Investor Presentation November 2020 Cautionary Note on Forward-Looking Statements

• This presentation includes statements that are, or may be deemed, "forward-looking statements" under applicable U.S federal security laws. In some cases these forward-looking statements can be identified by the use of forward-looking terminology, including the terms "believes," "estimates," "anticipates," “expects," "plans," “goals,” “intends," "may," "could," "might," "will," "should," "approximately," "potential," or in each case, their negative or other variations thereon or comparable terminology, although not all forward-looking statements contain these words. They appear in a number of places throughout this presentation and include statements regarding our intentions, beliefs, projections, outlook, analyses or current expectations concerning, among other things, the markets for automobile purchase and financing services and ride-hailing in . • By their nature, forward-looking statements involve risks and uncertainties because they relate to events, competitive dynamics, and regulatory developments and depend on the economic circumstances that may or may not occur in the future or may occur on longer or shorter timelines than anticipated. Although we believe that we have a reasonable basis for each forward-looking statement contained in this presentation, we caution you that forward-looking statements are not guarantees of future performance and that our actual results of operation, financial condition and liquidity, and the development of the industries in which we operate may differ materially from the forward-looking statements contained in this presentation as a result of, among other factors, the factors referenced in the "Risk Factors" section in our annual report on Form 10-K for the fiscal year ended March 31, 2020 and our other reports filed with the Securities and Exchanged Commission ("SEC"). In addition, even if our results of operation, financial conditions and liquidity, and the development of the industries in which we operate are consistent with the forward-looking statements contained in this presentation, they may not be predictive of results or developments in future periods. Any forward-looking statement that we make in this presentation speaks only as of the date of such statement, and we undertake no obligation to update such statements to reflect events or circumstances after the date of this presentation. • This presentation is for informational purposes only and is merely a summary of basic information about us. Because it is a summary, it does not contain all of the information that you should consider if you are considering an investment in our company. This presentation does not constitute an offer for the sale of our securities or a solicitation for an offer to purchase any of our securities in any jurisdiction.

2 “China is like a time machine into the future. With advances in technology driving most businesses today, it is crucial that we discover new business models and innovative ways to stay ahead of the competition.

Our acquisition of Ruixi in 2018 gave Senmiao a unique opportunity to capitalize on the rapid expansion of the ride-hailing market in second and third tier cities in China, like and .” Xi Wen CEO, President & Chairman Company Overview

Senmiao Technology Limited (“the Company” or “Senmiao”) is a fast-growing provider of automobile transaction and related services targeting the online ride-hailing industry in China.

The Company operates an online ride-hailing platform servicing drivers and riders in Chengdu, China.

The Company provides automobile transaction and related services by connecting auto dealers, financial institutions and consumers.

The common stock of the Company started trading on Nasdaq under the ticker symbol “AIHS” on March 16, 2018.

Headquarters Chengdu, China Employees a. 180 Shares Outstanding a. 44.2 Million* Fiscal Year 3/31 Website www.senmiaotech.com The Company operates solely in China, principally in the cities of Chengdu and Changsha.

* As of November 30, 2020 4 Market Thesis: China Ride-hailing Growth

The average annual growth rate of the number of passengers in China’s online ride-hailing market was 21.7% from 2016 to 2019*

* Source: https://www.sohu.com/a/379131759_468661 5 Market Positioning: Senmiao is Fasting Growing in Core Cities

Favorable Growth Trends How Senmiao is Positioned

333 million* Financing Growth Number of online ride-hailing users who paid for express and luxe car Senmiao helps to drivers through the sale, leasing, and financing of services in China at the end of 2018 automobiles for ride-hailing in China

US$60 billion** Focus on Core Cities Estimated transaction value of China‘s online ride-hailing services in Fast growing in second and third tier cities such as Chengdu and 2021 Changsha in mainland China

>21 million*** Partnerships and Proprietary the average daily volume of online ride-hailing orders in China as of October 2020 Platform Business partners are a mix from different providers of ride-hailing services, including drivers, automobile dealers, financial institutions, Large Auto Manufacturers lease companies and map applications in China. FAW, Dongfeng, Chang’an, Volkswagen, Great Wall, Ford, XPeng, Company recently launched its own proprietary ride-hailing platform, SAIC and BMW, etc. have entered online ride-hailing industry**** Xixingtianxia, in Chengdu and Changsha in October and December, 2020, respectively.

