Noah : 2Q19 Investor Presentation

2Q 2019 Investor Presentation

Noah Holdings Limited (NYSE: NOAH)

September 2019

http://ir.noahgroup.com

Disclaimers

The following presentation has been prepared by Noah Holdings Limited ("Noah" or the "Company") solely for informational purposes and should not be construed to be, directly or indirectly, in whole or in part, an offer to buy or sell and/or an invitation and/or a recommendation and/or a solicitation of an offer to buy or sell any security or instrument or to participate in any investment or trading strategy, nor shall any part of it form the basis of, or be relied on in connection with, any contract or investment decision in relation to any securities or otherwise.

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. Nothing contained in this document shall be relied upon as a promise or representation as to the past or future performance of the Company. Past performance does not guarantee or predict future performance. You acknowledge that any assessment of the Company that may be made by you will be independent of this document and that you will be solely responsible for your own assessment of the market and the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the business of the Company.

This presentation contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Among other things, the outlook for 2019 and quotations from management in this presentation, as well as Noah's strategic and operational plans, contain forward-looking statements. Noah may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Noah's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. All information provided in this presentation is as of the date of this presentation. Noah undertakes no duty to update any information in this presentation or any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.

The presentation contains non-GAAP financial measures that exclude the effects of all forms of share-based compensation and fair value changes of equity securities (unrealized) and adjusting for sale of equity securities, net of relevant tax impact. The non-GAAP financial measures disclosed by the Company should not be considered a substitute for financial measures prepared in accordance with U.S. GAAP. The non-GAAP financial measures used by the Company may be prepared differently from and, therefore, may not be comparable to similarly titled measures used by other companies. The reconciliation of those measures to the most comparable GAAP measures is contained within this document.

The information contained in this document should be considered in the context of the circumstances prevailing at the time and has not been, and will not be, updated to reflect material developments which may occur after the date of the presentation.

02

CONTENTS

Who We Are

We Are More Than a Wealth Manager

Wealth Management

Comprehensive Financial Platform
	Asset Management			Lending and Other
			Businesses

Sales Coverage

• Network coverage of83 citiesin Mainland China, and overseas offices in Hong Kong, Taiwan, US, Canada, Australia and Singapore
• 1,428dedicated relationship managers

Clients & Products

• 284K registeredhigh-net-worth clients(1)
• Diversified alternative assets and comprehensive financial services
• 1H 2019 transaction value ofUSD7.8 bn(RMB52.4 bn)

Products

• Gopher(2)is a leading multi-asset manager in China
• 1H 2019 AUM atUSD26.3 bn(RMB180.8 bn)
• Expertise in private equity, real estate, public securities, credit, and multi- strategy investments
• 1H 2019 offshore AUM atUSD3.7 bn(RMB25.5 bn)

Subsidiaries

• Lending services
• Online financial advisory
• Payment technology services

Operational Highlight

• 1H 2019 loan origination ofUSD0.8 bn(RMB5.3 bn) for lending services
• Segment profitable since 3Q 2018

Open Architecture Product & Service Platform

(1) High-net-worth clients refers to those individual clients whose investable financial assets exceed RMB5 million

(2) Gopher is the brand for Noah's asset management business

04

2Q 2019 Highlights

Financial Highlights

Stable growth in all key financial measures	Robust financial position
Net revenues: RMB872 mm, +9.3% YoY	Focus on revenue quality: growing recurring fees,
Income from operation: RMB252 mm, +13.9% YoY		contributing ~50% of revenues
	Operating margin: 28.9%, +1.2pps YoY		Effective cost optimization measures
	Non-GAAP net income(1): RMB263 mm, +6.4% YoY		Light asset model, strong cash balance

Well-positioned for industry consolidation

• Financial products distributed (transaction value): RMB24.4 bn, resilient in market volatility with more diversified product mix
• Assets under management: RMB180.8 bn, +12.0% YoY, reflecting healthy growth

Operational Highlights

Strategic Transformation

• From private credit funds to bond funds
• Fromproduct-driven to comprehensive service-driven
• From increasing transaction value to enhancing investment capabilities

