#1优鲜 又好又快 INVESTOR PRESENTATION Sep 2021 2 E A FEE 29 mun www ann#250 优鲜 Disclaimer This presentation has been prepared by Missfresh Limited (the "Company") pursuant to Section 5(d) of the U.S. Securities Act of 1933, as amended (the "Securities Act") solely for informational purposes and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any investment activity or trading strategy, nor may it or any part of it form the basis of or be relied on in connection with any contract or commitment whatsoever, in the United States or anywhere else. This presentation does not constitute legal, regulatory, accounting or tax advice to you, we recommend that you seek independent third party legal, regulatory, accounting and tax advice regarding the contents of this document. This presentation has been prepared solely for use at this meeting. The information herein is subject to change without notice and its accuracy is not guaranteed. Nothing contained in this presentation shall be relied upon as a promise or representation as to the past or future performance of the Company. Past performance does not guarantee or predict future performance. This presentation shall neither be deemed an indication of the state of affairs of the Company nor constitute an indication that there has been no change in the business affairs of the Company since the date hereof or since the dates as of which information is given herein. This presentation also does not contain all relevant information relating to the Company or its securities, particularly with respect to the risks and special considerations involved with an investment in the securities of the Company, and these materials are qualified in their entirety by reference to the detailed information appearing in the Company's filings with the U.S. Securities and Exchange Commission. Certain of the information included herein was obtained from various sources, including third parties, and has not been independently verified by the Company. By viewing or accessing the information contained in this presentation, you hereby acknowledge and agree that neither the Company, nor any of the affiliates, advisers and representatives of the Company accept any responsibility for, or makes any representation or warranty, expressed or implied, with respect to, the truth, accuracy, fairness, completeness or reasonableness of the information contained in, and omissions from, this presentation and that neither the Company nor any of its affiliates, advisers, representatives accept any liability whatsoever for any loss howsoever arising from any information presented or contained in this presentation. 又好又快 1#350 优鲜 Disclaimer (Cont'd) Statistical and other information relating to the general economy and the industry in which the Company is engaged contained in this presentation material has been compiled from various publicly available official or unofficial sources. The Company or any of its affiliates, advisors or representatives has not independently verified market, industry and product testing data provided by other third-party sources. These data involve a number of assumptions and limitations, and you are cautioned not to give undue weight to such information and estimates. This presentation also contains non-GAAP financial measures, which are provided as additional information to help you compare business trends among different reporting periods on a consistent basis and to