#100000 2 阿里巴巴 动物园 June Quarter 2022 Results August 4, 2022 Alibaba Technology 0.0 HHHE Bro3-80% welcome AGTech Alibaba 1688 COPYRIGHT 2022 ALIBABA GROR ALL RIGHTS RESE#2Disclaimer Alibaba This presentation contains certain financial measures that are not recognized under generally accepted accounting principles in the United States ("GAAP"), including adjusted EBITDA (including adjusted EBITDA margin), adjusted EBITA (including adjusted EBITA margin), non-GAAP net income, non-GAAP diluted earnings per share/ADS and free cash flow. For a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures, see GAAP to Adjusted/Non- GAAP Measures 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 Reform Act of 1995. 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Further information regarding these and other risks is included in Alibaba's filings with the 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 and are 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#3Financial Highlights Three months ended June 30, % Total Revenue (in RMB millions, except per share data and percentages) Total revenue 2021 205,740 2022 205,555 YoY% (0%) 100% China commerce 144,029 141,935 (1%) 69% International commerce 15,202 15,451 2% 7% Local consumer services 10,099 10,632 5% 5% Cainiao 11,601 12,142 5% 6% Cloud 16,051 17,685 10% 9% Digital media and entertainment 8,073 7,231 (10%) 4% Innovation initiatives and others 685 479 (30%) 0% Income from operations 30,847 24,943 (19%)(2) 12% Share-based compensation expense 7,811 6,725 (14%) 3% Amortization of intangible assets 3,073 2,751 (10%) 2% Diluted earnings per share(5) 2.05 1.06 (48%)(3)(6) 16.38 8.51 (48%) (3) (6) Diluted earnings per ADS(5) Non-GAAP Measures Adjusted EBITA(1) Non-GAAP diluted earnings per share(1) (5) Non-GAAP diluted earnings per ADS(1) (5) 41,731 2.08 16.60 34,419 (18%)(2) 17% 1.47 11.73 (29%)(4) (6) (29%)(4) (6) Alibaba Notes: (1) (2) See the section entitled "GAAP to Adjusted/Non-GAAP Measures Reconciliation" for more information about the non-GAAP measures referred to on Page 16 and 17. The year-over-year decreases were primarily due to the decrease in China commerce adjusted EBITA, which was primarily due to a decrease in customer management revenue. Customer management revenue decreased year-over-year, primarily as a result of a mid-single-digit decline year-over-year in online physical goods GMV of Taobao and Tmall, excluding unpaid orders, as well as increased order cancellation due to the impacts from COVID-19 resurgence and restrictions that resulted in supply chain and logistics disruptions in April and most of May. The decrease in China commerce adjusted EBITA was partly offset by the narrowed adjusted EBITA loss of Local consumer services driven by Ele.me's improved unit economics per order. Ele.me's unit economics per order was positive during the June quarter due to increased average order value year-over-year as well as its ongoing focus on optimizing user acquisition spending and reducing delivery cost per order. The year-over-year decreases were primarily attributable to the decrease in income from operations, the decrease in share of results of equity method investee, as well as the decrease in net gains arising from change in market prices of our equity investments in publicly-traded companies. The year-over-year decreases were primarily attributable to the decrease in adjusted EBITA, and the decrease in share of results of equity method investees. (3) (4) (5) Each ADS represents eight ordinary shares. (6) The year-over-year percentages as stated are calculated based on the exact amount and there may be minor differences from the year-over-year percentages calculated based on the RMB amounts after rounding. 