Tony Takazawa
Vice President, Global Investor Relations
June 29, 2006
Welcome
Forward-Looking Statements and GAAP Reconciliation
This presentation contains "forward-looking statements" as defined under the Federal
Securities Laws. Actual results could differ materially from those projected in the forward-
looking statements as a result of certain risk factors, including but not limited to: (i) risks
associated with acquisitions and investments, including the challenges and costs of closing,
integration, restructuring and achieving anticipated synergies associated with the acquisition; (ii)
adverse changes in general economic or market conditions; (iii) delays or reductions in
information technology spending; (iv) competitive factors, including but not limited to pricing
pressures and new product introductions; (v) the relative and varying rates of product price and
component cost declines and the volume and mixture of product and services revenues; (vi)
component and product quality and availability; (vii) the transition to new products, the
uncertainty of customer acceptance of new product offerings and rapid technological and
market change; (viii) insufficient, excess or obsolete inventory; (ix) war or acts of terrorism; (x)
the ability to attract and retain highly qualified employees; (xi) fluctuating currency exchange
rates; and (xii) other one-time events and other important factors disclosed previously and from
time to time in EMC's and RSA Security’s filings with the U.S. Securities and Exchange
Commission. EMC and RSA Security disclaim any obligation to update any such forward-
looking statements after the date of this presentation.
This presentation contains non-GAAP financial measures. A reconciliation to GAAP is included
in these slides and can be found on www.EMC.com.
2
Agenda
EMC Corporate Direction
Joe Tucci, EMC Chairman, President and CEO
EMC Strategic Rationale
Dennis Hoffman, EMC Vice President Information Security
RSA Security Strategic Rationale
Art Coviello, RSA Security President and CEO
Transaction Summary
Bill Teuber, EMC Vice Chairman and Chief Financial Officer
Summary and Q&A
3
EMC has Evolved into a
Trusted Information Infrastructure Provider
4
Intelligent Information Mgmt Software
Archiving Software
Data Mobility Software
Protection Software
Tiered Storage
Content Management Software
Information Lifecycle Management
Info
Centric
Security
EMC’s Evolving Information Infrastructure
Services
5
EMC’s Storage Business is Strong and Growing!
Our plan is for our storage business to sustain
double-digit growth over the next several years.
And,
it is EMC’s goal to grow five of our business
areas to the billion-dollar mark over the next
several years.
6
EMC’s Billion-Dollar Business Opportunities
Technology/ Business Goal Foundation
VMware Infrastructure $1B VMware
Content Management $1B Documentum +
Resource Management $1B Smarts, ControlCenter
Storage Virtualization $1B Invista, Rainfinity
Information Security $1B RSA Security
7
Source: Morgan Stanley November CIO Survey, Jan. 3, 2006
1. Security (Software)
2. Security (HW & Services)
3. Storage Area Networks
4. Wireless LAN
5. Storage Software
6. Portal Software
7. VOIP Infrastructure
8. IT Education and Training
9. Storage Hardware
10. Business Intelligence Software
The Security of Information Drives Security to the Top
Compliance-driven Security
Priorities
1. Identity and access management
2. Information leakage prevention
3. Strong authentication
4. Policy compliance software
5. Encryption
Source: Merrill Lynch CISO Survey, June 2006
Overall IT
Priorities
8
9
10
Agenda
EMC Corporate Direction
Joe Tucci, EMC Chairman, President and CEO
EMC Strategic Rationale
Dennis Hoffman, EMC Vice President Information Security
RSA Security Strategic Rationale
Art Coviello, RSA Security President and CEO
Transaction Summary
Bill Teuber, EMC Vice Chairman and Chief Financial Officer
Summary and Q&A
11
The Problem: Digital Information Simply Isn’t Secure
Source: Enterprise Strategy Group
March 2006
18%
82%
Data confidentiality and integrity are the top-of-mind security concerns
Fear of data loss/privacy breach
Protecting sensitive data from
unauthorized access and use
Significant financial implications
Fear of audit and non-compliance
Compliance with internal and external
mandates on data protection
Significant legal implications
… fewer than one in five
companies feel all their
data is adequately
protected
Despite significant of
investment in security
technology and
services…
12
Today’s Information Security Solutions are Insufficient
Most information security products don’t actually secure information
