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ther important information. Important disclosures regarding the relationship between the companies that are referenced in Morgan Stanley research and Morgan Stanley Wealth Management research are available on the Morgan Stanley Wealth Management disclosure website at https://www.morganstanley.com/online/researchdisclosures. 2 Morg
Page: HOUSE_OVERSIGHT_033363 →then we'd expect 2.3M lower iPhone units (-6% vs. our current model), $1.6B lower revenue (-2.9%) and a $0.05 hit to EPS (-2 This alert is sent from: Andrew Atlas, [email protected] You received this because you requested that you receive content and reports from: APPLE INC. Please contact your FA
Page: HOUSE_OVERSIGHT_033363 →er important information. Important disclosures regarding the relationship between the companies that are referenced in Morgan Stanley research and Morgan Stanley Wealth Management research are available on the Morgan Stanley Wealth Management disclosure website at https:fiwww.morganstanley.comfonlineiresearchdisclosures. Morga
nents, namely memory, where prices increased over 100% and 50% Y/Y for DRAM and NAND, respectively (6). Normalized Septem This alert is sent from: Andrew Atlas. You received this because you requested that you receive content and reports from: APPLE INC. Please contact your FA if you want to unsubsaibe fr
er important information. Important disclosures regarding the relationship between the companies that are referenced in Morgan Stanley research and Morgan Stanley Wealth Management research are available on the Morgan Stanley Wealth Management disclosure website at Morgan Stanley Wealth Management Not Acting as Municipal Advi
and could account for all incremental iPhone shipments embedded in consensus models next year. even if the upgrade rate d This alert is sent from: Andrew Atlas. You received this because you asked to be alerted to: APPLE INC. Please contact your FA if you want to unsubscribe from the alerts. Disclosures:
er important information. Important disclosures regarding the relationship between the companies that are referenced in Morgan Stanley research and Morgan Stanley Wealth Management research are available on the Morgan Stanley Wealth Management disclosure website at httpsi/www.morganstanley.comlonline/researchdisclosures. EFTA0
and could account for all incremental iPhone shipments embedded in consensus models next year, even if the upgrade rate d This alert is sent from: Andrew Atlas. You received this because you asked to be alerted to: APPLE INC. Please contact your FA if you want to unsubsaibe from the alerts. Disclosures:
om/img/cs/spacer.gif> Companies with more than 50% of Total Revenues =enerated Abroad EFTA_R1_01864388 EFTA02636191 Capital Markets - =quities — Morgan Stanley Wealth Management March 26, 2019 5:56 PM GMT This report identifies those =tacks in the research coverage universe of Morgan Stanley & Co. LLC =MS) which generated
erated 50% or more of their last full year reported =evenue from international sources as measured by Factset =orldscope. This alert is sent from: Andrew Atlas, [email protected] You received this because you requested =hat you receive content and reports from: APPLE =NC. Please contact your
e/researchdisclosures <https://www.morganstanley.com/online/researchdisclosure=> . Morgan Stanley Wealth Management Not Acting as Municipal Advisor Morgan Stanley Wealth Management is not acting as a municipal advisor t= any municipal entity or obligated person within the meaning of Section 15B=of the Securities Exchange Act (
CQzdEM E F BOEUwQg%3 0%3D&user==juqj0un2dai0-0&_gda_=1497266515_15408706aac42beb407b3ac2fc2719f3> to see the full report. This alert is sent from: Andrew Atlas, =20 You received this because you asked to be=alerted to: MSWM Research - Morning Meeting Summary - North America Disclosures: Please see the f
Entities connected to both Morgan Stanley Wealth Management and Andrew Atlas

Richard Kahn
PERSON
Prince Andrew
PERSON
Jeffrey Epstein
PERSONMorgan Stanley Smith Barney LLC
ORGANIZATION
Katy Perry
PERSON
Apple
ORGANIZATION
Katy L. Huberty
PERSON
Morgan Stanley
ORGANIZATIONLexington
LOCATIONMorgan Stanley Wealth Management Not Acting as Municipal Advisor
ORGANIZATIONMorgan Stanley & Co. LLC
ORGANIZATION
North America
LOCATIONiPhone 6.We're
ORGANIZATION