"While we remain dependent on the timing of operators' purchasing decisions, we are very confident that the value proposition for Sandvine's solutions remains strong. We firmly believe that we are in an emerging, high-growth market and we continue to manage our business accordingly. We keep extending our technological lead, most recently through the launch of a new platform designed for the world's largest wireless operators, and continue to focus our sales and marketing efforts on tier-1 operators worldwide," said Sandvine's President and Chief Executive Officer, Dave Caputo.

The above comments constitute forward-looking information. See "Caution Regarding Forward-Looking Information" below.

FINANCIAL HIGHLIGHTSMillions of dollars, except per share data and where otherwise indicated----------------------------------------------------------------------                            Q1 2008  Q1 2007  Change  Q4 2007  Change----------------------------------------------------------------------Revenue                         8.3     15.4     -46%    17.1     -52%Gross Margin percent             75%      81%  -6 pp       73%   2 ppR&D, SG&A                      12.5      6.4      94%    12.3       2%Other Operating Expenses        1.8      0.7     161%     1.8       4%Net (Loss) Income              (7.0)     5.9              0.1Diluted (Loss) Earnings PerShare                        (0.051)   0.045            0.000----------------------------------------------------------------------

As a result of delays in purchasing decisions by existing and prospective customers experienced in the first quarter of 2008, revenue decreased 46% in the quarter to $8.3 million, from $15.4 million for Q1 2007. Sandvine's first quarter net loss was $7.0 million ($0.051 loss per diluted share), compared to $5.9 million in earnings ($0.045 earnings per diluted share) for Q1 2007. Included in this net loss was $1.1 million attributable to non-cash, acquisition-related expenses and stock-based compensation, compared to $0.2 million in Q1 2007.

STRATEGIC UPDATE

Sandvine is focused on increasing its market penetration, both in terms of number of customers and the number of broadband subscribers they represent. The Company has over 100 customers serving in excess of 50 million broadband subscribers, in over 40 countries worldwide. Fourteen of the top 100 broadband service providers around the world have selected Sandvine's solutions.

Since the last quarterly results news release, Sandvine has made significant progress on some of its core strategies:

- Continued investment in sales and marketing -- added four new customers in the quarter, including a win through a new major, strategic reseller partner. Six customers purchased the PTS 14000 for the first time. In total, 32 customers have purchased the PTS 14000 since its launch over a year ago.

- Increased focus on emerging access technologies - won a new FTTH/DSL operator and three additional DSL providers in the quarter.

- Continued investment in research and development:

--Launched the PTS 14700, the first service control platform to address the needs of the world's largest tier-1 wireless operators, with high subscriber counts, wireless specific protocols and subscriber mobility. The new high-capacity platform opens the door to new customized services such as advice-of-charge for mobile downloads, usage-based billing, and geography-based services that encourage more mobile data usage. The platform also lets wireless service providers monitor and track specific types of data traffic on a per-subscriber basis and allocate network resources where needed. The platform won a CTIA Emerging Technologies Award for Innovation in Service Creation and Development.

--Demonstrated a Policy Charging and Enforcement Function (PCEF) for wireless operators, which identifies subscribers and tracks detailed data application usage in real time. With the PCEF, wireless operators can monitor, charge and upsell subscribers for application usage, track historical usage and monitor the network for congestion, especially during peak hours.

--Demonstrated a joint solution with Nortel for delivering application-based Quality of Service on WiMAX networks.

OUTLOOK

As reported on March 6, 2008, the Company expects total revenue for fiscal 2008 in the range of $80 million to $85 million, based on the following material assumptions:

- Fifty percent of the revenue target will be earned from existing customers;

- The other fifty percent of the revenue target will be earned from new customers, which would include revenue from four to six new tier-1 service providers (service providers with over one million broadband/mobile data subscribers) from the DSL and wireless markets, combined;

- Sales through channel partners will account for approximately 15% to 20% of the revenue target; and

- The Canadian dollar will be at par with the US dollar for the year.

The above estimates constitute forward-looking information. See "Caution Regarding Forward-Looking Information" below. Management's Discussion and Analysis for the quarter is available at www.sedar.com.

