Statement by Apple

  Statement by Apple

Business Wire

CUPERTINO, Calif. -- February 7, 2013

By early last year, Apple’s cash balance had built to a point beyond what we
needed to run our business and maintain flexibility to take advantage of
strategic opportunities, so we announced a plan to return $45 billion to
shareholders over three years. As of next week we will have executed $10
billion of that plan.

We find ourselves in the fortunate position of continuing to generate large
amounts of cash, including $23 billion in cash flow from operations in the
last quarter alone.

Apple’s management team and Board of Directors have been in active discussions
about returning additional cash to shareholders. As part of our review, we
will thoroughly evaluate Greenlight Capital’s current proposal to issue some
form of preferred stock. We welcome Greenlight’s views and the views of all of
our shareholders.

As a part of our efforts to further enhance corporate governance and serve our
shareholders’ best interests, Proposal #2 in our proxy includes some
recommended changes to our articles of incorporation. These changes were
recommended independently of Greenlight’s proposal and would not preclude
Apple from adopting their concept. Contrary to Greenlight’s statements,
adoption of Proposal #2 would not prevent the issuance of preferred stock.
Currently, Apple’s articles of incorporation provide for the issuance of
“blank check” preferred stock by the Board of Directors without shareholder
approval. If Proposal #2 is adopted, our shareholders would have the right to
approve the issuance of preferred stock. As such, Proposal #2 has the support
of many of our shareholders.

We remain committed to having an ongoing dialogue with our shareholders to get
perspectives around return of capital and driving shareholder value.

NOTE TO EDITORS: For additional information visit Apple’s PR website
(, or call Apple’s Media Helpline at (408) 974-2042.

© 2013 Apple Inc. All rights reserved. Apple, the Apple logo, Mac, Mac OS and
Macintosh are trademarks of Apple. Other company and product names may be
trademarks of their respective owners.


Press Contacts:
Katie Cotton, 408-974-7269
Steve Dowling, 408-974-1896
Investor Relations Contacts:
Nancy Paxton, 408-974-5420
Joan Hoover, 408-974-4570
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