Document:

Amended and Restated Capital Performance Bonus Plan

 Exhibit 10(iii).32 
  
 AMENDED AND RESTATED CAPITAL PERFORMANCE BONUS PLAN 
 FOR EXECUTIVE OFFICERS AND KEY EMPLOYEES OF SAFEWAY INC. 
  
 Safeway Inc., a Delaware corporation (the “Company”), previously adopted The Capital Performance Bonus Plan for Executive Officers of Safeway
Inc. (the “Plan”). The objectives of the Plan are to motivate and reward the Company’s executive officers and key employees to produce results that increase shareholder value and to encourage individual and team behavior that helps
the Company achieve both short and long-term corporate objectives. 
  
 The Plan is hereby amended and restated in its entirety, effective as of March 7, 2007 (the “Amendment and Restatement Effective Date”). Bonus awards granted under the Plan prior to March 7, 2007 shall be subject to the
terms and conditions of the Plan as in effect immediately prior to the Amendment and Restatement Date. 
  
 ARTICLE I 
  
 DEFINITIONS 
  
 Section 1.1 - Base
Compensation.  “Base Compensation” of a Participant shall mean the Participant’s regular base salary, excluding bonuses, expense reimbursements, moving expenses, fringe benefits, stock options, restricted stock and other
stock-based awards, and other payments which are not considered part of regular base salary, determined without regard to any reduction under a plan subject to Section 125 or 401(k) of the Code or any deferral under a non-qualified deferred
compensation plan. 
  
 Section 1.2 -
Board.  “Board” shall mean the Board of Directors of the Company. 
  
 Section 1.3 - CEO.  “CEO” shall mean the chief executive officer of the Company. 
  
 Section 1.4 - Code.  “Code” shall mean the Internal Revenue Code of 1986, as amended. 
  
 Section 1.5 - Committee.  “Committee”
shall mean the Executive Compensation Committee of the Board, or another committee or subcommittee of the Board, appointed as provided in Section 6.1. 
  
 Section 1.6 - Eligible Project.  “Eligible Project” shall mean either a First Year Eligible Project or a Third
Year Eligible Project. “First Year Eligible Project” shall mean a new store or remodel project which (a) has been (or is expected to be) completed during the Performance Period or the most recently completed fiscal year of the Company
immediately preceding the Performance Period (unless otherwise determined by the Committee) and (b) with respect to which an audit has been (or is expected to be) completed during the Performance Period. “Third Year Eligible Project”
shall mean a new store or remodel project with respect to which an audit has been (or is expected to be) completed during the second fiscal year of the Company following the fiscal year during which such project was audited as a First Year Eligible
Project. 
  

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 Section 1.7 - Participant.  “Participant” shall mean any
executive officer or key employee of the Company who has been selected by the Committee to receive a bonus award under the Plan. 
  
 Section 1.8 - Performance Criteria.  “Performance Criteria” shall mean the criteria (and adjustments) that the
Committee selects for a bonus award for purposes of establishing the Performance Goal or Performance Goals for a Performance Period, determined as follows: 
  
 (a)    The Performance Criteria that shall be used to establish Performance Goals are limited to operating profit and return on
invested capital, either of which may be measured either in absolute terms or as compared to any incremental increase or decrease or as compared to results of a peer group. 
  
 (b)    The Committee may, in its discretion, at the time of grant, specify in the bonus award that one
or more objectively determinable adjustments shall be made to one or more of the Performance Goals for one or more of the items of gain, loss, profit or expense: (i) determined to be extraordinary or unusual in nature or infrequent in
occurrence, (ii) related to the disposal or discontinued operation of a segment of a business (whether or not such segment qualifies as a “business segment” under GAAP), (iii) related to a change in accounting principle under
GAAP, and (iv) attributable to the business operations of any entity acquired by the Company (or a subsidiary of the Company) during the fiscal year. 
  
 Section 1.9 - Performance Goals.  “Performance Goals” shall mean, for a Performance Period, one or more goals
established in writing by the Committee for the Performance Period based upon one or more Performance Criteria. Depending on the Performance Criteria used to establish such Performance Goals, the Performance Goals may be expressed in terms of
overall Company performance or the performance of a division, business unit, store or Eligible Project. The achievement of each Performance Goal (and any adjustments thereto) shall be determined in accordance with GAAP to the extent applicable or,
if not applicable, in accordance with the Company’s accounting practices, as in effect on the first day of such Performance Period. 
  
 Section 1.10 - Performance Period.  “Performance Period” shall mean one or more periods of time, which may be of
varying and overlapping durations, as the Committee may select, over which the attainment of one or more Performance Goals will be measured for the purpose of determining a Participant’s right to, and the payment of, a bonus award. 

 
 ARTICLE II 
  
 BONUS AWARDS 
  
 Section 2.1 - Bonus Awards.    Any executive officer or key employee selected by the Committee may be granted one
or more bonus awards under the Plan for one or more Performance Periods. For each Performance Period established by the Committee, the Committee shall establish one or more objectively determinable Performance Goals. At the time a bonus award is
granted pursuant to this Section 2.1, the Committee shall specify the maximum bonus amount (“Bonus Amount”) to be paid upon the achievement of one or more of the Performance Goals established by the Committee for the Performance
Period, which maximum 

  

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Bonus Amount may not exceed 30% of the Participant’s Base Compensation payable during the Performance Period. 
  
