People Insurance of China : ANNOUNCEMENT ON ELECTION OF THE MEMBERS OF THE FOURTH SESSION OF THE BOARD OF DIRECTORS

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.

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

(Stock Code: 1339)

ANNOUNCEMENT ON ELECTION OF THE MEMBERS OF

THE FOURTH SESSION OF THE BOARD OF DIRECTORS

The meeting of the board of directors (the "Board") of The People's Insurance Company (Group) of China Limited (the "Company") was held on site on 23 March 2021. Having voted by the directors who have attended the Board meeting of the Company, the Board of the Company considered and approved the resolutions in relation to the nomination of candidates for the directors of the fourth session of the Board.

According to the resolutions passed at the Board meeting, the Board has nominated Mr. Luo Xi, Mr. Wang Tingke, Mr. Xie Yiqun and Mr. Li Zhuyong as the candidates for the executive directors of the fourth session of the Board of the Company, Mr. Wang Qingjian, Mr. Miao Fusheng, Mr. Wang Shaoqun, Mr. Yu Qiang and Mr. Wang Zhibin as the candidates for the non-executive directors of the fourth session of the Board of the Company, and Mr. Shiu Sin Por, Mr. Ko Wing Man, Ms. Xu Lina, Ms. Cui Li and Mr. Chen Wuzhao as the candidates for the independent non-executive directors of the fourth session of the Board of the Company. Except for Mr. Yu Qiang, Ms. Xu Lina and Ms. Cui Li, the above candidates for directors are existing directors.

Except for Mr. Yu Qiang, Ms. Xu Lina and Ms. Cui Li, the terms of office of the above candidates for directors shall commence from the date of approval at the general meeting of the Company until the expiry of the term of the fourth session of the Board of the Company. The terms of office of Mr. Yu Qiang, Ms. Xu Lina and Ms. Cui Li shall commence from the date of approval at the general meeting of the Company and the date of obtaining approval of their director qualifications from the China Banking and Insurance Regulatory Commission until the expiry of the term of the fourth session of the Board of the Company.

Please refer to the Appendix of this announcement for the biographical details of candidates for the directors of the fourth session of the Board and details of appointment.

The Company will dispatch documents in relation to the convening of general meeting such as notice and circular to shareholders as soon as reasonably practicable.

By Order of the Board

The People's Insurance Company (Group) of China Limited

Luo Xi

Chairman

Beijing, the PRC, 23 March 2021

As at the date of this announcement, the executive directors of the Company are Mr. Luo Xi, Mr.

Wang Tingke, Mr. Xie Yiqun and Mr. Li Zhuyong, the non-executive directors are Mr. Wang Qingjian, Mr. Miao Fusheng, Mr. Wang Shaoqun, Ms. Cheng Yuqin and Mr. Wang Zhibin, and the independent non-executive directors are Mr. Shiu Sin Por, Mr. Ko Wing Man, Mr. Lin Yixiang and Mr. Chen Wuzhao.

APPENDIX BIOGRAPHICAL DETAILS OF CANDIDATES FOR THE DIRECTORS OF THE FOURTH SESSION OF THE BOARD AND DETAILS OF APPOINTMENT

Candidates for the executive directors

Mr. Luo Xi, aged 60, is an executive director and chairman of the Company and a senior economist. From December 1987 to December 2009, Mr. Luo worked in Agricultural Bank of China. He was assistant to president and general manager of International Business Department in January 2002, vice president in March 2004, and executive director and vice president in December 2008 of Agricultural Bank of China. From December 2009 to November 2013, he served as the executive director and vice president of Industrial and Commercial Bank of China Limited. From November 2013 to January 2016, he served as the vice chairman and general manager of China Export & Credit Insurance Corporation. From January 2016 to August 2018, he served as the vice chairman and general manager of China Resources (Holdings) Company Limited. From August 2018 to September 2020, he was the chairman of China Taiping Insurance Group Ltd. (China Taiping Insurance Group (HK) Company Limited), and also served as the chairman of China Taiping Insurance Holdings Company Limited, Taiping Life Insurance Company Limited and Taiping Asset Management Company Limited. Mr. Luo has been appointed as executive director and chairman of the Company since October 2020. Mr. Luo was also appointed as non-executive director and chairman of PICC P&C since October 2020, as non-executive director and chairman of PICC AMC since January 2021 and proposed to be non-executive director and chairman of PICC Hong Kong since March 2021. Since May 2019, Mr. Luo has served as the honorary president of Insurance Association of China. Mr. Luo graduated from the Postgraduate Department of Financial Research Institute of People's Bank of China (currently known as PBC School of Finance, Tsinghua University) in December 1987 and received a master's degree in economics.

