Risk Factors
The above statements and any others in this document that refer to plans and expectations for the first quarter, the year and the
future are forward-looking statements that involve a number of risks and uncertainties. Words such as “anticipates,” “expects,”
“intends,” “plans,” “believes,” “seeks,” “estimates,” “may,” “will,” “should” and their variations identify forward-looking
statements. Statements that refer to or are based on projections, uncertain events or assumptions also identify forward-looking
statements. Many factors could affect Intel’s actual results, and variances from Intel’s current expectations regarding such factors
could cause actual results to differ materially from those expressed in these forward-looking statements. Intel presently considers the
following to be the important factors that could cause actual results to differ materially from the company’s expectations. Demand
could be different from Intel's expectations due to factors including changes in business and economic conditions; customer acceptance
of Intel’s and competitors’ products; supply constraints and other disruptions affecting customers; changes in customer order patterns
including order cancellations; and changes in the level of inventory at customers. Uncertainty in global economic and financial
conditions poses a risk that consumers and businesses may defer purchases in response to negative financial events, which could
negatively affect product demand and other related matters. Intel operates in intensely competitive industries that are characterized by
a high percentage of costs that are fixed or difficult to reduce in the short term and product demand that is highly variable and difficult
to forecast. Revenue and the gross margin percentage are affected by the timing of Intel product introductions and the demand for and
market acceptance of Intel's products; actions taken by Intel's competitors, including product offerings and introductions, marketing
programs and pricing pressures and Intel’s response to such actions; and Intel’s ability to respond quickly to technological
developments and to incorporate new features into its products. The gross margin percentage could vary significantly from
expectations based on capacity utilization; variations in inventory valuation, including variations related to the timing of qualifying
products for sale; changes in revenue levels; segment product mix; the timing and execution of the manufacturing ramp and
associated costs; start-up costs; excess or obsolete inventory; changes in unit costs; defects or disruptions in the supply of materials
or resources; product manufacturing quality/yields; and impairments of long-lived assets, including manufacturing, assembly/test and
intangible assets. Intel's results could be affected by adverse economic, social, political and physical/infrastructure conditions in
countries where Intel, its customers or its suppliers operate, including military conflict and other security risks, natural disasters,
infrastructure disruptions, health concerns and fluctuations in currency exchange rates. Expenses, particularly certain marketing and
compensation expenses, as well as restructuring and asset impairment charges, vary depending on the level of demand for Intel's
products and the level of revenue and profits. Intel’s results could be affected by the timing of closing of acquisitions and divestitures.
Intel’s current chief executive officer plans to retire in May 2013 and the Board of Directors is working to choose a successor. The
succession and transition process may have a direct and/or indirect effect on the business and operations of the company. In
connection with the appointment of the new CEO, the company will seek to retain our executive management team (some of whom are
being considered for the CEO position), and keep employees focused on achieving the company’s strategic goals and objectives. Intel's
results could be affected by adverse effects associated with product defects and errata (deviations from published specifications), and
by litigation or regulatory matters involving intellectual property, stockholder, consumer, antitrust, disclosure and other issues, such as
the litigation and regulatory matters described in Intel's SEC reports. An unfavorable ruling could include monetary damages or an
injunction prohibiting Intel from manufacturing or selling one or more products, precluding particular business practices, impacting
Intel’s ability to design its products, or requiring other remedies such as compulsory licensing of intellectual property. A detailed
discussion of these and other factors that could affect Intel’s results is included in Intel’s SEC filings, including the company’s most
recent Form 10-Q, report on Form 10-K and earnings release.
Rev. 1/17/13
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