Pursuant to Rule 425
                                            under the Securities Act of 1933 and
                                    deemed filed pursuant to Rule 14d-2(b) under
                                             the Securities Exchange Act of 1934

                                       Filing Person:  Networks Associates, Inc.
                                        Subject Company:  McAfee.com Corporation
                                Subject Company's Commission File No.:  00-28247

                                                            Date: March 21, 2002

                                                              NETWORK ASSOCIATES
                                                        MODERATOR:  KELLY BLOUGH
                                                    MARCH 18, 2002/7:30 A.M. CST
                                                                          PAGE 1

The following is a transcript from a conference call held on March 18, 2002.

                               NETWORK ASSOCIATES

                                 MARCH 18, 2002
                                  7:30 A.M. CST

Coordinator       Good morning, and welcome to the Network Associates conference
                  call. At the company's request, today's conference is being
                  recorded. Following today's presentation, there will be a
                  question and answer session.

                  Now I'd like to turn the meeting over to Miss Kelly Blough,
                  Vice-President of Investor Relations. Ma'am, you may begin.

K. Blough         Thank you, Dan, and thank you, callers, for joining us today.
                  Today we are announcing the proposed exchange offer by Network
                  Associates for the publicly traded shares of McAfee.com.
                  Joining for this call is our Chairman and CEO, George Samenuk,
                  our Executive Vice-President and General Counsel, Kent
                  Roberts, and our Chief Operating Officer and Chief Financial
                  Officer, Steve Richards.

                                                              NETWORK ASSOCIATES
                                                        MODERATOR:  KELLY BLOUGH
                                                    MARCH 18, 2002/7:30 A.M. CST
                                                                          PAGE 2

                  I'm will now read the safe harbor statement and then we'll
                  pass the call to George. This conference call will contain
                  forward-looking statements. These statements are based on
                  management's current expectations and are subject to
                  uncertainty and changes of circumstances. Forward-looking
                  statements include those related to the proposed exchange
                  offer, the anticipated benefits of the transaction, and its
                  financial impact on Network Associates' operating results.
                  Actual results may differ materially.

                  The exchange offer is expected to commence on or about March
                  25, 2002. In connection with the proposed transaction, we will
                  file an exchange offer prospectus and related materials with
                  the Securities and Exchange Commission. Investors and security
                  holders are advised to read these documents when they become
                  available because they will contain important information
                  about the proposed transaction. Information on risks and
                  uncertainties related to the proposed transaction, the
                  company, and its business can be found in the prospectus and
                  in the company's quarterly and annual reports filed with the
                  US SEC. Now I will turn the call over to George.

G. Samenuk        Thank you, Kelly. Good morning, everyone, from New York.
                  This morning we announced a proposed recombination of Network

                                                              NETWORK ASSOCIATES
                                                        MODERATOR:  KELLY BLOUGH
                                                    MARCH 18, 2002/7:30 A.M. CST
                                                                          PAGE 3

                  and McAfee.com. In the transaction, McAfee.com's stockholders
                  will receive 0.675 shares of Network Associates common stock
                  for each share of McAfee.com tendered. Kent Roberts is here
                  with me, and in a moment he will go into some of the technical
                  details of this offer.

                  As many of you know, since early 2001 our management team has
                  taken bold steps to focus this company on its core strengths.
                  Specifically, we have integrated the myCIO offerings into our
                  McAfee business unit. This continued product lines where we
                  didn't have a leadership position in a market or a clear path
                  to getting there. Closed the PGP business unit and integrated
                  technology from PGP into our McAfee business unit and sold our
                  Gauntlet Firewall business. All of these actions were designed
                  to serve our customers better by focusing our product
                  offerings and eliminating overlapping business objectives. The
                  proposed recombination is consistent with this strategy.

                  As you know, McAfee.com, our publicly traded business unit,
                  offers products and services to consumers and to small and
                  medium sized businesses. McAfee.com's initial mandate was to
                  offer our products and services, primarily anti-virus, to
                  consumers over the Internet using an ASP business model and to
                  develop the required technology to do so.