(1) Representing non-GAAP net income attributable to Noah Shareholders, which excludes the effects of all forms of share-based compensation and fair value changes of equity investments (unrealized), and adjusts for sale of equity securities,net of relevant tax impact

05

Consolidated Income Statement

(RMB Million)

Total revenues

One-time commissions

Recurring service fees

Performance-based income

Other service fees

Income from operations

Operating Margin

Other income (expense)

Income tax expense

Income from equity in affiliates

Minority interest

Attributable net income

Share-based compensation

Value change in equity securities(1)

Tax effect of adjustments

Non-GAAP attributable net income(2)

Net margin (non-GAAP)

2Q18	1Q19	2Q19	% Change	1H18	1H19	% Change
YoY	QoQ
797.6	889.9	871.6	9.3%	(2.1%)	1,628.5	1,761.5	8.2%
233.4	323.1	293.6	25.8%	(9.1%)	549.7	616.7	12.2%
449.3	418.9	432.6	(3.7%)	3.3%	845.4	851.5	0.7%
39.1	4.8	7.6	(80.5%)	57.7%	98.5	12.5	(87.4%)
75.8	143.0	137.8	81.7%	(3.7%)	134.9	280.8	108.1%
221.2	302.5	251.9	13.9%	(16.7%)	495.7	554.4	11.8%
27.7%	34.0%	28.9%	+1.2%	-5.1%	30.4%	31.5%	+1.0%
10.7	46.4	41.4	286.1%	(10.9%)	70.0	87.8	25.4%
(57.7)	(79.5)	(67.6)	17.3%	(14.9%)	(131.3)	(147.1)	12.0%
12.1	18.1	28.8	138.5%	59.1%	12.7	47.0	268.6%
6.9	3.0	4.3	(37.9%)	41.9%	(0.8)	7.3	N.A.
179.5	284.6	250.2	39.4%	(12.1%)	448.0	534.8	19.4%
20.2	29.6	23.0	13.6%	(22.4%)	42.9	52.6	22.5%
(52.4)	3.9	5.8	N.A.	51.0%	(17.6)	9.7	(1.5)
4.5	5.7	4.0	(12.0%)	(30.4%)	6.8	9.7	42.5%
247.6	304.6	263.4	6.4%	(13.5%)	501.7	568.0	13.2%
31.0%	34.2%	30.2%	-0.8%	-4.0%	30.8%	32.2%	+1.4%

(1)	Including fair value changes of equity investments (unrealized) and adjustments for sale of equity securities	06
(2)	Representing non-GAAP net income attributable to Noah Shareholders, which excludes the effects of all forms of share-based compensation
	and fair value changes of equity investments (unrealized), and adjusts for sale of equity securities,net of relevant tax impact

Consolidated Balance Sheet

(RMB Million)

Cash and cash equivalents

Short-term investments

Accounts receivable

Amounts due from related parties

Loans receivable

Factoring receivables

Other current assets

Long-term investments

Investment in affiliates

Property and equipment

Non-current deferred tax assets

Operating lease right-of- use assets, net

Other non-current assets

Total assets

	As of
6/30/2018	3/31/2019	6/30/2019
2,095	2,870	2,874
224	502	748
243	331	293
563	664	799
602	508	532
68	14	69
484	476	339
806	1,056	1,142
1,177	1,402	1,411
296	333	316
97	113	116
-	290	374
76	67	49
6,733	8,628	9,067

(RMB Million)

Accrued payroll and welfare expenses

Income tax payable

Deferred revenues

Other current liabilities

Operating lease liabilities

Convertible notes

Non-current deferred tax liabilities

Other non-current liabilities

Total liabilities

Total equity

Total liabilities and equity

	As of
6/30/2018	3/31/2019	6/30/2019
480	728	461
18	106	60
146	155	144
383	540	628
-	312	381
331	-	-
50	67	67
112	29	22
1,557	1,936	1,763
5,176	6,692	7,304
6,733	8,628	9,067
		07

