#1wish Investor Presentation January 2021 Copyright Wish 2020. wish#22 Disclaimer / Safe Harbor THE PURPOSE OF THIS PRESENTATION IS TO INTRODUCE YOU TO CONTEXTLOGIC INC. D/B/A WISH ("WISH", "WE" OR "OUR"). This presentation contains forward-looking statements that involve risks and uncertainties. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, and financial needs. All statements other than statements of historical facts contained in this presentation, including any statements regarding our expectations of the potential market opportunity, potential growth opportunities; effectiveness of our platform in attracting and engaging users and merchants; growth in mobile usage; our ability to expand our offerings; network effects to drive growth; our operating leverage and our ability to flex growth and margin; our ability to scale and effectively manage growth; the impact of COVID-19 on our business; and our financial performance and projections relating to our competitors and our industry, are forward-looking statements. The words "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "is/are likely to," "potential," "continue" and other similar expressions are intended to identify forward- looking statements, although not all forward-looking statements contain these identifying words. The forward-looking statements in this presentation are only predictions and represent our views as of the date of this presentation. Although we believe the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. The forward-looking statements are subject to a number of risks, uncertainties, and assumptions, including, but not limited to: (i) our efforts to acquire new users and engage existing users; (ii) retaining the services of Peter Szulczewski, our founder, Chief Executive Officer, and Chairperson, or other members of our senior management team; (iii) maintaining a good relationship with platform providers; (iv) merchants using unethical or illegal business practices, including the sale of counterfeit or fraudulent products, or our policies and practices with respect to such sales being perceived or found to be inadequate; (v) our ability compete effectively; (vi) the impact of the ongoing COVID-19 pandemic on our business and results of operations; (vii) economic tension between the United States and China, or between other countries; (viii) the impact of significant disruption in service on our platform or in our computer systems; and (ix) our involvement in litigation matters or other legal proceedings, which could be expensive and time consuming. Further information on these and additional risks that could affect Wish's results is included in its filings with the Securities and Exchange Commission ("SEC"), including its final prospectus filed with the SEC on December 17, 2020, and future reports that Wish may file with the SEC from time to time, which could cause actual results to vary from expectations. Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise. No representations or warranties (expressed or implied) are made about the accuracy of any such forward-looking statements. We operate in a very competitive and rapidly changing environment. New risk factors and uncertainties may emerge from time to time, and it is not possible to predict all risk factors and uncertainties nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in, or implied by, any forward-looking statements. