Market Capitalization $2.9 Billion

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1 BUY HOLD SELL A+ A A- B+ B B- C+ C C- D+ D D- E+ E E- F BUY November 19, 2017 CIE CORP BUY RATING SINCE 06/20/2017 TARGET PRICE $23.61 BUSINESS DESCRIPTION Ciena Corporation provides equipment, software, and services that support the transport, switching, aggregation, service delivery, and management of voice, video, and data traffic on communications networks worldwide. STOCK PERFORMANCE (%) 3 Mo. 1 Yr. 3 Yr (Ann) Price Change Sector: Technology Sub-Industry: Communications Equipment Source: S&P Weekly Price: (US$) SMA (50) SMA (100) 1 Year 2 Years TARGET PRICE $ GROWTH (%) Last Qtr 12 Mo. 3 Yr CAGR Revenues Net Income EPS RETURN ON EQUITY (%) Ind Avg S&P 500 Q Q Q P/E COMPARISON EPS ALYSIS¹ ($) Q Q Q Q Q Ind Avg Q Q = not available NM = not meaningful Q Q S&P 500 Q Q Compustat fiscal year convention is used for all fundamental data items. Rating History HOLD BUY HOLD BUY Volume in Millions COMPUSTAT for Price and Volume, TheStreet Ratings, Inc. for Rating History RECOMMENDATION We rate CIE CORP () a BUY. This is driven by some important positives, which we believe should have a greater impact than any nesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, notable return on equity, reasonable valuation levels, impressive record of earnings per share growth and compelling growth in net income. We feel its strengths outweigh the fact that the company has had lackluster performance in the stock itself. HIGHLIGHTS The revenue growth came in higher than the industry average of 9.0%. Since the same quarter one year prior, revenues slightly increased by 8.7%. Growth in the company's revenue appears to have helped boost the earnings per share. CIE CORP reported significant earnings per share improvement in the most recent quarter compared to the same quarter a year ago. The company has demonstrated a pattern of positive earnings per share growth over the past two years. We feel that this trend should continue. During the past fiscal year, CIE CORP increased its bottom line by earning $0.50 versus $0.09 in the prior year. This year, the market expects an improvement in earnings ($1.73 versus $0.50). The net income growth from the same quarter one year ago has significantly exceeded that of the S&P 500 and the Communications Equipment industry. The net income increased by 78.9% when compared to the same quarter one year prior, rising from $33.55 million to $60.01 million. The company's current return on equity greatly increased when compared to its ROE from the same quarter one year prior. This is a signal of significant strength within the corporation. Compared to other companies in the Communications Equipment industry and the overall market, CIE CORP's return on equity exceeds that of both the industry average and the S&P PAGE 1

2 CIE CORP PEER GROUP ALYSIS REVENUE GROWTH AND EBITDA MARGIN* Revenue Growth (TTM) -15% 30% VSAT ARRS LITE BRCD UNFAVORABLE NTCT 10% FNSR VIAV EBITDA Margin (TTM) UBNT SATS FAVORABLE IDCC 60% Companies with higher EBITDA margins and revenue growth rates are outperforming companies with lower EBITDA margins and revenue growth rates. Companies for this scatter plot have a market capitalization between $2 Billion and $5.3 Billion. Companies with or NM values do not appear. *EBITDA Earnings Before Interest, Taxes, Depreciation and Amortization. REVENUE GROWTH AND EARNINGS YIELD Revenue Growth (TTM) -15% 30% VSAT LITE UNFAVORABLE -4% NTCT ARRS BRCD SATS Earnings Yield (TTM) UBNT VIAV FAVORABLE IDCC FNSR 12% Companies that exhibit both a high earnings yield and high revenue growth are generally more attractive than companies with low revenue growth and low earnings yield. Companies for this scatter plot have revenue growth rates between -10.3% and 29.8%. Companies with or NM values do not appear. INDUSTRY ALYSIS The US communications equipment industry is comprised of companies that manufacture communication equipments and products, including LANs, WANs, routers, telephones, switchboards and exchanges. The industry is highly competitive and characterized by rapidly changing technologies, evolving industry and government standards, changes in customer preferences, and new product introductions and enhancements Companies compete on the basis of product performance, quality, customer service, technological innovation, delivery time and price. The industry is becoming increasingly concentrated and globalized, dominated by large players with significant financial resources and technological