Target Insurance : DISPOSAL OF SHARES BY SUBSTANTIAL SHAREHOLDERS

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TARGET INSURANCE (HOLDINGS) LIMITED

(Incorporated in Hong Kong with limited liability)

(Stock code : 06161)

DISPOSAL OF SHARES BY SUBSTANTIAL SHAREHOLDERS

This announcement is made by Target Insurance (Holdings) Limited (the "Company") pursuant to Rule 13.09 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules") and the Inside Information Provisions under Part XIVA of the Securities and Futures Ordinance (Chapter 571, Laws of Hong Kong).

Reference is made to the announcement of the Company dated 13 January 2020 relating to the sale and purchase of the Sale Shares (the "Announcement"). Unless otherwise defined, capitalized terms used herein shall bear the same meanings as those defined in the Announcement.

The Board was informed by Mr. Lai and Mr. Chiu that on 24 July 2020 a second supplemental agreement to the Agreement was entered into among the parties to the Agreement (the "Supplemental Agreement"), pursuant to the Supplemental Agreement, among others, the consideration of the Sale Shares was adjusted to HK$1.3 per Sale Share.

By order of the Board

Target Insurance (Holdings) Limited

Tse Kam Fai

Company Secretary

Hong Kong, 24 July 2020

As at the date of this announcement, the Board comprises six executive Directors, namely Dr. Cheung Haywood (Chairman), Mr. Lai Bing Leung, Mr. Chiu Sun Ting, Mr. Muk Wang Lit, Jimmy (Chief Executive Officer), Mr. Chan Hok Ching and Ms. Lau Ka Yee, and four independent non-executive Directors, namely Mr. Wan Kam To, Mr. Wong Shiu Hoi, Peter, Mr. Szeto Wai Sun and Mr. Anthony Espina.