2004 Piper Jaffray Technology Conference Mark Bregman Executive Vice President, Product Operations

Introductory Information Safe Harbor Statement Many of the matters we will be discussing today consist of forward- looking statements that involve risks and uncertainties. For a discussion of these risks and uncertainties, you should refer to our most recent reports on Forms 10-K and 10-Q that have been filed with the SEC, particularly the section titled "Factors That May Affect Future Results." We undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date hereof. We will be making comparative statements in today’s presentations. As discussed previously,we are in the process of restating our financial statements for the years ended December 31, 2001 and 2002, and adjusting our financial results for the year ended December 31, All comparative statements will be made using previously disclosed results. At this time, we believe these comparisons to be current and meaningful but you should note that there may be additional information that arises during the restatement process that may change these comparisons.

Introductory Information Non GAAP Financial Measures In today’s presentations, we will be referring to non-GAAP financial measures of our operating and financial results. For complete information regarding our non-GAAP financial information, the most directly comparable GAAP measures and a quantitative reconciliation of those figures, please refer to the investor relations page on our website,

VERITAS Market Leadership Storage Management Clustering & Replication Backup & Recovery Source : Gartner Group 2004 Market Share Reports, Internal VERITAS Revenue Reports Storage Software

2003—A Record Year Q Q Q $394.4M / +6% $0.17 $412.9M / +13% $0.19 $450.9M / +23% $0.21 Q $513.7M / +26% $0.25 Source : Internal VERITAS Revenue Reporting

Q1 2004—Continued Momentum $487M +24% $0.23 Revenue EPS $2.7B 30% Cash & Investments Operating Margin Source : Internal VERITAS Revenue Reporting

R&D Investment Increasing Investment In R&D $175M$175M $337M$337M Source : Internal VERITAS Reporting

Delivery - The Last 12 Months Software Building Blocks To Enable Utility Computing May ‘03 May ‘04 CommandCentral Availability 4.0 CommandCentral Storage 4.0 Data Lifecycle Manager 5.0 Storage Foundation 4.0 Cluster Server 4.0 Insight, Inform, Indepth (i 3 ) 6.5 NetBackup 5.0 NetBackup DLO 5.0 CommandCentral Service 3.5 Backup Exec 9.1 Volume Replicator 4.0 May ‘03 opForce 3.0

Utility Computing Architectural View Architectural Building Blocks Align IT and Business

Discover Inventory Existing Assets & Utilization Consolidate Consolidate Under-utilized Assets & Applications Standardize Standardize On Best Of Breed Service Consumption- based Metering For Cost Allocation Automate Policy-based Dynamic Sharing & Pooling Of Assets Evolving The Vision: Utility Computing Approach

Building Blocks For Utility Computing Availability Automation Performance Volume Replicator Storage Foundation NetBackup BackupExec Cluster Server UpScale i 3 Storage Foundation Database Editions i3i3 i3i3 CommandCentral Storage Storage Foundation CommandCentral Server OpForce CommandCentral Service CommandCentral Availability Application Server Storage Heterogeneous

Availability Automation Performance Availability Automation Building Blocks For Utility Computing Higher Service Levels + Lower Costs = Better ROI Application Server Storage Heterogeneous

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