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Research Note

Akamai Technologies Inc. (AKAM)
Positive August Page View Growth Provides First Positive Data Point for Commerce Revenue in 5 Months
• August page views for Akamai’s Commerce customers provide the first positive data point since Mar-2009 and could signal better than expected Q309 Commerce revenue. August page views rebounded with acceleration in YoY growth, reversing the downward trend over the past five consecutive months (See Figure 1). Given historical trends, we expected August page views to decline 3.5% MoM; however, page views increased 3.2%. While this single data point does not yet make a trend, it could be the first signal of an improving ecommerce environment for Akamai. If September page views revert to their historical 5% decline from August, we believe Akamai would report 3Q09 Commerce revenue stronger than our current estimates. We noted an 82% correlation between customers’ page views and Commerce revenue over the last seven quarters. • While competition should increase over time, we believe that the Commerce vertical is likely more defensible than the Media and Entertainment (M&E) vertical given that the lower volumes are less price sensitive. We know that AT&T and Limelight are targeting the ecommerce and enterprise verticals, but Content Delivery Network (CDN) newcomer EdgeCast has also recently penetrated these verticals. While this increased competition should pressure pricing, resulting in lower Commerce revenue and margins, we believe ecommerce companies are less likely to switch CDNs given the risk of network down time. Therefore, the Commerce vertical could remain a stronghold for Akamai and remain its fastest growing vertical. The Commerce vertical represents 30% of revenue. • An improvement in Commerce revenue could stabilize margins, but further acceleration is needed for EPS upside. We believe value-added services comprise the majority of the Commerce revenue, and generally carry higher gross margin than the company’s other three verticals. While we believe the lower revenue contribution from the Commerce vertical has been negatively impacting margins, an acceleration in Commerce revenue should improve operating leverage. However, we estimate further improvement in Commerce revenue is necessary to drive EPS upside. • Expect challenging trends in M&E to persist. We believe the pricing environment in the M&E vertical remains challenging as Akamai drops prices to compete on new and expiring contracts. We also expect the shift toward annual commits from monthly commits and multi-sourcing to continue reducing the positive impact of traffic overages. On a positive note, an increase in traffic volumes typically associated with the launch of the fall television season could partially offset some the pricing pressures. M&E represents 45% of revenue. • Maintain our UNDERPERFORM rating and $16 price target. Our price target is based upon our DCF analysis (See Figure 2) and represents 10x our FY09 EPS estimate, which is a premium to our long-term 6% growth rate. We believe this premium is reasonable given Akamai’s dominant market share.
FYE DEC REV. ($m) 2008A ACTUAL CURR. 2009E PREV. CONS. CURR. 2010E PREV. CONS.

September 9, 2009 Price (as of close 9/08/09)

$17.32
Rating

UNDERPERFORM
12- Month Price Target

$16
Kerry Rice, CPA (213) 688-4538 kerry.rice@wedbush.com J. Derrick Wood, CFA (415) 274-6822 derrick.wood@wedbush.com

Company Information 52-Week Range Shares Outstand. Insider/Institutional Public Float Market Cap ST/LT Debt Debt/Capital ROE Cash & Inv/Sh, Net Tang. BV/Share $9.25 - $23.58 189.6 million 4% / 94% 172.8 million $3.28 billion 0/$199.9 million 10.6% 17.9% $3.83 $6.09

Company Description Akamai Technologies, headquartered in Cambridge, MA, provides services for accelerating and improving the delivery of content and applications over the Internet for enterprises, business-toconsumer websites and government agencies.

Internet: Infrastructure

Q1 Mar Q2 Jun Q3 Sep Q4 Dec Year** Change
EPS*

$187A 194A 197A 213A $791A 24.3%
2008A ACTUAL

$210A 205A 199E 214E $828E 4.6%
2009E CURR. PREV.

200 214 $829 4.8%
CONS.

$211E 218E 231E 249E $910E 10.0%
2010E CURR. PREV.

$214 218 223 241 $887 7.0%
CONS.

Q1 Mar Q2 Jun Q3 Sep Q4 Dec Year** P/E Change

$0.41A 0.41A 0.40A 0.44A $1.65A 10.5x 24.8%

$0.43A 0.40A 0.35E 0.38E $1.55E 11.2x -6.2%

0.35 0.38 $1.56 11.1x -5.5%

$0.38E 0.39E 0.42E 0.47E $1.65E 10.5x 6.9%

$0.38 0.39 0.40 0.44 $1.60 10.8x 2.6%

Consensus estimates are from Thomson First Call. * Estimates represent EPS on a pro forma basis ** Numbers may not add up due to rounding.

