China

September 20, 2017

Vivian Jiang
	Deloitte China 30/F Bund Center 222 Yan An Road East Shanghai 200002 PRC Tel: +86 21 6141 1098 Fax: +86 21 6335 0003 Email: vivjiang@deloitte.com.cn Website: www.deloitte.com.cn Vivian Jiang, Deloitte China, is the deputy CEO and a key member of the member firm's executive committee. She is also the national tax and legal leader for Deloitte China and sits on Deloitte's global tax and legal executive committee. Vivian leads Deloitte China's Women of Impact initiative. Vivian has more than 20 years of professional experience in China and the US, providing tax and business advisory services to multinational corporations in a wide range of industries. Her extensive experience covers managing M&A transactions for private equity firms and corporate buyers including structuring, due diligence and post-acquisition integration, and providing tax and regulatory advice to multinational corporations for investing in China and to Chinese companies going abroad. Vivian is a frequent writer on financial and business advisory topics related to investment and M&A transactions in China, and a frequent speaker in conferences and seminars on related topics. Vivian has been recognised as one of Shanghai's top 10 young economic talents. She has also chaired the financial/tax committee of the American Chamber of Commerce in Shanghai. Vivian is a State Administration of Taxation (SAT) appointed elite coach for the development of leading tax experts, also the distinguished lecturer of the China Certified Tax Agents Association, guest lecturer at Fudan University, visiting professor at Shanghai University of Finance and Economics, Xiamen University, Zhongnan University of Economics and Law, Shangdong University, Central University of Finance and Economics, and senior adviser of the East China University of Political Science and Law's centre for international tax law. Vivian is a member of the Shanghai standing committee of the CPPCC (Chinese People's Political Consultative Conference). She is also the standing director of the China International Taxation Research Institute. Vivian holds a master's degree from Georgia State University and is licensed as a certified public accountant in the State of Georgia.

Vivian Jiang

Deloitte China

30/F Bund Center

222 Yan An Road East

Shanghai 200002

PRC

Tel: +86 21 6141 1098

Fax: +86 21 6335 0003

Email: vivjiang@deloitte.com.cn

Website: www.deloitte.com.cn

Vivian Jiang, Deloitte China, is the deputy CEO and a key member of the member firm's executive committee. She is also the national tax and legal leader for Deloitte China and sits on Deloitte's global tax and legal executive committee. Vivian leads Deloitte China's Women of Impact initiative.

Vivian has more than 20 years of professional experience in China and the US, providing tax and business advisory services to multinational corporations in a wide range of industries. Her extensive experience covers managing M&A transactions for private equity firms and corporate buyers including structuring, due diligence and post-acquisition integration, and providing tax and regulatory advice to multinational corporations for investing in China and to Chinese companies going abroad.

Vivian is a frequent writer on financial and business advisory topics related to investment and M&A transactions in China, and a frequent speaker in conferences and seminars on related topics. Vivian has been recognised as one of Shanghai's top 10 young economic talents. She has also chaired the financial/tax committee of the American Chamber of Commerce in Shanghai. Vivian is a State Administration of Taxation (SAT) appointed elite coach for the development of leading tax experts, also the distinguished lecturer of the China Certified Tax Agents Association, guest lecturer at Fudan University, visiting professor at Shanghai University of Finance and Economics, Xiamen University, Zhongnan University of Economics and Law, Shangdong University, Central University of Finance and Economics, and senior adviser of the East China University of Political Science and Law's centre for international tax law.

Vivian is a member of the Shanghai standing committee of the CPPCC (Chinese People's Political Consultative Conference). She is also the standing director of the China International Taxation Research Institute.

Vivian holds a master's degree from Georgia State University and is licensed as a certified public accountant in the State of Georgia.

