Sun Microsystems and Southeastern Asset Management Agree to Appoint New Independent Members to Sun's Board of DirectorsSANTA CLARA, CA December 8, 2008 Sun Microsystems, Inc. (NASDAQ: JAVA) and value investment firm, Southeastern Asset Management, Inc., today announced that they have entered into an agreement to add two new independent members to Sun's Board of Directors. Southeastern is Sun's largest shareholder and currently holds approximately 162 million shares, or 22 percent, of Sun's common stock.
Under the terms of the agreement, Sun will add two new independent directors to its Board. The appointments, to be approved by both companies, will occur as soon as reasonably practicable. "We fully support Sun's CEO, Jonathan Schwartz, and his leadership team in their efforts to continue driving near-term efficiencies and long-term growth," said Jason E. Dunn, Vice President and Principal, Southeastern Asset Management, Inc. "Sun product lines like Open Storage and Solaris-based Chip Multi-Threading (CMT) systems along with software infrastructure assets including Java, OpenSolaris and MySQL, illustrate Sun's enormous growth opportunity. With the appointment of two new directors, the recently announced restructuring, over $3 billion in cash and a long history of cash generation, we are confident Sun is well positioned for long-term success." "Southeastern is a knowledgeable partner and investor that has demonstrated great commitment to our long-term vision and success," said Schwartz. "Bringing complementary world-class talent to our board community only helps Sun fuel new ideas, drive more innovation and accelerate business opportunities and focus. Sun is committed to do what's necessary to deliver maximum value to its customers and shareholders." The majority of Sun's board members are independent and represent a broad range of industries and expertise. For more information on Sun's Board of Directors, please visit http://www.sun.com/company/cgov/board.jsp. For more details on today's announcement, please visit http://www.sun.com/news to hear a podcast featuring Southeastern's Jason Dunn discussing his perspectives on this agreement. About Southeastern Asset Management Southeastern Asset Management, Inc. is an investment management firm with over $34 billion in client assets under management at September 30, 2008, including approximately $14 billion in the three Longleaf Partners Funds: Longleaf Partners Fund, Longleaf Partners Small-Cap Fund, and Longleaf Partners International Fund. Southeastern was established in 1975, and the first of the Longleaf Partners Funds was launched in 1987. About Sun Microsystems, Inc.Sun Microsystems develops the technologies that power the global marketplace. Guided by a singular vision -- "The Network is the Computer" -- Sun drives network participation through shared innovation, community development and open source leadership. Sun can be found in more than 100 countries and on the Web at http://sun.com.
Sun, Sun Microsystems, the Sun logo, Java, Solaris, OpenSolaris, MySQL and The Network Is The Computer are trademarks or registered trademarks of Sun Microsystems, Inc. or its subsidiaries in the United States and other countries.
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