EFTA Document EFTA01457507

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 Ca