1 Top Management and Board of Directors; 2 INSIDER OWNERSHIP AND SELLING IN THE PAST 12 MONTHS; 3 Peer Comparison & Ranking of AAPL; 4 Patents Top Management and Board of Directors Top Management Top Management [Six top executives with tenure > 14 yrs] Name Designation Since Appointment Tim Cook Chief Executive Officer, Director 14 Yrs, 2 Mos Arthur D. Levinson Chairman, Director 25 Yrs, 3 Mos Kevan Parekh Chief Financial Officer, Senior Vice President - Jeff Williams Chief Operating Officer - Isabel Ge Mahe Vice President, Managing Director of Greater China - Katherine Adams Vice President, General Counsel - Board Of Directors Board Of Directors [One director with tenure > 15 yrs] Name Since Appointment Ronald D. Sugar 15 Yrs Board Of Directors [Five directors with tenure < 5 yrs] Name Since Appointment Alex Gorsky 4 Yrs Susan L. Wagner - Andrea Jung - Wanda Austin - Monica Lozano - Independent Ratings of Directors + Tim Cook- Glassdoor Ranking: Tim Cook was ranked 32 in the Glassdoor Employee Review's list of 100 Top CEOs in the United States for 2021. + Tim Cook- Bloomberg Pay Index Ranking: Tim Cook was ranked 3 in the Bloomberg Pay Index list in the United States for 2021, an improvement from rank 8 in 2020. According to Bloomberg Pay Index, Tim Cook's total compensation had increased by (222.13%) $588.7 million from $265 million to $853.8 million in 2021. + Tim Cook- Harvard Business Ranking: Tim Cook was ranked 62 in the Harvard Business Review's list of 100 Best-Performing CEO's in the world for 2019. INSIDER OWNERSHIP AND SELLING IN THE PAST 12 MONTHS Shares Held by Insiders as on Nov 13, 2025 (Value computed at price $272.98) Name Shares Held Value, $ Arthur D. Levinson 4,125,576 1,126,199,736 Tim Cook 3,280,295 895,454,929 Katherine Adams 179,158 48,906,551 Susan L. Wagner 1,255 342,590 Ronald D. Sugar 1,255 342,590 Alex Gorsky 1,255 342,590 Andrea Jung 1,255 342,590 Total 7,590,049 2,071,931,576 Arthur D. Levinson now has a beneficial interest in 4,125,576 Apple shares worth $1.1 billion. Tim Cook now has a beneficial interest in 3,280,295 Apple shares worth $895.5 million. Katherine Adams now has a beneficial interest in 179,158 Apple shares worth $48.9 million. Susan L. Wagner now has a beneficial interest in 1,255 Apple shares worth $342,590. Ronald D. Sugar now has a beneficial interest in 1,255 Apple shares worth $342,590. Alex Gorsky now has a beneficial interest in 1,255 Apple shares worth $342,590. Andrea Jung now has a beneficial interest in 1,255 Apple shares worth $342,590. Insider selling Summary in the past 12 months Name No. of Shares Price, $ Value, $ Cook Timothy D [CEO] 238,099 241.7 57,560,381 Levinson Arthur D [Chairman] 201,516 227.3 45,807,647 Adams Katherine L. [Vice President] 47,125 256.8 12,101,154 Total 486,740 237.2 115,469,182 Peer Comparison & Ranking of AAPL FAANG PEER COMPARISON: AAPL - SIZE (all figures in $) In its FAANG Peer Group of 5 companies (Facebook, Apple, Amazon, Netflix and Alphabet's Google) AAPL is ranked AAPL is ranked first (1) by MCap, Net Profit, second (2) by Revenue and third (3) by PV$1000, Total Assets. Name (Code) MCap