Apple (AAPL) $139.14 Apple Shares Post Worst Month in Seven Months

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Research Report: Apple Includes Q3/2021 Financials and Q2/2021 Institutional Ownership United States Edition Monday, October 04, 2021 Last Updated: Wednesday, August 25, 2021 Apple (AAPL) $139.14 Apple shares post worst month in seven months

Apple Inc., the NASDAQ's largest Computer Integrated Systems In this Report: company by market cap, has sunk $14.51 (or 9.4%) in the past Highlights: (Click tab for direct access) Page month to close at $139.14. Compared with the NASDAQ-100 DATA & ARCHIVE DOWNLOAD CENTER 1 Index which fell 1,180.7 points (or 7.5%) in the past month, this represented a relative price change of -1.9%. The Past Quarter: Regulatory Announcements 3 Q2/2021 Institutional Shareholder Activity 5 The shares had their worst month in seven months since the News and Buzz 8 month ended March 05, 2021. Bearish Signals 10 The volume for the past month was 0.9 times average trading per Ongoing Bearish Parameters 12 month of 2 billion shares. In the past month the market cap has Bullish Signals 15 declined $137.9 billion. Ongoing Bullish Parameters 16 Corporate Profile and Independent Ratings 23 Fig 1: AAPL Stock Dashboard [traded Financials FY 2020, Past 7 Years 25 in US Dollar, USD] Tax & Dividend 32 Board of Directors 33 Oct 04 close $139.14 Insider Ownership And Selling In The Past 10 Years 38 P/E (FY2020) 26.9 Top shareholders 43 Dividend Yield (TTM) 0.6% Peer Comparison & Ranking of AAPL 43 EPS Growth % (Q3 2021 vs Q2 2021) -7.1 Corporate Bonds 48 Ave Daily Volume 98,546,048 shares Patents 50 52-Week Range (In USD) 106.63 - 157.26 News Archives (Aug 2020 - May 2021) 53 Sector Computer 3 FIN STMTS AS REPORTED: PAST 4 YEARS 60 Integrated Systems Index 73 Market Cap $2,413 billion Glossary 77 EPS (FY2020) $3 Note also: DPS (TTM) 80c Section Headers and Figures are mapped as Bookmarks in the PDF menu Shares Outstanding 17,340,000,000 (left, top) No. Held by Institutions 9,233,692,727 % of shares outstanding 55.9% AAPL in Indices NASDAQ-100, Computer, NASDAQ Composite

DATA & ARCHIVE DOWNLOAD CENTER

AAPL: EXCEL TABLES ARE AVAILABLE TO EXPORT DATA: • PRICE VOLUME - 5-YEAR HISTORY • FINANCIALS - 10-YEAR HISTORY [INCLUDING Q3/2021] • INSTITUTIONAL SHAREHOLDERS - CATEGORISED AND COMPLETE LIST OF 3666 INSTITUTIONS AS AT Jun 30, 2021 • PEER COMPARISON - STOCK IN INDICES • PATENTS - CATEGORISED LIST OF 5-YEAR HISTORY OF 13754 [INCLUDING 43 IN CURRENT WEEK] AAPL: LINKS IN HTML TO FURTHER INFORMATION: • NEWS ARCHIVES - AAPL PAST 4 YEARS IN HTML • STOCK BUZZ IN HTML • PRICE VOLUME CHARTS IN HTML

www.BuySellSignals.com Index and Glossary at end of this Report. Research Report: Apple Includes Q3/2021 Financials and Q2/2021 Institutional Ownership United States Edition Monday, October 04, 2021

Fig 2: Primary Exchange and Other Listings: Trading Currency and Volume

Exchange Ticker Currency Last ADVT Vol % of Total Nasdaq AAPL USD 139.14 97,311,339 99.9 Xetra APC EUR 120.84 154,535 0.1 Total 100.00

1 USD= 1.1592 EUR ADVT= Avg. Daily Volume of Trading; VI= Volume Index (1 is avg) Fig 3: AAPL Financials Summary: EPS up 10.7% to $3.31 in FY2020

Net profit was up 3.9% from $55.3 billion in FY2019 to $57.4 billion in FY2020. Earnings Per Share (EPS) was up 10.7% from $2.99 in FY2019 to $3.31 in FY2020. Year ended Sep FY2020 FY2019 FY2018 Sales ($ B) 274.5 260.2 265.6 Pretax ($ B) 67.1 65.7 72.9 Net ($ B) 57.4 55.3 59.5 EPS ($) 3.31 2.99 3.0025

Fig 4: Analyst Recommendations: Past Quarter

2021 Brokerage Current Rating Prev Target Price Target Sep 22 Tigress Financial Strong-Buy 182 198 Sep 15 Oppenheimer Outperform 165 Sep 15 Cowen Outperform 180 Sep 13 Jefferies Financial Buy 175 Group Sep 08 Robert W. Baird Outperform 160 170

Since April 12, Apple has had sixty-two analyst rating changes with thirty-seven being upgrades. Apple is up 6.4% since April 12. Out of the 62 analysts we track, thirty-seven believe the stock price will go higher. The stock price is currently at a premium of 68% of the lowest analyst target price and at a discount of 30% of the highest analyst target price.

BuySellSignals On-demand Stock Research Report - PDF: Every stock, Every market Bullish and bearish signals and parameters use algorithms based on application of investment wisdom from legends. Click on the links provided in Page 1 to export data. For details and samples of Product Suite visit www.bstfund.com For any enquiries, please email: [email protected]

www.BuySellSignals.com Page 2 Research Report: Apple Includes Q3/2021 Financials and Q2/2021 Institutional Ownership United States Edition Monday, October 04, 2021

Fig 5: LONG-TERM FUNDAMENTAL RANKING: 3 OUT OF 5 [5 is best]

Apple is ranked number 1 out of 4 listed computer integrated systems companies in the United States with a market capitalization of $2,413.6 billion. Within its sector it has a relatively low P/E of 26.9.

Finally, its earnings growth in the past 12 months has been a comparatively high 10.7%. Stocks are scored on a set of parameters reflecting fundamental analytical tools involving valuation, size and financial performance. They are ranked according to the average values of those parameters. The highest ranking is 5 and the lowest ranking is 1.

The Past Quarter: Regulatory Announcements

Fig 6: Dividends

July 30: Apple quarterly dividends steady Apple today announced a quarterly dividend of 22.0c per share for Q3/2021; unchanged from the previous quarter (Q2/2021) dividend of 22.0c. The ex-dividend date is Friday, August 06, 2021 and the record date is Monday, August 09, 2021 and it is payable on Thursday, August 12. Total dividends per share paid in the 12 months ended July 30 were 83.50c.

Fig 7: Insider Shares held

Thu Sep 30, 2021 Apple (NASDAQ:AAPL) CFO Luca Maestri held 110,272 shares in Apple as at Oct 31, 2020. Eleven months later, Luca Maestri held 178,337 shares as at Sep 30, 2021. There was a 61.7% addition in shares held in the intervening 11 months.

Fig 8: Ranking

Mon Sep 13, 2021 Timothy D. Cook's performance as Chief Executive Officer of Apple is ranked in the top 14% of BuySellSignals' performers by EBITDA growth in NASDAQ. Apple reported EBITDA growth of 85.5% for the quarter - ended June 2021 compared with the previous corresponding quarter - ended June 2020. Among 1877 stocks that have reported for the June quarter in NASDAQ so far, Apple was ranked 266, a percentile rank of 86.

www.BuySellSignals.com Source: SEC Filings Page 3 Research Report: Apple Includes Q3/2021 Financials and Q2/2021 Institutional Ownership United States Edition Monday, October 04, 2021

Fig 9: Insider Selling

Fri Aug 27, 2021 Arthur D. Levinson Chairman of Apple sold a total of 3,416 shares worth $463,210 in the past 8 months. In the previous corresponding period last year Arthur D. Levinson sold 1,429 shares worth $434,573. The transaction value was up 6.6%; number of shares sold increased by 139.0%.

Fri Aug 13, 2021 Deirdre O'Brien Senior Vice President, Retail - People of Apple sold a total of 33,093 shares worth $4.6 million in the past 8 months. In the previous corresponding period last year Deirdre O'Brien sold 9,137 shares worth $2.6 million. The transaction value was up 77.8%; number of shares sold increased by 262.2%.

Wed Aug 04, 2021 Apple (NASDAQ:AAPL) Company Secretary, General Counsel and Senior Vice President Katherine Adams sold 17,000 shares worth $2,480,048 on August 02. The selling price was $145.89. The shares hit a five-day high on the day.

Insider Selling Summary Name No. of Shares Price, $ Value, $ Cook Timothy D [CEO] 2,386,440 148.6 354,568,479 Adams Katherine L. [Company Secretary] 17,000 145.9 2,480,048 O'Brien Deirdre [Senior Vice President, Retail - People] 14,877 146.0 2,171,893 Total 2,418,317 148.5 359,220,420

Fig 10: Apple issued 774 new patents in the past quarter

Apple (AAPL) has been issued 774 new patents by the USPTO & EPO.

This corresponds to an average of 258 patents a month, down 7.5% from an average of 279 patents per month in 2020.

To view details, click on link shown in the DATA & ARCHIVE DOWNLOAD CENTER.

www.BuySellSignals.com Source: SEC Filings Page 4 Research Report: Apple Includes Q3/2021 Financials and Q2/2021 Institutional Ownership United States Edition Monday, October 04, 2021 Q2/2021 Institutional Shareholder Activity

3666 Institutional shareholders Jun 30, 2021 in xls

Fig 11: Top 20 Institutional Shareholders of Apple as at June 30, 2021

Quotes from Legends: Institutional Ownership As at June 30, 2021, 3666 Institutions held investments in Apple. Institutions decreased their holdings to 55.86% of issued capital, down from 56.37% as at Mar 31. The Volume Weighted Average Price (VWAP) of Apple was $129.6 for Q2/2021. The purchase value is estimated at that price. The largest shareholder was VANGUARD GROUP INC with 7.5% of Apple. The second largest shareholder was BlackRock Inc. with 6.1%. *Note: Minimum Core Shareholding is computed on the basis of SEC filings over the last 12 quarters (3 years). A higher % of shareholding above the minimum core holding may be indicative of a potential positioning by the institution to overweight. INSTITUTIONAL SHAREHOLDERS - CATEGORISED AND COMPLETE LIST OF 3666 INSTITUTIONS AS AT June 30, 2021; see sheet 2 (in desc order of holdings):

Top 20 Institutions (in desc order of Shares) Minimum % Above Min Institution (CIK) Shares Holding % Value $ Core Core Holding* Holding* VANGUARD GROUP INC (0000102909) 1,264,936,543 7.5 173 B 1,239,382,735 2.1 BlackRock Inc. (0001364742) 1,028,698,316 6.1 140.7 B 1,028,698,316 0 BERKSHIRE HATHAWAY INC (0001067983) 887,135,554 5.3 121.3 B 887,135,554 0 STATE STREET CORP (0000093751) 622,579,947 3.7 85.1 B 622,579,947 0 FMR LLC (0000315066) 350,462,986 2.1 47.9 B 344,952,148 1.6 GEODE CAPITAL MANAGEMENT, LLC 254,162,496 1.5 34.8 B 219,521,140 15.8 (0001214717) NORTHERN TRUST CORP (0000073124) 193,253,001 1.2 26.4 B 193,253,001 0 PRICE T ROWE ASSOCIATES INC /MD/ 192,697,039 1.1 26.4 B 97,464,744 98 (0000080255) Bank of New York Mellon Corp (0001390777) 153,929,495 0.92 21.1 B 153,929,495 0 JPMORGAN CHASE & CO (0000019617) 140,600,896 0.84 19.2 B 120,388,780 16.8 MORGAN STANLEY (0000895421) 125,859,709 0.75 17.2 B 122,387,085 2.8 Legal & General Group Plc (0000764068) 103,466,388 0.62 14.1 B 85,079,944 21.6 Nuveen Asset Management, LLC (0001521019) 95,102,989 0.57 13 B 4,829,036 1,869 BANK OF AMERICA CORP /DE/ (0000070858) 89,729,184 0.53 12.3 B 89,729,184 0 WELLS FARGO & COMPANY/MN (0000072971) 80,247,163 0.48 11 B 80,247,163 0 CHARLES SCHWAB INVESTMENT MANAGEMENT 76,847,971 0.46 10.5 B 75,949,168 1.2 INC (0000884546) GOLDMAN SACHS GROUP INC (0000886982) 69,709,737 0.42 9.5 B 67,393,030 3.4 UBS ASSET MANAGEMENT AMERICAS INC 68,465,124 0.41 9.4 B 66,082,280 3.6 (0000861177) Swiss National Bank (0001582202) 68,455,408 0.41 9.4 B 57,198,396 19.7 WELLINGTON MANAGEMENT GROUP LLP 65,202,304 0.39 8.9 B 55,438,600 17.6 (0000902219)

www.BuySellSignals.com Source: SEC Filings Page 5 Research Report: Apple Includes Q3/2021 Financials and Q2/2021 Institutional Ownership United States Edition Monday, October 04, 2021

% Held by Top 20 Institutional shareholders 5,931,542,25 35.3 811.2 B 0

Fig 12: Top 10 Increases in Shares held by Institutions June 30, 2021 vs March 31, 2021

1419 Institutional shareholders increased their holdings in Q2/2021. This was higher than 1391 increases in Q1/2021; a favourable indicator. See full list of 1419 Institutions who increased their shareholdings in Sheet 3. INSTITUTIONAL SHAREHOLDERS - CATEGORISED AND COMPLETE LIST OF 3666 INSTITUTIONS AS AT June 30, 2021: Vanguard Group increased their shareholding in Apple by 25.6 million shares worth $ 3.3 billion at VWAP of $129.6 for Q2/2021. JP Morgan Chase & Co increased their shareholding by 13.2 million shares worth $ 1.7 billion.

Top 10 Increases (in desc order of Shares) Institution (CIK) Increase in Shares Increase Value, $ Vanguard Group (0000102909) 25,553,808 3.3 B JP Morgan Chase & Co (0000019617) 13,179,622 1.7 B Macquarie Group (0001418333) 12,799,829 1.7 B FMR (0000315066) 5,510,838 714.2 M HSBC Holdings (0000873630) 5,071,652 657.3 M Flossbach von Storch (0001575677) 5,037,609 652.9 M Barclays (0000312069) 4,707,628 610.1 M Geode Capital Management (0001214717) 4,356,200 564.6 M H & H International Investment (0001759760) 4,125,800 534.7 M Forsta AP-fonden (0001603328) 3,993,200 517.5 M

Fig 13: Top 10 Decreases in Shares held by Institutions June 30, 2021 vs March 31, 2021

1552 Institutional shareholders decreased their holdings in Q2/2021. This was lower than 1796 decreases in Q1/2021; a favourable indicator. See full list of 1552 Institutions who decreased their shareholdings in Sheet 4. INSTITUTIONAL SHAREHOLDERS - CATEGORISED AND COMPLETE LIST OF 3666 INSTITUTIONS AS AT June 30, 2021: Bank of America reduced their shareholding in Apple by 60.2 million shares worth $ 7.8 billion at VWAP of $129.6 for Q2/2021. Blackrock reduced their shareholding by 26.3 million shares worth $ 3.4 billion.

Top 10 Decreases (in desc order of Shares) Institution (CIK) Decrease in Shares Decrease Value, $ Bank of America (0000070858) 60,247,887 (7.8 B) Blackrock (0001364742) 26,307,286 (3.4 B) Bessemer Group (0001054074) 13,920,505 (1.8 B) Nuveen Asset Management (0001521019) 12,790,805 (1.7 B) Millennium Management (0001273087) 9,366,840 (1.2 B) Henderson Group (0001274173) 8,807,746 (1.1 B) Price T Rowe Associates (0000080255) 7,855,329 (1 B) Jennison Associates (0000053417) 6,243,689 (809.2 M) Northern Trust (0000073124) 5,613,994 (727.6 M)

www.BuySellSignals.com Source: SEC Filings Page 6 Research Report: Apple Includes Q3/2021 Financials and Q2/2021 Institutional Ownership United States Edition Monday, October 04, 2021

OAK Ridge Investments (0001054554) 5,599,933 (725.7 M)

Fig 14: Top 10 New Entrants

Apple - New Entrants: Institutional shareholders as at June 30, 2021. The value is estimated at VWAP $129.6 for Q2/2021. See full list of 150 New Entrants in Sheet 5. INSTITUTIONAL SHAREHOLDERS - CATEGORISED AND COMPLETE LIST OF 3666 INSTITUTIONS AS AT June 30, 2021:

Top 10 New Entrants (in desc order of Shares) Institution (CIK) Shares Value, $ Amundi (0001330387) 40,363,930 5.5 B Capitolis Advisors LLC (0001858879) 1,736,435 237.5 M Border to Coast Pensions Partnership Ltd (0001876496) 1,303,419 178.2 M Spire Wealth Management (0001858740) 967,948 132.4 M Siemens Fonds Invest GmbH (0001856637) 880,562 120.4 M HS Management Partners, LLC (0001455253) 813,357 111.2 M BEL AIR INVESTMENT ADVISORS LLC (0001078727) 702,136 96 M Hoffman, Alan N Investment Management (0001848530) 590,858 80.8 M Pinnacle Wealth Advisors (0001698283) 540,208 73.9 M HARBOUR INVESTMENTS, INC. (0000810121) 513,272 70.2 M

Fig 15: Top 2 Drop Outs

Apple - Drop Outs: Institutional shareholders as at June 30, 2021 See full list of 2 institutions who decreased their shareholdings in Sheet 6. INSTITUTIONAL SHAREHOLDERS - CATEGORISED AND COMPLETE LIST OF 3666 INSTITUTIONS AS AT June 30, 2021:

Top 2 Drop Outs (in desc order of Shares) Institution (CIK) Shares Value, $ Y-Intercept (Hong Kong) Ltd (0001772875) 0 (-) E&G Advisors, LP (0001598550) 0 (-)

Fig 16: Reported holdings of institutions as at June 30, 2021

Dec 31, Sep 30, Quarter Ended Jun 30 Mar 31 2020 2020 Market Value ($ Million) Reported Holdings of Institutions 1,262,755 1,134,619 1,242,410 1,109,584 % of issued capital 55.86 56.37 56.91 58.33

As at June 30, 2021 institutions had decreased their holdings to 55.86% of issued capital, down from 58.33% nine months ago.

www.BuySellSignals.com Source: SEC Filings Page 7 Research Report: Apple Includes Q3/2021 Financials and Q2/2021 Institutional Ownership United States Edition Monday, October 04, 2021 News and Buzz

Fig 17: Recent Business News Round Up: CNBC

September 24: Wall Street is underestimating Apple upgrade cycle: Dan Ives CNBC's "Squawk Box" team discusses Apple's iPhones and Big Tech stocks with Dan Ives of Wedbush Securities. Source: CNBC

September 24: Apple's iPhone 13 hits the shelves amid supply chain concerns Colin Gillis from Chatham Road Partners joins Closing Bell to discuss Apple's new iPhone 13 launch. Gillis isn't concerned that Apple will be plagued by supply chain challenges. "If there's one thing that Tim Cook is good at, it's that he's a fantastic operations manager," he tells Courtney Reagan. Source: CNBC

September 24: Apple: The best credit cards to buy the new iPhone 13 Apple is launching its latest versions of the iPhone on Friday. As these phones are now becoming as costly as some laptops, it's in your best interest to have the right credit card on hand to purchase the phone in full. However, there are flexible financing options available through Apple and several large cell-phone carriers. With the right credit card, you can accomplish one or more of the following when purchasing the new iPhone: earn a valuable welcome bonus, protect your new iPhone with purchase protection or cell phone insurance and earn cash back or travel rewards. Regardless of what's most important to you, it's in your best interest to carefully consider which credit card to use for this large investment. Source: CNBC

September 23: Apple claimed it had less than 20 million TV+ subscribers in July, showbiz union says Apple claimed its TV+ service had less than 20 million subscribers in the U.S. and Canada as of July, allowing it to pay behind-the- scenes production crew lower rates than streamers with more subscriptions, according to the International Alliance of Theatrical Stage Employees, a union that represents TV and movie workers who perform jobs like operating cameras and building sets. Source: CNBC

September 23: EU plans to make common charger mandatory for Apple iPhones and other devices The European Commission, the executive arm of the European Union, on Thursday put forward a new law that would force smartphone manufacturers and other electronics makers to equip their devices with a standard USB-C charging port. The proposed legislation is designed to cut waste and make life easier for consumers who would theoretically be able to use one charger for multiple devices. Source: CNBC

September 22: Discord founder and CEO on Apple vs. Epic Games CNBC's Andrew Ross Sorkin discusses Discord's outlook, the tech sector and Apple versus Epic Games with Discord CEO Jason Citron. Source: CNBC