3#4Cost of Revenue and Operating Expenses Cost of Revenue (excluding SBC) (RMB Mn) Three months ended % of Revenue 59% 122,406 June 30, 2021 Sales & Marketing Expenses (excluding SBC) (RMB Mn) Three months ended % of Revenue 13% Product Development Expenses (excluding SBC) (RMB Mn) Three months ended % of Revenue 5% 62% 128,044 June 30, 2022 9,719 June 30, 2021 Alibaba 5% 11,206 June 30, 2022 General & Administrative Expenses (excluding SBC) (RMB Mn) Three months ended % of Revenue 12% 3% 4% 26,223 24,678 5,661 7,208 June 30, 2021 June 30, 2022 June 30, 2021 June 30, 2022 4#5Income Statement: Selected Financials Three months ended June 30, Change (in RMB Mn, except percentages) 2021 2022 YoY% YoY Income from operations 30,847 24,943 (19%) (5,904) Interest and investment income, net 14,101 5,369 (62%) (8,732) Interest expense (1,267) (1,244) (2%) 23 Other income, net 2,157 109 (95%) (2,048) Income before income tax and share of results of 45,838 29,177 (36%) (16,661) equity method investees Income tax expenses (9,096) (5,399) (41%) 3,697 Share of results of equity method investees 6,093 (3,480) N/A (9,573) Net income 42,835 20,298 (53%) (22,537) Net income attributable to ordinary shareholders 45,141 22,739 (50%) (22,402) Adjustments to reconcile net income to non-GAAP net income: Share-based compensation expense 7,811 6,725 (14%) (1,086) Amortization of intangible assets 3,073 2,751 (10%) (322) Impairment of investments 397 3,114 684% 2,717 Gain on deemed disposals/disposals/revaluation of investments and others (10,624) (1,712) (84%) 8,912 Tax effects (1) (51) (924) 1,712% (873) Non-GAAP net income 43,441 Non-GAAP net income attributable to ordinary shareholders 45,747 30,252 31,355 (30%) (13,189) (31%) (14,392) Note: (1) Tax effects primarily comprises tax effects relating to share-based compensation expense, amortization of intangible assets and certain gains and losses from investments, and others. Alibaba 5#6Cash Flow & Balance Sheet: Selected Financials Cash Flow Net cash provided by operating activities Less: Purchase of property and equipment (excluding land use rights and construction in progress relating to office campuses) Acquisition of intangible assets Changes in the consumer protection fund deposits Free cash flow Capital Expenditure Share Repurchase Balance Sheet Cash and cash equivalents, restricted cash and escrow receivables Short-term investments Less: Current and non-current bank borrowings Current and non-current unsecured senior notes Net cash Three months ended June 30, 2021 2022 RMB Mn RMB Mn USD Mn 33,603 33,869 5,057 (10,897) (1) (11,110) (1,659) (22) (4) (2,022) (564) (84) 20,683 22,173 3,310 12,518 11,843 1,768 7,134 23,880 3,565 As of March 31, 2022 As of June 30, 2022 RMB Mn RMB Mn USD Mn 227,353 215,919 32,236 256,514 276,461 41,275 (47,085) (52,622) (7,856) (94,259) (99,389) (14,838) 342,523 340,369 50,817 Alibaba 6#7Segment Results Three months ended June 30, 2022 Local China International commerce commerce consumer services Cainiao Cloud Digital media and entertainment Innovation initiatives and others (in RMB Mn, except percentages) Alibaba (1) Unallocated Consolidated Revenue 141,935 15,451 10,632 12,142 17,685 7,231 479 205,555 Revenue YoY % -1% 2% 5% 5% 10% -10% -30% N/A 0% Adjusted EBITA 43,574 -1,567 -3,044 -185 247 -630 -1,896 -2,080 34,419 (2) Adjusted EBITA YOY% change -14% -52% 36% -27% -27% -50% -32% -27% -18% Adjusted EBITA margin 31% -10% -29% -2% 1% -9% -396% N/A 17% Three months ended June 30, 2021 Local China International commerce commerce consumer services Cainiao Cloud Digital media and entertainment Innovation initiatives and others (1) Unallocated Consolidated Revenue Adjusted EBITA Adjusted EBITA margin Notes: (1) (2) 144,029 50,822 35% 15,202 -1,030 10,099 -7% -4,770 -47% (in RMB Mn, except percentages) 11,601 -146 16,051 340 8,073 -419 -1% 2% -5% 685 -1,433 -209% 205,740 -1,633 N/A 41,731 20% Unallocated expenses primarily relate to corporate administrative costs and other miscellaneous items that are not allocated to individual segments. For a more intuitive presentation, widening of loss in YoY% is shown in terms of negative growth rate, and narrowing of loss in YoY% is shown in terms of positive growth rate. 7#8China Commerce 淘宝Taobao TMALL 天猫 歐特 China Commerce Retail revenue • Taocaicai Taobao Deals #1688 FRESHIPPO Revenue from our China commerce retail business in the quarter ended June 30, 2022 was RMB136,977 million (US$20,450 million), a decrease of 