How To Be A Successful Company

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1 WHERE INFORMATION LIVES

2 EMC CORPORATION ANNUAL REPORT 2000

3 INFORMATION

4 IS AT THE

5 CENTER OF

6 BUSINESS.

7 AND ONLY ONE

8 BUSINESS IS AT

9 THE CENTER OF

10 INFORMATION.

11 letter

12 MIKE RUETTGERS Executive Chairman of the Board JOE TUCCI President and Chief Executive Officer TO OUR STOCKHOLDERS Today the world will create the equivalent of eight million hours of motion picture images.tomorrow, the equivalent of 160 million meters of shelved books.the next day, another 16 million gigabytes of new information will arrive. By next year, this daily volume will double and the following year it will quadruple, with no end in sight. This Big Bang of new content,nearly all of it born in digital form, will overwhelm some organizations but create huge opportunity for others. For example, it could cause a hospital s administrative costs to soar. Or it could transform the accuracy and speed of diagnostic medicine by putting a patient s entire medical history at a physician s fingertips within seconds.this explosion of content could inundate a bank that suddenly finds its volume of information too large to manage yet too valuable to ignore. Or it could be a powerful tool for farmers, helping them eliminate guesswork, improve yields, and boost profits.the key will be the ability to channel its energy. The new century will bring a new era of building businesses out of information.emc is taking responsibility for helping companies

13 not simply prepare for the Content Big Bang, but channel it for greater productivity and decisive competitive advantage. We ve already invested nearly six billion dollars and more than a decade of R&D to build the technological foundation to scale in tandem with the Content Big Bang. Over the next five years, we intend to dramatically increase this investment to help companies raise their ROI their Return on Information to new heights. As this report illustrates, this foresight, investment, and execution are paying off for EMC, our customers, and our stockholders. AT THE CENTER OF BUSINESS By every measure, 2000 was an extraordinary year for EMC. Our total consolidated revenues grew 32 percent to a record $8.87 billion. Our information storage revenues (which made up 93 percent of the total) grew at an accelerating pace each quarter:34 percent in the first quarter,43 percent in the second, 47 percent in the third, and 50 percent in the fourth our highest quarterly storage growth rate in nearly six years. Internationally, EMC s information storage revenues grew even faster, reaching 67 percent year-to-year growth in the fourth quarter.

14 Overall, EMC is now growing faster than we did when we were half our current size. We exited the year 2000 on a $10 billion dollar annual run rate. And we re marching aggressively toward our 2001 annual revenue goal of $12 billion. Net income for 2000 was $1.78 billion, up 51 percent over 1999 (excluding a one-time charge for the acquisition of Data General in 1999). EMC s 20 percent return on sales is among the highest across the IT industry. On a diluted basis, our earnings per share were $0.79 for the year, compared with $0.54 for 1999, adjusted for the June 2, 2000 stock split and excluding the one-time charge in Customers are investing in EMC solutions in record numbers. The new information storage products we introduced in early 2000 accounted for half the year s total storage product revenues. EMC s momentum is also evident in our growing market share. According to independent market research firm International Data Corporation, in 2000, EMC was the number-one supplier in the information storage market, gaining significantly more revenue market share than any other supplier.

15 ACCELERATING INFORMATION STORAGE REVENUE Year-over-year percent increase 50% 47% 43% 34% Q1 00 Q2 00 Q3 00 Q4 00 Over the past decade, EMC s sales have soared.this performance has its roots in a culture of consistent execution and best practices.our product generation and development model is so strong that the bigger we ve gotten, the faster we ve become.we focus our strategic thinking with a six-quarter rolling planning process that helps us to anticipate and react quickly to changes in our environment.we work to minimize the impact of economic shifts by operating a business that is balanced by technology platforms, distribution channels, product lines, market segments, geographic regions, and customers. EMC s best practices also extend to succession planning. In January 2001, our Board of Directors promoted Mike Ruettgers to Executive Chairman and Joe Tucci to President and CEO. As Executive Chairman,Mike remains fully engaged with EMC and is focusing even more of his attention on strategic business and technology directions. Joe continues to have overall responsibility for EMC s day-to-day operations and takes a seat on the Board. Our founder, Dick Egan, remains active as Founder and Chairman Emeritus.

