Cowen and Company 20 / 20 TMT Conference May 29, 2008

2 Forward-looking Statements Statements herein may include forward looking statements, including those related to future growth in the markets we serve, acceptance of our products, and the general market and industry outlook. These statements involve risks and uncertainties that may cause actual results to differ materially from these statements. Among other things: Projected growth and the general outlook are based on estimates, assumptions and projections management believes to be reasonable at this time, but are often beyond management's control; and Because the market in which Opnext operates is volatile, actions taken may not achieve the desired impact in light of changing conditions. Other factors that could cause results to differ from expectations include: the impact of changing technologies and competition; the ability of Opnext to source critical parts and to react to changes in industry/market conditions; changes with respect to rights to intellectual property, the adoption of industry standards; and consolidations within the industry. These factors are not an all-encompassing list of risks and uncertainties. Additional information can be found in Opnext's SEC filings. Opnext disclaims any obligation to update these statements.

3 Opnext “ Opnext is a leading designer and manufacturer of transmit and receive optical modules and components which enable high-speed telecommunications and data communications networks globally”

4 Deployment of Broadband Access Capabilities (CATV/FTTC/FTTP) + Proliferation of applications Demand for Bandwidth is Growing Exponentially Peer-to-Peer Storage Multimedia Online Gaming HD Video IP-TV Video Conferencing Bandwidth Demand Now Future

5 Total IP Traffic Source: Cisco January % 13% 6% 43% 33% IP Traffic will double every two years Consumer IP traffic is growing at a 52% CAGR One third of all Internet Traffic in 2011 will be non-Internet traditional video services

6 Metro Sonet/SDH Rings Residential Network Network Architecture All Optical Backbone National IP Network PON DSLAM MSO xDSL Corporate Network ONU Cable Modem OLT Head End Multi- Service Edge Router Video On Demand Servers Voice Application Servers Internet PSTN IP / Optical Infrastructure

7 IP Layer Evolution Applications are Driving More and Higher Speed Data Across the IP Network, this Requires: Higher Speed Interfaces –Migration from 10G to 40G and 100G in the Future Smaller Size Packages for Higher Density Lower Power Dissipation –Un-Cooled Lasers –Higher Efficiency Lasers –Wide Temperature Operation

8 Optical Backbone and Metro Layer Evolution Transport Requirements of the IP Layer Drive the Need for Large Blocks of Bandwidth: Multi-wavelength Optical Pipes –Migration from 10G to 40G with 100G in the Future Reconfigurable Optical Layer for Scalability and Flexibility –Tunability –Reconfigurability Hybrid Metro Networks with Sub-Channel Management and Multiple Wavelengths –Multi-Rate DWDM SFPs 40G-TRV

9 Broad 10G Portfolio 26 to 300m 2-10 km 40km 80km DWDM XFP X2 XENPAK MP 850nm VCSEL 1310nm DFB 1550 nm EA / PIN 1550nm EA/LN / APD Under Development 300pin 80km Tunable m LRM / LX4 SFP+ As of Nov. 2007

10 40G and 100G Portfolio Overview 2 km 40 km PSBT DPSK 40GbE MSA 100G MSA MP 1550nm EA-DFB 4 1.3um DFB Tunable + MZM Dual PD+TIA & DLI Under Development 40G 300pin 10 km 1310/4 1.3um EA-DFB DQPSK Under Study Tunable + MZM 2x Dual PD+TIA & DLI As of Dec. 2007

11 Opnext Core Business Continues To Be High-Growth 10G and 40G Segments Total Optical Component Spending ($mm) 10G and 40G Module Spending ($mm) $3,276 $3,922 10G and 40G comprise ~80% of our revenues 134% CAGR 20% CAGR 25% CAGR $36 $732 $1,148 $932 Source: Ovum-RHK Forecast 2008, and LightCounting 2008

12 Selected Opnext Customers Major Telecom Customers Major Datacom Customers

13 Design Wins Plant the Seeds for Future Growth May 2008 Approximately 460 Design Wins Product Introduction Growth: Rapid Deployment Maturity: Stable Revenue Transition to Next Gen. Product 60% Increase in Design Wins for Opnext’s Top Ten Customers from

14 Annual Financial Data *Excludes Stock-based Compensation Expense ** Unaudited