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EMC Corporation Investor Overview

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Forward-Looking Statements

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) adverse changes in general economic or market conditions; (ii) delays or reductions in information technology spending; (iii) the relative and varying rates of product price and component cost declines and the volume and mixture of product and services revenues; (iv) competitive factors, including but not limited to pricing pressures and new product introductions; (v) component and product quality and availability; (vi) fluctuations in VMware, Inc.’s operating results and risks associated with trading of VMware stock; (vii) the transition to new products, the uncertainty of customer acceptance of new product offerings and rapid technological and market change; (viii) risks associated with managing the growth of our business, including risks associated with acquisitions and investments and the challenges and costs of integration, restructuring and achieving anticipated synergies; (ix) the ability to attract and retain highly qualified employees; (x) insufficient, excess or obsolete inventory; (xi) fluctuating currency exchange rates; (xii) threats and other disruptions to our secure data centers or networks; (xiii) our ability to protect our proprietary technology; (xiv) war or acts of terrorism; and (xv) other one-time events and other important factors disclosed previously and from time to time in EMC’s filings with the U.S. Securities and Exchange Commission. EMC disclaims any obligation to update any such forward-looking statements after the date of this presentation.

This presentation contains non-GAAP financial measures which include, but are not limited to, non-GAAP Gross Margin, non-GAAP Operating Margin, non-GAAP EPS, non-GAAP Net Income, Free Cash Flow and Non-GAAP Income Tax Rate. A reconciliation to GAAP is included within this presentation and in our filings with the SEC which can be found at www.EMC.com or www.sec.gov.

http://www.emc.com/

http://www.sec.gov/

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EMC Federation The Right Strategy For A Massive Opportunity

Businesses Are Facing A Major Transformation. New Competitors In Every Industry Are Offering Frictionless Access To Online Services Through A Myriad Of Mobile Devices

The EMC Federation Can Help. Best-of-Breed Information Infrastructure, Software-Defined Data Center And A New Platform For Next Generation Applications

The EMC Federation Is Better Together. The EMC Federation Is Strategically Aligned & Together Uniquely Solve Customer Problems. But, They Are Free To Operate Independently To Provide Better Focus And Execution.

The EMC Federation Creates Value. Continued Re-Investment And Returns To Shareholders Is A Proven Formula For Ongoing Value Creation.

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EMC Federation: Solid Long-Term Results

2008 2009 2010 2011 2012 2013 5-Yr

Change

Revenue $14.9 $14.0 $17.0 $20.0 $21.7 $23.2 9% CAGR

Gross Margin % 56.9% 57.0% 60.4% 62.6% 64.5% 64.0% 710 bps

Op Margin % 18.0% 17.4% 22.0% 23.9% 24.9% 24.7% 670 bps

Non-GAAP EPS $1.00 $0.90 $1.26 $1.51 $1.70 $1.80 12% CAGR

Free Cash Flow $2.6 $2.6 $3.4 $4.4 $5.0 $5.5 16% CAGR

(Consolidated Non-GAAP, As Marked; $ In Billions)

Note: Dollars in billions. Note: *Non-GAAP. Refer to the schedules in the appendix for a complete reconciliation of GAA to non-GAAP including Gross Margin %, Operating Margin %, EPS and Free Cash Flow on this slide.

*

*

*

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SOFTWARE-DEFINED STORAGE (INFORMATION INFRASTRUCTURE)

SOFTWARE-DEFINED ENTERPRISE Paul Maritz

SOFTWARE-DEFINED DATA CENTER Pat Gelsinger

David Goulden

The EMC Federation Strategically Aligned, Focused And Free To Execute On Their Mission

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Many Industries Face Structural Change

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A Software-Defined Thermostat Company

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A Software-Defined Sports Clothing

Company

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Mainframe, Mini Computer

Terminals

LAN/Internet Client/Server

PC

Mobile Cloud Big Data Social

Mobile Devices

MILLIONS OF USERS

THOUSANDS OF APPS

HUNDREDS OF MILLIONS OF USERS

TENS OF THOUSANDS OF APPS

BILLIONS OF USERS

MILLIONS OF OF APPS

Source: IDC, 2012

Transition To The 3rd Platform

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2013-2016 Workload Growth

Sources: IDC, Gartner, AWS Workload Estimates*

Next-Gen Cloud Applications

2016 34M

2013 11M 300%

2016 120M

2013 91M 30%

Traditional Applications

Reduce Operating Expenses Invest In New

Model

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Addressing Both IT & The Business

Chief Information Officer (CIO)

Data Center Operations “Run Applications”

Application Development “Build New Apps For The Business”

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David Goulden



Best Of Breed. Architected Horizontally, Not Vertically. Choice.

