On July 1, 2024, ZhongAn Online P & C Insurance Co., Ltd. (the Company) and Alipay Hangzhou entered into the Employee Insurance Agreements, pursuant to which Alipay Hangzhou will purchase protection related insurance and comprehensive medical insurance products from the Company to provide to the Insured Persons. Term: One year commencing from July 1, 2024. Pursuant to the Employee Insurance Agreements, Alipay Hangzhou will purchase protection related insurance and comprehensive medical insurance products (covering, among others, accidental disability insurance, accidental death insurance, disease-related death insurance, disease-related disability insurance, major disease insurance, medical insurance, accidental medical insurance, and/or traffic accident insurance) from the Company to provide to the Insured Persons.

In respect of the annual premium payment, Alipay Hangzhou shall make the payment to the Company in two installments covering the premium payable for the relevant half-year period in July 2024 and January 2025. After the end of the policy year, the final premium will be adjusted and settled accordingly. The premiums to be received by the Company will be based on the type of insurance products purchased by Alipay Hangzhou for the Insured Persons, the age, health, capacity and seniority of the Insured Persons and the total number of persons who have purchased the corresponding insurance policies.

The premiums received by the Company shall be comparable to those paid by independent third parties for similar types of insurance products or to the prevailing market prices. For pricing of the premiums, the Company takes into account the risk portfolio of the product itself, the historical claim settlement data of the Insured Persons, the product expense ratio and market competitive prices. Members of the Company's business management department have conducted market analysis and various other procedures to determine the terms of the insurance products, including premium pricing and product terms. These premium prices must conform with the terms and regulations set by the Company and be approved by other relevant departments such as the Company's actuary department and the operation management centre.

The policy terms and premium rates schedules are either approved by or filed with the National Financial Regulatory Administration.