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Twitter at US$32 billion and LinkedIn at US$28 billion. Nick Griffin, Head of International Strategy from K2 Asset Management says “Alibaba’s June 2014 quarterly result reported a rapid 45% year on year growth rate in China Retail GMV (gross merchandise volume) with overall buyer year on year growth accelerating by 51% to 279 million buyers for the period. This is outstanding growth and growth that should continue post IPO”. Griffin adds “Alibaba is a large business now but its total addressable market is still significant which will allow it to grow rapidly into the future. The Chinese are becoming wealthier and ecommerce in China has benefited from this and the fact that retail around centres and strip shopping isn’t as advanced in China as it is in western countries which means more of their spending goes online”. K2 Asset Management expects Alibaba to generate revenues of US$12.4 billion and a net income of US$6.4 in FY15. Based on peer comparative multiples of 27.5x (the average of Tencent, Baidu, Google and Facebook) K2 values Alibaba at approximately US$175billion, which is huge in global terms. Huge when you think Facebook is currently valued at US$198 billion, Google out in front at US$394 billion and other better known Internet brands in Twitter at US$32 billion and LinkedIn at US$28 billion. Nick Griffin, Head of International Strategy from K2 Asset Management says “Alibaba’s June 2014 quarterly result reported a rapid 45% year on year growth rate in China Retail GMV (gross merchandise volume) with overall

buyer year on year growth accelerating by 51% to 279 million buyers for the period. This is outstanding growth and growth that should continue post IPO”. Griffin adds “Alibaba is a large business now but its total addressable market is still significant which will allow it to grow rapidly into the future. The Chinese are becoming wealthier and ecommerce in China has benefited from this and the fact that retail around centres and strip shopping isn’t as advanced in China as it is in western countries which means more of their spending goes online”. K2 Asset Management expects Alibaba to generate revenues of US$12.4 billion and a net income of US$6.4 in FY15. Nick Griffin, Head of International Strategy from K2 Asset Management says “Alibaba’s June 2014 quarterly result reported a rapid 45% year on year growth rate in China Retail GMV (gross merchandise volume) with overall buyer year on year growth accelerating by 51% to 279 million buyers for the period. This is outstanding growth and growth that should continue post IPO”. Griffin adds “Alibaba is a large business now but its total addressable market is still significant which will allow it to grow rapidly into the future. The Chinese are becoming wealthier and ecommerce in China has benefited from this and the fact that retail around centres and strip shopping isn’t as advanced in China as it is in western countries which means more of their spending goes online”. K2 Asset Management expects Alibaba to generate revenues of US$12.4 billion and a net income of US$6.4 in FY15. Nick Griffin, Head of International Strategy from K2 Asset Management says “Alibaba’s June 2014 quarterly result reported a rapid 45% year on year growth rate in China Retail GMV with overall buyer year on year growth accelerating by 51% to 279 million buyers for the period. This is outstanding growth and growth that should continue post IPO”.K2 Asset Management expects Alibaba to generate revenues of US$12.4 billion and a net income of US$6.4 in FY15.

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June 2014 quarterly result reported a rapid 45% year on year growth rate in China Retail GMV (gross merchandise volume) with overall buyer year on year growth accelerating by 51% to 279 million buyers for the period. This is outstanding growth and growth that should continue post IPO”. Griffin adds “Alibaba is a large business now but its total addressable market is still significant which will allow it to grow rapidly into the future. The Chinese are becoming wealthier and ecommerce in China has benefited from this and the fact that retail around centres and strip shopping isn’t as advanced in China as it is in western countries which means more of their spending goes online”. K2 Asset Management expects Alibaba to generate revenues of US$12.4 billion and a net income of US$6.4 in FY15. Based on peer comparative multiples of 27.5x (the average of Tencent, Baidu, Google and Facebook) K2 values Alibaba at approximately US$175billion, which is huge in global terms. Huge when you think Facebook is currently valued at US$198 billion, Google out in front at US$394 billion and other better known Internet brands in Twitter at US$32 billion and LinkedIn at US$28 billion. Nick Griffin, Head of International Strategy from K2 Asset Management says “Alibaba’s June 2014 quarterly result reported a rapid 45% year on year growth rate in China Retail GMV (gross merchandise volume) with overall buyer year on year growth accelerating by 51% to 279 million buyers for the period. This is outstanding growth and growth that should continue post IPO”. Griffin adds “Alibaba is a large business now but its total addressable market is still significant which will allow it to grow rapidly into the future. The Chinese are becoming

wealthier and ecommerce in China has benefited from this and the fact that retail around centres and strip shopping isn’t as advanced in China as it is in western countries which means more of their spending goes online”. Nick Griffin, Head of International Strategy from K2 Asset Management says “Alibaba’s June 2014 quarterly result reported a rapid 45% year on year growth rate in China Retail GMV (gross merchandise volume) with overall buyer year on year growth accelerating by 51% to 279 million buyers for the period. This is outstanding growth and growth that should continue post IPO”. Griffin adds “Alibaba is a large business now but its total addressable market is still significant which will allow it to grow rapidly into the future. The Chinese are becoming wealthier and ecommerce in China has benefited from this and the fact that retail around centres and strip shopping isn’t as advanced in China as it is in western countries which means more of their spending goes online”. K2 Asset Management expects Alibaba to generate revenues of US$12.4 billion and a net income of US$6.4 in FY15. Based on peer comparative multiples of 27.5x (the average of Tencent, Baidu, Google and Facebook) K2 values Alibaba at approximately US$175billion, which is huge in global terms. Griffin adds “Alibaba is a large business now but its total addressable market is still significant which will allow it to grow rapidly into the future. The Chinese are becoming wealthier and ecommerce in China has benefited from this and the fact that retail around centres and strip shopping isn’t as advanced in China.Nick Griffin, Head of International Strategy from K2 Asset Management says “Alibaba’s June 2014 quarterly result reported a rapid 45% year on year growth rate in China Retail GMV (gross merchandise volume) with overall buyer year on year growth accelerating by 51% to 279 million buyers for the period. This is outstanding growth and growth that should continue post IPO”.K2 Asset Management expects Alibaba to generate revenues of US$12.4 billion and a net income of US$6.4 in FY15. Huge when you think Facebook is currently valued at US$198 billion, Google out in front at US$394 billion and other better known Internet brands in Twitter at US$32 billion and LinkedIn at US$28 billion.

