Trading this pattern would have resulted in significant gains with limited downside risk This analysis looks at trading AAPL stock and an equivalent value of the S&P 500 beginning in 2008 Going long AAPL / short S&P 500 only on Mondays produces the largest gain — over 2x a long/short strategy held over all days and over 3x a short AAPL/long S&P 500 strategy on Fridays Combining the two strategies (Monday and Friday) results in even greater returns Deutsche Bank Apple stock price performance (continued) Value of Monday's outperformance vs S&P 500 Value of Friday's underperforrnance vs S&P 500 900 -- 800 700 600 - 500 - 400 - 300 - 200 - 100 0 Weer-al Options sa kst 2010) A 5) p tb sp .) OeP Veci Oeci eci Oect Combined Friday / Monday performance vs S&P 500 I 900 800 -4 700 -4 600 500 w.,,9kly options in 400 i .4APL t 300 1,1c ;re 20W9 200 - 100 0 Ar .,..orr~•••• c5 N14/ .39 I\ CPCP 4O1 C if Ott C ZP Long AAPL and short S&P 500 900 - 900 800 800 700 700 600 600 500 - 500 - Awl* op6ons iA 400 AAPL hst 400 300 Ormel 20 10) 300 200 - 200 100 100 0 0 Al 0C °lb 5)c) p\O .O6; O6' 1 O P !•q• ge° oef' A t ee Vie? O#1\ es' This analysis looks at trading equal amounts of AAPL and S&P 500 from January 2, 2008 till November 3, 2014. The returns of each strategy are compounded (ie. returns are reinvested back into the strategy) and both stock and index returns are calculated on a total return basis (ie. assuming dividends are reinvested). Assumes no friction costs. 3 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL SDNY_GM_00201835 DB-SDNY-0055651 EFTA01365048