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Zhone Technologies, Inc. Ranked Number 151 Fastest Growing Technology Company in North America on the 2003 Deloitte Technology Fast 500

Zhone Attributes its 1,491 Percent Revenue Growth to Adoption of its Network Architecture for Delivering Converged Voice, Data and Video Services

OAKLAND, CA — October 20, 2004 — Zhone Technologies, Inc., the first company dedicated to developing the full spectrum of next-generation local loop infrastructure solutions, today announced that it has been identified among the Deloitte Technology Fast 500, which recognizes the Fastest Growing Technology Companies in the United States and Canada.

Zhone's Chairman and CEO, Mory Ejabat credits delivering an elegant solution that precisely addresses today's telecommunications industry needs as instrumental to Zhone's revenue growth over the past five years.

"Zhone's multi-service delivery architecture has been propelled by the growing demand from carriers to deliver cost-effective voice, data and video services", said Mr. Ejabat. "Zhone has been busily developing solutions for the past five years in anticipation of the carrier demand that we are now seeing across the globe and in every geography we serve.

"Growing the top line enough to make the Deloitte Technology Fast 500 is especially meaningful in light of the pressure under which the telecommunications industry has operated over the past five years," said Mark A. Evans, national managing partner of Deloitte's Technology, Media and Telecommunications Group. "We congratulate Zhone on becoming one of the fastest growing companies in North America."

The Technology Fast 500 is a ranking of the fastest growing technology companies in North America based on percentage fiscal year revenue growth over five years (1999-2003) by Deloitte & Touche, LLP. The list is the result of research on technology companies. Sources for public and private companies that make the list include public company databases, Deloitte's 19 regional Technology Fast 50 programs in North America and direct nominations. To qualify for the Fast 500, entrants must have had 1999 operating revenues of at least $50,000 USD and $75,000 CD for the United States and Canada respectively; and 2003 operating revenues must be at least $1 million USD or CD.

This year marks the tenth anniversary of Deloitte's Technology Fast 500.

About Zhone Technologies, Inc. (Zhone)

Zhone (NASDAQ: ZHNE) designs and manufactures network equipment for network operators worldwide. Zhone's products allow network operators to deliver a rich array of voice, data, video, and entertainment services over their existing networks while simultaneously retooling for converged packet based voice (VoIP) and video (IPTV) over copper or fiber access lines.

Zhone's advanced networking solutions include the Single Line Multi-Service architecture (SLMS™), Multi-Access Line Concentrator (MALCÔ), Raptor™ ATM/IP DSLAMs, Zhone Residential Gateways (ZRG™), GigaMux™ Optical Transport Systems and Zhone Management System (ZMS™). With deployments at over 300 carriers including among some of the world's largest networks, Zhone has enabled network operators to reinvent their businesses. For more information, please visit http://www.zhone.com

Zhone, the Zhone logo, and all Zhone product names are trademarks of Zhone Technologies, Inc. Other brand and product names are trademarks of their respective holders. Specifications, products, and/or product names are all subject to change without notice. Copyright 2004 Zhone Technologies, Inc. All rights reserved.

About Deloitte

Deloitte refers to one or more of Deloitte Touche Tohmatsu, a Swiss Verein, its member firms and their respective subsidiaries and affiliates. As a Swiss Verein (association), neither Deloitte Touche Tohmatsu nor any of its member firms has any liability for each other's acts or omissions. Each of the member firms is a separate and independent legal entity operating under the names "Deloitte," "Deloitte & Touche," "Deloitte Touche Tohmatsu," or other related names. Services are provided by the member firms or their subsidiaries or affiliates and not by the Deloitte Touche Tohmatsu Verein.

Deloitte & Touche USA LLP is the U.S. member firm of Deloitte Touche Tohmatsu. In the U.S., services are provided by the subsidiaries of Deloitte & Touche USA LLP (Deloitte & Touche LLP, Deloitte Consulting LLP, Deloitte Tax LLP, and their subsidiaries), and not by Deloitte & Touche USA LLP.

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Zhone, the Zhone logo, and all Zhone product names are trademarks of Zhone Technologies, Inc. Other brand and product names are trademarks of their respective holders. Specifications, products, and/or product names are all subject to change without notice.