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances described in this presentation may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements contained in this presentation. Certain information contained in this presentation and statements made orally during this presentation relate to or are based on estimates and information concerning our industry, including market position, market size, and growth rates of the markets in which we participate, that are based on industry publications and reports. This information involves a number of assumptions and limitations, and you are cautioned not to give undue weight to these estimates. We have not independently verified the accuracy or completeness of the data contained in these industry publications and reports. In addition, industry publications, studies and surveys generally state that they have been obtained from sources believed to be reliable, although they do not guarantee the accuracy or completeness of such information. While we believe that each of these studies and publications is reliable, we have not independently verified market and industry data from third parties. Further, information contained in this presentation and statements made orally during this presentation also relate to or are based on our internal company research and commissioned studies and while we believe such internal company research and commissioned studies are reliable and the market definitions are appropriate, neither such research nor these definitions have been verified by any independent source. The industry in which we operate is subject to a high degree of uncertainty and risk due to variety of factors, including those described Wish's filings with the SEC, including its final prospectus filed with the SEC on December 17, 2020, and future reports that Wish may file with the SEC from time to time. These and other factors could cause results to differ materially from those expressed in these publications, reports, and internal research and commissioned studies. In addition to the U.S. GAAP financials, this presentation includes certain non-GAAP financial measures. The non-GAAP measures have limitations as analytical tools and you should not consider them in isolation or as a substitute for the most directly comparable financial measures prepared in accordance with GAAP. There are a number of limitations related to the use of these non-GAAP financial measures versus their nearest GAAP equivalents. Other companies, including companies in our industry, may calculate non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison. We urge you to review the reconciliation of our non-GAAP financial measures to the most directly comparable GAAP financial measures set forth in the Appendix, and not to rely on any single financial measure to evaluate our business. Copyright Wish 2020. wish#33 Halv Our Mission Bring an affordable and entertaining mobile shopping experience to billions of consumers around the world. Copyright © Wish 2020. wish#440.608 4 Global marketplace underpinned by technology and data 90%+ Mobile $2.3B LTM Revenue 32% YTD 2020 YoY Growth 100M+ MAUS -9543309 Note: Wish is the most downloaded app for each of the last 3 years. MAUS refer to Monthly Active Users. LTM revenue as of September 30, 2020. Over 90% of our user activity and purchases occur on our mobile app. 640M+ items shipped in the last twelve months ended September 30, 2020. Countries, Merchants, and MAU data as of September 30, 2020. Source: Sensor Tower, Analysis of store intelligence platform data, November 2019. 100+ Countries More reach, more sales for merchants wish #1 Most downloaded shopping app 2017-2019 More selection, more value for users 640M+ Items Shipped 500K+ Merchants Copyright © Wish 2020. wish#55 COSORI 350 88 e CO 00 Branded O $173.KF Our merchants offer unbranded products at significant discounts to branded alternatives BK Reviews VS Unbranded $85 14K Reviews Branded $1652 2K Reviews VS LL M Unbranded $20 ★★★★★ 24K Reviews Copyright Wish 2020. wish#66 85M Product Ratings Customer Reviews Jessica Im Details B Joined 2018 91 reviews 42 uploads Monica 2m Arrived so fast I'm amazed! Very nice quality. Didn't put them yet but will undatel Recommend this!!! Size: Queen Colo- ivory Holplul 12 Not Helpful 3 Becky ly Joined 2018 46 reviews 16 uploads Size: King Color ghtgmy User-Generated Content (UGC) serves as a source of trust and quality for our unbranded products 10.5M Images 1.9M Videos Love my sheets they are very soft and comfortable. The color was perfect. And they fit great Thanks Wish Helplul 29 Not