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F5 Networks Receives Subpoena and Informal Letter of Inquiry Regarding Stock Option Grants

F5 Networks, Inc. (NASDAQ: FFIV), today announced that on May 18, 2006, it received a grand jury subpoena issued by the U.S. District Court for the Eastern District of New York requesting documents related to the granting of stock options from 1995 through the present.

On the same day, the company received notice informing it that the Securities and Exchange Commission is conducting an informal inquiry into its stock option grants and requesting documents related to the granting of stock options from January 1, 1997, through the present.

The company intends to cooperate fully with both requests.

F5's Board of Directors has authorized a review of the company's stock option grants. This review will be conducted with the assistance of outside independent legal counsel. The retention of independent accounting experts for this purpose has also been authorized by the Board.

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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