Excel Switching Corporation Re-Launched As Independent Company.

Business Editors/High-Tech Writers

HYANNIS, Mass.--(BUSINESS WIRE)--June 2, 2003

Lucent Technologies' Open Network Services Platform Business Acquired By Investor Group Led By Soros Private Equity Investors LP and Oak Investment Partners

Excel Switching Corporation, a leading provider of carrier-class, open services platforms for communications networks, today announced that Lucent Technologies (NYSE: LU) has sold its Excel division (part of Lucent Technologies' OPENet(TM) Business Unit) to an investor group led by Soros Private Equity Investors LP and Oak Investment Partners. Terms of the deal were not disclosed. Under the arrangement, Excel will now act as a stand-alone entity and continue to serve new and existing customers. With more than 125 customers worldwide, Excel Switching is a well-established provider of enhanced services for today and tomorrow's wireline and wireless networks.

Also announced today, Lucent and Excel have entered into a worldwide Original Equipment Manufacturer (OEM) agreement by which Lucent will act as a sales channel for Excel's product family.

"As a long-standing partner of Excel, we are pleased with this deal," said Mary Stanhope, General Manager of Oryx Product Group at SchlumbergerSema. "As an independent player with strong financial backing, we feel confident that Excel's CSP will continue to be a core technology of our converged IP/PSTN products."

Effective June 1, 2003, Excel Switching Corporation will operate as a privately held company with more than 150 employees worldwide and will remain headquartered in Hyannis, MA. Marc J. Zionts, former President and CEO of Airslide Systems, a Northbrook, IL-based developer of mobile infrastructure technology, and former CEO of Westell (Nasdaq: WSTL) will serve as Excel's CEO. J.C. Murphy, former Vice President and General Manager of the Excel division under Lucent has been appointed as Excel's President. Bruce Albelda, CFO of Airslide, will join as Excel's Chief Financial Officer.

"Excel has enjoyed many successes in its 15-year history and the entire team is eager to continue the momentum as an independent company," stated Murphy. "With a sharper focus on our products and the needs of our customers and partners, combined with Lucent as one of our strategic sales channels, we are confident we have the global reach and financial backing to fully service and support our new and existing customers and grow Excel's business."

"As a separate business, Excel will be able to maintain its position as a provider of open platforms, and serve its developer customers with greater focus and dedication," said Ron DeLange, vice president and general manager of Lucent's OPENet Solutions. "At the same time, Lucent will be able to concentrate its investments on the critical parts of its portfolio going forward, while continuing to market Excel-based solutions as part of its converged solution offerings that address service provider needs."

Excel will be demonstrating the Converged Services Platform (CSP) at Supercomm 2003 at booth #23585.

About Excel Switching Corporation

Founded in 1988, Excel Switching Corporation is a leading provider of carrier-class, open services platforms for original equipment manufacturers, value-added resellers, and self-developing service providers worldwide. The Converged Services Platform (CSP), is the first open services platform that addresses carriers' needs for profitable applications by bridging the existing wired and wireless networks, as well as IP networks. By working closely with its application partners, Excel provides customers with highly reliable, localized solutions designed to meet their immediate and future needs. For more information, visit www.xl.com .

About Soros Private Equity Investors LP

Soros Private Equity Investors LP is a private investment fund managed by Soros Private Equity Partners, which is the private equity group within the Soros Fund Management LLC organization. Soros Private Equity Partners is an active investor across various stages of investment as well as many industries including Telecommunications, Media, Healthcare, Financial Services and Consumer

About Oak Investment Partners

Oak Investment Partners is a growth-oriented private equity firm with a total of $4.2 billion in committed capital. Investments are primarily focused on growth opportunities in enterprise application and infrastructure software, telecommunications equipment and services, data storage, outsourced services, retail, healthcare services and financial technology services. In its 25-year history, Oak has achieved a strong track record as a stage-independent investor funding more than 350 companies at various points in their lifecycle. Oak has been involved in the formation of companies, provided growth equity to mid- and late-stage businesses, and financed management-led buyouts of operating divisions and technology assets.

About Lucent Technologies

Lucent Technologies, headquartered in Murray Hill, N.J., USA, designs and delivers networks for the world's largest communications service providers. Backed by Bell Labs research and development, Lucent relies on its strengths in mobility, optical, data and voice networking technologies as well as software and services to develop next-generation networks. The company's systems, services and software are designed to help customers quickly deploy and better manage their networks and create new, revenue-generating services that help businesses and consumers. For more information on Lucent Technologies, visit its Web site at http://www.lucent.com.