Jupai Holdings Ltd.（NYSE: JP）

Jupai Holdings Ltd.（NYSE: JP）

Q1 2021

Disclaimer

The information in this presentation is provided to you by Jupai Holdings Limited (the “Company”) pursuant to Section 5(d) of the U.S. Securities Act of 1933, as amended (the “Securities Act”), solely forinformational purposes and is not an offer to buy or sell, or a solicitation of an offer to buy or sell, any security or instrument of the Company, or to participate in any investment activity or trading strategy, nor may itor any part of it form the basis of or be relied on in connection with any contract or commitment whatsoever, in the United States or anywhere else. The information included herein was obtained from varioussources, including certain third parties, and has not been independently verified.

By viewing or participating in this presentation, you acknowledge and agree that (i) the information contained in this presentation, the Company’s contemplated initial public offering and any related discussionbetween you and the Company are each strictly confidential, (ii) the information contained in this presentation is intended for the recipient of this information only and shall not be disclosed, reproduced or distributedin any way to anyone else, (iii) no part of this presentation or any other materials provided in connection herewith may be copied, retained, taken away, reproduced or redistributed following this presentation, and (iv)all participants must return all materials provided in connection herewith to the Company at the completion of the presentation. By viewing, accessing or participating in this presentation, you agree to be bound bythe foregoing limitations.

You further represent to us that you are a “qualified institutional buyer” as such term is defined under Rule 144A under the Securities Act, whether you are in the United States or outside of the United States.

No securities of the Company may be sold in the United States without registration with the United States Securities and Exchange Commission (“SEC”) or an exemption from such registration. Any decision topurchase securities in the proposed offering should be made solely on the basis of the information contained in the registration statement on Form F-1 filed by the Company on [July 6, 2015], including withoutlimitation the prospectus contained therein. Such prospectus contains all material information in respect of any securities offered thereby and any decision to invest in such securities should be made solely inreliance on such prospectus. The prospectus is available at the website of the SEC and may be obtained from the potential underwriters participating in such offer or the Company upon such publication. Thispresentation does not contain all relevant information relating to the Company or its securities, particularly with respect to the risks and special considerations involved with an investment in the securities of theCompany, and these materials are qualified in their entirety by reference to the detailed information appearing in the statutory prospectus. This presentation does not constitute a “prospectus” within the meaning ofthe Securities Act. The Company is not making any offer of its securities at this time, and cannot accept orders for any securities at this time.

This presentation does not constitute legal, regulatory, accounting or tax advice to you. We recommend that you seek independent third party legal, regulatory, accounting and tax advice regarding the contents ofthis document. This presentation does not constitute and should not be considered as any form of financial opinion or recommendation by the Company or any other party.

No representations, warranties or undertakings, express or implied, are made and no reliance should be placed on the accuracy, fairness or completeness of the information, sources or opinions presented orcontained in this presentation. By viewing or accessing the information contained in this presentation, the recipient hereby acknowledges and agrees that neither the Company nor any of the underwriters orrepresentatives of the Company accepts any responsibility for or makes any representation or warranty, express or implied, with respect to the truth, accuracy, fairness, completeness or reasonableness of theinformation contained in, and omissions from, these materials and that neither the Company nor any of its affiliates, advisers, underwriters or representatives accepts any liability whatsoever for any loss howsoeverarising from any information presented or contained in these materials. The information presented or contained in this presentation is subject to change without notice and its accuracy is not guaranteed.

This presentation contains statements that constitute forward-looking statements. These statements include descriptions regarding the intent, belief or current expectations of the Company or its officers about thefuture. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results may differ materially from those in the forward-looking statements as a resultof various factors and assumptions, many of which are beyond the Company’s control. Neither the Company nor any of its affiliates, advisors, representatives or underwriters has any obligation to, nor do any ofthem undertake to, revise or update the forward-looking statements contained in this presentation to reflect future events or circumstances. Any failure to comply with these limitations may constitute a violation ofapplicable securities laws.

This presentation speaks as on May 18, 2021. Neither the delivery of this presentation nor any further discussion of the Company or any of its affiliates, shareholders, directors, employees, agents or advisors withany of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since that date.

