Foundry Networks Announces Share Repurchase Program

SANTA CLARA, Calif., July 26 /PRNewswire-FirstCall/ — Foundry Networks, Inc. , today announced that its Board of Directors has approved a share repurchase program authorizing the Company to purchase up to $200 million of its common stock. The shares may be purchased from time to time in the open market or through privately negotiated transactions at management’s discretion, depending upon market conditions and other factors, in accordance with Securities and Exchange Commission requirements. The authorization to repurchase Company stock expires on December 31, 2008.

About Foundry Networks

Foundry Networks, Inc. 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, access routers and metro 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 http://www.foundrynetworks.com/.

Forward-Looking Statements

This press release contains forward-looking statements, as defined under federal securities laws. These forward-looking statements include the statements regarding Foundry’s intention to buy back up to $200 million of its stock and the manner in which it expects to do so. These statements are just predictions and are not historical facts or guarantees of future performance or events and are based on current expectations, estimates, beliefs, assumptions, goals and objectives, and involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from the results expressed or implied by these statements. These risks include the risk that Foundry Networks does not purchase back some or all of the $200 million of its stock, although authorized to do so. Foundry assumes no obligation to update the information in this press release.

Foundry Networks, Inc.

CONTACT: Dan Fairfax, Chief Financial Officer, +1-408-207-1700,dfairfax@foundrynet.com, or Michael Iburg, Treasurer, +1-408-207-1305,miburg@foundrynet.com, both of Foundry Networks, Inc.; or Investor Relations,Brendan Lahiff of FD, +1-415-293-4425, brendan.lahiff@fd.com, for FoundryNetworks, Inc.

Web site: http://www.foundrynetworks.com/