The Company expects to utilize the remaining approximately $150 million of the new $400 million share repurchase authorization for open market share repurchases or privately negotiated transactions. Polycom has repurchased $84 million of common stock in the first and second quarters of 2013. All buybacks are expected to be completed within one year.This $400 million share repurchase authorization will supersede any remaining outstanding share repurchase authorization as of the commencement of the tender offer. The Company’s remaining repurchase authorization was $89 million as of June 30, 2013. The repurchases will be made in compliance with, and at such times as permitted by, federal securities law. As of June 30, 2013, the Company had approximately $694 million of cash and investments. The tender offer described in this release has not yet commenced. This press release is for informational purposes only and is not an offer to buy or the solicitation of an offer to sell any shares of common stock. The solicitation and offer to buy common stock will only be made pursuant to the offer to purchase and the other tender offer documents, which are expected to be distributed to stockholders on or about September 13, 2013. A free copy of the tender offer documents that will be filed by Polycom with the Securities and Exchange Commission (SEC) may be obtained when filed from the SEC’s website at www.sec.gov or from Polycom’s website at www.polycom.com. In addition, stockholders will be able to obtain a free copy of the tender offer documents, when available, from the information agent named in the offer to purchase. Stockholders are urged to read these materials, when available, carefully prior to making any decision with respect to the offer. About Polycom: Polycom is the global leader in open, standards-based unified communications and collaboration (UC&C) solutions for voice and video collaboration, trusted by more than 415,000 customers around the world. Polycom solutions are powered by the Polycom® RealPresence® Platform, comprehensive software infrastructure and rich APIs that interoperate with the broadest set of communication, business, mobile and cloud applications and devices to deliver secure face-to-face video collaboration in any environment. Polycom and its ecosystem of over 7,000 partners provide truly unified communications solutions that deliver the best user experience, highest multi-vendor interoperability, and lowest TCO. Visit www.polycom.com or connect with us on Twitter, Facebook, and LinkedIn to learn how we're pushing the greatness of human collaboration forward. Forward Looking Statements and Risk Factors: This release contains forward-looking statements, including those regarding the timing of closing the term loan facility, timing of commencing and closing the tender offer, terms and conditions of the tender offer, sources of funding for the tender offer, additional repurchases of our common stock following the closing of the tender offer and value creation for our shareholders. The actual timing, size and success of the planned tender offer and additional repurchases of our common stock are subject to a number of factors, including (1) developments or changes in economic or market conditions, (2) developments or changes in the securities markets, (3) developments or changes in the business or condition of the Company or in our cash flows, (4) developments or changes in our ability to obtain debt financing under the term loan facility to fund the proceeds for the tender offer, and (5) the factors identified under “Risk Factors” in the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2013, and in other reports filed by Polycom with the SEC. Polycom disclaims any intent or obligations to update these forward-looking statements.
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