 Section 2.2 - Maximum Bonus
Amounts.  Notwithstanding anything to the contrary in Section 2.1, the maximum aggregate amount payable pursuant to all bonus awards granted to the CEO under the Plan during any calendar year shall not exceed $500,000 and the
maximum aggregate amount payable pursuant to all bonus awards granted to a Participant (other than the CEO) under the Plan during any calendar year shall not exceed $350,000. 
  
 Section 2.3 - Certification; Negative Discretion.  Following the completion of each
Performance Period and prior to payment of any bonus award granted under the Plan with respect to such Performance Period, the Committee shall certify in writing whether the applicable Performance Goals have been achieved for such Performance
Period. In determining a Participant’s actual bonus amount, the Committee shall have the right to reduce (but not to increase) the amount payable at a given level of performance to take into account the recommendations of the CEO and such
additional factors, if any, that the Committee may deem relevant to the assessment of individual or corporate performance for the Performance Period. 
  
 SECTION 2.4 - Other Incentive Awards.  The Plan shall not be the exclusive means for the Company to
award incentive compensation to Participants. No executive officer or key employee of the Company has a guaranteed right to any discretionary bonus as a substitute for a bonus award under the Plan in the event that Performance Goals are not met or
that the Company’s stockholders fail to approve or reapprove the Plan. 
  
 ARTICLE III 
  
 PAYMENT OF BONUS
AWARD 
  
 Section 3.1 - Form of
Payment.  Each bonus award shall be paid in cash. 
  
 Section 3.2 - Timing of Payment. 
  
 (a)    Unless otherwise determined by the Committee, each bonus award shall be paid as soon as practicable after the Committee certifies in writing that the Performance Goals specified for such bonus award were in fact
satisfied. 
  
 (b)    Bonus award payments
are not intended to constitute a deferral of compensation subject to Section 409A of the Code and are intended to satisfy the “short-term deferral” exemption under the Treasury Regulations pursuant to Section 409A of the Code.
Subject to subsection 3.2(a), and to the extent necessary to cause the bonus awards under the Plan to satisfy the “short-term deferral” exemption under the Treasury Regulations pursuant to Section 409A of the Code, bonus award
payments under the Plan shall be made not later than the later of (i) the fifteenth day of the third month following the Participant’s first taxable year in which the right to receive payment of the Bonus Amount is no longer subject to a
substantial risk of forfeiture, or (ii) the fifteenth day of the third month following the Company’s first taxable year in which the right to receive payment of the Bonus Amount is no longer subject to a substantial risk of forfeiture.

  

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 Section 3.3 - Taxes.  All amounts payable hereunder shall be subject to
applicable federal, state, local and foreign tax withholding. 
  
 ARTICLE IV 
  
 SECTION 162(m) 
  
 Section 4.1 - Qualified Performance-Based
Compensation.  The Committee, in its discretion, may determine whether a bonus award should qualify as performance-based compensation as described in Section 162(m)(4)(C) of the Code, and may take such actions which it may deem
necessary to ensure that such bonus award will so qualify. Any such bonus award shall be subject to any additional limitations set forth in Section 162(m) of the Code (including any amendment to Section 162(m) of the Code) and any
regulations or rulings issued thereunder that are requirements for qualifications as performance-based compensation as described in Section 162(m)(4)(C) of the Code, and the Plan shall be deemed amended to the extent necessary to conform to
such requirements. 
  
 Section 4.2 - Performance
Goals.  With respect to any bonus award which the Committee determines should constitute qualified performance-based compensation as described in Section 162(m)(4)(C) of the Code and the Treasury Regulations thereunder, the
applicable Performance Goals specified pursuant to Section 2.1 shall be established in writing no later than the ninetieth day following the commencement of the period of service to which the Performance Goals relate; provided, however, that in
no event shall the Performance Goals be established after 25% of the period of service (as scheduled in good faith at the time the Performance Goals are established) has elapsed. The achievement of at least one Performance Goals established by the
Committee shall be substantially uncertain at the time such Performance Goal is established in writing. 
  
 ARTICLE V 
  
 TRANSFERS AND TERMINATIONS 
  
 SECTION 5.1 - Terminations.  If a Participant’s employment with the Company is terminated for any reason other than death, disability or retirement prior to payment of any bonus award granted under the
Plan, all of the Participant’s rights under the Plan shall terminate and the Participant shall not have any right to receive any further payments with respect to any bonus award granted under the Plan. The Committee may, in its discretion,
determine what portion, if any, of the Participant’s bonus award granted under the Plan shall be paid if the Participant’s employment has been terminated by reason of death, disability or retirement. 
  

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 ARTICLE VI 
  
 ADMINISTRATION 
  
 Section 6.1 - Committee. 
  
