China Life Insurance : 2019 Annual Results

2019

ANNUAL

RESULTS

26 March 2020

Beijing

Forward-looking Statement

Certain statements contained in this presentation may be viewed as "forward-looking statements" as defined by Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Such forward- looking statements involve known and unknown risks, uncertainties and other factors, which may mean that the actual performance, financial condition or results of operations of the Company could be materially different from any future performance, financial condition or results of operations implied by such forward-looking statements. Further information regarding these risks, uncertainties and other factors is included in the Company's Annual Report on Form 20-F for the fiscal year ended 31 December 2018 filed with the U.S. Securities and Exchange Commission, or SEC, on 24 April 2019; and in the Company's other filings with the SEC. You should not place undue reliance on these forward-looking statements. Unless otherwise stated, all information provided in this presentation is as of the date of this presentation, and the Company undertakes no duty to update such information, except as required under applicable law.

Unless otherwise indicated, the Chinese insurance market information set forth in this presentation is based on public information released by China Banking and Insurance Regulatory Commission.

Note: The Company has prepared these consolidated financial statements in accordance with International Financial Reporting Standards ("IFRSs"), amendments to IFRSs and interpretations issued by the International Accounting Standards Board ("IASB").

Agenda

1. Overview
2. Business & Operations
3. Financials
4. Investments
5. Embedded Value

Overview

WANG Bin, Chairman

Overview｜2019 Results Highlights

Key Operating Metrics		Overall Scale

Value of One Year's Sales		Gross Investment Yield		Comprehensive		Net Profit Attributable to		Gross Written Premiums
		Investment Yield		Equity Holders of the Company			Investment Assets
58.7RMB bn		5.24%		7.28%		58.287RMB bn		567.09RMB bn		3.57RMB trn
+18.6%		+195bps		+418bps		+411.5%		+5.8%		+15.1%

FYRP with Payment		Proportion of Designated		Agent Channel Sales Force		Agent Channel
Duration of 10 years or longer		Protection-oriented Business
		1.613mn people		Monthly Average
RMB bn
59.17		in FYRP				Productive Agents
		+8.6pps
+42.1%			+12.1%		+34.9%
Business Structure				Sales Force

Agent Channel Monthly Average Sales Force for Designated Protection-oriented Products

+43.8%

5

Overview｜Strengthen growth momentum through reform and transformation

With full implementation of the reform measures and key projects, reform dividends will continue to be released,

providing a strong support for the stable and healthy development of China Life

Strengthen growth momentum through reform

Protect the Good Life,

Build A World-class Life Insurance Company

Revitalize China Life and

Achieve Sustainable Growth

Dingxin Project

and transformation

Completed the upgrade of organizational structure & market layout

"Three Major Transformations"

"Dual Centers & Dual Focuses"

"Asset-Liability Interaction"

Prioritize Business Value, Strengthen Sales Force,

Achieve Stable Growth, Upgrade Technology, Optimize

Services & Guard Against Risks

Talents		Mechanism		Innovation		Integration

	Enhance value
● Sales	creation capabilities

Market-oriented

● Investmentinvestment management system

Empower entire

● New Technologiesinsurance value chain

More integrated,

● Operationsintelligent and ecological

6

Overview｜Industry Development Outlook

S h o r t - t e r m

L o n g - t e r m

Short-term impact from COVID-19 on the industry

• Impacted first quarter development of industry and increase uncertainty for the whole year

Fully leveraged		Strengthened	Promoted
	Minimized impact
new technologies		sales force online training	online sales and services

China remains one of the fastest growing insurance markets in the medium-to-long-term

● China's economy will maintain its stable and long-term	● Bigger role of commercial insurance in supporting economic growth and
upward trend	enhancing social security system
● China's per capita GDP crossed the USD10,000 threshold	● Industry will have stronger momentum on both supply and demand sides

China's life insurance market still has large room for growth

USD

Country	USA	China	Japan	Global
Average
Density	1810	221	2629	370
Penetration	2.88%	2.3%	6.72%	3.31%

Life insurance density and penetration of top three countries by 2018 premium

Source: Sigma Report.