PV $1000 (1 yr) Revenue Net Profit Total Assets Rank of AAPL 1 3 2 1 3 Apple (AAPL) 4,078.3B 1,220.9 416.2B 112B 359.2B Amazon (AMZN) 2,522.8B 1,109.5 638B 59.2B 527.9B Alphabet (GOOGL) 1,621B 1,567.6 350B 100.1B 450.3B Meta Platforms (META) 1,543B 1,056.6 164.5B 62.4B 276.1B Netflix (NFLX) 493.7B 1,389.8 39B 8.7B 53.6B FAANG PEER COMPARISON: AAPL - VALUATION INDICATORS In value terms, comparing relative value of its shares, AAPL is ranked + 3 out of 5 by Price/Earnings per share [36.5] + 4 out of 5 by Price/Sales per share [9.8] + 5 out of 5 by Turnover Rate (%) [72.5] Name (Code) Last Price P/E P/S P/Book Turnover Rate (%) Rank of AAPL by value 3 4 5 Apple (AAPL) $272.98 36.5 9.8 72.5 Amazon (AMZN) $237.56 42.1 4.0 14.2 99.9 Alphabet (GOOGL) $278.53 34.4 4.7 5.5 101.8 Meta Platforms (META) $609.88 24.7 9.3 10.4 155.6 Netflix (NFLX) $1,154.19 56.8 12.6 19.9 218.3 BUYSELLSIGNALS FUNDAMENTALS VALUATION RANKING: Apple vs NASDAQ Market Out of 2,834 stocks and 2 units in the NASDAQ Market, Apple is ranked first(1) by Net Profit $, second(2) by Revenue, sixth(6) by Total Assets and sixth(6) by ROE. NASDAQ Avg AAPL AAPL Rank Net Profit $ - 112 B 1 Revenue $ - 416.2 B 2 Total Assets $ - 359.2 B 6 ROE (%) 19.7 151.9 6 ROA (%) 7.5 31.2 22 EBITDA Margin% 16.6 31.9 124 P/Earnings 33.6x 36.5x 160 P/Sales 4.9x 9.8x 222 P/Earnings/ Growth 0.5x 1.6x 246 Yield (%) 0.6 0.4 633 Total Debt/Equity (the lower the better) 0.5x 0.1x 811 Premium to 52-Wk Low (%) 54.4 61.9 1733 Discount to 52-Wk High (%) 5.8 1.5 2660 Negative values are shown in brackets. MARKET SHARE Apple has a position of market dominance in the Technology sector. Apple vs Technology sector [Technology sector Total in Brackets] Revenue of $416.2 billion[53.7% of aggregate sector revenue of $779 billion; down from 55.0% in the previous year.] Net Profit of $112 billion [63.2% of aggregate sector net profit of $173.9 billion; down from 67.0% in the previous year.] EBIT of $132.7 billion [64.0% of aggregate sector EBIT of $204.2 billion; down from 69.2% in the previous year.] GLOBAL RANK [out of 46,412 stocks] AND RANK OF APPLE IN THE AMERICAN REGION [out of 9,553 stocks] Description Value Global Rank In Am Region Total Assets ($) 359.2B 226 92 Revenue ($) 416.2B 25 5 Return on Equity % 151.9 95 35 Net Profit Margin % 26.9 4,161 750 Price to Book 62.1 34,300 4,904 Price/Earnings 38.5 19,067 2,679 Yield % 0.4 18,655 3,145 PV1000 (1Year) $ 1,221 14,888 2,533 $ Change (1Year) % 39.1 6,761 1,068 RANK OF APPLE IN THE NASDAQ-100 INDEX [out of 89 stocks], IN THE NASDAQ MARKET [out of 2799 stocks] AND IN THE TECHNOLOGY SECTOR [out of 218 stocks] Description Value In NASDAQ-100 Index In NASDAQ Market In Technology sector Total Assets ($) 359.2B 5 5 1 Revenue ($) 416.2B 2 2 1 Return on Equity % 151.9 2 4 1 Net Profit Margin % 26.9 17 119 7 Price/Earnings 36.5 48 761 35 Yield % 0.4 44 648 18 PV1000 (1Year) $ 1,224 26 149 14 LONG-TERM FUNDAMENTAL RANKING: 4 OUT OF 5 [5 is best] Apple is ranked number 1 out of 259 listed technology companies in the United States with a market capitalization of $4,078.3 billion. Finally, its earnings growth in