09:17     PICC P&C<02328> - Announcement                                      

    The Stock Exchange of Hong Kong Limited takes no responsibility           
    for the contents of this announcement, makes no representation            
    as to its accuracy or completeness and expressly disclaims any            
    liability whatsoever for any loss howsoever arising from or in            
    reliance upon the whole or any part of the contents of this               
    announcement.                                                             
                                                                              
    PICC Property and Casualty Company Limited                                
    (a joint stock limited company incorporated in the People's               
    Republic of China with limited liability)                                 
    (Stock Code: 2328)                                                        
                                                                              
    WAIVER IN RELATION TO QUALIFIED ACCOUNTANT                                
                                                                              
    The Company has been granted a three-year conditional waiver              
    by the Stock Exchange from strict compliance with Rule 3.24 of            
    the Listing Rules commencing from 18 May 2005.                            
                                                                              
    Under Rule 3.24 of the Rules Governing the Listing of Securities          
    on The Stock Exchange of Hong Kong Limited, PICC Property and             
    Casualty Company Limited (the "Company") is required to employ            
    an individual on a full time basis, who, among other things,              
    must be a qualified accountant and a fellow or associate member           
    of the Hong Kong Institute of Certified Public Accountants (the           
    "HKICPA") or a similar body of accountants recognised by the              
    HKICPA for the purpose of granting exemptions from examination            
    requirement for membership of HKICPA ("HKICPA Qualification").            
                                                                              
    Mr. Wang Yincheng, an Executive Director, Executive Vice                  
    President and the Chief Financial Officer of the Company, is              
    a senior accountant in the PRC under the relevant laws and                
    regulations of the PRC and meets all the requirements set out             
    in Rule 3.24 save for the HKICPA Qualification. The Company has           
    engaged Mr. Chan Hoi Keung, Terence, an associate member of the           
    HKICPA, to provide assistance to Mr. Wang in discharging his              
    duties as the qualified accountant of the Company for three years         
    from 18 May 2005.                                                         
                                                                              
    The Stock Exchange of Hong Kong Limited (the "Stock Exchange")            
    has granted a three-year conditional waiver ("Waiver") to the             
    Company from strict compliance with Rule 3.24 commencing from             
    18 May 2005. The Waiver will cease on 17 May 2008, being 3 years          
    from the date of the Waiver, the date the engagement contract             
    between the Company and Mr. Chan ends or once Mr. Chan is no              
    longer able to assist Mr. Wang, whichever is the earliest. The            
    Company will then inform the Stock Exchange immediately and take          
    remedial steps to comply with Rule 3.24.                                  
                                                                              
    By Order of the Board                                                     
    Fu Zhu                                                                    
    Secretary of the Board                                                    
                                                                              
    Beijing, PRC, 20 May 2005                                                 
                                                                              
    As at the date of this announcement, the executive directors              
    of the Company are Mr. Wang Yi (Chief Executive Officer), Mr.             
    Wang Yincheng, Md. Liu Zhenghuan and Mr. Fu Zhu, the                      
    non-executive directors are Mr. Tang Yunxiang (Chairman), Mr.             
    Ding Yunzhou, Mr. Zhou Shurui and Mr. Tse Sze Wing, Edmund, the           
    independent non-executive directors are Mr. Cheng Wai Chee,               
    Christopher, Mr. Lu Zhengfei and                                          
    Mr. Luk Kin Yu, Peter.