capabilities. Cisco Systems (CSCO), Nokia (NOK), Motorola Solutions (MSI), and Ericsson (ERIC) are large players. Industry demand is dependent on the capital spending of cellular and broadband companies for constructing, rebuilding or upgrading their communications systems. The domestic market is evolving at a brisk pace as cable and telecom network operators expand their video, data and voice services, commonly known as the triple play, to expand their subscriber base. Telecom operators are expanding their broadband networks and offering advanced video and data services using IPTV and PON technologies. Cable operators are responding by bundling voice-over-ip services and expanding their broadband data service through Data Over Cable Service Interface Specifications (DOCSIS). Companies are regulated by the United States Federal Communications Commission (FCC) and other global governmental communication regulators. The International Telecommunications Union (ITU) adopts cellular wireless access standards for cellular industry infrastructure. The industry faces investment risks related to the introduction of new products for the transmission of telephony and high-speed data over hybrid fiber coaxial cable systems. Research and development is a complex and uncertain process, requiring high levels of innovation and an accurate understanding of market trends. The industry has witnessed consolidation in order to facilitate product breadth and improve technologies. PEER GROUP: Communications Equipment Recent Market Price/ Net Sales Net Income Ticker Company Name Price ($) Cap ($M) Earnings TTM ($M) TTM ($M) CIE CORP , , BRCD BROCADE COMMUNICATIONS SY , , ARRS ARRIS INTERTIOL PLC , , UBNT UBIQUITI NETWORKS INC , VSAT VIASAT INC ,284 NM 1, LITE LUMENTUM HOLDINGS INC ,574 NM SATS ECHOSTAR CORP , , NTCT NETSCOUT SYSTEMS INC , , IDCC INTERDIGITAL INC , FNSR FINISAR CORP , , VIAV VIAVI SOLUTIONS INC , The peer group comparison is based on Major Communications Equipment companies of comparable size. PAGE 2

3 CIE CORP COMPANY DESCRIPTION Ciena Corporation provides equipment, software, and services that support the transport, switching, aggregation, service delivery, and management of voice, video, and data traffic on communications networks worldwide. The company's Networking Platforms segment offers hardware networking solutions optimized for the convergence of coherent optical transport, optical transport network switching, and packet switching. Its products include 6500 Packet-Optical Platform and the 5430 Reconfigurable Switching System, Waveserver stackable interconnect system, CoreDirector Multiservice Optical Switches, and OTN configuration for the 5410 Reconfigurable Switching System, as well as Z-Series Packet-Optical Platform; 3000 family of service delivery switches and service aggregation switches, and the 5000 family of service aggregation switches, as well as 8700 Packetwave Platform and the Ethernet packet configuration for the 5410 Service Aggregation Switch; and 4200 Advanced Services Platform, Corestream 5100/5200 Advanced Services Platform, Common Photonic Layer, and 6100 Multiservice Optical Platform. This segment also sells operating system software and enhanced software features embedded in each of these products. The company's Software and Software-Related Services segment offers network management solutions, including the OneControl Unified Management System, ON-Center Network & Service Management Suite, Ethernet Services Manager, Optical Suite Release, and Planet Operate; and Blue Planet network virtualization, service orchestration, and network management software platform, as well as related installation, support, and consulting services. Its Global Services segment provides consulting and network design, installation and deployment, maintenance support, and training services. The company sells its products through direct and indirect sales channels to network operators. Ciena Corporation was founded in 1992 and is headquartered in Hanover, Maryland. CIE CORP 7035 Ridge Road Hanover, MD USA Phone: Fax: STOCK-AT-A-GLANCE Below is a summary of the major fundamental and technical factors we consider when determining our overall recommendation of shares. It is provided in order to give you a deeper understanding of our rating methodology as well as to paint a more complete picture of a stock's strengths and nesses. It is important to note, however, that these factors only tell part of the story. To gain an even more comprehensive understanding of our stance on the stock, these factors must be assessed