Press Release: October 12, 2000

WR Hambrecht + Co Upgrades Sonus Networks (SONS) to Strong Buy, Raises Price Target Based on Strong Q3 Earnings

San Francisco, CA, October 12, 2000—WR Hambrecht + Co today upgraded Sonus Networks to a STRONG BUY from a BUY and increased its 12-month price target on the stock to $100. WR Hambrecht + Co offers its research free and real-time at www.wrhambrecht.com.

In a note published today, eNetwork Infrastructure analyst Tim Savageaux wrote, “We believe investors will be hard pressed to find another company in the eNetwork Infrastructure universe as well positioned in the front of as large a market opportunity as Sonus, and believe the days of market caps in the single digit billions for this company are numbered.”

Sonus Networks reported revenues of $15.6 million and a loss of $0.04 per share yesterday, handily beating WR Hambrecht + Co estimates of $9.5 million and a loss of $0.06 per share. Sonus also added two now customers in Q2, Time Warner Telecom and PointOne Telecommunications, which Savageaux said indicates strong growth in the firmÕs Voice Over IP applications.

Savageaux increased 2000 revenue estimates for Sonus to $43.2 million from $30.6 million and 2001 estimates to $125 million from $90 million.

Sonus Networks, Inc. is a provider of voice infrastructure products for the new public network.