CBIRC proposes to improve health insurance products and services, accelerate the development and optimization of commercial pension

20000														20000
	RMB 100mn
15000
10000								7066
					4042	4389	5448
5000
	1587	2410
0
2014	2015		2016	2017	2018	2019	2020	2021	2022	2023	2024	2025

By 2025, the size of China's health insurance market will exceed RMB 2trn

Source: Website of CBIRC, Opinions on Promoting the Development of Commercial Insurance in Social Services	7

Business & Operations

SU Hengxuan, President

Business & Operations｜Premiums

Gross Written Premiums

RMB mn

+5.8%

567,086

535,826

+25.6%69,515

55,330

364,678	+5.8%	385,797

First-year Regular Premiums

RMB mn

+4.8%

109,416

104,419

41,635

59,168

+42.1%

16,482
−77.9%	3,637

104,419	+4.8%	109,416

46,302

46,611

+0.7%

11,399	−79.3%	2,358
2018		2019
Single Premiums (excluding short-term insurance)	First-year Regular Premiums
Renewal Premiums		Short-term Premiums

2018		2019
Less than 5 years	5-9 years	10-year-or-longer

9

Business & Operations｜Business Structure

Long-term FYP Composition

90.2%	97.9%

9.8%	2.1%
2018	2019
		Single Premiums	First-Year Regular Premiums

FYRP Composition

39.9%

54.1%

60.1%

45.9%

2018	2019
Less than 10 years	10-year-or-longer

Long-term GWP Composition	Designated Protection-
oriented Businesses in FYRP

75.9%	77.5%	+8.6
		pps

24.1%	22.5%
2018	2019		2018	2019
Long-TermFirst-year Premiums	Renewal Premiums		10

Business & Operations｜Individual Agent Channel

Agent Channel GWP

RMB mn

+6.9%

436,621

408,278

99,945

91,348+9.4%

Agent Channel FYRP

RMB mn

+5.8%

83,865

79,241

36,731	+42.1%	52,200

316,930

336,676

12,121

-93.9%743

+6.2%

30,389+1.8%

30,922

2018	2019
Renewal Premiums	Premiums from New Policies

2018		2019
Less than 5 years	5-9 years	10-year-or-longer

11

Business & Operations｜Sales Force

Total Sales Force

People
10,000
+4.3%
	184.8
177.2	6.6
8.3	16.6
24.5

161.3

143.9

	2018		2019
Agent	Bancassurance	Group			Tele-sales

Agent Channel Total Sales Force		Agent Channel Upsales Team
People	+12.1%			People
10,000			10,000
161.3

143.9		57.7
40.6	57.7
40.6	+42.1%

103.3

103.6

2018	2019	2018	2019
Marketing	Upsales
Agent Channel Monthly	AgentChannelMonthlyAverageSalesForce
Average Productive Agents	forDesignatedProtection-orientedProducts

+34.9%+43.8%

2018

2019

2018

2019

12

Business & Operations｜Bancassurance & Group Channel

Bancassurance GWP

RMB mn

−8.8%

76,841

1,175

70,060

+35.0% 1,586

23,239

+2.5%

23,820

+1.9%

43,785

44,623

8,642	-99.6%
	31
2018		2019
Single Premiums		Renewal Premiums
(excluding short-term insurance)
First-year Regular Premiums	Short-term Premiums

Bancassurance FYRP

RMB mn

+2.5%

23,239	23,820
4,026	5,925
	+47.2%
4,072	2,766
	−32.1%

−0.1% 15,129

15,141

2018		2019
Less than 5 years	5-9 years	10-year-or-longer

Group Channel GWP

RMB mn

+9.2%

28,846

26,404

5,013

5,136 −2.4%

+12.1% 23,833

21,268

2018	2019
Short-term insurance	Long-term insurance

13

Business & Operations｜Technology-driven China Life

Empower & Upgrade	Innovate & Transform

Empower sales

• Innovated AI assisted-

business development model

• Customers acquired online increased by 47% year-on-year

Empower field offices

• Star field offices achieved full

digitalization

• Sales command center had direct

access to the frontline

Empower services

•	More than 11.3 million claims
	processed via AI automatically
•	Intelligent risk identification

