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Phoenix, AZ (April 28, 2000) - ON Semiconductor today announced its initial public offering (IPO) of 30,000,000 shares of common stock at $16 per share. The stock will begin trading later today on the NASDAQ National Market System under the symbol "ONNN".

The net proceeds of this offering will be used to redeem the company's preferred stock and prepay a portion of high-yield notes and a portion of senior bank debt.

Morgan Stanley Dean Witter and Chase H&Q are lead manager and co-lead manager, respectively, for the offering. Lehman Brothers, Robertson Stephens and Salomon Smith Barney are the co-managers.

Copies of the prospectus relating to this offering may be obtained by contacting the underwriters:

Morgan Stanley Dean Witter
1585 Broadway, 5th floor
New York, New York 10036
(212) 761-4000

Chase H&Q
One Bush Street
San Francisco, CA 94104
(415) 439-3000

Lehman Brothers
555 California Street, 30th floor
San Francisco, CA 94104
(415) 274-5200

Robertson Stephens
555 California Street, Suite 2600
San Francisco, CA 94104
(415) 781-9700

Salomon Smith Barney
350 California Street, Suite 2100
San Francisco, CA 94104
(415) 955-1552

About ON Semiconductor

ON Semiconductor is one of the world's largest suppliers of analog, standard logic, and discrete semiconductors for data and power management. ON Semiconductor's products include integrated circuits for high-bandwidth data applications, analog ICs for power management and low-voltage power transistors. In addition to using micropackaging technology across all product families, ON Semiconductor offers the largest selection of discrete semiconductors in a variety of surface mount and standard packages. These semiconductors turn on and connect digital electronic products to our world. ON Semiconductor™ is the trade name of SCG Holding Corporation's affiliate, Semiconductor Components Industries, LLC.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Dan Martin
Director Investor Relations
ON Semiconductor™
602-244-4905

Linda Capcara
Group Manager
Brodeur Worldwide
602-954-0044

About onsemi

onsemi (Nasdaq: ON) is driving disruptive innovations to help build a better future. With a focus on automotive and industrial end-markets, the company is accelerating change in megatrends such as vehicle electrification and safety, sustainable energy grids, industrial automation, and 5G and cloud infrastructure. With a highly differentiated and innovative product portfolio, onsemi creates intelligent power and sensing technologies that solve the world’s most complex challenges and leads the way in creating a safer, cleaner, and smarter world.

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onsemi and the onsemi logo are trademarks of Semiconductor Components Industries, LLC. All other brand and product names appearing in this document are registered trademarks or trademarks of their respective holders. Although the Company references its website in this news release, information on the website is not to be incorporated herein.

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