a substantial negative impact on us when they occur. We are increasingly dependent upon third-parties to manufacture, distribute and transport our products and problems in the performance or availability of these companies could seriously harm our financial performance. If the software products that accompany our hardware contain unknown defects, it could result in loss of future revenue, decreased market acceptance, injury to our reputation and product liability claims. Any guidance that we may provide about our business or expected future results may differ from actual results. We may be unable to protect our intellectual property rights adequately and may face significant expenses as a result of ongoing or future litigation. If the recent worsening of credit market conditions continues or increases, it could have a material adverse impact on our investment portfolio. Unfavorable outcome of litigation pending against us could materially impact our business. We face additional problems and uncertainties associated with international operations that could seriously harm us. We compete with others to attract and retain key personnel, and any loss of, or inability to attract, such personnel would harm us. We are subject to many different environmental, health and safety laws, regulations and directives, and compliance with them may be costly. Our operations and financial results could be severely harmed by certain natural disasters. The failure to integrate our business and technologies with those of companies that we may acquire could adversely affect our financial results. We maintain self-insurance for certain indemnities we have made to our officers and directors. We utilize debt financing and such indebtedness could adversely affect our business, financial condition, results of operations, earnings per share and our ability to meet our payment obligations. If Grace Semiconductor Manufacturing Corporation were to default on the leases we have guaranteed on their behalf, our financial condition could be harmed. We have implemented new Oracle-based applications to manage our worldwide financial, accounting and operations reporting, and disruptions in such tools could adversely affect our financial data. Our spin-off of SunPower could adversely affect us.

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791915--2/26/2009--CYPRESS_SEMICONDUCTOR_CORP_/DE/