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Test & Measurement | March 14, 2007

Aeroflex in agreement to be acquired

Aeroflex has entered into an agreement to be acquired by General Atlantic and Francisco Partners in a transaction valued at approximately $1.0 billion.
The agreement contains a provision under which Aeroflex may solicit alternative proposals from third parties through April 18, 2007. If the Company accepts a superior proposal, a break-up fee would be payable by the Company. There can be no assurance that any superior proposal will be forthcoming. Aeroflex does not expect to disclose developments with respect to this solicitation process unless and until its Board of Directors has made a decision.

The closing of the transaction is subject to the approval of the Aeroflex stockholders and other customary conditions. Bear, Stearns & Co. Inc. served as Aeroflex's financial advisor in connection with the transaction. Banc of America Securities LLC was also retained to provide certain additional financial advisory services to the Aeroflex Board in connection with the transaction. Skadden, Arps, Slate, Meagher & Flom LLP served as the Company's legal counsel.

JP Morgan and Lehman Brothers Inc. are providing financing for the transaction. JP Morgan, Lehman Brothers Inc. and Deutsche Bank Securities Inc. acted as financial advisors for General Atlantic and Francisco Partners. Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel to General Atlantic and Francisco Partners.

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