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					                     Intel Corporation

                                                                         An Analysis of Intel Stock Potentia


                                                                                  Presented by: Student Name




                                                                                               About Intel


Intel Corporation engages in the design, manufacture, and sale of integrated circuits for computing and communications industries wor
desktops, servers, workstations, storage products, embedded applications, communications products, consumer electronics devices, an
integrate its core processing functionalities with other system components, such as graphics, audio, and video, onto a single chip. In add
microprocessor and input, display, and storage devices, including keyboard, mouse, monitor, hard drive, and CD, DVD, or Blu-ray drives
and that has connectors for attaching devices to the bus; and wired and wireless connectivity products consisting of network adapters a
networks. Further, the company provides NAND flash memory products primarily used in portable memory storage devices, digital cam
operating systems, middleware, and tools used to develop, run, and manage various enterprise, consumer, embedded, and handheld d
applications. Additionally, it develops computing platforms, which are integrated hardware and software computing technologies desig
principally to original equipment manufacturers, original design manufacturers, PC components and other products users, and other ma
strategic alliance with Scientific Conservation Inc. Intel Corporation was founded in 1968 and is based in Santa Clara, California.




Mission Statement: This decade we will create and extend computing technology to connect and enrich the lives of every person on
earth.
History: Intel, founded in 1968 to build computer memory products, introduced the world's first microprocessor in 1971. Intel has an
employee base of 82,500 (as of 2010) with about 55% of those employees living in the United States.


                                       Objectives:                                                              Values:
               Grow PC and Datacenter business with new users and uses                                   Customer orientation
               Extend Intel Solutions to win in adjacent market segments                                  Results orientation
             Create a continuum of secure, personal computing experiences                                 Great place to work
             Care for our people, the planet, and inspire the next generation                              Quality Discipline


                                                           Board of Directors
CEO: Paul S. Otellini is president and chief executive officer of Intel Corporation. He became the company's fifth CEO on May 18, 2005,
succeeding Craig R. Barrett. Otellini previously had served as Intel's president and chief operating officer, positions he held since 2002,
the same year he was elected to Intel's board of directors.

Executive Vice President: Andy D. Bryant is executive vice president, Technology, Manufacturing and Enterprise Services, and chief
administrative officer of Intel Corporation. He is responsible for technology development and manufacturing, financial operations,
human resources, information technology and e-business functions and activities worldwide.


Executive Vice President: Sean Maloney is executive vice president and Chairman of Intel China. Prior to his current role,
Maloney served as co general manager of the Intel Architecture Group since September 2009. He has been with Intel since
1982.
Executive Vice President: David (Dadi) Perlmutter is executive vice president and general manager of Intel Corporation's
Intel Architecture Group (IAG). He is responsible for Intel's platform solutions for all computing segments including data
centers, desktops, laptops, netbooks, handhelds, embedded devices, and consumer electronics.

Executive Vice President: Arvind Sodhani is executive vice president of Intel Corporation and president of Intel Capital.
Sodhani was elected vice president by the board of directors in May 1990, served as senior vice president from 2005 to
2007 and was promoted to executive vice president in December 2007.
 f Intel Stock Potential


d by: Student Name




bout Intel


ng and communications industries worldwide. It offers microprocessor products used in notebooks, netbooks,
 ucts, consumer electronics devices, and handhelds. The company also provides system on chip products that
io, and video, onto a single chip. In addition, it offers chipset products that send data between the
d drive, and CD, DVD, or Blu-ray drives; motherboards designed for desktop, server, and workstation platforms,
 ducts consisting of network adapters and embedded wireless cards used to translate and transmit data across
e memory storage devices, digital camera memory cards, and solid-state drives; software products comprising
 onsumer, embedded, and handheld devices; and software development tools that enable the creation of
oftware computing technologies designed to offer an optimized solution. The company sells its products
 nd other products users, and other manufacturers of industrial and communications equipment. It has a
ased in Santa Clara, California.




enrich the lives of every person on

microprocessor in 1971. Intel has an
tes.


              Values:
       Customer orientation
        Results orientation
        Great place to work
         Quality Discipline
 ompany's fifth CEO on May 18, 2005,
 officer, positions he held since 2002,



and Enterprise Services, and chief
nufacturing, financial operations,



el China. Prior to his current role,
 2009. He has been with Intel since

 l manager of Intel Corporation's
mputing segments including data
ctronics.

  and president of Intel Capital.
 ior vice president from 2005 to
                              Intel Corporation

                                                    RATIOS

                                                              2010      2009            2008
       Short term solvency ratios
       Current Ratio                                         3.3892    2.7871          2.5417
       Quick Ratio                                           2.9864    2.4005          2.0628
       Cash Ratio                                            2.1248    1.7720          1.4844
       Net Working Capital to Current Liabilities            2.3892    1.7871          1.5417

