Strategies Non-tradable Share Reform in Chinese Capital markets Implementing uniform rules, customizing individual solutions: the pricing of the trading right not decided by regulatory authority, but to be decided by negotiation between and among tradable and non-tradable shareholders, and endorsed by 2/3 of the public investors (on average: 3/10 Pilot program to be followed by other companies Other supporting measures and policies: lock-up period and trading restrictions on the selling of non-tradable shares after the conversion Balanced Initiatives: pace of the non-tradable share reform, market stability, other coordinated reforms OR INTERNAL USE ONLY this communication may be reproduced or redistributed ② 中国证券监督管理委员会 CHINA SECUIRITIES E ATDRYCDFOR INTERNAL USE ONLY – No portion of this communication may be reproduced or redistributed. Non-tradable Share Reform in Chinese Capital markets Strategies Strategies „ Implementing uniform rules, customizing individual solutions: the pricing of the “trading right” not decided by regulatory authority, but to be decided by negotiation between and among tradable and non-tradable shareholders, and endorsed by 2/3 of the public investors (on average: 3/10) „ Pilot program to be followed by other companies „ Other supporting measures and policies: lock-up period and trading restrictions on the selling of non-tradable shares after the conversion „ Balanced Initiatives: pace of the non-tradable share reform, market stability, other coordinated reforms