Helpful 2 View Al Joined 2019 28 reviews 33 uploads $100 $27 Taxes included where applicable Buy Note: All metrics for the nine months ended September 30, 2020. Shayna K -3m This lunch bag is so much bigger than expected! Nice & roomy! I just wish the handles were a little longer for when the bag is stuffed. Made of nice canvas & lined with insulation. Helpful 2 Not Helptul 1 HX $4 Taxes included where applicable Buy et Helen Fullalove 6011m Love it it is beautiful and arrived quickly Helpful 59 Not Helpful 2 $15 $3 Taxes included where applicable MELA Buy 72M Store Ratings E P Latest alan Joined 2018 55 reviews Maravillosa la recepción y la entrega del paquete en perfectas condiciones 2 hours ago Elvia Fernanda Joined 2018 26 reviews - 22 uploads Chegou muito antes do tempo e em boas condições 3 hours ago Store paneles Joined 2018-38 reviews 5 uploads Muy buenos productos 4 hours ago Reviews Olivier Joined 2020 3 reviews 2 uploads Muy buena buen producto 4 hours ago Joined 2020 1 review parfait 4 hours ano Copyright © Wish 2020. wish#77 Value-conscious consumers have been left behind by ecommerce We believe the next billion ecommerce customers will be these value-conscious consumers. Signifies number of households with annual income < $75,000 ~60M United States ~300M Europe 1B+ Global Households ex. China and India Wish Footprint ~75% Of people surveyed prioritize the price of an item over brand and delivery time Source: Wish survey, conducted in August 2020 across 2,850 consumers in select countries; U.S. and European household income from Euromonitor International Limited, Economies and Consumers, updated August 2020. Global Households are according to our estimates. $50K Wish buyer median annual household income ~75% Of Wish users have an annual household income less than $75,000 Copyright Wish 2020. wish#88 Traditional ecommerce has not met evolving consumer behavior Discovery-based shopping creates purchase intent for new items. Search-driven ecommerce serves predetermined purchase intent for specific items. Ta 89% of women and 78% of men who visit physical stores frequently add additional items to their cart beyond their identified need Source: First Insight, The State of Consumer Spending, March 2019. Search: Sunglasses sojos SOJOS Small Square Polarized Sunglasses for Men and Women Polygon... ✰✰✰✰✰-6,734 $1483 $19.99 SUNGAIT Ultra Lightweight Rectangular Polarized Sunglasses UV400... ✰✰✰✰✰ 14,239 $15.99 SOJOS Classic Round Retro Plastic Frame Vintage Large Sunglasses... ☆☆☆☆☆×4,993 $1385 $19.99 SOJOS Fashion Round Sunglasses for Women Men Oversized Vintage... ☆☆☆☆☆×6.516 $1498 Copyright © Wish 2020. wish#9€ Add On Item $3 3 sizes available $8 9 5 sizes available $40 20 colors, 2 sizes available Karla C. $3.67 10 sizes available LOCATION Bellflower, California CUSTOMER SINCE 2017 PURCHASES LAST YEAR 40 FAVORITE CATEGORIES Women's Fashion Makeup Beauty Home Decor Add On Item $52 No two user feeds are the same 4 colors, 8 sizes available 3 colors size: 35-41 $22 3 colors, 16 sizes available $5 $13 $8 2 colors, 4 sizes available $293 10+ bought this Israel V. LOCATION Mexico City, Mexico CUSTOMER SINCE 2016 PURCHASES LAST YEAR 46 FAVORITE CATEGORIES Car Accessories Tools Electronics / Gadgets $14 2 colors available 6/5 speed $16 IN Leather Storage 2 colors, 2 sizes available $135 2 colors, 9 sizes available Add On Item $10 20,000+ bought this $4 10,000+ bought this Susanne & Cristoffer LOCATION Tierp, Sweden $11 1,000+ bought this CUSTOMER SINCE 2019 PURCHASES LAST YEAR 63 Add On Item FAVORITE CATEGORIES Women's Fashion Home Decor Makeup / Beauty Almost Gone! $11 5,000+ bought this Copyright Wish 2020. wish $17 1,000+ bought this#10We enable a discovery-based and entertaining shopping experience 500+ Distinct products seen per active user on daily basis across multiple categories 70%+ 65%+ 10 Of the sales on our platform do not involve a search query Of our users click on a product detail page from the main feed 9+ Minutes spent per day on the Wish platform Note: 9 minutes per day stat calculated as average over the last twelve months ended September 30, 2020. 