From: Richard Kahn To: "jeffrey E." <[email protected]> Subject: Fwd: Apple, Inc.: March iPhone Demand Tracking Ahead of Expectations Date: Tue, 15 Mar 2016 13:04:16 +0000 positive comments on AAPL from MS this am Pre-market: 103.94 +1.42 (1.39%) Mar 15, 9:03AM EDT Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York, NY 10022 Begin forwarded message: From: "Morgan Stanley" <ms-wmir(&morganstanley.com> Subject: Apple, Inc.: March iPhone Demand Tracking Ahead of Expectations Date: March 15, 2016 at 12:10:43 AM EDT To: • Reply-To: <mswmir-cie-feedbackOmorganstanley.com> Ape, Inc.: March iPhone Demand Tracking Ahead of Expectations Subscription Notification: March 15 Katy L. Huberty, CFA - Morgan Stanley March 15, 2016 4:01 AM GMT Our AlphaWise iPhone Tracker, which compiles sell-through data using web search analysis, indicates 56.5M units for CIQ with China delivering the strongest growth. This is clearly ahead of expectations as investors are skeptical Apple can reach implied guidance of 52M. EFTA00643700