Target Insurance : FURTHER DELAY IN DESPATCH OF CIRCULAR REGARDING THE CONNECTED TRANSACTION IN RELATION TO THE PROPOSED ISSUE OF CONVERTIBLE BONDS UNDER SPECIFIC MANDATE

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.

TARGET INSURANCE (HOLDINGS) LIMITED 泰加保險（控股）有限公司

(Incorporated in Hong Kong with limited liability)

(Stock code : 06161)

FURTHER DELAY IN DESPATCH OF CIRCULAR REGARDING THE CONNECTED TRANSACTION IN

RELATION TO THE PROPOSED ISSUE OF CONVERTIBLE BONDS UNDER SPECIFIC MANDATE

References are made to the announcements of Target Insurance (Holdings) Limited (the "Company") dated (i) 26 January 2021 (the "Subscription Announcement") in relation to, among other things, the Subscription; (ii) 27 January 2021 in relation to the appointment of the Independent Financial Adviser; and (iii) 18 February 2021 (the "Delay Announcement") in relation to the delay in despatch of the Circular (as defined below). Unless the context requires otherwise, capitalised terms used herein shall bear the same meanings as defined in the Subscription Announcement.

As disclosed in the Delay Announcement, a circular (the "Circular") containing, among other things, (i) details of the Subscription Agreement and the transactions contemplated thereunder; (ii) a letter of recommendation from the Independent Board Committee to the Independent Shareholders in relation to the Subscription Agreement and the transactions contemplated thereunder (including the grant of the Specific Mandate); (iii) a letter of advice from the Independent Financial Adviser to the Independent Board Committee and the Independent Shareholders in relation to the Subscription Agreement and the transactions contemplated thereunder (including the grant of the Specific Mandate); (iv) a notice convening the GM; and (v) other information as required under the Listing Rules, was expected to be despatched to the Shareholders on or before 3 March 2021.

As additional time is required to prepare and finalise certain information for inclusion in the Circular, the despatch of the Circular is expected to be further postponed to a date on or before 16 March 2021.

By Order of the Board Target Insurance (Holdings) Limited

Tse Kam Fai

Company Secretary

Hong Kong, 3 March 2021

As at the date of this announcement, the Board comprises nine executive Directors, namely Dr. Cheung Haywood (Chairman), Mr. Ng Yu (Co-chairman), Mr. Muk Wang Lit Jimmy (Chief Executive Officer), Mr. Chan Hok Ching, Ms. Lau Ka Yee, Mr. Wei Weicheng, Mr. Lin Feng, Mr. Dai Chengyan, and Mr. Rui Yuanqing; and five independent non-executive Directors, namely Mr. Wan Kam To, Mr. Wong Shiu Hoi Peter, Mr. Anthony Espina, Mr. Leung Ho Yin Alexander and Dr. Wang Jun Sheng.