Consolidated Income Statement 2016 - 2018

(RMB Million)		Years ended December 31
2016	2017	2018
Total revenues	2,561.6	2,846.1	3,310.1
One-time commissions	1,132.1	1,102.1	1,028.0
Recurring service fees	1,250.7	1,407.9	1,776.6
Performance-based income	59.2	141.0	143.6
Other service fees	119.6	195.1	361.9
Income from operations	667.3	777.0	926.5
Operating Margin	26.5%	27.5%	28.2%
Other income (expense)	66.3	91.8	85.1
Income tax expense	(158.0)	(199.1)	(222.3)
Income from equity in affiliates	22.3	92.1	14.5
Minority interest	(40.6)	(13.7)	(7.6)
Attributable net income	643.8	762.9	811.3
Share-based compensation	79.2	93.6	112.8
Value change in equity securities	-	-	84.8
Tax effect of adjustments	(15.9)	(19.2)	2.0
Non-GAAP attributable net income	707.1	837.4	1,010.8
Net margin (non-GAAP)	28.1%	29.6%	30.7%

08

Solid Revenue Growth and Profitability

Revenue Model
												8.2% YoY
(RMB mm)	9.3% YoY
								1,628.5		1,761.5
													280.8
												134.9
797.6		889.9		871.6	845.4		851.5
	143.0		137.8
75.8
449.3		418.9		432.6	549.7		616.7
233.4		323.1		293.6
		2Q18		1Q19	2Q19	1H18		1H19
			One-time			Recurring			Performance-based		Other

Revenues

Wealth Management:

• One-timecommissions: charged upon distribution of financial products
• Recurring service fees: shared by fund managers over fund duration
• Performance-basedincome: shared by fund managers upon realization

Asset Management:

• Recurring service fees: management fee charged to funds
• Performance-basedincome: recognized upon realization

Income from Operations

11.8% YoY

(RMB mm)	13.9% YoY			554.4
		495.7
221.2	302.5	251.9
2Q18	1Q19	2Q19	1H18	1H19

Non-GAAP Net Income(1)

13.2% YoY

(RMB mm)	6.4% YoY		501.7	568.0
247.6	304.6	263.4
2Q18	1Q19	2Q19	1H18	1H19

(1) Representing non-GAAP net income attributable to Noah Shareholders, which excludes the effects of all forms of share-based compensation	09
and fair value changes of equity investments (unrealized), and adjusts for sale of equity securities

Strategy: Clear Path to Future Growth

FY2019 Guidance

RMB1.0 bn to RMB1.1 bn

Non-GAAP net income attributable to Noah shareholders(1)

Mid-point of the range implying 3.9%YoY growth

Client / Service Expansion

Investment Capability

Globalization Strategy

Enhancement



HNW individuals to UHNW, multi-/

Strengthening direct & co-investment

Hong Kong, Taiwan, US, Australia,

single family office

strategy; developing NAV-based credit

Canada, Singapore



Customized comprehensive financial

products

New growth opportunities in

services, client experience improved

Stringent risk control measures both

offshore asset management

by technology support

pre- and post-investment

industry

(1) Representing non-GAAP net income attributable to Noah Shareholders, which excludes the effects of all forms of share-based compensation and fair value changes of equity investments (unrealized), and adjusts for sale of equity securities,net of relevant tax impact

10

CONTENTS

Wealth Management

Wealth Management Business

RMB Million

Net revenues

One-time commissions

Recurring service fees

Performance-based income

Other service fees

Operating costs and expenses

Compensation and benefits

SG&A expenses

Other operating expenses

Government subsidies

Income from operations

Operating margin

2Q18	1Q19	2Q19	% Change	1H18	1H19	% Change
YoY	QoQ
556.5	623.4	625.6	12.4%	0.4%	1,150.6	1,249.0	8.5%
233.0	322.7	293.2	25.9%	(9.1%)	549.0	615.9	12.2%
284.2	256.2	268.7	(5.5%)	4.9%	527.4	524.9	(0.5%)
11.8	1.2	2.0	(83.2%)	66.6%	31.8	3.2	(90.1%)
27.5	43.3	61.7	124.7%	42.7%	42.4	105.0	147.7%
(420.8)	(433.9)	(495.8)	17.8%	14.3%	(831.0)	(929.7)	11.9%
(288.8)	(313.6)	(338.3)	17.1%	7.9%	(565.5)	(651.9)	15.3%
(152.2)	(120.5)	(134.1)	(11.9%)	11.3%	(280.3)	(254.5)	(9.2%)
(7.7)	(15.1)	(32.2)	315.5%	113.3%	(16.0)	(47.3)	194.7%
28.0	15.2	8.8	(68.5%)	(42.0%)	30.8	24.0	(22.0%)
135.7	189.5	129.9	(4.3%)	(31.5%)	319.6	319.3	(0.1%)
24.4%	30.4%	20.8%	-3.6%	-9.6%	27.8%	25.6%	-2.2%
							12

