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Technology Stocks : Lucent Technologies (LU)

LU 2.685

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2:12 PM EST

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To: MRE who started this subject	6/27/2002 9:19:13 AM
From: sylvester80	Read Replies (1) of 21876

Russo's internal communique (picked up from a Yahoo post) Dear Colleagues: I wanted to communicate with you during these challenging times for all of us. There is no question that our industry and those who participate in it are in the middle of a firestorm right now. This is exacerbated by the current negative sentiment we see reflected in the financial market. It is critically important that we not let ourselves be distracted and remain focused on those things that are within our control. I received an e-mail earlier today from a shareholder who asked me "what do you say to a faithful shareholder... who's trying to understand what's happening?" I responded by saying the following: * Yes, the entire telecom industry is experiencing some very challenging times. And each company in the sector gets affected by every piece of news whether it's relevant to its performance or not. * We don't believe today's market is a "permanent condition." * The communications industry remains important to the global economy, and the primary drivers of demand -- consumers and businesses' appetites for advanced communications services -- continue to grow. * There is no quick fix -- we are focused on improving all that we control: we continue to restructure the business to match today's market; we continue to identify ways to win more of what customers are spending; we continue to work on products that allow our customers to offer new revenue-generating services on their existing networks and expanded service offerings to help them reduce their operating costs. * Every action we are taking is designed to position us to grow profitably when the market turns. * We have the funding to support the operations of our business. We are in this business for the long haul and we remain the largest provider of infrastructure to service providers around the world. I have received a number of e-mails asking if today's news at WorldCom affects us significantly. The answer is no. The truth of the matter is that WorldCom has never been a major customer for us. As a result, our exposure is very small. When things get really tough, it's important to step back and remind ourselves that the time horizon we must be thinking about is longer than this week or this month or this quarter. While no one can predict when the upturn will begin, there's no question that this industry will turn, and when it does, we at Lucent will be well positioned to take advantage of it. The people of this company have proved time and again their capacity to see beyond today and tomorrow, and have demonstrated resolve over the years. Let's stay focused -- the current conditions will improve... And, as always, I thank you for your efforts. Sincerely, Pat

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