______________________________________________________________________________ SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________ FORM T-1 Statement of Eligibility Under The Trust Indenture Act of 1939 of a Corporation Designated to Act as Trustee Check if an Application to Determine Eligibility of a Trustee Pursuant to Section 305(b)(2) _______________________________________________________ U.S. BANK NATIONAL ASSOCIATION (Exact name of Trustee as specified in its charter) 31-0841368 I.R.S. Employer Identification No. ------------------------------------------------------------ --------------------------------------------------------- 800 Nicollet Mall Minneapolis, MN 55402 ------------------------------------------------------------ --------------------------------------------------------- (Address of principal executive offices) (Zip Code) ------------------------------------------------------------ --------------------------------------------------------- Sherrie Pantle, Vice President U.S. Bank National Association 1420 Fifth Avenue, 7th Floor Seattle, WA 98101 (206) 344-4676 (Name, address and telephone number of agent for service) F5 Networks, Inc. (Issuer with respect to the Securities) ------------------------------------------------------------ --------------------------------------------------------- Washington 91-1714307 ------------------------------------------------------------ --------------------------------------------------------- ------------------------------------------------------------ --------------------------------------------------------- (State or other jurisdiction of incorporation or (I.R.S. Employer Identification No.) organization) ------------------------------------------------------------ --------------------------------------------------------- ----------------------------------------------------------- ---------------------------------------------------------- 401 Elliott Avenue West, Suite 500 98119 Seattle, WA ----------------------------------------------------------- ---------------------------------------------------------- Address of Principal Executive Offices) (Zip Code) ----------------------------------------------------------- ---------------------------------------------------------- Senior and Subordinated Securities (Title of the Indenture Securities) ______________________________________________________________________________ FORM T-1

Item 1. GENERAL INFORMATION. Furnish the following information as to the Trustee. a) Name and address of each examining or supervising authority to which it is subject. Comptroller of the Currency Washington, D.C. b) Whether it is authorized to exercise corporate trust powers. Yes Item 2. AFFILIATIONS WITH OBLIGOR. If the obligor is an affiliate of the Trustee, describe each such affiliation. None Items 3-15 Items 3-15 are not applicable because to the best of the Trustee's knowledge, the obligor is not in default under any Indenture for which the Trustee acts as Trustee. Item 16. LIST OF EXHIBITS: List below all exhibits filed as a part of this statement of eligibility and qualification. 1. A copy of the Articles of Association of the Trustee.* 2. A copy of the certificate of authority of the Trustee to commence business.* 3. A copy of the certificate of authority of the Trustee to exercise corporate trust powers.* 4. A copy of the existing bylaws of the Trustee.* 5. A copy of each Indenture referred to in Item 4. Not applicable. 6. The consent of the Trustee required by Section 321(b) of the Trust Indenture Act of 1939, attached as Exhibit 6. 7. Report of Condition of the Trustee as of December 31, 2002, published pursuant to law or the requirements of its supervising or examining authority, attached as Exhibit 7. * Incorporated by reference to Registration Number 333-67188.



                                                          NOTE

         The answers to this statement insofar as such answers relate to what persons have been underwriters for any
securities of the obligors within three years prior to the date of filing this statement, or what persons are owners
of 10% or more of the voting securities of the obligors, or affiliates, are based upon information furnished to the
Trustee by the obligors.  While the Trustee has no reason to doubt the accuracy of any such information, it cannot
accept any responsibility therefor.



                                                       SIGNATURE

         Pursuant to the requirements of the Trust Indenture Act of 1939, as amended, the Trustee, U.S. BANK NATIONAL
ASSOCIATION, a national banking association organized and existing under the laws of the United States of America, has
duly caused this statement of eligibility and qualification to be signed on its behalf by the undersigned, thereunto
duly authorized, all in the City of Seattle, State of Washington on the 15th day of September, 2003.


                                            U.S. BANK NATIONAL ASSOCIATION

                                            By:      /s/ Dyan M. Huhta
                                                     Dyan M. Huhta
                                                     Vice President




By:      /s/ Nancy D. Stahl
         Nancy D. Stahl
         Vice President






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                                                       Exhibit 6

                                                        CONSENT


         In accordance with Section 321(b) of the Trust Indenture Act of 1939, the undersigned, U.S. BANK NATIONAL
ASSOCIATION hereby consents that reports of examination of the undersigned by Federal, State, Territorial or District
authorities may be furnished by such authorities to the Securities and Exchange Commission upon its request therefor.


Dated:  September 15, 2003


                                            U.S. BANK NATIONAL ASSOCIATION


                                            By:      /s/ Dyan M. Huhta
						     Dyan M. Huhta
                                                     Vice President




By:      /s/ Nancy D. Stahl
         Nancy D. Stahl
         Vice President


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Exhibit 7 U.S. Bank National Association Statement of Financial Condition As of 6/30/2003 ($000's) 6/30/2003 Assets Cash and Due From Depository Institutions $11,987,100 Federal Reserve Stock 0 Securities 35,336,411 Federal Funds 4,955,134 Loans & Lease Financing Receivables 118,648,100 Fixed Assets 1,864,465 Intangible Assets 9,999,520 Other Assets 8,735,830 Total Assets $191,526,560 Liabilities Deposits $132,461,590 Fed Funds 5,061,915 Treasury Demand Notes 0 Trading Liabilities 303,140 Other Borrowed Money 20,320,775 Acceptances 150,586 Subordinated Notes and Debentures 6,326,523 Other Liabilities 5,864,946 Total Liabilities $170,489,475 Equity Minority Interest in Subsidiaries $999,216 Common and Preferred Stock 18,200 Surplus 11,015,123 Undivided Profits 9,004,546 Total Equity Capital $21,037,085 Total Liabilities and Equity Capital $191,526,560 To the best of the undersigned's determination, as of the date hereof, the above financial information is true and correct. U.S. Bank National Association By: /s/ Dyan M. Huhta Vice President Date: September 15, 2003