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Company Report

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Apple Inc (AAPL)

2/5/2021

Table of Contents

Business Description and Key Statistics 1

Price, Moving Averages & Volume 1

Price Performance, Technical Indicators & Risk Metrics 2

5-Year Price Performance vs. Russell 1000 2

Growth and Profitability Metrics 3

Valuation Metrics 4

Dividends Data 5

Dividend Growth and Yield 5

Annual Financials 6

Annual Financial Ratios 8

Interim Financials 9

Interim Financial Ratios 11

Business Segments 12

Debt Details 13

Detailed Business Description 14

Subsidiaries 15

Company History 16

Company Executives 21

Sector Peer Comparisons 25

Abbreviations & Definitions 26

Legal Disclaimer 27

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Apple Inc (AAPL) Technology/Computer Technology Price: $136.76 Report Date: February 5, 2021

Business Description and Key Statistics

Price, Moving Averages & Volume

Website:

Sector:

Industry:

Address:

Employees:

Current YTY % Chg

Revenue LFY ($M)

Operating EPS LFY

Market Value ($M)

Shares Outstanding (000)

Book Value Per Share

EBITDA Margin %

Net Margin %

Long-Term Debt / Capital %

Dividends and Yield TTM

Payout Ratio TTM %

60-Day Average Volume (000)

52-Week High & Low

Price / 52-Week High & Low

Apple designs, manufactures and markets smartphones, personal computers, tablets, wearables and accessories, and sells a variety of related services. Co.'s products include: iPhone; Mac; iPad; and wearables, home and accessories, which includes AirPods(R);, Apple TV®, Apple Watch®, Beats® products, HomePod®, iPod touch® and other Apple-branded and third-party accessories. Co.'s services include: advertising; AppleCare, which provides service and support products under the AppleCare® brand; cloud services; digital content, which includes Apple Arcadesm, Apple Music®, Apple News+sm, and Apple TV+sm; and payment services, which includes Apple Card(TM);, and Apple Pay®, a cashless payment service.

Technology

Computer Technology

www.apple.com

One Apple Park Way Cupertino, CA 95014 USA

147,000

294,135

3.69

2,300,749

16,823,263

3.94

29.00

21.7

60.0

0.82 - 0.59%

21.9

105,854

143.16 - 56.09

0.96 - 2.44

9.9

16.7

51.7 51.7

63.7 63.7

75.7 75.7

87.7 87.7

99.6 99.6

111.6 111.6

123.6 123.6

135.5 135.5

147.5 147.5

Q1' 20 Q2 Q3 Q4 Q1' 21 Volume (000)

27,692 27,692

132,189 132,189

236,685 236,685

341,182 341,182

445,679 445,679

Q1' 20 Q2 Q3 Q4 Q1' 21

Mean (154991.28)

Price Price (50-Day Simple Moving Average) Price (200-Day Simple Moving Average)

Apple Inc is currently trading at $136.76 which is 5.7% above its 50 day moving average price of $129.44 and 25.7% above its 200 day moving average price of $108.82.

AAPL is currently 4.5% below its 52-week high price of $143.16 and is 143.8% above its 52-week low price of $56.09. Over the past 52- weeks, AAPL is up 68.2% while on a calendar year-to- date basis it is up 3.1%.

The Relative Strength Index (RSI) indicator for AAPL is currently 55.49. An RSI value of 70 and above considered overbought and 30 and below oversold.

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Apple Inc (AAPL) Technology/Computer Technology Price: $136.76 Report Date: February 5, 2021

Price Performance, Technical Indicators & Risk Metrics

5-Year Price Performance vs. Russell 1000

Difference Price Performance % Change vs Russell 1000

1-Day %

1-Week %

4-Week %

52-Week %

Quarter-to-Date %

Year-to-Date %

Last Month %

Last Quarter %

Last Calendar Year %

Technical Indicators

50-Day Average Price

Price / 50-Day Average

200-Day Average Price

Price / 200-Day Average

RSI - Relative Strength Index

Risk Metrics

Price Volatility

Sharpe Ratio

Sortino Ratio

-0.46

3.64

4.46

68.21

3.07

-0.55

14.58

80.75

-0.94

-1.26

2.04

48.68

-0.86

0.37

1.33

61.88

129.44

1.06

108.82

1.26

55.49

5.00

0.39

0.79

Apple Inc Current: 5.82 CAGR: 42.4% Russell 1000 Index Current: 2.15 CAGR: 16.6%

0.7 0.7

1.2 1.2

1.6 1.6

2.1 2.1

2.5 2.5

3.0 3.0

3.4 3.4

3.9 3.9

4.3 4.3

4.8 4.8

5.3 5.3

5.7 5.7

6.2 6.2

2016 2017 2018 2019 2020 2021

AAPL

RUI

Over the past five years, Apple Inc's stock price is up 482.0% which is 367.1% above the Russell 1000 Index performance of 114.9% over the same period. Apple Inc's cumulative annualized growth rate (CAGR) over the five year period has been 42.4% while that of the Russell 1000 Index has been 16.6%.

Over the past year, Apple Inc's stock price performance of 68.2% has outperformed that of the Russell 1000 Index by 48.7%. On a year-to-date basis, Apple Inc's stock price performance of 3.1% has outperformed the Russell 1000 Index by 0.9%.

Over the past week, Apple Inc's stock price performance of 3.6% has underperformed that of the Russell 1000 Index by 1.3%.

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Apple Inc (AAPL) Technology/Computer Technology Price: $136.76 Report Date: February 5, 2021

Growth and Profitability Metrics

Historical Growth 3-Year 5-Year 10-Year

Revenues %

Revenues Per Share %

EBITDA %

Operating EPS %

Free Cash Flow %

Cash from Operations %

Book Value %

Profitability 5-Year 10-Year

Current Average Average

Gross Margin %

EBITDA Margin %

Pre-Tax Margin %

Net Margin %

Return on Equity %

Return on Capital %

Return on Assets %

7.1

13.9

4.7

14.9

22.1

11.1

-17.0

4.6

10.6

0.6

9.4

10.8

7.1

-7.4

14.4

19.2

14.2

19.2

19.8

14.8

6.4

38.8

29.0

25.4

21.7

89.3

38.6

19.5

38.4

30.7

26.9

21.6

49.0

27.3

15.9

39.3

32.4

29.2

22.5

42.9

30.6

19.1

Current: 294135.00 Median: 256882.00 High: 294135.00 Low: 215639.00 CAGR: 5.5%

Revenue TTM ($M)

211,714 211,714

240,496 240,496

269,278 269,278

298,060 298,060

2016 2017 2018 2019 2020

Current: 3.69 Median: 2.85 High: 3.69 Low: 2.07 CAGR: 11.0%

Operating EPS TTM

1.99 1.99

2.58 2.58

3.18 3.18

3.77 3.77

2016 2017 2018 2019 2020

Current: 21.72 Median: 21.61 High: 22.72 Low: 20.74 CAGR: -0.5%

Net Profit Margin %

20.6 20.6

21.4 21.4

22.1 22.1

22.8 22.8

2016 2017 2018 2019 2020

Mean (21.57)

Current: 89.30 Median: 45.25 High: 89.30 Low: 34.60 CAGR: 18.5%

Return on Equity %

31.9 31.9

51.9 51.9

72.0 72.0

92.0 92.0

2016 2017 2018 2019 2020

Mean (48.97)

Apple Inc's cumulative annualized revenue growth rate over the charted period is 5.5%. This compares to revenue growth of 9.9% last fiscal year and cumulatative annualized growth of 7.1% over the past 3 years.

Apple Inc's cumulative annualized EPS growth rate over the charted period is 11.0%. This compares to EPS growth of 16.7% last fiscal year and cumulatative annualized growth of 14.9% over the past 3 years.

Apple Inc's net profit margin of 21.7% is 0.2% above the period's mean net margin of 21.6%. During the charted period, the observed net profit margin high and low were 22.7% and 20.7% respectively.

Apple Inc's return on equity of 89.3% is 40.3% above the period's mean return on equity of 49.0%. During the charted period, the observed ROE high and low were 89.3% and 34.6% respectively.

