From: Richard Kahn • To: "jeffrey E." <[email protected]> Subject: Fwd: Apple, Inc.: Driving to a New Market Date: Mon, 16 May 2016 12:54:20 +0000 Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York, NY 10022 Begin forwarded message: From: "Morgan Stanley" <[email protected]> Subject: Apple, Inc.: Driving to a New Market Date: May 16, 2016 at 1:07:23 AM EDT To: <F > Reply-To: <mswmir-cie-feedbackOmorganstanley.com> ARS, Inc.: Driving to a New Market Subscription Notification: May 16 Katy L. Huberty, CFA — Morgan Stanley May 16, 2016 5:00 ,4M GMT We see positive near- and long-term implications from Apple's unexpected $1B investment in Didi Chuxing. Apple can learn more about the services business, especially in an important market like China, and maybe one day deploy its own cars as-a-service. Investment in Chinese ride-sharing business more than meets the eye. Apple recently messaged a greater appetite for acquisitions. Investor response was varied. Value investors want capital return and accretion. Growth investors want a transformative EFTA00644562