Press Release

Redback Wins Phase Two of KT Next-Generation Broadband Network SmartEdge Service Gateway to Serve as Primary Platform for Value-Added Broadband Services and Integration Point for WiFi, xDSL, VDSL and Ethernet

SAN JOSE, Calif., November 4, 2004 – Redback Networks Inc. (NASDAQ: RBAK), a leading provider of next-generation broadband networking systems, today announced that KT, the largest provider of ADSL broadband services in the world, has selected the SmartEdge® Service Gateway platform and NetOp™ Policy Manager as the primary platform and policy intelligence infrastructure for the second phase of its next-generation broadband network. The SmartEdge Service Gateway platform was the exclusive system for the first phase of deployment at KT, and now it is expected to serve the majority of all deploying provinces.

“Redback has already played a crucial role in the development of our next-generation broadband network, and we plan to continue building based on Redback’s SmartEdge Service Gateway and NetOp Policy Manager,” said KC Park, director, Internet Planning Division, KT Corporation. “The subscriber and service intelligence of the Redback platform as well as the reliability extending all the way to individual subscriber sessions, makes Redback a strong choice for the future.”

“We are pleased to continue the build-out of KT’s next-generation broadband network, and we are proud to support them in creating an advanced, value-added network for the delivery of content, communications and services,” said Kevin DeNuccio, chief executive officer and president of Redback Networks. “With Smart Broadband Networks from Redback, KT can confidently create a very large-scale network for meeting the challenges and opportunities of delivering video, voice, data and wireless.”

The second phase was awarded to Redback after extensive testing and detailed technical evaluations against other platforms. KT makes use of Redback’s Dynamic Subscriber Identification technology for seamless identification and authentication of subscribers and broadband-enabled devices, ranging from home PCs to mobile computers, game consoles, set-top boxes and IP telephones, across all modes of access, including KT’s existing ADSL, VDSL, Metro Ethernet and WiFi. Dynamic Subscriber Identification utilizes PPP, DHCP and other means to identify subscribers and devices.

KT also utilizes the Session Level Reliability feature that is now an integral part of the SmartEdge Service Gateway platform. With reliability to the session-level, KT can offer uninterrupted service for online games, video streams, Voice over IP (VoIP) and other high-value applications. KT will also continue to develop value-added per-subscriber services using the SmartEdge Service Gateway platform and NetOp Policy Manager.

About Redback Networks Redback Networks Inc., a leading provider of next-generation broadband networking equipment, enables carriers and service providers to build third-generation Smart Broadband Networks that can deliver simplified, personalized, portable subscriber services to consumers and businesses. The company's carrier-class, consumer-scale SmartEdge Router and Service Gateway platforms for Consumer IP combine subscriber management systems and edge routing and, in conjunction with the NetOp™ Element and Policy Manager platform, provide a powerful, flexible infrastructure for managing both subscribers and value-added services.

Founded in 1996 and headquartered in San Jose, Calif., with sales and technical support centers located worldwide, Redback Networks maintains a growing and global customer base of more than 500 carriers and service providers, including major local exchange carriers (LECs), inter-exchange carriers (IXCs), PTTs and service providers. For more information, visit Redback Networks at www.redback.com.

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REDBACK and SmartEdge are trademarks registered at the U.S. Patent and Trademark Office and in other countries. NetOp is a trademark of Redback Networks Inc. All other products or services mentioned are the trademark, service marks, registered trademarks or registered service marks of their respective owners.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

The statements contained in this press release that are not purely historical are forward-looking statements within the meaning of Section 21E of the Securities and Exchange Act of 1934, as amended, including statements regarding Redback Network’s expectations, beliefs, intentions or strategies regarding the future and including, without limitation, statements regarding KT’s phase two deployment of Redback products, the growth of that deployment over time, the ability to enable value-added services and integrate various modes of access and the ability of KT to create a very large-scale network. All forward-looking statements included in this document are based upon information available to Redback Networks as of the date hereof, and Redback Networks assumes no obligation to update any such forward-looking statements. Forward-looking statements involve risks and uncertainties, which could cause actual results to differ materially from those projected. These risks and other risks relating to Redback Network’s business are set forth in the documents filed by Redback Networks with the Securities and Exchange Commission (SEC), specifically the most recent report on Form 10-K Form, Form 10-Q, Form 8-K, Redback’s Registration Statement on Form S-3 (File No. 333-114352), and amendments thereto, and the other reports filed from time to time with the SEC.