1

Jupai was launched on March 18 in Shanghai

2010

U.S Listing

2015 2016-

2018

Overall

Development

"Asset

Transparency

System”

2019

Steady

Expansion

2011-

2014

3.0 Strategic Upgrade

2020

3 Main Goals

2021

Jupai Development History

84

96

2020 2021E

262

296

2020 2021E

Number of HNWIs Will Reach 2.96 million by 2021

Total Investable Wealth Will Reach RMB 96 trillion by 2021

Source: CMB China Private Wealth Report 2021; HNWI refers to individual who owns investable wealth more than RMB10 million.

2

The Potential of Wealth Management Market in ChinaSteady Growth Rates in the Number of HNWIs & Total Investable Wealth

RMB Trillion

Ten Thousand

Chinese HNWIs and their wealth will continue to grow

3

With respect to wealth management, Chinese HNWIs are moving from “DIY” phase to “Advisor” phase

Why is the demand booming?

−Most of HNWIs lack of professional investment knowledge

−The government encourages the transition from indirect financing to direct financing

−The asset structure of HNWIs is diversifying

−Various service needs, including overall asset allocation, medical insurance and health services, children's

education, etc.

The Potential of China’s Wealth Management Market HNWIs Now Demand More Professional Wealth Management Services

Willing to

accept more

professional

WM service

What service

we can provide

Features of third-party wealth management firms

−Provide clients with one-stop integrated service

−Provide channels for investing in STAR through PE/VC

52.1 138.9 237.7

595.0

1,127.7

1,706.2

1,321.7

785.9

388.2

83.7

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021Q1

25.1 56.7 44.6

175.5243.0

454.0

13.0 -154.5 -27.84.3

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021Q1

3.8 13.6142.4

260.6363.7

435.5338.6

98.024.8

2013 2014 2015 2016 2017 2018 2019 2020 2021Q1

134.6 212.3336.5

633.2

1,038.7

737.5

318.9162.2

31.2

2013 2014 2015 2016 2017 2018 2019 2020 2021Q1

Transition Phase

4Source: Company information.

(1) Jupai's non-GAAP financial measures are derived from adjusting the corresponding GAAP financial measures by excluding the effects of share-based compensation, amortization of intangible assets resulted from business acquisitions,

impairment loss of investment in affiliates and impairment loss of goodwill.

Net Revenue（RMB￥）

Net Income Attributable to Ordinary Shareholders（RMB￥mn）

The Breakdown of Net Revenue（RMB￥mn）

As of Mar. 31, 2021 AUM: ~RMB32.9billion

One-time commissions

The Main Components of Net Revenue（RMB￥mn）Net Revenue（RMB￥mn）

Non-GAAP (1) Net Income Attributable to Ordinary Shareholders（RMB￥mn）

Jupai – Revenues & Income

Recurring management fees

Start-Up Phase

Start-Up Phase Transition Phase



HNWIs

Selected high quality products

Diversified investment needs

We provide HNW Individuals with comprehensive WM and AM services

Jupai – Business ModelProviding HNW Individuals with WM and AM services

5

Wealth Management

Asset Management

Source: Company information.

(1) Data as of Mar. 31, 2021.

Client service team (1) :

◼ Wealth management business: 314 persons

◼ Industry recognized qualifications and 8.7 years of wealth management and related industry experience on average

Product development team(1):

◼ 119 team members with experience in fund development/management and real estate industry

◼ After merging with E-House Capital, we gain talents with expertise in PE funds

Employee training:

✓ Efficient job training: Relationship Managers serve as “mentors” to Business Development Advisors

✓Organize various staff training projects

Client Care Unit (Gardener)

Business Development Advisors (Hunter) Relationship Managers (Farmer)

◼ Perform ongoing client relationship management

◼ Conduct regular client satisfaction surveys

◼ Develop further business opportunities based on client needs

◼ Arrange one-on-one client meetings

◼ Analyze clients’ risk preference

◼ Provide customized wealth management product advisory service

◼ Recommend suitable products

◼ Serve as initial point of contact with potential clients

◼ Introduce Jupai’s wealth management products and related services

◼ Obtain a preliminary understanding of clients’ wealth management needsand targets

◼ Arrange advisory appointments

HNWIs

Dedicated and professional team A “one-stop” wealth management product platform for clients

6

Our customized client services are provided by a dedicated client relationship team with rich industry knowledge and experience

