Presentation to IEEE CPMT Society January 8, 2003 · Presentation to IEEE CPMT Society January 8, 2003 Please see the Important Disclosures Section at the end of this report

copy 2000 WR Hambrecht amp Company LLC

Satya Chillara Senior Research Analyst

(415) 551-3141 schillarawrhambrechtcom

Presentation to

IEEE CPMT SocietyJanuary 8 2003

Please see the Important Disclosures Section at the end of this report

To view important disclosures please click here httpwwwwrhambrechtcomindresearchdisclosureshtml

80211a

80211g

80211b

HomeRFBluetooth

ZigBee

FartherCloser

Wireless VideoApplications

Wireless DataApplications

DATA DISTRIBUTION VERDICT

WLAN poses a serious threat to 253G

Source WR Hambrecht + Co

Technology IrDA HomeRF Bluetooth ZigBee 80211b 80211a 80211g 3G UWB

Peak Data Rate (Mbps) 16 16 1 0115 11 54 54 2 100

Range (m) lt2 50 lt10 lt20 100 50 100 Global lt10

Frequency (GHz) -- 24 24 24 24 5 24 19-21 31-106

Medium Optical RF RF RF RF RF RF RF RF

Dedicated or Shared Dedicated Shared Shared Shared Shared Shared Shared Shared Shared

$FFHVV

Dashed arrows indicate wireless signal transfer

Devices may freely roam within the shaded regions (denotes the coverage areas)

6HUYHU

Solid lines indicate wired network cables

MaximumStandard Frequency Data Rate80211b 24GHz 11Mbps80211a 5GHz 54Mbps80211g 24GHz 54Mbps

Source WR Hambrecht + Co estimates

32 38451

2000A 2001A 2002E 2003E 2004E 2005E

24GHz (b or g) 5GHz (a or ab or ag)

24GHz CAGR rsquo00-rsquo05 425GHz CAGR rsquo02-rsquo05 227

Total CAGR rsquo00-rsquo05 60

Total WLAN Chipset Forecast

44 of the market is expected to be in 80211abg by 2005

Shipments are expected to grow at 60 CAGR from 8MM in lsquo01 to 80MM in 05

Physical Layer Link Layer

Interface

MemoryBuffer

BasebandModemRFIFPowerAmp

Control

DataPackets

$amp()

Source Cahners In-Stat Group

-$012345-$ 0$62345

3131234$6234

After 100 ft 80211b data rates go to 55 Mbps Beyond 175 feet data rates go to 1 Mbps

For 80211a after 75 ft data rates decline to 18 Mbps At 175 feet data rates are in the range of 6 Mbps

Source Atheros Communications

copy 2000 WR Hambrecht amp Company LLCcopy 2000 WR Hambrecht amp Company LLC

WLAN Market Overview

WLAN technology is gaining momentum since it started shipping in 1999

In 2002 we see WLAN chipset shipments growing 185-190 yy fueled by accelerating adoption rates in the consumerSOHO environment

Hotspot proliferation as evidenced by recent entrants T-MobileStarbucksBoingo Wireless Cometa Networks (Intel ATampT and IBM)

Increased MampA activity as prospective entrants seek to gain immediate footprint in WLAN arena (PhilipsSystemonic RF MicroResonext)

Continued price erosion (~25)

Enterprise WLAN Market ConsumerSOHO WLAN Market

Cisco Agere and Symbol are the major players in the enterprise WLAN space with 35 20 and 12 of the market

Linksys Buffalo D-link have 21 20 and 10 of the market

Recovery in IT spending

Development of secure access solutionsRapidly decreasing cost of WLAN implementation (less than $150 total for AP+NIC)

Accelerating broadband access adoption (DSL cable)

7$--$83 91

Cisco35

Agere20

Symbol12

Others 3Com Nokia Nortel Breezecom Proxim IBM

Source Synergy Group

Linksys21

Buffalo20

D-link10

Others SMC Intel Nokia Belkin Net

Gear Proxim49

32 38451

2000A 2001A 2002E 2003E 2004E 2005E

$--1$-83

In 2002 actual shipments are approx 23-24MM compared to our 20MM estimate

ldquoabrdquo or ldquoagrdquo are primarily driven by access points and notebook computers

$308$208

$304$384 $342 $338

$144$360

2000A 2001A 2002E 2003E 2004E 2005E

$--1 $ltlt=$--$

By 2004 we believe 5 GHz (a or ab or ag) will overtake 24GHz (b or g) in terms of total revenues

We believe stand-alone 80211g will start penetrating the market and should comprise 20 of the market by the end of 2003

$1600$1200

$900 $750

$1800$1400

$1034$1210

$1389$1685

2000A 2001A 2002E 2003E 2004E 2005E

24GHz (b or g) 5GHz (a or ab or ag) Blended

24GHz CAGR rsquo00-rsquo05 (28)5GHz CAGR rsquo01-rsquo05 (25)

Blended CAGR rsquo00-rsquo05 (24)

7$--$ 13$6234gt6-13 $2$---$--1

5 GHz chipsets should decline in a similar fashion but we think the price differential between 24 and 5 GHz standards will be in the range of 80-100

Additional transceivers PAs and increased technical challenges associated with the implementation of 5GHz chipsets will keep 80-100 premiums to ldquobrdquo solutions

250 250

2000A 2001A 2002E 2003E 2004E 2005E

Enterprise ConsumerSOHO

$--1 13-amp

As WLAN proliferates in the consumerSOHO environment the ratio should grow from 11 to 31

On the enterprise front we believe as the need for bandwidth requirements increase we will see the ratio go down from 251 to 141

35 32 67144

2000A 2001A 2002E 2003E 2004E 2005E

Enterprise CAGR rsquo00-rsquo05 53Consumer CAGR rsquo00-rsquo05 30

7$62347 13

Consumers will continue to embrace ldquobrdquo or ldquogrdquo chipset technology because of the lower cost and lack of a compelling need to go into ldquoardquo

Interference issue with microwave and cordless phones which also operate at 24GHz

2000A 2001A 2002E 2003E 2004E 2005E

7123413A

WLAN Players

+$+80211b 80211a

Public Companies MAC BB RF PA MAC BB RF PA

Point solution Integrated 2-chip solution

Unknown

3rd 3rd

80211ab 80211g 80211ag

MAC BB RF PA MAC BB RF PA MAC BB RF PA

Integrated 3-chip solution Integrated 4-chip solution 3rd Party Unknown

Unknown

Source WR Hambrecht + Co estimates and Company reports

+80211b 80211a

Private Companies MAC BB RF PA MAC BB RF PA

Optional PA

80211ab 80211g 80211ag

3rd 3rd

Unknown

3rd 3rd

Others4 Intersil

Agere19

Atmel3

Texas Instruments

Calexico chipset aimed at notebook market

77C7D8gt9-

Slow to the game

Move upstream with ldquogrdquo and ldquoagrdquo

Other market entrants will gain share at the expense of Agere

Aggressive entry gaining traction with ldquogrdquo and ldquoagrdquo

Leader in ldquoabrdquo

SiGe CMOS InGaPAlGaAs

Public Private Public Private Public Private

Agere Envara Broadcom Airgo Networks Anadigics RF Solutions

Atmel Lincom Wireless Marvell Athena Semi Microsemi

Intersil Magis Networks Atheros RF Micro Devices

Maxim SystemonIC Bermai Triquint

Icefyre

Resonext

Intersil Details

C81313

PRODUCT

PRISM IndigoIFQModem RFIF PABBPMAC

PRISM 3BBPMAC RF Xcvr PA

PRISM 25IFQModem RFIF PABBPMAC

CHIP SET

PRISM GTBBP RF Xcvr PAMAC

PRISM DuetteBBPMAC PARF Xcvr

Source Intersil

Process Technology MAC BB RFIF IFQMOD

Prism 20 - 80211b CMOS CMOS SiGe SiGe

Prism 25 - 80211b CMOS (integrated) SiGe SiGe

Prism 30 - 80211b CMOS (integrated) NA NA

Prism Indigo - 80211a CMOS (integrated) SiGe SiGe

Prism GT - 80211g CMOS CMOS NA NA

Process Technology Node (micron) MAC BB RFIF IFQMOD

Prism 20 - 80211b 035 035 05 05

Prism 25 - 80211b 018 035 05 05

Prism 30 - 80211b 018 035 NA NA

Prism Indigo - 80211a 018 018 05 05

Prism GT - 80211g 018 018 NA NA

Note This is Ciscorsquos MAC We believe it is using 018 micron technology

Package Technology MAC BB RFIF IFQMOD

Prism 20 - 80211b 128ld-LQFP 64ld-TQFP 64ld-TQFP 48ld-LQFP

Prism 25 - 80211b 192 ld-Chip Scale BGA 44ld-QFN 48ld-LQFP

Prism 30 - 80211b 208 LQFP or 192256 ld BGA NA NA

Prism Indigo - 80211a 192 Chip Scale BGA QFN QFN

Prism GT - 80211g 192 BGA 170 ld-Chip Scale BGA NA NA

Test Platform MAC BB RFIF IFQMOD

Prism 20 - 80211b Ter J750 Ter J750 Teradyne A567 Teradyne A567

Prism 25 - 80211b Teradyne J750 Teradyne A567 Teradyne A567

Prism 30 - 80211b Teradyne J750 NA NA

Prism Indigo - 80211a Teradyne J750 Teradyne A567 Teradyne A567

Prism GT - 80211g Ter J750 Ter J750 NA NA

PA RF XCVR Total Chips

SiGe NA 5

SiGe NA 4

SiGe BiCMOS 3

SiGe NA 4

SiGe BiCMOS 4

05 NA 5

035 NA 4

035 06 3

05 NA 4

05 06 4

28ld-TSSOP NA 5

16ld-QFN NA 4

16ld-QFN 56ld-QFN 3

56ld QFN NA 4

16ld QFN 56ld QFN 4

Teradyne A567 NA 5

Teradyne A567 NA 4

Teradyne A567 Teradyne A567 3

Teradyne A567 NA 4

Source Intersil WR Hambrecht + Co

Comparison of WLAN and 253G

$4 350

- 35013++

S eg m en tIm p act

o n AR P U Ap p lica tio n s

B us iness E n te rp rise H igh C orpo ra te em ail and in te rne t b row s ing

C onsum er Low R ing -tone dow n loads s tock quo tes w eathe r S M S

loca tion -based se rv ices

Access Provider Country Cost (US$) Cost (US$)MB

Boingo Wireless US $7495 $015

T-MobileStarbucks US $4999 $010

BT UK $7800 $016

Telia Sweden $5445 $011

NTT DoCoMo Japan $1220 $002

Softbank Japan $1300 $003

Exchange rates $1 = 131 yen = 934 krona = 156 bp

Unlimited data access normalized to 500MB data transfer

E13F13lt2

Valuation Perspectives

Statistics of Selected Comparable Companies

(US$ in millions except per share data)

