Ruhnn : First Quarter of Fiscal Year 2021 Earnings Presentation

Q1 FY2021 Investor Presentation

Ended June 30, 2020	September 2020

This presentation has been prepared by Ruhnn Holding Limited ("Ruhnn" or the "Company") solely for informational purposes. The information included herein was obtained from various sources, including certain third parties, and has not been independently verified. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein. None of the Company, any of its affiliates, shareholders, directors, employees, agents, advisors or representatives will be liable (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with the presentation.

This presentation does not contain all relevant information relating to the Company or its securities, particularly with respect to the risks and special considerations involved with an investment in the securities of the Company. Nothing herein constitutes an offer to sell or issue or the solicitation of an offer to buy or acquire securities of the Company in any jurisdiction or any inducement to enter into investment activity, or may form the basis of or be relied on in connection with any contract or commitment whatsoever.

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. These statements may be recognized by the use of words such as "expects," "plans," "will," "estimates," "projects," "intends," or words of similar meaning.

Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties. Actual results may differ from those in the forward- looking statements as a result of various factors, many of which are beyond the Company's control. The Company, its affiliates, advisors and representatives assume no obligation to and do not undertake to update such forward-looking statements to reflect future events or circumstances.

This presentation speaks as of the unaudited financial results for the first quarter of fiscal year 2021 ended June 30, 2020. The information presented or contained in this presentation is subject to change without notice. Neither the delivery of this presentation nor any further discussions of the Company, any of its affiliates, shareholders, directors, employees, agents, advisors or representatives with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since that date.

By attending this presentation and viewing and accepting these materials, you agree to be bound by the limitations described herein. These materials are being given solely for your use at this presentation. Unless otherwise specifically permitted by the Company, no part of these materials may be retained following this presentation or be copied, reproduced, redistributed or otherwise disclosed, directly or indirectly to any other person in any manner, or published, in whole or in part, for any purpose.

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Company Overvie

&

Investment Highlight

174 signed KOLs(2)

(31% YoY growth)

45 platform top-tier, established and emerging KOLs(2)(3)

(61% YoY growth)

Q1 FY2021(5)	263.1 MM fans(2)(4)
RMB280.4 MM Net Revenue
(53% YoY growth)
(RMB113.7 MM Services Revenue)
(74%YOY growth)

No. 1 Internet KOL facilitator in China(1)

Access to 800+ suppliers(2)

19 self-owned online stores(2)

Notes

1. As measured by revenue in 2018 according to Frost & Sullivan.
2. As of June 30, 2020.

3. Platform top-tier, established and emerging KOLs generated services revenue of RMB1.2 mm or more in the past twelve months.

1. Aggregate number of followers across major social media platforms in China (without removal of duplicates) .
2. For the fiscal quarter ended June 30, 2020.

1,186 brands(2)

(69% YoY growth)

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