INDUSTRY COVERAGE: Software COMPANY (TICKER) RATING (AS OF) PRICE* (05/04/2016) Brian Essex, CFA AppFolio Inc (APPF.O) O (07/21/2015) $12.30 CDK Global Inc (CDK.O) U (01/19/2016) $49.30 Descartes Systems Group Inc (DSGX.O) E (11/25/2014) $18.93 EnerNOC Inc (ENOC.O) E (07/30/2015) $6.90 GoDaddy Inc (GDDY.N) O (05/11/2015) $30.64 Instructure Inc (INST.N) E (12/08/2015) $21.62 MINDBODY INC (MB.O) E (09/28/2015) $15.29 Sabre Corp (SABR.O) O (10/30/2014) $28.58 Shopify Inc (SHOP.N) O (01/19/2016) $29.61 SS&C Technologies Holdings, Inc. (SSNC.O) E (03/28/2016) $61.27 Travelport Worldwide Limited (TVPT.N) O (11/04/2014) $13.97 Keith Weiss, CFA Adobe Systems (ADBE.O) E (09/10/2010) $92.94 Akamai Technologies, Inc. (AKAM.O) E (04/28/2011) $49.54 Autodesk (ADSK.O) E (11/10/2015) $58.73 Check Point Software Technologies Ltd. (CHKP.O) U (05/27/2015) $82.01 Citrix Systems Inc (CTXS.O) U (01/19/2016) $80.20 Intuit (INTU.O) E (08/19/2015) $99.89 Microsoft (MSFT.O) O (01/13/2016) $49.87 Oracle Corporation (ORCL.N) E (11/11/2015) $39.29 Palo Alto Networks Inc (PANW.N) O (05/16/2013) $142.07 QLIK Technologies Inc. (QLIK.O) E (10/06/2014) $30.86 Red Hat, Inc. (RHT.N) O (01/13/2014) $71.45 Salesforce.com (CRM.N) O (05/23/2011) $73.99 ServiceNow Inc (NOW.N) O (09/18/2013) $67.61 Splunk Inc (SPLK.O) O (10/06/2014) $48.87 Symantec (SYMC.O) O (12/15/2015) $16.67 Tableau Software (DATA.N) E (02/08/2016) $49.95 VMware Inc (VMW.N) ++ $55.36 Workday (WDAY.N) E (11/06/2012) $71.27 Melissa Gorham AVG Technologies (AVG.N) E (03/12/2013) $19.12 Barracuda Networks Inc (CUDA.N) E (01/08/2016) $16.61 Box Inc (BOX.N) E (02/17/2015) $12.31 FireEye Inc (FEYE.O) E (10/15/2013) $16.19 Fortinet Inc. (FTNT.O) E (10/06/2014) $32.16 Imperva Inc. (IMPV.N) U (04/21/2016) $45.27 Proofpoint Inc (PFPT.O) O (09/10/2015) $56.53 Rapid7 Inc (RPD.O) E (08/11/2015) $11.80 Varonis Systems, Inc. (VRNS.O) U (09/10/2015) $19.04 Sanjit K Singh Apigee Corporation (APIC.O) O (05/19/2015) $9.73 Atlassian Corporation PLC (TEAM.O) E (01/04/2016) $23.28 New Relic Inc (NEWR.N) O (09/10/2015) $25.77 Nuance Communications Inc. (NUAN.O) E (05/01/2013) $16.58 Stan Zlotsky, CFA Bazaarvoice Inc (BV.O) E (09/02/2015) $3.36 Cvent (CVT.N) ++ $35.71 HubSpot, Inc. (HUBS.N) O (09/10/2015) $46.25 Jive Software Inc (JIVE.O) U (09/10/2015) $3.90 NetSuite (N.N) U (10/14/2010) $77.16 Opower Inc (OPWR.N) E (04/29/2014) $10.30 Veeva Systems Inc (VEEV.N) O (04/02/2014) $27.01 Workiva Inc (WK.N) O (01/06/2015) $11.88 Zendesk, Inc (ZEN.N) O (09/10/2015) $23.67 Stock Ratings are subject to change. Please see latest research for each company. * Historical prices are not split adjusted. © 2016 Morgan Stanley 11