As previously reported, on November 2, 2016, Brocade Communications
Systems, Inc. (the Company) entered into an Agreement and Plan of Merger with Broadcom Limited (Broadcom), Broadcom Corporation and Bobcat Merger Sub, Inc. (the Merger Agreement) pursuant to which Broadcom agreed
to acquire the Company. Broadcom Corporation subsequently assigned all of its rights under the Merger Agreement to LSI Corporation on December 19, 2016.
On July 3, 2017, the U.S. Federal Trade Commission (the FTC) accepted a proposed consent order for public comment in
connection with the proposed acquisition (the Merger) contemplated by the Merger Agreement. Broadcom has agreed to certain commitments as set forth in the proposed consent order. The proposed consent order is subject to public comment
for 30 days and to final approval by the FTC, although this will not affect the parties ability to close the Merger when all other conditions to closing have been satisfied or waived.
As previously announced, the Companys stockholders approved the Merger on January 26, 2017. The Company expects that the Merger
will be completed on or about July 31, 2017, assuming the timely satisfaction or waiver of the other closing conditions set forth in the Merger Agreement, including affirmative approval or clearance under the antitrust laws of the Peoples
Republic of China and clearance from the Committee on Foreign Investment in the United States.
Legal Notice Regarding Forward-Looking Statements
This communication, and any documents to which the Company refers you in this communication, contains not only historical information,
but also forward-looking statements made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent the Companys current expectations or beliefs concerning future
events, including but not limited to the expected completion and timing of the proposed transaction and other information relating to the proposed transaction. Without limiting the foregoing, the words believes, anticipates,
plans, expects, intends, forecasts, should, estimates, contemplate, future, goal, potential, predict,
project, projection, target, seek, may, will, could, should, would, assuming and similar expressions are intended to identify
forward-looking statements. You should read any such forward-looking statements carefully, as they involve a number of risks, uncertainties and assumptions that may cause actual results to differ significantly from those projected or contemplated in
any such forward-looking statement. Those risks, uncertainties and assumptions include, (i) the risk that the proposed transaction may not be completed in a timely manner or at all, which may adversely affect the Companys business and the
price of the Companys common stock, (ii) the failure to satisfy any of the conditions to the consummation of the proposed transaction, including the receipt of certain governmental and regulatory approvals, (iii) the occurrence of
any event, change or other circumstance that could give rise to the termination of the Merger Agreement, (iv) the outcome of any legal proceedings that have been or may be instituted against the Company related to the Merger Agreement or the
proposed transaction, and (v) other risks described in the Companys and Broadcoms filings with the SEC, such as their respective Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K. Forward-looking statements speak only
as of the date of this communication or the date of any document incorporated by reference in this document. Except as required by applicable law or regulation, the Company does not assume any obligation to update any such forward-looking statements
whether as the result of new developments or otherwise.