EFTA01365026.pdf

AAPL option volume analysis(a) I 60-day moving average of Apple stock and option 60-day moving average volume in options (in 000s) volume (based on underlying shares) Trading in AAPL options 1200 (calls and puts) has 600% BO doubled from 2010 to 1000 500% AAP1.. 50 June 2014 (Jur:a !Cu 72 800 400% 40 The underlying shares that these options ti 600 .5-r 300% - 30 represent are larger than the stock volume — delta -09 C.6 adjusted, though, the 400 200% 20 volume would be about e 25-50% based on recent 200 - " 100% - 10 data 0 4 ir 0% . 0 . Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Apple's open interest as a Apple S8P500 -- Shares underlying options AAPL stock volume percent of its outstanding Ratio of calls to puts Top 10 S&P 100 companies by option open interesttbl stock is higher than any other S&P 100 company 1.80x 1.66x r:ap :rtres!iS ••)i Rat t S and its ratio of calls to 1.60x 1.43x 1 47x 1.34x Ra-4 tE hze, • ibn.; .Jrd puts is higher than the 1.40x 1.28x AAPL U4 Equity Apple Ire $479 27.4% 1.49x broader market as well as 1.20x 2 FB Equity Facebock lit $173 16.0% 1.61x the average S&P 100 3 G0n0 LAN Equity Gouge Inc $404 111% 1.C6x 1.00x 4 GM LIN EoAy General %doe Co 557 11.9% 1.22x company 0.80x 0.69x 5 CATUN Equity Catenbau hc 361 11.5% 1.CON 0.58x 0.61x 6 APC UN Equity Aredarko Petiolate' Cap sc 10.3% 2.16x 0.60x 7 AIM UW Equity Amazon.com tc 8163 9.2% 0.931 0.40x 8 FCXUNEqute FreeporlMoMoRan Copper 8 Gold Inc $34 8.7% 1.01x 9 Kal UN Equity Halliburion Co $46 7.9% 1.28x 0.20x ID EBAY tNi Equity eBay Inc 871 7.6% 1.81x 0.OOx towage —lop 10 124% 1.371 2008 2009 2010 2011 2012 2013 ^ 2014 Awrage —att 100 33% 1.331 •AAPL •S&P500 YTD Deutsche Bank Source: Bloomberg. 7 (a) As of June 6. 2014 (b) Not averaged over any time period CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0055617 CONFIDENTIAL SDNY_GM_00201801 EFTA01365026