ADVA OPTICAL NETWORKING ADMITTED TO NEW PRIME STANDARD SEGMENT OF FRANKFURT STOCK EXCHANGE

Martinsried/Munich, Germany and Mahwah/New Jersey, USA - January 21, 2003 - ADVA Optical Networking (FSE: ADV), a leading global provider of optical networking solutions, today announced that its shares have been admitted for trading on the new Prime Standard segment of Germany's Frankfurt Stock Exchange. ADVA also announced today the publication of its compliance declaration on the German Corporate Governance Code.

The Deutsche Börse introduced two new trading segments on January 1, 2003, the "Prime Standard" and "General Standard", and will eventually replace the current segment structure, including the Neuer Markt on which ADVA's shares were listed. The introduction of the new segments intends to increase the transparency requirements, improve the integrity of the German capital markets, and strengthen investor confidence. Companies admitted to the Prime Standard segment fulfill the most stringent internationally-recognized transparency and reporting requirements, including publication of quarterly reports in both German and English according to either IAS or U.S. GAAP accounting standards, presentation of a corporate calendar, issuance of ad-hoc press releases, and hosting of analyst conferences. ADVA has consistently fulfilled all of the Prime Standard segment criteria since its initial public offering in March 1999. More information about the new Prime Standard segment can be found on the Deutsche Börse website at www.deutsche-boerse.com.

ADVA also published its declaration on the German Corporate Governance Code by year end 2002 in accordance with recently-enacted German legislation. In July 2002 the German Transparency and Disclosure Act (Transparenz- und Publizitätsgesetz) was enacted, reforming corporate accounting and reporting legislation as well as requiring all publicly-traded companies to annually disclose their compliance with the German Corporate Governance Code. This code summarizes key statutory provisions for the governance of publicly-traded companies and provides recommendations based on nationally and internationally recognized governance standards. ADVA's declaration is published in the investor relations section of the company's website at www.advaoptical.com.

ABOUT ADVA OPTICAL NETWORKING
ADVA Optical Networking is a leading global provider of optical networking solutions for rapid and cost-effective provisioning of high-speed data, storage, voice, and video services in the metropolitan area. ADVA's carrier-class portfolio is comprised of the Fiber Service Platform family of products - explicitly designed to ensure the lowest total cost of ownership. ADVA's solutions have been deployed at over 68 carriers and service providers (including PTTs, RBOCs, LECs, and IXCs) and more than 500 enterprises worldwide. ADVA's products are sold through an international network of blue-chip distribution partners in addition to its own direct sales force. Further information about ADVA Optical Networking: www.advaoptical.com.