Our Strategy: Build A Differentiated Stack

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What Matters: Apps. Data. Analytics.

Apps Power Businesses. Those Apps Generate Data

Analytic Insight From That Data Drives New App Functionality, Which In-Turn Drives New Data

The Faster You Move Around That Cycle, The Faster You Learn, Innovate & Pull Away From The Competition

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Enabled By Pivotal One.

Apps Power Businesses. Those Apps Generate Data

Analytic Insight From That Data Drives New App Functionality, Which In-Turn Drives New Data

The Faster You Move Around That Cycle, The Faster You Learn, Innovate & Pull Away From The Competition

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Pivotal One An Open PaaS Platform For The Enterprise,

Powered By Cloud Foundry

Enables Multi-Cloud Deployment On-Premise To Public Cloud, VMware, AWS, Openstack

Enable New Levels Of Agility And Speed Modern Application Development & Deployment

Integrated Value Modern Development Languages, Runtimes & Differentiated Data Services

Open Ecosystem: Broad Industry Support

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Addressing Both IT & The Business

Chief Information Officer (CIO)

Data Center Operations “Run Applications”

Application Development “Build New Apps For The Business”

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David Goulden

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The Software-Defined Data Center Extending Benefits Beyond Servers to Entire Data Center

All Infrastructure Is Virtualized And Delivered As A Service Control Of This Data Center Is Entirely Automated By Software.

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SDDC, Foundation Of The 3rd Platform

Private Cloud

Hybrid Cloud

Public Cloud

vCHS & VSPP Partners

Policy-Based Management

Network Storage Compute

Virtualized Infrastructure Abstract & Pool

Cloud Automation Cloud Operations Cloud Business

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AirWatch: Enterprise Mobile Mgmt & Security Addressing The Needs Of Mobile Users Accessing The Data Center

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David Goulden

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Workloads Have Different Requirements

ADVANCED DATA SERVICES

SIMPLE DATA SERVICES

Transaction Processing

Online Archive

VM Infrastructure

Decision Support

Full Motion Video

High Performance Computing

Web Content

Content Management

IT Applications

Storage As-A-Service

Home Directories

Email

Application Development

Tech Apps

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A Commitment To Best-Of-Breed

VMAX

LEADER SCALE-OUT NAS STORAGE

LEADER HIGH-END STORAGE

LEADER MIDRANGE STORAGE VNX

Isilon

Data Domain, Avamar, & NetWorker

LEADER BACKUP

LEADER OBJECT STORAGE

Atmos

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XtremIO : The All Flash Array Leader Consistent Performance, Regardless Of Workload

ADVANCED DATA SERVICES

SIMPLE DATA SERVICES

100μS

5mS

1mS

500μS XtremIO

VNX

Isilon

VMAX

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EMC Converged Infrastructure Leader Data Center HW Integrated Systems Revenue Share, 2Q12-2Q13

VCE VBLOCK Integrated Infrastructure Systems Leader

EMC VSPEX Integrated Reference Architecture Systems Leader

Market Share Analysis: Data Center Hardware Integrated Systems, 2Q13 ; Published: 12 December 2013

VSPEX 45%

FlexPod 44% VCE

51%

HP 27%

IBM 11%

HDS 5% Dell 3%

Oracle 3%

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Multiple Storage Architectures for 3rd Platform

VM VM VM VM

Storage Software

Commodity Hardware / DAS

New & Basic Workloads

VM VM VM

Storage Arrays

Performance & Mission-Critical Workloads

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Software-Defined Storage

Storage Arrays

VM VM VM

Performance & Mission-Critical Workloads

Commodity Hardware / DAS

New & Basic Workloads

VM VM VM VM

Provisioning Self-Service Reporting Automation

VNX Isilon XtremIO 3rd Party

VMAX

ViPR Data Services

VIPR Controller

Storage Software Across Commodity Hardware & Storage Arrays

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VSAN

Storage Arrays Commodity Hardware / DAS

New & Basic Workloads Performance & Mission Critical Workloads

VNX Isilon

3rd Party VMAX XtremIO

vCenter vSphere

vCloud Automation Center

vCloud Operations

ViPR Data Services

ViPR Controller

VASA VVOL

Tight Integration With The VMware SDDC

VASA VVOL

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David Goulden

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3rd Platform REDEFINES The Landscape Cloud, Mobile & Social Combined With A New Set Of Threats

