China (Pinduoduo) = Connecting Consumer Preferences & Manufacturers… 443MM Buyers + ~2x in Five Quarters Pinduoduo Group Discovery / Buying Active Buyers, China 500MM a n i Ch , s r e y u B We call it consumer-to-manufacturer, where we e 250MM v understand the users' needs first & enable upstream ti providers, be it farmers, manufacturers, etc. to c A o produce appropriate products for our users. u d This is different from how the current system works, o u d where upstream producers design, manufacture & n i sell without necessarily being in tune with the P changing needs of their targeted users. As we add more users to the network & also gain more data points through their increasing interaction with our platform, we can further refine our engine to deliver an even better user 0 experience that keeps up with our users' evolving preferences. Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Pinduoduo – Q4:18 Earnings Call, 3/19 2017 2018 2019 Source: Pinduoduo SEC filings (2018), Q4:18 Earnings Call (3/19) & Morgan Stanley. Note: An active buyer is a buyer who has completed at least one transaction in the past 12 months. Internet Trends 57 2019