Gary Smith CEO & President March 17, 2004

1. Merrill LynchGlobal Communications Conference CIENA: Beyond Optical Gary SmithCEO & President March 17, 2004

2. Disclosure Documents INVESTORS ARE URGED TO READ THE PROXY STATEMENT-PROSPECTUS RELATING TO THE PROPOSED CIENA/CATENA NETWORKS, INC. TRANSACTION AND THE INFORMATION STATEMENT-PROSPECTUS RELATING TO THE PROPOSED CIENA/INTERNET PHOTONICS, INC. TRANSACTION THAT CIENA EXPECTS TO FILE WITH THE SEC BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. THE PROXY STATEMENT-PROSPECTUS AND THE INFORMATION STATEMENT PROSPECTUS AND OTHER DOCUMENTS FILED WITH THE SEC BY CIENA MAY BE OBTAINED, WHEN THEY BECOME AVAILABLE, FOR FREE AT THE SEC’S WEB SITE, WWW.SEC.GOV. THE PROXY STATEMENT-PROSPECTUS, THE INFORMATION STATEMENT-PROSPECTUS AND THESE OTHER DOCUMENTS MAY ALSO BE OBTAINED FOR FREE FROM CIENA, OR WITH RESPECT TO THE TRANSACTION THAT INVOLVES IT, FROM EITHER CATENA NETWORKS OR INTERNET PHOTONICS. REQUESTS TO CIENA MAY BE DIRECTED TO CIENA, 1201 WINTERSON RD., LINTHICUM, MD, 21090-2205, ATTENTION: INVESTOR RELATIONS. REQUESTS TO CATENA MAY BE DIRECTED TO: CATENA NETWORKS, INC., 307 LEGGET DRIVE, KANATA, ON, K2K 3C8, ATTENTION: KEVIN FORBES, VP OF FINANCE. REQUESTS TO INTERNET PHOTONICS MAY BE DIRECTED TO: INTERNET PHOTONICS, INC., 1030 BROAD STREET, SHREWSBURY, NJ 07702, ATTENTION: STEVE WASZAK, CHIEF FINANCIAL OFFICER. CIENA, its directors, executive officers and certain other members of management and employees may be soliciting proxies from Catena stockholders. Catena Networks, Inc., its directors, executive officers and certain other members of management and employees may be soliciting proxies from Catena stockholders.

3. Forward-Looking Statements This presentation includes certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The forward-looking statements in this broadcast include statements about future financial and operating results, expected revenue growth, the expected state of the telecom industry and the proposed CIENA/Catena Networks, Inc. and CIENA/Internet Photonics, Inc. transactions. These statements are based on our expectations and are naturally subject to uncertainty and changes in circumstances. Actual results could vary materially from these expectations. More detailed information about the risks involved in investing in CIENA’s stock are set forth in CIENA’s Quarterly Report on Form 10-Q for the quarter ended January 31, 2004. CIENA is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.

