Press Release: March 22, 2000

WR Hambrecht + Co Initiates Coverage of JDS Uniphase (JDSU) With a Buy Rating and Target of $180

Company leads as component supplier for optical communications

San Francisco, CA, March 22, 2000—WR Hambrecht + Co today initiated research coverage on JDS Uniphase (JDSU) with a buy rating and a price target of $180. WR Hambrecht + Co’s eNetwork Technologies analyst Jim Liang cited the strong growth potential of the optical communications market and JDS Uniphase’s leadership in the optical components market as key reasons for the rating. WR Hambrecht + Co offers all its research reports free and real-time at www.wrhambrecht.com.

"We believe shares of JDS Uniphase are an ideal vehicle for investors looking to participate in the expected long-term growth of the optical communications market. With the combination of JDS Fitel — the premier passive optical component company, and Uniphase — the leading active optical component company, JDS Uniphase has become the dominant total solutions optical component company," Liang said.

Liang projects JDS Uniphase’s total revenues could reach $1.3 billion in fiscal 2000 and $2.3 billion in fiscal 2001, up from the fiscal 1999 total of $588 million.

JDS Uniphase is the leading supplier of optical components, including both active and passive components, for the optical communications market.