Alibaba : VOLUNTARY ANNOUNCEMENT AND OVERSEAS REGULATORY ANNOUNCEMENT ANT GROUP COMPLETES THE FORMULATION OF ITS RECTIFICATION PLAN

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Alibaba Group Holding Limited

阿 里 巴 巴 集 團 控 股 有 限 公 司

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 9988)

VOLUNTARY ANNOUNCEMENT

AND

OVERSEAS REGULATORY ANNOUNCEMENT

ANT GROUP COMPLETES THE FORMULATION OF

ITS RECTIFICATION PLAN

This announcement is made by Alibaba Group Holding Limited ("Alibaba Group" or the "Company") pursuant to Rule 13.10B of the Hong Kong Listing Rules.

The Company filed a Form 6-K with the Securities and Exchanges Commission of the United States ("SEC") in relation to the following announcement.

Ant Group Co., Ltd. (螞蟻科技集團股份有限公司) ("Ant Group"), an unconsolidated related party of Alibaba Group, announced that since December 26, 2020, when financial regulators put forward five requirements to Ant Group for the rectification of its key businesses, under the regulators' guidance, and in accordance with regulatory requirements, Ant Group has completed the formulation of its rectification plan.

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Ant Group, in its entirety, will apply to set up a financial holding company to ensure its financial- related businesses are fully regulated. Returning to its origin, its payment business will serve consumers and SMEs by focusing on micro-payments and bringing them convenience. Ant Group will set up a personal credit reporting company and apply for a personal credit reporting license. It will conduct the personal credit reporting business in compliance with relevant laws and regulations, strengthen the protection of personal information, and effectively prevent the abuse of data. "Jiebei" and "Huabei" will be operated by its consumer finance company which will be operated in compliance with relevant laws and regulations. Ant Group will strengthen consumer rights protection as well as suitability management of financial consumers. It will also further enhance its corporate governance, adhere to fair competition rules, bring related-party transactions into line, strengthen risk prevention and control, create a fair market environment, and further strengthen its corporate social responsibility commitments. Those actions mentioned above will be carried out after completing the relevant procedures provided in the regulatory requirements and Ant Group's corporate bylaws.

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "potential," "continue," "ongoing," "targets," "guidance" and similar statements. In addition, statements that are not historical facts, including statements about regulatory actions and Ant Group's rectification plan, are or contain forward-looking statements. Alibaba Group may also make forward-looking statements in its periodic reports to the SEC, in announcements made on the website of the Hong Kong Stock Exchange, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Alibaba Group's ability to maintain the trusted status of its ecosystem; risks associated with sustained investments in Alibaba Group's business and strategic acquisitions and investments; Alibaba Group's expected revenue growth and ability to maintain or grow its revenue or business; Alibaba Group's ability to continue to compete effectively and maintain and improve the network effects of its ecosystem; company culture; Alibaba Group's ability to continue to innovate; risks and challenges associated with operating a complex and large-scale company; risks associated with expanding our international and cross-border businesses and operations; fluctuations in general economic and business conditions in China and globally; impacts of the COVID-19 pandemic; uncertainties arising from competition among countries and geopolitical tensions, including protectionist or national security policies; changes in laws, regulations and regulatory environment that affect Alibaba Group's business operations; risks associated with the performance of our business partners, including but not limited to Ant Group; privacy and data protection regulations and concerns; and security breaches, and assumptions underlying or related to any of the foregoing.

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Further information regarding these and other risks is included in Alibaba Group's filings with the SEC and announcements on the website of the Hong Kong Stock Exchange. All information provided in this announcement is as of the date of this announcement and is based on assumptions that we believe to be reasonable as of this date, and Alibaba Group does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

By order of the Board

Alibaba Group Holding Limited

Kevin Jinwei ZHANG

Secretary

Hong Kong, April 12, 2021

As at the date of this announcement, our board of directors is comprised of Mr. Daniel Yong ZHANG as the chairman, Mr. Joseph C. TSAI, Ms. Maggie Wei WU, Mr. J. Michael EVANS, Mr. Eric Xiandong JING and Mr. Kabir MISRA as directors, and Mr. Chee Hwa TUNG, Mr. Walter Teh Ming KWAUK, Mr. Jerry YANG, Mr. E. Börje EKHOLM and Ms. Wan Ling MARTELLO as independent directors.

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