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Apple Inc (AAPL) Technology/Computer Technology Price: $136.76 Report Date: February 5, 2021

Valuation Metrics

5-Year 10-Year Current Median Median

Price / EPS TTM

Price / Sales

Price / Book Value

Free Cash Flow Yield %

5-Year 10-Year Current Median Median

Enterprise Value / Sales

Enterprise Value / EBITDA

Enterprise Value / EBIT

Enterprise Value / FCF

37.0

8.1

34.7

3.4

17.6

3.8

7.2

6.1

15.5

3.5

5.5

7.9

27.4

31.5

29.1

3.8

12.3

14.4

16.3

3.4

10.2

11.4

12.2

Current: 37.04 Median: 17.60 High: 40.48 Low: 9.98 CAGR: 30.1%

Price / EPS TTM

8.5 8.5

19.6 19.6

30.8 30.8

42.0 42.0

2016 2017 2018 2019 2020

Median (17.60)

Current: 8.05 Median: 3.75 High: 8.44 Low: 2.24 CAGR: 28.8%

Price / Sales

1.93 1.93

4.20 4.20

6.48 6.48

8.75 8.75

2016 2017 2018 2019 2020

Median (3.75)

Current: 34.74 Median: 7.21 High: 35.33 Low: 3.80 CAGR: 53.8%

Price / Book Value

2.2 2.2

13.8 13.8

25.3 25.3

36.9 36.9

2016 2017 2018 2019 2020

Median (7.21)

Current: 3.38 Median: 6.09 High: 11.78 Low: 3.17 CAGR: -22.2%

Free Cash Flow Yield %

2.7 2.7

5.9 5.9

9.1 9.1

12.2 12.2

2016 2017 2018 2019 2020

Median (6.09)

Apple Inc is trading at 37.04 times its EPS generated during the latest 12 months. This multiple is above the historically observed median of 17.60, while high and low observations have been 40.48 and 9.98.

Apple Inc is trading at a Price to Sales ratio of 8.05 based on sales generated during the latest 12 months. This ratio is above the historically observed median ratio of 3.75, while high and low observations have been 8.44 and 2.24.

Apple Inc is trading at a Price to Book ratio of 34.74 based on book value at the latest fiscal period end. This ratio is above the historically observed median of 7.21, while high and low observations have been 35.33 and 3.80.

Apple Inc has a Free Cash Flow Yield of 3.38% based on free cash flow generated during the latest 12 months. This value is below the historically observed median yield of 6.09%, while high and low observations have been 11.78 and 3.17.

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Apple Inc (AAPL) Technology/Computer Technology Price: $136.76 Report Date: February 5, 2021

Dividends Data

Dividend Growth and Yield

Dividends Per Share TTM Payout Ratio TTM % Dividend Yield TTM %$0.82 21.87% 0.59%

Rate Announce Date Ex Date Record Date Payment Date

0.205 01-27-2021 02-05-2021 02-08-2021 02-11-2021

0.205 10-29-2020 11-06-2020 11-09-2020 11-12-2020

0.205 07-30-2020 08-07-2020 08-10-2020 08-13-2020

0.205 04-30-2020 05-08-2020 05-11-2020 05-14-2020

0.193 01-28-2020 02-07-2020 02-10-2020 02-13-2020

0.193 10-30-2019 11-07-2019 11-11-2019 11-14-2019

0.193 07-30-2019 08-09-2019 08-12-2019 08-15-2019

0.193 04-30-2019 05-10-2019 05-13-2019 05-16-2019

0.183 01-29-2019 02-08-2019 02-11-2019 02-14-2019

0.183 11-01-2018 11-08-2018 11-12-2018 11-15-2018

0.183 07-31-2018 08-10-2018 08-13-2018 08-16-2018

0.183 05-01-2018 05-11-2018 05-14-2018 05-17-2018

Current: 0.81 Median: 0.68 High: 0.81 Low: 0.53 CAGR: 9.9%

Dividends Per Share TTM

0.52 0.52

0.57 0.57

0.62 0.62

0.67 0.67

0.72 0.72

0.77 0.77

0.82 0.82

2016 2017 2018 2019 2020

Current: 0.59 Median: 1.45 High: 2.30 Low: 0.58 CAGR: -22.9%

Dividend Yield TTM %

0.49 0.49

0.81 0.81

1.12 1.12

1.44 1.44

1.76 1.76

2.07 2.07

2.39 2.39

2016 2017 2018 2019 2020

Apple Inc's trailing 12-month dividend per share is 0.81 and its dividend has grown at a cumulative annualized rate of 9.9% over the charted period. This compares to dividend growth of 6.50% over the past year and cumulative annualized growth of 9.20% over the past 3 years.

Apple Inc's current dividend yield is 0.59% based on trailing 12 month dividends. The current yield is below the historically observed median of 1.45% and, over the charted time period, the observed high yield has been 2.30% and the observed low yield has been 0.58%.

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Apple Inc (AAPL) Technology/Computer Technology Price: $136.76 Report Date: February 5, 2021

Summary Annual Financials

Fiscal Year End: September

Income Statement 2020 2019 2018 2017 2016

Total Revenue ($M) 274,515.0 260,174.0 265,595.0 229,234.0 215,639.0

Direct Operating Expenses 169,559.0 161,782.0 163,756.0 141,048.0 131,376.0

Gross Profit 104,956.0 98,392.0 101,839.0 88,186.0 84,263.0

Selling General & Admin Exp 19,916.0 18,245.0 16,705.0 15,261.0 14,194.0

Research & Development (Op Exp) 18,752.0 16,217.0 14,236.0 11,581.0 10,045.0

Operating Income ($M) 66,288.0 63,930.0 70,898.0 61,344.0 60,024.0

Interest Expense (Income), Net -890.0 -1,385.0 -2,446.0 -2,878.0 -2,543.0

Income (Continuing) Before Tax 67,091.0 65,737.0 72,903.0 64,089.0 61,372.0

Income Tax 9,680.0 10,481.0 13,372.0 15,738.0 15,685.0

Net Income 57,411.0 55,256.0 59,531.0 48,351.0 45,687.0

Diluted EPS 3.28 2.97 2.98 2.30 2.08

Operating EPS 3.26 2.96 2.97 2.30 2.07

Shares - Wtd Average - Diluted (000) 17,528,214 18,595,652 20,000,436 21,006,768 22,001,124

Dividends Per Share 0.80 0.75 0.68 0.60 0.55

Balance Sheet 2020 2019 2018 2017 2016

Cash, Cash Equivalents & Short Term Inv ($M) 90,943.0 100,557.0 66,301.0 74,181.0 67,155.0

Accounts & Notes Receivable 16,120.0 22,926.0 23,186.0 17,874.0 15,754.0

Total Current Assets 143,713.0 162,819.0 131,339.0 128,645.0 106,869.0

Property, Plant & Equipment - Net 36,766.0 37,378.0 41,304.0 33,783.0 27,010.0

Investments 100,887.0 105,341.0 170,799.0 194,714.0 170,430.0

Goodwill - Net 36,766.0 37,378.0 41,304.0 33,783.0 27,010.0

Total Assets 323,888.0 338,516.0 365,725.0 375,319.0 321,686.0

Accounts Payable & Accrued Expenses 42,296.0 46,236.0 55,888.0 74,793.0 59,321.0

Debt & Capital Lease Obligations (ST) 13,769.0 16,240.0 20,748.0 18,473.0 11,605.0

Total Current Liabilities 105,392.0 105,718.0 116,866.0 100,814.0 79,006.0

Debt & Capital Lease Obligations (LT) 98,667.0 91,807.0 93,735.0 97,207.0 75,427.0

Minority Interest (BS)

Total Liabilities 258,549.0 248,028.0 258,578.0 241,272.0 193,437.0

Total Common Equity 65,339.0 90,488.0 107,147.0 134,047.0 128,249.0

Preferred Share Capital

Stockholders' Equity 65,339.0 90,488.0 107,147.0 134,047.0 128,249.0

Shares Outstanding (000) 16,976,763 17,772,944 19,019,944 20,504,804 21,344,664

Cash Flow Statement 2020 2019 2018 2017 2016

Net Income ($M) 57,411.0 55,256.0 59,531.0 48,351.0 45,687.0

Depreciation & Amortization 11,056.0 12,547.0 10,903.0 10,157.0 10,505.0

Working Capital - Change 5,690.0 -3,488.0 34,694.0 -5,550.0 484.0

Cash From Sale of Goods & Services

Cash Paid to Employees & Suppliers

Cash Flows from Operating Activities 80,674.0 69,391.0 77,434.0 63,598.0 65,824.0

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Cash Flow Statement (cont.) 2020 2019 2018 2017 2016

Property, Plant & Equipment - Purchase -7,309.0 -10,495.0 -13,313.0 -12,451.0 -12,734.0

Purchase of Investments -115,148.0 -40,631.0 -73,227.0 -159,881.0 -143,816.0

Property, Plant & Equipment - Proceeds

Acquisition & Divestiture of Business - Net -1,524.0 -624.0 -721.0 -329.0 -297.0

Disposal of Investments 120,483.0 98,724.0 104,072.0 126,339.0 111,794.0

Cash Flows from Investing Activities -4,289.0 45,896.0 16,066.0 -46,446.0 -45,977.0

Short Term Borrowings - Change -963.0 -5,977.0 -37.0 3,852.0 -397.0

Net Change in Long Term Debt & Capital Sec 3,462.0 -1,842.0 469.0 25,162.0 22,454.0

