Document:

Asset Management Agreement

 Exhibit 4.10 
 Asset Management Agreement 
 between 
 China Life Insurance Company Limited 
 and 
 China Life Insurance Asset Management Company Limited 

 Table of Contents 
  

					
	 1.      DEFINITIONS AND INTERPRETATION.
	  	4
		
	 2.      INVESTMENT MANAGEMENT OF ENTRUSTED ASSETS.
	  	6
			
		 	 2.1    AUTHORIZATION.
	  	6
		 	 2.2    ADDITION TO OR DECREASE OF
THE ENTRUSTED ASSETS.
	  	7
		 	 2.3    INDEPENDENCE OF THE ENTRUSTED
ASSETS.
	  	7
		 	 2.4    REPORTS.
	  	8
		 	 2.5    ACCOUNTING RESPONSIBILITY.
	  	8
		
	 3.      INVESTMENT GUIDELINES.
	  	9
			
		 	 3.1    DELIVERY OF INVESTMENT GUIDELINES.
	  	9
		 	 3.2    AMENDMENT TO INVESTMENT GUIDELINES
	  	9
		 	 3.3    CHANGES TO INVESTMENT GUIDELINES.
	  	9
		
	 4.      REPRESENTATIONS AND WARRANTIES OF BOTH PARTIES.
	  	9
			
		 	 4.1    REPRESENTATIONS AND WARRANTIES OF
BOTH PARTIES.
	  	9
		 	 4.2    PARTY A’S REPRESENTATIONS AND
WARRANTIES.
	  	10
		 	 4.3    PARTY B’S REPRESENTATIONS AND
WARRANTIES.
	  	10
		
	 5.      PARTY A’S RIGHTS AND OBLIGATIONS.
	  	11
			
		 	 5.1    PARTY A’S RIGHTS.
	  	11
		 	 5.2    PARTY A’S OBLIGATIONS.
	  	12
		
	 6.      PARTY B’S RIGHTS AND OBLIGATIONS.
	  	12
			
		 	 6.1    PARTY B’S RIGHTS.
	  	12
		 	 6.2    PARTY B’S OBLIGATIONS.
	  	13
		
	 7.      RISK CONTROL.
	  	13
		
	 8.      INSPECTION, SUPERVISION AND REVIEW.
	  	14
		
	 9.      INVESTMENT MANAGEMENT FEES AND OTHER EXPENSE.
	  	15
			
		 	 9.1    DEFINITION OF INVESTMENT MANAGEMENT
FEES.
	  	15
		 	 9.2    CALCULATION OF INVESTMENT MANAGEMENT
FEES.
	  	15
		 	 9.3    PAYMENT OF FIXED RATE
FEE.
	  	20
		 	 9.4    PAYMENT OF FLOATING FEE.
	  	21
		 	 9.5    THIRD PARTY COST AND
EXPENSE
	  	21
		
	 10.    CONFLICTS OF INTEREST AND PROHIBITED ACTIVITIES.
	  	21
		
	 11.    CONFIDENTIALITY.
	  	23

  

 2 

					
		
	 12.    BREACH OF CONTRACT AND INDEMNIFICATION.
	  	24
		
	 13.    FORCE MAJEURE
	  	25
		
	 14.    TERMINATION.
	  	26
		
	 15.    PERFORMANCE.
	  	27
		
	 16.    NOTICES.
	  	27
		
	 17.    ASSIGNMENT.
	  	28
		
	 18.    SEVERABILITY.
	  	28
		
	 19.    GOVERNING LAW AND DISPUTE RESOLUTION.
	  	28
		
	 20.    EFFECTIVENESS, COUNTERPARTS AND OTHERS.
	  	29
		
	EXHIBIT:	  	29

  

 3 

 This Asset Management Agreement (“Agreement”) was entered into by and between the following two parties
in Beijing on December 29, 2005 in accordance with applicable laws, regulations and rules: 
  

	•	China Life Insurance Company Limited (“Party A”) 

 Address: 23/F, China Life Tower, No. 16 Chao Yang Men Wai Avenue, Chaoyang District, Beijing 
  

	•	China Life Insurance Asset Management Company Limited (“Party B”) 

 Address: 9/F Block A, Tongtai Building, No. 33 Financial Street, Xicheng District, Beijing 
 WHEREAS, 
  

	(1)	Party A is a duly organized and validly existing joint stock limited company engaging in life insurance business. 

  

	(2)	Party B is a duly organized and validly existing company qualified to carry out investment management of insurance funds. 

  

	(3)	Party A and Party B wish to make appropriate arrangements on matters relating to Party A entrusting Party B with the investment management of insurance funds based on the Asset
Management Agreement entered into between Party A and Party B in November, 2003. 

 THEREFORE, based upon the
principle of mutual benefit, through friendly negotiation, both parties agree as follows: 
  

	1.	Definitions and Interpretation. 

  

	 	1.1	“Entrusted Assets” refer to the insurance assets entrusted by Party A to Party B for the purpose of investment management, which include the insurance assets
entrusted by Party A to Party B for investment management before this Agreement comes into effect, the funds remitted or transferred into the Fund Account by Party A from time to time during the term hereof, and the assets and income arising from
the investment management of such funds, but which exclude the funds remitted by Party B into the designated account of Party A upon Party A’s instructions under this Agreement. 

 “Entrusted Investment Categories” refer to all of the investment categories both parties are qualified to make and Party A has
authorized or permitted Party B to make and permitted under current laws and regulations. 
  

	 	1.2	“Entrusted Investment Management” refers to the professional investment operation of the Entrusted Assets and the related services 

  

 4 

 provided by Party B in the name of Party A in accordance with this Agreement, the Investment Guidelines
formulated by Party A and the Insurance Law of the People’s Republic of China, Tentative Regulations on the Administration of Insurance Asset Management Companies and other applicable laws and regulations, as well as applicable rules of
regulatory authorities. 
  

	 	1.3	“Custodian” refers to the commercial bank qualified to have custody of the insurance funds and designated by Party A to keep safe custody of the Entrusted Assets
under this Agreement. 

  

	 	1.4	“Investment Guidelines” refer to the written document formulated by Party A and provided to Party B for the purpose of carrying out the entrusted investment
business and amended by Party A from time to time as maybe required, defining the scope, categories and proportions of the investment by Party B, setting forth the limitations on, the trading parties and the acceptable degree of risks of the
investment by Party B, providing, among other things, objectives of investment return and investment criteria. 

  

	 	1.5	“Fund Account” refers to the bank account opened in the name of Party A and used exclusively for the deposit of entrusted investment funds and the settlement of
entrusted investment business. 

  

	 	1.6	“Securities Account” refers to the special securities account Party A has authorized Party B to duly open in the name of Party A for the Entrusted Assets.

  

	 	1.7	“Strategic Investment Decisions (Directives)” refer to the strategic arrangement made by Party A in respect of investment for its own benefit according to the need
of business and company development, including, among other things, priority arrangement on investment and implementation of individual investment acts, being either effective supplement to the Investment Guidelines or specific investment acts under
the Investment Guidelines. 

  

	 	1.8	“Party A Directives” refer to the directives to transfer out funds and the Strategic Investment Decisions (Directives) made by Party A to Party B in written with
respect to matters relating to the investment and management of the Entrusted Assets and which Party B is required to implement. Under urgent circumstances, Party A may make such directives by phone, however, it shall provide written confirmation
promptly after such circumstances have ended. 

  

	 	1.9	“Party A Notice” refers to any of the written documents Party A sends to Party B requesting Party B to put adequate focus and take necessary actions with respect to
matters relating to the investment and management of the Entrusted Assets in order to protect the interest of Party A. 

  

 5 

	 	1.10	“Party A Reminder” refers to any of the written documents Party A sends to Party B requesting Party B to put adequate focus on time arrangement, business plan,
report implementation and risk control with respect to the Entrusted Investment Management and which Party B shall implement. 

  

	 	1.11	“Service Standards Manual” refers to the Exhibit attached hereto entitled “Service Standards Manual for Asset Management by China Life Insurance Asset
Management Company Limited Authorized by China Life Insurance Company Limited”, the written document setting forth the specific contents, manner and other details of the investment management services provided by Party B to Party A pursuant to
the master agreement. 

  

	2.	Investment Management of Entrusted Assets. 

  

	 	2.1	Authorization. 

  

	 	2.1.1	Party A shall entrust the Entrusted Assets to Party B for investment management, provided that Party A shall have the ownership of the Entrusted Assets. During the term of this
Agreement, Party A shall retain the ownership of the Entrusted Assets and shall be entitled to investment gains of, and bear the investment losses of, the Entrusted Assets. 

  

	 	2.1.2	Party B’s implementation of the investment management of Entrusted Assets shall comply with laws, regulations, provisions and applicable requirements of insurance regulatory
authorities, as well as the Investment Guidelines formulated and/or revised by Party A in accordance with this Agreement. Party B shall owe fiduciary duty and diligence duty to Party A. Party B shall conduct the investment management of Entrusted
Assets with due care and with the same degree of experience, skills, judgment and care as those used for its own funds. Subject to the above provisions, Party B shall have discretion over the decision-making and operations of the Entrusted Assets.

  

	 	2.1.3	Party B shall cooperate with the Strategic Investment Decisions made by Party A for the business or company development need. However, such investment shall not be included in the
year-end performance evaluation of Party B. 

  

 6 

	 	2.1.4	Upon Party A’s approval or acknowledgement and after carrying out necessary authorization procedures, Party B may employ auditors, actuaries, attorneys and other professionals
in the name of Party A or in its own name for the purpose of this Agreement. 

  

	 	2.1.5	Party A shall, within 30 business days following the execution of this Agreement or at any other time mutually agreed by both parties, carry out such authorization procedures
necessary to enable Party B to conduct investment management for the Fund Accounts and Securities Account relating to the Entrusted Assets (the “Special Accounts”). The Special Accounts shall be used only for the investment management of
the Entrusted Assets. 

  

	 	2.2	Addition to or Decrease of the Entrusted Assets. 

 Party A
may, within the term of this Agreement, based on Party A’s need for operating funds, increase or decrease Entrusted Assets in the manner provided in the Service Standards Manual. 
  

	 	2.3	Independence of the Entrusted Assets. 

  

	 	2.3.1	Entrusted Assets shall be independent from the non-entrusted assets of Party A, and independent from the self-owned assets of Party B and other assets managed by Party B.

