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News January 25, 16:18 Eastern Time

                            F5 Networks Announces Record First Quarter Results

                             SEATTLE, Jan 25, 2000 (BUSINESS WIRE) -- F5 Networks, Inc.
                            (Nasdaq: FFIV), a leading provider of integrated Internet traffic and
                            content management solutions, today announced financial results for its
                            first quarter of fiscal 2000, which ended December 31, 1999.

                            Revenue for the first quarter of fiscal 2000 increased to $19.2 million
                            from $2.7 million in the first quarter of fiscal 1999, representing an
                            increase of 611%. Net income for the first quarter of fiscal 2000 was
                            $4.2 million, or $0.18 per diluted share compared to a net loss of $2.2
                            million, or $(0.36) per diluted share for the comparable period one
                            year ago.

                                 First quarter highlights include:

                            --   F5 Networks announced an expanded alliance agreement with Exodus
                                 Communications (Nasdaq: EXDS). Under this agreement, F5 Networks
                                 will provide fully managed load balancing services to customers
                                 located in the Exodus global network of Internet Data Centers.

                            --   At the end of the first quarter, F5 Networks had 1,175 customers,
                                 up from 750 customers at the end of the previous quarter.

                            --   A strategic agreement was signed with 3Com Corporation
                                 (Nasdaq: COMS) which will provide F5's full suite of Internet
                                 Traffic Management products to 3Com's enterprise customers.

                            --   F5 Networks received the prestigious "Editor's Choice" award for
                                 its 3DNS(R) Controller from Network Computing Magazine. The 3DNS
                                 Controller is a high availability, intelligent load balancing
                                 solution for geographically distributed Internet sites and data

                            --   At the Fall Internet World '99, F5 Networks received the "Best of
                                 Show" award for its global/SITE(TM) Controller, a operating
                                 system-independent appliance that manages the publishing,
                                 distribution, synchronization and replication of file-based
                                 content and applications to local and geographically distributed
                                 Internet sites.

                            "We are very pleased with our strong sales growth and profitability," said Jeffrey S. Hussey, Chairman, President and Chief
                            Executive Officer of F5 Networks. "The sustained worldwide growth of business-to-business Internet communications and
                            e-commerce continues to drive our market. To meet our customers' rapidly evolving requirements, we continue to develop the F5
                            product portfolio and enhance the performance of our products. We also continue to broaden our strategic relationships to
                            expand our distribution channels and provide best-of-breed Internet traffic and content management products and services." A
                            live Internet broadcast of F5's first quarter conference call (1:30 PM Pacific/4:30 PM Eastern) will be available today at
                            www.f5.com in the "Investor Relations" section.

                                 About F5 Networks, Inc.

                            F5 Networks is a leader in Internet Traffic and Content Management products. The Company's integrated suite of
                            high-performance products automatically and intelligently manage Internet traffic and content to improve the availability and
                            performance of mission-critical Internet servers and applications. F5 Networks helps companies avoid the risk of being
                            burdened with ill-performing networks that do not meet end user expectations, while enabling network administrators to boost
                            the control and predictability of their infrastructure. F5 Networks' products are designed to provide a new level of fault
                            tolerance by shielding users from system failure; optimizing response times to user requests and data flow; and
                            cost-effectively managing an organization's Internet infrastructure. The company is headquartered in Seattle, Washington, and
                            has offices in Atlanta, Boston, Chicago, Dallas, Columbus, Los Angeles, New York, San Francisco, Toronto, Washington, D.C.,
                            Australia, Hong Kong, Japan, The Netherlands, Singapore, Sweden and the United Kingdom. F5 Networks is located on the web at
                            www.f5.com. Statements in this press release concerning future activities under F5's strategic alliance agreements, continued
                            development of F5's product portfolio and future enhancements to F5 products, continued growth in the market for Internet
                            traffic and content management solutions, and other statements which are not historical facts are forward-looking statements.
                            Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual
                            results, performance or achievements of the company, or industry results, to be materially different from any future results,
                            performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others: the
                            company's limited operating history; variability of the company's operating results; market acceptance of the company's
                            Internet traffic and content management products; the company's timely development of new products and features; the company's
                            ability to manage its growth; the company's ability to maintain and develop distribution relationships; competition in the
                            Internet traffic and content market; the company's ability to expand in the international markets; unpredictability of the
                            company's sales cycle and other risk factors referenced in the company's public filings with the Securities and Exchange
                            Commission (SEC). In particular, see the section entitled "Risk Factors" in the company's annual report on Form 10-K filed
                            with the SEC on December 28, 1999.