Source: Nasdaq.com

Wedbush Morgan does and seeks to do business with companies covered in its research reports. Thus, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. Please see page 7 of this report for analyst certification and important disclosure information.

FIGURE 1: First Up Tick in Customer Page Views Since March
35.0%

30.0%

25.0%

20.0%

15.0%

10.0%

5.0%

0.0% Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09

FIGURE 2: DCF Sensitivity Analysis Terminal Growth 1% 2% 3% 4% 9.0% $25.28 $27.47 $30.39 $34.47 11.5% $18.98 $20.02 $21.29 $22.91 14.0% $16.39 $15.18 $15.74 $17.18 16.5% $12.65 $12.98 $13.35 $13.79 19.0% $10.86 $11.06 $11.29 $11.55
Source: Wedbush Morgan Securities

5% $40.60 $25.02 $18.15 $14.30 $11.85

Risks Risks to attainment of our share price target include slower than expected secular Internet traffic growth, increase in competition, and faster than expected decline in ASPs, and impact of slowing macro economic environment.

2 | Akamai Technologies Inc.

Kerry Rice, CPA (213) 688-4538

Appendix - Financial Projections
Akamai Quarterly Revenue Model
(in millions) Mar-08 Q1:08A Revenue (in millions) Customers Q/Q Revenue Growth Y/Y Revenue Growth Revenue per Customer/Month Q/Q Revenue Growth Y/Y Revenue Growth Quarterly Revenue Q/Q Revenue Growth Y/Y Revenue Growth International Revenue % of revenue Q/Q Revenue Growth Y/Y Revenue Growth Resellers % of revenue Q/Q Revenue Growth Y/Y Revenue Growth 2,672 1% 8% $23,331 1% 22% $187.019 2% 34% $46.755 25% 11% 53% $29.923 16% 2% 7% 2,725 2% 7% $23,731 2% 19% $194.004 4% 27% $50.441 26% 8% 44% $31.041 16% 4% 2% 2,808 3% 7% $23,427 -1% 14% $197.347 2% 22% $51.310 26% 2% 38% $33.549 17% 8% 16% 2,858 2% 8% $24,791 6% 7% $212.554 8% 16% $53.138 25% 4% 26% $36.134 17% 8% 23% 2,950 3% 10% $23,770 -4% 2% $210.368 -1% 12% $58.903 28% 11% 26% $35.763 17% -1% 20% 2,979 1% 9% $22,894 -4% -4% $204.600 -3% 5% $57.288 28% -3% 14% $36.828 18% 3% 19% 3,009 1% 7% $22,047 -4% -6% $199.000 -3% 1% $56.715 29% -1% 11% $0.000 0% 0% 0% 3,046 1% 7% $23,369 6% -6% $213.577 7% 0% $61.937 29% 9% 17% $0.000 0% 0% 0% 3,077 1% 4% $22,902 -2% -4% $211.398 -1% 0% $62.363 30% 1% 6% $0.000 0% 0% 0% 3,131 2% 5% $23,245 2% 2% $218.324 3% 7% $65.497 30% 5% 14% $0.000 0% 0% 0% 3,201 2% 6% $24,059 4% 9% $231.050 6% 16% $70.470 31% 8% 24% $0.000 0% 0% 0% 3,289 3% 8% $25,262 5% 8% $249.274 8% 17% $77.275 31% 10% 25% $0.000 0% 0% 0% Jun-08 Q2:08A 2008A Sep-08 Q3:08A Dec-08 Q4:08A Mar-09 Q1:09A 2009E Jun-09 Q2:09A Sep-09 Q3:09E Dec-09 Q4:09E Mar-10 Q1:10E Jun-10 Q2:10E 2010E Sep-10 Q3:10E Dec-10 Q4:10E