Jupai – Business ModelService Model : Hunter – Farmer – Gardener

Source: Company information and Heading-Century report. “2021 China Private Wealth Report” by China Merchants Bank and Bain & Company

Extensive network strategically targeting HNWIs:

(As of Mar. 31, 2021)

◼ 32 wealth management centers in 30 cities in China and overseas

◼ Covers Bohai Rim, Yangtze River Delta and Pearl River Delta region

◼ Over 80% of China’s HNWIs live in these three regions

◼ Wealth management business team: 314 persons

Prudent market expansion strategies:

◼ Carefully choose markets: focus on areas concentrated with HNWIs, with strong growth potential and a sufficient supply of talents in related industries

◼ Conduct in-depth due diligence and market research before entering a specific market

The number of investable assets of more than RMB10 million in 2020 ＞100,000

The number of investable assets of more than RMB10 million in 2020 ＞50,000, ≤100,000


7

Our extensive network coverage focuses on increasing direct exposure to HNWIs in China

Jupai – Business ModelExtensive Network

Pearl River Delta

Shenzhen(1)

Xiamen(1)

Taiyuan(1)

Hangzhou(1)

Shanghai(2)

Suzhou(1)Zhangjiagang(1)

Wuhan(1)Chongqing(1)Chengdu(1)

Tianjin(1)

Beijing(1)

Yangtze River Delta

Bohai Rim

Guangzhou(1)

Qingdao(1)

Yangzhou(1)

Hongkong(1)


8

Product Line

Strategy Upgrade

Asset Allocation

• In 2021, Jupai continues to diversity its product line, including

deepening the portfolio of real estate projects, and broadening

our equity, overseas and secondary market products, in order

to bring the best products and services to clients.

• Jupai continues to focus on secondary market, selecting

high quality partners to better meet the demand of

investors for asset allocation.

• Jupai plans to provide more asset allocation services

including mutual funds.

• Jupai proposed a new goal of “improving client

experience”in 2021.

• Reviewing products and services from the

perspective of client demand.

• Jupai requires the financial advisory team who

have direct contact with clients to change from

the study of single products to in-depth learning

to have a deeper understanding of the

underlying logic of the project, and to become

industry experts in analyzing domestic and

foreign trends.

Jupai – Three Strategic Goals

2021 Three Strategic Goals

9

Classified

Financial

Institution

Systematic

Risk

Issuer

Credit

Risk

Issuer Self-

Management

Capability

Project

Systematic

RiskProject

Collateral

Project

Default

Risk in

Extremity

Jupai – Risk Management System

Evaluation

Client Overall Asset Management

Client risk tolerance; Whether client’s risk preference is acceptable?

Does client’s risk exposure matches his/her investment target/profile?

Investor Risk Assessment (C1-C5)

Whitelist Partner System

PE funds, secondary markets, external products introduction, service institutions whitelist system

Jupai Overall Asset Management

Whether the risk structure of Jupai’s overall asset management is appropriate.


Comprehensive Risk Management System

Product Risk Assessment (R1-R5) Investor Risk Assessment (C1-C5)

