Morgan Stanley Software, Services, Internet & Networking Conference

1. Morgan Stanley Software, Services, Internet & Networking Conference Company Update January 2003

2. Safe Harbor Statements in this presentation other than historical data and information, including but not limited to, statements regarding benefits of VeriSign’s restructuring and new service offerings, constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements involve risks and uncertainties that could cause VeriSign's actual results to differ materially from those stated or implied by such forward-looking statements. The potential risks and uncertainties include, among others: • VeriSign's limited operating history under its current business structure, • the risk that businesses of previously-acquired companies as well as other businesses will not be integrated successfully and unanticipated costs of such integration; • uncertainty of future revenue and profitability and potential fluctuations in quarterly results; • the ability of VeriSign to successfully develop and market new services and customer acceptance of any new services; • the risk that VeriSign’s announced strategic relationships may not result in additional products, services, customers and revenues; • increased competition and pricing pressures; • risk that the company may not be able to achieve anticipated cost savings from the restructuring; and • risks related to potential security breaches. More information about potential factors that could affect the company's business and financial results is included in VeriSign's filings with the Securities and Exchange Commission, including in the company's Annual Report on Form 10-K for the year ended December 31, 2001 and quarterly reports on Form 10-Q. VeriSign undertakes no obligation to update any of the forward-looking statements after the date of this presentation.

3. 5million SMEs & consumers 4,000 enterprises 1,000 carriers VeriSign’s Mission Provide The Critical Infrastructure Services That Make Commerce and Communications Possible 45+countries $1+billion in revenues 3,100 employees

4. Trusted Infrastructure & Application Services Network & Security Services Authentication & Access Digital Brand Management Payment Services Internet Infrastructure Services Network & Security Services Authentication & Access Payment Services IP Addressing Directory Services Telecom Infrastructure Services SS7 Signaling Database Services Wireless Billing Clearing & Mediation Web Presence Services Domain Names Web Site Security Web Presence Services Domain Names Web Site Security Web Presence Services Domain Names Web Site Hosting Domain-based e-mail 25% 42% 33% Web PresenceInfrastructure Web PresenceInfrastructure Security Infrastructure Security Infrastructure Telecom Infrastructure Telecom Infrastructure Web PresenceInfrastructure Security Infrastructure Telecom Infrastructure Payment Infrastructure Payment Infrastructure Transaction Infrastructure ATLAS Directory & Routing Infrastructure ATLAS Directory & Routing Infrastructure ATLAS Directory & Routing Infrastructure VeriSign Services Portfolio Web PresenceInfrastructure Security Infrastructure Telecom Infrastructure Payment Infrastructure ATLAS Directory & Routing Infrastructure Q3’02 Revenue Mix

5. Enabling All Types of Interactions Web Identity • Every Day We… • Handle 7 billion web and e-mail interactions • Process over $40 million in e-commerce sales • Protect over 400,000 websites • Route over 1 billion SS7 messages • Serve 2 million SMS messages SMS Email Business Communications Wired Calls Commerce Wireless Calls

6. Why customers buy from us • We are a unique and essential utility • We absorb the complexity • DNS, PKI, transaction management, SS7 • To enable faster deployment • 70% of customers deployed in 30 days or less • With better cost and utilization of resources • Less people and less capital • With high performance, trusted infrastructure • Security, reliability, scalability

7. Competitive Position Security Services Telecom Services Registry Services Web Presence • #1 in SSL • #1 in mPKI • #1 in payment gateway • Emerging MSS business • Largest independent network • #2 in database services • Emerging billing & clearing platform • #1 in naming services • ATLAS infrastructure • #1 in domain name registration • Leader in domain-based e-mail, websites Key competitors: • Entrust • RSA • Cybersource • In-house • RBOCs • TSI • SNET • Convergys • NeuStar • Afilias • UltraDNS • Register.com • Tucows • Go Daddy

8. Financial Highlights • Leadership position in core markets • Majority of revenues from recurring services • Margin expansion as volumes increase • Strong cash flow generation model • International opportunity ahead of us • Restructuring of operations nearly complete

9. Operating Focus Short-Term • Focus on core, recurring revenue businesses • Expand security and telecom offerings • Leverage leadership position to grow • Enhance penetration through new partnerships Long-Term • Propagate VeriSign technologies into new markets • Capitalize on synergies in technology and infrastructure • Continue development of converged services • Capture international market share equal to domestic

10. Web Services Federated Identity • Joint standards with Microsoft & IBM • Native integration with major platforms • XML gateway • Reference architecture • Liberty Alliance • Microsoft .NET • IBM/Tivoli Voice/Data Mediation Device Authentication • Secure SMS/IM • VOIP Services • Secure wireless payments • ATLAS infrastructure • Chipset-based • BIOS-level Wireless LANs • 802.1x security framework • Roaming and mediation Strategic Directions Propagation and Leverage

11. Investment Highlights • Leading provider in growing markets • Security, Telecom, Directory • Critical technology expertise • Strong brand and strategic partnerships • Scale and operating leverage • Profitable, recurring revenue businesses • A unique Digital Utility