CONFERENCE CALL

Sandvine will discuss the results and business outlook on a conference call at 8:30 a.m. Eastern time (1:30 p.m BST) today. A webcast will also be available from the Investor Relations section of Sandvine's website (www.sandvine.com).

Date                                    April 9Time                                    8:30 a.m. Eastern (1:30 p.m. BST)Local dial-in number                    416 644 3414Toll-free North America                 800 733 7571Toll-free United Kingdom                00 800 2288 3501

A replay of the call will be available at 416-640-1917 or toll-free at 877-289-8525 (passcode 21264613#) from approximately 10:30 a.m. Eastern time today through April 16.

ABOUT SANDVINE

Sandvine's award-winning network equipment helps DSL, FTTx, cable, fixed wireless and mobile operators characterize what is really happening on their networks, enabling polices that improve customer satisfaction, reduce operational costs and increase profitability. Sandvine's policy management solutions are both application and subscriber-aware, empowering service providers to better manage network traffic congestion, mitigate the proliferation of malicious traffic, and deliver QoS-prioritized multimedia services. With more than 100 customers in over 40 countries, Sandvine is enhancing the Internet experience for millions of broadband users worldwide. www.sandvine.com.

CAUTION REGARDING FORWARD LOOKING INFORMATION

Certain statements in this release which are not historical facts constitute forward-looking statements or forward-looking information within the meaning of applicable securities laws ("forward-looking statements") and are made pursuant to the "safe harbour" provisions of such laws. Statements related to Sandvine's projected revenues, earnings, growth rates, revenue mix and product plans are forward looking statements as are any statements relating to future events, conditions or circumstances. The use of terms such as "anticipated", "expected", "projected", "targeting", "estimate", "believe" and similar terms are intended to assist in identification of these forward-looking statements. Readers are cautioned not to place undue reliance upon any such forward-looking statements. Such forward-looking statements are not promises or guarantees of future performance and involve both known and unknown risks and uncertainties that may cause the actual results, performance or achievements of Sandvine to differ materially from the results, performance, achievements or developments expressed or implied by such forward-looking statements.

Many factors could cause the actual results of Sandvine to differ materially from the results, performance, achievements or developments expressed or implied by such forward-looking statements, including, without limitation, those factors discussed under the heading "Risk Factors" in Sandvine's most recent Annual Information Form ("AIF"), a copy of which is available on SEDAR at www.sedar.com, as well as each of the following.

- Sandvine's revenues may fluctuate from quarter to quarter and year to year depending upon sales cycles, customer demand and the timing of customer order purchase decisions;

- Sandvine's gross margins may fluctuate from period to period depending upon a variety of factors including product mix in the quarter, competitive pricing pressures and the level of sales generated through indirect channels;

- Sandvine is dependent upon and has derived a large percentage of its revenue from both a small number of key customers and customers who are predominantly cable based broadband service providers.

- Sandvine faces intense competition in markets where there are typically several different competing technologies and rapid technological changes;

- Sandvine's growth is dependent on the development of the market for intelligent broadband network management solutions and the decisions of the Company's target customers to deploy and further invest in those technologies which decisions may be impacted upon by changing regulations and requirements in the area of broadband network management policies;

- The majority of Sandvine's expenses are denominated in Canadian dollars while its sales are generally denominated in U.S. dollars. The Company's earnings are impacted by fluctuations in the exchange rates between these and other currencies in which Sandvine trades.

- The introduction and sale of new products by Sandvine may impact the timing of revenue recognition which could raise greater revenue fluctuations from quarter to quarter than has been experienced historically.

Forward-looking statements are based on management's current plans, estimates, projections, beliefs and opinions, and Sandvine does not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs and opinions change.

