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TABLE 1 : Income Statement ALIBABA(in Renminbi '000's)

2005 2006
RMB'000
Revenue
International marketplace 527.23 991.87
China marketplace 211.07 371.99
Total 738.3 1,363,862
Cost of revenue (1)
-126.51 -237.63
Gross profit 611.79 1,126,237
Sales and marketing expenses (1) (2) -393.95 -610.2
Product development expenses (1) (2) -35.68 -105.49
General and administrative
-101.08 -159.97
expenses(1) (2)
Other operating income 16.49 17.91
Profit from operations 97.57 268.5
Finance Income, net 5.85 22.89
Share of loss of associated
- -
companies, net of tax
Profit before income taxes 103.42 291.39
Income tax charges -32.97 -71.45
Profit attributable to equity
70.45 219.94
owners
* Source: Alibaba's finantial statements. Data for 2008; Citibanks estimates.

TABLE 2: Alibaba's Income Statement in USD

Real Exchange rate Renmimbi - USD


2005 2006
8.176 7.944
Source: ECONOMAGIC
- http://www.economagic.com/em-cgi/data.exe/fedstl/exchus

Year ended December 31,


2005 2006
US Dollars
Revenue
International marketplace $64,484,711 $124,863,130
China marketplace $25,815,802 $46,828,977
TOTAL $90,300,514 $171,692,106
Cost of revenue (1)
$15,473,214 $29,913,831
$141,778,27
Gross profit $74,827,299
6
Sales and marketing expenses (1) (2) $48,183,708 $76,815,821
Product development expenses (1) (2) $4,363,748 $13,279,286
General and administrative
$12,363,258 $20,137,972
expenses(1) (2)
Other operating income $2,017,368 $2,254,883
Profit from operations $11,933,953 $33,800,079
Finance Income, net $715,142 $2,881,799
Share of loss of associated
- -
companies, net of tax
Profit before income taxes $12,649,095 $36,681,878
Income tax charges $4,031,923 $8,994,606
Profit attributable to equity $27,687,27
$8,617,172
owners 2

TABLE 3: REGISTERED USERS, GOLD SUPPLIERS (GS) Y TRUST PASS (T

2005 2006
1 Registered Users 10,968,955 19,764,226
2 International Marketplace 1,949,741 3,115,153
3 China Marketplace 9,019,214 16,649,073
4 Storefronts 1,295,182 2,072,765
5 International Marketplace 292,414 514,891
6 China Marketplace 1,002,768 1,557,874
7 Paying Members 141,614 219,098
8 Gold Supplier members (GS) 12,192 18,682
International TrustPass members
9 7,791 10,843
(TP)
10 China TrustPass members 121,631 189,573

TABLA 4: RATIONS AND RELATIONS FOR ALIBABA USERS (using data fr

2005 2006
GS as % of number of Storefronts
4.17% 3.63%
(8/5) *
Storefronts as % total registered
users in International Marketplace 15.00% 16.53%
(5/2)
GS as % of total registered users in
0.63% 0.60%
International Marketplace (8/2)
China Trust Pass members as %
total registered users in China 1.35% 1.14%
Mktplace (10/3)
Int. MKTplace TP members as % total
registered users in International 0.40% 0.35%
Marketplace (9/2)
*** Comes from data shown in Table 3

Gold Supplier (GS)


GS Conversion rate = A/B 0.87%
A = New GS acquired during year 10,148
B = Number of new registered users 1,165,412
Trust Pass International (TP-Int)
TP-Int. Conversion rate 0.36%
New TP-Int. Acquired during year 4,221
Number of new registered users 1,165,412
Trust Pass China (TP-Chi)
TP-Chi. Conversion rate 1.13%
New TP-Chi. Acquired during year 86,187
Number of new registered users 7,629,859

Churn rate*
GS TP
30% 15%

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inbi '000's)

2008
2007
est.*
RMB'000

1547.7
615.06
2162.76 3008.000
-280.11
1882.64
-736.81
-131.5
-229.87
19.88
804.35 1218.000
345.1 259.000

