LUCENT TECHNOLOGIES ANNOUNCES SALE OF OPTICAL FIBER BUSINESS FOR $2.75 BILLION

MURRAY HILL, N.J., July 24, 2001 - Lucent Technologies (NYSE: LU) today announced that it has entered into an agreement to sell its Optical Fiber Solutions (OFS) business for $2.75 billion to Furukawa Electric Co., Ltd. (Tokyo: 5801) and Corning Incorporated. (NYSE: GLW).

Lucent will receive $2.525 billion from Furukawa for the major portion of the business. Corning will pay $225 million in cash for Lucent's interests in two joint ventures in China - Lucent Technologies Shanghai Fiber Optic Co. Ltd. and Lucent Technologies Beijing Fiber Optic Cable Co., Ltd. In addition, Furukawa and CommScope (NYSE: CTV) have agreed to enter into one or more joint ventures that will be formed to operate the OFS businesses. Up to $250 million of Furukawa's payment to Lucent may be in CommScope securities.

The sale to Furukawa, which is subject to regulatory approval and other customary closing conditions, is targeted to close toward the end of the third calendar quarter. Sale of Lucent's interest in the China joint ventures is subject to various approvals, including Chinese governmental approval.

"We're pleased to have received the best value for this business under difficult market conditions," said Bill O'Shea, executive vice president, Corporate Strategy and Business Development at Lucent. "This sale supports Lucent's goal to focus on the core communications networking needs of the world's largest service providers, while better positioning the fiber business to serve its diverse customer base and make the investments it requires for future success."

O'Shea added, "Lucent and Furukawa have had a strong, profitable partnership in the fiber cable arena for nine years now through our Fitel joint venture. In addition, Corning's acquisition of our interest in the two China joint ventures keeps them aligned with a key player in the industry."

Lucent's Optical Fiber Solutions business employs more than 6,000 people, with its headquarters and largest manufacturing facility located in Norcross, Ga., a suburb of Atlanta. It also has wholly owned and joint-venture facilities in Carrollton, Ga., Massachusetts, North Carolina, New Jersey, Connecticut, Denmark, China, Japan, Russia, Germany and Brazil.

About Lucent Technologies
Lucent Technologies, headquartered in Murray Hill, N.J., USA, designs and delivers the systems, software and services for next-generation communications networks for service providers and enterprises. Backed by the research and development of Bell Labs, Lucent focuses on high-growth areas such as broadband and mobile Internet infrastructure; communications software; Web-based enterprise solutions that link private and public networks; and professional network design and consulting services. For more information on Lucent Technologies, visit its Web site at http://www.lucent.com.