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TELLABS AND CIENA Announce Merger to Proceed with Revised Exchange Ratio

New Record Dates Also To Be Set

Tellabs, Inc., and Ciena Corporation reaffirmed their intent to merge under a renegotiated merger agreement. Under the terms of the agreement as amended, all outstanding shares of Ciena common stock will be exchanged at the ratio of 0.8 shares of Tellabs common stock for each share of Ciena common stock.

The Boards of Directors of both companies have approved the renegotiated merger agreement and unanimously recommend its approval by their respective stockholders.

Both companies have special stockholder meetings scheduled for September 9, 1998, for the purpose of approving the merger. It is currently expected that such meetings will be adjourned to later dates to permit stockholders sufficient time to review revised materials that will be mailed shortly.