Global Technology| July 22, 2015 Disclosure Section The information and opinions in Morgan Stanley Research were prepared by Morgan Stanley & Co. LLC, and/or Morgan Stanley C.T.V.M. S.A., and/or Morgan Stanley Mexico, Casa de Bolsa, S.A. de C.V., and/or Morgan Stanley Canada Limited. As used in this disclosure section, "Morgan Stanley" includes Morgan Stanley & Co. LLC, Morgan Stanley C.T.V.M. S.A., Morgan Stanley Mexico, Casa de Bolsa, S.A. de C.V., Morgan Stanley Canada Limited and their affiliates as necessary. For important disclosures, stock price charts and equity rating histories regarding companies that are the subject of this report, please see the Morgan Stanley Research Disclosure Website at www.morganstanley.com/researchdisclosures, or contact your investment representative or Morgan Stanley Research at 1585 Broadway, (Attention: Research Management), New York, NY, 10036 USA. For valuation methodology and risks associated with any price targets referenced in this research report, please contact the Client Support Team as follows: US/Canada +1 800 303-2495; Hong Kong +852 2848-5999; Latin America +1 718 754-5444 (U.S.); London +44 (0)20-7425-8169; Singapore +65 6834-6860; Sydney +61 (0)2-9770-1505; Tokyo +81 (0)3-6836-9000. Alternatively you may contact your investment representative or Morgan Stanley Research at 1585 Broadway, (Attention: Research Management), New York, NY 10036 USA. Analyst Certification The following analysts hereby certify that their views about the companies and their securities discussed in this report are accurately expressed and that they have not received and will not receive direct or indirect compensation in exchange for expressing specific recommendations or views in this report: Charlie Chan; Grace Chen; James E Faucette; Katy L. Huberty, CFA; Shawn Kim; Jasmine Lu; Joseph Moore; Brian Nowak, CFA; Shoji Sato; Sharon Shih; Keith Weiss, CFA. Unless otherwise stated, the individuals listed on the cover page of this report are research analysts. Global Research Conflict Management Policy Morgan Stanley Research has been published in accordance with our conflict management policy, which is available at www.morganstanley.com/institutional/research/conflictpolicies. Important US Regulatory Disclosures on Subject Companies The following analyst or strategist (or a household member) owns securities (or related derivatives) in a company that he or she covers or recommends in Morgan Stanley Research: Jasmine Lu - Wistron Corporation(common or preferred stock). As of June 30, 2015, Morgan Stanley beneficially owned 1% or more of a class of common equity securities of the following companies covered in Morgan Stanley Research: Amazon.com Inc, Apple, Inc., Broadcom Corporation, Facebook Inc, Infoblox Inc, Red Hat, Inc., Samsung Electronics, SanDisk Corporation, SK Hynix, Yandex NV. Within the last 12 months, Morgan Stanley managed or co-managed a public offering (or 144A offering) of securities of Amazon.com Inc, AT&T, Inc., Broadcom Corporation, Cisco Systems Inc, Juniper Networks Inc, Micron Technology Inc., Red Hat, Inc., Texas Instruments, Verizon Communications. Within the last 12 months, Morgan Stanley has received compensation for investment banking services from Amazon.com Inc, Arista Networks, AT&T, Inc., Baidu Inc, Broadcom Corporation, Cisco Systems Inc, Facebook Inc, Google, Juniper Networks Inc, Micron Technology Inc., Red Hat, Inc., Texas Instruments, Verizon Communications. In the next 3 months, Morgan Stanley expects to receive or intends to seek compensation for investment banking services from A10 Networks, Inc., Altera Corporation, Amazon.com Inc, Apple, Inc., Arista Networks, AT&T, Inc., Avago Technologies Ltd, Baidu Inc, Broadcom Corporation, Cavium Inc, Cisco Systems Inc, Citrix Systems Inc, EMC Corp., F5 Networks Inc, Facebook Inc, Google, Hewlett-Packard, IBM, Infoblox Inc, Inotera Memories, Inc., Inphi Corporation, Intel Corporation, Juniper Networks Inc, Marvell Technology Group Ltd, Micron Technology Inc., Microsoft, NetApp Inc, Nimble Storage, NVIDIA Corp., QLogic Corporation, Red Hat, Inc., Samsung Electronics, SanDisk Corporation, Seagate Technology, SK Hynix, Tencent Holdings Ltd., Texas Instruments, Verizon Communications, VMware Inc, Western Digital, Xilinx, Yahoo! Inc, Yandex NV. Within the last 12 months, Morgan Stanley has received compensation for products and services other than investment banking services from Altera Corporation, Apple, Inc., AT&T, Inc., Avago Technologies Ltd, Baidu Inc, Cisco Systems