NAVIGATING CHINA INTERNET: ECOMMERCE TRACKER: June industry online retail GMV +4%; 2Q eCommerce expectations

Research evidence excerpt

NAVIGATING CHINA INTERNET: ECOMMERCE TRACKER: June industry online retail GMV +4%; 2Q eCommerce expectations

Goldman Sachs Navigating China Internet: eCommerce tracker

Disclosure Appendix

Reg AC

We, Ronald Keung, CFA, Lincoln Kong, CFA, Steve Qiu, Damian Xie and Iris Xiao, hereby certify that all of the views expressed in this report accurately

reflect our personal views about the subject company or companies and its or their securities. We also certify that no part of our compensation was, is

or will be, directly or indirectly, related to the specific recommendations or views expressed in this report.

Unless otherwise stated, the individuals listed on the cover page of this report are analysts in Goldman Sachs’ Global Investment Research division.

Contributing Authors: Ronald Keung, CFA Goldman Sachs (Asia) L.L.C., Lincoln Kong, CFA Goldman Sachs (Asia) L.L.C., Steve Qiu Goldman Sachs (Asia)

L.L.C., Damian Xie Goldman Sachs (Asia) L.L.C., Iris Xiao Goldman Sachs (Asia) L.L.C..

Unless otherwise stated, the individuals listed in the Contributing Authors disclosure of this report are analysts in Goldman Sachs’ Global Investment

Research division.

GS Factor Profile

The Goldman Sachs Factor Profile provides investment context for a stock by comparing key attributes to the market (i.e. our universe of rated stocks)

and its sector peers. The four key attributes depicted are: Growth, Financial Returns, Multiple (e.g. valuation) and Integrated (a composite of Growth,

Financial Returns and Multiple). Growth, Financial Returns and Multiple are calculated by using normalized ranks for specific metrics for each stock. The

normalized ranks for the metrics are then averaged and converted into percentiles for the relevant attribute. The precise calculation of each metric may