       Asset Utilization or Turnover ratios
       Average Collection Period                             23.6600   23.2949        16.3976
       Inventory Turnover Ratios                             11.6111   11.9683        10.0390
       Receivable Turnover                                   15.2156   15.4540        21.9544
       Fixed Asset Turnover                                   2.4372    2.0393         2.1387
       Total Asset Turnover                                   0.6904    0.6616         0.7447

       Financial Leverage ratios
       Total Debt Ratio (TD/TA)                              0.2177    0.2145          0.2165
       Debt/Equity                                           0.2783    0.2731          0.2763
       Equity Ratio (TE/TA)                                  0.7823    0.7855          0.7835
       Long-term Debt Ratio (LTD/TA)                         0.0329    0.0386          0.0235
       Times Interest Earned Ratio (EBIT/TI)                 0.0000    0.0000          0.0000

       Profitability ratios
       Gross Profit Margin                                   0.6531    0.5569          0.5546
       Net Profit Margin                                     0.2628    0.1244          0.1408
       ROA (NI/TA)                                           0.1814    0.0823          0.1049
       ROE (NI/TE)                                           0.2319    0.1048          0.1338

       Market value ratios
       Price/Earnings Ratio                                  10.1000   22.2000        21.7000




                                                                               Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements                                      FIN 135, September 23, 2011
                                              FINANCIAL STATEMENTS


                                                         Balance Sheet
       Three Years Ended December 25, 2010
       (In Millions, Except Par Value)                                                2010      2009            2008
       Assets
       Current Assets:
           Cash and cash equivalents                                                    5,498     3,987           3,350
           Short-term investments                                                      11,294     5,285           5,331
           Trading assets                                                               5,093     4,648           3,162
           Accounts receivable, net of allowance for doubtful accounts                  2,867     2,273           1,712
                 ($28 in 2010, $19 in 2009, and $17 in 2008)
           Inventories                                                                  3,757     2,935           3,744
           Deferred tax assets                                                          1,488     1,216           1,390
           Other current assets                                                         1,614       813           1,182
       Total current assets                                                            31,611    21,157          19,871
       Property, plant and equipment, net                                              17,899    17,225          17,574
       Marketable equity securities                                                     1,008       773             352
       Other long-term investments                                                      3,026     4,179           2,924
       Goodwill                                                                         4,531     4,421           3,932
       Other long-term assets                                                           5,111     5,340           5,819
           Total assets                                                                63,186    53,095          50,472

       Liabilities and stockholders' equity
       Current Liabilities
           Short-term debt                                                                 38       172             102
           Accounts payable                                                             2,290     1,883           2,390
           Accrued compensation and benefits                                            2,888     2,448           2,015
           Accrued advertising                                                          1,007       773             807
           Deferred income on shipments to distributors                                   622       593             463
           Other accrued liabilities                                                    2,482     1,722           1,901
           Income tax payable                                                               0         0             140
       Total current liabilities                                                        9,327     7,591           7,818
       Long-term income taxes payable                                                     190       193             736
       Long-term debt                                                                   2,077     2,049           1,185
       Long-term deferred tax liabilities                                                 926       555              46
       Other long-term liabilities                                                      1,236     1,003           1,141
       Total Liabilities                                                               13,756    11,391          10,926
       Stockholders' equity:
           Preferred stock, $0.001 par value, 50 shares authorized; none issued

           Common stock, $0.001 par value, 10,000 shares authorized; 5,581
           issued and 5,511 outstanding (5,523 issued and outstanding in 2009)
           (5,562 issued and outstanding in 2008)and capital in excess of par value    16,178    14,993          13,402
           Accumulated other comprehensive income (loss)                                  333       393            (393)
           Retained earnings                                                           32,919    26,318          26,537
       Total stockholders' equity                                                      49,430    41,704          39,546
           Total liabilities and stockholders' equity                                  63,186    53,095          50,472




                                                                                                       Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements                                                              FIN 135, September 23, 2011
                                                    Income Statement
       Three Years Ended December 25, 2010
       (In Millions, Except Per Share Data)                            2010      2009          2008
       Net revenue                                                      43,623    35,127        37,586
       Cost of sales                                                    15,132    15,566        16,742
       Gross margin                                                     28,491    19,561        20,844
       Research and development                                          6,576     5,653          5,722
       Marketing , general and administrative                            6,309     7,931          5,452
       Restructuring and asset impairment charges                            0       231            710
       Amortization of acquisition-related intangibles                      18         35             6
       Operating expenses                                               12,903    13,850        11,890
       Operating income                                                 15,588     5,711          8,954
       Gains (losses) on equity method investments, net                    117      (147)        (1,380)
       Gains (losses) on other equity investments, net                     231        (23)         (376)
       Interest and other, net                                             109       163            488
       Income before taxes                                              16,045     5,704          7,686
       Provision for taxes                                               4,581     1,335          2,394
       Net income                                                       11,464     4,369          5,292

       Basic earnings per common share                                    2.06      0.79          0.93
       Diluted earnings per common share                                  2.01      0.77          0.92
       Weighted average common shares outstanding:
           Basic                                                         5,555     5,557         5,663
           Diluted                                                       5,696     5,645         5,748




