Target Insurance : APPOINTMENT OF EXECUTIVE DIRECTOR AND MEMBER OF RISK COMMITTEE

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

TARGET INSURANCE (HOLDINGS) LIMITED

泰 加 保 險 （ 控 股 ） 有 限 公 司

(Incorporated in Hong Kong with limited liability)

(Stock code : 06161)

APPOINTMENT OF EXECUTIVE DIRECTOR AND MEMBER

OF RISK COMMITTEE

The board (the "Board") of directors (the "Directors") of Target Insurance (Holdings) Limited (the "Company") hereby announces that Ms. Lau Ka Yee ("Ms. Lau") was appointed as an executive Director of the Company and a member of the risk committee of the Company with effect from 1 January 2020.

The biographical detail of Ms. Lau is set out below: -

Ms. Lau, aged 39, is the Chief Financial Officer of the Company and its subsidiaries (collectively, the "Group"). She is also a director of Target Credit Limited and a member of the claims settlement committee of Target Insurance Company, Limited, each of them a wholly-owned subsidiary of the Company. Ms. Lau was appointed as the financial controller of the Group in October 2014. She has over 15 years of experience in accounting industry specializing in general insurance industry. Prior to joining the Group, Ms. Lau had worked as a senior manager of PricewaterhouseCoopers' advisory services. She is a fellow member of the Hong Kong Institute of Certified Public Accountants and associate of the Hong Kong Institute of Chartered Secretaries and the Chartered Governance Institute (formerly known as Institute of Chartered Secretaries and Administrators). She graduated from Hong Kong Polytechnic University with a Master of Corporate Governance (with Distinction) in 2018 and Chinese University of Hong Kong with a Bachelor of Business Administration majoring in Professional Accountancy in 2003. Ms. Lau is a fellow of The Australian and New Zealand Institute of Insurance and Finance.

-1-

Ms. Lau has entered into a service agreement with the Company on 11 December 2019 for an initial term of three years commencing from 1 January 2020, and thereafter be continuous unless terminated by not less than three months' notice in writing served by either party on the other or by payment of three months' fixed salary in lieu of such notice. She is subject to retirement and re-election at the next general meeting of the Company after her appointment and thereafter subject to retirement by rotation in accordance with the articles of association of the Company. Ms. Lau is entitled to an annual salary of HK$1,407,600 and an annual director's fee of HK$96,000, which is determined by the remuneration committee of the Company (the "Remuneration Committee") based on her qualification, experience, duties and responsibilities in the Company and the prevailing market conditions. Ms. Lau is also entitled to a discretionary bonus as may be determined by the Remuneration Committee from time to time and approved by majority of the members of the Board by reference to the then prevailing market conditions, the performance of the Company as well as her individual performance.

Ms. Lau did not hold any directorship in any other listed companies during the past three years, and she does not have any relationship with any Directors, senior management, substantial or controlling shareholders (as defined under the Rules Governing the Listing of Securities (the "Listing Rules") on The Stock Exchange of Hong Kong Limited (the "Stock Exchange")) of the Company. As at the date of this announcement, Ms. Lau is interested in 168,000 shares of the Company (the "Shares") and 86,000 share options exercisable into 86,000 Shares granted by the Company pursuant to the pre-IPO share option scheme of the Company within the meaning of Part XV of the Securities and Futures Ordinance (Chapter 571, Laws of Hong Kong).

Save as disclosed above, neither is there any further information required to be disclosed pursuant to the requirements under Rule 13.51(2)(h) to (v) of the Listing Rules, nor is there any other matter relating to the appointment of Ms. Lau that needs to be brought to the attention of the shareholders of the Company.

The Board would like to take this opportunity to welcome Ms. Lau for joining the Board.

By order of the Board

Target Insurance (Holdings) Limited

Tse Kam Fai

Company Secretary

Hong Kong, 11 December 2019

As at the date of this announcement, the Board comprises five executive Directors, namely Dr. Cheung Haywood (Chairman), Mr. Lai Bing Leung, Mr. Chiu Sun Ting, Mr. Muk Wang Lit Jimmy (Chief Executive Officer) and Mr. Chan Hok Ching; and four independent non-executive Directors, namely Mr. Wan Kam To, Mr. Wong Shiu Hoi Peter, Mr. Szeto Wai Sun and Mr. Yuen Tak Tim Anthony.

-2-