2% compared to RMB140,105 million in the same quarter of 2021. Customer management revenue decreased by 10% year-over- year, primarily because online physical goods GMV generated on Taobao and Tmall, excluding unpaid orders, declined mid-single-digit year-over-year, and increased order cancellation due to the impacts from COVID-19 resurgence and restrictions that resulted in supply chain and logistics disruptions in April and most of May. Direct sales and others revenue under China commerce retail business in the quarter ended June 30, 2022 was RMB64,714 million (US$9,661 million), an increase of 8% compared to RMB59,708 million in the same quarter of 2021, primarily due to the revenue growth contributed by our Freshippo and Alibaba Health's direct sales businesses. Segment adjusted EBITA Alibaba Health Alibaba Adjusted EBITA decreased by 14% to RMB43,574 million (US$6,505 million) in the quarter ended June 30, 2022, compared to RMB50,822 million in the same quarter of 2021. The decrease was primarily due to the decrease in customer management revenue, which also led to a decrease in adjusted EBITA margin from 35% in the quarter ended June 30, 2021 to 31% in the quarter ended June 30, 2022. During the quarter ended June 30, 2022, Taobao Deals significantly narrowed losses year-over-year as well as quarter- over-quarter driven by optimizing spending in user acquisition as well as improving average spending of active consumers. Taocaicai significantly reduced losses quarter-over-quarter, driven by optimized pricing strategy, better sourcing capability and lowered operating costs. Three months ended June 30, China Commerce Wholesale revenue Revenue from our China commerce wholesale business in the quarter ended June 30, 2022 was RMB4,958 million (US$740 million), an increase of 26% compared to RMB3,924 million in the same quarter of 2021, primarily due to an increase in revenue from new duty-free wholesale business and value-added services to paying members. (in RMB Mn, except percentages) Customer management Direct sales and others China commerce wholesale 2021 80,397 2022 72,263 YoY % (10%) 59,708 64,714 8% 3,924 4,958 26% Revenue 144,029 141,935 (1%) Adj. EBITA 50,822 43,574 (14%) Adj. EBITA Margin 35% 31% 8#9International Commerce Lazada AliExpress trendyol Daraz ▶阿里巴巴国际站 Alibaba.com Alibaba International Commerce Retail revenue Revenue from our International commerce retail business in the quarter ended June 30, 2022 was RMB10,524 million (US$1,571 million), a decrease of 3% compared to RMB10,800 million in the same quarter of 2021. The decrease was primarily due to the declining orders of AliExpress due to change in the European Union's VAT rules, depreciation of Euro against U.S dollar as well as ongoing supply chain and logistics disruptions due to the Russia-Ukraine conflict, partly offset by the increase in revenue contributed by Lazada as a result of GMV growth and active increase in monetarization initiatives that resulted in higher monetarization rate. International Commerce Wholesale revenue Revenue from our International commerce wholesale business in the quarter ended June 30, 2022 was RMB4,927 million (US$736 million), an increase of 12% compared to RMB4,402 million in the same quarter of 2021. The increase was primarily due to an increase in revenue generated by cross- border related value-added services. Segment adjusted EBITA Adjusted EBITA was a loss of RMB1,567 million (US$234 million) in the quarter ended June 30, 2022, compared to a loss of RMB1,030 million in the same quarter of 2021. The increase in loss year-over-year was primarily due to increase in loss of Trendyol resulting from its investments in new businesses, such as international business and local consumer services in Türkiye, offset by the reduced loss from Lazada as a result of revenue growth and enhanced operation efficiency. Three months ended June 30, (in RMB Mn, except percentages) 2021 2022 YoY % International commerce retail 10,800 10,524 (3%) International commerce wholesale 4,402 4,927 12% Revenue 15,202 15,451 2% Adj. EBITA (1,030) (1,567) (52%) Adj. EBITA