Ping An Announces the Closing of Global Mezzanine Fund

HONG KONG andSHANGHAI,Feb. 25,2021 -- Ping An Insurance (Group) Company of China,Ltd. (hereafter "Ping An" or the "Group",HKEX: 2318; SSE: 601318) is pleased to announce that its main offshore investment and asset management platform,China Ping An Insurance Overseas (Holdings) Limited (PAOH),has closed the Ping An Global Mezzanine Fund.

The Ping An Global Mezzanine Fund raised USD307 million from clients' commitments and a credit facility provided by Goldman Sachs. Ping An Overseas Holdings is also an investor in the fund.

The Mezzanine Fund's investments will focus on private corporate debts such as mezzanine and unitranche loans in overseas markets. It provides its limited partners the opportunity to invest alongside Ping An in a strong institutional asset class. The fund's investment strategy builds on Ping An's more than 10 years of successful private debt investment in China and overseas.

Mr. Hoi Tung,Chairman & CEO of Ping An Overseas Holdings,said: "Despite the uncertainties in current global economic outlook,the closing of our new Mezzanine Fund is one more example of how PAOH strives to offer investment opportunities with compelling risk-adjusted returns to our investment partners. We are proud and grateful to our investors for their continuing trust in our Mezzanine Fund and we look forward to launching more products and services that meet global institutional investor demands."

Mr. Bruce Pan,Managing Director and Head of Private Debt at Ping An Overseas Holdings,said: "The Mezzanine Fund provides investors with an investment opportunity in an asset class that is otherwise only accessible to large institutions. The interests of investors and Ping An are aligned as Ping An is also a significant investor in the Mezzanine Fund. By working with top tier private credit investment managers around the globe,we will find attractive opportunities to invest in companies that have strong cash flow and identified growth paths. The Mezzanine Fund aims to achieve solid returns and stable cash coupons for its investors."

About Ping An Group

Ping An Insurance (Group) Company of China,Ltd. ("Ping An") is a world-leading technology-powered retail financial services group. With over 218 million retail customers and 598 million Internet users,Ping An is one of the largest financial services companies in the world. Ping An focuses on two over-arching domains of activity,"pan financial assets" and "pan health care",covering the provision of financial and health care services through our integrated financial services platform and our ecosystems; in financial services,health care,auto services and smart city services. Our "finance + technology" and "finance + ecosystem" transformation strategies aim to provide customers and internet users with innovative and simple products and services using technology. As China's first joint stock insurance company,Ping An is committed to upholding the highest standards of corporate reporting and corporate governance. The Group is listed on the stock exchanges in Hong Kong and Shanghai. In 2020,Ping An ranked 7th in the Forbes Global 2000 list and ranked 21st in the Fortune Global 500 list. Ping An also ranked 38th in the 2020 WPP Kantar Millward Brown BrandZTM Top 100 Most Valuable Global Brands list.

For more information,please visit www.group.pingan.com,and follow us on LinkedIn - PING AN.

About Ping An Overseas Holdings

China Ping An Insurance Overseas (Holdings) Limited ("PAOH") is a direct wholly-owned subsidiary of Ping An Insurance (Group) Company of China,Ltd. ("Ping An Group") (2318.HK). PAOH,together with its subsidiaries,acts as the overseas investments and asset management platform of the Ping An Group. We have strong offshore investment research and portfolio management capabilities and are committed to providing clients with a wide range of overseas investment products,asset management and consulting services. We offer capital markets investment services including open-/closed-end funds,ETFs and mandates in equity,fixed income,funds of hedge funds,and AI and quantitative investments,and alternative investment services including funds,co-investments and direct investments in global (mainly US and Europe) private equity,private debt,infrastructure and real estate.