HHLR ADVISORS, LTD.

HHLR Advisors, Ltd. ("HHLR") is registered with the United States Securities and Exchange Commission ("SEC") as an investment adviser. HHLR provides investment advisory services to Portfolio Companies and their affiliates. These arrangements present a conflict of interest because HHLR, through a client's ownership interest in a Portfolio Company, could influence that Portfolio Company or one of its affiliates to engage HHLR, its affiliates, or other members of the Hillhouse Network. Additionally, HHLR, its affiliates, or other members of the Hillhouse Network will receive any fixed and incentive compensation agreed to with each such Portfolio Company (or its affiliate), which in many cases is not repaid or rebated to clients, which poses an additional conflict. HHLR recognizes the conflicts in these situations and relies upon its compliance and conflicts policies to manage actual and potential conflicts of interest. HHLR has adopted a Code of Ethics that applies to all of its employees and that is designed to prevent conflicts of interest from influencing its investment decisions. The Code of Ethics requires all employees to disclose any potential conflicts of interest to HHLR's compliance officer and to recuse themselves from any decision-making process in which they have a conflict of interest.

HHLR's investment philosophy involves seeking long-term, risk-adjusted returns through bottom-up analysis and fundamental proprietary research. Their bottom-up analysis includes both qualitative and quantitative assessments of potential investments, with a focus on opportunities where they can gain insights and discover value in a changing world. HHLR's client portfolios primarily focus on publicly-listed investment opportunities and certain clients invest in securities traded on exchanges within the PRC. However, client portfolios may also hold investments in illiquid or less-liquid investments. HHLR allocates investment opportunities among eligible clients fairly and equitably, considering factors such as investment suitability, objectives, valuation, portfolio composition, and liquidity.

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