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libaba is the largest ecommerce marketplace in China and is similar to eBay, Amazon and PayPal where buyers and sellers connect via its websites. Alibaba holds a dominant position with 279 million annual active buyers generating US$296 billion in transactions. Nick Griffin, Head of International Strategy from K2 Asset Management says “Alibaba’s June 2014 quarterly result reported a rapid 45% year on year growth rate in China Retail GMV (gross merchandise volume) with overall buyer year on year growth accelerating by 51% to 279 million buyers for the period. This is outstanding growth and growth that should continue post IPO”. Griffin adds “Alibaba is a large business now but its total addressable market is still significant which will allow it to grow rapidly into the future. The Chinese are becoming wealthier and ecommerce in China has benefited from this and the fact that retail around centres and strip shopping isn’t as advanced in China as it is in western countries which means more of their spending goes online”. K2 Asset Management expects Alibaba to generate revenues of US$12.4 billion and a net income of US$6.4 in FY15. Based on peer comparative multiples of 27.5x (the average of Tencent, Baidu, Google and Facebook) K2 values Alibaba at approximately US$175billion, which is huge in global terms. Huge when you think Facebook is currently valued at US$198 billion, Google out in front at US$394 billion and other better known Internet brands in Twitter at US$32 billion and LinkedIn at US$28 billion. Nick Griffin, Head of International Strategy from K2 Asset Management says “Alibaba’s June 2014 quarterly result reported a rapid 45% year on year growth rate in China Retail GMV (gross merchandise volume) with overall buyer year on year growth accelerating by 51% to 279 million buyers for the period. This is outstanding growth and growth that should continue post IPO”. Griffin adds “Alibaba is a large business now but its total addressable market is still significant which will allow it to grow rapidly into the future. The Chinese are becoming wealthier and ecommerce in China has benefited from this and the fact that retail around centres and strip shopping isn’t as advanced in China as it is in western countries which means more of their spending goes online”. K2 Asset Management expects Alibaba to generate revenues of US$12.4 billion and a net income of US$6.4 in FY15. Based on peer comparative multiples of 27.5x (the average of Tencent, Baidu, Google and Facebook) K2 values Alibaba at approximately US$175billion, which is huge in global terms. Huge when you think Facebook is currently valued at US$198 billion, Google out in front at US$394 billion and other better known Internet brands in Twitter at US$32 billion and LinkedIn at US$28 billion. Nick Griffin, Head of International Strategy from K2 Asset Management says “Alibaba’s June 2014 quarterly result reported a rapid 45% year on year growth rate in China Retail GMV (gross merchandise volume) with overall buyer year on year growth accelerating by 51% to 279 million buyers for the period. This is outstanding growth and growth that should continue post IPO”. Griffin adds “Alibaba is a large business now but its total addressable market is still significant which will allow it to grow rapidly into the future. The Chinese are becoming wealthier and ecommerce in China has benefited from this and the fact that retail around centres and strip

shopping isn’t as advanced in China as it is in western countries which means more of their spending goes online”. K2 Asset Management expects Alibaba to generate revenues of US$12.4 billion and a net income of US$6.4 in FY15. Nick Griffin, Head of International Strategy from K2 Asset Management says “Alibaba’s June 2014 quarterly result reported a rapid 45% year on year growth rate in China Retail GMV (gross merchandise volume) with overall buyer year on year growth accelerating by 51% to 279 million buyers for the period. This is outstanding growth and growth that should continue post IPO”. Griffin adds “Alibaba is a large business now but its total addressable market is still significant which will allow it to grow rapidly into the future. The Chinese are becoming wealthier and ecommerce in China has benefited from this and the fact that retail around centres and strip shopping isn’t as advanced in China as it is in western countries which means more of their spending goes online”. K2 Asset Management expects Alibaba to generate revenues of US$12.4 billion and a net income of US$6.4 in FY15. Nick Griffin, Head of International Strategy from K2 Asset Management says “Alibaba’s June 2014 quarterly result reported a rapid 45% year on year growth rate in China Retail GMV with overall buyer year on year growth accelerating by 51% to 279 million buyers for the period. This is outstanding growth and growth that should continue post IPO”.K2 Asset Management expects Alibaba to generate revenues of US$12.4 billion and a net income of US$6.4 in FY15. anagement says “Alibaba’s June 2014 quarterly result reported a rapid 45% year on year growth rate in China Retail GMV (gross merchandise volume) with overall buyer year on year growth accelerating by 51% to 279 million buyers for the period. This is outstanding growth and growth that should continue post IPO”. Griffin adds “Alibaba is a large business now but its total addressable market is still significant which will allow it to grow rapidly into the future. The Chinese are becoming wealthier and ecommerce in China has benefited from this and the fact that retail around centres and strip shopping isn’t as advanced in China as it is in western countries which means more of their spending goes online”.Griffin adds “Alibaba is a large business now but its total addressable market is still significant which will allow it to grow rapidly into the future. The Chinese are becoming