 (a)    The Committee shall consist solely of two or more persons, each of whom is an “outside director” for purposes of
Section 162(m) of the Code, appointed by and holding office at the pleasure of the Board. 
  
 (b)    Appointment of Committee members shall be effective upon acceptance of appointment. Committee members may resign at any time
by delivering written notice to the Board. Vacancies in the Committee shall be filled by the Board. 
  
 Section 6.2 - Duties and Powers of Committee.  It shall be the duty of the Committee to conduct the general administration
of the Plan in accordance with its provisions. The Committee shall have the power to interpret the Plan, and to adopt such rules for the administration, interpretation and application of the Plan as are consistent therewith and to interpret, amend
or revoke any such rules. In its discretion, the Board may at any time and from time to time exercise any and all rights and duties of the Committee under the Plan, except with respect to matters which under Section 162(m) of the Code are
required to be determined in the discretion of the Committee. 
  
 Section 6.3 - Majority Rule; Unanimous Written Consent.  The Committee shall act by a majority of its members in office. The Committee may act either by vote at a meeting or by a memorandum or other written
instrument signed by all members of the Committee. 
  
 ARTICLE VII

  
 OTHER PROVISIONS 
  
 Section 7.1 - Amendment, Suspension or Termination of the
Plan.  The Plan does not constitute a promise to pay and may be wholly or partially amended or otherwise modified, suspended or terminated at any time or from time to time by the Board. However, with respect to bonus awards granted
under the Plan which the Committee determines should constitute qualified performance-based compensation as described in Section 162(m)(4)(C) of the Code and the Treasury Regulations thereunder, no action of the Board or the Committee may
modify the Performance Goals applicable to any such bonus award, to the extent such modification would cause the bonus award to fail to constitute qualified performance-based compensation. 
  
 Section 7.2 - Effective Date.  The Plan shall
be submitted for the approval of the Company’s stockholders. The Committee may grant bonus awards under the Plan at any time on or after the Amendment and Restatement Effective Date; provided, that no bonus amount shall be paid with respect to
any bonus award granted under the Plan as amended and restated unless and until the Plan is approved by the Company’s stockholders in accordance with Section 7.3. 
  

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 SECTION 7.3 - Approval of Plan by Stockholders. 
  
 (a)    The Plan shall be submitted for the approval of
the Company’s stockholders at the annual meeting of stockholders to be held in calendar year 2007. In the event that the Plan is not so approved, the Plan, as in effect immediately prior to the Amendment and Restatement Effective Date, shall
remain in effect. 
  
 (b)    The Plan shall
be subject to reapproval by the stockholders of the Company not later than the first stockholder meeting that occurs in the fifth year following the year in which the stockholders last approved the Plan, as required under the Treasury Regulations
pursuant to Section 162(m) of the Code. In the event that the Plan is not so reapproved, no further bonus awards shall be granted under the Plan on or after the date of such stockholder meeting and any outstanding bonus award granted under the
Plan shall be paid in accordance with the terms and conditions of the Plan and such bonus award. 
  

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 * * * * * * 
  
 I hereby certify that the foregoing is a true and correct copy of the Amended and Restated Capital Performance Bonus Plan for Executive Officers and Key
Employees of Safeway Inc., as most recently approved by the Board of Directors of Safeway Inc. on March 27, 2007. 
  
 Executed on this 17th day of May, 2007. 
  

			
	Safeway Inc.
		
	By:	 	 /s/ Robert A. Gordon

	Title:	 	 Senior Vice President,
 Secretary and General
Counsel

  
 * * * * *

  
 I hereby certify that the foregoing Amended and Restated
Capital Performance Bonus Plan for Executive Officers and Key Employees of Safeway Inc. was most recently approved by the stockholders of Safeway Inc. on May 16, 2007. 
  
 Executed on this 17th day of May, 2007. 
  

			
	Safeway Inc.
		
	By:	 	 /s/ Robert A. Gordon

	Title:	 	 Senior Vice President,
 Secretary and General
Counsel

  

 7Property Leasing Agreement

 Exhibit 4.12 
 Property Leasing Agreement 
 between 
 China Life Insurance (Group) Company 
 and 
 China Life Insurance Company Limited 
  

 Table of Contents 
  

					
	 1.
	  	Conditions Precedent	  	2
			
	 2.
	  	Scope of the Lease	  	2
			
	 3.
	  	Term	  	3
			
	 4.
	  	Rent	  	3
			
	 5.
	  	Rights and Obligations of Both Parties	  	4
			
	 6.
	  	Amendment and Termination	  	7
			
	 7.
	  	Liability for Breach of Contract and Damages	  	7
			
	 8.
	  	Representations and Warranties	  	8
			
	 9.
	  	Force Majeure	  	9
			
	 10.
	  	Miscellaneous	  	9
			
	 11.
	  	Communications	  	10
			
	 12.
	  	Governing Law and Dispute Resolution	  	11
			
	 13.
	  	Supplementary Provisions	  	11

 Appendix I: Schedule of the Property Leased to Party B by Party A 
 Appendix II: Schedule of the Property Sub-let to Party B by Party A 
  

 This property leasing agreement (the “Agreement”) was entered into by and between the following two parties in
Beijing, the People’s Republic of China (“PRC” or “China”). 
  