Margin (7%) 9 (10%)#10Local Consumer Services e饿了么 高德地图 liggy 淘鲜达 Ele.me Amap Taoxianda Alibaba Local Consumer Services revenue • Revenue from Local consumer services, which includes "To-Home" and "To-Destination" businesses such as Ele.me, Amap and Fliggy, was RMB10,632 million (US$1,587 million) in the quarter ended June 30, 2022, an increase of 5% compared to RMB10,099 million in the same quarter of 2021, primarily due to more efficient use of subsidies that were contra revenue of Ele.me. Segment adjusted EBITA Adjusted EBITA was a loss of RMB3,044 million (US$454 million) in the quarter ended June 30, 2022, compared to a loss of RMB4,770 million in the same quarter of 2021, primarily due to the continued narrowing of losses from our "To-Home" businesses, driven by Ele.me's improved unit economics per order. Ele.me's unit economics per order was positive during the June quarter due to increased average order value year-over- year as well as its ongoing focus on optimizing user acquisition spending and reducing delivery cost per order. (in RMB Mn, except percentages) Revenue Adj. EBITA Adj. EBITA Margin Three months ended June 30, 2021 2022 YoY % 10,099 10,632 5% (4,770) (3,044) 36% (47%) (29%) 10#11CAL Cainiao NAO Segment Revenue Revenue from Cainiao, which represents revenue from its domestic and international one-stop-shop logistics services and supply chain management solutions, after inter-segment elimination, was RMB12,142 million (US$1,813 million) in the quarter ended June 30, 2022, an increase of 5% compared to RMB11,601 million in the same quarter of 2021, primarily contributed by the increase in revenue from consumer logistics services as a result of service upgrade to enhance consumer experience, partly offset by the decrease in international orders from AliExpress. Total revenue generated by Cainiao, before inter-segment elimination, which includes revenue from services provided to other Alibaba businesses, was RMB17,292 million (US$2,582 million), an increase of 7% compared to RMB16,198 million in the same quarter of 2021. This increase also reflected the growth of fulfillment solutions and value-added services provided to our China commerce retail businesses, such as Tmall, Taobao and Taobao Deals. Segment adjusted EBITA Alibaba Adjusted EBITA was a loss of RMB185 million (US$28 million) in the quarter ended June 30, 2022, compared to a loss of RMB146 million in the same quarter of 2021. . The year-over-year increase in loss was primarily due to our investment in expanding our global smart logistics infrastructure, as well as reduced profit from AliExpress fulfilments. (in RMB Mn, except percentages) Revenue Adj. EBITA Adj. EBITA Margin Three months ended June 30, 2021 2022 YoY % 11,601 12,142 5% (146) (185) (27%) (1%) (2%) 11#12Cloud Alibaba Cloud Segment Revenue DingTalk Revenue from our Cloud segment, after inter-segment elimination, was RMB17,685 million (US$2,640 million) in the quarter ended June 30, 2022, an increase of 10% compared to RMB16,051 million in the same quarter of 2021. Year-over-year revenue growth of our Cloud segment reflected recovering growth of overall non-Internet industries, driven by financial services, public services, and telecommunication industries; partly offset by decline in revenue from the top Internet customer that has gradually stopped using our overseas cloud services for its international business due to non-product related requirements, online education customers as well as softening demand from other customers in China's Internet industry. Total revenue from our Cloud segment, before inter-segment elimination, which includes revenue from services provided to other Alibaba businesses, was RMB23,938 million (US$3,574 million), an increase of 8% compared to RMB22,186 million in the same quarter of 2021. Segment adjusted EBITA Alibaba Adjusted EBITA of Cloud segment, which comprises Alibaba Cloud and DingTalk, was RMB247 million (US$37 million) in the quarter ended June 30, 2022, compared to RMB340 million in the same quarter of 2021. The year-over-year decrease was primarily due to our