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LEADER IN REAL ESTATE INNOVATIONS AND VALUE CREATION wealthier and ecommerce in China has benefited from this and the fact that retail around centres and strip shopping isn’t as advanced in China as it is in western countries which means more of their spending goes online”. K2 Asset Management expects Alibaba to generate revenues of US$12.4 billion and a net income of US$6.4 in FY15. Based on peer comparative multiples of 27.5x (the average of Tencent, Baidu, Google and Facebook) K2 values Alibaba at approximately US$175billion, which is huge in global terms. Huge when you think Facebook is currently valued at US$198 billion, Google out in front at US$394 billion and other better known Internet brands in Twitter at US$32 billion and LinkedIn at US$28 billion. Nick Griffin, Head of International Strategy from K2 Asset Management says “Alibaba’s June 2014 quarterly result reported a rapid 45% year on year growth rate in China Retail GMV (gross merchandise volume) with overall buyer year on year growth accelerating by 51% to 279 million buyers for the period. This is outstanding growth and growth that should continue post IPO”. Griffin adds “Alibaba is a large business now but its total addressable market is still significant which will allow it to grow rapidly into the future. The Chinese are becoming wealthier and ecommerce in China has benefited from this and the fact that retail around centres and strip shopping isn’t as advanced in China as it is in western countries which means more of their spending goes online”. K2 Asset Management expects Alibaba to generate revenues of US$12.4 billion and a net income of US$6.4 in FY15. Based on peer comparative multiples of 27.5x (the average of Tencent, Baidu, Google and Facebook) K2 values Alibaba at approximately US$175billion, which is huge in global terms. Huge when you think Facebook is currently valued at US$198 billion, Google out in front at US$394 billion and other better known Internet brands in Twitter at US$32 billion and LinkedIn at US$28 billion. Nick Griffin, Head of International Strategy from K2 Asset Management says “Alibaba’s June 2014 quarterly result reported a rapid 45% year on year growth rate in China Retail GMV (gross merchandise volume) with overall buyer year on year growth accelerating by 51% to 279 million buyers for the period. This is outstanding growth and growth that should continue post IPO”. Griffin adds “Alibaba is a large business now but its total addressable market is still significant which will allow it to grow rapidly into the future. The Chinese are becoming wealthier and ecommerce in China has benefited from this and the fact that retail around centres and strip shopping isn’t as advanced in China as it is in western countries which means more of their spending goes online”. K2 Asset Management expects Alibaba to generate revenues of US$12.4 billion and a net income of US$6.4 in FY15. Nick Griffin, Head of International Strategy from K2 Asset Management says “Alibaba’s June 2014 quarterly result reported a rapid 45% year on year growth rate in China Retail GMV (gross merchandise volume) with overall buyer year on year growth accelerating by 51% to 279 million buyers for the period. This is outstanding growth and growth that should continue post IPO”. Griffin adds “Alibaba is a large business now but its total addressable market is still significant which will allow it to grow rapidly into the future. The Chinese are becoming wealthier and ecommerce in China has benefited from this and the fact that retail around centres and strip shopping isn’t as advanced in China as it is in western countries which means more of their spending goes online”. K2 Asset Management expects Alibaba to generate revenues of US$12.4 billion and a net income of US$6.4 in FY15. Nick Griffin, Head of International Strategy from K2 Asset Management says “Alibaba’s June 2014 quarterly result reported a rapid 45% year on year growth rate in China Retail GMV with overall buyer year on year growth accelerating by 51% to 279 million buyers for the period. This is outstanding growth and growth that should continue post IPO”.K2 Asset Management expects Alibaba to generate revenues of US$12.4 billion and a net income of US$6.4 in FY15. anagement says “Alibaba’s June 2014 quarterly result reported a rapid 45% year on year growth rate in