in combination with the stock s valuation. Please refer to our Valuation section on page 5 for further information. FACTOR SCORE Growth 5.0 out of 5 stars Measures the growth of both the company's income statement and cash flow. On this factor, has a growth score better than 90% of the stocks we rate. Total Return 2.0 out of 5 stars Measures the historical price movement of the stock. The stock performance of this company has beaten 30% of the companies we cover. Efficiency 2.5 out of 5 stars Measures the strength and historic growth of a company's return on invested capital. The company has generated more income per dollar of capital than 40% of the companies we review. Price volatility 2.0 out of 5 stars Measures the volatility of the company's stock price historically. The stock is less volatile than 30% of the stocks we monitor. Solvency 1.5 out of 5 stars Measures the solvency of the company based on several ratios. The company is more solvent than 20% of the companies we analyze. Income 0.5 out of 5 stars Measures dividend yield and payouts to shareholders. This company pays no dividends. THESTREET RATINGS RESEARCH METHODOLOGY TheStreet Ratings' stock model projects a stock's total return potential over a 12-month period including both price appreciation and dividends. Our Buy, Hold or Sell ratings designate how we expect these stocks to perform against a general benchmark of the equities market and interest rates. While our model is quantitative, it utilizes both subjective and objective elements. For instance, subjective elements include expected equities market returns, future interest rates, implied industry outlook and forecasted company earnings. Objective elements include volatility of past operating revenues, financial strength, and company cash flows. Our model gauges the relationship between risk and reward in several ways, including: the pricing drawdown as compared to potential profit volatility, i.e.how much one is willing to risk in order to earn profits; the level of acceptable volatility for highly performing stocks; the current valuation as compared to projected earnings growth; and the financial strength of the underlying company as compared to its stock's valuation as compared to projected earnings growth; and the financial strength of the underlying company as compared to its stock's performance. These and many more derived observations are then combined, ranked, weighted, and scenario-tested to create a more complete analysis. The result is a systematic and disciplined method of selecting stocks. PAGE 3

4 CIE CORP Consensus EPS Estimates² ($) IBES consensus estimates are provided by Thomson Financial 0.50 Q4 FY E 2017(E) 1.97 E 2018(E) INCOME STATEMENT Net Sales ($mil) EBITDA ($mil) EBIT ($mil) Net Income ($mil) FINCIAL ALYSIS CIE CORP's gross profit margin for the third quarter of its fiscal year 2017 is essentially unchanged when compared to the same period a year ago. The company managed to grow both sales and net income at a faster pace than the average competitor in its industry this quarter as compared to the same quarter a year ago. CIE CORP is extremely liquid. Currently, the Quick Ratio is 2.21 which clearly shows the ability to cover any short-term cash needs. The company's liquidity has increased from the same period last year. At the same time, stockholders' equity ("net worth") has greatly increased by 30.87% from the same quarter last year. Overall, the key liquidity measurements indicate that the company is very unlikely to face financial difficulties in the near future. STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12-months. To learn more visit BALANCE SHEET Cash & Equiv. ($mil) , Total Assets ($mil) 2, , Total Debt ($mil) 1, , Equity ($mil) PROFITABILITY Gross Profit Margin 47.78% 48.71% EBITDA Margin 14.84% 13.69% Operating Margin 11.55% 8.83% Sales Turnover Return on Assets 5.06% 0.72% Return on Equity 14.66% 3.07% DEBT Current Ratio Debt/Capital Interest Expense Interest Coverage SHARE DATA Shares outstanding (mil) Div / share EPS Book value / share Institutional Own % Avg Daily Volume 3,514,003 3,243,219 2 Sum of quarterly figures may not match annual estimates due to use of median consensus estimates. PAGE 4