Whitelist Partner System

Assets and liabilities

Investment knowledge and experience

Investment preferences

Losses expectations

Risk assessment

Laws & Regulations and Regulatory

requirements

Issuers credit and other related entities

Product types

Investment sector

Product system and leverage ratio

Product size

Product liquidity

Laws & Regulations and Regulatory

requirements

Rigorous Product Screening

10

New products need to go through three committees

Jupai – Risk Management SystemRigorous Product Screening from Three Committees


Product ManagerRisk Management Committee

of Asset Management

Risk Management Committee

of Jupai Holdings

Product Initiation

Review

Initiation

Final Review at Group

Level

Review at Asset

Management Level

Abort Product

Revise/Submit

More Data

Review

Revise/Submit

More Data

Review

Revise/Submit

More Data

Information Gathering

Research

Product Solutions

Product

Release

Initiation

Application

Abort Product Abort Product

Internal Product

Committee of Subsidiaries

Real Estate

Investment

Insurance

Secondary

MarketPrivate Funds

• Deep accumulation of real estate finance

• Deep understanding of real estate

development

• Creating high quality real estate ecosystem• 以旗舰母以旗舰母基金为核心

• 围绕科技、医疗、消费这三大产业集群

• 基金为核心• 围绕科技、医疗、消费这三大产业集群

Real Estate Finance

Accumulation Building an Industrial

Cluster Ecological Chain

Domestic and International

Insurance Products

Multi-policy

Management

12

四大投资版块

• Flagship S Fund is the core

• Focusing on medical, science and

technology, and consumption

industries

• Covering insurance and financial insurance

• Ensure the safety of customers' assets in

all aspects

• Stocks strategy

• Bonds strategy

• Macro strategy

• CTA and Arbitrage strategy

Jupai – Investment Structure

11

100+ billion

Real Estate Asset

Management Size

100+Real Estate

Company

Partnerships

Rich Real Estate Finance Product

ResourcesProducts include domestic and overseas real estate equity investment, non-

standard debt, master fund, and more

Deep Understanding of

Real Estate

DevelopmentOver ten years, we have gathered a group of

real estate industry talent with management

experience and who understand the forward-

looking thinking and management philosophy

of major real estate enterprises.

High Quality Real

Estate EcosystemWith strong resources & contacts in the

real estate industry, Jupai is creating a

real estate investment ecosystem.

Together with E-House China, a well-

known real estate industry chain service

provider in China, relying on its “CRIC

real estate big data analysis ability, we

are developing high-quality real estate

investment and financing products.

13

Scale of Real

Estate Exit

61.9 billion

版块一：房地产投资Investment Structure：Real Estate

12

10 Years

Investment

Jupai's invested enterprises successfully listed in 2020:

STAR Market 19, A-Share Market 5

Small and medium sized board 4, Second-board Market 6

Hong Kong Exchanges 4, mergers and acquisitions 2, IPO in

progress 2

Among them, “star” projects 15, project cooperation with ~45partner managers

Progress until June 2021:

Successfully listed 14, in process 2

We choose the best products based

on our Asset Transparency System,

and explore high quality investment

opportunities for investors.

In the future, the equity team will

continue to focus on our flagship S

fund and cooperate with high-quality

managers in the industry.

Focusing on industrial clusters of

science and technology, medical

and consumption, we will build an

ecological chain to take root beyond

the dimension of managers.

Technology

Medical

Consumption

Scale of Duration

Management

>23 billion

>11.2 billion

Exited Scale

>30 billion

Accumulated

Management Scale

14

板块二：私募股权投资Investment Structure：Private Equity

13

Stock strategy

Macro strategy

CTA

Relative Value strategy

Bonds strategy

Arbitrage strategy

Composite strategy

Event driven strategy

During the pre-investment, investment and post-investment phases, we work closely with

customers to improve their recognition and loyalty to us.

Our product team actively initiates customer meetings to better communicate with

clients (product strategy attribution, macro market analysis) on a quarterly basis; customers can request

as needed.

Basic disclosure services; allocation advice; open days for managers (once a month

per manager); invest in community development and operation (customer sharing, next generation internship

opportunities, and more).15

版块四：公开资本市场Investment Structure：Secondary Market

14

Our Service

Post Investment Management

15

We continue to monitor closely products after release and reserve the right to abort projects

Jupai – Risk Management SystemPost Investment Management


Sales Compliance

Information Disclosure

Licensed Operations

Product Record

Investor Rights

Policy Interpretation

Staff Compliance

16

Jupai’s Compliance Management System

17

What’s Driving Our Business – Experienced Management TeamOverview of Management Team


◼ Our management team members have over 15 years of industry experience on average; most previously worked at private banking divisions of international banks

Mr. Jianda NI

Chairman and CEO

Mr. Xin ZHOU

Director

Ms. Min LIU

CFO

As of Mar. 31, 2021.