the past 12 months has been a comparatively high 22.6%. Stocks are scored on a set of parameters reflecting fundamental analytical tools involving valuation, size and financial performance. They are ranked according to the average values of those parameters. The highest ranking is 5 and the lowest ranking is 1. Patents Number of Patents Issued to Apple by the US Patent Office and the European Patent Office A total of 35,906 patents were issued to Apple in the last eleven years. In the past year 4,284 patents were issued, 1.3 times average of 3,264 patents per year. 12 months ended Nov 13 No. of Patents Issued 2025 4,284 2024 8,051 2023 4,937 2022 3,003 2021 3,402 2020 3,111 2019 2,615 2018 2,570 2017 2,117 2016 1,469 2015 347 Total 35,906 Rank by patents issued in the past 12 months: Apple vs NASDAQ stocks Apple is ranked 2 by patents issued in the past year out of 3,730 NASDAQ listed companies. A total of 97,073 patents were issued to NASDAQ listed companies in the past year, an average of 82.5 patents per company. Apple received 7,773 patents in the past 12 months, 299 times average. Source: https://www.uspto.gov/, https://www.epo.org/en, company (Apple) 1 Tax & Dividend; 2 Financials as Reported FY 2025, Past 10 Years Tax & Dividend Average Income Tax Paid (Past 5 Years) In the past 5 years, Income Tax as % of profit before tax increased from 13.3% to 15.6%, Income Tax as % of sales increased from 4.0% to 5.0% and Income Tax as % of operating cash flow increased from 13.3% to 15.6%. Description 2025 2024 2023 2022 2021 As % of profit before tax 15.6 24.1 14.7 16.2 13.3 As % of operating cash flow 15.6 24.1 14.7 16.2 13.3 As % of sales 5 7.6 4.4 4.9 4 The 5-year average of profit before tax was 16.8%. Dividend History In the past 5 years annual dividends have increased by 16.5c from 86.5c to 103.0c. Based on a start date of 5 years ago, there has been no decline in dividends over the last 5 years. Date Paid Value (c) Type 10 Nov 2025 26 Quarterly 11 Aug 2025 26 Quarterly 12 May 2025 26 Quarterly 10 Feb 2025 25 Quarterly Tr 12 Months 103 2023 - 2024 99 2022 - 2023 95 2021 - 2022 91 2020 - 2021 86.5 Source: Nasdaq Stock Exchange: https://www.nasdaq.com/market-activity/stocks/AAPL/dividend-history, company (Apple) Financials as Reported FY 2025, Past 10 Years Financials as reported (FY 2025 [year-ended 27 September 2025 ]) 10-K RESULTS OF OPERATIONS AND FINANCIAL CONDITION (In $ Million, except per share data and shares outstanding) INCOME STATEMENT AS REPORTED (FY 2025 [year-ended 27 September 2025 ]) Description $ Million $ Million Sep 27, 2025 Sep 28, 2024 Change % Net sales: Products 307,003 294,866 Up 4.1 Services 109,158 96,169 Up 13.5 Total net sales 416,161 391,035 Up 6.4 Cost of sales: Products 194,116 185,233 Up 4.8 Services 26,844 25,119 Up 6.9 Total cost of sales 220,960 210,352 Up 5.0 Gross margin 195,201 180,683 Up 8.0 Operating expenses: Research and development 34,550 31,370 Up 10.1 Selling general and administrative 27,601 26,097 Up 5.8 Total operating expenses 62,151 57,467 Up 8.2 Operating income 133,050 123,216 Up 8.0 Other income/(expense) net -321 269 Deterioration