INVESTOR PRESENTATION

First Quarter 2019 Results

May 2, 2019
Safe Harbor

This presentation may make forward-looking statements relating to such matters as continued growth prospects for the
company, industry trends and product and technology initiatives.

These statements are based on currently available information and our current assumptions, expectations and projections
about future events. While we believe that our assumptions, expectations and projections are reasonable in view of currently
available information, you are cautioned not to place undue reliance on these forward-looking statements. Our actual results
may differ materially from those included in this presentation, for a variety of reasons, including those described in the forward-
looking statements and risk factor sections of our 10-K and other filings with the Securities and Exchange Commission, which
are available on our investor relations website. (http://investor.mercadolibre.com)

A reconciliation of Non-GAAP measures to the nearest comparable GAAP measures can be found in our first quarter 2019
earnings press release available on our investor relations website.

All of the information included in this presentation is updated as of March 31st, 2019. Except as may be required by applicable
law, we assume no obligation to publicly update or revise our statements.

Percentages have been calculated using whole amounts rather than rounded amounts. This may cause some figures not to
total due to rounding.
First Quarter 2019 Operational & Financial Highlights

US$3.1BN 70.9% 82.8MM US$473.8MM

+27%LC YoY +39%LC YoY +3% YoY +93%LC YoY

Total GMV GMV Shipped Items Sold Net Revenues

US$5.6BN US$3.1BN US$2.5BN 143.9MM

+83%LC YoY +35%LC YoY +194%LC YoY +94% YoY

Total TPV Total TPV ON Total TPV OFF Total TPN

First Quarter 2019 Overview

1. Quarterly Highlights

2. KPIs

3. Financial Metrics

4. Margin Structures
First Quarter 2019 Overview

1. Quarterly Highlights

2. KPIs

3. Financial Metrics

4. Margin Structures
 First Quarter 2019 Quarterly Highlights
Payments – MercadoPago
 Off-platform payment volume reached US$2.5 billion and continues gaining share of total payment volume, reaching 45% of Total TPV
versus less than 27% LY
 Argentina off-platform TPV surpassed for the first time on-platform TPV driven by successful execution in MPOS and wallet
 Off-platform payment volume grew triple digits both in USD and on an FX neutral basis, at 119% YoY and 194% YoY, respectively, and
accounts for 95% of MercadoPago’s TPV growth during the first quarter of 2019
 Total Payment Transactions off-platform represented over 60% of all payments transactions, and grew more than100% YoY for the 6th
consecutive quarter, growing 251% YoY
 Second consecutive quarter of TPV acceleration in merchant services, growing 44% in USD and 108% on an FX neutral basis. Merchant
services business is growing in all sites above 75% YoY on an FX neutral basis
 MPOS TPV surpassed the US$1.0 billion mark, growing 171% on a consolidated basis in USD and 260% YoY on an FX neutral basis
driven by Argentina and Brazil
 The installed base of MPOS devices in our main countries keeps growing at a steady clip, while payment transactions from MPOS devices
already account for almost half of the off-platform payment transactions
 On a consolidated basis, wallet active payers* surpassed the 3 million mark during the quarter, while active collectors** accelerated to 420%
YoY to over half a million collectors
 Wallet TPV continues to grow triple digits both on an FXN and in USD, while it also continues to gain share from off-platform TPV reaching
almost 20% on a consolidated basis, a gain of 400 bps versus a year ago
 During the quarter, Argentina QR in-store payments TPV represented 43% of wallet TPV versus only 3% during Q1’18
 Argentina asset management invested amounts already surpassed 50% of total available account money