September 22: Facebook says it underreported ad performance due to Apple's iPhone privacy update Facebook told advertisers in a blog post Wednesday it underreported ad performance on iPhones, citing privacy changes Apple made to its iOS operating system. Facebook estimated it underreported web conversions on Apple's iOS by about 15% in the third quarter, noting there's a "broad range" for different advertisers. "We believe that real world conversions, like sales and app installs, are higher than what is being reported for many advertisers," Graham Mudd, vice president of product marketing at Facebook, wrote in a blog post. Facebook shares fell about 4% on Monday.

www.BuySellSignals.com Page 8 Research Report: Apple Includes Q3/2021 Financials and Q2/2021 Institutional Ownership United States Edition Monday, October 04, 2021

Facebook CFO David Wehner warned of the potential effect of the iOS changes on the company's July earnings call, saying he expected to see a greater impact from the changes in the third quarter. Apple's update made it so that iPhone and iPad users would have to choose to opt in to being tracked when first launching an app. Specialized tracking helps Facebook and other apps deliver more personalized ads to users. "We're optimistic about our multi-year effort to develop new privacy-enhancing technologies that minimize the amount of personal information we process, while still allowing us to show personalized ads and measure their effectiveness," Mudd wrote in Wednesday's blog post. Source: CNBC

September 21: Apple iPhone 13 review: What's new this fall Apple's four new iPhone 13 models hit stores on Friday. Apple is well-positioned to maintain its momentum from last year's big 5G super cycle. It focused on battery life and cameras this year since that's what buyers care about most. Apple also improved the displays and tucked in a few other upgrades - like expanded support for 5G in more places - that may help the phones appeal to a wider global audience who want faster data in markets like China, Australia and Japan. Source: CNBC

September 20: Apple just released its big new iOS 15 update for iPhones - here's what's new Apple released iOS 15, its big annual iPhone software update, on Monday. This year's version has some big changes, including the ability of FaceTime to make calls to Windows and Android users, artificial intelligence that can better identify animals, plants and other items in photos, and a feature that better controls limits on notifications. Source: CNBC

September 20: Top Apple analyst unloads his big predictions through 2024, including a folding iPhone Apple could release a new iPhone with a fingerprint scanner underneath the screen in 2023, and an iPhone with a foldable screen in 2024, TF Securities analyst Ming-Chi Kuo said in a note on Monday. While Apple's latest iPhone hits store shelves Friday, investors and analysts are already looking ahead to see which years might bring big iPhone upgrades that drive growth and sales. Kuo is known for accurately predicting Apple hardware releases before they are official because he keeps such close tabs on the company's supply chain. Source: CNBC

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Fig 18: Stock Buzz

Source: The Wall Street Journal Sep Headline Thu 30 Can Jon Stewart Give Apple TV+ the First Major Hit Talk Show of the Streaming Era? Tue 28 Thinking about trading options or stock in Bank of America, Exxon Mobil, CIT Group, Tesla, or Apple? Mon 27 Apple and Other Big Tech Stocks Are Tumbling Fri 24 Thinking about trading options or stock in Bank of America, Apple, Exxon Mobil, Merck, or Tesla? Thu 23 UnitedHealthcare to Offer Millions of Members Year-Long Access to Apple Fitness+ at No Additional Cost Wed 22 Epic Games Says Apple Won't Reinstate Developer Account

Source: Bloomberg Jul Headline Thu 22 Apple's Return to Office Policy, Fall Product Announcement Preview

www.BuySellSignals.com Page 9 Research Report: Apple Includes Q3/2021 Financials and Q2/2021 Institutional Ownership United States Edition Monday, October 04, 2021

Tue 20 Apple Delays Office Return by At Least a Month as Covid Spikes Fri 16 Xiaomi Overtakes Apple as World's No. 2 Phone Maker, Canalys Says Thu 15 Why Apple Wants Suppliers to Build 90 Million Iphones Wed 14 Apple IPhone Order Isn't a Clear Signal of Demand Surge Tue 13 Here's How Apple's 'Buy Now, Pay Later' Service Will Work

Source: Other Publishers Oct Headline Publisher Mon 04 Apple Stock Price and Forecast: AAPL puts in new leg lower FXStreet Fri 01 Call Traders Crowd Apple Rival as Bull Signal Flashes SchaeffersResearch.com Fri 01 Apple Pay "express transit" vulnerability still not fixed, researchers claim Proactiveinvestors Fri 01 Benzinga s Bulls And Bears Of The Week: Apple, Boeing, Moderna, Robinhood Benzinga on MSN.com And More Fri 01 Apple price prediction: Gene Munster sees upside to $200 Invezz Fri 01 Images Of Apple Watch Series 7 Posted On Social Media, Then Deleted Benzinga.com

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Bearish Signals

Fig 19: PAST MONTH: WEAK MOMENTUM DOWN - AAPL drops 9.4% on volume 0.9 times average [down $14.51]

Apple underperformed the NASDAQ-100 Index on 13 days and outperformed it on 7 days. The price ranged between a high of 156.69 on Tuesday, 7 Sep and a low of 139.14 on Monday, 4 Oct. Day Headline Price Change RPC % * Momentum Comment [USD] % Sep 07 Up 1.5% after an upgrade this week 156.69 1.5 0 Month-high of 156.69

Sep 08 Decreases 1.0%, issued 56 new patents 155.11 -1.0 -0.7 Price fall on slipping relative strength Sep 09 Falls for a second consecutive day, a 154.07 -0.7 -0.3 Price fall on slipping two-day fall of 1.7% relative strength Sep 10 In bottom 4% performers of NASDAQ-100 148.97 -3.3 -2.5 Steepest Fall; VI*=1.4 Index, issued new European patent Sep 13 Up 0.4% on analyst upgrade 149.55 0.4 0.4 Price/PMAP200 above 1 and rising Sep 14 Decreases $1.43 on average volume 148.12 -1.0 -0.6 Price fall on slipping relative strength Sep 15 Up 0.6% after an upgrade this week 149.03 0.6 -0.2 Price/PMAP200 above 1 and rising Sep 16 Down 0.2% after a downgrade this week 148.79 -0.2 -0.2 Price fall on slipping relative strength

www.BuySellSignals.com Page 10 Research Report: Apple Includes Q3/2021 Financials and Q2/2021 Institutional Ownership United States Edition Monday, October 04, 2021

Sep 17 In 2nd consecutive fall, nears one- 146.06 -1.8 -0.7 VI*=1.3 month low Sep 20 Accelerates decline, down 3.9% in 2 142.94 -2.1 -0 VI*=1.2 days Sep 21 Increases 143.43 0.3 0.2 Oversold: close to 14-day low Sep 22 Up 1.7% on analyst upgrade 145.85 1.7 0.7 Top Rise

Sep 23 Up 0.7% after an upgrade this week 146.83 0.7 -0.2 Rises for a third consecutive day Sep 24 Rises for a fourth consecutive day, a 146.92 0.1 -0 Rises for a fourth four-day rise of 2.8% consecutive day Sep 27 Decreases 1.1% 145.37 -1.1 -0.2 Price fall on slipping relative strength Sep 28 Offers 29th lowest Price Earnings in 141.91 -2.4 0.5 Oversold: close to 14-day NASDAQ-100 Index, after price drop low Sep 29 Rises 1.1% from 14-day low, issued 37 142.83 0.6 0.8 Price/PMAP200 above 1 new patents and rising Sep 30 Decreases $1.33 141.5 -0.9 -0.5 Price fall on falling relative strength Oct 01 Increases $1.15 on average volume 142.65 0.8 0.1 Price/PMAP200 above 1

Oct 04 Drops 2.4%, hits 94-day low 139.14 -2.5 -0.3 Month-low of 139.14

* RPC - Relative Price Change is % price change of stock less % change of the NASDAQ-100 Index. VI= Volume Index, 1 is avg.

Fig 20: Rank in the bottom 18% by Relative Valuation in the NASDAQ market

Description Value Rank Price/Earnings/Growth 2.51 In Bottom 18% Price to Sales 7.4 In Bottom 15% Dividend Yield % 0.6% In Bottom 10% Price to Book Value 36.9 In Bottom 1%

Downtrend

Negative MACD: • The Moving Average Convergence Divergence (MACD) indicator of 12-day Exponential Moving Average (EMA) of 144.29 minus the 26-day EMA of 146.24 is negative, suggesting a bearish signal. Both the 12-day EMA as well as the 26-day EMA are falling, another bearish signal. Past Quarter: The Worst 3 weeks in the past quarter The past month witnessed the worst 3 weeks in the past quarter. In the past quarter the steepest fall of 3.5% took place in the week beginning Monday September 06. Mon-Fri Change % NASDAQ-100 Index Change % RPC % Vol Ind [1 is avg] Sep 06-10 -3.5 -1.4 -2.1 0.9

www.BuySellSignals.com Page 11 Research Report: Apple Includes Q3/2021 Financials and Q2/2021 Institutional Ownership United States Edition Monday, October 04, 2021

Sep 27-Oct 01 -2.9 -3.5 0.6 0.9 Sep 13-17 -2 -0.7 -1.3 1

Overvaluation

Price/Earnings/Growth: • Price/Earnings/Growth of 2.51 (based on the year-on-year growth in trailing 12 months EPS of 10.7%) versus sector average of 0.8 and market average of 1.0. MCap/Total Assets: • Tobin's Q Ratio, defined as MCap divided by Total Assets, is 7.5. Compared with the rest of the market the stock is overvalued and ranks in the bottom 7% of stocks by value of Q Ratio.

Other Bearish Signals

• Return on Assets of 17.7% versus sector average of 23.4%.

Ongoing Bearish Parameters

Fig 21: Rank in the bottom 23% by Growth in the NASDAQ market

Description Value Rank EPS Growth % 10.7 In Bottom 23%

Fig 22: Present Value of $1000 Invested in the Past 3 Months; The Worst Period with PV$1000 < 998

PV$1,000 3 mo ago AAPL.NASDAQ $997 Computer Integrated Systems sector $1,027 NASDAQ-100 Index $985

www.BuySellSignals.com Page 12 Research Report: Apple Includes Q3/2021 Financials and Q2/2021 Institutional Ownership United States Edition Monday, October 04, 2021

Fig 23: Sequential EPS growth [Q3/2021 vs Q2/2021] of -7.1%

The most recent quarter (Q3/2021) showed a decline of 7.1% in sequential growth of Quarterly EPS. EPS ($) Growth % Quarterly Report Q3/2021 1.31 -7.1 Q2/2021 1.41 -17.1

Fig 24: P/E/G > 1

The price earnings ratio of 26.9 divided by trailing twelve months Quotes from Legends: P/E/G > 1 eps growth of 10.7% corresponds to P/E/G of 2.5 times. EPS Growth (%) 10.7 P/E/G 2.51 P/E 26.87

Fig 25: A 275.9% Increase in Insider Selling

In the past 5 years a total of 7,226,756 Apple shares worth $1.2 billion were sold by insiders. Based on a dynamic start date of 5 years ago, insider selling has averaged 1,445,351 shares per year. In the past year, insiders sold 2,763,420 shares, an increase of 275.9% from the previous year. Year No. of Shares Value, $ Oct 04, 2021 2,763,420 400,268,817 1 Yr ago 735,128 213,733,821 2 Yrs ago 519,568 107,894,048 3 Yrs ago 1,021,970 206,715,516 4 Yrs ago 2,186,670 300,398,808 Total 7,226,756 1,229,011,011

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Fig 26: Slipping Relative Strength

In the NASDAQ market, the stock's relative price strength Quotes from Legends: Relative Strength percentile is slipping at 77 for 6 months, 60 for 3 months and 34 for 30 days.

Fig 27: % Change (Tr. 12 Mo): Stock (23.9%) v Index (28.6%)

In the past 12 months Apple has underperformed the NASDAQ-100 Index by 4.7%.

Fig 28: Rank in the NASDAQ-100 Index

Description Value Rank Price to Book 36.9 52 % Change YTD 5.4 58

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Uptrend

Price/Moving Average Price of 1.03: • The Price/MAP 200 for Apple is 1.03. Being higher than 1 is a bullish indicator. The stock is trading above both its MAPs and the 50-day MAP of $150.34 is higher than the 200-day MAP of $135.25, a second bullish indicator. Past Quarter: • In the last three months the stock has hit a new 52-week high eleven times, pointing to a significant uptrend.

Undervaluation

Price/Earnings of 26.9 < sector avg of 31.7: • The price-to-earnings ratio of 26.9 indicates undervaluation compared with sector average of 31.7 and market average of 37.0. Earnings Yield of 3.7% > NASDAQ ave of 2.7% > Bond Yield of 1.5%: • Earnings yield of 3.7% is more attractive compared with the NASDAQ average earning yield of 2.7%. • The earnings yield of 3.7% is 2.5 times the 10-year bond yield of 1.5%. (All figures in %) Earnings Yield 3.7 NASDAQ avg 2.7 Dividend Yield 0.6 Bond Yield 1.5

Other Bullish Signals

• Total Liabilities/EBITDA of 3.9 is less than 5, this compares favourably with the Joseph Piotroski benchmark of 5. • Net profit margin has averaged 21.5% in the last 3 years. This is considered superior and suggests a high margin of safety.

Oversold/Bullish Signals

• The stock is oversold according to the Williams % R indicator of -91.8, suggesting the price is close to its 14-day low of $138.27.

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Fig 29: Past four-years

• Apple rose for a fourth consecutive year. In the past four years it has risen $102.57 (280.1%).

Fig 30: Rank in the top 1% by Size in the NASDAQ market

Description Value Rank Ave daily Turnover $9.9 billion In Top 1% Tr 12 months Revenue $325.4 billion In Top 1% MCap $2,413.6 billion In Top 1%

Fig 31: Rank in the top 23% by Performance in the NASDAQ market

Description Value Rank EBITDA Margin % 24.4 In Top 22% Net Profit Margin % 20.9 In Top 23%

Fig 32: Rank in the top 7% by Productivity in the NASDAQ market

Description Value Rank Return on Capital Employed [ROCE] % 30.7 In Top 4% Return on Assets [ROA] % 17.7 In Top 7%

Fig 33: Present Value of $1000 Invested in the Past [1 Yr, 3 Yrs]; The Best Periods with PV$1000 > 1,246

PV$1,000 1 yr ago 3 yrs ago AAPL.NASDAQ $1,247 $2,612 Computer Integrated Systems sector $1,231 $2,188 NASDAQ-100 Index $1,287 $1,933

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Fig 34: Past 3 years: price rise of 152.9%

3-Year price change of 152.9% for Apple outperformed the change of 89.6% in the NASDAQ-100 Index for a relative price change of 63.3%. Price Change % 3 Years Apple 152.9 Computer Integrated Systems sector 114.9 NASDAQ-100 Index 89.6

Fig 35: Moving Annual Return of 24.7% in the past year

Moving Annual Return was 24.7% in the past year. Based on a Quotes from Legends: Annual Return dynamic start date of 5 years ago, the real rate of return has averaged 44.7%. The Moving Annual Return has consistently exceeded 1%. Close Dividen Capital % Annual AAPL ($) ds ($) Gain % Yield Return % Oct 04 139.19 0.85 23.9 0.8 24.7 1 Yr ago 112.3 0.8 103.3 1.4 104.7 2 Yrs ago 55.24 0.75 0.4 1.4 1.7 3 Yrs ago 55.04 0.68 49.7 1.8 51.5 4 Yrs ago 36.77 0.6 38.7 2.3 41.0

Close 5 years ago $26.51 Prices are adjusted for a share split. On August 31, 2020 shareholders received 4 shares for every 1 share held prior to that date.

Fig 36: Created Market Value [CMV] past 30 yrs of $2,394 billion

• Market Capitalization has increased by $2,407.7 billion from $5.9 billion to $2,413.6 billion in the last 30 years. This increase comprises cumulative retained earnings (RETE) of $13.7 billion and Created Market Value of $2,394 billion. The Created Market Value multiple, defined by the change in MCap for every $1 of retained earnings is exemplary at $176.33.

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Fig 37: Apple sees dividend rise for a ninth consecutive year

Apple reported dividends per share of 85.0c in the past year, up 6.9% from the previous year. This is the ninth consecutive dividend increase. In the past 9 years average annual compound growth rate of dividends was 27.6%.

Fig 38: EPS growth [FY2020 vs FY2019] of 10.7%

FY EPS ($) Growth % 2020 3.31 10.7 2019 2.99 -0.4

Fig 39: Annualised Period-based Total Shareholder Returns [TSR %]: The Best Periods with TSR > 21.6%

TSR % 1 yr 3 yrs 5 yrs 10 yrs 20 yrs 30 yrs AAPL.NASDA 24.8 37.3 41.2 29 38 21.7 Q

Fig 40: Low Debt to Equity (%)

The debt to equity ratio of 7.6% is under a safe benchmark figure Quotes from Legends: Debt to Equity of 50%. However, it has deteriorated from 6.6% a year ago. Years Debt to Equity (%) Sep 2020 7.65 Sep 2019 6.61 Sep 2018 11.17 Sep 2017 8.93 Sep 2016 67.86

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Fig 41: % Growth in EPS & RPS

EPS growth: Sequential EPS growth (Q3 vs Q2, 2021) was down 7.1% and PCP EPS growth (Q3 2021 vs Q3 2020) was up 706.2%. FY EPS growth (FY2020 vs FY2019) was up 10.7%. RPS growth: Sequential growth in Revenue per share (Q3 vs Q2, 2021) was up 386.1% and PCP growth in Revenue per share (Q3 2021 vs Q3 2020) was up 41.6%. FY growth in Revenue per share (FY2020 vs FY2019) was up 11.9%.

(All figures in %) Sequential growth in EPS (Q3 vs Q2, 2021) -7.1 Sequential growth in RPS (Q3 vs Q2, 2021) 386.1 PCP growth in EPS (Q3 2021 vs Q3 2020) 706.2 PCP growth in RPS (Q3 2021 vs Q3 2020) 41.6 FY growth in EPS (FY2020 vs FY2019) 10.7 FY growth in RPS (FY2020 vs FY2019) 11.9

Fig 42: Increased Volume, up 259% in 5 years

In the past five years, Average Daily Volume of Trading (ADVT) has increased 258.7% to 98.4 million shares. Avg. Daily Volume Traded 12 months ended Oct 04, million shares Year ADVT 2021 98.4 2020 52.2 2019 32.0 2018 29.7 2017 27.4

Fig 43: Increased VWAP, up 299% in 5 years

In the past five years Volume Weighted Average Price (VWAP) has increased by 298.8% to $129.68. Based on a dynamic start date of five years ago, there has been no decline in VWAP over the last 5 years. Past five years, 12 months ended Oct 04 (USD) Year High Price VWAP Low Price 2021 157.26 129.68 106.63 2020 137.1 82.44 52.58 2019 56.13 46.39 34.51 2018 56.55 43.96 36.12 2017 39.35 32.52 24.53

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Fig 44: Increased share turnover, up 255% in 5 years

In the past five years, average daily share turnover has increased 254.9% to $12.8 billion. This suggests increased liquidity. Past five years, 12 months ended Oct 04 (USD billion) Year Average Daily Turnover 2021 12.8 2020 12.8 2019 6.0 2018 5.3 2017 3.6

Fig 45: Quarterly Trend in Revenue, Net Profit and Net Profit Margin

• Net Profit margin is positive and has seen consecutive rises in recent quarters. [All figures in %] Qtr-ended Revenue Growth Net Profit Growth Net Profit Margin Jun 21 [Q3 vs Q2] -99.9 -99.9 26.7 Mar 21 [Q2 vs Q1] -19.6 -17.8 26.4 Dec 20 [Q1 vs Q4] -10.4 20.2 25.8 Sep 20 [Q4 vs Q3] 208,199.1 212,418.9 19.2 Jun 20 [Q3 vs Q2] -99.9 -99.9 18.9

Fig 46: Satisfies two criterion of Benjamin Graham

• "An earnings-to-price yield of at least twice the triple-A bond"; the stock's earning yield of 3.7% is 2.5 times the triple-A bond yield of 1.5%. • "Total debt less than tangible book value"; total debt of USD5 billion is less than tangible book value of USD65.3 billion.

Fig 47: Satisfies 6 out of 9 criterion of Joseph Piotroski [pass mark 5]

• Positive net income. • Positive operating cashflow. • Return on Assets improvement [from 16.3% to 17.7%]. • Good quality of earnings [operating cashflow exceeds net income]. • Reduction in total shares on issue. • Improvement in gross margin [from 37.8% to 38.2%].