Income before provision for income taxes 132,729 123,485 Up 7.5 Provision for income taxes 20,719 29,749 Down 30.4 Net income 112,010 93,736 Up 19.5 Earnings per share: Basic $7.49 $6.11 Up 22.6 Diluted $7.46 $6.08 Up 22.7 Shares used in computing earnings per share: Basic 14,948,500,000 15,343,783,000 Down 2.6 Diluted 15,004,697,000 15,408,095,000 Down 2.6 BALANCE SHEET AS REPORTED (FY 2025 [year-ended 27 September 2025 ]) Description $ Million $ Million Sep 27, 2025 Sep 28, 2024 Change % ASSETS: Current assets: Cash and cash equivalents 35,934 29,943 Up 20.0 Marketable securities 18,763 35,228 Down 46.7 Accounts receivable net 39,777 33,410 Up 19.1 Vendor non-trade receivables 33,180 32,833 Up 1.1 Inventories 5,718 7,286 Down 21.5 Other current assets 14,585 14,287 Up 2.1 Total current assets 147,957 152,987 Down 3.3 Non-current assets: Marketable securities 77,723 91,479 Down 15.0 Property plant and equipment net 49,834 45,680 Up 9.1 Other non-current assets 83,727 74,834 Up 11.9 Total non-current assets 211,284 211,993 Down 0.3 Total assets 359,241 364,980 Down 1.6 LIABILITIES AND SHAREHOLDERS' EQUITY: Current liabilities: Accounts payable 69,860 68,960 Up 1.3 Other current liabilities 66,387 78,304 Down 15.2 Deferred revenue 9,055 8,249 Up 9.8 Commercial paper 7,979 9,967 Down 19.9 Term debt 12,350 10,912 Up 13.2 Total current liabilities 165,631 176,392 Down 6.1 Non-current liabilities: Term debt 78,328 85,750 Down 8.7 Other non-current liabilities 41,549 45,888 Down 9.5 Total non-current liabilities 119,877 131,638 Down 8.9 Total liabilities 285,508 308,030 Down 7.3 Commitments and contingencies Shareholders' equity: Common stock and additional paid-in capital 0.00001par value:50400000shares authorized;14773260and15116786shares issued and outstanding respectively 93,568 83,276 Up 12.4 Accumulated deficit -14,264 -19,154 Improved 25.5 Accumulated other comprehensive loss -5,571 -7,172 Improved 22.3 Total shareholders' equity 73,733 56,950 Up 29.5 Total liabilities and shareholders' equity 359,241 364,980 Down 1.6 CASH FLOW AS REPORTED (FY 2025 [year-ended 27 September 2025 ]) Description $ Million $ Million Sep 27, 2025 Sep 28, 2024 Change % Cash cash equivalents and restricted cash and cash equivalents beginning balances 29,943 30,737 Down 2.6 Operating activities: Net income 112,010 93,736 Up 19.5 Adjustments to reconcile net income to cash generated by operating activities: Depreciation and amortization 11,698 11,445 Up 2.2 Share-based compensation expense 12,863 11,688 Up 10.1 Other -89 -2,266 Improved 96.1 Changes in operating assets and liabilities: Accounts receivable net -6,682 -3,788 Deterioration 76.4 Vendor non-trade receivables -347 -1,356 Improved 74.4 Inventories 1,400 -1,046 Recovery Other current and non-current assets -9,197 -11,731 Improved 21.6 Accounts payable 902 6,020 Down 85.0 Other current and non-current liabilities -11,076 15,552 Deterioration Cash generated by operating activities 111,482 118,254 Down 5.7 Investing activities: Purchases of marketable securities -24,407 -48,656 Improved 49.8 Proceeds from maturities of marketable securities 