                                                                                      Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements                                             FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                         Intel Corporation

                                                                                             RATIO COMPARISON

                                                                                                                                                             Cross-     Time-
                                                                                                                         2008     2009     2010    AMD
                                                                                                                                                            Sectional   Series
                                 Solvency
                                 Current Ratio                         Current Assets/Current Liabilities                2.54     2.79     3.39     2.15     Good         OK
                                 Quick Ratio (Acid Test)               Current Assets - Inventory/Current Liabilities    2.06     2.40     2.99     1.77     Good         OK
                                 Cash Ratio                            Cash/Current Liabilities                          1.48     1.77     2.12     0.38     Good       Variable
                                 Net. Capital to Current Liabilities   Networking Capital/Current Liabilities            1.54     1.79     2.39     1.15     Good         OK


                                 Efficiency
                                 Average Collection Period             Accounts Receivable/(Sales / 360)                16.40    23.29    23.66    53.66     Good         OK
                                 Inventory Turnover                    Total Revenues/Inventory                         10.04    11.97    11.61    10.28     Good       Variable
                                 Receivable Turnover                   Total Revenues/Accounts Receivable               21.95    15.45    15.22    6.71      Good       Variable
                                 Fixed Asset Turnover                  Total Revenues/Fixed Assets                       2.14     2.04     2.44    9.28       Bad       Variable
                                 Total Asset Turnover                  Total Revenues/Total Assets                       0.74     0.66     0.69    1.31       Bad       Variable


                                 Financial Leverage Ratios
                                 Total Debt Ratio                      Total Debt/Total Assets                           0.22     0.21     0.22     0.80     Good         OK
                                 Debt-Equity Ratio                     Total Debt/Total Equity                           0.28     0.27     0.28     3.90     Good         OK
                                 Equity Ratio                          Total Equity/Total Assets                         0.78     0.79     0.78     0.20      Bad       Variable
                                 Long-term Debt Ratio (LTD/TA)         Long-term Debt / Total Assets                     0.02     0.04     0.03     0.44     Good       Variable
                                 Times Interest Earned                 EBIT/Total Interest Payments                      n/a      n/a      n/a      4.88      n/a         n/a


                                 Profitability
                                 Gross Profit Margin (GPM)             Gross Profits/Net Operating Income                0.55     0.56     0.65     0.46     Good         OK
                                 Net Profit Margin (NPM)               Net Profits/Net Operating Income                  0.14     0.12     0.26     0.07     Good       Variable
                                 Return on Total Assets (ROA)          Net Income/Total Assets                           0.10     0.08     0.18     0.09     Good       Variable

                                 Return on Equity (ROE)                Net Income/Total Equity                           0.13     0.10     0.23     0.46      Bad       Variable
                                 Earnings Per Share (EPS)              Net Profit/Number of Shares Outstanding          $21.70   $22.20   $10.10   $16.20




                                                                                                                                                                                 Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison                                                                                                                                                        FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     COMMENTARY



      Solvency




      Efficiency




      Financial Leverage Ratios




      Profitability




                                                  Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison                         FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                          Intel Corporation

                                                        VALUE LINE



                                                       Value Line Data

                                                 Symbol: INTC                   Beta: 1.00                 Price: $21.49



                                                2005           2006         2007         2008           2009          2010

   Sales per share                                  $6.56         $6.14        $6.59          $6.76        $6.36         $7.92
   Cash flow per share                              $2.20         $1.68        $1.98          $1.74        $1.65         $2.92
   Earnings per share                               $1.40         $0.86        $1.18          $0.92        $0.77         $2.05
   Dividends per share                              $0.32         $0.41        $0.45          $0.55        $0.56         $0.63
   Capital Spending per share                       $0.98         $1.00        $0.86          $0.93        $0.82         $0.94
   Book value per share                             $6.11         $6.37        $7.35          $7.03        $7.55         $8.97
   Common Shares Outstanding                      5919.0         5766.0       5818.0         5562.0       5523.0        5511.0
   Average annual price to earnings ratio            17.8          23.3         19.9           21.7         22.2          10.1
   Average price to earnings ratio                   19.2
   Average annual dividend yield                     1.3%           2.0%         1.9%         2.8%          3.3%           3.0%
   Sales ($mill)                                 $38,826        $35,382      $38,334      $37,586       $35,127        $43,623
   Operating margin                                42.7%          30.8%        34.7%        37.3%         29.8%          45.9%
   Depreciation ($Mill)                          $4,345.0       $4,654.0     $4,546.0     $4,360.0      $4,744.0       $4,398.0
   Net profit ($Mill)                            $8,664.0       $5,044.0     $6,976.0     $5,292.0      $4,369.0      $11,692.0
   Income tax rate (%)                             31.3%          28.6%        23.9%        31.1%         23.4%          28.7%
   Net profit margin (%)                           22.3%          14.3%        18.2%        14.1%         12.4%          26.8%
   Working Capital ($Mill)                      $11,960.0       $9,766.0    $15,314.0    $12,053.0     $13,566.0      $22,284.0
   Long-term Debt ($Mill)                        $2,106.0       $1,848.0     $1,980.0     $1,886.0      $2,049.0       $2,077.0
   Shareholder equity ($Mill)                   $36,182.0      $36,752.0    $24,762.0    $39,088.0     $41,704.0      $49,430.0
   Return on equity                                  24%            14%          28%          14%           10%            24%
   Average return on equity                          19%
   Dividend payout ratio                             23%              46%          38%          59%            71%           30%




