8 May 2015 Software & Services Alibaba Revision of estimates Based on the results of the FY 2015 4Q and our discussions with senior management, we change our forecasts as follows: We lift our FY16/17E China retail GMV assumption by 2%/2% • We lift our FY16/17E revenues forecast by 3%/4% • We lift FY16/I 7E non-GAAP operating income by 3%/5%. • We increase FY16/17E non-GAAP EPADS by 0%/1% respectively. 'Figure I: Revision of estimates 6 Zoi 67 PI•J C61.66 06 re. it \,54594 Catnaps %WY el!r learg , 00141 RAM b1) 1444 3 274 3329 2% t%7 3993 4013 2% 64 NI Itgaut 76201 PI 264 101 WI I% 102 50) 0% 1,142Z '31 43 4% 14 , 21 0% Ill , I Gros. 04,041 523 70 091747 11451 3% 71 417 0% 91 464 91450 4% 39 „ 33 „. 9 7% 1 r 33 C11011/A pas G11441 40 177 53 211 561116 3% 34 210 1% 70635 73333 4% 2% Of 3 i 4% PI :Cr Err tOAAPr 22 615 31 148 32 151 3% 36965 43% 4571$ 03 495 6% 52 454 4% 61.399 66 219 6% 671783 41 011104, 70 GA741 35844 4745 48 672 3% 37 717 29% 63 364 65 .250 3% 13 475 24% 84 ,61$ a 223 1% 74.381 III PST 1e4.141 31836 24 950 37 454 9% 40610 .7% 55 140 59 3% 33 9421t, 73.230 83010 6% 0674 41 Pa Wane 4649391 23 301 41 145 27481 4% 3t 241 •72% 41812 .119 43 318 7% 01 103 SI 036 IN 213 4% 03 852 431 Ka art* 410,44API 31245 47005 46.785 0% 45520 3% 63184 63.718 7% 61808 3% 79.313 82.169 4% OD 536 41 • 898 166481 Deuted IRAQ) WW1 0AAPI 943 1074 1051 4% 11202 16 19 16 37 7% 11727 4% 21 67 7250 4% 12569 421 13 19 1797 1788 Oh 517.30 3% 2337 224 00 7% 123.22 4% 2655 30 70 4% 13742 41 P4 gad tR/70. 991915.444,%511% Ga. nun 687% 036% 701% 997% 03% 002% 706% 04% 699% 07% 707% 709% 02% 70 5% 041 79100-1.13001, 5210 13.74 537%' 01% 530% 06% 517% 544%' 02% 136% 06% 519% 5433' 02% 56 0% ESIT ,•3144 ,C511141 297% 31 A% 315% 0.0% 36.1% 4.3% )5 I% 35 8% 0.7% 3