EFTA01365907

AAPL's daily stock return has exhibited statistically significant correlation to the day of the week since 2011 Monday's outperformance is greater and more statistically significant than Fridays underperformance Deutsche Bank Apple stock price performance Average stock price performance by day of week 0.7% a 2008 to 2010 0.5% 1 0.3% 1 0.25% 0.1% 0.06° (0.1%) (0.3%) 0.7% 0.5% - 0.3% 0.1% (0.1%) (0.3%) (0.00%) Monday 0.58% 0.16% 0.11% Tuesday (0.04%) 0.20% • Apple • S&P 500 Wednesday Thursday Friday 2011 to Present 0 30% (0.05%) • Apple • S&P 500 0.07% (0 02%) (0 01%)(0 13%) (0.16%) 0.10% I - , Monday Tuesday Wednesday Thursday Friday I Statistical significance over time — To test for statistical significance, we ran yearly regressions of AAPL's daily stock returns versus whether the day was a Friday or Monday — We calculated the p-value for the day variable — The p-value is a measure of the probability that the return is not correlated with the variable — For example, a p-value of 0.01 means there's only a 1% chance that the return is not correlated with the variable — A lower p-value means more statistical significance — Monday's p-values declined since 2008 and the variable showed very strong statistical significance since 2011 — Friday's p-values also declined, but to a lesser extent and have increased again in 2013 and 2014 0.80 0.70 0.60 1 0.50 0.40 0.30 0.20 0.10 0.00 re re er 00, siNt —0—Friday Monday rL Source: Bbomberg (for stock prices, dividend history and index prices), as of November 3. 2014 n Weekly O1OO37$ 4APL (June 20 gh a ("J 0 O co • ct 0 8 0 0 2 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL SDNY_GM_00203470 DB-SDNY-0057286 EFTA01365907