			
	 Party A:
	 	 China Life Insurance (Group) Company
 Address: 5 West
Guanyingyuan, Xicheng District, Beijing
 Legal representative: Yang Chao

		
	 Party B:
	 	 China Life Insurance Company Limited
 Address: 16
Chaowai Avenue, Chaoyang District, Beijing
 Legal Representative: Yang Chao

 Whereas: 
  

	1.	Party A is a duly organized and validly existing solely state-owned insurance company. 

  

	2.	Party B is a duly organized and validly existing joint stock limited insurance company; 

  

	3.	The two parties have signed a property leasing agreement (the “Original Agreement”) in December 2005 and the Original Agreement will expire on December 31, 2006. The
two parties undertake to made proper adjustments and fair and reasonable arrangement so that Party A shall rent out its self-owned property to Party B and sublet the property it rents from other parties to Party B based on the Original Agreement.

 This Agreement is made based on mutual benefits of and through friendly consultations by the two parties according to Administrative Rules
on Urban Real Estate of the People’s Republic of China and Contract Law of the People’s Republic of China. 
  

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	1.	Conditions Precedent 

  

	1.1	Party A owns all of the property listed in Appendix I hereto (hereinafter referred to as “property of Party A”). The property of Party A listed in Appendix I includes
property possessed by Party A and its subsidiary companies and such subsidiary companies have consented Party A to sign this Agreement. 

  

	1.2	Party A has the right to sublet all of the property listed in Appendix II hereto (hereinafter referred to as “property for subletting”). 

  

	1.3	The property mentioned in above Clause 1.1 and Clause 1.2 is both referred to as “the property hereunder”. 

  

	1.4	Party A agrees to lease the property of Party A to Party B according to terms and conditions of this Agreement and to sublet the property for subletting to Party B for Party
B’s use as offices. Party B agrees to rent the property of Party A and the property for subletting according to stipulations of this Agreement. 

  

	2.	Scope of the Lease 

  

	2.1	Party A possesses 1,174 sites of property with total constructions area of 508,989.19 square meters, among which 559 sites with total construction area of 335,643.77 square meters
are stipulated in the Original Agreement and the rest 615 sites with total construction area of 173,345.42 square meters are newly added. Please refer to Appendix I for details and Appendix I constitutes a part of this Agreement.

  

	2.2	There are totally 126 sites of property for subletting with total construction area of 132,426.32 square meters. Please refer to Appendix II for details and Appendix II constitutes
a part of this Agreement. 

  

	2.3	The property hereunder shall be deemed having been handed over to Party B on January 1, 2007. The property covered in the Original Agreement shall be under good state satisfied
Party B’s requirements and Party A undertakes the newly added property in this Agreement is under good state satisfied Party B’s requirements at the hand-over time. 

  

	2.4	The two parties hereby agree that both parties may raise request to narrow the scope of rent for the next year according to their respective business requirements with a written
notice to the other party before November 30 of each year. The two parties shall, according to request of the other party for narrowing of the scope of rent, modify the appendices of this Agreement as regulated by Clause 10.4 of this Agreement
to reduce sites of the property hereunder and adjust the rent hereunder according to stipulations in Clause 4.4 of this Agreement. 

  

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	2.5	The two parties hereby agree that both parties may raise request to expand the scope of rent for the next year with a written notice to the other party before November 30 of
each year. Provided that the two parties reach an agreement for expansion of the scope of rent for the next year, they shall modify the appendices of this Agreement as regulated by Clause 10.4 of this Agreement to add sites of the property hereunder
and adjust the rent hereunder according to stipulations in Clause 4.4 of this Agreement. 

  

	2.6	The two parties hereby agree that Party B may raise request to narrow the scope of rent for that year with a written notice to Party A with one month in advance. Rent for the
returned property till the month when Party B removes out shall be paid. 

  

	3.	Term 

  

	3.1	Unless otherwise regulated by listing rules of Hong Kong Exchanges and Clearing Limited (“listing rules”), the term of this Agreement shall be from January 1, 2007 to
December 31, 2009. 

  

	3.2	The term for the property for subletting shall be the term of the original property agreement subtracting the term Party A has occupied such property, but shall not be later than
December 31, 2009. 

  

	3.3	Unless otherwise stipulated in this Agreement or with prior written consent of the other party, neither party may terminate this Agreement or rent of any property hereunder at an
earlier time than stipulated herein. 

  

	4.	Rent 

  

	4.1	The rent for the property of Party A shall be determined based on the market price. For the property whose price is hard to be compared with market price, the rent shall be
determined by adding a reasonable profit of 5% to the cost of Party A (including amortization of the original coat or depreciation, maintenance expenses, property tax, business tax, additional tax, stamp tax, etc.). Party A shall bear all the taxes
arising from leasing out of the property owned by Party A. 

  

	4.2	The rent for the property for subletting shall be determined based on the rent price in the original property leasing agreement and by adding all taxes Party A shall pay due to
subletting of such property including property tax, business tax, additional tax, and stamp tax, etc. 