Net Change in Equity -71,478.0 -66,116.0 -72,069.0 -31,718.0 -28,820.0

Payment of Dividends -14,081.0 -14,119.0 -13,712.0 -12,769.0 -12,150.0

Cash Flows from Financing Activities -86,820.0 -90,976.0 -87,876.0 -17,347.0 -20,483.0

Effect of Exch Rate on Cash & Cash Equiv

Cash & Cash Equivalents - Beginning 50,224.0 25,913.0 20,289.0 20,484.0 21,120.0

Cash & Cash Equivalents - End 39,789.0 50,224.0 25,913.0 20,289.0 20,484.0

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Apple Inc (AAPL) Technology/Computer Technology Price: $136.76 Report Date: February 5, 2021

Annual Ratios

Fiscal Year End: September

Profitability 2020 2019 2018 2017 2016

Gross Profit % 38.2 37.8 38.3 38.5 39.1

EBITDA Margin % 28.2 29.4 30.8 31.2 32.7

Operating Margin % 24.2 24.6 26.7 26.8 27.8

Tax Rate % 14.4 15.9 18.3 24.6 25.6

Pretax Margin % 24.4 25.3 27.4 28.0 28.5

Net Profit Margin % 20.9 21.6 22.4 21.1 21.1

Interest Coverage 24.5 20.9 19.9 21.9 28.1

Return on Equity % 73.6 52.9 47.7 35.8 35.0

Return on Total Equity 74.8 54.6 48.5 36.3 35.4

Return on Capital % 33.6 29.1 26.8 22.0 23.3

Return on Assets % 17.6 16.3 15.9 13.9 14.8

Return on Invested Capital % 33.3 27.9 26.2 21.1 22.9

Liquidity & Leverage 2020 2019 2018 2017 2016

Days Inventory (DOH) 9 9 9 13 6

Days Receivable (DSO) 21 32 32 28 27

Days Payable (DP) 91 104 125 194 165

Sales / Employee ($ Thou) 2,004.0 1,971.0 2,159.0 1,976.0 1,960.0

Net Income / Employee ($ Thou) 417.0 425.0 482.0 416.0 414.0

Capital Expenditures / Sales 2.7 4.0 5.0 5.4 5.9

Asset Turnover 0.8 0.8 0.7 0.6 0.7

Receivable Turnover 17.0 11.4 11.4 12.8 13.7

Inventory Turnover 41.8 39.4 41.4 29.0 61.6

Plant & Equipment Turnover 7.5 7.0 6.4 6.8 8.0

Cash / Total Capital 58.2 54.0 24.2 15.1 16.0

Quick Ratio 1.0 1.2 0.8 0.9 1.1

Current Ratio 1.4 1.5 1.1 1.3 1.4

Net Working Capital 38,321.0 57,101.0 14,473.0 27,831.0 27,863.0

Long Term Debt / Equity % 100.0 100.0 87.5 72.5 58.8

Long Term Debt / Capital % 60.2 50.4 46.7 42.0 37.0

Total Debt / Common Equity % 147.2 105.2 93.6 86.8 67.8

Total Debt / Total Capital % 68.6 59.3 57.0 50.0 42.7

Long Term Debt / Market Value % 4.9 8.6 8.9 11.3 11.3

Total Debt / Assets % 34.7 31.9 31.3 30.8 27.1

Cash Flow 2020 2019 2018 2017 2016

Operating Cash Flow TTM 68,198.0 68,605.0 70,254.0 58,473.0 55,992.0

Operating Cash Flow Per Share TTM 3.89 3.63 3.51 2.78 2.54

Free Cash Flow Per Share TTM 4.19 3.11 3.21 2.43 2.41

Cash Dividend Coverage 5.7 4.9 5.6 5.0 5.4

Cash Realization Ratio 1.41 1.24 1.30 1.32 1.45

Asset Replacement Ratio 66.1 83.6 122.1 122.6 121.2

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Apple Inc (AAPL) Technology/Computer Technology Price: $136.76 Report Date: February 5, 2021

Summary Interim Financials

Fiscal Year End: September

Income Statement 12/2020 09/2020 06/2020 03/2020 12/2019

Total Revenue ($M) 111,439.0 64,698.0 59,685.0 58,313.0 91,819.0

Direct Operating Expenses 67,111.0 40,009.0 37,005.0 35,943.0 56,602.0

Gross Profit 44,328.0 24,689.0 22,680.0 22,370.0 35,217.0

Selling General & Admin Exp 5,631.0 4,936.0 4,831.0 4,952.0 5,197.0

Research & Development (Op Exp) 5,163.0 4,978.0 4,758.0 4,565.0 4,451.0

Operating Income ($M) 33,534.0 14,775.0 13,091.0 12,853.0 25,569.0

Interest Expense (Income), Net -109.0 -134.0 -204.0 -292.0 -260.0

Income (Continuing) Before Tax 33,579.0 14,901.0 13,137.0 13,135.0 25,918.0

Income Tax 4,824.0 2,228.0 1,884.0 1,886.0 3,682.0

Net Income 28,755.0 12,673.0 11,253.0 11,249.0 22,236.0

Diluted EPS 1.68 0.73 0.64 0.64 1.25

Operating EPS 1.68 0.73 0.64 0.64 1.25

Shares - Wtd Average - Diluted (000) 17,113,688 17,256,521 17,419,152 17,618,764 17,818,416

Dividends Per Share 0.21 0.21 0.21 0.19 0.19

Balance Sheet 12/2020 09/2020 06/2020 03/2020 12/2019

Cash, Cash Equivalents & Short Term Inv ($M) 76,826.0 90,943.0 93,025.0 94,051.0 107,162.0

Accounts & Notes Receivable 27,101.0 16,120.0 17,882.0 15,722.0 20,970.0

Total Current Assets 154,106.0 143,713.0 140,065.0 143,753.0 163,231.0

Property, Plant & Equipment - Net 37,933.0 36,766.0 35,687.0 35,889.0 37,031.0

Investments 118,745.0 100,887.0 100,592.0 98,793.0 99,899.0

Goodwill - Net

Total Assets 354,054.0 323,888.0 317,344.0 320,400.0 340,618.0

Accounts Payable & Accrued Expenses 63,846.0 42,296.0 35,325.0 32,421.0 45,111.0

Debt & Capital Lease Obligations (ST) 12,762.0 13,769.0 18,675.0 20,421.0 15,214.0

Total Current Liabilities 132,507.0 105,392.0 95,318.0 96,094.0 102,161.0

Debt & Capital Lease Obligations (LT) 99,281.0 98,667.0 94,048.0 89,086.0 93,078.0

Minority Interest (BS)

Total Liabilities 287,830.0 258,549.0 245,062.0 241,975.0 251,087.0

Total Common Equity 66,224.0 65,339.0 72,282.0 78,425.0 89,531.0

Preferred Share Capital

Stockholders' Equity 66,224.0 65,339.0 72,282.0 78,425.0 89,531.0

Shares Outstanding (000) 16,823,263 16,976,763 17,135,756 17,295,948 17,539,836

Cash Flow Statement 12/2020 09/2020 06/2020 03/2020 12/2019

Net Income ($M) 28,755.0 12,673.0 11,253.0 11,249.0 22,236.0

Depreciation & Amortization 2,666.0 2,702.0 2,752.0 2,786.0 2,816.0

Working Capital - Change 5,355.0 3,877.0 -430.0 -2,002.0 4,245.0

Cash From Sale of Goods & Services

Cash Paid to Employees & Suppliers

Cash Flows from Operating Activities 38,763.0 20,576.0 16,271.0 13,311.0 30,516.0

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Cash Flow Statement (cont.) 12/2020 09/2020 06/2020 03/2020 12/2019

Property, Plant & Equipment - Purchase -3,500.0 -1,784.0 -1,565.0 -1,853.0 -2,107.0

Purchase of Investments -39,800.0 -18,332.0 -30,181.0 -29,142.0 -37,493.0

Property, Plant & Equipment - Proceeds

Acquisition & Divestiture of Business - Net -9.0 -51.0 -339.0 -176.0 -958.0

Disposal of Investments 34,521.0 25,800.0 27,183.0 40,480.0 27,020.0

Cash Flows from Investing Activities -8,584.0 5,531.0 -5,165.0 9,013.0 -13,668.0

Short Term Borrowings - Change 22.0 -994.0 -1,487.0 2,497.0 -979.0

Net Change in Long Term Debt & Capital Sec -1,000.0 5,456.0 1,046.0 -4,250.0 1,210.0

Net Change in Equity -24,775.0 -16,737.0 -15,891.0 -18,146.0 -20,704.0

Payment of Dividends -3,613.0 -3,511.0 -3,656.0 -3,375.0 -3,539.0

Cash Flows from Financing Activities -32,249.0 -21,357.0 -19,116.0 -20,940.0 -25,407.0

