MIPS Technologies Adopts Rights Agreement Review Policy

MOUNTAIN VIEW, Calif., - November 18, 2003 - MIPS Technologies, Inc., (Nasdaq: MIPS), announced today that on November 12, 2003, the Board of Directors of MIPS Technologies, Inc. adopted a new policy regarding the company's "Amended and Restated Preferred Stock Rights Agreement" dated September 11, 2000, as amended. Under the new policy, a committee comprised entirely of independent directors will review and evaluate the Rights Agreement at least once every three years to ensure that maintaining the Rights Agreement continues to be in the best interests of the company and its stockholders. After each review, the committee will report its conclusions to the full Board of Directors, and if appropriate, may recommend that the Board modify or redeem the rights issued under the Rights Agreement. This policy is commonly referred to as a TIDE (three-year independent director evaluation). The adoption of this policy resulted from the Board's review of its corporate governance policies.

MIPS Technologies, Inc.
MIPS Technologies, Inc. (Nasdaq: MIPS) is a leading provider of industry standard processor architectures and cores for digital consumer and business applications. The company drives the broadest architectural alliance that is delivering 32- and 64-bit embedded RISC solutions. The company licenses its intellectual property to semiconductor companies, ASIC developers, and system OEMs. MIPS Technologies, Inc. and its licensees offer the widest range of robust, scalable processors in standard, custom, semi-custom and application-specific products. MIPS Technologies, Inc. is based in Mountain View, California, and can be reached at 650-567-5000 or www.mips.com.