16 AT THE CENTER OF THE CUSTOMER S BUSINESS EMC promises customers that no matter how fast their marketplaces change, what new technologies emerge, or how much information they need to handle, we will be the world s best caretaker and enabler of all their information.we fulfill this promise through The EMC Offering,our phrase for every benefit customers experience when they do business with EMC. The EMC Offering begins with the world s leading information storage systems, software, networks, and services. It continues with access to the expertise of some 3,000 information storage engineers, 6,500 customer service professionals and professional services consultants, and 7,500 sales personnel and systems engineers all of them specialists in information storage. Through The EMC Offering, customers reap the benefits of the billions of dollars we ve invested in R&D, our Centers of Excellence, our E-Lab interoperability testing facility, and scores of industry partnerships. Not to mention financing alternatives, technical blueprints, education, and training. Ultimately, it s customers who decide whether a company is at the center of their business. In October, InformationWeek surveyed

17 ACCELERATING INTERNATIONAL INFORMATION STORAGE REVENUE Year-over-year percent increase 67% 59% 53% 36% Q1 00 Q2 00 Q3 00 Q IT professionals responsible for purchasing storage products and asked them to rank the world s storage suppliers on the value they offer. EMC was ranked number one in product innovation,product reliability, after-sale service,service-level guarantees,and interoperability standards. EMC also was deemed overall customer satisfaction leader by a wide margin. As Research Director Carl Howe of Forrester Research told Forbes magazine, EMC has the highest ratings we ve ever seen in any customer survey, for any company, ever. AT THE CENTER OF INFORMATION TECHNOLOGY Successful organizations now realize that where they keep their information is as important as where they keep their money. The where determines how well information can be used. Less and less of the world s information sits inside computers, while more and more now lives inside intelligent information storage systems. As a result, information storage has emerged as the most strategic information technology.the capacity to manage everexpanding amounts of information has become as essential as heat or

18 electricity. Customers may postpone application and PC upgrades, but they can t easily control the onrushing wave of new information, or the need to store, move, manage, and access it. Independent market data confirm this trend.according to Gartner Group,storage industry hardware revenues will probably grow 22 percent a year through 2004,nearly four times as fast as servers and nearly three times as fast as network equipment. By the end of 2002, total spending on information storage will overtake spending on servers. Information has value only if it s accessible instantly, around the clock. So EMC constantly devises better, simpler, more costeffective ways to safeguard,preserve,move,copy,view,analyze,and manage information. In April 2000, we introduced a completely new line of our Symmetrix Enterprise Storage systems (our fifth generation) as well as new mid-tier CLARiiON systems and software built on a nine-year foundation of high availability and reliability. These networked information storage systems remove constraints on the speed and scale at which information can be gathered and leveraged. In December, we extended the reach of our information storage technology from the data center to the network s edge with

19 NETWORKED INFORMATION STORAGE REVENUE Total 2000: $2.1B 372 percent year to year $770 $567 $458 $323 Q1 00 Q2 00 Q3 00 Q4 00 (in millions) more new networked information storage systems and software: EMC Celerra with HighRoad software and EMC CLARiiON IP4700 systems. In January 2001, we introduced EMC CLARiiON FC4700, the fifth generation of our CLARiiON networked storage system.the CLARiiON 4700 systems are code-named Chameleon because they are the first systems to handle either network attached storage (NAS) or storage area network (SAN) environments. EMC started the trend toward the networking of storage, and shipped more than $2 billion in networked information storage products during In information storage software, EMC has a multi-year lead over our competitors. Our software revenues grew 75 percent to $1.44 billion during 2000, making EMC one of the largest application software companies in the world. To extend this position, we intend to invest $750 million in software development in 2001 alone. And we will apply the combined engineering and product capital of the five software companies we acquired during 2000: Softworks,Terascape, Avalon, Digital Bitcasting, and CrosStor Software.