investments in technology and increase in colocation and bandwidth costs as a result of increased usage of DingTalk's products and services from enterprises, schools and organizations due to greater hybrid-work adoption driven by COVID-19 resurgence since March 2022 in China. (in RMB Mn, except percentages) Revenue Adj. EBITA Adj. EBITA Margin Three months ended June 30, 2021 2022 YoY % 16,051 17,685 10% 340 247 (27%) 2% 1% 12#13Digital Media and Entertainment YOUKU E2 阿里巴巴影业集团 Alibaba Pictures Segment Revenue Alibaba • Revenue from our Digital media and entertainment segment in the quarter ended June 30, 2022 was RMB7,231 million (US$1,080 million), a decrease of 10%, compared to RMB8,073 million in the same quarter of 2021, primarily due to the decrease in revenue from Alibaba Pictures, Youku and other entertainment businesses. Segment Adjusted EBITA • Adjusted EBITA in the quarter ended June 30, 2022 was a loss of RMB630 million (US$94 million), compared to a loss of RMB419 million in the same quarter of 2021. Youku narrowed losses year-over-year, which was offset by the increased loss of other entertainment businesses due to the impacts of COVID-19. Three months ended June 30, (in RMB Mn, except percentages) Revenue Adj. EBITA Adj. EBITA Margin 2021 2022 8,073 7,231 YoY % (10%) (419) (630) (50%) (5%) (9%) Innovation Initiatives and Others Segment Revenue DAMO TMALL GENIE ALIBABA DAMO ACADEMY • Revenue from Innovation initiatives and others was RMB479 million (US$72 million) in the quarter ended June 30, 2022, a decrease of 30% compared to RMB685 million in the same quarter of 2021. Segment Adjusted EBITA Adjusted EBITA in the quarter ended June 30, 2022 was a loss of RMB1,896 million (US$283 million), compared to a loss of RMB1,433 million in the same quarter of 2021, primarily due to our investments in technology and innovation. Three months ended June 30, (in RMB Mn, except percentages) 2021 Revenue 685 2022 479 YoY % (30%) Adj. EBITA (1,433) (1,896) (32%) Adj. EBITA Margin (209%) (396%) 13#14Appendix#15Revenue Breakdown Three months ended June 30, Alibaba (in RMB Mn, except percentages) 2021 2022 % YoY % Total Revenue Total China Commerce 144,029 141,935 (1%) 69% China commerce retail - Customer management 80,397 72,263 (10%) 35% - Direct sales and others (1) 59,708 64,714 8% 32% China commerce wholesale 3,924 4,958 26% 2% Total international commerce 15,202 15,451 2% 7% International commerce retail 10,800 10,524 (3%) 5% International commerce wholesale 4,402 4,927 12% 2% Local consumer services 10,099 10,632 5% 5% Cainiao 11,601 12,142 5% 6% Cloud 16,051 17,685 10% 9% Digital media and entertainment Innovation initiatives and others 8,073 7,231 (10%) 4% 685 479 (30%) 0% Total 205,740 205,555 (0%) 100% Note: (1) Direct sales and others revenue under China commerce retail primarily represents our direct sales businesses, comprising mainly Sun Art, Tmall Supermarket and Freshippo, where revenue and the cost of inventory are recorded on a gross basis.. 45 15#16GAAP to Adjusted/Non-GAAP Measures Reconciliation Three months ended June 30, 2021 2022 RMB Mn RMB Mn USD Mn Adjusted EBITA and Adjusted EBITDA Income from operations Share-based compensation expense 30,847 24,943 3,724 7,811 6,725 1,004 Amortization of intangible assets 3,073 2,751 411 Adjusted EBITA 41,731 34,419 5,139 Depreciation and impairment of property and equipment, and operating 6,897 6,695 999 lease cost relating to land use rights Adjusted EBITDA 48,628 41,114 6,138 Non-GAAP net income Net income 42,835 20,298 3,030 Adjustments to reconcile net income to non-GAAP net income: Share-based compensation expense 7,811 6,725 1,004 Amortization of intangible assets 3,073 2,751 411 Impairment of investments 397 3,114 465 Gain on deemed disposals/disposals/revaluation of investments and others Tax effects (1) (10,624) (1,712) (255) (51) (924) (138) Non-GAAP net income 43,441 30,252 4,517 33,603 33,869 5,057 Free cash flow Net cash provided by operating activities Less: Purchase of property and equipment (excluding land use rights and construction in progress relating to office