Mr. Wang Tingke, aged 56, is an executive director, vice chairman and president of the Company and a senior economist. Mr. Wang worked in China Everbright Bank from July 1995 to March 2009. He worked in China Everbright Group from March 2009 to February 2015. He was deputy general manager of China Taiping Insurance Group Ltd. (China Taiping Insurance Group (Hong Kong) Co., Ltd.) from February 2015 to June 2018 and executive director from August 2016. He also served as chairman of Taiping Pension Co., Ltd. from May 2015. He served as the vice chairman and general manager of China Export & Credit Insurance Corporation from June 2018 to April 2020. He has been appointed as executive director, vice chairman and president of the Company since April 2020. Mr. Wang was also appointed as non-executive director and chairman of PICC Pension since December 2020, as non-executive director of PICC Health since January 2021 and as chairman since February. Mr. Wang served as the vice president of Insurance Society of China since June 2019 and as the vice president of China Chamber of International Commerce since September 2020. Mr. Wang graduated from Shaanxi University of Finance and Economics (now known as School of Economics and Finance of Xi'an Jiaotong University) in July 1995 with a doctorate degree in economics.

Mr. Xie Yiqun, aged 60, is an executive director and vice president of the Company and a senior economist. Mr. Xie joined the Company in April 1980 and worked as the general manager of China Insurance Company S.A. Luxemburg, the general manager of China Insurance Company (UK)Limited, the general manager of China Insurance Singapore branch and China Taiping Insurance Group Singapore branch. Mr. Xie worked as the chairman of Taiping Life Insurance Co., Ltd. from December 2001 to November 2004. From August 2004 to May 2009, he worked as managing director and deputy general manager of China Insurance (Holdings) Company Limited and China Insurance H.K. (Holdings) Company Limited. From May 2009 to March 2015, he worked as deputy general manager of China Taiping Insurance Group Co. and China Taiping Insurance Group (HK) Company Limited. Meanwhile, he worked as managing director from May 2009 to March 2012 and executive director from June 2013 to March 2015. Mr. Xie has been working as the vice president of the Company since March 2015 and the executive director since October 2017. He was appointed as the secretary to the Board from August 2018 to March 2019, and was appointed as non-executive director of PICC P&C in June 2018, and was transferred to executive director, appointed as vice Chairman and president since March 2019, and ceased to be the president since March 2021. Mr. Xie also worked as director and chairman of PICC Hong Kong since June 2015, and ceased to be the chairman since May 2019. He has been the chairman of PICC Financial Services from January 2017 to March 2019, and chairman of PICC Investment Holding from March 2018 to March 2019. Mr. Xie has been a vice chairman of National Internet Finance Association of China since September 2016 and the vice chairman of the Asian Financial Cooperation Association from July 2017 to May 2019. He has been the vice chairman of the Insurance Association of China since May 2019. Mr. Xie graduated from Nankai University in July 1988 and from Middlesex University Business School, UK in June 2001 and obtained the degree of M.A.

Mr. Li Zhuyong, aged 48, is an executive director, vice president and secretary of the Board of the Company and a senior economist. Mr. Li entered the Company in August 1998. From March 2006 to March 2017, he was the general manager of the legal and compliance department, the risk management department/legal compliance department, and the legal compliance department. From August 2013 to July 2018, he served as the legal director. He was appointed as the vice president of the Company since August 2018, as secretary of the Board since April 2020, and as executive director since August 2020. Mr. Li has served as the responsible compliance officer and the chief risk officer from August 2018 to April 2020. Mr. Li has served as a director of PICC Hong Kong since June 2007. He served as the supervisor of PICC P&C from March 2016 to March 2019. He served as the supervisor of Zhongsheng International from February 2018 to April 2019, and has served as chairman of PICC Financial Services from March 2019 to December 2020. Mr. Li has served as a vice chairman of the China Institute of Insurance Law of the China Law Society since October 2017, chairman of the 15th council of China Maritime Law Association since July 2020. Mr. Li graduated from the Capital University of Economics and Business in July 1998 with a master's degree in law, and graduated from China University of Political Science and Law in June 2011 with a doctoral degree in law.

