#1@ 又好又快 每日 优鲜 ROADSHOW PRESENTATION JUNE 2021#2G 优鲜 Disclaimer This presentation is made pursuant to Section 5(d) of the Securities Act of 1933, as amended ("roadshow"), and is intended solely for investors that are qualified institutional buyers or institutions that are "accredited investors" (as defined in Rule 501 of Regulation D under the Securities Act of 1933) solely for the purposes of familiarizing such investors with Missfresh Limited (the "Company"). At this time, the Company is not making any offers of the securities and cannot accept orders for any securities. Any such offering of securities will only be made by means of a registration statement (including a prospectus) filed with the SEC, after such registration statement becomes effective. No such registration statement has become effective, as of the date of this presentation. 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Participants must return or destroy this document and all others materials provided in connection herewith to the Company at the completion of the presentation. 又好又快#3Ge 优鲜 Offering Summary Issuer Missfresh Limited Listing / Ticker NASDAQ / MF Offering Type Initial Public Offering Base Offering 21,000,000 ADSs, each ADS represents 3 Class B ordinary shares, 100% primary Over-Allotment Option 3,150,000 ADSS (15% of base offering), 100% primary Price Range US$13.0 - US$16.0 per ADS Expected Pricing Date Jun 28, 2021, subject to acceleration Use of Proceeds • Approximately 50% for our on-demand DMW retail business, including sales and marketing, upgrade of technology infrastructure and supply chain, and expansion and upgrade of network of quality control centers and DMWs • Approximately 20% for our further expansion of our intelligent fresh market business and development of technology platform • Approximately 20% for our development of the retail cloud business, including research and development, product development and sales and marketing • The balance for general corporate purposes, and the development of strategic initiatives, potential strategic investments and acquisitions to strengthen our ecosystem Lock-up¹ 180 days for Missfresh Limited, Missfresh Limited's directors, executive officers, and all of Missfresh Limited's existing shareholders¹ Active Underwriters J.P. Morgan citi Note: 1. The Company, its directors, executive officers, and all of its existing shareholders have agreed with the underwriters, subject to certain exceptions, not to sell, transfer or otherwise dispose of any ADSS, Class B ordinary shares or similar securities for a period of 180 days after the date of the prospectus. 又好又快 CICC 中金公司 | China Renaissance 华兴资本 2#401 COMPANY OVERVIEW#5Our Vision: To Become the Largest Platform to Drive Digitalization of China's Neighborhood Retail Industry 优鲜 GE 优鲜 =[ A ZON On-demand DMW Retail First to invent and launch the innovative DMW model 1P Online Retail Smart Supply Chain Source: According to iResearch B ] 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#6Massive Neighborhood Retail Market in China with Multiple Business Models Calls for Emerging Super Platforms 2025 China's Neighborhood Retail Landscape Driven by Digitalization Digitalized neighborhood retail market size in 2025 RMB 7.2trn (US$1.1trn) 2020 20.9% Online G 优鲜 2025E RMB11.9trn RMB15.7trn Total neighborhood retail market size 又好又快 45.5% Online 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 5#7G 优鲜 Missfresh at a Glance $ Leading Scale RMB 7.6bm GMV¹ 631 16 cities² 28% Market Share¹ DMWs in No.1 in North China 又好又快 Robust Growth 47.7% Growth of GMV of effective user4.6 40+% Recent GMV growth? 97.9% Gross profit growth Strong Unit Economics RMB94.6 AOV¹ 8.2 Average items per order¹ 19.4% Gross profit margin' 25.7% Fulfilment expense ratio¹ 88 Quality Users 888 11mm Annual transacting users¹ "8" RMB2,106 Core user ARPU5 >80% 26-45yr old Proprietary Innovation Intelligent Fresh Market RMB600bn (US$93bn) Projected market size in 20253 54 contracted fresh 14 cities markets in Supermarket Retail Cloud RMB 1.9tmm (US$294bn) Projected market size in 20253 Source: iResearch Note: USD/RMB = 6.4391; ¹ For 12 months ended Dec 31, 2020; 2 As of Mar 31, 2021; ³ Projected market size in China in terms of GMV; 4 Effective users for a given period are to transacting users whose payment for products, net of coupons and incentives offered to them, exceeds our procurement cost to purchase the products that are sold to such transacting users, in the given period; ³ For 12 months ended Mar 31, 2021; 2018-2020 CAGR;7 May 1-19, 2020-2021 YOY GMV growth.