Source: Akamai and Wedbush Morgan Securities

Kerry Rice, CPA (213) 688-4538

Akamai Technologies Inc.| 3

Akamai Quarterly Income Statement
(in millions, except per share data and ratios) 2008A Mar-08 Q1:08A Revenues Cost of revenues Gross profit (loss) Operating expenses: Research and development Sales and Marketing General and administrative Total operating expenses Operating income (Adj. EBITDA) Depreciation EBIT Interest income Other income (expense), net Total other income Income before provision for income taxes Income Tax Benefit / (Expense) Pro Forma (Normalized) Net Income GAAP Net Income Earnings (Loss) Per Share Pro Forma (Normalized) EPS Reported GAAP EPS Fully Taxed Pro Forma (Normalized) EPS Basic shares outstanding Diluted shares outstanding EBITDA Depreciation & Amortization & Non-cash charges Adjusted EBITDA EBITDA Margin MARGIN ANALYSIS Cash Gross margin Research and development Sales and Marketing General and administrative Adjusted Operating margin Tax rate Pro Forma net margin YEAR OVER YEAR GROWTH Revenues Gross profit Research and development Sales and marketing General and administrative Adjusted Operating profit Pro forma net profit QUARTER OVER QUARTER GROWTH Revenues Gross profit Research and development Sales and marketing General and administrative Operating profit Net profit Source: Akamai and Wedbush Morgan Securities 2.1% 1.7% 0.5% 2.5% 5.7% 0.4% -0.4% 3.7% 4.2% 0.0% 10.0% -8.1% 6.3% 1.2% 1.7% 0.7% 4.7% 2.9% 8.3% -2.4% -3.0% 7.7% 8.1% 1.2% 8.1% 0.2% 10.9% 10.8% -1.0% -0.8% 11.9% -7.1% 1.8% 0.0% -2.0% -2.7% -2.7% -12.0% 0.5% -3.2% -2.9% -6.6% -2.7% -3.9% 4.1% 4.1% 4.1% -9.6% -12.0% 7.3% 7.0% 4.1% 4.1% 4.1% 9.4% 8.7% -1.0% -1.3% -3.0% -2.0% -2.0% -0.7% 0.4% 3.3% 3.0% 1.2% 2.2% 2.2% 3.6% 4.8% 5.8% 5.5% 3.7% 4.8% 5.7% 5.8% 8.0% 7.9% 7.5% 5.7% 6.8% 7.8% 7.9% 11.2% 34.3% 31.4% 3.4% 3.6% 32.5% 48.3% 49.1% 27.1% 25.5% -11.2% 9.0% 14.3% 41.4% 38.0% 22.4% 20.6% -1.8% 17.5% 15.9% 25.8% 19.0% 16.0% 15.4% 6.5% 25.4% 5.6% 15.5% 8.3% 12.5% 12.5% 18.6% 13.7% 1.6% 15.0% 6.5% 5.5% 5.1% 4.3% 3.9% 7.0% 5.0% -1.6% 0.8% 0.3% 3.7% 5.1% 2.7% -2.6% -10.7% 0.5% -0.7% 6.7% 1.1% 6.7% -4.0% -12.4% 0.5% -1.3% -7.5% 6.7% 2.8% -4.7% -10.2% 6.7% 4.5% 6.4% 8.5% 8.5% 1.7% 0.7% 16.1% 14.7% 6.0% 9.3% 10.3% 19.0% 23.6% 16.7% 15.3% 7.7% 12.1% 14.2% 17.5% 26.4% 81.4% 4.3% 16.6% 14.5% 46.6% 1.6% 40.4% 81.8% 3.5% 17.6% 12.9% 47.8% 1.4% 39.4% 81.0% 3.6% 17.8% 13.7% 45.8% 1.5% 37.6% 81.2% 3.4% 17.8% 12.8% 47.2% 1.4% 