NO ONE MOVES FAST ENOUGH OP EX % Y/Y CY01 CY02 CY03 CY04 CSCO -3% -10% -1% 9% EMC 9% -22% -4% 31% ADBE -2% -1% 12% 18% YHOO -3% 14% 33% 57% AMZN -15% -4% 10% 24% Average -3% -5% 10% 28%