40,907 51,211 Down 20.1 Proceeds from sales of marketable securities 12,890 11,135 Up 15.8 Payments for acquisition of property plant and equipment -12,715 -9,447 Deterioration 34.6 Other -1,480 -1,308 Deterioration 13.1 Cash generated by investing activities 15,195 2,935 Up 417.7 Financing activities: Payments for taxes related to net share settlement of equity awards -5,960 -5,441 Deterioration 9.5 Payments for dividends and dividend equivalents -15,421 -15,234 Deterioration 1.2 Repurchases of common stock -90,711 -94,949 Improved 4.5 Proceeds from issuance of term debt net 4,481 Repayments of term debt -10,932 -9,958 Deterioration 9.8 Proceeds from/(Repayments of) commercial paper net -2,032 3,960 Deterioration Other -111 -361 Improved 69.3 Cash used in financing activities -120,686 -121,983 Improved 1.1 Increase/(Decrease) in cash cash equivalents and restricted cash and cash equivalents 5,991 -794 Recovery Cash cash equivalents and restricted cash and cash equivalents ending balances 35,934 29,943 Up 20.0 Source: Apple's, 10-K filing dated October 31, 2025, available at the U.S. Securities and Exchange Commission website: https://www.sec.gov/Archives/edgar/data/320193/000032019325000079/aapl-20250927.htm and Apple's website: https://investor.apple.com/investor-relations/default.aspx. Download APPLE Financials Past 10 Years Description Sep 25 Sep 24 Sep 23 Sep 22 Sep 21 Income Statement Revenue per share 27.74 25.38 24.24 24,153.64 21.69 Tax (B) 20.7 29.7 16.7 19.3 14.5 Net profit (B) 112 93.7 97 99.8 94.7 EPS 7.49 6.11 6.16 6.15 5.67 Balance Sheet Equity Share Capital (B) 73.7 57 62.1 50.7 63.1 Retained Earnings (14.3 B) (19.2 B) (214 M) (3.1 B) 5.6 B Total Debt (B) 8 10 6 10 6 Total Assets (B) 359.2 365 352.6 352.8 351 Current Asset (B) 148 153 143.6 135.4 134.8 Fixed Asset (B) 49.8 45.7 43.7 42.1 39.4 Working Capital (B) (17.7) (23.4) (1.7) (18.6) 9.4 Cash Flow Operating Cash Flow (B) 111.5 118.3 110.5 122.2 104 Investing Cash Flow (B) 15.2 2.9 3.7 (22.4) (14.5) Financing Cash Flow (B) (120.7) (122) (108.5) (110.7) (93.4) Net Cash Flow 6 B (794 M) 5.8 B (11 B) (3.9 B) Description Sep 20 Sep 19 Sep 18 Sep 17 Sep 16 Income Statement Revenue per share 15.66 13.99 53.12 43.65 39.21 Tax (B) 9.7 10.5 13.4 15.7 15.7 Net profit (B) 57.4 55.3 59.5 48.4 45.7 EPS 3.31 2.99 3 2.32 2.09 Balance Sheet Equity Share Capital (B) 65.3 90.5 107.1 134 128.2 Retained Earnings (B) 15 45.9 66.9 98.2 97 Total Debt (B) 5 6 12 12 87 Total Assets (B) 323.9 338.5 365.7 375.3 321.7 Current Asset (B) 143.7 162.8 131.3 128.6 106.9 Fixed Asset (B) 36.8 37.4 41.3 33.8 27 Working Capital (B) 38.3 57.1 15.4 27.8 27.9 Cash Flow Operating Cash Flow (B) 80.7 69.4 77.4 64.2 65.8 Investing Cash Flow (B) (4.3) 45.9 16.1 (46.4) (46) Financing Cash Flow (B) (86.8) (91) (87.9) (18) (20.5) Net Cash Flow (10.4 B) 24.3 B 5.6 B (195 M) (636 M) Source: Apple's, 10-K filing dated October 31, 2025, available at the U.S. Securities and Exchange Commission website: https://www.sec.gov/Archives/edgar/data/320193/000032019325000079/aapl-20250927.htm and Apple's website: https://investor.apple.com/investor-relations/default.aspx.