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China Retail GMV (gross merchandise volume) with overall buyer year on year growth accelerating by 51% to 279 million buyers for the period. This is outstanding growth and growth that should continue post IPO”. Griffin adds “Alibaba is a large business now but its total addressable market is still significant which will allow it to grow rapidly into the future. The Chinese are becoming wealthier and ecommerce in China has benefited from this and the fact that retail around centres and strip shopping isn’t as advanced in China as it is in western countries which means more of their spending goes online”.K2 Asset Management expects Alibaba to generate revenues of US$12.4 billion and a net income of US$6.4 in FY15. Based on peer comparative multiples of 27.5x (the average of Tencent, Baidu, Google and Facebook) K2 values Alibaba at approximately US$175billion, which is huge in global terms. Huge when you think Facebook is currently valued at US$198 billion, Google out in front at US$394 billion and other better known Internet brands in Twitter at US$32 billion and LinkedIn at US$28 billion. Nick Griffin, Head of International Strategy from K2 Asset Management says “Alibaba’s June 2014 quarterly result reported a rapid 45% year on year growth rate in China Retail GMV (gross merchandise volume) with overall buyer year on year growth accelerating by 51% to 279 million buyers for the period. This is outstanding growth and growth that should continue post IPO”. Griffin adds “Alibaba is a large business now but its total addressable market is still significant which will allow it to grow rapidly into the future. The Chinese are becoming wealthier and ecommerce in China has benefited from this and the fact that retail around centres and strip shopping isn’t as advanced in China as it is in western countries which means more of their spending goes online”. K2 Asset Management expects Alibaba to generate revenues of US$12.4 billion and a net income of US$6.4 in FY15. Nick Griffin, Head of International Strategy from K2 Asset Management says “Alibaba’s June 2014 quarterly result reported a rapid 45% year on year growth rate in China Retail GMV (gross merchandise volume) with overall buyer year on year growth accelerating by 51% to 279 million buyers for the period. This is outstanding growth and growth that should continue post IPO”. Griffin adds “Alibaba is a large business now but its total addressable market is still significant which will allow it to grow rapidly into the future. The Chinese are becoming wealthier and ecommerce in China has benefited from this and the fact that retail around centres and strip shopping isn’t as advanced in China as it is in western countries which means more of their spending goes online”. K2 Asset Management expects Alibaba to generate revenues of US$12.4 billion and a net income of US$6.4 in FY15. Nick Griffin, Head of International Strategy from K2 Asset Management says “Alibaba’s June 2014 quarterly result reported a rapid 45% year on year growth rate in China Retail GMV with overall buyer year on year growth accelerating by 51% to 279 million buyers for the period. This is outstanding growth and growth that should continue post IPO”.K2 Asset Management expects Alibaba to generate revenues of US$12.4 billion and a net income of US$6.4 in FY15. anagement says “Alibaba’s June 2014 quarterly result reported a rapid 45% year on year growth rate in China Retail GMV (gross merchandise volume) with overall buyer year on year growth accelerating by 51% to 279 million buyers for the period. This is outstanding growth and growth that should continue post IPO”. Griffin adds “Alibaba is a large business now but its total addressable market is still significant which will allow it to grow rapidly into the future. The Chinese are becoming wealthier and ecommerce in China has benefited from this and the fact that retail around centres and strip shopping isn’t as advanced in China as it is in western countries which means more of their spending goes online”. K2 Asset Management expects Alibaba to generate revenues of US$12.4 billion and a net income of US$6.4 in FY15. Nick Griffin, Head of International Strategy from K2 Asset Management says “Alibaba’s June 2014 quarterly result reported a rapid 45% year on year growth rate in China Retail GMV with overall buyer year on year growth accelerating by 51% to 279 million buyers for the period. This is outstanding growth and growth that should continue post IPO”.

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shopping isn’t as advanced in China as it is in western countries which means more of their spending goes online”. K2 Asset Management expects Alibaba to generate revenues of US$12.4 billion and a net income of US$6.4 in FY15. Based on peer comparative multiples of 27.5x (the average of Tencent, Baidu, Google and Facebook) K2 values Alibaba at approximately US$175billion, which is huge in global terms. Huge when you think Facebook is currently valued at US$198 billion, Google out in front at US$394 billion and other better known Internet brands in Twitter at US$32 billion and LinkedIn at US$28 billion. Nick Griffin, Head of International Strategy from K2 Asset Management says “Alibaba’s June 2014 quarterly result reported a rapid 45% year on year growth rate in China Retail GMV (gross merchandise volume) with overall buyer year on year growth accelerating by 51% to 279 million buyers for the period. This is outstanding growth and growth that should continue post IPO”. Griffin adds “Alibaba is a large business now but its total addressable market is still significant which will allow it to grow rapidly into the future. The Chinese are becoming wealthier and ecommerce in China has benefited from this and the fact that retail around centres and strip shopping isn’t as advanced in China as it is in western countries which means more of their spending goes online”. K2 Asset Management expects Alibaba to generate revenues of US$12.4 billion and a net income of US$6.4 in FY15. Nick Griffin, Head of International Strategy from K2 Asset Management says “Alibaba’s June 2014 quarterly result reported a rapid 45% year on year growth rate in China Retail GMV (gross merchandise volume) with overall buyer year on year growth accelerating by 51% to 279 million buyers for the period. This is outstanding growth and growth that should continue post IPO”. Griffin adds “Alibaba is a large business now but its total addressable market is still significant which will allow it to grow rapidly into the future. The Chinese are becoming wealthier and ecommerce in China has benefited from this and the fact that retail around centres and strip shopping isn’t as advanced in China as it is in western countries which means more of their spending goes online”. K2 Asset Management expects Alibaba to generate revenues of US$12.4 billion and a net income of US$6.4 in FY15. Nick Griffin, Head of International Strategy from K2 Asset Management says “Alibaba’s June 2014 quarterly result reported a rapid 45% year on year growth rate in China Retail GMV with overall buyer year on year growth accelerating by 51% to 279 million buyers for the period. This is outstanding growth and growth that should continue post IPO”.K2 Asset Management expects Alibaba to generate revenues of US$12.4 billion and a net income of US$6.4 in FY15. anagement says “Alibaba’s June 2014 quarterly result reported a rapid 45% year on year growth rate in China Retail GMV (gross merchandise volume) with overall buyer year on year growth accelerating by 51% to 279 million buyers for the period. This is outstanding growth and growth that should continue post IPO”. Griffin adds “Alibaba is a large business now but its total addressable market is still significant which will allow it to grow rapidly into the future. The Chinese are becoming wealthier and ecommerce in China has benefited from this and the fact that retail around centres and strip shopping isn’t as advanced in China as it is in western countries which means more of their spending goes online”.Griffin adds “Alibaba is a large business now but its total addressable market is still significant which

