Entrust Provides Full Year Revenue and EPS Guidance

Entrust to Provide Update on Corporate Strategy and Future Direction at Analyst Day May 20 in New York

20 May 2004

2004 Total Revenues targeted to be between $97 million and $101 million
2004 Total EPS targeted to be between $0.02 and $0.04 per share

DALLAS - Entrust, Inc. [Nasdaq: ENTU], a world-leading provider of Identity and Access Management solutions, today announced full year revenue and GAAP EPS targets for its fiscal year ending December 31, 2004.

The company is targeting 2004 total revenues in the range of $97.0 million to $101.0 million. The revenue range delivers a targeted 2004 GAAP net profit in the range of $0.02 to $0.04 per share. The company also reiterated its second quarter 2004 financial targets. For the second quarter of 2004, Entrust is targeting GAAP breakeven to a net profit per share of $0.01 and revenues in the range of $23.0 million to $24.5 million. The company will be providing further detail relating to this new guidance at its analyst day, held in New York City on May 20. Investors are encouraged to listen to the company's presentation at its analyst day by conference call or Webcast.

"The combination of enterprise and government demand for our solutions and services has created a strong funnel and pipeline that is driving our planned year-over-year revenue increase," said Bill Conner, Entrust chairman and chief executive officer. "We are also targeting year-over-year earnings growth, while continuing to invest to expand our addressable market in the Identity and Access Management arena. Our existing product portfolio and our new product development roadmap, complemented by our newly acquired content scanning technology, has squarely positioned us in this growth market space."

Entrust will host a live teleconference and Webcast on Thursday, May 20, at 1:00 p.m. ET, featuring Entrust chairman and CEO Bill Conner and Entrust CFO David Wagner discussing Entrust's 2004 targeted results and business model. The conference call is available by dialing 1-800-814-4860. Conference audio will also be available live via Webcast at a direct link at http://webevents.broadcast.com/cnw/entrust20040520pm or through http://www.entrust.com/investor/calendar.htm. Please log on about 15 minutes prior to the call in order to register, download and install any necessary audio software. The Webcast will be accessible for 90 days at the above Internet addresses.

This press release contains forward-looking statements relating to Entrust's projected revenue range and net profit range and net profit per share range for the second quarter of 2004 and for the full 2004 fiscal year. Such statements involve a number of risks and uncertainties. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are unforeseen operating expenses, fluctuations in operating results, changes in customer buying habits and the other risks detailed from time to time in Entrust's periodic reports filed with the Securities and Exchange Commission, including without limitation Entrust's Annual Report on Form 10-K for the fiscal year ended December 31, 2003 and Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2004. Future results may differ materially from those previously reported. While Entrust may elect to update forward-looking statements in the future, Entrust specifically disclaims any obligation to do so, even if its estimates change.

Entrust is a registered trademark of Entrust, Inc. in the United States and certain other countries. Entrust is a registered trademark of Entrust Limited in Canada. All other Entrust product names and service names are trademarks or registered trademarks of Entrust, Inc or Entrust Limited. All other company and product names are trademarks or registered trademarks of their respective owners.