PICC Property and Casualty : RESIGNATION OF CHAIRMAN OF SUPERVISORY COMMITTEE

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

(Stock Code: 2328)

RESIGNATION OF CHAIRMAN OF SUPERVISORY COMMITTEE

The board of directors (the "Board") of PICC Property and Casualty Company Limited (the "Company") announces that Mr. Jiang Caishi resigned as the Chairman of the Supervisory Committee (the "Supervisory Committee") and a supervisor of the Company with effect from 12 March 2020 due to other work arrangements. Mr. Jiang has confirmed that he has no disagreement with the Board and the Supervisory Committee, and there are no matters in relation to Mr. Jiang's resignation that need to be brought to the attention of the shareholders of the Company. The Board and the Supervisory Committee would like to thank Mr. Jiang for his beneficial contribution to the Company during his tenure of service.

By Order of the Board

Zou Zhihong

Secretary of the Board

Beijing, the PRC, 12 March 2020

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.