  

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	4.3	According to estimation, Party B shall pay total rent of 65.9813 million RMB to Party A each year, among which 46.6128 million is for the property of Party A and
19.3685 million is for the property for subletting. The final rent amount shall be determined according to Clause 2.4, 2.5, 4.4 and 4.6 of this Agreement. 

  

	4.4	A supplementary agreement shall be signed by the two parties within the last month before end of each year to adjust the rent amount for next year according to market price and
narrowing or expansion of the scope of rent. 

  

	4.5	During term of this Agreement, the rent amount stipulated in this Agreement shall be paid by Party B to Party A once every half year respectively before January 31 and
July 31 (“Payment Date”) of each year. The rent amount payable each time shall be half of the total rent amount for the whole year. If the Payment Date is not a working day, the rent shall be paid not later than the last working day
before the Payment Date. 

  

	4.6	Calculation method for the rent amount Party B shall pay each time: 

  

	 	1)	the rent payable by Party B to Party A each time = summary of the rent for all sites of property rented from Party A for the payable term 

  

	 	2)	the rent for each site of property = the total rent for such site for that year *1/2 

  

	4.7	The payable rent shall be paid to an account designated by Party A. 

  

	5.	Rights and Obligations of Both Parties 

  

	5.1	Party A, as the party to rent out the property, enjoys the following rights: 

  

	 	1)	To receive rent according to this Agreement; 

  

	 	2)	To enjoy other rights regulated in this Agreement. 

  

	5.2	Party A, as the party to rent out the property, shall bear the following obligations: 

  

	 	1)	Unless otherwise stipulated in this Agreement, Party A guarantees it has the right to rent out the property of Party A according to this Agreement and it has the right to sublet the
property for subletting hereunder with consent of a third party according to the property leasing agreement Party A signs with such third party and stipulations of this Agreement. 

  

	 	2)	 Party A undertakes to take all necessary actions to ensure the property 

  

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hereunder and renting of such property conform to related regulations. Party A guarantees and undertakes to pay compensation in full amount within 30 days
after receiving Party B’s written request for compensations for any losses (including all economic losses) caused by Party A’s failure to fulfill the above undertakings. 

  

	 	3)	Party A shall rent out and sublet the property as required by Party B. 

  

	 	4)	Party A shall bear all the property tax, business tax, additional tax, stamp tax, land-using tax and all the other taxes payable according to laws arising from leasing property to
Party B. 

  

	 	5)	During term of this Agreement, provided that Party A intends to transfer its ownership of the property of Party A to a third party, Party A shall inform Party B of such intention.
Party B has preemption right to purchase such property under the same conditions. In case Party B waivers such preemption right, Party A may transfer the ownership to a third party under the same conditions. However, the transfer shall take effect
only with the precondition that the third party, as the party to rent out the property hereunder, shall be bound by this Agreement. 

  

	 	6)	Party B may require reducing sites of rented property according to its business situations with a written notice to Party A one month in advance. 

  

	 	7)	Party A shall provide necessary assistance for reasonable requests of Party B related to using of the property Party B rents according to this Agreement. 

 

	 	8)	Party A shall perform all of its obligations as the party to rent out the property and shall not affect Party B’s normal using of the rented property hereunder with any actions
or inactions. 

  

	 	9)	Unless otherwise regulated in this Agreement, during term of this Agreement, Party A shall not withdraw the property hereunder, partly or wholly, or terminate this Agreement at an
earlier time. 

  

	5.3	Party B, as the party to rent the hose property hereunder, enjoys the following rights: 

  

	 	1)	to occupy and use the property hereunder according to this Agreement; 

  

	 	2)	 to carry out non-structural decoration and reconstruction of the property hereunder at its own cost according to its business requirement without violating related
laws, regulations and 

  

 5 

	 	 
commitments in this Agreement. Such decoration and reconstructions shall not bring adverse effect on value of the property and/or rights of Party A.

  

	 	3)	to sublet the property of Party A hereunder, partly or wholly, with prior written consent of Party A. (inapplicable to the property for subletting) 

  

	 	4)	to require increase of the number of sites of the property hereunder according to its business situations, with which Party A shall try its best to satisfy Party B.

  

	 	5)	to require decrease of the number of sites of the property hereunder according to its business situations with a written notice to Party A with one month in advance.

  

	 	6)	Nevertheless of the above, if any of the property is damaged not due to Party B’s fault, Party B has the right to decide the damage degree with its own judgment. If the damage
is so serious that Party B is not able to use such property in reasonable and normal manner, Party B may require terminating rent of the damaged property with a written notice to Party A. Party A shall make confirmation of the damage within 15 days
after receiving such notice. In case Party A fails to make confirmation within the limited time, it is deemed Party A accepts Party B’s requirement. Afterwards, the relation between the two parties concerning rent of the damaged property is
terminated. Party B does not need to pay the rent for the damaged property from the date of such damage. After Party A finishes repair of the damaged property, the two parties may, with consent of Party B, resume the rental relation concerning the
repaired property according to terms of this Agreement from the date agreed by both parties. 