Technology

empowerment and innovation

Cloud-based infrastructure

China Life	•	Improved resource allocation
	efficiency by 10 times
Hybrid Cloud

• Overall access speed increased
  by 3 times

Digital applications

• Flexibly-combined"light" apps

• "Cloud Video" and "Cloud Desktop"

for smart office

FinTech ecosystem

• Incubated 1,000+ applications
• Expanded FinTech ecosystem

accuracy rate 91%

14

Business & Operations｜Operations & Services

Focused on integration

More Accessible

Focused on online services

Customer Services

Services Upgrade

More Convenient

Customer Services

Focused on business scenarios

Smarter

Customer Services

Time required for individual	41%
claims payment shortened by
Volume of services provided	77%
by online robots increased by

Focused on demands

More Customized

Customer Services

Policy administration	47%
processed online increased by

Paperless policy application rate 97.8% for individual customers reached

15

Business & Operations｜2020 Major Tasks

Keep new business

value creation at the core	Accelerate the
integration of
of the Company's reform and
service platforms
transformation

Speed up the

digitalization

in business operation

Further market-

oriented reforms

and "Dingxin Project"

Strengthen risk

management and control, enhance asset-liability management, implement ESG concept, and advance corporate governance

16

Financials

LI Mingguang, Vice President, Chief Actuary and Board Secretary

Financials｜Revenues

Total Revenues	Gross Written Premiums
	RMB mn
RMB mn
729,474	535,826	567,086
627,419
+16.3%		+5.8%

2018201920182019

				Net Investment Income &
Gross Investment Income	Realized / Unrealized Gains & Impairment losses
RMB mn			RMB mn
				Net Realized Spread
	169,043			Gains/(Losses) on Investment		Net Fair Value Gains through
			Net Investment Income	Assets	Impairment Losses	Profit or Loss
			149,109
	+77.7%		133,017
95,148

		8,570			19,251
2018	2019
		(8,205)	(7,887)
		(11,386)	(18,278)
Notes:	2018	2019
	18
Gross investment income = Net investment income + Net realized gains on financial assets + Net fair value gains through profit or loss + Disposal gains and impairment loss of associates and joint ventures

Net investment income includes interest income from debt investments, interest income from deposits, dividend and bonus from equity investments, interest income from loans, net income from investment properties, and share of profit of associates and joint ventures, etc.

Financials｜Costs Structure

Underwriting and Policy		Administrative		Percentage of
Acquisition Costs Ratio1		Expenses Ratio2		Administrative Expenses3

11.16%37.41%

9.99%	33.10%
	5.97%
	5.52%

2018

2019

2018

2019

2018

2019

Notes:

1.Underwriting and Policy Acquisition Costs Ratio = Underwriting and Policy Acquisition Costs/Total Revenues 2.Administrative Expenses Ratio = Administrative Expenses/Total Revenues

3.Percentage of Administrative Expenses = Administrative Expenses/(Administrative Expenses + Underwriting and Policy Acquisition Costs)

19

Financials｜Profit

Net Profit Attributable to Equity

Holders of the Company

(RMB mn)

Weighted Average ROE

Earnings Per Share

(RMB: Yuan)

Dividends Per Share

(RMB: Yuan)

Note: Subject to the approval by the 2019 Annual General Meeting.

2019		2018		Change

58,287	11,395	+411.5% ▲

16.47%

3.54%

+12.93pps ▲

2.05	0.39	+1.66	▲

0.73Note

0.16

+0.57 ▲

20

Financials｜Assets and Liabilities

Assets, Liabilities and Equity		Reserves of Insurance Contracts
RMB mn		RMB mn

	5,578	2,552,736
4,919	403,764	2,216,031
318,371		768,280
		684,082

3,726,734

3,254,403

3,317,392

2,931,113

1,784,456

1,531,949

	2018.12.31			2019.12.31			2018.12.31	2019.12.31
Total Assets		Total Liabilities
Equity Attributable to Equity Holders of the Company		Equity Attributable to Non-Controlling Interests			Reasonable Estimates of Reserves & Risk Margin	Residual Margin

21

Financials｜Equity Holders' Equity

Equity Attributable to Equity Holders of the Company

RMB mn

34,761	150	403,764
58,287		(4,916)

318,371

(2,889)

Equity Attributable to	Effect of Associates' Adoption of	Net Profit Attributable to	Other Comprehensive Income	Other Equity Movements	Dividends	Equity Attributable to
Equity Holders of the Company	New Accounting Standards	Equity Holders of the Company				Equity Holders of the Company
as at December 31, 2018						as at December 31, 2019	22