Price Market Ent Revenues (3) PriceRevenues EVRevenues

Company 1703 Cap (1) Value (2) CY02E CY03E CY02E CY03E CY02E CY03E

Analog Devices (1031) 2774$ 108053$ 91818$ 17485$ 20123$ 62 x 54 x 53 x 46 x

Linear Technology (630) 2934 95712 81013 5517 6483 173 148 147 125

Maxim Integrated Products (630) 3810 134573 126696 11030 12963 122 104 115 98

National Semiconductor (531) 1645 30101 22377 16070 17890 19 17 14 13

RF Micro Devices (331) 828 15514 15971 4560 5580 34 28 35 29

Semtech (131) 1221 9682 7529 1919 2009 50 48 39 37

Intersil (1231) 1577 22256 16288 7038 7870 32 28 23 21

Average 70 x 61 x 61 x 53 x

Intersil (1231) 1577$ 22256$ 16288$ 7038$ 7870$ 32 x 28 x 23 x 21 x

(1) Market capitalization calculated using fully-diluted shares outstanding

(2) Enterprise value calculated as market capitalization plus total debt less cash

(3) Source WR Hambrecht+Co where available otherwise First Call Estimates are for calendar year end

EPS (3) PE WRH+Co

CY02E CY03E CY02E CY03E Rating

058$ 085$ 476 x 328 x Not Rated

NA 079 NM 371 Not Rated

012 022 697 381 BUY

066 085 241 185 BUY

471 x 296 x

066$ 085$ 241 x 185 x BUY

25G3GDeployment

CAGR ~ 5-10

bull TXN

bull MOT

bull RFMD

bull IFX

bull QCOM

bull SWKS

bull PHG

bull STM

Top Players

Wireless LANDeployment

CAGR ~60

bull ISIL

bull BRCM

bull INTC

bull RFMD

bull Atheros

bull AGRA

bull MRVL

bull ATML

bull TXN

Top Players

TXN - NR

QCOM - Hold

SWKS - Hold

RFMD - Hold

Well PositionedISIL ndash BUY

Atheros (private) - NR

BRCM ndash NR

Well Positioned

7amp7 7amp G B7

Data as of January 7 2003WLAN Index AGRA ATML BRCM CRUS INTC ISIL MRVL MXIM MSCC PRKR RFMD TXNCell Phone Index ANAD ADI ATML CNXT ERICY INTC MOT NSM NOK QCOM RFMD STM SWKS TXN TQNTSource Factset Data Systems WR Hambrecht + Co

Jan-02 Feb-02 Mar-02 Apr-02 May-02 Jun-02 Jul-02 Aug-02 Sep-02 Oct-02 Nov-02 Dec-02 Jan-03

SampP 500 NASDAQ WLAN Index Cell Phone Index

Indexed Price(Base = 100)

WR Hambrecht + Co uses the following rating system (last updated October 9 2002)Rating DefinitionBUY Stocks rated Buy are those we recommend actively buying these stocks are expected in absolute dollar terms to

appreciate at least 10 over the next 6 monthsHOLD Stocks rated Hold are those stocks we would continue to hold in our portfolio these stocks are expected to

appreciate or depreciate in absolute dollar terms less than 10 over the next 6 monthsSELL Stocks rated Sell are those we would be actively selling these stocks are expected to depreciate in absolute dollar terms at least

10 over the next 6 months

ANALYST SELECT LISTWR Hambrecht + Co also maintains an Analyst Select List that represents the firmsrsquo best near-term trading ideas These ideas can be long or short position recommendations but are expected to move significantly within a short period of time (up or down at least 15 within 2 months) The Select List is created by a committee approving submissions from individual research analysts and is periodically reviewed to ensure that all stocks on the list meet the required criteria

DISTRIBUTION OF RATINGS AND INVESTMENT BANKING SERVICESOf the companies under WRH+Co research coverage 42 have a Buy rating 54 have a Hold rating and 3 have a Sell rating WRH+Co has provided Investment Banking services in the previous 12 months for 12 of the Buy-rated companies none of the Hold-rated companies and none of the Sell-rated companies

IMPORTANT DISCLOSURESPRICE TARGET RISKSInvestment risks associated with the achievement of the price target include but are not limited to the companyrsquos failure to achieve our earnings and revenue estimates unforeseen macroeconomic andor industry events that adversely impact demand for the companyrsquos products or services product obsolescence changes in investor sentiment regarding the specific company or industry intense and rapidly changing competitive pressures the continuing development of industry standards the companyrsquos ability to recruit and retain competent personnel and adverse market conditions For a complete discussion of the risk factors that could affect the market price of the companyrsquos shares refer to the most recent form 10-Q or 10-K that the company has filed with the SEC

IMPORTANT NOTEAt the time this report was written WR Hambrecht + Co made a market in the securities of Biogen (BGEN) Gilead (GILD) and Scios (SCIO)The information contained herein is based on sources believed to be reliable but is neither all-inclusive nor guaranteed by WR Hambrecht + Co LLC (ldquoWRH+Cordquo) Opinions if any reflect our judgment at this time and are subject to change WRH+Co does not undertake to advise you of changes in its opinion or information In the course of our firms regular business we may be long or short in the securities mentioned and may make purchases andor sales of them or options to purchase or sell them from time to time in the open market as a market maker or otherwise including purchases from or sales to customers on a principal basis In addition WRH+Co may perform or seek to perform investment banking services for the issuers of the securities mentioned in this report in the next three months Most of the companies WRH+Co follows are emerging growth companies whose securities typically involve a higher degree of risk and more volatility than the securities of more established companies The securities discussed in the reports included in WRH+Co Research may be unsuitable for investors depending on their specific investment objectives and financial situation and needs No report included in WRH+Co Research is a recommendation that any particular investor should purchase or sell any particular security in any amount or at all and is not a solicitation of any offer to purchase or sell from or to any particular investor For additional information that may be available on the securities mentioned please contact WRH+Co Copyright 2002 WR Hambrecht + Co All rights reserved Member NASDSIPC

STOCK RATING SYSTEMThe WR Hambrecht + Co stock ratings system reflects the investment decisions our clients face every day and is meant to assist clients in making these decisions by recommending a specific action to take with each stock we cover All of the ratings correspond to a specific investment action that we recommend taking on the date the research is published Thus Buy ratings are reserved only for stocks that we would be actively buying at the time the research is published Hold ratings are reserved for stocks that we recommend holding Sell ratings are assigned to stocks where the analyst anticipates stock price declines for any reason None of our ratings are qualitative in nature (eg Strong Buy) because these recommendations do not correspond to an investment action (investors cannot Strong Buy a stock) Please note also that the price expectations that determine the rating are in absolute dollar terms not in terms of relative performance to a sector or an index Therefore analysts will not use the Buy rating for stocks that are expected to perform well relative to their sector but only for stocks that are expected to appreciate in actual dollar returns At the time this report was published WR Hambrecht + Co made a market in the securities of Anadigics (ANAD) Cisco (CSCO) Intersil (ISIL) QUALCOMM (QCOM) RF Micro Devices (RFMD) Starbucks (SBUX) Skyworks (SWKS) Triquint (TQNT) Satya Chillara has a long investment position in Texas Instruments (TXN)

80211a

80211g

80211b

HomeRFBluetooth

ZigBee

FartherCloser

Wireless VideoApplications

Wireless DataApplications

DATA DISTRIBUTION VERDICT

WLAN poses a serious threat to 253G

Frequency (GHz) -- 24 24 24 24 5 24 19-21 31-106

$FFHVV

6HUYHU

32 38451

2000A 2001A 2002E 2003E 2004E 2005E

Interface

MemoryBuffer

Control

DataPackets

$amp()

-$012345-$ 0$62345

3131234$6234

7$--$83 91

Cisco35

Agere20

Symbol12

Linksys21

Buffalo20

D-link10

Gear Proxim49

32 38451

2000A 2001A 2002E 2003E 2004E 2005E

$--1$-83

$308$208

$304$384 $342 $338

$144$360

2000A 2001A 2002E 2003E 2004E 2005E

$--1 $ltlt=$--$

$1600$1200

$900 $750

$1800$1400

$1034$1210

$1389$1685

2000A 2001A 2002E 2003E 2004E 2005E

7$--$ 13$6234gt6-13 $2$---$--1

250 250

2000A 2001A 2002E 2003E 2004E 2005E

$--1 13-amp

35 32 67144

2000A 2001A 2002E 2003E 2004E 2005E

7$62347 13

2000A 2001A 2002E 2003E 2004E 2005E

7123413A

WLAN Players

+$+80211b 80211a

Unknown

3rd 3rd

80211ab 80211g 80211ag

Unknown

+80211b 80211a

Optional PA

80211ab 80211g 80211ag

3rd 3rd

Unknown

3rd 3rd

Others4 Intersil

Agere19

Atmel3

Texas Instruments

77C7D8gt9-

Slow to the game

Icefyre

Resonext

Intersil Details

C81313

PRODUCT

CHIP SET

Source Intersil

Prism 20 - 80211b 035 035 05 05

Prism 25 - 80211b 018 035 05 05

Prism 30 - 80211b 018 035 NA NA

Prism Indigo - 80211a 018 018 05 05

Prism GT - 80211g 018 018 NA NA

SiGe NA 5

SiGe NA 4

SiGe BiCMOS 3

SiGe NA 4

SiGe BiCMOS 4

05 NA 5

035 NA 4

035 06 3

05 NA 4

05 06 4

28ld-TSSOP NA 5

16ld-QFN NA 4

16ld-QFN 56ld-QFN 3

56ld QFN NA 4

16ld QFN 56ld QFN 4

Teradyne A567 NA 5

Teradyne A567 NA 4

$4 350

- 35013++

S eg m en tIm p act

BT UK $7800 $016

E13F13lt2

RF Micro Devices (331) 828 15514 15971 4560 5580 34 28 35 29

Semtech (131) 1221 9682 7529 1919 2009 50 48 39 37

Intersil (1231) 1577 22256 16288 7038 7870 32 28 23 21

Intersil (1231) 1577$ 22256$ 16288$ 7038$ 7870$ 32 x 28 x 23 x 21 x

EPS (3) PE WRH+Co

058$ 085$ 476 x 328 x Not Rated

012 022 697 381 BUY

066 085 241 185 BUY

471 x 296 x

066$ 085$ 241 x 185 x BUY

25G3GDeployment

CAGR ~ 5-10

bull TXN

bull MOT

bull RFMD

bull IFX

bull QCOM

bull SWKS

bull PHG

bull STM

Top Players

CAGR ~60

bull ISIL

bull BRCM

bull INTC

bull RFMD

bull Atheros

bull AGRA

bull MRVL

bull ATML

bull TXN

Top Players

TXN - NR

QCOM - Hold

SWKS - Hold

RFMD - Hold

BRCM ndash NR

Well Positioned

7amp7 7amp G B7

Frequency (GHz) -- 24 24 24 24 5 24 19-21 31-106

$FFHVV

6HUYHU

32 38451

2000A 2001A 2002E 2003E 2004E 2005E

Interface

MemoryBuffer

Control

DataPackets

$amp()