38.7% 81.4% 3.9% 16.7% 13.1% 47.7% 2.2% 38.3% 81.5% 3.5% 17.3% 13.1% 47.6% 2.3% 36.8% 3.3% 80.5% 3.7% 18.5% 14.0% 44.3% 2.3% 33.3% 80.3% 3.6% 18.0% 13.6% 45.1% 2.3% 33.7% 80.0% 3.6% 17.8% 13.4% 45.2% 2.3% 34.2% 79.8% 3.5% 17.6% 13.3% 45.4% 2.3% 34.7% 79.5% 3.4% 17.4% 13.3% 45.4% 2.3% 35.4% 79.3% 3.3% 17.3% 13.3% 45.4% 1.4% 36.5% 22.6 87.2 46.6% 23.4 92.7 47.8% 24.6 90.5 45.8% 27.5 100.3 47.2% 28.7 100.3 47.7% 30.1 97.4 47.6% 31.0 88.1 44.3% 33.3 96.3 45.1% 32.3 95.6 45.2% 32.1 99.1 45.4% 32.0 104.8 45.4% 32.1 113.1 45.4% 6.856 30.995 27.181 65.032 87.238 18.196 69.042 7.331 0.476 7.807 76.849 (1.227) 75.622 36.911 0.41 0.20 0.25 166.0 185.7 6.857 34.084 24.984 65.925 92.723 18.906 73.817 4.780 (0.970) 3.810 77.627 (1.120) 76.507 34.334 0.41 0.18 0.25 167.4 187.6 7.178 35.078 27.068 69.324 90.461 20.279 70.182 4.994 0.154 5.148 75.330 (1.124) 74.206 33.360 0.40 0.18 0.24 168.5 187.8 7.264 37.935 27.135 72.334 100.331 22.583 77.748 4.862 0.801 5.663 83.411 (1.204) 82.207 40.533 0.44 0.22 0.27 168.8 186.7 8.130 35.230 27.611 70.971 100.317 23.131 77.186 4.030 1.134 5.164 82.350 (1.806) 80.544 37.081 0.43 0.20 -0.18 170.5 188.2 7.155 35.413 26.724 69.292 97.392 23.979 73.413 3.454 0.184 3.638 77.051 (1.789) 75.262 36.007 0.40 0.19 -0.57 172.6 189.6 7.446 36.855 27.812 72.113 2.821 88.082 25.307 62.775 4.845 0.184 5.029 67.804 (1.574) 66.230 27.576 0.35 0.14 0.21 173.6 190.6 7.752 38.368 28.954 75.074 96.322 27.600 68.722 4.823 0.184 5.007 73.729 (1.712) 72.017 31.131 0.38 0.16 0.23 174.6 191.6 7.519 37.597 28.372 73.488 95.631 26.699 68.931 4.933 0.184 5.117 74.049 (1.719) 72.329 31.461 0.38 0.16 0.23 175.6 192.6 7.611 38.440 29.008 75.059 99.055 26.507 72.547 4.881 0.184 5.065 77.612 (1.802) 75.810 33.599 0.39 0.17 0.24 176.6 193.6 7.893 40.274 30.669 78.835 104.849 26.425 78.424 5.203 0.184 5.387 83.811 (1.946) 81.865 37.318 0.42 0.19 0.26 177.6 194.6 8.345 43.016 33.054 84.416 113.134 26.533 86.601 5.531 0.184 5.715 92.316 (1.292) 91.023 58.811 0.47 0.30 0.28 178.6 195.6 187.019 34.749 152.270 Jun-08 Q2:08A 194.004 35.356 158.648 Sep-08 Q3:08A 197.347 37.562 159.785 Dec-08 Q4:08A 212.554 39.889 172.665 Mar-09 Q1:09A 210.368 39.080 171.288 2009E Jun-09 Q2:09A 204.600 37.916 166.684 Sep-09 Q3:09E 199.000 38.805 160.195 Dec-09 Q4:09E 213.577 42.181 171.396 Mar-10 Q1:10E 211.398 42.280 169.119 2010E Jun-10 Q2:10E 218.324 44.211 174.114 Sep-10 Q3:10E 231.050 47.365 183.685 Dec-10 Q4:10E 249.274 51.724 197.550

