EMC Definitively Acquires Pi Corp.

EMC Corporation has signed a definitive agreement to acquire Seattle-based Pi Corporation, a
privately-held developer of software and provider of services for personal
information management. With approximately 100 engineers located in the U.S.,
Canada and India, Pi develops software and online services to enable
individuals to control how they find, access, share and protect their
increasing volumes of digital information. Pi is in the process of beta
testing its first products.

Joe Tucci, EMC President, Chairman and CEO, said, "The proliferation of
information in the hands of consumers, businesses and organizations of all
sizes has brought about massive digital information growth on a scale never
imagined. As the leading provider of information infrastructure, we are
positioned to set a new standard for organizing, accessing and deriving value
from this information. Pi’s technology is very complementary to our emerging
cloud infrastructure strategy. Paul Maritz and his team will provide
invaluable vision and leadership as we position EMC at the leading edge of
cloud computing and personal information management."

Upon completion of the acquisition, Pi founder and CEO Paul Maritz, will
join EMC’s executive management team as President and General Manager of the
newly formed Cloud Infrastructure and Services Division. Reporting to Joe
Tucci, Maritz will continue to directly oversee development and operations for
Pi, along with other key elements of EMC’s cloud computing strategy, which
include the EMC Fortress SaaS infrastructure, the Mozy online backup service
and other upcoming EMC cloud infrastructure systems and software offerings
under development. Pi will operate as an independent subsidiary of EMC and
will continue expanding operations in its Seattle headquarters and other
offices in Montreal, Canada, and Bangalore, India. Prior to founding Pi,
Maritz spent 14 years working at Microsoft where he had broad development and
marketing responsibilities and was a member of the Executive Committee that
managed the overall company.

Maritz said, "By uniting the Pi team with a global technology leader like
EMC, we’ll be ideally positioned to realize our vision of allowing consumers
and corporate information workers to create, re-purpose, store, share and
access personal information in novel ways, taking advantage of the ubiquity of
computing power and a new interconnected world."

The acquisition of Pi will be an all-cash transaction and is expected to
be completed in the first quarter of 2008. On a GAAP basis, EMC currently
expects the acquisition of Pi will be dilutive by $.01 per diluted share in
2008. No further details of the transaction are being disclosed.

EMC Corporation

Pi Corporation