Conexant Completes Sale/Lease-Back of Newport Beach Property; Company to Continue Occupancy Through Long-Term Lease-Back Agreement.

NEWPORT BEACH, Calif. -- Conexant Systems, Inc. (NASDAQ:CNXT), a worldwide leader in semiconductor solutions for broadband communications, enterprise networks and the digital home, today announced that it has completed a transaction with KBS Realty Advisors, LLC (KBS) for the sale of its 10-story building in Newport Beach, Calif. for $110 million. The sale was in accordance with the terms of Conexant's synthetic lease with Deutsche Bank AG, which included an option to buy or sell the twin towers upon the expiration of the lease. Deutsche Bank also received a payment of approximately $60 million upon closing, per the terms of the synthetic lease. In addition, the transaction included a long-term lease-back agreement with multiple renewal options. E[acute accent]The 373,447-square-foot property consists of two interconnected office towers that house Conexant and Mindspeed Technologies, Inc. (NASDAQ:MSPD) and is located at 4000 MacArthur Blvd. Conexant will continue to occupy the West tower, and Mindspeed will continue to lease the East tower from Conexant. E[acute accent]Grubb & Ellis Institutional Investment Group handled the building marketing and transaction, which was finalized on March 24, 2005.

E[acute accent]About Conexant

E[acute accent]Conexant's innovative semiconductor solutions are driving broadband communications, enterprise networks and digital home networks worldwide. The company has leveraged its expertise and leadership position in modem technologies to enable more Internet connections than all of its competitors combined, and continues to develop highly integrated silicon solutions for broadband data and media processing networks. E[acute accent]Key products include client-side xDSL and cable modem solutions, home network processors, broadcast video encoders and decoders, digital set-top box components and systems solutions, and dial-up modems. Conexant's suite of networking components includes a leadership portfolio of IEEE 802.11a/b/g-compliant WLAN chipsets, software and reference designs, as well as solutions for applications based on HomePlug(SM) and HomePNA(TM). The company also offers a complete line of asymmetric and symmetric DSL central office solutions, which are used by service providers worldwide to deliver broadband data, voice, and video over copper telephone lines. E[acute accent]Conexant is a fabless semiconductor company that recorded more than $900 million in revenues in fiscal year 2004. The company has approximately 2,400 employees worldwide, and is headquartered in Newport Beach, Calif. To learn more, please visit us at www.conexant.com.

E[acute accent]Safe Harbor Statement

E[acute accent]This press release contains statements relating to our future results (including certain projections and business trends) that are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those projected as a result of certain risks and uncertainties. These risks and uncertainties include, but are not limited to: the substantial losses the company has incurred recently; the cyclical nature of the semiconductor industry and the markets addressed by the company's and its customers' products; demand for and market acceptance of new and existing products; successful development of new products; the timing of new product introductions and product quality; the company's ability to anticipate trends and develop products for which there will be market demand; the availability of manufacturing capacity; pricing pressures and other competitive factors; changes in product mix; product obsolescence; the ability to develop and implement new technologies and to obtain protection for the related intellectual property; the uncertainties of litigation and the demands it may place on the time and attention of company management; and the risk that the businesses of Conexant and GlobespanVirata have not yet been completely and may not be integrated successfully, as well as other risks and uncertainties, including those detailed from time to time in our Securities and Exchange Commission filings. These forward-looking statements are made only as of the date hereof, and we undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise. E[acute accent]Conexant is a registered trademark of Conexant Systems, Inc. Other brands and names contained in this release are the property of their respective owners.