Lucent Completes Agere Spinoff

MURRAY HILL, N.J. -- Lucent Technologies (NYSE: LU) today announced the completion of its spinoff of Agere Systems. Lucent completed the spinoff on June 1, 2002, by distributing 37 million shares of Agere Class A common stock and 908.1 million shares of Agere Class B common stock to the holders of Lucent common stock as of the close of business on May 3, 2002, the record date. "We are proud to launch Agere as a separate company," said Lucent Chief Executive Officer Patricia Russo. "We wish them every success as they begin this exciting new chapter in their history." Under the terms of the spinoff, Lucent shareowners received the following number of Agere shares: * One share of Agere Class A common stock was issued for every 92.768991 shares of Lucent common stock owned as of May 3, 2002. * One share of Agere Class B common stock was issued for every 3.779818 shares of Lucent common stock owned as of May 3, 2002. Both A and B shares of Agere were distributed to Lucent shareowners as a tax-free dividend. Lucent shareholders will receive cash in the next couple of weeks for any fractional shares of Agere they would have received. As of today, Lucent stock will begin trading ex-Agere, and Agere will now trade with two classes of stock: Class A (NYSE: AGR.A) and Class B (NYSE: AGR.B). Lucent Technologies Inc. Agere Systems