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Foundry Networks Releases Preliminary Third Quarter Results

San Jose, CA - October 3, 2002 - Foundry Networks™, Inc. (Nasdaq: FDRY), anticipates that, based on preliminary results, net revenue for the third quarter ended September 30, 2002 will be in the range of $75 million to $77 million. The Company also expects earnings per share for the third quarter will be in the range of $0.04 to $0.06 per diluted share.

"Business activity in the September quarter tracked to our internal goals as customer demand for our products remained relatively strong throughout the period," stated Bobby Johnson, president and CEO of Foundry. "Backlog going into the fourth quarter remains healthy as we concluded the third quarter with a book-to-bill ratio greater than one."

Foundry Networks will release final third quarter results on Wednesday, October 23rd and host a conference call for analysts and investors to discuss its quarterly results at 2:00 p.m. Pacific Time. A live Web cast of the conference call will be accessible from the "Investors" section of Foundry's Web site. Following the live Web cast, an archived version will be available on the Foundry Web site.

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 statements by Bobby Johnson regarding the Company's expected results. The forward-looking statements in this press release are subject to a number of risks and uncertainties related to finalizing the results according to generally accepted accounting principles, including but not limited to, finalizing the reconciliation of accounts, reserve requirements and review by our independent auditors. 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 and most recent Quarterly Report on Form 10-Q 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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