* Source: http://www.askci.com/news/chanye/20190302/1805061142617.shtml ** Source: https://cn.technode.com/post/2019-08-20/chinas-ride-sharing-industry-has-seen-its-growth-rate-drop-to-25-percent-in-2018-according- to-a-report-released-by-bain/ *** Source: https://news.china.com/socialgd/10000169/20201013/38840987.html **** Source: http://field.10jqka.com.cn/20191120/c615345929.shtml 6 Company History: A Business Transition

History 2018-2019 1H 2020 2H 2020

Formed as a Tremendous Growth ~ Financing Intermediary Entered Auto Business Adjusted to COVID China Coming Back Company was initially formed as Acquisition of the automobile Revenues increased 514% YoY to As COVID-19 impact has abated, a peer lending business financing and transaction $15.7 million for the year ended the Company has seen ride- facilitation and related services March 31, 2020* hailing growth resume in 2nd and rd Following changes in regulation businesses 3 tier markets. within China, the Company Commenced automobile sales COVID-19 significantly impacted discontinued this business and and leasing in support of ride- FY 2021 Q1 financial results, Seeking opportunities to altered direction hailing industry finding ancillary revenue streams develop its own technology to in short-term rentals support core markets

* Source: See Financial Statements for Fiscal Year Ended March 31, 2020 7 The Growth of Ride-hailing in China Nascent Territory in Secondary and Tertiary Markets Online Ride-hailing: Industry in China from 2016 to 2020

Number of Passengers and Utilization Rate* Market Value**

Number of Passengers (in 10 thousands) Utilization rate (%) Market Value (in RMB100 million)

45000 50.00% 4500 40426 40000 38947 45.00% 3961.6 36230 4000 34346 40.00% 35000 47.00% 47.30% CAGR 3500 44.50% 35.00% +24% 3044.1 30000 2943.3 3000 24908 30.00% 25000 2500 2291.9 34.10% 25.00% 20000 2000 20.00% 15000 15.00% 1500 1288.3 10000 10.00% 1000 10.10% 5000 5.00% 500

0 0.00% 0 December December December June 2019 March 2020 2016 2017 2018 2019 2020E 2016 2017 2018

* Source: https://bg.qianzhan.com/trends/detail/506/200803-a686a138.html ** Source: https://www.analysys.cn/article/detail/20019691 9 Market Development: Regional Distribution

Regional Distribution of Didi Users

First-tier Cities Others 18.59% 32.09%

Second- tier Cities Newly-first 27.97% tier Cities 21.35%

Provinces Cities

Guangdong 广东 16.18% 北京 8.00% 江苏 上海 9.21% 4.68 Beijing 北京 8.00% Chengdu 成都 4.19% 浙江 6.88% Shenzhen 深圳 3.00% 四川 6.88% 广州 2.91% 山东 5.19% Dongguan 东莞 2.66% Shanghai 上海 4.68% 南京 2.42% 福建 4.40% 重庆 2.33% 河南 3.36% 天津 2.22% Hunan 湖南 3.23% 杭州 1.92%

Source: https://www.jiguang.cn/reports/377 10 Market Development: Urban User Penetration

Market Penetration of Online Ride-hailing Services Number of Active Users of Top 10 Online Ride-hailing APPs ~ Still early stages for second and third-tier markets in Urban China in May 2020

Number of Active Users Rank APPs (in 10 thousands)

1 Didi (滴滴出行) 5439.48

First- tier Cities 2 Dida(嘀嗒出行) 585.65

3 01ZHUANCHE(首汽约车) 245.58 Second- tier Cities 4 CAOCAO(曹操出行) 201

Third- tier Cities 5 Union (本地出行) 86.42

6 Xiangdao(享道出行) 80.68 Fourth- tier Cities 7 T3 (T3出行) 78.69

Didi Hitch Ride 8 61.13 Others (滴滴顺风车）

9Uber 45.38

Source: http://www.askci.com/news/chanye/20180914/1600501132066_4.shtml 10 Wanshun(万顺叫车) 31.57

Source: https://www.analysys.cn/article/detail/20019834

11 Market Development: Active Users

The Monthly Number of Active Users of Major Online Ride-hailing Platforms from Feb. 2019 to Feb. 2020 in China

Number of Active Users Between 50 Million to 80 Million

Number of Active Users Between 2 Million to 5 Million

Number of Active Users Less than 1 Million

Source: https://baijiahao.baidu.com/s?id=1662141734070688791&wfr=spider&for=pc 12 Market Development: Largest B2C Providers

