China Ping An welcomes the capital injection into Fortis by the governments of Belgium, Luxembourg and the Netherlands

Beijing, September 29, 2008 – Ping An Insurance (Group) Company of China., Ltd (“the Company”) welcomes an active move by the governments of Belgium, Luxembourg and the Netherlands to invest EUR 11.2 in exchange for 49% of the respective Fortis bank institutions in each country.

The Company thinks the capital injection is a vigorous measure taken by the three governments which will boost the liquidity of Fortis, strengthen capital markets and stabilize market confidence. The Company also believes this is positive news for the shareholders and customers of Fortis.

According to an announcement issued by Fortis earlier today, the capital injection from the three governments lead to an estimated Fortis core equity of around EUR30 billion. This results in a EUR 9.5 billion excess core equity for Fortis and a Bank core equity ratio of above 9% (Basel I) at end of the third quarter 2008. In addition, this translates into a total regulatory capital ratio for Fortis Bank of 13%.

Ping An recognizes that the total investment in Fortis accounts for only 3% of Ping An’s total assets. As at June 30, 2008, the audited net asset value of the Company has already reflected the losses from the fluctuation in the market value of the Company’s investment in Fortis which amounted to RMB10.524 billion.

Based on future international capital market conditions and the movements in the Fortis’ share price, the Company will make a prudent decision whether to make impairment provisions on the investment in Fortis in the 2008 third quarterly results of the Company. If the impairment provisions are made, the accumulative losses embedded in the Company’s net assets would be reflected in the profit and loss statement.

Ping An emphasizes that it is in a strong and solid position in terms of capital adequacy and liquidity, underpinned by stable fundamentals and prudent principles, regardless of whether or not such impairment provisions on the investment in Fortis will be recognized in the 2008 third quarterly results. All core businesses including insurance, banking, trust and securities business, have achieved healthy and reasonable growth. The rights of our clients will be properly looked after and protected.