  

	 	2.3.2	Rights and obligations arising out of Party B’s management and use of Entrusted Assets shall not be set off by rights and obligations arising out of the self-owned assets of
Party B. Rights and obligations arising out of Party B’s management, use and disposition of Entrusted Assets shall not be set off by rights and obligations arising out of Party B’s management and use of the assets entrusted to it by
others. 

  

	 	2.3.3	In the event that civil disputes arise between Party B and other entities or individuals, Entrusted Assets shall not be seized, frozen, or set off. Without Party A’s consent,
no security, mortgage or pledge shall be created on Entrusted Assets. 

  

	 	2.3.4	Party B shall not assert that the creditors of the debts not arising from the investment of Entrusted Assets have enforceable right on such debts. Party B shall take reasonable
actions to ensure that such creditors shall not exert rights on Entrusted Assets. 

  

 7 

	 	2.3.5	In the event that Party B is liquidated due to dissolution, cancellation, or declaration of bankruptcy under the law, Entrusted Assets shall not be listed as its liquidation assets.

  

	 	2.4	Reports. 

  

	 	2.4.1	Party B shall, in accordance with the requirements of Service Standards Manual, provide to Party A financial, investment and risk reports of Entrusted Assets.

  

	 	2.4.2	Party B shall, in accordance with regulatory, disclosure and internal management requirements of Party A, prepare financial reports under both PRC accounting standards and
accounting principles as required by the stock exchange on which Party A is listed, and provide other accounting information required by Party A. 

  

	 	2.4.3	Party B shall ensure that the reports, statements, descriptions and information described under the foregoing sections shall be true, complete, prompt, accurate and in compliance.

  

	 	2.4.4	Party A shall have the ownership of the data and files generated by the operation and management of Entrusted Assets under this Agreement. Party A shall have the right to obtain all
the information, such as business data, transaction data and financial condition, relating to Entrusted Assets and investments thereof. Party A shall have the right to read, inspect, duplicate accounting statements, related books, and vouchers of
Entrusted Assets, and transaction records, computer data, agreements, resolutions and relevant management system of investment business, as well as documents and statements requested by Party A under this Agreement, and shall have the right to
request Party B to make necessary explanations. 

  

	 	2.5	Accounting Responsibility. 

 Party A shall undertake the
accounting responsibility of Entrusted Assets, and shall be ultimately liable for accounting responsibility of Entrusted Assets. Party A, as the owner of the entrusted assets, shall provide to Party B the accounting method and assets valuation
method of the entrusted assets under PRC and Hong Kong/U.S. accounting principles. Party B shall, in accordance with the requirements of Service Standards Manual, conduct accounting and financial management of entrusted assets, and be responsible
for the quality of the accounting work. 
  

 8 

	3.	Investment Guidelines. 

  

	 	3.1	Delivery of Investment guidelines. 

 Within the term of
this Agreement, Party A shall formulate the Investment Guidelines yearly and, within 30 business days of the start of that year, provide to Party B in written the Investment Guidelines. If Party A does not provide the Investment Guidelines in a
timely fashion, the Investment Guidelines most recently delivered by Party A shall apply to Party B’s management of Entrusted Assets. 
  

	 	3.2	Amendment to Investment guidelines 

  

	 	3.2.1	During the term of this Agreement, Party A may amend the Investment Guidelines from time to time as it deems necessary and shall provide to Party B any such amendment. Party B
shall, starting from the date on which it receives Party A’s notice on the amendment to Investment Guidelines, conduct the investment operation in accordance with the amended Investment Guidelines. 

  

	 	3.2.2	Party A shall consult with Party B for its professional opinion in formulating or revising the Investment Guidelines in accordance with this Agreement, and Party B shall provide
such opinion. 

  

	 	3.3	Changes to Investment Guidelines. 

  

	 	3.3.1	If Party A does not revise Investment Guidelines, the original Investment Guidelines shall apply; 

  

	 	3.3.2	If Party B has disagreement over the amended Investment Guidelines, it shall, within three business days after receiving the notice, notify Party A and state its reasons in written.
Party A shall, within three business days after receiving Party B’s notice, give written response. During such disagreement period, Party B shall implement the original Investment Guidelines; and 

  

	 	3.3.3	If Party A decides to keep the amendment, Party B shall comply. If Party A withdraw the amendment, the original Investment Guidelines shall apply. 

  

	4.	Representations and Warranties of Both Parties. 

  

	 	4.1	Representations and Warranties of Both Parties. Each party hereto shall make the following representations and warranties to the other party that: 

  

 9 

	 	4.1.1	It shall have the capacity and capability to execute and perform this Agreement, and shall have the full rights and authorization to execute this Agreement, including, without
limitation, approvals, consents or permits from relevant government departments and regulatory authorities, as well as the internal corporate authorizations; 

  

	 	4.1.2	This Agreement shall become binding and enforceable upon it after this Agreement comes into effect in the manner stipulated in the Agreement; and 

  

	 	4.1.3	Its execution and performance of this Agreement shall not be in conflict with its current articles of association, internal by-laws, or any other agreements, documents and
obligations to which it is a party, and shall not be in violation of any current laws, regulations, rules, judgments, verdicts, administrative authorizations, orders or decisions applicable to both parties. 

  

	 	4.2	Party A’s Representations and Warranties. 

  

	 	4.2.1	It shall ensure that Entrusted Assets shall be legally obtained and can be legally invested by Party B in accordance with relevant provisions and requirements of laws, regulations
and regulatory authorities. It shall ensure that Investment Guidelines and investment instructions it provides to Party B under this Agreement shall comply with relevant provisions and requirements of laws, regulations, insurance regulatory
authorities and other regulatory authorities; 

  

	 	4.2.2	It shall bear any losses on Entrusted Assets or other funds of Party A arising from the operational risks of other parties to the transactions, including, without limitation, the
liquidation of relevant banks; and 

  

	 	4.2.3	It shall acknowledge and agree that Party B shall not make undertakings or guarantees for the investment gains of Entrusted Assets under this Agreement, and shall not undertake or
guarantee that Entrusted Assets shall not suffer losses. 

  

	 	4.3	Party B’s Representations and Warranties. 

  

	 	4.3.1	It shall be equipped with experienced professionals appropriate for the scale and categories of Entrusted Assets to be in charge of the investment and management of Entrusted
Assets, 

  

 10 

 including, without limitation, the custodian, liquidation and settlement of Entrusted Assets not in the
custodian of third party. 
  

	 	4.3.2	It shall have established sound internal risk controls, inspection and audit, financial management and personnel administration systems and ensure that the effectiveness of internal
controls; 

  

	 	4.3.3	It shall establish adequate and reliable catastrophe recovery system as soon as possible, and maintain the feasibility and effective implementation of the system. Such catastrophe
recovery system shall be able to handle various risks, calamities and disasters, and ensure that it shall, after the occurrence of catastrophes, continue to perform such obligations as investment management, liquidation and settlement, and cash
management within the time period as requested by Party A, and comply with the basic business requirements on the management of Entrusted Assets; and 

  

	 	4.3.4	It shall not engage in activities prohibited by this Agreement and other activities prohibited by laws, regulations and regulatory authorities. 

  

	5.	Party A’s Rights and Obligations. 

  

	 	5.1	Party A’s Rights. 

  

	 	5.1.1	It shall have the ownership and relevant rights of Entrusted Assets and investment gains thereof; 

  

	 	5.1.2	It shall have the right supervise, inspect, examine and evaluate investment operation of Entrusted Assets under this Agreement; 

  

	 	5.1.3	It shall have the right to give instruction on issues which may exist in respect of the investment, liquidation and settlement, accounting valuation and risk controls by Party B, as
well as service quality, and to advise on improvement; 

  

	 	5.1.4	It shall, within the duration of this Agreement, have the right to designate third party Custodian as according to regulatory policies or business needs; 

 

	 	5.1.5	It shall have the right to send directives, notices and reminders to Party B within the scope of this Agreement; 

  

	 	5.1.6	It shall have the right to replace investment manager in accordance with this Agreement; 

  

 11 

	 	5.1.7	Such other rights as provided herein; and 

  

	 	5.1.8	Such other rights as provided by laws and regulations. 

  

	 	5.2	Party A’s Obligations. 

  

	 	5.2.1	Party A shall, in accordance with this Agreement, pay fees for the management of Entrusted Assets and related payments and expenses in a timely fashion; 

  

	 	5.2.2	It shall formulate and provide Investment Guidelines in a timely fashion; 

  

	 	5.2.3	It shall provide to Party B periodically cash flow forecast of entrusted assets for reference; 

  

	 	5.2.4	It shall, within the term of this Agreement, take any necessary actions to assist Party B performing its obligations hereunder, including, without limitation, execution of necessary
documents; 

  

	 	5.2.5	Such other obligations as provided herein; and 

  

	 	5.2.6	Such other obligations as provided by laws and regulations. 

  

	6.	Party B’s Rights and Obligations. 

  

	 	6.1	Party B’s Rights. 

  

	 	6.1.1	Unless otherwise provided by laws, regulations or this Agreement, Subject to Investment Guidelines, Party B shall have the right to conduct investment management and make investment
instructions with respect to Entrusted Assets under this Agreement, without prior notice to Party A; 

  

	 	6.1.2	It shall, in accordance with this Agreement, conduct liquidation and settlement with respect to assets not under the custody of third party; 

  

	 	6.1.3	It shall collect the investment management service fees in accordance with this Agreement; 

  

	 	6.1.4	It shall have the right to give professional advice on the formulation and amendment of Investment Guidelines; 

  

	 	6.1.5	It shall have the right to give professional advice on the choice and examination by Party A of third party independent Custodian; 

  

 12 

	 	6.1.6	Such other rights as provided herein; and 

  

	 	6.1.7	Such other rights as provided by laws and regulations. 

  

	 	6.2	Party B’s Obligations. 

  

	 	6.2.1	Party B shall honestly, carefully and diligently manage the Entrusted Assets; 

  

	 	6.2.2	Party B shall, in accordance with laws, regulations, regulatory requirements, this Agreement, Investment Guidelines and Party A’s written directives, conduct Entrusted
Investment Management and respond effectively to Party A Notices and Party A Reminders in a timely fashion; 

  

	 	6.2.3	Party B shall, in accordance with this Agreement and Service Standards Manual, perform obligations such as special management, accounting responsibility, report obligation, risk
control, file management and system management; 

  

	 	6.2.4	In addition to investment management of Entrusted Assets, Party B shall be responsible for the custody, liquidation, settlement, accounting and cash management of Entrusted Assets
not under the custody of third party; 

  

	 	6.2.5	Party B shall actively assist and cooperate with Party A when Party A entrusts the independent custody of entrusted assets to third party. Both parties shall enter into written
agreement additionally to provide for such matters as Party B’s obligations and work process in regard to the custody of assets; 

  

	 	6.2.6	It shall cooperate with outside auditor consented to by Party A in the audit of Entrusted Assets; 

  

	 	6.2.7	It shall notify Party A promptly of any loss on Entrusted Assets or funds of Party A as a result of operating risk of other party to the transaction, and shall have the right of
recourse in the name of Party A or Party A’s investment manager in accordance with Party A’s authorization; 

  

	 	6.2.8	Such other obligations as provided herein; and 

  

	 	6.2.9	Such other obligations as provided by laws and regulations. 

  

	7.	Risk Control. 

  

	 	7.1	Party B shall, in accordance with relevant rules and requirements of regulatory authorities, form risk management department and establish 

  

 13 

 sound investment management system and risk control system, inspect and supervise the investment
business of Entrusted Assets. It shall inform Party A in a timely fashion of abnormalities or violations in the transactions of the Entrusted Assets. Party A may inspect the establishment and implementation of the investment management and risk
control systems by Party B, and Party B shall give adequate cooperation for the risk management measures taken by Party A with regard to Entrusted Assets. 
  

