EFTA01457510.pdf

8 May 2016 Software & Services Alibaba IHistorIcal recommendations and target price: Alibaba (BABA Nj (as of 5(6/2075) 140 00 Previous Recommendations Strong Buy 12000 • Buy Market Perform Underperform 100 00 • Not Rated Suspended Rating 80 00 Current Recommenrlarion 60 00 Buy Hold Sell 4000 Not Rated Suspended Rating 'New Recommendation Structure 20 00 as of September 9.2002 000 Sep 14 Dec 14 Mar 15 Date 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 Equity rating dispersion and banking relationships Buy- Based on a current 12- month view of total 450 share-holder return (TSR = percentage change in 400 share price from current price to projected target price 350 300 plus pro-jected dividend yield ) , we recommend that 250 investors buy the stock. 200 Sell: Based on a current 12-month view of total share- 150 9% holder return, we recommend that investors sell the 22% t00 50 18% stock 0 Hold: We take a neutral view on the stock 12-months Buy Hold Sell out and, based on this time horizon, do not recommend either a Buy or Sell. NCompenies Covered sCos wr Banking Rebtionship Notes: Asia-Pacific Universe 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 Deutsche Bank AG/Hong Kong Rage 9 CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SONY-0117081 CONFIDENTIAL SDNY_GM_00263265 EFTA01457510