                                                            Calculations

                                                2005           2006         2007         2008           2009          2010

   Price per share                                 $24.92         $20.04       $23.48       $19.96        $17.09         $20.71
   Owners cash flow ($Mill)(NI+Dep-Cap'l exp)   $7,208.38      $3,932.00    $6,518.52    $4,479.34     $4,584.14     $10,909.66
                                                                                              Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison                                                                     FIN 135, October 5, 2011
   Annual cash flow growth rate                -45.45%   65.78%   -31.28%        2.34%      137.99%
   5 year average cash flow growth   25.87%
   Annual sales growth                          -8.82%    8.30%    -1.93%       -6.58%       24.26%
   5 year average sales growth        3.04%
   Value added                                 ($6.34)   $3.02    ($4.83)       ($3.81)       $1.68
   Average value added               ($2.05)
   Owners cash flow per share         $1.22     $0.68    $1.12     $0.81        $0.83         $1.98




                                                                    Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison                                           FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
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Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     COMMENTARY




                                                  Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison                         FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                               Intel Corporation

                                                                    FORECAST - PESSIMISTIC
                                           INTRINSIC VALUATION MODEL - TWO-STAGE EARNINGS GROWTH PROJECTIO


                                                        1           2               3               4           5             6

   Prior year cash flows (mil)                          10,910      13,187          15,940          19,267      23,289      28,150
   10-year growth rate (.00)                            20.87%      20.87%          20.87%          20.87%      20.87%      20.87%
   Cash flow                                            13,187      15,940          19,267          23,289      28,150      34,027
   Discount Rate (.00)                                     0.15        0.15            0.15            0.15        0.15        0.15
   Discount Factor (mult.)                            0.869565    0.756144        0.657516        0.571753    0.497177    0.432328
   Discounted value per annum                           11,467      12,053          12,668          13,316      13,996      14,711
   Sum of present value of cash flows                $144,961


   Residual value
   Cash flow in year 10                               $72,637
                                                                        4
   Growth rate (.00) (g)                                 0.04
   Cash flow in year 11                               $75,543           3
   Capitalization rate (k-g)                             0.11
                                                                        2
   Value at end of year 10                           $686,753
   Discount factor year 10                            0.24718           1

   Present value of residual                         $169,755           0
   Market value (mil)                                $314,716                 1      2        3     4     5    6     7    8       9
                                                                        -1
   Number of shares (mil)                              5,511
   Intrinsic value per share               $57.11                       -2
   Intrinsic / Market                        2.66                       -3

   Input discount & growth rates                                        -4
   First 10 year growth rate               20.87%                       -5
   2nd period growth rate                     0.04
   Discount rate                              0.15                      -6
   Owners cash flow (mil)               $10,909.66
                                                                        -7




                                                                                                  Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison                                                                         FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
ST - PESSIMISTIC
WO-STAGE EARNINGS GROWTH PROJECTIONS


                                             7               8            9              10

                                           34,027            41,130       49,715          60,093
                                           20.87%            20.87%      20.87%           20.87%
                                           41,130            49,715       60,093          72,637
                                              0.15              0.15        0.15             0.15
                                         0.375937          0.326902    0.284262         0.247185
                                           15,462            16,252       17,082          17,955




                                        10       11   12          Annual sales growth
                                                                  Value added
                                                                  Owners cash flow per share




                                                                                                    Cynthia Kenyon and Michael Davis
   Intel Corporation Ratio Comparison                                                                        FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                  COMMENTARY




                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                    Intel Corporation

                                                                        FORECAST - MOST LIKELY
                                                 INTRINSIC VALUATION MODEL - TWO-STAGE EARNINGS GROWTH PROJ


                                                             1           2               3               4           5

        Prior year cash flows (mil)                          10,910      13,732          17,286          21,758      27,388
        10-year growth rate (.00)                            25.87%      25.87%          25.87%          25.87%      25.87%
        Cash flow                                            13,732      17,286          21,758          27,388      34,475
        Discount Rate (.00)                                     0.15        0.15            0.15            0.15        0.15
        Discount Factor (mult.)                            0.869565    0.756144        0.657516        0.571753    0.497177
        Discounted value per annum                           11,941      13,070          14,306          15,659      17,140
        Sum of present value of cash flows                $185,420


        Residual value
        Cash flow in year 10                               $108,941
                                                                             4
        Growth rate (.00) (g)                                   0.04
        Cash flow in year 11                               $113,298          3
        Capitalization rate (k-g)                               0.11
                                                                             2
        Value at end of year 10                           $1,029,985
        Discount factor year 10                              0.24718         1

