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Feb 23, 2012 2:47 PM in response to Rmnobre7by Julian Wright,Scroll down this page: http://support.apple.com/kb/TS4009 for storage downgrades.
Cancellations and Refunds
All fees and charges paid by you in relation to the Service are nonrefundable, except as required by law or as otherwise stated herein. You may contact Apple for a full refund within 15 days of an initial upgrade purchase or within 45 days of a subsequent yearly payment. To request a refund as described herein go to www.apple.com/support/icloud for more details. Applicable local law may vary this policy. Please contact customer support for details.