enhance your overall understanding of the historical and current financial performance of the Company's operations. These non-GAAP financial measures should be considered in addition to results prepared in accordance with the U.S. GAAP, but should not be considered a substitute for or superior to the Company's U.S. GAAP results. In addition, the Company's calculation of these non-GAAP financial measures may be different from the calculation used by other companies, and therefore comparability may be limited. This presentation contains certain forward-looking statements, including statements related to industry developments and the Company's future financial or business performance, strategies or expectations. These statements constitute "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements often include words such as "anticipates," "estimates," "expects," "projects," "intends," "plans," "believes" and words and terms of similar substance in connection with discussions of future performance. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results may differ materially from those in the forward-looking statements as a result of various factors and assumptions, many of which are beyond the Company's control. Neither the Company nor any of its affiliates, advisors, representatives has any obligation to, nor do any of them undertake to, revise or update the forward-looking statements contained in this presentation to reflect future events or circumstances. 又好又快 2#4Our Vision: To Become the Largest Platform to Drive Digitalization of China's Neighborhood Retail Industry + B ] 优鲜 5 优鲜 =[ A MON On-demand DMW Retail First to invent and launch the innovative DMW model 1P Online Retail 又好又快 Smart Supply Chain Intelligent Fresh Market Leader in terms of the depth of digital transformation for fresh markets Marketplace Retail Al Network ("RAIN") Smart Logistics N Retail Cloud Service Leading technology innovation and industry know-how SaaS + Al Platform Smart Sales and Marketing 3#5Massive Neighborhood Retail Market in China with Multiple Business Models Calls for Emerging Super Platforms Digitalized neighborhood retail market size in 2025 RMB 7.2trn (US$1.1trn) 2020 20.9% Online RMB11.9trn 5 优鲜 2025E 又好又快 45.5% Online RMB15.7trn Total neighborhood retail market size 2025 China's Neighborhood Retail Landscape Driven by Digitalization Source: iResearch Note: USD/RMB = 6.4391 Traditional E-commerce Intelligent Fresh Markets Supermarket- to-Home Community Group Purchase DMW Product Variety RMB 600bn Product Quality and Convenience RMB 2.2trn Price Advantage RMB 1.4trn 4#602 INVESTMENT HIGHLIGHTS P A ----- www ------ SET 7#71 5 优鲜 Leader and First Mover in On-demand Distributed Mini-warehouse (DMW) Model 28% Market Share of China On- demand DMW Industry¹ Origin 000 Build-to-forecast Producer Procurement Direct Sourcing >90% for Fresh Produce Line-haul cold-chain transportation Smart Supply Chain No.1 in North China 300km radius coverage Processing & QC Centers 100% Quality Test over All Batches of Products Short distance cold-chain transportation Sorting, Processing and Packing into Standard Products 又好又快 Note: 1 For the year ended Dec 31, 2020; 2 As of Sep 30, 2021 No.2 in On-demand DMW 3km radius community coverage DMWs CD Multi Temperature Storage Zone with 5,000+ SKUS² for Instant Delivery Intelligent inventory management Smart Logistics Retail Al Network Al-driven real-time order dispatch, route