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Foundry Reports First Quarter Results

San Jose, CA - April 25, 2001 - Foundry Networks®, Inc. (Nasdaq: FDRY), today reported financial results for its first quarter ended March 31, 2001.

Net revenue for the first quarter of 2001 was $82.6 million, compared to $70.0 million for the first quarter of 2000. Pro forma net income for the first quarter of 2001, which excludes non-cash charges for amortization of deferred stock compensation, was $5.3 million or $0.04 per diluted share, compared to pro forma net income of $19.3 million or $0.15 per diluted share for the first quarter of 2000.

"We view the current economic environment as one which invites enormous opportunity for us to continue to leverage our price/performance benefits and extend our global reach," said Bobby Johnson, President and CEO of Foundry Networks. "We are pleased to deliver our ninth consecutive profitable quarter while continuing to diversify our customer base with many new enterprise and metropolitan area network (MAN) wins."

Foundry Networks will host a conference call today to further discuss these results at 2:00 p.m. PDT. The call can be accessed via a webcast at www.foundrynet.com A web replay will also be available after the call at this same web address.

Safe Harbor Statement
This press release contains forward-looking statements 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 a statement by Bobby Johnson regarding future opportunities for the Company. The forward looking statement in this press release are subject to a number of risks and uncertainties, including the strength of the overall economy and the high-technology arena in particular, continue demand for Internet related equipment and acceptance of Foundry's current and future products, Foundry's ability to introduce new and superior products and predict future industry standards. Actual results could differ materially from those projected in our forward looking statements. Investors should review the risk factors described in more detail in our most recent Annual Report on Form 10-K available from Foundry or from the SEC at www.sec.gov. Foundry assumes no obligation to update the forward looking statements 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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