Greenlight Company Presentation

Greenlight Capital, Inc. The perpetual obstacle to human advancement is custom.jj - John Stuart Mill 3 In the tech space, Apple is the leader in innovation. They are bold, original thinkers with genuine insight into what consumers want, long before consumers even know they want it. Over the years they've done very well by exploring new ideas and locking in on what works across their areas of expertise. They've done so well, they've ended up with a stockpile of cash that exceeds the market capitalization of all but 17 companies in the S&P 500. But the size of Apple's rainy day fund reveals a basic flaw in Apple's capital allocation. Apple and its shareholders would like a solution, and we are offering one. We aren't here to offer any thoughts on their strategic plans to operate their business - they are the experts on that. We don't know what their plans are, and we don't need to know. The beauty of our idea is that it lets them run their business no matter what those plans are. There has been a lot of discussion around our idea that Apple should distribute perpetual preferred stock. Many have asked, "Why don't they just increase the dividend or buyback shares? This sounds 'too complicated'" It's not complicated, it's merely unfamiliar. It is also simple and innovative. We're going to start with how conventional thinking has led Apple and other large tech companies into having such bloated balance sheets. We'll talk about the usual solutions, and why they don't align well with Apple's priorities. Then we're going to walk you step by step through our idea. We want to thank you all for joining us today. Our solution is not customary, but we think you will agree that we are presenting the best solution for unlocking the most value for Apple shareholders without impinging in any way on Apple's business plan. 3

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