e shopping centers and vice versa Recent grocer trends in light of continued food at home deflation and Amazon's (AMZN: DB Buy rated, USD822.96 by Ross Sandler) continued push into the grocery business, most recently announced plans to build convenience stores and curbside pickup locations. Figure 57: BRX

e shopping centers and vice versa Recent grocer trends in light of continued food at home deflation and Amazon's (AMZN: DB Buy rated, USD822.96 by Ross Sandler) continued push into the grocery business, most recently announced plans to build convenience stores and curbside pickup locations. Figure 57: BRX

T CERTIFICATIONS ARE LOCATED IN APPENDIX 1. MCI (P) 124/04/2015. NASDAQ 100 Source: Deutsche Bank 22.30 30.40 lm 3m 12m -6.6 3.6 23.1 3/15 Ross Sandler Research Analyst (+1) 415 262-2028 [email protected] 80.00 104.00 119.15 - 79.54 4,380 Company Alibaba Date 8 May 2015 Results 98.00 t

28% 30% 15% Alan Hellawell Paul Trussell George Hill 16% Gunnar Romer 23% 19% 26% 45% 11% Gregg Gilbert Gregg Gilbert Alan Hellawell Ross Sandler Bryan Keane 21% Ashish Sabadra 95% 15% 23% 24% 88% 27% Bryan Keane Bryan Keane Ross Seymore Ross Seymore Vish Shah Karl Keirstead 49%