GreenTree Hospitality Group ^{Priced, NYSE: GHG}

We are the leading pure play franchised hotel operator in China as franchised-and-managed hotels represent almost all of the hotels in our hotel network. In 2016, we were the fourth largest economy to mid-scale hotel group in China in terms of number of hotel rooms, according to China Hospitality Association. As of December 31, 2017, we had the highest proportion of franchised-and-managed hotels among the top four major economy to mid-scale hotel networks in China, with 98.9% of hotels in our network as of those dates being franchised-and-managed hotels. As of December 31, 2017, our hotel network comprised 2,289 hotels with 190,807 rooms in China, covering all four centrally-administrated municipalities and 263 cities throughout all 27 provinces and autonomous regions in China, as well as an additional 306 hotels with 23,157 rooms that were contracted for or under development. Out of those 306 hotels, 129 hotels were contracted for, and the remaining 177 hotels were under development and are expected to commence operation by June 2018.