FOR APPLE INC

chart example

Discount for Lack of Control

GuidanceYou may choose a default discount amount of 15% or if you want to justify a higher or lower amount then you may do so. The following factors below should be considered in this discussion. Explain why each of these factors could only be done bya partywith majority control and why a lack thereof could affect the value.

Ability to appoint or change management

Ability to determine management compensation and perquisites.

Able to negotiate and consummate mergers and acquisitions.

Can liquidate, dissolve, sell out or recapitalize the company.

Able to declare and pay cash dividends.

Able to decide what investments to hold andto sell.

Block any or all of the above actions.

Discount for Lack of Marketability

Guidance:Similar to the DLOC, you may choose a default value. Use 25% or if you want you may justify a higher or lower amount. The following factors should be considered because these factors affect a company's liquidity, which in turn affects its marketability.

Suggested factors that should be considered:

Company's Dividend Policy

Nature of the Company

Company Management

Amount of Control to beTransferred

Restrictions on Transferability of Stock

Holding Period for Stock

Company's Redemption Policy

Costs Associated with a Public Offering