	 	7.2	Party B shall formulate, establish and continuously improve relevant rules and systems. In particular, Party B shall establish necessary internal control systems in respects of,
among other, the personnel, financial affairs and accounts with regard to the Entrusted Assets and the assets owned by Party B or entrusted by other parties, so as to ensure the impartiality, fairness and independence of the investment management
operation. 

  

	 	7.3	Party A and Party B shall co-chair the risk control meetings, to discuss and reach resolutions on issues requiring special attention, sudden events and important information. If
either party deems it necessary to hold such risk control meetings on issues requiring special attention, sudden events and important information, it shall have the right to convene such meetings and the other party shall be obligated to cooperate.

  

	8.	Inspection, Supervision and Review. 

  

	 	8.1	Party A may conduct on-site or non-on-site inspection and supervision of the management of Entrusted Assets on a regular or non-regular basis, and Party B shall provide convenience
and assistance. 

  

	 	8.2	Party B shall cooperate with Party A in relevant supervision and inspection of Entrusted Assets by regulatory authorities. Party B shall promptly notify Party A of the status of
regulatory authorities’ inspection. 

  

	 	8.3	Party B shall assist the auditor personnel of Party A or engaged Party A for the audit of Entrusted Assets in their work. 

  

	 	8.4	Party A may designate representatives to Party B, who shall supervise Party B’s performance of this Agreement and Investment Guidelines on behalf of Party A. As long as Party B
is not in violation of its confidentiality obligations to other entrusting parties, Party A may send special personnel to participate in Party B’s business meetings and business research related to Entrusted Assets under this Agreement, and
Party B shall give active cooperation. However, Party A’s representatives shall not interfere with normal investment management activities of Party B. 

  

 14 

	 	8.5	Supervision by Custodian. Party B shall be subject to the supervision of its investment activities by the Custodian designated by Party A, and cooperate with the compliance
inspection by Custodian, check with Custodian the status of Entrusted Assets in a timely fashion, provide relevant information and be responsible for the truthfulness and accuracy of such information. 

  

	 	8.6	Performance Review. Party A shall, within 90 business days after the submission of the annual report to Party A by Party B, review and evaluate the investment status of the
entrusted assets for that year and related services provided by Party B in accordance with this Agreement, Investment Guidelines and Party A’s Rules on Entrusted Assets Investment Performance Review, to determine the plan for payment of
floating fee and notify Party A in writing. The Rules on Entrusted Assets Investment Performance Review shall be formulated by Party A after adequately asking for input from Party B within 90 business days after this Agreement comes into effect.

  

	9.	Investment Management Fees and Other Expense. 

  

	 	9.1	Definition of Investment Management Fees. 

 Investment
management fees refer to the compensation Party A shall pay to Party B in accordance with the rates, calculation method and payment procedures set forth in this Agreement for investment management of Entrusted Assets and services provided by Party B
under this Agreement. Investment management fees include fixed rate fee and floating fee. Floating fee shall be calculated based on ten percent of the fixed rate fee for that year. 
  

	 	9.2	Calculation of Investment Management Fees. 

  

	 	9.2.1	Calculation Method of Investment Management Fees. 

  

	 	(1)	Investment management fees shall be the aggregate of service fee for each specified category of investment assets. 

  

	 	(2)	For assets under the custody of Custodian: service fee for each specified category of investment assets shall be calculated based on the net asset value of the assets in each
category at the end of any given day on a daily basis. The calculation formula shall be as follows: 

  

 15 

 F = (V x R) ÷ 360 (“F” stands for daily service fee for assets in each category;
“V” stands for net value of the assets in each category at the end of any given day; and “R” stands for the annual rate applicable to assets in such category.) 
  

	 	(3)	For assets not under the custody of Custodian: service fee for each specified category of investment assets shall be calculated based on the average net asset value of the assets in
each category at the end of any given monthly on a monthly basis. The calculation formula shall be as follows: 

 FR = ( 

 x R) ÷ 12 (“FR” stands for monthly service fee for assets in each category; “

” stands for monthly average net value of the assets in each category ( 

 = (V at the end of previous month + V at the end of this month) ÷ 2); and “R” stands for the annual rate applicable to assets in such category.) 
  

	 	9.2.2	The following table sets forth the applicable annual rates for each category of investment assets: 

  

									
	 Total net asset value of managed assets at the end of relevant
month/day
	  	 Below RMB
450
 billion
	  	 More than and
equal to
 RMB 450
billion
 and
less
 than
 550
billion
	  	 More than and
equal to
 RMB 550
billion
 and
less
 than
 650
billion
	  	More than
RMB 650
billion
	 	  	(bps)	  	(bps)	  	(bps)	  	(bps)
	 Negotiated deposits
	  		  		  		  	
	 Existing
	  	1.2	  	1.2	  	0.7	  	0.4
	 Incremental
	  	1.2	  	1.2	  	0.7	  	0.4
					
	 Debt securities
	  		  		  		  	
	 Long-term
	  	5	  	4.2	  	3	  	2
	 Short-term
	  	30	  	28	  	26	  	22
					
	 Securities investment funds
	  		  		  		  	
	 Stocks
	  	25	  	25	  	22	  	20
	 Index
	  	15	  	13	  	11	  	10
					
	 Equity investment
	  		  		  		  	
	 Active
	  	50	  	48	  	45	  	40
	 Passive
	  	30	  	25	  	20	  	15
					
	 Cash
	  	1	  	1	  	1	  	1

 Note: Debt securities include government bonds, government agency bonds, financial bonds,
financial bonds corporate bonds, subordinate bonds, subordinate indebtedness and convertible bonds; and Cash include term deposits, repurchase, money market funds, notes issued by central bank and short-term financing bonds 
  

 16 

	 	9.2.3	For any category of investment assets that is not currently provided under Section 9.2.2 of the Agreement but may be permitted by laws, regulations and insurance regulatory
authorities and thus may become available from time to time in the future, Party A and Party B shall, through timely negotiations, and in accordance with the principles of fairness and reasonableness, determine the calculation methods for the
applicable annual rate and net asset value, . Where conditions for calculation of net asset value on a daily basis become available, the parties shall mutually discuss and agree upon in writing a calculation method. 

  

	 	9.2.4	Net Value Calculation Method for Assets in Each Category. 

  

	 	(1)	Debt securities. 

  

	 	A.	Bonds traded through stock exchange: 

  

	 	(a)	Listed bonds. 

  

	 	(i)	Bonds listed on stock exchange and traded at net price shall be valued based on the sum of the closing price of such bonds on the relevant day and the interests receivable thereon
(which shall be the interests from the effective demand date to such relevant day as calculated based on the face rate of the bonds). If there is no trading of such bonds on that day, they shall be valued based on the sum of the closing price on the
nearest trading day and the interests receivable thereon (which shall be the interests from the effective demand date to such relevant day as calculated based on the face rate of the bonds). 

  

	 	(ii)	Bonds listed on stock exchange and traded at full price shall be valued based on the closing price of such bonds on the relevant day, or if there is no trading of such bonds on that
day, the closing price on the nearest trading day. 

  

 17 

	 	(b)	Unlisted bonds, where there are two situations: 

  

	 	(i)	Valuation of bonds issued by way of additional offering shall refer to the valuation of bonds originally issued and listed on stock exchange; and 

  

	 	(ii)	Bonds issued in an initial public offering shall be valued based on the yield of the bonds of the same category and similar term plus interests accrued. 

  

	 	B.	Bonds traded on inter-bank market. 

  

	 	(i)	For listed bonds traded on inter-bank market, if there is any trading of such bonds during the relevant month, they shall be valued based on the weighted average of net price on the
nearest trading day of such relevant month plus interests accrued (or no such interests in the case of zero coupon bonds). If there is no trading of such bonds during the relevant month, they shall be valued based on the yield of the bonds of same
category and similar term plus interests accrued. 

  

	 	(ii)	For listed bonds traded on inter-bank market, the method for unlisted bonds traded through stock exchange shall apply. 

  

	 	C.	Bonds which can be traded both through stock exchange or on inter-bank market shall be valued based on the price on stock exchange, using the same method as the listed bonds on
stock exchange. 

  

	 	(2)	Securities investment funds. 

  

	 	A.	Close-end funds. 

 Closed-end funds listed on a stock
exchange shall be valued based on the closing price on the stock exchange on the relevant day, or if there is no trading on that day, the closing price on the latest trading day. Unlisted closed-end funds shall be valued at net value. 
  

 18 

	 	B.	Open-end funds shall be valued based on the net value of the units of such funds on the previous publicized date. If it is on the same date as the ex-dividend date, such funds shall
be valued based on the net value of the units of such funds on the previous publicized date less unit dividends. 

  

	 	(3)	Equity investment. 

  

	 	A.	Listed shares shall be valued based on the closing price of such shares on the stock exchange on the relevant day, or if there is no trading of such shares on that day, the closing
price on the nearest trading day. 

