China Short-Form Video = Leading User + Usage Growth Across All App Categories China Short-Form Video – Daily Time Spent Leading Short-Form Video Platforms – DAUs 600MM 250MM nt pe ers S Us e Hours300MM v 125MM ti e c l A bi y Mo l Dai y l Dai 0 0 2017-04 2018-04 2019-04 4/17 4/18 4/19 4/17 4/18 4/19 2017-04 2018-04 2019-04 Douyin Kuaishou Haokan Source: QuestMobile (4/19). Note: Short-Form Form Videos are typically <5 Minute in Length & include companies such as Kuaishou, Douyin, Baidu Haokan,etc Internet Trends 305 2019