4 | Akamai Technologies Inc.

Kerry Rice, CPA (213) 688-4538

Akamai Annual Income Statement
(in millions, except per share data and ratios) 2004A Revenues Cost of revenues Gross profit (loss) Operating expenses: Research and development Sales and Marketing General and administrative Total operating expenses Operating income/loss (Adj. EBITA) Depreciation EBIT Other Income: Interest income Other income (expense), net Total other income Income before provision for income taxes Income Tax Benefit / (Expense) Pro Forma (Normalized) Net Income GAAP Net Income earnings (loss) Earnings (Loss) Per Share Pro Forma (Normalized) EPS Reported GAAP EPS Fully Taxed Pro Forma (Normalized) EPS Basic shares outstanding Diluted shares outstanding EBITDA Depreciation & Amortization & Non-cash charges EBITDA EBITDA Margin MARGIN ANALYSIS Cash Gross margin Research and development Sales and marketing General and administrative Adjusted Operating margin Tax rate Pro forma net margin YEAR OVER YEAR GROWTH Revenues Gross profit Research and development Sales and marketing General and administrative Adjusted Operating profit Pro forma net profit Source: Akamai and Wedbush Morgan Securities 34.8% 35.6% 40.4% 38.8% 11.7% 46.9% 87.0% 51.4% 49.7% 27.2% 31.1% 42.7% 70.8% 94.3% 48.5% 44.2% 31.5% 19.8% 35.6% 63.5% 58.2% 24.3% 22.7% -1.2% 13.8% 16.3% 30.9% 26.2% 4.6% 4.1% 8.3% 5.6% 4.4% 3.1% -4.7% 10.0% 8.2% 2.9% 9.2% 9.0% 8.0% 9.2% 85.3% 5.8% 26.5% 20.2% 32.9% 1.8% 20.3% 85.8% 6.0% 27.3% 16.7% 35.8% 1.5% 28.1% 84.8% 5.1% 23.6% 15.7% 40.4% 1.3% 36.0% 82.4% 4.5% 19.1% 14.4% 44.5% 1.4% 38.4% 81.3% 3.6% 17.5% 13.4% 46.9% 1.5% 39.0% 80.9% 3.7% 17.6% 13.4% 46.2% 2.3% 35.5% 79.6% 3.4% 17.5% 13.3% 45.3% 2.1% 35.3% 18.8 69.1 32.9% 24.2 101.4 35.8% 40.6 173.3 40.4% 71.9 283.2 44.5% 98.1 370.8 46.9% 123.1 382.1 46.2% 128.4 412.7 45.3% 210.0 30.8 179.2 2005A 283.1 40.1 243.0 2006A 428.7 65.0 363.6 2007A 636.4 112.0 524.4 2008A 790.9 147.6 643.4 2009E 827.5 158.0 669.6 2010E 910.0 185.6 724.5

