2004 Piper Jaffray Technology ConferenceMark 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, 2003. 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, www.veritas.com.

VERITAS Market Leadership

Storage Management Clustering & Replication

Backup & Recovery

2001 2002 2003

Source : Gartner Group 2004 Market Share Reports, Internal VERITAS Revenue Reports

Storage Software

2003—A Record Year

Q2 2003

Q3 2003

Q1 2003

$394.4M / +6%

$0.17

$412.9M / +13%

$0.19

$450.9M / +23%

$0.21

Q4 2003

$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

2000 2001 2002 2003 2004 (Est)

$175M$175M$175M$175M

$337M$337M$337M$337M

Source : Internal VERITAS Reporting

Delivery - The Last 12 MonthsSoftware Building Blocks To Enable Utility Computing

May ‘03May ‘03 May ‘04May ‘04May ‘04May ‘04

CommandCentral Availability 4.0CommandCentral Availability 4.0

CommandCentral Storage 4.0CommandCentral Storage 4.0

Data Lifecycle Manager 5.0Data Lifecycle Manager 5.0Storage Foundation 4.0Storage Foundation 4.0

Cluster Server 4.0Cluster Server 4.0

Insight, Inform, Indepth (iInsight, Inform, Indepth (i33) 6.5) 6.5

NetBackup 5.0NetBackup 5.0

NetBackup DLO 5.0NetBackup DLO 5.0

CommandCentral Service 3.5CommandCentral Service 3.5

Backup Exec 9.1Backup Exec 9.1

Volume Replicator 4.0Volume Replicator 4.0

May ‘03May ‘03May ‘03May ‘03

opForce 3.0opForce 3.0

Utility Computing Architectural View

Architectural Architectural Building BlocksBuilding Blocks

Architectural Architectural Building BlocksBuilding Blocks

Align IT and Align IT and BusinessBusiness

Align IT and Align IT and BusinessBusiness

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 AutomationPerformance

Volume ReplicatorStorage

Foundation

NetBackup BackupExec

Cluster Server

Cluster Server

UpScale

i3

Storage Foundation

Database Editions

i3

i3

CommandCentral Storage

Storage Foundation

CommandCentral Server

OpForce

CommandCentralService

CommandCentral Availability

Application

Server

Storage

Heterogeneous

Availability AutomationPerformanceAvailability Automation

Building Blocks For Utility Computing

Higher Service Levels

+ Lower Costs

= Better ROIApplication

Server

Storage

Heterogeneous

&ANSWERSQUESTIONS

Copyright © 2004 VERITAS Software Corporation. All rights reserved. VERITAS, the VERITAS logo, and all other VERITAS product names and slogans are trademarks or registered trademarks of VERITAS Software Corporation. VERITAS and the VERITAS Logo Reg. U.S. Pat. & Tm Off. Other product names and/or slogans mentioned herein may be trademarks or registered trademarks of their respective companies.