September 23-24, 2019 , China

Taobao and - Massive and Fast Growing Marketplace JIANG Fan, President of and Tmall

1 Marketplace Growth Diversified Product Enhanced Consumer Technology Empowering at Scale Supplies Experience Commerce 平台规模增长 供给多元发展 消费场景升级 技术赋能商业

2 Rapid User Growth 平台用户规模高速增长

(1) (2) 755 Million Mobile MAU Accelerated Growth of DAU 674 Million AAC (3) Up 121mn YoY in June 2019 Up 26% YoY in Q2 QTD FY20 Up 98mn YoY in Q1 FY20

Marketplace Growth at Scale Up 226mn Up 208mn User Growth 用户增长

Notes: (1) China retail marketplace Mobile MAU for the month ended June 30, 2019 (2) China retail marketplace annual active consumer for the last twelve month ended June 30, 2019 (3) Q2 QTD FY20 represents the period between July 1,2019 and August 31,2019. 3 Penetrating into Less Developed Areas Drives User Growth 下沉市场驱动用户增长

(1) (1) (2) Marketplace Growth at Scale 70%+ ~40% > RMB 2,000 User Growth Over 70% of New Consumers are User Penetration in Less FY18&19 Average ARPU of New Consumers from 用户增长 from Less Developed Areas Developed Areas Less Developed Areas 70%+新用户来自下沉市场 下沉市场人口渗透率 FY18&19 下沉市场新用户ARPU平均值

Notes: (1)For FY 2019 (2)Average of first year annual spending of new users in FY2018 and FY2019 4 Robust Growth on China Retail Marketplaces 中国零售平台规模高速增长

YoY Growth of Alibaba China Retail Marketplaces Physical YoY Growth of Tmall Physical Goods GMV Goods GMV (Excluding Unpaid Orders) (Excluding Unpaid Orders)

Marketplace Growth at Scale 34% 33% 34% 30% YoY Growth of Tmall Physical Goods 29% GMV (Excluding Unpaid Orders) China Retail Marketplaces 26% 26% 25% 24% 22% 中国零售平台规模 21% 21% YoY Growth of Online Sales of Physical Goods in China According to National Bureau of Statistics

9% 9% 8% 8% 9% YoY Growth of China Retail Sales According to National Bureau of Statistics

FY18 FY19 Q1 FY19 Q2 FY19 Q3 FY19 Q4 FY19 Q1 FY20 5 Tmall Drives China Retail Sales Growth 天猫驱动消费市场增长

(1) FMCG 28% Tmall FMCG National 11% 44% YoY Growth of Retail Sales in China During Jan-Aug 2019 YoY Growth of Physical Goods GMV During Jan-Aug 2019, Excluding Unpaid Orders

Others 2%

Marketplace Growth at Scale Home Deco 3% (1) Apparel 12% Tmall Apparel National 3% Tmall Auto 43% 26% YoY Growth of Retail Sales in China During Jan-Aug 2019 YoY Growth of Physical Goods GMV During Jan-Aug 2019, Excluding Unpaid Orders 天猫

Consumer Electronics 12% (2) Tmall Consumer Electronics National -11% (1) YoY Growth of Retail Sales in China During Jan-Jul 2019 China Retail Sales During Jan-Aug 2019 YoY Growth of Physical Goods GMV During Jan-Aug 2019, Excluding Unpaid Orders 22% 1-8⽉全国社会消费品零售总额分布 Notes: (1) Source: NBS (2) Source: Sino Market Research, China Market Monitor 6 Diversified Product Supplies to Meet One Billion Consumers’ Demand 多元化供给满足中国10亿消费者需求

Brands Products from Origins Imported Products Long-tail Products

New Brands New Products From Farmers From Manufacturers Global Brands Global Buy C2C Long-tail Products 新品牌 新商品 农场直供 工厂直供 海外品牌 全球购 闲鱼C2C 特色商家

New Categories 新品类

High Quality 品牌品质 Value-for-money 高性价比 Global Direct Sourcing 全球直供 Diversification 丰富多元 7 Competitive Advantage from Differentiated Supply Chain 从供给侧实现天猫的差异化竞争优势

Diversified Product Supplies New Product New Brand Customized Tmall New Supply Strategy Launch Incubation Products 天猫新供给战略

新品首发 新品牌孵化 天猫联合定制

8 (2) Tmall Has Become the F