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Foundry Announces Preliminary First Quarter Results

San Jose, CA - April 9, 2001 - Foundry Networks|®, Inc. (Nasdaq: FDRY), today announced that it expects net revenue for the first quarter ended March 31, 2001 to be approximately $78 million to $81 million. Based on these revenues, the Company expects to be cash flow positive for the first quarter and post its ninth consecutive profitable quarter.

The Company attributed the reduced revenue expectations to lower than anticipated customer orders due primarily to a greater than expected domestic economic slowdown and weaker than expected spending trends within the network infrastructure equipment industry. "Despite the lower revenue expectations, we are nonetheless pleased that we expect to post a profit for the ninth consecutive quarter," said Bobby R. Johnson, Jr., President and CEO of Foundry Networks.

Foundry Networks will host a conference call to further discuss these preliminary results at 2:00 p.m. PDT on Wednesday, April 10th, due to management's travel schedule. The call can be accessed via a webcast at www.foundrynet.com or by dialing (888) 849-9215 in the US, or (303) 534-1146 for international callers. Replay information will be available at www.foundrynet.com

Final results and complete details for the first quarter ended March 31, 2001 will be released on April 25, 2001 after the close of market at 2:00 p.m. PDT.

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 that section. These forward-looking statements include the financial projections for the first quarter and fiscal 2001. These financial projections are preliminary and are subject to certain risks and uncertainties, which could cause actual results to differ materially from those estimated in this press release, including the risk of mistake in calculation or accounting and routine adjustments.

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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