Morgan Stanley reiterate there above-consensus iPad shipment forecast of 6 million units in 2010 and 7 million
over the first 12 months on the strength of results from our proprietary survey of 2,500
consumers. The consensus forecast of 4-5 million iPad units is too conservative, in morgans view, and
they see potential upside to tnere estimates with the introduction of a broader array of apps and new
distribution partners in the U.S. and international markets. Every 1 million incremental iPad units
and related accessories equates to $0.20-$0.25 EPS,
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