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Emulex Board Continues to Recommend Against Broadcom's Offer: Page 5 of 7

The Company's strategy to deliver these results consists of the following central elements:

* Leadership in Converged Networking. This market is expected to more
than double our addressable market to nearly $1.5 billion by
calendar 2013 according to Dell'Oro Group, a third party
independent source. The first shipments of our 2nd generation CNA
product are expected to start in the third quarter of calendar
2009. We expect to see meaningful revenue contributions in 2010,
and we believe our 12 design wins will significantly contribute
toward the $150 million in converged networking revenues we expect
in fiscal year 2012. We have the technology and the early
leadership position to win long-term in this important market.

* Strong Core Businesses. Emulex's core Fibre Channel and embedded
businesses are strong and will continue to contribute meaningfully
to our top and bottom lines, particularly as we provide new
differentiation in our existing product lines and drive incremental
revenue through new product and software offerings, such as our
encryption HBA technology and our OneCommand(tm) management
software.

* Disciplined Financial Execution. Emulex generates attractive
margins through an OEM model that leverages our operating expenses.
As our converged networking business continues to grow, we expect
to capture go-to-market synergies from both our core and converged
businesses. Additionally, we reduced operating expenses by
approximately 10% on an annualized basis, and we expect to benefit
from a lower tax rate going forward.

* Strong Balance Sheet. As of March 29, 2009, Emulex had cash and
investments of approximately $303 million and no outstanding
indebtedness, which translates to $3.66 per share. As a result,
net of cash, Broadcom is effectively offering to pay you only
$5.59 per share for the operations of Emulex.