  

	 	B.	Unlisted shares shall be valued as follows: 

 Shares
issued in connection with rights issue or additional offerings shall be valued based on the closing price of the same shares of the company listed on the stock exchange on the relevant day, or if there is no trading of such shares on that day, the
closing price on the nearest trading day. Shares issued in an initial public offering shall be valued on a cost basis. 
  

	 	C.	Listed warranties shall be valued based on the closing price of such warranties on the stock exchange on the relevant day, or if there is no trading of such warranties on that day,
the closing price on the nearest trading day. Unlisted warranties shall be valued based on the reference price provided by securities regulatory authority. 

  

	 	D.	Consideration acquired for shares in connection with the reform on non-tradable shares within the period during which equity securities are held shall be valued based on the closing
price of such shares on the day when they are re-listed on the stock exchange. 

  

	 	(4)	Distributed dividends shall be valued based on the amount due as of the relevant day. 

  

 19 

	 	(5)	Bank deposits (including negotiated deposits) shall be valued based on the principal of the deposits plus interests payable as of the relevant day. 

  

	 	(6)	Bank subordinate debt securities. 

  

	 	A.	Bank subordinate indebtedness shall be valued in accordance with the method applicable to bank deposits. 

  

	 	B.	Bank subordinate bonds shall be valued in accordance with the method applicable to bonds traded on inter-bank market. 

  

	 	9.3	Payment of Fixed Rate Fee. 

  

	 	9.3.1	Payment of fixed rate fee shall be made on a monthly basis. 

  

	 	9.3.2	With respect to assets not under third party’s custody, Party B shall, within first five days (excluding public holidays) of any given month, send the list and calculation
basis for the fee payable for the previous month to Party A. Party A shall, within ten business days of the receipt of such report, conduct on-site review at Party B, and shall make the payment to Party B after confirming the report.

  

	 	9.3.3	If Party A have disagreement over the aforementioned report, bills and breakdowns, it shall, within 10 business days after notifying Party B in writing, produce sufficient evidence
showing that the amount of the investment management fee is unreasonable. Both parties shall immediately negotiate on resolution of such disagreement, until the amount of the fee is determined. 

  

	 	9.3.4	If Party A has not presented disagreement within one month after receiving the aforementioned report, and has not paid the fee in a timely fashion, Party B shall impose a late
payment rate at 0.021% per day for Party A’s delay in payment of fee. 

  

	 	9.3.5	The calculation, confirmation, dispute resolution and payment procedures of the management fee for assets under third party’s custody shall be in accordance with the provisions
above. However, the Custodian shall be responsible for the calculation of fee and delivery of the report. Both parties shall check such report within ten business days of the receipt of the list and calculation basis for the fee.

  

 20 

	 	9.4	Payment of Floating Fee. 

 Payment of floating fee shall
be made on a yearly basis. Party A shall review and evaluate the investment status of the entrusted assets and related services provided by Party B for the previous year, and determine the rate of the floating fee for that year based on the
performance score given in connection with such review. Such rate shall be the performance score divided by 100, and the yearly floating fee shall be the ten percent of the fixed rate fee for that year multiplied by the aforesaid rate. Payment of
floating fee shall be made within 30 days after Party A has completed such performance review. 
  

	 	9.5	Third Party Cost and Expense 

  

	 	9.5.1	Definition and scope. 

 Third party cost and expense shall
mean the cost and expense charged by a third party and incurred by Party B in performing the investment management service under this Agreement, except for the investment management fee paid by Party A to Party B under this Agreement, including,
without limitation, any expense arising from the engagement by Party B in the name of Party A of such outside auditors, actuaries, lawyers or other professionals as designated by Party A or recommended by Party B and approved by Party A for the
purpose of this Agreement, and any transaction fees or bank expenses incurred in connection with this Agreement. 
  

	 	9.5.2	Third party cost and expense shall be borne by Party A to the extent of the actual amounts incurred. Subject to different situations, the payments of the third party cost and
expense may be made by Party A directly to the third party or withdrawn by Party B or the Custodian with Party A’s authorization directly from the entrusted assets. Party B shall under no circumstances be obligated to pay the third party cost
and expense with its own funds. 

  

	 	9.5.3	Party A shall not be obligated to bear any cost and expense other than those provided under this Agreement. 

  

	10.	Conflicts of Interest and Prohibited Activities. 

  

	 	10.1	Party A hereby recognizes that, when Party B conducts investment management of Entrusted Assets and, at the same time, in regard to its own assets or the assets of any third party,
conflicts of interest may arise in respect of (but not limited to) the distribution of resources, provision of services and distribution of investment opportunities. 

  

 21 

	 	10.2	When Party B determines in its professional judgment that there is an existing or possible conflict of interest, Party B shall notify Party A of such conflict of interest in a
timely fashion. 

  

	 	10.3	Party B shall have full discretion in taking any such action or measure as it deems in its professional judgment to be fair, reasonable and necessary to deal with such conflicts of
interest. 

  

	 	10.4	Party B shall not engage in any of the following activities: 

  

	 	10.4.1	Using Entrusted Assets under this Agreement to pursue its own interest or the interest of any third party, in the event that Party B uses Entrusted Assets to pursue its own interest
or the interest of any third party, the interest so gained by Party B shall belong to Entrusted Assets; 

  

	 	10.4.2	Without Party A’s prior written consent, transferring the right to manage the Entrusted Assets under this Agreement to any third party; 

  

	 	10.4.3	Without Party A’s prior written consent, lending the Entrusted Assets or any investment attributable to Party A or ownership documents or documents evidencing the rights to
investments to any third party; 

  

	 	10.4.4	Without Party A’s prior written consent, conducting transaction between Entrusted Assets and its own assets or assets entrusted by it a third party; 

 

	 	10.4.5	Engaging in investment activities in the name of Party A using funds or assets not under the name of Party A, or Engaging in investment activities in the name of others using funds
or assets under the name of Party A; 

  

	 	10.4.6	Treating Entrusted Assets unfairly, including putting the transactions of Party B’s own business or other entrusted assets in prior order to the transactions of Entrusted
Assets, or putting the business of any third party who has interested relationship with Party B in prior order; 

  

	 	10.4.7	Giving preferential consideration or arrangement to Party B’s own business or other entrusted assets, or the business of any third party who has interested relationship with
Party B with respect to the arrangement of professionals; 

  

	 	10.4.8	Not providing to the investment managers responsible for Entrusted Investment Management the information and support 

  

 22 

 of the same adequacy as the information and support provided to investment managers responsible for
management of other entrusted assets with respect to information technology, accounting and financial management, the review, analysis, research and consulting of investment risk; 
  

	 	10.4.9	Misappropriation of Entrusted Assets; 

  

	 	10.4.10	Mixing the management of assets of Party A with assets of other entities; 

  

	 	10.4.11	Engaging in such investment as maybe resulting in Party A’s undertaking of unlimited liability or credit transactions using Entrusted Assets; or 

  

	 	10.4.12	Other activities prohibited by laws, regulations or this Agreement. 

  

	11.	Confidentiality. 

  

	 	11.1	Party B shall keep confidential any information relating to Party A or Entrusted Assets made known to Party B in the execution and performance of this Agreement, and without Party
A’s prior written consent, Party B shall not disclose such information to any one. Party B’s confidentiality obligation hereunder shall survive the invalidity, release or termination of this Agreement. However, the following information
may be exempted: information publicly available; information obtained by Party B from other party who, to Party B’s knowledge, has no confidentiality obligation to Party A; information obtained not in connection with the performance of this
Agreement; information required to be disclosed under laws, regulations, government or court orders or arbitration body’s request, provided that Party B shall, to the extent permitted by law and feasible, notify Party A in advance and state in
the disclosure that “This is the commercial secret of the listed company and without the prior written consent of the listed company it shall not be disclosed to anyone”, and if Party B is required to disclose to court or arbitration body
any confidential information, it shall also advise such court or arbitration body of Party A’s rights hereunder; disclosure for compliance with any securities trading rules; and other information whose disclosure is consented to by Party A in
writing in advance. 

  

	 	11.2	With respect to any information relating to Party A or Entrusted Assets as described above, Party B may use such information only for the matters provided in the Agreement and not
for any purpose other than the purpose of this Agreement. 

  

 23 

	 	11.3	Party A shall keep confidential any commercial information or investment technique of Party B made known to Party A during the performance of this Agreement. Unless otherwise
provided by laws, regulations or this Agreement, it shall not disclose or use such information in any way without Party B’s prior written notice. Party A’s confidentiality obligation hereunder shall survive the invalidity, release or
termination of this Agreement. However, the following information may be exempted: information publicly available; information obtained by Party A from other party who, to Party A’s knowledge, has no confidentiality obligation to Party B;
information obtained not in connection with the performance of this Agreement; information required to be disclosed under laws, regulations, government or court orders or arbitration body’s request, provided that Party A shall, to the extent
permitted by law and feasible, notify Party B in advance and state in the disclosure that “This is the commercial secret of the listed company and without the prior written consent of the listed company it shall not be disclosed to
anyone”, and if Party A is required to disclose to court or arbitration body any confidential information, it shall also advise such court or arbitration body of Party B’s rights hereunder; disclosure for compliance with any securities
trading rules; and other information whose disclosure is consented to by Party B in writing in advance. 

  

	 	11.4	The references to Party A and Party B under this section shall include, without limitation, Party A, Party B, and the directors, supervisors, employees, agents or agency of Party A
or Party B. 

  

	12.	Breach of Contract and Indemnification. 

  

	 	12.1	Party A’s violation of its representations, warranties or other provisions hereunder shall constitute Party A’s breach of this Agreement. Party A shall indemnify Party B
for losses suffered by Party B as a result of such breach. Party B shall be entitled to give Party A written notice to terminate this Agreement in the case of substantial losses caused by Party A’s breach. The Agreement shall be terminated on
the thirtieth day following the receipt of such written notice by Party A, unless otherwise waived by Party B. 

  

	 	12.2	Party B’s violation of its representations, warranties or other provisions hereunder, the written directives given by Party A hereunder, shall constitute Party B’s breach
of this Agreement. Party B shall indemnify Party A for substantial losses suffered by Party A as a result of such breach, and Party B shall not receive the investment management fee if it has not made such compensation. Party A shall be entitled to
give Party B written notice to terminate this Agreement in the case of substantial losses caused by Party B’s breach. The Agreement shall be terminated on the thirtieth day following the receipt of such written notice by Party B, unless
otherwise waived by Party A. 

