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nder Maresch Managing Director I Global Head or Marketing Deutsche Asset & Wealth Management International GmbH Mainzer Landstralle 178-193 60327 Frankfurt am Mari Tel. Fax +49 116 10-' 1404 Mobile Email el-1),; CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0122590 CONFIDENTIAL SONY G

Marketing Deutsche Asset & Wealth Management International GmbH Mainzer Landstralle 178-193 60327 Frankfurt am Mari Tel. Fax +49 116 10-' 1404 Mobile Email el-1),; CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0122590 CONFIDENTIAL SONY GM_00268774 EFTA01460908

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Bloomberg BABA US Exchange Ticker NYS BABA Price at 6 May 2015 (USD) Price target - 12mth (USD) 52-week range (USD) NASDAQ 100 March Q beat; Mobile crosses the median March quarter beat on higher take rate and ad rev Highlights of the Alibaba March quarter ranged from continued strength in mo

hise value (we estimate Poker/Slots generates over $250mn+ in revenue annually}. Our $2.70 PO is based on 11x 2018E EBITDA (which is a premium to the Mobile gaming peer group due to margin expansion potential}, plus $1.41/share in cash and assets (building). Bankof America Merrill Lynch Internet/e-Comme

ch (DIFC) are done so in accordance with the requirements of the DFSA conduct of business rules. Bank of America Merrill Lynch International Limited, Frankfurt Branch (BAMLI Frankfurt) distributes this report in Germany and is regulated by BaFin. This research report has been prepared and issued by MLPF&S an

sions or differentiated royalty rates. STC the likely beneficiary of FTTH expansion Whilst we argue that STC could lose further market share in the Mobile market as a result of regulatory moves, we believe the negative impact will be offset by growing revenues from FTTH, IPTV and the corporate market. I

ch (DIFC) are done so in accordance with the requirements of the DFSA conduct of business rules. Bank of America Merrill Lynch International Limited, Frankfurt Branch (BAMLI Frankfurt) distributes this report in Germany and is regulated by BaFin. This research report has been prepared and issued by MLPF&S an