Candidates for the non-executive directors

Mr. Wang Qingjian, aged 56, is a non-executive director of the Company. He joined the MOF in August 1987 and worked successively in the Supplementary Budget Management Department, Comprehensive Planning Department and General Affairs and Reform Department. He worked in the Embassy of China in Malta from May 1997 to July 2000 as third-class secretary and second-classsecretary (deputy director level). He has been working at the MOF since July 2000. He served as a deputy director level committee member of the Department of Policy Planning from July 2000 to

March 2001, assistant consultant and deputy director of the Paid Fund Office of General Department from March 2001 to September 2005, principal staff member (director level) of the Financial Bill Regulatory Center from September 2005 to November 2011 and has served as principal staff member (deputy director general level) of the Financial Bill Regulatory Center from November 2011 to July 2017. He served as a director appointed by Central Huijin Investment Company Limited and a non-executive director of the Company since July 2017. Mr. Wang held temporary positions as a member of Municipal Committee and Standing Committee and vice-mayor of Ji'an, Jiangxi Province from January 2014 to February 2016. Mr. Wang graduated from Zhongnan University of Finance and Economics in July 1987 with a bachelor's degree in economics and graduated from Beijing Jiaotong

University in April 2014 with a doctoral degree in management.

Mr. Miao Fusheng, aged 56, is a non-executive director of the Company. From July 1984 to June 1992, Mr. Miao taught at the Central Institute of Finance and Banking (now the Central University of Finance and Economics). Since June 1992, he has worked in China Financial and Economic News under the Ministry of Finance. He has served as deputy director of office, deputy director of international department and economic and social department, director of government procurement editorial department and news center, director of finance and economics special department, director of chief editor's office, director of macroeconomic department and director of local finance and economics department; from April 2008 to July 2013, he served as deputy chief editor (deputy director level) of China Financial and Economic News. He has been the chief editor (director general level) from July 2013 to January 2021. He has been a non-executive director of the Company since December 2020. He has been a director appointed by Central Huijin Investment Company Limited since January 2021. Mr. Miao became a member of China Writers' Association in June 2019, and served as the executive director of Society of Public Finance of China since October 2019. He was granted special government allowance by the State Council in December 2016. Mr. Miao graduated from Shandong University with a bachelor's degree in literature in July 1984.

Mr. Wang Shaoqun, aged 51, is a senior engineer and senior economist. He is a non-executive director of the Company. Mr. Wang joined the People's Bank of China in August 1992, and has served as deputy director of the insurance risk monitoring and assessment division of the financial stability bureau, deputy director of the financial holding company risk monitoring and assessment division, researcher and director of the insurance risk monitoring and assessment division, director and first-class researcher of the insurance division; he has been the second level inspector of financial stability bureau and director of the insurance division of the People's Bank of China since May 2020. He has been a non-executive director of the Company since December 2020. He has been a director appointed by Central Huijin Investment Company Limited since February 2021. Mr. Wang graduated from North Jiaotong University with a bachelor's degree in engineering in July 1992, a master's degree in business administration from Peking University in July 2000, and a doctoral degree in management from Tianjin University in August 2008.

Mr. Yu Qiang, aged 47, is a senior economist. He is a second level inspector of CBIRC Beijing Bureau. Mr. Yu graduated from Jiangxi University of Finance and Economics in 1995 with a bachelor's degree in international accounting. From August 1995 to July 2000, he worked as a staff member in the financial accounting department of the former China National Automotive Industry Sales Corp.; from August 2000 to September 2003, he worked as a staff member in the Supervision Department of Operation Office of the People's Bank of China; from October 2003 to December 2018, he worked in the former CBRC Beijing Bureau and has successively served as the staff member and chief staff member of the policy and regulation division, the deputy director of the supervision division of foreign financial institutions, the deputy director of the policy and regulation division, the director of the statistics and information division, the director of the policy and regulation division, the director of the specialized institutions supervision division, and the head of the on-site inspection team III (director level); from January 2019 to May 2020, he worked in the CBIRC Beijing Bureau and has successively served as the head of the on-site inspection team III (director level) and the director of the banking institutions inspection division I; since June 2020, he has served as a second level inspector of the CBIRC Beijing Bureau. Mr. Yu obtained a master's degree in economics of monetary finance from Renmin University of China in 2004 and a master's degree in public administration and management (MPAM) from Lee Kuan Yew School of Public Policy of the National University of Singapore in 2019. Mr. Yu holds the professional qualification certificate of Chinese certified public accountant, lawyer, Chinese certified tax agent and Chinese certified assets valuer. Mr. Yu was awarded the honorary titles of Outstanding Individual of National Knowledge Workers, Top Ten Knowledge Workers of the First National Financial System and the National Financial System Labor Medal.

