EMC Corporation and Documentum, Inc. announced a definitive agreement for EMC to acquire Documentum in a stock transaction valued at approximately $1.7 billion. Documentum stockholders will receive 2.175 shares of EMC common stock for each share of Documentum common stock. Based upon the EMC closing stock price of $14.45 on October 13, 2003, the transaction is valued at approximately $1.7 billion. The acquisition is subject to customary closing conditions and is expected to be completed in the first quarter of calendar year 2004. When completed, EMC expects to take a charge in the quarter the transaction is closed for the value of Documentums in-process research and development costs and other integration expenses. Upon completion of the acquisition, EMC intends to operate Documentum as a software division of EMC headquartered in Pleasanton, California, led by Dave DeWalt, Documentum’s current CEO. Documentum’s sales, marketing and services will remain focused on selling and servicing Documentums products and solutions. www.EMC.com, www.documentum.com