REPLY OF CHINA INSURANCE REGULATORY COMMISSION CONCERNING THE CHINA-BASED BRANCH OF AMERICAN INTERNATIONAL ASSURANCE CO., LTD. ON DEVELOPING STOCK INVESTMENTS BUSINESS

Reply of China Insurance Regulatory Commission concerning the China-based Branch of American International Assurance Co., Ltd. on
Developing Stock Investments Business

Bao Jian Zi Jin [2006] No.629

The Asset Management Center of China Region of American International Assurance Co., Ltd.:

Your Second Request for Instructions concerning the Administrative Licensing for Engaging in Stock Investments by Directly Using the
Insurance Funds as well as the Supplementary Materials thereof (You Hu Ren [2006] No. 154 and No. 186) have been received. After
examination, upon an approval, you are granted to manage the stock investment plan of the 7 China-based branch (sub-branch) enterprises
of the American International Assurance Co., Ltd as a trustee.

Your Center and all branch (sub-branch) enterprises shall develop the related businesses according to the related laws and provisions.

China Insurance Regulatory Commission

June 19, 2006