20 AT THE CENTER OF INFORMATION INFRASTRUCTURE EMC invented true open storage before our competitors even knew there would be a market for it. EMC invests heavily in interoperability so our customers don t have to. Our information storage systems are compatible with nearly every major information technology our customers use. In fact, EMC systems now interoperate with more than 250 server models, 40 operating systems, and more than 145 networking elements. EMC s open infrastructure allows any company in the world to engineer products that will seamlessly interface with EMC systems. This openness saves customers the burden of having to figure out what works with what.as a result, EMC s E-Infostructure Developers Program has become a magnet for third-party software developers, offering them the same software interfaces our own engineers use, and enabling partnering technology companies to pair with EMC s customers.to date,more than 65 partners have produced new applications that work seamlessly with EMC information storage systems. The same drive to create a universal information infrastructure shapes our alliances with other heavyweights of the IT industry.

21 NETWORKED INFORMATION STORAGE MARKET SHARE Market Share % 1999 HP Compaq NetApp Sun EMC Source: IDC, 2001 Our work with Nortel and Lucent, for example, blends broadband technologies with EMC storage networking technology to create tomorrow s global information grid a way to make information around the world as instantly accessible as if it were within arm s reach. EMC information plants giant, self-managing information storage infrastructures that will speed large amounts of information safely over long distances will power this grid. In 2000, EMC, Cisco, and Oracle created an e-business technology initiative called ECOstructure, which has produced technical blueprints for designing and operating e-business infrastructures that are secure and remain in constant operation. Each week, hundreds of customers download these blueprints from our Web site. AT THE CENTER OF THE INFORMATION SOCIETY EMC s global market opportunity was estimated to be about $44 billion in 2000.Yet we achieved our leading market position with only about a 20 percent revenue share. In 2005 we expect our market opportunity to exceed $100 billion.

22 This means EMC has tremendous headroom in a burgeoning market, because information is the solar energy of life. It s both indispensable and inexhaustible. It s the glue holding organizations together and the raw material for creating new products,services,processes,business models, and markets.without shared information, there could be no commerce; no social organization; no education, entertainment, or culture, and no democracy. As the digitization of life continues apace, EMC is touching more and more of the information that touches people. Information is at the center of business.and only one business is at the center of information. EMC where information lives. Michael C. Ruettgers Executive Chairman of the Board Joseph M. Tucci President and Chief Executive Officer

23 TO DICK EGAN Dick Egan Founder and Chairman Emeritus EMC Corporation In January 2001, EMC founder Dick Egan took a step back, as he put it, to become Founder and Chairman Emeritus of EMC s Board of Directors. Dick s history and achievements tell part of the story. His working-class, strong-family-ties roots in Boston, Massachusetts. His work on the Apollo moon-landing guidance system, and his cofounding of Cambridge Memories. His work with computer industry legends Gordon Moore, Robert Noyce, and Andy Grove at Intel.His return to Massachusetts in 1979 to start EMC and in the process, an industry. But who he is tells even more. The consummate engineer. The matchless motivator and mentor. The unequaled judge of talent.the personal responses to every note from an employee, signed in red ink and including his telephone number.the raw energy. The tireless devotion to customers. The passionate insistence on being the best. And the unshakable conviction that roadblocks are just thrills in disguise. Here s to you, Dick: the E in EMC.

24 AT THE CENTER OF INFORMATION Product. Service. Distribution. At the core of EMC s global leadership in information storage are continuous investments in these three critical areas: advanced products, the broadest complement of services in the industry, and a full range of direct and indirect distribution channels. Together with EMC s Centers of Excellence, E-Lab interoperability, and EMC Proven Program, these elements compose the EMC offering. Here are some of the major components, including enhancements made in 2000 and early PRODUCT Symmetrix 8000, newest member of EMC s family of enterprise information storage systems: Enginuity Operating Environment. E-Infostructure Developers Program. Gives third-party software developers the interfaces they need to develop new applications for EMC systems. Significant enhancements to SRDF, ControlCenter, TimeFinder, and InfoMover software; new CopyCross software. CLARiiON FC4500, bringing CLARiiON into EMC s Enterprise Storage Network family.multiplatform host support, switched Fibre Channel network connectivity. Enterprise Storage Network enhancements, CLARiiON IP4700/ FC4700 (Chameleon), each capable of NAS or SAN connectivity. New Access Logix and SnapView /IP software; significant enhancements to Navisphere and Application Transparent Failover software. SAN/NAS integration, revolutionary HighRoad file-sharing software that automatically routes data to NAS or SAN networks without server intervention. Celerra SE, Celerra file server and Symmetrix Enterprise Storage combined in a single enclosure. EMC ControlCenter software bringing Symmetrix and CLARiiON systems under a single management view.

