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Chris Baldwin: Page 11 of 15

Byte and Switch: An enormous fuss is being made about Cereva Networks Inc.. Are they going to blow Pirus away?

Baldwin: No, Cereva is very different. It is doing the curious thing of taking EMC straight on. They’re mounting a frontal assault on the most heavily protected hill -- and they should expect major casualties. Pirus, on the other hand, loves EMC -- it connects to them and Sun and Hitachi and IBM. It is a switch and isn’t trying to be everything else as well, which is what Cereva is trying to do.

Byte and Switch: You’ve also backed Nauticus Networks Inc., which we know is still in deep stealth mode. Can you give us a glimpse of why Nauticus will be important?

Baldwin: No

Byte and Switch: Not even a peek?