Top 10 Provinces & Cities in China by Number of Online Ride-hailing APP Users in December 2017 According to data published by People’s Daily, the largest newspaper group in China, Chengdu ranked No.1 out of 25 major cities in China for online ride-hailing services, as a result of its favorable local 北京 policies, number of vehicles providing ride- hailing services and friendly public opinion Provinces Cities on such services. 广东 Beijing 北京 Jiangsu 江苏 Chengdu 成都

Sichuan 四川 Shanghai 上海

Shandong 山东 Shenzhen 深圳

Beijing 北京 Guangzhou 广州

Zhejiang 浙江 Chongqing 重庆

Henan 河南 Tianjin 天津

Hebei 河北 苏州

Fujian 福建 Nanjing 南京

Shanghai 上海 Dongguan 东莞

Source: http://www.chengdu.gov.cn/chengdu/home/2018- 08/16/content_a00803bd497f4df9b6a84400236592f5.shtml?y7bRbP=UqMPkAqJkA0JkA0JkAG 28Tqh19fDbLBkUCIrLtEiH2Vqqq0 13 Source: http://www.sohu.com/a/224880230_399033 Developing Automobile Leasing Market in China

Development and Forecast of Automobile Leasing Industry in China from 2012 to 2024

Market Value (in RMB100 million) Growth Rate 1,800 35%

32.6% 1,600 1,525 30% 1,458 1,400 1,370 25.0% 25% 1,190 1,200 21.0% 1,034 1,000 20% 17.1% 18.1% 910

16.6% 802 15.1% 800 13.6% 15.1% 15% 679 13.5%

600 512 439 10% 375 400 6.4% 300 248 4.6% 5% 200

- 0% 2012 2013 2014 2015 2016 2017 2018 2019E 2020E 2021E 2022E 2023E 2024E

14 *Source: https://www.qianzhan.com/analyst/detail/220/190213-2fc51000.html Regulatory Landscape of Online Ride-hailing Market in China

Participants Requirements

Must have database access to taxi administration department supervisory system

Ride-hailing Service Platform Must obtain online reservation taxi operating license and report to the local authority where the business operates

Report internet information service to the local authority where the business is registered

Automobiles Used for Online Must obtain online reservation taxi transport certificate Ride-hailing Services (“Automobile Certificate”)

Must obtain online reservation taxi driver's license Drivers (“Driver’s License”)

15 Focused on Creating a Total Solution for the Ride-hailing Market Senmiao: Covering the Total Market for Ride-hailing

Facilitation of Automobile Transactions Auto Sales

• Facilitate sales between third-party sales teams and • Procure and sell qualified vehicles to ride-hailing automobile purchasers drivers • Facilitate sales between automobile purchasers and dealers Automobile Auto Operating Leasing and Rentals Sales Automobile Purchase Services Facilitation for • Provide automobile rental services to individual Financial customers to engage in ride-hailing services or meet Automobile Leasing their personal needs with lease term no more than Services facilitated throughout the purchase process Transactions Management cycle: twelve months and • Provide registration of license plates and permits • The current business focus of Auto Business and with the relevant government authorities Guarantee driving the major growth of the revenue in the future Services • Manage insurance referral, GPS installation Service for • Assist with financing applications to financial Operating Automobile institutions for automobile purchase Leasing Auto Financial Leasing Purchase Online Ride- • Provide automobile financing through financing Management and Guarantee Services hailing leases with lease terms of over twelve months Platform Services • Provide post-transaction management services for Online Ride-hailing Platform Services ride-hailing drivers • Provide guarantee for drivers’ obligations to the financial institutions • Provide facilitation and related services to online ride-hailing drivers to complete a successful transportation services for riders though the proprietary online ride-hailing platform

17 Senmiao: Covering the Total Market for Ride-Hailing

1 Possess financial leasing license

2 Ability to increase number of automobile certificates under company management

3 Growing automobile purchaser base

4 Attractive service offerings and pricing Launched New Proprietary Platform in October 2020 5 Stable collaborations with leading online ride-hailing platforms, multiple financial institutions and third-parties to provide comprehensive services 6 Rigorous collection process

7 Experienced risk management team

8 Proprietary business system and APP

18 The Process: Auto Financing and Transaction

Individual Senmiao Dealer Financial Ride Hailing Institution Begins

Wants a Car to Utilize Provides purchase Senmiao orders Individual signs loan Individual utilizes as a Ride-Hailing or services vehicle for Individual or lease agreements, proceeds / income from Ride-hailing Driver guaranteed by ride-hailing to make Senmiao. Guarantees the loan Dealer then delivers monthly installment Uses Senmiao due to and manages the the vehicle to payments to Senmiao. specialty focus, ease, servicing of the Individual and support vehicle Senmiao makes payments on behalf of individual to financial institutions

Senmiao maintains consistent risk control through: Rigorous application process, GPS monitoring and Post-Transaction Services

19 New Partnerships Driving Total Solution Framework agreement in place for sale of EV vehicles for utilization in China’s ride-hailing market

20 Cooperation with the Leading Online Ride-hailing Platform

The Company has established a cooperative relationship with Didi, a leading transportation network company in China.