        Present value of residual                          $254,597          0
        Market value (mil)                                 $440,017                1      2        3     4     5    6     7
                                                                             -1
        Number of shares (mil)                               5,511
        Intrinsic value per share               $79.84                       -2
        Intrinsic / Market                        3.72                       -3

        Input discount & growth rates                                        -4
        First 10 year growth rate               25.87%                       -5
        2nd period growth rate                     0.04
        Discount rate                              0.15                      -6
        Owners cash flow (mil)               $10,909.66
                                                                             -7




                                                                                              Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison                                                                     FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
CAST - MOST LIKELY
L - TWO-STAGE EARNINGS GROWTH PROJECTIONS


                                        6            7               8            9              10

                                      34,475       43,395            54,623      68,757           86,547
                                      25.87%       25.87%            25.87%      25.87%           25.87%
                                      43,395       54,623            68,757      86,547          108,941
                                         0.15         0.15              0.15        0.15             0.15
                                    0.432328     0.375937          0.326902    0.284262         0.247185
                                      18,761       20,535            22,477      24,602           26,928




                                    8       9   10       11   12          Annual sales growth
                                                                          Value added
                                                                          Owners cash flow per share




                                                                                                        Cynthia Kenyon and Michael Davis
   Intel Corporation Ratio Comparison                                                                            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                  COMMENTARY




                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                              Intel Corporation

                                                                   FORECAST - OPTIMISTIC
                                           INTRINSIC VALUATION MODEL - TWO-STAGE EARNINGS GROWTH PROJECTIO


                                                       1           2               3               4           5             6

  Prior year cash flows (mil)                          10,910      14,278          18,686          24,456      32,006      41,888
  10-year growth rate (.00)                            30.87%      30.87%          30.87%          30.87%      30.87%      30.87%
  Cash flow                                            14,278      18,686          24,456          32,006      41,888      54,820
  Discount Rate (.00)                                     0.15        0.15            0.15            0.15        0.15        0.15
  Discount Factor (mult.)                            0.869565    0.756144        0.657516        0.571753    0.497177    0.432328
  Discounted value per annum                           12,416      14,129          16,080          18,300      20,826      23,700
  Sum of present value of cash flows                $237,804


  Residual value
  Cash flow in year 10                               $160,829
                                                                       4
  Growth rate (.00) (g)                                   0.04
  Cash flow in year 11                               $167,262          3
  Capitalization rate (k-g)                               0.11
                                                                       2
  Value at end of year 10                           $1,520,561
  Discount factor year 10                              0.24718         1

  Present value of residual                          $375,859          0
  Market value (mil)                                 $613,664                1      2        3     4     5    6     7    8       9
                                                                       -1
  Number of shares (mil)                               5,511
  Intrinsic value per share              $111.35                       -2
  Intrinsic / Market                        5.18                       -3

  Input discount & growth rates                                        -4
  First 10 year growth rate               30.87%                       -5
  2nd period growth rate                     0.04
  Discount rate                              0.15                      -6
  Owners cash flow (mil)               $10,909.66
                                                                       -7




                                                                                                 Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison                                                                        FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
ST - OPTIMISTIC
WO-STAGE EARNINGS GROWTH PROJECTIONS


                                             7               8            9              10

                                           54,820            71,746       93,897         122,888
                                           30.87%            30.87%      30.87%           30.87%
                                           71,746            93,897     122,888          160,829
                                              0.15              0.15        0.15             0.15
                                         0.375937          0.326902    0.284262         0.247185
                                           26,972            30,695       34,932          39,754




                                        10       11   12          Annual sales growth
                                                                  Value added
                                                                  Owners cash flow per share




                                                                                                    Cynthia Kenyon and Michael Davis
   Intel Corporation Ratio Comparison                                                                        FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                  COMMENTARY




                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                     Intel Corporation

                                                 DuPont Analysis 2008

                      Sales
                    $37,586            Net Income          Net Profit Margin
               Cost of Goods Sold       $5,292                   INTC
                    $16,742                                     14.08%
   Income      Operating Expenses                                AMD
 Statement          $11,890                Sales               -53.87%
                 Other Inc./Exp.         $37,586
                    ($1,268)
                      Taxes
                     $2,394                Sales             T.A. Turnover
                                         $37,586                 INTC
                                                                74.47%
              Current Assets                                     AMD
                    $19,871            Total Assets             75.70%
              Net Fixed Assets          $50,472
Balance Sheet
                    $30,601
              Current Liabilities
                     $7,818           Total Liabilities   Total Liab. & Equity
              Long-term Debt             $10,926                 INTC
                     $3,108                                    $50,472
                                                                 AMD
                                    Stockholders Equity         $7,672
                                         $39,546



                                                          Stockholders Equity
                                                                 INTC
                                                               $39,546
                                                                 AMD
                                                                 $127
08




     Return on Assets
          (ROA)
           INTC
          10.49%
           AMD
          -40.78%



