Greenlight Company Presentation
Shareholders Receive the Value
o Value unlocked
- iPref shareholders get safe income
- Common shareholders get Apple's
future growth
o Tax efficient
o Liquid interest rate benchmark
o Easily tradable
o No balance sheet risk
Greenlight Capital, Inc.
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While Apple wants to keep its cake, the shareholders get to eat it, too. The iPref program will enable
the shareholders to recognize the value in the balance sheet. By splitting the value between income-
oriented investors who will want the safe dividend, and common shareholders that wish to participate
in the increased value of the enterprise, the market will reward Apple shareholders with a higher
blended multiple of earnings. Even so, to be conservative, we have not assumed any expansion of
the P/E multiple on the common equity.
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