Wealth Management Business

Transaction Value of Financial Products Distributed by Noah

(RMB bn)

Credit products

Private equity products

Public Securities products

Other products

						117.4
						10.7	110.0
		99.0	101.4
				13.6
				7.8
		28.1			34.3	18.9
		27.5
63.4
8.9	31.9													53.2	52.4
														2.9
12.0															6.3	9.2
				64.5	71.8	75.5	29.1	28.0					9.0
						24.4
										2.8	3.2
40.2	36.6							6.3	1.3	6.0	43.0	31.9
												7.7
										19.3	22.1
										9.8
2014	2015	2016	2017	2018		2Q18		1Q19		2Q19		1H18		1H19

Highlights

Client Demand

• Faster asset class rotation in China
• More conservative investor sentiments as a result of China's accelerated economic downturn

Product Strategy

• Diversified andtailor-made product offering
• Strategically focused onlong-term equity- based products and standardized products
• Promote asset allocation and value investment through investor education

*	Public Securities products were included in "other products" before 2013	13
**	Mutual fund products were not included in "other products" since 2016
***	Gopher multi-strategy portfolio funds are included in 'other products' since 2Q18

High Quality Clients

Number of Active Clients

				12,573					12,720	13,628
				12,027
9,010																					8,117
																												5,882
																				4,461
2014	2015	2016	2017	2018				2Q18				1Q19				2Q19
			Average Transaction Value per Active Client
			(RMB mm)					9.23
								8.43
				7.87					8.07
7.03
																6.51
																								3.45	4.14

2014

2015

2016

2017

2018

2Q18

1Q19

2Q19

Clients

• Coverage network in 83 cities (mainland China), with high personal touch
• Client profile

• Entrepreneurs and private business owners in industries such as TMT, real estate, and traditional manufacturing
• Wealthysecond-generation, more tech-savvy and more comfortable relying on professionals

• Black Card clients

• Ultrahigh-net-worth population with at least RMB50 mm Asset advised by Noah
• 855 Black Card clients as of 2Q 2019
• Prioritized investment opportunities and dedicatedvalue-added service team

14

Elite Sales Team

• 1,428 RMs, 70%+ from financial institutions, others from luxury sales, top university

Hiringgraduates

Streamline inefficient use of personnel and

improve the productivity; uphold the elite culture

	Comprehensive training sessions on expertise
Training	and core value, RM annual training 47.5 hours
Tailor-made programs for elite RMs in
	cooperation with financial colleges
	Elite RMs (top 30%) contributed 70%+
Retaining	transaction value, 1H 2019 turnover 1.4%

	Remunerations: base + commission + year-end

bonus (including recurring service fee sharing)

Number of Relationship Managers

1,583

1,3351,428

1,098 1,169

779

2014

2015

2016

2017

2018

1H19

Turnover Rate of Elite RMs

5.2%

4.6%

3.6%

1.4%

2016 2017 2018 1H19

15

Comprehensive Financial Services

Family Office

• Established in 2015
• Value-addedfor core client segments, e.g. UHNW
• Tax planning, estate & wealth transfer services provided

Ark Trust

Established in 2014

• Offshore trust licenses in Hong Kong and Jersey

Enoch Education

Established in 2013

• Investor education subsidiary
• Wealth planning, market insights education and overseas tours

Corporate Services

• Established in 2014
• Company registration, corporate tax planning, policy consulting, legal services provided

Noah Foundation

• Established in 2014
• Philanthropic organization, supporting corporate social responsibility

16

Continuous Investment in Technology

Client

& Product

Database

• Technology development for big data collection and overseas compliance integration through international version of CRM & CBS
• Cross-companydata coordination and analysis to create a holistic customer profile, empowers relationship manager

