Investor Presentaiton

Opening of Mainland China's Financial Services Sector • Coordinated approach with regulatory oversight of financial services industry Establishment of the State Council's Financial Stability Development Committee ("FSDC") in late 2017. In April 2018, China Banking and Insurance Regulatory Commission ("CBIRC") is established by consolidating the banking and insurance regulatory committees. The consolidation aims to eliminate inefficiencies and regulatory overlap across agencies, while also clarifying supervisor responsibilities and closing loopholes for regulatory arbitrage. Morgan Lewis 14

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