The 2019 Annual Board Meeting of Peking University Education Foundation (USA) Held in San Francisco

April 20, 2019

| San Francisco

On the morning of April 20, 2019, the 2019 Annual Board Meeting of Peking University Education Foundation (USA) (PKUEF (USA)) was held in San Francisco, with 10 board members participating. Zhihong Xu, Chair of the board, led the meeting.

Zhihong Xu, Chairman of PKUEF (USA)

Weifang Min, Vice-Chairman of PKUEF (USA)

The board of directors reviewed and approved the minutes of the PKUEF (USA) 2018 Annual Board Meeting, the Foundation’s amendment to the bylaws, sub-grant budget of 2019 and the Fundraising Programs, reviewed the project reports of PKUEF (USA) and announced the Foundation’s new treasurer, Liangyu (Jessica) Tang, and new board secretary, Meng (Mandy) Lai, and the appointments of Hsia Choong and Pengfei Xie to the organization’s board of directors. The board of directors also elected a new Investment Committee member and agreed to form the Grant Committee to review and approve certain grants of the Foundation.

The 2019 Annual Board Meeting of PKUEF (USA)

Lynn Zhao, president of the Foundation, and Yuning Li, director of the Board of the Foundation, presented the proposal to appoint an Outsourced Chief Investment Officer (OCIO) to better manage the Foundation’s assets and the two potential candidates for OCIO, Russell Investments and J.P. Morgan.

Lynn Zhao, President of PKUEF (USA)

Yuning Li, Director of the Board of PKUEF (USA)

Russell Investments and J.P. Morgan each made a presentation introducing, among others, the entity self-intro, the relationship management team intro, the fee structure, the services to be provided, historical performance, and proposed investment strategies and recommendations. Board members discussed the options to work with one candidate or concurrently with both candidates and the pros and cons of each candidate.

Russell Investments

J.P. Morgan

First Row L-R: Xudong Shi, Zhihong Xu, Florence Lee Fang, Weifang Min, David S. Lee.                                              Second Row L-R: Liangyu Tang, Pengfei Xie, Hsia Choong, Yuning Li, Lynn Zhao, Meng Lai.

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