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David Einhorn, Greenlight Capital Value Investing Congress October 17, 2011

Disclaimer

THESE MATERIALS SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY ANY INTERESTS IN 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 A DEFINITIVE SUBSCRIPTION AGREEMENT BETWEEN GREENLIGHT AND AN INVESTOR. The information contained herein reflects the view of Greenlight Capital Inc. and its affiliates (collectively “Greenlight”) as of the date of publication and serves as a limited supplement to a verbal presentation. These views are subject to change without notice at any time subsequent to the date of issue. 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. 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. While the information presented herein is believed to be reliable, no representation or warranty is made concerning the accuracy of any data presented. In addition, there can be no guarantee that any projection, forecast or opinion in this presentation will be realized. All trade names, trade marks, service marks, and logos herein are the property of their respective owners who retain all proprietary rights over their use. This presentation is confidential and may not be reproduced without prior written permission from Greenlight.

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Table of Contents

• Background and Business • Bull Case • Market Opportunity • Starbucks Deal • Business Quality • Competition and Patents • Capital Expenditure Forecast • Review of Recent Reported Results • SEC Inquiry • Results of Field Research • Putting It All Together

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Background and Business

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Background and Business

• Green...