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Fig 48: Year-over-year (%) Change in Dividend

Quarterly dividend for Q3/2021 was 22.0c, unchanged from 22.0c in Q2/2021. The year-on-year change was up 10.0% from 20.0c in the previous corresponding period Q3/2020. Quarter Q3/2020 Q2/2021 Q3/2021 Dividend ($ Cents) 20.0 22.0 22.0

Fig 49: Growth in Annual Revenue & Net Income

Previous Corresponding Period (PCP) Quarterly Revenue down 99.9% from $89,584 million in Q2/2021 to $81.4 million in Q3/2021. Previous Corresponding Period (PCP) Quarterly Net Profit down 99.9% from $23,630 million in Q2/2021 to $21.7 million in Q3/2021.

Fig 50: Price > Moving Avg Price

In the last 3 months the share price has exceeded the 200-day Quotes from Legends: Moving Average Price Moving Avg Price on 63/64 days; a bullish signal.

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Fig 51: Turnover Period Above Average

Fig 52: Rank in the NASDAQ-100 Index

Description Value Rank Total Assets ($ B) 323.9 2 Revenue ($ B) 325.4 2 Net Profit ($ B) 76.3 1 Return on Equity % 87.9 4 Net Profit Margin % 20.9 43 Price Earnings 26.9 31 Yield % 0.6 42 PV$1000 (1Year) $ 1,245 50

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Fig 53: Activities

Apple Inc. designs, manufactures, and markets personal computers, portable digital music players, and mobile communication devices and sells a variety of related software, services, peripherals, and networking solutions. The Company sells its products worldwide through its online stores, its retail stores, its direct sales force, and third-party wholesalers, resellers, and value-added resellers. It is the NASDAQ's largest Computer integrated systems company by market capitalisation.

In FY 2020, the top earner of Revenue was Total net sales [50%] followed by Americas [22.7%] at Rank 2 , Europe [12.5%] at Rank 3 and Greater China [7.3%] at Rank 4. In FY 2020, revenue growth was highest in Europe [13.9%] followed by Rest of Asia Pacific [10.1%] at Rank 2 , Americas [6.5%] at Rank 3 and Total net sales [5.5%] at Rank 4.

Fig 54: Independent Ratings

Good Jobs First: Apple Inc. received aggregate subsidies of $820.7 million from US federal, state and local awards in 2020. It was ranked 57 by aggregate subsidy values in the Good Jobs First list of Top 100 Parent companies in 2020. Just Capital: It was ranked 16 in the Just Capital annual list of top 100 ESG stocks for 2019; it was ranked 2 in the Technology hardware sector. Carbon Disclosure Project (CDP): It is one of 181 companies selected by the Carbon Disclosure Project (CDP) in their A List 2019. The CDP names the world's most pioneering companies leading on environmental transparency and performance. Fortune 500: It was ranked 9 by total revenues in the Fortune 500 annual list for 2017; unchanged over a year from the same rank 9 in 2013. Industryweek 1000: It is a new entrant in the Industry Week list of the world's largest 1000 manufacturers by Revenues in 2016, ranked 7. Newsweek 500: It was ranked 26 by Newsweek and Corporate Knights Capital in the World's 500 Greenest Companies 2016. It had outstanding scores of 15% in Carbon productivity, 11.7% in Water productivity and 11.3% in Waste productivity. Top 50 BCG: It was ranked 1 in Boston Consulting Group's list of Top 50 Most Innovative Companies 2016; unchanged over a year from the same rank 1 in 2015. Clarivate 100: It is ranked in the Top 100 innovators by Clarivate Analytics. PwC 100: It was ranked 1 by MCap as at March 31, 2015 by PwC in the Top 100 Global companies; an improvement over 6 years from rank 33 as at March 31, 2009. FT 500: It is the 13th largest by revenue in the FT Global 500. Forbes 2000: It is the 11th largest by revenue in the Forbes Global 2000. Citi Top 50: It was ranked in Citi's Top 50 global cash cows with reinvest-to-payout ratio of 0.28.

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PwC Top100 Software Leaders: It is the 28th largest by revenue and largest by MCap among the PwC Global Software Leaders.

Fig 55: Independent Ratings of Directors

+ Timothy D. Cook- Glassdoor Ranking: Timothy D. Cook was ranked 32 in the Glassdoor Employee Review's list of 100 Top CEOs in the United States for 2021.

+ Timothy D. Cook- Bloomberg Pay Index Ranking: Timothy D. Cook was ranked 8 in the Bloomberg Pay Index list in the United States for 2020, a deterioration from rank 2 in 2019. According to Bloomberg Pay Index, Timothy D. Cook's total compensation had increased by (98.2%) $131.3 million to $265 million in 2020.

+ Timothy D. Cook- Harvard Business Ranking: Timothy D. Cook was ranked 62 in the Harvard Business Review's list of 100 Best-Performing CEO's in the world for 2019.

Fig 56: Segment Information

$ $ Description 2020-09-26 % of Total 2019-09-28 % of Total Growth(%) Net sales by reportable segment Americas 124.6 B 22.7 116.9 B 22.5 6.5 Europe 68.6 B 12.5 60.3 B 11.6 13.9 Greater China 40.3 B 7.3 43.7 B 8.4 -7.7 Japan 21.4 B 3.9 21.5 B 4.1 -0.4 Rest of Asia Pacific 19.6 B 3.6 17.8 B 3.4 10.1 Total net sales 274.5 B 50 260.2 B 50 5.5 Total 549 B 100 520.3 B 100 5.5

Top Segments by Revenue and rank In FY 2020, the top earner of Revenue was Total net sales [50%] followed by Americas [22.7%] at Rank 2 , Europe [12.5%] at Rank 3 and Greater China [7.3%] at Rank 4.

Top Segments by Revenue growth and rank In FY 2020, revenue growth was highest in Europe [13.9%] followed by Rest of Asia Pacific [10.1%] at Rank 2 , Americas [6.5%] at Rank 3 and Total net sales [5.5%] at Rank 4.

Fig 57: Contact Details

Website http://www.apple.com Physical Address 1 Infinite Loop,Cupertino,CA,95014 Phone +1 408 996-1010 Fax +1 408 974-2483 Email [email protected]

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Fig 58: Industry & Sector

Classification Level Name of Sector Economic Sector Technology Business Sector Technology Equipment Industry Group Computers, Phones & Household Electronics Industry Computer Hardware Activity Computer Hardware - NEC*

* NEC: Not elsewhere classified

Fig 59: North American Industry Classification System [NAICS]

Code: 334220 Industry Title: Radio and Television Broadcasting and Wireless Communications Equipment Manufacturing

Financials FY 2020, Past 7 Years

Fig 60: Financials, FY 2020

Apple Net Profit up 3.9% Release Date: October 30, 2020 Apple (NASDAQ:AAPL) reported net profit for the year-ended 26 September 2020 [FY2020] of $57.4b, up 3.9% from $55.3b in the previous year [FY2019]. Earnings per share (EPS) were up 10.7% from $2.99 in FY2019 to $3.31 in FY2020.

Major changes compared with previous year (FY2020 vs FY2019): Favourable Changes: • Net profit up 3.9% from $55.3b to $57.4b • Total revenue up 5.5% from $260.2b to $274.5b • EPS up 10.7% from $2.99 to $3.31 • EBIT to total assets up from 19.4% to 20.7% • Total non-current assets to Total Assets up from 51.9% to 55.6% • Other non-current assets to Total Assets up from 9.7% to 13.1% • Total Liabilities to EBITDA of 3.9 compares favourably with the Joseph Piotroski benchmark of <5. However, it has deteriorated by 2.1% from the previous year's ratio of 3.8. • Total Liabilities to Operating Cash Flow of 3.2 compares favourably with the Joseph Piotroski benchmark of <4. This ratio has improved by 10.4% from the previous year's ratio of 3.6. Unfavourable Changes: • EBIT Margin down from 23.7% to 22.9% • Profit before tax to Sales down from 23.7% to 22.9% • Sales and marketing expenses to Sales up from 6.6% to 6.8% • Total liabilities to Total assets up 9.6% from 0.7 to 0.8 • Current ratio down 11.7% from 1.5 to 1.4 • Working capital to total assets down from 16.9% to 11.8% • Retained earnings to total assets down from 13.6% to 4.6% BuySellSignals On-demand Stock Research Report - PDF: Every stock, Every market Bullish and bearish signals and parameters use algorithms based on application of investment wisdom from legends. Click on the links provided in Page 1 to export data. For details and samples of Product Suite visit www.bstfund.com For any enquiries, please email: [email protected]

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• Total current assets to Total Assets down from 48.1% to 44.4% • Net tangible assets per share down 23.4% from $4.87 to $3.73 Note: • Total revenue to total assets steady at 0.8 • Cost of Goods Sold to Sales down from 58.4% to 57.9% • Tax expenses to Sales down from 3.8% to 3.3% • Long-term investments to Total Assets steady at 31.1% • Short-term investments to Total Assets up from 15.3% to 16.3%

Fig 61: Annual growth in Revenue, Net Profit and EPS

26 September 28 September Year-ended [FY/2020] [FY/2019] Revenue, $ Billion 275 260 Growth in Revenue % 5.5 -2.0 Net Profit, $ Billion 57.4 55.3 Growth in Net Profit % 3.9 -7.2 EPS, $ 3.31 2.99 Growth in EPS % 10.7 -0.4

Fig 62: Year-on-year comparison of Performance Ratios [FY2020 vs FY2019]

September 26 FY2020 FY2019 Change (%) Return on Equity (%) 87.9 61.1 Up 43.9 Return on Assets (%) 17.7 16.3 Up 8.6 Total debt to net tangible assets (%) 7.6 6.6 Up 15.2 Total Liabilities to EBITDA 3.9 3.8 Up 2.1 Total Liabilities to Operating Cash Flow 3.2 3.6 Down 10.4 Total Liabilities/Total Assets 0.8 0.7 Up 9.6 Current Ratio 1.4 1.5 Down 11.7 Common Size Ratios by Assets % Total non-current assets to Total Assets 55.6 51.9 Up 7.1 Total current assets to Total Assets 44.4 48.1 Down 7.7 Long-term investments to Total Assets 31.1 31.1 Down 0.1 Short-term investments to Total Assets 16.3 15.3 Up 6.7 Other non-current assets to Total Assets 13.1 9.7 Up 34.5 Common Size Ratios by Sales % Cost of Goods Sold to Sales 57.9 58.4 Down 0.9 Profit before tax to Sales 22.9 23.7 Down 3.5 Sales and marketing expenses to Sales 6.8 6.6 Up 3.2 Tax expenses to Sales 3.3 3.8 Down 12.8

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Five-year record of growth and performance: In the last 5 years Total Revenue averaged $249B, EBITDA averaged $66.2B and Net Profit averaged $53.2B. Compound Annual Growth Rate (CAGR) averaged 3.3% for Total Revenue, 1.5% for Net Profit and -1.5% for EBITDA. Description Annual ($ B) 5-year Avg ($ B) 5-year CAGR % Total Revenue 274.5 249 3.3 EBITDA 67.1 66.2 (1.5) Operating Profit 67.1 66.2 (1.5) Net Profit 57.4 53.2 1.5

Five-year record of EBITDA, Operating Profit, Net Profit, ROE, ROA and ROCE In 2020 Net Profit Margin of 19.6% was below its 5-year Avg of 21.4% (All Figures in %) Description 2020 5-year Avg EBITDA Margin 24.4 26.7 Operating Profit Margin 22.9 26.7 Net Profit Margin 19.6 21.4 Return on Equity 87.9 55.2 Return on Assets 17.7 15.5 Return on Capital Employed 30.7 27.4

Fig 63: Financials as reported (FY 2020)

10-K RESULTS OF OPERATIONS AND FINANCIAL CONDITION (In $ Million, except per share data and shares outstanding)

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Fig 64: INCOME STATEMENT AS REPORTED (FY 2020)

Description $ Million $ Million Sep 26, 2020 Sep 28, 2019 Change % Net sales: Products 220,747 213,883 Up 3.2 Services 53,768 46,291 Up 16.2 Total net sales 274,515 260,174 Up 5.5 Cost of sales: Products 151,286 144,996 Up 4.3 Services 18,273 16,786 Up 8.9 Total cost of sales 169,559 161,782 Up 4.8 Gross margin 104,956 98,392 Up 6.7 Operating expenses: Research and development 18,752 16,217 Up 15.6 Selling, general and administrative 19,916 18,245 Up 9.2 Total operating expenses 38,668 34,462 Up 12.2 Operating income 66,288 63,930 Up 3.7 Other income/(expense), net 803 1,807 Down 55.6 Income before provision for income taxes 67,091 65,737 Up 2.1 Provision for income taxes 9,680 10,481 Down 7.6 Net income 57,411 55,256 Up 3.9 Earnings per share: Basic $3.31 $2.99 Up 10.7 Diluted $3.28 $2.97 Up 10.4 Shares used in computing earnings per share: Basic 17,352,119,000 18,471,336,000 Down 6.1 Diluted 17,528,214,000 18,595,651,000 Down 5.7 Net income 57,411 55,256 Up 3.9 Other comprehensive income/(loss): Change in foreign currency translation, net of tax 88 -408 Recovery Change in unrealized gains/losses on derivative instruments, net of tax: Change in fair value of derivatives 79 -661 Recovery Adjustment for net (gains)/losses realized and included in net -1,264 23 Deterioration income Total change in unrealized gains/losses on derivative -1,185 -638 Deterioration 85.7 instruments Change in unrealized gains/losses on marketable debt securities, net of tax: Change in fair value of marketable debt securities 1,202 3,802 Down 68.4 Adjustment for net (gains)/losses realized and included in net -63 25 Deterioration income Total change in unrealized gains/losses on marketable debt 1,139 3,827 Down 70.2 securities BuySellSignals On-demand Stock Research Report - PDF: Every stock, Every market Bullish and bearish signals and parameters use algorithms based on application of investment wisdom from legends. Click on the links provided in Page 1 to export data. For details and samples of Product Suite visit www.bstfund.com For any enquiries, please email: [email protected]

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Total other comprehensive income/(loss) 42 2,781 Down 98.5 Total comprehensive income 57,453 58,037 Down 1.0

Fig 65: BALANCE SHEET AS REPORTED (FY 2020)

Description $ Million $ Million Sep 26, 2020 Sep 28, 2019 Change % Current assets: Cash and cash equivalents 38,016 48,844 Down 22.2 Marketable securities 52,927 51,713 Up 2.3 Accounts receivable, net 16,120 22,926 Down 29.7 Inventories 4,061 4,106 Down 1.1 Vendor non-trade receivables 21,325 22,878 Down 6.8 Other current assets 11,264 12,352 Down 8.8 Total current assets 143,713 162,819 Down 11.7 Non-current assets: Marketable securities 100,887 105,341 Down 4.2 Property, plant and equipment, net 36,766 37,378 Down 1.6 Other non-current assets 42,522 32,978 Up 28.9 Total non-current assets 180,175 175,697 Up 2.5 Total assets 323,888 338,516 Down 4.3 Current liabilities: Accounts payable 42,296 46,236 Down 8.5 Other current liabilities 42,684 37,720 Up 13.2 Deferred revenue 6,643 5,522 Up 20.3 Commercial paper 4,996 5,980 Down 16.5 Term debt 8,773 10,260 Down 14.5 Total current liabilities 105,392 105,718 Down 0.3 Non-current liabilities: Term debt 98,667 91,807 Up 7.5 Other non-current liabilities 54,490 50,503 Up 7.9 Total non-current liabilities 153,157 142,310 Up 7.6 Total liabilities 258,549 248,028 Up 4.2 Commitments and contingencies Shareholders' equity: Common stock and additional paid-in capital, $0.00001 par 50,779 45,174 Up 12.4 value: 50,400,000 shares authorized; 16,976,763 and 17,772,945 shares issued and outstanding, respectively Retained earnings 14,966 45,898 Down 67.4 Accumulated other comprehensive income/(loss) -406 -584 Improved 30.5 Total shareholders' equity 65,339 90,488 Down 27.8 Total liabilities and shareholders' equity 323,888 338,516 Down 4.3

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Fig 66: CASH FLOW AS REPORTED (FY 2020)

Description $ Million $ Million Sep 26, 2020 Sep 28, 2019 Change % Cash, cash equivalents and restricted cash, beginning 50,224 25,913 Up 93.8 balances Operating activities: Net income 57,411 55,256 Up 3.9 Adjustments to reconcile net income to cash generated by operating activities: Depreciation and amortization 11,056 12,547 Down 11.9 Share-based compensation expense 6,829 6,068 Up 12.5 Deferred income tax benefit -215 -340 Improved 36.8 Other -97 -652 Improved 85.1 Changes in operating assets and liabilities: Accounts receivable, net 6,917 245 Up 2,723.3 Inventories -127 -289 Improved 56.1 Vendor non-trade receivables 1,553 2,931 Down 47.0 Other current and non-current assets -9,588 873 Deterioration Accounts payable -4,062 -1,923 Deterioration 111.2 Deferred revenue 2,081 -625 Recovery Other current and non-current liabilities 8,916 -4,700 Recovery Cash generated by operating activities 80,674 69,391 Up 16.3 Investing activities: Purchases of marketable securities -114,938 -39,630 Deterioration 190.0 Proceeds from maturities of marketable securities 69,918 40,102 Up 74.4 Proceeds from sales of marketable securities 50,473 56,988 Down 11.4 Payments for acquisition of property, plant and equipment -7,309 -10,495 Improved 30.4 Payments made in connection with business acquisitions, net -1,524 -624 Deterioration 144.2 Purchases of non-marketable securities -210 -1,001 Improved 79.0 Proceeds from non-marketable securities 92 1,634 Down 94.4 Other -791 -1,078 Improved 26.6 Cash generated by/(used in) investing activities -4,289 45,896 Deterioration Financing activities: Proceeds from issuance of common stock 880 781 Up 12.7 Payments for taxes related to net share settlement of equity -3,634 -2,817 Deterioration 29.0 awards Payments for dividends and dividend equivalents -14,081 -14,119 Improved 0.3 Repurchases of common stock -72,358 -66,897 Deterioration 8.2 Proceeds from issuance of term debt, net 16,091 6,963 Up 131.1 Repayments of term debt -12,629 -8,805 Deterioration 43.4 Repayments of commercial paper, net -963 -5,977 Improved 83.9

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Other -126 -105 Deterioration 20.0 Cash used in financing activities -86,820 -90,976 Improved 4.6 Increase/(Decrease) in cash, cash equivalents and restricted -10,435 24,311 Deterioration cash Cash, cash equivalents and restricted cash, ending balances 39,789 50,224 Down 20.8 Supplemental cash flow disclosure: Cash paid for income taxes, net 9,501 15,263 Down 37.8 Cash paid for interest 3,002 3,423 Down 12.3

Fig 67: Financials Past 7 Years

Description Sep 20 Sep 19 Sep 18 Sep 17 Sep 16 Sep 15 Sep 14 Income Statement Revenue per share 15.66 13.99 53.12 43.65 39.21 40.34 29.86 Tax (B) 9.7 10.5 13.4 15.7 15.7 19.1 14 Net profit (B) 57.4 55.3 59.5 48.4 45.7 53.4 39.5 EPS 3.31 2.99 3 2.32 2.09 2.32 1.62 Balance Sheet Equity Share Capital (B) 65.3 90.5 107.1 134 128.2 119.4 111.5 Retained Earnings (B) 15 45.9 66.9 98.2 97 91.9 88.2 Total Debt (B) 5 6 12 12 87 64.3 35.3 Total Assets (B) 323.9 338.5 365.7 375.3 321.7 290.3 231.8 Current Asset (B) 143.7 162.8 131.3 128.6 106.9 89.4 68.5 Fixed Asset (B) 36.8 37.4 41.3 33.8 27 22.5 20.6 Working Capital (B) 38.3 57.1 15.4 27.8 27.9 8.8 5.1 Cash Flow Operating Cash Flow (B) 80.7 69.4 77.4 64.2 65.8 81.3 59.7 Investing Cash Flow (B) (4.3) 45.9 16.1 (46.4) (46) (56.3) (22.6) Financing Cash Flow (B) (86.8) (91) (87.9) (18) (20.5) (17.7) (37.5) Net Cash Flow (10.4 B) 24.3 B 5.6 B (195 M) (636 M) 7.3 B (415 M)

www.BuySellSignals.com Source: SEC Filings Page 31 Research Report: Apple Includes Q3/2021 Financials and Q2/2021 Institutional Ownership United States Edition Monday, October 04, 2021 Tax & Dividend

Fig 68: Average Income Tax Paid (Past 5 Years)

