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To: D.B. Cooper who wrote (161)	5/3/2001 6:37:18 PM
From: D.B. Cooper	Read Replies (1) \| Respond to of 13815

Thursday May 3, 4:40 pm Eastern Time Press Release SOURCE: Epoch Partners, Inc. Epoch Partners Publishes Carrier Capital Expenditure Survey and Outlook Communications Equipment Research Team Surveys Service Providers and Carriers On Spending Attitudes SAN FRANCISCO, May 3 /PRNewswire/ -- Epoch Partners today issued a Research Note on the Communications Equipment Sector. The Research Note, issued today by Seth Spalding, Senior Analyst, Communications Equipment with Epoch Partners, discusses Epoch's forecast for carrier capital expenditures. The following are key highlights included in the Research Note: -- The promises of telecom deregulation gave rise to zealous capital expenditure growth that was clearly unsustainable, a situation that was compounded by eroding support from the capital markets and negligible growth in carriers' operating cash flow. -- We believe 2001 will exhibit curtailed spending, but our best estimate is that we will only see a contraction of 6.0% from 2000 levels. -- Our most pessimistic 2001 view is a spending contraction of 15%, but even in this scenario the opportunity for companies with focused product lines will continue to show growth. We believe Ciena (Nasdaq: CIEN - news) and Juniper (Nasdaq: JNPR - news) are well positioned even in our pessimistic scenario. -- Our full note, survey data, and investment recommendation is available free at: www.epoch.com.