SG Cowen Technology Conference

1. SG Cowen Technology Conference VeriSign, Inc. September 2003

2. Disclosure Statements in this presentation other than historical data and information, including but not limited to, statements regarding new business relationships 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 uncertainty of future revenue and profitability and potential fluctuations in quarterly operating 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; 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, especially in the company's Annual Report on Form 10-K for the year ended December 31, 2002 and quarterly reports on Form 10-Q. VeriSign undertakes no obligation to update any of the forward-looking statements after the date of this annual report. VeriSign is a registered trademark of VeriSign, Inc. Other names may be trademarks of their respective owners. The company provides quarterly and annual financial statements that are prepared in accordance with generally accepted accounting principles. Along with this information, we typically disclose and discuss certain pro forma financial information in our quarterly earnings press releases, during earnings calls and at investor conferences and related events. We believe that the pro forma info enhances investors’ overall understanding of our financial performance and the comparability of the company's operating results from period to period. We’ve provided a reconciliation of the pro forma financial information that we report each quarter with the comparable financial information prepared in accordance with GAAP and have made these reconciliations available on our web site under the Investor Relations tab at www.verisign.com.

3. VeriSign’s Mission Provide the critical infrastructure services that make the Internet and telecommunications networks more reliable, intelligent and secure Naming &Directory Security Transaction Telecom ATLAS Infrastructure 15 data centers 25+% of N.A. e-commerce 2 billion SS7 messages 10 billion DNS queries 400,000 e-commerce sites 4,000 enterprise customers 1,000 carrier customers Exclusive registry for .com .net

4. Trusted Infrastructure & Application Services Network & Security Services Authentication & Access Digital Brand Management Payment Services Web Presence Services Domain Names Web Site Security Web Presence Services Domain Names Web Site Security Web PresenceInfrastructure Web PresenceInfrastructure Security Infrastructure Security Infrastructure Telecom Infrastructure Telecom Infrastructure Payment Infrastructure Payment Infrastructure ATLAS Directory & Routing Infrastructure ATLAS Directory & Routing Infrastructure VeriSign Services Portfolio 22% 38% 40% Internet InfrastructureServices 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 Hosting Domain-based e-mail Web PresenceInfrastructure Security Infrastructure Telecom Infrastructure Security Infrastructure Payment Infrastructure Transaction Infrastructure Telecom Infrastructure Web PresenceInfrastructure ATLAS Directory & Routing Infrastructure ATLAS Directory & Routing Infrastructure Q2’03 Revenue Mix

5. Q2 ’03 Financial Snapshot Income Statement Revenue$265 million Anticipated decline in Network Solutions Gross margin56%Consistent with guidance Operating margin(pf)17%Maintained margin through revenue decline from continued cost controls & expense management Net income(pf)$47 millionLeverage in model generated solid income EPS(pf)$0.14In-line with expectations, consistent QTR-QTR Operating Cash Flow$81 millionAhead of guidance of $60-70m Balance Sheet Cash & cash equivalents$530 millionIncreased $55m QTR-QTR A/R$101 millionContinued benefits; declined by $18m from Q1 Deferred revenue$502 millionGrew by 1% quarter-over-quarter

6. Managing What We Can Control Over the last 4 quarters … • $350 million in operating cash flow • $250 million increase in cash and equivalents • $145 million reduction in AR • 44 day reduction in net DSO’s • $50+ million reduction in quarterly operating expenses • Deployed new infrastructure and business systems • Continue to develop new services for the future

7. Solid Growth Drivers Security • Extend network security • Strong authentication for users, devices, networks • App security for Web services • Transaction intelligence Telecom Naming & Directory • New end-user services in naming • Expand international footprint • Drive ATLAS into new markets • RFID, DRM • Tier 1 share of wallet • New mandated services • New wireless data platform • Expand international footprint