-$012345-$ 0$62345

3131234$6234

7$--$83 91

Cisco35

Agere20

Symbol12

Linksys21

Buffalo20

D-link10

Gear Proxim49

32 38451

2000A 2001A 2002E 2003E 2004E 2005E

$--1$-83

$308$208

$304$384 $342 $338

$144$360

2000A 2001A 2002E 2003E 2004E 2005E

$--1 $ltlt=$--$

$1600$1200

$900 $750

$1800$1400

$1034$1210

$1389$1685

2000A 2001A 2002E 2003E 2004E 2005E

7$--$ 13$6234gt6-13 $2$---$--1

250 250

2000A 2001A 2002E 2003E 2004E 2005E

$--1 13-amp

35 32 67144

2000A 2001A 2002E 2003E 2004E 2005E

7$62347 13

2000A 2001A 2002E 2003E 2004E 2005E

7123413A

WLAN Players

+$+80211b 80211a

Unknown

3rd 3rd

80211ab 80211g 80211ag

Unknown

+80211b 80211a

Optional PA

80211ab 80211g 80211ag

3rd 3rd

Unknown

3rd 3rd

Others4 Intersil

Agere19

Atmel3

Texas Instruments

77C7D8gt9-

Slow to the game

Icefyre

Resonext

Intersil Details

C81313

PRODUCT

CHIP SET

Source Intersil

Prism 20 - 80211b 035 035 05 05

Prism 25 - 80211b 018 035 05 05

Prism 30 - 80211b 018 035 NA NA

Prism Indigo - 80211a 018 018 05 05

Prism GT - 80211g 018 018 NA NA

SiGe NA 5

SiGe NA 4

SiGe BiCMOS 3

SiGe NA 4

SiGe BiCMOS 4

05 NA 5

035 NA 4

035 06 3

05 NA 4

05 06 4

28ld-TSSOP NA 5

16ld-QFN NA 4

16ld-QFN 56ld-QFN 3

56ld QFN NA 4

16ld QFN 56ld QFN 4

Teradyne A567 NA 5

Teradyne A567 NA 4

$4 350

- 35013++

S eg m en tIm p act

BT UK $7800 $016

E13F13lt2

RF Micro Devices (331) 828 15514 15971 4560 5580 34 28 35 29

Semtech (131) 1221 9682 7529 1919 2009 50 48 39 37

Intersil (1231) 1577 22256 16288 7038 7870 32 28 23 21

Intersil (1231) 1577$ 22256$ 16288$ 7038$ 7870$ 32 x 28 x 23 x 21 x

EPS (3) PE WRH+Co

058$ 085$ 476 x 328 x Not Rated

012 022 697 381 BUY

066 085 241 185 BUY

471 x 296 x

066$ 085$ 241 x 185 x BUY

25G3GDeployment

CAGR ~ 5-10

bull TXN

bull MOT

bull RFMD

bull IFX

bull QCOM

bull SWKS

bull PHG

bull STM

Top Players

CAGR ~60

bull ISIL

bull BRCM

bull INTC

bull RFMD

bull Atheros

bull AGRA

bull MRVL

bull ATML

bull TXN

Top Players

TXN - NR

QCOM - Hold

SWKS - Hold

RFMD - Hold

BRCM ndash NR

Well Positioned

7amp7 7amp G B7

$FFHVV

6HUYHU

32 38451

2000A 2001A 2002E 2003E 2004E 2005E

Interface

MemoryBuffer

Control

DataPackets

$amp()

-$012345-$ 0$62345

3131234$6234

7$--$83 91

Cisco35

Agere20

Symbol12

Linksys21

Buffalo20

D-link10

Gear Proxim49

32 38451

2000A 2001A 2002E 2003E 2004E 2005E

$--1$-83

$308$208

$304$384 $342 $338

$144$360

2000A 2001A 2002E 2003E 2004E 2005E

$--1 $ltlt=$--$

$1600$1200

$900 $750

$1800$1400

$1034$1210

$1389$1685

2000A 2001A 2002E 2003E 2004E 2005E

7$--$ 13$6234gt6-13 $2$---$--1

250 250

2000A 2001A 2002E 2003E 2004E 2005E

$--1 13-amp

35 32 67144

2000A 2001A 2002E 2003E 2004E 2005E

7$62347 13

2000A 2001A 2002E 2003E 2004E 2005E

7123413A

WLAN Players

+$+80211b 80211a

Unknown

3rd 3rd

80211ab 80211g 80211ag

Unknown

+80211b 80211a

Optional PA

80211ab 80211g 80211ag

3rd 3rd

Unknown

3rd 3rd

Others4 Intersil

Agere19

Atmel3

Texas Instruments

77C7D8gt9-

Slow to the game

Icefyre

Resonext

Intersil Details

C81313

PRODUCT

CHIP SET

Source Intersil

Prism 20 - 80211b 035 035 05 05

Prism 25 - 80211b 018 035 05 05

Prism 30 - 80211b 018 035 NA NA

Prism Indigo - 80211a 018 018 05 05

Prism GT - 80211g 018 018 NA NA

SiGe NA 5

SiGe NA 4

SiGe BiCMOS 3

SiGe NA 4

SiGe BiCMOS 4

05 NA 5

035 NA 4

035 06 3

05 NA 4

05 06 4

28ld-TSSOP NA 5

16ld-QFN NA 4

16ld-QFN 56ld-QFN 3

56ld QFN NA 4

16ld QFN 56ld QFN 4

Teradyne A567 NA 5

Teradyne A567 NA 4

$4 350

- 35013++

S eg m en tIm p act

BT UK $7800 $016

E13F13lt2

RF Micro Devices (331) 828 15514 15971 4560 5580 34 28 35 29

Semtech (131) 1221 9682 7529 1919 2009 50 48 39 37

Intersil (1231) 1577 22256 16288 7038 7870 32 28 23 21

Intersil (1231) 1577$ 22256$ 16288$ 7038$ 7870$ 32 x 28 x 23 x 21 x

EPS (3) PE WRH+Co

058$ 085$ 476 x 328 x Not Rated

012 022 697 381 BUY

066 085 241 185 BUY

471 x 296 x

066$ 085$ 241 x 185 x BUY

25G3GDeployment

CAGR ~ 5-10

bull TXN

bull MOT

bull RFMD

bull IFX

bull QCOM

bull SWKS

bull PHG

bull STM

Top Players

CAGR ~60

bull ISIL

bull BRCM

bull INTC

bull RFMD

bull Atheros

bull AGRA

bull MRVL

bull ATML

bull TXN

Top Players

TXN - NR

QCOM - Hold

SWKS - Hold

RFMD - Hold

BRCM ndash NR

Well Positioned

7amp7 7amp G B7

Interface

MemoryBuffer

Control

DataPackets

$amp()