#8Growth Strategies G 又好又快 优鲜 01 On-demand DMW retail: continue to expand our leading scale with quality growth 02 Intelligent fresh market: rapidly expand our path-breaking business model with solid profitability 03 Retail cloud: platformize our Retail Al Network (RAIN) targeting trillion RMB GMV with capital efficient model 04 Missfresh ecosystem: foster our ecosystem with the incubation of technologies, new products and brands 05 Business alliance: selectively explore opportunities of strategic alliance, investments and acquisitions 7#902 INVESTMENT HIGHLIGHTS#10Why Missfresh? GO 305198 碗 又好又快 优鲜 1 2 3 4 5 First Mover in On-demand DMW Retail Business with Industry Leading UE Proprietary Retail Al Network (RAIN) Driving Superior User Experience and Operational Efficiency Rapidly Expanding Intelligent Fresh Market Business with Huge Untapped Potential and Low-cost Traffic Pioneering in Retail Cloud Services Business Offering Competitive SaaS and Al based Platform with Strong Value Propositions Innovative and Experienced Management Team with a Firm Belief in Technology#111 G 优鲜 Leader and First Mover in On-demand Distributed Mini-warehouse (DMW) Model 28% Market Share of China On- demand DMW Industry Origin Build-to-forecast Producer Procurement Direct Sourcing >90% for Fresh Produce Line-haul cold-chain transportation Smart Supply Chain 又好又快 No.1 in North China Note: For the year ended Dec 31, 2020 300km radius coverage Processing & QC Centers Short distance cold-chain transportation 100% Quality Test over All Batches of Products Sorting, Processing and Packing into Standard Products No.2 in On-demand DMW 3km radius community coverage DMWS Multi Temperature Storage Zone with 4,300+ SKUS for Instant Delivery Intelligent inventory management Al-driven real-time order dispatch, route planning and delivery management Smart Logistics Retail Al Network Last-mile Delivery 631 in 16 DMWs Cities Missfresh APP + Mini Program +3P Platforms Customers Tailored Product Recommendation and Shelf Display Al powered customer services ✓ Average 39min Delivery Time Smart Sales & Marketing 10#121 Industry Leading Unit Economics with High Operational Efficiency No.1 in Average Price per Order among Top Players G 优鲜 RMB94.6 Average Price per Order in 2020 || 8.2 Average Items per Order in 2020 RMB11.5 Average Price per Item in 2020 Note: For the year ended Dec 31, 2020- Higher Gross Margin than Peers 19.4% Gross Margin in 2020 128.5% GP YOY Growth in 2020 Lower Fulfillment Expenses as % of Revenues than Peers Fulfilment Expenses (Amount in RMB mn; percentage as % of total revenues) 34.9% 1,239 2018 30.5% 1,833 2019 25.7% 1,577 2020 11#131 Quality User with Rising Consumption Capabilities 5 优鲜 $25 Consumption Upgrade Tech-Savvy Adept at Social Shopping Company's User Age Distribution in 2020¹ >50% -30% 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 7.0 21.1% of Total Users² Cohort Analysis of ARPU - Core Users vs All Users (Indexed to the Year 1 Value of New Customers-2017 Cohort) 1.0 5x Year 1 -2017 all 2017 core Core Users RMB 2,106 3.5x Year 2 ARPU³ -2018 all 2018 core >3.5x Year 3 2019 all 2019 core RMB 98 AOV² >3.5x Year 4 2020 all 2020 core 12#141 Effective Social Network-based Online Marketing Contributes to Higher Brand Recognition and User Acquisition Efficiency MissFresh Mobile App 好吃水庫季出 WeCom Tools 爱吃草藤的优优A MissFresh Mini Program Membership Program 1058 兖州专享6期权箱 GABAY ant 并在機版卡: *** Weixin Group Chat 產奧利奧花麵解口味89元 重搭配90-5016赛季更实惠 954RRERANGAN- 新港赛球,菜香港神仙级资 VAMENT. SAP RTI 由上小程序社 Content Community IDAS ENE.... Large customer base >31mm transacting users 1,2 High user acquisition efficiency Lower CAC Superior customer experience RMB2,106 ARPU for core users 2,3 G 又好又快 Note: ¹ Cumulative 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 13#15Our Powerful Supply Chain Ensures Product Variety, Stable Supply and 1 Cost Advantages Strong Supply Chain