Nasdaq: Rimm (13.70) Short Pitch

RESEARCH IN MOTION NASDAQ: RIMM (13.70) SHORT PITCH March 15, 2012 Leon Hu PRESENTATION AGENDA I. Overview II. Thesis III. Stock IV. Misperceptions V. Risk VI. Summary Overview Thesis Stock Misperceptions Risk Summary • Telecommunications company • Founded in 1984 and headquartered in Waterloo, Ontario • Designs, manufactures and markets wireless hardware, software and services • Includes the BlackBerry line of mobile email and smartphone devices MIKE LAZARIDIS, CHRIS SHAW & DOUG FREGIN MIKE LAZARIDIS, JIM BALSILLIE & THORSTEN HEINS Overview Thesis Stock Misperceptions Risk Summary Lackluster Products Stifling Competition Incompetent Management BLACKBERRY PLAYBOOK • Runs BlackBerry Tablet OS • Direct competitor to iPad and Android tablets • Launched on April 19, 2011 BLACKBERRY PLAYBOOK Joanna Stern Technology Editor ABC News BLACKBERRY PLAYBOOK ≈ $190 + LABOR + TRANSPORTATION + RESEARCH & DEVELOPMENT + RETAIL COSTS MANAGEMENT MIKE LAZARIDIS JIM BALSILLIE THORSTEN HEINS Former Chief Technology Officer at Siemens AG MANAGEMENT MIKE LAZARIDIS JIM BALSILLIE MANAGEMENT • Collectively named Worst C.E.O.’s of 2011 by Sydney Finkelstein and Herb Greenberg • High-level RIM employees write scathing letters to Lazaridis and Balsillie • “I have lost confidence. While I hide it at work, my passion has been sapped. I know I am not alone — the sentiment is widespread and it includes people within your own teams.” • “The amount of red tape required to get just about anything done is exhausting, slowing progress and removing all incentive for employees at any level to innovate.” THORSTEN HEINS Former Chief Technology Officer at Siemens AG MANAGEMENT “If we continue doing well what we are doing, I see no problems of us being in the top three players worldwide in the next years in wireless.” “We are a great innovative company, but sometimes we innovate too much while we are building a product.” Thorsten Heins Chief Executive Officer & President Research in Motion MANAGEMENT LAZARIDIS & THORSTEN HEINS BALSILLIE RESIGN NAMED C.E.O. 4.0% to 5.0% 8.4% MANAGEMENT President & CEO Board of Directors Innovation Committee ADDITIONAL POINTS • Fires 10 Percent of Workforce • BlackBerry Blackout • National Security Conflicts • Phone Delays • Losing the BBX Trademark Overview Thesis Stock Misperceptions Risk Summary • Price: $13.70 • 52-Week Range: $12.45 - $64.63 • Market Cap: $7.02B • P/E Ratio: 3.10 • EPS: $4.11 • Beta: 2.13 • Short Interest: 59.21M • Shares Out: 515.70M Overview Thesis Stock Misperceptions Risk Summary • Overhaul of management • Core consumer base still intact • Possibility of purchase • Weak patent portfolio • “We haven't considered acquiring the firm and are not interested in [buying RIM].” Samsung Electronics Overview Thesis Stock Misperceptions Risk Summary • Relatively strong financial statistics • Substantial cash position • Absence of short term and long term debt • BlackBerry 10 OS • Scheduled to be released in 2012 Overview Thesis Stock Misperceptions Risk Summary • March 29, 2012 • Q4 2012 Research In Motion Earnings Release • “There is a greater than 50 percent chance that RIM will negatively pre-announce the February quarter.” Peter Misek Managing Director Jefferies & Company • Recommendation • Immediately initiate short position in Research In Motion before Q4 2012 earnings release BUZZY GEDULD CHIEF EXECUTIVE OFFICER COUGAR TRADING “THEY HAVE NOT KEPT UP WITH THE NEW WORLD.”.

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Benyamin Kohanim, Et Al. V. Blackberry Limited, Et Al. 13-CV
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