-$012345-$ 0$62345

3131234$6234

7$--$83 91

Cisco35

Agere20

Symbol12

Linksys21

Buffalo20

D-link10

Gear Proxim49

32 38451

2000A 2001A 2002E 2003E 2004E 2005E

$--1$-83

$308$208

$304$384 $342 $338

$144$360

2000A 2001A 2002E 2003E 2004E 2005E

$--1 $ltlt=$--$

$1600$1200

$900 $750

$1800$1400

$1034$1210

$1389$1685

2000A 2001A 2002E 2003E 2004E 2005E

7$--$ 13$6234gt6-13 $2$---$--1

250 250

2000A 2001A 2002E 2003E 2004E 2005E

$--1 13-amp

35 32 67144

2000A 2001A 2002E 2003E 2004E 2005E

7$62347 13

2000A 2001A 2002E 2003E 2004E 2005E

7123413A

WLAN Players

+$+80211b 80211a

Unknown

3rd 3rd

80211ab 80211g 80211ag

Unknown

+80211b 80211a

Optional PA

80211ab 80211g 80211ag

3rd 3rd

Unknown

3rd 3rd

Others4 Intersil

Agere19

Atmel3

Texas Instruments

77C7D8gt9-

Slow to the game

Icefyre

Resonext

Intersil Details

C81313

PRODUCT

CHIP SET

Source Intersil

Prism 20 - 80211b 035 035 05 05

Prism 25 - 80211b 018 035 05 05

Prism 30 - 80211b 018 035 NA NA

Prism Indigo - 80211a 018 018 05 05

Prism GT - 80211g 018 018 NA NA

SiGe NA 5

SiGe NA 4

SiGe BiCMOS 3

SiGe NA 4

SiGe BiCMOS 4

05 NA 5

035 NA 4

035 06 3

05 NA 4

05 06 4

28ld-TSSOP NA 5

16ld-QFN NA 4

16ld-QFN 56ld-QFN 3

56ld QFN NA 4

16ld QFN 56ld QFN 4

Teradyne A567 NA 5

Teradyne A567 NA 4

$4 350

- 35013++

S eg m en tIm p act

BT UK $7800 $016

E13F13lt2

RF Micro Devices (331) 828 15514 15971 4560 5580 34 28 35 29

Semtech (131) 1221 9682 7529 1919 2009 50 48 39 37

Intersil (1231) 1577 22256 16288 7038 7870 32 28 23 21

Intersil (1231) 1577$ 22256$ 16288$ 7038$ 7870$ 32 x 28 x 23 x 21 x

EPS (3) PE WRH+Co

058$ 085$ 476 x 328 x Not Rated

012 022 697 381 BUY

066 085 241 185 BUY

471 x 296 x

066$ 085$ 241 x 185 x BUY

25G3GDeployment

CAGR ~ 5-10

bull TXN

bull MOT

bull RFMD

bull IFX

bull QCOM

bull SWKS

bull PHG

bull STM

Top Players

CAGR ~60

bull ISIL

bull BRCM

bull INTC

bull RFMD

bull Atheros

bull AGRA

bull MRVL

bull ATML

bull TXN

Top Players

TXN - NR

QCOM - Hold

SWKS - Hold

RFMD - Hold

BRCM ndash NR

Well Positioned

7amp7 7amp G B7

-$012345-$ 0$62345

3131234$6234

7$--$83 91

Cisco35

Agere20

Symbol12

Linksys21

Buffalo20

D-link10

Gear Proxim49

32 38451

2000A 2001A 2002E 2003E 2004E 2005E

$--1$-83

$308$208

$304$384 $342 $338

$144$360

2000A 2001A 2002E 2003E 2004E 2005E

$--1 $ltlt=$--$

$1600$1200

$900 $750

$1800$1400

$1034$1210

$1389$1685

2000A 2001A 2002E 2003E 2004E 2005E

7$--$ 13$6234gt6-13 $2$---$--1

250 250

2000A 2001A 2002E 2003E 2004E 2005E

$--1 13-amp

35 32 67144

2000A 2001A 2002E 2003E 2004E 2005E

7$62347 13

2000A 2001A 2002E 2003E 2004E 2005E

7123413A

WLAN Players

+$+80211b 80211a

Unknown

3rd 3rd

80211ab 80211g 80211ag

Unknown

+80211b 80211a

Optional PA

80211ab 80211g 80211ag

3rd 3rd

Unknown

3rd 3rd

Others4 Intersil

Agere19

Atmel3

Texas Instruments

77C7D8gt9-

Slow to the game

Icefyre

Resonext

Intersil Details

C81313

PRODUCT

CHIP SET

Source Intersil

Prism 20 - 80211b 035 035 05 05

Prism 25 - 80211b 018 035 05 05

Prism 30 - 80211b 018 035 NA NA

Prism Indigo - 80211a 018 018 05 05

Prism GT - 80211g 018 018 NA NA

SiGe NA 5

SiGe NA 4

SiGe BiCMOS 3

SiGe NA 4

SiGe BiCMOS 4

05 NA 5

035 NA 4

035 06 3

05 NA 4

05 06 4

28ld-TSSOP NA 5

16ld-QFN NA 4

16ld-QFN 56ld-QFN 3

56ld QFN NA 4

16ld QFN 56ld QFN 4

Teradyne A567 NA 5

Teradyne A567 NA 4

$4 350

- 35013++

S eg m en tIm p act

BT UK $7800 $016

E13F13lt2

RF Micro Devices (331) 828 15514 15971 4560 5580 34 28 35 29

Semtech (131) 1221 9682 7529 1919 2009 50 48 39 37

Intersil (1231) 1577 22256 16288 7038 7870 32 28 23 21

Intersil (1231) 1577$ 22256$ 16288$ 7038$ 7870$ 32 x 28 x 23 x 21 x

EPS (3) PE WRH+Co

058$ 085$ 476 x 328 x Not Rated

012 022 697 381 BUY

066 085 241 185 BUY

471 x 296 x

066$ 085$ 241 x 185 x BUY

25G3GDeployment

CAGR ~ 5-10

bull TXN

bull MOT

bull RFMD

bull IFX

bull QCOM

bull SWKS

bull PHG

bull STM

Top Players

CAGR ~60

bull ISIL

bull BRCM

bull INTC

bull RFMD

bull Atheros

bull AGRA

bull MRVL

bull ATML

bull TXN

Top Players

TXN - NR

QCOM - Hold

SWKS - Hold

RFMD - Hold

BRCM ndash NR

Well Positioned

7amp7 7amp G B7

7$--$83 91

Cisco35

Agere20

Symbol12

Linksys21

Buffalo20

D-link10

Gear Proxim49

32 38451

2000A 2001A 2002E 2003E 2004E 2005E

$--1$-83

$308$208

$304$384 $342 $338

$144$360

2000A 2001A 2002E 2003E 2004E 2005E

$--1 $ltlt=$--$

$1600$1200

$900 $750

$1800$1400

$1034$1210

$1389$1685

2000A 2001A 2002E 2003E 2004E 2005E

7$--$ 13$6234gt6-13 $2$---$--1

250 250

2000A 2001A 2002E 2003E 2004E 2005E

$--1 13-amp

35 32 67144

2000A 2001A 2002E 2003E 2004E 2005E

7$62347 13

2000A 2001A 2002E 2003E 2004E 2005E

7123413A

WLAN Players

+$+80211b 80211a

Unknown

3rd 3rd

80211ab 80211g 80211ag

Unknown

+80211b 80211a

Optional PA

80211ab 80211g 80211ag

3rd 3rd

Unknown

3rd 3rd

Others4 Intersil

Agere19

Atmel3

Texas Instruments

77C7D8gt9-

Slow to the game

Icefyre

Resonext

Intersil Details

C81313

PRODUCT

CHIP SET

Source Intersil

Prism 20 - 80211b 035 035 05 05

Prism 25 - 80211b 018 035 05 05

Prism 30 - 80211b 018 035 NA NA

Prism Indigo - 80211a 018 018 05 05

Prism GT - 80211g 018 018 NA NA

SiGe NA 5

SiGe NA 4

SiGe BiCMOS 3

SiGe NA 4

SiGe BiCMOS 4

05 NA 5

035 NA 4

035 06 3

05 NA 4

05 06 4

28ld-TSSOP NA 5

16ld-QFN NA 4

16ld-QFN 56ld-QFN 3

56ld QFN NA 4

16ld QFN 56ld QFN 4

Teradyne A567 NA 5

Teradyne A567 NA 4

$4 350

- 35013++

S eg m en tIm p act

BT UK $7800 $016

E13F13lt2

RF Micro Devices (331) 828 15514 15971 4560 5580 34 28 35 29

Semtech (131) 1221 9682 7529 1919 2009 50 48 39 37

Intersil (1231) 1577 22256 16288 7038 7870 32 28 23 21

Intersil (1231) 1577$ 22256$ 16288$ 7038$ 7870$ 32 x 28 x 23 x 21 x

EPS (3) PE WRH+Co

058$ 085$ 476 x 328 x Not Rated

012 022 697 381 BUY

066 085 241 185 BUY

471 x 296 x

066$ 085$ 241 x 185 x BUY

25G3GDeployment

CAGR ~ 5-10

bull TXN

bull MOT

bull RFMD

bull IFX

bull QCOM

bull SWKS

bull PHG

bull STM

Top Players

CAGR ~60

bull ISIL

bull BRCM

bull INTC

bull RFMD

bull Atheros

bull AGRA

bull MRVL

bull ATML

bull TXN

Top Players

TXN - NR

QCOM - Hold

SWKS - Hold

RFMD - Hold

BRCM ndash NR

Well Positioned

7amp7 7amp G B7

7$--$83 91

Cisco35

Agere20

Symbol12

Linksys21

Buffalo20

D-link10

Gear Proxim49

32 38451

2000A 2001A 2002E 2003E 2004E 2005E

$--1$-83

$308$208

$304$384 $342 $338

$144$360

2000A 2001A 2002E 2003E 2004E 2005E

$--1 $ltlt=$--$

$1600$1200

$900 $750

$1800$1400

$1034$1210

$1389$1685

2000A 2001A 2002E 2003E 2004E 2005E

7$--$ 13$6234gt6-13 $2$---$--1

250 250

2000A 2001A 2002E 2003E 2004E 2005E

$--1 13-amp

35 32 67144

2000A 2001A 2002E 2003E 2004E 2005E

7$62347 13

2000A 2001A 2002E 2003E 2004E 2005E

7123413A

WLAN Players

+$+80211b 80211a

Unknown

3rd 3rd

80211ab 80211g 80211ag

Unknown

+80211b 80211a

Optional PA

80211ab 80211g 80211ag

3rd 3rd

Unknown

3rd 3rd

Others4 Intersil

Agere19

Atmel3

Texas Instruments

77C7D8gt9-

Slow to the game

Icefyre

Resonext

Intersil Details

C81313

PRODUCT

CHIP SET

Source Intersil

Prism 20 - 80211b 035 035 05 05

Prism 25 - 80211b 018 035 05 05

Prism 30 - 80211b 018 035 NA NA

Prism Indigo - 80211a 018 018 05 05

