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About Ciena

Ciena Corporation’s market-leading optical networking systems form the core for the new era of networks and services worldwide. Ciena’s LightWorks™ architecture enables next-generation optical services and changes the fundamental economics of service-provider networks by simplifying the network and reducing operating costs. Additional information about Ciena can be found at http://www.ciena.com.

ABOUT WAVESMITH

WaveSmith was founded in March of 2000 to redefine multiservice switching. Its approach empowers carriers to cap their investments in aging technology while they begin deploying next-generation platforms. In this way, WaveSmith embraces carriers’ near-term, tactical requirements as well as their strategic vision. The WaveSmith Distributed Node (DN)™ multiservice switch platform is the first product line designed from the ground up to sustain and leverage today's layer 2 infrastructure with an evolutionary path to future technologies. For more information, visit WaveSmith at www.wavesmithnetworks.com.

Note to Investors

This press release includes certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The forward-looking statements in this document include statements about future financial and operating results and the proposed Ciena/WaveSmith Networks transaction. These statements are based on our expectations and are naturally subject to uncertainty and changes in circumstances. Actual results could vary materially from these expectations. The following factors, among others, could cause actual results to differ materially from those described herein: inability to obtain, or meet conditions imposed for, governmental and other approvals for Ciena’s acquisition of WaveSmith Networks, including approval by the stockholders of WaveSmith Networks; the risk that the Ciena and WaveSmith Networks businesses will not be integrated successfully; the costs related to the merger; and other economic, business, competitive and/or regulatory factors affecting Ciena’s and WaveSmith Networks’ business generally. There can be no assurance that the contemplated advantages will be achieved upon any consummation of the merger. More detailed information about these and other factors is set forth in Ciena’s filings with the Securities and Exchange Commission, including Ciena’s Annual Report filed on Form 10-K for the fiscal year ended October 31, 2002 and its Quarterly Report on Form 10-Q for the quarter ended January 31, 2003, especially in the Management’s Discussion and Analysis section, and its Current Reports on Form 8-K. Ciena is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.

Ciena, its directors, executive officers and certain other members of management and employees may be soliciting proxies from WaveSmith Networks stockholders. WaveSmith Networks, Inc., its directors, executive officers and certain other members of management and employees may be soliciting proxies from WaveSmith Networks stockholders.

INVESTORS ARE URGED TO READ THE PROXY STATEMENT - PROSPECTUS RELATING TO THE FOREGOING TRANSACTION THAT Ciena HAS FILED WITH THE SEC BECAUSE IT CONTAINS IMPORTANT INFORMATION. THE PROXY STATEMENT - PROSPECTUS AND OTHER DOCUMENTS FILED WITH THE SEC BY Ciena MAY BE OBTAINED FOR FREE AT THE SEC’S WEB SITE, WWW.SEC.GOV. THE PROXY STATEMENT-PROSPECTUS AND THESE OTHER DOCUMENTS MAY ALSO BE OBTAINED FOR FREE FROM Ciena OR WAVESMITH NETWORKS. REQUESTS TO Ciena MAY BE DIRECTED TO Ciena, 1201 WINTERSON RD., LINTHICUM, MD, 21090-2205, ATTENTION: INVESTOR RELATIONS. REQUESTS TO WAVESMITH NETWORKS MAY BE DIRECTED TO: WAVESMITH NETWORKS, INC., 35 NAGOG PARK, ACTON, MA, 01720, ATTENTION: CORPORATE COMMUNICATIONS.