  

	 	7)	To have the preemption right under the same conditions in case Party A intends to sell the property of Party A. 

  

	5.4	Party B, as the party that rents the property hereunder, shall bear the following obligations: 

  

	 	1)	to pay rent according to this Agreement; 

  

	 	2)	liable for maintenances (excluding structural repairs) of the property hereunder during the rent term, except when a third party or owner of the houses shall bear such liabilities
according to agreement between Party A and such third party; 

  

	 	3)	to bear fees for water, electricity, heating, repair and other expenses for using such property during the rent term; 

  

 6 

	 	4)	to pay compensations for losses to a third party due to decoration and reconstruction during the rent term; 

  

	 	5)	to manage and use the property hereunder in proper manner and pay compensations for losses like damage or elimination of the property caused by its improper management or using
behaviors; 

  

	 	6)	to return the property hereunder to Party A immediately after expiry of the rent term or termination of this Agreement. 

  

	6.	Amendment and Termination 

 This Agreement shall terminate under the
following conditions: 
  

	 	1)	Term of this Agreement expires; 

  

	 	2)	The two parties reach an agreement to terminate this Agreement during the term; 

  

	 	3)	As required by verdict, judgment or decision of laws, regulations, judicial court or arbitral organization to terminate this Agreement; 

  

	 	4)	As required by other stipulations in this Agreement. 

  

	7.	Liability for Breach of Contract and Damages 

  

	7.1	In case of breach of any clause of this Agreement, the breaching party shall compensate the other party for direct and indirect economic losses caused by its breaching behaviors.

  

	7.2	For the property for which Party A has not obtained legal license temporarily, but which Party A permits Party B to use and undertakes to exert its greatest efforts to complete
related transactions, Party A shall be liable to compensate Party B for losses arising from objections, disturbance and claim for compensation of any third party for using such property. Party A undertakes to make confirmation within 10 days after
Party B’s written requirement and compensate Party B in full amount within 30 days after the confirmation. If there is controversy about the compensation amount between Party A and Party B, a third party shall be hired to evaluate and confirm
such compensation amount. And the final amount shall be determined by confirmation of such third party. 

  

	7.3	 Party A shall be liable to compensate Party B for losses arising from objections, disturbance and claim for compensation of any third party for 

  

 7 

	 	 
using the property for subletting. Party A undertakes to make confirmation within 10 days after Party B’s written requirement and compensate Party B in
full amount within 30 days after the confirmation. If there is controversy about the compensation amount between Party A and Party B, a third party shall be hired to evaluate and confirm such compensation amount. And the final amount shall be
determined by confirmation of such third party. 

  

	8.	Representations and Warranties 

  

	8.1	Representations and warranties of Party A 

  

	 	1)	Party A is a legally established and validly existing enterprise solely owned by the state. It possesses independent juridical person qualifications and holds valid legal business
license as a corporation. Party A has the legal right to own, rent and operate its property and to sign and fulfill this Agreement. 

  

	 	2)	Party A always undertakes business activities in a legal manner and has never taken any activities beyond the business scope as legally regulated. 

  

	 	3)	Party A has obtained all governmental approvals (if required) and completed all internal authorization procedures for signing this Agreement. The person who signs this Agreement is
the effective authorized representative of Party A and this Agreement, once signed, constitutes obligations Party A is obligatory to bear. 

  

	 	4)	Party A does not breach any laws or regulations or any other agreements Party A signs or Articles of Association of Party A by signing this Agreement or fulfilling its obligations
hereunder. 

  

	 	5)	The term for the property for subletting conforms to Clause 3.1 of this Agreement. 

  

	 	6)	Party A is obligatory to take further necessary actions, including signing other related agreements, contracts or documents, to ensure realization of the purpose and stipulations of
this Agreement. 

  

	8.2	Representations and warranties of Party B 

  

	 	1)	Party B is a legally established and validly existing stock limited company. It possesses independent juridical person qualifications and holds valid legal business license as a
corporation. Party B has the legal right to own, rent and operate its property and to sign and fulfill this Agreement. 

  

 8 

	 	2)	Party B always undertakes business activities in a legal manner and has never taken any activities beyond the business scope as legally regulated. 

  

	 	3)	Party B has completed all internal authorization procedures for signing this Agreement. The person who signs this Agreement is the effective authorized representative of Party B and
this Agreement, once signed, constitutes obligations Party B is obligatory to bear. 

  

	 	4)	Party B does not breach any laws or regulations or any other agreements Party B signs or Articles of Association of Party B by signing this Agreement or fulfilling its obligations
hereunder. 

  

	9.	Force Majeure 

  

	9.1	Should either party be prevented from performing its obligations hereunder, partly or wholly, by any force majeure event (Force majeure means any event that happens after this
Agreement is executed but that is beyond control of or is not predictable by the affected party, or is unavoidable or unconquerable for the affected party even it has been predicted, and that causes implementation of this Agreement, partly or
wholly, to become impossible or unpractical objectively, including but not limited to flood, fire, drought, typhoon, earthquake and other natural disasters, traffic accident, strike, turmoil, riot and war (whether with declaration or not) and other
actions or inactions of governmental departments.) , performance of the affected obligations shall be suspended during the term of such force majeure event. 

