<table><tr><th>From:</th><th>Richard Kahn &lt;</th></tr><tr><td>Sent:</td><td>Tuesday, June 28, 2016 5:20 PM</td></tr><tr><td>To:</td><td>jeffrey E.</td></tr><tr><td>Subject:</td><td>Fwd: Apple, Inc.: iPhone on Track for June; Strong SE Lowers Sept Gross Margin</td></tr></table>

Richard Kahn
HBRK Associates Inc.
575 Lexington =venue 4th Floor
New York, NY 10022
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Begin forwarded message:

From: =/b>"Morgan Stanley" <ms-wmir@morganstanley.com>

Subject: =/b>Apple, Inc.: =Phone on Track for June; Strong SE Lowers Sept Gross Margin

Date: =/b>June 27, 2016 at 4:06:57 AM =DT

To: =/b><richardkahn12@gmail.com>

Reply-To: =/b><mswmir-cie-feedback@morganstanley.com>