Client

Service

APPs

• Provides a convenient and efficient platform for client access to products and services
• Public and private fund accounts merged for better user experience andpost-investment monitor
• Financial news alerts, investor events live streaming, internal & external research reports

Business

Operation

• Enhanced risk management information platform
• Audio / visual recording and facial recognition functions enable online transactions
• AI-supportedcustomer service channel 24x7

17

CONTENTS

Asset Management

Asset Management Business

				% Change
RMB Million	2Q18	1Q19	2Q19	YoY	QoQ	1H18	1H19	% Change
Net revenues	195.5	167.9	171.1	(12.5%)	1.9%	389.9	339.0	(13.0%)
Recurring service fees	165.1	162.7	163.9	(0.7%)	0.8%	317.9	326.5	2.7%
Performance-based income	27.3	3.6	5.6	(79.3%)	54.9%	66.7	9.3	(86.1%)
Other service fees	2.7	1.2	1.2	(56.4%)	2.2%	4.5	2.3	(47.9%)
Operating costs and expenses	(94.8)	(100.1)	(84.3)	(11.2%)	(15.8%)	(179.7)	(184.3)	2.6%
Compensation and benefits	(68.9)	(65.2)	(72.7)	5.5%	11.5%	(120.3)	(137.9)	14.7%
SG&A expenses	(24.6)	(19.2)	(18.1)	(26.3%)	(5.4%)	(44.2)	(37.3)	(15.6%)
Other operating expenses	(4.7)	(17.3)	(2.6)	(45.5%)	(85.1%)	(19.3)	(19.8)	2.6%
Government subsidies	3.4	1.6	9.1	167.5%	485.4%	4.1	10.7	163.8%
Income from operations	100.7	67.8	86.8	(13.7%)	28.0%	210.2	154.7	(26.4%)
Operating Margin	51.5%	40.4%	50.8%	-0.7%	+10.4%	53.9%	45.6%	-8.3%
								19

Asset Management Business

Segment Strategy

11.9% YoY

(RMB bn)						180.8
		169.2		171.1	8.5
			161.6
			6.7	6.9
		148.3		4.4		40.6
		3.6	39.4		38.8
		41.3
	120.9				8.2
	40.0	6.2		6.9
	3.6
		4.3	19.1
			16.7	17.4
	27.8	6.2	17.6
86.7
8.3	11.6
6.3

				10.7	23.2
		49.7	31.8			100.3				101.1		104.4
		5.7			86.9	94.0
31.3
3.4		31.0					58.0
		37.9
23.9
4.0		10.4
2013		2014	2015	2016	2017	2018		2Q18	1Q19	2Q19
		PE		RE		Public Securities		Credit			Multi-Strategy
* Assets under management figures shown is on historical cost basis, not NAV, except for public market products	20
** Credit investments were included in "other " investments before 2Q17, and AUM balance is restated for comparison purpose

We Partner With Leading GPs

		Private Equity						Public Market

		Real Estate						Overseas

21

Private Equity Investment

Primary

Investments

• Focused ontop-performing fund manager selection
• Diversified investment strategies: venture capital / private equity
• Diversified currencies offering: RMB / USD

Secondary

Investments

• Seeking undervalued opportunities
• ImprovedJ-curve delivers return across cycles
• First S fund initiated in Chinese market (2013), four funds currently under management

Direct & Co-

Investments

• Strengthened industry know- how and negotiation ability
• Dedicated investment & due diligence team
• Focused on finance, TMT, consumption, healthcare sectors

196invested companies have gone public; 18of those companies went public in 2019*

8invested companies passed or listed in Sci-Tech Innovation Board*

22

*As of August. 30th2019

Real Estate Investment

Gopher Centre

• Office building & shopping mall
• Fund size: RMB1.6 billion
• Invested in 2014, completed in 2016
• Office building occupancy rate: 95%
• Shopping mall occupancy rate: 100%

Gopher Xiangyi

• Office building, rental apartments and boutique hotel
• Fund size: RMB1.2 billion
• Invested in 2017, completed in July 2019

Shanghai Qibao T2 Project

• Office building
• Fund size: RMB220 million
• Invested in 2018
• Office building occupancy rate: 98%

Gopher Real Estate Investment focuses on multi-project based preferred share funds and core acquisition funds

