Cloud Deployment = Revenue +58% Y/Y… Cloud Service Revenue –Amazon + Microsoft + Google $14B 100% e ) u ine L n e d e Rev$7B 50% (R l th a w b Glo Gro /Y Y $0 0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2015 2016 2017 2018 2019 Amazon AWS Microsoft Azure Google Cloud Source: Amazon AWS = Company filings, Microsoft Azure = Keith Weiss @ Morgan Stanley (4/18), Google Cloud = Brian Nowak @ Internet Trends Morgan Stanley (5/18). Note: Google Cloud revenue based on MS annual estimate, applied to quarters using the seasonality trends 116 2019 on 2018. Google only included in 2019 growth rates owing to lack of estimates before 2018.

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