CCB s First Ever Consignment Sales of Insurance Company Funds

From January 16th to 31st 2008, 15 CCB branches will for the first time undertake consignment sales of an insurance company fund, the "Ping An Investment Fund", and will handle subscription applications from investors.People in the industry opine that the debut of this type of investment product offers to investors an integrative, professional and prudent way of investment and opens up a new investment channel to the public.

The Ping An Investment Fund (the Product ) currently under consignment sales by CCB is an integrative investment product operating as a fund.It will strive to bring long-term, sustained and steady earnings to investors by capturing profits in bull markets and by sound risk controls.With its ratio of investment in stocksat0-70%,it will have a good balance of risk and earnings and is amenable to both offensive and defensive strategies.As such, it is suitable for the current market environment which has good long-term prospects but is experiencing violent fluctuations in the short term.In addition, it offers a sweetener by having an insurance protection function:investors holding this Product will obtain insurance protection equivalent to 200% of their individual account value.

The investment manager of Ping An Investment Fund, Ping An Asset Management Company, is a member of the China Ping An Group.With over 20 years of experience in investment management, it is one of the more influential institutional investors in China.Its current undertaking of the investment operation of Ping An Investment Fund will bring to investors investment services of higher professional standards, an all-new investment experience and more pleasant wealth surprises.Each unit of the Ping An Investment Fund has a face value of RMB1; minimum subscription amount is RMB5,000; subscription fee is1.00%; and handling fee is the same as other funds.Subscription and redemption will be handled on every trading day.This Product will be on sale in CCB branches in Beijing, Hebei, Liaoning, Dalian, Shanghai, Jiangsu, Suzhou, Fuzhou, Xiamen, Shandong, Qingdao, Henan, Guangdong, Shenzhen and Sichuan.

Ping An Investment Fund A Household Investment Insurance Product

Notes to Customers & Synopsis of Prospectus

Issuer & Registered Institution of the Product: Ping An Property & Casualty Insurance Company of China Limited

Investment Manager: Ping An Asset Management Company Limited

Custodian of the Product: China Construction Bank Corporation

Consignment Sales Institutions: China Construction Bank Corporation and Shenzhen Ping An Bank Company Limited

Notes to Customers

1.This Product is offered only to customers with permanent residence in this city.For customers who have filled in their residential address as the contact or correspondence address in the account application form provided by the consignment sales institutions, the address where insurance of household property is undertaken by this Product is deemed to be that address; if the contact or correspondence address is an address other than the residential address, the address where insurance of household property is undertaken by this Product will be the customer s permanent address in this city.

2.There may be differences in the format and contents in the applications forms for account opening or trading due to differences in the consignment sales institutions involved, but such differences will not affect the contents of this Product.All rights and obligations of this Product are as perProduct Agreement and the Product Prospectus.

Special Note:

The following text is a synopsis of the ProductProspectus.For details, please refer to the full texts of the Product Agreement and Product Prospectus.Although the selling of this Product has been approved by China Insurance Regulatory Commission (CIRC), any decision made by the CIRC regarding this Product does not represent a material judgment or guarantee of the value or investment earnings of this Product.The signing on these Notes to Customers and the Product Prospectusby a customer will be automatically construed to mean the full understanding of and willingness to voluntarily abide by the stipulations of the Product Agreement and the Product Prospectusas well as those of the terms of the insurance policy therein.

Risk warning: The purchase of this Product involves a definite amount of investment risks and investors may sustain a loss of their funds.

Disclaimer: The historical operating results of the Issuer and Investment Manager of this Product do not represent the future value or investment results of this Product; other than carrying out their management duties with due honesty, the Issuer and Investment Manager of this Product are not responsible for the profits and losses of the investment, nor will they guarantee a minimum earning for this Product.The consignment sales institutions will only be responsible for receiving applications for insurance and will not undertake any guarantee or responsibility regarding investment results or risk protection of this Product.On submitting this application by an applicant, final confirmation of all related businesses will rest with the registered Institution and the consignment sales institutions will not undertake any responsibility in ensuring the success of the application for transaction.

1.Sales of Product Shares

1.1Product Type & Duration

a.Product type: Stock skewed allocation type investment product.

b.Method of Product operation: Open-ended.

c.Duration: Five years.At the end of this duration, the Product will be automatically renewed with the approval of CIRC.

1.2Method of Sales

This Product will be sold via the branches of the consignment sales institutions.

1.3Intensive Sales Period

No more than three months after the first day of selling of Product shares.For specific time, please refer to the Announcement of Intensive Sales of Product.

1.4Extensive Sales Period

Two years.At the end of this period, the extensive sales period of this Product shall be automatically renewed with the approval of CIRC.

1.5Placement Size

The placement size of this Product is limited to RMB10,000 million (excluding interest accrued during the policy and subscription application period).

1.6Policy & Subscription Application Fee

The rate of policy and subscription application fee during the intensive sales period of this Product shall be 1.0%.

1.7Calculation of Policy & Subscription Shares

The face value of each Product share shall be RMB1.00.

1.8Restrictions on Policy & Subscription Application Amounts

During the intensive sales period of this Product, applicants may make multiple policy and subscription applications.The minimum policy and subscription amount for first time applicants is RMB5,000, additional policy and subscription amounts must be in whole number multiples of RMB1,000.

2.Effectiveness of the Product Agreement

2.1Effectiveness of the Product Agreement during the Intensive Sales Period

Within three months of the first day of sales of Product shares, the Issuer of this Product may decide to terminate the intensive sales of this Product in accordance with the provisions of relevant laws, regulations and the Product Agreement.Within 10 business days of such termination, the Issuers shall secure the service of a verification institution to carry out verif