Investor Presentaiton

Growth Potential for K-12 After-School Education Services Market Robust Growth Forecast from Shanghai and Non-Tier 1 Cities (1) Household Spending on After-school Educational Services in 2016 RMB K Competition for High Quality Education Resources 7.5 6.7 Non-Tier 1 Cities China 17.7 150 Shanghai 125 100 75 50 Penetration Rate of K-12 After-school Educational Services in 2016(2) % 25 SEASONS Increasing Disposable Income 25.2% 26.5% 65.2% The Market Size of China's K-12 After-School Training Businesses (in RMB 10 billion) The market size is expected to shrink by 50 percent in 2020 due to the COVID-19 outbreak 2017 2018 2019 2020E 2021F 2025F Tutoring Enrichment education English language training Non-Tier 1 Cities China Shanghai Source: (i) a report prepared at our request by Frost & Sullivan, an independent market research firm, in June 2017; (ii) 'A new era of education China education development report 2018', Deloitte Report; (iii) China K-12 After School Training To Business Market Report, China's National Institute of Education Sciences, the Tomorrow Advancing Life Group and Oliver Wyman, in July 2020 Notes: 1. Tier 1 cities refer to four most developed cities in China which features with strong economic development and high per capita disposable income, are recognized as densely populated as well as culturally and economically influential, namely Beijing, Shanghai, Guangzhou and Shenzhen, based on IPO prospectus 2. Penetration rate refers to the percentage of k-12 population who enrolled in after-school education services EDUCATION 6

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