*Buyers that at least execute one payment during the analysed period ** Merchants that at least received one payment during the analysed period
First Quarter 2019 Quarterly Highlights
Credits – MercadoCredito
 Optimizations in our collections and credit scoring capabilities positively impacted default rates in Brazil, and consequently have accelerated
the pace of originations in number and nominal amount during the quarter
 Launched credit lines for our MPOS merchants in Mexico and now the feature is available in our three main geographies
 Our consumer credit business in Argentina and Brazil is firing on all cylinders as originations are up QoQ by a factor of almost 1.2 times
First Quarter 2019 Quarterly Highlights
Logistics - MercadoEnvíos
 Mercado Envios Penetration surpassed 80% of ítems sold on a consolidated basis
 On a consolidated basis, cross docking reached 17% penetration (vs. 7% LY) while drop shipping decreased to 76% and managed network
reached almost a quarter of all items shipped
 MercadoEnvios penetration in Argentina grew by 19% year-over-year to 56% of items sold, driven by the adoption of free shipping
 Since its launch in late 2018 in Argentina, our flex shipping solution reached 5% of items shipped and already represents over 50% of the
shipments within Buenos Aires. Flex shipments are meaningfully cheaper than drop shipping and cross-docking and also have better lead
times, resulting in more sales for our merchants
 Fulfillment penetration scaling well in Mexico gaining 5 percentage points of penetration QoQ and reaching 20% of items shipped
 On a consolidated basis, average lead times improved 40% on a YoY basis, and median lead time improved by almost 25% YoY
 During the quarter, opened one fulfillment center in Buenos Aires with 200 thousand units storage capacity, a second fulfillment center in
Sao Paulo with 350 thousand units storage capacity and a cross docking center also in Sao Paulo with a processing capacity of 60
thousand orders per day
First Quarter 2019 Quarterly Highlights
Marketplace
 On an FX neutral basis, consolidated GMV reached 27% YoY growth, driven by solid execution in Argentina and steady performance in
Mexico
 Argentina GMV on an FX neutral basis grew at 70% YoY while Mexico maintained momentum at 48% YoY growth on the back of the
toughest comp of the year (77% in Q1’18)
 The solid performance of Argentina and Mexico was partially offset by Brazil, which grew 18% on an FX neutral basis
 Expanded and improved supermarket experience in Mexico with already more than 18.5k CPG SKU’s available on the site. Although early
stage, we observe that basket size is also 20% higher on orders that have supermarket items
 Improved experience in apparel vertical by enhancing discovery engine, further facilitating returns and strengthening our intellectual property
program which has been instrumental for hunting established brands that improve assortment and bring brand equity on our platform
 Surpassed the 200 million listings mark for the first time in our history
 Continued making inroads in becoming a more app centric ecosystem as we redesigned our front end, search and filters. During Q1’19
mobile app GMV represented almost 50% of GMV, a 10 percentage point improvement versus a year ago, while also 81% of all new
registered users are mobile
 Made meaningful progress in offering a more robust supply and verticalized experience through our catalogue initiative. Catalogued GMV
reached 29%, 38%, 25% of GMV in Brazil, Argentina, and Mexico respectively representing an improvement of 14%, 17%, 12% percentage
points YoY
First Quarter 2019 Quarterly Highlights
US$2 Billion Capital Raise
 During the first quarter of 2019, we finalized a successful capital raise of US$2 billion dollars from both financial investors as well as a
strategic investor, PayPal
 PayPal’s US$750 million dollar investment is a validation of the joint vision we share in terms of business and purpose to digitize the
economy and leverage technology to generate financial inclusion by offering compelling financial solutions to those who are not served or
currently underserved by traditional financial institutions.Such investment is a substantial amount that should jumpstart Mercado Pago grow
its scale and scope alongside one of the leading global fintech companies in the world
 The trust that has been built over the years with PayPal and the history we have of informally exchanging best practices with them, gives us
the confidence that we will be able to find areas that will generate powerful synergies with each other as we move into the second half of
2019
 Our teams are diligently working on developing scalable commercial agreements that complements PayPal’s global merchant base, data,
products, and technology with our local know-how and distribution capabilities to unlock incremental value to all our stakeholders
First Quarter 2019 Quarterly Highlights
Financial Results
 Gross billings reached US$548 million dollars, the 20th consecutive quarter of gross billings growth above 60% driven by improved
monetization on our marketplaces and continued successful execution on our payments business (financing business and off-platform
revenue streams through merchant services and MPOS)
 On an FX neutral basis our main countries also delivered solid performance from a gross billings perspective on an FX neutral basis:
Mexico maintained momentum growing 113.5% YoY, Argentina accelerated to 108.2% and Brazil with solid performance with the 6th
consecutive Q growth above 50% reaching 50.9% YoY
 Consolidated Net revenues on an FX neutral basis accelerated to 93% YoY reaching US$473.8 million dollars as we optimized shipping &
loyalty program subsidies
 Gross profit remained stable versus last year, ascending to US$237 million, representing 50% of revenues during the quarter. Shipping
carrier and operating costs explain most part the gross margin compression over last year
 Operating profit for the first quarter of 2019 ascended to US$10.1 million dollars an increase of US$11 million dollars versus last quarter
 As reported operating expenses ascended to US$226.9 million dollars or 47.9% of revenues versus 59.9% during the first quarter of 2018
 Main drivers of OPEX margin leverage this quarter were attributed to lower marketing operating margins (calculated as percentage of
revenues) given increases in efficiencies on buyer protection payouts, lower loan loss provisions from our credit portfolio, as well as
leverage in salaries & wages on sales and marketing, product development, and G&A
 We saw US$15.6 million dollars in financial expenses attributed for the most part to financial interest related to our convertible note due
2028
 Interest income increased by 165.9% year on year to US$24.4 million dollars mainly attributable to higher float in Argentina and Brazil, as
well as the proceeds from the convertible note issued in August 2018
 Our forex line was negative US$3.7 million, mainly due to the U.S. Dollar revaluation over our Argentine Peso net asset position in
Argentina
 Net income increased to US$11.9 million dollars for the first quarter, resulting in a basic net income per share of 0.13 cents
First Quarter 2019 Overview

