Slide 1: Texas Instruments to acquire National Semiconductor
Texas Instruments to acquire National Semiconductor April 4, 2011 Exhibit 99.3
Slide 2: Combination results in great profitability and EPS
Combination results in great profitability and EPS Note: Above does not include the impact of transaction-related costs or tax considerations * NSC Dec 2009 – Nov 2010 (F3Q10 to F2Q11) ** Includes: TI $33M restructuring expense and $144M gain on sale; NSC: $30M restructuring expense Post-close cost
Slide 3: Accelerates TI's transformation
Analog 49% Analog 43% Accelerates TI’s transformation TI Revenue, 2010 $14.0B TI + NSC, 2010 $15.5B Note: NSC Dec 2009 – Nov 2010 (F3Q10 to F2Q11) Other 19% Baseband 11% Wireless 8% Other 21% Baseband 12% Wireless 9% Embedded Processing 15% Embedded Processing 13% Core revenue increases to 70% of to
Slide 4: Stronger analog position
10% 8% 6% 5% 4% TI NSC STM Infineon ADI Maxim NXP Linear Tech Others Stronger analog position . . . Total Analog TAM, 2010 $42B Still plenty of room to grow 14% 3% 3% 41%
Slide 5: Especially stronger in catalog analog
21% Catalog 13% 7% 6% 3% 3% 3% Total Analog TAM, 2010 $42B . . . especially stronger in catalog analog Catalog Analog TAM, 2010 $18B 32% 2% 8% Application- Specific 2% Intersil STM Richtek Semtech Others TI ADI NSC LTC Maxim ON
Slide 6: National's industrial strength complements TI
Industrial 22% Industrial 46% National’s industrial strength complements TI TI Revenue, 2010 $14.0B NSC Revenue, 2010 $1.6B
Slide 7: Valuation
Valuation * Combined growth rate National 69% 30% 27% 3.5 11.3 2.3 Linear Tech 78% 52% 61% 7.6 15.4 5.3 ADI 66% 35% 35% 11.8 14.8 4.1 Maxim 61% 26% 40% 7.6 31.2 3.3 Avg Linear Tech, ADI, 68% 38% 42% 9.0 20.5 4.2 Maxim National @ offer price 6.5 20.0 4.1 Gross Operating 3/31/2011 Margin Margin Growth