Prism GT - 80211g 018 018 NA NA

SiGe NA 5

SiGe NA 4

SiGe BiCMOS 3

SiGe NA 4

SiGe BiCMOS 4

05 NA 5

035 NA 4

035 06 3

05 NA 4

05 06 4

28ld-TSSOP NA 5

16ld-QFN NA 4

16ld-QFN 56ld-QFN 3

56ld QFN NA 4

16ld QFN 56ld QFN 4

Teradyne A567 NA 5

Teradyne A567 NA 4

$4 350

- 35013++

S eg m en tIm p act

BT UK $7800 $016

E13F13lt2

RF Micro Devices (331) 828 15514 15971 4560 5580 34 28 35 29

Semtech (131) 1221 9682 7529 1919 2009 50 48 39 37

Intersil (1231) 1577 22256 16288 7038 7870 32 28 23 21

Intersil (1231) 1577$ 22256$ 16288$ 7038$ 7870$ 32 x 28 x 23 x 21 x

EPS (3) PE WRH+Co

058$ 085$ 476 x 328 x Not Rated

012 022 697 381 BUY

066 085 241 185 BUY

471 x 296 x

066$ 085$ 241 x 185 x BUY

25G3GDeployment

CAGR ~ 5-10

bull TXN

bull MOT

bull RFMD

bull IFX

bull QCOM

bull SWKS

bull PHG

bull STM

Top Players

CAGR ~60

bull ISIL

bull BRCM

bull INTC

bull RFMD

bull Atheros

bull AGRA

bull MRVL

bull ATML

bull TXN

Top Players

TXN - NR

QCOM - Hold

SWKS - Hold

RFMD - Hold

BRCM ndash NR

Well Positioned

7amp7 7amp G B7

7$--$83 91

Cisco35

Agere20

Symbol12

Linksys21

Buffalo20

D-link10

Gear Proxim49

32 38451

2000A 2001A 2002E 2003E 2004E 2005E

$--1$-83

$308$208

$304$384 $342 $338

$144$360

2000A 2001A 2002E 2003E 2004E 2005E

$--1 $ltlt=$--$

$1600$1200

$900 $750

$1800$1400

$1034$1210

$1389$1685

2000A 2001A 2002E 2003E 2004E 2005E

7$--$ 13$6234gt6-13 $2$---$--1

250 250

2000A 2001A 2002E 2003E 2004E 2005E

$--1 13-amp

35 32 67144

2000A 2001A 2002E 2003E 2004E 2005E

7$62347 13

2000A 2001A 2002E 2003E 2004E 2005E

7123413A

WLAN Players

+$+80211b 80211a

Unknown

3rd 3rd

80211ab 80211g 80211ag

Unknown

+80211b 80211a

Optional PA

80211ab 80211g 80211ag

3rd 3rd

Unknown

3rd 3rd

Others4 Intersil

Agere19

Atmel3

Texas Instruments

77C7D8gt9-

Slow to the game

Icefyre

Resonext

Intersil Details

C81313

PRODUCT

CHIP SET

Source Intersil

Prism 20 - 80211b 035 035 05 05

Prism 25 - 80211b 018 035 05 05

Prism 30 - 80211b 018 035 NA NA

Prism Indigo - 80211a 018 018 05 05

Prism GT - 80211g 018 018 NA NA

SiGe NA 5

SiGe NA 4

SiGe BiCMOS 3

SiGe NA 4

SiGe BiCMOS 4

05 NA 5

035 NA 4

035 06 3

05 NA 4

05 06 4

28ld-TSSOP NA 5

16ld-QFN NA 4

16ld-QFN 56ld-QFN 3

56ld QFN NA 4

16ld QFN 56ld QFN 4

Teradyne A567 NA 5

Teradyne A567 NA 4

$4 350

- 35013++

S eg m en tIm p act

BT UK $7800 $016

E13F13lt2

RF Micro Devices (331) 828 15514 15971 4560 5580 34 28 35 29

Semtech (131) 1221 9682 7529 1919 2009 50 48 39 37

Intersil (1231) 1577 22256 16288 7038 7870 32 28 23 21

Intersil (1231) 1577$ 22256$ 16288$ 7038$ 7870$ 32 x 28 x 23 x 21 x

EPS (3) PE WRH+Co

058$ 085$ 476 x 328 x Not Rated

012 022 697 381 BUY

066 085 241 185 BUY

471 x 296 x

066$ 085$ 241 x 185 x BUY

25G3GDeployment

CAGR ~ 5-10

bull TXN

bull MOT

bull RFMD

bull IFX

bull QCOM

bull SWKS

bull PHG

bull STM

Top Players

CAGR ~60

bull ISIL

bull BRCM

bull INTC

bull RFMD

bull Atheros

bull AGRA

bull MRVL

bull ATML

bull TXN

Top Players

TXN - NR

QCOM - Hold

SWKS - Hold

RFMD - Hold

BRCM ndash NR

Well Positioned

7amp7 7amp G B7

32 38451

2000A 2001A 2002E 2003E 2004E 2005E

$--1$-83

$308$208

$304$384 $342 $338

$144$360

2000A 2001A 2002E 2003E 2004E 2005E

$--1 $ltlt=$--$

$1600$1200

$900 $750

$1800$1400

$1034$1210

$1389$1685

2000A 2001A 2002E 2003E 2004E 2005E

7$--$ 13$6234gt6-13 $2$---$--1

250 250

2000A 2001A 2002E 2003E 2004E 2005E

$--1 13-amp

35 32 67144

2000A 2001A 2002E 2003E 2004E 2005E

7$62347 13

2000A 2001A 2002E 2003E 2004E 2005E

7123413A

WLAN Players

+$+80211b 80211a

Unknown

3rd 3rd

80211ab 80211g 80211ag

Unknown

+80211b 80211a

Optional PA

80211ab 80211g 80211ag

3rd 3rd

Unknown

3rd 3rd

Others4 Intersil

Agere19

Atmel3

Texas Instruments

77C7D8gt9-

Slow to the game

Icefyre

Resonext

Intersil Details

C81313

PRODUCT

CHIP SET

Source Intersil

Prism 20 - 80211b 035 035 05 05

Prism 25 - 80211b 018 035 05 05

Prism 30 - 80211b 018 035 NA NA

Prism Indigo - 80211a 018 018 05 05

Prism GT - 80211g 018 018 NA NA

SiGe NA 5

SiGe NA 4

SiGe BiCMOS 3

SiGe NA 4

SiGe BiCMOS 4

05 NA 5

035 NA 4

035 06 3

05 NA 4

05 06 4

28ld-TSSOP NA 5

16ld-QFN NA 4

16ld-QFN 56ld-QFN 3

56ld QFN NA 4

16ld QFN 56ld QFN 4

Teradyne A567 NA 5

Teradyne A567 NA 4

$4 350

- 35013++

S eg m en tIm p act

BT UK $7800 $016

E13F13lt2

RF Micro Devices (331) 828 15514 15971 4560 5580 34 28 35 29

Semtech (131) 1221 9682 7529 1919 2009 50 48 39 37

Intersil (1231) 1577 22256 16288 7038 7870 32 28 23 21

Intersil (1231) 1577$ 22256$ 16288$ 7038$ 7870$ 32 x 28 x 23 x 21 x

EPS (3) PE WRH+Co

058$ 085$ 476 x 328 x Not Rated

012 022 697 381 BUY

066 085 241 185 BUY

471 x 296 x

066$ 085$ 241 x 185 x BUY

25G3GDeployment

CAGR ~ 5-10

bull TXN

bull MOT

bull RFMD

bull IFX

bull QCOM

bull SWKS

bull PHG

bull STM

Top Players

CAGR ~60

bull ISIL

bull BRCM

bull INTC

bull RFMD

bull Atheros

bull AGRA

bull MRVL

bull ATML

bull TXN

Top Players

TXN - NR

QCOM - Hold

SWKS - Hold

RFMD - Hold

BRCM ndash NR

Well Positioned

7amp7 7amp G B7

$308$208

$304$384 $342 $338

$144$360

2000A 2001A 2002E 2003E 2004E 2005E

$--1 $ltlt=$--$

$1600$1200

$900 $750

$1800$1400

$1034$1210

$1389$1685

2000A 2001A 2002E 2003E 2004E 2005E

7$--$ 13$6234gt6-13 $2$---$--1

250 250

2000A 2001A 2002E 2003E 2004E 2005E

$--1 13-amp

35 32 67144

2000A 2001A 2002E 2003E 2004E 2005E

7$62347 13

2000A 2001A 2002E 2003E 2004E 2005E

7123413A

WLAN Players

+$+80211b 80211a

Unknown

3rd 3rd

80211ab 80211g 80211ag

Unknown

+80211b 80211a

Optional PA

80211ab 80211g 80211ag

3rd 3rd

Unknown

3rd 3rd

Others4 Intersil

Agere19

Atmel3

Texas Instruments

77C7D8gt9-

Slow to the game

Icefyre

Resonext

Intersil Details

C81313

PRODUCT

CHIP SET

Source Intersil

Prism 20 - 80211b 035 035 05 05

Prism 25 - 80211b 018 035 05 05

Prism 30 - 80211b 018 035 NA NA

Prism Indigo - 80211a 018 018 05 05

Prism GT - 80211g 018 018 NA NA

SiGe NA 5

SiGe NA 4

SiGe BiCMOS 3

SiGe NA 4

SiGe BiCMOS 4

05 NA 5

035 NA 4

035 06 3

05 NA 4

05 06 4

28ld-TSSOP NA 5

16ld-QFN NA 4

16ld-QFN 56ld-QFN 3

56ld QFN NA 4

16ld QFN 56ld QFN 4

Teradyne A567 NA 5

Teradyne A567 NA 4

$4 350

- 35013++

S eg m en tIm p act

BT UK $7800 $016

E13F13lt2

RF Micro Devices (331) 828 15514 15971 4560 5580 34 28 35 29

Semtech (131) 1221 9682 7529 1919 2009 50 48 39 37

Intersil (1231) 1577 22256 16288 7038 7870 32 28 23 21

Intersil (1231) 1577$ 22256$ 16288$ 7038$ 7870$ 32 x 28 x 23 x 21 x

EPS (3) PE WRH+Co

058$ 085$ 476 x 328 x Not Rated

012 022 697 381 BUY

066 085 241 185 BUY

471 x 296 x

066$ 085$ 241 x 185 x BUY

25G3GDeployment

CAGR ~ 5-10

bull TXN

bull MOT

bull RFMD

bull IFX

bull QCOM

bull SWKS

bull PHG

bull STM

Top Players

CAGR ~60

bull ISIL

bull BRCM

bull INTC

bull RFMD

bull Atheros

bull AGRA

bull MRVL

bull ATML

bull TXN

Top Players

TXN - NR

QCOM - Hold

SWKS - Hold

RFMD - Hold

BRCM ndash NR

Well Positioned

7amp7 7amp G B7

$1600$1200

$900 $750

$1800$1400

$1034$1210

$1389$1685

2000A 2001A 2002E 2003E 2004E 2005E

7$--$ 13$6234gt6-13 $2$---$--1

250 250

2000A 2001A 2002E 2003E 2004E 2005E

$--1 13-amp

35 32 67144