Mr. Wang Zhibin, aged 53, is a non-executive director of the Company. He worked at the National Audit Office of the PRC from July 1994 to March 2001. He also worked at the NSSF from March 2001 and successively served as the deputy director and director of the Risk Control Division of the Regulation and Supervision Department; served as deputy head of the Regulation and Supervision Department from December 2004; served as deputy head of the Investment Department from June 2007; served as a counsel and deputy head of the Investment Department from March 2011; served as a counsel and deputy head of the Securities Investment Department from August 2012; served as head of the Regulation and Supervision Department since March 2016 and has served as head of the risk management department since September 2019. Mr. Wang has been appointed as a non-executive director of the Company since August 2016. Mr. Wang graduated from Southwestern University of Finance and Economics with a master's degree in economics in July 1994; he obtained a doctoral degree in economics from Southwestern University of Finance and Economics in January 2008.

Candidates for the independent non-executive directors

Mr. Shiu Sin Por, aged 71, is an independent non-executive director of the Company. Mr. Shiu was a member of the 10th, 11th and 12th National Committee of the Chinese People's Political Consultative Conference. Mr. Shiu studied in the School of Industrial and Labour Relations at Cornell University in New York in the United States; he graduated from the University of Wisconsin in the United States in September 1985 with a bachelor degree in Economics, and was appointed as a Justice of the Peace for Hong Kong in August 2012 and was awarded the Gold Bauhinia Star in Hong Kong in October

2017. Mr. Shiu served as the Deputy Secretary General of the Consultative Committee for the Basic Law of Hong Kong from November 1985 to April 1990, the president of the One Country Two Systems Research Institute from September 1990 to September 2005, an Asia Programs Fellow at the John F. Kennedy School of Government at Harvard University from September 2005 to June 2006, a Senior Visiting Fellow at the School of Public Policy and Management of Tsinghua University from September 2006 to August 2007, a full-time consultant at the Central Policy Unit of the Government of the Hong Kong Special Administrative Region from August 2007 to June 2012, the chief consultant at the Central Policy Unit of the Government of the Hong Kong Special Administrative Region from July 2012 to June 2017, the president of New Paradigm Foundation since September 2017, a senior fellow of the Chongyang Institute for Financial Studies at Renmin University of China (中國人民大學重陽金融研究院) since December 2017, a member of the Academic Advisory Board of CITIC Foundation for Reform and Development Studies (中信改革與發展基金會學術顧問委員 會) since January 2018, a Senior Visiting Fellow at the School of Public Policy and Management of Tsinghua University since January 2018, a consultant of Shanghai East Asia Research Institute (上海 東亞研究所) since April 2018, a consultant of CITIC Foundation for Reform and Development Studies (中信改革發展研究基金會) since August 2018, and a consultant of Chinese Association of Hong Kong & Macao Studies (全國港澳研究會) since September 2020. Mr. Shiu previously served as a consultant of transitional affairs in Hong Kong of the Hong Kong and Macao Affairs Office of the State Council and the Xinhua News Agency, Hong Kong Branch, a standing director of the Chinese Association of Hong Kong & Macao Economic Studies (全國港澳經濟研究會), a member and deputy secretary general of the Preparatory Committee for the Hong Kong Special Administrative Region of the National People's Congress, an honorary advisor of Guangdong Association for Hong Kong & Macao Economic Studies (廣東港澳經濟研究會), a member of the board of The Hong Kong Jockey Club Institute of Chinese Medicine, a member of the Executive Committee of the Commission on Strategic Development of the Hong Kong Special Administrative Region Government and a director of the One Country Two Systems Research Institute in Hong Kong.

