8 May 2016 Software & Services Alibaba IHistorIcal recommendations and target price: Alibaba (BABA Nj (as of 5(6/2075) 140 00 12000 • 100 00 • 80 00 60 00 4000 20 00 000 Dec 14 Date Mar 15 Sep 14 Previous Recommendations Strong Buy Buy Market Perform Underperform Not Rated Suspended Rating Current Recommenrlarion Buy Hold Sell Not Rated Suspended Rating 'New Recommendation Structure as of September 9.2002 1. 29/10/2014: Upgrade to Buy, Target Nice Change USD112.70 3. 29/01/2015: Buy, Target Price Change USD105.10 2. 04/11/2014: Buy, Target Price Change USD112.10 4. 11/03/2015: Buy, Target Price Change USO98.00 Equity rating Fey Buy- Based on a current 12- month view of total share-holder return (TSR = percentage change in share price from current price to projected target price plus pro-jected dividend yield ) , we recommend that investors buy the stock. Sell: Based on a current 12-month view of total share- holder return, we recommend that investors sell the stock Hold: We take a neutral view on the stock 12-months out and, based on this time horizon, do not recommend either a Buy or Sell. Notes: 1. Newly issued research recommendations and target prices always supersede previously published research. 2. Ratings definitions prior to 27 January, 2007 were: Buy: Expected total return (including dividends) of 10% or more over a 12-month period Hold: Expected total return (including dividends) between -10% and 10% over a 12- month period Sell: Expected total return (including dividends) of -10% or worse over a 12-month period Equity rating dispersion and banking relationships 450 400 350 300 250 200 150 t00 50 18% 0 22% 9% Buy Hold Sell NCompenies Covered sCos wr Banking Rebtionship Asia-Pacific Universe Deutsche Bank AG/Hong Kong Rage 9 CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SONY-0117081 CONFIDENTIAL SDNY_GM_00263265 EFTA01457510