                                                              NETWORK ASSOCIATES
                                                        MODERATOR:  KELLY BLOUGH
                                                    MARCH 18, 2002/7:30 A.M. CST
                                                                          PAGE 4

                  McAfee.com has shown that this is a viable business model. In
                  fact, we use the ASP model to offer managed services to our
                  enterprise customers through McAfee ASAP. We also offer
                  consumer anti-virus products. We are proposing the
                  recombination because we believe accommodation benefits the
                  combined the company through: number one, the reduction or
                  elimination of customer, market, and brand confusion due to
                  the similarity in our products, names, and Web address; two,
                  the expectation that a recombined company could more
                  effectively and cost-efficiently target the consumer market
                  and the small to medium sized market for ASP products and
                  services, and three, the reduction or elimination of actual
                  and potential conflicts between us and our sales forces and
                  related management distraction due to confusions over market
                  boundaries. There are also some possibilities for reduced
                  costs at this combined company.

                  We believe that this offer should be attractive to McAfee.com
                  stockholders for the following reasons. One, the exchange
                  ratio reflects a premium of approximately 20% over the closing
                  market price of McAfee.com's shares on March 15, 2002, the
                  last trading day prior to announcement of the offer. Two, the
                  recombination offers McAfee.com stockholders through ownership
                  of Network Associates common stock the ability to participate
                  in McAfee.com's business and our enterprise,

                                                              NETWORK ASSOCIATES
                                                        MODERATOR:  KELLY BLOUGH
                                                    MARCH 18, 2002/7:30 A.M. CST
                                                                          PAGE 5

                  anti-virus, and other businesses. Three, the exchange will be
                  tax free to McAfee.com stockholders in the US, and four, the
                  market for McAfee.com's stock is illiquid compared to the
                  market for our common stock. I would like now to transfer the
                  call over to Kent Roberts for more details about this offer.

K. Roberts        Thank you, George. As George mentioned, we plan to commence
                  the tender offer on March 25, 2002. On that date, we will make
                  filings with the SEC, which will provide greater detail about
                  the offer. Assuming the offer's commenced on that date, we
                  would hope to complete the offer on April 19th. In addition to
                  customary conditions, our offer's conditioned on the tender of
                  enough shares of McAfee.com stock so that after the offer's
                  completed we would own at least 90% of all of the outstanding
                  shares of McAfee.com. Network Associates currently owns 36
                  million share of McAfee.com, or approximately 75% of
                  McAfee.com's total outstanding shares.

                  If the conditions to the offer are met and the offer is
                  completed, we plan to affect a short-form merger of McAfee.com
                  and a wholly owned subsidiary of Network Associates. This
                  would happen shortly after the completion of the tender offer.
                  Unless appraisal rights are protected, those McAfee.com

                                                              NETWORK ASSOCIATES
                                                        MODERATOR:  KELLY BLOUGH
                                                    MARCH 18, 2002/7:30 A.M. CST
                                                                          PAGE 6

                  shareholders who do not tender their shares pursuant to the
                  offer will receive in the short-form merger the same number of
                  shares of Network Associates' stock that they would have
                  received if they had tendered their McAfee.com shares.

                  In the merger, Network Associates will also assume
                  McAfee.com's stock option agreements. Holders of McAfee.com's
                  stock options will receive options to acquire Network
                  Associates shares with the number of shares eligible for
                  purchase modified based on the exchange rate. Exercise
                  investing provisions will be based on the terms of the
                  original stock option agreement and related documentation.

                  Please note that our offer is being made directly to
                  McAfee.com's shareholders. They are free to accept or reject
                  the offer, as they deem appropriate. The offer does not
                  require the approval by the Board of Directors of McAfee.com.
                  We are not seeking the approval of McAfee.com's Board of
                  Directors, and we have not negotiated the offer with
                  McAfee.com or its Board.

