Disclaimer Snow Lake currently has a long position in Luckin Coffee Inc. stocks (OTC LKNCY). Snow Lake may profit ifthetrading price ofLuckin Coffee Inc.securities goes upand may lose money ifthetrading price ofsecurities ofLuckin Coffee Inc.decreases . Snow Lake may change itsviews about oritsinvestment positions inLuckin Coffee Inc.atany time, forany reason ornoreason .Snow Lake may buy, sell, cover or otherwise change theform orsubstance ofitsLuckin Coffee Inc.investment .Snow Lake disclaims any obligation tonotify themarket ofany such changes . The information, analysis and opinions expressed inthis presentation (the“Presentation”) arebased on,among other things, publicly available information about Luckin Coffee Inc.,third -party buy-side orsell-side research, our own due diligence, and inferences and deductions through our analysis .Snow Lake does not guarantee inany way that itisproviding alloftheinformation that may beavailable .Snow Lake recognizes that there may benon-public information inthepossession ofLuckin Coffee Inc. orothers that could lead Luckin Coffee Inc.orothers todisagree with SnowLake’s analyses, conclusions and opinions . The Presentation may include forward -looking statements, estimates, projections and opinions prepared with respect to,among other things, certain legal and regulatory issues Luckin Coffee Inc.faces and the potential impact ofthose issues onitsfuture business, financial condition and results ofoperations, aswell as,more generally, Luckin Coffee Inc.’santicipated operating performance, access tocapital markets, market conditions, assets and liabilities, aswell asofthose ofLuckin Coffee Inc..Such statements, estimates, projections and opinions may prove tobesubstantially inaccurate and areinherently subject tosignificant risks and uncertainties beyond Snow Lake’s control . Although Snow Lake believes thePresentation issubstantially accurate inallmaterial respects and does notomit tostate material facts necessary tomake thestatements therein not misleading, Snow Lake makes norepresentation orwarranty, express orimplied, astotheaccuracy orcompleteness ofthePresentation orany other written ororal communication itmakes with respect toLuckin Coffee Inc.,and Snow Lake expressly disclaims any liability relating tothePresentation orsuch communications (or any inaccuracies oromissions therein) .Thus, shareholders and others should conduct their own independent investigation and analysis ofthePresentation and ofLuckin Coffee Inc.and other companies mentioned .Snow Lake recommends that every investor conduct itsown due diligence before buying orselling any security . The Presentation isnotinvestment advice orarecommendation orsolicitation tobuy orsellany securities .Except where otherwise indicated, thePresentation speaks as ofthedate hereof, and Snow Lake undertakes noobligation tocorrect, update orrevise thePresentation ortootherwise provide any additional materials .Snow Lake also undertakes nocommitment totake orrefrain from taking any action with respect toLuckin Coffee Inc.orany other company . Asused herein, except tothe extent the context otherwise requires, Snow Lake includes itsaffiliates and itsand their respective partners, directors, officers and employees .► ► ► ► ► ► ► ► ► • • • • • • 天时地利人和 ). • • • • • ဂ་ ๩े ݼன •