Wichita, KS. — March 15, 2004 — Aeroflex Incorporated (Nasdaq: ARXX) today announced the latest enhancements to its P25 radio test system. The release of software version 1.8.1 for the IFR 2975 Project 25 radio test set enables new standard features such as exclusive E-manual support, enhanced Web server features, improved spectrum analyzer functions, Auto-tune, and transmission (TX) bit error rate (BER) measurements.

Continuing to expand the functionality of the 2975 radio test set for Project 25 testing, Aeroflex’s release 1.8.1 also includes new options for P25 radios based on the priorities of customers deploying P25 systems.

Release 1.8.1 provides new software options to be added to the IFR 2975 using Aeroflex’s "try before you buy" program. It also includes a new 40 kHz audio analyzer, logical trunked radio (LTR) trunking, receiver (RX) BER tests and a new Auto-test application.

New Standard features

E-Manual Support: The new E-manual support provides the ability to create user manuals and application notes for display directly on the IFR 2975 user screen. Users can now load a user manual directly into the IFR 2975, including "how-to" guides. This eliminates the need for test procedures and user manuals to be carried to remote sites, saving valuable time.

Enhanced Web Features: The expanded network IP support with DHCP support, provides streaming data via the Internet and the ability to pull and push files into the IFR 2975 with a Web-based file management system.

Improved Spectrum Analyzer Functions: Software version 1.8.1 includes the ability for an improved Zero Span mode that allows the capture of the power up ramp, or the power down ramp signal. In addition, the number of vertically and horizontally configurable markers has been increased to eight. The speed of the spectrum analyzer has been improved as well,

C4FM modulation fidelity improvements: The compatible four-level frequency modulation (C4FM) fidelity meter on the IFR 2975 now reports the frequency error and deviation at symbol time in addition to the modulation fidelity error.

Auto-tune: This gives the IFR 2975 the ability to automatically tune to the frequency of a transmitter. It also provides the ability to perform automatic harmonic analysis by automatically tuning to the harmonics.

TX BER: This new standard feature allows the user to measure modulator bit-error rate when transmitting specific tones to the IFR 2975.

New IFR 2975 Options

Audio Analyzer: This 0-40 kHz audio FFT analyzer comes with a Stimulus Signal function to generate pseudo-random bandwidth-limited noise and sine (x)/x (sinc) for audio system performance and six markers for measuring signal levels.

LTR Trunking: This new option provides support for mobile and repeater simulation mode for LTR trunked systems.

BER Tests: This new option provides an RX BER test using a pre-defined serial connection.

Auto-test: The Auto-test option provides automatic test and capture of test results for user-defined analog and P25 conventional digital tests.

Repeater Test Application: This repeater test application is designed for alignment of analog simulcast systems using a low-end frequency balance of 0-100 Hz.

Enhanced Channel Logging Capabilities: Software version 1.8.1 enhances the IFR 2975’s ability to log control channel and conventional P25 messages at any frequency (from 1 MHz to 2.7 GHz) and then display the ray symbols, the octets and then the actual information at the message level. These messages include: OSP Control Channel Messages, ISP Control Channel Messages and LCO Conventional Messages.

The IFR 2975 Continues to Lead the P25 Test Market

On February 23, 2004, Aeroflex announced that its Wichita division received an order for 83 IFR 2975 P25 Radio Test Systems from the Federal Bureau of Investigation to test the Bureau’s new digital radio technology. Designed for bench and field operations, the IFR 2975 incorporates advanced test features for secure and classified communication systems. Delivery of these test systems is expected to occur in the next 60 to 90 days.

The IFR 2975 is a digital radio test platform that tests radio equipment to ensure compliance under the Project 25 standards, including advanced parametric testing for compatible four-level frequency modulation and interoperability testing of P25 systems. As well as standard analog test features, the IFR 2975 provides P25 trunking support for VHF/UHF/700 and 800 Mhz bands, SmartNettm/SmartZonetm support, AES and DES encryption support, control message logging, encryption key management facilities, CQPSK generate and receive testing, and advanced CQPSK analysis for Linear Simulcast Modulation systems.

Created with a modular design, the IFR 2975 is simple to support and upgrade. Its 20 GB internal hard drive and 3.5-inch floppy drive simplify program installation and maximize flexibility in storage and recall of setup information and test data, and an internal PC based CPU enables the 2975’s new Auto-test software option. Software upgrades can be downloaded, allowing features to be added as new radio-specific tests are developed, reducing ownership and life-cycle costs.

Price and Availability

Delivery for the IFR 2975 is six weeks upon receipt of order. Software upgrade 1.8.1 is available immediately and can be downloaded at www.P25.com. Details on the software options, including price and availability can be obtained by contacting your Aeroflex sales representative at info-test@aeroflex.com.

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 website: 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 divesture 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.