Dividend Analysis

Before Repatriation
Required Cash 20,550 Debt 68,742
Excess Cash 116,562 Equity 127,346
Other Assets 58,976
Total 196,088 Total 196,088

Repatriation Tax 33,113

After Repatriation
Required Cash 20,550 Debt 68,742
Excess Cash 83,449 Equity 94,233
Other Assets 58,976
Total 162,975 Total 162,975

Cash available for dividend 83,449

Shares Outstanding 939.1
Max Dividend/Share 88.8610925354
Net Income 41733

Pre Shares Outstanding 939.1 Post Shares Outstanding

Pre EPS $44.44 Post EPS
Pre Price $450.50 Post Price
Pre P/E 10.14 Post P/E
 Post Dividend
Required Cash 20,550 Debt
Excess Cash 0 Equity
Other Assets 58,976
Total 79,526 Total

939.1
$44.44
$361.64
8.14
68,742
10,784

79,526
 Repurchase
Before Repatriation
Required Cash 20,550 Debt 68,742
Excess Cash 116,562 Equity 127,346
Other Assets 58,976
Total 196,088 Total 196,088

Repatriation Tax 33,113

After Repatriation
Required Cash 20,550 Debt 68,742
Excess Cash 83,449 Equity 94,233
Other Assets 58,976
Total 162,975 Total 162,975

Cash available for repurchase 83449

Share Price 450.5
Max Shares Repurchased 185.2364039956
Total Shares 939.1
Pro Forma Shares 753.8635960044
Percent Repurchased 19.72%
Net Income 41733 from Annual Summary Exhibit 5

Pre Shares Outstanding 939.1 Post Shares Outstanding 753.9

Pre EPS $44.44 Post EPS $55.36
Pre Price $450.50 Post Price $450.50
Pre P/E 10.14 Post P/E 8.14
 Post Dividend
Required Cash 20,550 Debt 68,742
Excess Cash 0 Equity 10,784
Other Assets 58,976
Total 79,526 Total 79,526
 Ipref Analysis
Before Repatriation
Required Cash 20,550 Debt 68,742
Excess Cash 116,562 Equity 127,346
Other Assets 58,976
Total 196,088 Total 196,088

Repatriation Tax 33,113

After Repatriation
Required Cash 20,550 Debt 68,742
Excess Cash 83,449 Equity 94,233
Other Assets 58,976
Total 162,975 Total 162,975

Face Value of iPref 50

Annual Dividend 2
Total pref Shares 4695.5 mil 4.7
Amount Spent on iprefs 9391 mil 9.4
Net Income 41733 42

$ billion $ per share

Apple Net Income $42
Less: iPref Dividends $9.4
Pro forma net income $33
Per share income 34.7
Constant P/E multiple 10
New Apple Price per Share 347.1408796
Current Price per Share 451.1
Change in Price per Share 103.9591204
Ipref Analysis

Current Value $451.1 (stock price)

$250 (face value of 5 iPrefs)

Total Value with iPref $347 (new stock price)
$597

Value Unlocked $146 per share

billion
billion
billion