5 CIE CORP RATINGS HISTORY Our rating for CIE CORP has not changed since 6/20/2017. As of 11/16/2017, the stock was trading at a price of which is 27.1% below its 52-week high of $27.98 and 5.2% above its 52-week low of $ Year Chart HOLD: $ BUY: $24.67 HOLD: $23.74 BUY: $25.46 $30 $25 $20 MOST RECENT RATINGS CHANGES Date Price Action From To 6/20/17 $25.46 Upgrade Hold Buy 3/15/17 $23.74 Downgrade Buy Hold 12/9/16 $24.67 Upgrade Hold Buy 11/16/15 $24.18 No Change Hold Hold Price reflects the closing price as of the date listed, if available RATINGS DEFINITIONS & DISTRIBUTION OF THESTREET RATINGS (as of 11/16/2017) 43.95% Buy - We believe that this stock has the opportunity to appreciate and produce a total return of more than 10% over the next 12 months % Hold - We do not believe this stock offers conclusive evidence to warrant the purchase or sale of shares at this time and that its likelihood of positive total return is roughly in balance with the risk of loss % Sell - We believe that this stock is likely to decline by more than 10% over the next 12 months, with the risk involved too great to compensate for any possible returns. TheStreet Ratings 14 Wall Street, 15th Floor New York, NY Research Contact: Sales Contact: VALUATION BUY. This stock's P/E ratio indicates a discount compared to an average of for the Communications Equipment industry and a discount compared to the S&P 500 average of To use another comparison, its price-to-book ratio of 3.08 indicates valuation on par with the S&P 500 average of 3.16 and a discount versus the industry average of The price-to-sales ratio is well below both the S&P 500 average and the industry average, indicating a discount. Upon assessment of these and other key valuation criteria, CIE CORP proves to trade at a discount to investment alternatives within the industry. Price/Earnings Peers Discount. A lower P/E ratio than its peers can signify a less expensive stock or lower growth expectations. Price/Projected Earnings Peers Discount. A lower price-to-projected earnings ratio than its peers can signify a less expensive stock or lower future growth expectations. Price/Book 3.08 Peers 3.76 Discount. A lower price-to-book ratio makes a stock more attractive to investors seeking stocks with lower market values per dollar of equity on the balance sheet. is trading at a discount to its peers. Price/Sales 1.05 Peers 3.49 Discount. In the absence of P/E and P/B multiples, the price-to-sales ratio can display the value investors are placing on each dollar of sales. is trading at a significant discount to its industry on this measurement. DISCLAIMER: Price/CashFlow Peers Discount. The P/CF ratio, a stock s price divided by the company's cash flow from operations, is useful for comparing companies with different capital requirements or financing structures. Price to Earnings/Growth 0.09 Peers 0.80 Discount. The PEG ratio is the stock s P/E divided by the consensus estimate of long-term earnings growth. Faster growth can justify higher price multiples. trades at a significant discount to its peers. Earnings Growth lower higher Peers Higher. Elevated earnings growth rates can lead to capital appreciation and justify higher price-to-earnings ratios. is expected to have an earnings growth rate that significantly exceeds its peers. Sales Growth lower higher 7.64 Peers 5.41 Higher. A sales growth rate that exceeds the industry implies that a company is gaining market share. has a sales growth rate that significantly exceeds its peers. The opinions and information contained herein have been obtained or derived from sources believed to be reliable, but TheStreet Ratings cannot guarantee its accuracy and completeness, and that of the opinions based thereon. Data is provided via the COMPUSTAT Xpressfeed product from Standard &Poor's, a division of The McGraw-Hill Companies, Inc., as well as other third-party data providers. TheStreet Ratings is a division of TheStreet, Inc., which is a publisher. This research report contains opinions and is provided for informational purposes only. You should not rely solely upon the research herein for purposes of transacting securities or other investments, and you are encouraged to conduct your own research and due diligence, and to seek the advice of a qualified securities professional, before you make any investment. None of the information contained in this report constitutes, or is intended to constitute a recommendation by TheStreet Ratings of any particular security or trading strategy or a determination by TheStreet Ratings that any security or trading strategy is suitable for any specific person. To the extent any of the information contained herein may be deemed to be investment advice, such information is impersonal and not tailored to the investment needs of any specific person. Your use of this report is governed by TheStreet, Inc.'s Terms of Use found at PAGE 5