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will allow it to grow rapidly into the future. The Chinese are becoming wealthier and ecommerce in China has benefited from this and the fact that retail around centres and strip shopping isn’t as advanced in China as it is in western countries which means more of their spending goes online”. K2 Asset Management expects Alibaba to generate revenues of US$12.4 billion and a net income of US$6.4 in FY15. Based on peer comparative multiples of 27.5x (the average of Tencent, Baidu, Google and Facebook) K2 values Alibaba at approximately US$175billion, which is huge in global terms. Huge when you think Facebook is currently valued at US$198 billion, Google out in front at US$394 billion and other better known Internet brands in Twitter at US$32 billion and LinkedIn at US$28 billion. Nick Griffin, Head of International Strategy from K2 Asset Management says “Alibaba’s June 2014 quarterly result reported a rapid 45% year on year growth rate in China Retail GMV (gross merchandise volume) with overall buyer year on year growth accelerating by 51% to 279 million buyers for the period. This is outstanding growth and growth that should continue post IPO”. Griffin adds “Alibaba is a large business now but its total addressable market is still significant which will allow it to grow rapidly into the future. The Chinese are becoming wealthier and ecommerce in China has benefited from this and the fact that retail around centres and strip shopping isn’t as advanced in China as it is in western countries which means more of their spending goes online”. K2 Asset Management expects Alibaba to generate revenues of US$12.4 billion and a net income of US$6.4 in FY15. Based on peer comparative multiples of 27.5x (the average of Tencent, Baidu, Google and Facebook) K2 values Alibaba at approximately US$175billion, which is huge in global terms. Huge when you think Facebook is currently valued at US$198 billion, Google out in front at US$394 billion and other better known Internet brands in Twitter at US$32 billion and LinkedIn at US$28 billion. Nick Griffin, Head of International Strategy from K2 Asset Management says “Alibaba’s June 2014 quarterly result reported a rapid 45% year on year growth rate in China Retail GMV (gross merchandise volume) with overall buyer year on year growth accelerating by 51% to 279 million buyers for the period. This is outstanding growth and growth that should continue post IPO”. Griffin adds “Alibaba is a large business now but its total addressable market is still significant which will allow it to grow rapidly into the future. The Chinese are becoming wealthier and ecommerce in China has benefited from this and the fact that retail around centres and strip shopping isn’t as advanced in China as it is in western countries which means more of their spending goes online”. K2 Asset Management expects Alibaba to generate revenues of US$12.4 billion and a net income of US$6.4 in FY15. Nick Griffin, Head of International Strategy from K2 Asset Management says “Alibaba’s June 2014 quarterly result reported a rapid 45% year on year growth rate in China Retail GMV (gross merchandise volume) with overall buyer year on year growth accelerating by 51% to 279 million buyers for the period. This is outstanding growth and growth that should continue post Griffin adds “Alibaba is a large business now but its total addressable market is still significant which will allow it to grow rapidly into the future. The Chinese are becoming wealthier and ecommerce in China has benefited from this and the fact that retail around centres and strip shopping isn’t as advanced in China as it is in western countries which means more of their spending goes online”. K2 Asset Management expects Alibaba to generate revenues of US$12.4 billion and a net income of US$6.4 in FY15. Nick Griffin, Head of International Strategy from K2 Asset Management says “Alibaba’s June 2014 quarterly result reported a rapid 45% year on year growth rate in China Retail GMV with overall buyer year on year growth accelerating by 51% to 279 million buyers for the period. This is outstanding growth and growth that should continue post IPO”.K2 Asset Management expects Alibaba to generate revenues of US$12.4 billion and a net income of US$6.4 in FY15. anagement says “Alibaba’s June 2014 quarterly result reported a rapid 45% year on year growth rate in

www.sc.com China Retail GMV (gross merchandise volume) with overall buyer year on year growth accelerating by 51% to 279 million buyers for the period. This is outstanding growth and growth that should continue post IPO”. Griffin adds “Alibaba is a large business now but its total addressable market is still significant which will allow it to grow rapidly into the future. The Chinese are becoming wealthier and ecommerce in China has benefited from this and the fact that retail around centres and strip shopping isn’t as advanced in China as it is in western countries which means more of their spending goes online”.K2 Asset Management expects Alibaba to generate revenues of US$12.4 billion and a net income of US$6.4 in FY15. Based on peer comparative multiples of 27.5x (the average of Tencent, Baidu, Google and Facebook) K2 values Alibaba at approximately US$175billion, which is huge in global terms. Huge when you think Facebook is currently valued at US$198 billion, Google out in front at US$394 billion and other better known Internet brands in Twitter at US$32 billion and LinkedIn at US$28 billion. Nick Griffin, Head of International Strategy from K2 Asset Management says “Alibaba’s June 2014 quarterly result reported a rapid 45% year on year growth rate in China Retail GMV (gross merchandise volume) with overall buyer year on year growth accelerating by 51% to 279 million buyers for the period. This is outstanding growth and growth that should continue post IPO”. Griffin adds “Alibaba is a large business now but its total addressable market is still significant which will allow it to grow rapidly into the future. The Chinese are becoming wealthier and ecommerce in China has benefited from this and the fact that retail around centres and strip shopping isn’t as advanced in China as it is in western countries which means more of their spending goes online”. K2 Asset Management expects Alibaba to generate revenues of US$12.4 billion and a net income of US$6.4 in FY15. Nick Griffin, Head of International Strategy from K2 Asset Management says “Alibaba’s June 2014 quarterly result reported a rapid 45% year on year growth rate in China Retail GMV (gross merchandise volume) with overall buyer year on year growth accelerating by 51% to 279 million buyers for the period. This is outstanding growth and growth that should continue post IPO”. Griffin adds “Alibaba is a large business now but its total addressable market is still significant which will allow it to grow rapidly into the future. The Chinese are becoming wealthier and ecommerce in China has benefited from this and the fact that retail around centres and strip shopping isn’t as advanced in China as it is in western countries which means more of their spending goes online”. K2 Asset Management expects Alibaba to generate revenues of US$12.4 billion and a net income of US$6.4 in FY15. Nick Griffin, Head of International Strategy from K2 Asset Management says “Alibaba’s June 2014 quarterly result reported a rapid 45% year on year growth rate in China Retail GMV with overall buyer year on year growth accelerating by 51% to 279 million buyers for the period. This is outstanding growth and growth that should continue post IPO”.K2 Asset Management expects Alibaba to generate revenues of US$12.4 billion and a net income of US$6.4 in FY15. anagement says “Alibaba’s June 2014 quarterly result reported a rapid 45% year on year growth rate in China Retail GMV (gross merchandise volume) with overall buyer year on year growth accelerating by 51% to 279 million buyers for the period. This is outstanding growth and growth that should continue post IPO”. Griffin adds “Alibaba is a large business now but its total addressable market is still significant which will allow it to grow rapidly into the future. The Chinese are becoming wealthier and ecommerce in China has benefited from this and the fact that retail around centres and strip shopping isn’t as advanced in China as it is in western countries which means more of their spending goes online”. K2 Asset Management expects Alibaba to generate revenues of US$12.4 billion and a net income of US$6.4 in FY15. Nick Griffin, Head of International Strategy from K2 Asset Management says “Alibaba’s June 2014 quarterly result reported a rapid 45% year on year growth rate in China Retail GMV with overall buyer year on year growth accelerating by 51% to 279 million buyers for the period. This is outstanding growth and growth that should continue post IPO”.

