MassMutual International Completes Sale of MassMutual Asia to Yunfeng FG and Several Asia-Based Investors

- MassMutual International receives approximately USD 1.01 billion in cash & 800 million shares of Yunfeng FG stock,representing a 24.8 percent stake in Yunfeng FG

- Agreement reaffirms MassMutual's commitment to Asia; enters into strategic cooperation agreement with Yunfeng FG

HONG KONG and SPRINGFIELD,Massachusetts,Nov. 16,2018 --MassMutual International LLC (MassMutual International) – Massachusetts Mutual Life Insurance Company's (MassMutual) holding company for its international operations – and Yunfeng Financial Group (Yunfeng FG,HKSE: 376) announced today the completion of the sale of Hong Kong-based MassMutual Asia Ltd. (MassMutual Asia) to Yunfeng FG and several Asia-based investors.

With this transaction,which was originally announced on August 17,2017 when the two companies and the other investors signed the agreement,MassMutual International will receive approximately USD 1.01 billion in cash (HKD 7.9 billion) and 800 million shares of Yunfeng FG,equivalent to approximately 24.8 percent of the expanded share capital of Yunfeng FG. In turn,Yunfeng FG will hold a 60 percent stake in MassMutual Asia,with seven other investors holding the remaining interest.

"MassMutual is pleased to finalize this game-changing initiative with a true global innovative leader – Yunfeng FG – and the group of high quality,strategic investors," said Roger Crandall,Chairman,President and CEO,MassMutual. "Further,this represents an additional step in MassMutual's evolving international strategy by building distinct,mutually beneficial partnerships with successful,cutting-edge companies throughout Asia,further strengthening our ability to provide long-term value to our policyowners and customers."

As outlined when the agreement was first announced,MassMutual International will have representation on both the Yunfeng FG and MassMutual Asia boards of directors. Additionally,MassMutual will enter into an agreement with Yunfeng FG to explore strategic partnership and business cooperation opportunities.

"This transaction provides us with the ability to capitalize on the long-term success and value of MassMutual Asia,creating a true,full service financial services firm,well-equipped to serve a wide range of customers – from high net worth individuals to an emerging universe of customers with rising incomes," said Eddie Ahmed,President and CEO of MassMutual International. "Further,through our ongoing stake in the combined Yunfeng and MassMutual Asia business,we will continue to capitalize on an expanding number of opportunities in this tremendous,growing and dynamic part of the world."

"The long term vision of Yunfeng FG is to leverage its fintech capabilities to develop a financial service ecosystem that offers a broad range of financial services and products,along with high quality expert advice. This transaction is a milestone step of Yunfeng FG becoming a financial conglomerate,integrating its existing fintech focused financial services with traditional insurance business," said Mr. Yu Feng,Chairman of Yunfeng FG.

Mr. Yu added,"MassMutual Asia's insurance products will broaden Yunfeng FG's financial product offerings and significantly contribute to the building of its financial service ecosystem,given that insurance and annuity products are indispensable in overall financial planning. MassMutual Asia's strong distribution capability,featured by its well-trained tied-agent force,will enable the enlarged group to combine with Yunfeng FG's existing team of software engineers to enhance customer experience. In addition,the transaction will create a remarkable synergy between Yunfeng FG and MassMutual Asia,taking both parties' businesses to new heights."

In addition to Yunfeng FG,the other strategic investors in the transaction that will hold the remaining interest in MassMutual Asia are: Meyu International Company Limited (9.8%),City-Scape Pte. Ltd. (managed by GIC's private equity group) (7.5%),Sheen Light Development Limited (5%),SINA Corporation (5%),API (Hong Kong) Investment Limited (5%),Harvest Billion International Limited (4.9%) and Giant Investment (HK) Limited (a wholly owned subsidiary of Giant Network Group) (2.8%).

About MassMutual

MassMutual is a leading mutual life insurance company that is run for the benefit of its members and participating policyowners. MassMutual offers a wide range of financial products and services,including life insurance,disability income insurance,long term care insurance,annuities,retirement plans and other employee benefits. For more information,visit www.massmutual.com.

About Yunfeng Financial Group

Yunfeng FG is a leading Asia focused financial technology platform principally engaged in the provision of financial services,including securities brokerage,wealth management and investment,corporate finance consultancy,ESOP (Employee Stock Ownership Plan) administration,and investment research. Certain members of Yunfeng FG are licensed to carry out type 1 (dealing in securities),type 4 (advising on securities),type 6 (advising on corporate finance) and type 9 (asset management) regulated activities under the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).

Media Contacts:

Yunfeng Financial Group

Michelle Chung

+852 2843 1417

michelle.chung@yff.com

Gary Ho

+852 2843 1413

gary.ho@yff.com

MassMutual

Laura Crisco

+1 (413) 744-2370

lcrisco@massmutual.com

Michael McNamara

+1 (413) 744-3917

+1 (860) 549-6442

michaelmcnamara@massmutual.com

As at the date of this joint press release,the board of directors of Yunfeng FG comprises Mr. Yu Feng (who is Chairman and non-executive director),Ms. Li Ting and Mr. Huang Xin (who are executive directors),Ms. Hai,Olivia Ou,Mr. Adnan Omar Ahmed and Mr. Gareth Ross (who are non-executive directors),and Mr. Lin Lijun,Mr. Qi Daqing and Mr. Chu Chung Yue (who are independent non-executive directors). The directors of Yunfeng FG jointly and severally accept full responsibility for the accuracy of the information contained in this joint press release (other than that relating to MassMutual Asia and its subsidiaries,MassMutual International and parties acting in concert with it) and confirm,having made all reasonable enquiries,that to the best of their knowledge,opinions expressed in this joint press release (other than those expressed by the managers of MassMutual International) have been arrived at after due and careful consideration and there are no other facts not contained in this joint press release the omission of which would make any statement in this joint press release misleading.

As at the date of this joint press release,the board of managers of MassMutual International comprises Mr. Roger W. Crandall,Ms. Elizabeth A. Ward,Mr. Adnan O. Ahmed,Mr. Gareth Ross and Mr. Geoffrey J. Craddock. The managers of MassMutual International jointly and severally accept full responsibility for the accuracy of the information contained in this joint press release relating to MassMutual Asia,MassMutual International and any parties acting in concert with it (other than Key Imagination Limited and its associated companies) and confirm,opinions expressed in this joint press release (other than those expressed by the directors of Yunfeng FG) have been arrived at after due and careful consideration and there are no other facts not contained in this joint press release the omission of which would make any statement in this joint press release misleading.