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Dear Partners:

Thank you for your attention, trust and support for Huamao Group, and for your efforts in establishing and consolidating the cooperation between us.

Huamao Group has always taken the integrity-based business philosophy of "being a person of integrity and building a city of classics" as the foundation of our enterprise, requiring employees to uphold integrity, practice self-discipline and resist improper practices. To safeguard corporate interests and lay a solid foundation for the Group's lasting success, we have formulated the Employee Code of Conduct, which sets out normative requirements for employees' principles and conduct. Any violation of this Code will be subject to severe disciplinary action by the Company.

We uphold and cherish all lawful, legitimate, mutually beneficial and win-win cooperation, and firmly oppose any organization or individual inducing employees of Beijing Guohua Real Estate Co., Ltd. to violate the Employee Code of Conduct for improper gain. Where a cooperative relationship is established through improper means, we reserve the right to immediately or permanently terminate the relationship and seek compensation for economic losses.

For the sake of normal cooperation between both parties, we sincerely hope that Huamao's customers, tenants, contractors, suppliers, agents and service providers will understand the integrity and self-discipline of Huamao employees in accordance with the Employee Code of Conduct.

If you discover that any Huamao employee at any level has violated this Code, you are welcome to actively lodge a complaint or report through our reporting center.

Once again, thank you for your trust and support! We look forward to a brighter future through win-win cooperation.