planning and delivery management Last-mile Delivery 17 Cities² Missfresh APP + Mini Program + 3P Platforms Customers O A Tailored Product Recommendation and Shelf Display Al powered customer services ✓ Average 36min Delivery Time² Smart Sales & Marketing 6#81 Quality User with Rising Consumption Capabilities 50 优鲜 Consumption Upgrade Tech-Savvy Adept at Social Shopping Company's User Age Distribution in 20201 >50% -30% ≤25 又好又快 26-35 36-45 46-55 256 Note: 1 According to iResearch; 2 For 12 months ended Dec 31, 2020; ³ For 12 months ended Mar 31, 2021 19.0 13.0 of Total Users² Cohort Analysis of ARPU - Core Users vs All Users (Indexed to the Year 1 Value of New Customers - 2017 Cohort) 7.0 21.1% 1.0 5x Year 1 2017 all 2017 core Core Users RMB 2,106 ARPU³ 3.5x Year 2 2018 all 2018 core >3.5x Year 3 2019 all 2019 core RMB 98 AOV² >3.5x Year 4 2020 all -2020 core 12#91 Effective Social Network-based Online Marketing Contributes to Higher Brand Recognition and User Acquisition Efficiency MissFresh Mobile App < 送至:越洋广场” 南水果好吃不跑) 好吃水果 春季尝鲜 泰国香水椰青¥19.9/2个 立即抢购• 活动价¥10.9 备注 朋友权限 Os 企业信息 企业 实名 Q超级品牌日 活动价:¥24.9 WeCom Tools CDAT 活动价 ¥9.9 活动价:¥49.9 每日优鲜 爱吃草莓的优优 @每日优鲜 ●每日优鲜 MissFresh Mini Program 每日优鲜 时令水果 粮油调味 邀请好友 | 140元 新鲜蔬菜 品烘焙 热销榜 大家都在头 今日秒杀 GILITED OMISSFRESH STENT) 肉禽蛋品 休闲食品 开通优鲜会员卡 一年预计可省 1058元 我的兑换权益 开会员年卡 再享6个月蜻蜓FM会员 (本活动仅用极速达地区参与) 海鲜水产 酒水饮料 限时抢 无门榴红包 优鲜会员 Membership Program 会员专享6项权益 今日鲜肉 Ca 速食熱食 免费领 天集 CU 云超特奥 O 立即续费。 会员免费菜 会员专享券 会员专享价 会员家庭卡 每周三 满39元可享 M05元红包 300-40 H 兑换会员》 Weixin Group Chat 关注 ｢每日优鲜」会……(200) @及 阿朴小助手 每日优鲜 商 奥利奥樱花草莓口味8.9元 盒 搭配99-50优惠券更实惠 哦! 草莓味夹杂着淡淡地櫻花味~ 酥脆香甜,简直是神仙味道! ♥马卡龙颜色饼干,也太少 女了! 点击上方小程序购买。 Content Community 推荐 菜谱 私房菜 快手菜 贝太厨房 【杂蔬焖排骨】 周末不想花时间做菜,... 点击进入查看 |减肥食谱 关注 波波道来:名字来看跟东北乱炖差不多,但卖品来看,还蛮有 爱动手就有收获:土豪级别的食材 ✓ Large customer base >31mm transacting users1,2 High user acquisition efficiency Lower CAC Superior customer experience RMB2,106 ARPU for core users2,3 每日 又好又快 Note: 1Cumulative number; 2 As of Mar 31, 2021; 3 Core users in a specified year refer to users that placed 4 or more orders within a same month in the given year 优鲜 8#101 Strong Supply Chain Capabilities Ensuring Stable Quality and Price Advantage Our Powerful Supply Chain Ensures Product Variety, Stable Supply and Cost Advantages ===ሰሰሰሰ FMCGs 5 优鲜 Producer-oriented Procurement 48% GMV breakdown³ C2M Model to Provide Proprietary Product Offering 100% Product Quality Test Effective Supply & Demand Management & Build-to-forecast Supply Chain Powered by Al 52% 又好又快 + Fresh Produce 2,300+ Supplier Network fruits vegetables eggs M meat daily necessities dairy beverages package food cooked food condiments personal care seafood Superior Customer Experience and High Operating Efficiency 90+% Products directly sourced from origins for fresh produce² 5,000+ SKUS¹ 20,000+ SKUS¹ 1.8 days Fresh produce Instant delivery Next-day delivery turnover days2² 24h 81% Products directly sourced from origins for all categories² 0.6% refund rate² ~2.5% Average inventory loss rate² Note: 1 As of Sep 30, 2021; 2 In FY2020; ³ As of Sep 30, 2021. ~94% SKUs available at 5 p.m.