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Foundry Announces Stock Repurchase Program

San Jose, Calif. - January 24, 2001 - Foundry Networks®, Inc. (NASDAQ: FDRY), a performance and total system leader for best-of-breed end-to-end broadband IP switching and routing solutions, today announced that its Board of Directors has authorized the company to establish a stock repurchase program pursuant to which up to 5,000,000 shares of its Common Stock may be repurchased in the open market or in private transactions from time to time until January 1, 2002 using available cash reserves. Foundry intends to retire any repurchased shares and return them to the status of authorized but unissued shares of Common Stock.

"We decided to establish a repurchase program because recent changes in market conditions have made it a potentially attractive time to reduce dilution, and a stock repurchase program is a potentially attractive way of doing that," said Bobby Johnson, President and CEO of Foundry. "Although there is no certainty as to whether or when any shares will be repurchased, the program gives us the flexibility to do so," continued Johnson.

Safe Harbor Statement
This press release contains forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, and is subject to the safe harbor created by this section. These forward-looking statements include statements regarding potential repurchases by Foundry of its Common Stock in the open market or in private transactions. There is no certainty as to whether or when Foundry will repurchase any shares of its Common Stock. Whether, when or how many shares Foundry repurchases is subject to a number of risks and uncertainties, including the trading price of Foundry's Common Stock, the amount of available cash reserves and alternative uses for such reserves, the business judgment of Foundry's management and its Board of Directors as to the advisability of any repurchases, and other factors related to compliance with applicable corporate and federal securities laws. Foundry assumes no obligation to update the forward-looking information contained in this press release.

About Foundry Networks

Foundry Networks, Inc. (NASDAQ: FDRY) is a leading provider of high-performance enterprise and service provider switching, routing, security and Web traffic management solutions, including Layer 2/3 LAN switches, Layer 3 Backbone switches, Layer 4-7 application switches, wireless LAN and access points, metro routers and core routers. Foundry's customers include the world's premier ISPs, metro service providers, and enterprises, including e-commerce sites, universities, entertainment, health and wellness, government, financial and manufacturing companies. For more information about the company and its products, call 1.888.TURBOLAN or visit www.foundrynet.com.

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