Lucent Securities Settlement

Lucent Technologies Inc. Securities Litigation is one of several actions pending against Lucent Technologies, Inc. ("Lucent") covered by a proposed global settlement. This action applies to all persons or entities (the "Class") who purchased the common stock of Lucent during the period October 26, 1999 through and including December 20, 2000 (the "Class Period"), and who were damaged thereby.

If you are a Class Member, you ultimately may be entitled to receive benefits pursuant to the proposed Settlement. The Settlement for the Common Stock Purchaser Class consists of $113,400,000 in cash, $246,750,000 worth of additional cash or shares of Lucent common stock, $24,000,000 worth of Avaya, Inc. ("Avaya") common stock, Warrants to purchase 200 million shares of Lucent common stock at a price of $2.75 per share and up to $5,000,000 to cover the cost of providing notice to the Class and administering the Settlement, totaling approximately $517,000,000.

The Complaint

The Fifth Consolidated and Amended Class Action Complaint (the "Complaint") alleges that, during the Class Period, Defendants, Lucent and certain of its officers and directors, made a series of materially false and misleading statements regarding customer demand for Lucent's key optical networking products, Lucent's ability to provide services to its customers, and Lucent's publicly reported financial statements.

The Complaint further alleges that as a result of the dissemination of the allegedly false and misleading statements made during the Class Period, the market price of Lucent's common stock was artificially inflated, thereby causing damage to Class Members.

The Defendants deny all wrongdoing as alleged by plaintiffs.

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