8. VeriSign • Network intelligence & monitoring • VoIP directory, security and mediation • Propagation into all devices, networks • ATLAS everywhere Solid Growth Drivers Security • Extend network security • Strong authentication for users, devices, networks • App security for Web services • Transaction intelligence Telecom Naming & Directory • New end-user services in naming • Expand international footprint • Drive ATLAS into new markets • RFID, DRM • Tier 1 share of wallet • New mandated services • New wireless data platform • Expand international footprint

9. Security Services Ben Golub SVP, Security Services September 2003

10. Unique Data and Intelligence on Internet Security Threats “With a company like VeriSign, who does this for many other companies, as well as the data they have from running the .com domains, they probably have more information about security incidents than anyone else. It also gives us early warning. They can, often before others can, see an attack occurring on the Internet.” David Bauer CSO, Merrill Lynch Source: InformationWeek, May 21, 2003

11. We Play in a Large and Growing Market … Source: IDC 28604 (12/02); IDC WW IT spending data (Apr 2002)

12. 100% 80 60 40 20 0 … Where 15% of Companies Account for 70% of the Security Market Total US Market Size 2003 4.8M $361B $12.6B • Financial services • Banking Regulated cutting-edge • Utilities • Telecom • Government • Healthcare • Insurance Regulation- centric • % of Retail* • % of Wholesale* • % of Discrete mfg.* Internet centric • Services • Process mfg • Transportation • Resources • Education • % of Retail • % of Wholesale • % of Discrete mfg Largely satisfied Companies IT spend Estimated Security spend Source: IDC; US Census Bureau; www.bizstats.com; Bain analysis Note: # of companies is for corporations only- excludes 17.6M sole proprietorships. * Retail and Wholesale – 1% of #, 66% of IT spend, 90% of IT security spend allocated to Internet centric, the rest to Largely Satisfied; Discrete Manufacturing – 20% of high-tech vertical companies, 30% of overall IT spend, 85% of overall IT security spend.

13. Cost • Less capital and operating budget • Staff reduction • Rely on Internet to save connection cost • Leverage existing investment • Complexity • Increase demand for access • Inconsistent environment • Lack of control • Keeping up with vulnerability • Threats from new technology • Compliance • - Sarbanes-Oxley • HIPAA • Patriot Act • Gramm-Leach-Bliley • Privacy Acts • Increasing Risk • Business Disruption • Lost Revenue • Corporate Liability • Customer Trust • Shareholder Confidence Customers Face Unprecedented Pressures Security is critical strategic issue to business continuity

14. Partner/Supplier Financial Networks Remote Office Internet Customers … Which We Address with the Right Model for Security Intelligence and Control Services Data, Intelligent Infrastructure, Technology, Expertise, Integration

15. Business Continuity Regulatory Compliance Business Partner Integration eCommerce Enablement Security, Payments Network Infrastructure Continuity HIPAA, FDA Secure Extranets Provide targeted Solutions to business needs Network Security Tranaction Security Strong Authentication Secure Access To Networks Intelligent Monitoring & Management Secure Web Services Fraud Protection With flexibly deployed Offerings Application Security Technology Data Intelligence/ Expertise LeveragingWorld-Class Assets (Managed Security Services, DNS, PKI, Trust Gateway, SSL, Payment Gateway) (enterprise event data, 9 billion DNS transactions, 25% N. American payment volume, SSL certificate validation) (Internet health monitoring, event correlation, fraud detection engine) Delivered from Solid Infrastructure Atlas, 24*7 redundancy, secure operations, PKI roots VeriSign Security Solutions

16. Network Security Transaction Security Strong Authentication Application Security Strong Authentication Business drivers What we have today • Need to protect critical networks and applications with stronger authentication of users and devices • Increased use of remote access, VPN and wireless LAN • Regulatory and audit requirements • Government mandates (National IDs, OMB memo) • Managed PKI / Digital certificates for users and devices • Key partnerships with Intel, Microsoft, IBM • Partner solutions • Smart cards • USB tokens • Biometrics

