BABA-W (09988): Adjustment of the conversion rate of the convertible preferred notes due in 2031.

BABA-W (09988) announces that regarding the convertible preference notes due in 2031 (2024 notes), in accordance with the dividend announcement in 2026, the conversion rate of the 2024 notes, which were previously 9.8915 American depositary shares per $1000 principal amount of the 2024 notes, has been adjusted to 9.9823 American depositary shares per $1000 principal amount of the 2024 notes, effective from June 11, 2026. The maximum conversion rate of the 2024 notes (taking into account certain adjustments in the event of certain company events disclosed in the 2024 notes announcement) has been adjusted from converting 12.8589 American depositary shares per $1000 principal amount of the 2024 notes to converting 12.9770 American depositary shares per $1000 principal amount of the 2024 notes. After the aforementioned adjustments and the 2024 notes not yet paid up to the adjustment date, the number of ordinary shares (including in the form of American depositary shares) that the company can issue after the full conversion of the 2024 notes based on the adjusted maximum conversion rate (taking into account certain adjustments in the event of certain company events) has increased from 514 million shares to 519 million shares.