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F5 Networks Announces Resignation of Jeff Pancottine

F5 Networks, Inc. (NASDAQ: FFIV) F5 Networks announced today that Jeff Pancottine, senior vice president of corporate development and general manager of F5's security business unit, plans to resign from the company, effective March 31. Pancottine, who joined F5 as senior vice president of marketing in October 2000, will become chief executive officer of eProject, a Seattle-based developer of online portfolio and project management software.

John McAdam, F5 president and chief executive officer, said he understands Pancottine's decision but will be sorry to see him go. "Over the past five years, Jeff has been a highly-valued member of our executive team and a major contributor to the company's success. I have personally enjoyed working with him, and I wish him the best of luck as he moves on to the next stage of his career."

Following Pancottine's departure the security business unit's sales team will report directly to the regional sales managers in their respective geographies. Dan Matte, senior vice president of marketing, will assume responsibility for corporate development.

Pancottine will continue to represent the company at four brokerage firm conferences scheduled during the first half of March.

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. The company is headquartered in Seattle, Washington with offices worldwide. Additional information about F5 is available on the company's website (www.f5.com) and in its SEC filings.

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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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