China E-Commerce = Strong Growth +28% Y/Y… Mobile = 73% of GMV ChinaB2CE-Commerce GrossMerchandiseValue $600B 300% a n i h C , Y V $400B 200% Y/ GM th w ce o Gr e l mmer i o b C o - $200B 100% M E 2C B $0 0% 2013 2014 2015 2016 2017 Desktop Mobile Mobile Growth Y/Y Source: iResearch. Note: Assumes constant USD / RMB rate = 6.9. 254