Jupai : Fourth Quarter 2020 Investor Presentation – English

Q4 2020

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 for informational 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 it or 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 various sources, 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 discussion between 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 distributed in 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 by the 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 to purchase 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 without limitation 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 in reliance 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. This presentation 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 the Company, 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 of the 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 of this 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 or contained 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 or representatives 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 the information 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 howsoever arising 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 the future. 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 result of 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 of them 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 of applicable securities laws.

This presentation speaks as on March 15, 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 with any 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.

Steady Growth Rates in the Number of HNW Households & Total Household Wealth

The Number of HNW Households Will Reach 6.87 million by 2024

6.87

2019

2024

The Total Household Wealth Will Reach USD 86.8 trillion by 2024

Million HouseholdsUSD Trillion

2019

2024

It is estimated that Chinese HNW households will grow rapidly during 2019-2024 and will reach 6.87 million by 2024

Source: Credit Sussie Global Wealth Report 2019

The HNWIs Now Demand More Professional Wealth Management Service

Willing to accept more professional WM service

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

What service we can provide

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

Features of third-party wealth management firms

−Provide clients with one-stop integrated service

−Provide channels for investing in STAR through PE/VC

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

Jupai - Revenues & Income

Net Revenue（RMB￥m￥n）

Net Revenue （RMB

Start-Up Phase

Transition Phase

1,706.2

2016

1,321.7

1,127.7

785.9

595.0

388.2

138.9

237.7

52.1

2012

2013

2014

2015

2017

2018

2019

2020

NonN-GeAt AInPc(o1)mNetAInttcroibmuetaAbttlreibtuotaObrldeitnoaOryrdSinharryeShohaldrehrso（ldeRrsM（BR￥MmBn￥）mn）

Start-Up Phase

Transition Phase

454.0

243.0

175.5

25.1

56.7

44.6

13.0

-154.5

-27.8

2012

2013

2014

Source: Company information.

The MTahineCBoremapkodnoewnntsoof fNNeet tRReevveennuuee（（RMB￥￥mn））

One-time commissions

Start-Up Phase

RMB

1,038.7

2017

336.5

2013

2014

2015

Recurring management fees

633.2

2016

Start-Up Phase

mn

Transition Phase

737.5

2018

142.4

318.9

162.2

2019

2020

Transition Phase

435.5

338.6

363.7

260.6

98.0

3.8

13.6

2013

2014

2015

2015

2016

2017

2018

2019

2020

As of Dec. 31, 2020 AUM: ~RMB33.8billion

2016

2017

2018

2019 2020

(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, 3 impairment loss of investment in affiliates and impairment loss of goodwill.

Providing HNW Individuals with WM and AM services

Filtered high quality products

Wealth

Management

Asset Management

We provide HNW Individuals with comprehensive WM and AM services

Service Model : Hunter - Farmer - Gardener

Dedicated and professional team

A "one-stop" wealth management product platform for clients

Client service team (1) :

◼ Wealth management business: 346 persons

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

Product development team(1):

• ◼ 126 persons 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

Business Development Advisors

(Hunter)

• ◼ 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 needs and targets

• ◼ Arrange advisory appointments

Relationship Managers (Farmer)

• ◼ Arrange one-on-one client meetings

• ◼ Analyze clients' risk preference

• ◼ Provide customized wealth management product advisory service

• ◼ Recommend suitable products

Client Care Unit (Gardener)

• ◼ Perform ongoing client relationship management

• ◼ Conduct regular client satisfaction surveys

• ◼ Develop further business opportunities based on client needs

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

Source: Company information. (1) Data as of Dec. 31, 2020.

Extensive Network

The number of investable assets of more than RMB10 million in 2018 ＞100,000

The number of investable assets of more than RMB10 million in 2018 ＞50,000, ≤100,000

The number of investable assets of more than RMB10 million in 2018 ＞30,000, ≤50,000

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

Source: Company information and Heading-Century report. "2019 China Private Wealth Report" by China Merchants Bank and Bain & Company

Extensive network strategically targeting HNWIs:

(As of Dec. 31, 2020)

• ◼ 31 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: 346 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

Comprehensive Risk Management System

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?