In the past 5 years, Income Tax as % of profit before tax decreased from 25.6% to 14.4% and Income Tax as % of operating cash flow decreased from 25.6% to 14.4%. Description 2020 2019 2018 2017 2016 5-yr avg 10-yr avg As % of profit before tax 14.4 15.9 18.3 24.6 25.6 19.8 22.7 As % of operating cash flow 14.4 15.9 18.3 24.6 25.6 19.8 22.4

Fig 69: Footprint of Low Tax Subsidiaries

Corporate Tax rate of Apple in country of incorporation: Corporate Tax Rate Subsidiary Incorporated in (%) Apple Sales International Ireland 12.5 Apple Operations International Ireland 12.5 Apple Operations Europe Ireland 12.5

Fig 70: Dividend History Fig 71: Annual Dividends - Past 4 In the past 5 years annual dividends have increased by 25.0c years (USD Cents) from 60.0c to 85.0c. Based on a start date of 5 years ago, there has been no decline in dividends over the last 5 years. Quotes from Legends: Dividends Trailing Twelve Months Date Paid Value (c) Type 06 Aug 2021 22 Quarterly 07 May 2021 22 Quarterly 05 Feb 2021 20.5 Quarterly 06 Nov 2020 20.5 Quarterly Tr 12 Months 85 2019 - 2020 79.5 2018 - 2019 75 2017 - 2018 68 2016 - 2017 60

www.BuySellSignals.com Page 32 Research Report: Apple Includes Q3/2021 Financials and Q2/2021 Institutional Ownership United States Edition Monday, October 04, 2021 Board of Directors

Fig 72: Board and Management

Name Designation Since Appointment Timothy D. Cook Chief Executive Officer, Director 10 Yrs, 1 Mo Arthur D. Levinson Chairman, Director 21 Yrs, 1 Mo Luca Maestri Chief Financial Officer, Senior Vice President 7 Yrs, 4 Mos James A. Bell Director 6 Yrs Albert A. Gore Jr. Director Sue Wagner Director Monica Lozano Director Andrea Jung Director Ronald D. Sugar Director 10 Yrs, 10 Mos Jeff Williams Chief Operating Officer 5 Yrs, 9 Mos Katherine Adams Company Secretary, Senior Vice President, General Counsel

Fig 73: Profiles

Timothy D. Cook (CEO & Director)

Tim Cook, 59, has been Apple's Chief Executive Officer since August 2011 and was previously Apple's Chief Operating Officer since October 2005. Mr. Cook joined Apple in March 1998 and served as Executive Vice President, Worldwide Sales and Operations from February 2002 to October 2005. From October 2000 to February 2002, Mr. Cook served as Senior Vice President, Worldwide Operations, Sales, Service and Support. From March 1998 to October 2000, Mr. Cook served as Senior Vice President, Worldwide Operations. Among other qualifications, Mr. Cook brings to the Board extensive executive leadership experience in the technology industry, including the management of worldwide operations, sales, service, and support. Other Current Public Company Directorships NIKE, Inc. Selected Directorships and Memberships Board of Directors, The National Football Foundation & College Hall of Fame, Inc. Board of Trustees, Duke University Leadership Council, Malala Fund Shareholder Value: Creation of shareholder value in Apple: Date of appointment: August 24, 2011 In the last 10 years the average annualized return to shareholders was 29.0%. The present value of $1,000 (PV1000) invested 10 years ago is now $12,793, a gain of $10,904 and dividend reinvested of $889. Harvard Business Ranking:

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Timothy D. Cook was ranked 62 in the Harvard Business Review's list of 100 Best-Performing CEO's in the world for 2019. Bloomberg Pay Index Ranking: Timothy D. Cook was ranked 8 in the Bloomberg Pay Index list in the United States for 2020, a deterioration from rank 2 in 2019. According to Bloomberg Pay Index, Timothy D. Cook's total compensation had increased by (98.2%) $131.3 million to $265 million in 2020. Glassdoor Ranking: Timothy D. Cook was ranked 32 in the Glassdoor Employee Review's list of 100 Top CEOs in the United States for 2021.

Arthur D. Levinson (Chairman & Director)

Art Levinson, 69, has served as the Chief Executive Officer of Calico, a company focused on health, aging, and well-being, since September 2013. Dr. Levinson previously served as Chief Executive Officer of Genentech, Inc., a medical drug developer, from July 1995 to April 2009, and served as Genentech's Chairman from September 1999 to September 2014. Among other qualifications, Dr. Levinson brings to the Board executive leadership experience, including his service as a chairman and chief executive officer of a large international public company, along with extensive financial expertise and brand marketing experience. Selected Directorships and Memberships Board of Directors, Broad Institute of Harvard and MIT Board of Scientific Consultants, Memorial Sloan Kettering Cancer Center Industrial Advisory Board, California Institute for Quantitative Biomedical Research Advisory Council, Lewis-Sigler Institute for Integrative Genomics Advisory Council, Princeton University Department of Molecular Biology Science Advisory Board, Chan Zuckerberg Initiative Shareholder Value: Creation of shareholder value in Apple: Date of appointment: August 15, 2000 In the last 20 years the average annualized return to shareholders was 38.0%. The present value of $1,000 (PV1000) invested 20 years ago is now $627,741, a gain of $583,096 and dividend reinvested of $43,645.

Luca Maestri (CFO & Senior Vice President)

Mr. Maestri, 56, oversees Apple's accounting, business support, financial planning and analysis, treasury, real estate, investor relations, internal audit, and tax functions. Luca joined Apple in March 2013 and assumed his current position in May 2014, after previously serving as Apple's Vice President and Corporate Controller. Prior to joining Apple, Luca was Executive Vice President, Chief Financial Officer of Xerox Corporation, a business services and technology company, from February 2011 to February 2013; Chief Financial Officer at Nokia Siemens Networks; and had a 20-year career with General Motors Corporation, including serving as Chief Financial Officer of GM Europe and GM Brazil. Shareholder Value: Creation of shareholder value in Apple: Date of appointment: May 29, 2014 In the last 5 years the average annualized return to shareholders was 41.2%. The present value of $1,000 (PV1000) invested 5 years ago is now $5,612, a gain of $4,251 and dividend reinvested of $360.

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Ronald D. Sugar (Director)

Ron Sugar, 71, is the retired Chairman of the Board and Chief Executive Officer of Northrop Grumman Corporation, a global security company. Dr. Sugar served in this role from April 2003 to June 2010 and served as President and Chief Operating Officer from 2001 to 2003. Previous to Northrop Grumman, he held executive positions at Litton Industries and TRW Inc., where he served as Chief Financial Officer. Among other qualifications, Dr. Sugar brings to the Board executive leadership experience as a chairman and chief executive officer of a large international public company, financial expertise as a former chief financial officer, understanding of advanced technology, experience with government relations and public policy, and a global business perspective from his service on other boards. Other Current Public Company Directorships* Air Lease Corporation Amgen Inc. Chevron Corporation Uber Technologies, Inc. Selected Directorships and Memberships Member, National Academy of Engineering Board of Trustees, University of Southern California Board of Directors, Los Angeles Philharmonic Association Shareholder Value: Creation of shareholder value in Apple: Date of appointment: November 17, 2010 In the last 10 years the average annualized return to shareholders was 29.0%. The present value of $1,000 (PV1000) invested 10 years ago is now $12,793, a gain of $10,904 and dividend reinvested of $889.

Albert A. Gore Jr. (Director)

Al Gore, 71, 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 November 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. Among other qualifications, Mr. Gore brings to the Board executive leadership experience, a valuable and different perspective due to his extensive background in digital communication and technology policy, politics, and environmental rights, along with experience in asset management and venture capital.

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James A. Bell (Director)

James Bell, 72, is the retired Executive Vice President, Corporate President and Chief Financial Officer of The Boeing Company, an aerospace company. Mr. Bell served in this role from June 2008 to April 2012, having previously served as Executive Vice President, Finance and Chief Financial Officer from November 2003 to June 2008, and as Senior Vice President of Finance and Corporate Controller from October 2000 to November 2003. From 1992 to 2000, Mr. Bell held a series of positions with increasing responsibility at Boeing. Among other qualifications, Mr. Bell brings to the Board financial and accounting expertise as a former chief financial officer of a large international public company, experience in strategic planning and leadership of complex organizations, and a global business perspective from his service on other boards. Other Current Public Company Directorships JPMorgan Chase & Co. CDW Corporation Dow Inc. Selected Directorships and Memberships Board of Trustees, Rush University Medical Center Former Public Company Directorships Within the Last Five Years DowDupont Inc. Shareholder Value: Creation of shareholder value in Apple: Date of appointment: October 01, 2015 In the last 5 years the average annualized return to shareholders was 41.2%. The present value of $1,000 (PV1000) invested 5 years ago is now $5,612, a gain of $4,251 and dividend reinvested of $360.

Monica Lozano (Director)

Sue Wagner (Director)

Sue Wagner, 57, is a co-founder of BlackRock, Inc., an asset management company. Ms. Wagner served as BlackRock's Vice Chairman from January 2006 until her retirement in July 2012, and also served as a member of BlackRock's Global Executive Committee and Global Operating Committee. During her tenure at BlackRock, Ms. Wagner served as BlackRock's Chief Operating Officer and Head of Corporate Strategy, and led the alternative investments and international client businesses. Among other qualifications, Ms. Wagner brings to the Board operational experience, including her service as chief operating officer of a large multinational public company, along with extensive financial expertise and experience in the financial services industry, and a global business perspective from her service on other boards. Other Current Public Company Directorships BlackRock, Inc. Swiss Re Selected Directorships and Memberships Board of Directors, Color Genomics, Inc. Board of Trustees, Wellesley College

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Andrea Jung (Director)

Andrea Jung, 61, 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 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 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 Avon from January 1998 to December 2012. Among other qualifications, Ms. Jung brings to the Board executive leadership experience, including her service as a chairman and chief executive officer of a large international public company, along with extensive brand marketing and consumer products experience, and a global business perspective from her service on other boards. Other Current Public Company Directorships Unilever PLC and Unilever N.V. Wayfair Inc. Selected Directorships and Memberships Board of Directors, Rockefeller Capital Management Board of Directors, JUST Capital Former Public Company Directorships Within the Last Five Years Daimler AG General Electric Company

Jeff Williams (Chief Operating Officer)

Mr. Williams, 56, oversees Apple's entire supply chain, service and support, and social responsibility initiatives for Apple's supply chain. He also oversees the development of Apple Watch and drives the company's health initiatives. Jeff joined Apple in June 1998 and assumed his current position in December 2015. Jeff's previous positions with Apple include Senior Vice President, Operations and Head of Worldwide Procurement. Prior to joining Apple, Jeff worked in a number of operations and engineering roles at IBM from 1985 to 1998. Shareholder Value: Creation of shareholder value in Apple: Date of appointment: December 17, 2015 In the last 5 years the average annualized return to shareholders was 41.2%. The present value of $1,000 (PV1000) invested 5 years ago is now $5,612, a gain of $4,251 and dividend reinvested of $360.

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Katherine Adams (Company Secretary & Senior Vice President)

Kate Adams is Apple's general counsel and senior vice president of Legal and Global Security, reporting to CEO Tim Cook. Kate serves on the company's executive team and oversees all legal matters, including corporate governance, intellectual property, litigation and securities compliance, global security and privacy. Kate joined Apple from Honeywell in 2017, where she worked for 14 years, most recently as senior vice president and general counsel. At Honeywell, Kate was in charge of the organization's global legal strategy across more than 100 countries. Prior to joining Honeywell, Kate was a partner at Sidley Austin LLP in New York. Earlier in her career, she served as a law clerk for Supreme Court Justice Sandra Day O'Connor; as trial attorney for the United States Department of Justice, Appellate Section, Environment and Natural Resources division; and as law clerk for Stephen Breyer, then chief judge of the U.S. Court of Appeals for the First Circuit. Kate earned a bachelor's degree in Comparative Literature from Brown University and a law degree from the University of Chicago Law School.

Insider Ownership And Selling In The Past 10 Years

Fig 74: Shares Held by Insiders as on Oct 04, 2021

Name Shares Held Value, $ Arthur D. Levinson 4,590,710 638,980,925 Timothy D. Cook 3,534,967 492,032,057 Jeff Williams 557,325 77,574,067 Katherine Adams 375,229 52,228,125 Luca Maestri 178,337 24,822,727 Ronald D. Sugar 1,986 276,431 Albert A. Gore Jr. 1,986 276,431 James A. Bell 1,986 276,431 Monica Lozano 1,986 276,431 Andrea Jung 1,986 276,431 Total 9,246,498 1,287,020,057

Fig 75: Timothy D. Cook Shares and Options Held

(Value computed at price $139.19) Timothy D. Cook now has a beneficial interest in 3,534,967 Apple shares and options worth $492 million comprising 3,279,726 Apple shares $456.5 million and 255,241 Apple options $35.5 million.

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Fig 76: Arthur D. Levinson Shares and Options Held

(Value computed at price $139.19) Arthur D. Levinson now has a beneficial interest in 4,590,710 Apple shares and options worth $639 million comprising 4,588,724 Apple shares $638.7 million and 1,986 Apple options $276,431. Nature of Ownership Shares Held Value, $ Equity-Non-Derivative Securities NA 4,532,724 630,909,854 By Spouse 56,000 7,794,640 Total (Equity) 4,588,724 638,704,494 Options-Derivative Securities NA 1,986 276,431 Total (Options) 1,986 276,431 Total (Equity & Options) 4,590,710 638,980,925

Fig 77: Luca Maestri Shares and Options Held

(Value computed at price $139.19) Luca Maestri now has a beneficial interest in 178,337 Apple shares and options worth $24.8 million comprising 110,272 Apple shares $15.3 million and 68,065 Apple options $9.5 million.

Fig 78: Ronald D. Sugar Options Held

(Value computed at price $139.19) Ronald D. Sugar now has a beneficial interest in 1,986 Apple Options worth $276,431.

Fig 79: Albert A. Gore Jr. Options Held

(Value computed at price $139.19) Albert A. Gore Jr. now has a beneficial interest in 1,986 Apple Options worth $276,431.

Fig 80: James A. Bell Options Held

(Value computed at price $139.19) James A. Bell now has a beneficial interest in 1,986 Apple Options worth $276,431.

Fig 81: Monica Lozano Options Held

(Value computed at price $139.19) Monica Lozano now has a beneficial interest in 1,986 Apple Options worth $276,431.

Fig 82: Andrea Jung Options Held

(Value computed at price $139.19) Andrea Jung now has a beneficial interest in 1,986 Apple Options worth $276,431.

www.BuySellSignals.com Page 39 Research Report: Apple Includes Q3/2021 Financials and Q2/2021 Institutional Ownership United States Edition Monday, October 04, 2021

Fig 83: Jeff Williams Shares and Options Held

(Value computed at price $139.19) Jeff Williams now has a beneficial interest in 557,325 Apple shares and options worth $77.6 million comprising 489,260 Apple shares $68.1 million and 68,065 Apple options $9.5 million.

Fig 84: Katherine Adams Shares and Options Held

(Value computed at price $139.19) Katherine Adams now has a beneficial interest in 375,229 Apple shares and options worth $52.2 million comprising 307,164 Apple shares $42.8 million and 68,065 Apple options $9.5 million.

Fig 85: Insider selling Summary in the past 12 months

Name No. of Shares Price, $ Value, $ Cook Timothy D [CEO] 2,386,440 148.6 354,568,479 Williams Jeffrey E [COO] 257,343 113.6 29,232,596 Maestri Luca [CFO] 243,431 116.9 28,454,650 Adams Katherine L. [Company Secretary] 51,000 130.0 6,630,906 Levinson Arthur D [Chairman] 3,416 135.6 463,210 Total 2,941,630 142.6 419,349,841

Fig 86: Cook Timothy D [CEO] Reported Selling In The Past 12 Months

Month No. of Shares Price, $ Value, $ August 26, 2021 2386440 148.6 354,568,479

COOK TIMOTHY D [CEO] REPORTED INSIDER SELLING; 9 YEARS (2012 - 2020) In the 9-year period 2012 to 2020 a total of 1,956,528 shares worth $395.2 million were sold. In the past 9 years shares sold per year averaged 217,392. Year No. of Shares Price, $ Value, $ 2020 265160 496.9 131,761,779.10 2019 265160 206.2 54,667,179.40 2018 265160 217.8 57,748,441.80 2017 407194 147.5 60,067,333.70 2016 603883 106.8 64,519,445.10 2015 130593 120.9 15,785,124.60 2014 NA 2013 NA 2012 19378 550.3 10,662,922.60 Total 1,956,528 202.0 395,212,226

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Fig 87: Williams Jeffrey E [COO] Reported Selling In The Past 12 Months

Month No. of Shares Price, $ Value, $ October 05, 2020 257343 113.6 29,232,596

WILLIAMS JEFFREY E [COO] REPORTED INSIDER SELLING; 9 YEARS (2012 - 2020) In the 9-year period 2012 to 2020 a total of 975,224 shares worth $152.4 million were sold. In the past 9 years shares sold per year averaged 108,358. Year No. of Shares Price, $ Value, $ 2020 298405 131.2 39,146,782.20 2019 123965 215.1 26,663,359.80 2018 124608 212.7 26,505,566.50 2017 NA 2016 338697 108.0 36,577,507.90 2015 46873 110.5 5,178,804.10 2014 NA 2013 38662 406.9 15,730,988.10 2012 4014 640.4 2,570,686.00 Total 975,224 156.24 152,373,695

Fig 88: Maestri Luca [CFO] Reported Selling In The Past 12 Months

Month No. of Shares Price, $ Value, $ October 13, 2020 243431 116.9 28,454,650

MAESTRI LUCA [CFO] REPORTED INSIDER SELLING; 7 YEARS (2014 - 2020) In the 7-year period 2014 to 2020 a total of 685,816 shares worth $111.3 million were sold. In the past 7 years shares sold per year averaged 97,974. Year No. of Shares Price, $ Value, $ 2020 284493 138.2 39,313,094.20 2019 112797 214.0 24,135,922.50 2018 144136 212.6 30,649,038.50 2017 32972 139.9 4,612,034.70 2016 53835 108.5 5,838,520.90 2015 51467 118.2 6,083,239.90 2014 6116 102.3 625,422.20 Total 685,816 162.23 111,257,273

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Fig 89: Adams Katherine L. [Company Secretary] Reported Selling In The Past 12 Months

In the past year shares sold per month averaged 4,250. Month No. of Shares Price, $ Value, $ August 04, 2021 17000 145.9 2,480,048 February 03, 2021 17000 133.7 2,273,749 November 05, 2020 17000 110.4 1,877,109 Total: Adams Katherine L. 51,000 130.0 6,630,906

Fig 90: Levinson Arthur D [Chairman] Reported Selling In The Past 12 Months

Month No. of Shares Price, $ Value, $ February 03, 2021 3416 135.6 463,210

LEVINSON ARTHUR D [CHAIRMAN] REPORTED INSIDER SELLING; 10 YEARS (2011 - 2020) In the 10-year period 2011 to 2020 a total of 499,932 shares worth $91 million were sold. In the past 10 years shares sold per year averaged 49,993. Year No. of Shares Price, $ Value, $ 2020 1429 304.1 434,573.20 2019 108915 225.4 24,549,911.20 2018 70000 196.4 13,745,650.00 2017 72580 154.7 11,231,314.20 2016 72008 108.3 7,798,360.00 2015 70000 131.5 9,202,900.00 2014 80000 163.1 13,049,100.00 2013 NA 2012 10000 499.6 4,996,137.00 2011 15000 397.0 5,954,523.00 Total 499,932 181.95 90,962,469

www.BuySellSignals.com Page 42 Research Report: Apple Includes Q3/2021 Financials and Q2/2021 Institutional Ownership United States Edition Monday, October 04, 2021 Top shareholders

Top 10 shareholders Name of the Share Holder % of Capital VANGUARD GROUP INC 6.6 BLACKROCK INC. 6.0 STATE STREET CORP 4.1 FMR LLC 3.0 BERKSHIRE HATHAWAY INC 2.5 PRICE T ROWE ASSOCIATES INC /MD/ 1.4 NORTHERN TRUST CORP 1.3 JPMORGAN CHASE & CO 1.1 GEODE CAPITAL MANAGEMENT LLC 1.0 BANK OF NEW YORK MELLON CORP 1.0

% held by Top 10 shareholders 28.0%

Peer Comparison & Ranking of AAPL

Fig 91: PEER COMPARISON: AAPL IN INDEX

Apple is a constituent of the following indices. Its market capitalisation is $2,413.6 billion and accounts for 15.9% of the combined MCap of the The NASDAQ-100 Equal Weighted Index. AAPL MCap as Index Name MCap of Index ($ b) % of Index The NASDAQ-100 Equal Weighted Index 15,179 15.9 NASDAQ-100 Index 17,090 14.1 NASDAQ Global Select Market Composite Index 18,994 12.7 NASDAQ Composite Index 19,666 12.3

www.BuySellSignals.com Page 43 Research Report: Apple Includes Q3/2021 Financials and Q2/2021 Institutional Ownership United States Edition Monday, October 04, 2021

Fig 92: Global Peer Comparison: AAPL - KEY FINANCIALS (all figures in $)

In its Global Peer Group of 9 companies AAPL is ranked first(1) by MCap, Revenue, Net Profit, Total Assets and seventh(7) by PV $1000 (1 yr).