Eunice Kuo
	Deloitte China 9/F Bund Center 222 Yan An Road East Shanghai 200002 PRC Tel:+86 21 6141 1308 Email: eunicekuo@deloitte.com.cn Website: www.deloitte.com/cn Eunice Kuo, Deloitte China, is the tax managing partner of the eastern region and the national leader for cross-border tax and transfer pricing services. Eunice has 30 years of experience providing business structuring and transfer pricing services, having worked on preparing transfer pricing reports, planning for cross-border transfer pricing risks on the association between enterprises, assisting enterprises to negotiate transfer pricing agreements and tax adjustments, and providing tax planning advice for the process architecture of cross-border transactions. Eunice has actively participated in business model optimisation projects in China. The advisory services she has been involved in include selecting principal company locations, restructuring of transactional flows in China and across Asia Pacific regions to eliminate tax inefficiencies and to mitigate China tax risks, doing financial models to have detailed analysis of pros and cons with business restructuring and assistance in implementation. Her clients in this area are mainly large multinational enterprises and also include China-based companies. Eunice is a Taiwanese and Chinese certified public accountant. She has been named as the leading transfer pricing adviser every year by Euromoney. She was also named the best female transfer pricing adviser by Euromoney for the Asia Pacific region. Eunice was recently named as the Best of the Best 2013-2015 and 2016-2018 in the transfer pricing area by Euromoney.

Eunice Kuo

Deloitte China

9/F Bund Center

222 Yan An Road East

Shanghai 200002

PRC

Tel:+86 21 6141 1308

Email: eunicekuo@deloitte.com.cn

Website: www.deloitte.com/cn

Eunice Kuo, Deloitte China, is the tax managing partner of the eastern region and the national leader for cross-border tax and transfer pricing services.

Eunice has 30 years of experience providing business structuring and transfer pricing services, having worked on preparing transfer pricing reports, planning for cross-border transfer pricing risks on the association between enterprises, assisting enterprises to negotiate transfer pricing agreements and tax adjustments, and providing tax planning advice for the process architecture of cross-border transactions.

Eunice has actively participated in business model optimisation projects in China. The advisory services she has been involved in include selecting principal company locations, restructuring of transactional flows in China and across Asia Pacific regions to eliminate tax inefficiencies and to mitigate China tax risks, doing financial models to have detailed analysis of pros and cons with business restructuring and assistance in implementation. Her clients in this area are mainly large multinational enterprises and also include China-based companies.

Eunice is a Taiwanese and Chinese certified public accountant. She has been named as the leading transfer pricing adviser every year by Euromoney. She was also named the best female transfer pricing adviser by Euromoney for the Asia Pacific region. Eunice was recently named as the Best of the Best 2013-2015 and 2016-2018 in the transfer pricing area by Euromoney.

Maria Liang
	Deloitte China 9/F, Bund Center 222 Yanan Road East Shanghai PRC Tel: +86 21 6141 1059 Email: mliang@deloitte.com.cn Website: www.deloitte.com Maria Liang, Deloitte China, is a global business tax service partner. She is also the national tax leader of the life science and healthcare (LSHC) industry sector at Deloitte China, the deputy leader of Deloitte China Tax & Legal in eastern China, and the office managing partner of the Suzhou office at Deloitte China. Maria has more than 18 years of professional experience in China in providing Chinese tax advisory and business consultancy services for MNCs' inbound investments and Chinese companies' outbound investments. She has worked across industries including LSHC, education, technology, media and telecommunications and manufacturing sectors. Her primary experience includes providing professional advice on local and cross-border tax and business issues, tax compliance review, tariff classification, customs compliance review, export processing trade compliance review, optimisation of tax aligned supply chain and trade facilitation models for MNC clients. Maria has been working with the global expansion optimisation and location strategy (GEO) team, providing tax assistance on various site selection projects including development of optimised tax strategy and financial subsidy negotiation assistances. Maria is the intelligence committee member of the Canadian International Trade Park of Suzhou Industrial Park. She graduated from the University of Alberta in Canada with a master's degree in business administration and from the South-Central Institute of Technology, China, with a Bachelor of Commerce degree. She is also the contributing author of the CCH China Tax Master Guide and speaks frequently at various chambers of commerce and industry associations.

Maria Liang

Deloitte China

9/F, Bund Center

222 Yanan Road East

Shanghai

PRC

Tel: +86 21 6141 1059

Email: mliang@deloitte.com.cn

Website: www.deloitte.com

Maria Liang, Deloitte China, is a global business tax service partner. She is also the national tax leader of the life science and healthcare (LSHC) industry sector at Deloitte China, the deputy leader of Deloitte China Tax & Legal in eastern China, and the office managing partner of the Suzhou office at Deloitte China.