  

	9.2	The party claiming to have been effected by any force majeure event shall notify the other party of the force majeure event with a written form as soon as possible and shall provide
proper evidence of such force majeure event and of its lasting time to the other party within 15 days after occurrence of such force majeure event through personal express delivery or registered air mail. The party claiming performance of
obligations hereunder becomes impossible or unpractical objectively due to force majeure event has the liabilities to exert its greatest efforts to eliminate or reduce effect of such force majeure event. 

  

	9.3	In case of force majeure event, the two parties shall immediately decide how to perform this Agreement through friendly consultations. After termination of such force majeure event
or elimination of its effect, both parties shall immediately continue to perform their respective obligations hereunder. 

  

	10.	Miscellaneous 

  

	10.1	Unless otherwise stipulated in this Agreement, neither party may transfer its rights or obligations hereunder, partly or wholly, without written consent of the other party.

  

 9 

	10.2	This Agreement and its appendices constitute the entire agreement between the parties on all issues to which this Agreement relates. The contents of this Agreement and its
appendices supersede all previous written or oral agreements, commitments, understandings and communications. 

  

	10.3	Any provision of this Agreement that becomes illegal, invalid or unenforceable shall not be prejudicious against the validity and enforceability of the other provisions of this
Agreement. 

  

	10.4	Any modification of this Agreement or its appendices shall take effect only with written agreement signed by authorized representatives of the two parties and with proper actions
taken by the two parties as a legal person. If such modifications constitute any material or significant changes of this Agreement, they shall become valid only after notification to or with consent or approval of Hong Kong Stock Exchange
(“HKSE”)and/or consent or approval of the shareholders’ meeting of Party B (if applied) (according to the applicable requirements of HKSE). 

  

	10.5	Unless otherwise stipulated, failure or delay to fulfill any rights, power or privilege hereunder by either party shall not be deemed waiver of such rights, power or privilege. And
performance of such rights, power or privilege separately or partly shall not repulse performance of any other rights, power or privilege. 

  

	10.6	The appendices of this Agreement constitute inevitable part of this Agreement, have the same effect with this Agreement and are deemed as terms in this Agreement.

  

	11.	Communications 

 All notices or communications by either party
according to this Agreement shall be in written form in Chinese and sent to the address of the other party stipulated as follows or fax to the number designated by the other party. The date for the notice to be effectively delivered shall be
determined according to the following conditions: 
  

	 	1)	on the date of delivery in case of personal express delivery; 

  

	 	 2)
	 in case of registered mail, the 7th day after the postage is paid (the date on the postmark). (If this day is Sunday or a legal holiday, it shall be delayed to the next working day.) 

  

	 	3)	in case of fax, at the time the fax is sent provided that the sending party shall furnish the printed report of the fax machine indicating that the fax has been successfully sent.

  

 10 

 The addresses and fax numbers of the two parties are as follows: 
 Party A: China Life Insurance (Group) Company 
 Address: 5 West Guanyingyuan, Xicheng District, Beijing 
 Fax: 010-6611 1567 
 Tel: 010-6611 4433 
 Party B: China Life Insurance Company Limited 
 Address: 16 Chaowai Avenue, Chaoyang District, Beijing 
 Fax: 010-8565 2232 
 Tel: 010-8565 9999 
 In case of any change in the above-listed addresses or fax numbers by either party, such changes shall be notified to the
other party as soon as possible according to stipulations in this clause. 
  

	12.	Governing Law and Dispute Resolution 

  

	12.1	This Agreement shall be construed in accordance with and be governed by the laws of the People’s Republic of China. 

  

	12.2	Any dispute arising out of or in connection with this Agreement shall be settled by consultations between the two parties. If the parties fail be settled the dispute through
consultations within 90 days after such dispute occurs, the dispute shall be submitted to China International Economic and Trade Arbitration Commission according to its applicable arbitration rules at the time such dispute is submitted. The arbitral
result shall be final and has legal effect on both parties. 

  

	13.	Supplementary Provisions 

  

	13.1	This Agreement is written in Chinese. 

  

	13.2	This Agreement shall take effect only after signing by authorized representatives by both parties with the company seals of the two parties. 

  

	13.3	 Since Party B is a listed company at HKSE, the deal stipulated in this Agreement constitutes an interrelated deal according to regulations on listed companies.
According to the listing rules, such deal may only be performed after obtainment of exemption of HKSE or approval of independent shareholders, or fulfillment other obligations stipulated in other listing rules on interrelated deals. So obtainment of
approval by HKSE and/or observance of related regulations on interrelated deals in the listing rules are the inevitable 

  

 11 

	 	 
preconditions for performing related stipulations in this Agreement to such deal. The two parties undertake to abide by such regulations on listed companies.

  

	13.4	If exemption of HKSE is conditional, this Agreement shall be performed according to the attached conditions and the two parties undertake to strictly abide by such conditions.