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now but its total addressable market is still significant which will allow it to grow rapidly into the future. The Chinese are becoming wealthier and ecommerce in China has benefited from this and the fact that retail around centres and strip shopping isn’t as advanced in China as it is in western countries which means more of their spending goes online”. K2 Asset Management expects Alibaba to generate revenues of US$12.4 billion and a net income of US$6.4 in FY15. Based on peer comparative multiples of 27.5x (the average of Tencent, Baidu, Google and Facebook) K2 values Alibaba at approximately US$175billion, which is huge in global terms. Huge when you think Facebook is currently valued at US$198 billion, Google out in front at US$394 billion and other better known Internet brands in

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comparative multiples of 27.5x (the average of Tencent, Baidu, Google and Facebook) K2 values Alibaba at approximately US$175billion, which is huge in global terms. Huge when you think Facebook is currently valued at US$198 billion, Google out in front at US$394 billion and other better known Internet brands in Twitter at US$32 billion and LinkedIn at US$28 billion. Nick Griffin, Head of International Strategy from K2 Asset Management says “Alibaba’s June 2014 quarterly result reported a rapid 45% year on year growth rate in China Retail GMV (gross merchandise volume) with overall buyer year on year growth accelerating by 51% to 279 million buyers for the period. This is outstanding growth and growth that should continue post IPO”. Griffin adds “Alibaba is a large business now but its total addressable market is still significant which will allow it to grow rapidly into the future. The Chinese are becoming wealthier and ecommerce in China has benefited from this and the fact that retail around centres and strip shopping isn’t as advanced in China as it is in western countries which means more of their spending goes online”. Nick Griffin, Head of International Strategy from K2 Asset Management says “Alibaba’s June 2014 quarterly result reported a rapid 45% year on year growth rate in China Retail GMV (gross merchandise volume) with overall buyer year on year growth accelerating by 51% to 279 million buyers for the period. This is outstanding growth and growth that should continue post IPO”. Griffin adds “Alibaba is a large business now but its total addressable market is still significant which will allow it to grow rapidly into the future. The Chinese are becoming wealthier and ecommerce in China has benefited from this and the fact that retail around centres and strip shopping isn’t as advanced in China as it is in western countries which means more of their spending goes online”. K2 Asset Management expects Alibaba to generate revenues of US$12.4 billion and a net income of US$6.4 in FY15. Based on peer comparative multiples of 27.5x (the average

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of Tencent, Baidu, Google and Facebook) K2 values Alibaba at approximately US$175billion, which is huge in global terms. Griffin adds “Alibaba is a large business now but its total addressable market is still significant which will allow it to grow rapidly into the future. The Chinese are becoming wealthier and ecommerce in China has benefited from this and the fact that retail around centres and strip shopping isn’t as advanced in China.Nick Griffin, Head of International Strategy from K2 Asset Management says “Alibaba’s June 2014 quarterly result reported a rapid 45% year on year growth rate in China Retail GMV (gross merchandise volume) with overall buyer year on year growth accelerating by 51% to 279 million buyers for the period. This is outstanding growth and growth that should continue post IPO”.K2 Asset Management expects Alibaba to generate revenues of US$12.4 billion and a net income of US$6.4 in FY15. Huge when you think Facebook is currently valued at US$198 billion, Google out in front at US$394 billion and other better known Internet brands in Twitter at US$32 billion and LinkedIn at US$28 billion.Nick Griffin, Head of International Strategy from K2 Asset Management says “Alibaba’s June 2014 quarterly result reported a rapid 45% year on year growth rate in China Retail GMV (gross merchandise volume) with overall buyer year on year growth accelerating by 51% to 279 million buyers for the period. This is outstanding growth and growth that should continue post IPO”. Griffin adds “Alibaba is a large business now but its total addressable market is still significant which will allow it to grow rapidly into the future. The Chinese are becoming wealthier and ecommerce in China has benefited from this and the fact that retail around centres and strip shopping isn’t as advanced in China as it is in western countries which means more of their spending goes online”. Nick Griffin, Head of International Strategy from K2 Asset Management says “Alibaba’s June 2014 quarterly result reported a rapid 45% year on year growth rate in China Retail GMV (gross merchandise volume) with overall buyer year on year growth accelerating by 51% to 279 million buyers for the period. This is outstanding growth and growth that should continue post IPO”. Griffin adds “Alibaba is a large business now but its total addressable market is still significant which will allow it to grow rapidly into the future. The Chinese are becoming wealthier and ecommerce in China has benefited from this and the fact that retail around centres and strip shopping isn’t as advanced in China as it is in western countries which means more of their spending goes online”. Griffin adds “Alibaba is a large business now but its total addressable market is still significant which will allow it to grow rapidly into the future. The Chinese are becoming wealthier and ecommerce in China.

