The board of directors of Target Insurance (Holdings) Limited announced the appointment of the following persons as senior management of Himalayas Insurance FZE-LLC, a United Arab Emirates licensed insurer wholly-owned by the Company: Mr. Zheng Hongliang was appointed as the chief executive officer of Himalayas Insurance with effect from 18 April 2023. Mr. Zheng obtained a bachelor's degree in international insurance economics from the Central Institute of Finance and Economics (now known as the Central University of Finance and Economics) and a master's degree in civil and commercial law from the Southwest University of Political Science and Law. He is a senior economist.

Mr. Zheng has approximately 30 years of experience in the insurance industry and management. He held various senior management positions, including the general manager of the domestic affairs department of China BOCOM Insurance Co. Ltd., the chief risk officer of Sinopec Insurance Limited, the senior vice president of Lockton Companies (Hong Kong) Limited, the general manager of CGN Insurance Brokers Limited and the general manager of CGN Captive Insurance Limited.

He previously worked for the People's Insurance Company of China and Ping An Insurance Company. Mr. Chen Yi Chuan was appointed as the chief financial officer of Himalayas Insurance with effect from 18 April 2023. Mr. Chen obtained a bachelor's degree in business administration from the University of Hong Kong and a master's degree in science in financial engineering from the City University of Hong Kong.

Mr. Chen is a Financial Risk Manager of the Global Association of Risk Professionals, a Certified Chartered Financial Analyst of the CFA Institute and a Certified Professional Risk Manager of the International Association of Professional Risk Managers, and holds a number of professional qualifications. He is also a member of the Society of Actuaries and the Hong Kong Institute of Actuaries; and a Fellow Certified Practicing Accountant in Australia. Mr. Chen has approximately 30 years of experience in actuarial, management and other fields.

He served as the chief financial officer of Dah Sing Insurance Company (1976) Limited, ZhongAn Technologies International Group Limited, ZA Life Limited, BEA Life Limited and Blue Cross (Asia Pacific) Insurance Limited.