凭证类型： 《 滴滴合同信息凭证》

甲方名称： 滴滴出行科技有限公司

甲方经办人： 张圆

乙方名称： 湖南瑞僖融资租赁有限公司

乙方经办人： 李祥龙

合同类型： 收入合作类

合同名称： 合作协议

合同号： DDCX-S-DG-KC-201812130044

保全时间： 2018-12-17 17:19:58

证书说明： 1、 本证书可作为安存电子合同签约平台所签约合同的凭证。 2、 本证书中的保全时间采用中国国家科学院标准服务器时间。 3、 本证书可作为合同双方所签署合同有效性的证明， 具有申请公证的功能具有一定的法律效力。

21 Launch of Proprietary Ride-hailing Platform Recently launched Xixingtianxia, its own proprietary online ride-hailing platform, to drivers and riders in Chengdu, China

• Availability of more online platforms to drivers and riders can help grow its financing and car leasing businesses.

• Began to roll-out Xixingtianxia in specific markets within Chengdu in late October 2020, specifically to current driver customers.

• Intends to focus Xixingtianxia on drivers that currently finance or lease vehicles through Senmiao

• Has set up cooperation with affiliates of China’s leading map applications, Gaode Map and China’s leading e-commerce platform for services, Meituan

• Senmiao launched the platform in Changsha, China in December 2020.

22 Why Chengdu Matters ~ Large Thriving Second Tier City

• Chengdu is the capital of southwestern China's Sichuan province • Population: a. 16 Million (considered a 2nd Tier China city) • Distance to major cities in China: Beijing (1,800 km), Shanghai (1,900 km), Shenzhen (1,700 km) • Best known globally as the home of the Giant Panda

23 Operation of Auto Business in Chengdu*

Accumulated value of automobiles served: >$18.5 M*

One of 8 companies in No. of completed Chengdu designated with DMP automobile transactions： (driver manage partner) status No. of third-party sales by Didi. > 2,300** teams in cooperation with: > 15** No. of Automobile Certificates Sole online ride-hailing service obtained: No. of financial institutions provider in Sichuan publicly >2,000** in collaboration with: traded in the US >10** Chengdu

* Reflects accumulative operating results from November 22, 2018, the acquisition date of the Company’s Auto Business operation, to September 30, 2020 ** Reflects accumulative operating results from October 2017, the commencement date of the operation of Sichuan Jinkailong Automobile Leasing Co., Ltd. (“Jinkailong”), to September 30, 2020. 24 Why Changsha Matters ~ One of China’s Fastest Growing Cities

• Changsha is the capital and highest populated city in Hunan Province in • Population: a. 8 Million (considered a 2nd Tier China city) • Distance to major cities in China: Beijing (1,500 km), Shanghai (880 km), Shenzhen (800 km) • Best known for the Lushan Temple. It is currently a buddhist temple with a long history which stretches back over 1,700 years.

25 Operation of Auto Business in Changsha*

Accumulated value of automobiles No. of served : automobile >$5.3M transactions served: > 300 One of 16 automobile financial No. of leasing companies automobiles with registered under financial capital of more than leases: $8M in Hunan** >120

Changsha

* Reflects accumulative operating results for the periods ended September 30, 2020.