                  Within ten business days of our commencement of the offer,
                  McAfee.com's Board will be required under SEC rules to either
                  a) make a

                                                              NETWORK ASSOCIATES
                                                        MODERATOR:  KELLY BLOUGH
                                                    MARCH 18, 2002/7:30 A.M. CST
                                                                          PAGE 7

                  recommendation for or against the offer, b) state that it is
                  neutral, or c) state that it is unable to take a position with
                  respect to the offer. It will then be required to file with
                  the SEC a formal statement describing its position. Because of
                  their relationship with Network Associates, George Samenuk and
                  Steve Richards who both sit on the McAfee.com Board will not
                  be participating in developing McAfee.com's position. I would
                  now like to turn the call over to Steve Richards to discuss
                  the financial impact of the offer and merger.

S. Richards       Thank you, Kent. I'd like to start off by saying that we do
                  not intend to use this opportunity to update our guidance on
                  the current quarter or the year, and we will not entertain any
                  questions regarding the expectation of our results. With that
                  in mind, if the offer and merger are completed, approximately
                  eight million shares of Network Associates common stock are
                  expected to be issued. In addition, we will be assuming
                  options to acquire approximately 3.8 million shares of
                  McAfee.com stock options, which will be converted to 2.6
                  million options on Network Associates' shares in the exchange

                  The transaction is expected to result in approximately a penny
                  per share reduction in the 2002 pro forma earnings for the
                  consolidated entity due to

                                                              NETWORK ASSOCIATES
                                                        MODERATOR:  KELLY BLOUGH
                                                    MARCH 18, 2002/7:30 A.M. CST
                                                                          PAGE 8

                  the impacts of these additional shares. 2002 pro forma
                  earnings for the consolidated entity include ours and
                  McAfee.com's previously released expected operating results
                  for 2002 and exclude interest expense on a convertible debt,
                  amortization expense, compensation charges related to employee
                  stock options, and one-time charges. We will provide more
                  detail on the financial impact of the transaction when and if
                  the transaction is completed.

K. Blough         That concludes our remarks for this morning. Operator, please
                  poll for questions.

Coordinator       Our first question comes from Sterling Audie of J.P. Morgan.

S. Audie          A couple of questions; I think one of the ones that's big on
                  investors minds this morning is, why now? Secondly, Steve,
                  maybe you could talk about a little bit more color on
                  potential synergies?

G. Samenuk        We, and the Board, thought it was an opportune time to look at
                  doing this transaction. It's something that we've been
                  considering, and people have been asking us for a long time.
                  It just made sense to do it now based on the timing of our
                  business. We've been carefully calculating these

                                                              NETWORK ASSOCIATES
                                                        MODERATOR:  KELLY BLOUGH
                                                    MARCH 18, 2002/7:30 A.M. CST
                                                                          PAGE 9

                  changes every quarter since January of 2001, so that we do not
                  disrupt a quarter, and we felt and the Board felt it was an
                  opportune time to complete this transaction and move forward
                  with 2002 and beyond.

S. Audie          Just as a quick follow up to it, if we look at new subscriber
                  growth at McAfee.com, the stock has come back a ways because I
                  think there were some unrealistic expectations as to what
                  subscriber growth in the December quarter was. I think there
                  were a lot of questions as to how it's tracking thus far in
                  the quarter. Is there any detail you can add? Was there any
                  consideration as to how the business on their side was verses
                  the transaction?

G. Samenuk        No. We're excited about the business. We think that we caused
                  confusion in the marketplace with McAfee for Corporate, McAfee
                  Retail Box Sales, and McAfee.com. This recombination gives us
                  the ability to really straighten out where McAfee fits for all
                  sizes of our customers and clearly gives us the synergy to
                  bring two great companies together to make one great company.

S. Audie          Steve, on potential synergies, is there any color that you can
                  add where those might come from?

