How To: Convert an annotation feature class to a shapefile
Instructions provided describe how to convert an annotation feature class stored in a geodatabase into a shapefile. This is typically done so annotations can be brought into ArcIMS.
There are two ways to convert a feature class annotation into a shapefile feature class. ArcInfo users can select either procedure. ArcEditor and ArcView license users must follow the specified set of steps.
ArcInfo/Advanced License Level
1. In ArcToolBox navigate to Data Management Tools > Features.
2. Select the Feature to Point tool.
3. Run the Feature to Point tool using the annotation feature class as the input, with the Inside option selected.