² 9#11Strong Fulfilment Capability Underpinned by Nationwide DMW 1 Distribution Network and Al-driven Logistics Management B 50 优鲜 STAFF DMW Distribution Network 11 Processing and QC Centers¹ Average size: ~10k square meters Covering Northern China, Eastern China, Southern China, Central China DMWs network covering 17 cities Average size per DMW: 356 square meters ▪ Total floor area: 207,692 square meters ■ 1st-tier city coverage: 4 entered / 4 total ▪ 2nd-tier city coverage: 13 entered / 45 total ■ 22,000+ Delivery Riders² 又好又快 Shijiazhuang Taiyuan 4 Key Operating Districts: Northern China Eastern China Central China Southern China Beijing Langfang Juhan Tianjin Guangzhou Jinan Nanjing Wuxi Hefei P Shenzhen Qingdao Notes: 1 Numbers are as of Sep 30, 2021; 2 Total number in 2020; 3 Average number in 2020; 4 Average number in 2021Q3. Suzhou Shan Ningbo ngzhou 17 Cities with DMW Network Al-driven Logistics Management Picking and delivery tasks assignment Smart heat map guiding fulfillment decisions Assign riders on the optimal delivery path -50 orders per Day on National Average Basis³ 36 mins National Average Delivery Time4 10#12On-demand DMW¹ Business Latest Approach : Focus on Quality Growth 50 优鲜 2₂2 ||| Customer Strategy Focus on serving the high value customers Upgrade the membership program Introduce one-stop "Missfresh Advisor" service 又好又快 Further improve the private domain capability 3Q 2021 Revenue Contributed by Paid Members YoY Growth 8X Notes: 1 Stands for Distributed Mini-warehouse Supply Chain Capabilities Strengthen supply chain capability Enhance direct sourcing Missfresh Farms ~200 Missfresh Factories -350 Optimize products portfolio Upgrade products quality Expand private label portfolio with enriched SKUs 3Q 2021 Average Price per Order YoY Growth ~5% 11#132 % decision making by Al 50 优鲜 Our Proprietary Retail Al Network (RAIN) Driving Superior User Experience and Operational Efficiency 136 authorized patents in China¹ Smart supply chain 97% In procurement 又好又快 98% in DMW inventory replenishment 14.2P5 Cumulative data volume >440 R&D employees as of March 31, 2021 Smart logistics 100% in sorting and packaging tasks assignment in QC center and DMW 11.1T³ Increase in data volume per day 100% in order dispatch for delivery 2mm+ timess Daily inventory replenishment calculation Smart sales and marketing 100% in promotion products selection 99% in virtual stall shelfing 85% in promotion pricing 11mm+ times Daily customer recommendation calculation RMB1.07 billion R&D expenses Superior customer experience RMB2,106 Core customer ARPU1,4 -94% SKUs available at 5 p.m.² 0.6% Refund rate2 2.5% Average inventory loss rate² 5,000+ SKUs for avg. 36-min instant delivery³ High operational efficiency 1.8 Fresh produce Inventory turnover days² 50 Average orders per rider per day² Note: ¹ In the twelve months ended Mar 31, 2021; 2 In FY2020; ³ In 2021Q3; 4 Core users in a specified year refer to users that placed 4 or more orders within a same month in the given year; 5 As of May 27, 2021; 6 2018-2020 12#143 We Rapidly Expand our Intelligent Fresh Market Business Nationwide Targeting Untapped Cost Efficient Traffic of Massive Scale Attraction of fresh markets Number of China's fresh markets -40k 5 优鲜 China's Grocery sold via fresh markets² >RMB 3Trn (>US$0.5trn) ✓ Product variety: 8,000+ SKUS High purchase frequency: ~15 times per person per month ✓Low-cost traffic channel Fresh market as % of China's fresh produce¹ 56.0% Industry pain-points * Highly fragmented * Lacking digitalization and online sales channel 又好又快 Beijing Baoding Xian Mianyang Zigong Have Contracted with 73 Fresh Markets and Operating 52 of them³ 1 Contracted 1 in operation 1 Contracted 1 in operation Yunfu 4 Contracted 4 in operation 1 Contracted 1 Contracted 12 Contracted Chongqing 