Effect of Exch Rate on Cash & Cash Equiv

Cash & Cash Equivalents - Beginning 39,789.0 35,039.0 43,049.0 41,665.0 50,224.0

Cash & Cash Equivalents - End 37,719.0 39,789.0 35,039.0 43,049.0 41,665.0

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Apple Inc (AAPL) Technology/Computer Technology Price: $136.76 Report Date: February 5, 2021

Interim Ratios

Fiscal Year End: September

Profitability 12/2020 09/2020 06/2020 03/2020 12/2019

Gross Profit % 38.8 38.2 38.2 38.1 38.0

EBITDA Margin % 29.0 28.2 28.7 28.8 29.2

Operating Margin % 25.2 24.2 24.5 24.5 24.7

Tax Rate % 14.5 14.4 14.5 14.7 15.1

Pretax Margin % 25.4 24.4 25.0 25.0 25.3

Net Profit Margin % 21.7 20.9 21.6 21.7 21.9

Interest Coverage 53.6 24.5 19.8 18.4 34.0

Return on Equity % 89.3 73.6 69.4 63.6 59.5

Return on Total Equity 90.8 74.8 71.8 65.8 61.6

Return on Capital % 38.6 33.6 34.0 32.7 31.7

Return on Assets % 19.5 17.6 18.0 17.7 17.5

Return on Invested Capital % 38.3 33.3 32.9 31.3 30.3

Liquidity & Leverage 12/2020 09/2020 06/2020 03/2020 12/2019

Days Inventory (DOH) 10 9 9 7 9

Days Receivable (DSO) 34 21 24 21 29

Days Payable (DP) 129 91 76 71 99

Sales / Employee ($ Thou) 2,001.0 2,004.0 1,999.0 1,956.0 1,954.0

Net Income / Employee ($ Thou) 436.0 417.0 433.0 426.0 430.0

Capital Expenditures / Sales 3.0 2.7 3.0 3.3 3.5

Asset Turnover 0.8 0.8 0.9 0.8 0.8

Receivable Turnover 10.8 17.0 15.3 17.0 12.8

Inventory Turnover 36.2 41.8 42.6 49.8 40.5

Plant & Equipment Turnover 7.8 7.5 7.7 7.5 7.2

Cash / Total Capital 54.4 58.2 46.2 51.2 44.4

Quick Ratio 0.8 1.0 1.2 1.1 1.3

Current Ratio 1.2 1.4 1.5 1.5 1.6

Net Working Capital 21,599.0 38,321.0 44,747.0 47,659.0 61,070.0

Long Term Debt / Equity % 100.0 100.0 100.0 100.0 100.0

Long Term Debt / Capital % 60.0 60.2 56.5 53.2 51.0

Total Debt / Common Equity % 158.8 147.2 136.3 123.4 113.3

Total Debt / Total Capital % 67.7 68.6 67.8 65.4 59.3

Long Term Debt / Market Value % 4.4 4.9 5.8 8.6 7.1

Total Debt / Assets % 31.6 34.7 35.5 34.2 31.8

Cash Flow Statement 12/2020 09/2020 06/2020 03/2020 12/2019

Operating Cash Flow TTM 74,978.0 68,198.0 70,911.0 70,070.0 70,850.0

Operating Cash Flow Per Share TTM 4.32 3.89 3.93 3.83 3.81

Free Cash Flow Per Share TTM 4.62 4.19 3.97 3.64 3.44

Cash Dividend Coverage 6.3 5.7 5.7 5.4 5.2

Cash Realization Ratio 1.39 1.41 1.35 1.29 1.24

Asset Replacement Ratio 79.8 66.1 72.0 74.6 77.3

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Apple Inc (AAPL) Technology/Computer Technology Price: $136.76 Report Date: February 5, 2021

Business Segments

Fiscal Year End: September

Revenues 2020 % 2019 % 2018 % 2017 %

Americas 124,556 45%

Europe 68,640 25%

Greater China 40,308 15%

Japan 21,418 8%

Rest of Asia Pacific 19,593 7%

116,914 45%

60,288 23%

43,678 17%

21,506 8%

17,788 7%

112,093 42%

62,420 24%

51,942 20%

21,733 8%

17,407 7%

96,600 42%

54,938 24%

44,764 20%

17,733 8%

15,199 7%

Total 274,515 260,174 265,595 229,234

2020 Segment Revenue

0.0

24911.2

49822.4

74733.6

99644.8

124556.0

Americas Europe Greater China Japan Rest of Asia Pacific

124556.0

68640.0

40308.0

21418.0 19593.0

Operating Income 2020 % 2019 % 2018 % 2017 %

Americas 37,722 41%

Europe 22,170 24%

Greater China 15,261 17%

Japan 9,279 10%

Rest of Asia Pacific 6,808 7%

35,099 36%

19,195 20%

16,232 17%

9,369 10%

17,788 18%

34,864 34%

19,955 20%

19,742 19%

9,500 9%

17,407 17%

30,684 40%

16,514 21%

17,032 22%

8,097 10%

5,304 7%

Total 91,240 97,683 101,468 77,631

2020 Segment Operating Income

0.0

7544.4

15088.8

22633.2

30177.6

37722.0

Americas Europe Greater China Japan Rest of Asia Pacific

37722.0

22170.0

15261.0

9279.0 6808.0

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Apple Inc (AAPL) Technology/Computer Technology Price: $136.76 Report Date: February 5, 2021

Debt Details

Sept. 26, 2020, $106,078,000,000 (including current portion of $8,773,000,000 and unamortized premium/(discount) and issuance costs of $314,000,000 and excluding hedge accounting fair value adjustments of $1,676,000,000) comprised of:

-- 01 -- $2,250,000,000 senior unsecured floating-rate notes, bearing interest at effective rates ranging from 0.60% to 1.39% as of Sept. 26, 2020, due from 2021 to 2022.

-- 02 -- $87,487,000,000 senior unsecured fixed-rate notes, bearing interest at rates ranging from 0.375% to 4.650%, due from 2020 to 2049.

-- 03 -- $2,341,000,000 senior unsecured fixed-rate notes, bearing interest at rates ranging from 0.000% to 0.500%, due from 2025 to 2031.

-- 04 -- $8,500,000,000 senior unsecured fixed-rate notes, bearing interest at rates ranging from 0.750% to 2.650%, due from 2023 to 2050.

-- 05 -- $5,500,000,000 senior unsecured fixed-rate notes, bearing interest at rates ranging from 0.550% to 2.550%, due from 2025 to 2060.

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Apple Inc (AAPL) Technology/Computer Technology Price: $136.76 Report Date: February 5, 2021

Detailed Business Description

Website: www.apple.com Number of Employees: 147,000

Apple designs, manufactures and markets smartphones, personal computers, tablets, wearables and accessories, and sells a variety of related services.

Products

iPhone - iPhone® is Co.'s line of smartphones based on its iOS operating system. Co. has released a new iPhone SE. Co. has new iPhone models: iPhone 12 and iPhone 12 Pro.

Mac - Mac® is Co.'s line of personal computers based on its macOS® operating system. Co. has released a 16-inch MacBook Pro®, a redesigned Mac Pro®, and a version of its MacBook Air®, 13-inch MacBook Pro and 27-inch iMac®.

iPad - iPad® is Co.'s line of multi-purpose tablets based on its iPadOS® operating system. Co. has released iPad Pro®, iPad and iPad Air®.

Wearables, Home and Accessories - This includes AirPods®, Apple TV®, Apple Watch®, Beats® products, HomePod®, iPod touch® and other Apple-branded and third-party accessories. AirPods are Co.'s wireless headphones that interact with Siri®. Co. has released AirPods Pro®. Apple Watch is Co.'s line of smart watches based on its watchOS® operating system. Co. also has released Apple Watch Series 6 and an Apple Watch SE.

Services

Advertising - Co.'s advertising services include various third-party licensing arrangements and Co.'s own advertising platforms.

AppleCare - Co. provides a portfolio of fee-based service and support products under the AppleCare® brand. The offerings provide access to Apple technical support, access to the global Apple authorized service network for repair and replacement services, and in various cases additional coverage for instances of accidental damage and/or theft and loss, depending on the country and type of product.

Cloud Services - Co.'s cloud services store and keep customers content up-to-date and available across multiple Apple devices and Windows personal computers.

Digital Content - Co. operates various platforms, including the App Store®, that allow customers to discover and download applications and digital content, such as books, music, video, games and podcasts. Co. also provides digital content through subscription-based services, including Apple Arcadesm, a game subscription service; Apple Music®, which provides users a curated listening experience with on-demand radio stations; Apple News+sm, a subscription news and magazine service; and Apple TV+sm, which provides original content.

