Investor Presentaiton

Long-term Margin Opportunity 2020 2021 Long-term Target Gross profit 16.6 % 16.9 % 27-32 % (% Margin) Key Long-term Margin Drivers Efficiency and Sourcing Optimization Other operating • expenses 18.8 % Advertising and Merchant Services 19.0 % 16-17 % (% of Revenue) Operating Leverage Marketing 1.1 % 2.4 % 3-4 % (% of Revenue) Adj. EBITDA (3.0) % (4.1)% 7- 10+% (% Margin) Note: All numbers exclude impact from fulfillment center fire. coupang 14

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