Name (Code) MCap PV $1000 (1 yr) Revenue Net Profit Total Assets Rank of AAPL 1 7 1 1 1 Apple (AAPL) 2,413.6B 1,245.3 274.5B 57.4B 323.9B Samsung Electronics (A005930) 372B 1,321.2 200.3B 22.1B 320B HP (HPQ) 32.3B 1,544.7 56.6B 2.8B 34.7B Zebra Technologies Class A (ZBRA) 26.7B 1,933.8 4.4B 504M 5.4B NetApp (NTAP) 20B 2,227.6 5.7B 730M 9.4B Seagate Technology Holdings (STX) 19.1B 1,842.4 10.7B 1.3B 8.7B LG Electronics (A066570) 17.5B 1,353.7 53.5B 1.7B 40.8B LG Corp. (A003550) 12.3B 1,150.2 5,610.8 1,303.4 20,542.8 Quanta Computer (2382) 10.7B 1,231.2 39.3B 912M 23.9B

Global Peer Comparison: AAPL - RELATIVE VALUE INDICATORS

AAPL is ranked fourth(4) by P/Book, seventh(7) by P/E and eighth(8) by Div Yld (%), P/S.

Name (Code) Country Code Last Price Div Yld (%) P/E P/S P/Book Rank of AAPL 8 7 8 4 Apple (AAPL) US $139.19 0.6 27.5 7.6 37.9 Samsung Electronics (A005930) KR KRW73,200.0 3.58 15.6 1.7 1.7 HP (HPQ) US $28.08 3.45 14.0 0.6 Zebra Technologies Class A (ZBRA) US $500.49 35.8 5.3 NetApp (NTAP) US $89.58 2.14 23.5 3.4 Seagate Technology Holdings (STX) US $84.32 3.17 15.6 1.8 LG Electronics (A066570) KR KRW125,500.0 0.94 0.3 1.4 LG Corp. (A003550) KR KRW93,000.0 2.95 10.2 2,205,773. 5 Quanta Computer (2382) TW TWD77.30 6.73 11.8 0.3 2.0

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Fig 93: FAANG Peer Comparison: AAPL - KEY FINANCIALS AND PRICE PERFORMANCE (all figures in $)

In its FAANG Peer Group of 5 companies (Facebook, Apple, Amazon, Netflix and Alphabet's Google) AAPL is ranked first(1) by MCap, Net Profit, Total Assets, second(2) by Revenue and third(3) by PV$1000.

PV $1000 Name (Code) MCap Revenue Net Profit Total Assets (1 yr) Rank of AAPL 1 3 2 1 1 Apple (AAPL) 2,413.6B 1,245.3 274.5B 57.4B 323.9B Amazon (AMZN) 1,619.2B 1,023.1 386.1B 21.3B 321.2B Alphabet Class A (GOOGL) 803.9B 1,836.4 182.5B 19.8B 319.6B Facebook (FB) 777.2B 1,254.2 86B 29.1B 159.3B Netflix (NFLX) 265.3B 1,195.7 25B 2.8B 39.3B

FAANG Peer Comparison: AAPL - VALUATION INDICATORS

AAPL is ranked second(2) by P/E, third(3) by P/S and fifth(5) by P/Book.

Name (Code) Country Code Last Price P/E P/S P/Book Rank of AAPL 2 3 5 Apple (AAPL) US $139.19 27.5 7.6 37.9 Amazon (AMZN) US $3,197.13 56.1 3.8 21.2 Alphabet Class A (GOOGL) US $2,673.09 39.2 5.5 4.1 Facebook (FB) US $326.03 25.0 7.8 8.2 Netflix (NFLX) US $601.49 61.8 9.8 24.4

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Fig 94: FAANG Peer Group - Price Performance

Fig 95: FAANG Peer Group - Total Shareholder Returns [TSR in $]

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Fig 96: BUYSELLSIGNALS FUNDAMENTALS VALUATION RANKING

Apple vs NASDAQ Market

Out of 2,657 stocks and 7 units in the NASDAQ Market, Apple is ranked second(2) by Net Profit $, second(2) by Revenue, fifth(5) by Total Assets and Eighty-sixth(86) by ROA. NASDAQ Avg AAPL AAPL Rank Rank 1 Rank 2 Rank 3 Net Profit $ 57.4 B 2 61.3 B MSFT 57.4 B AAPL 34.3 B GOOG Revenue $ 274.5 B 2 386.1 B AMZN 274.5 B AAPL 182.5 B GOOGL Total Assets $ 323.9 B 5 333.8 B MSFT 323.9 B AAPL 321.2 B AMZN ROA (%) 4.2 17.7 86 46.1 VRSN 43.3 QDEL 36.8 ALGN P/Earnings 37.03x 26.9x 146 2.04x AGIO 2.6x ESGR 2.6x COOP EBITDA Margin% 12.2 24.4 210 84.96 RGLD 81.3 RPRX 71.5 IBKR P/Earnings/ Growth 0.99x 2.5x 247 0.1x MKSI 0.1x SLM 0.1x LGIH P/Sales 4.4x 7.4x 253 0.2x AVT 0.3x QRTEA 0.3x WBA Price/Net Tangible Assets 16.3x 36.9x 286 0.2x BHF 0.4x LBRDA 0.6x IBKR Total Debt/Equity (the lower 0.7x 0.1x 563 JKHY NKTR CBSH the better) Yield (%) 0.7 0.6 643 12.6 QRTEA 9.2 PSEC 8.96 AGNC Premium to 52-Wk Low (%) 32.5 30.5 707 0.01 AMED 0.02 VRTX 0.1 LHCG Discount to 52-Wk High (%) 8.8 11.5 1713 83.9 TLRY 75.9 VIR 73.4 NKLA

Negative values are shown in brackets.

Fig 97: GLOBAL RANK [out of 47,499 stocks] AND RANK OF APPLE IN THE AMERICAN REGION [out of 11,338 stocks]

Description Value Global Rank In Am Region Total Assets ($) 323.9B 234 97 Revenue ($) 274.5B 21 7 Net Profit ($) 57.4B 8 3 Return on Equity % 87.9 239 93 Net Profit Margin % 20.9 5,137 1,079 Price to Book 37.9 34,556 5,682 Price/Earnings 27.5 14,685 2,193 Yield % 0.6 19,150 3,523 PV1000 (1Year) $ 1,245 21,605 5,442 $ Change (1Year) % 22.9 21,006 5,299

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Fig 98: RANK OF APPLE IN THE NASDAQ-100 INDEX [out of 93 stocks] AND IN THE TOTAL NASDAQ MARKET [out of 2533 stocks]

Description Value In NASDAQ-100 Index In Total NASDAQ Market Total Assets ($) 323.9B 2 4 Revenue ($) 274.5B 2 3 Net Profit ($) 57.4B 2 2 Return on Equity % 87.9 4 15 Net Profit Margin % 20.9 43 188 Price to Book 36.9 47 1,739 Price/Earnings 26.9 29 704 Yield % 0.6 40 659 PV1000 (1Year) $ 1,247 49 382

Corporate Bonds

Short-Term Bonds Yield up 5 basis points Short-Term Apple corporate bond yields (CUSIP: 037833AZ3), maturing in 3 years 4 months have increased from 0.8% to 0.85% in the past quarter. Over the same period, spread with treasury has decreased 43 basis points.

Yield to Maturity (YTM) Today 1- week ago 1-mo ago 3-mo ago 1-year ago YTM % 0.85 0.88 0.75 0.8 0.62 Spread to Treasury 36.6 (BPS)

Change in YTM 1-day 1-week 1-month 3-months 1-year Price Change % 0.19 0.07 -0.46 -0.54 -2.56 Change in Yield (BPS) -6.2 -3.2 9.8 4.9 23.1

Medium-Term Bonds Yield down 4 basis points Medium-Term Apple corporate bond yields (CUSIP: 037833CJ7), maturing in 5 years 4 months have decreased from 1.23% to 1.19% in the past quarter. Over the same period, spread with treasury has decreased 97 basis points.

Yield to Maturity (YTM) Today 1- week ago 1-mo ago 3-mo ago 1-year ago YTM % 1.19 1.26 1.12 1.23 0.96 Spread to Treasury 26.0 (BPS)

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Change in YTM 1-day 1-week 1-month 3-months 1-year Price Change % 0.35 0.29 -0.5 -0.27 -3.24 Change in Yield (BPS) -7.5 -7.0 7.0 -3.7 23.0

For Company searches and sorting by bonds and variables, an interactive version of current day's Table is available here.

Fig 99: Time [Yrs Mo Days] and Yield to Maturity as on Oct 04, 2021

YTM Chng 3 Mo CUSIP Time to Maturity YTM (%) Treasury (%) Spread (%) (BPS) 037833CJ7 5 yrs 4 mo 8 d 1.19 0.92 0.27 -4 037833BZ2 4 yrs 10 mo 3 d 1.04 0.92 0.11 -4 037833AZ3 3 yrs 4 mo 8 d 0.85 0.48 0.37 5 037833AS9 2 yrs 7 mo 5 d 0.52 0.48 0.04 -5 037833CU2 2 yrs 7 mo 10 d 0.51 0.48 0.03 -2 037833CG3 2 yrs 4 mo 8 d 0.46 0.26 0.2 -0

Moody's Rating - 037833AS9: Aa1 S&P Rating - 037833AS9: AA+

Fig 100: Key Statistics

Maturity Yield to Maturity % Yrs to Maturity % Rise/Fall 3-mo Feb to May 2022 0.12 to 0.26 0.35 to 0.62 -0.62 to -0.51 Feb to May 2023 0.2 to 0.27 1.39 to 1.59 -0.59 to -0.23 Feb to May 2024 0.46 to 0.52 2.35 to 2.61 -0.57 to -0.49 Feb to May 2025 0.85 to 0.9 3.35 to 3.62 -0.79 to -0.54 Feb to Aug 2026 1.01 to 1.04 4.39 to 4.84 -0.66 to -0.11 Feb to May 2027 1.19 to 1.28 5.35 to 5.61 -0.29 to -0.27 Feb 2036 2.32 14.39 -0.28

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Fig 101: Yield Curve - Apple Bond vs US Treasury

The yield curve is upward sloping which is typical. The term premium between the yield of a 5-year Apple Inc. bond of 1.19% and the yield of a 2 year bond of 0.46% is 0.73%. Further, the yield curve is steepening from a term premium of 0.62% a month ago to a current level of 0.73%. This indicates investor expectations of rising inflation and/or increasing demand for longer-term bonds. In comparison, the term premium of Treasury is 0.66%, up from 0.58% a month ago.

Patents

Patents past 5 years in xls

Fig 102: Number of Patents Issued to Apple by the US Patent Office and the European Patent Office

A total of 17,110 patents were issued to Apple in the last seven years. In the past year 3,270 patents were issued, 1.3 times average of 2,444 patents per year. 12 months ended Oct 04 No. of Patents Issued 2021 3,270 2020 3,284 2019 2,826 2018 2,588 2017 2,335 2016 1,984 2015 823 Total 17,110

www.BuySellSignals.com Source: USPTO & EPO Page 50 Research Report: Apple Includes Q3/2021 Financials and Q2/2021 Institutional Ownership United States Edition Monday, October 04, 2021

Fig 103: Rank by patents issued in the past 12 months: Apple vs NASDAQ stocks

Apple's ranked 1 by US Patents issued in the past year out of 2,771 NASDAQ listed companies. A total of 28,042 US patents were issued to NASDAQ listed companies in the past year, an average of 10.1 patents per company. Apple received 2,755 US Patents in the past 12 months, 272 times average.

Fig 104: Patents issued to Apple by the US PTO and the EPO on same inventions in the past year

In the past 12 months 80 patents were issued by the USPTO and the European Patent Office (EPO) to Apple.

To view details, click on the "Patent No." link Title US PTO EPO Accessing System User Interfaces On An Electronic Device 11,010,048; AU2019279007 (A1); 18 May, 2021 24 Dec, 2020 Asymmetric Bandwidth Support And Dynamic Bandwidth Adjustment 10,973,030; EP3799503 (A1); 06 Apr, 2021 31 Mar, 2021 Attention Diversion Control 10,891,922; US10891922 (B1); 12 Jan, 2021 12 Jan, 2021 Authenticated Device Used To Unlock Another Device 11,126,704; EP3862898 (A1); 21 Sep, 2021 11 Aug, 2021 Automated Capture Of Image Data For Points Of Interest 10,810,444; US2021034885 (A1); 20 Oct, 2020 04 Feb, 2021 Blunting Optical Suspension Springs For Particle Reduction 11,019,266; US11019266 (B1); 25 May, 2021 25 May, 2021 Broadcasting A Device State In A Wireless Communication Network 10,834,567; EP3761676 (A1); 10 Nov, 2020 06 Jan, 2021 Camera Actuator For Lens And Sensor Shifting 10,890,734; US10890734 (B1); 12 Jan, 2021 12 Jan, 2021 Camera Lens Control During Magnetic Interference 11,019,241; US11019241 (B1); 25 May, 2021 25 May, 2021 Cloud Messaging System 11,025,596; US11012428 (B1); 01 Jun, 2021 18 May, 2021 Context-Specific User Interfaces 10,990,270; AU2020239774 (A1); 27 Apr, 2021 22 Oct, 2020 Cosmetic Co-Removal Of Material For Electronic Device Surfaces 11,099,609; EP3748466 (A1); 24 Aug, 2021 09 Dec, 2020 Device Configuration User Interface 11,079,894; EP3761153 (A1); 03 Aug, 2021 06 Jan, 2021 Device Control Using Gaze Information 10,860,096; AU2019346842 (A1); 08 Dec, 2020 24 Dec, 2020 Device Enclosure 10,980,140; EP3863796A1; 13 Apr, 2021 18 Aug, 2021 Device, Method, And Graphical User Interface For Managing Concurrently 10,901,601; EP3726359 (A1); Open Software Applications 26 Jan, 2021 21 Oct, 2020 Devices, Methods, And Graphical User Interfaces For Navigating Between 11,036,387; EP3855302 (A1); User Interfaces And Interacting With Control Objects 15 Jun, 2021 28 Jul, 2021 Devices, Methods, And Graphical User Interfaces For Providing And 10,802,705; EP3787269 (A1); Interacting With Notifications 13 Oct, 2020 03 Mar, 2021 Differentiating Voltage Degradation Due To Aging From Current-Voltage Shift 10,943,541; US10943541 (B1); Due To Temperature In Displays 09 Mar, 2021 09 Mar, 2021 Display Device With A Light Modulating Layer 10,943,959; US10943959 (B1); 09 Mar, 2021 09 Mar, 2021 BuySellSignals On-demand Stock Research Report - PDF: Every stock, Every market Bullish and bearish signals and parameters use algorithms based on application of investment wisdom from legends. Click on the links provided in Page 1 to export data. For details and samples of Product Suite visit www.bstfund.com For any enquiries, please email: [email protected]

www.BuySellSignals.com Source: USPTO & EPO Page 51 Research Report: Apple Includes Q3/2021 Financials and Q2/2021 Institutional Ownership United States Edition Monday, October 04, 2021

Displaying Options, Assigning Notification, Ignoring Messages, And 11,068,157; EP3865987 (A1); Simultaneous User Interface Displays In A Messaging Application 20 Jul, 2021 18 Aug, 2021 Displaying User Interfaces Associated With Physical Activities 11,103,161; EP3786775 (A1); 31 Aug, 2021 03 Mar, 2021 Displays With Multiple Refresh Rate Modes 10,923,012; US10923012 (B1); 16 Feb, 2021 16 Feb, 2021 Dynamic Input Surface For Electronic Devices 10,983,650; EP3748480 (A1); 20 Apr, 2021 09 Dec, 2020 Dynamic Sandboxing Of User Data 11,017,109; US11017109 (B1); 25 May, 2021 25 May, 2021 Electronic Device Display For Through-Display Imaging 11,073,712; GB2587269 (A); 27 Jul, 2021 24 Mar, 2021 Electronic Device Having Sealed Button Biometric Sensing System 10,866,619; US10866619 (B1); 15 Dec, 2020 15 Dec, 2020 Electronic Device With Image Capture And Stimulus Features 10,924,659; US10924659 (B1); 16 Feb, 2021 16 Feb, 2021 Electronic Device With Millimeter Wave Antennas 11,025,285; EP3751662 (A1); 01 Jun, 2021 16 Dec, 2020 Electronic Devices Having Extended Antenna Grounding Rings 10,868,356; US10868356 (B1); 15 Dec, 2020 15 Dec, 2020 Electronic Devices With Two-Stage Displays 10,866,615; US10866615 (B1); 15 Dec, 2020 15 Dec, 2020 Emoji And Canned Responses 11,048,873; EP3792742 (A1); 29 Jun, 2021 17 Mar, 2021 Establishing And Verifying Identity Using Biometrics While Protecting User 10,868,672; US10868672 (B1); Privacy 15 Dec, 2020 15 Dec, 2020 Estimation Of Spatial Relationships Between Sensors Of A Multi-Sensor Device 10,867,408; US10867408 (B1); 15 Dec, 2020 15 Dec, 2020 Fabric With Embedded Electrical Components 10,910,315; US10910315 (B2); 02 Feb, 2021 02 Feb, 2021 Film-Based Image Sensor With Planarized Contacts 10,868,203; US10868203 (B1); 15 Dec, 2020 15 Dec, 2020 Foveated Image Capture For Power Efficient Video See-Through 10,867,368; US10867368 (B1); 15 Dec, 2020 15 Dec, 2020 Granular Adjustment Of Antenna Power In Multi-Radio Systems 10,939,387; DE112019004885 (T5); 02 Mar, 2021 10 Jun, 2021 Headphones D927,454; EP3734989 (A2); 10 Aug, 2021 04 Nov, 2020 Implementation Of Biometric Authentication 10,872,256; AU2020239783 (A1); 22 Dec, 2020 22 Oct, 2020

www.BuySellSignals.com Source: USPTO & EPO Page 52 Research Report: Apple Includes Q3/2021 Financials and Q2/2021 Institutional Ownership United States Edition Monday, October 04, 2021 News Archives (Aug 2020 - May 2021)

Fig 105: Dividends

May 03 Apple quarterly dividends up 7.3% sequentially from previous quarter Apple today announced a quarterly dividend of 22.0c per share for Q2/2021; up 7.3% sequentially from the previous quarter (Q1/2021) dividend of 20.50c. The ex-dividend date is Friday, May 07, 2021 and the record date is Monday, May 10, 2021 and it is payable on Thursday, May 13. Total dividends per share paid in the 12 months ended May 03 were 82.0c. February 01 Apple quarterly dividends steady Apple today announced a quarterly dividend of 20.50c per share for Q1/2021; unchanged from the previous quarter (Q4/2020) dividend of 20.50c. The ex-dividend date is Friday, February 05, 2021 and the record date is Monday, February 08, 2021 and it is payable on Thursday, February 11. Total dividends per share paid in the 12 months ended February 02 were 80.75c. November 03 2020 Apple quarterly dividends steady Apple today announced a quarterly dividend of 20.50c per share for Q4/2020; unchanged from the previous quarter (Q3/2020) dividend of 20.50c. The ex-dividend date is Friday, November 06, 2020 and the record date is Monday, November 09, 2020 and it is payable on Thursday, November 12. Total dividends per share paid in the 12 months ended November 04 were 79.50c.