4. Agenda • Where we were • What changed? • CIENA: Beyond optical • CIENA’s Transformation: Beyond the product portfolio

5. Long Haul DWDM Transport Long Haul DWDM Transport Long Haul DWDM Transport Long Haul DWDM Transport Long Haul DWDM Transport Long Haul DWDM Transport Core Optical Switching Core Optical Switching Core Optical Switching Core Optical Switching Core Optical Switching Core Optical Switching Long Haul DWDM Transport Long Haul DWDM Transport Long Haul DWDM Transport Long Haul DWDM Transport Long Haul DWDM Transport Long Haul DWDM Transport Core Optical Switching Core Optical Switching Core Optical Switching Core Optical Switching Core Optical Switching Core Optical Switching $50 $50 $50 $50 $50 $50 $50 $50 $50 $50 $50 $50 700 700 700 700 700 700 600 600 600 600 600 600 43% 43% 43% 43% 43% 43% 43% 43% 43% 43% 43% 43% 500 500 500 500 500 500 $ / Mbps $ / Mbps $ / Mbps $ / Mbps $ / Gb/s 400 400 400 400 400 400 99% 99% 99% 99% 99% 99% 99% 99% 99% 99% 99% 99% $ Millions $ Millions $ Millions $ Millions $ Millions $ Millions $ Millions $ Millions $ Millions $ Millions $ Millions $ Millions $25 $25 $25 $25 $25 $25 $25 $25 $25 $25 $25 $25 300 300 300 300 300 300 16% 16% 16% 16% 16% 16% 16% 16% 16% 16% 16% 16% 36% 36% 36% 36% 36% 36% 36% 36% 36% 36% 36% 36% 200 200 200 200 200 200 Capex Capex Capex Capex Capex Capex 100 100 100 100 100 100 $5 $5 $5 $5 $5 $5 $5 $5 $5 $5 $5 $5 0 0 0 0 0 0 CAPEX CAPEX CAPEX CAPEX CAPEX CAPEX CAPEX CAPEX CAPEX CAPEX CAPEX CAPEX CAPEX CAPEX CAPEX CAPEX CAPEX CAPEX OPEX OPEX OPEX OPEX OPEX OPEX REVENUE REVENUE REVENUE REVENUE REVENUE REVENUE CAPEX CAPEX CAPEX CAPEX CAPEX CAPEX OPEX OPEX OPEX OPEX OPEX OPEX REVENUE REVENUE REVENUE REVENUE REVENUE REVENUE Traditional Traditional Traditional Traditional Traditional Traditional Traditional Traditional Traditional Traditional Traditional Traditional CIENA CIENA CIENA CIENA CIENA CIENA CIENA CIENA CIENA CIENA CIENA CIENA 1996 1996 1996 1996 1996 1996 - - - - - - 2000 2000 2000 2000 2000 2000 2000 2000 2000 2000 2000 2000 - - - - - - 2003 2003 2003 2003 2003 2003 1996 1996 1996 1996 1996 1996 - - - - - - 2000 2000 2000 2000 2000 2000 2000 2000 2000 2000 2000 2000 - - - - - - 2003 2003 2003 2003 2003 2003 Acq’d Lightera, January, 1999 CIENA Led the Optical Core Revolution Success driven by disruptive economics Core Network CoreStream™ CoreDirector™

6. Acq’d ONI June 2002 ONLINE™ Metro MetroDirectorK2™ Acq’d Cyras Dec 2000 ONLINE Edge CIENA’s Optical Portfolio Expansion Access Network Core Network Metro Network CoreStream™ CoreDirector™

7. What Changed? Relative cost of capital equipment $650 / Mbps $18 / Mbps $650 / Mbps Long-Haul Network Service Distribution Network Service Distribution Network Atlanta CO Baltimore Alpharetta Linthicum • The core is no longer the primary challenge. • Carriers shifting emphasis from CAPEX/OPEX reduction to top-line growth. • Protecting voice revenues remains a priority. • Service providers looking for strategic partners to deliver profitable broadband services originating from the edge. • Large enterprises taking on increased network responsibility.

8. The Optical Market 2000 = $27.0B 2001 = $20.6B 2002 = $9.4B 2000 = $27.0B 2001 = $20.6B 2002 = $9.4B 2003 = $6.8B* 2004 = $6.8B** 2005 = $6.8B** * Plus or minus $500M. **Plus or minus $700M. The total optical networking market consists of optical switches, core/metro/access DWDM, ADMs, DCSs, and next-generation metro switches. Sources: Based on industry analyst & CIENA estimates. CIENA Proprietary and Confidential

9. Capture revenues by increasing service bundle Converge functionality to reduce CAPEX Control network to reduce OPEX Network Philosophy

10. VoD/HDTV Services Voice/video/ DSL Services ATM/FR/MPLS Services IP Services Storage Services ONLINE™ Metro Ethernet Services Private Line Services MetroDirectorK2™ ONLINE Edge Capturing Services Revenue Access Network Core Network Metro Network An intelligent optical core enables an all-service network, but CIENA’s portfolio lacked service delivery platforms customers needed to capture new revenue growth CoreStream™ CoreDirector™

11. CIENA’s Acquisition/Partnership Goals • Expand addressable market with service delivery platforms • Leverage core leadership/strengths • Leverage customer base/relationships • Improve CIENA’s business model • Drive revenue growth • Improve gross margins • Push toward sustained profitability

12. Disciplined Acquisition Strategy Candidates should: • Be disruptive to existing network economics • Fit with CIENA’s network vision • Have adjacency (via customer or technology) • Deliver good margin profile • Have channel fit or provide new channel • Have visible path to #3+ market share in growth market