500+ distinct products stat calculated as an average between April 2020 and September 2020. All other stats as of September 30, 2020. $80 $38 10+ bought this E $87 $78 Inspired by your activity DUMBBELL WEIGHT SET E -66% Brand Deal $85 100+ bought this 30kg/2pcs ad -95% $22 $452 1,000+ bought this -89% $41 $399 -82% $18 $100 100+ bought this 1000D 50 L ad Free $34 1,000+ bought this UmO 100 75 -72% Welcome to Blitz Buy Once a day sale on extra discounted products! ? 4A Spin 09 { $3 $11 Based on your purchase 10 5 20 Add On Item Copyright Wish 2020. SPIN to see your BONUS! 00 wish#1111 Popular Our comprehensive suite of indispensable merchant services Demand Generation Get your Delivery by Sep 14! Shopping Spree Extra 5% off AMA Get an extra 5% off everything within the 25 minute shopping spree. Checkout before the timer ends to keep the discount! Join the Spree W MERCHANTS 33k Last 7 days V 32k Data Intelligence 31k 30k Sales Total Impressions 32,854 0 Performance Total Impressions 32,854 Total Orders 1,120 Total GMV $12,483.75 Store Since last week 个 5% Since last week 2% Since last week 个 3% Compared to last week 个 5% UGC Creation amantha Paul Û X 9 Colors New Thick Plush Pet Sofa B... $188 $11✰✰✰✰✰ (645) Buy Logistics Fulfillment By Wish Grow your business with Fulfillment By Wish Join FBW With Fulfillment By Wish (FBW), you can rely on Wish for order fulfillment and logistics services. Get started Less Hassle More Exposure By opt-in FBW, your products can be shown to more customers and our warehouses in U.S. and Europe enable you to reach more customers Business Operations Wish Express Join Wish Express Join Wish Express and boost sales today! Enable express shipping, leverage Fulfillment by Wish (FBW) in the future, and boost sales of your products! Join Wish Express ABA Up to 10X More Exposure Wish Express helps you reach more customers, through Copyright © Wish 2020. wish#1212 -30% ~$138M ● We enable merchants to amplify reach and sales through ProductBoost ● Of our merchants have used ProductBoost ProductBoost YTD 2020 Revenue Wish ProductBoost: Pick products to promote Decide how much to spend and set budget Algorithmic-based model to accelerate product exposure Note: % of merchants using ProductBoost calculated as of the nine months ended September 30, 2020. Product Boost YTD 2020 revenue is as of September 30, 2020. cops lock shih A X option contel Electronics Merchant VIP Outlet 34% Increase AOV 484% Increase in Impressions 5x Increase in Sales Increase in Impressions Family Brand Merchant Keaworld 69% Copyright © Wish 2020. wish#1313 0 13 Our robust global logistics platform Packages shipped through our proprietary logistics platform have grown substantially. Potential to extend logistics platform beyond core marketplace business. First Mile Enables efficient first mile collection Bundling Combines orders into one parcel Wish Logistics Services O Transportation Partners with logistics vendors; optimizes pricing and service level Warehousing Connects to a network of warehouse partners Last Mile Enables dropship, last mile delivery and fulfillment in local stores Wish Post | Bundling | A+ | Fulfillment by Wish | Fulfillment by Store Copyright Wish 2020. wish#1414 10400 www. LOCAL Digital presence for brick-and-mortar stores in 50 countries Note: Country count as of September 30, 2020. PRES B • ● ● The largest home-sharing company does not own any real estate The largest ridesharing company does not own any cars wish Perhaps the biggest retailer does not need to own any stores Store Benefits Digital storefront Online reach and discovery Increased foot traffic and sales wish Benefits Local warehousing without owning any real estate ● ● Cost-effective fulfillment Consumer Benefits Product verification • Faster pick-up More savings ● ● Copyright © Wish 2020. wish#1515 Data science at scale is a unique advantage and core to our business 100M+ MAUS 150M+ Items Listed 500K+ Merchants 640M+ Items Shipped User Data, History and Context Location, Age and Gender, Items Viewed, Device Type Activity-Based Data Clicks and Scrolls, Impressions, User of Features, Search History, Daily Items Sold Merchant Data Performance, Refund Rates Logistics Data Shipping Times, Shipping Carriers, Wish Local, Foot Traffic Product Data, History and Context Ratings, Videos, Photos Vast Data Repository and Types of Data D: Note: MAU, items shipped and merchants data as of September 30, 2020. 