ZhongAn Online P & C Insurance : ANNOUNCEMENT APPROVAL OF QUALIFICATION OF DIRECTOR BY CBIRC

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眾 安 在 綫 財 產 保 險 股 份 有 限 公 司

ZHONGAN ONLINE P & C INSURANCE CO., LTD.*

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

liability and carrying on business in Hong Kong as "ZA Online Fintech P & C")

(Stock Code: 6060)

ANNOUNCEMENT

APPROVAL OF QUALIFICATION OF DIRECTOR BY CBIRC

Reference is made to the announcement of ZhongAn Online P & C Insurance Co., Ltd. (the "Company") dated May 24, 2019 in relation to, among others, the election of Mr. Wei Ou as an independent non-executive director of the third session of the board of directors of the Company (the "Board of Directors") at the annual general meeting of the Company held on the same day (the "Announcement").

As disclosed in the Announcement, the appointment of Mr. Wei Ou as an independent non-executive director of the third session of the Board of Directors will become effective upon the approval of his qualification as director by the China Banking and Insurance Regulatory Commission (the "CBIRC"), and the term of office of Mr. Li Du shall expire upon the effective appointment of Mr. Wei Ou.

The above appointment was approved by the shareholders of the Company at the annual general meeting of the Company held on May 24, 2019. The Company recently received an approval from the CBIRC of the director qualification of Mr. Wei Ou for becoming a director of the Company (CBIRC Approval (2019) No. 1136). Accordingly, the term of office of Mr. Wei Ou as an independent non-executive director of the third session of the Board of Directors commenced on December 19, 2019. With effect from the same day, Mr. Wei Ou began to serve as the chairman of the related transactions control committee of the Company.

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Accordingly, on December 19, 2019, Mr. Li Du retired as an independent non-executive director of the Company and the chairman of the related transactions control committee of the Company. Mr. Li Du confirmed that he has no disagreement with the Board and that there are no other matters in relation to his resignation or other matters that need to be brought to the attention of the shareholders of the Company or The Stock Exchange of Hong Kong Limited.

Please refer to the Appendix I of the Announcement dated May 24, 2019 for the biographical details of Mr. Wei Ou. As at the date of this announcement, such information has not changed.

By Order of the Board of Directors

ZhongAn Online P & C Insurance Co., Ltd.

Yaping Ou

Chairman

Shanghai, the PRC, December 19, 2019

As at the date of this announcement, the Board of Directors comprises three executive directors, namely Mr. Yaping Ou (chairman), Mr. Jin Chen and Mr. Hugo Jin Yi Ou, five non-executive directors, namely Mr. Xinyi Han, Mr. Jimmy Chi Ming Lai, Mr. Xiaoming Hu, Mr. Liangxun Shi and Mr. Ming Yin and five independent non-executive directors, namely Mr. Shuang Zhang, Ms. Hui Chen, Mr. Yifan Li, Mr. Ying Wu and Mr. Wei Ou.

• For identification purposes only and carrying on business in Hong Kong as "ZA Online Fintech P & C"

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