Payment Services - Co. provides payment services, including Apple Card™, a co-branded credit card, and Apple Pay®, a cashless payment service.

Co. manages its business primarily on a geographic basis. Co.'s reportable segments consist of the Americas, Europe, Greater China, Japan and Rest of Asia Pacific. Americas includes both North and South America. Europe includes European countries, as well as India, the Middle East and Africa. Greater China includes China mainland, Hong Kong and Taiwan. Rest of Asia Pacific includes Australia and those Asian countries not included in Co.'s other reportable segments.

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Apple Inc (AAPL) Technology/Computer Technology Price: $136.76 Report Date: February 5, 2021

Subsidiaries

Subsidiary Percent Owned Country

Apple Canada Inc. 100 Canada Apple Computer Trading (Shanghai) Co., Ltd. 100 China (Peoples Rep. Of) Apple Distribution International Limited 100 Ireland Apple Europe Limited 100 United Kingdom Apple France 100 France Apple GmbH 100 Germany Apple Japan, Inc. 100 Japan Apple Operations Europe Limited 100 Ireland Apple Operations International Limited 100 Ireland Apple Operations Limited 100 Ireland Apple Pty Limited 100 Australia Apple Sales International Limited 100 Ireland Apple Value Services, LLC 100 USA Braeburn Capital, Inc. 100 USA

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Apple Inc (AAPL) Technology/Computer Technology Price: $136.76 Report Date: February 5, 2021

Company History

9/24/2018 On Sept. 24, 2018, Co. acquired Shazam, one of the world’s most popular and highly-rated music apps, used by hundreds of millions of people worldwide at $400,000,000 deal.

10/25/2017 On Oct. 25, 2017, Co. acquired PowerbyProxi Ltd., a designer of wireless power products for consumers and industry. Terms of the transaction were not disclosed.

5/29/2015 On May 29, 2015, Co. acquired German augmented-reality firm Metaio. Terms of the transaction were not disclosed.

5/17/2015 On May 17, 2015, Co. acquired Coherent Navigation Inc., a Global Positioning System company. Terms of the transaction were not disclosed.

4/14/2015 On Apr. 14, 2015, Co. acquired LinX, an Israeli camera tech company whose most recent offerings include multi-aperture camera models which can enable effects like background focus blur, parallax images and 3D picture capture. Terms of the transaction were not disclosed.

3/24/2015 On Mar. 24, 2015, Co. acquired FoundationDB, a relative newcomer to the NoSQL crowd. Terms of the transaction were not disclosed.

1/21/2015 On Jan. 21, 2015, Co. acquired Semetric Ltd. Terms of the transaction were not disclosed.

9/30/2014 In Sept, 2014, Co. acquires Dryft, which makes a virtual keyboard that lets one type naturally on touch screens, allowing a user to rest fingers on the screen and type naturally. Terms of the transaction were not disclosed.

9/23/2014 On Sept. 23, 2014, Co. acquired Prss app. Terms of the transaction were not disclosed.

7/31/2014 On July 31, 2014, Co. completed the acquisitions of Beats Music, LLC and Beats Electronics, LLC. The total purchase price consideration for these acquisitions was $2,600,000,000, which consisted primarily of cash, of which $2,200,000,000 was allocated to goodwill, $636,000,000 to acquired intangible assets and $258,000,000 to net liabilities assumed.

6/29/2014 On June 29, 2014, Co. acquires Swell, a provider of talk radio services, for a reported $30,000,000.

6/29/2014 On June 29, 2014, Co. acquired acquires BookLamp, a developer of book analytics services that employs big-data analysis. Terms of the transaction were not disclosed.

6/6/2014 On June 6, 2014, Co. acquired Spotsetter, a social search engine using big data to offer personalized recommendations as to places to go. Terms of the transaction were not disclosed.

5/2/2014 On May 2, 2014, Co. acquired power efficient LED Tech company LuxVue Technology. Terms of the transaction were not disclosed.

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2/21/2014 On Feb. 21, 2014, Co. acquired Burstly an app beta testing platform TestFlight company. Terms of the transaction were not disclosed.

1/4/2014 On Jan. 4, 2014, Co. acquired SnappyLabs company. Terms of the transaction were not disclosed.

12/31/2013 In 2013, Co. acquired Novauris Technologies. Terms of the transaction were not disclosed.

12/31/2013 In 2013, Co. acquired search startup Ottocat to power the Explore tab in Co.'s store. Terms of the transaction were not disclosed.

12/23/2013 On Dec. 23, 2013, Co. acquired digital mapping firm BroadMap. Terms of the transaction were not disclosed.

12/23/2013 On Dec. 23, 2013, Co. acquired Catch.com (formerly known as Snaptic). Terms of the transaction were not disclosed.

12/3/2013 On Dec. 3, 2013, Co. acquired social media search and analytics startup Topsy for $200,000,000.

11/24/2013 On Nov. 24, 2013, Co. acquired PrimeSense a 3-D sensor technology company for $345,000,000.

10/3/2013 On Oct. 3, 2013, Co. acquired Cue app for US$50,000,000.

8/28/2013 On Aug. 28, 2013, Co. acquired AlgoTrim. Terms of the transaction were not disclosed.

8/22/2013 On Aug. 22, 2013, Co. acquired Embark Inc. Terms of the transaction were not disclosed.

8/13/2013 On Aug. 13, 2013, Co. acquired Matcha app. Terms of the transaction were not disclosed.

8/1/2013 On Aug. 1, 2013, Co. acquired Passif Semiconductor. Terms of the transaction were not disclosed.

7/19/2013 On July 19, 2013, Co. acquired HopStop.com Inc. Terms of the transaction were not disclosed.

7/19/2013 On July 19, 2013, Co. acquired Locationary a local data outfit. Terms of the transaction were not disclosed.

3/23/2013 On Mar. 23, 2013, Co. acquired indoor-GPS company WifiSLAM for $20,000,000.

10/4/2012 On Oct. 4, 2012, Co. acquired AuthenTec, Inc. for $356,100,000 in cash.

9/27/2012 On Sept. 27, 2012, Co. acquired Particle a Web app firm. Terms of the transaction were not disclosed.

7/27/2012 On July 27, 2012, Co. acquired AuthenTec a company which provides security hardware and software for PCs and mobile devices for US$356,000,000.

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6/2/2012 On June 2, 2012, Co. acquired Redmatica a software firm. Terms of the transaction were not disclosed.

2/23/2012 On Feb. 23, 2012, Co. acquired Search Startup Chomp for $50,000,000.

1/11/2012 On Jan. 11, 2012, Co. acquired Israel's Anobit for $500,000,000.

12/31/2011 In 2011, Co., as part of a consortium, acquired Nortel Networks Corporation's patent portfolio for an overall purchase price of $4,500,000,000, of which Co.'s contribution was approx. $2,600,000,000.

12/20/2011 On Dec. 20, 2011, Co. acquired Israel's Anobit, a maker of flash storage technology, for up to $500,000,000.

11/1/2011 On Nov. 1, 2011, Co. acquired C3 Technologies AB, a unit of Saab AB, for $265,300,000 paid in cash.

9/20/2010 On Sept. 20, 2010, Co. acquired Polar Rose for $29,000,000.

9/14/2010 On Sept. 14, 2010, Co. acquire IMSense Ltd. Terms of the transaction were not disclosed.

7/14/2010 On July 14, 2010, Co. acquired Poly9. Terms of the transaction were not disclosed.

4/27/2010 On Apr. 27, 2010, Co. acquired Intrinsity for 121,000,000.

4/27/2010 On Apr. 27, 2010, Co. acquired Siri Inc. Terms of the transaction were not disclosed.

1/5/2010 On Jan. 5, 2010, Co. acquired Quattro Wireless for $275,000,000.

12/6/2009 On Dec. 6, 2009, Co. acquired Lala.com for $17,000,000.

7/1/2009 On July 1, 2009, Co. acquired Placebase. Terms of the transaction were not disclosed.

4/24/2008 On Apr. 24, 2008, Co. acquired P.A. Semi for $278,000,000.

12/4/2006 On Dec. 4, 2006, Co. acquired Proximit. Terms of the transaction were not disclosed.

10/16/2006 On Oct. 16, 2006, Co. acquired Silicon Color Inc. Terms of the transaction were not disclosed.

4/30/2005 In Apr. 2005, Co. acquired FingerWorks Inc. Terms of the transaction were not disclosed.

3/31/2005 In Mar. 2005, Co. acquired Schemasoft. Terms of the transaction were not disclosed.

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12/31/2002 In fiscal 2002, Co. acquired certain technology and patent rights of Zayante, Inc., Prismo Graphics, and Silicon Grail Corporation for a total of $20,000,000 in cash.

