Aeroflex Announces PN9500 Wide-band Noise and Jitter Analyzer with Industry's Lowest Noise Floor for Superior Jitter Testing.

Business Editors/High-Tech Writers

International Microwave Symposium

FORT WORTH, Texas--(BUSINESS WIRE)--June 8, 2004

With Less Than One Picosecond of Residual Noise, the PN9500

Outperforms Competitive Instruments and Costs

Thousands of Dollars Less

Aeroflex Incorporated (Nasdaq: ARXX) today announced the PN9500 Wide-band Noise and Jitter Analyzer. With less than one picosecond of residual noise, the PN9500 is the quietest instrument on the market for measuring jitter and costs thousands of dollars less than competitive instruments. With a starting price of just $37,500 at 1 MHz offset, the PN9500 offers superior jitter testing at an affordable price.

The modular PN9500 has the lowest residual noise floor (0.001 picoseconds) of any jitter test instrument and is the only test system on the market capable of measuring state-of-the-art phase noise up to 500 MHz. The PN9500 Wide-band Noise and Jitter Analyzer provides superior performance for engineers who are designing digital chips, measuring clock devices, manufacturing memory devices, or charged with improving their networks' system performance.

PN9500 Reduces Noise That Other Instruments Add In

Today, communications engineers must improve their chip or transmission noise performance to meet more demanding noise specifications. Engineers must continually find methods of improving their transmission performance while lowering bit-error rates to meet tight compliance specifications. Other jitter test instruments such as oscilloscopes add noise into the device or system under test, which then has to be factored into the margin of tolerance in the noise allowance. Now, with the introduction of the PN9500, designers have for the first time an instrument that does not use up a large part of their margin for noise tolerance. They can create more efficient designs without having to budget for their test instrument's noisy characteristics.

PN9500 Unique Combination of Features is Ideal for Carrier Analysis

The modular design of the PN9500 can be configured in many different ways to measure any kind of frequency source from 2 MHz to 140 GHz. It is ideal for clocks and carrier quality analysis with:

   --  SPEED:                 1kHz to 40MHz, 10 averages in less than
                              30 sec.

   --  DYNAMIC RANGE:         0.001 ps RMS on a 10 GHz clock buffer

   --  WIDE OFFSET:           up to 500 MHz

   --  TRUE P-P JITTER:       selectable mask filters and peak to
                              peak detector

   --  EASE OF USE:            "AUTO" functions

   --  PLUG-IN ARCHITECTURE:  compact and always upgradeable

The PN9500 is the only test system capable of measuring state-of-the-art phase noise up to 500 MHz offset. The PN9500 is unique because it is an upgradeable system with a combination of speed (full FFT analysis), wide dynamic range, wide offset, true peak-to-peak jitter measurement capability, a Windows-based graphical user interface, and a modular architecture that is fully compatible with all Aeroflex PN9000 test system modules. The PN9500 is also compatible with multiple external reference sources and down-converters.

Price and Availability

The PN9500 Wide-band Noise and Jitter Analyzer is available immediately upon receipt of order. The PN9500 is modular with many configurations and options available. The base price for the PN9500 at 1 MHz offset is U.S. $37,500. At 500 MHz offset with all detectors to 26.5 GHz, a typical PN9500 configuration is priced at U.S. $63,000.

About Aeroflex

Aeroflex Incorporated is a global provider of high-technology solutions to the aerospace, defense and broadband communications markets. The Company's diverse technologies allow it to design, develop, manufacture and market a broad range of test, measurement and microelectronic products. The Company's common stock trades on the Nasdaq National Market System under the symbol ARXX and is included in the S&P SmallCap 600 index. Additional information concerning Aeroflex Incorporated can be found on the Company's Web site: www.aeroflex.com.

All statements other than statements of historical fact included in this press release regarding Aeroflex's financial position, business outlook, business strategy and plans and objectives of its management for future operations are forward-looking statements. When used in this press release, words such as "anticipate," "believe," "estimate," "expect," "intend" and similar expressions, as they relate to Aeroflex or its management, identify forward-looking statements. Such forward-looking statements are based on the current beliefs of Aeroflex's management, as well as assumptions made by and information currently available to its management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors, including but not limited to, competitive factors and pricing pressures, the divestiture of the thin film interconnect manufacturing business, the integration of the business of each of MCE Technologies, Celerity Systems and the Racal Instruments Wireless Solutions Group with Aeroflex, changes in legal and regulatory requirements, technological change or difficulties, product development risks, commercialization difficulties and general economic conditions. Such statements reflect our current views with respect to the future and are subject to these and other risks, uncertainties and assumptions relating to Aeroflex's financial condition, results of operations, growth strategy and liquidity. Aeroflex does not undertake any obligation to update such forward-looking statements.