Aeroflex Incorporated Signs Licensing Agreement with L-3 Communications Celerity Systems.

Business Editors/High-Tech Writers

PLAINVIEW, N.Y.--(BUSINESS WIRE)--March 25, 2003

Aeroflex Incorporated (Nasdaq:ARXX), a leading designer, developer and manufacturer of microelectronics and automated testing solutions for the broadband communications market, today announced that it has signed exclusive technology license and master distribution agreements with Celerity Systems, Inc. (L-3 Celerity), a wholly owned subsidiary of L-3 Communications (NYSE:LLL), for the development and sale of test and measurement products.

Aeroflex and L-3 Celerity will be jointly targeting the Aerospace/Defense and Broadband Test and Measurement, Wireless Communications, and Signal Processing and Analysis markets.

"The licensing of the L-3 Celerity products and technologies expands Aeroflex's core test and measurement product offerings," said Len Borow, Executive Vice President/COO of Aeroflex. "We are enthusiastic about the L-3 Celerity relationship and believe the Celerity products enhance our product portfolio and our position within the marketplace enabling Aeroflex to provide testing solutions for all of its markets."

"Aeroflex is a very strong player in the ATE marketplace, and is poised to achieve even greater inroads through their progressive use of state-of-the-art technologies and synthetic instrument architectures," said L-3 Celerity President/Chief Technology Officer, Jack Anderson. "Celerity is very excited to be part of Aeroflex's vision for this next generation of test instrumentation, and to provide our broadband products and signal processing experience to help create the future of broadband test."

About Aeroflex

Aeroflex Incorporated, through its subsidiaries, designs, develops and manufactures state-of-the-art microelectronic module, integrated circuit, interconnect and testing solutions used in broadband communication applications. 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.

About L-3 Communications Celerity Systems

Celerity Systems, Inc., a wholly owned subsidiary of L-3 Communications, specializes in design, development, and production of broadband test and measurement solutions. With expertise in signal environment generation, wideband signal recording and analysis, and channel simulation, L-3 Celerity has become the leader in digital broadband test and measurement. For more information, visit them at www.celeritydbt.com, or call 408/873-1001. The company is located at 10411 Bubb Road, Cupertino, CA, 95014.

All statements other than statements of historical fact included in this press release regarding Aeroflex's financial position, 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 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, 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.