Source: Company information, Bloomberg, www.sec.gov 18

10.9% 4.8%22.0%

What’s Driving Our Business - Support from ShareholdersOverview of Principal Shareholders

10.0%

Real Estate Fixed

Income Products ,

22.7%

Other Fixed Income

Products , 6.5%

Real Estate PE/VC

Funds , 15.5%

Other PE/VC Funds

, 48.5%

Public Market

Funds , 3.2%

Others , 3.5%

Real Estate Fixed

Income Products ,

58.0%

Real Estate PE/VC

Funds , 0.1%

Other PE/VC Funds

, 12.2%

Public Market

Funds , 27.0%

Others , 2.7%

2014年

19

Jupai offers products that satisfy clients’ asset allocation needs, including self-developed products

What’s Driving Our Business – Diversified Product CategoriesWide Range of Products with Leading Industry Partners


2021Q1– WM: RMB1.9 billion

Public Market Funds: 27%

2021.3.31 – AUM: RMB32.9 billion

PE/VC Funds: 64%

A trusted partner is an effective safety net

20

Real Estate Fixed Income PE/VC & Secondary Market

What’s Driving Our Business – Cooperation with Partners


2013年2014

21

Real estate will continue to be a powerful source of steady returns for HNWIs.

Real Estate is still the “Ballast” of China's Economy

−Demand for private residential real estate in China has grown rapidly in recent years.

−According to the National Bureau of Statistics, investment in real estate development in 2020 increased

by 7.0% on a year over year basis.

−With a high level of ongoing industry concentration, the advantages of leading real estate enterprises will

be more significant in the future.

−Emergence of more investment focusing on senior citizen community and logistics real estate.

What’s Driving Our Business – The Prospect of Real Estate Market in

China

22

What’s Driving Our Business – Selected Exits/IPOs


Client Service

◼ JP Club – Jupai Premium Client Club

◼ High-Net-Worth Clients Education Program – Collaboration between

Jupai and The Wharton School of the University of Pennsylvania

Awards received

23

Repeat purchase rate increases

What’s Driving Our Business - Trust from ClientsPremium Services Strengthen Client Loyalty and Gain Market Recognition

2019 China FOF Top 100

Top 100

2019 Most GP Recognized Wealth

Management Institutions Top 5

2018 Top10 Best Performing Wealth

Management Institutions

Outstanding

2018 CSR Contribution Awards

Contribution

2018 Excellent Wealth Management

Institutions

Excellent

2019 Most Competitive Wealth

Management Institutions

2020 Top 10 China Wealth Management

Institutions


21.4% 34.4% 41.8%

52.1% 55.6% 60.9% 73.5% 75.0%

83.1%

2012 2013 2014 2015 2016 2017 2018 2019 2020

2019 Outstanding

Wealth Management Institutions

Top 10

2020 China FOF LP 100

Top 100

2020 China Independent Management

Company Top 10

Top 10

Top 10

Top 5

Top 10

Thank you！

Layout inside and outside

of China

Get through the financial

value chain

Mainland China

· Qualified Private Fund Manager

· Fund Distribution

·Insurance Brokerage

Hong Kong

·Insurance Brokerage

Appendix 1 – Licenses and Certifications

Maximized benefit through synergy

Significant growth in business scale: ◼ Further boosts the capability of Jupai’s asset management business

Greater access to market information:

Direct contact with real estate developers enables us to:

◼ Regular cooperation with E-House’s real estate sales agency business

◼ Full access to CRIC – wholly-owned subsidiary of E-House and the largest real estate data-center in China

◼ Distribute more attractive and differentiated self-developed wealth management products

◼ Minimize intermediate layers and associated expenses to maximize benefits for clients

Appendix 2 – The Synergy Brought by E-House

Innovate self-developed products to better address clients’ portfolio allocation needs

Product portfolio that better satisfies clients’ asset allocation needs

Appendix 3 – The History of Product Mix (Wealth Management)

Fixed income

products , 28.3%

Other PE/VC

funds products ,

4.6% Real estate PE/VC

funds , 58.3%

Public market

funds , 3.7%

Others , 5.1%

2018

WM:

RMB30.3billion

Real estate fixed

income products ,

57.9% Other fixed

income

products , 25.8%

PE/VC funds ,

11.7%

Public market

funds , 0.8%

Others , 3.8%

2017

WM:

RMB54.3billion

Real estate fixed

income products ,

63.8%PE/VC funds ,

15.8%

Public market

funds , 18.2%

Others , 2.3%

2020

WM:

RMB6.5billion

Real estate fixed

income products ,

73.5%

Other fixed income

products , 0.0%

PE/VC funds ,

15.5%

Public market

funds , 3.0%

Others , 8.1%

2019

WM:

RMB9.8billion

Jupai Holdings Ltd.（NYSE: JP）

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