                          Return on Equity
                               (ROE)
                               INTC
                              13.38%
                               AMD
                             -2463.78%



     Financial Leverage
        Mult. (FLM)
           INTC
           1.28
           AMD
           60.41
COMMENTARY
                     Intel Corporation

                                                 DuPont Analysis 2009

                      Sales
                    $35,127            Net Income          Net Profit Margin
               Cost of Goods Sold       $4,369                   INTC
                    $15,566                                     12.44%
   Income      Operating Expenses                                AMD
 Statement          $13,850                Sales                4.09%
                 Other Inc./Exp.         $35,127
                       ($7)
                      Taxes
                     $1,335                Sales             T.A. Turnover
                                         $35,127                 INTC
                                                                66.16%
              Current Assets                                     AMD
                    $21,157            Total Assets             59.52%
              Net Fixed Assets          $53,095
Balance Sheet
                    $31,938
              Current Liabilities
                     $7,591           Total Liabilities   Total Liab. & Equity
              Long-term Debt             $11,391                 INTC
                     $3,800                                    $53,095
                                                                 AMD
                                    Stockholders Equity         $9,078
                                         $41,704



                                                          Stockholders Equity
                                                                 INTC
                                                               $41,704
                                                                 AMD
                                                                 $648
09




     Return on Assets
          (ROA)
           INTC
           8.23%
           AMD
           2.43%



                          Return on Equity
                               (ROE)
                               INTC
                              10.48%
                               AMD
                              34.10%



     Financial Leverage
        Mult. (FLM)
           INTC
           1.27
           AMD
           14.01
COMMENTARY
                     Intel Corporation

                                                 DuPont Analysis 2010

                      Sales
                    $43,623            Net Income          Net Profit Margin
               Cost of Goods Sold       $11,464                  INTC
                    $15,132                                     26.28%
   Income      Operating Expenses                                AMD
 Statement          $12,903                Sales                7.25%
                 Other Inc./Exp.         $43,623
                      $457
                      Taxes
                     $4,581                Sales             T.A. Turnover
                                         $43,623                 INTC
                                                                69.04%
              Current Assets                                     AMD
                    $31,611            Total Assets            130.82%
              Net Fixed Assets          $63,186
Balance Sheet
                    $31,575
              Current Liabilities
                     $9,327           Total Liabilities   Total Liab. & Equity
              Long-term Debt             $13,756                 INTC
                     $4,429                                    $63,186
                                                                 AMD
                                    Stockholders Equity         $4,964
                                         $49,430



                                                          Stockholders Equity
                                                                 INTC
                                                               $49,430
                                                                 AMD
                                                                $1,013
10




     Return on Assets
          (ROA)
           INTC
          18.14%
           AMD
           9.49%



                          Return on Equity
                               (ROE)
                               INTC
                              23.19%
                               AMD
                              46.50%



     Financial Leverage
        Mult. (FLM)
           INTC
           1.28
           AMD
           4.90
COMMENTARY
                                    Intel Corporation

                                                     Graham Analysis

                Variables                                                            Values
                     Current Price                                                   $21.49
                     AAA Yield                                                        3.00%
                     Average P/E over last 3 years                                    18.00
                     Average P/E over last 8 years                                    19.17
                     Net Current Assets per Share                                      3.67
                     Total Debt per Share                                             $2.50

                Group A                                                              Values        Points
                #1 Earnings / Price                                                  9.54%          1.0
                #2 Price / Earnings                                                   10.5          0.0
                #3 Price / Book                                                       2.31          0.0
                #4 Dividends / Price                                                 2.93%          1.0
                #5 Price / Net Current Assets Per Share                              $5.86          0.0

                Group B                                                              Values        Points
                #6 Current Ratio                                                      3.39          1.0
                #7 Total Debt / Equity                                                0.28          1.0
                #8 Total Debt / Net Current Assets                                    0.68          1.0
                #9 Growth for last 10 years                                          4.50%          0.0
                     Growth for last 5 years                                         5.00%
                #10 Number of earnings decline                                          0           1.0


                                                                      Results
                                                     Group                      Total Points
                                                     Group A                           2.0
                                                     Group B                           4.0
                                                     Does Company Pass the Graham Model?
                                                                                       No




                                                                                               Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements                                                      FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                     COMMENTARY




                                                  Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements         FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                 Intel Corporation

                                                      The Buffett Model

            EPS 5-Year ACGR (from Value Line)               7.93%
            Average ROE (8 Years)                          17.00%
            Initial Rate of Return @ Curent Price           9.54%    ! Equal to EPS divided by share price
            Value Relative to Government Bonds             $51.25    ! Most recent EPS divided by yield on treasury bonds
                           Projected ACRR as Equity Bond
            Average Dividend Payout Ratio                     30%    !   From Value Line, last Dividend %
            Average % of Earnings Retained                    70%    !   1 minus average dividend payout ratio
            Average ROE in Retained Earnings (10 Years)    11.90%    !   Average ROE times 59%
            Future Book Value in 10 Years                  $27.61    !   Book Value times 1.1 to the 10th
            Projected EPS in 10 Years                       $4.69    !   Future book value times 10%
            Average P/E Ratio                               19.17    !   Average from Value Line
            Projected Share Price in 10 Years              $89.97    !   Projected EPS times average P/E ratio
            ACRR @ Current Price                           15.39%