12/31/2002 In 2002, Co. acquired certain assets of Nothing Real, LLC for a purchase price of $15,000,000.

7/1/2002 On July 1, 2002, Co. acquired Emagic GmbH for approx. $30,000,000 in cash.

6/20/2002 On June 2002, Co. acquired Propel Software. Terms of the transaction were not disclosed

4/4/2002 On Apr. 4, 2002, Co. acquired Zayante, Inc.

12/31/2001 In 2001, Co. acquired Bluefish Labs. Terms of the transaction were not disclosed.

7/9/2001 On July 9, 2001, Co. acquired Spruce Technologies, Inc. for $14,900,000 in cash.

5/31/2001 In May 2001, Co. acquired PowerSchool, Inc. for a purchase price of approx. $66,100,000.

5/11/2001 On May 11, 2001, Co. acquired bluebuzz, an internet service provider. Terms of the transaction were not disclosed.

12/31/2000 In 2000, Co. purchased the rights to the SoundJam MP software in a deal covered by a two-year secrecy clause. Terms of the transaction were not disclosed.

4/11/2000 On Apr. 11, 2000, Co. acquired Astarte-DVD Authoring Software. Terms of the transaction were not disclosed.

1/7/2000 On Jan. 7, 2000, Co. acquired NetSelector. Terms of the transaction were not disclosed.

11/30/1999 In Nov. 1999, Co. purchased Raycer Graphics Inc.

1/8/1999 On Jan. 8, 1999, Co. acquired Xemplar Education Ltd. Terms of the transaction were not disclosed.

1/28/1998 On Jan. 28, 1998, Co. completed its acquisition of certain assets from Power Computing Corporation for a total purchase price of approx. $110,000,000.

8/31/1997 In Aug. 1997, Co. sold a non-voting, minority stake to Microsoft Corporation for $150,000,000.

2/4/1997 On Feb. 4, 1997, Co. acquired all of the outstanding shares of NeXT Software, Inc. for a total purchase price of $427,000,000.

12/12/1995 On Dec. 12, 1995, Co. and South Software Park (Zhuhai) Development Co. Ltd. jointly announced the opening of Apple-SSP (Zhuhai) Development Co. Ltd., Co.'s first equity joint venture in China. The new company will focus on developing core technologies

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for the next generation of personal computing on the PowerPC platform with Mac OS in Chinese-speaking markets.

4/20/1993 On Apr. 20, 1993, Co. formed Apple Computer Mexico, S.A. de C.V.

1/3/1989 On Jan. 3, 1989, Co. acquired Coral Software Corp. Terms of the transaction were not disclosed.

7/11/1988 On July 11, 1988, Co. acquired Nashoba Systems Inc. Terms of the transaction were not disclosed.

6/27/1988 On June 27, 1988, Co. acquired Styleware Inc. Terms of the transaction were not disclosed.

6/7/1988 On June 7, 1988, Co. acquired Orion Network Systems Inc. Terms of the transaction were not disclosed.

3/2/1988 On Mar. 2, 1988, Co. acquired Network Innovations Corp. Terms of the transaction were not disclosed.

2/28/1981 In Feb. 1981, Co. acquired Microsense Computer Ltd. for $3,500,000.

1/3/1977 Incorporated in California on Jan. 3, 1977 as Apple Computer, Inc. Present name adopted on Jan. 11, 2007.

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Apple Inc (AAPL) Technology/Computer Technology Price: $136.76 Report Date: February 5, 2021

Company Executives

Officers

Dr. Arthur D. (Art) Levinson, Ph.D. Chairman Age: 70 Tenure: 21 Total Compensation: $557,922 Dr. Arthur (Art) D. Levinson, Ph.D., has served as Chairman of Apple Inc. since November 15, 2011, and as its Director since 2000. Additionally, Dr. Levinson has served as the Chief Executive Officer of Calico, a company focused on health, aging, and well-being, since September 2013. Dr. Levinson also serves on the Board of Directors of the Broad Institute of Harvard and MIT, on the Board of Scientific Consultants of the Memorial Sloan-Kettering Cancer Center, on the Industrial Advisory Board of the California Institute for Quantitative Biomedical Research, on the Advisory Council for the Princeton University Department of Molecular Biology, on the Advisory Council for the Lewis-Sigler Institute for Integrative Genomics, and on the Innovation Advisory Board of the United States Commerce Department.

Dr. Levinson previously served as a Co-Lead Director of Apple Inc. to October 2011. Previously, Dr. Levinson served as the Chairman of Genentech, Inc. from September 1999 to September 2014, and as its Chief Executive Officer from July 1995 to April 2009. Dr. Levinson also served as an Advisor to Genentech’s Research and Early Development Center from May 2009 to September 2013, and as a member of Genentech’s external Advisory Group, the Scientific Resource Board. Dr. Levinson was a Director of F. Hoffman-La Roche Ltd. and Roche Holding Ltd. from March 2010 to September 2014. Dr. Levinson previously served as a Director of NGM Biopharmaceuticals, Inc. Dr. Levinson was previously Chairman and a Director of Amyris, Inc.

Dr. Levinson holds a Bachelor of Arts degree in Molecular Biology from the University of Washington, Seattle and a Doctor of Philosophy degree in Biochemical Sciences from Princeton University.

Mr. Timothy D. Cook Chief Executive Officer Age: 60 Tenure: 23 Total Compensation: $11,555,466 Timothy (Tim) D. Cook, has been the Chief Executive Officer and a Director of Apple Inc. since August 24, 2011. Mr. Cook has served as a Director of NIKE, Inc. since November 17, 2005 and its Lead Independent Director since June 30, 2016. Mr. Cook is a Director of The National Football Foundation & College Hall of Fame, Inc. and Robert F. Kennedy Center for Justice and Human Rights.

Previously, Mr. Cook was Chief Operating Officer of Apple Inc. from October 2005. Mr. Cook joined Apple in March 1998 and served as Executive Vice President, Worldwide Sales & Operations from 2002 to 2005. From 2000 to 2002, Mr. Cook served as Senior Vice President, Worldwide Operations, Sales, Service & Support of Apple. From 1998 to 2000, Mr. Cook served as Senior Vice President, Worldwide Operations of Apple. Mr. Cook was Vice President, Corporate Materials for Compaq Computer Corporation from 1997 to 1998. Previous to his work at Compaq, Mr. Cook served in the positions of Senior Vice President Fulfillment and Chief Operating Officer of the Reseller Division at Intelligent Electronics from 1994 to 1997. Mr. Cook also worked for International Business Machines Corporation from 1983 to 1994, most recently as Director of North American Fulfillment.

Mr. Cook earned an M.B.A. from Duke University, where he was a Fuqua Scholar, and a Bachelor of Science degree in Industrial Engineering from Auburn University.

Ms. Katherine L. (Kate) Adams Senior Vice President Age: 57 Tenure: 4 Total Compensation: $25,231,800 Katherine (Kate) L. Adams, has been the Senior Vice President, Secretary and General Counsel of Apple Inc., since November 13, 2017.

Prior to joining Apple Inc., Ms. Adams served as Senior Vice President and General Counsel of Honeywell International Inc., a diversified technology and manufacturing company, from April 2009. Prior to joining Honeywell in 2003, Ms. Adams was a Partner at the law firm of Sidley Austin LLP and an Adjunct Professor of Law at Columbia Law School and New York University. Previously, Ms. Adams was a law clerk for Supreme Court Justice Sandra Day O’Connor, a trial attorney for the United States Department of Justice, Appellate Section, Environment and Natural Resources division, and a law clerk for Stephen Breyer, then chief judge of the U.S. Court of Appeals for the First Circuit.

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Ms. Adams holds a Bachelor's degree in Comparative Literature with French and German concentrations from Brown University in 1986 and LLB from the University of Chicago Law School in Chicago, Illinois.

Mr. Luca Maestri Senior Vice President Age: 58 Tenure: 8 Total Compensation: $25,209,637 Luca Maestri, has served as Senior Vice President and Chief Financial Officer of Apple Inc. since May 2014. Mr. Maestri joined Apple in March 2013.

Prior to assuming his current position, Mr. Maestri served as Apple's Vice President and Corporate Controller from March 2013 until May 2014. Prior to joining Apple Inc., Mr. Maestri was Executive Vice President, Chief Financial Officer of Xerox Corporation, a business services and technology company, from February 2011 to February 2013. Prior to that, Mr. Maestri was Chief Financial Officer at Nokia Siemens Networks from October 2008 to February 2011. Mr. Maestri previously had a 20-year career with General Motors Corporation, where v served as Chief Financial Officer of GM Europe and GM Brazil, and held several executive positions with General Motors Corporation in Europe and Asia Pacific. Mr. Maestri served as a Director of The Principal Financial Group from February 2012 to May 2015.