  

 24 

	 	12.3	If Party B’s negligence, error in operation, deficiency in the amount of securities and funds, default in provisions of agreements with a third party, system malfunction or
employees’ fraud results in any loss on Entrusted Assets, Party B shall indemnify the direct loss resulting therefrom and undertake the civil liability. 

  

	 	12.4	The indemnification liability and civil liability of any party prior to the termination of this Agreement shall survive the termination. 

  

	13.	Force Majeure 

  

	 	13.1	An event of force majeure refers to any circumstance that cannot be reasonably predicted, avoided and overcome. Such event cannot be reasonably controlled, predicted, or avoided
even if predicted, and overcome by the affected party, and occurs after the execution of this Agreement, which makes the performance of this Agreement in whole or in part impossible or impracticable as a matter of fact, including but not limited to
any situation where performance is impossible without unreasonable expenditure, however, events which can be overcome by Party B’s catastrophe system shall be excluded. 

  

	 	13.2	If either party fails to perform in whole or in part its duties under this Agreement due to an event of force majeure, the performance of such duties shall be suspended during the
period of such event of force majeure. 

  

	 	13.3	A party that claims that it has been affected by an event of force majeure shall notify the other party of such event of force majeure in writing in the shortest period possible,
and shall provide appropriate evidence of the existence and duration of such event of force majeure to the other party within fifteen (15) days after its occurrence. A party that claims that the performance of this Agreement is objectively
impossible and impractical due to such event of force majeure shall take any reasonable measures to cure or lessen the effect caused by such event of force majeure. 

  

	 	13.4	When an event of force majeure occurs, both parties shall consult with each other regarding the performance of this Agreement. Once the event of force majeure or its effect ceases
or is cured, both parties shall immediately resume the performance of their respective obligations hereunder. 

  

 25 

	14.	Termination. 

  

	 	14.1	This Agreement shall be terminated upon occurrence of any of the following events: 

  

	 	14.1.1	One party’s breach of contract results in substantial loss of the other party and the other party requests to terminate this Agreement; 

  

	 	14.1.2	The term of the Agreement expires or a renewed term expires without further renewal; 

  

	 	14.1.3	Both parties agree to terminate this Agreement; 

  

	 	14.1.4	Party A sends written notice to Party B to terminate this Agreement when Party A is required by regulators or laws of the jurisdiction where it is listed to rescind the investment
entrusting relation with Party B; or 

  

	 	14.1.5	Any party becomes insolvent or becomes subject to bankruptcy, liquidation, compulsory dissolution or receivership. 

  

	 	14.2	In the event that one party terminates this Agreement, this Agreement shall be terminated on the thirtieth day following the receipt by the other party of the written notice to
terminate. 

  

	 	14.3	Obligations upon Termination. 

  

	 	14.3.1	Upon the termination of this Agreement, Party A may notify Party B in writing to handle the Entrusted Assets following all the steps set forth in the notice. Party B shall, in
accordance with Party A’s requirements, assist Party A handling the Entrusted Assets on an honest and fiduciary basis. 

  

	 	14.3.2	Upon the termination of this Agreement, unless otherwise explicitly instructed by Party A, Party B shall not conduct any investment or send any directives in regard to Entrusted
Assets. 

  

	 	14.4	Upon the termination of this Agreement, all of the responsibilities and obligations of Party A and Party B shall be terminated, except the followings: 

  

	 	14.4.1	Party B shall deliver the records relating to Party A or Entrusted Assets under this Agreement to Party A or Party A’s authorized representatives; 

  

	 	14.4.2	Party B shall cooperate with Party A to transfer the Entrusted Assets to the new investment manager of Party A forthwith, and shall, at the request of Party A, transfer relevant
materials to such investment manager in a timely and orderly fashion, 

  

 26 

 and cooperate with Party A to complete other transfer work. Also, Party B shall submit the report on the
investment operation of Entrusted Assets; and 
  

	 	14.4.3	The termination of this Agreement shall not affect the rights of one party over the other party under laws, regulations or this Agreement, including, among other things, the claims
to default, damages and compensation. 

  

	15.	Performance. 

  

	 	15.1	After Party A has been listed on the Hong Kong Stock Exchange (the “HKSE”), the transactions under this Agreement shall constitute connected transactions as described by
the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (“Listing Rules”). According to the Listing Rules, such transactions shall be conducted only after obtaining an exemption from the HKSE or upon the
approval by independent shareholders, or on the condition of conforming with any other provisions concerning connected transactions in the Listing Rules. Therefore, the performance of this Agreement related to such connected transactions shall be
subject to the approval of the HKSE or compliance with any other stipulations concerning connected transactions in the Listing Rules. Both Party A and Party B agree to observe the relevant stipulations of the Listing Rules. 

 

	 	15.2	If the exemption from the HKSE contains additional conditions, this Agreement shall be performed in accordance with such additional conditions. Both Party A and Party B agree to
strictly observe such conditions. 

  

	 	15.3	Both parties shall take such further actions and measures as to fully and effectively perform this Agreement, including but not limited to determining the implementation plan or
detailed measures in accordance with the principles provided herein and on the condition of not violating the provisions agreed upon herein. 

  

	16.	Notices. 

 All notices relating to the Agreement shall be
in writing and shall be delivered by overnight courier, fax or mail. Notices sent by overnight courier shall be deemed delivered upon delivery. Notices sent by fax shall deemed delivered upon successful transmission, provided that a fax confirmation
report produced by the fax machine showing the successful transmission of the notice is provided by the sending party. Notices sent by mail shall deemed delivered on the third (3rd) day after it has been posted (if the last day is a Sunday, or statutory holiday, such day shall be the next business day). 
  

 27 

 The addresses of the parties for the delivery of notices are as follows: 
  

			
	China Life Insurance Company Limited	 	China Life Insurance Asset Management Company Limited
		
	Address: China Life Tower, No. 16 Chao Yang Men Wai Avenue, Chaoyang District, Beijing	 	Address: 9/F Block A, Tongtai Building, No. 33 Financial Street, Xicheng District, Beijing
		
	Telephone: 010-8565 9999	 	Telephone: 010-8808 8866
		
	Fax: 010-8565 2210	 	Fax: 010-8808 7798

  

	17.	Assignment. 

 Without prior written consents of both
parties, this Agreement shall not be assigned. However, a party may assign this Agreement to its successors and this Agreement shall be binding on such successors. 
  

	18.	Severability. 

 The invalidity, illegality or
unenforceability of some provisions herein under applicable laws, regulations or certain special circumstances shall not affect the effectiveness, legality and implementation of other provisions herein. 
  

	19.	Governing Law and Dispute Resolution. 

  

	 	19.1	This agreement shall be governed by, and interpreted and construed in accordance with the laws of PRC. 

  

	 	19.2	Any disputes arising from this Agreement or the execution, effectiveness or interpretation hereof or related to this Agreement shall be settled by both parties through friendly
negotiations. If such negotiation fails within 60 days of the dispute, either party may submit such dispute to the China International Economic and Trade Arbitration Commission for arbitration in accordance with arbitration rules then in effect. The
arbitration award shall be final and binding on both parties. 

  

	 	19.3	When dispute occurs or is under arbitration, other than the matter in dispute, each party shall still be entitled to exercise its other rights hereunder and shall still perform its
other obligations hereunder. 

  

 28 

	20.	Effectiveness, Counterparts and Others. 

  

	 	20.1	This Agreement shall come into effect on January 1, 2006 upon execution by legal representatives or authorized representatives of both parties, and in effect through
December 31, 2007. 

  

	 	20.2	Any exhibit hereto shall be an integral part of this Agreement and constitute the entire agreement together with this Agreement, having the same legal effect as this Agreement,
complied with by both parties. 

  

	 	20.3	This Agreement and exhibit hereto may be amended through negotiation between both parties. The amendment can only be made pursuant to a written agreement duly executed by legal
representatives or authorized representatives of both parties and upon the approval of both parties through their respective corporate actions. If such amendment constitutes a material and significant change to this Agreement, it shall become
effective only upon the notification of and procurement of approval from the HKSE, subject to the relevant provisions of the Listing Rules as in effect from time to time and the requirements of HKSE, and/or the shareholders’ general meeting of
Party A, if applicable. 

  

	 	20.4	Subject to the listing rules of the stock exchange where Party A is listed, this Agreement will be automatically renewed for one-year term, unless either party gives to the other
party a written notice to not renew the agreement not less than 90 days’ prior to the expiration of the then current term. 

  

	 	20.5	This Agreement shall be executed in six counterparts, two held by each party, one filed with China Insurance Regulatory Commission, and one filed with HKSE. Each counterpart shall
have the same legal effect. 

  

	 	20.6	Both parties shall solve the matters unaddressed herein through negotiation in accordance with applicable laws, regulations and regulatory requirements, and if necessary, may enter
into supplementary agreement additionally. Such supplementary agreement shall have the same legal effect as this Agreement. 