Maria has more than 18 years of professional experience in China in providing Chinese tax advisory and business consultancy services for MNCs' inbound investments and Chinese companies' outbound investments. She has worked across industries including LSHC, education, technology, media and telecommunications and manufacturing sectors. Her primary experience includes providing professional advice on local and cross-border tax and business issues, tax compliance review, tariff classification, customs compliance review, export processing trade compliance review, optimisation of tax aligned supply chain and trade facilitation models for MNC clients. Maria has been working with the global expansion optimisation and location strategy (GEO) team, providing tax assistance on various site selection projects including development of optimised tax strategy and financial subsidy negotiation assistances.

Maria is the intelligence committee member of the Canadian International Trade Park of Suzhou Industrial Park. She graduated from the University of Alberta in Canada with a master's degree in business administration and from the South-Central Institute of Technology, China, with a Bachelor of Commerce degree. She is also the contributing author of the CCH China Tax Master Guide and speaks frequently at various chambers of commerce and industry associations.

Vicky Wang
	Deloitte China 30F, Bund Center 222 Yan An East Road Shanghai, 200002 PRC Tel: +86 21 6141 1035 Email: vicwang@deloitte.com.cn Website: www.deloitte.com Vicky Wang, Deloitte China, leads the international tax and M&A service line. She is based in Shanghai with more than 20 years of professional tax consulting experience. Vicky specialises in cross-border transaction structuring including investments, divestments, financing structures, complex M&A structuring advice, due diligence, fund advisory, and supply chain and business model optimisation. Vicky is a member of the American Institute of Certified Public Accountants, and a regular speaker at international tax conferences. She is also one of the anchor speakers at Deloitte Asia Pacific Dbriefs and is well recognised in the Asia Pacific international tax society.

Vicky Wang

Deloitte China

30F, Bund Center

222 Yan An East Road

Shanghai, 200002

PRC

Tel: +86 21 6141 1035

Email: vicwang@deloitte.com.cn

Website: www.deloitte.com

Vicky Wang, Deloitte China, leads the international tax and M&A service line. She is based in Shanghai with more than 20 years of professional tax consulting experience. Vicky specialises in cross-border transaction structuring including investments, divestments, financing structures, complex M&A structuring advice, due diligence, fund advisory, and supply chain and business model optimisation.

Vicky is a member of the American Institute of Certified Public Accountants, and a regular speaker at international tax conferences. She is also one of the anchor speakers at Deloitte Asia Pacific Dbriefs and is well recognised in the Asia Pacific international tax society.

Yali Yin
	Deloitte China 8th Floor, W2 Office Building Oriental Plaza 1 East Chang An Ave Beijing PRC Tel: +86 10 8520 7564 Fax: +86 10 8518 1326 Email: yayin@deloitte.com.cn Website: www.deloitte.com Yali Yin, Deloitte China, has close to 20 years of US and Chinese experience in providing business and tax consulting services to companies including multinational corporations, publicly listed companies, pre-initial public offering (IPO) companies, as well as state owned enterprises. She practiced US tax in California, US, from 1997 to 2005 and has accumulated rich experience in serving companies with US operations. Yali joined Deloitte China in 2005 and, since then, she has been providing outbound and inbound investment advisory, pre-IPO tax restructuring, as well as other tax and business consulting services to clients in a variety of industries including technology, media, telecommunications, education, and life sciences, etc. Yali also provides extensive tax advisory services to high-net-worth individuals. She is the national leading tax partner for Deloitte China's technology, media and telecommunications industry. Yali is actively involved in a number of business and professional associations and has been a constant speaker at conferences and seminars in the market. Yali graduated from the University of California, Los Angeles, and Peking University. She is a US certified public accountant and member of American Institute of Certified Public Accountants and California Society of Certified Public Accountants.

Yali Yin

Deloitte China

8th Floor, W2 Office Building

Oriental Plaza

1 East Chang An Ave

Beijing

PRC

Tel: +86 10 8520 7564

Fax: +86 10 8518 1326

Email: yayin@deloitte.com.cn

Website: www.deloitte.com

Yali Yin, Deloitte China, has close to 20 years of US and Chinese experience in providing business and tax consulting services to companies including multinational corporations, publicly listed companies, pre-initial public offering (IPO) companies, as well as state owned enterprises. She practiced US tax in California, US, from 1997 to 2005 and has accumulated rich experience in serving companies with US operations. Yali joined Deloitte China in 2005 and, since then, she has been providing outbound and inbound investment advisory, pre-IPO tax restructuring, as well as other tax and business consulting services to clients in a variety of industries including technology, media, telecommunications, education, and life sciences, etc. Yali also provides extensive tax advisory services to high-net-worth individuals. She is the national leading tax partner for Deloitte China's technology, media and telecommunications industry.