12.1 55.7 42.3 110.1 69.1 18.8 50.3 (8.1) 1.1 (7.0) 43.3 (0.8) 42.5 47.9

17.0 77.2 47.3 141.5 101.4 19.1 82.3 (1.1) (0.5) (1.6) 80.8 (1.2) 79.5 328.0

21.7 101.3 67.4 190.4 173.3 31.8 141.5 14.5 0.6 15.1 156.6 (2.0) 154.5 57.4

28.5 121.3 91.4 241.2 283.2 58.7 224.5 22.7 0.5 23.3 247.8 (3.4) 244.4 101.0

28.2 138.1 106.4 272.6 370.8 80.0 290.8 22.0 0.5 22.4 313.2 (4.7) 308.5 145.1

30.5 145.9 111.1 287.4 382.1 100.0 282.1 17.2 1.7 18.8 300.9 (6.9) 294.1 131.8

31.4 159.3 121.1 311.8 412.7 106.2 306.5 20.5 0.7 21.3 327.8 (6.8) 321.0 161.2

0.30 0.33 0.18 124.4 143.7

0.51 2.09 0.31 136.2 156.9

0.88 0.34 0.53 155.4 176.4

1.32 0.56 0.80 164.2 184.8

1.65 0.79 1.01 167.7 186.7

1.55 0.69 0.95 172.8 190.0

1.65 0.83 1.01 177.1 194.1

Kerry Rice, CPA (213) 688-4538

Akamai Technologies Inc.| 5

Akamai Annual Balance Sheet
(in millions, except per share data and ratios) 2004A Current Assets: Cash and cash equivalents Marketable securities Restricted marketable securities Accounts Receivable, net Deferred Income Taxes Prepaid expenses and other current assets Total Current Assets Marketable securities Restricted marketable securities Property and equipment, net Goodwill Other Intangibles Other assets Deferred tax assets, net Total Assets Liabilities and Stockholders' Equity Current Liabilities: Accounts payable Accrued expenses Deferred Revenue Accrued restructuring Obligations under capital leases Total Current liabilities Long term deferred revenue Long-term debt Accrued restructuring Other long term liabilities Total Liabilities Stockholders equity (deficit): Common stock Additional paid-in capital Deferred compensation Accumulated deficit Accumulated other comprehensive loss Total Stockholders Equity Total Liability & Stockholders Equity RETURN RATIOS Pro Forma Return on Sales Total Asset Turnover Financial Leverage Retention Ratio Return on Equity Return on Assets Sustainable Growth ACTIVITY RATIOS Receivables Turnover Days Receivable Payables Turnover Days Payable LIQUIDITY / LEVERAGE Current Ratio Quick Ratio Debt to Total Capital Working Capital Book Value / Share Tangible Book Value / Share Cash & Inv. Per Share, Net Source: Akamai and Wedbush Morgan Securities 2.32 2.16 196% 61.90 -0.88 -0.91 -1.03 5.74 5.57 24% 293.1 3.98 3.11 0.73 4.20 3.99 17% 285.4 5.41 3.72 1.33 7.86 7.53 13% 606.7 7.35 4.92 2.35 5.00 4.68 11% 401.5 8.40 5.54 3.06 12.18 11.66 10% 845.9 9.32 6.61 4.42 14.54 14.04 9% 1166.8 10.23 7.69 5.89 6.92 52.00 2.98 120.85 5.43 66.3 2.51 143.7 4.97 72.4 2.87 125.3 5.35 67.3 6.04 59.6 5.67 63.5 6.97 51.6 5.56 64.7 8.42 42.8 5.24 68.7 8.06 44.7 20.3% 114.9% -145.1% 100.0% -33.8% 23.3% -33.8% 28.1% 31.8% 1.43 100% 12.7% 8.9% 12.7% 36.0% 34.4% 1.31 100% 16.2% 12.4% 16.2% 38.4% 38.4% 1.22 100% 18.0% 14.8% 18.0% 39.0% 42.0% 1.20 100% 19.7% 16.4% 19.7% 35.5% 40.1% 1.17 100% 16.6% 14.2% 16.6% 35.3% 39.7% 1.15 100% 16.2% 14.0% 16.2% 35.3 34.4 0.9 30.3 0.0 7.7 108.7 34.1 3.7 25.2 4.9 0.2 5.9 0.0 182.7 2005A 91.8 199.9 0.7 52.2 4.0 6.5 355.0 17.9 3.8 44.9 98.5 38.3 4.8 328.3 891.5 2006A 80.6 188.1 1.1 86.2 5.3 13.3 374.7 161.5 3.1 86.6 239.6 58.7 4.3 319.5 1,247.9 2007A 145.1 400.6 0.5 118.9 6.1 23.8 695.0 84.2 3.1 134.5 361.6 87.5 4.5 285.5 1,656.0 2008A 156.1 171.1 3.5 139.6 4.5 27.1 501.9 440.8 0.2 174.5 441.3 93.0 5.6 223.7 1,881.0 2009E 434.0 295.6 3.3 148.8 4.5 35.2 921.5 306.6 0.2 185.1 443.3 71.7 5.1 132.2 2,065.7 2010E 737.8 295.6 3.3 173.7 4.5 38.0 1,253.0 306.6 0.2 186.4 443.3 49.4 5.1 47.9 2,292.0

10.3 32.1 2.7 1.4 0.2 46.8 0.0 256.6 2.3 3.0 308.7

16.0 38.4 5.7 1.7 0.0 61.9 0.0 200.0 1.8 3.6 267.3

22.6 58.1 6.7 1.8 0.0 89.3 0.8 200.0 0.3 2.9 293.2

18.5 56.2 13.0 0.6 0.0 88.4 1.5 199.9 0.0 7.8 297.5

21.2 66.1 11.5 1.7 0.0 100.5 1.3 199.9 0.0 10.6 312.2

18.8 44.8 10.9 1.1 0.0 75.6 15.0 199.9 0.0 3.9 294.4

23.0 50.3 11.8 1.1 0.0 86.2 16.2 199.9 0.0 3.9 306.2

1.3 3,451.6 (0.9) (3,579.2) 1.4 (125.9) 182.7

1.5 3,881.0 (7.5) (3,251.2) 0.5 624.2 891.5

1.6 4,145.6 0.0 (3,193.8) 1.3 954.7 1,247.9

1.7 4,446.7 0.0 (3,092.9) 3.1 1,358.6 1,656.0

1.7 4,539.2 0.0 (2,947.7) (24.4) 1,568.8 1,881.0

1.7 4,599.7 5.3 (2,815.9) (19.4) 1,771.3 2,065.7

1.7 4,652.9 5.3 (2,654.7) (19.4) 1,985.8 2,292.0

6 | Akamai Technologies Inc.

