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San Jose, Calif. - January 15, 2003 - Cadence Design Systems, Inc. (NYSE:CDN) today announced it has acquired Celestry Design Technologies, Inc., a move that will allow the company to provide customers with world-leading silicon modeling tools and expanded full-chip circuit simulation technology. The acquisition enhances Cadence's leadership in silicon modeling, expands its expertise in the process and manufacturing space, and provides its customers with an industry-proven full-chip circuit simulation technology.

"This acquisition underscores our commitment to deliver great technology to our customers, and it strengthens our already considerable links to the foundries," said Lavi Lev, executive vice president and general manager of Cadence IC Solutions business. "Full-chip circuit simulation and device modeling are critical technologies for the advanced IC design market, and they enhance our presence in the manufacturing space. This presence increases in importance as we work together with our foundry and IDM partners to address design challenges at 90 nanometers and beyond."

The Celestry(TM) acquisition is part of Cadence's ongoing strategy to acquire companies whose technologies complement its own product development and strengthen its ability to provide customers with the most complete, end-to-end design solutions available. It also advances the Cadence(R) Design Chain Initiative, aimed at strengthening development relationships throughout the electronics industry.

"Celestry is delighted to team up with the world's leader in digital and analog IC design technology," said Zhihong Liu, president and CEO of Celestry. "This provides a great platform for Celestry to serve existing customers and semiconductor partners, and to expand the market for new technology, such as the full-chip circuit simulation product." Mr. Liu has been named a corporate vice president and will report to Yaakov Milstain, corporate vice president and general manager of the Cadence Custom IC group.

Cadence will retain most of Celestry's employees and will continue to support all of Celestry's customers and products.

About Cadence
Cadence is the largest supplier of electronic design technologies, methodology services, and design services. Cadence solutions are used to accelerate and manage the design of semiconductors, computer systems, networking and telecommunications equipment, consumer electronics, and a variety of other electronics-based products. With approximately 5,200 employees and 2002 revenues of approximately $1.3 billion, Cadence has sales offices, design centers, and research facilities around the world. The company is headquartered in San Jose, Calif., and traded on the New York Stock Exchange under the symbol CDN. More information about the company, its products and services are available at www.cadence.com.

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