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F5 Files Quarterly and Annual Financial Statements

F5 Networks, Inc. (NASDAQ: FFIV) today reported that it has filed restated quarterly and annual financial statements with the Securities and Exchange Commission ("SEC") for the periods impacted by historical stock option grant practices. F5 is now current with all financial filing requirements.

A Special Committee of F5's Board of Directors, assisted by independent legal counsel and accounting experts, conducted a review of the Company's practices relating to the granting of stock options and reported its findings to the Board. These findings have been reviewed and unanimously adopted by the Board of Directors.

The Company's restated consolidated financial statements reflect a decrease in net income of approximately $23.5 million for the periods 1999 through 2005 and a net decrease in total shareholders' equity of $4.0 million. Based on the Special Committee's findings, the Company has adopted and is implementing a number of remedial measures designed to improve its policies, controls, processes and procedures relating to the granting and modification of stock-based compensation and will provide additional training for personnel responsible for administration on the Company's equity compensation plans.

F5 has filed the following reports with the SEC: an amended Form 10-K for its fiscal year ended September 30, 2005; an amended Form 10-Q for the first quarter of fiscal year 2006 ended December 31, 2005; an amended Form 10-Q for the second quarter of fiscal year 2006 ended March 31, 2006; a Form 10-Q for the third quarter of fiscal year 2006 ended June 30, 2006; and a Form 10-K for the fiscal year ended September 30, 2006.

Further information regarding the restatement, the results of the review, and related matters is included in the amended filings, available at www.sec.gov.

About F5 Networks

F5 Networks is the global leader in Application Delivery Networking. F5 provides solutions that make applications secure, fast and available for everyone, helping organizations get the most out of their investment. By adding intelligence and manageability into the network to offload applications, F5 optimizes applications and allows them to work faster and consume fewer resources. F5's extensible architecture intelligently integrates application optimization, protects the application and the network, and delivers application reliability-all on one universal platform. Over 10,000 organizations and service providers worldwide trust F5 to keep their applications running. The company is headquartered in Seattle, Washington with offices worldwide. For more information, go to www.f5.com.

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This press release may contain forward looking statements relating to future events or future financial performance that involve risks and uncertainties. Such statements can be identified by terminology such as "may," "will," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential," or "continue," or the negative of such terms or comparable terms. These statements are only predictions and actual results could differ materially from those anticipated in these statements based upon a number of factors including those identified in the company's filings with the SEC.

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