Greenlight Company Presentation

Not All Tech Companies Hoard Cash Some are Friendly to Shareholders o Operate with net debt o Return majority of free cash flow to shareholders via dividends and repurchases TEXAS INSTRUMENTS Greenlight Capital, Inc. IBM Return of Capital as % of FCF 120% 100% 80% 60% 40% 20% 0% 2010 IBM IL 2011 ■TXN 2012 ■AAPL While cash hoarding is prevalent in the tech industry, it isn't practiced universally. Consider Texas Instruments and IBM. Both have net debt, illustrating that large tech companies can operate with debt. Both return the majority of free cash flow to shareholders via dividends and repurchases. 11 11

View entire presentation