From: Richard Kahn Sent: Wednesday, May 17, 2017 5:45 PM To: jeffrey E. Subject: Fwd: Apple, Inc.: Retention Rate on the Rise as Supercycle Approaches Richard =ahn HBRK Associates Inc. 575 Lexington =venue 4th Floor New York, NY 10022 Begin forwarded message: From: =/b>"Morgan Stanley" Subject: =/b>Apple, Inc.: =etention Rate on the Rise as Supercycle Approaches Date: =/b>May 17, 2017 at 12:19:08 AM =DT To: =/b> Reply-To: =/b =td class=""> = =/a> =td class=""> =td valign="middle" style="padding: 0cm 0cm 0cm 0cm" class=""> =Wealth = Management =/p> =/td> =a style="font-size: 15.0pt; font-family: "Arial", =quotsans-serif"; color: #333333" =ref="http://li nkback, morganstanley.com/web/sendlink/webapp/f/mt 1m9mru-3=pq-g000-9b47- 005056018301?store= l&d= Uw8SZXNIYX1jaF9N UwA2NG RI NjVhO=0zMTA4LTExZTctOGN i M i 01ODAyOThjMTk5ODU%3D& user=5t3loemwqprci-0&=gda_=1558153148_c965eda4d5f3f1d0151da8db3fa5b3d7" class="">Apple, =nc.: Retention Rate on the Rise as Supercycle Approaches = EFTA_R1_01889556 EFTA02649735 <httpl mg/cs/spacer.gif> =td class=""> =div style="font•size: 10.0pt; color: #666666; font•weight: normal" =lass=""> = = = = = =/div> =/td> <http://www.morganstanley.com/img/cs/spacer.gif> 2 EFTA_R1_01889557 EFTA02649736