Mr. Ko Wing Man, aged 63, is an independent non-executive director of the Company. He is currently an orthopaedic surgeon at Dr. Ko Wing Man Clinic (高永文醫生診所). Mr. Ko is a member of the 13th National Committee of the Chinese People's Political Consultation Conference. Mr. Ko served as a trainee doctor and hospital doctor of Princess Margaret Hospital from July 1981 to March 1989, the chief doctor and assistant director of former Health Services Panel in Hong Kong from April 1989 to November 1991, the Professional and Public Affairs director and the Professional and Human Resources director of the Hong Kong Hospital Authority from December 1991 to December 2004, the specialist of Congruence Orthopaedics & Rehabilitation Center from April 2005 to June 2012, the Secretary for Food and Health of Government of the Hong Kong Special Administrative Region from July 2012 to June 2017, and has been an orthopaedic surgeon at Dr. Ko Wing Man Clinic since August 2017. Mr. Ko served as the Chairman of The Hong Kong Anti-Cancer Society from December 2005 to June 2017, the director of the Hong Kong Red Cross from September 2008 to June 2012, and the non-executive member of the Governance Committee of St. Teresa's Hospital since December 2020. Mr. Ko graduated from The University of Hong Kong in July 1981 with a bachelor degree in medicine and surgery; he graduated from the Royal College of Surgeons of Edinburgh in January 1986 with a qualification of fellowship; he graduated from the University of New South Wales in Australia in May 1993 with a master degree in health administration; he wasawarded a qualification of fellowship of Orthopaedics of the Hong Kong Academy of Medicine in December 1993 and a qualification of fellowship Community Medicine in October 2000; he became a fellow of Faculty of Public Health of the Royal College in the United Kingdom in February 2002. Mr. Ko was awarded the Bronze Bauhinia Star in Hong Kong in October 2008 and the Gold Bauhinia Star in Hong Kong in October 2017.

Ms. Xu Lina, aged 61, is the director of actuarial department of Columbia University, an adjunct professor of China Academy of Financial Research of Zhejiang University of Finance and Economics, a researcher of Society of Actuaries, and a doctor of applied mathematics and computing science. She has been engaged in the teaching and research of mathematics, statistics and actuarial science for more than 20 years and has 16 years of experience in the insurance industry. For work experience, she served as an assistant actuary in Reinsurance Group of America from December 1998 to February 2007; an actuary of American Life financial modeling/experience analysis from February 2007 to May 2009; an assistant to director of Sun Life Financial Group (an insurance company headquartered in Canada) from May 2009 to September 2010; director of Prudential Financial Company from October 2010 to September 2011; deputy director of Guggenheim Life and Annuity Company from September 2011 to September 2012; and director and consultant of Athene Annuity and Life Company (an insurance company registered in the State of Iowa) from October 2012 to December 2013. For teaching and research, she served as an assistant professor in Fujian Normal University from August 1982 to April 1988; a scientific research teaching assistant in the University of Iowa from August 1988 to July 1996; an assistant lecturer in Maryville University of St. Louis and Charles Community College from January 1997 to December 2006; an assistant lecturer of the actuarial department of Columbia University from May 2010 to September 2013; a researcher of China Academy of Financial Research of Zhejiang University of Finance and Economics since August 2015; director of actuarial department of Columbia University from September 2013 to March 2019; and senior academic director of the actuarial department of Columbia University since March 2019. Ms. Xu obtained a bachelor's degree in mathematics from Fujian Normal University in July 1982; a master's degree in statistics and actuarial science from the University of Iowa in the United States in December 1990; a doctor's degree in applied mathematics and computing science from the University of Iowa in the United States in July 1996; and became a member of Society of Actuaries in September 2008.

Ms. Cui Li, aged 48, is the chief economist, head of macro-research and managing director of CCB International Securities Co., Ltd., a special invited member of China Finance 40 Forum and director of China Chief Economist Forum. She was a senior economist of the International Monetary Fund (IMF) in Washington, U.S. from June 2000 to August 2008; head of foreign affairs department of the Hong Kong Monetary Authority from September 2008 to December 2010; chief Chinese economist in the Royal Bank of Scotland from January 2011 to March 2012; managing director of global investment research department of Goldman Sachs Investment Bank from April 2012 to January 2015; vice president of International Finance Forum Research Institute from February 2015 to January 2016; and chief economist, head of macro-research and managing director of CCB International Securities Co., Ltd. since February 2016; and visiting associate professor of Hong Kong University Business School from June 2016 to September 2016. Ms. Cui graduated from Renmin University of China with a bachelor's degree in international economics in 1993; graduated fromNorthwestern University in the United States with a master's degree in economics in 1996; and graduated from Northwestern University in the United States with a doctor's degree in economics in 2000.