Yali is actively involved in a number of business and professional associations and has been a constant speaker at conferences and seminars in the market.

Yali graduated from the University of California, Los Angeles, and Peking University. She is a US certified public accountant and member of American Institute of Certified Public Accountants and California Society of Certified Public Accountants.

Natalie Yu
	Deloitte China 8F Tower W2 The Towers Beijing Oriental Plaza 1 East Chang An Avenue Beijing 100738 PRC Tel: +86 10 8520 7567 Fax: +86 10 8518 1326 Email: natyu@deloitte.com.cn Website: www.deloitte.com Natalie Yu, Deloitte China, is a tax partner and lead partner of the firm's northern region in financial services, based in Beijing. With the focus on the financial industry, she provides advisory services to financial institutions including commercial banks, investment banks, insurance companies, asset managers and VC/PE funds. In her more than 17 years of professional experience, Natalie has advised multinational financial institutions on market entry and exit strategies, international structuring and investment vehicle selection, cross-border transactions, financing and cash repatriation strategies, mergers and acquisitions, and regulatory as well as foreign exchange issues. Natalie actively participated in industry discussions and provided suggestions to the regulators about the tax issues on financial industries. Natalie actively participated in industry discussions and provided suggestions to the regulators about the tax issues on financial industries such as VAT reform on financial industry, and tax policies on innovative financial products including asset back securities, qualified foreign institutional investors (QFII), and other collective investment vehicles. Natalie worked at a multinational commercial bank and an investment bank in Singapore and Hong Kong, respectively. She also worked at the Deloitte London office at its financial services group. Natalie holds an MBA degree from the University of Chicago and is a Chinese Institute of Chartered Public Accountant.

Natalie Yu

Deloitte China

8F Tower W2

The Towers

Beijing Oriental Plaza

1 East Chang An Avenue

Beijing 100738

PRC

Tel: +86 10 8520 7567

Fax: +86 10 8518 1326

Email: natyu@deloitte.com.cn

Website: www.deloitte.com

Natalie Yu, Deloitte China, is a tax partner and lead partner of the firm's northern region in financial services, based in Beijing. With the focus on the financial industry, she provides advisory services to financial institutions including commercial banks, investment banks, insurance companies, asset managers and VC/PE funds.

In her more than 17 years of professional experience, Natalie has advised multinational financial institutions on market entry and exit strategies, international structuring and investment vehicle selection, cross-border transactions, financing and cash repatriation strategies, mergers and acquisitions, and regulatory as well as foreign exchange issues.

Natalie actively participated in industry discussions and provided suggestions to the regulators about the tax issues on financial industries. Natalie actively participated in industry discussions and provided suggestions to the regulators about the tax issues on financial industries such as VAT reform on financial industry, and tax policies on innovative financial products including asset back securities, qualified foreign institutional investors (QFII), and other collective investment vehicles.

Natalie worked at a multinational commercial bank and an investment bank in Singapore and Hong Kong, respectively. She also worked at the Deloitte London office at its financial services group. Natalie holds an MBA degree from the University of Chicago and is a Chinese Institute of Chartered Public Accountant.

Jennifer Zhang
	Deloitte China 8/F Deloitte Tower The Towers, Oriental Plaza 1 East Chang An Avenue Beijing 100738 PRC Tel: +86 10 8520 7638 Fax: +86 10 8518 1326 Email: jenzhang@deloitte.com.cn Website: www.deloitte.com/cn Jennifer Zhang, Deloitte China, is an international tax partner based in Beijing. She is the national deputy leader and northern regional leader of Deloitte China's international tax and M&A tax practice, as well as leader of Deloitte China's oil and gas tax practice. She has more than 18 years of experience working in international accounting firms both in China and the US. Jennifer has in-depth knowledge and experience with respect to China tax, international tax and US tax. She is familiar with Chinese cross-border investment, mergers and acquisitions, foreign exchange and customs related regulations. She has rich experience in providing tax advisory, tax compliance, international tax planning, tax controversy and other tax and business advisory services to multinationals, Chinese state-owned enterprises, private enterprises and VC/PEs. She has extensive experience in serving China-based enterprises going outbound through greenfield investment, M&A and overseas IPOs. Jennifer's clientele includes companies in energy and resources, technology, consumer business, construction, manufacturing, financial services and public service industries. She has built up good working relationships with tax and other government authorities in China. Jennifer graduated from the Beijing Foreign Studies University, majoring in English and international trade. She is a member of the Chinese Institute of Certified Public Accountants.

