Derek Derek Sulger Partner “In the past, companies competed on cost – the lowest price in this industry would have the deal volume. But now customers focus more on the product quality, and that is giving rise to tremendous new opportunities” Jerry Mao Jerry Mao Partner Jerry Mao | Lunar Capital “We invest in brands in order to create stronger and more sustainable brands that stand the test of time. We are not interested in simply investing in channels, or depleting brand power” Peter Wu Peter Wu Partner Peter Wu - Partner - Lunar “Chinese consumers are also becoming increasingly sophisticated, and their behavior is changing. It is very important to have management that deeply understands these trends and is able to capitalize on opportunities quickly” Yi Li Yi Li Partner Yi Li - Partner - Lunar “Our control-oriented approach provides support for implementing transformative changes in the traditional consumer businesses we invest in” Robin Song Robin Song Partner Robin Song “an integrated approach of capital, resources and deep industry knowledge is the best way to differentiate our brands and develop a competitive advantage, as well as to create value for our investors”

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