Company APPLE INC Price Date 03/10/10

Study by IAS Data Date 03/11/10

Stock Data Source Other

Sector Information Technology
Industry Computer Hardware Reference S&P

Study Preferred($M)
Common(M Shares)
Debt($M)
0.0
906.3
0.0
% Insiders
% Institutions 72.8
0.7

% to Tot.Cap. 0.0 Quality 1.0 (IAS)

1
2K
Growth Analysis
FY 2010 Q1 (Ended 12/31/2009)
NASDAQ:AAPL

RECENT QUARTERLY FIGURES

EARNINGS
SALES PER SHARE 94,067.0
1K ($M) ($)
Latest Quarter 15,683.0 3.67
700
600
Year Ago Quarter 11,880.0 2.50
500
32.0% 46.8%
400 Percentage Change s 42,905.0
300 s

s 19.91
200
s

s
p 12,065.9
100
e 9.08
s
70 s
60
p
s
50 s s e
p
40
e 30%
30
p
e 25%
20
p
e
20%
p
e
10

7 15%
6
5
4
p 10%
e
3

2
5%

p
e e
p
1
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
(1) Historical Sales Growth 26.5 % (3) Historical Earnings Per Share Growth 90.4 % www.iclub.com
(2) Estimated Future Sales Growth 17.0 % (4) Estimated Future Earnings Per Share Growth 17.0 %
(5) Sales Growth R^2 0.87 (6) Earnings Per Share Growth R^2 0.53

Printed: 03/22/10 12:27 PM Prepared by: IAS Using Toolkit 6

2 QUALITY ANALYSIS Company APPLE INC (AAPL) 03/10/10

5 TREND
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 YEAR AVG. UP / DOWN

A % Pre-tax Profit on Sales 14.9 -0.8 2.0 1.9 4.9 13.0 14.6 20.9 21.2 28.1 19.6 UP

B % ROE (Beginning Yr) -0.7 2.1 2.1 6.4 22.5 25.1 33.7 32.2 38.4 30.4 UP

C % Debt to Equity 7.4 8.1 7.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 EVEN

3 PRICE, PRICE/EARNINGS RATIO and DIVIDEND ANALYSIS

CURR
ENTPRICE 224.840 52-WEEKHIGH 225.480 52-WEEKLOW 89.580

Fiscal Year High Price Low Price EPS High P/E LowP/E Dividend % Payout % High Yield

1 2005 54.6 18.8 1.46 37.4 12.9 0.000 0.0 0.0

2 2006 86.4 47.9 2.24 38.6 21.4 0.000 0.0 0.0
3 2007 155.0 72.6 3.93 39.4 18.5 0.000 0.0 0.0
4 2008 203.0 100.6 5.36 37.9 18.8 0.000 0.0 0.0
5 2009 188.9 78.2 9.08 20.8 8.6 0.000 0.0 0.0
6 AVERAGE 63.6 34.8 16.0 0.0
AVERAGEP/E RATIO 25.4 PROJECTED P/E RATIO 18.8 TTMEPS 10.24
CURR
ENTP/E RATIO 22.0 PEGRATIO 1.1 FTMEPS 11.98
RELATIVE VALUE 86.6% PROJ. RELATIVE VALUE 73.9%

4 EVALUATING REWARD and RISK over the next 5 years

A FUTURE HIGH PRICE ANALYSIS -- NEXT 5 YEARS
Selected High P/E 34.8 25.0 X Estimated High Earnings/Share 19.91 = Forecast High Price $ 497.7
B FUTURE LOW PRICE ANALYSIS -- NEXT 5 YEARS
(a) Avg. Low P/E 16.0 15.0 X Estimated Low Earnings/Share 9.08 = $ 136.2
(as adj.)
(b) Average 5-Year Low Price = 63.6
(c) Recent Severe Low Price = 78.2
0.000 0.000 = 0.0
(d) Price Dividend Will Support = Present Divd. ÷ High Yield = ÷
Selected Estimated Low Price = $ 136.2
C PRICE RANGES
Forecast High Price 497.7 - Estimated Low Price 136.2 = Range 361.5 25% of Range = 90.4

BUY (Lower 25% of Range) = 136.2 to 226.6

MAYBE (Middle 50% of Range) = 226.6 to 407.3
SELL (Upper 25% of Range) = 407.3 to 497.7
Current Price 224.840 is in the Buy Range

D REWARD/RISK ANALYSIS (Potential Gain vs. Risk of Loss)

(Forecast High Price 497.7- Current Price 224.840 ) ÷ ( Current Price 224.840 - Estimated Low Price 136.2 )= 3.1 To 1

5 TOTAL RETURN ANALYSIS

A CURRENT YIELD
Present Full Year's Dividend $ 0.000 ÷ Current Price of Stock $ 224.840 = 0.0 % Present Yield or % Returned on Purchase Price

B AVERAGE YIELD OVER NEXT 5 YEARS

(Avg. EPS Next 5 Years 14.54 X Avg. % Payout 0.0 ) ÷ Current Price $ 224.840 = 0.0 %

C % COMPOUND ANNUAL TOTAL RETURN

Average Yield 0.0 % + Annual Appreciation 17.2 % = Compound Annual Total Return 17.2 %

© 2008 ICLUBcentral Inc., 1430 Massachusetts Ave., Cambridge, MA 02138 (617)-661-2582 www.iclub.com

Printed: 03/22/10 12:27 PM Prepared by: IAS Using Toolkit 6

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