Financials｜Solvency Position

Core Solvency Ratio		Comprehensive Solvency Ratio

276.53%

	266.71%
250.55%	250.56%

2018.12.31

2019.12.31

2018.12.31

2019.12.31

23

Investments

LI Mingguang, Vice President, Chief Actuary and Board Secretary

Investments｜ Reshaping Investment Team along the Investment Value Creation Chain

Asset-liability Management

Strategic Assets	Tactical Assets
Allocation	Allocation
With asset-liability	Incorporate tactical views on
management as the core,	account level and capitalize
strengthen strategic asset	on market opportunities by
allocation and fundamental	deviating from SAA

research to navigate through

cycles

Risk and Operations Management

Full-range,full-process supervision to guarantee efficient and quality investments

Underlying

Managers

Implement TAA by leveraging both dedicated and external investment managers with distinct investment styles and complementary strengths

Generate Investment Income

25

Investments｜Investment Yields

				Comprehensive
Net Investment Yield		Gross Investment Yield		Investment Yield

7.28%

5.24%

4.64%

4.61%

3.29%	3.10%

2018

2019

2018

2019

2018

2019

Notes:

Net investment yield = (Net investment income - Interest paid for securities sold under agreements to repurchase)/((Investment assets at the end of the previous year - Securities sold under agreements to repurchase at the end of the previous year + Investment assets at the end of the period - Securities sold under agreements to repurchase at the end of the period)/2)

Gross investment yield = (Gross investment income - Interest paid for securities sold under agreements to repurchase)/((Investment assets at the end of the previous year - Securities sold under agreements to repurchase at the end of the previous year - Derivatives financial liabilities at the end of the previous year + Investment assets at the end of the period - Securities sold under agreements to repurchase at the end of the period - Derivatives financial liabilities at the end of the period)/2)

Comprehensive investment yield = (Gross investment income - Interest paid for securities sold under agreements to repurchase + Current net fair value changes of available-for-sale securities recognized in other comprehensive income)/(( Investment assets at the end of the previous year - Securities sold under agreements to repurchase at the end of the previous year - Derivative financial liabilities at the end of the previous year + Investment assets at the end of the period - Securities sold under agreements to repurchase at the end of the period - Derivative financial liabilities at the end of the period)/2)

26

Investments｜Investment Assets Allocation

		31 December 2019		31 December 2018
Investment Assets			Change in
(RMB mn)
Amount	Percentage	Percentage	Amount	Percentage
			(pps)
Fixed-maturity Financial Assets	2,674,261	74.85%	-2.70	2,407,236	77.55%
Term Deposits	535,260	14.98%	-3.04	559,341	18.02%
Bonds	1,410,564	39.48%	-2.72	1,309,831	42.20%
Debt-type Financial Products1	415,024	11.62%	0.30	351,277	11.32%
Other Fixed-maturity Investments2	313,413	8.77%	2.76	186,787	6.01%
Equity Financial Assets	605,996	16.95%	3.27	424,656	13.68%
Common Stocks	276,604	7.74%	1.98	178,710	5.76%
Funds3	118,450	3.31%	-0.11	106,271	3.42%
Bank Wealth Management Products	32,640	0.91%	-0.15	32,854	1.06%
Other Equity Investments4	178,302	4.99%	1.55	106,821	3.44%
Investment Properties	12,141	0.34%	0.03	9,747	0.31%
Cash and Others5	57,773	1.62%	-0.34	60,714	1.96%
Investments in Associates and Joint Ventures	222,983	6.24%	-0.26	201,661	6.50%
Total	3,573,154	100.00%	0.00	3,104,014	100.00%

Notes:

1. Debt-typeFinancial Products include debt investment plans, equity investment plans, trust schemes, project asset-backed plans, credit asset-backed securities, specialized asset management plans, asset management products, etc.
2. Other Fixed-maturity Investments include policy loans, statutory deposits-restricted and interbank certificates of deposits, etc.

3.	Funds include equity funds, bond funds and money market funds, etc. of these, the balances of money market funds as at December 31, 2019 and December 31, 2018 were RMB 1.829 billion and RMB 4.635 billion respectively.	27
4.	Other Equity Investments include private equity funds, unlisted equities, preferred shares, and equity investment plans, etc.
5.	Cash and others include cash, cash at banks, short-term bank deposits and securities purchased under agreements to resell, etc.