                                                              NETWORK ASSOCIATES
                                                        MODERATOR:  KELLY BLOUGH
                                                    MARCH 18, 2002/7:30 A.M. CST
                                                                         PAGE 10

G. Samenuk        Sterling, this is.... On that question, we've looked at the
                  two different companies, but because we are still two separate
                  companies, the only observation I'll give you is, obviously,
                  we are running two separately publicly held companies, and
                  there's certain some overlap in terms of services there. Until
                  the deal is actually completed, we really aren't in the
                  position to be giving guidance on what the potential
                  opportunities there are.

S. Audie          I'll hop back in the queue. Thanks, guys.

G. Samenuk        Thank you, Sterling.

Coordinator       Our next question comes Chris Russ of Wachovia.

C. Russ           You had mentioned about a penny of dilution, I think, for the
                  full year 2002 to consolidate results for Network Associates.
                  What about in 2003, would you expect at that point you could
                  see accretion from this transaction?

                                                              NETWORK ASSOCIATES
                                                        MODERATOR:  KELLY BLOUGH
                                                    MARCH 18, 2002/7:30 A.M. CST
                                                                         PAGE 11

S. Richards       Chris, Steve. Listen, we have no guidance out there right now
                  for 2003 for either company, so we really aren't putting any
                  commitments out there at this time.

C. Russ           The penny of dilution this year, is that predicated on $80
                  million of revenue for McAfee.com?

S. Richards       It's predicated on the guidance that both companies have out
                  there as of their last conference calls.

C. Russ           Thanks very much.

Coordinator       Our next question comes from Bob Lamb of Bear Stearns.

B. Lamb           I apologize for the background noise. I'm on a plane right
                  now. Steve, can you talk about if this is combination is
                  successful, how much of your business will come from retail?
                  The second question is, would there be any change in your
                  opinion on the competitive landscape?

                                                              NETWORK ASSOCIATES
                                                        MODERATOR:  KELLY BLOUGH
                                                    MARCH 18, 2002/7:30 A.M. CST
                                                                         PAGE 12

S. Richards       I missed the last part of that, Bob, but I'll answer the first
                  part. That would bring retail at approximately 10% to 11% of
                  the combined company results taking in the McAfee.com piece
                  plus the existing retail piece.

G. Samenuk        I think this just changes the competitive landscape, Bob. I
                  think this, as we've done in the past, makes it clearer for
                  our customers to make a Network Associates-McAfee decision. I
                  think it opens up a lot of possibilities in how we compete
                  against Symantec and others. Clearly, one combined entity is
                  more powerful than two smaller entities. I think this will
                  change the competitive landscape. I think this gives us the
                  opportunity not only to offer retail, but to offer this
                  McAfee.com service to many, many users across the world. The
                  power of our sales people going into a Bear Stearns or a J. P.
                  Morgan Chase or other large companies and offering in
                  conjunction with McAfee Corporate the ability to have
                  employees, tens of thousands or hundreds of thousands of
                  employees, participate in McAfee.com service is very enticing
                  to our customers as they've told me the last 15 months. We're
                  excited about this on the competitive front, Bob.

B. Lamb           Thank you.

                                                              NETWORK ASSOCIATES
                                                        MODERATOR:  KELLY BLOUGH
                                                    MARCH 18, 2002/7:30 A.M. CST
                                                                         PAGE 13

Coordinator       Our next question comes from Kevin Trozien of Bank of America.

K. Trozien        You said you're going to be focusing on the consumer and SME
                  market. Wondering if you're seeing any shift or excess
                  strength coming from those markets is part of the reason for
                  the consolidation of McAfee shares under Network Associates?

