EFTA Document EFTA01460450

§ New product pipeline appears robust (new iPad, 5 inch iPhone, new Macs) § Potential for China mobile deal and/or larger capital return program § Buy rated; Price target 575 (15% upside from current 500) § TRLA - https://ger.gm.cib.intranet.db.com/ger/document/pdf/0900b8c08762a9f9.pdf § upside potential driven by inventory expansion effort § Favor TRLA over Z given under-monetization and valuation § Buy rated; Price target 51 (18% upside from current 43.06) § INTC - https://ger.gm.ci