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TELLABS AND CIENA SET RECORD DATES AND EXPECTED STOCKHOLDER MEETING DATES

Combined Company's Reporting Plans Discussed

Tellabs, Inc., and Ciena Corporation announced today that each company will hold a special meeting of shareholders on August 21, 1998, for the purpose of approving the proposed merger between the two companies.

The two companies' Boards of Directors, acting separately, have set Monday, July 20, 1998, as the record date for the determination of stockholders entitled to vote on the merger. Assuming the requisite approval by both companies' stockholders, the merger is expected to close on August 21 or soon thereafter. Details of the time and location of each stockholder meeting will be forthcoming in the proxy materials, which are expected to be mailed to stockholders on or about July 22.

On July 15, the Department of Justice granted early termination of the waiting period for antitrust review of the proposed merger under the Hart-Scott-Rodino Act.

The companies indicated that because of the timing of the anticipated closing of the merger, and because the merged company will be reporting on a calendar basis, Ciena does not expect to make a separate report of its fiscal third quarter results of operations ending August 1, 1998. The first report of the combined company is expected to occur in the third or fourth week of October 1998.

Based in Linthicum, Maryland, Ciena Corporation (NASDAQ:CIEN) is a worldwide market leader of open architecture, dense wavelength division multiplexing (DWDM) systems for long-distance and local exchange carriers. Additional information about Ciena can be found at www.ciena.com.

Tellabs designs, manufactures, markets and services voice and data transport and network access systems. The company's products are used worldwide by the providers of communications services. Tellabs stock is listed on the NASDAQ stock market (TLAB). Additional information about Tellabs can be found at www.tellabs.com.