Symantec buys Veritas for $13.5 billion

Symantec Corp has announced that it has agreed to buy Veritas Software in an
all-stock transaction for approximately $13.5 billion. 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% and
Veritas shareholders approximately 40% of the combined company. The transaction
is expected to close in the second quarter of 2005, subject to customary closing
conditions.

The combined company will operate under the Symantec name. Chairman and CEO
of Symantec, John W Thompson will continue as Chairman and CEO of the combined
company. Chairman, President and CEO of Veritas, Gary L Bloom will be
Vice-chairman and President of the combined company. The board directors of the
combined company will include six members of Symantec's current board and four
from Veritas' current board for a total of 10 members.

By merging with Veritas, Symantec will expand its combined revenue base and
create an entity with significantly greater financial scale and resources. The
aggregate revenue of the combined company is expected to be approximately $ five
billion for the fiscal year 2006, which begins in April 2005 and ends in March
2006. Approximately 75% of the revenue of the combined company is expected to
come from the enterprise business and 25% from the consumer business. In
addition, the combined company will have approximately $ five billion in cash.

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