The board of directors of China Pacific Insurance (Group) Co., Ltd. hereby announced that it received the resignation letter from Mr. FU Fan, the president of the Company, recently. Mr. FU ceased to act as the president of the Company due to work adjustment. Upon his resignation as president, Mr. FU will continue to serve as executive director of the Company, member of the Risk Management and Related Party Transaction Control Committee of the Board and the Technological Innovation and Consumer Rights Protection Committee of the Board.

At the Board meeting held on 11 December 2023, the Board agreed to appoint Mr. FU as the chairman of the Board, and his appointment would become effective upon approval for the qualification of the regulatory authority. Pursuant to the "Approval of qualification of FU Fan of China Pacific Insurance (Group) Co., Ltd." (Jin Fu [2024] No. 50) issued by the National Administration of Financial Regulation ("NAFR"),NAFR approved the appointment qualification of Mr. FU as the chairman of the Board.

The term of office of Mr. FU as the chairman of the Board shall commence on 26 January 2024 and end upon expiry of the current session of the Board.