25 SERVICE EMC Customer Service. Undisputed industry leader in customer satisfaction. 24-houra-day, 365-day-a-year proactive service for both hardware and software. 99 percent customer retention rate. EMC Global Services, providing services through internal competencies as well as regional and global services partner alliances. EMC s Global Services team includes more than 6,500 professionals in 47 countries. EMC Professional Services. Consultation and implementation in storage infrastructure solutions that deliver value over the entire life of the customer relationship. Global Technical Training. 10 centers in the US, Europe, Asia, and Latin America scheduled for firsthalf 2001; new EMC Proven Professional Certification program. DISTRIBUTION EMC Direct Sales, 7,500 people around the globe focused exclusively on information storage. ECOstructure (EMC/Cisco/Oracle) Initiative. Three-company initiative providing pre-tested blueprints for successful e-business architectures. Global alliance with Microsoft. Alliances with Nortel, Lucent and Cisco to define next-generation optical networks. Expanded reseller channels for both Symmetrix and CLARiiON systems. xsperience Provider Program, helping service provider partners succeed in their marketplace. Reseller/OEM (Original Equipment Manufacturer) relationships with such industry leaders as Unisys, Fujitsu Siemens and NEC.

26 WHERE INFORMATION LIVES The EMC Orb

27 content

28 A DIGITAL GLOSSARY A Short Guide to Today s Information Terminology BANDWIDTH Capacity of any medium, from copper wire to optical fiber to microwaves, to carry signals.the million-fold increase in bandwidth expected over the next few years will dramatically increase both the growth of information and people s access to it. See figure 1. CONTENT BIG BANG Explosion of digitized information resulting from the digital wake of our daily lives, coupled with advances in information storage technologies and in optical networking. See figure 2. CONVERGENCE Merging of communications and computing technologies, making possible such things as phone calls from your laptop. One of the factors fueling mega-mergers among global media giants. See figure 3. DIGITIZED INFORMATION Any information (text,music,video,etc.) represented in numerical form, the only language computers understand. More than 90 percent of all new information is now created in digital form. See figure 4. E-INFOSTRUCTURE The most comprehensive information infrastructure in the world, available only from EMC. BANDWIDTH Capacity of any medium, from copper wire to optical fiber

29 figure 1: Bandwidth figure 2: Content Big Bang figure 3: Convergence figure 4: Digitized Information

30 EMC OFFERING The full complement of technologies,services,alliances, expertise, and capabilities EMC brings to bear to ensure customers success. FIBER OPTICS Technology for moving enormous quantities of data via light waves down flexible glass wires.the superhighway of the information age, capable of moving entire libraries in a flash. See figure 5. INTERACTIVE Requiring active user participation, as in video games, some Internet sites, and some broadcast media. See figure 6. INTEROPERABILITY Ability of one company s hardware or software to work with other companies products. As with bandwidth, more is better. See figure 7. IT Information technology, the engine powering the global economy. NAS Network-Attached Storage, methodology that makes it possible for many users, usually on a Local Area Network, to share information contained in files. See SAN. ROI Return on Information, today s leading determinant of business success. See figure 8.