Fig 106: Share Capital

September 16 2020 Apple One subscription bundle is missing a key element: The iPhone Apple on Tuesday announced its long-rumored Apple One bundle, a tiered system of subscription packages that give you access to a suite of the company's digital services like music, video, streaming fitness classes and iCloud storage for one monthly price. It's a move Apple watchers, investors and geeks have wanted for ages, and it comes right out of Amazon's Prime playbook: lock customers in with an attractive subscription bundle and keep them tied into your ecosystem forever, guaranteeing future sales. But Apple's offering falls short of the must-have nature of Amazon Prime, which gives you free one- or two- day shipping on orders, with sweeteners on top like access to streaming video, streaming music and discounts at Whole Foods. With the exception of Apple Music, there aren't any clear signs that Apple's services have been compelling enough to attract a meaningful subscriber base. Apple's newest slate of services are commodities that came late into the world already dominated by digital media rivals like Netflix, Disney-owned Hulu, Spotify and several successful mobile gaming firms. Even though the Apple One bundles will save customers money as opposed to signing up for each service individually, it still lacks the "wow, I gotta have this" factor that Amazon Prime has. Whereas Amazon starts its subscription with the attractive free-shipping option and adds bonuses on top, Apple is starting with the bonuses first and withholding the one thing that would make Apple One a blockbuster. Source: CNBC September 15 2020 Apple unveils Apple One subscription bundle starting at $14.95 per month for individuals CNBC's Josh Lipton talks about new products released by Apple, including a fitness service that works with the Apple Watch as well as a subscription bundle for various Apple services. Source: CNBC September 04 2020 Despite recent weakness, Apple typically beats the market six months following a stock split Apple just suffered its worst day since March on Thursday and was down again on Friday. But history shows the stock has a track record of beating the market over the next six months following a stock split. Source: CNBC September 02 2020 Tesla and Apple shares fall following big runs sparked by stock splits The massive boost from Apple and Tesla's stock splits is showing signs of running its course. Shares of Apple fell 2% on Wednesday from their record, while Tesla also slipped from its all-time high, dropping 5.8%. Tesla plunged as much as 14.7% at its session low. The duo has enjoyed huge rallies after the announcements of their stock splits, which aim to lure more interest from regular investors.

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Apple, the only U.S. company with a market cap over $2 trillion, soared nearly 40% since the tech giant declared the corporate action on July 30. Meanwhile, the electric-car maker skyrocketed more than 70% following the 5-for-1 stock split announcement on Aug. 11. Their splits took place on Monday, which sparked another knee-jerk pop in both stocks. Tesla jumped more than 12% that day, while Apple gained more than 3%. A stock split theoretically could boost retail share ownership as the cheaper stock price is more accessible for individual investors. However, it doesn't change a company's underlying fundamentals or the intrinsic value of its shares. Source: CNBC September 01 2020 When it comes to Apple and Tesla stock splits, investors should tread lightly, advisors say With Apple and Tesla's shares trading at lower prices after their stock splits on Monday, you might be thinking now is the time to invest in these companies. After all, one share of Apple stock cost around $130 on Tuesday afternoon. Before its 4-for-1 stock split, it was trading at more than $500. Tesla stock, meanwhile, was down to around $480 a share from more than $2,000 before its 5-for-1 stock split. Source: CNBC August 31 2020 Bespoke Investment's Paul Hickey discusses the Apple and Tesla stock splits Apple and Tesla stock continued to rise after their stock splits took effect. Apple added 4.2% following a 4- for-1 split while Tesla shares rose 9.5% after the electric-vehicle maker's 5-for-1 split. Paul Hickey, Bespoke Investment Group co-founder, joins 'Closing Bell' to talk about what this means for the markets moving forward. Source: CNBC August 31 2020 Bull case for Apple as the 4-1 stock split takes effect Laura Martin, Needham sr. internet & media analyst on Apple's first post-split trading day. With CNBC's Dominic Chu and the Fast Money traders, Guy Adami, Karen Finerman, Bonawyn Eison and Carter Worth. Source: CNBC August 31 2020 Apple and Tesla are doing stock splits. Here's what that actually means to investors Two of the most valuable and popular public companies - Apple and Tesla - completed stock splits on Monday. Wondering what that entails? And what, if anything, it means for your investments? Let's start with how the process of a corporate stock split works. Every publicly traded company has a number of stocks, or shares, that make up its total value. The combined worth of Apple's stock reached more than $2 trillion earlier in August. Tesla, meanwhile, is valued at over $400 billion. When a company splits its stock, its total value doesn't change; it just ends up with more stocks, each at a cheaper cost. Here's a food metaphor: If you ask the guy at the pizzeria to cut each slice in your large pie in half, you'll still go home with the same amount of pizza. You just have more, smaller slices now. More from Your Money, Your Future: Trump's payroll tax would 'terminate' Social Security, critics say Self- employed people may miss out on payroll tax break Why college students might get less financial aid next year Companies typically say they're splitting their stocks to make them affordable to more people. But, is that reality? It's more of a way to grab headlines and bring in money, said certified financial planner Douglas Boneparth, founder and president of Bone Fide Wealth in New York. "This was done as a marketing tool to get smaller investors to invest in the stock," Boneparth said. "The actual mechanics of the company are the same." And therefore, so are your chances of making a profit on either Tesla or Apple, experts say. "People ultimately want to know, 'What does this mean for my bottom line?'" Boneparth said. "The answer is: nothing." If you own Apple in an index fund, for example, it's as if you had a dollar that just turned into four quarters, Boneparth said. August 31 2020 Tesla jumps 12% as stock split takes effect, Apple gains 3% Shares of Apple and Tesla rose sharply Monday, the first day of their stock splits. Apple advanced 3.4% and was the best-performing component in the Dow Jones Industrial Average. Tesla jumped 12.6%. Monday's gains were the latest in a string of strong performances since the companies announced the stock splits. Apple said July 30 its board approved a 4-for-1 stock split. Since then, the stock is up more than 34%. Tesla has skyrocketed more than 80% since it announced a 5-for-1 stock split on Aug. 11.

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Billionaire investor Leon Cooperman, however, said Monday that run-ups on the back of stock-split announcements are a troublesome sign for the market. "Look at Tesla and Apple: Everybody understands that splits don't create value," the founder of Omega Advisors told CNBC's "Squawk Box." "My dad once told me if you gave me five singles for a $5 bill, I'm no better off." Monday's gains in Apple and Tesla came amid high volume as smaller traders are able to snap up shares in both companies at a much lower price than on Friday. Apple traded 223.4 million shares, which is roughly 25% more than the stock's 30-day volume average of 178.588 million. Tesla shares exchanged hands 115.6 million times, well above its 30-day volume average of 73.369 million. This year, smaller traders have been more actively participating in the market as commission-free online brokerage Robinhood grows in popularity. But Cooperman sees this as a potential sign of being overheated. "I see signs of euphoria creeping into the market: the IPO SPAC market is one, [and] the craziness in many of the stocks that the Robinhood crowd has latched onto," Cooperman said. "You see a Kodak go from $1.50 to $60 and from $60 to $6 in a very short period of time and when you look into it, it's the Robinhood crowd taking it up." August 31 2020 Apple and Tesla's stock split will take effect today-Here's what five experts are watching now Apple and Tesla's stock split will take effect today. Here's what five experts are watching now. Source: CNBC August 31 2020 Apple, Tesla stock splits take effect. What five market analysts are watching Apple's and Tesla's stocks have officially split. Shares of both companies rose Monday, their first day of trading post-split. Apple shares are up nearly 36% since July 30, when it announced its 4-for-1 split. Tesla's stock is up almost 76% since its announced its 5-for-1 split on Aug. 11. Market watchers are divided on what the splits may mean for Apple and Tesla. Here's what five of them told CNBC on Monday: Daniel Ives, managing director of equity research at Wedbush Securities, predicted the splits would drive Apple and Tesla higher: "I think this was a smart move by the companies and the board[s] and ultimately I think there's going to be more stalwarts that follow. And I think right now, they're just in a position of strength if you see what's happening in terms of the market, of course on the EV side with Tesla and then Apple going into a supercycle. And this was the smart move at the right time in terms of the stock split and I view it as putting more sort of gasoline in the tank in terms of these stocks moving higher." Sarat Sethi, managing partner at Douglas C. Lane, cautioned investors not to buy in simply because of the splits: "I think the idea that you can have more pieces of a pie for the same pie is concerning, especially for long- term investors and I think the ability for some of the retail investors to get in there and trade. So, that's kind of making me a little wary when you look at how fast some of these stocks are moving when they're announcing splits and some of the stocks that are just moving in these huge ranges even though the broader market's not moving. So, I think when you get some of that air coming out of the bubble, it might bring down some of the rest of the market and that's kind of where we're going to see some, hopefully, resilience in the breadth of the market. August 28 2020 Apple, Tesla prepare for stock split Both Apple and Tesla get ready to split their stock. With CNBC's Brian Sullivan and the Fast Money traders, Brian Kelly, Steve Grasso, Bonawyn Eison and Jeff Mills. Source: CNBC

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Fig 107: Litigation

October 01 2020 House antitrust panel nears final steps in its investigation of Amazon, Apple, Facebook and Google Congress' more than year-long investigation into four of the world's most valuable tech companies is nearing its final stages, paving the way for new legal proposals that could drastically alter antitrust enforcement in the U.S. for the years to come. On Thursday, the House Judiciary subcommittee on antitrust held its seventh and final hearing in a series examining the health of competition in digital markets and the business practices of Amazon, Apple, Facebook and Google. The event was not as splashy as the subcommittee's July hearing featuring the four tech CEOs and it also took about half the time. But the nitty-gritty legal questions at this latest hearing displayed a group of lawmakers nearing the final stage of a long-awaited conclusion to their tech probe. Chairman David Cicilline, D-R.I., summarized the recurring themes from the expert witnesses at the end of the hearing for how to reform the laws. Those themes included: Source: CNBC September 08 2020 Apple is seeking damages from Epic Games for breach of contract Apple has responded to Epic Games lawsuit. CNBC's Josh Lipton reports on the latest developments. Source: CNBC September 08 2020 Apple doubles down in fight with Fortnite creator Epic Games, seeks damages for breach of contract Apple on Tuesday shot back in its legal battle with Fortnite creator Epic Games, filing a response and counterclaims alleging that the gaming company breached its contract with Apple and seeking an unspecified amount in damages. ″Epic's lawsuit is nothing more than a basic disagreement over money," Apple said in a filing with the District Court for the Northern District of California. "Although Epic portrays itself as a modern corporate Robin Hood, in reality it is a multi-billion dollar enterprise that simply wants to pay nothing for the tremendous value it derives from the App Store." The dispute between Apple and Epic Games began on Aug. 13, when Epic Games published a version of Fortnite to the Apple App Store that included a method for users to pay for in-game content without giving Apple its usual 30% cut. Apple removed the app from the App Store, and Epic Games sued Apple later in the day. Apple followed up by suspending Epic Games' developer account on Aug. 28, which prevents the company from creating new apps or updating Fortnite on Apple's platforms. Apple is now going one step further, asking the court to hold Epic liable for breach of contract and other counts, seeking restitution of all money Fortnite collected through its payment system, and seeking a permanent injunction banning its external payment mechanism in all apps, including Fortnite. Apple's response suggests it was blindsided by Epic, and even notes that Epic executives "recognized and thanked Apple for its support and promotion of Fortnite events" as recently as April 2020. ″Unbeknownst to Apple, Epic had been busy enlisting a legion of lawyers, publicists, and technicians to orchestrate a sneak assault on the App Store. Shortly after 2:00 a.m. on August 13, 2020, the morning on which Epic would activate its hidden commission-theft functionality, Mr.

Fig 108: Press Releases

October 30 2020 Apple Reports Fourth Quarter Results Apple(Registered) today announced financial results for its fiscal 2020 fourth quarter ended September 26, 2020. The Company posted record September quarter revenue of $64.7 billion and quarterly earnings per diluted share of $0.73. International sales accounted for 59 percent of the quarter's revenue. "Apple capped off a fiscal year defined by innovation in the face of adversity with a September quarter record, led by all-time records for Mac and Services," said Tim Cook, Apple's CEO. "Despite the ongoing impacts of COVID-19, Apple is in the midst of our most prolific product introduction period ever, and the early response to all our new products, led by our first 5G-enabled iPhone lineup, has been tremendously positive. From remote learning to the home office, Apple products have been a window to the world for users as the pandemic continues, and our teams have met the needs of this moment with creativity, passion, and the kinds of big ideas that only Apple can deliver." Source: SEC October 02 2020 Pete Najarian's top buys: Datadog, Apple, Nvidia

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Pete Najarian, MarketRebellion.com co-founder, joins 'Fast Money Halftime Report' to talk about his top stock picks. He also talks about how the news of President Trump testing positive for Covid-19 will impact FAANG stocks. Source: CNBC September 30 2020 Apple Apple CEO Tim Cook was granted 333,987 restricted stock units, his first stock grant since 2011. Apple's board said it made the award in recognition of Cook's "outstanding leadership." Source: CNBC September 29 2020 JPMorgan suggests some options plays around Amazon's Prime Day and Apple's new iPhone release Scheduled events for two major tech companies could create an opportunity for options traders to make money off of volatility, JPMorgan said in a note to clients. Major tech stocks have struggled in September, with some of the biggest names falling 10% from their recent highs, and Wall Street investors have been bracing for elevated volatility around the November election. JPMorgan's note identified several new options strategies to "take advantage" of major events and expected volatility in the markets around the election. Source: CNBC September 28 2020 Looking at July trial date between Apple and Epic: Judge The Apple-Epic hearing is underway. CNBC's Deirdre Bosa reports the latest details. Source: CNBC September 28 2020 Toni Sacconaghi on Apple and Epic battle: This is going to take a long time to resolve Toni Sacconaghi, senior research analyst at Bernstein, joins 'Closing Bell' to talk about the fight between Apple and Epic Games. Source: CNBC September 28 2020 Apple engineers designed a custom face mask for employees - take a look Apple is known for its sleek, innovative designs and game-changing products. So it's fitting that Apple has developed its own version of a product that people around the world use daily: face masks. The custom face masks are intended for retail and corporate Apple employees to use to prevent the spread of Covid-19, Apple confirmed to Bloomberg on Sept. 9. The masks were designed and developed by the Engineering and Industrial Design teams at Apple, "the same groups that work on devices such as the iPhone and iPad," Bloomberg reported. The face masks look like a typical Apple product: They have a minimalist design and reportedly come packaged in a pack of five in a simple white box. Tech reporter Mark Gurman shared photos on Twitter: And Canadian YouTube personality Lewis Hilsenteger shared an "unboxing" video of what he says is "the official Apple mask" on Thursday. Compared to plain surgical masks, or reusable cloth masks, the mask Hilsenteger unboxes looks quite different. Source: CNBC September 28 2020 Toni Sacconaghi discusses Apple and Epic's fight A United States federal judge urged Apple Inc. and Epic Games to take their antitrust dispute before a jury, saying the higher courts would be less likely to overturn the result. Toni Sacconaghi, senior research analyst at Bernstein, joins 'Closing Bell' to talk about the continuing fight between Apple and Epic. The fact that Apple is making some concessions right now sets a dangerous precedent, says Sacconaghi. Source: CNBC September 25 2020 Apple reverses decision to charge businesses fees for events, but Facebook still isn't happy Facebook on Friday said Apple temporarily reversed its decision to take a 30% cut of transactions generated by small businesses hosting paid virtual events through the Facebook app. But although it's a temporary win for Facebook, the company still used the opportunity to frame Apple's App Store rules as harmful to small businesses during the Covid-19 pandemic and global recession. Apple's reversal comes weeks after it blocked an update to the Facebook app that displayed a warning to users that a cut of transactions for paid events would go to Apple. At the time, Facebook said Apple would not make an exception to its rules to give the full amount of the transactions to the businesses hosting the events. Facebook already waived its cut through its Facebook Pay system, and Google agreed not to take its standard 30% cut of the transactions through the Android version of the app.

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An Apple spokesperson told CNBC it reversed its decision on the Facebook event fees due to the pressures businesses are facing from the pandemic, and that Apple wants to give those businesses more time to adapt to digital business models. The spokesperson also said its App Store rule that requires the 30% cut to Apple does not apply to ticketing real-world events, only digital events, and Facebook has until the end of the year to implement in-app payments for real-world events. Airbnb and ClassPass also have until the end of the year to add the in-app payments for events, Apple said. "The App Store provides a great business opportunity for all developers, who use it to reach half a billion visitors each week across 175 countries," Apple said in a statement. "To ensure every developer can create and grow a successful business, Apple maintains a clear, consistent set of guidelines that apply equally to everyone." Facebook's announcement on Friday also takes a shot at Apple's App Store policies, claiming they're harmful to small businesses struggling amid a pandemic-fueled recession. September 25 2020 Morgan Stanley says Apple's 20% pullback is great time to buy before new iPhone release Apple shares tumbled more than 20% from its record high in just a few weeks, and the pullback has created an attractive entry point ahead of the next iPhone launch, according to Morgan Stanley. Source: CNBC September 25 2020 Apple The European Union will appeal a July court decision that favored Apple in a dispute over tax breaks Apple received in Ireland. The EU's top court will rule on whether that tax deal constituted illegal state aid and whether a nearly $15 billion tax bill for Apple should be reinstated. Source: CNBC September 25 2020 EU appeals against Apple ruling in $15 billion tax battle LONDON - The battle between the EU and Apple on taxation is not over yet. On Friday, the European Commission, which is the executive arm of the EU, said it would appeal a court ruling involving Apple and the Republic of Ireland. The EU's general court ruled in July that the Commission had failed to prove that the Irish government had given a tax advantage to the tech giant. The Commission's team, led by the EU's competition chief Margrethe Vestager, argued in 2016 that Apple had to repay 13 billion euros ($15.17 billion) in unpaid taxes to Ireland, after the latter granted "undue tax benefits" to the firm. However, both the Irish government and the tech giant contested the allegation. The European Commission will now take the case to the highest court in Europe. Source: CNBC September 25 2020 The new Apple Watch Series 6 is the best all-around smartwatch, but don't buy it just for the blood oxygen sensor I've been testing the new Apple Watch Series 6 for the past week. It's very similar to the Apple Watch Series 5 launched last year. It even looks the same, unless you check out the new sensors on the bottom or buy one of the the new red or blue models. You can't really think of a new Apple Watch model the same way you do a new iPhone. People buy new phones every couple of years, while the smartwatch market is still just getting started. Canalys expects only 150 million people, total, will have smartwatches in 2020. By way of comparison, Apple was regularly selling more than 200 million iPhones a year up to 2018, when it stopped reporting unit sales. But people are buying them, even during the coronavirus pandemic and extreme economic uncertainty it's created - Canalys also said shipments grew 12% in Q1. So when I think about the new Apple Watch Series 6, I'm still thinking about people who've never owned a smartwatch and want to take the plunge. For that audience, it's the best smartwatch you can buy, although the $399 starting price isn't cheap, and Apple does offer some less-expensive options. Source: CNBC September 24 2020 Spotify, Epic continue fight against Apple's app store policies: 'The U.S. government is finally taking it seriously' Casey Newton, journalist at The Verge, joins 'Squawk Alley' to talk about the battle between developers fighting against Apple's app store policies. The company takes a 30 percent cut of app sales. Source: CNBC September 24 2020 Cramer: 'Don't be aggressive' but look to buy tech stocks like Apple that are way off highs CNBC's Jim Cramer on Thursday advised investors to continue to take advantage of the September pullback in Big Tech. While the FAANG names - Facebook, Apple, Amazon, Netflix and Alphabet's Google - largely bounced in early Thursday trading, they were all still down double-digits on a percentage basis from their recent highs. BuySellSignals On-demand Stock Research Report - PDF: Every stock, Every market Bullish and bearish signals and parameters use algorithms based on application of investment wisdom from legends. Click on the links provided in Page 1 to export data. For details and samples of Product Suite visit www.bstfund.com For any enquiries, please email: [email protected]

