A meeting of the board of directors of The People's Insurance Company (Group) of China Limited was held on site on 27 April 2023. Having voted by the directors of the Company attending the Board meeting, the Proposal on Nomination of Mr. Wang Pengcheng as a Candidate for Independent Director of the Fourth Session of the Board of the Company and the Proposal on Election of Mr. Wang Pengcheng as the Chairman and Member of Relevant Special Committee of the Fourth Session of the Board of the Company have been considered and approved. According to the resolutions passed at the Board meeting of the Company, the Board announced that Mr. Wang Pengcheng has been appointed as an independent non-executive director of the Company, the chairman of the audit committee, and a member of each of the nomination and remuneration committee and the related party transactions control committee of the Board.

The term of office of Mr. Wang Pengcheng as a director and his positions in relevant committees shall commence from the date of obtaining the approval of his appointment at the general meeting of the Company and the approval of his qualification as an independent director from China Banking and Insurance Regulatory Commission, and end upon the expiry of the term of the fourth session of the Board, and he is eligible for re-election upon the expiry of the term. The Company shall dispatch the documents such as the notice and circular of the general meeting to the shareholders as soon as reasonably practicable. Mr. Wang Pengcheng, aged 52, is currently a professor and doctoral supervisor at the Business School of Beijing Technology and Business University, and serves as the director of the Accounting Society of China and vice chairman of the Accounting Standards Committee, expert member of the ESG Specialized Committee and vice chairman of the CFO Specialized Committee of China Association for Public Companies, member of the Disciplinary Committee of the Chinese Institute of Certified Public Accountants, researcher at Haier's Win-win Value-added Approach Research Institute, member of the Strategic Advisory Committee of Xiamen National Accounting Institute, member of the MPAcc Advisory Committee of Renmin Business School, consultant at Ernst & Young Research Institute and editorial board member of China Management Accounting Review.

Mr. Wang taught at the School of Accountancy of Central University of Finance and Economics from April 1994 to June 2000, and successively served as the director of the foreign accounting teaching and research office and the assistant director (in charge of scientific research) of the School of Accountancy. He served as a partner of Pan-China Certified Public Accountants from July 2000 to May 2005. From June 2005 to May 2014, he served as a partner of Deloitte Touche Tohmatsu, and successively served as the chief partner of financial audit in North China and the leading partner of global financial services industry in Greater China.

He served as the chief operating officer of audit services of Greater China of Ernst & Young from December 2014 to June 2018, and the managing partner of audit services of Greater China of Ernst & Young from July 2018 to June 2022. Mr. Wang served as a member of the China Accounting Standards Committee of the Ministry of Finance, member of the Audit Standards Group of the Ministry of Finance and consulting expert of the Internal Control Committee of the Ministry of Finance. Mr. Wang graduated from Anshan Iron and Steel College in July 1991 with a bachelor's degree in engineering; graduated from Dongbei University of Finance & Economics in April 1994 with a master's degree in economics; and graduated from the Chinese Academy of Financial Sciences in March 2000 with a doctoral degree in management.