[Amps] sale of CPI pending, including Eimac Div

[John T. M. Lyles]

Contacts:	David Lilly
of Kekst and Company
    For The Cypress Group			 	  
212-521-4800


THE CYPRESS GROUP TO ACQUIRE
COMMUNICATIONS & POWER INDUSTRIES, INC.


New York, NY, and Palo Alto, CA, December 1, 2003 
­ The Cypress Group, the New York-based private 
equity firm, announced today that it has signed a 
definitive agreement to acquire Communications & 
Power Industries, Inc. (CPI) from Leonard Green & 
Partners, L.P. and other investors, in a 
transaction valued at approximately $300 million.

CPI is the nation¹s leading provider of vacuum 
electron devices (VEDs), satellite communications 
amplifiers, medical imaging generators, and other 
related equipment for defense and commercial 
applications.  Since the founding of its 
predecessor company in the 1940s, CPI has 
established its leadership position in VEDs, a 
technology recognized as a ³national asset² by 
the Department of Defense and considered a key 
technology for leading medical, communications, 
industrial and scientific applications.  As part 
of the Cypress transaction, members of CPI 
management will retain a significant equity stake 
in the Company.

³We are very pleased to announce our new 
investment in and partnership with CPI, one of 
the world¹s foremost designers and manufacturers 
of highly specialized microwave and radio 
frequency products,² said Michael F. Finley, 
Managing Director of The Cypress Group.  ³Under 
the leadership of Joe Caldarelli and his 
management team, CPI¹s employees have developed 
and brought to market product innovations with 
applications for the military, medical and 
communications industries that rank among the 
most advanced in the world.  We look forward to 
working with the management team to support the 
Company¹s growth.²

³The Cypress Group has an established record of 
partnering with first class companies to foster 
growth and innovation,² said Joe Caldarelli, 
Chief Executive Officer of CPI.  ³I am delighted 
to welcome Cypress to CPI.  With Cypress¹ 
financial support, we will continue to develop 
innovative technologies that lead our 
marketplace.²  

Headquartered in Palo Alto, CA, CPI¹s operations 
fall within five divisions:  Microwave Power 
Products, Satcom, Communications & Medical 
Products, EIMAC, and Beverly Microwave Products. 
CPI maintains manufacturing facilities in Palo 
Alto, CA; San Carlos, CA; Beverly, MA; and 
Georgetown, Ontario and has a worldwide sales and 
marketing network.  

Communications & Power Industries, Inc. is a 
world leader in the development, manufacture and 
distribution of components for systems used to 
generate, amplify and transmit high-power/ 
high-frequency microwave and radio frequency 
signals. End-use applications of these systems 
include the transmission of radar signals for 
navigation and location; transmission of false 
signals for electronic countermeasures; 
transmission and amplification of voice, data and 
video signals for broadcasting, internet and 
telecommunications; and various other uses in the 
industrial, medical and scientific markets. 

Leonard Green & Partners is the largest private 
equity firm in Southern California, managing in 
excess of $3.6 billion of private equity capital 
and specializing in management buyouts of middle 
market companies.  Since its founding in 1989, 
LGP has invested in 27 transactions.  The firm¹s 
current portfolio of companies include Petco 
Animal Supplies, Inc., VCA Antech, Inc., Rite Aid 
Corporation, Gart Sports Company, White Cap 
Industries, Inc., Liberty Group Publishing, Inc. 
and Leslie¹s Poolmart, Inc. 

The Cypress Group L.L.C. manages two private 
equity funds with more than $3.5 billion in 
commitments. Cypress invests in privately 
negotiated transactions, targeting operating 
businesses and investing with management to 
foster continued growth. Investments made by 
Cypress include Cinemark, Inc.; AMTROL, Inc.; 
Williams Scotsman, Inc.; WESCO International, 
Inc.; ClubCorp, Inc.; Danka Business Systems PLC; 
MedPointe Inc.; Montpelier Re Holdings Ltd.; 
Republic National Cabinet Corp.; Catlin Group 
Ltd.; The Meow Mix Company; and the pending 
acquisition of Financial Guaranty Insurance 
Company (FGIC).