Shenzhen Commercial Bank Appoints New General Manager

April 2007,--- Ping An Insurance (Group) Company of China Ltd. (“Ping An” or the “Group”, HKSE: 2318; SSE: 601318) today announced that it has appointed Richard David Jackson as President of Shenzhen Commercial Bank (SZCB).

His appointment has been approved by the Board of Directors of SZCB and the China Banking Regulatory Commission.

Mr. Jackson, 51, joined the Ping An Group in October 2005. He has been serving in Citibank for 20 years in various positions, including Head of International Business for Citicorp Insurance International, Financial Institutions Head for Asia Pacific, Chairman and CEO of Citibank Hungary, and Country Manager and Consumer Business Head of Citibank Korea. He spent many years of his professional career in Hong Kong, Korea, Hungary and Poland.

One of the most remarkable achievements of Mr. Jackson’s professional career was to have grown Citibank Hungary from a single-branch bank into the fifth largest nationwide bank in the country. Another prominence was to have developed Citibank Korea from a bank with no clearly-defined direction and low business volume into the country’s fifth largest bank.

The 20-year experience at Citibank of working in different regions brings Mr. Jackson a wealth of experience in managing international operations and a strong capability of quickly assimilating into a new cultural environment.

Mr. Peter Ma, Chairman and CEO of Ping An Group, said: “ Mr. Jackson has years of commercial banking experience as well as an international mindset, and is a top-notch executive in the international financial industry. Since joining Ping An, Mr. Jackson has been making outstanding contributions in Ping An’s acquisition of SZCB, and in the integration of the businesses and operating platform of SZCB with Ping An Bank. We believe that as the bank’s president, Mr. Jackson will lead SZCB to achieve better development for Ping An’s banking business.”

“Since our acquisition into SZCB”, said Mr. Jackson, “ we have set up a professional team comprising both local and overseas talents，and have commenced the integration of equity stake of SZCB and Ping An Bank in an effort to create a single branding identity for Ping An’s banking business. At the moment, SZCB is adequately prepared in terms of funding, supply of professional talents, operating mechanisms and systems. Leveraging Ping An’s strong customer resources and extensive network, we are confident in making SZCB a first-class commercial bank in China.”