  

	13.5	If exemption of the concerned deal by HKSE is withdrawn, revoked or becomes invalid, and the concerned deal fails to conform to related regulations on interrelated deals of listed
companies, the performance of the terms and conditions in this Agreement related to this deal shall be terminated. 

  

	13.6	If performance of the terms and conditions in this Agreement related to all deals is terminated according to the above Clause 13.5, this Agreement shall be terminated.

  

	13.7	This Agreement is made in 3 copies that possess the same legal effect, each party holding one copy and the other one copy shall be submitted to file with real estate administrative
authority. 

  

			
	 Party A:
  
 China Life Insurance (Group) Company
  
 <Chop>
  
 Legal Representative or Authorized
 Representative (signature):
	  	 Party B:
  
 China Life Insurance Company Limited
  
 <Chop>
  
 Legal Representative or Authorized
 Representative (signature):

  

 12 

 Appendix I 
 Schedule of the Property Leased to Party B by Party A 
  

							
	 Total Numbers
	  	Branches	  	 Area
 (square meters)
	  	 Total Rent
 (RMB per year)

	 1,174
	  		  	508,989.19	  	46,612,798.00
	 1
	  	Beijing	  	159.49	  	153,100.00
	 0
	  	Tianjin	  	—  	  	—  
	 14
	  	Hebei	  	4,065.74	  	202,660.00
	 10
	  	Shanxi	  	7,092.27	  	962,600.00
	 14
	  	Inner Mongolia	  	6,284.11	  	617,070.00
	 12
	  	Liaoning	  	12,464.16	  	1,601,100.00
	 32
	  	Jilin	  	14,182.52	  	1,185,582.00
	 12
	  	Hei Longjiang	  	9,074.42	  	1.258,856.00
	 6
	  	Shanghai	  	5,083.15	  	2,256,020.00
	 189
	  	Jiangsu	  	56,690.00	  	3,697,100.00
	 46
	  	Zhejiang	  	20,665.65	  	1,541,420.00
	 26
	  	Anhui	  	10,631.37	  	1,125,360.00
	 69
	  	Fujian	  	18,934.55	  	1,101,620.00
	 17
	  	Jiangxi	  	6,744.48	  	442,400.00
	 20
	  	Shandong	  	26,805.74	  	4,496,700.00
	 30
	  	Henan	  	25,610.49	  	2,982,200.00
	 202
	  	Hubei	  	74,901.94	  	1,535,790.00
	 6
	  	Hunan	  	8,475.71	  	670,500.00
	 172
	  	Guangdong	  	48,418.16	  	3,581,350.00
	 22
	  	Guangxi	  	13,667.80	  	892,930.00
	 16
	  	Hainan	  	15,168.56	  	2,790,744.00
	 73
	  	Sichuan	  	33,838.20	  	1,646,100.00
	 7
	  	Guizhou	  	1,988.90	  	70,170.00
	 40
	  	Yunnan	  	18,240.36	  	1,126,640.00
	 7
	  	Shanxi	  	5,177.29	  	310,840.00
	 43
	  	Gansu	  	26,126.77	  	4,217,200.00
	 2
	  	Qinghai	  	202.50	  	11,300.00
	 8
	  	Ningxia	  	815.23	  	26,100.00
	 11
	  	Xinjiang	  	2,353.44	  	352,949.00
	 46
	  	Chongqing	  	22,306.17	  	346,200.00
	 2
	  	Dalian	  	1,885.58	  	366,300.00
	 7
	  	Ningbo	  	1,462.78	  	185,660.00
	 1
	  	Xiamen	  	941.59	  	62,371.00
	 7
	  	Qingdao	  	5,519.50	  	1,874,106.00
	 4
	  	Shenzhen	  	3,010.57	  	1,823,760.00

  

 13 

 Appendix II 
 Schedule of the Property Sub-let to Party B by Party A 
  

							
	 Total Numbers
	  	Branches	  	 Area
 (square meters)
	  	 Total Rent
 (RMB per year)

	 126
	  		  	132,426.32	  	19,368,457.25
	 19
	  	Jiangsu	  	24.415.66	  	2,997,714.00
	 4
	  	Shanghai	  	3,221.40	  	1,679,276.00
	 2
	  	Anhui	  	6,040.00	  	581,100.00
	 6
	  	Ningbo	  	4,860.00	  	341,600.00
	 1
	  	Zhejiang	  	1,556.00	  	250,000.00
	 21
	  	Guangdong	  	17,215.65	  	3,699,595.90
	 1
	  	Fujian	  	650.00	  	50,000.00
	 1
	  	Chongqing	  	700.00	  	72,000.00
	 9
	  	Sichuan	  	6,305.65	  	1,481,554.00
	 6
	  	Guangxi	  	11,048.53	  	1,381,000.00
	 20
	  	Henan	  	12,191.59	  	1,259,100.00
	 2
	  	Tianjin	  	3,045.00	  	820,000.00
	 1
	  	Hebei	  	500.00	  	100,000.00
	 26
	  	Shandong	  	37,039.81	  	3,906,257.35
	 2
	  	Shanxi	  	820.00	  	166,200.00
	 5
	  	Liaoning	  	2,817.03	  	583,060.00

  

 14

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