China Construction Bank Corporation (CCB) and China Life Insurance Company Limited (China Life) held the signing ceremony of Comprehensive Business Cooperation Agreement on the morning of February 13, 2007. Zhang Jianguo, President of CCB and Wan Feng, Vice President of China Life addressed the ceremony. Zhao Lin, Vice President of CCB and Su Hengxuan, Assistant President of China Life signed the agreement.

China Life and CCB conducted financial reorganization and shareholding transformation and changed name in 2003 and 2004 respectively, which has helped deepen and widen the business cooperation between the two companies. The Comprehensive Business Cooperation Agreement is signed on the basis of the Insurance Cooperation Agreement entered by the two companies in April 2000.

As the largest Chinese insurance company, China Life has been the leader of Chinese life insurance market. Its reorganization in 2003 established the business structure composing of China Life Insurance Group, China Life Insurance Company Limited and China Life Insurance Fund Management Company. Listed in Hong Kong and New York on December 17 and 18, 2003 respectively, China Life went public in Shanghai Stock Exchange on January 9, 2007, becoming the first Chinese financial company listed in all the three markets. Its market value which has increased from RMB100 billion at the beginning of IPO to RMB1200 billion today is the largest among insurance companies globally. As the market competition gets intense, China Life is making breakthroughs in assets, business philosophy, product innovation, structural optimization and risk management and increasing market share continuously. It ranked the 217^th in the 2005 Fortune Global 500 and was named as one of the “Ten Most Valuable Chinese Brands” and the “Leading Brand of Chinese Insurance Industry”.

With a history of more than 50 years, CCB is China’s first major state-owned commercial bank completing overseas listing. In 2006 Britain-based journal The Banker announced CCB ranked the 11^th of Top 1000 Global Banks and the 1^st of Top 100 Chinese Banks. On the list released by Hong Kong-based journal Asiaweek, CCB was recognized as the bank with the “highest net interest income” and the “highest net profit”, and therefore rated as the “most profitable bank in Asia.” By the end of 2006, CCB has grown into the state-owned bank with the strongest profitability, best asset quality, largest increase of savings deposit and loans, biggest new issuance of credit card and highest market share of short-term financing bills.

The latest agreement supplements the articles on insurance agent services and fund settlement in the old one and adds the articles on fund and asset custody. Both parties will launch comprehensive cooperation in such areas as insurance agent service, agent premium collection and insurance compensation payment, fund, asset custody, agreement deposit, fund settlement, financing, bank card, e-commerce, Bank-Insurance Link, training and information exchange in the principle of mutual support and common development. The agreement further enhances the existing sound cooperation between the two companies.

The Comprehensive Business Cooperation Agreement marks a new phase of partnership between CCB and China Life. Joining hands together, the two parties will complement each other with advantages, share resources and achieve common development. They will jointly provide customers with diversified and all-round financial services and push for the healthy growth of Chinese financial industry.