China Online Education : 3Q20 Investor Presentation

China Online Education Group

NYSE | COE

Management Presentation

Third Quarter 2020

Important Information

This presentation contains forward-looking statements, including statements about the Company's business and financial outlook, strategy and market opportunity, and statements about the Company's historical results that may suggest trends for its business. All statements, other than statements of historical facts, contained in this presentation, including statements regarding our strategy, future operations, future financial position, future revenues, projected costs, prospects, plans and objectives of management, are forward-looking statements. The words "anticipate," "believe," "estimate," "expect," "intend," "may," "plan," "predict," "project," "target," "potential," "will," "would," "could," "should," "continue," and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These statements are forward-looking statements within the meaning of the U.S. securities laws. These forward-looking statements are made only, and are based on estimates and information available to the Company, as of the date of this presentation, and are not guarantees of future performance. These forward-looking statements are based on a number of assumptions which are subject to known and unknown risks, uncertainties and other factors that are beyond the Company's control, such as the political, social, legal and economic environment in which the Company will operate in the future. Accordingly, actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements and future results could materially differ from historical performance. The information presented or contained in these materials is as of the date hereof and is subject to change without notice and its accuracy, fairness or completeness is not guaranteed. The Company undertakes no obligation to update or revise these forward-looking statements for events or circumstances that occur subsequent to the date of this presentation.

This presentation contains certain financial measures that are not recognized under generally accepted accounting principles in the United States ("GAAP"). Such non-GAAP financial measures have limitations as analytical tools. The presentation of such non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. Please refer to the relevant disclosure in the Company's statutory prospectus for a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures. These non-GAAP measures may differ from the non-GAAP information used by other companies and therefore their comparability may be limited.

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I. Company Overview

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We Make Quality Education Accessible and Affordable

We are a Leading Online English Learning Platform

Connecting Students with High Quality and Affordable English Language Education

Engaging learning experience tailored for every need

Access to highly effective foreign teachers

Highly affordable

Accessible anytime, anywhere

Flexible working hours and locationsSense of personal achievement

Notes:

• 1. Active students in 3Q20. "Active students" for a specified period refers to students who booked at least one paid lesson, excluding those students who only attended paid live broadcasting lessons or trial lessons. A lesson is considered "booked" when it is taken or when the student to such lesson is confirmed absent

• 2. As of September 30, 2020