TRC Capital Corporation

March 15, 2005 14:29 ET

TRC Reduces Offer for EMC Corporation to $12.20 Per Share


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: TRC CAPITAL CORPORATION

MARCH 15, 2005 - 14:29 ET

TRC Reduces Offer for EMC Corporation to $12.20 Per
Share

TORONTO, ONTARIO--(CCNMatthews - March 15, 2005) - TRC Capital
Corporation (TRC) announced today that is has reduced its cash offer for
up to 10,000,000 outstanding shares of EMC Corporation (NYSE:EMC) common
stock to $12.20 per share from $12.75 per share. TRC also announced that
it has extended its offer until 12:01 a.m. New York City time on March
31, 2005, unless further extended. At this time, EMC shareowners had
tendered and not withdrawn approximately 2,916 shares pursuant to TRC's
tender offer.

TRC will accept for payment and will pay for all shares validly tendered
prior to the expiration date and not properly withdrawn in accordance
with the terms of the offer promptly after the expiration date.

TRC will not be required to accept for payment or pay for any shares and
may terminate the offer if certain conditions which, in the reasonable
judgment of TRC in any such case, makes it inadvisable to proceed with
the offer or with such acceptance for payment or payment.
Notwithstanding, the conditions will be waived or satisfied on or before
the expiration date.

Investors and security holders are strongly advised to read the
definitive Offer to Purchase because it contains important information.
Investors can obtain a free copy of the Offer to Purchase from the
Information Agent, CNRA Financial Services Inc., by calling (416)
861-9446.

TRC Capital Corporation is a private investment corporation that manages
a diverse investment portfolio focusing on manufacturing, health care
and basic industries.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Albaum & Associates
    Lorne H. Albaum
    CEO
    (416) 304-1932