                       Projected ACRR Using Average EPS
            Last Year EPS                                     2.05   ! From Value Line
            Projected EPS in 10 Years                       $4.40    ! 10 year ACGR times last years EPS
            Projected Share Price in 10 Years              $84.28    ! Projected EPS in 10 Years times average P/R ratio
            ACRR @ Current Price                           14.64%


                                 November 2011                       ACGR - Average Compounded Growth Rate in EPS from Value Line
            Yield on T-Bonds:                                   4%   ACRR - Average Compounded Rate of Return
            Share Price:                                   $21.49
            Shares Outstanding:                               5511
            Book Value per Share:                            $8.97




                                                                                                           Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements                                                                  FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                     COMMENTARY




                                                  Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements         FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                  Intel Corporation

                                       Projected ROE Based on P/E Ratios



                                               Projections for 10 Year Period


                                                                                     Reinvested Dividends
     Year        Equity Value       Per Share Earnings   Dividends Payout        High P/E            Low P/E       Retained Earnings
       1           $10.16                 $1.70                $0.51              $2.31               $1.14              $1.19
       2           $11.50                 $1.92                $0.58              $2.21               $1.18              $1.35
       3           $13.03                 $2.18                $0.65              $2.12               $1.22              $1.52
       4           $14.75                 $2.46                $0.74              $2.03               $1.26              $1.73
       5           $16.71                 $2.79                $0.84              $1.94               $1.31              $1.95
       6           $18.92                 $3.16                $0.95              $1.86               $1.36              $2.21
       7           $21.42                 $3.58                $1.07              $1.78               $1.40              $2.51
       8           $24.26                 $4.05                $1.22              $1.70               $1.45              $2.84
       9           $27.47                 $4.59                $1.38              $1.63               $1.51              $3.21
      10           $31.11                 $5.20                $1.56              $1.56               $1.56              $3.64
                                                               9.49               19.13               13.38              22.14

   Price Appreciation (Low P/E)               $52.49                        Price Appreciation (High P/E)                   $115.38
   Rate of Return on Appreciation               144%                        Rate of Return on Appreciation                  436.90%
   Annualized                                  9.34%                        Annualized                                       18.30%
   With Reinvested Dividends                 188.42%                        With Reinvested Dividends                       525.92%
   Annualized                                 11.17%                        Annualized                                       20.13%
   Without Reinvested Dividends              144.27%                        Without Reinvested Dividends                    436.90%
   Annualized                                  9.34%                        Annualized                                       18.30%




                 Input Variables

   Current Price                              $21.49
   ROE                                        18.92%
   Initial Book Value                           $8.97
   Payout Ratio                                30.0%
   P/E High                                     22.20
   P/E Low                                      10.10


                                                                                                    Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison                                                                           FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     COMMENTARY




                                                  Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison                         FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratio Comparison            FIN 135, October 5, 2011
                                         SUMMARY



                       Intel Corporation

                                Summary



                            Decision Summary

         Model                   Method               Value   Recommendation
                                  2008               13.38%
                                  2009               10.48%
   DuPont Analysis                                                 Yes
                                  2010               23.19%
                            Geometric Mean           14.81%
                               Pessimistic             2.66        Yes
Intrinsic Value Analysis       Optimistic              5.18        Yes
                              Most Likely              3.72        Yes
                                Group A                 2
  The Graham Model              Group B                 4          No
                               Combined                 6
                           ACRR - Equity Bond        15.39%        Yes
     Buffett Model
                              ACRR - EPS             14.64%        Yes
                                Low P/E               11.2%        No
   ROE Projections
                                High P/E             20.13%        Yes




                                                                           The Decision




                                          Page 689
SUMMARY




Page 690
SUMMARY




Page 691
SUMMARY




Page 692
                        SUMMARY




                COMMENTARY



               We have a winner!!




The Decision




                         Page 693
SUMMARY




Page 694
SUMMARY




Page 695
SUMMARY




Page 696
SUMMARY




Page 697
SUMMARY




Page 698
SUMMARY




Page 699
SUMMARY




Page 700
SUMMARY




Page 701
SUMMARY




Page 702
SUMMARY




Page 703
SUMMARY




Page 704
SUMMARY




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SUMMARY




Page 706
SUMMARY




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SUMMARY




Page 708
SUMMARY




Page 709
SUMMARY




Page 710
                               Advanced Micro Devices, Inc.

