PICC Property and Casualty Company Limited announces that Mr. Li Qi and Ms. Li Ling have tendered resignations from their proposed positions as employee representative supervisors of the Company (the "Employee Representative Supervisors") to the supervisory committee of the Company (the "Supervisory Committee") with effect from 29 July 2022, due to change in their work arrangements. The qualifications of Mr. Li Qi and Ms. Li Ling as supervisors have not yet been approved by the China Banking and Insurance Regulatory Commission (the "CBIRC"). The Company announced that at the meeting of representatives of employees of the Company held on 29 July 2022, Mr. Fu Xiaoliang and Mr. Zhou Zhiwen have been elected as Employee Representative Supervisors with the terms of office, commencing from the date of obtaining approval for their supervisor qualifications from the CBIRC, and expiring after 3 years.

Fu Xiaoliang, aged 46, a university graduate with a bachelor's degree in law, currently serves as the Deputy General Manager (in charge of work) of Legal and Compliance Department of the Company. Mr. Fu commenced his career in 1998 and joined the Company in 2005. He previously was the Deputy Director (in charge of work) and Director of Claims Management Division 4 of the Claims Management Department of the Company, Director of Accidental Health Insurance Claims Management Division of the Claims Business Department, Assistant General Manager and Deputy General Manager of Henan Branch, Deputy General Manager of the Liability Insurance Business Department of the Company, Deputy General Manager of the Claims Department /Catastrophe Research Center, Deputy General Manager of the Legal Compliance Department of the People's Insurance Company (Group) of China Limited (taking a provisional post), and Deputy General Manager of the Human Resources Department /Party Committee Organization Department of the Company.

Mr. Fu has vast management experience in the legal field as well as in the insurance industry. Zhou Zhiwen, aged 49, a postgraduate with a doctoral degree in economics, currently serves as the General Manager of the Party Building and Staff Union Department /Publicity Department of the Party Committee of the Company. Mr. Zhou commenced his career in 1994 and joined the Company in 2002.

He previously was the Deputy Director of the Strategic Development Department of the Company, Deputy Director of the Preparatory Group of PICC Life Insurance Company Limited, Assistant General Manager of the Marketing and Training Department, Assistant General Manager of the Workplace Insurance Department, Deputy General Manager of the Interactive Business Department of PICC Life Insurance Company Limited, Deputy General Manager of the Marketing Department, Deputy General Manager of the Marketing Research Department /Channel Management Department of the Company, Deputy General Manager of the Strategic Development Department, Deputy General Manager of the Inner Mongolia Branch, Deputy General Manager of the Personal Agency Marketing Department of the Company, General Manager of the Personal Marketing Department, General Manager of the Sales Management Department, General Manager of the Health Insurance Department, and General Manager of the Personal Non-Motor Vehicle Insurance Department. Mr. Zhou has vast management experience in the insurance industry.