FREMONT, Calif., February 19, 2002 —Panasas Inc., a private company developing the world's most scalable and agile data storage network, has appointed Michael Lambert, senior vice president of Dell Computer Corporation, to its board of directors. Lambert joins Panasas as the company prepares to introduce a new generation storage system to address the explosive growth of company data. Lambert has spearheaded Dell's enterprise products group since 1996, capturing the top spot in US market share with revenue of approximately $6 billion.

"We're thrilled to tap Mike's deep knowledge, experience and success as one of the true leaders in enterprise computing," said Rod Schrock, president and CEO of Panasas Inc. "Mike is accomplished and admired, and he brings tremendous insight as Panasas prepares to launch its breakthrough storage system."

Lambert, who has spent more than 30 years in information technology, will serve as the first independent director on the Panasas board. Prior to Dell, Lambert was vice president of North American sales and marketing for Compaq Computer Corporation, and he was previously vice president and general manager of NCR/AT&T Corporation.

The Panasas board of directors are: Rod Schrock, Panasas president and CEO; Garth Gibson, Panasas founder and chief technology officer; Eric C. Cooper, founder of FORE Systems Inc.; Robert E. Grady, The Carlyle Group; Michael Sheridan, Mohr, Davidow Ventures.

Panasas (www.panasas.com) is the pioneering leader in developing highly scalable and agile storage networks. Headquartered in Fremont, Calif., the company is privately held with funding from Mohr, Davidow Ventures, Carlyle Venture Partners, and Goldman Sachs.