Jennifer Zhang

Deloitte China

8/F Deloitte Tower

The Towers,

Oriental Plaza

1 East Chang An Avenue

Beijing 100738

PRC

Tel: +86 10 8520 7638

Fax: +86 10 8518 1326

Email: jenzhang@deloitte.com.cn

Website: www.deloitte.com/cn

Jennifer Zhang, Deloitte China, is an international tax partner based in Beijing. She is the national deputy leader and northern regional leader of Deloitte China's international tax and M&A tax practice, as well as leader of Deloitte China's oil and gas tax practice. She has more than 18 years of experience working in international accounting firms both in China and the US.

Jennifer has in-depth knowledge and experience with respect to China tax, international tax and US tax. She is familiar with Chinese cross-border investment, mergers and acquisitions, foreign exchange and customs related regulations. She has rich experience in providing tax advisory, tax compliance, international tax planning, tax controversy and other tax and business advisory services to multinationals, Chinese state-owned enterprises, private enterprises and VC/PEs. She has extensive experience in serving China-based enterprises going outbound through greenfield investment, M&A and overseas IPOs.

Jennifer's clientele includes companies in energy and resources, technology, consumer business, construction, manufacturing, financial services and public service industries. She has built up good working relationships with tax and other government authorities in China.

Jennifer graduated from the Beijing Foreign Studies University, majoring in English and international trade. She is a member of the Chinese Institute of Certified Public Accountants.

Pauline Zhang
	Deloitte China 8/F Tower W2 The Towers Oriental Plaza 1 East Chang An Avenue Beijing 100738 PRC Tel: +86 10 85207502 Fax: +86 10 85181326 Email: paubzhang@deloitte.com.cn Website: www.deloitte.com Pauline Zhang, Deloitte China, is a vice chairman and a senior tax partner based in Beijing, with 27 years of Chinese tax and business advisory experience. She has extensive experience in restructuring, business model optimisation, transaction services, cross-border tax planning, wealth management tax planning, tax controversy services, etc. Pauline is also experienced in Chinese tax policymaking and administration, and has good connections with a number of Chinese tax authorities and other government bodies. Before joining Deloitte, Pauline was a senior official of the foreign taxation department as well as the tax reform and legislative department of China's State Administration of Taxation. She participated in the drafting of the major tax laws and regulations, including the Income Tax Law concerning foreign investment enterprises and foreign enterprises, and China's overall tax reforms project conducted in 1994. Pauline holds a LLM (US taxation law) degree from the Law School of Golden Gate University, US, and two law degrees (international law) from the Law School of Peking University, China. Pauline frequently speaks at seminars on important Chinese tax topics and has published some tax articles and books.

Pauline Zhang

Deloitte China

8/F Tower W2

The Towers

Oriental Plaza

1 East Chang An Avenue

Beijing 100738

PRC

Tel: +86 10 85207502

Fax: +86 10 85181326

Email: paubzhang@deloitte.com.cn

Website: www.deloitte.com

Pauline Zhang, Deloitte China, is a vice chairman and a senior tax partner based in Beijing, with 27 years of Chinese tax and business advisory experience. She has extensive experience in restructuring, business model optimisation, transaction services, cross-border tax planning, wealth management tax planning, tax controversy services, etc.

Pauline is also experienced in Chinese tax policymaking and administration, and has good connections with a number of Chinese tax authorities and other government bodies. Before joining Deloitte, Pauline was a senior official of the foreign taxation department as well as the tax reform and legislative department of China's State Administration of Taxation. She participated in the drafting of the major tax laws and regulations, including the Income Tax Law concerning foreign investment enterprises and foreign enterprises, and China's overall tax reforms project conducted in 1994.

Pauline holds a LLM (US taxation law) degree from the Law School of Golden Gate University, US, and two law degrees (international law) from the Law School of Peking University, China. Pauline frequently speaks at seminars on important Chinese tax topics and has published some tax articles and books.