**Source: https://www.tianyancha.com/search/or.5000.2000000?searchType=company&key=%E8%9E%8D%E8%B5%84%E7%A7%9F%E8%B5%81&base=hun 26 Growth in Top Line – Adjusting Strategy Due to COVID

Significant sales growth as ride- $18,000,000 hailing accelerates

$16,000,000 $15,655,575

$14,000,000

$12,000,000

$10,000,000 COVID-19 impacted ride-hailing sector. Company has seen a $8,000,000 resumption of more normalized activities while seeking revenue $6,000,000 First year of auto sales and streams through short-term leasing following acquisition rentals. $4,000,000 $2,551,107 $2,537,312 $2,000,000

$0 FY 2019 FY 2020 6Mos Ended 9/30/2020

27 Growth Strategy

Establish a fleet management company to support financial institutions funding the automobile loans 05 04 Expand Automobile Business Increase automobile certificates to 5000+ in Chengdu 03 1000+ in Changsha Plans to expand financial 02 services to customers

Develop proprietary online ride- 01 hailing platform organically and obtain related online reservation taxi operating license

Build a network of service stations to expand after-sale services organically or through acquisition

28 Investment Conclusions

The expanding automobile leasing Ownership of financial leasing license and online ride-hailing markets in and Automobile Certificates are key China create opportunities for competitive strengths among the rapidly stronger growth. developing automobile financial leasing and online ride-hailing industry, respectively.

We offer automobile financing and We achieve excellent risk and credit operating rental solutions and control through continuous innovation and services to our customers by R&D to strengthen our risk management cooperating with the leading map and operations, led by an experienced applications, online ride-hailing risk management team. related platforms in China, multiple financial institutions and other third- parties.

29 Corporate Leadership Team and Contact Information Corporate Structure

* Including eight subsidiaries as of November 30, 2020. 31 Management

General Manager CEO and Chairman automobile transaction COO & related services

Xi Wen Xiaoyuan Zhang Jie Gao Haitao Liu Chunhai Li • Over 10 years of experience • 10 years of experience in • Over 15 years of experience • Over 25 years of experience in • Over 10 years of experience in in finance and investment finance and auditing in finance and management accounting and finance online technology development management • Former Senior Auditor and • Former Executive Director at • Former CEO of Shenzhen • Former Director of Research • President, Secretary and Assurance Manager at Guangdong Hu Mao Sheng Qianhai Tuteng Internet and Development of Beijing Director of the Company Ernst & Young Hua Ming Tang Fund Management Co., Financial Services Co., Ltd. Huashengtiancheng since June 2017 LLP, Chengdu office Ltd. • Adjunct Lecturer of SUFE Technology Co., Ltd. • Chairman since July 2017, • Certified Public Accountant • Associate’s degree in Hotel • Master’s degree in EMBA • Bachelor’s degree in Computer and CEO of the Company in China Secretary from Hunan (Finance) from SUFE Science from University of since August 2018 • Bachelor’s degrees in University of Commerce • Bachelor’s degree in Business Electronic Science and • Bachelor’s degree in Accounting and Law Administration from Southwest Technology of China Business and Economics from Southwestern Jiaotong University from Manchester University of Finance and Metropolitan University Economics (“SUFE”)

32 Board of Directors

Chairman of the CEO Board Director Director Director Director online lending services

Xi Wen Xiaojuan Lin Trent Davis Jie Gao Sichun Wang • Over 10 years of experience • Director of the Company since • Director of the Company • Director of the Company • Director of the Company since in finance and investment July 2017 since March 2018 since November 2018 November 2018 and Chairman of management • Chairman of Compensation • Member of Audit Committee, • Over 15 years of experience the Audit Committee • President, Secretary and Committee and Nominating and Compensation Committee, in finance and management • Member of Compensation Director of the Company Corporate Governance and Nominating and • Former Executive Director at Committee, and Nominating and since June 2017 Committee Corporate Governance Guangdong Hu Mao Sheng Corporate Governance Committee • Chairman since July 2017, • Member of the Audit Committee Committee Tang Fund Management Co., • Nearly 10 years of experience in and CEO of the Company • About 20 years of experience in • Over 15 years of experience Ltd. audit and investment management since August 2018 accounting and finance in corporate governance and • Associate’s degree in Hotel • Certified Public Accountant in • Bachelor’s degree in • Certified Public Accountant in investment management Secretary from Hunan China Business and Economics China • B.S. in Business and University of Commerce • Bachelor’s degree in accounting from Manchester • Bachelor’s degree in Statistics Economics from Linfield with honors from Michigan State Metropolitan University from Hunan Finance University College and M.B.A. from University University of Portland

33 Additional Information

For more information, please visit: Address www.senmiaotech.com 16F, Shihao Square, Middle Jiannan Blvd. High-Tech Zone, Chengdu, Sichuan, People’s Republic of China 610000

Company Contact

Yiye Zhou, IR Director Email: [email protected] Phone: +86 28 6155 4399

Investor Relations

Adam Prior The Equity Group Inc. Phone: 212-836-9606 Email: [email protected]

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