The Shopoff Group - Real Estate Investment Capital

Recent Press Release - Conexant Newport Beach

December 14, 2010

FOR IMMEDIATE RELEASE:

CONEXANT TO SELL PROPERTY IN NEWPORT BEACH FOR $23.5 MILLION

NEWPORT BEACH, Calif., Dec. 14, 2010 – Conexant Systems, Inc. (NASDAQ: CNXT), a leading supplier of innovative semiconductor solutions for imaging, audio, embedded modem, and video surveillance applications, today announced that it has signed an agreement with Uptown Newport LP to sell property adjacent to its Newport Beach headquarters for $23.5 million. Under the terms of the agreement, Conexant will retain an equity investment in the land in the form of a limited partnership interest of up to $2.2 million. Uptown Newport LP is a joint venture consisting of a fund controlled by New York-based DRA Advisors LLC and an affiliate of The Shopoff Group, L.P., a real estate investment firm based in Irvine, Calif. The transaction is subject to customary closing conditions, and expected to be completed by the end of December.

"The divestiture of our property in Newport Beach will strengthen our balance sheet and provide us with increased financial liquidity," said Scott Mercer, Conexant’s chairman and chief executive officer. "We plan to use the proceeds from the sale for general corporate purposes, including continued investments in our growth businesses."

The property, located on Jamboree Road in Newport Beach, consists of approximately 25 acres and includes two leased buildings. For additional information on the planned development, contact The Shopoff Group at (949) 417-4347. Jones Lang LaSalle, Inc. is serving as the exclusive broker for the deal, led by Baker Morphy, vice president in the company’s Capital Markets Group.

Editorial Contact: Gwen Carlson Conexant Systems, Inc. (949) 483-7363		Investor Relations Contact: Scott Allen Conexant Systems, Inc. (949) 483-2698

With more than 25 years of experience in real estate investment, land acquisition and development, The Shopoff Group has been a key player in more than 75 ventures in the past decade. The firm has directed the development of master-planned communities, and invested in office, commercial and residential income properties in more than 20 states, and currently has real estate holdings in California, Texas, Arizona, Michigan and Arkansas. In addition, The Shopoff Group spearheads land acquisition and entitlement projects primarily in the western United States. The firm's principals have more than six decades of combined experience and expertise in real estate acquisition, investment and operations. The Shopoff Group's corporate offices are located in Irvine, CA.

To learn more about The Shopoff Group, please contact Stephen Shopoff at (949) 417-1396 or visit our website at http://www.shopoff.com

Investing in The Shopoff Group limited partnerships involves a high degree of risk, including the possible complete loss of your investment. In addition to being an illiquid investment with an uncertain liquidity date, these investments may have other risks. The past performance of any of The Shopoff Group's Limited Partnerships is no guarantee of future results. View Risk Factors.