Capabilities Ensuring Stable Quality and Price Advantage St FMCGS Producer-oriented Procurement 42% 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 58% 碗又好又快 优鲜 + Fresh Produce 2,300+ Supplier Network fruits vegetables eggs meat dairy daily necessities personal care seafood beverages package food cooked food condiments Superior Customer Experience and High Operating Efficiency 90+% Products directly sourced from origins for fresh produce² 81% Products directly sourced from origins for all categories² 4,300+ SKUS 20,000+ SKUS 1.8 days Fresh produce Instant delivery Next-day delivery turnover days² 0.6% refund rate -2.5% Average inventory loss rate² -94% SKUs available at 5 p.m.² Note: ¹ As of Mar 31, 2021; 2 In FY2020; 3 In the twelve months ended Mar 31, 2021. 14#161 Strong Fulfilment Capability Underpinned by Nationwide DMW Distribution Network and Al-driven Logistics Management 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 631 DMWs Nationwide ¹ ▪ Average size per DMW: 300 square meters • Total floor area: 200,500 square meters ▪ 1st-tier city coverage: 4 entered / 4 total ▪ 2nd-tier city coverage: 12 entered / 45 total 22,000+ Delivery Riders² G 又好又快 4 Key Operating Districts Northern China: 212 DMWs Eastern China: 259 DMWs Central China: 35 DMWs Southern China: 125 DMWs Beijing Langfan Shijiazhuang Talyuan G 优鲜 Juhan Tianjin Guangzhou Nanjing Wuxi Hefoi Qingdao Shenzhen Suzhou Shan ngzhou 16 Cities with DMW Network Notes: Numbers are as of March 31, 2021; 2 Total number in 2020; ³ Average number in 2020; Average number in 2021Q1. 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 39 mins National Average Delivery Time4 15#172 % decision making by Al G 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 100% in order dispatch for delivery 11.1T³ 2mm+ Increase in data volume per day times 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 ARPU¹4 -94% SKUs available at 5 p.m.² 0.6% Refund rate² 2.5% Average inventory loss rate² 4,300+ SKUs for avg. 39-min instant delivery High operational efficiency 1.8 Fresh produce Inventory turnover days? 50 Average orders per rider per day² Note: ¹ In the twelve months ended Mar 31, 2021; 2 In FY2020; ³ In 2021Q1; * 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 16#183 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 G 优鲜 China's Grocery sold via fresh markets² >RMB 3Tm (>US$0.5tm) ✓ Product variety: 8,000+ SKUS ✓ High purchase frequency: -15 times per person per month ✓Low-cost traffic channel Industry pain-points Fresh market as % of China's fresh produce¹ 56.0% x Highly fragmented * Lacking digitalization and online sales channel 又好又快 Have Contracted with 54 Fresh Markets and Operating 33 of them³ Mianyang 1 Contracted Zigong 12 Contracted Chongqing 2 Contracted (1 in operation) Yunfu 7 Contracted (7 in operation) Source: iResearch Note: ¹ China's intelligent fresh market size in terms of GMV: 2 In 2020; 3 As of May 31, 2021. Dongguan Xi'an 1 Contracted 1 Contracted (1 in operation) Qingdao Shenzhen Xuzhou Suzhou Hefei Huangshan 12 Contracted (12 in operation) 1 Contracted 2 Contracted (2 in operation) 8 Contracted (7 in operation) 2 Contracted Xuancheng (1 in operation) 4 Contracted (1 in operation) 1 Contracted (1 in operation) 17#193 We Digitalize Fresh Market Operations and Monetize on Traffic G 又好又快 优鲜 end Administration Payment 优鲜 Accounting SaaS Stocking Procuremen CRM GMV-based Commission Sharing Split and Fulfilment Expense SaaS Fee E-commerce Platform Merchants Rental Income Merchant SaaS tools - Digital Payment - Online Marketing & CRM • Business Planning & Smart Supply Chain Fresh Market to Fresh Mall Rental Cost RANSKABASERY 18#204 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 G 优鲜 Value Proposition Retail Cloud Services 又好又快 Customers Platform Participants Services RAIN ↑ Omni-Channel Marketing Online Customers Supermarkets Operations Outsourcing Private Traffic ↑ Fresh Markets End-to-End Solutions 11 Smart Solutions Merchandising Supply Chain DMW Smart Supply Chain Smart Logistics Smart Sales and Marketing Offline Customers Suppliers ↑ Last-mile delivery Al-driven Operation SaaS Smart store to Customers Omni-channel Customer Outreach & Service to Business Al-driven Operations Platform 