Alibaba = ‘New Retail’ Vision Starts in China… …through technology & consumer insights, we [Alibaba] put the right products in front of right customers at the right time… our ‘New Retail’ initiatives are substantially growing Alibaba’s total addressable market in commerce… in this process of digitizing the entire retail operation, we are driving a massive transformation of the traditional retail industry. It is fair to say that our e-commerce platform is fast becoming the leading retail infrastructure of China. Since Jack Ma coined the term ‘New Retail’ in 2016, the term has been widely adopted in China by traditional retailers & Internet companies alike. New Retail has become the most talked about concept in business… Alibaba has three unique success factors that are enabling us to realize the New Retail vision. Alibaba CQ1:18 & CQ4:17 Earnings Calls, 5/4/18, 1/24/18 92