17. Business Challenge • Secure virtual system for sharing justice information by authorized federal, state, county and local users Results VeriSign Solution • Strong Authentication using Managed PKI • Integration with wireless access devices (e.g., PDAs) used by law enforcement officials • Sensitive criminal information now shared securely across agencies • Homeland Security network in place and operating in Pennsylvania Strong Authentication – Case Study

18. Strong Auth Network Security Transaction Security Application Security Network Security Business drivers What we have today • Increased demand for access outside traditional enterprise boundaries • New technologies blurring the perimeter (e.g., Wireless LAN) • Regulatory requirements • Minimize disruptions due to security events • Managed Firewall, VPN, IDS, Authentication, Routers with broad device coverage • eBusiness Assurance (MSS + DNS + Consulting) • Vulnerability scanning and management • Event correlation within and across enterprise • World-class operations with industry leading SLAs

19. Results VeriSign Solution • Security Architecture & Consolidation • Managed Firewall • Managed IDS • Over 300 Devices • Faster detection and response • Security infrastructure continuity • Cost savings Network Security – Case Study Business Challenge • Augment advanced security infrastructure with Internet-wide intelligence for fastest possible detection and response • Achieve significant operational efficiencies “We chose to work with VeriSign because of its powerful event correlation capabilities, industry leading service level, and security and infrastructure expertise” – David Bauer, Merrill Lynch

20. Business Challenge • Grow online brokerage business by enabling secure online transactions • Simplify account set-up process • Dramatically reduce 80% abandonment rate Results VeriSign Solution • Digital certificates issued by Barclays to all online clients • Leveraging VeriSign’s global PKI service • Design and implementation of fully automated account set up process • Reduced account set-up time from weeks to minutes • Acquired 125,000 clients in one year • Increased online trading volume by 10X Secure Customer Portals – Case Study

21. Application Security: Our Roadmap How we are getting there Future roadmap • Web Services security assessment • Managed security services for Web Services • Monitor & manage Trust Gateway • Application-level IDS • Maintain leadership in Web Services security standards • Sign up “light house” enterprise accounts • Fortune 500 healthcare provider • Govt agency • Propagate technology through security appliances Network Security Strong Auth Application Security Transaction Security

22. Security Incidents = 117% CAGR Growth Index (1998 = 100) 2,500 Avg. Loss Per Financial Fraud Event = 84% CAGR 2,000 1,500 Total Financial Fraud Losses = 79% CAGR 1,000 Web commerce Growth = 74% CAGR 500 100 0 1998 1999 2000 2001 2002 Transaction Security Trend: Web crime growing faster than web commerce Snapshots from 2002 • Online credit card fraud 17 times offline fraud, 7% of merchant revenues • Installed base of 375K SSL sites and 90,000 merchants • Currently process over 28% of North American e-commerce • Transaction based pricing today • Great renewal rates, and merchants process 40% this year than last year • Opportunities to increase per transaction fees through fraud offering, additional services Network Security Application Security Strong Auth Transaction Security

23. The Security Services Strategy • Expand solutions with emphasis on 4 key areas • Expand breadth of offering in strong authentication • Aggressively grow the network security business • Long-term bet on application security services • Move transaction security deeper into the enterprise • Develop and extend services and channels through partnerships and international expansion • Focused Marketing • Key verticals – Financial Services, Public Sector, Healthcare • New positioning and packaging solutions

24. VeriSign’s Industry-leading Security Services • Highly attractive, large and growing market • #1 position in key markets • SSL and Internet payments • Continued top and bottom line growth • Solid top line and bottom line growth expected with large enterprises • Targeting key verticals and concentrating on four primary service offerings. • All are platform-based businesses • Scale drives growth in profitability

25. SG Cowen Technology Conference VeriSign, Inc. September 2003