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CIENA ANNOUNCES COMPLETION OF WAVESMITH TRANSACTION

Ciena® Corporation (NASDAQ: CIEN), a leading provider of global network solutions, today announced it completed its acquisition of WaveSmith Networks, Inc. According to the agreement announced April 9, 2003, Ciena acquired all outstanding shares of WaveSmith and assumed all outstanding options and warrants in exchange for approximately 36 million shares of Ciena common stock.

Excluding the value of Ciena common stock issuable to Ciena as a result of a previous investment in WaveSmith, the price paid in the transaction was approximately $178 million, based on the closing price of Ciena’s common stock on Friday, June 13, 2003.