New China Life Insurance Company Ltd. received the resignation from Mr. CHENG Lie, an independent non-executive director of the Company, on 9 September 2022. Mr. CHENG Lie has worked as an independent non-executive director for the Company for 6 consecutive years. According to relevant regulatory provisions, Mr. CHENG Lie resigned from positions as an independent non-executive director, member of Strategy Committee, Investment Committee as well as Audit and Related Party Transaction Control Committee of the Board.

Pursuant to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and Articles of Association of New China Life Insurance Company Ltd., the number of independent non-executive directors of the Board must represent at least one-third of the Board members, and the majority of Audit and Related Party Transaction Control Committee must be independent non-executive directors of the Company. Since the resignation of Mr. CHENG Lie will result in the number of independent non-executive directors of the Company being lower than one- third and independent non-executive directors no longer constituting a majority of Audit and Related Party Transaction Control Committee, Mr. CHENG Lie will continue to perform the duties of independent non-executive director and relevant responsibilities in the Board committees until the qualification of a newly-elected independent non-executive director is ratified by the China Banking and Insurance Regulatory Commission. Mr. CHENG Lie has confirmed that he had no disagreement with the Board, nor was there any matter in relation to his resignation that needed to be brought to the attention of shareholders of the Company.

The Board would like to express its sincere gratitude to Mr. CHENG Lie for his contributions to the Company during his term of office.