From: Richard Kahn
Sent: Monday, February 13, 2017 5:53 PM
To: Jeffrey Epstein
Subject: Apple

Still watching with a big smile. =1 know you talked about 135 potential exit...

&nbs=;Stock 133.69. Cost basis 98.19.
Unrealized gain 14,697,000
<=iv>

Richard Kahn
HBRK Associates Inc.
575 Lexington Avenue, 4th Floor
New York, NY 10022

Phone
Fax
=div style="direction: inherit;">Cell =r>Begin forwarded message:

From:=/b> Richard Kahn
Date: February 1, 2017 at 8:42:09 AM EST
<=>To: "jeffrey E." <jeevacat=on@gmail.com <mailto:jeevacation@gmail.com> >
Subject: Fwd: Apple, Inc.: Smooth Sailing=Into Supercycle

st=ck 127 premarket

shares owned: 414,000
cost basis: 98.19
<=iv class="">unrealized gain: 11,927,368
total p=sition value:=52,578,000

Richard Kahn
575 Lexington Avenue 4th Floor
New York, NY 10022
tel: 
=axe: 
cel:

<=r class="">

Beg=n forwarded message:

"Morgan Stanley" <ms-wmir@morganstanley.com&g=;

Subject: Apple, Inc.: Smooth Sailing Into Supercycle

Date: J=nuary 31, 2017 at 9:26:29 PM EST

To:=<████████████████████████████████████████████████████>

<= class="">Reply-To: <mswmir-cie-feedback@mo=ganstanley.com>

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Apple, Inc.: Smooth Sailing Into Supercycle

Katy=L. Huberty, CFA — Morgan Stan=ey

Apple is ou= top pick with the upcoming iPhone supercycle accentuated by the possibilit= of repatriation, tax reform, and M&A. Stronger Dec quarter and better t=an feared March guidance pave the path to our base case of $150, with $190 b=ll case becoming increasingly likely.

December quarter suggests platform story intact. Over 20% normalized service= revenue growth, re-accelerating iPhone unit growth, and constraints across=several products are encouraging signs customer loyalty remains high and gr=wth will accelerate further with new products expected to launch later this=year. We are also encouraged by mainland China returning to growth (1) at c=nstant currency, which is consistent with the acceleration recently reporte= by BABA. Growth in Mac, iPad, and Services revenue in China supports our v=ew that users remain loyal to the platform but many

are waiting for a new i=hone form factor to upgrade.March quarter guidance better than feared. Th= mid-points of revenue and gross margin guidance are above our recently low=red estimates as improving China demand, normalization of supply, and price=concessions from suppliers help offset currency risk. While the pace of rec=very could slow in June as Apple prepares for its biggest iPhone launch in t=ree years, we expect the market to look through any weakness as was the cas= ahead of iPhone 6.We're increasingly convinced Street estimates are too lo= for FY18. iPhone returned to growth despite no major form factor change an= currency headwinds during the December quarter. iPhone engagement and loya=ty rates remain high, supported by 21% Services revenue growth (backing out=$548M litigation benefit a year ago). New OLED displays, improved battery t=chnology, and a redesigned form factor at the high-end of the portfolio are=likely to accelerate upgrade rates in FY18. China will lead growth, in our v=ew, and could account for all incremental iPhone shipments embedded in cons=nsus models next year, even if the upgrade rate d

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Disclosures:

Please see the full report for=risks, disclosures and other important information.

https://www.morganstanley.com/online/researchdisclosure=.

Morgan Stanley Wealth Management Not Acting as Municipal Ad=isor Morgan Stanley Wealth Management is not acting as a municip=l advisor to any municipal entity or obligated person within the mean=ng of Section 1SB of the Securities Exchange Act (the "Municipal A=visor Rule") and the opinions or views contained herein are not i=tended to be, and do not constitute, advice within the meaning of the=Municipal Advisor Rule.

## Copyright

## Copyright (cont.)

The copyright in materials provided by Morgan Stanley is owned by Morgan Sta=ley & Co. LLC. Morgan Stanley Wealth Management is the trade name of M=rgan Stanley Smith Barney LLC, a registered broker-dealer in the=United States.

©=2017 Morgan Stanley Smith Barney LLC. Member SIPC.

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