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Correct, the oldest iPad running iOS 10 is the first Retina -aka iPad 4.

I bought mine in 2012, still using it daily.

The first retina was actually the 3, which I have. I think the only upgrade in the 4 though was a switch to lightning. (Maybe some spec boosts)

The iPad 4 is roughly twice as fast as the iPad 3. Won't help it though, I'm sure Apple will kill 32-bit iOS in autumn.