Ping An Will Not Proceed With Fortis Investment Management Joint Venture

Hong Kong, Oct. 2, 2008 -- Ping An Insurance (Group) Company of China, Ltd. ( Ping An or the Group ; HKEx: 2318, SSE 601318) announced on 2nd October that Ping An and Fortis Group mutually agreed, following friendly discussion, to terminate their earlier agreement to acquire an interest in Fortis Investment Management, a business under Fortis Group, given current turbulent market circumstances.

Ping An reached an agreement with Fortis Group on 2nd April to acquire 50 percent of the equity of Fortis Investments, the asset management business of the Group. Due to current market conditions, it is anticipated that not all the conditions precedent to completion of the agreement can be satisfied, therefore such agreement and other agreements associated with it will be terminated.

The Shanghai Stock Exchange, where Ping An is dual listed, is closed during the October National holidays until 6th October.The announcement made today in Hong Kong will be made public ahead of the reopening of the Shanghai market, by posting the announcement on the website of the Shanghai Exchange, Ping An Corporate website and placing it with required media.