EFTA01365047.pdf

Apple stock price performance I Average stock price performance by day of week Statistical significance over time AAPL's daily stock return 0.7% a 2008 to 2010 has exhibited statistically — To test for statistical significance, we ran yearly significant correlation to • Apple regressions of AAPL's daily stock returns versus whether the day of the week since 0.5% 1 • S&P 500 the day was a Friday or Monday 2011 — We calculated the p-value for the day variable 0.3% 1 0.25% — The p-value is a measure of the probability that the Monday's outperformance 0.20% return is not correlated with the variable 0.16% is greater and more 0.11% — For example, a p-value of 0.01 means there's only a 1% statistically significant 0.1% 0.06° chance that the return is not correlated with the variable than Fridays — A lower p-value means more statistical significance underperformance (0.00%) (0.1%) — Monday's p-values declined since 2008 and the variable (0.04%) showed very strong statistical significance since 2011 (0.3%) — Friday's p-values also declined, but to a lesser extent and Monday Tuesday Wednesday Thursday Friday have increased again in 2013 and 2014 Weekly O1OO37$ 0.7% 2011 to Present 4APL 0.58% 0.80 (June 20 gh • Apple n 0.5% - 0.70 • S&P 500 0.60 O 0 30% 0.3% 1 0.50 a 0.40 ("J 0.10% 0 0.1% 0.07% 0.30 I co - , 0.20 (0.1%) (0 02%) • ct (0.05%) 0 8 0 (0 01%) (0 13%) 0.10 0 (0.16%) 0.00 (0.3%) 00, siNt Monday Tuesday Wednesday Thursday Friday re re er —0—Friday Monday rL Deutsche Bank Source: Bbomberg (for stock prices, dividend history and index prices), as of November 3. 2014 2 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0055650 CONFIDENTIAL SDNY_GM_00201834 EFTA01365047