2000A 2001A 2002E 2003E 2004E 2005E

7$62347 13

2000A 2001A 2002E 2003E 2004E 2005E

7123413A

WLAN Players

+$+80211b 80211a

Unknown

3rd 3rd

80211ab 80211g 80211ag

Unknown

+80211b 80211a

Optional PA

80211ab 80211g 80211ag

3rd 3rd

Unknown

3rd 3rd

Others4 Intersil

Agere19

Atmel3

Texas Instruments

77C7D8gt9-

Slow to the game

Icefyre

Resonext

Intersil Details

C81313

PRODUCT

CHIP SET

Source Intersil

Prism 20 - 80211b 035 035 05 05

Prism 25 - 80211b 018 035 05 05

Prism 30 - 80211b 018 035 NA NA

Prism Indigo - 80211a 018 018 05 05

Prism GT - 80211g 018 018 NA NA

SiGe NA 5

SiGe NA 4

SiGe BiCMOS 3

SiGe NA 4

SiGe BiCMOS 4

05 NA 5

035 NA 4

035 06 3

05 NA 4

05 06 4

28ld-TSSOP NA 5

16ld-QFN NA 4

16ld-QFN 56ld-QFN 3

56ld QFN NA 4

16ld QFN 56ld QFN 4

Teradyne A567 NA 5

Teradyne A567 NA 4

$4 350

- 35013++

S eg m en tIm p act

BT UK $7800 $016

E13F13lt2

RF Micro Devices (331) 828 15514 15971 4560 5580 34 28 35 29

Semtech (131) 1221 9682 7529 1919 2009 50 48 39 37

Intersil (1231) 1577 22256 16288 7038 7870 32 28 23 21

Intersil (1231) 1577$ 22256$ 16288$ 7038$ 7870$ 32 x 28 x 23 x 21 x

EPS (3) PE WRH+Co

058$ 085$ 476 x 328 x Not Rated

012 022 697 381 BUY

066 085 241 185 BUY

471 x 296 x

066$ 085$ 241 x 185 x BUY

25G3GDeployment

CAGR ~ 5-10

bull TXN

bull MOT

bull RFMD

bull IFX

bull QCOM

bull SWKS

bull PHG

bull STM

Top Players

CAGR ~60

bull ISIL

bull BRCM

bull INTC

bull RFMD

bull Atheros

bull AGRA

bull MRVL

bull ATML

bull TXN

Top Players

TXN - NR

QCOM - Hold

SWKS - Hold

RFMD - Hold

BRCM ndash NR

Well Positioned

7amp7 7amp G B7

250 250

2000A 2001A 2002E 2003E 2004E 2005E

$--1 13-amp

35 32 67144

2000A 2001A 2002E 2003E 2004E 2005E

7$62347 13

2000A 2001A 2002E 2003E 2004E 2005E

7123413A

WLAN Players

+$+80211b 80211a

Unknown

3rd 3rd

80211ab 80211g 80211ag

Unknown

+80211b 80211a

Optional PA

80211ab 80211g 80211ag

3rd 3rd

Unknown

3rd 3rd

Others4 Intersil

Agere19

Atmel3

Texas Instruments

77C7D8gt9-

Slow to the game

Icefyre

Resonext

Intersil Details

C81313

PRODUCT

CHIP SET

Source Intersil

Prism 20 - 80211b 035 035 05 05

Prism 25 - 80211b 018 035 05 05

Prism 30 - 80211b 018 035 NA NA

Prism Indigo - 80211a 018 018 05 05

Prism GT - 80211g 018 018 NA NA

SiGe NA 5

SiGe NA 4

SiGe BiCMOS 3

SiGe NA 4

SiGe BiCMOS 4

05 NA 5

035 NA 4

035 06 3

05 NA 4

05 06 4

28ld-TSSOP NA 5

16ld-QFN NA 4

16ld-QFN 56ld-QFN 3

56ld QFN NA 4

16ld QFN 56ld QFN 4

Teradyne A567 NA 5

Teradyne A567 NA 4

$4 350

- 35013++

S eg m en tIm p act

BT UK $7800 $016

E13F13lt2

RF Micro Devices (331) 828 15514 15971 4560 5580 34 28 35 29

Semtech (131) 1221 9682 7529 1919 2009 50 48 39 37

Intersil (1231) 1577 22256 16288 7038 7870 32 28 23 21

Intersil (1231) 1577$ 22256$ 16288$ 7038$ 7870$ 32 x 28 x 23 x 21 x

EPS (3) PE WRH+Co

058$ 085$ 476 x 328 x Not Rated

012 022 697 381 BUY

066 085 241 185 BUY

471 x 296 x

066$ 085$ 241 x 185 x BUY

25G3GDeployment

CAGR ~ 5-10

bull TXN

bull MOT

bull RFMD

bull IFX

bull QCOM

bull SWKS

bull PHG

bull STM

Top Players

CAGR ~60

bull ISIL

bull BRCM

bull INTC

bull RFMD

bull Atheros

bull AGRA

bull MRVL

bull ATML

bull TXN

Top Players

TXN - NR

QCOM - Hold

SWKS - Hold

RFMD - Hold

BRCM ndash NR

Well Positioned

7amp7 7amp G B7

35 32 67144

2000A 2001A 2002E 2003E 2004E 2005E

7$62347 13

2000A 2001A 2002E 2003E 2004E 2005E

7123413A

WLAN Players

+$+80211b 80211a

Unknown

3rd 3rd

80211ab 80211g 80211ag

Unknown

+80211b 80211a

Optional PA

80211ab 80211g 80211ag

3rd 3rd

Unknown

3rd 3rd

Others4 Intersil

Agere19

Atmel3

Texas Instruments

77C7D8gt9-

Slow to the game

Icefyre

Resonext

Intersil Details

C81313

PRODUCT

CHIP SET

Source Intersil

Prism 20 - 80211b 035 035 05 05

Prism 25 - 80211b 018 035 05 05

Prism 30 - 80211b 018 035 NA NA

Prism Indigo - 80211a 018 018 05 05

Prism GT - 80211g 018 018 NA NA

SiGe NA 5

SiGe NA 4

SiGe BiCMOS 3

SiGe NA 4

SiGe BiCMOS 4

05 NA 5

035 NA 4

035 06 3

05 NA 4

05 06 4

28ld-TSSOP NA 5

16ld-QFN NA 4

16ld-QFN 56ld-QFN 3

56ld QFN NA 4

16ld QFN 56ld QFN 4

Teradyne A567 NA 5

Teradyne A567 NA 4

$4 350

- 35013++

S eg m en tIm p act

BT UK $7800 $016

E13F13lt2

RF Micro Devices (331) 828 15514 15971 4560 5580 34 28 35 29

Semtech (131) 1221 9682 7529 1919 2009 50 48 39 37

Intersil (1231) 1577 22256 16288 7038 7870 32 28 23 21

Intersil (1231) 1577$ 22256$ 16288$ 7038$ 7870$ 32 x 28 x 23 x 21 x

EPS (3) PE WRH+Co

058$ 085$ 476 x 328 x Not Rated

012 022 697 381 BUY

066 085 241 185 BUY

471 x 296 x

066$ 085$ 241 x 185 x BUY

25G3GDeployment

CAGR ~ 5-10

bull TXN

bull MOT

bull RFMD

bull IFX

bull QCOM

bull SWKS

bull PHG

bull STM

Top Players

CAGR ~60

bull ISIL

bull BRCM

bull INTC

bull RFMD

bull Atheros

bull AGRA

bull MRVL

bull ATML

bull TXN

Top Players

TXN - NR

QCOM - Hold

SWKS - Hold

RFMD - Hold

BRCM ndash NR

Well Positioned

7amp7 7amp G B7

2000A 2001A 2002E 2003E 2004E 2005E

7123413A

WLAN Players

+$+80211b 80211a

Unknown

3rd 3rd

80211ab 80211g 80211ag

Unknown

+80211b 80211a

Optional PA

80211ab 80211g 80211ag

3rd 3rd

Unknown

3rd 3rd

Others4 Intersil

Agere19

Atmel3

Texas Instruments

77C7D8gt9-

Slow to the game

Icefyre

Resonext

Intersil Details

C81313

PRODUCT

CHIP SET

Source Intersil

Prism 20 - 80211b 035 035 05 05

Prism 25 - 80211b 018 035 05 05

Prism 30 - 80211b 018 035 NA NA

Prism Indigo - 80211a 018 018 05 05

Prism GT - 80211g 018 018 NA NA

SiGe NA 5

SiGe NA 4

SiGe BiCMOS 3

SiGe NA 4

SiGe BiCMOS 4

05 NA 5

035 NA 4

035 06 3

05 NA 4

05 06 4

28ld-TSSOP NA 5

16ld-QFN NA 4

16ld-QFN 56ld-QFN 3

56ld QFN NA 4

16ld QFN 56ld QFN 4

Teradyne A567 NA 5

Teradyne A567 NA 4

$4 350

- 35013++

S eg m en tIm p act

BT UK $7800 $016

E13F13lt2

RF Micro Devices (331) 828 15514 15971 4560 5580 34 28 35 29

Semtech (131) 1221 9682 7529 1919 2009 50 48 39 37

Intersil (1231) 1577 22256 16288 7038 7870 32 28 23 21

Intersil (1231) 1577$ 22256$ 16288$ 7038$ 7870$ 32 x 28 x 23 x 21 x

EPS (3) PE WRH+Co

058$ 085$ 476 x 328 x Not Rated

012 022 697 381 BUY

066 085 241 185 BUY

471 x 296 x

066$ 085$ 241 x 185 x BUY

25G3GDeployment

CAGR ~ 5-10

bull TXN

bull MOT

bull RFMD

bull IFX

bull QCOM

bull SWKS

bull PHG

bull STM

Top Players

CAGR ~60

bull ISIL

bull BRCM

bull INTC

bull RFMD

bull Atheros

bull AGRA

bull MRVL

bull ATML

bull TXN

Top Players

TXN - NR

QCOM - Hold

SWKS - Hold

RFMD - Hold

BRCM ndash NR

Well Positioned

7amp7 7amp G B7

WLAN Players

+$+80211b 80211a

Unknown

3rd 3rd

80211ab 80211g 80211ag

Unknown

+80211b 80211a

Optional PA

80211ab 80211g 80211ag

3rd 3rd

Unknown

3rd 3rd

Others4 Intersil

Agere19

Atmel3

Texas Instruments

77C7D8gt9-

Slow to the game

Icefyre

Resonext

Intersil Details

C81313

PRODUCT

CHIP SET

Source Intersil

Prism 20 - 80211b 035 035 05 05

Prism 25 - 80211b 018 035 05 05

Prism 30 - 80211b 018 035 NA NA

Prism Indigo - 80211a 018 018 05 05

Prism GT - 80211g 018 018 NA NA

SiGe NA 5

SiGe NA 4

SiGe BiCMOS 3

SiGe NA 4

SiGe BiCMOS 4

05 NA 5

035 NA 4

035 06 3

05 NA 4

05 06 4

28ld-TSSOP NA 5

16ld-QFN NA 4

16ld-QFN 56ld-QFN 3

56ld QFN NA 4

16ld QFN 56ld QFN 4

