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Juniper Networks, Inc. Calls for Redemption of Its 4.75% Convertible Subordinated Notes Due March 15, 2007

SUNNYVALE, Calif., Oct. 27, 2003 - Juniper Networks, Inc. (Nasdaq: JNPR) is calling today for redemption on November 26, 2003, of $400,000,000 principal amount of its 4.75% Convertible Subordinated Notes due March 15, 2007 (the "Notes"). The CUSIP number for the Notes is 48203R AA 2. The Notes were originally issued on March 8, 2000, in the aggregate principal amount of $1,150,000,000. The Notes to be redeemed will be selected in accordance with the applicable procedures of The Depository Trust Company for partial redemptions.

Prior to 5:00 p.m., Eastern Time, on November 25, 2003, holders may convert their Notes called for redemption into shares of Juniper Networks common stock at a price of approximately $163.9559 per share, or 6.0992 shares of Juniper Networks common stock per $1,000 principal amount of the Notes. Cash will be paid in lieu of fractional shares. On October 24, 2003, the last reported sale price of Juniper Networks common stock on the NASDAQ National Market was $16.49 per share.

Alternatively, holders may have their Notes that have been called for redemption, redeemed on November 26, 2003. Upon redemption, holders will receive a total of $1,036.508 per $1,000 principal amount of the Notes (consisting of the redemption price of $1,027.14 per $1,000 principal amount of the Notes, plus accrued and unpaid interest thereon from September 15, 2003 up to but not including November 26, 2003, of $9.368 per $1,000 principal of the Notes). Any of the Notes called for redemption and not converted on or before 5:00 p.m., Eastern Time, on November 25, 2003, will be automatically redeemed on November 26, 2003, and no further interest will accrue.

The Notes are held in global form through the facilities of The Depositary Trust Company. Holders of the Notes should complete the appropriate instruction form for redemption or conversion, as applicable, pursuant to The Depositary Trust Company's book-entry system and follow such other directions as instructed by The Depositary Trust Company.

A Notice of Redemption is being mailed to all registered holders of the Notes. Copies of the Notice of Redemption may be obtained from Wells Fargo Bank Minnesota, N.A., the Conversion Agent and Paying Agent, by calling Michael Lechner at 612-316-4305. The address of Wells Fargo Bank Minnesota is: Corporate Trust Services, Sixth and Marquette, Minneapolis, Minnesota 55479.

Following the completion of the partial redemption on November 26, 2003, there will be approximately $142,076,000 of the Notes outstanding.

About Juniper Networks

Juniper Networks transforms the business of networking by converting a commodity - bandwidth - into a dependable, secure, and highly valuable corporate asset. Founded in 1996 to meet the stringent demands of service providers, Juniper Networks is now relied upon by the world's leading network operators, government agencies, research and education institutions, and information intensive enterprises as the foundation for uncompromising networks. Juniper Networks is headquartered in Sunnyvale, Calif. Additional information can be found at www.juniper.net.

Actual results could differ materially from those anticipated in forward-looking statements in this release as a result of certain factors, including those set forth in the risk factors described in the Company's SEC filings, including its most recent Form 10K.

Juniper Networks is registered in the U.S. Patent and Trademark Office and in other countries as a trademark of Juniper Networks, Inc. Broadband Cable Processor, ERX, ESP, E-series, G1, G10, G-series, Internet Processor, Juniper Your Net, JUNOS, JUNOScript, M5, M10, M20, M40, M40e, M160, M-series, NMC-RX, SDX, ServiceGuard, T320, T640, T-series, UMC, and Unison are trademarks of Juniper Networks, Inc. All other trademarks, service marks, registered trademarks, or registered service marks are the property of their respective owners.