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and other better known Internet brands in Twitter at US$32 billion and LinkedIn at US$28 billion. Nick Griffin, Head of International Strategy from K2 Asset Management says “Alibaba’s June 2014 quarterly result reported a rapid 45% year on year growth rate in China Retail GMV (gross merchandise volume) with overall buyer year on year growth accelerating by 51% to 279 million buyers for the period. This is outstanding growth and growth that should continue post IPO”. Griffin adds “Alibaba is a large business now but its total addressable market is still significant which will allow it to grow rapidly into the future. The Chinese are becoming wealthier and ecommerce in China has benefited from this and the fact that retail around centres and strip shopping isn’t as advanced in China as it is in western countries which means more of their spending goes online”. K2 Asset Management expects Alibaba to generate revenues of US$12.4 billion and a net income of US$6.4 in FY15. Based on peer comparative multiples of 27.5x (the average of Tencent, Baidu, Google and Facebook) K2 values Alibaba at approximately US$175billion, which is huge in global terms. Huge when you think Facebook is currently valued at US$198 billion, Google out in front at US$394 billion and other better known Internet brands in Twitter at US$32 billion and LinkedIn at US$28 billion. Nick Griffin, Head of International Strategy from K2 Asset Management says “Alibaba’s June 2014 quarterly result reported a rapid

45% year on year growth rate in China Retail GMV (gross merchandise volume) with overall buyer year on year growth accelerating by 51% to 279 million buyers for the period. This is outstanding growth and growth that should continue post IPO”. Griffin adds “Alibaba is a large business now but its total addressable market is still significant which will allow it to grow rapidly into the future. The Chinese are becoming wealthier and ecommerce in China has benefited from this and the fact that retail around centres and strip shopping isn’t as advanced in China as it is in western countries which means more of their spending goes online”. K2 Asset Management expects Alibaba to generate revenues of US$12.4 billion and a net income of US$6.4 in FY15. Nick Griffin, Head of International Strategy from K2 Asset Management says “Alibaba’s June 2014 quarterly result reported a rapid 45% year on year growth rate in China Retail GMV (gross merchandise volume) with overall buyer year on year growth accelerating by 51% to 279 million buyers for the period. This is outstanding growth and growth that should continue post IPO”. Griffin adds “Alibaba is a large business now but its total addressable market is still significant which will allow it to grow rapidly into the future. The Chinese are becoming wealthier and ecommerce in China has benefited from this and the fact that retail around centres and strip shopping isn’t as advanced in China as it is in western countries which means more of their spending goes online”. K2 Asset Management expects Alibaba to generate revenues of US$12.4 billion and a net income of US$6.4 in FY15. Nick Griffin, Head of International Strategy.

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and Facebook) K2 values Alibaba at approximately US$175billion, which is huge in global terms. Huge when you think Facebook is currently valued at US$198 billion, Google out in front at US$394 billion and other better known Internet brands in Twitter at US$32 billion and LinkedIn at US$28 billion. Nick Griffin, Head of International Strategy from K2 Asset Management says “Alibaba’s June 2014 quarterly result reported a rapid 45% year on year growth rate in China Retail GMV (gross merchandise volume) with overall buyer year on year growth accelerating by 51% to 279 million buyers for the period. This is outstanding growth and growth that should continue post IPO”. Griffin adds “Alibaba is a large business now but its total addressable market is still significant which will allow it to grow rapidly into the future. The Chinese are becoming wealthier and ecommerce in China has benefited from this and the fact that retail around centres and strip shopping isn’t as advanced in China as it is in western countries which means more of their spending goes online”. K2 Asset Management expects Alibaba to generate revenues of US$12.4 billion and a net income of US$6.4 in FY15. Nick Griffin, Head of International Strategy from K2 Asset Management says “Alibaba’s June 2014 quarterly result reported a rapid 45% year on year growth rate in China Retail GMV (gross merchandise volume) with overall buyer year on year growth accelerating by 51% to 279 million buyers for the period. This is outstanding growth and growth that should continue post IPO”. Griffin adds “Alibaba is a large business now but its total addressable market is still significant which will allow it to grow rapidly into the future. The Chinese are becoming wealthier and ecommerce in China has benefited from this and the fact that retail around centres and strip shopping isn’t as advanced in China as it is in western countries which means more of their spending goes online”. K2 Asset Management expects Alibaba to generate revenues of US$12.4 billion and a net income of US$6.4 in FY15. Nick Griffin, Head of International Strategy from K2 Asset Management says “Alibaba’s June 2014 quarterly result reported a rapid 45% year on year growth rate in China Retail GMV with overall buyer year on year growth accelerating by 51% to 279 million buyers for the period. This is outstanding growth and growth that should continue post IPO”.K2 Asset Management expects Alibaba to generate revenues of US$12.4 billion and a net income of US$6.4 in FY15. anagement says “Alibaba’s June 2014 quarterly result reported a rapid 45% year on year growth rate in China Retail GMV (gross merchandise volume) with overall buyer year on year growth accelerating by 51% to 279 million buyers for the period. This is outstanding growth and growth that should continue post IPO”.

