Global Technology| July 22, 2015 IInnttrroodduucciinngg MMoorrggaann SSttaannlleeyy CClloouudd CCaappeexx TTrraacckkeerr MMeetthhooddoollooggyy We have identified 19 companies that we believe have the highest predilection for aggressive IT infrastructure investments. We started with the highest ranked Internet companies by traffic, and included other large IaaS and SaaS providers. We also included Apple as it operates iTunes and cloud-based services to its user base as well as large US telco services providers (AT&T and Verizon). Our analysis incorporates total company capex including investments beyond building out cloud infrastructure and big data analytics. We included capex related to capital leases and backed out real estate investments where material. Our estimates are based off a combination of company guidance and Morgan Stanley Research estimates. We believe the companies in our tracker account for more than 40% of web traffic and cloud computing share. WWeebbssiittee TTrraaffffiicc DDrriivveess CClloouudd CCaappeexx TTrraacckkeerr Google (MS rated EW), Facebook (OW), YouTube, Baidu (OW), Yahoo, (OW), and Amazon (OW) are the top 6 websites ranked by global traffic in 2015 with Amazon ranking increasing most over the last year. EExxhhiibbiitt 55:: Top 20 Global Internet Domains by Traffic Position Traffic Year Ago Change from Rank Rank Year Ago Website Description Company 1 1 = google.com Search Engine, OS and Platforms Google 2 2 = facebook.com Social Networking Service Facebook 3 3 = youtube.com Video Sharing Service Google 4 5 +1 baidu.com Chinese Search Engine Baidu 5 4 -1 yahoo.com Search Engine Yahoo! 6 12 +6 amazon.com Online Marketplace, IaaS Provider Amazon 7 6 -1 wikipedia.org Web Encyclopedia Wikipedia 8 7 -1 qq.com Chinese Internet Service Portal Tencent 9 11 +2 twitter.com Microblogging Service Twitter 10 8 -2 taobao.com Chinese Online Marketplace Alibaba 11 14 +3 google.co.in Chinese Version of Search Engine Google 12 10 -2 live.com Web Application Service Microsoft 13 13 = sina.com.cn Chinese Infotainment Web Portal Sina 14 9 -5 linkedin.com Professional Networking Service LinkedIn 15 17 +2 weibo.com Chinese Microblogging Service Sina 16 19 +3 yahoo.co.jp Japanese Version of Search Engine Yahoo! 17 NA NA google.co.jp Japanese Version of Search Engine Google 18 24 +6 ebay.com Online Marketplace eBay 19 20 +1 yandex.ru Russian Search Engine Yandex 20 15 -5 blogspot.com Web Blogging Service Google Source: Alexa Internet, an Amazon company (as of July 2014). Note: The rank is calculated using a combination of average daily visitors to the site and page views on the site over the past 3 months. While not explicitly stated, we believe mobile traffic is not captured in Alexa rankings. 5