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Foundry Networks Announces $100 Million Expansion Of Share Repurchase Program

SANTA CLARA, Calif. – April 24, 2008 - Foundry Networks®, Inc. (Nasdaq: FDRY), a performance and total solutions leader for end-to-end switching and routing, today announced that its Board of Directors has approved an expansion to its existing share repurchase program, enabling the Company to repurchase an additional $100 million of its common stock.

This announcement expands the share repurchase program previously approved by the Company's Board of Directors in July 2007 from $200 million to $300 million.  As of April 24, 2008, a total of $157 million remains available for repurchases under the expanded program.  The shares may be purchased from time to time in the open market or through privately negotiated transactions at management's discretion.  The number of shares to be purchased and the timing of purchases will be based on several factors, including the price of Foundry's stock, general business and market conditions, and other investment opportunities.  The share repurchase program is scheduled to expire on December 31, 2008.

In a separate press release issued today, Foundry announced earnings results for the first quarter of fiscal 2008.

Forward-Looking Statements

This press release contains forward-looking statements regarding the company's intention to repurchase shares of its common stock under the share repurchase program. Foundry's intentions with regard to the share repurchase program may be affected by a number of factors, which include the market price of the company's stock, general business and market conditions, and management's determination of alternative needs and uses of the company's cash resources. Additional risks are included under the caption "Risk Factors" in Foundry's Annual Report on Form 10-K for the year ended December 31, 2007, which is on file with the SEC and is available on Foundry's investor relations website at http://www.foundrynet.com/company/ir/ir-sec and on the SEC website at www.sec.gov.

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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