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For valuation methodology and risks associated with any recommendation, rating or price target 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: Brian Essex, 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 As of April 29, 2016, Morgan Stanley beneficially owned 1% or more of a class of common equity securities of the following companies covered in Morgan Stanley Research: Atlassian Corporation PLC, AVG Technologies, Box Inc, FireEye Inc, Intuit, MINDBODY INC, Nuance Communications Inc., Opower Inc, Palo Alto Networks Inc, QLIK Technologies Inc., Salesforce.com, ServiceNow Inc, Splunk Inc, Tableau Software, Travelport Worldwide Limited, Varonis Systems, Inc., Veeva Systems Inc, Workday, Workiva Inc. Within the last 12 months, Morgan Stanley managed or co-managed a public offering (or 144A offering) of securities of AppFolio Inc, Atlassian Corporation PLC, Autodesk, FireEye Inc, GoDaddy Inc, Instructure Inc, MINDBODY INC, Nuance Communications Inc., Rapid7 Inc, Sabre Corp, Shopify Inc, SS&C Technologies Holdings, Inc., Travelport Worldwide Limited. Within the last 12 months, Morgan Stanley has received compensation for investment banking services from Apigee Corporation, AppFolio Inc, Atlassian Corporation PLC, Autodesk, Box Inc, CDK Global Inc, FireEye Inc, Fortinet Inc., GoDaddy Inc, Instructure Inc, Intuit, MINDBODY INC, Nuance Communications Inc., Oracle Corporation, QLIK Technologies Inc., Rapid7 Inc, Sabre Corp, Shopify Inc, Splunk Inc, SS&C Technologies Holdings, Inc., Travelport Worldwide Limited, Veeva Systems Inc. In the next 3 months, Morgan Stanley expects to receive or intends to seek compensation for investment banking services from Adobe Systems, Akamai Technologies, Inc., Apigee Corporation, AppFolio Inc, Atlassian Corporation PLC, Autodesk, AVG Technologies, Barracuda Networks Inc, Bazaarvoice Inc, Box Inc, CDK Global Inc, Check Point Software Technologies Ltd., Citrix Systems Inc, Cvent, Descartes Systems Group Inc, EnerNOC Inc, FireEye Inc, Fortinet Inc., GoDaddy Inc, HubSpot, Inc., Imperva Inc., Instructure Inc, Intuit, Jive Software Inc, Microsoft, MINDBODY INC, NetSuite, New Relic Inc, Nuance Communications Inc., Opower Inc, Oracle Corporation, Palo Alto Networks Inc, Proofpoint Inc, QLIK Technologies Inc., Rapid7 Inc, Red Hat, Inc., Sabre Corp, Salesforce.com, ServiceNow Inc, Shopify Inc, Splunk Inc, SS&C Technologies Holdings, Inc., Symantec, Tableau Software, Travelport Worldwide Limited, Varonis Systems, Inc., Veeva Systems Inc, VMware Inc, Workday, Workiva Inc, Zendesk, Inc. Within the last 12 months, Morgan Stanley has received compensation for products and services other than investment banking services from Adobe Systems, Akamai Technologies, Inc., Autodesk, Check Point Software Technologies Ltd., Citrix Systems Inc, Fortinet Inc., Intuit, Microsoft, Nuance Communications Inc., Oracle Corporation, Red Hat, Inc., Sabre Corp, Salesforce.com, SS&C Technologies Holdings, Inc., Symantec, Travelport Worldwide Limited. 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: Adobe Systems, Akamai Technologies, Inc., Apigee Corporation, AppFolio Inc, Atlassian Corporation PLC, Autodesk, AVG Technologies, Barracuda Networks Inc, Bazaarvoice Inc, Box Inc, CDK Global Inc, Check Point Software Technologies Ltd., Citrix Systems Inc, Cvent, Descartes Systems Group Inc, EnerNOC Inc, FireEye Inc, Fortinet Inc., GoDaddy Inc, HubSpot, Inc., Imperva Inc., Instructure Inc, Intuit, Jive Software Inc, Microsoft, MINDBODY INC, NetSuite, New Relic Inc, Nuance Communications Inc., Opower Inc, Oracle Corporation, Palo Alto Networks Inc, Proofpoint Inc, QLIK Technologies Inc., Rapid7 Inc, Red Hat, Inc., Sabre Corp, Salesforce.com, ServiceNow Inc, Shopify Inc, Splunk Inc, SS&C Technologies Holdings, Inc., Symantec, Tableau Software, Travelport Worldwide Limited, Varonis Systems, Inc., Veeva Systems Inc, VMware Inc, Workday, Workiva Inc, Zendesk, Inc. 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: Adobe Systems, Akamai Technologies, Inc., Autodesk, CDK Global Inc, Check Point Software Technologies Ltd., Citrix Systems Inc, EnerNOC Inc, FireEye Inc, Fortinet Inc., GoDaddy Inc, Intuit, Microsoft, Nuance Communications Inc., Oracle Corporation, Red Hat, Inc., Sabre Corp, Salesforce.com, ServiceNow Inc, SS&C Technologies Holdings, Inc., Symantec, Travelport Worldwide Limited, Workday. An employee, director or consultant of Morgan Stanley is a director of Workiva Inc. 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 Adobe Systems, Akamai Technologies, Inc., Apigee Corporation, AppFolio Inc, Atlassian Corporation PLC, Autodesk, AVG Technologies, Barracuda Networks Inc, Bazaarvoice Inc, Box Inc, CDK Global Inc, Check Point Software Technologies Ltd., Citrix Systems Inc, Cvent, Descartes Systems Group Inc, EnerNOC Inc, FireEye Inc, Fortinet Inc., GoDaddy Inc, HubSpot, Inc., Imperva Inc., Instructure Inc, Intuit, Jive Software Inc, Microsoft, MINDBODY INC, NetSuite, New Relic Inc, Nuance Communications Inc., Opower Inc, Oracle Corporation, Palo Alto Networks Inc, Proofpoint Inc, QLIK Technologies Inc., Rapid7 Inc, Red Hat, Inc., Sabre Corp, Salesforce.com, ServiceNow Inc, Shopify Inc, Splunk Inc, SS&C Technologies Holdings, Inc., Symantec, Tableau Software, Travelport Worldwide Limited, Varonis Systems, Inc., Veeva Systems Inc, VMware Inc, Workday, Workiva Inc, Zendesk, Inc. 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, 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. Morgan Stanley trades or may trade as principal in the debt securities (or in related derivatives) that 7