1. Quarterly Highlights

2. KPIs

3. Financial Metrics

4. Margin Structures
 Consolidated GMV maintained momentum
 Brazil continues decelerating after implementation of flat fee for items under RUS$120 and restriction in lower ASP* items
 Argentina performing above expectations
 Higher ASP pushing gross merchandise volume growth over items in Brazil and Argentina and free listings restrictions affecting “Others”
countries

Gross Merchandise Volume Items Sold

(FX Neutral YoY) (YoY)

106%

77% 80%
71% 70%

56% 68%
53% 62%
48% 48% 48% 58%
43% 50% 51%
44%
40%
24% 27% 30% 27%
18% 18%

5% 3%
1%

-6%
-15%
-19%

Brazil Argentina Mexico Other** Consolidated Brazil Argentina Mexico Other ** Consolidated
Q1’18 Q4’18 Q1’19
*ASP : Average Selling Price **Others includes: Chile; Colombia; Bolivia; Costa Rica; Ecuador; El Salvador; Guatemala; Honduras; Paraguay; Nicaragua; Panama; Paraguay; Peru;
Republica Dominicana and Uruguay
Items Sold per Unique Buyer
 Accelerating engagement across the region, except for Brazil due to tougher comps, flat fee impact, the removal of listings below R$ 6 and
lower performance during special dates.

Average Items per Unique Buyer

6.0 5.9
5.3 5.4
4.9 5.0 5.1
4.7
4.4 4.5 4.4
4.1 4.0 4.2
3.7 3.7 3.6
2.9 2.9 3.0
2.8

Brazil Argentina Mexico Chile Colombia Uruguay Consolidated

Q1’18 Q4’18 Q1’19

 Consolidated Live Listings
 Live listings surpassed the 200 million mark for the first time while marking the 9th consecutive quarter of growth above 50% YoY

Consolidated Live Listings Live Listings by Country

(M) (YoY)

250.0 62%

60% 187% 186%

59% 60%

58%
57% 150%
200.0

58%

122%
56%

150.0

102%
98%
54%

93%
80%
80%
52%

50% 201
168 66%
100.0

182 57%
56%
50%

149 52% 49% 49%

127 43%
48%
35%
33%
50.0

46%

- 44%

1Q18 2Q18 3Q18 4Q18 1Q19 Brazil Argentina Mexico Chile Colombia Uruguay
YoY Growth Q1’18 Q4’18 Q1’19
 MercadoPago
 On Marketplace Payments re-accelerating on an FX neutral basis. Off-Platform payments TPV growing at triple digits reaching a multi-year
high of 194% YoY growth

Consolidated TPV ON Consolidated TPV OFF

(FX Neutral YoY) (FX Neutral YoY)

94% 194%
91% 91%
100% 100%

198% 100%

89% 89%
90% 90%

168%
160%
178% 90%

80% 80%

158% 80%

139%
62% 125%
70% 70%

138% 70%

60% 60%

118% 60%

50%
49% 50%

41%
98% 50%

35%
45%
40% 40%

78% 40%

30%
40%
35%
30% 30%
58% 30%

31%
20% 20%
38%

27% 20%

10% 10%
18% 10%

0% 0%
-2% 0%

1Q18 2Q18 3Q18 4Q18 1Q19 1Q18 2Q18 3Q18 4Q18 1Q19
MP On-platform Penetration TPV Off Share*

