PICC Property and Casualty : ANNOUNCEMENT ON APPROVAL OF QUALIFICATION AS DIRECTOR BY THE BEIJING BUREAU OF 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 BEIJING BUREAU OF CHINA BANKING AND

INSURANCE REGULATORY COMMISSION

Reference is made to the announcement dated 7 March 2019 and the circular dated 21 January 2019 (the "Circular") of PICC Property and Casualty Company Limited (the "Company") in relation to, among others, the re-election of Mr. Chu Bende as an independent non-executive director of the fifth session of the board of directors of the Company.

The Company has recently received the approval of qualification of Mr. Chu Bende (the "Approval") issued by the Beijing Bureau of China Banking and Insurance Regulatory Commission (the "Beijing Banking and Insurance Bureau"). Pursuant to the Approval, the qualification of Mr. Chu Bende as an independent director of the Company has been approved by the Beijing Banking and Insurance Bureau. The term of office of Mr. Chu Bende commenced on 12 December 2019. Please refer to the Circular for the biographical details of Mr. Chu Bende.

By Order of the Board

PICC Property and Casualty Company Limited

Miao Jianmin

Chairman

Beijing, the PRC, 20 December 2019

As at the date of this announcement, the Chairman of the Board is Mr. Miao Jianmin (executive director), the Vice Chairman is Mr. Xie Yiqun (executive director), the non-executive directors are Mr. Tang Zhigang and Mr. Li Tao, Ms. Xie Xiaoyu is an 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.

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