10 The China Internet Evolution • China’s E-Commerce market size surpassed the U.S. for the first time in 2013. 4 • 74% of China’s population has internet access compared to 93% 2 in the U.S. • We believe there is potential for substantial continued growth in the Chinese internet sector. China / US Internet Statistics China US Total internet population 1.05B 1 311mm 1 % of population with internet access 74% 1 93% 1 Country’s share of world internet users 22.0% 1 6.5% 1 E-Commerce market size 2022 $2.0T 2 $1.0T 3 Total retail sales 2022 $6.4T 2 $7.1T 3 Online retail sales as % of total 2022 31% 3 14% 2 1. Data from Statista and The World Bank as of 12/31/2022. Retrieved 9/30/2023. 2. Data from Statista as of 12/31/2022. Retrieved 9/30/2023. Note: Figures converted from Chinese Renminbi to USD. 3. Data from National Bureau of Statistics of China as of 12/31/2022. Retrieved on 9/30/2023. 4. Emarketer. “2019: China to Surpass US in Total Retail Sales.” January 23, 2019. Retrieved on 9/30/2023.