The Board of New China Life Insurance Company Ltd. announced that pursuant to the requirements of the Articles of Association of the company, the Board shall have one chairman who shall be elected by a majority of all directors. Mr. LI Quan was resolved to be elected as the chairman of the eighth session of the Board of the Company at the first meeting of the eighth session of the Board held on 29 January 2023 (the "Meeting"). The terms of office of Mr. LI Quan as the chairman of the Company shall become effective from the date of ratification of his qualification as chairman by the China Banking and Insurance Regulatory Commission (CBIRC).

In accordance with the regulatory rules, the requirements of the Articles of Association and the needs of the Board, the Strategy Committee, the Investment Committee, the Audit and Related Party Transaction Control Committee, the Nomination and Remuneration Committee and the Risk Management and Consumer Rights Protection Committee are established under the eighth session of the Board. Considering the roles and expertise of directors of the Company, the composition of the Board Committees have been made as resolved and approved by the Meeting: Strategy Committee (five members): LI Quan (chairman), ZHANG Hong, YANG Yi, HU Aimin and LAI Guanrong; Investment Committee (six members): YANG Yi (chairman), LI Quan, ZHANG Hong, HE Xingda, HU Aimin and LAI Guanrong; Audit and Related Party Transaction Control Committee (six members): GENG Jianxin (chairman), YANG Yi, LI Qiqiang, LAI Guanrong, XU Xu and GUO Yongqing; Nomination and Remuneration Committee (six members): XU Xu (chairman), YANG Xue, LI Qiqiang, GENG Jianxin, MA Yiu Tim and GUO Yongqing; Risk Management and Consumer Rights Protection Committee (seven members): GUO Yongqing (chairman), LI Quan, HE Xingda, YANG Xue, LI Qiqiang, MA Yiu Tim and XU Xu. Among which, the appointment of Mr. LI Quan as the chairman of the Strategy Committee shall become effective from the date of qualification ratification of his appointment as chairman of the Board by the CBIRC.