Mr. Maestri holds a Bachelor's degree in Economics from Luiss University in Rome in 1988 and a Master's degree in Science of Management from Boston University in 1991.

Ms. Deirdre O’Brien Senior Vice President Age: 54 Tenure: 2 Total Compensation: $19,159,780 Deirdre O’Brien, was appointed as Senior Vice President, Retail and People of Apple Inc.'s on February 5, 2019. Ms. O’Brien oversees Apple’s retail and online teams, and Apple’s People team. As the leader of Apple’s retail and online teams, Ms. O’Brien supports their work to enrich the lives of millions of Apple customers every year. In her role leading the People team, Ms. O’Brien works to help Apple connect, develop, and care for its employees – and to help those employees do the best work of their lives.

Ms. O’Brien originally joined Apple in July 1988 and assumed her current position in February 2019. Deirdre’s previous positions with Apple include Vice President, People and Vice President, Operations.

Mr. Jeffrey E. (Jeff) Williams Chief Operating Officer Age: 57 Tenure: 23 Total Compensation: $25,207,919 Jeffrey ("Jeff") E. Williams, has served as Chief Operating Officer of Apple Inc. since December 16, 2015.

Previously, Mr. Williams served as Senior Vice President of Operations of Apple from July 2010 to December 16, 2015. Mr. Williams joined Apple in June 1998. Mr. Williams's previous positions with Apple include Head of Worldwide Procurement and Vice President of Operations. Prior to joining Apple Inc., Mr. Williams worked in a number of operations and engineering roles at IBM from 1985 to 1998.

Mr. Williams holds a Bachelor’s degree in Mechanical Engineering from North Carolina State University and an M.B.A. from Duke University.

Directors

Dr. Levinson previously served as a Co-Lead Director of Apple Inc. to October 2011. Previously, Dr. Levinson served as the Chairman of

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Genentech, Inc. from September 1999 to September 2014, and as its Chief Executive Officer from July 1995 to April 2009. Dr. Levinson also served as an Advisor to Genentech’s Research and Early Development Center from May 2009 to September 2013, and as a member of Genentech’s external Advisory Group, the Scientific Resource Board. Dr. Levinson was a Director of F. Hoffman-La Roche Ltd. and Roche Holding Ltd. from March 2010 to September 2014. Dr. Levinson previously served as a Director of NGM Biopharmaceuticals, Inc. Dr. Levinson was previously Chairman and a Director of Amyris, Inc.

Dr. Levinson holds a Bachelor of Arts degree in Molecular Biology from the University of Washington, Seattle and a Doctor of Philosophy degree in Biochemical Sciences from Princeton University.

Mr. Timothy D. Cook Director Age: 60 Tenure: 23 Total Compensation: $11,555,466 Timothy (Tim) D. Cook, has been the Chief Executive Officer and a Director of Apple Inc. since August 24, 2011. Mr. Cook has served as a Director of NIKE, Inc. since November 17, 2005 and its Lead Independent Director since June 30, 2016. Mr. Cook is a Director of The National Football Foundation & College Hall of Fame, Inc. and Robert F. Kennedy Center for Justice and Human Rights.

Mr. Cook earned an M.B.A. from Duke University, where he was a Fuqua Scholar, and a Bachelor of Science degree in Industrial Engineering from Auburn University.

Mr. James A. Bell Director Age: 72 Tenure: 6 Total Compensation: $355,837 James A. Bell, has served as a Director of CDW Corporation since March 2015. Mr. Bell has served as a Director of Dow Inc. since March 20, 2019 and Apple Inc. since October 1, 2015.

Mr. Bell served on the Board of Directors of JPMorgan Chase & Co. ("JPMorgan Chase") from November 8, 2011 to May 19, 2020. Mr. Bell served as a Director of DuPont de Nemours, Inc. until April 1, 2019. Mr. Bell served on the DowDuPont Inc. Board of Directors from September 2017 to April 2019, the DowDuPont Materials Advisory Committee from September 2017 to April 2019. Mr. Bell served as a Director of of The Dow Chemical Company ("TDCC") from 2005 to August 2017. Mr. Bell was an Executive Vice President of The Boeing Company, an aerospace company and manufacturer of commercial jetliners and military aircraft, from 2003 until his retirement in April 2012. Mr. Bell was Corporate President from June 2008 until February 2012 and Chief Financial Officer from November 2003 until February 2012. Over a four-decade corporate career, Mr. Bell led global businesses in a highly regulated industry, oversaw successful strategic growth initiatives and developed extensive experience in finance, accounting, risk management and controls. While Chief Financial Officer, he oversaw two key Boeing businesses: Boeing Capital Corporation, the company’s customer-financing subsidiary, and Boeing Shared Services, an 8,000-person, multi-billion dollar business unit that provides common internal services across Boeing’s global enterprise. Before being named Chief Financial Officer, Mr. Bell was Senior Vice President of Finance and Corporate Controller. In this position he served as Boeing’s principal interface with the board’s Audit Committee. Mr. Bell was Vice President of contracts and pricing for Boeing Space and Communications from 1996 to 2000, and before that served as Director of business management of the Space Station Electric Power System at the Boeing Rocketdyne unit.

Mr. Bell earned a Bachelor's degree in Accounting from California State University at Los Angeles.

Mr. Albert A. (Al) Gore, Jr. Director Age: 72 Tenure: 18 Total Compensation: $360,264 Albert A. Gore, Jr. ("Al"), has served as a Director of Apple, Inc. since 2003. Mr. Gore has served as Chairman of Generation Investment Management, an investment management firm, since 2004, and as a Partner of Kleiner Perkins Caufield & Byers, a venture capital firm, since 2007. Mr. Gore is also Chairman of The Climate Reality Project.

Mr. Gore was elected to the U.S. House of Representatives four times, to the U.S. Senate two times, and served two terms as Vice President of the United States.

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Mr. Gore received a degree in Government from Harvard University in 1969. Mr. Gore also attended Vanderbilt University’s Divinity School and afterwards, he went to Law School.

Ms. Andrea Jung Director Age: 63 Tenure: 13 Total Compensation: $385,388 Andrea Jung, has served as a member of Wayfair Inc.'s Board of Directors since May 2018. Ms. Jung has served on the Board of Directors of Apple Inc. since January 2008. Ms. Jung has served as the President and Chief Executive Officer of Grameen America LLC, a nonprofit microfinance organization, since April 2014, where she also serves on the Board of Directors. Ms. Jung has served on the Board of Directors of Unilever PLC and Unilever N.V. since May 2018.

Ms. Jung previously served as Executive Chairman of Avon Products, Inc., a personal care products company, from April 2012 to December 2012, and as Chairman of the Board of Directors of Avon from September 2001 to April 2012. Ms. Jung served as Chief Executive Officer of Avon from November 1999 to April 2012, and served as a member of the Board of Directors of Avon from January 1998 to December 2012. Ms. Jung previously served on the Boards of General Electric Company from July 1998 to March 2018 and Daimler AG from April 2013 to April 2018.

Ms. Jung received a B.A. degree from the Princeton University in 1979.

Dr. Ronald D. Sugar Director Age: 72 Tenure: 11 Total Compensation: $400,878 Dr. Ronald D. Sugar, has served as a Director of Chevron Corporation's since April 2005 and serves as its Lead Director since 2015. Dr. Sugar has served as a Director of Amgen Inc. (''Amgen'') since 2010. Dr. Sugar has served as Chairman of Board of Directors of Uber Technologies Inc. since July 2018. Dr. Sugar has been a Director of Apple Inc. since November 2010. Dr. Sugar is the as an Adviser to Ares Management LLC, Bain & Company, Northrop Grumman Corporation and Singapore’s Temasek Investment Company. Dr. Sugar is a Trustee of the University of Southern California, member of the Board of Visitors of UCLA Anderson School of Management, member of the Boards of Directors of the Los Angeles Philharmonic Association and Alliance College – Ready Public Schools.

Dr. Sugar served as a Director of Air Lease Corp. from 2010 until May 6, 2020. Dr. Sugar was Chairman of the Board and Chief Executive Officer of Northrop Grumman Corporation, a global aerospace and defense company, from 2003 until 2010 and President and Chief Operating Officer from 2001 until 2003. Dr. Sugar was President and Chief Operating Officer of Litton Industries, Inc. from 2000 until the company was acquired by Northrop Grumman in 2001. Dr. Sugar was earlier Chief Financial Officer of TRW Inc. Dr. Sugar is the past Chairman of the Aerospace Industries Association, and a member of the National Academy of Engineering.

Dr. Sugar received a Bachelor of Science degree in Engineering from the University of California, Los Angeles, where he also received his Master's and Doctorate degrees in the same field.