 Exhibit: 
 “Service Standards Manual for Asset Management by China Life Insurance Asset Management Company Limited
Authorized by China Life Insurance Company Limited” 
  

 29 

			
	Party A:	  	Party B:
		
	China Life Insurance Company Limited	  	China Life Insurance Asset Management Company Limited
		
	                            (Seal)	  	                                       
 (Seal)
		
	 Legal Representative/
 Authorized Representative
(Signature)
	  	 Legal Representative/
 Authorized Representative
(Signature)

  

 30Asset Management Agreement

 Exhibit 4.11 
 Asset Management Agreement 
 between 
 China Life Insurance (Group) Company 
 and 
 China Life Insurance Asset Management Company Limited 

 Table of Contents 
  

					
	1.	  	DEFINITIONS AND INTERPRETATION.	  	4
			
	2.	  	REPRESENTATIONS AND WARRANTIES.	  	5
			
	 2.1
	  	    PARTY A’S REPRESENTATIONS AND WARRANTIES.	  	5
	 2.2
	  	    PARTY B’S REPRESENTATIONS AND WARRANTIES.	  	6
			
	3.	  	AUTHORIZATION.	  	7
			
	 3.1
	  	    ENTRUSTED ASSETS.	  	7
	 3.2
	  	    INDEPENDENCE OF ENTRUSTED ASSETS.	  	9
	 3.3
	  	    AUTHORIZATION MANNER.	  	10
	 3.4
	  	    INVESTMENT PRINCIPLES.	  	11
	 3.5
	  	    INVESTMENT GUIDELINES.	  	12
			
	4.	  	RIGHTS AND OBLIGATIONS.	  	13
			
	 4.1
	  	    PARTY A’S RIGHTS AND OBLIGATIONS.	  	13
	 4.2
	  	    PARTY B’S RIGHTS AND OBLIGATIONS.	  	15
			
	5.	  	SERVICES PROVIDED BY PARTY B.	  	18
			
	 5.1
	  	    PROVISION OF SPECIAL TRANSACTION SEAT.	  	18
	 5.2
	  	    OPENING AND MANAGEMENT OF ACCOUNTS.	  	18
	 5.3
	  	    CONFIRMATION OF THE TRANSFER-IN AND
TRANSFER-OUT OF ENTRUSTED ASSETS.	  	19
	 5.4
	  	    MANAGEMENT OF ENTRUSTED ASSETS.	  	19
	 5.5
	  	    ACCOUNTING AND VALUATION OF ENTRUSTED ASSETS.	  	21
	 5.6
	  	    INFORMATION MANAGEMENT OF ENTRUSTED ASSETS.	  	22
	 5.7
	  	    IDENTIFICATION AND HANDLING OF TRANSACTIONS EXCEEDING THE
AUTHORIZATION.	  	22
			
	6.	  	SUPERVISION AND INSPECTION OF PARTY B BY PARTY A.	  	22
			
	 6.1
	  	    INVESTMENT SUPERVISION AND CONTROL.	  	22
	 6.2
	  	    AUDIT OF ENTRUSTED ASSETS.	  	24
			
	7.	  	FEE AND PAYMENT METHOD.	  	25
			
	 7.1
	  	    INVESTMENT MANAGEMENT BASIC SERVICE FEE.	  	25
	 7.2
	  	    ADJUSTMENT TO INVESTMENT MANAGEMENT SERVICE FEE.	  	25
	 7.3
	  	    PAYMENT OF FEE.	  	25
			
	8.	  	APPOINTMENT AND CHANGE OF AUTHORIZED REPRESENTATIVES OF BOTH PARTIES.	  	27
			
	 8.1
	  	    AUTHORIZED REPRESENTATIVES AND THEIR SIGNATURES AND
SEALS.	  	27
	 8.2
	  	    CHANGE OF AUTHORIZED REPRESENTATIVES AND THEIR SIGNATURES
AND SEALS.	  	27

  

 2 

					
			
	9.	  	DELIVERY AND RECEIPT OF DOCUMENTS.	  	27
			
	10.	  	CONFIDENTIALITY.	  	28
			
	11.	  	COUNTERPARTS, EFFECTIVENESS, AMENDMENT, RENEWAL AND TERMINATION.	  	29
			
	 11.1
	  	    COUNTERPARTS, EFFECTIVE DATE AND TERM.	  	29
	 11.2
	  	    AMENDMENT.	  	29
	 11.3
	  	    RENEWAL.	  	29
	 11.4
	  	    TERMINATION.	  	29
			
	12.	  	LIABILITY FOR BREACH OF CONTRACT.	  	31
			
	13.	  	EXEMPTION FROM LIABILITY.	  	31
			
	14.	  	GOVERNING LAW AND DISPUTE RESOLUTION.	  	31
			
	15.	  	OTHER MATTERS.	  	32
		
	EXHIBITS:	  	32

 Exhibits: 
  

	I.	List of Entrusted Assets 

  

	II.	Authorized Funds Transfer/Increase Notice and Confirmation of Receipt of Funds Transfer/Increase 

  

	III.	Accounting Rules for Entrusted Assets of China Life Insurance (Group) Company 

  

	IV.	Valuation Method for Entrusted Assets of China Life Insurance (Group) Company 

  

	V.	Rules of China Life Insurance (Group) Company on Information Reports 

  

	VI.	Specimen of Signatures and Seals of Legal Representatives or Authorized Representatives 

  

 3 

 This Asset Management Agreement (“Agreement”) was entered into by and between the following two
parties in Beijing, People’s Republic of China (“PRC”), on December 27, 2005: 
 Party A: China Life Insurance (Group)
Company Address: 5 Guan Ying Yuan Xi Qu, Xicheng District, Beijing 
 Party B: China Life Insurance Asset Management Company Limited Address:
9/F Block A, Tongtai Building, No. 33 Financial Street, Xicheng District, Beijing 
 WHEREAS, 
  

	(1)	Party A and Party B entered into an asset management agreement on November 27, 2003, under which Party A authorized Party B to manage the investment of the insurance assets
owned by Party A. 

  

	(2)	Party A and Party B entered into a stock investment management agreement on August 9, 2005, under which Party A authorized Party B to manage the stock investment of insurance
funds owned by Party A. 

  

	(3)	These two agreements shall expire on December 31, 2005. Based on these two agreements, Party A agrees that it shall continue to authorize Party B to manage the investment of
the insurance assets owned by Party A, and Party B agrees to accept such authorization. 

 In accordance with applicable laws,
regulations and regulatory rules, as well as the requirements on the professional management of insurance funds and the matchability management of assets and liabilities, taking into account the development and change of employment of insurance
funds, in order to ascertain both parties’ respective rights, obligations and benefit, strenthen the risk management and control, ensure the safety, liquidity and profitability of the entrusted assets of Party A, and improve the investment
efficiency and realize the preservation and appreciation of the entrusted assets of Party A, based upon the principle of cooperaton and mutual benefit, through friendly negotiation, both parties agree as follows: 
  

	1.	Definitions and Interpretation. 

 Unless otherwise provided
herein, the following terms shall have the following meanings: 
  

			
	“Agreement”	  	Shall mean this agreement and exhibits hereto and any amendment and supplement thereto.
		
	 “Party A/Authorizing Party/Assets Entrusting
 Party”
	  	Shall mean China Life Insurance (Group) Company.

  

 4 

			
	 “Party B/Authorized Party/Investment
 Manager”
	  	Shall mean China Life Insurance Asset Management Company Limited.
		
	“Entrusted Assets”	  	Shall mean the assets Party A entrusted to Party B for investment management under Section 3.1 hereof.
		
	 “Asset Custodian/
 Custodian”
	  	Shall mean the commercial bank duly qualified to be the custodian of insurance assets and appointed by Party A to be the custodian of part or all of the Entrusted Assets
hereunder.
		
	“Custodian Assets”	  	Shall mean the Entrusted Assets under the custodian of Custodian in accordance with relevant custodian agreement.
		
	 “Investment
 Guidelines”
	  	Shall mean the investment guidelines formulated and amended from time to time by Party A and Party B is required to comply with in the performance of this Agreement.
		
	“Fund Account”	  	Shall mean the bank account and the fund settlement reserve account Entrusted Assets belong to.
		
	“Securities Account”	  	Shall mean the securities investment account Entrusted Assets belong to.
		
	“business day”	  	Shall mean the legal working day in this Agreement and exhibits hereto unless otherwise indicated.
		
	“Designated Account”	  	Shall mean the bank account designated by Party A.
		
	“Term”	  	Shall mean the period from January 1, 2006 to December 31, 2008.

  

	2.	Representations and Warranties. 

  

	 	2.1	Party A’s Representations and Warranties. 

  

	 	2.1.1	Party A is a duly organized and validly existing wholly state-owned insurance company qualified to engage in insurance business and employ insurance funds as approved by China
Insurance Regulatory Commission with independent legal person status and capacity and capability to execute and perform this Agreement; 

  

 5 

	 	2.1.2	The execution and performance of this Agreement shall not be in conflict with its current articles of association, internal rules or any agreements, documents or obligations to
which Party A is a party, and shall not violate any current laws, regulations, judgment, verdict, administrative authorization, order or decision applicable to Party A; 

  

	 	2.1.3	During the term hereof, the foregoing representations and warranties shall always be true and effective as under the facts and circumstances then; and 

  

	 	2.1.4	Party A shall notify Party B of any change to the foregoing representations and warranties in a timely fashion. 

  

	 	2.2	Party B’s Representations and Warranties. 

  

	 	2.2.1	Party B is a duly organized and validly existing asset management company qualified to engage in insurance management and operation of insurance assets as approved by China
Insurance Regulatory Commission with independent legal person status and capacity and capability to execute and perform this Agreement; 

  

	 	2.2.2	The execution and performance of this Agreement shall not be in conflict with its current articles of association, internal rules or any agreements, documents or obligations to
which Party B is a party, and shall not violate any current laws, regulations, judgment, verdict, administrative authorization, order or decision applicable to Party B; 

  

	 	2.2.3	Party B warrants that it shall, during the term hereof, have and maintain sufficient, dutiful and experienced personnel qualified to perform the obligations hereunder and engage in
related business to be responsible for the performance of the obligations hereunder and various duties and responsibilities provided herein; 

  

	 	2.2.4	Party B warrants that it shall, within the scope of rights and obligations provided herein, treat fairly the Entrusted Assets under its management, and shall not harm the interest
of Entrusted Assets under this Agreement for other assets under its management. Party B warrants that when engaging in the management of Entrusted Assets of Party A, it shall not 

  

	 	(1)	mix the management of Entrusted Assets with assets owned by itself; 

  

 6 

	 	(2)	mix the management of Entrusted Assets with other assets under its management; 

  

	 	(3)	mix the management of assets entrusted by different clients; 

  

	 	(4)	misappropriate Entrusted Assets; 

  

	 	(5)	pursue interest for itself or others using Entrusted Assets and related information; 

  

	 	(6)	violate applicable laws, administrative regulations, rules or this Agreement; or 

  

	 	(7)	conduct other acts harmful to the interest of Entrusted Assets under this Agreement. 

  

	 	2.2.5	Party B warrants that it shall establish sound internal risk control, supervision and inspection, accounting and personnel management systems. 

  

	 	2.2.6	Party B warrants that it shall perform the obligation of management itself, and without Party A’s written consent, shall not entrust its rights and obligations under this
Agreement to any third party, or transfer such rights and obligations; 

  

	 	2.2.7	During the term hereof, the foregoing representations and warranties shall always be true and effective as under the facts and circumstances then; and 

  

	 	2.2.8	Party B shall notify Party A of any change to the foregoing representations and warranties in a timely fashion. 

  

	3.	Authorization. 

  

	 	3.1	Entrusted Assets. 

  

	 	3.1.1	Entrusted Assets and Investment Scope. 

 Entrusted Assets
refer to the assets Party A authorizes Party B to invest and manage, including all of the assets as of December 31, 2005 entrusted by Party A to Party B for investment management as audited by the auditor engaged by Party A and confirmed by
both parties (see Exhibit I hereto), other addition assets entrusted by Party A to Party B for investment management after the execution of this Agreement, and all of the rights and interest derived from such assets. 
  