Teradyne A567 NA 5

Teradyne A567 NA 4

$4 350

- 35013++

S eg m en tIm p act

BT UK $7800 $016

E13F13lt2

RF Micro Devices (331) 828 15514 15971 4560 5580 34 28 35 29

Semtech (131) 1221 9682 7529 1919 2009 50 48 39 37

Intersil (1231) 1577 22256 16288 7038 7870 32 28 23 21

Intersil (1231) 1577$ 22256$ 16288$ 7038$ 7870$ 32 x 28 x 23 x 21 x

EPS (3) PE WRH+Co

058$ 085$ 476 x 328 x Not Rated

012 022 697 381 BUY

066 085 241 185 BUY

471 x 296 x

066$ 085$ 241 x 185 x BUY

25G3GDeployment

CAGR ~ 5-10

bull TXN

bull MOT

bull RFMD

bull IFX

bull QCOM

bull SWKS

bull PHG

bull STM

Top Players

CAGR ~60

bull ISIL

bull BRCM

bull INTC

bull RFMD

bull Atheros

bull AGRA

bull MRVL

bull ATML

bull TXN

Top Players

TXN - NR

QCOM - Hold

SWKS - Hold

RFMD - Hold

BRCM ndash NR

Well Positioned

7amp7 7amp G B7

+$+80211b 80211a

Unknown

3rd 3rd

80211ab 80211g 80211ag

Unknown

+80211b 80211a

Optional PA

80211ab 80211g 80211ag

3rd 3rd

Unknown

3rd 3rd

Others4 Intersil

Agere19

Atmel3

Texas Instruments

77C7D8gt9-

Slow to the game

Icefyre

Resonext

Intersil Details

C81313

PRODUCT

CHIP SET

Source Intersil

Prism 20 - 80211b 035 035 05 05

Prism 25 - 80211b 018 035 05 05

Prism 30 - 80211b 018 035 NA NA

Prism Indigo - 80211a 018 018 05 05

Prism GT - 80211g 018 018 NA NA

SiGe NA 5

SiGe NA 4

SiGe BiCMOS 3

SiGe NA 4

SiGe BiCMOS 4

05 NA 5

035 NA 4

035 06 3

05 NA 4

05 06 4

28ld-TSSOP NA 5

16ld-QFN NA 4

16ld-QFN 56ld-QFN 3

56ld QFN NA 4

16ld QFN 56ld QFN 4

Teradyne A567 NA 5

Teradyne A567 NA 4

$4 350

- 35013++

S eg m en tIm p act

BT UK $7800 $016

E13F13lt2

RF Micro Devices (331) 828 15514 15971 4560 5580 34 28 35 29

Semtech (131) 1221 9682 7529 1919 2009 50 48 39 37

Intersil (1231) 1577 22256 16288 7038 7870 32 28 23 21

Intersil (1231) 1577$ 22256$ 16288$ 7038$ 7870$ 32 x 28 x 23 x 21 x

EPS (3) PE WRH+Co

058$ 085$ 476 x 328 x Not Rated

012 022 697 381 BUY

066 085 241 185 BUY

471 x 296 x

066$ 085$ 241 x 185 x BUY

25G3GDeployment

CAGR ~ 5-10

bull TXN

bull MOT

bull RFMD

bull IFX

bull QCOM

bull SWKS

bull PHG

bull STM

Top Players

CAGR ~60

bull ISIL

bull BRCM

bull INTC

bull RFMD

bull Atheros

bull AGRA

bull MRVL

bull ATML

bull TXN

Top Players

TXN - NR

QCOM - Hold

SWKS - Hold

RFMD - Hold

BRCM ndash NR

Well Positioned

7amp7 7amp G B7

+80211b 80211a

Optional PA

80211ab 80211g 80211ag

3rd 3rd

Unknown

3rd 3rd

Others4 Intersil

Agere19

Atmel3

Texas Instruments

77C7D8gt9-

Slow to the game

Icefyre

Resonext

Intersil Details

C81313

PRODUCT

CHIP SET

Source Intersil

Prism 20 - 80211b 035 035 05 05

Prism 25 - 80211b 018 035 05 05

Prism 30 - 80211b 018 035 NA NA

Prism Indigo - 80211a 018 018 05 05

Prism GT - 80211g 018 018 NA NA

SiGe NA 5

SiGe NA 4

SiGe BiCMOS 3

SiGe NA 4

SiGe BiCMOS 4

05 NA 5

035 NA 4

035 06 3

05 NA 4

05 06 4

28ld-TSSOP NA 5

16ld-QFN NA 4

16ld-QFN 56ld-QFN 3

56ld QFN NA 4

16ld QFN 56ld QFN 4

Teradyne A567 NA 5

Teradyne A567 NA 4

$4 350

- 35013++

S eg m en tIm p act

BT UK $7800 $016

E13F13lt2

RF Micro Devices (331) 828 15514 15971 4560 5580 34 28 35 29

Semtech (131) 1221 9682 7529 1919 2009 50 48 39 37

Intersil (1231) 1577 22256 16288 7038 7870 32 28 23 21

Intersil (1231) 1577$ 22256$ 16288$ 7038$ 7870$ 32 x 28 x 23 x 21 x

EPS (3) PE WRH+Co

058$ 085$ 476 x 328 x Not Rated

012 022 697 381 BUY

066 085 241 185 BUY

471 x 296 x

066$ 085$ 241 x 185 x BUY

25G3GDeployment

CAGR ~ 5-10

bull TXN

bull MOT

bull RFMD

bull IFX

bull QCOM

bull SWKS

bull PHG

bull STM

Top Players

CAGR ~60

bull ISIL

bull BRCM

bull INTC

bull RFMD

bull Atheros

bull AGRA

bull MRVL

bull ATML

bull TXN

Top Players

TXN - NR

QCOM - Hold

SWKS - Hold

RFMD - Hold

BRCM ndash NR

Well Positioned

7amp7 7amp G B7

Others4 Intersil

Agere19

Atmel3

Texas Instruments

77C7D8gt9-

Slow to the game

Icefyre

Resonext

Intersil Details

C81313

PRODUCT

CHIP SET

Source Intersil

Prism 20 - 80211b 035 035 05 05

Prism 25 - 80211b 018 035 05 05

Prism 30 - 80211b 018 035 NA NA

Prism Indigo - 80211a 018 018 05 05

Prism GT - 80211g 018 018 NA NA

SiGe NA 5

SiGe NA 4

SiGe BiCMOS 3

SiGe NA 4

SiGe BiCMOS 4

05 NA 5

035 NA 4

035 06 3

05 NA 4

05 06 4

28ld-TSSOP NA 5

16ld-QFN NA 4

16ld-QFN 56ld-QFN 3

56ld QFN NA 4

16ld QFN 56ld QFN 4

Teradyne A567 NA 5

Teradyne A567 NA 4

$4 350

- 35013++

S eg m en tIm p act

BT UK $7800 $016

E13F13lt2

RF Micro Devices (331) 828 15514 15971 4560 5580 34 28 35 29

Semtech (131) 1221 9682 7529 1919 2009 50 48 39 37

Intersil (1231) 1577 22256 16288 7038 7870 32 28 23 21

Intersil (1231) 1577$ 22256$ 16288$ 7038$ 7870$ 32 x 28 x 23 x 21 x

EPS (3) PE WRH+Co

058$ 085$ 476 x 328 x Not Rated

012 022 697 381 BUY

066 085 241 185 BUY

471 x 296 x

066$ 085$ 241 x 185 x BUY

25G3GDeployment

CAGR ~ 5-10

bull TXN

bull MOT

bull RFMD

bull IFX

bull QCOM

bull SWKS

bull PHG

bull STM

Top Players

CAGR ~60

bull ISIL

bull BRCM

bull INTC

bull RFMD

bull Atheros

bull AGRA

bull MRVL

bull ATML

bull TXN

Top Players

TXN - NR

QCOM - Hold

SWKS - Hold

RFMD - Hold

BRCM ndash NR

Well Positioned

7amp7 7amp G B7

Icefyre

Resonext

Intersil Details

C81313

PRODUCT

CHIP SET

Source Intersil

Prism 20 - 80211b 035 035 05 05

Prism 25 - 80211b 018 035 05 05

Prism 30 - 80211b 018 035 NA NA

Prism Indigo - 80211a 018 018 05 05

Prism GT - 80211g 018 018 NA NA

SiGe NA 5

SiGe NA 4

SiGe BiCMOS 3

SiGe NA 4

SiGe BiCMOS 4

05 NA 5

035 NA 4

035 06 3

05 NA 4

05 06 4

28ld-TSSOP NA 5

16ld-QFN NA 4

16ld-QFN 56ld-QFN 3

56ld QFN NA 4

16ld QFN 56ld QFN 4

Teradyne A567 NA 5

Teradyne A567 NA 4

$4 350

- 35013++

S eg m en tIm p act

BT UK $7800 $016

E13F13lt2

RF Micro Devices (331) 828 15514 15971 4560 5580 34 28 35 29

Semtech (131) 1221 9682 7529 1919 2009 50 48 39 37

Intersil (1231) 1577 22256 16288 7038 7870 32 28 23 21

Intersil (1231) 1577$ 22256$ 16288$ 7038$ 7870$ 32 x 28 x 23 x 21 x

EPS (3) PE WRH+Co

058$ 085$ 476 x 328 x Not Rated

012 022 697 381 BUY

066 085 241 185 BUY

471 x 296 x

066$ 085$ 241 x 185 x BUY

25G3GDeployment

CAGR ~ 5-10

bull TXN

bull MOT

bull RFMD

bull IFX

bull QCOM

bull SWKS

bull PHG

bull STM

Top Players

CAGR ~60

bull ISIL

bull BRCM

bull INTC

bull RFMD

bull Atheros

bull AGRA

bull MRVL

bull ATML

bull TXN

Top Players

TXN - NR

QCOM - Hold

SWKS - Hold

RFMD - Hold

BRCM ndash NR

Well Positioned

7amp7 7amp G B7

Intersil Details

C81313

PRODUCT

CHIP SET

Source Intersil

Prism 20 - 80211b 035 035 05 05

Prism 25 - 80211b 018 035 05 05

Prism 30 - 80211b 018 035 NA NA

Prism Indigo - 80211a 018 018 05 05

Prism GT - 80211g 018 018 NA NA

SiGe NA 5

SiGe NA 4

SiGe BiCMOS 3

SiGe NA 4

SiGe BiCMOS 4

05 NA 5

035 NA 4

035 06 3

05 NA 4

05 06 4

28ld-TSSOP NA 5

16ld-QFN NA 4

16ld-QFN 56ld-QFN 3

56ld QFN NA 4

16ld QFN 56ld QFN 4

Teradyne A567 NA 5

Teradyne A567 NA 4

$4 350

- 35013++

S eg m en tIm p act

BT UK $7800 $016

E13F13lt2

RF Micro Devices (331) 828 15514 15971 4560 5580 34 28 35 29

Semtech (131) 1221 9682 7529 1919 2009 50 48 39 37

Intersil (1231) 1577 22256 16288 7038 7870 32 28 23 21

Intersil (1231) 1577$ 22256$ 16288$ 7038$ 7870$ 32 x 28 x 23 x 21 x

EPS (3) PE WRH+Co