Jupai Overall Asset Management

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

Overall Asset Allocation

Is it within client's risk response acceptable range?

Does it match with client's short-, medium-, and long-term financial targets?

Is it within client's risk tolerance?

Is it within Jupai's overall risk tolerance?

Product Risk Assessment (R1-R5)

Line of credit control for single counterpart entityDifferentiated management of transaction counterparts

Equity products can only be categorized into R4/R5

Whitelist Partner SystemInvInevsetosrtoRrisRkisAksAssesessmsemnetn(Ct (1C-C1-5C)5)

Investors are only allowed to purchase products with risk level at par or below his/her risk tolerance level

When purchasing high-risk products, investor's investment capability needs to be qualified

Whitelist Partner System

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

Source: Company information.

Rigorous Product Screening from Three Committees

Product Manager

Rigorous Product Screening

Internal Product

Risk Management CommitteeCommittee of Subsidiaries of Asset ManagementRisk Management Committee of Jupai Holdings

Abort Product

Abort Product

Abort Product

Post Investment Management

Post Investment Management

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

Source: Company information.

What's Driving Our Business - Experienced Management Team

Overview of Management Team

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

Source: Company information.

What's Driving Our Business - Support from Shareholders

Overview of Principal Shareholders

22.0%

10.9%

10.0%

4.8%

As of Dec. 31, 2020.

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

What's Driving Our Business - Diversified Product Categories

Wide Range of Product Offering with Leading Industry Partners

2020- WM: RMB6.5 billion

Real Estate Fixed Income Products , 63.8%

Source: Company information.

Others , 2.3%

PE/VC Funds: 15.8%

2020.12.31 - AUM: RMB33.8 billion

2014年

Jupai offers product that better satisfies clients' asset allocation needs, including self-developed products

What's Driving Our Business - Cooperation with Partners

Real Estate Fixed Income

PE/VC & Secondary Market

2013年2014

A trusted partner is an effective safety mat

What's Driving Our Business - The Prospect of Real Estate Market in China

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 the industry concentration maintained at a high level, the advantage 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.

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

What's Driving Our Business - Selected Exit/IPO Programs

What's Driving Our Business - Trust from Clients

Premium Services Strengthen Client Loyalty and Gain Market Recognition

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

75.0%

83.1%

73.5%

2017

2012

2013

2014

2015

2016

2018

2019

2020

Awards received

2020 China FOF LP 100

Top 100

2020 China Independent Management

Company Top 10

Top 10

2019 Outstanding Wealth Management Institutions

Outstanding

2018 CSR Contribution Awards

Contribution

2019 Most GP Recognized Wealth

Management Institutions Top 5

Top 5

2018 Top10 Best Performing Wealth

2019 China FOF Top 100

Management Institutions

2018 Most Competitive Wealth

Management Institutions

2018 Excellent Wealth Management

Institutions

2017-2018 Top 10 China Real Estate

Industry Investment Institutions

Source: Company information.

BestPerformance

Top 100

Competitive

Excellent

Top 10

Thank you！

Appendix 1 - Licenses and Certifications

Layout inside and outside of China

Get through the financial value chain

Mainland China

·Qualified Private Fund Manager

·Fund Distribution

·Insurance Brokerage

·Financial Leasing

Hong Kong

·Insurance Brokerage

Appendix 2 - The Synergy Brought by E-House

Significant growth in business scale:	◼	Further boosts the capability of Jupai's asset management business
Greater access to market information:	◼	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
Direct contact with real estate	◼	Distribute more attractive and differentiated self-developed wealth management products
developers enables us to:
◼	Minimize intermediate layers and associated expenses to maximize benefits for clients

Maximized benefit through synergy

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

Product portfolio that better satisfies clients' asset allocation needs

2017

2018

2019

2020

PublicOther fixed income products , 25.8%PE/VC funds , 11.7%

Real estate fixed income products , 57.9%

WM: RMB54.3billionWM: RMB30.3billionWM: RMB9.8billion

Others , 2.3%Real estate fixed income products , 73.5%Real estate fixed income products , 63.8%

WM: RMB6.5billion