Ping An Announces Breakthrough in SDB Investment

Hong Kong, Shanghai, May 4, 2010 - Ping An Insurance (Group) Company of China, Ltd. (hereafter "Ping An" or "the Company", HKEX: 2318; SSE: 601318) today posted a further announcement on its strategic investment in Shenzhen Development Bank Co., Ltd. (hereafter "SDB"). According to the announcement, the Company recently received the reply from China Securities Regulatory Commission ("CSRC"), approving the issue of 299,088,758 H Shares by the Company to Newbridge, the consideration of which is to be satisfied by 520,414,439 shares in SDB held by Newbridge.

According to the announcement, Ping An received the reply from CSRC, approving the issue of 299,088,758 H Shares by the Company to Newbridge, the consideration of which is to be satisfied by 520,414,439 shares in SDB held by Newbridge. Prior to the abovementioned, the Company also received replies from the China Insurance Regulatory Commission ("CIRC") and the Ministry of Commerce of the People's Republic of China ("MOC") respectively. The CIRC, in principle, agreed to the investment in shares of SDB by the Company and Ping An Life; while the Anti-monopoly Bureau of the MOC considered the investment in shares of SDB by the Company and Ping An Life shall not, or might not, have the exclusive or restrictive competition effect, and hence the transaction could be effectuated immediately.

Meanwhile, the Company understood that SDB also had received replies from China Banking Regulatory Commission recently, the shareholder's qualification of the Company and Ping An Life in SDB has been agreed in principle, and that, SDB's non-public issue of A shares (ordinary shares) has also been agreed in principle. The subscription of shares in SDB by Ping An Life through non-public issue is still subject to approval of other relevant regulatory authorities.

Ping An would like to express its appreciation to the authorities for their approvals. The Company is confident of the future of this investment. Ping An and Newbridge, along with other interested parties, will see through the smooth completion of the transaction and fulfill their respective responsibilities under the agreement. At the same time, the Company will press ahead with the issuing of shares related to the SDB investment in order to complete the transaction, to the mutual benefits of all parties.