                                                RATIOS


                                                         2010    2009          2008
   Short term solvency ratios
   Current Ratio                                         2.15    1.93          1.07
   Quick Ratio                                           1.77    1.68          0.77
   Cash Ratio                                            0.38    0.79          0.49
   Net Working Capital to Current Liabilities            1.15    0.93          0.07

   Asset Utilization or Turnover ratios
   Average Collection Period                             53.66   49.64        19.83
   Inventory Turnover Ratios                             10.28    9.53         8.85
   Receivable Turnover                                    6.71    7.25        18.15
   Fixed Asset Turnover                                   9.28    1.42         1.35
   Total Asset Turnover                                   1.31    0.60         0.76

   Financial Leverage ratios
   Total Debt Ratio (TD/TA)                              0.80     0.93         0.98
   Debt/Equity                                           3.90    13.01        59.41
   Equity Ratio (TE/TA)                                  0.20     0.07         0.02
   Long-term Debt Ratio (LTD/TA)                         0.44     0.47         0.60
   Times Interest Earned Ratio (EBIT/TI)                 4.88     0.93        (5.99)

   Profitability ratios
   Gross Profit Margin                                   0.46    0.42           0.40
   Net Profit Margin                                     0.07    0.04          (0.54)
   ROA (NI/TA)                                           0.09    0.02          (0.41)
   ROE (NI/TE)                                           0.46    0.34         (24.64)

   Market value ratios
   Price/Earnings Ratio                                  16.20   16.20        16.20




                                                                         Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements                                FIN 135, September 23, 2011
                                         FINANCIAL STATEMENTS


                                                      Balance Sheet
   Three Years Ended December 25, 2010
   (In Millions, Except Par Value)                                          2010       2009                2008
   Assets
   Current Assets:
       Cash and cash equivalents                                               606       1,657                 933
       Short-term investments
       Trading assets
       Accounts receivable, net                                                 968        745                 320
   Marketable equity securities                                               1,183      1,019                 163
       Inventories                                                              632        567                 656
       Deferred tax assets
       Prepaid Expenses and Other current assets                                205        287                 307
   Total current assets                                                       3,594      4,275               2,379
   Property, plant and equipment, net                                           700      3,809               4,296
   Acquisition related to intangible assets, net                                 37         98                 168
   Goodwill                                                                     323        323                 323
   Other long-term assets                                                       310        573                 506
       Total assets                                                           4,964      9,078               7,672

   Liabilities and stockholders' equity
   Current Liabilities
       Short-term debt
       Accounts payable                                                        581        647                  631
       Accrued liabilities                                                     698        795                  970
       Other Short-Term Obligations                                            233        479                  372
       Deferred income on shipments to distributors                            143        121                   50
       Other current liabilities                                                19        168                  203
       Income tax payable
   Total current liabilities                                                  1,674      2,210               2,226
   Long-term income taxes payable
   Long-term debt                                                             2,188      4,252               4,581
   Long-term deferred tax liabilities
   Other long-term liabilities                                                   89      1,968                 738
   Total Liabilities                                                          3,951      8,430               7,545
   Stockholders' equity:
       Treasury Stock, at cost                                                 (102)          (98)                (97)
       Common stock, par value $0.01; 1,500 shares authorized on December
       25, 2010 and December 26, 2009; shares issued: 691on December 25,
       2010 and 679 on December 26, 2009; shares outstanding: 683 on
       December 25, 2010 and 671 on December 26, 2009.                            7          7                   6
       Additional paid in capital                                             6,575      6,524               6,354
       Accumulated other comprehensive income (loss)                         (5,467)    (5,785)             (6,136)
       Retained earnings                                                          0          0                   0
   Total stockholders' equity                                                 1,013        648                 127
       Total liabilities and stockholders' equity                             4,964      9,078               7,672




                                                                                                     Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements                                                            FIN 135, September 23, 2011
                                                Income Statement
   Three Years Ended December 25, 2010
   (In Millions, Except Per Share Data)                            2010       2009              2008
   Net revenue                                                       6,494       5,403             5,808
   Cost of sales                                                     3,533       3,131             3,488
   Gross margin                                                      2,961       2,272             2,320
   Research and development                                          1,405       1,721             1,848
   Marketing , general and administrative                              934         994             1,304
   Legal Settlement                                                   (287)     (1,177)              986
   Amortization of acquired intangible assets                           61          70               137
   Operating expenses                                                2,113       1,608             4,275
   Operating income                                                    848         664            (1,955)
   Interest Income                                                      11          16                39
   Interest Expense                                                   (199)       (438)             (391)
   Interest and other, net                                             311         166               (37)
   Income before taxes                                                 971         408            (2,344)
   Provision for taxes                                                  38         112                68
   Equity in net loss of investee                                     (462)        (75)             (717)
   Net income                                                          471         221            (3,129)

   Basic earnings per common share                                    0.66       0.46              (5.15)
   Dilluted earnings per common share                                 0.64       0.45              (5.15)
   Weighted average common shares outstanding:
        Basic                                                          711        673               607
        Dilluted                                                       733        678               607




                                                                                          Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements                                                 FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011
                                                Cynthia Kenyon and Michael Davis
Intel Corporation Ratios Financial Statements       FIN 135, September 23, 2011

				
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