Zhejiang Ssaw Boutique Hotels Co.Ltd(301073) : evaluation report of Jinglan Hotel Investment Management Co., Ltd

Zhejiang Ssaw Boutique Hotels Co.Ltd(301073) : the appraisal report of Jinglan Hotel Investment Management Co., Ltd. Zhejiang Ssaw Boutique Hotels Co.Ltd(301073) : Junlan Hotel Group Co., Ltd., Zhejiang Ssaw Boutique Hotels Co.Ltd(301073) : zhongtonghua asset appraisal (Shanghai) Co., Ltd. (hereinafter referred to as “zhongtonghua Shanghai” or our company) has accepted your entrustment and adopted the recognized appraisal method in accordance with relevant laws, regulations, asset appraisal standards and asset appraisal principles, According to the necessary appraisal procedures, the market value of all shareholders’ equity of Jinglan Hotel Investment Management Co., Ltd. on the benchmark date was appraised. The summary of the appraisal report is as follows: the purpose of the appraisal is to provide a value reference basis for Zhejiang Ssaw Boutique Hotels Co.Ltd(301073) to acquire the equity of Jinglan Hotel Investment Management Co., Ltd