640M+ items shipped in the last twelve months ended September 30, 2020. 101 A T Organization CO Personalization User Acquisition User and Merchant Support ProductBoost Logistics Lifetime Value Maximization wish Merchant Insights Dynamic Pricing User Personalization Data Driven Decisions Copyright Wish 2020. wish#1616 We have an extensible platform with significant avenues for growth Grow Users ● Acquire New Users • Drive User Conversion • Drive Profitable LTV Expand Geographically % Grow Merchants Diversify Merchant Base • Expand Product Categories ● *** Expand Offering • Broaden Merchant Services • Expand Logistics Platform . Grow Wish Local Offering -48% Expand Platform • Monetize Brick-and-Mortar Stores • Add New Product Categories ● Expand to New Advertising Partners • Grow First-Party Sales • Open Commerce Platform to Additional Businesses Copyright © Wish 2020. wish#1717 Key financial highlights Note: $1B+ cash balance is the sum of cash, cash equivalents and marketable securities as of September 30, 2020. Extensible platform driving diversification of revenue Powerful combination of global scale and growth Significant operating leverage with ability to flex growth and margin daily Attractive unit economics underpinned by data-driven user acquisition and engagement Highly capital efficient model with $1B+ of cash on balance sheet Copyright Wish 2020. wish#1818 South America 5% Extensible platform driving diversification of revenue Revenue by Geography North America 42% Rest of World 10% Revenue by Service Logistics 18% 50 ProductBoost Europe 43% 8% Marketplace Revenue 82% Core Marketplace 74% Note: Revenue by geography is based on the ship-to address of the user and calculated as the geographic breakdown of Core Marketplace Revenue as of the nine months ended September 30, 2020. Revenue by Service as of the nine months ended September 30, 2020. Marketplace Revenue ● Mix of Services ● Core Marketplace Revenue Commission Revenue Dynamic Pricing ProductBoost Revenue ● Revenue from native advertising tool Logistics Revenue Revenue from cross-border logistics solutions for merchants CopyrightWish 2020. wish#1919 2015-19 CAGR 44% 21 2015 YOY Growth 30 2016 44% Powerful combination of global scale and growth 49 2017 62% MAUS (in Millions) 73 2018 90 2019 51% 22% 109 116 Q12020 Q2 2020 46% 53% 100 Q3 2020 7% 2015-19 CAGR 91% $144 2015 YOY Growth $445 2016 209% Revenue ($ in Millions) $1,101 2017 147% $1,728 $6 $1,722 $1,764 2018 57% $1,901 $137 ■ Marketplace $440 $56 $384 $701 $101 Logistics $606 $600 11 2019 Q12020 Q2 2020 Q3 2020 10% (2)% 67% 33% $152 $454 Copyright Wish 2020. wish#2020 $450 Normalizing growth following an investment year in 2019 and COVID impact in H1 2020 Quarterly Revenue ($ in Millions) 2019 YOY 10% $420 $455 Q1 20 19 Q2 2019 Q3 20 19 Note: See Appendix for non-GAAP reconciliations. $576 Q4 2019 YTD Q3 2020 YOY 32% $440 $701 $606 Q12020 Q2 2020 Q3 2020 Slowed marketing to focus on logistics, platform quality and experience 21% Quarterly Adjusted EBITDA Margin Q1 20 19 6% Q2 20 19 Accelerated marketing to drive growth (29)% Q3 2019 (20)% Q4 2019 (12)% Q12020 M Adj. EBITDA Margin 2% Q2 2020 (11)% Q3 2020 CopyrightWish 2020. wish#21YOY Growth 21 ● $340 Q1 (8)% Unpacking the impact of COVID-19 in 2020 YTD Core Marketplace $555 Marketplace Revenue ($ in Millions) Q2 67% $405 Q3 17% Q1 Impacted by Manufacturing and Supply Chain Disruption in China Q2-COVID-Related Logistics Disruption Offset by Increase in