As of Q2 2019

Matured credit based projects	89
Matured equity based projects	25
Equity based funds average IRR	16.47%
Preferred shares fund AUM	Over RMB7 billion

23

Public Securities Investment

Strategy	Inception	2019 YTD	Total Return	Benchmark	Annualized	Benchmark
Date	Return as of	Since	Total	Return	Annualized
	June 30th	Inception	Return	Return

Maximum Drawdown

RMB

USD

TOP30

Fund-of-

Funds

Flagship

MOM

Quant

Fund-of-

Funds

Gopher

Global Fixed

Income

Gopher

Offshore

China

Selection

FOF

2014/5/6

13.16%

71.4%

47.9%

11.0%

7.9%

2017/8/9	16.46%	13.1%	-2.3%	7.0%	-1.27%

2014/11/1

7.86%

33.2%

30.9%

6.4%

6.0%

2018/7/31	7.24%	10.1%	9.7%	10.1%	9.7%

2013/7/31

9.27%

102.5%

39.5%

12.7%

5.8%

-18.2%

-13.3%

-7.2%

-1.7%

-21.4%

*Past performance is no guarantee of future results

24

Bond Fund

Gopher Yearly Redeemable Bond Fund

NAV			RETURN
			NAV			CSI Aggregate Bond Index
Gopher Quarterly Redeemable Bond Fund
NAV			RETURN
			NAV			CSI Aggregate Bond Index

Product Features

Diversification

• Portfolio of various high quality corporate bond, government bond with varying maturities
• Investment across business sectors, including TMT, consumers, technology, etc.

Rigorous Credit Risk Control

• Professional credit rating team
• 80% of portfolio are AA or higher rating bond

Bond funds will gradually replace private credit products to meet clients' strong needs for fixed income investments

25

Multi-Strategy Investment

NAV of Gopher Heritage Fund (RMB)

1.15	1.10	Including PE	1.13
	Mar.2019
1.10	Dec.2017
1.05
1.00		Excluding PE
0.95
Dec.2016	Dec. 2017	Mar. 2019

NAV of Gopher Heritage Fund (USD)

1.50

1.40

1.30	1.15	1.43
Dec. 2017	Mar.2019
1.20
1.10
1.00
Dec.2016	Dec. 2017	Mar. 2019

26

CONTENTS

Lending and Other Businesses

Lending and Other Businesses

RMB Million	2Q18	1Q19	2Q19	% Change	1H18	1H19	% Change
YoY	QoQ
Net revenues	45.6	98.6	74.9	64.1%	(24.1%)	88.0	173.5	97.1%
Operating costs and expenses	(60.8)	(53.4)	(39.7)	(34.6%)	(25.6%)	(122.1)	(93.1)	(23.7%)
Compensation and benefits	(32.5)	(25.5)	(26.5)	(18.6%)	3.7%	(65.2)	(52.0)	(20.3%)
SG&A expenses	(12.2)	(9.4)	(11.6)	(4.8%)	23.1%	(26.7)	(21.0)	(21.6%)
Other operating expenses	(16.1)	(18.5)	(16.3)	1.2%	(11.7%)	(31.2)	(34.8)	11.6%
Government subsidies	-	-	14.6	N.A.	N.A.	1.1	14.6	N.A.
Income from operations	(15.1)	45.2	35.2	N.A.	(22.2%)	(34.0)	80.4	N.A.
Operating Margin	N.A.	45.9%	47.0%	N.A.	+1.1%	N.A.	46.4%	N.A.

28

CONTENTS

Appendices

Appendix 1: Major Shareholders

Major share ownership as of June 30, 2019
Shareholder	Ownership %	Title
Jingbo Wang*	22.3%	Chairman, CEO, Co-Founder
Frances Chia-Yue Chang	6.7%	Chief Marketing Officer
Zhe Yin**	5.6%	Co-Founder, CEO of Gopher AM
Capital Group	5.5%
SC China Holding Ltd.	5.4%
Boquan He	5.4%
Fidelity Worldwide Investment	5.1%
Yiheng Capital	4.9%
Ward Ferry Management	4.8%
UBS Asset Management	3.1%
Tiger Pacific	2.9%
BlackRock Fund Advisors	2.3%
J.P. Morgan Asset Management	2.3%
Coronation Fund Management	2.2%
Total	78.4%

