Apple Value Line

APPLE INC. NDQ-AAPL

TIMELINESS SAFETY TECHNICAL

RECENT PRICE

12.5 6.4 34.8 10.6 75.5 31.3

Median: 22.0 P/E RATIO RATIO YLD 544.99 P/E 12.6(Trailing: 13.5) RELATIVE 0.68 DIV’D 2.2%

203.0 81.9 200.3 79.1 214.0 78.2 326.7 190.3 426.7 310.5 705.1 409.0 575.1 385.1 560.2 493.5

VALUE LINE

Target Price Range 2017 2018 2019

3 1 3

Raised 11/8/13 Raised 1/3/14 Lowered 2/28/14

High: Low:

93.2 50.2

BETA .90 (1.00 = Market)

Ann’l Total Price Gain Return High 1075 (+95%) 20% Low 880 (+60%) 15% Insider Decisions

to Buy Options to Sell M 0 0 0 J 0 0 2 J 0 2 3 A 0 0 4 S 0 0 1 O 0 0 3 N 0 0 3 D 0 0 1 J 0 0 1

2017-19 PROJECTIONS

LEGENDS 11.5 x ″Cash Flow″ p sh . . . . Relative Price Strength 2-for-1 split 2/05 Options: Yes Shaded area indicates recession

1250 800 600 500 400 300 250 200 150

Institutional Decisions

2Q2013 3Q2013 4Q2013 1018 901 1049 to Buy to Sell 831 902 887 Hld’s(000) 551727 539764 540729

% TOT. RETURN 2/14

Percent shares traded 90 60 30

THIS STOCK VL ARITH.* INDEX

1 yr. 3 yr. 5 yr.

22.2 55.0 513.1

31.1 48.1 292.1

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

10.99 9.54 11.89 7.64 8.00 8.46 10.58 16.68 22.58 27.52 36.56 40.61 71.21 116.49 .73 .79 1.04 .03 .33 .26 .54 1.72 2.59 4.37 5.97 7.12 16.42 29.85 .49 .65 .85 d.14 .17 .10 .36 1.44 2.27 3.93 5.36 6.29 15.15 27.68 --------------.09 .07 .16 .33 .24 .22 .22 .31 .77 .84 1.23 1.27 2.19 4.58 2.76 4.59 6.00 5.59 5.70 5.76 6.48 8.94 11.67 16.66 23.67 30.93 52.18 82.45 540.77 643.20 671.35 701.84 717.92 733.45 782.89 835.02 855.26 872.33 888.33 899.81 915.97 929.28 13.3 17.3 30.8 -61.5 83.8 37.9 26.2 29.1 26.3 30.4 19.2 15.2 12.4 .69 .99 2.00 -3.36 4.78 2.00 1.40 1.57 1.40 1.83 1.28 .97 .78 --------------CAPITAL STRUCTURE as of 12/28/13 Total Debt $16961 mill. Due in 5 Yrs None LT Debt $16961 mill. LT Interest $850 mill. (12% of Cap’l) Leases, Uncapitalized Annual rentals $610 mill. No Defined Benefit Pension Plan...