Greenlight Company Presentation

Disclaimer THESE MATERIALS SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY ANY INTERESTS IN ANY FUND MANAGED BY GREENLIGHT OR ANY OF ITS AFFILIATES. SUCH AN OFFER TO SELL OR SOLICITATION OF AN OFFER TO BUY INTERESTS MAY ONLY BE MADE PURSUANT TO DEFINITIVE SUBSCRIPTION DOCUMENTS BETWEEN A FUND AND AN INVESTOR. The information contained herein reflects the opinions and projections of Greenlight Capital, Inc. and its affiliates (collectively "Greenlight") as of the date of publication, which is subject to change without notice at any time subsequent to the date of issue, and serves as a limited supplement to a verbal presentation. Greenlight is not seeking a proxy in connection with Apple's 2013 annual meeting of stockholders. Greenlight is an independent company, and its opinions and projections within this presentation are not those of Apple, Inc., and have not been authorized, sponsored, or otherwise approved by Apple Inc. Greenlight does not represent that any opinion or projection will be realized. In particular, the information contained herein relating to the impact of the issuance of iPref securities described herein reflects the opinion and projections of Greenlight, and there can be no assurance as to the price of Apple securities in the future. While the information presented herein is believed to be reliable, no representation or warranty is made concerning the accuracy of any data presented. All information provided in this presentation is for informational purposes only and should not be deemed as investment advice or a recommendation to purchase or sell any specific security. Greenlight has an economic interest in the price movement of the securities discussed in this presentation, but Greenlight's economic interest is subject to change without notice. Apple, the Apple logoⓇ, iTunes, and Think different are registered trademarks of Apple Inc. GREENLIGHT® and GREENLIGHT CAPITAL, INC.. with the star logo are registered trademarks of Greenlight Capital, Inc. or affiliated companies in the United States, European Union and other countries worldwide. All other trade names, trademarks, service marks, and logos herein are the property of their respective owners who retain all proprietary rights over their use. This presentation may not be reproduced without prior written permission from Greenlight. The information contained within the body of this presentation is supplemented by endnotes which identify Greenlight's sources, assumptions, estimates, and calculations. This information contained herein should be reviewed in conjunction with the endnotes. Greenlight Capital, Inc. 2 This is our legal disclaimer. I want to stress that this presentation is Greenlight's work and opinions, and it has not been endorsed in any way by Apple. 2

View entire presentation