Advanced Threats

Sophisticated Fraud

Public Private

Hybrid

Cloud & Mobile Perimeters Are Gone

Social Networks More Identities To Verify

New Threats Examine All Behavior

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Transfer Funds

Access Bank Account

Download Sales Pipeline

Read Email

Identity & Access Management

Fraud Network

Device Profile

User Behavior Profile

Analysis Engine

User Action

Private Cloud

Public Cloud

Username & Password

Two-Factor

Additional Authentication

Username & Password

Additional Authentication

Out Of Band

Challenge Q

IDENTITY & ACCESS

MANAGEMENT

FRAUD PREVENTION

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Public & Private Threat Intelligence

Security Analytics Platform

Investigate & Analyze

Visualize

Respond

Alert & Report

Analytics Big Data

Store

Governance

Compliance

Incident Management

Remediation

SECURITY ANALYTICS + ARCHER

eGRC SUITE

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Serv

ice P

rovid

er

Partners

vCHS Ente

rprise D

ata

Cente

r

Application Fabric / Data Fabric / PaaS

Software Defined Data Center

End User Computing

Applications Content-Aware Security Analytics

Converged Infrastructure

Sto

rage

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Serv

ice P

rovid

er

Partners

vCHS Ente

rprise D

ata

Cente

r

Application Fabric / Data Fabric / PaaS

Software Defined Data Center

End User Computing

Applications Content-Aware Security Analytics


Sto

rage

EVP SOLUTIONS

Software Defined

Data Center

Business Data Lake

Security Analytics

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Open Strategy Gives Customers Choice

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Bridging the Gap Between 2nd and 3rd Platform


2016 120M

2013 91M 30%

Today’s Data Center

• Remains A Very Large Market • We Have The Largest Share &

Best Portfolio • We Continue To Gain Share

Software-Defined Data Center

Next Gen Cloud Applications

2016 34M

2013 11M 300%

Leveraging Our Position As A Trusted Market Leader To Help Customers Bridge The Gap

• Fast-Growing Opportunity • Ahead Of The Rest In

Enterprise PaaS Platform, SDDC & SDS

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2013 Overall IT Spending ~ 2%

Power of the Federation

17%

4%

N/A

11%

65%

7%

Competitor data based on Thomson consensus estimates of closest four quarters to EMC FY’13 based on available public information; *VCE percentage increase reflects growth in demand as revenue for VCE is not publicly disclosed.

(Consolidated)

8%

1%

1%

-1%

-6%

1%

15%

5%

15%

11%

50+%*

7%

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Research & Development

EMC Innovation Investment

Technology Acquisitions

$11.5B

$9.3B

*Cash R&D and acquisition spend 2009-2013

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Capital Allocation

$0

$2

$4

$6

$8

$10

$12

$14

$16

$18

$20

$22

$24

2009 2010 2011 2012 2013

Share Purchases

Acquisitions

Dividends

Free Cash Flow

Cumulative FCF vs. Cash Use * 2009-2013

* Excludes acquisition impact of consumer business

• Generated $21.0B of FCF • Invested 44% in Acquisitions • Utilized 46% for Share Purchases • Deployed 93% of FCF

2009 - 2013

• Initiated Quarterly Dividend $0.10/share (~$400M YTD)

• Plan to Repurchase $6B EMC Shares over 3 Yrs ($3B FY13)

• Invested $770M FY13 in Acquisitions

2013

Long-term Intent to return ~50% of EMC (ex. VMW) FCF to Shareholders through

Dividends and Share Repurchases

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Capital Allocation Investment Balanced with Returns to Shareholders

20-25%

25-30% ~50%

Allocation Framework*

Dividends

Share Repurchases

Investments for

Growth

• Continued Investment in Enormous Opportunities Presented by Mobile, Cloud, Big Data and Trusted IT

• Initiated Quarterly Shareholder Dividend

• Plan to Repurchase $6B 2013-2015

• Cash returns to shareholders grow along with EMC ex-VMW FCF

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EMC Federation Unique Structure Offers Unparalleled Benefits

Customer Choice – No Vendor Lock-In. Customers Can Move Forward With Confidence In Their Future Flexibility.

Focus On Specific Mission – Develop Optimal Ecosystems. Free To Form Partnerships With Competitors To Other Members Of The Federation.

Tight Technology Integration – For Integrated Stack. Federation Offers Comprehensive Solution For Customers Who Prefer Full Stack.

Scale – Coordination In Major Accounts, Services, Alliances. Federation Provides Much Greater Go-To-Market Reach Than Would Be Possible Standalone.