 7 

 The investment scope of Entrusted Assets shall satisfy the following conditions: 
  

	 	(1)	Investment channels for insurance funds as permitted by laws, regulations and relevant provisions of regulatory authorities; 

  

	 	(2)	Both Party A and Party B have obtained the qualification to engage in relevant investment business; and 

  

	 	(3)	Party A permits or authorizes in writing Party B to make relevant investment. 

  

	 	3.1.2	Increasing Entrusted Assets. 

 Within the term hereof,
Party A may, from time to time, transfer funds into the Fund Account of Entrusted Assets. Party A shall notify Party B in writing of the transfer on the day when such funds have been transferred. Unless Party B raises dissent within two business
days after receiving such written notice, such funds shall be part of Entrusted Assets from the day when Party A sends such written notice. 
  

	 	3.1.3	Decreasing Entrusted Assets. 

  

	 	(1)	Authorized representative of Party A may send written instruction (“Funds Transfer-out Instruction”) to Party B to transfer funds out, and Party B, after confirming such
instruction, shall implement the Funds Transfer-out Instruction. Funds Transfer-out Instruction shall state explicitly the amount of funds to be transferred out and the time for the transfer. 

  

	 	(2)	Party A shall send the Funds Transfer-out Instruction to Party B as follows, and to the extent possible, notify Party B as early as practicable: 

 Funds Transfer-out Instruction on funds in RMB: two business days prior notice to Party B for the amount of RMB 500 million or less; three business
days prior notice to Party B for the amount ranging from more than RMB 500 million to RMB 1 billion or less; five business days prior notice to Party B for the amount ranging from more than RMB 1 billion to RMB 3 billion or less; seven business
days prior notice for the amount of more than RMB 3 billion. 
  

 8 

 Funds Transfer-out Instruction on funds in foreign currencies: five business days prior notice to Party
B for the amount equivalent to US$10 million or less; seven business days prior notice to Party B for the amount equivalent to more than US$10 million to US$30 million or less; ten business days prior notice to Party B for the amount equivalent to
more than US$30 million. 
 If special circumstances make the delivery of Funds Transfer-out Instruction unable to meet the foregoing time
frame requirement, both parties may agree upon another specific time frame in advance. 
  

	 	(3)	Party B shall, after receiving the Funds Transfer-out Instruction, remit the funds into Designated Account of Party A in accordance with the requirements of such instruction, notify
Party A in writing of the remittance of such funds on the day such remittance has been made. Unless Party A raises dissent within two business days after receiving such written notice, such funds shall be deemed transferred into Designated Account
of Party A and no longer part of Entrusted Assets from the day when Party B sends such written notice. 

  

	 	(4)	As required by Party A, Party B shall, in accordance with the specific arrangement on liquidity provided by Party A, allocate funds reasonably and ensue the liquidity of Entrusted
Funds. If Party A make 0ff-plan additional arrangement, Party B shall advise on realization or financing, and carefully and dutifully advise Party A of the estimable cost expense and loss, and implement such arrangement upon Party A’s approval.
Party A shall be responsible for cost and loss arising therefrom. 

  

	 	3.2	Independence of Entrusted Assets. 

  

	 	3.2.1	Entrusted Assets shall be independent and separate from assets owned by Party B and other assets under its management. Entrusted Assets of different nature shall be independent and
separate from one other, and shall have accounts set up separately and be managed separately. 

  

	 	3.2.2	In the event that Party B is liquidated due to dissolution, cancellation, or declaration of bankruptcy under the law, Entrusted Assets and earnings thereof shall not be listed as
its liquidation assets. 

  

 9 

	 	3.2.3	Party B shall not consent to enforcement on Entrusted Assets by any third party other than for debts borne by Entrusted Assets, unless otherwise provided by laws or regulations or
required by exercise of power by administrative or judicial authorities. 

  

	 	3.2.4	In the event that judicial authorities take enforcement measures such as freeze on Fund Account and Securities Account under this Agreement for debts arising out of Party B’s
employment of its own assets or Party B’s management and employment of other assets under its management, Party B shall promptly state the situation to judicial authorities and notify Party A. Party B shall bear any loss of Party A as a result.

  

	 	3.3	Authorization Manner. 

  

	 	3.3.1	Authorization Manner. 

 Party A shall authorized Party B
to invest and manage Entrusted Assets based on the ownership and strict risk control. 
  

	 	3.3.2	Authorization Matters. 

  

	 	(1)	Party A shall, within the term hereof, authorize Party B invest and manage the Entrusted Assets in Fund Account and Securities Account in accordance with this Agreement and
Investment Guidelines. Under this Agreement and Investment Guidelines, Party B shall be authorized to manage, invest, reinvest, settle and deliver Entrusted Assets on behalf of Party A without prior notice to Party A. Party A shall not conduct
direct investment and management of Entrusted Assets other than sending Funds Transfer-out Instruction, formulation and/or amendment to and delivery of Investment Guidelines to Party B in accordance with this Agreement. 

  

	 	(2)	Within the term hereof, in accordance with this Agreement and Investment Guidelines, upon Party A’s approval or acknowledgement and after carrying out necessary authorization
procedures, Party B may engage outside auditors, actuaries, lawyers and other professionals in the name of Party A or in its own name for the purpose of this Agreement. Other than the foregoing, Party A shall authorize Party B to negotiate, enter
into documents, transaction, clearing and delivery with any third party on Party A’s behalf for the purpose of this Agreement and no additional authorization shall be required. 

  

 10 

	 	(3)	Pursuant to relevant laws, regulations and regulatory rules, if Party A authorize Custodian to have the custody of Entrusted Assets, additional relevant agreement shall be entered
into on specific authorization to Party B, rights and obligations of Party B and work procedures of Party B. 

  

	 	3.4	Investment Principles. 

  

	 	3.4.1	Safety. 

 Party B shall ensure that the investment of
Entrusted Assets shall be conducted in accordance with laws, regulations, regulatory requirements, this Agreement and Investment Guidelines. Party B shall strengthen the risk management of Entrusted Assets and ensure the safety and integrity of
Entrusted Assets through establishment of sound internal risk control system and regulation of investment decision-making process and internal operation process. 
  

	 	3.4.2	Liquidity. 

 Party B shall, according to the
characteristics and needs of the cash flow provided by Party A, enhance the liquidity management of the entrusted funds, effectively rely on financing instrument on the market so as to ensure that the liquidity of Entrusted Assets shall satisfy the
expenditure requirement of Party A. 
  

	 	3.4.3	Profitability. 

 Subject to safety, liquidity and sound
risk control, Party B shall fully utilize its advantages in scale and organization, strengthen the match and investment operation of Entrusted Assets, and promote the innovation in investment so as to improve the profit level of Entrusted Assets to
the extent possible. 
  

	 	3.4.4	Assets and Liabilities Management. 

 Party B shall
reasonably arrange and plan the products, duration, structure and return of Entrusted Assets according to the features of Party A’s liabilities. 
  

 11 

	 	3.4.5	Value Investment. 

 Party B shall focus on long-term
return, not overly pursue short-term benefit. It shall enhance the analysis on macro economic trend and judgment on market condition, develop and choose investment products of good investment value and maximize the general return. 
  

	 	3.4.6	Dispersing Investment. 

 Party B shall fully utilize the
investment channels and instruments permitted by laws, regulations and regulatory authorities, effectively disperse investment and reduce centralized investment risk through product matching and ratio control. 
  

	 	3.5	Investment Guidelines. 

  

	 	3.5.1	Formulation of Investment Guidelines. 

 Party A shall be
responsible for formulating the strategic arrangement plan of Entrusted Assets and deliver such plan to Party B in the form of Investment Guidelines. Party B shall conduct the investment management of Entrusted Assets under this Agreement in
accordance with the Investment Guidelines formulated and amended from time to time by Party A. The specifics are: 
  

	 	(1)	Party A shall, during the term hereof, deliver the Investment Guidelines for any given year to Party B prior to the end of the first quarter of such calendar year. If Party A has
not delivered the Investment Guidelines prior to the end of the first quarter of such year, it shall notify Party B in writing that the Investment Guidelines for the previous year shall still apply before the Investment Guidelines for the new year
is delivered. 

  

	 	(2)	Party A may, during the term hereof, amend the Investment Guidelines carefully and deliver such amendment in writing to Party B. Unless explicitly demanded by Party A, the amended
Investment Guidelines shall apply to the investment made after Party B’s receipt thereof. If Party A demands that such amended Investment Guidelines also apply to the investment made before Party B’s receipt thereof, the income or loss
resulting therefrom shall be included in the performance review of Party B. 

  

 12 

	 	(3)	Party A’s formulation and/or amendment of Investment Guidelines shall fully ask for Party B’s professional advice, and Party B shall fully provide its professional advice
on the formulation and/or amendment of Investment Guidelines. 

  

	 	3.5.2	Contents of Investment Guidelines. 

 The Investment
Guidelines shall set forth, among others, the followings: 
  

	 	(1)	Investment purpose; 

  

	 	(2)	Investment scope; 

  

	 	(3)	Strategic assets arrangement; 

  

	 	(4)	Cash in-flow and out-flow forecasts and liquidity requirement; and 

  

	 	(5)	Risk control requirement. 

  

	4.	Rights and Obligations. 

  

	 	4.1	Party A’s Rights and Obligations. 

  

	 	4.1.1	Party A’s Rights. 

  

	 	(1)	To increase or decrease Entrusted Assets in accordance with Section 3.1 hereof; 

  

	 	(2)	To formulate, amend and revise Investment Guidelines in accordance with Section 3.5 hereof; 

  

	 	(3)	To request Party B to, on a regular basis, provide the information report on Entrusted Assets as agreed upon by both parties under Section 5.6 hereof, and to examine, copy or
duplicate accounts and books and other documents relating to Entrusted Assets; 

  

	 	(4)	To supervise, inspect and audit Party B in accordance with Sections 6.1 and 6.2 hereof; 

  

	 	(5)	Enjoying the ownership of Entrusted Assets; 

  

	 	(6)	 To remove Investment Manager if Party B is in violation of relevant laws or regulations or the purpose of this Agreement during the process of managing the 

  

 13 

	 	 
Entrusted Assets, and to request Party B to return the Entrusted Assets to their original status or indemnify Party A against any loss resulting therefrom;

  

	 	(7)	To terminate this Agreement in accordance with relevant provisions herein; 

  

	 	(8)	To handle matters relating to the termination of this Agreement in accordance with applicable laws and regulations; 

  

	 	(9)	Such other rights as provided herein; and 

  

	 	(10)	Such other rights as provided by laws, regulations and regulatory authorities. 