1149.44 1477.000
-181.65 -232.000
967.8 1245.000

ge rate Renmimbi - USD


2007 2008
7.578 7.047

c.com/em-cgi/data.exe/fedstl/exchus+2

nded December 31, Income Statement as % of sales


2008
2007 2008 est.* 2005 2006 2007
est.**
US Dollars

$204,237,981 $281,565,029 71% 73% 72% 66% 933522


$81,165,230 $145,271,161 29% 27% 28% 34% 481643
$285,403,212 $426,836,190 100% 100% 100% 100% 1415165
$36,964,462 $51,444,805 -17% -17% -13% -12% -170564
$248,438,75 $375,391,38
83% 83% 87% 88% 1244601
0 5
$97,231,819 $133,466,520 -53% -45% -34% -31% -442505
$17,352,433 $22,334,352 -5% -8% -6% -5% -74049
$30,333,998 $44,976,654 -14% -12% -11% -11% -149119
$2,623,022 $21,738,661 2% 1% 1% 5% 72074
$106,143,523 $196,352,520 13% 20% 37% 46% 651002
$45,540,189 $49,350,687 1% 2% 16% 12% 163621

- 0 0%

$151,683,712 $245,703,206 14% 21% 53% 58% 814623


$23,970,889 $35,422,972 -4% -5% -8% -8% -117444
$127,712,8 $210,280,2
10% 16% 45% 49% 697179
23 35

RS (GS) Y TRUST PASS (TP) MEMBERS IN ALIBABA

2008
2007
est.*
27,599,959 36,664,096
4,405,557 7,269,830
23,194,402 29,394,266
2,956,846 4,325,738
697,563 887,335
2,259,283 3,438,403
305,545 419,750
27,384 28,975
12,152 15,250
266,009 375,525

ABA USERS (using data from Table 3)

2008
2007 est.***
AVERAGE
3.93% 3.27% 3.75%

15.83% 12.21% 14.89%

0.62% 0.40% 0.56%

1.15% 1.28% 1.23%


0.28% 0.21% 0.31%

AVERAGE
1.11% 0.34% 0.77%
14,307 9,806
1,290,404 2,864,273

0.23% 0.17% 0.25%


2,935 4,921
1,290,404 2,864,273

1.60% 2.41% 1.71%


104,872 149,417
6,545,329 6,199,864

Aprox monthly registered users


2006 2007 2008
732,939 652,978 755,345
97,118 107,534 238,689

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TABLE 5: China's GDP and Exports growth rate

2003 2004 2005 2006


Exports growth rate 34.60% 35.40% 28.40% 27.20%
GDP Growth rate 10% 10.10% 10.40% 11.10%
*

TABLE 6: Number of chinese exporting companies and ALIBABA's pen

2003 2004 2005 2006


Number of SME's in china ### ###
Number of companies ### ###
Number of exporting chinese companies65,494 81,042 96,590 ###
Number of Gold Suppliers / Number
12.6% 9.8%
of exporting companies
Sources:
- Chinese Government website
http://www.gov.cn/english/2005-12/08/content_121412.htm
- Paper "China's Exporters and Importers, Firms, Products and Trade Partners", Federal Reserve
Bank of San Francisco.
http://www.frbsf.org/publications/economics/papers/2008/wp08-28bk.pdf
- Beijing Review
http://www.bjreview.com.cn/print/txt/2007-02/14/content_58839.htm
- "People's Republic of China: Development of Small and Medium-Sized Enterprise Credit
Guarantee", Asian Development Bank
http://www.adb.org/Documents/Reports/Consultant/36024-PRC/36024-PRC-TACR.pdf

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2007 2008
25.70% 24.10%
11.40%

and ALIBABA's penetration rate

2007 2008
2005 2006
Privadas ### ###
### ###Average

13.3% 11.9% 11.9%

Partners", Federal Reserve

bk.pdf

m
ed Enterprise Credit

24-PRC-TACR.pdf
m Colectivas
456000 364800
Estatales192000 153600
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2001
### 190000
180000

170000

160000
150000

140000 Series1
130000
120000

110000

100000
90000
###
80000
http://ir.download.alibaba.com/download/200804/Annual_Report_ENG.pdf
###
70000
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60000
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