Marvell Technology Group Ltd. Increases Share Repurchase Program by an Additional $500 Million

    Marvell Technology Group Ltd. Increases Share Repurchase Program by an
                           Additional $500 Million

PR Newswire

SANTA CLARA, Calif., Dec. 18, 2012

SANTA CLARA, Calif., Dec. 18, 2012 /PRNewswire/ --Marvell (NASDAQ: MRVL), a
global leader in integrated silicon solutions, announced that the Board of
Directors has authorized Marvell to repurchase up to an additional $500
million under its share repurchase program. With this increase, the
cumulative total share repurchase authorized will amount to $3.0 billion. As
of the end of Marvell's third fiscal quarter of 2013 ended October 27, 2012,
Marvell had made approximately $2.1 billion in share repurchases under the
prior authorization.

(Logo: http://photos.prnewswire.com/prnh/20100719/SF36559LOGO-b)

"We continue to believe a balanced approach to capital allocation to be in the
best interest of the company and consistent with the feedback from our
shareholders. Combined with our strong balance sheet, we believe this
increase in the share repurchase authorization also indicates confidence in
our underlying business and the ability to generate cash from our operations,"
said Sehat Sutardja, Chairman, President and CEO of Marvell.

Marvell intends to effect the repurchase program in accordance with the
conditions of Rule 10b-18 under the Exchange Act. The repurchase program will
be subject to market conditions and other factors and does not obligate
Marvell to repurchase any dollar amount or number of its common shares. The
program may be extended, modified, suspended or discontinued at any time. The
repurchases, which are expected to be funded from Marvell's current cash and
short-term investments position that stood at approximately $2.0 billion as of
October 27, 2012, may occur in open market, privately negotiated or block
transactions.

About Marvell

Marvell is a global leader in the development of storage, communications and
consumer silicon solutions. Marvell's diverse product portfolio includes
switching, transceiver, communications controller, wireless, and storage
solutions that power the entire communications infrastructure, including
enterprise, metro, home, and storage networking. As used in this release, the
term "Marvell" refers to Marvell Technology Group Ltd. and its subsidiaries.
For more information please visit www.marvell.com.

Safe Harbor Statement of Marvell under the Private Securities Litigation Act
of 1995:

This press release contains forward-looking statements that involve risks and
uncertainties, including statements regarding a balanced approach to capital
allocation to be in the best interest of Marvell's shareholders; Marvell's
confidence in its underlying business and ability to generate cash from its
operations; Marvell's ability to fund common share purchases out of its
current cash position; and the types of transactions pursuant to which
repurchases will be made under the share repurchase program. These statements
are not guarantees of results and should not be considered as an indication of
future performance. Actual events or results may differ materially from those
described in this document due to a number of risks and uncertainties,
including, among others, Marvell's reliance on major customers and suppliers;
market acceptance of new products; and other risks detailed in Marvell's SEC
filings. For other factors that could cause these forward-looking statements
to vary from expectations, please see the risk factors identified in Marvell's
latest Quarterly Report on Form 10-Q for the quarter ended October 27, 2012
and Current Reports on Form 8-K as filed with the SEC, and other factors
detailed from time to time in Marvell's filings with the SEC. Marvell
undertakes no obligation to revise or update publicly any forward-looking
statements.

Marvell and the M logo are registered trademarks of Marvell and/or its
affiliates.

For Further Information Contact:
Investor Relations Media Relations

Sukhi Nagesh       Daniel Yoo

Tel: 408-222-8373  Tel: 408-222-2187

sukhi@marvell.com  yoo@marvell.com



SOURCE Marvell

Website: http://www.marvell.com
 
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