31 figure 5: Fiber Optics figure 6: Interactive figure 7: Interoperability figure 8: Return on Information

32 RICH CONTENT Digitized information other than text: photographs, music files, video, digital movies. Creates unprecedented demand for information storage capacity. See figure 9. SAN Storage Area Network, a network of information storage devices and the computers that access them, designed to give users access to whatever information they need, whenever they need it. Provides speed, scalability. See figure 10. SAN vs NAS Raging debate rendered obsolete by EMC in 2000 with the introduction of Celerra with HighRoad software, which delivers the benefits of both. EMC believes all information storage should be networked. STREAMING MEDIA Technology for compressing and transmitting sound or graphics in a continuous stream, so users can watch or listen in real time without having to download. Comprises about 10 percent of Internet traffic today; expected to increase dramatically with spread of high-speed Net access and migration of traditional media to digital formats. See figure 11. UNIVERSAL DATA TONE EMC s vision of anywhere, anytime access to information via a worldwide information storage infrastructure.will be analogous to telephone system s universal dial tone. WIRELESS Electronic communication using radio or light waves rather than hard wiring between devices. Proliferation of wireless devices greatly accelerates demand for intelligent information storage. See figure 12. xsp Internet-Age outsourcer. Service provider offering Internet access (ISP), software applications (ASP), storage (SSP), or other services, with technology residing at centralized data centers and delivered to subscribers over a network.

33 figure 9: Rich Content figure 10: SAN figure 11: Streaming Media figure 12: Wireless

34 HOW MUCH INFORMATION? The amount of new information being created is doubling every year, with no end in sight. In 2000, EMC sponsored a study by the School of Information Management Systems (SIMS) at the University of California, Berkeley, to determine how much information actually exists in the world, and how much new information is being created every day. Among the study s findings: The world produced about 3 exabytes (see chart at right) of new information in 2000,the equivalent of about 500 novel-sized books, or two floppy disks, for every man, woman, and child on earth. More new information will be created over the next two years than has been created over the entire history of mankind. The amount of new information being created is doubling every year, with no end in sight. Print comprises only.003 percent of the total. More information by far is created by individuals than businesses, a trend researchers call the democratization of information. Already more than 80 billion photographs are taken every year, which would require 80 million times more digital information storage than the same number of words.

35 KILOBYTE (1,000 bytes) a very short story MEGABYTE (1,000,000 bytes) a small novel GIGABYTE (1 billion bytes) Beethoven s 5th Symphony TERABYTE (1,000 gigabytes) all the X-rays in a large hospital PETABYTE (1,000 terabytes) half the contents of all US academic research libraries EXABYTE (1,000 petabytes) 5 exabytes all the words people have ever spoken ZETTABYTE (1,000 exabytes) as much information as there are grains of sand on all the world s beaches. YOTTABYTE (1,000 zettabytes) as much information as there are atoms in 7,000 human bodies. Courtesy of Roy Williams, Center for Advanced Computing Research at California Institute of Technology.

36 THE DEMOCRATIZATION OF INFORMATION Traveler Beth Knutsen ( fogcitygirl ) took a year off from her job as a marketing director to travel the American Northwest, using her personal Web site as a virtual diary for her pictures, music, and observations. One surprise in the Berkeley How Much Information? study was that it s not giant corporations that are responsible for most of the new information being created today; it s individuals. A whopping 55 percent of all new information is created by individuals, most of it stored on individual PC hard drives. But an increasing number of individuals are choosing another option for the content they create: posting and sharing it on personal Internet sites. Personal Web sites store and make available songwriters MP3 files,travelers journals,photographers portfolios,and hundreds of other unique collections people want to share. Reuben Costa Filho, a Brazilian surgeon, uses a personal Web site to share photos of his tracheostomy surgeries with other physicians. Beth Knutsen uses hers to share her travel diary with friends. In a few years, a single household with a camcorder, digital camera, VCR, DVD player, and personal video recorder could create a terabyte of data over the course of the year unlikely to be entrusted to a PC hard drive.

