FREMONT, Calif. — October 4, 2002 — Panasas, Inc., a pioneering company developing the world's most scalable and agile storage network, announced today that Andrew Page, former Vice President, Business Development at ONI Systems Corp., has joined Panasas as its first Chief Financial Officer (CFO) and Vice President, Business Strategy. Previously, Page served as Managing Director and Head of the Global Communications Group at Robertson Stephens.

In addition, Panasas is optimizing its engineering group with the addition of a Senior Vice President of Engineering role. The new position, to be filled this quarter, will consolidate software engineering, hardware engineering and technology & architecture design into one integrated engineering organization.

"As Panasas prepares for the company launch, we are rounding out our top-notch executive team with the expertise that will guide us through the next phase of our development," said Rod Schrock, Panasas President and CEO. "We are fortunate to have an executive of Andrew Page's caliber joining Panasas. He is a world-class individual whose business and financial experience will prove invaluable."

"Panasas is clearly poised to make a significant impact in the next generation storage market," said Page. "I look forward to working with the strong team and business partners at Panasas as this dynamic company continues to gain momentum in the marketplace."

At ONI Systems, Page was the driving force behind their successful strategic partnerships and acquisitions, including the initiation of ONI's multi-vendor storage solutions offering. In addition, Page managed the recent ONI merger with CIENA. As Managing Director of the Global Communications group at Robertson Stephens, Page was responsible for the Communications Infrastructure and Software Investment Banking Departments. In this role, Page was responsible for over thirty public offerings, mergers and acquisitions.

Panasas also announced that Varun Mehta, Vice President of Software Engineering, has elected to leave Panasas at the end of the year to pursue other interests.

About Panasas

Formed in 2000, Panasas, Inc. (www.panasas.com) is the pioneering leader in developing highly scalable and agile storage networks. Panasas is developing a network storage solution that eliminates the inherent scalability bottlenecks in capacity and performance experienced by traditional network storage systems. The system, based on industry standards, is designed to easily and cost-effectively integrate into existing IT environments. The company's headquarters are in Fremont, CA with a development facility in Pittsburgh, PA.