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Disclaimer2AlibabaThis presentation contains certain financial measures that are not recognized under generally accepted accounting principles in the United States ("GAAP),includingadjusted EBITDA (including adjusted EBITDA margin),adjusted EBITA (including adjusted EBITA margin),non-GAAP net income,non-GAAP diluted earnings pershare/ADS and free cash flow.For a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures,see GAAP to Non-GAAPMeasures Reconciliation,GAAP to Non-GAAP Net Income Attributable to Ordinary Shareholders and the slides presenting revenue and EBITA by segments.This presentation contains forward-looking statements.These statements are made under the "safe harbor"provisions of the U.S.Private Securities Litigation ReformAct of 1995.These forward-looking statements can be identified by terminology such as "may,""will,""expect,""anticipate,""future,""aim,""estimate,""intend,""seek,""plan,""believe,""potential,""continue,""ongoing,""target,""guidance,""is/are likely to"and similar statements.In addition,statements that are nothistorical facts,induding statements about Alibaba Group's new organizational and governance structure,strategic benefits of this new structure and future spin-offor capital raising plans,statements about Alibaba's strategies and business plans,Alibaba's beliefs,expectations and guidance regarding the growth of its business andits revenue,the business outlook and quotations from management in this presentation,as well as Alibaba's strategic and operational plans,are or contain forward-looking statements.Alibaba may also make forward-looking statements in its periodic reports to the U.S.Securities and Exchange Commission (the "SEC),inannouncements made on the website of The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange"),in press releases and other written materialsand in oral statements made by its officers,directors or employees to third parties.Forward-looking statements involve inherent risks and uncertainties.A number offactors could cause actual results to differ materially from those contained in any forward-looking statement.These factors include but are not limited to thefollowing:Alibaba's corporate structure,including the VIE structure it uses to operate certain businesses in the PRC,Alibaba's ability to maintain the trusted status ofits ecosystem;risks associated with sustained investments in Alibaba's businesses;Alibaba's ability to maintain or grow its revenue or business,including expanding itsinternational and cross border businesses and operations;risks associated with Alibaba's acquisitions,investments and alliances;uncertainties arising fromcompetition among countries and geopolitical tensions,including protectionist or national security policies;uncertainties and risks associated with a broad range ofcomplex laws and regulations (including in the areas of anti-monopoly and anti-unfair competition,consumer protection,data security and privacy protection andregulation of Internet platforms)in the PRC and globally;cybersecurity risks;fluctuations in general economic and business conditions in China and globally;impacts ofthe COVID-19 pandemic and assumptions underlying or related to any of the foregoing.In particular,the timing and implementation details of Alibaba Group's newstructure,whether the new structure will yield the expected strategic benefits,and the successful execution of spin-off or capital raising plans are subject touncertainties and factors that may be beyond our control,including without limitation,successful restructurings of assets,liabilities and contracts,implementation ofequity incentive plans,market conditions and regulatory reviews and approvals.Further information regarding these and other risks is induded in Alibaba's filings withthe SEC and announcements on the website of the Hong Kong Stock Exchange.All information provided in this presentation is as of the date of this presentation andare based on assumptions that we believe to be reasonable as of this date,and Alibaba does not undertake any obligation to update any forward-looking statement,except as required under applicable law.2