campuses) (10,897) (11,110) (1,659) Acquisition of intangible assets (1) (22) (4) Changes in the consumer protection fund deposits Free cash flow (2,022) (564) (84) 20,683 22,173 3,310 Note: (1) Tax effects primarily comprises tax effects relating to share-based compensation expense, amortization of intangible assets and certain gains and losses from investments, and others. Alibaba 16#17GAAP to Non-GAAP Net Income Attributable to Ordinary Shareholders Notes: Three months ended June 30, Alibaba 2021 2022 (in Mn, except per share data) Net income attributable to ordinary shareholders - basic RMB RMB USD 45,141 22,739 3,395 Dilution effect on earnings arising from option plans operated by (2) equity method investees and subsidiaries Net income attributable to ordinary shareholders - diluted 45,139 22,739 3,395 Non-GAAP adjustments to net income attributable to ordinary shareholders (1) Non-GAAP net income attributable to ordinary shareholders for 606 8,616 1,286 45,745 31,355 4,681 computing non-GAAP diluted earnings per share/ADS Weighted average number of shares on a diluted basis for computing non-GAAP diluted earnings per share/ADS (million shares) (4) Diluted earnings per share(2 (2) (4) 22,038 21,384 2.05 1.06 0.16 Non-GAAP diluted earnings per share(3) (4) 2.08 1.47 0.22 Diluted earnings per ADS(2) (4) 16.38 8.51 1.27 Non-GAAP diluted earnings per ADS(3) (4) 16.60 11.73 1.75 (1) (2) (3) (4) See the table above for the reconciliation of net income to non-GAAP net income for more information of these non-GAAP adjustments Diluted earnings per share is derived from net income attributable to ordinary shareholders for computing diluted earnings per share divided by weighted average number of shares on a diluted basis. Diluted earnings per ADS is derived from the diluted earnings per share after adjustment to the ordinary share-to-ADS ratio. Non-GAAP diluted earnings per share is derived from non-GAAP net income attributable to ordinary shareholders for computing non-GAAP diluted earnings per share divided by weighted average number of shares on a diluted basis for computing non-GAAP diluted earnings per share. Non-GAAP diluted earnings per ADS is derived from the non-GAAP diluted earnings per share after adjustment to the ordinary share-to-ADS ratio. Each ADS represents eight ordinary shares. 17#18Revenue and EBITA by Segments for June Quarter Three months ended June 30, 2022 Local China International commerce commerce consumer services Cainiao Cloud Alibaba Digital media and entertainment Innovation (1) initiatives Unallocated Consolidated and others (in RMB Mn, except percentages) Revenue Revenue YoY % 141,935 15,451 10,632 12,142 17,685 7,231 479 205,555 (1)% 2% 5% 5% 10% (10)% (30)% Income (Loss) from operations 41,035 (2,142) (5,311) (811) (1,304) (1,215) (2,518) N/A (2,791) (0)% 24,943 Add: Share-based compensation expense 1,951 557 836 372 1,548 399 411 651 6,725 Add: Amortization of intangible assets 588 18 1,431 254 3 186 211 60 2,751 Adjusted EBITA Adjusted EBITA margin 43,574 31% (1,567) (3,044) (185) 247 (630) (1,896) (10)% (29)% (2)% 1% (9)% (396)% (2,080) N/A 34,419 17% Revenue Income (Loss) from operations Add: Share-based compensation expense Add: Amortization of intangible assets Adjusted EBITA Adjusted EBITA margin Three months ended June 30, 2021 Local China International commerce commerce consumer services Cainiao Cloud Digital media and entertainment Innovation initiatives and others Unallocated (1) Consolidated (in RMB Mn, except percentages) 144,029 15,202 10,099 47,603 (1,732) (7,205) 11,601 (633) 16,051 (1,643) 8,073 (1,010) 685 (1,950) (2,583) 205,740 30,847 2,383 671 788 212 1,979 383 503 892 7,811 836 31 1,647 275 4 208 14. 58 3,073 50,822 35% (1,030) (4,770) (146) 340 (419) (1,433) (1,633) (7)% (47)% (1)% 2% (5)% (209)% N/A 41,731 20% Note: (1) Unallocated expenses primarily relate to corporate administrative costs and other miscellaneous items that are not allocated to individual segments. 18#1910000 Technology 阿里巴巴 动物园 Alibaba 0.0 Product innovat Growth 20%-80% welcome AGTech Alibaba 1688 COPYRIGHT 2022 ALIBABA GROR ALL RIGHTS RESE