LSI Completes Merger with Agere Systems


MILPITAS, Calif., April 2:LSI Logic Corporation (NYSE:LSI) announced today that it has completed its merger with Agere Systems Inc. (NYSE:AGR), effective April 2, and that it will rename the newly merged company LSI Corporation. The company will continue to trade under the stock symbol LSI on the New York Stock Exchange.

"Today's merger marks the creation of a new company that unites two of the leading innovators in silicon-to-systems solutions," said Abhi Talwalkar, LSI Logic president and chief executive officer. "Moving forward, our combined scale and resources will strengthen our ability to create value for customers and shareholders and win in our key markets."

The new LSI is uniquely positioned as a semiconductor and storage systems leader with an unparalleled innovation pipeline and a broad array of competitive, customer-valued products and solutions in large and growing markets. Its well-established presence in the storage, networking and consumer electronics markets should enable the company to drive sustainable long-term growth and shareholder value through the strengthening of its platforms and the expansion of its existing customer and partner relationships.

Talwalkar added, "In the months since our merger announcement, we have developed detailed integration plans that should enable us to hit the ground running today as a single organization with clear leadership and goals. We have assembled a dynamic organization that blends the unique strengths of each company and we are confident that we can achieve the synergies and growth that we first outlined in December."

On December 4, 2006, LSI and Agere announced a definitive merger agreement whereby Agere shareholders would receive 2.16 shares of LSI for each share of Agere they own. Shareholders of both companies approved the merger at separate meetings held on March 29.

The two companies had combined revenue of $3.5 billion for the 12 months ended December 31, 2006. The new LSI operates in more than 20 countries, with a workforce of approximately 9,100 employees, including nearly 4,300 engineers. The company owns a substantial patent portfolio consisting of more than 10,000 issued and pending U.S. patents.

About LSI Logic

LSI Logic Corporation (NYSE:LSI) is a leading provider of innovative silicon, systems and software technologies that enable products which seamlessly bring people, information and digital content together. The company offers a broad portfolio of capabilities and services including custom and standard product ICs, adapters, systems and software that are trusted by the world's best known brands to power leading solutions in the Storage, Networking and Consumer markets. More information is available at www.lsi.com

Source: LSI Logic Corporation

CONTACT: media, Bob Guenther, +1-610-712-1514, robert.guenther@lsi.com, investors, Sujal Shah, +1-610-712-5471, sujal.shah@lsi.com, both of LSI Logic Corporation
Web site: http://lsilogic.com/

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