1 Contracted 8 Contracted 8 in operation Dongguan Source: iResearch Note: 1 China's intelligent fresh market size in terms of GMV; 2 In 2020; ³ As of Sep 1 Contracted 1 in operation Shenzhen 1 Contracted Tangshan Qingdao Huangshan Xuzhou Yancheng Changshu Shanghai Hefei Xuancheng 12 Contracted 10 in operation 1 Contracted 1 in operation 6 Contracted 6 in operation 6 Contracted 6 in operation 2 Contracted 2 in operation 13 Contracted 10 in operation 1 Contracted 1 in operation 1 Contracted 1 in operation 13#153 We Digitalize Fresh Market Operations and Monetize on Traffic 5 优鲜 $5 Administration Payment Accounting 0000 4 优鲜 又好又快 SaaS Stocking Procurement CRM GMV-based Commission SaaS Fee Merchants Rental Income Merchant SaaS tools • Digital Payment Online Marketing & CRM ● E-commerce Platform ● Business Planning & Smart Supply Chain Fresh Market to Fresh Mall 购物车 ◎鞍山二路农贸市场 O 7,365A 超低价卫生纸卷原生木浆家用卷 紙优影 *5.9 O 俞兆林薰衣草洗衣液天然植物护 理不含荧光剂2L+2L大容量 18.9 1 + NERF BEVER <<-2 + 【整箱130G*6桶】瑞吃家酸辣粉 桶装整箱 *9.9 KEN 14#164 Retail Cloud Service Enables Supermarkets with Smart Omni-channel Marketing, Smart Supply Chain Management and Store-to-Home Delivery Capabilities 1 Friendly to CEO 2 Friendly to CTO 3 Friendly to Staff Value Proposition Retail Cloud Services 50 又好又快 优鲜 Customers Platform Participants Services RAIN ↑ 80 184 Omni-Channel Marketing Online Customers Supermarkets Operations Outsourcing Private Traffic ↑ Merchandising End-to-End Solutions Fresh Markets ↑ Smart Solutions 台 Supply Chain Smart Supply Chain Smart Logistics DMW Smart Sales and Marketing Offline Customers ↑ Suppliers ↑ Hatto Last-mile delivery Al-driven Operation SaaS Smart store to Customers Omni-channel Customer Outreach & Service to Business Al-driven Operations Platform 15#174 Our Retail Cloud Services Business Targets at a Massive Market and We Monetize on Our Value Adds Retail Cloud Service Business Targets at the 1.9Trn¹ Supermarket-to- home Market 5 优鲜 又好又快 Customers: Supermarkets Revenue Market Share % in China National Super markets: 20 Regional Supermarkets:30 Local Supermarkets: 1,000+ EIX SUPERCE 美佳购物家 9折, JUS SMB: 30,000+ customers; ~100,000 stores 超市入口 進示福> 孩子 WIE 16% RENNED 4% Welcome 80% Source: iResearch Note: ¹ Projected market size in 2025 in China in terms of GMV $ Monetization Rate Product Offerings Value adds Monetization SaaS Platform DOD DOD X% Smart Supply Chain Smart Logistics Smart Sales & Marketing Fixed Take Rate as % of GMV Private Traffic To Enable Omni- channel Marketing Capabilities Fixed Take Rate as % of GMV Y % Al Operations To Improve Operation Efficiency Driven by Al-based Decision Making Profit Sharing Based on Customers' Margin Uplift 16#185 Innovative and Experienced Management Team with a Firm Belief in Technology 5 优鲜 Mr. Zheng XU Founder, Chairman & CEO Goldman Sachs 佳沃 JOYVIO 联想控股成员企业 Ms. Catherine Chen CFO Lenovo 清華大學 Tsinghua University 12+ years of experience in investment banking and finance Former CFO and director of LIZHI INC. (NASDAQ: LIZI) ■ Bachelor's and Master's degree from School of Economics and Management, Tsinghua University 又好又快 Tencent 腾讯 Key shareholder and business partner 中国科学技术大学 University of Science and Technology of China Visionary founder ■ 20+ years of experience in IT, retail, supply chain and agricultural fields ■ Former General Manager of fruit business of Joyvio group, the agricultural arm of Lenovo holding ■ Former General Manager of notebook business group of Lenovo Entered the University of Science and Technology of China at the age of 15 and obtained dual bachelor's degree Experienced management team Mr. Qi Guo Head of Intelligent Fresh Market BG Lenovo. 