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Foundry Networks Announces Preliminary Fourth Quarter Results

San Jose, CA - January 8, 2003 - Foundry Networks™, Inc. (Nasdaq: FDRY), anticipates that, based on preliminary results, net revenue for the fourth quarter ended December 31, 2002 will be in the range of $84.0 million to $87.0 million, compared to $76.6 million for the previous quarter. The Company expects to post increased profits compared to the prior quarter and complete its fourth consecutive year of profitability and positive cash flows. Additionally, Foundry's book-to-bill ratio was greater than one during the quarter.

"Our JetCore and 10 Gigabit Ethernet products, as well as improved results from our international efforts, helped drive incremental growth," stated Bobby Johnson, President and CEO of Foundry. "Moreover, business was strong across our core vertical markets during the December quarter."

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 and book-to-bill ratio. The forward-looking statements in this press release are subject to a number of risks and uncertainties, including risks 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 at www.foundrynetworks.com 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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