LSI Announces Redemption of Agere Systems 6.5% Convertible Subordinated Notes Due...

LSI Announces Redemption of Agere Systems 6.5% Convertible Subordinated Notes
Due 2009

MILPITAS, Calif., May 18 /PRNewswire-FirstCall/ -- LSI Corporation (NYSE: LSI)
today announced that all of the outstanding 6.5% Convertible Subordinated
Notes due 2009 of Agere Systems Inc. have been called for redemption on June
15, 2009, at a redemption price of 100.43% of the principal amount of each
note plus accrued interest to the date of redemption. LSI has guaranteed the
notes.

Prior to close of business on June 12, 2009, holders may convert their notes
into shares of LSI common stock at a conversion price of $15.3125 per share.
On May 18, 2009, the last reported sale price of LSI common stock on the New
York Stock Exchange was $3.87 per share.

As of May 15, 2009, $243.0 million aggregate principal amount of the notes
were outstanding. The aggregate redemption price will be approximately $244.0
million, assuming no holders of notes convert their notes into shares of LSI
common stock.

The redemption price of the notes will be paid from cash on hand. As a result
of the redemption, LSI expects to incur a pre-tax charge of approximately $1.0
million and realize non-cash income of approximately $1.6 million that will be
reflected in its results for the quarter ending July 5, 2009.

This news release is not a notice of redemption. The redemption is made solely
pursuant to the notice of redemption delivered on May 15, 2009, to record
holders of the notes.

About LSI
LSI 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 and Networking markets. More
information is available at www.lsi.com.

Editor's Notes:
1. All LSI news releases (financial, acquisitions, manufacturing,
products, technology, etc.) are issued exclusively by PR Newswire and
are immediately thereafter posted on the company's external website,
http://www.lsi.com.
2. LSI and the LSI logo design are trademarks or registered trademarks of
LSI Corporation.
3. All other brand or product names may be trademarks or registered
trademarks of their respective companies.

SOURCE LSI Corporation

Investor Relations, Sujal Shah, +1-610-712-5471, sujal.shah@lsi.com, or Media,
Mitch Seigle, +1-408-954-3225, mitch.seigle@lsi.com, both of LSI Corporation