Symantec and Veritas Software Merger

Software Industry Leaders Symantec and Veritas Software To Merge

Cupertino, CA and Mountain View, CA (December 16, 2004) – Symantec Corp. (Nasdaq: SYMC) and VERITAS Software Corp. (Nasdaq: VRTS) today announced that the companies have entered into a definitive agreement to merge in an all-stock transaction. Based on Symantec’s stock price of $27.38 at market close on December 15, 2004, the transaction is valued at approximately $13.5 billion.

The leader in storage software and the leader in security software will provide enterprise customers with a more effective way to secure and manage their most valuable asset, their information. The combined company will be uniquely positioned to deliver information security and availability solutions across all platforms, from the desktop to the data center, from consumers and small businesses to large organizations and service providers.

Under the agreement, which has been unanimously approved by both boards of directors, VERITAS stock will be converted into Symantec stock at a fixed exchange ratio of 1.1242 shares of Symantec common stock for each outstanding share of VERITAS common stock. Upon closing, Symantec shareholders will own approximately 60 percent and VERITAS shareholders approximately 40 percent of the combined company. The transaction is expected to be tax-free to shareholders of both companies for U.S. federal income tax purposes.

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