Inc, Citrix Systems Inc, EMC Corp., Google, Hewlett-Packard, Hon Hai Precision, IBM, Intel Corporation, Juniper Networks Inc, Marvell Technology Group Ltd, Micron Technology Inc., Microsoft, NetApp Inc, NVIDIA Corp., Quanta Computer Inc., Red Hat, Inc., SanDisk Corporation, Seagate Technology, Tencent Holdings Ltd., Texas Instruments, Tripod Technology, Verizon Communications, Yandex NV. Within the last 12 months, Morgan Stanley has provided or is providing investment banking services to, or has an investment banking client relationship with, the following company: A10 Networks, Inc., Altera Corporation, Amazon.com Inc, Apple, Inc., Arista Networks, AT&T, Inc., Avago Technologies Ltd, Baidu Inc, Broadcom Corporation, Cavium Inc, Cisco Systems Inc, Citrix Systems Inc, EMC Corp., F5 Networks Inc, Facebook Inc, Google, Hewlett- Packard, IBM, Infoblox Inc, Inotera Memories, Inc., Inphi Corporation, Intel Corporation, Juniper Networks Inc, Marvell Technology Group Ltd, Micron Technology Inc., Microsoft, NetApp Inc, Nimble Storage, NVIDIA Corp., QLogic Corporation, Red Hat, Inc., Samsung Electronics, SanDisk Corporation, Seagate Technology, SK Hynix, Tencent Holdings Ltd., Texas Instruments, Verizon Communications, VMware Inc, Western Digital, Xilinx, Yahoo! Inc, Yandex NV. Within the last 12 months, Morgan Stanley has either provided or is providing non-investment banking, securities-related services to and/or in the past has entered into an agreement to provide services or has a client relationship with the following company: Altera Corporation, Amazon.com Inc, Apple, Inc., AT&T, Inc., Avago Technologies Ltd, Baidu Inc, Broadcom Corporation, Cisco Systems Inc, Citrix Systems Inc, EMC Corp., F5 Networks Inc, Google, Hewlett-Packard, Hon Hai Precision, IBM, Intel Corporation, Juniper Networks Inc, Marvell Technology Group Ltd, Micron Technology Inc., Microsoft, NetApp Inc, NVIDIA Corp., QLogic Corporation, Quanta Computer Inc., Red Hat, Inc., SanDisk Corporation, Seagate Technology, Tencent Holdings Ltd., Texas Instruments, Tripod Technology, Verizon Communications, Wistron Corporation, Xilinx, Yahoo! Inc, Yandex NV. An employee, director or consultant of Morgan Stanley is a director of AT&T, Inc., EMC Corp., Facebook Inc, Hewlett-Packard, IBM, Verizon Communications. This person is not a research analyst or a member of a research analyst's household. Morgan Stanley & Co. LLC makes a market in the securities of A10 Networks, Inc., Altera Corporation, Amazon.com Inc, Apple, Inc., Arista Networks, AT&T, Inc., Avago Technologies Ltd, Baidu Inc, Broadcom Corporation, Cavium Inc, Cisco Systems Inc, Citrix Systems Inc, EMC Corp., F5 Networks Inc, Facebook Inc, Google, Hewlett-Packard, IBM, Infoblox Inc, Inphi Corporation, Intel Corporation, Juniper Networks Inc, Marvell Technology Group Ltd, Micron Technology Inc., Microsoft, NetApp Inc, NVIDIA Corp., QLogic Corporation, Red Hat, Inc., SanDisk Corporation, Seagate Technology, Texas Instruments, Verizon Communications, VMware Inc, Western Digital, Xilinx, Yahoo! Inc, Yandex NV. The equity research analysts or strategists principally responsible for the preparation of Morgan Stanley Research have received compensation based upon various factors, including quality of research, investor client feedback, stock picking, competitive factors, firm revenues and overall investment banking revenues. Morgan Stanley and its affiliates do business that relates to companies/instruments covered in Morgan Stanley Research, including market making, providing liquidity and specialized trading, risk arbitrage and other proprietary trading, fund management, commercial banking, extension of credit, investment services and investment banking. Morgan Stanley sells to and buys from customers the securities/instruments of companies covered in Morgan Stanley Research on a principal basis. Morgan Stanley may have a position in the debt of the Company or instruments discussed in this report. Certain disclosures listed above are also for compliance with applicable regulations in non-US jurisdictions. STOCK RATINGS Morgan Stanley uses a relative rating system using terms such as Overweight, Equal-weight, Not-Rated or Underweight (see definitions below). Morgan Stanley does not assign ratings of Buy, Hold or Sell to the stocks we cover. Overweight, Equal-weight, Not-Rated and Underweight are not the equivalent of buy, hold and sell. Investors should carefully read the definitions of all ratings used in Morgan Stanley Research. In addition, since Morgan Stanley 53