                                                       F5 Networks, Inc.
                                             Consolidated Statements of Operations
                                             (in thousands, except per share data)
                                                                    Three months ended
                                                                         December 31,
                                                                    1999            1998
                                                                  ---------       ---------
                            Net revenues:
                                 Products                        $  16,282       $   2,282
                                 Services                            2,891             413
                                                                  ---------       ---------
                                     Total net revenue              19,173           2,695
                                                                  ---------       ---------
                            Cost of net revenues:
                                 Products                            4,624             624
                                 Services                            1,059             196
                                                                  ---------       ---------
                                     Total cost of net revenues      5,683             820
                                                                  ---------       ---------
                            Gross profit                            13,490           1,875
                                                                  ---------       ---------
                            Operating expenses:
                                 Sales and marketing                 5,742           2,216
                                 Research and development            2,225           1,021
                                 General and administrative          1,478             525
                                 Amortization of unearned
                                  compensation                         543             368
                                                                  ---------       ---------
                                     Total operating expenses        9,988           4,130
                                                                  ---------       ---------
                                 Income (loss) from operations       3,502          (2,255)
                                 Interest income, net                  741              58
                                                                  =========       =========         Net income (loss)           $   4,243      $   (2,197)
                                                                  =========       =========Net income (loss) per share - basic  $    0.21      $    (0.36)
                                                                  =========       =========Weighted average shares - basic         20,427           6,047
                                                                  =========       =========Net income (loss) per share -
                             diluted                             $    0.18      $    (0.36)
                                                                  =========      ==========Weighted average shares - diluted       23,061           6,047
                                                                  =========      ==========
                                                       F5 Networks, Inc.
                                                  Consolidated Balance Sheets
                                                        (in thousands)
                                                                 December 31,     September 30,
                                                                     1999             1999
                                                                  ---------       ---------
                            Current assets:
                               Cash and cash equivalents         $  59,983        $  24,797
                               Restricted cash                       3,049            3,013
                               Accounts receivable, net of
                                allowances of $906 and $826         15,965           10,353
                               Inventories                             915              618
                               Other current assets                  1,171              981
                                                                  ---------       ---------
                            Total current assets                    81,083           39,762
                                                                  ---------       ---------
                            Property and equipment, net              3,803            2,834
                            Other assets, net                          294              250
                                                                  ---------       ---------
                            Total assets                         $  85,180        $  42,846
                                                                  ---------       ---------
                                         LIABILITIES AND SHAREHOLDERS' EQUITY
                            Current liabilities:
                                 Accounts payable                 $  3,510         $  2,700
                                 Accrued liabilities                 3,670            3,808
                                 Deferred revenue                    7,641            4,365
                                                                  ---------       ---------
                                  Total current liabilities         14,821           10,873
                                                                  ---------       ---------
                            Shareholders' equity:
                            Common stock, no par value;
                             100,000 shares authorized,
                             21,022 and 18,161 shares
                             issued and outstanding                 79,305           45,760
                            Note receivable from shareholder          (750)            (750)
                            Accumulated other comprehensive
                             income (loss)                              52               (3)
                            Unearned compensation                   (2,689)          (3,232)
                            Accumulated deficit                     (5,559)          (9,802)
                                                                  ---------       ---------
                                 Total shareholders' equity         70,359           31,973
                                                                  ---------       ---------
                                    Total liabilities and
                                     shareholders' equity        $  85,180        $  42,846
                                                                  =========       =========

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