Greenlight Company Presentation

Proposal No. 2 is an Impediment to iPrefs o On January 7, 2013, Apple filed its 2013 Proxy. Proposal No. 2 eliminates preferred stock from Apple's Articles of Incorporation: This corporation is authorized to issue two classesone class of shares designated respectively "Common Stock" and "Preferred Stock"" par value $0.00001 per share. The number of shares of Common Stock which that this corporation is authorized to issue is 1,800,000,000. The number of shares of Preferred Stock which this corporation is authorized to issue is 5,000,000. o The Proxy stated the following reason for the elimination: "The Board does not intend to issue preferred stock in the future and believes that it is appropriate to eliminate this provision from the Articles." o Vote AGAINST Proposal No. 2 and tell the Board you want iPrefs! Greenlight Capital, Inc. 51 Apple filed its proxy in early January, and we were surprised to see Proposal No. 2, which eliminates the ability for the company to issue preferred stock. We had discussed with the company in the middle of last year our innovative proposal for perpetual preferred stock, which their CFO dismissed for several reasons we did not deem substantive. In the last week, Mr. Cook has called the idea "creative," and said that Apple would study the proposal carefully. We look forward to meeting with Mr. Cook and his team shortly. We continue to ask all shareholders to vote AGAINST Proposal No. 2, which will send a clear message to the Board that we are all dissatisfied with Apple's capital allocation policy. After all, the directors stated that the main reason for eliminating preferred stock from the charter was because they did not "intend to issue preferred stock in the future." Now that Apple has announced that it will evaluate our idea, Apple's stated reason for the proposal is no longer true. 51

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