They protect networks, laptops, and servers
They do little to protect the confidentiality and integrity of information
13
Today’s Information Security Solutions are Insufficient
Information is in constant motion throughout its lifecycle –
making it difficult to lock down
Perimeters and resources are constantly being traversed
14
A New Approach is Needed
Secure information throughout its lifecycle
Information Security is an Information Management problem
From: network-focused, perimeter-centric
To: data-focused, information-centric
Capture
Create
Collaborate
Version
Manage
Publish
Archive
Retire
Re-archive
Query
The Lifecycle of Enterprise Information
15
EMC’s Strategy: Information-Centric Security
4
3
2
16
The Essence of Information-centric Security
3
2
Protect
Data
Directly
Secure
Information
Infrastructure
Data
People
Management via Policy, Process and Technology
17
Agenda
EMC Corporate Direction
Joe Tucci, EMC Chairman, President and CEO
EMC Strategic Rationale
Dennis Hoffman, EMC Vice President Information Security
RSA Security Strategic Rationale
Art Coviello, RSA Security President and CEO
Transaction Summary
Bill Teuber, EMC Vice Chairman and Chief Financial Officer
Summary and Q&A
18
Who We Are
RSA Security is the leader in protecting online identities and
digital assets
RSA Security invented core security technologies for the
Internet and continues to build on a 20 year history of
innovation
2005 Annual revenue of $310 million
Cash balance as of 3/31/06 of $208 million, approximately
$2.90 per share
Headquarters in Bedford, Mass., with offices
around the world
19
Technical Foundation of Information-centric Security
3
2
Protect
Data
Directly
Secure
Information
Infrastructure
Data
People
Management via Policy, Process and Technology
Identity and Access
Management
Encryption and Key
Management
Manage Keys
Encrypt
Authenticate
Authorize
Audit
20
RSA Security Provides a Security Services Platform
3
2
Protect
Data
Directly
Secure
Information
Infrastructure
Data
People
Management via Policy, Process and Technology
Identity and Access
Management
Encryption and Key
Management
Manage Keys
Encrypt
Authenticate
Authorize
Audit
RSA
SECURITY
21
Market-leading OTP
Tokens, USBs, smart
cards,
on PDAs, cell phones
Certificate & smart chip-
based solutions
Enterprise Solutions
Protecting and Empowering Trusted Identities
Leverage: Identity Empowerment
Web SSO and Access
Management:
Enterprise SSO:
Cross-Domain SSO
(Federation)
Backend Infrastructure
Administrative tools &
workflow
Data repository integration
Scalable, reliable real-time
performance
Trusted
Identity
22
Within
Transaction
Protection
At Entry
Authentication
Outside
Threats
Management
Stop Phishing &
Pharming
User-to-Site & Site-
to-User
Authentication
Fraud & Risk
Management
RSA eFraudNetwork
Consumer-Facing Solutions
Protecting Digital Identities in the Online Marketplace
23
Data Protection Solutions:
Protection for Data in Transit and Data at Rest
Government
Software solutions
Software and
Device OEMS
Embedded Suite
Crypto “Kernel”
Code Signing
FIPS 140 Support
Suite B Support
Porting Services
Enterprise/B2B
Applications
Key Management
App Security
Database Security
24
Agenda
EMC Corporate Direction
Joe Tucci, EMC Chairman, President and CEO
EMC Strategic Rationale
Dennis Hoffman, EMC Vice President Information Security
RSA Security Strategic Rationale
Art Coviello, RSA Security President and CEO
Transaction Summary
Bill Teuber, EMC Vice Chairman and Chief Financial Officer
Summary and Q&A
25
Transaction Summary
1 Enterprise value equals equity value of $2.3 Billion net of RSA’s cash of $230 Million
26
Deal Structure:
All cash transaction
Current Value :
$28.00 per share
Expected Closing :
Late Q3 /early Q4 2006
Slightly less than $2.1 Billion1
of enterprise value
Financial Highlights
GAAP EPS dilutive by $0.03
Due primarily to foregone interest income on cash
Non-GAAP¹ EPS neutral
GAAP EPS neutral
Non-GAAP¹ EPS accretive by $0.03
2007
2008
¹ Excludes intangible amortization and stock option expense
27
Organization
RSA will operate as EMC’s new Information Security
Division
Art Coviello will become an Executive Vice President of
EMC and President of the Information Security Division
Future security activities and acquisitions will become part
of the Information Security Division
28
Agenda
EMC Corporate Direction
Joe Tucci, EMC Chairman, President and CEO
EMC Strategic Rationale
Dennis Hoffman, EMC Vice President Information Security
RSA Security Strategic Rationale
Art Coviello, RSA Security President and CEO
Transaction Summary
Bill Teuber, EMC Vice Chairman and Chief Financial Officer
Summary and Q&A
29
30