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Lucent Comments on 2Q02

Lucent comments on its second quarter of 2002, reaffirming that it continues to expect sequential improvement in the bottom line

March 12, 2002

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MURRAY HILL, N.J. - Lucent Technologies (NYSE: LU) today announced that it continues to expect sequential improvement in the bottom line for the second fiscal quarter of 2002 (excluding the tax charge noted later in this release), which is in line with the company's previously announced guidance. The company also said it now expects revenues to show a modest-to-10-percent improvement on a sequential basis for the second fiscal quarter instead of the previously announced guidance of sequential improvement in the top line of 10-to-15 percent. (All revenue and loss per share figures in this press release exclude optical fiber and are on a pro forma1 basis.) "The progress we are making with our restructuring program will enable us to deliver the fifth quarter in a row of sequential improvement in the bottom line," said Executive Vice President and Chief Financial Officer Frank D'Amelio. "However, large service providers continue to reduce or defer their spending as they rethink their business plans and conserve cash, which is having an impact on our top line." D'Amelio indicated that this ongoing uncertainty in the service provider market will most likely cause Lucent's return to profitability and positive cash flow to slip into fiscal year 2003. Lucent will update its guidance at its second quarter earnings announcement, which is planned for April 22, 2002. Lucent Technologies Inc.

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