Mr. Chen Wuzhao, aged 51, is an independent non-executive director of the Company. Mr. Chen worked in Zhonghua Accounting Firm from August 1995 to October 1998, holding positions as certified public accountant and project manager. Since October 1998, he has been a lecturer and associate professor of the School of Economics and Management, Tsinghua University. From July 2007 to December 2018, he served successively as an independent non-executive director of Integrated Electronic Systems Lab Co., Ltd. (a listed company on the SZSE, stock code: SZ.002339), Shenzhen Development Bank Co., Ltd. (renamed as Ping An Bank Co., Ltd., a listed company on the SZSE, stock code: SZ.000001), CITIC 21CN Company Limited (renamed as Alibaba Health Information Technology Limited, a listed company on the Hong Kong Stock Exchange, stock code: HK.00241), Beijing Highlander Digital Technology Co., Ltd. (a listed company on the SZSE, stock code: SZ.300065), Nsfocus Information Technology Co., Ltd. (a listed company on the SZSE, stock code: SZ.300369), Beijing Huelead Audiovisual Technology Co., Ltd. (a listed company on the National Equities Exchange and Quotations, stock code: NEEQ.835078), Beijing Miteno Communication Industrial Technology Co., Ltd. (currently renamed as Beijing Shuzhi Technology Co Ltd, a listed company on the SZSE, stock code: SZ.300038), Giga Device Semiconductor (Beijing) Inc. (a listed company on the SZSE, stock code: SH.603986), and Beijing Andawell Science & Technology Company Ltd (a listed company on the SZSE, stock code: SZ.300719). He is currently an independent non-executive director of Guizhou Broadcasting & TV Information Network Co.,Ltd. (a listed company on the SSE, stock code: SH.600996) and VeriSilicon Microelectronics (Shanghai) Co.,Ltd. (a listed company on the SSE, stock code: SH.688521). Mr. Chen was an adjunct professor of Beijing National Accounting Institute from September 2010 to September 2012 and has been a committee member of the Enterprise Accounting Standards Professional Board of the Accounting Society of China since January 2009. Mr. Chen has been an Independent Non-executive Director of the Company since March 2017. Mr. Chen graduated from Zhongnan University of Finance and Economics (renamed as Zhongnan University of Economics and Law) with a Bachelor's degree in Economics in July 1992, graduated from the Finance Science Institute of the MOF (renamed as Chinese Academy of Fiscal Sciences) with a Master's degree in Economics in July 1995, and graduated from the School of Economics and Management, Tsinghua University with a Doctorate in Management in July 2004. Mr. Chen is a non-practicing member of the Chinese Institute of Certified Public Accountants, and he holds the international certificate for certified internal auditor as well as the professional qualification certificate for self-assessment on internal control.

Other information

There is no specified length of service for the appointment of each candidate of executive director of the fourth session of the Board. Each candidate of executive director of the fourth session of the Board does not receive any director's fee from the Company other than the corresponding emoluments (including salary, performance bonus and benefits) received based on his/her specific management position in the Company. The Nomination and Remuneration Committee of the Board shall, after the end of each year, propose the emoluments distribution and settlement plan, which shallbe reviewed by the Board and submitted to the general meeting for approval. The Company will make disclosure after the relevant emoluments are determined. For details of the emoluments, please refer to the annual report, relevant announcement and circular to be published by the Company in due course.

Each candidate of non-executive director of the fourth session of the Board will not enter into any service contract with the Company and will not receive any director's fee or emoluments from the

Company.

Each candidate of independent non-executive director of the fourth session of the Board will receive remuneration from the Company. Basic remuneration amounts to RMB250,000/person/year (before tax). In addition, the chairman of special committee of the Board will receive an additional remuneration of RMB50,000 per annum (before tax).

Each candidate of independent non-executive director has satisfied the requirement of independence as set out in Rule 3.13 of the Rules Governing the Listing of Securities on The Stock Exchange of

Hong Kong Limited (the "Listing Rules").

Save as disclosed above, each candidate for the director of the fourth session of the Board have not held any other directorships in any listed companies in the past three years, and they do not hold any other major appointments or professional qualifications, nor hold any other position in the Company or any of its subsidiaries, and do not have any relationships with any directors, senior management, substantial shareholders or controlling shareholders of the Company.

As at the date of this announcement, each candidate for the director of the fourth session of the Board does not hold any interests in securities of the Company within the meaning of Part XV of the Securities and Futures Ordinance (Chapter 571 of the laws of Hong Kong) and have not been subject to any disciplinary actions or reprimanded by the China Securities Regulatory Commission or any other relevant authorities or the stock exchanges.

Each candidate for the director of the fourth session of the Board confirmed respectively that, as at the date of this announcement, there is no other matter relating to their appointment that needs to be brought to the attention of the shareholders, nor is there any other information to be disclosed pursuant to any of the requirements under Rules 13.51(2)(h) to (v) of the Listing Rules.

- 10 -