G. Samenuk        We think that because of the enormous amount of viruses last
                  year, especially the last three, Code Red, Nimda, and Goner,
                  there's heightened awareness from people around the world for
                  this type of service and our products. Frankly, our products
                  did very well during Nimda, as many of you know from personal
                  experience. We're going to go at an all out attack on this
                  consumer and small and medium business space that really
                  demonstrates to people we are flexible. If you want to buy
                  retail boxes from CompUSA or Staples or somebody, buy it that
                  way. If you want to buy an online service that delivers McAfee
                  anti-virus protection immediately to your desktop or to your
                  small or medium business then you can do it that way. We're
                  about flexibility and listening to our customers, and thus
                  far, our customers are responding to our attempts to service

                                                              NETWORK ASSOCIATES
                                                        MODERATOR:  KELLY BLOUGH
                                                    MARCH 18, 2002/7:30 A.M. CST
                                                                         PAGE 14

K. Trozien        Does that mean that we could see more than say 10% to 15% of
                  your revenue, I believe that's what it is that currently comes
                  from the consumer market? Is that a fair assessment?

G. Samenuk        With the combined entity we have a much greater part of the
                  consumer business on a consolidated basis, and the opportunity
                  to grow this business is right in front of us. We're going
                  after this business very strongly because we believe that it's
                  an area that's certainly under-penetrated on a worldwide
                  basis, and that gives us opportunity.

K. Trozien        Thank you.

Coordinator       Our next question comes from Scott Nicholas of Piper Jaffray.

G. Munster        This is Gene Munster. I understand the deal hasn't closed yet,
                  and there's a lot of synergies, too, to be unveiled, but could
                  you talk a little bit in terms of your existing channel, how
                  that's going to be impacted? I understand there are two
                  different markets that you're basically bringing together, but
                  in terms of minimum nodes for your indirect channel or any
                  sort of impact there, or what's the opportunity, said another
                  way, with your existing channels ... bring in McAfee.com?

                                                              NETWORK ASSOCIATES
                                                        MODERATOR:  KELLY BLOUGH
                                                    MARCH 18, 2002/7:30 A.M. CST
                                                                         PAGE 15

G. Samenuk        Our existing channels who are very, very strong for Network
                  Associates, we believe, will have potentially an opportunity
                  not only to sell in their retail chains boxes, but what if
                  they could participate and let the customer choose? You can do
                  a box of McAfee or you can do an online service of McAfee. You
                  decide Mr. or Miss Customer, and you have the strength and
                  capability to have the protection in front of you immediately.
                  We believe that this thing opens up new possibilities and
                  allows synergies between the offerings, and again, gives the
                  customer a choice, which I don't believe any other vendor can
                  do today.

G. Munster        Are the dynamics, your relationship with your existing
                  channel, going to change based on this beyond the fact that
                  they're going to give a different box for their customers to
                  check? Is there any sort of change in their commission
                  structure or anything on those terms?

G. Samenuk        Not yet decided. That's something we'll be looking at with our
                  retailing partners in the next couple of weeks.

G. Munster        Expect some tweaks to that channel?

                                                              NETWORK ASSOCIATES
                                                        MODERATOR:  KELLY BLOUGH
                                                    MARCH 18, 2002/7:30 A.M. CST
                                                                         PAGE 16

G. Samenuk        I can't comment yet. We haven't done the work yet. We met with
                  Art Matan, our President of McAfee. Met with him last week and
                  listened to them on where they wanted the business to go going
                  forward and what their opportunities are. We learned a lot
                  last week. Art and the team met with over 30 or 40 of the
                  largest partners, and we believe we have an opportunity to
                  expand our business, and I believe that too.

G. Munster        Just one final question; I'm not as familiar with McAfee.com,
                  but what's the profitability relative to your existing network

S. Richards       The guidance they have out there for next year is $80 million
                  to $90 million and $0.28 EPS.

G. Samenuk        For 2002.

S. Richards       Correct.

Coordinator       Our next question comes from Matt Parzowskus of First Albany.