Kerry Rice, CPA (213) 688-4538

Covered Companies Mentioned in Report (as of close 9/8/09) Company Limelight Networks Ticker LLNW Rating OUTPERFORM Current Price $3.54 Price Target $6

WEDBUSH MORGAN SECURITIES Wedbush Morgan does and seeks to do business with companies covered in its research reports. Thus, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. ANALYST CERTIFICATION I, Kerry Rice, CPA, certify that the views expressed in this report accurately reflect my personal opinion and that I have not and will not, directly or indirectly, receive compensation or other payments in connection with my specific recommendations or views contained in this report. IMPORTANT DISCLOSURES

I N V E S T M E N T R AT I N G S OUTPERFORM – Expect the total return of the stock to outperform relative to the median total return of the analyst’s (or the analyst’s team) coverage universe over the next 6-12 months. NEUTRAL – Expect the total return of the stock to perform in-line with the median total return of the analyst’s (or the analyst’s team) coverage universe over the next 6-12 months. UNDERPERFORM – Expect the total return of the stock to underperform relative to the median total return of the analyst’s (or the analyst’s team) coverage universe over the next 6-12 months. The Investment Ratings are based on the expected performance of a stock (based on anticipated total return to price target) relative to the other stocks in the analyst’s coverage universe (or the analyst’s team coverage).* DISTRIBUTION OF RATINGS (as of June 30, 2009) BUY – 46% (4% of this rating category were investment banking clients within the last 12 months). HOLD – 52% (3% of this rating category were investment banking clients within the last 12 months). SELL – 2% (0% of this rating category were investment banking clients within the last 12 months). The Distribution of Ratings is required by FINRA rules; however, WMS’ stock ratings of Outperform, Neutral, and Underperform most closely conform to Buy, Hold, and Sell, respectively. Please note, however, the definitions are not the same as WMS’ stock ratings are on a relative basis. The analysts responsible for preparing research reports do not receive compensation based on specific investment banking activity. The analysts receive compensation that is based upon various factors including WMS’ total revenues, a portion of which are generated by WMS’ investment banking activities. WMS makes a market in the securities mentioned herein. * WMS changed its rating system from (Strong Buy/Buy/Hold/Sell) to (Outperform/Neutral/Underperform) on July 14, 2009. Please access the attached hyperlink for WMS’ Coverage Universe: http://www.wedbush.com/inside/CapitalMarkets/CoverageList.asp Additional information is available upon request by contacting Ellen Kang in the Research Department at (213) 688-4529, or by email to ellen.kang@wedbush.com, or the Business Conduct Department at (213) 688-8090.
Kerry Rice, CPA (213) 688-4538 Akamai Technologies Inc.| 7

OTHER DISCLOSURES
RESEARCH DEPT. * (213) 688-4505 * www.wedbush.com INSTITUTIONAL TRADING Los Angeles (213) 688-4470 / (800) 421-0178 * INSTITUTIONAL SALES Los Angeles (800) 444-8076 CORPORATE HEADQUARTERS (213) 688-8000 The information herein is based on sources that we consider reliable, but its accuracy is not guaranteed. The information contained herein is not a representation by this corporation, nor is any recommendation made herein based on any privileged information. This information is not intended to be nor should it be relied upon as a complete record or analysis; neither is it an offer nor a solicitation of an offer to sell or buy any security mentioned herein. This firm, Wedbush Morgan Securities, its officers, employees, and members of their families, or any one or more of them, and its discretionary and advisory accounts, may have a position in any security discussed herein or in related securities and may make, from time to time, purchases or sales thereof in the open market or otherwise. The information and expressions of opinion contained herein are subject to change without further notice. The herein mentioned securities may be sold to or bought from customers on a principal basis by this firm. Additional information with respect to the information contained herein may be obtained upon request.

8 | Akamai Technologies Inc.

