Elliott Files Detailed Analysis On BMC; Presentation Filed with SEC

Elliott Management, a $20 billion private investment firm and major stockholder in BMC Software BMC, today sent BMC's Board the following letter: Dear Members of the Board of Directors: I write to you again on behalf of Elliott Management and our collective funds, holders of 6.5% of BMC Software common stock. Our letter today is to inform you that we have filed a presentation with the SEC laying out in greater detail our perspectives on BMC's historical and current issues, as well as the opportunities available to BMC's Board to maximize stockholder value in the future. Throughout the last two weeks, we also have continued to hear from numerous BMC stockholders who agree with our view of the Company, encourage our continued process, and who, like us, remain frustrated by the Board's intransigence and apparent unwillingness to actively engage in a thoughtful approach to maximizing stockholder value. As detailed in our presentation, the Board's behavior is particularly disappointing given the Company's significant underperformance due to poor management execution and a lack of engaged Board oversight. After studying these issues for several months and doing extensive research, we have outlined in our presentation the changes needed to bring fresh insight to the Board and the steps the Company should take immediately to deliver long-overdue value to stockholders.