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Microsoft, which has followed a similar pattern, was also up. "I do think that we're a little oversold, and you can pick at things that are down 20, 30 [percentage] points from the high," Cramer said "Squawk on the Street." "Don't be aggressive, please." Cramer's comments came as premarket trading indicated a down open after Wednesday's plunge. Stocks initially fell. But about 30 minutes in, the Dow Jones Industrial Average, S&P 500 and Nasdaq turned positive, and then went back and forth. Source: CNBC September 23 2020 Mike Santoli's market notes: Corrections are processes, Apple tussle intense, Nike revaluation Corrections are processes, and usually leave everyone a bit off balance as they move along. Bounces alternating with backslides, one day the market seems in the clear, the next back in the soup. Fitful, inconclusive trading today, Nasdaq digesting its bounce and the S&P 500 wavering a bit before managing to nudge back up into its former upper trading range (which starts above 1% up from where we are now). Source: CNBC September 22 2020 Apple, Amazon and Google will emerge as winners from a major market shift, tech analyst Gene Munster predicts Long-time tech analyst Gene Munster believes big tech is on the cusp of a major shift: It's becoming a stock pickers' market. The Loup Ventures founder and managing partner expects FAANG stocks, otherwise known as Facebook, Apple, Amazon, Netflix and Google, will fail to collectively rally like they did during most of 2020′s record run. "There's going to be a fracturing of the performance within FAANG," Munster told CNBC's "Trading Nation" on Tuesday. "Think of that group of haves being Apple, Amazon and Google, and the have nots being Netflix and Facebook." Munster sees the split coming down to adapting to the coronavirus - as well as evolving and thriving in a post-pandemic world. "The companies that are the haves are ultimately going to be involved in much bigger businesses," said Munster. He's most bullish on Apple's prospects, and highlights its innovation in the health and wellness space. "It's very simple. Cash is king, and that will ultimately will be driven even higher with wearables," he said. Munster speculates newer Apple watches and AirPods will be designed to attract more health-conscious consumers. He also predicts the 5G upgrade cycle will boost the bottom line. "This company should earn close to $6 [a share] in earnings in just a couple of years," he noted. "Put a 35x multiple on that, and you have a $200 stock." According to Munster, it's a good time to consider buying shares. Apple shares, which had a 4-1 stock split on Aug. 31, have soared 52% so far this year. But they're off 19% from the all-time high. He sees Amazon reaping long-term benefits from its logistics investments during the pandemic rush to buy online. In Google's case, it's more of a innovative play independent of the virus. "Think about what's going on with Verily around health and wellness - also what they're doing with Waymo around autonomous transportation," said Munster. September 22 2020 Apple Shares of mega-cap technology companies fell broadly on Monday, continuing their spiral that started in early September. Microsoft and Apple lost 1% and Amazon fell nearly 2%. Facebook dipped 2.3% and Alphabet lost fell 2.5%. Source: CNBC September 22 2020 Why Bespoke's Hickey says Apple is at a make or break moment CNBC's Kelly Evans discusses Apple's stock performance with Paul Hickey, Bespoke Investment Group co- founder. Source: CNBC September 22 2020 Mike Santoli's market notes: Apple is standoff stock, key market level to watch, sell-off over? "Is that all there is?" Bulls asking this of the three-week correction, bears wondering if that was it for the reflex bounce yesterday off the down-10% level and the YTD breakeven line for the S&P 500. Mild chop today after the recent swings. Further bounce in the mega-cap growth complex, the stocks that led both up into the August extremes and down this month. Apple is quite the standoff stock, fighting it out around the unchanged level after yesterday's upside reversal. Source: CNBC September 20 2020 Judge halts Trump administration order banning WeChat from Apple and Google app stores WASHINGTON - A U.S. judge in California halted the Trump administration's ban on downloads of the Chinese-owned app WeChat early Sunday. BuySellSignals On-demand Stock Research Report - PDF: Every stock, Every market Bullish and bearish signals and parameters use algorithms based on application of investment wisdom from legends. Click on the links provided in Page 1 to export data. For details and samples of Product Suite visit www.bstfund.com For any enquiries, please email: [email protected]

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The move blocks the Commerce Department from forcing Apple and Alphabet's Google to remove Tencent Holding's WeChat for downloads by Sunday evening. U.S. Magistrate Judge Laurel Beeler in California said in an order that WeChat users who filed a lawsuit "have shown serious questions going to the merits of the First Amendment claim, the balance of hardships tips in the plaintiffs favor." Beeler's preliminary injunction also blocked the Commerce order that would have barred other transactions with WeChat in the United States that could have degraded the site's usability for current U.S. users. The U.S. Commerce Department and the White House did not immediately comment. The Commerce Department announced Friday morning that it will ban U.S. business transactions with Chinese-owned social apps WeChat and TikTok on Sunday. Source: CNBC

Fig 109: 8-K other news

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3 FIN STMTS AS REPORTED: PAST 4 YEARS

10-K RESULTS OF OPERATIONS AND FINANCIAL CONDITION (In $US Million, except per share data and shares outstanding) Fig 110: INCOME STATEMENT AS REPORTED (FY2019)

Description $US Million $US Million Sep 28, 2019 Sep 29, 2018 Change % Net sales: Products 213,883 225,847 Down 5.3 Services 46,291 39,748 Up 16.5 Total net sales 260,174 265,595 Down 2.0 Cost of sales: Products 144,996 148,164 Down 2.1 Services 16,786 15,592 Up 7.7 Total cost of sales 161,782 163,756 Down 1.2 Gross margin 98,392 101,839 Down 3.4 Operating expenses: Research and development 16,217 14,236 Up 13.9 Selling general and administrative 18,245 16,705 Up 9.2 Total operating expenses 34,462 30,941 Up 11.4 Operating income 63,930 70,898 Down 9.8 Other income/(expense) net 1,807 2,005 Down 9.9 Income before provision for income taxes 65,737 72,903 Down 9.8 Provision for income taxes 10,481 13,372 Down 21.6 Net income 55,256 59,531 Down 7.2 Earnings per share: Basic $US11.97 $US12.01 Down 0.3

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Diluted $US11.89 $US11.91 Down 0.2 Shares used in computing earnings per share: Basic 4,617,834,000 4,955,377,000 Down 6.8 Diluted 4,648,913,000 5,000,109,000 Down 7.0

Fig 111: BALANCE SHEET AS REPORTED (FY2019)

Description $US Million $US Million Sep 28, 2019 Sep 29, 2018 Change % ASSETS: Current assets: Cash and cash equivalents 48,844 25,913 Up 88.5 Marketable securities 51,713 40,388 Up 28.0 Accounts receivable net 22,926 23,186 Down 1.1 Inventories 4,106 3,956 Up 3.8 Vendor non-trade receivables 22,878 25,809 Down 11.4 Other current assets 12,352 12,087 Up 2.2 Total current assets 162,819 131,339 Up 24.0 Non-current assets: Marketable securities 105,341 170,799 Down 38.3 Property plant and equipment net 37,378 41,304 Down 9.5 Other non-current assets 32,978 22,283 Up 48.0 Total non-current assets 175,697 234,386 Down 25.0 Total assets 338,516 365,725 Down 7.4 LIABILITIES AND SHAREHOLDERS' EQUITY: Current liabilities: Accounts payable 46,236 55,888 Down 17.3 Other current liabilities 37,720 33,327 Up 13.2 Deferred revenue 5,522 5,966 Down 7.4 Commercial paper 5,980 11,964 Down 50.0 Term debt 10,260 8,784 Up 16.8 Total current liabilities 105,718 115,929 Down 8.8 Non-current liabilities: Term debt 91,807 93,735 Down 2.1 Other non-current liabilities 50,503 48,914 Up 3.2 Total non-current liabilities 142,310 142,649 Down 0.2 Total liabilities 248,028 258,578 Down 4.1 Commitments and contingencies Shareholders' equity: Common stock and additional paid-in capital 0.00001 par 45,174 40,201 Up 12.4 value: 12600000 shares authorized; 4443236 and 4754986 shares issued and outstanding respectively Retained earnings 45,898 70,400 Down 34.8

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Accumulated other comprehensive income/(loss) -584 -3,454 Improved 83.1 Total shareholders' equity 90,488 107,147 Down 15.5 Total liabilities and shareholders' equity 338,516 365,725 Down 7.4

Fig 112: CASH FLOW AS REPORTED (FY2019)

Description $US Million $US Million Sep 28, 2019 Sep 29, 2018 Change % Cash cash equivalents and restricted cash beginning 25,913 20,289 Up 27.7 balances Operating activities: Net income 55,256 59,531 Down 7.2 Adjustments to reconcile net income to cash generated by operating activities: Depreciation and amortization 12,547 10,903 Up 15.1 Share-based compensation expense 6,068 5,340 Up 13.6 Deferred income tax expense/(benefit) -340 -32,590 Improved 99.0 Other -652 -444 Deterioration 46.8 Changes in operating assets and liabilities: Accounts receivable net 245 -5,322 Recovery Inventories -289 828 Deterioration Vendor non-trade receivables 2,931 -8,010 Recovery Other current and non-current assets 873 -423 Recovery Accounts payable -1,923 9,175 Deterioration Deferred revenue -625 -3 Deterioration 20,733.3 Other current and non-current liabilities -4,700 38,449 Deterioration Cash generated by operating activities 69,391 77,434 Down 10.4 Investing activities: Purchases of marketable securities -39,630 -71,356 Improved 44.5 Proceeds from maturities of marketable securities 40,102 55,881 Down 28.2 Proceeds from sales of marketable securities 56,988 47,838 Up 19.1 Payments for acquisition of property plant and -10,495 -13,313 Improved 21.2 equipment Payments made in connection with business acquisitions -624 -721 Improved 13.5 net Purchases of non-marketable securities -1,001 -1,871 Improved 46.5 Proceeds from non-marketable securities 1,634 353 Up 362.9 Other -1,078 -745 Deterioration 44.7 Cash generated by/(used in) investing activities 45,896 16,066 Up 185.7 Financing activities: Proceeds from issuance of common stock 781 669 Up 16.7 Payments for taxes related to net share settlement of equity -2,817 -2,527 Deterioration 11.5 awards

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Payments for dividends and dividend equivalents -14,119 -13,712 Deterioration 3.0 Repurchases of common stock -66,897 -72,738 Improved 8.0 Proceeds from issuance of term debt net 6,963 6,969 Down 0.1 Repayments of term debt -8,805 -6,500 Deterioration 35.5 Proceeds from/(Repayments of) commercial paper net -5,977 -37 Deterioration 16,054.1 Other -105 Cash used in financing activities -90,976 -87,876 Deterioration 3.5 Increase/(Decrease) in cash cash equivalents and restricted 24,311 5,624 Up 332.3 cash Cash cash equivalents and restricted cash ending balances 50,224 25,913 Up 93.8 Supplemental cash flow disclosure: Cash paid for income taxes net 15,263 10,417 Up 46.5 Cash paid for interest 3,423 3,022 Up 13.3

Fig 113: Margins %

Sep 28, 2019 Sep 29, 2018 Gross Profit Margin 212.6 256.2 EBITDA Margin 142 183.4 Earnings from Cont. Ops. Margin 142 183.4 Net Income Margin 119.4 149.8 10-K RESULTS OF OPERATIONS AND FINANCIAL CONDITION (In $US Million, except per share data and shares outstanding) Fig 114: INCOME STATEMENT AS REPORTED (FY2018)

Description $US Million $US Million Sep 29, 2018 Sep 30, 2017 Change % Net sales 265,595 229,234 Up 15.9 Cost of sales 163,756 141,048 Up 16.1 Gross margin 101,839 88,186 Up 15.5 Operating expenses: Research and development 14,236 11,581 Up 22.9 Selling, general and administrative 16,705 15,261 Up 9.5 Total operating expenses 30,941 26,842 Up 15.3 Operating income 70,898 61,344 Up 15.6 Other income/(expense), net 2,005 2,745 Down 27.0 Income before provision for income taxes 72,903 64,089 Up 13.8 Provision for income taxes 13,372 15,738 Down 15.0 Net income 59,531 48,351 Up 23.1 Earnings per share: Basic $US12.01 $US9.27 Up 29.6 Diluted $US11.91 $US9.21 Up 29.3

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Shares used in computing earnings per share: Basic 4,955,377,000 5,217,242,000 Down 5.0 Diluted 5,000,109,000 5,251,692,000 Down 4.8

Fig 115: BALANCE SHEET AS REPORTED (FY2018)

Description $US Million $US Million Sep 29, 2018 Sep 30, 2017 Change % ASSETS: Current assets: Cash and cash equivalents 25,913 20,289 Up 27.7 Marketable securities 40,388 53,892 Down 25.1 Accounts receivable, net 23,186 17,874 Up 29.7 Inventories 3,956 4,855 Down 18.5 Vendor non-trade receivables 25,809 17,799 Up 45.0 Other current assets 12,087 13,936 Down 13.3 Total current assets 131,339 128,645 Up 2.1 Non-current assets: Marketable securities 170,799 194,714 Down 12.3 Property, plant and equipment, net 41,304 33,783 Up 22.3 Other non-current assets 22,283 18,177 Up 22.6 Total non-current assets 234,386 246,674 Down 5.0 Total assets 365,725 375,319 Down 2.6 LIABILITIES AND SHAREHOLDERS' EQUITY: Current liabilities: Accounts payable 55,888 44,242 Up 26.3 Other current liabilities 32,687 30,551 Up 7.0 Deferred revenue 7,543 7,548 Down 0.1 Commercial paper 11,964 11,977 Down 0.1 Term debt 8,784 6,496 Up 35.2 Total current liabilities 116,866 100,814 Up 15.9 Non-current liabilities: Deferred revenue 2,797 2,836 Down 1.4 Term debt 93,735 97,207 Down 3.6 Other non-current liabilities 45,180 40,415 Up 11.8 Total non-current liabilities 141,712 140,458 Up 0.9 Total liabilities 258,578 241,272 Up 7.2 Commitments and contingencies Shareholders' equity: Common stock and additional paid-in capital, $0.00001 par 40,201 35,867 Up 12.1 value: 12,600,000 shares authorized; 4,754,986 and 5,126,201 shares issued and outstanding, respectively Retained earnings 70,400 98,330 Down 28.4

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Accumulated other comprehensive income/(loss) -3,454 -150 Deterioration 2,202.7 Total shareholders' equity 107,147 134,047 Down 20.1 Total liabilities and shareholders' equity 365,725 375,319 Down 2.6

Fig 116: CASH FLOW AS REPORTED (FY2018)

Description $US Million $US Million Sep 29, 2018 Sep 30, 2017 Change % Cash and cash equivalents, beginning of the year 20,289 20,484 Down 1.0 Operating activities: Net income 59,531 48,351 Up 23.1 Adjustments to reconcile net income to cash generated by operating activities: Depreciation and amortization 10,903 10,157 Up 7.3 Share-based compensation expense 5,340 4,840 Up 10.3 Deferred income tax expense/(benefit) -32,590 5,966 Deterioration Other -444 -166 Deterioration 167.5 Changes in operating assets and liabilities: Accounts receivable, net -5,322 -2,093 Deterioration 154.3 Inventories 828 -2,723 Recovery Vendor non-trade receivables -8,010 -4,254 Deterioration 88.3 Other current and non-current assets -423 -5,318 Improved 92.0 Accounts payable 9,175 8,966 Up 2.3 Deferred revenue -44 -626 Improved 93.0 Other current and non-current liabilities 38,490 1,125 Up 3,321.3 Cash generated by operating activities 77,434 64,225 Up 20.6 Investing activities: Purchases of marketable securities -71,356 -159,486 Improved 55.3 Proceeds from maturities of marketable securities 55,881 31,775 Up 75.9 Proceeds from sales of marketable securities 47,838 94,564 Down 49.4 Payments for acquisition of property, plant and -13,313 -12,451 Deterioration 6.9 equipment Payments made in connection with business -721 -329 Deterioration 119.1 acquisitions, net Purchases of non-marketable securities -1,871 -521 Deterioration 259.1 Proceeds from non-marketable securities 353 126 Up 180.2 Other -745 -124 Deterioration 500.8 Cash generated by/(used in) investing activities 16,066 -46,446 Recovery Financing activities: Proceeds from issuance of common stock 669 555 Up 20.5 Payments for taxes related to net share settlement of equity -2,527 -1,874 Deterioration 34.8 awards Payments for dividends and dividend equivalents -13,712 -12,769 Deterioration 7.4

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Repurchases of common stock -72,738 -32,900 Deterioration 121.1 Proceeds from issuance of term debt, net 6,969 28,662 Down 75.7 Repayments of term debt -6,500 -3,500 Deterioration 85.7 Change in commercial paper, net -37 3,852 Deterioration Cash used in financing activities -87,876 -17,974 Deterioration 388.9 Increase/(Decrease) in cash and cash equivalents 5,624 -195 Recovery Cash and cash equivalents, end of the year 25,913 20,289 Up 27.7 Supplemental cash flow disclosure: Cash paid for income taxes, net 10,417 11,591 Down 10.1 Cash paid for interest 3,022 2,092 Up 44.5

Fig 117: Margins %

Sep 29, 2018 Sep 30, 2017 Gross Profit Margin 38.3 38.5 EBITDA Margin 27.4 28 Earnings from Cont. Ops. Margin 27.4 28 Net Income Margin 22.4 21.1 10-K RESULTS OF OPERATIONS AND FINANCIAL CONDITION (In $US Million, except per share data and shares outstanding) Fig 118: INCOME STATEMENT AS REPORTED (FY2017)

Description $US Million $US Million Sep 30, 2017 Sep 24, 2016 Change % Income Statement Net sales 229,234 215,639 Up 6.3 Cost of sales 141,048 131,376 Up 7.4 Gross margin 88,186 84,263 Up 4.7 Operating expenses: Research and development 11,581 10,045 Up 15.3 Selling, general and administrative 15,261 14,194 Up 7.5 Total operating expenses 26,842 24,239 Up 10.7 Operating income 61,344 60,024 Up 2.2 Other income/(expense), net 2,745 1,348 Up 103.6 Income before provision for income taxes 64,089 61,372 Up 4.4 Provision for income taxes 15,738 15,685 Up 0.3 Net income 48,351 45,687 Up 5.8 Net income 48,351 45,687 Up 5.8 Earnings per share: Basic (in dollars per share) $US9.27 $US8.35 Up 11.0 Diluted (in dollars per share) $US9.21 $US8.31 Up 10.8 Shares used in computing earnings per share:

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Basic (in shares) 5,217,242,000 5,470,820,000 Down 4.6 Diluted (in shares) 5,251,692,000 5,500,281,000 Down 4.5 Cash dividends declared per share (in dollars per share) 2.4 2.18 Up 10.1

Fig 119: BALANCE SHEET AS REPORTED (FY2017)

Description $US Million $US Million Sep 30, 2017 Sep 24, 2016 Change % Current assets: Cash and cash equivalents 20,289 20,484 Down 1.0 Short-term marketable securities 53,892 46,671 Up 15.5 Accounts receivable, less allowances of $58 and $53, 17,874 15,754 Up 13.5 respectively Inventories 4,855 2,132 Up 127.7 Vendor non-trade receivables 17,799 13,545 Up 31.4 Other current assets 13,936 8,283 Up 68.2 Total current assets 128,645 106,869 Up 20.4 Long-term marketable securities 194,714 170,430 Up 14.2 Property, plant and equipment, net 33,783 27,010 Up 25.1 Goodwill 5,717 5,414 Up 5.6 Acquired intangible assets, net 2,298 3,206 Down 28.3 Other non-current assets 10,162 8,757 Up 16.0 246,674 214,817 Up 14.8 Total assets 375,319 321,686 Up 16.7 Current liabilities: Accounts payable 49,049 37,294 Up 31.5 Accrued expenses 25,744 22,027 Up 16.9 Deferred revenue 7,548 8,080 Down 6.6 Commercial paper 11,977 8,105 Up 47.8 Current portion of long-term debt 6,496 3,500 Up 85.6 26,021 19,685 Up 32.2 Total current liabilities 100,814 79,006 Up 27.6 Deferred revenue, non-current 2,836 2,930 Down 3.2 Long-term debt 97,207 75,427 Up 28.9 Other non-current liabilities 40,415 36,074 Up 12.0 140,458 114,431 Up 22.7 Total liabilities 241,272 193,437 Up 24.7 Commitments and contingencies Shareholders' equity: Common stock and additional paid-in capital, $0.00001 par 35,867 31,251 Up 14.8 value: 12,600,000 shares authorized; 5,126,201 and 5,336,166 shares issued and outstanding, respectively Retained earnings 98,330 96,364 Up 2.0

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Accumulated other comprehensive income/(loss) -150 634 Deterioration Total shareholders' equity 134,047 128,249 Up 4.5 Total liabilities and shareholders' equity 375,319 321,686 Up 16.7

Fig 120: CASH FLOW AS REPORTED (FY2017)

Description $US Million $US Million Sep 30, 2017 Sep 24, 2016 Change % Statement of Cash Flows Cash and cash equivalents, beginning of the year 20,484 21,120 Down 3.0 Operating activities: Net income 48,351 45,687 Up 5.8 Adjustments to reconcile net income to cash generated by operating activities: Depreciation and amortization 10,157 10,505 Down 3.3 Share-based compensation expense 4,840 4,210 Up 15.0 Deferred income tax expense 5,966 4,938 Up 20.8 Other -166 486 Deterioration Changes in operating assets and liabilities: Accounts receivable, net -2,093 527 Deterioration Inventories -2,723 217 Deterioration Vendor non-trade receivables -4,254 -51 Deterioration 8,241.2 Other current and non-current assets -5,318 1,055 Deterioration Accounts payable 9,618 1,837 Up 423.6 Deferred revenue -626 -1,554 Improved 59.7 Other current and non-current liabilities -154 -2,033 Improved 92.4 Cash generated by operating activities 63,598 65,824 Down 3.4 Investing activities: Purchases of marketable securities -159,486 -142,428 Deterioration 12.0 Proceeds from maturities of marketable securities 31,775 21,258 Up 49.5 Proceeds from sales of marketable securities 94,564 90,536 Up 4.4 Payments made in connection with business -329 -297 Deterioration 10.8 acquisitions, net Payments for acquisition of property, plant and -12,451 -12,734 Improved 2.2 equipment Payments for acquisition of intangible assets -344 -814 Improved 57.7 Payments for strategic investments, net -395 -1,388 Improved 71.5 Other 220 -110 Recovery Cash used in investing activities -46,446 -45,977 Deterioration 1.0 Financing activities: Proceeds from issuance of common stock 555 495 Up 12.1 Excess tax benefits from equity awards 627 407 Up 54.1