Kerry Rice, CPA (213) 688-4538

EQUITY RESEARCH DEPARTMENT
(213) 688-4529 DIRECTOR OF RESEARCH Mark D. Benson (213) 688-4435
CONSUMER PRODUCTS AND SERVICES Consumer Products Rommel T. Dionisio ………………..……… (213) 688-4418 Kurt M. Frederick, CPA …………………… (213) 688-4459 Education Ariel Sokol …………………..…………...... (212) 668-9874 Entertainment Retail Michael Pachter …………………..……..... (213) 688-4474 Edward Woo, CFA …………………….….. (213) 688-4382 Chris White…………..….…………………. (213) 688-4423 Gaming, Lodging & Leisure Rachael Rothman, CFA..….…………….… (212) 938-9940 Amanda Bryant, CFA…………………….… (212) 938-9942 Yinan Zhao………………………………..… (212) 938-9941 Restaurants Rachael Rothman, CFA…...…………….… (212) 938-9940 Michael Sang, CPA…..……………………. (212) 938-9943 Specialty Retail: Hardlines Joan L. Storms, CFA ……………………… (213) 688-4537 John Garrett…………………………...…… (213) 688-4523 Camilo Lyon …………...…………………… (212) 938-9924 Specialty Retail: Softlines Betty Chen …………………..…………...... (415) 273-7328 Connie Wong…….…………..…………..... (415) 273-7315 Specialty Retail: Sporting Goods Camilo Lyon …..………………….…..….… (212) 938-9924 ENTERTAINMENT AND MEDIA Advertising & Broadcasting James Dix, CFA………………….…..….… (213) 688-4315 Entertainment: Software Michael Pachter …………………...…….… (213) 688-4474 Edward Woo, CFA ………….…………….. (213) 688-4382 Chris White…………..….…………………. (213) 688-4423 Entertainment: Toys Chris White…………..………….…………. (213) 688-4423 Edward Woo, CFA …………………….….. (213) 688-4382 Movies & Entertainment Chris White…………..…...………..…….... (213) 688-4423 Michael Pachter….….………….…………. (213) 688-4474 Internet Advertising/Media Edward Woo, CFA…….…………….…..… (213) 688-4382 INDUSTRIAL GROWTH AND CLEAN TECHNOLOGY Industrial Growth Al Kaschalk....……..….……………………. (213) 688-4539 Solar Technology Christine Hersey....……..…...………………(213) 688-4311
EQUITY SALES Los Angeles San Francisco New York Boston (213) 688-4470 / (800) 444-8076 (415) 274-6800 (212) 668-9868 (617) 832-3700 EQUITY TRADING Los Angeles San Francisco New York Boston (213) 688-4470 / (800) 421-0178 (415) 274-6811 (212) 344-2382 / (800) 421-0178 (617) 832-3700 / (800) 421-0178

TECHNOLOGY Communications Equipment Rohit Chopra …………………...…………. (212) 668-9871 Sanjit Singh …………………...…………... (212) 938-9922 Communications Technology Matthew Robison………..……...…………. (415) 263-6659 Leo Choi ………………………………….… (415) 263-6669 Datacenter Technologies Kaushik Roy…...………………...…………. (415) 274-6873 Software: Enterprise / Application Michael B. Nemeroff.……………..………. (212) 668-9876 David Giesecke…...…..…………………... (212) 938-9925 Software: Infrastructure J. Derrick Wood, CFA…………..…………. (415) 274-6822 David Kaczorowski….……………………….(415) 274-6883 Internet: Infrastructure Kerry Rice, CPA …………………………… (213) 688-4538 Semiconductors Patrick Wang…………………………...…. (212) 938-9938 Michael Lucarelli..………………...…….…. (212) 938-9927 Betsy Van Hees………………………….... (415) 274-6869 Telecommunications Software Scott P. Sutherland, CFA ……………..…. (213) 688-4522 Suhail Chandy …………………...……..…. (213) 688-4380 Transaction Processors Gil B. Luria....….…..………....……………. (213) 688-4501 Nick Setyan……....……..…………………. (213) 688-4519 Wireless Equipment Scott P. Sutherland, CFA ………….…….. (213) 688-4522 Suhail Chandy ……………...……….…….. (213) 688-4380 LIFE SCIENCES Biotechnology / Biopharmaceuticals Gregory R. Wade, Ph.D.………...……….. (415) 274-6863 Jeremiah Shepard, Ph.D.………...……….. (415) 274-6862 Kimberly Lee, D.O….……………..………. (415) 274-6842 Cardiovascular, Devices & Regenerative Duane Nash, MD JD MBA…...…..………. (415) 263-6650 Emerging Pharmaceuticals Liana Moussatos, Ph.D.….........…………. (415) 263-6626 Richard Lau ..…………….………..………. (415) 274-6851 Life Sciences Tools & Diagnostics Un K. Kwon-Casado, M.SC...…....………. (415) 263-6634 Specialty Pharmaceuticals Patricia Bank …………………...…………. (415) 263-6646

CORPORATE HEADQUARTERS 1000 Wilshire Blvd., Los Angeles, CA 90017-2465 Tel: (213) 688-8000 www.wedbush.com


				
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