19#214 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 G 优鲜 又好又快 Customers: Supermarkets Revenue Market Share% in China National Super markets: 20 EI SUPERCE Regional Supermarkets:30 Local Supermarkets: 1,000+ 16% SMB: 30,000+ customers; -100,000 stores 超市入口 4% ESTAD 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 Smart Supply 8 Chain X% CHE 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 20#225 Innovative and Experienced Management Team with a Firm Belief in Technology Mr. Zheng XU Founder, Chairman & CEO 佳沃 orie Lenovo Mr. Jun WANG CFO & Head of Retail Cloud BG 9 ☐ 10+ years of experience in investment and business operation in consumer internet and retail industry Master's degree of Business Administration from Simon School of Business, University of Rochester Bachelor's degree of software engineering from Wuhan University of China |远翼投资 Grand Flight 碗又好又快 优鲜 建银国际 CCB al *0****** Tencenti Key shareholder and business partner UNIVERSITY. ROCHESTER ****# WIMAN UNIVERSITY 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. Yang LI CTO & Head of On-demand DMW Retail BG 佳沃 便利购- 街中国人民大學 jovvia 10+ years of experience in technology, operations, management and new retail Bachelor's degree from Renmin University of China Key Shareholders Goldman Sachs TIGER Tiger Global Management LLC Ms. Yuan SUN Head of Intelligent Fresh Market BG BPEA Boring Private Epity Asia Deutsche Bank CICC 中金公司 光华管理学院 ☐ 10+ years of experience in operations management and new retail Bachelor's and master's degree from Guanghua School of Management, Peking University Davis FUNDS 21#2303 FINANCIAL OVERVIEW#24Financial Highlights Summary 优鲜 G 优鲜 0.0 High Value Customer Base at Scale Strong Quality Growth in GMV and Revenue Solid Economy Model with Clear Path to Profitability Healthy Cash Flow Management RMB94.6 2020 average price per order (3) RMB6.1 bn 2020 total net revenue 25.7% Fulfillment expenses as % of revenue in 2020 (52.3%) 2018 free cash flow(4) as % of total net revenue 8.7 mn 2020 effective users(1) 19.4% 2020 gross margin 9.2% Fulfillment expenses as % of revenue from 2018-2020 (27.4%) 2020 free cash flow (4) as % of total net revenue RMB2,106 2021Q1 LTM core users average annual spending (2) 128.5% gross profit YoY growth in 2020 25.8% Operational expenses as % of revenue from 2018-2020 (57 days) 2020 cash conversion cycle Notes: 1. Effective users for a given period are to transacting users whose payment in such given period exceed the related cost of products sold to such transacting users. Transacting users in a given period 又好又快 are to user accounts that placed one or more orders on the Missfresh mobile app or Mini Program, excluding the orders that were canceled. 2. Core users in a specified year refer to users that placed 4 or more 23 orders within a same month in the given year, percentage is calculated based on all transacting users. 3. Calculated as the quotient of GMV divided by total number of orders fulfilled during that period. 4. Calculated as net cash used in operating activities less cash used in purchase of property and equipment.#25Ge 优鲜 High Value Customer Base At Scale Annual Effective Users (In mn) 5.1 2018 CAGR: 30.7% 又好又快 7.2 2019 8.7 2020 GMV of Effective Users (In mn) 2,836.0 2018 CAGR: 47.7% 4,951.9 2019 6,184.0 2020 The increase in number of effective users and total orders placed by effective users were primarily driven by our success in attracting and retaining effective users and our offering of more high-quality products as well as the expansion of our product selection 24#26Ge 优鲜 Strong Quality Growth in GMV and Revenue GMV (In RMB mn) 4,725.9 2,836.0 2018 Total GMV CAGR: 26.9% Effective Users GMV CAGR: 47.7% 又好又快 7,597.2 4,951.9 7,614.7 2019 Total GMV = Effective Users GMV 6,184.0 2020 Total Net Revenues (In RMB mn) 3,546.7 3,202.7 CAGR: 31.5% 344.0 6,001.4 5,777.4 224.0 The robust growth of our GMV and total net revenues were mainly driven by the increases in the number of users and spending per user 6,130.4 5,999.7 130.8 2018 2019 2020 ■ Sales of Products Through Online Platforms Other Revenues 25#2753 优鲜 Solid Economy Model with Clear Path to Profitability Best-in-Class Gross Margin Profile Gross Profit (In RMB mn) 304 2018 CAGR: 98% 又好又快 521 