- July 2002 -

July 26th, 2002

Avanex and Oplink Set Meeting Date for Merger

FREMONT, Calif. - Avanex Corporation (Nasdaq: AVNX) and Oplink Communications, Inc. (Nasdaq: OPLK) today announced that they will hold special stockholder meetings to seek approval of the merger of Avanex and Oplink.

The special meeting of stockholders of Avanex will be held at the Fremont Marriott in Fremont, California, on August 15, 2002, at 10:00 a.m. The special meeting of stockholders of Oplink will be held at the corporate offices of Oplink in San Jose, California, on August 15, 2002, at 10:00 a.m. Avanex and Oplink will mail a Joint Proxy Statement/Prospectus to all respective stockholders of record as of July 8, 2002, containing information about the merger. The mailing is expected to be made on or about July 18, 2002.

Upon completion of the merger, Oplink stockholders will receive 0.405344 of a share of Avanex common stock in exchange for each share of Oplink common stock. After the merger is completed, assuming the net exercise of all in-the-money options to purchase shares of Oplink common stock and Avanex common stock, the stockholders of Avanex and Oplink will each own approximately 50% of the shares of the combined company. If no options are exercised, after the merger the current stockholders of Avanex will own approximately 51% of the combined company and the current stockholders of Oplink will own approximately 49% of the combined company.

About Avanex
Avanex designs, manufactures and markets photonic processors for the communications industry. Avanex's photonic processors offer communications service providers and optical systems manufacturers greater levels of performance and miniaturization, reduced complexity and increased cost-effectiveness as compared to current alternatives.

Avanex was incorporated in 1997 and is headquartered in Fremont, California. In addition to a development and manufacturing facility in Fremont, Avanex also maintains The Photonics Center™ in Richardson, Texas.

To learn more about Avanex, visit its web site at: www.Avanex.com.

  About Oplink
Oplink designs, manufactures and markets fiber optic networking components and integrated optical subsystems that expand optical bandwidth, amplify optical signals, monitor and protect wavelength performance and redirect light signals within an optical network. Oplink offers a broad line of products that increase the performance of optical networks and enable service providers and optical system manufacturers to provide flexible and scalable bandwidth to support the  exponential increase of data traffic on the Internet. Oplink supplies products worldwide to telecommunications equipment providers.

Oplink was incorporated in 1995 and is headquartered in San Jose, California. Oplink's primary manufacturing facility is in Zhuhai, China. Oplink also has a research and development facility in Shanghai, China.

To learn more about Oplink, visit its web site at: www.Oplink.com.

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