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Payments for taxes related to net share settlement of equity -1,874 -1,570 Deterioration 19.4 awards Payments for dividends and dividend equivalents 12,769 12,150 Up 5.1 Repurchases of common stock -32,900 -29,722 Deterioration 10.7 Proceeds from issuance of term debt, net 28,662 24,954 Up 14.9 Repayments of term debt -3,500 -2,500 Deterioration 40.0 Change in commercial paper, net 3,852 -397 Recovery Cash used in financing activities -17,347 -20,483 Improved 15.3 Increase/(Decrease) in cash and cash equivalents -195 -636 Improved 69.3 Cash and cash equivalents, end of the year 20,289 20,484 Down 1.0 Supplemental cash flow disclosure: Cash paid for income taxes, net 11,591 10,444 Up 11.0 Cash paid for interest 2,092 1,316 Up 59.0

Fig 121: Margins %

Sep 30, 2017 Sep 24, 2016 Gross Profit Margin 38.5 39.1 EBITDA Margin 28 28.5 Earnings from Cont. Ops. Margin 28 28.5 Net Income Margin 21.1 21.2 10-K RESULTS OF OPERATIONS AND FINANCIAL CONDITION (In $US Million, except per share data and shares outstanding) Fig 122: INCOME STATEMENT AS REPORTED (FY2016)

Description $US Million $US Million Sep 24, 2016 Sep 26, 2015 Change % Income Statement Net sales 215,639 233,715 Down 7.7 Cost of sales 131,376 140,089 Down 6.2 Gross margin 84,263 93,626 Down 10.0 Operating expenses: Research and development 10,045 8,067 Up 24.5 Selling, general and administrative 14,194 14,329 Down 0.9 Total operating expenses 24,239 22,396 Up 8.2 Operating income 60,024 71,230 Down 15.7 Other income/(expense), net 1,348 1,285 Up 4.9 Income before provision for income taxes 61,372 72,515 Down 15.4 Provision for income taxes 15,685 19,121 Down 18.0 Net income 45,687 53,394 Down 14.4 Net income 45,687 53,394 Down 14.4 Earnings per share: Basic (in dollars per share) $US8.35 $US9.28 Down 10.0

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Diluted (in dollars per share) $US8.31 $US9.22 Down 9.9 Shares used in computing earnings per share: Basic (in shares) 5,470,820,000 5,753,421,000 Down 4.9 Diluted (in shares) 5,500,281,000 5,793,069,000 Down 5.1 Cash dividends declared per share (in dollars per share) 2.18 1.98 Up 10.1

Fig 123: BALANCE SHEET AS REPORTED (FY2016)

Description $US Million $US Million Sep 24, 2016 Sep 26, 2015 Change % Current assets: Cash and cash equivalents 20,484 21,120 Down 3.0 Short-term marketable securities 46,671 20,481 Up 127.9 Accounts receivable, less allowances of $53 and $63, 15,754 16,849 Down 6.5 respectively Inventories 2,132 2,349 Down 9.2 Vendor non-trade receivables 13,545 13,494 Up 0.4 Other current assets 8,283 15,085 Down 45.1 Total current assets 106,869 89,378 Up 19.6 Long-term marketable securities 170,430 164,065 Up 3.9 Property, plant and equipment, net 27,010 22,471 Up 20.2 Goodwill 5,414 5,116 Up 5.8 Acquired intangible assets, net 3,206 3,893 Down 17.6 Other non-current assets 8,757 5,422 Up 61.5 214,817 200,967 Up 6.9 Total assets 321,686 290,345 Up 10.8 Current liabilities: Accounts payable 37,294 35,490 Up 5.1 Accrued expenses 22,027 25,181 Down 12.5 Deferred revenue 8,080 8,940 Down 9.6 Commercial paper 8,105 8,499 Down 4.6 Current portion of long-term debt 3,500 2,500 Up 40.0 Total current liabilities 79,006 80,610 Down 2.0 Deferred revenue, non-current 2,930 3,624 Down 19.2 Long-term debt 75,427 53,329 Up 41.4 Other non-current liabilities 36,074 33,427 Up 7.9 114,431 90,380 Up 26.6 Total liabilities 193,437 170,990 Up 13.1 Commitments and contingencies Shareholders' equity: Common stock and additional paid-in capital, $0.00001 par 31,251 27,416 Up 14.0 value: 12,600,000 shares authorized; 5,336,166 and 5,578,753 shares issued and outstanding, respectively

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Retained earnings 96,364 92,284 Up 4.4 Accumulated other comprehensive income/(loss) 634 -345 Recovery Total shareholders' equity 128,249 119,355 Up 7.5 Total liabilities and shareholders' equity 321,686 290,345 Up 10.8

Fig 124: CASH FLOW AS REPORTED (FY2016)

Description $US Million $US Million Sep 24, 2016 Sep 26, 2015 Change % Statement of Cash Flows Cash and cash equivalents, beginning of the year 21,120 13,844 Up 52.6 Operating activities: Net income 45,687 53,394 Down 14.4 Adjustments to reconcile net income to cash generated by operating activities: Depreciation and amortization 10,505 11,257 Down 6.7 Share-based compensation expense 4,210 3,586 Up 17.4 Deferred income tax expense 4,938 1,382 Up 257.3 Changes in operating assets and liabilities: Accounts receivable, net 1,095 611 Up 79.2 Inventories 217 -238 Recovery Vendor non-trade receivables -51 -3,735 Improved 98.6 Other current and non-current assets 1,090 -179 Recovery Accounts payable 1,791 5,400 Down 66.8 Deferred revenue -1,554 1,042 Deterioration Other current and non-current liabilities -2,104 8,746 Deterioration Cash generated by operating activities 65,824 81,266 Down 19.0 Investing activities: Purchases of marketable securities -142,428 -166,402 Improved 14.4 Proceeds from maturities of marketable securities 21,258 14,538 Up 46.2 Proceeds from sales of marketable securities 90,536 107,447 Down 15.7 Payments made in connection with business -297 -343 Improved 13.4 acquisitions, net Payments for acquisition of property, plant and -12,734 -11,247 Deterioration 13.2 equipment Payments for acquisition of intangible assets -814 -241 Deterioration 237.8 Payments for strategic investments -1,388 Other -110 -26 Deterioration 323.1 Cash used in investing activities -45,977 -56,274 Improved 18.3 Financing activities: Proceeds from issuance of common stock 495 543 Down 8.8 Excess tax benefits from equity awards 407 749 Down 45.7

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Payments for taxes related to net share settlement of equity -1,570 -1,499 Deterioration 4.7 awards Payments for dividends and dividend equivalents -12,150 -11,561 Deterioration 5.1 Repurchases of common stock -29,722 -35,253 Improved 15.7 Proceeds from issuance of term debt, net 24,954 27,114 Down 8.0 Repayments of term debt -2,500 Change in commercial paper, net -397 2,191 Deterioration Cash used in financing activities -20,483 -17,716 Deterioration 15.6 Increase/(Decrease) in cash and cash equivalents -636 7,276 Deterioration Cash and cash equivalents, end of the year 20,484 21,120 Down 3.0 Supplemental cash flow disclosure: Cash paid for income taxes, net 10,444 13,252 Down 21.2 Cash paid for interest 1,316 514 Up 156.0

Fig 125: Margins %

Sep 24, 2016 Sep 26, 2015 Gross Profit Margin 39.1 40.1 EBITDA Margin 28.5 31 Earnings from Cont. Ops. Margin 28.5 31 Net Income Margin 21.2 22.8

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Section 1 Apple (AAPL)1 Fig 2: Primary Exchange and Other Listings: Trading Currency and Volume2 Fig 3: AAPL Financials Summary: EPS up 10.7% to $3.31 in FY20202 Fig 4: Analyst Recommendations: Past Quarter2 Fig 5: LONG-TERM FUNDAMENTAL RANKING: 3 OUT OF 5 [5 is best]3 Section 2 The Past Quarter: Regulatory Announcements3 Fig 6: Dividends3 Fig 7: Insider Shares held3 Fig 8: Ranking3 Fig 9: Insider Selling4 Fig 10: Apple issued 774 new patents in the past quarter4 Section 3 Q2/2021 Institutional Shareholder Activity5 Fig 11: Top 20 Institutional Shareholders of Apple as at June 30, 20215 Fig 12: Top 10 Increases in Shares held by Institutions June 30, 2021 vs March 31, 20216 Fig 13: Top 10 Decreases in Shares held by Institutions June 30, 2021 vs March 31, 20216 Fig 14: Top 10 New Entrants7 Fig 15: Top 2 Drop Outs7 Fig 16: Reported holdings of institutions as at June 30, 20217 Section 4 News and Buzz8 Fig 17: Recent Business News Round Up: CNBC8 Fig 18: Stock Buzz9 Section 5 Bearish Signals10 Fig 20: Rank in the bottom 18% by Relative Valuation in the NASDAQ market11 Downtrend11 Overvaluation12 Other Bearish Signals12 Section 6 Ongoing Bearish Parameters12 Fig 21: Rank in the bottom 23% by Growth in the NASDAQ market12 Fig 22: Present Value of $1000 Invested in the Past 3 Months; The Worst Period with PV$1000 < 99812 Fig 23: Sequential EPS growth [Q3/2021 vs Q2/2021] of -7.1%13 Fig 24: P/E/G > 113 Fig 25: A 275.9% Increase in Insider Selling13 Fig 26: Slipping Relative Strength14 Fig 27: % Change (Tr. 12 Mo): Stock (23.9%) v Index (28.6%)14 Fig 28: Rank in the NASDAQ-100 Index14 Section 7 Bullish Signals15 Uptrend15 Undervaluation15 Other Bullish Signals15 Oversold/Bullish Signals15 Section 8 Ongoing Bullish Parameters16 Fig 29: Past four-years16 Fig 30: Rank in the top 1% by Size in the NASDAQ market16 Fig 31: Rank in the top 23% by Performance in the NASDAQ market16 Fig 32: Rank in the top 7% by Productivity in the NASDAQ market16

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Fig 33: Present Value of $1000 Invested in the Past [1 Yr, 3 Yrs]; The Best Periods with PV$1000 > 1,24616 Fig 34: Past 3 years: price rise of 152.9%17 Fig 35: Moving Annual Return of 24.7% in the past year17 Fig 36: Created Market Value [CMV] past 30 yrs of $2,394 billion17 Fig 37: Apple sees dividend rise for a ninth consecutive year18 Fig 38: EPS growth [FY2020 vs FY2019] of 10.7%18 Fig 39: Annualised Period-based Total Shareholder Returns [TSR %]: The Best Periods with TSR > 21.6%18 Fig 40: Low Debt to Equity (%)18 Fig 41: % Growth in EPS & RPS19 Fig 42: Increased Volume, up 259% in 5 years19 Fig 43: Increased VWAP, up 299% in 5 years19 Fig 44: Increased share turnover, up 255% in 5 years20 Fig 45: Quarterly Trend in Revenue, Net Profit and Net Profit Margin20 Fig 46: Satisfies two criterion of Benjamin Graham20 Fig 47: Satisfies 6 out of 9 criterion of Joseph Piotroski [pass mark 5]20 Fig 48: Year-over-year (%) Change in Dividend21 Fig 49: Growth in Annual Revenue & Net Income21 Fig 50: Price > Moving Avg Price21 Fig 51: Turnover Period Above Average22 Fig 52: Rank in the NASDAQ-100 Index22 Section 9 Corporate Profile and Independent Ratings23 Fig 53: Activities23 Fig 54: Independent Ratings23 Fig 55: Independent Ratings of Directors24 Fig 56: Segment Information24 Fig 57: Contact Details24 Fig 58: Industry & Sector25 Fig 59: North American Industry Classification System [NAICS]25 Section 10 Financials FY 2020, Past 7 Years25 Fig 60: Financials, FY 202025 Fig 61: Annual growth in Revenue, Net Profit and EPS26 Fig 62: Year-on-year comparison of Performance Ratios [FY2020 vs FY2019]26 Fig 63: Financials as reported (FY 2020)27 Fig 64: INCOME STATEMENT AS REPORTED (FY 2020)28 Fig 65: BALANCE SHEET AS REPORTED (FY 2020)29 Fig 66: CASH FLOW AS REPORTED (FY 2020)30 Fig 67: Financials Past 7 Years31 Section 11 Tax & Dividend32 Fig 68: Average Income Tax Paid (Past 5 Years)32 Fig 69: Footprint of Low Tax Subsidiaries32 Fig 70: Dividend History32 Fig 71: Annual Dividends - Past 4 years (USD Cents)32 Section 12 Board of Directors33 Fig 72: Board and Management33 Fig 73: Profiles33 Timothy D. Cook (CEO & Director)33 Arthur D. Levinson (Chairman & Director)34 Luca Maestri (CFO & Senior Vice President)34 BuySellSignals On-demand Stock Research Report - PDF: Every stock, Every market Bullish and bearish signals and parameters use algorithms based on application of investment wisdom from legends. Click on the links provided in Page 1 to export data. For details and samples of Product Suite visit www.bstfund.com For any enquiries, please email: [email protected]

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Ronald D. Sugar (Director)35 Albert A. Gore Jr. (Director)35 James A. Bell (Director)36 Monica Lozano (Director)36 Sue Wagner (Director)36 Andrea Jung (Director)37 Jeff Williams (Chief Operating Officer)37 Katherine Adams (Company Secretary & Senior Vice President)38 Section 13 Insider Ownership And Selling In The Past 10 Years38 Fig 74: Shares Held by Insiders as on Oct 04, 202138 Fig 75: Timothy D. Cook Shares and Options Held38 Fig 76: Arthur D. Levinson Shares and Options Held39 Fig 77: Luca Maestri Shares and Options Held39 Fig 78: Ronald D. Sugar Options Held39 Fig 79: Albert A. Gore Jr. Options Held39 Fig 80: James A. Bell Options Held39 Fig 81: Monica Lozano Options Held39 Fig 82: Andrea Jung Options Held39 Fig 83: Jeff Williams Shares and Options Held40 Fig 84: Katherine Adams Shares and Options Held40 Fig 85: Insider selling Summary in the past 12 months40 Fig 86: Cook Timothy D [CEO] Reported Selling In The Past 12 Months40 Fig 87: Williams Jeffrey E [COO] Reported Selling In The Past 12 Months41 Fig 88: Maestri Luca [CFO] Reported Selling In The Past 12 Months41 Fig 89: Adams Katherine L. [Company Secretary] Reported Selling In The Past 12 Months42 Fig 90: Levinson Arthur D [Chairman] Reported Selling In The Past 12 Months42 Section 14 Top shareholders43 Section 15 Peer Comparison & Ranking of AAPL43 Fig 91: PEER COMPARISON: AAPL IN INDEX43 Fig 92: Global Peer Comparison: AAPL - KEY FINANCIALS (all figures in $)44 Fig 93: FAANG Peer Comparison: AAPL - KEY FINANCIALS AND PRICE PERFORMANCE (all figures in $)45 Fig 94: FAANG Peer Group - Price Performance46 Fig 95: FAANG Peer Group - Total Shareholder Returns [TSR in $]46 Fig 96: BUYSELLSIGNALS FUNDAMENTALS VALUATION RANKING47 Fig 97: GLOBAL RANK [out of 47,499 stocks] AND RANK OF APPLE IN THE AMERICAN REGION [out of 11,338 stocks]47 Fig 98: RANK OF APPLE IN THE NASDAQ-100 INDEX [out of 93 stocks] AND IN THE TOTAL NASDAQ MARKET [out of 2533 stocks]48 Section 16 Corporate Bonds48 Fig 99: Time [Yrs Mo Days] and Yield to Maturity as on Oct 04, 202149 Fig 100: Key Statistics49 Fig 101: Yield Curve - Apple Bond vs US Treasury50 Section 17 Patents50 Fig 102: Number of Patents Issued to Apple by the US Patent Office and the European Patent Office50 Fig 103: Rank by patents issued in the past 12 months: Apple vs NASDAQ stocks51 Fig 104: Patents issued to Apple by the US PTO and the EPO on same inventions in the past year51 Section 18 News Archives (Aug 2020 - May 2021)53 Fig 105: Dividends53 Fig 106: Share Capital53 BuySellSignals On-demand Stock Research Report - PDF: Every stock, Every market Bullish and bearish signals and parameters use algorithms based on application of investment wisdom from legends. Click on the links provided in Page 1 to export data. For details and samples of Product Suite visit www.bstfund.com For any enquiries, please email: [email protected]

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Fig 107: Litigation56 Fig 108: Press Releases56 Fig 109: 8-K other news60 Section 19 3 FIN STMTS AS REPORTED: PAST 4 YEARS60 Fig 110: INCOME STATEMENT AS REPORTED (FY2019)60 Fig 111: BALANCE SHEET AS REPORTED (FY2019)61 Fig 112: CASH FLOW AS REPORTED (FY2019)62 Fig 113: Margins %63 Fig 114: INCOME STATEMENT AS REPORTED (FY2018)63 Fig 115: BALANCE SHEET AS REPORTED (FY2018)64 Fig 116: CASH FLOW AS REPORTED (FY2018)65 Fig 117: Margins %66 Fig 118: INCOME STATEMENT AS REPORTED (FY2017)66 Fig 119: BALANCE SHEET AS REPORTED (FY2017)67 Fig 120: CASH FLOW AS REPORTED (FY2017)68 Fig 121: Margins %69 Fig 122: INCOME STATEMENT AS REPORTED (FY2016)69 Fig 123: BALANCE SHEET AS REPORTED (FY2016)70 Fig 124: CASH FLOW AS REPORTED (FY2016)71 Fig 125: Margins %72

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ADVT: Price/Sales (Fig 96): Average Daily Volume of shares Traded Share Price/Sales Per Share (times) Annual Return (Fig 35): Relative Price Change [RPC]: Dividends Paid In a 12-Month Period/Price at the Beginning of the Period Relative price change is price change of stock with respect to + Capital Gain or Loss over 1 Year/Price 1 Year Ago (%) Benchmark Index Capital Gain/Loss from n Years Ago to n-1 Years Ago: Relative Strength (n-th Period) (Fig 26): Capital Gain or Loss over 1 Year/Price 1 Year Ago (%) Price close today/Price close 'n' periods ago, then ranked by percentile Carbon Productivity: within the entire market. Revenue / GHG emissions Return on Assets (Fig 32, 62): Current Ratio (Fig 62): Net Profit/Total Assets (%) Current Assets/Current Liabiliites (times) Return on Equity (Shareholders' Funds) (Fig 28, 52, 62, 97, 98): Debt/Equity (Fig 40): Net Profit/Net Assets (%) Net Debt/Net Assets % TSR (Fig 39): Dividend Yield (Fig 0, 20, 28): Total Shareholder Returns is expressed as an annualized rate of return for Dividend Per Share/Share Price (%) shareholders after allowing for capital appreciation and dividend Earnings Yield: TTM (Fig 0): Earnings Per Share/Share Price (%) Trailing 12 Months Energy Productivity: Turnover Period (Fig 51): Revenue / energy use Time Period required for trading all Outstanding Shares Income during the n years (3/2/1) (Fig 70): Turnover Rate (Fig 51): Dividends received during the Period US Dollar value of annual trading volume as a percentage of market Moving Average Price (n periods): capitalisation Sum of Prices for each Period/Number of Periods Volatility: PCP (Fig 41): Highest Price minus Lowest Price/Lowest Price (%) Previous Corresponding Period Volume Index (VI): PV$1000 (Fig 97, 98, 22, 28, 33, 52): Number of shares traded in the period/Average number of shares Present value of $1000 invested 1 year/'n' years ago traded for the period Price/Earnings (Fig 20, 97, 98, 0, 24, 96, 28, 52): Volume Weighted Average Price (VWAP) (Fig 43): Share Price/Earnings Per Share (times) The Volume Weighted Average Price (VWAP) is the summation of Price/NTA (Fig 20, 28, 52, 97, 98): turnover divided by total volume in the same period. Closing Share Price/Net Tangible Assets Per Share (times) Waste Productivity: Revenue / non-recycled/reused waste generated Water Productivity: Revenue / water withdrawal

Momentum Up Price increase fuelled by above average Volume

Weak Momentum Up Price increase on below average Volume

Momentum Down Price decrease fuelled by above average Volume

Weak Momentum Down Price decrease on below average Volume

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