<P><FONT size=4>高盛－平安保险：整合深圳商业银行和平安银行是拓展银行业务的重要一步</FONT></P>
<P><FONT size=4> February 16, 2007５页</FONT></P>
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<P><FONT size=4>Analysis<BR>After the share transfer, SZCB will wholly own PAB, which has a license to<BR>operate Rmb corporate banking business in Shanghai and Fuzhou.<BR>Ping An has stated that it plans to integrate the management systems of<BR>the two banks in an effort to develop its banking businesses under a single<BR>brand name and a unified platform. In our view, this is a crucial time for<BR>unifying the branding, as it comes right ahead of the launch of the newly<BR>acquired banking operation. We believe Ping An may eventually rebrand<BR>SZCB to the “Ping An” brand name, so as to further increase branding and<BR>cross-selling synergies under the Ping An holding company umbrella.</FONT></P>