Ms. Susan (Sue) L. Wagner Director Age: 59 Tenure: 7 Total Compensation: $354,923 Susan (Sue) L. Wagner, has served as a Director of Apple Inc. since July 15, 2014. Ms. Wagner has served as a Director of BlackRock, Inc. since October 2012. Ms. Wagner currently serves as a Director of Color Genomics, Inc., Swiss Re Ltd. and Board of Trustees of Wellesley College.

Ms. Wagner also served as a member of BlackRock’s Global Executive Committee and Global Operating Committee. Ms. Wagner previously served as BlackRock’s Chief Operating Officer and as Head of Corporate Strategy. Ms. Wagner retired as Vice Chairman of BlackRock after serving in that role from 2006 to 2012.

Ms. Wagner holds a B.A. degree in English and Economics from Wellesley College, and an M.B.A. degree in Finance from the University of Chicago.

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Apple Inc (AAPL) Technology/Computer Technology Price: $136.76 Report Date: February 5, 2021

Sector Peer Comparisons

Market Value ($M) Revenue LFY ($M)

Price / EPS TTM Price / Book Value

EPS 5-Year Growth Rate % Revenue 5-Year Growth Rate %

603,910

1,207,821

1,811,731

2,415,642

Apple Inc

International Business Machines Corp

Peer Group Average

HP Inc

CDW Corp

Logitech International SA

Western Digital Corp

Seagate Technology Plc

NetApp, Inc.

PURE Storage Inc

Synaptics Inc

Insight Enterprises Inc.

2,300,749

108,522

77,542

34,100

21,559

18,887

18,161

16,648

14,958

7,359

4,157

2,907

77,194

154,389

231,583

308,777

Apple Inc

International Business Machines Corp

HP Inc

CDW Corp

Western Digital Corp

Peer Group Average

Seagate Technology Plc

Insight Enterprises Inc.

NetApp, Inc.

Logitech International SA

PURE Storage Inc

Synaptics Inc

294,135

73,621

56,639

18,048

16,327

15,206

10,172

8,346

5,524

4,426

1,674

1,292

0.0

26.1

52.2

78.2

104.3

PURE Storage Inc

Peer Group Average

Apple Inc

Synaptics Inc

Western Digital Corp

CDW Corp

Logitech International SA

NetApp, Inc.

Seagate Technology Plc

Insight Enterprises Inc.

International Business Machines Corp

HP Inc

99.9

60.9

37.0

32.7

28.0

24.5

23.7

20.9

15.5

14.4

14.1

11.5

0.0

13.1

26.2

39.2

52.3

HP Inc

NetApp, Inc.

Apple Inc

CDW Corp

Seagate Technology Plc

Peer Group Average

PURE Storage Inc

Logitech International SA

International Business Machines Corp

Synaptics Inc

Insight Enterprises Inc.

Western Digital Corp

49.9

40.4

34.7

17.4

16.8

14.0

10.0

9.0

5.1

4.9

2.3

1.9

-34.2

-6.1

22.0

50.1

78.2

Peer Group Average

Logitech International SA

Insight Enterprises Inc.

CDW Corp

NetApp, Inc.

Apple Inc

Seagate Technology Plc

Synaptics Inc

HP Inc

International Business Machines Corp

Western Digital Corp

73.1

44.3

22.3

18.0

15.2

9.4

8.3

-4.2

-8.8

-10.3

-19.8

-18.7

-4.3

10.1

24.5

38.9

PURE Storage Inc

Logitech International SA

Insight Enterprises Inc.

Peer Group Average

CDW Corp

Apple Inc

Western Digital Corp

NetApp, Inc.

International Business Machines Corp

Seagate Technology Plc

Synaptics Inc

HP Inc

36.3

16.1

9.0

8.6

7.4

4.6

4.0

-1.2

-2.1

-3.5

-7.4

-11.3

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Apple Inc (AAPL) Technology/Computer Technology Price: $136.76 Report Date: February 5, 2021

Abbreviations:

CAGR EBIT EBITDA LFY M

Definitions:

Market Value Revenue Revenue Per Share Operating EPS LFY 60-Day Average Volume (000) Price 52-Week High Price 52-Week Low Price / 52-Week High Price / 52-Week Low 50-Day Average Price 200-Day Average Price Price / 50-Day Average Price Price / 200-Day Average Price Relative Strength Index

Price Volatility Sharpe Ratio

Sortino Ratio

Dividends Per Share TTM Payout Ratio Dividend Yield TTM % EBITDA Free Cash Flow

Book Value Book Value Per Share Gross Margin % EBITDA Margin % Pre-Tax Margin % Net Profit Margin % Return on Equity % Return on Capital % Return on Assets % Price / EPS TTM Price / Sales Price / Book Value

Free Cash Flow Yield % Enterprise Value Enterprise Value / Sales Enterprise Value / EBITDA Enterprise Value / EBIT Enterprise Value / Free Cash Flow Russell 1000 Index

- Cumulative annual growth rate. - Earnings before interest and taxes. - Earnings before interest, taxes, depreciation & amortization. - Last fiscal year - Million

- Weekly Price times latest Shares Outstanding times any applicable ADR factor. - Sum of the last four quarters of Revenues.

- Sum of the last four quarters of Total Revenue divided by Weighted Average Shares Outstanding. - EPS excluding non-recurring, non-operating items, fiscal year aligned TTM value.

- The average of the last 60 daily volume values in thousands of shares. - The high closing price from the last 52 weeks of daily closing prices. - The low closing price from the last 52 weeks of daily closing prices.

- Latest price divided by the high price from the past 52 weeks of daily closing prices. - Latest price divided by the low price from the past 52 weeks of daily closing prices.

- Mean of last 50 daily closing prices. - Mean of last 200 daily closing prices.

- Latest closing price divided by mean of last 50 daily closing prices, as a percentage. - Latest closing price divided by mean of last 200 daily closing prices, as a percentage.

- Relative Strength Index or RSI measures the magnitude of gains over a given time period against the magnitude of losses over that period. The equation is RSI = 100 - 100 / (1 + RS) where RS = (total gains / n) / (total losses / n) and n = number of RSI periods. In this item, 14 days is used and one year of daily prices are considered. A value of 30 or below may imply oversold and 70 or above may imply overbought.

- The standard deviation of the last 20 days of daily closing prices. - The 5 year average of the excess monthly return over the risk - free rate(1 - month T - bill) over the 5 year standard deviation of the same

series.

- The same calculation as the Sharpe Ratio but with positive excess returns set to zero for the standard deviation denominator, so only negative volatility weighs in.

- Sum of the last four quarters of Dividends Per Share. - Dividends Per Share TTM divided by Operating EPS TTM.

- Sum of the last four quarter of Dividends Per Share divided by Weekly Price. - Sum of the last four quarters of EBITDA (Operating Income + Depreciation & Amortization).

- Sum of the last four quarters Net Cash from Operations minus Capital Expenditures (Purchase of Property, Plant & Equipment), from the Cash Flow Statement.

- Total Common Equity last quarter divided by Shares Outstanding last quarter. - Total Common Equity last quarter divided by Shares Outstanding last quarter.

- Sum of the last four quarters Gross Profit divided by the sum of the last four quarters Revenues. - Sum of the last four quarters EBITDA divided by the sum of the last four quarters Revenues. - Sum of the last four quarters of Earnings Before Taxes divided by sum of the last four quarters Revenues.

- Sum of the last four quarters of Operating EPS divided by sum of the last four quarters Revenues Per Share. - Sum of the last four quarters of Operating EPS divided by the average of the last four quarters Book Value. - Sum of the last four quarters of Operating EPS divided by the average of the last four quarters Total Capital Per Share. - Sum of the last four quarters of Operating EPS divided by the average of the last four quarters Total Assets Per Share.

- Weekly Price divided by the sum of the last four quarters of Operating EPS (capped at 99.9). - Weekly Price divided by Revenues Per Share TTM.

- Weekly Price divided by Book Value Per Share last quarter. Book Value Per Share is Total Common Equity last quarter divided by Shares Outstanding last quarter (capped at 49.9).

- Free Cash Flow Per Share TTM divided by Weekly Price. - Market Value plus Total Debt last year plus Preferred Equity last year minus Cash & Cash Equivalents last year.

- Enterprise Value divided by the sum of the last four quarters of Revenue. - Enterprise Value divided by EBITDA TTM.

- Enterprise Value divided by trailing four quarters of Operating Income. - Enterprise Value divided by the sum of the last four quarters of Free Cash Flow.

- The largest 1,000 stocks by market cap, the index comprehensively covers the US large cap universe. EPS 5-Year Growth Rate % is capped at 999.9%. Revenue 5-Year Growth Rate % is capped at 999.9%.

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Apple Inc (AAPL) Technology/Computer Technology Price: $136.76 Report Date: February 5, 2021

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