Investments｜Credit Risks Well-controlled

Maintained Prudent Investment Strategy

with Well-controlled Risks in Debt-type Assets

Well-diversifiedNon-standard

Fixed-income Assets

2.2% 1.9%

By the end of 2019, the Company's credit bonds exceeded RMB 570 billion with over 96% rated AAA. The total amount of the Company's non-standardfixed-income assets exceeded RMB 430 billion, with over 98% having AAA external ratings.

In 2019, the Company's new non-standardfixed-income investments exceeded RMB 110 billion, with over 98% having AAA external ratings.

3.5%

13.7%

9.0%

9.4%

10.8%

22.2%

15.1%

12.1%

Transportation		Non-bank Finance		Mining
Public Utilities		Comprehensive		Real Estate
Other		Non-ferrous Metal		Electrical Equipment

Building Materials

Note:	28
The industry classification is based on the domestic SWS Index list of first-class industries.

Embedded

Value

LI Mingguang, Vice President, Chief Actuary and Board Secretary

Embedded Value｜Value of One Year's Sales

Value of One Year's Sales

RMB mn

58,698

+18.6%

49,511

2018.12.31

2019.12.31

Note: Value of one year's sales is after cost of required capital.

Value of One Year's Sales by Channel

RMB mn

221

(0.4%)

6,288

(10.7%)

52,189

(88.9%)

Agent Channel	Bancassurance Channel		Group Channel

30

Embedded Value｜New Business Margin of One Year's Sales

Proactively optimized business structure and significantly enhanced the new business margin

Proportion of FYRP in FYP +7.7pps

Proportion of 10-year-or- longer FYRP in FYRP +14.2pps

Proportion of Designated Protection-oriented Businesses in FYRP +8.6pps

New Business Margin of One Year's Sales (by FYP)

Agent Channel	Bancassurance Channel
45.3%		23.8%
42.2%
+3.2	18.7%	+5.1
pps		pps

	2018.12.31	2019.12.31	2018.12.31	2019.12.31
Notes:
1.	FYP used to calculate the new business margin refers to the premium used to calculate the value of one year's sales.
2.	Numbers may not be additive due to rounding.		31

Embedded Value｜Embedded Value and Growth

Embedded Value and Growth

RMB mn

+18.5%

942,087

795,052

+12.3%459,295

408,998

+25.1%

482,793

386,054

2018.12.31	2019.12.31
Adjusted Net Worth	Value of In-force Business (after cost of required capital)

Note: Numbers may not be additive due to rounding.

Embedded Value Allowing for

Diversification in Calculation of VIF

RMB mn

+18.3%

975,768

824,954

492,975

+12.3%

438,900

+25.1%

482,793

386,054

2018.12.31	2019.12.31
Adjusted Net Worth	Value of In-force Business (after cost of required capital)

32

Embedded Value｜Embedded Value Movement Analysis

Embedded Value Movement During 2019

RMB mn

58,698	128	31,906	3,023	198
	(6,846)	(4,916)	(1,781)
66,625

942,087

795,052

EV at the beginning	Expected Returns	Value of One Year's	Operating Experience	Investment Experience Methodology, Model and Market Value and Other	Exchange Gains or	Shareholder Dividends	Others	EV at 31 December
		Sales	Variance	Variance	Assumption Changes	Adjustments	Losses	and Capital Injection		2019

Note: Numbers may not be additive due to rounding.

33

Q&A

Appendix

Appendix｜Honors and Awards in 2019

China Life Insurance (Group) Company, with China Life Insurance Company Limited as a core subsidiary, has made it onto the Fortune Global 500 list for 17 consecutive years, ranking 51st in 2019

China Life ranked 5th in "China's Top 500 Most Valuable Brands 2019" with its brand value amounting to RMB 353.99 billion, sustaining its leading position in the insurance industry

Awarded "Most Honored Company (Insurance Industry)" in the Institutional Investor's "2019 All-

Asia Executive Team Most Honored Companies Awards"

Awarded "HKIRA 5th Investor Relations Awards - Certificate of Excellence" by Hong Kong Investor

Relations Association

Awarded "2019 High Quality Development Insurance Company Ark Price" at the "Ark Price for