37 TRAVEL HAS AWAYOF STRETCHING TIME. YOU REGISTER EACH MOMENT AS IT GOES BY. BETH KNUTSEN, AKA FOGCITYGIRL

38 SINGAPORE: A WIRED FINANCIAL HUB: Singapore s DBS Bank is one of the keys to the island nation s financial leadership Thanks partly to its strategic location and partly to government policy, Singapore has become one of the world s most vibrant financial centers. Since the 1980s, the Monetary Authority of Singapore has worked diligently to develop a friendly regulatory environment, an educated workforce, an excellent telecommunications infrastructure, and openness to foreign investment, thereby attracting hundreds of foreign financial institutions. Singapore has also actively encouraged regional banks to consolidate in order to have greater influence on the global financial scene. The recent merger between Development Bank of Singapore (DBS) and POSB Bank has made DBS the largest bank in Southeast Asia and one of the top banks in the world,with offices from Beijing to Los Angeles. EMC played a key role in the bank consolidation, providing the technology infrastructure that made it possible to smoothly consolidate four data centers into two and to provide a robust platform for accelerated growth. DBS is taking leadership in the launch of new services, including wireless banking and online investing. Through its state-of-the-art telecommunications network and EMC s extended-distance business continuance and data mobility software,symmetrix Remote Data Facility, DBS Hong Kong is expected to play a strategic role in the bank s regional expansion.

39 ONE OF ASIA S KEY BANKS, SINGAPORE S DBS OFFERS WIRELESS BANKING.

40 SURVIVORS OF THE SHOAH BEARING WITNESS TO HISTORY One Shoah witness is Silvia, who, on the day Germany took control of Austria in 1938, was a 19-year-old actress. Silvia left Vienna with a traveling theater troupe. In 1940, Germany invaded the Netherlands and Silvia found herself trapped in an occupied country. In 1942, she joined a resistance group. When the operation was uncovered in 1942, she went into hiding. Attempting to escape to Switzerland, Silvia was captured and sent to Auschwitz and then to Ravens-brueck. In early 1945, Silvia was included in a Red Cross evacuation that was bombed on its way to Sweden. She was one of only 120 women to survive the journey. In 1994, following the filming of the Academy Award-winning Schindler s List, director Steven Spielberg founded Survivors of the Shoah Visual History Foundation to preserve the testimony of survivors and witnesses of the Holocaust on videotape. Since then, the Foundation has videotaped the testimonies of more than 51,000 survivors and witnesses in 57 countries and in 32 languages, archiving them on EMC Symmetrix information storage systems.the archive enables students and researchers to access more than 100,000 hours of material related to the Holocaust.The videotapes are also encoded in MPEG format so they can be streamed worldwide via secure fiber-optic networks by EMC Celerra Media Servers. Our hope, says Spielberg, is that these testimonies will be a resource so enduring that, years from now, people around the world will learn directly from survivors and witnesses about the atrocities of the Holocaust what it means to survive,and how our very humanity depends on the practice of tolerance and mutual respect.

41 OUR VERY HUMANITY DEPENDS ON THE PRACTICE OF TOLERANCE AND MUTUAL RESPECT. STEVEN SPIELBERG

42 WHAT IS RICH CONTENT? This NASA image of a shrinking Patagonian glacier shows an area 36 x 30 km as it appeared in May Vegetation appears red. The glacier is riddled with deep crevasses, and the series of parallel valleys along the right side of the image were likely cut by arms of the glacier that have since receded. All digital information is stored and transmitted in the ones and zeros computers understand. But when ones and zeros represent more than words, they become rich content. Rich content includes everything from medical images to product designs. Not only does it require more storage space, it takes special handling to transmit securely in clear, continuous streams. Movies are the richest of rich content.though most movies are still shot, shipped, and shown on 35mm film, a few, like George Lucas s Star Wars: Episode II, are now being created in digital form. But as rich content technology races ahead, its impact will be as significant in banking, heavy industry, government, and healthcare as in entertainment. EMC s Content and Information Center Markets initiative develops and delivers innovative solutions and services for rich media content. By 2010, more than half the world s data will be in rich content formats. How it will be used can only be imagined. But all of it will have to be stored, managed, and protected.

43 AS MORE INFORMATION IS DIGITIZED TO BECOME RICH CONTENT, THE IMPACT WILL BE FELT VIRTUALLY EVERYWHERE.

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