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