Investor Presentation May 2020 1 Safe Harbor Statement This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident,” “potential,” “continue,” or other similar expressions. Among other things, the Effects of COVID-19, Outlook and quotations from management in this announcement, as well as Bilibili’s strategic and operational plans, contain forward-looking statements. Bilibili may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Bilibili’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the effect of the COVID-19 pandemic on the Bilibili’s business, results of operations, financial condition, and stock price; Bilibili’s strategies; Bilibili’s future business development, financial condition and results of operations; Bilibili’s ability to retain and increase the number of users, members and advertising customers, provide quality content, products and services, and expand its product and service offerings; competition in the online entertainment industry; Bilibili’s ability to maintain its culture and brand image within its addressable user communities; Bilibili’s ability to manage its costs and expenses; PRC governmental policies and regulations relating to the online entertainment industry, general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the Securities and Exchange Commission. All information provided in this presentation is as of the date of the presentation, and the Company undertakes no duty to update such information, except as required under applicable law. 2 Enrich the everyday life of young generations in China 172mn 156mn 51mn 13.4mn 87mins 70% YOY 77% YOY 69% YOY 134% YOY Avg. daily time spent (1) (4) MAU (1) (2) Mobile MAU (1) (2) DAU (1) MPU (1) (3) : 3 Our rapid growth Rapid user base expansion lays a solid foundation for fast revenue growth MAU (mn) Net revenue (RMB mn) 172 2,316 2,008 1,859 128 130 1,538 110 101 1,374 93 93 85 1,156 1,079 77 1,027 868 18Q1 18Q2 18Q3 18Q4 19Q1 19Q2 19Q3 19Q4 20Q1 18Q1 18Q2 18Q3 18Q4 19Q1 19Q2 19Q3 19Q4 20Q1 4 We have captured the golden cohort in a golden industry Massive room for growth | Gen Z: future of the entertainment market 5G adaption will revolutionize Gen Z outgrows overall how people produce and consume content China’s online entertainment market (2) Online video users in China (mn) (1) Market size (RMB bn) Gen Z’s contribution 850 Gen Z CAGR Deep user penetration759 1,332 725 24% 579 545 504 433 428 571 66% 59% 2013 2014 2015 2016 2017 2018 Jun-19 Mar-20 2019 2023E 5 Notes: (1) The 45th China Statistical Report on internet development by China Internet Network Information Center (CNNIC) for the period ended March 2020. (2) According to iResearch report issued in May 2020. The story Efficient with tremendous upside Commercialization Ever-growing supply of Highly engaged user generated content Users and sticky Content Community 6 Content Community Commercialization We have become the welcoming home of diverse interests... Vlog Fashion Lifestyle Science No.1(1) E-Sports Tech & Knowledge Game (1) (1) No.5 No.2 Electronics ACG Mobile Games Anime, Comic and Game Anime Entertainment Cosplay Pop Culture (1) (1) No.4 No.3 Chinese Anime Celebrity Notes: (1) Ranked by video views in 20Q1 7 Content Community Commercialization …And ever-growing supply of creative PUG videos Talented Content Creators Number of Monthly Average Active Content Creators 146% 1.8mn 0.7mn Createreate Encourage 19Q1 20Q1 91%(1) High-quality Content Creation Loyal Fan Base total video views Number of Monthly Video Submissions Number of Content Creators with more than 10,000 Fans contributed by PUG videos 4.9mn 138% 82% 2.1mn 19Q1 20Q1 Mar 31，2019 Mar 31，2020 Notes: Engage (1) In 20Q1 8 Content Community Commercialization Continuous support to content creators in all layers VIP Service Maximize influence Power Alliances Unlock commercial value Top 100 UP Award Reward Better incentive Cash Incentive Program (250,000+ enrolled) (1) Better recognition Tutor Higher quality New Star Project production UP Academy Tools Mobile Content Easier to create Submission Notes: (1) In 20Q1 9 Content Community Commercialization Our OGV strategy: form IP assets and fuel the growth of premium members 10.9mn and growing premium members (mn) Up 127% YOY 10.9 Launching 40 Bilibili produced Chinese Anime titles throughout 2020 and 2021 7.6 6.1 5.3 4.8 3.6 2.7 2.1 More offerings in documentary, tv, movie and variety show Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 10 Content Community Commercialization New Year’s Eve Gala | The Most Beautiful Night of 2019 90mn+ Video playbacks (1) 3mn+ Bullet-chats (1) 5bn+ Media exposure (2) 9.1 9.3 9.9 Voted by 130+k audiences ‘This is the voice of young people. This is the voice of the generations!’ ---People’s Daily ‘Bilibili’s value is about deeply understanding and fully respecting young people’s interests, and tailor-making its product to cater to their needs. The gala itself is a clear testimony!’ --- Yicai “Bilibili allowed all – the old and the young, the world-class, the internet culture and mass culture, as well as gaming and animation – to participate in harmony and happiness."---Social media Notes: (1) As of Mar 31, 2020 (2) Media exposure is measured by the number of views in related articles and videos by Feb 2020 11 Content Community Commercialization We foster highly engaged and sticky communities Highly engaged users： 1.1bn avg. daily video views in Q1 113% YoY growth 4.9bn interactions(1) generated monthly in Q1 260% YoY growth Notes: (1) Interactive features such as bullet-chats, commentaries, following, favorites, sharing, bilibili moment posts, virtual gifting and like etc. 12 Content Community Commercialization We foster highly engaged and sticky communities 82mn official members (1) 80%+ 12th-month retention rate (1) (mn) 100% 82 90% 68 80% 62 54 70% 49 45 42 60% 38 35 50% 0 3 6 9 12 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 18Q1 18Q2 18Q3 18Q4 19Q1 19Q2 19Q3 19Q4 20Q1 Jan-19 Feb-19 Mar-19 Notes: (1) To become an official member, user needs to take and pass a community entrance exam consists of 100 questions covering community etiquette and various topics 13 Content Community Commercialization Commercialization comes naturally: massive user demand intersects with high quality supply Demand Supply Efficient match Large and engaged driven by Mobile Games user base big data insights Advertising with of user interests and Live Broadcasting strong willingness to pay behaviors Value Added Services …. We understand users’ demand… …and we offer the right content and services 14 Content Community Commercialization Compelling core competency of our mobile game business We have massive gamers We know what they want Ability to pick and operate User interest & behavior 1 Self developed Game is the 2nd most popular quality user data video genre on our platform 32 Exclusively distributed Game-themed live broadcasting is also well received 740+ Jointly Customized game recommendation operated 2020 Launched Strong pipeline Majority of our gamers are directly converted from our platform 15 Content Community Commercialization Robust game revenue growth Up 32% (RMB mn) YOY 1,151 920 933 873 871 791 744 688 713 18Q1 18Q2 18Q3 18Q4 19Q1 19Q2 19Q3 19Q4 20Q1 16 Content Community Commercialization Value-Added Services: multi-faceted commercialization Bilibili Comic Pay to view comic platform Premium membership Live broadcasting Maoer Enjoy exclusive or advanced Natural extension of our Premium high quality content diversified content platform audio drama platform 17 Content Community Commercialization VAS revenue: strong growth with great potential (RMB mn) Up 172% YOY 794 571 453 326 292 202 169 96 119 18Q1 18Q2 18Q3 18Q4 19Q1 19Q2 19Q3 19Q4 20Q1 18 Content Community Commercialization Brand & Performance-based advertising: two growth engines Gen Z is the golden cohort Customized and innovative performance-based ads well chased by brand advertisers help advertisers reach and convert target audiences 19 Content Community Commercialization Advertising revenue: strong growth with great potential (RMB mn) Up 90% YOY 290 247 214 168 160 137 112 96 70 18Q1 18Q2 18Q3 18Q4 19Q1 19Q2 19Q3 19Q4 20Q1 20 OUR FINANCIALS 21 Expanding user base drives revenue growth Total MAUs Diversified Revenue Mix (mn) (RMB mn) Y-o-Y Growth % 70% Y-o-Y Growth % 69% 172 2,316 2,008 1,859 128 130 110 1,538 101 1,374 93 93 85 1,156 1,079 77 1,027 868 18Q1 18Q2 18Q3 18Q4 19Q1 19Q2 19Q3 19Q4 20Q1 18Q1 18Q2 18Q3 18Q4 19Q1 19Q2 19Q3 19Q4 20Q1 Mobile games