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advanced in China as it is in western countries which means more of their spending goes online”. K2 Asset Management expects Alibaba to generate revenues of US$12.4 billion and a net income of US$6.4 in FY15. Based on peer comparative multiples of 27.5x (the average of Tencent, Baidu, Google and Facebook) K2 values Alibaba at approximately US$175billion, which is huge in global terms. Huge when you think Facebook is currently valued at US$198 billion, Google out in front at US$394 billion and other better known Internet brands in Twitter at US$32 billion and LinkedIn at US$28 billion. Nick Griffin, Head of International Strategy from K2 Asset Management says “Alibaba’s June 2014 quarterly result reported a rapid 45% year on year growth rate in China Retail GMV (gross merchandise volume) with overall buyer year on year growth accelerating by 51% to 279 million buyers for the period. This is outstanding growth and growth that should continue post IPO”. Griffin adds “Alibaba is a large business now but its total addressable market is still significant which will allow it to grow rapidly into the future. The Chinese are becoming wealthier and ecommerce in China has benefited from this and the fact that retail around centres and strip shopping isn’t as advanced in China as it is in western countries which means more of their spending goes online”. Nick Griffin, Head of International Strategy from K2 Asset Management says “Alibaba’s June 2014 quarterly result reported a rapid 45% year on year growth rate in China Retail GMV (gross merchandise volume) with overall buyer year on year growth accelerating by 51% to 279 million buyers for the period. This is outstanding growth and growth that should continue post IPO”. Griffin adds “Alibaba is a large business now but its total addressable market is still significant which will allow it to grow rapidly into the future. The Chinese are becoming wealthier and ecommerce in China has benefited from this and the fact that retail around centres and strip shopping isn’t as advanced in China as it is in western countries which means more of their spending goes online”. K2 Asset Management expects Alibaba to generate revenues of US$12.4 billion and a net income of US$6.4 in FY15. Based on peer

comparative multiples of 27.5x (the average of Tencent, Baidu, Google and Facebook) K2 values Alibaba at approximately US$175billion, which is huge in global terms. Griffin adds “Alibaba is a large business now but its total addressable market is still significant which will allow it to grow rapidly into the future. The Chinese are becoming wealthier and ecommerce in China has benefited from this and the fact that retail around centres and strip shopping isn’t as advanced in China.Nick Griffin, Head of International Strategy from K2 Asset Management says “Alibaba’s June 2014 quarterly result reported a rapid 45% year on year growth rate in China Retail GMV (gross merchandise volume) with overall buyer year on year growth accelerating by 51% to 279 million buyers for the period. This is outstanding growth and growth that should continue post IPO”.K2 Asset Management expects Alibaba to generate revenues of US$12.4 billion and a net income of US$6.4 in FY15. Huge when you think Facebook is currently valued at US$198 billion, Google out in front at US$394 billion and other better known Internet brands in Twitter at US$32 billion and LinkedIn at US$28 billion.Nick Griffin, Head of International Strategy from K2 Asset Management says “Alibaba’s June 2014 quarterly result reported a rapid 45% year on year growth rate in China Retail GMV (gross merchandise volume) with overall buyer year on year growth accelerating by 51% to 279 million buyers for the period. This is outstanding growth and growth that should continue post IPO”. Griffin adds “Alibaba is a large business now but its total addressable market is still significant which will allow it to grow rapidly into the future. The Chinese are becoming wealthier and ecommerce in China has benefited from this and the fact that retail around centres and strip shopping isn’t as advanced in China as it is in western countries which means more of their spending goes online”. Nick Griffin, Head of International Strategy from K2 Asset Management says “Alibaba’s June 2014 quarterly result reported a rapid 45% year on year growth rate in China Retail GMV (gross merchandise volume) with overall buyer year on year growth accelerating by 51% to 279 million buyers for the period. This is outstanding growth and growth that should continue post IPO”. Griffin adds “Alibaba is a large business now but its total addressable market is still significant which will allow it to grow rapidly into the future. The Chinese are becoming wealthier and ecommerce in China has benefited from this and the fact that retail around centres and strip shopping isn’t.

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into the future. The Chinese are becoming wealthier and ecommerce in China has benefited from this and the fact that retail around centres and strip shopping isn’t as advanced in China as it is in western countries which means more of their spending goes online”. K2 Asset Management expects Alibaba to generate revenues of US$12.4 billion and a net income of US$6.4 in FY15. Based on peer comparative multiples of 27.5x (the average of Tencent, Baidu, Google and Facebook) K2 values Alibaba at approximately US$175billion, which is huge in global terms. Huge when you think Facebook is currently valued at US$198 billion, Google out in front at US$394 billion and other better known Internet brands in Twitter at US$32 billion and LinkedIn at US$28 billion. Nick Griffin, Head of International Strategy from K2 Asset Management says “Alibaba’s

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