Sandvine CorporationConsolidated Balance SheetsAs at February 29, 2008(in Canadian dollars, amounts in thousands, except share and per share data)(unaudited)                                                  February 29  November 30                                                         2008         2007                                                            $            $AssetsCurrent assetsCash and cash equivalents                               9,542        7,878Marketable securities                                  97,040      105,136Accounts receivable                                    10,730       10,003Inventory                                              16,657       13,874Future tax asset                                        1,075        1,075Other                                                   1,558        1,637                                                  ------------------------                                                      136,602      139,603                                                  ------------------------Non current assetsCapital assets                                         11,095       10,137Intangible assets                                       6,900        7,300Goodwill                                                2,425        2,425                                                  ------------------------                                                       20,420       19,862                                                  ------------------------                                                      157,022      159,465                                                  ------------------------                                                  ------------------------LiabilitiesCurrent liabilitiesAccounts payable and accrued liabilities                6,489        6,094Current portion of deferred revenue                     6,916        4,028                                                  ------------------------                                                       13,405       10,122                                                  ------------------------Non current liabilitiesDeferred revenue                                           66           57Future tax liability                                      374          374Other                                                     306          342                                                  ------------------------                                                          746          773                                                  ------------------------                                                       14,151       10,895                                                  ------------------------Shareholders' equityShare capital                                         146,846      146,568Contributed surplus                                     2,118        1,532Accumulated other comprehensive income                     17           69Retained earnings (deficit)                            (6,110)         401                                                  ------------------------                                                      142,871      148,570                                                  ------------------------                                                      157,022      159,465                                                  ------------------------                                                  ------------------------Sandvine CorporationConsolidated Statements of OperationsFor the three month period ended February 29, 2008(in Canadian dollars, amounts in thousands, except share and per share data)(unaudited)                                                  February 29  February 28                                                         2008         2007                                                            $            $RevenueProduct                                                 4,759       13,558Service                                                 3,529        1,817                                                  ------------------------                                                        8,288       15,375                                                  ------------------------Cost of salesProduct                                                 1,491        2,574Service                                                   573          347                                                  ------------------------                                                        2,064        2,921                                                  ------------------------Gross margin                                            6,224       12,454                                                  ------------------------ExpensesSales and marketing                                     4,026        3,051Research and development                                6,175        2,643General and administrative                              2,324          752Stock based compensation                                  623          184Amortization of intangible assets                         400            -Depreciation                                              811          520                                                  ------------------------                                                       14,359        7,150                                                  ------------------------Income (loss) from operations                          (8,135)       5,304Interest and other income                               1,178          639                                                  ------------------------Income (loss) before provision for income taxes        (6,957)       5,943                                                  ------------------------Provision for income taxesCurrent                                                    20           71                                                  ------------------------Net income (loss) for the period                       (6,977)       5,872                                                  ------------------------                                                  ------------------------Earnings (loss) per shareBasic                                                  (0.051)       0.048                                                  ------------------------Diluted                                                (0.051)       0.045                                                  ------------------------Basic weighted average number of shares outstanding                                      136,849,460  122,751,511                                                  ------------------------                                                  ------------------------Diluted weighted average number of shares outstanding                                      136,849,460  129,367,292                                                  ------------------------                                                  ------------------------Sandvine CorporationConsolidated Statements of Cash FlowsFor the three month period ended February 29, 2008(in Canadian dollars, amounts in thousands, except share and per share data)(unaudited)                                                  February 29  February 28                                                         2008         2007                                                            $            $Cash provided by (used in)Operating activitiesNet income (loss) for the period                       (6,977)       5,872Items not affecting cashAmortization of intangible assets                         400            - Depreciation                                             821          520 Foreign exchange loss (gain)                              73         (326) Stock-based compensation                                 623          184 Other                                                   (248)           -                                                  -------------------------                                                       (5,308)       6,250Changes in non-current balances                           (26)           6Changes in non-cash working capital balances              244       10,695                                                  -------------------------                                                       (5,090)      16,951                                                  -------------------------Investing activitiesPurchase of capital assets                             (1,451)      (1,777)Purchase of marketable securities                    (200,858)     (75,551)Sale of marketable securities                         208,902       50,211                                                  -------------------------                                                        6,593      (27,117)                                                  -------------------------Financing activityProceeds from the issuance of share capital               161          187                                                  -------------------------Net increase (decrease) in cash during period           1,664       (9,979)Cash and cash equivalents - Beginning of period         7,878       19,564                                                  -------------------------Cash and cash equivalents - End of period               9,542        9,585                                                  -------------------------                                                  -------------------------