M. Parzowskus     Just a follow on the competitive question. Who do you think
                  the real competition is going forward? Is it still the
                  traditional product vendors, or

                                                              NETWORK ASSOCIATES
                                                        MODERATOR:  KELLY BLOUGH
                                                    MARCH 18, 2002/7:30 A.M. CST
                                                                         PAGE 17

                  do all of a sudden you get into the new security services
                  vendors or other guys that are trying to provide services and
                  not just product?

G. Samenuk        I think there's a couple of competitors out there in front of
                  us. Number one, the customers that have nothing; on a
                  worldwide basis that's still a huge amount of desktops that
                  don't have anti-virus protection installed. Number two;
                  certainly the traditional box vendors are our competitors.
                  Number three, the service partners who are reselling McAfee
                  ASAP to small and medium businesses certainly could offer that
                  service to the small and medium business customers on a home
                  usage basis. We can expand our very, very large contracts in
                  the Wal-Marts of the world and the Fords and the VA Hospitals
                  to their home users based on this service and bringing it all

                  Srivats and the team did a great job of growing this business,
                  and now we plan to put a stake in the ground and say, "We're
                  going after this business in a large way," and give the
                  customer choices he or she didn't have before. That's what
                  we're about; listening to the customers and giving them
                  choices, and the choice is to choose McAfee.

Coordinator       Our next question comes from Sterling Audie of J.P. Morgan.

                                                              NETWORK ASSOCIATES
                                                        MODERATOR:  KELLY BLOUGH
                                                    MARCH 18, 2002/7:30 A.M. CST
                                                                         PAGE 18

S. Audie          For follow ups, in the combined entity, would McAfee.com still
                  operate as a separate business unit as you see Sniffer and
                  McAfee or would it fold into one or the other?

G. Samenuk        We haven't made the final determination of where it will
                  operate and how it will operate. We'll be doing that in the
                  coming weeks working with Srivats Sampath and Art Matan and
                  Gene Hodges on figuring out, what's the; number one, best way
                  to go after the customer base? Number two; what are the best
                  ways to grow the revenue? Number three, what's the most
                  profitable way, so that going forward we deliver on the
                  promise of revenue growth and profit growth at Network
                  Associates? Those will be the three criteria. One, customers;
                  number two, on the revenue growth, what's the best way; and
                  number three, let Steve and the great team of finance
                  professionals decide on how we could make this the most
                  profitable entity going forward.

S. Audie          To that point, Steve, was Network Associates still providing
                  some of the accounting, tax, and legal services to McAfee.com?

S. Richards       Yes.

                                                              NETWORK ASSOCIATES
                                                        MODERATOR:  KELLY BLOUGH
                                                    MARCH 18, 2002/7:30 A.M. CST
                                                                         PAGE 19

S. Audie          Thanks, guys.

Coordinator       At this time, I would like to turn the conference back over to
                  our speakers for any closing remarks.

G. Samenuk        Certainly, this is a very good day for McAfee.com and Network
                  Associates. We believe one large, strong company going forward
                  will best serve the customers on a worldwide basis. I keep
                  highlighting the worldwide because we believe there's
                  tremendous growth not only in the US, but especially outside
                  the United States for our McAfee and McAfee.com consumers and
                  small and medium businesses. As we go forward and in the April
                  call, we'll report to you on our progress on how this deal's
                  going, but we're very excited about it as you can tell. We
                  hope that this will drive great results for Network Associates
                  going forward. Thank you all very much.

                             Additional Information

     In connection with the exchange offer, Network Associates, Inc. expects to
file an exchange offer prospectus and a registration statement on Form S-4 with
the Securities and Exchange Commission. INVESTORS AND STOCKHOLDERS ARE ADVISED
stockholders may obtain a free copy of the exchange offer prospectus, the
registration statement and related documents, when available, from the
Securities and Exchange Commission's web site at http://www.sec.gov. Free copies
of these documents may also be obtained from Parent, when available, by
directing a request to the information agent, D.F. King & Co., Inc., 77 Water
Street, New York, NY 10005, 1-888-414-5566.