Press Release

MegaPath Networks Expands Business IP Services Network With Redback Next-Generation Platform Migration from SMS Systems to SmartEdge Service Gateway Systems Underway to Accommodate Growth and Advanced Services

SAN JOSE, Calif., November 15, 2004 – Redback Networks Inc. (NASDAQ: RBAK), a leading provider of next-generation broadband networking systems, today announced that California-based MegaPath Networks Inc. is evolving its business IP services network in the U.S. by augmenting existing Redback SMS™ systems with next-generation Redback SmartEdge® Service Gateway systems to accommodate its growth and its plans to offer advanced services. MegaPath provides numerous business connectivity options, including DSL, cable, T1, ISDN and satellite and complements those with business IP services such as site-to-site and remote access VPNs.

“MegaPath has consistently grown its market and leadership in delivering secure access and managed network solutions to multi-location businesses, reliably and effectively, with Redback’s SMS family of products,” said Steve Guastella, vice president of engineering and technology, MegaPath Networks. “With our rapid growth and new market demand for advanced IP services, we are transforming our capabilities by migrating to the next-generation SmartEdge Service Gateway platform.”

“We are pleased to grow our deployment with MegaPath Networks and watch their tremendous success in meeting the secure connectivity needs of businesses across the US,” said Shailesh Shukla, vice president of marketing and business development for Redback Networks. “The transition from our SMS platform to our SmartEdge Service Gateway is a smooth, straightforward one that dramatically results in new levels of performance, scalability, reliability and services.”

The Redback SmartEdge Service Gateway platforms deliver the strength of Redback's industry-leading SMS family of subscriber management systems with the SmartEdge platform's purpose-built hardware and software to provide subscriber management with dynamic policy enforcement, carrier-class IP routing, ATM mediation, MPLS VPNs, multicast and advanced video capabilities and high performance Quality of Service (QoS).

The SmartEdge family is designed to provide consistent operational and management control with the SMS family to ensure a seamless migration for customers.

About MegaPath Networks

MegaPath Networks Inc. delivers secure access and managed network solutions that enable businesses of all sizes to cost-effectively connect branch offices, storefronts, mobile workers and home-based workers to centralized corporate resources. By offering comprehensive managed access, VPN and security services, MegaPath is the single source of contact for the design, deployment, monitoring, reporting and support of remote connectivity solutions.

Having the broadest business-class footprint through its nationwide private network, MegaPath has deployed services to over 18,000 customers including small businesses and distributed enterprises ranging from large manufacturers, pharmaceutical companies, restaurant chains, retailers and financial institutions, to smaller insurance firms and real estate offices. MegaPath's passion for customer care and product excellence is reflected in its award-winning managed services and top industry- and user-rated technical support and sales professionals. Privately held and founded in 1999, MegaPath is headquartered in Pleasanton, CA.

For more information, visit the MegaPath Web site at www.megapath.net or call 1-877-MEGAPATH (634-2728). MegaPath Networks® is a registered service mark of MegaPath Networks Inc.

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. SMS and NetOp are trademarks 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 MegaPath’s transition from SMS systems to SmartEdge systems, the ease of the transition and the ability to accommodate fast growth and offer advanced IP services with the SmartEdge systems. 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