<P><FONT size=5>花旗：不要低估中国保险费收入的增长</FONT></P>
<P><FONT size=5>Citi Insurance Express #1 </FONT></P>
<P><FONT size=5>Do Not Underestimate Premium Growth in China</FONT></P>
<P><FONT size=5>2 April 2007 | 6 pages</FONT></P>

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<P> <STRONG><FONT size=4>Citi Insurance Express — This note represents the first in a series of industry<BR>publications focusing on topical issues, market updates and stock ideas in the<BR>Asian insurance sector. This first issue focuses on our China coverage.<BR> Premium growth remains strong — We believe the market will continue to<BR>underestimate 2007E premium growth momentum for China Life and Ping An. We<BR>expect March PRC GAAP premium numbers to yet again provide positive surprises<BR>for the market.<BR> Insurers allowed to invest in property — According to a CIRC spokesperson, the<BR>State Council has in principle approved Chinese insurers to invest directly in the<BR>property market. CIRC is in the process of formulating detailed regulations to<BR>facilitate insurers’ eventual move to invest directly in property. We believe this<BR>represents a long-term yield enhancement opportunity.<BR> New non-life regulations — From 1 April, new motor insurance</FONT></STRONG></P>