PICC Property and Casualty : ANNOUNCEMENT ON APPROVAL OF QUALIFICATION AS DIRECTOR BY THE CHINA BANKING AND INSURANCE REGULATORY COMMISSION

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(a joint stock limited company incorporated in the People's Republic of China with limited liability)

(Stock Code: 2328)

ANNOUNCEMENT ON APPROVAL OF QUALIFICATION AS DIRECTOR BY THE CHINA BANKING AND INSURANCE REGULATORY COMMISSION

References are made to the announcement dated 23 June 2020 and the circular dated 8 May 2020 of PICC Property and Casualty Company Limited (the "Company") in relation to, among others, the appointment of Mr. Jiang Caishi as an executive director of the Company.

The Company has recently received the approval of qualification of Mr. Jiang Caishi of PICC Property and Casualty Company Limited (the "Approval") issued by the China Banking and Insurance Regulatory Commission (the "CBIRC"). Pursuant to the Approval, the qualification of Mr. Jiang Caishi as an executive director of the Company has been approved by the CBIRC. The term of office of Mr. Jiang Caishi as an executive director of the Company commenced on 9 April 2021. Please refer to "Biographical Details of Directors, Supervisors and Other Senior Management" in the 2020 Annual Report of the Company published on 30 March 2021 for the biographical details of Mr. Jiang Caishi.

By Order of the Board

PICC Property and Casualty Company Limited

Zou Zhihong

Secretary of the Board

Beijing, the PRC, 16 April 2021

As at the date of this announcement, the Chairman of the Board is Mr. Luo Xi (non-executive director), the executive directors are Mr. Xie Yiqun and Mr. Jiang Caishi, Mr. Li Tao is a non-executive director, and the independent non-executive directors are Mr. Lin Hanchuan, Mr. Lo Chung Hing, Mr. Ma Yusheng, Mr. Chu Bende and Ms. Qu Xiaohui.