• Under theDual-Class Share Structure, Class B shareholder Ms. Jinbo Wang has 49% of total voting rights

** Under the Dual-Class Share Structure, Class B shareholder Mr. Zhe Yin has 12% of total voting rights	30
Source: Company data, Ipreo

Appendix 2: Our History And Key Milestions

Launch of standardized bond fund;

Expansion of overseas office in Singapore

2019

Inclusion into MSCI China Index; Expansion of family office services

2018

Expansion of overseas offices in the US, Canada and Australia; Investment-grade rating by S&P

2017

Launch of Ark Trust and Enoch Education

2014

Establishment of Noah Hong Kong; Fund Distribution License (No.1) in China

2012

NYSE IPO; Establishment of Gopher

2010

Sequoia invested in Noah

2007

				2005
	Management buyout
			2003
Wealth management division of
Xiangcai Securities

31

Appendix 3: Noah's Licenses and Certifications

Fund Distribution
Qualified Private Fund Manager
Financial Leasing	Mainland China
Lending
Factoring
Insurance Brokerage

Portfolio Management
Exempt Market Dealer
(B.C., Ontario)	Canada
Insurance Brokerage
(B.C.)

Insurance Brokerage		U.S.A
(CA, MA, NJ, HI)

	Dealing in Securities (#1)
	Advising in Securities (#4)
Hong Kong	Asset Management (#9)
Insurance Brokerage
	Family Trust
	Money Lender

Australia	Agency Insurance Brokerage
for Marsh & McLennan

Jersey Island	Family Trust

32

Appendix 4: Management Profiles

	Jingbo Wang	Zhe Yin		Yi Zhao	Shang Chuang	Frances Chia-Yue	Yang Gao
	Co-founder,	Co-founder,	Group President		Chief Financial		Chang	Chief Operating
			Chief Marketing
Chairman, CEO	CEO of Gopher				Officer		Officer
				Officer
•	Head of the	•Deputy general	•	CEO for Noah's	•	CEO and	•	CEO for China,	•General Manager
	private banking	manager of the		wealth		Executive Director		ABN AMRO Asset	of public affairs
	department at	wealth		management		Noah Hong Kong		Management Asia	department of
	Xiangcai	management		business since	•	Vice President,	•	CEO for Greater	Noah
	Securities	department at		2013
			IBD & Asia		China and South
		Xiangcai
•	Deputy head of	•	Sales director of		Private Equity,		East Asia,
	ABN AMRO	Securities		Ping An insurance,		Bank of America		Robeco
	Xiangcai Fund			AXA-Minmetals		Merrill Lynch		management
	Management Co.,			Assurance
	Ltd

• Master of Sichuan University
• With Noah for 14 years

• EMBA degree from China Europe International Business School
• With Noah for 14 years

• B.S. from Shenyang Sports University
• With Noah for 7 years

• B.S. in Finance Stern School of Business, New York University
• With Noah for 8 years

• MA in Library Science from UCLA
• With Noah for 8 years

• B.S. from Shanghai University of Finance and Economics
• With Noah for 8 years

33

Appendix 5: Fueled by the power of an integrated WM market

Total Household Investable Assets in China from 2013 to 2023F

(RMB tn)

												243
										+8%	82
										136	147
								121			39
				107			36
				29
		89	24
76
18									161
15
				83	92	100	108
		71
61
2013 2014 2015 2016 2017		2018 …… 2023F
							Ordinary Families		HNWF

Asset Management Products Market Size

											102	98
							97
(RMB tn)
											22	22
							23
						72					4	3
							4
						17	17		22	23
					45	3
					15
					10
		28	2
20	7	13		52		54	50
5	1		37
10
1
7				20
7	10
2012	2013	2014	2015	2016		2017	2018
				Private & Public Funds		Trust Companies
				Insurance Companies		Bank WMPs

Source: China Construction Bank & BCG report, 2019	Source: www.ChinaWealth.com.cn	34
	Asset Management Association of China

Insurance Asset Management Association of China

1. HNWF stands for High Net Worth Families, whose investable assets exceed USD1 million

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