1. Apple(AAPL)

2. Background Info Designs consumer electronic devices PCs(Mac), tablets(iPad), phones(iPhone), music players(iPod) iTunes- largest music distributor in world Sells aps for iPhone & iPad Over 200 stores in United States, 85 internationally More than 45,000 full time employees Founded in 1976 by Steve Jobs New CEO- Tim Cook

3. Valuation Current Price-$378.25 52 week range-$285.25-$422.86 CompanyIndustrySectorS&P 500 P/E Ratio (TTM)14.9712.9127.8015.02 P/E High - Last 5 Yrs.39.0526.2459.40103.59 P/E Low - Last 5 Yrs.18.9111.6012.4612.81 Beta1.281.180.951.17 Price to Sales (TTM)3.501.0439.452.02 Price to Book (MRQ)5.061.773.193.01 Price to Tangible Book (MRQ)5.202.193.874.65 Price to Cash Flow (TTM)13.918.559.169.85 Price to Free Cash Flow (TTM)12.066.1528.5737.87 Valuation Ratios

4. More Valuation CompanyIndustrySectorS&P 500 Quick Ratio (MRQ)1.711.182.080.78 Current Ratio (MRQ)1.751.482.681.14 LT Debt to Equity (MRQ)0.0021.2011.01108.89 Total Debt to Equity (MRQ)0.0053.9519.57145.35 Interest Coverage (TTM)--1.901.0024.79 Financial Strength

5. Outlook Steve Jobs replaceable? Apple iOS operating system iCloud Global handset market iPhone, iPad

6. Recommendation Current-25 shares bought at $176.88 Sell half of our shares(12) at $400.00 per share Weight of Apple(7%) FAC talked about trimming it Consumes about 13% of portfolio currently Very profitable- 113% return