Shared Resources – Talent, Dollars, Intellectual Property. Federation Provides Ability To Recruit, Retain & Subsequently Direct Skills Where Needed Most.

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Next-Gen Cloud Applications


Technology Silos

File & Block

Storage Arrays

Perimeter-Based Security

Project-Based IT

On-Premise

The 3RD Platform Redefines Everything


Object/HDFS

Software-Defined Storage

Data-Driven Security

Policy-Based Automation

On-Premise & Off-Premise

Use of Non-GAAP Financial Measures

This presentation, the accompanying schedules and the additional content that is available on EMC's website contain non-GAAP financial

measures. These non-GAAP financial measures, which are used as measures of EMC's performance or liquidity, should be considered in addition to,

not as a substitute for, measures of EMC's financial performance or liquidity prepared in accordance with GAAP. EMC's non-GAAP financial

measures may be defined differently from time to time and may be defined differently than similar terms used by other companies, and

accordingly, care should be exercised in understanding how EMC defines its non-GAAP financial measures in this presentation.

Where specified in the accompanying schedules for various periods entitled "Reconciliation of GAAP to Non-GAAP," (a) certain items noted on each

such specific schedule (including, where noted, amounts relating to stock-based compensation expense, intangible asset amortization,

restructuring and acquisition-related charges and IPR&D, the amortization of VMware’s capitalized software from prior periods, a net gain on

disposition of certain lines of business and other, an RSA special charge(release), a provision for litigation, a gain on Data Domain and Spring Source

common stock, a loss on interest rate swaps, a gain on strategic investment and special tax items) are excluded from the non-GAAP financial

measures and (b) the benefit of the R&D tax credit for 2012 is included in the non-GAAP financial measures for the full year 2012 and excluded in

the non-GAAP results for the full year 2013.

EMC’s management uses the non-GAAP financial measures in the accompanying schedules to gain an understanding of EMC's comparative

operating performance (when comparing such results with previous periods or forecasts) and future prospects and includes the benefit of the R&D

tax credit in, and excludes the above-listed items from, its internal financial statements for purposes of its internal budgets and each reporting

segment’s financial goals. These non-GAAP financial measures are used by EMC's management in their financial and operating decision-making

because management believes they reflect EMC's ongoing business in a manner that allows meaningful period-to-period comparisons. EMC's

management believes that these non-GAAP financial measures provide useful information to investors and others (a) in understanding and

evaluating EMC's current operating performance and future prospects in the same manner as management does, if they so choose, and (b) in

comparing in a consistent manner the Company's current financial results with the Company's past financial results.

This presentation also includes disclosures regarding free cash flow which is a non-GAAP financial measure. Free cash flow is defined as net cash

provided by operating activities less additions to property, plant and equipment and capitalized software development costs. EMC uses free cash

flow, among other measures, to evaluate the ability of its operations to generate cash that is available for purposes other than capital expenditures

and capitalized software development costs. Management believes that information regarding free cash flow provides investors with an important

perspective on the cash available to make strategic acquisitions and investments, repurchase shares, pay dividends, service debt and fund ongoing

operations. As free cash flow is not a measure of liquidity calculated in accordance with GAAP, free cash flow should be considered in addition to,

but not as a substitute for, the analysis provided in the statement of cash flows.

All of the foregoing non-GAAP financial measures have limitations. Specifically, the non-GAAP financial measures that exclude the items noted

above do not include all items of income and expense that affect EMC's operations. Further, these non-GAAP financial measures are not prepared

in accordance with GAAP, may not be comparable to non-GAAP financial measures used by other companies and do not reflect any benefit that

such items may confer on EMC. Management compensates for these limitations by also considering EMC's financial results as determined in

accordance with GAAP.

December 31, December 31, December 31, December 31, December 31, December 31,

2008 2009 2010 2011 2012 2013

Gross Margin GAAP 8,222$ 7,745$ 10,031$ 12,169$ 13,638$ 14,473$

Stock-based compensation expense 80 99 109 124 126 124

Intangible asset amortization 159 132 132 157 199 232

Amortization of VMware's capitalized software from prior periods - - - 0 62 34

RSA special charge (release) - - - 66 (24) -

Restructuring, acquisition-related charges - 12 - - - -

Gross Margin Non-GAAP 8,461$ 7,989$ 10,271$ 12,516$ 14,001$ 14,864$

Revenues 14,876$ 14,026$ 17,015$ 20,008$ 21,714$ 23,222$

Gross Margin Percentages:

GAAP 55.3% 55.2% 59.0% 60.8% 62.8% 62.3%

Non-GAAP 56.9% 57.0% 60.4% 62.6% 64.5% 64.0%

December 31, December 31, December 31, December 31, December 31, December 31,

2008 2009 2010 2011 2012 2013

Operating Margin GAAP 1,569$ 1,414$ 2,683$ 3,442$ 3,964$ 4,150$

Stock-based compensation expense 501 606 685 836 920 935

Intangible asset amortization 280 248 285 342 365 389

Restructuring, acquisition-related charges and IPR&D 331 120 84 97 110 224

Amortization of VMware's capitalized software from prior periods - - - - 62 34

RSA special charge (release) - - - 66 (24) -

Provision for litigation - 58 - - - -

Operating Margin Non-GAAP 2,681$ 2,445$ 3,738$ 4,784$ 5,397$ 5,732$

Revenues 14,876$ 14,026$ 17,015$ 20,008$ 21,714$ 23,222$

Operating Margin Percentages:

GAAP 10.5% 10.1% 15.8% 17.2% 18.3% 17.9%

Non-GAAP 18.0% 17.4% 22.0% 23.9% 24.9% 24.7%

Note: Schedules may not add or recalculate due to rounding

Twelve Months Ended

Twelve Months Ended

Reconciliation of GAAP to Non-GAAP

(in millons)

(unaudited)

Diluted Diluted Diluted

December 31, Earnings December 31, Earnings December 31, Earnings

2008 Per Share 2009 Per Share 2010 Per Share

Net Income Attributable to EMC GAAP 1,275$ 0.610$ 1,088$ 0.528$ 1,900$ 0.880$

Stock-based compensation expense 371 0.178 436 0.212 473 0.220

Intangible asset amortization 181 0.087 162 0.079 187 0.087

Restructuring, acquisition-related charges and IPR&D 284 0.137 84 0.041 72 0.034

Special tax items (18) (0.009) 61 0.030 83 0.039

Gain on Data Domain and SpringSource common stock - - (25) (0.012) - -

Provision for litigation - - 52 0.025 - -

Net Income Attributable to EMC Non-GAAP 2,093$ 1.003$ 1,858$ 0.903$ 2,715$ 1.260$

Weighted average shares, diluted 2,080 2,055 2,148

Incremental VMware dilution 7$ 2$ 9$

Diluted Diluted Diluted

December 31, Earnings December 31, Earnings December 31, Earnings

2011 Per Share 2012 Per Share 2013 Per Share

Net Income Attributable to EMC GAAP 2,461$ 1.098$ 2,733$ 1.234$ 2,889$ 1.333$

Stock-based compensation expense 587 0.263 623 0.282 636 0.295

Intangible asset amortization 224 0.100 238 0.108 256 0.118

Restructuring, acquisition-related charges and IPR&D 81 0.036 87 0.040 156 0.072

Amortization of VMware's capitalized software from prior periods - - 33 0.015 18 0.009

Net gain on disposition of certain lines of business and other - - - - (21) (0.010)

RSA special charge (release) 56 0.025 (18) (0.008) - -

Loss on interest rate swaps - - 24 0.011 - -

Gain on strategic investment (29) (0.013) (32) (0.014) - -

Special tax items - - 11 0.005 19 0.009

R&D tax credit - - 60 0.027 (60) (0.028)

Net Income Attributable to EMC Non-GAAP 3,381$ 1.510$ 3,759$ 1.700$ 3,893$ 1.798$

Weighted average shares, diluted 2,229 2,206 2,160

Incremental VMware dilution 14$ 10$ 8$

* Net of tax and non-controlling interest in VMware, Inc., except weighted average shares, diluted.


Twelve Months Ended

Twelve Months Ended

Reconciliation of GAAP to Non-GAAP*

(in millons, except per share amounts)

(unaudited)

December 31, December 31, December 31, December 31, December 31, December 31, Cumulative

2008 2009 2010 2011 2012 2013 2009 - 2013

Cash Flow from Operations 3,565$ 3,334$ 4,549$ 5,669$ 6,262$ 6,923$ 26,738$

Capital expenditures (696) (412) (745) (801) (819) (943) (3,721)$

Capitalized software development costs (295) (305) (363) (442) (419) (465) (1,994)$

Free Cash Flow 2,574$ 2,618$ 3,440$ 4,425$ 5,024$ 5,515$ 21,023$


Reconciliation of GAAP to Non-GAAP

(in millons)

(unaudited)

Twelve Months Ended

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