*TPV Off as a % of Total TPV

 MercadoCredito
 Optimizations in our collections and credit scoring capabilities positively impacted default rates in Brazil, and consequently have accelerated
the pace of originations

Consolidated Credits Portfolio* # of Credits Originated

(US$ M) (K)

140
$135 629
$122
600

120

$112
500

$96
$91
100

400

80

327 561
300

60

191
284
200

141
40

102
100
167
129
20

91
11 12 24 43 68
0
0

1Q18 2Q18 3Q18 4Q18 1Q19 1Q18 2Q18 3Q18 4Q18 1Q19
# Merchant Credits # Consumer Credits

*Loans receivable net of allowance for uncollectible accounts

First Quarter 2019 Overview

1. Quarterly Highlights

2. KPIs

3. Financial Metrics

4. Margin Structures
Gross Billings
 The tables below present our gross billing and amounts paid by us in connection with our free shipping service

In Millions In Millions
Q1 2019 Q1 2018 Q1 2019 Q1 2018
Brazil US$ 358.6 US$ 276.3 Brazil US$ 302.4 US$ 184.2
Gross Argentina US$ 103.0 US$ 106.1 Argentina US$ 93.8 US$ 101.9
Net
Billings Mexico US$ 61.2 US$ 29.4 Revenues Mexico US$ 54.6 US$ 17.1
Others US$ 25.0 US$ 21.8 Others US$ 23.0 US$ 17.8
Total US$ 547.8 US$ 433.5 Total US$473.8 US$ 321.0

In Millions
Q1 2019 Q1 2018
Brazil US$ (56.2) US$ (92.1)
Free
Shipping Argentina US$ (9.2) US$ (4.1)
Service Mexico US$ (6.6) US$ (12.3)
Cost
Others US$ (2.0) US$ (3.9)
Total US$ (74.0) US$ (112.5)
Consolidated Net Revenues
Net Revenues per Quarter
(M)

480
$ 474 200.0%

$ 428

$ 355
$ 335
380

$ 321 100.0%

280
93%
58% 62%
44%
180
30% 0.0%

80

-100.0%

$(74)
-20

$(112) $(97) $(108) $(108)

-120 -200.0%

1Q18 2Q18 3Q18 4Q18 1Q19

Net Revenues Free Shipping Service Cost FX Neutral YoY

Net Revenues by Country
Net Revenues
(FX neutral YoY)

250.0%

227%

200.0%

170%

150.0%

91% 93%
83%
100.0%

77%
58% 62%
54%
50.0%
44%

0.0%

Argentina Brazil Mexico Other Consolidated

Q4 ‘18 Q1 ‘19
 Consolidated Non-Marketplace Net Revenues
Net Revenues per Quarter
(US$ M)

250

113% 1.2

107%

91%
1

200

74% 0.8

150

65%
0.6

$ 221
100

$ 203
$ 180 $ 179 $ 175 0.4

50

0.2

0 0

1Q18 2Q18 3Q18 4Q18 1Q19

FX Neutral YoY

Non-Marketplace revenues includes, among other things, ad sales, classified fees, payment fees and other ancillary services
First Quarter 2019 Overview

1. Quarterly Highlights

2. KPIs

3. Financial Metrics

4. Margin Structures
 Q1 2019 Gross Margin vs. Last Year

3.9%
0.6% 0.9%
50.7% 50.0%
1.1% 0.0% 0.1% 0.3%
-7.6%

LY CX Fraud Prevention Amortization Hosting Collection Fees MPOS Sales Taxes Other Q1 2019

*Others includes: Shipping Operating Cost, Cost of MPOS sales, Other Payment Costs and other COGS.
 Q1 2019 EBIT Margin vs. Last Year

1.1% -0.2%
0.4% -1.9%
0.2% -0.2% 2.1%
1.6%
3.2%

7.1%
-9.2%

LY Salaries Marketing BPP Chargebacks Bad Debt Other S&M G&A * COGS * P&D * 1Q19
Expenses Expenses

*Excluding Salary and Wages

Q1 2019 Net Income Margin vs. Last Year

2.3% 0.1%
-2.5%

12.0% -4.6%

2.5%
12.0%

-4.0%

-0.7%

LY Cogs Opex Interest Income Financial Expenses Forex & Other Tax 1Q19
 Thank You
INVESTOR PRESENTATION
First Quarter 2019 Results