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Executives

Jean Rankin – EVP, General Counsel and Secretary

Greg Reyes – Chairman

Abhi Talwalkar – President and CEO

LSI Corporation (LSI) 2012 Annual Meeting of Stockholders Call May 9, 2012 12:00 PM ET

Jean Rankin

Good morning and welcome to LSI Corporation’s 2012 Annual Meeting of Stockholders. I am Jean Rankin, Executive Vice President, General Counsel and Secretary of LSI. Before we begin the formal meeting, we ask that you turn off all phones, pagers and other electronic devices.

We are holding this meeting to consider and vote on four proposals. The election of directors, the ratification of the audit committee selection of our independent auditors, an advisory proposal to approve our executive compensation and the approval of our amended 2003 equity incentive plan. We have (inaudible) with an agenda which outlines the order of meeting for today’s meeting as well as meeting rules.

In order to ensure that the business of the meeting proceeds in orderly fashion, we ask that you please observe the rules. The rules will be filed with the minutes of today’s meeting.

I have proof by affidavit from Broadridge Financial Solutions stating that notice of this meeting has been properly given to stockholders of record on the record date. IVS Associates is the inspector of election and have assigned an oath of office. The affidavit of mailing and the oath of inspector of election will be filed with the minutes of this meeting.

We have in present in person or by proxy (inaudible) number of shares that constitute a quorum, so the meeting is duly constituted.

Now let me summarize the agenda for the meeting. First, Greg Reyes, the Chairman of the Board of Directors will introduce the other members of the Board of Directors. Next before we close the polls to a vote on the items of business that are described in the proxy statement. Afterwards, the polls will be closed. While the results of the vote are being tabulated, our CEO Abhi Talwalkar will make a few remarks. Afterwards I will summarize the preliminary results of the vote when the formal business of the meeting is completed, we will be happy to respond to questions.

I would like to call your attention to the Safe Harbor statement displayed in the screen. At this time, it’s my pleasure to introduce Greg Reyes, who will serve as Chairman of the meeting.

Greg Reyes

Good morning everyone. Welcome. Before we proceed with voting, I would like to introduce the other members of the Board of Directors here today. Please stand as I call your name. Charles Haggerty, Retired Chairman, President and Chief Executive Officer of Western Digital Corporation, President and Chief Executive Officer, LeConte Associates. Mr. Haggerty is Chairman of the Compensation Committee. Rick Hill wearing an orange shirt. He is Chief Executive Officer and the Director of Novellus Systems. John Miner, Retired President of Intel Capital, Venture Capitalist and Managing Director of Pivotal Investments. Mr. Miner is Chairman of the Nominating and Corporate Governance Committee. Arun Netravali, Managing Partner of OmniCapital Group. Charles Pope, retired Chief Financial Officer of Seagate Technology. Michael Strachan, Retired Ernst & Young partner. Mr. Strachan is Chairman of the Audit Committee. Susan Whitney, Retired General Manager of IBM System. And Abhi Talwalkar, President and CEO of LSI Corporation. I am Management Consultant and was a Chairman and Chief Executive Officer of Sunward Technologies.

Next, I would like to introduce Mike McKlouken (ph), a partner of PricewaterhouseCoopers, our independent auditors. Mr. McKlouken will be available after the meeting to answer any questions that you may have. Jean, back to you.

Jean Rankin

Turning to the voting, we will vote by ballot. With respect to each matter to be voted on at this meeting as of 9 AM today, the polls are open. Later, I will announce when the poll is closed after which no additional votes or proxies or changes or (inaudible) will be accepted. The matters to be voted on today are set forth in the proxy statement. Proposal one is to elect the slate of individuals named in the proxy statement to act as Directors of the company for the ensuing or until the successors are elected. Proposal two is to ratify the selection of PricewaterhouseCoopers LLP as the company’s independent auditors for 2012. Proposal three is an advisory vote to approve our executive compensation. Proposal four is to approve our amended 2003 equity incentive plan.

Has anyone have questions or comments about the proposals on which we are voting? Okay. If you have turned in a proxy and do not intend to change your vote, then it’s not necessary that you vote now. If you didn’t not turn in a proxy or you wish to change your vote, please raise your hand and we will distribute a ballot. If you hold a proxy to vote shares beneficially owned by someone else, you should get the proxy signed by that person in a ballot to one of the ushers. Please note that if you own shares through a brokerage firm, you may vote now only if the firm is giving you a proxy.

Okay. This concludes the formal part of the meeting. The polls are now close. Abhi will now make a few remarks.

Abhi Talwalkar

Thank you, Jean. It’s an exciting time for LSI. We are starting to see the fruits of our labor over the last three, four years. We have successfully repositioned and strong secular trends associated with data growth and traffic growth and associated with fantastic markets with the datacenter, mobile networks as well as flash. We prepared a small presentation that’s available on the web for you to get updated on LSI as well as the recent financial performance which certainly proves positive relative to the repositioning of the company. I would also encourage our shareholders that have not already to also review the Analyst Day presentation and videotaping that we did very recently in March which does a very comprehensive job of making the people aware of strategy, the products that we are pursuing and the results that we have today. Thank you.

Jean Rankin

Thanks, Abhi. We’ve completed a preliminary count of the votes. Each of the nominees has been elected to the Board. The selection of PricewaterhouseCoopers LLP as LSI’s independent auditors for 2012 has been ratified. Stockholders have approved our executive compensation. And our amended 2003 equity incentive plan has been approved. We will post the final vote and results on the Investor Relations portion of our website and we will also file them with the Securities and Exchange Commission on Form 8-K in the next few days. Greg?

Greg Reyes

Thank you, Jean. The 2012 Annual Meeting of Stockholders of LSI Corporation stands adjourned. We will now take questions that anyone may have. We will allow each person who would like to ask a question to speak for up to two minutes and ask that you respect this limit. Please wait for a microphone before you ask your questions. Thank you. Thank you for attending.

Question-and-Answer Session

[No Q&A session for this event]

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