058$ 085$ 476 x 328 x Not Rated

012 022 697 381 BUY

066 085 241 185 BUY

471 x 296 x

066$ 085$ 241 x 185 x BUY

25G3GDeployment

CAGR ~ 5-10

bull TXN

bull MOT

bull RFMD

bull IFX

bull QCOM

bull SWKS

bull PHG

bull STM

Top Players

CAGR ~60

bull ISIL

bull BRCM

bull INTC

bull RFMD

bull Atheros

bull AGRA

bull MRVL

bull ATML

bull TXN

Top Players

TXN - NR

QCOM - Hold

SWKS - Hold

RFMD - Hold

BRCM ndash NR

Well Positioned

7amp7 7amp G B7

C81313

PRODUCT

CHIP SET

Source Intersil

Prism 20 - 80211b 035 035 05 05

Prism 25 - 80211b 018 035 05 05

Prism 30 - 80211b 018 035 NA NA

Prism Indigo - 80211a 018 018 05 05

Prism GT - 80211g 018 018 NA NA

SiGe NA 5

SiGe NA 4

SiGe BiCMOS 3

SiGe NA 4

SiGe BiCMOS 4

05 NA 5

035 NA 4

035 06 3

05 NA 4

05 06 4

28ld-TSSOP NA 5

16ld-QFN NA 4

16ld-QFN 56ld-QFN 3

56ld QFN NA 4

16ld QFN 56ld QFN 4

Teradyne A567 NA 5

Teradyne A567 NA 4

$4 350

- 35013++

S eg m en tIm p act

BT UK $7800 $016

E13F13lt2

RF Micro Devices (331) 828 15514 15971 4560 5580 34 28 35 29

Semtech (131) 1221 9682 7529 1919 2009 50 48 39 37

Intersil (1231) 1577 22256 16288 7038 7870 32 28 23 21

Intersil (1231) 1577$ 22256$ 16288$ 7038$ 7870$ 32 x 28 x 23 x 21 x

EPS (3) PE WRH+Co

058$ 085$ 476 x 328 x Not Rated

012 022 697 381 BUY

066 085 241 185 BUY

471 x 296 x

066$ 085$ 241 x 185 x BUY

25G3GDeployment

CAGR ~ 5-10

bull TXN

bull MOT

bull RFMD

bull IFX

bull QCOM

bull SWKS

bull PHG

bull STM

Top Players

CAGR ~60

bull ISIL

bull BRCM

bull INTC

bull RFMD

bull Atheros

bull AGRA

bull MRVL

bull ATML

bull TXN

Top Players

TXN - NR

QCOM - Hold

SWKS - Hold

RFMD - Hold

BRCM ndash NR

Well Positioned

7amp7 7amp G B7

Prism 20 - 80211b 035 035 05 05

Prism 25 - 80211b 018 035 05 05

Prism 30 - 80211b 018 035 NA NA

Prism Indigo - 80211a 018 018 05 05

Prism GT - 80211g 018 018 NA NA

SiGe NA 5

SiGe NA 4

SiGe BiCMOS 3

SiGe NA 4

SiGe BiCMOS 4

05 NA 5

035 NA 4

035 06 3

05 NA 4

05 06 4

28ld-TSSOP NA 5

16ld-QFN NA 4

16ld-QFN 56ld-QFN 3

56ld QFN NA 4

16ld QFN 56ld QFN 4

Teradyne A567 NA 5

Teradyne A567 NA 4

$4 350

- 35013++

S eg m en tIm p act

BT UK $7800 $016

E13F13lt2

RF Micro Devices (331) 828 15514 15971 4560 5580 34 28 35 29

Semtech (131) 1221 9682 7529 1919 2009 50 48 39 37

Intersil (1231) 1577 22256 16288 7038 7870 32 28 23 21

Intersil (1231) 1577$ 22256$ 16288$ 7038$ 7870$ 32 x 28 x 23 x 21 x

EPS (3) PE WRH+Co

058$ 085$ 476 x 328 x Not Rated

012 022 697 381 BUY

066 085 241 185 BUY

471 x 296 x

066$ 085$ 241 x 185 x BUY

25G3GDeployment

CAGR ~ 5-10

bull TXN

bull MOT

bull RFMD

bull IFX

bull QCOM

bull SWKS

bull PHG

bull STM

Top Players

CAGR ~60

bull ISIL

bull BRCM

bull INTC

bull RFMD

bull Atheros

bull AGRA

bull MRVL

bull ATML

bull TXN

Top Players

TXN - NR

QCOM - Hold

SWKS - Hold

RFMD - Hold

BRCM ndash NR

Well Positioned

7amp7 7amp G B7

$4 350

- 35013++

S eg m en tIm p act

BT UK $7800 $016

E13F13lt2

RF Micro Devices (331) 828 15514 15971 4560 5580 34 28 35 29

Semtech (131) 1221 9682 7529 1919 2009 50 48 39 37

Intersil (1231) 1577 22256 16288 7038 7870 32 28 23 21

Intersil (1231) 1577$ 22256$ 16288$ 7038$ 7870$ 32 x 28 x 23 x 21 x

EPS (3) PE WRH+Co

058$ 085$ 476 x 328 x Not Rated

012 022 697 381 BUY

066 085 241 185 BUY

471 x 296 x

066$ 085$ 241 x 185 x BUY

25G3GDeployment

CAGR ~ 5-10

bull TXN

bull MOT

bull RFMD

bull IFX

bull QCOM

bull SWKS

bull PHG

bull STM

Top Players

CAGR ~60

bull ISIL

bull BRCM

bull INTC

bull RFMD

bull Atheros

bull AGRA

bull MRVL

bull ATML

bull TXN

Top Players

TXN - NR

QCOM - Hold

SWKS - Hold

RFMD - Hold

BRCM ndash NR

Well Positioned

7amp7 7amp G B7

$4 350

- 35013++

S eg m en tIm p act

BT UK $7800 $016

E13F13lt2

RF Micro Devices (331) 828 15514 15971 4560 5580 34 28 35 29

Semtech (131) 1221 9682 7529 1919 2009 50 48 39 37

Intersil (1231) 1577 22256 16288 7038 7870 32 28 23 21

Intersil (1231) 1577$ 22256$ 16288$ 7038$ 7870$ 32 x 28 x 23 x 21 x

EPS (3) PE WRH+Co

058$ 085$ 476 x 328 x Not Rated

012 022 697 381 BUY

066 085 241 185 BUY

471 x 296 x

066$ 085$ 241 x 185 x BUY

25G3GDeployment

CAGR ~ 5-10

bull TXN

bull MOT

bull RFMD

bull IFX

bull QCOM

bull SWKS

bull PHG

bull STM

Top Players

CAGR ~60

bull ISIL

bull BRCM

bull INTC

bull RFMD

bull Atheros

bull AGRA

bull MRVL

bull ATML

bull TXN

Top Players

TXN - NR

QCOM - Hold

SWKS - Hold

RFMD - Hold

BRCM ndash NR

Well Positioned

7amp7 7amp G B7

- 35013++

S eg m en tIm p act

BT UK $7800 $016

E13F13lt2

RF Micro Devices (331) 828 15514 15971 4560 5580 34 28 35 29

Semtech (131) 1221 9682 7529 1919 2009 50 48 39 37

Intersil (1231) 1577 22256 16288 7038 7870 32 28 23 21

Intersil (1231) 1577$ 22256$ 16288$ 7038$ 7870$ 32 x 28 x 23 x 21 x

EPS (3) PE WRH+Co

058$ 085$ 476 x 328 x Not Rated

012 022 697 381 BUY

066 085 241 185 BUY

471 x 296 x

066$ 085$ 241 x 185 x BUY

25G3GDeployment

CAGR ~ 5-10

bull TXN

bull MOT

bull RFMD

bull IFX

bull QCOM

bull SWKS

bull PHG

bull STM

Top Players

CAGR ~60

bull ISIL

bull BRCM

bull INTC

bull RFMD

bull Atheros

bull AGRA

bull MRVL

bull ATML

bull TXN

Top Players

TXN - NR

QCOM - Hold

SWKS - Hold

RFMD - Hold

BRCM ndash NR

Well Positioned

7amp7 7amp G B7

RF Micro Devices (331) 828 15514 15971 4560 5580 34 28 35 29

Semtech (131) 1221 9682 7529 1919 2009 50 48 39 37

Intersil (1231) 1577 22256 16288 7038 7870 32 28 23 21

Intersil (1231) 1577$ 22256$ 16288$ 7038$ 7870$ 32 x 28 x 23 x 21 x

EPS (3) PE WRH+Co

058$ 085$ 476 x 328 x Not Rated

012 022 697 381 BUY

066 085 241 185 BUY

471 x 296 x

066$ 085$ 241 x 185 x BUY

25G3GDeployment

CAGR ~ 5-10

bull TXN

bull MOT

bull RFMD

bull IFX

bull QCOM

bull SWKS

bull PHG

bull STM

Top Players

CAGR ~60

bull ISIL

bull BRCM

bull INTC

bull RFMD

bull Atheros

bull AGRA

bull MRVL

bull ATML

bull TXN

Top Players

TXN - NR

QCOM - Hold

SWKS - Hold

RFMD - Hold

BRCM ndash NR

Well Positioned

7amp7 7amp G B7

RF Micro Devices (331) 828 15514 15971 4560 5580 34 28 35 29

Semtech (131) 1221 9682 7529 1919 2009 50 48 39 37

Intersil (1231) 1577 22256 16288 7038 7870 32 28 23 21

Intersil (1231) 1577$ 22256$ 16288$ 7038$ 7870$ 32 x 28 x 23 x 21 x

EPS (3) PE WRH+Co

058$ 085$ 476 x 328 x Not Rated

012 022 697 381 BUY

066 085 241 185 BUY

471 x 296 x

066$ 085$ 241 x 185 x BUY

25G3GDeployment

CAGR ~ 5-10

bull TXN

bull MOT

bull RFMD

bull IFX

bull QCOM

bull SWKS

bull PHG

bull STM

Top Players

CAGR ~60

bull ISIL

bull BRCM

bull INTC

bull RFMD

bull Atheros

bull AGRA

bull MRVL

bull ATML

bull TXN

Top Players

TXN - NR

QCOM - Hold

SWKS - Hold

RFMD - Hold

BRCM ndash NR

Well Positioned

7amp7 7amp G B7

25G3GDeployment

CAGR ~ 5-10

bull TXN

bull MOT

bull RFMD

bull IFX

bull QCOM

bull SWKS

bull PHG

bull STM

Top Players

CAGR ~60

bull ISIL

bull BRCM

bull INTC

bull RFMD

bull Atheros

bull AGRA

bull MRVL

bull ATML

bull TXN

Top Players

TXN - NR

QCOM - Hold

SWKS - Hold

RFMD - Hold

BRCM ndash NR

Well Positioned

7amp7 7amp G B7

Documents

Presentation to IEEE CPMT Society January 8, 2003 · Presentation to IEEE CPMT Society January 8, 2003 Please see the Important Disclosures Section at the end of this report