1** JOYVIO 联想控股成员企业 Rich experience in operations management of retail fresh industry Former Regional Sales Director of Lenovo; Former General Manager of fruit business of Joyvio group in Qingdao TIGER Tiger Global Management, LLC Key Shareholders Goldman Sachs Mr. Lin Yuan Head of Retail Cloud BG 自如 ziroom.com CICC 中金公司 d 35 dmall.com INI 20 years of experience in operations management, new tech and new retail industry Former General Manager of Lenovo in South and East China region; Former Vice President of ZIROOM INC; Former Senior Vice President of DMALL INC, etc. Graduate from Wuhan University of China 武漢大学 WUHAN UNIVERSITY Davis FUNDS 17#1903 Financial Highlights A BA NE Hun www ann 5700 7#2050 优鲜 3Q 2021 Highlights 又好又快 Total GMV RMB 2,572.9mn 41.0% YoY Growth Total Number of Orders Fulfilled 28.7mn 34.4% YoY Growth Total Net Revenues RMB 2,121.9mn 47.2% YoY Growth Average Price per Order RMB 88.4 5.2% YoY Growth 19#2150 优鲜 Strong Growth in GMV and Revenue Total GMV In RMB Million YOY: 41.0% 1,825 3Q 2020 又好又快 2,573 3Q 2021 2,314 2Q 2021 QoQ: 11.2% 2,573 3Q 2021 Total Net Revenues In RMB Million 1,441 3Q 2020 YOY: 47.2% 2,122 3Q 2021 1,894 2Q 2021 QoQ: 12.0% 2,122 3Q 2021 20#2250 优鲜 Expanding Scale with Quality Growth Total Number of Orders Fulfilled In Million 又好又快 21.4 3Q 2020 YOY: 34.4% 28.7 3Q 2021 Average Price per Order In RMB 84.0 3Q 2020 YOY: 5.2% 88.4 3Q 2021 21#2350 优鲜 Solid Economic Model with Stable Cost Structure Gross Profit In RMB Million % Gross Margin 16.6% 239 3Q 2020 12.3% 261 3Q 2021 7.5% 142 2Q 2021 又好又快 Note: 1. Excluding share-based compensation expenses. 12.3% 261 3Q 2021 Non-GAAP (1) Fulfillment Expenses In RMB Million % of Total Revenues 27.5% 396 3Q 2020 30.0% 637 3Q 2021 28.2% 534 2Q 2021 30.0% 637 3Q 2021 22#245 优鲜 Solid Economic Model with Stable Cost Structure (Cont'd) Non-GAAP(1) Sales & Marketing Expenses In RMB Million % of Total Revenues 11.8%) (12.0%) 13.6% 12.0% 170 3Q 2020 255 3Q 2021 258 255 || 2Q 2021 3Q 2021 又好又快 Note: 1. Excluding share-based compensation expenses. Non-GAAP(1) General & Administrative Expenses In RMB Million % of Total Revenues 4.9% 7.0% 149 71 3Q 2020 6.9% 131 7.0% 149 3Q 2Q 2021 3Q 2021 2021 Non-GAAP(1) Technology & Content Expenses In RMB Million % of Total Revenues 5.4% 4.8% 78 3Q 2020 103 5.2% 99 4.8% 103 3Q 2Q 2021 3Q 2021 2021 23#25Top Questions from Investors ■ What is the Impact of macro consumption weakness on consumer's purchase behaviours 宏观消费疲软对消费者购买行为的影响 ■What is your growth strategy and outlook over the next 3 years? 未来三年的增长策略和展望 ■How is Missfresh differentiated against competitors in the online grocery industry? 每日优鲜和其他在线生鲜电商的主要差异和竞争优势 ■ 2022 outlook and strategies on private labels? 2022年在自有品牌商品方面的策略和展望 ■ Profitability outlook & guidance 盈利预期指引 每日 优鲜 又好又快 24#26Top Questions from Investors (Cont.) ■Per order unit economics 单均UE What actions can we take proactively to achieve long term GP target of 25%? 实现长期毛利率目标的主要驱动因素和相应业务上需要采取的措施 How your Intelligent Fresh Market and Retail Cloud businesses are ramping up? 菜场和零售云业务进展 Will you need to delist from the US and relist in HK based on the new SEC rule? Does the company has any plan on this front? 根据SEC最新的法案,公司需要美国退市去香港重新上市么?公司有什么相关的计划? 每日 优鲜 又好又快 25#27每日 优鲜 又好又快 Q&A 26