2019 1,190 2020 Gross Margin (as % of Total Net Revenues) Focus on effective users • SKU offerings enrichment Supply chain enhancement 9% 2018 9% 2019 The accelerated growth in gross margin is primarily due to the increase in our sales of products through online platforms, strategic focus on effective users and optimized cost structure 19% 2020 26#28Ge 优鲜 Solid Economy Model with Clear Path to Profitability Lowest Fulfillment Expenses as % of Revenues among Peers Fulfillment Expenses (In RMB mn; percentage as % of total net revenues) 35% 1,239 2018 31% 又好又快 1,833 2019 26% 1,577 2020 Fulfillment Expenses per Order (In RMB; percentage as % of total net revenues) 23.5 8.7% 13.2% 5.4% 7.8% 2018 19.3 5.5% Other fulfillment expenses DMW operational expenses (excl. rental) QC center operational expenses (excl. rental) DMW and QC rental and D&A expenses 19.8 13.3% 4.5% 7.7% 2019 Through our strong Al and data analysis capabilities, we have achieved best-in-class and ever improving fulfillment efficiency 4.3% 10.9% 3.0% 7.7% 2020 27#29Ge 优鲜 Solid Economy Model with Clear Path to Profitability Disciplined Operations Sales & Marketing Expenses (Amount in RMB mn:; percentage as % of total net revenues) 22% 796 2018 12% 又好又快 740 2019 10% 589 2020 General & Administrative Expenses (Amount in RMB mn; percentage as % of total net revenues) 8% 287 2018 6% 378 2019 5% 299 2020 Research & Development Expenses (Amount in RMB mn; percentage as % of total net revenues) 7% 231 2018 8% 470 2019 ■ Improved operational efficiency driven by our RAIN and adoption of centralized management and more targeted marketing strategy 6% 369 2020 28#30SE 优鲜 Unit Economics Optimization and Drivers Long term optimization drivers and outlook AOV (GMV per order)¹ Revenue per order Gross profit per order Fulfillment expense per order Rental and D&A expenses QC center expenses DMW service expenses Other fulfillment expenses Selling and marketing expenses per order General and administrative expenses Research and development expenses Note: ¹ Excluding Convenience go ■ Our AOV reached RMB94.6 in 2020 ■ Increase in AOV is one of the major drivers for UE optimization, through our continuous efforts to: ✓ Enrich our product offerings and continually improve product quality ✓ Expand SKU variety and optimize product mix Develop private-label products We focus on healthy, sustainable growth, and plan to gradually decrease coupons and incentives offered to users Healthy long term gross margin for our DMW business will be achieved mainly through: Product mix optimization Supply chain management & Procurement cost optimization Delivery fee charges Continuously upgrading algorithms Further achieve economy of scale Strengthen our core technology capabilities to continue to improve fulfillment efficiency Continue to improve fulfillment efficiency with higher order density and enhanced technology and system Retail Al Network (RAIN) to further enhance automation level and efficiency of the entire operation process Leverage social networks as an effective and efficient tool for user acquisition and engagement Advance our smart marketing capabilities to refine our marketing and user acquisition strategy Continuous improvement in efficiency and economies of scale Continuous improvement in efficiency and economies of scale 29#31Strong and Healthy Working Capital Turnover Days ■Days Inventory Days Sales Outstanding Days Payable Outstanding 12 2018 40 Q QxZ # 10 2 2019 55 12 3 2020 72 Cash Conversion Cycle (in Days) 2018 (27) 2019 (43) 2020 (57) ■ We keep optimizing our working capital management, with our cash conversion cycle remaining negative and ever decreasing over the past 3 years 30#32Ge 优鲜 Optimizing Cash Flow Cash used in Purchase of Property and Equipment (In RMB mn: percentage as % of total net revenues) 3.6% 129.4 2018 3.5% 210.1 2019 1.1% 69.0 2020 Free Cash Flow¹ (In RMB mn; percentage as % of total net revenues) 2018 (1,853.2) (52.3%) 2019 Note: 1. Calculated as net cash used in operating activities less cash used in purchase of property and equipment. (2,177.0) (36.3%) Through efficient use of working capital, our cash flow situation has been continuously optimizing, better serving our business needs 2020 (1,680.7) (27.4%) 31