Investor Presentaiton

Opening of Mainland China's Financial Services Sector WFOE JV Morgan Lewis Pros Cons Easier to adopt the global strategy of the parent company. Operational efficiency and use of parent company resources. • Better IP protection. • May take longer to establish and obtain approval. • Potential challenges in navigating the local business and regulatory environment. • Initial set up may be faster. • Local partner can provide access to existing local distribution channels. · • • Challenges to find a suitable local JV partner. Operational synergies; IP protection considerations, etc. Challenges to conform to global compliance requirements. 18

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