China Insurance Industry" selection organized by Securities Times

36

Appendix｜Corporate Social Responsibilities

China Life's corporate culture & social responsibility concept:

"Success for you, Success by you"

Implement Major Strategies to	Protect People's Health and	Promote Ecological Progress and
Contribute to National Development	Promote Social Welfare	Green Development

• The Company implemented the national strategies on Guangdong-HongKong-Macao Greater Bay Area, the "Belt and Road" initiative, precise poverty alleviation, etc. and applied the principles and requirements of financial institutions servicing the real economy. We played a leading role in poverty alleviation through insurance, providing insurance coverage for nearly 25 million households in need, with total risk coverage amounting to RMB 3.6 trillion. We also carried out poverty alleviation through e-commerce, public welfare and employment, paying more than RMB 5.2 billion in precise poverty alleviation, contributing to building a moderately prosperous society in all respects and achieving complete poverty alleviation.
• The Company gave full play to the functions of the insurance industry as an economic "buffer" and a social "stabilizer", actively serving the "Healthy China" strategy, contributing its strengths to earthquake relief, charity and public welfare undertakings and promoting the healthier and better livelihood of the people. By the end of 2019, the Company's old-age accident insurance provided about RMB 10.8 trillion of risk protection to nearly 54.649 million old people. In 2019, the company donated RMB 6.66 million for China Life's "Green Life" Poverty Alleviation Project to provide major illness relief to nearly 100,000 juveniles living in deep poverty-stricken areas such as Luhuo County of Ganzi Prefecture, Sichuan and Shule County, Xinjiang.
• The Company responded positively to the government's call to "develop green finance, expand energy conservation and environmental protection industries, cleaner production industries and clean energy industries", organically combining the investment business with the national economy and people's livelihood, and pushing China Life Asset Management Co., Ltd. to take the lead in joining the UN-supported Principles for Responsible Investment. The concept of low carbon has been integrated into daily operations and business development, reflecting the dedication and responsibility in building a beautiful China. By the end of 2019, a total of more than 55 million services were handled online, saving 444.30 tons of paper.

37

Appendix｜Sensitivity Analysis - Investment Return and Risk Discount Rate

Value of In-force Business			Value of One Year's Sales
(after cost of required capital)			(after cost of required capital)
RMB mn			RMB mn
	82,269			9,598
21,966	58,698	2,986
459,295

(20,446)

(2,763)

(81,914)

(9,590)

Investment Return	Risk Discount Rate	Base Case	Risk Discount Rate	Investment Returns	Investment Return	Risk Discount Rate	Base Case	Risk Discount Rate	Investment Returns
-50bps	+50bps		-50bps	+50bps	-50bps	+50bps		-50bps	+50bps

Note: Numbers may not be additive due to rounding.

38

Appendix｜Sensitivity Analysis - Operational Assumptions

Sensitivity Analysis Results - Value of In-force Business (after cost of required capital)

RMB mn

Base

459,295

Morbidity Rates +/-10%	-6,361	6,513

Lapse Rates +/-10%

-560

483

Mortality Rates for Non-Annuity
Products +/-10%	-3,118	3,119
Mortality Rates for Annuity
Products -/+10%

Expenses +/-10%

-5,988

5,988

-8,000

-6,000

-4,000

-2,000

0

2,000

4,000

6,000

8,000

Note: Numbers may not be additive due to rounding.

39

Appendix｜Sensitivity Analysis - Operational Assumptions (cont'd)

Sensitivity Analysis Results - Value of One Year's Sales (after cost of required capital)

RMB mn

Base

58,698

Morbidity Rates +/-10%	-2,215	2,227

Lapse Rates +/-10%

-1,164

1,204

Mortality Rates for Non-Annuity
Products +/-10%	-831	833
Mortality Rates for Annuity
Products -/+10%

Expenses +/-10%

-3,352

3,352

-4,000

-3,000

-2,000

-1,000

0

1,000

2,000

3,000

4,000

Note: Numbers may not be additive due to rounding.

40

Appendix｜Sensitivity Analysis - Other

Sensitivity Analysis Results

RMB mn	Value of In-force Business	Value of One Year's Sales
(after cost of required capital)	(after cost of required capital)
Using 2018 EV Appraisal Assumptions	458,961	59,483

41