13. VoD/HDTV Services Acq’d WaveSmith June 2003 Voice/video/ DSL Services DN™ 7 ATM/FR/MPLS Services IP Services Storage Services ONLINE™ Metro Ethernet Services Private Line Services MetroDirectorK2™ ONLINE Edge Capturing Services Revenue Access Network Core Network Metro Network CoreStream™ CoreDirector™

14.  MultiService Switching   Revenue per $ of CapEx  150% increase   Traditional DN Applications: DSL Aggregation, VoD, ATM,Frame Relay Disciplined Acquisition Strategy - WaveSmith Acquisition/Partner candidates should: • Be disruptive to existing network economics • Fit with CIENA’s network vision • Have adjacency (via customer or technology) • Deliver good margin profile • Have channel fit or provide new channel • Have visible path to #3+ market share in growth market

15. VoD/HDTV Services Voice/video/ DSL Services DN™ 7 ATM/FR/MPLS Services IP Services Acq’d Akara Aug 2003 CN™ 2000 Storage Services ONLINE™ Metro Ethernet Services Private Line Services MetroDirectorK2™ ONLINE Edge Capturing Services Revenue Access Network Core Network Metro Network CoreStream™ CoreDirector™

16.  SONET/SDH Storage   Revenue per $ of CapEx  230% increase   Traditional CN 2000 Applications Storage extension, Access WDM, Low-Cost Ethernet Transport Disciplined Acquisition Strategy - Akara Acquisition/Partner candidates should: • Be disruptive to existing network economics • Fit with CIENA’s network vision • Have adjacency (via customer or technology) • Deliver good margin profile • Have channel fit or provide new channel • Have visible path to #3+ market share in growth market

17. VoD/HDTV Services Laurel Partnership Sept 2003 Voice/video/ DSL Services Internet Photonics Catena DN™ 7 ATM/FR/MPLS Services IP Services CN™ 2000 ST™ (Laurel) Storage Services ONLINE™ Metro PacketWave™ (Luminous) Ethernet Services Private Line Services MetroDirectorK2™ Luminous Partnership Sept 2003 ONLINE Edge Capturing Services Revenue Access Network Core Network Metro Network CoreStream™ CoreDirector™

18. Background • A leading innovator in the broadband access market • Founded: December 1998 • Offices in Kanata, ON and RTP, NC • ~250 employees • Customers • Three RBOCs (including Bell South) • Major IOCs • CLECs • Products • CNX-5 • CN1000 • CN1000FX Yankee Group: Overall broadband equipment revenues in the access area will present a market opportunity in excess of $7.5 billion

19. Background • A leading supplier of carrier-grade optical Ethernet transport and switching solutions • Founded: 2000 • Offices in Shrewsbury, NJ and Marlborough, MA • ~110 employees • Customers • Six of the top ten U.S. cable operators (including Cablevision, Adelphia) • Carriers such as TDS Metrocom deploying Ethernet private-line services • Products • LightStack MXA • LightStack MX • LightStack GSLAM • LightHandler Infonetics Research: Worldwide Ethernet services market will grow from approximately $2.9 billion in 2003 to $7.5 billion by 2007.

20. Transaction Highlights • 77.5 million shares of CIENA common stock • Value: approximately $486.7 million • Catena shareholder approval req’d • Both subject to customary clearances • Anticipated closing: by the end of CIENA’s fiscal Q3 • 24.4 million shares of CIENA common stock • Value: approximately $150 million

21. CIENA’s Transformation: Beyond the Product Portfolio • Shifting investment to access/service delivery from core • Goal of reducing ongoing opex (exclusive of Catena/IPI) by 10% to 20% in FY ‘04 • 2002-2003 investments will enable us to maintain core leadership • Manufacturing nearly 100% outsourced • Currently working to consolidate contract manufacturers • Services business restructured to profitability • Sales force revamped to include skills/experience required for broader portfolio • 30+ channel partners developed to target enterprise opportunities/new geographies

22. FY ’01 $1.6 billion FY ’02 $361 million Core Networking Service/Tech Support Metro Networking Solutions & Software Transforming CIENA to Encompass Broadband Service Delivery From (2003) To Include (2005) CAPEX/OPEX Savings Service Revenues Value Proposition Technologies Core Optical Broadband Edge & Access High Quality/Low Volumes Direct Sales Only Low Cost/High Volumes Channels/Enterprise Pull Competencies FY ’03 $283 million FY ’04 (stated goal prior to Catena & IPI) Data Networking/ Service Delivery T.B.D.

23. Thank You!