Demand Q3 - Impact from Logistics Disruption in Q2 and Early Q3 ● ● $44 Q1 (34)% Product Boost $45 Q2 (36)% $49 Q3 (32)% Q1 - Business Activity Shutdown in China Q2 Surge in Consumer Demand Q3 Gradual Recovery ● Logistics Revenue ($ in Millions) $56 Q1 367% $101 Q2 461% Continued Expansion Throughout 2020 Improving "Time-to-Door" $152 Q3 311% Refund Rate Down by 30%+ Between March and September Copyright Wish 2020. wish#2222 389% S&M as % of Revenue 96% 90% 91% Significant operating leverage with ability to flex growth and margin daily OpEx as % of Revenue 78% 67% 63% 64% 2015 2016 2017 2018 2019 Q1 Q2 Q3 2020 2020 2020 19% 15% 4% 2015 6% 4% 2% 5% 6% 2% 3% 3% 3% 7% 3% 4% 2016 2017 2018 2019 10% 4% 6% 5% 2% ■ Product Development G&A 3% 9% 5% 4% Q1 Q2 Q3 2020 2020 2020 Note: See Appendix for non-GAAP reconciliations. Operating Expenses calculated as the sum of Product Development and G&A expenses. Headcount as of September 30, 2020 was 828. (349)% Adj. EBITDA Margin (30)% (12)% (12)% (7)% Re (12)% 2015 2016 2017 2018 2019 2% ue Per Employee $2.6M $2.8M 2017 (11)% LTM Q3 2020 Q1 Q2 Q3 2020 2020 2020 Copyright Wish 2020. wish#2323 $2.5 B $1.5 B $0.5 B 43% 57% Q1 2017 Increasing portion of revenue is from existing buyers Q12018 LTM Revenue from Existing Buyers Note: Existing buyer revenue and new buyer revenue represents LTM revenue ending in each quarter shown. Q12019 LTM Revenue from New Buyers Q12020 31% 69% Q3 2020 Copyright © Wish 2020. wish#2424 Data-driven user acquisition and engagement strategies to maximize ROI, LTV, and conversion Average Revenue Per Active Buyer by Cohort Year 1 Year 2 2016 Cohort 2017 Cohort Note: LTV is calculated as cumulative gross profit. Year 3 2018 Cohort Year 4 2019 Cohort $40 $35 $30 $25 $20 $15 $10 $5 $0 Cumulative Lifetime Value Per Buyer by Cohort 2018 2019 2017 2016 Year 1 2016 Cohort Year 2 2017 Cohort Year 3 2018 Cohort Year 4 2019 Cohort CAC payback period is under 2 years for all cohorts since 2016 $30 $25 $20 $15 $10 Copyright Wish 2020. wish#2525 Highly capital efficient model with $1B+ of cash on balance sheet $146 Cash from Ops and Adj. EBITDA ($ in Millions) $(135) 2017 $(94) $(211) 2018 ■Cash Flow from Ops $(60) $(127) 2019 Adj. EBITDA $24 $(99) YTD 2020 Note: See Appendix for non-GAAP reconciliations. $1B+ cash balance is the sum of cash, cash equivalents and marketable securities as of September 30, 2020. $12 1.1% 2017 Capex as % of Revenue $20 1.2% 2018 H $11 0.6% 2019 Capex ($ in Millions) $1 0.1% YTD 2020 Copyright Wish 2020. wish#2626 Our financial model priorities 7 Scale and Monetization Increase Scale and Grow User Base Increase Lifetime Value of Users Diversify Merchant Base and Product Categories Innovate and Expand Wish Platform Profitability Leverage Scale of Business and Manage Costs Invest in Sales and Marketing Engine Copyright © Wish 2020. wish#2727 Appendix Copyright © Wish 2020. wish#28($in millions) Net loss Excluding 28 Interest and other income (expense), net Provision for income taxes GAAP to non-GAAP reconciliations Recurring other income items Adjusted EBITDA Depreciation and amortization Stock-based compensation expense Remeasurement of redeemable convertible preferred stock warrant liabilities 2015 $ (537) $5 1 19 10 $ (502) 2016 $ (151) $5 2 7 LO 5 $ (132) 2017 $ (207) $ (10) 4 8 70 $ (135) 2018 $ (208) $ (15) 8 2 1 2 $ (211) 2019 $ (129) $ (19) 1 10 2 3 5 $ (127) Copyright © Wish 2020. wish#29($ in Millions) Net loss Excluding 29 GAAP to non-GAAP reconciliations (cont'd) Interest and other income (expense), net Provision for income taxes Adjusted EBITDA Depreciation and amortization Stock-based compensation expense Remeasurement of redeemable convertible preferred stock warrant liabilities Recurring other income items Q1 2019 $87 $ (5) 2 10 1 $95 Q2 2019 $42 $ (8) 3 2 (17) 2 $24 Q3 2019 Q4 2019 Q1 2020 Q2 2020 $ (134) $ (3) 2 4 1 $ (130) $ (124) $ (3) 1 3 CO 6 1 $ (116) $ (66) $ (3) 2 15 1 $ (51) $ (11) $(5) 3 1 28 1 $16 Q3 2020 $ (99) $8 1 4 Copyright Wish 2020. 9 12 1 $ (64) wish