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To: Mohan Marette who wrote (882)	4/19/1999 3:12:00 PM
From: Mehitabel	Respond to of 10934

Mohan, doing some paid-for research on NTAP thru Multex, and will be posting summaries of it here. S&P report of 4/12: Has had good sequential growth for two years, and Q1 above Q4. rising backlog, improved visibility gaining share from traditional computer/storage companies Dell to intruduce NTAP product in 1st half of 1999. Dell is "perfect partner" for NTAP little competition data intensive applications include computer-aided design, manufacturing and engineering. Software development, securities trading and airlines reservations are also data intensive. Industry Outlook: positive, fuelled by dropping component prices and increased graphic and other capabilities. Storage capacity expected to grow at annual rate of 90% over next several years. Every technology trend is leading to increased demand for storage

To: Mohan Marette who wrote (882)	4/19/1999 3:26:00 PM
From: Mehitabel	Read Replies (1) \| Respond to of 10934

Mohan, thru Multex, research from Bankers Trust/BT Alex Brown, summarizing prospects after last Q earnings All regiions, all products performing well. International markets were highlights, with NetCache and new Cluster HA products popular. International sales boosted by confluence of several large European orders. Interntl sales will return to normal next Q. European ISPs continued to be a major consumer of NetCache Cache Server. 100+ units of this product were shipped this Q, for more than 10% of units shipped. Backlog expanding as bookings exceeded revenue growth; book/bill above 1.00 New accounts = 40% of revenues up from 33% in prior quarter appliance concept gaining traction as non-traditional customers place orders. signs of Asia/Pac recovery w/ business there up 20% Q to Q Q3 results in line w/ estimates, but "nothing short of powerful". Both sales and income exceeded estimates. All regions were strong, w/ international markets presenting the strongest picture. US growth was also strong, up 38% y to y as multiprotocol and database filers and new hi-availability systems began to penetrate new customer groups. 190 new accts compared in 170 in prior Q Order rates in US accelerated during last month of Q3 and will likely drive strong revenue gains in Q4. Product lines all popular. Broad range of appeal of NTAP product line. More than 40% of fileers were shipped w/ multiprotocol software, a NTAP hallmark. "NT only" sales increased, as UNIX-only implementations taapered off. In Nov, NTAP introduced a high-performance, hi reliability clustered server. This product, top of the line, is ramping very quickly and accounted for 20% of the filers shipped this Q Outlook-- expect continued growth, broader market reach "Each Q, NTAP demonstrates crisp execution against a bqackdrop of richer technology and performance offerings. We have noted many times the strong appeal of the network attached file storage concept..." "Expect NTAP will continue growing rapidly in its core technical & ISP-oriented markets while the new clustered filers may prove to be the spark that lights the fire in the commercial or corporate market." Raising revenue estimates from 82m to 85m View NTAP strategy to invest in sales and R&D to fuel top line growth as sound, esp as earnings growth continues to be 50%+