  

	 	4.1.2	Party A’s Obligations. 

  

	 	(1)	To make various payments and pay various expenses under Article 7 hereof; 

  

	 	(2)	To notify Party B of the agreement relating to Entrusted Assets entered into between Party A and Custodian; 

  

	 	(3)	To notify Party B in a timely fashion of the amendment, revision and change of Investment Guidelines; 

  

	 	(4)	To provide to Party B the originals of all of the instructions and notices; 

  

	 	(5)	To keep confidential commercial secrets of Party B and not to leak investment plans or investment intent; 

  

	 	(6)	To notify Party B in a timely fashion of the change of Custodian; 

  

	 	(7)	To set forth and provide to Party B the accounting method and valuation method of Entrusted Assets, form and manner of the information report, instructions and notices;

  

	 	(8)	To not interfere with Party B’s daily investment decisions of Entrusted Assets; 

  

	 	(9)	To, within the term hereof, take necessary actions, including, without limitation, execution of necessary documents, to assist Party B performing its obligations;

  

 14 

	 	(10)	Such other obligations as provided herein; and 

  

	 	(11)	Such other obligations as provided by laws, regulations and regulatory authorities. 

  

	 	4.2	Party B’s Rights and Obligations. 

  

	 	4.2.1	Party B’s Rights. 

  

	 	(1)	Unless otherwise provided by laws, regulations or this Agreement, subject to Investment Guidelines, to carefully conduct investment management and make investment instructions with
respect to Entrusted Assets under this Agreement, without prior notice to Party A; 

  

	 	(2)	With Party A’s authorization, to instruct Custodian to make clearing and delivery in accordance with this Agreement; 

  

	 	(3)	To collect the investment management service fees in accordance with this Agreement; 

  

	 	(4)	With Party A’s written authorization, exercise the shareholders’ right to the shares of Entrusted Assets held by Party A under this Agreement on Party A’s behalf in
accordance with this Agreement; 

  

	 	(5)	Such other rights as provided herein; and 

  

	 	(6)	Such other rights as provided by laws, regulations and regulatory authorities. 

  

	 	4.2.2	Party B’s Obligations. 

  

	 	(1)	To, within the scope of authorization, invest and manage the Entrusted Assets carefully, honestly, diligently and dutifully so as to maximize the interest of Entrusted Assets;

  

	 	(2)	To have dutiful and experienced professional investment personnel conduct reasonable and careful research, study and analysis of market environment, investment object, investment
strategy and transaction strategy, arrange fairly and impartially the investment strategy and transaction strategy, so as to ensure the safety of Entrusted Assets under this Agreement, and maximize the investment return through portfolio management,
dispersing investment, and reasonably and carefully evaluate, predict and control relevant risks and costs; 

  

 15 

	 	(3)	To ensure the safety and independence of Entrusted Assets in accordance with this Agreement; 

  

	 	(4)	To strictly observe the Investment Guidelines in accordance with this Agreement; 

  

	 	(5)	To implement Party A’s instructions and/or notices in accordance with this Agreement; 

  

	 	(6)	To establish sound internal risk control, supervision and inspection, accounting and personnel management systems, and to notify Party A in a timely fashion of any change to Party
B’s internal investment decision-making procedures or internal controls, and submit the so changed internal investment decision-making procedures or internal controls to Party A for record; 

  

	 	(7)	To perform the information reporting obligation and submit various information reports to Party A in a timely fashion in accordance with applicable laws, regulations and this
Agreement as well as Party A’s request; 

  

	 	(8)	To not engage in the following activities when managing the Entrusted Assets: 

  

	 	(i)	Pursuing interest for itself or any third party using Entrusted Assets under this Agreement; 

  

	 	(ii)	Transferring or entrusting the investment management obligations of Entrusted Assets under this Agreement to a third party, unless permitted by Party A in advance; or

  

	 	(iii)	Lending the Entrusted Assets or any investment belonging to Party A or ownership documents or documents evidencing the rights to investments under this Agreement to a third party,
unless with prior written authorization of Party A; 

  

	 	(9)	To provide to Party A the daily transaction data of Entrusted Assets under this Agreement on such business day through the data transmission method agreed upon or acknowledged by
both parties; 

  

 16 

	 	(10)	To, at the request of Party A, advise Party A on the arrangement and allocation strategy of Entrusted Assets under this Agreement; 

  

	 	(11)	To cooperate with Party A in regard to the custody of Entrusted Assets and accept and cooperate with the supervision of Party A and Custodian designated by Party A;

  

	 	(12)	To no seek holding and direct management of listed companies using Entrusted Assets; 

  

	 	(13)	To report to Party A significant matters (See Exhibit V for specific contents and manner of such report); 

  

	 	(14)	To preserve completely the files and materials relating to Entrusted Assets in accordance with this Agreement, and to not disclose any one other than Party A or the third party
authorized by Party A, unless otherwise provided by laws, regulations, or required by the exercise of powers by administrative or judicial authorities, and in such case, to notify Party A promptly of such disclosure to such third party;

  

	 	(15)	To, without Party A’s written consent, not create any third party right on Entrusted Assets, including, without limitation, the creation of such security right as pledge,
mortgage and lien; 

  

	 	(16)	To keep confidential information relating to Entrusted Assets, and unless otherwise provided by laws, regulations or this Agreement, to not disclose or use in any way such
information without Party A’s prior written notice; 

  

	 	(17)	To, within the term hereof, take necessary actions, including, without limitation, execution of necessary documents, to assist Party B performing its obligations;

  

	 	(18)	To ensure the relative stability of its investment management team for Entrusted Assets; 

  

	 	(19)	Such other obligations as provided herein; and 

  

	 	(20)	Such other obligations as provided by laws, regulations and regulatory authorities. 

  

 17 

	5.	Services Provided by Party B. 

  

	 	5.1	Provision of Special Transaction Seat. 

  

	 	  	Party B shall, in accordance with applicable laws, regulations, requirements of regulatory authorities, market practice and relevant business rules, provide to Party A special
transaction seat necessary for the investment management of such investment transactions as debt securities investment and equity securities investment of Entrusted Assets. 

  

	 	5.2	Opening and Management of Accounts. 

  

	 	5.2.1	Opening and Management of Bank Settlement Account. 

  

	 	(1)	Party A shall, in accordance with applicable laws, market practice and relevant business rules, authorize Party B to open and manage the bank settlement account related to Entrusted
Assets, and Party B shall report to Party A for record within two business days after completion of such task. 

  

	 	(2)	The specimen of seal and signatures left for such bank settlement account shall be made by Party B and be kept and used by Party B. 

  

	 	(3)	Upon termination of this Agreement, Party A shall cooperate with Party B in cancellation of the bank settlement account. 

  

	 	5.2.2	Opening and Management of Securities Account. 

  

	 	(1)	Party A shall, in accordance with applicable laws, market practice and relevant business rules, authorize Party B to open and manage the Securities Account related to Entrusted
Assets. 

  

	 	(2)	Party A shall provide to Party B assistance necessary for the opening of Securities Account. Party B shall complete the procedures for opening such account in a timely fashion and
notify Party A of relevant account information within two business days upon the opening of such account. 

  

	 	(3)	Without Party A’s written consent, Party B shall not employ or lend the Securities Account on its own discretion. Party B shall not engage in the business activities unrelated
to Entrusted Assets using the Securities Account. 

  

 18 

	 	(4)	Upon ending of the entrusted management business, Party B shall return to Party A the Securities Account card related to the entrusted management business, and Party A in canceling
the Securities Account, Fund Account and relevant seat setup, including, without limitation, the clearing and date transmission setup at the securities registration house, until such account has been transferred to the next investment manager as
required by Party A. 

  

	 	5.3	Confirmation of the Transfer-in and Transfer-out of Entrusted Assets. 

  

	 	5.3.1	Confirmation of the Transfer-in of Funds. 

  

	 	  	Party A, before it transfers funds into Party B, send the Authorized Funds Transfer/Increase Notice (See Exhibit II) to Party B. Such notice shall state the date of funds transfer,
the date of the remittance, the amount, the payment account (account name and number) and the receipt account (account name and number). Such notice shall be executed by legal representative or authorized representative of Party A and affixed with
the pre-left seal. Party B shall produce to Party A the certificate in the form agreed upon by both parties (See Exhibit II) on the next day of receipt of such notice. 

  

	 	5.3.2	Confirmation of the Transfer-out of Funds. 

  

	 	  	Party B, before it transfers funds to Party A at the request of Party A, send the Authorized Funds Transfer/Increase Notice (See Exhibit II) to Party A. Such notice shall state the
date of funds transfer, the date of the remittance, the amount, the payment account (account name and number) and the receipt account (account name and number). Such notice shall be executed by legal representative or authorized representative of
Party B and affixed with the seal pre. Party A shall produce to Party B the certificate in the form agreed upon by both parties (See Exhibit II) on the next day of receipt of such notice. 

  

	 	5.4	Management of Entrusted Assets. 

  

	 	5.4.1	Investment Decision Management. 

  

	 	(1)	 Party B shall establish relatively centralized, multi-leveled, and rights and responsibilities matching internal investment decision-making authorization system,
establish and improve the authorization criteria and procedures, set forth explicitly internal 

  

 19 

	 	 
authorization method, authorizing persons, authorized persons, authorization procedures, authorization powers, term and responsibility of authorization, and
the handling of acts exceeding authorization, ensure the appropriate delegation of powers and effective implementation of authorization, and enhance the soundness, accuracy and timeliness of investment decisions. 

  

	 	(2)	Party B shall set up relatively independent investment decision-making procedures, including relatively independent investment decision-making group and investment transaction
personnel. 

  

	 	(3)	Party B shall have sufficient basis and written records when making investment decision on Entrusted Assets, and relevant personnel in charge shall sign on such records and
important investment decision shall have detailed research report. 

  

	 	5.4.2	Investment Transaction and Information Management. 

  

	 	(1)	Party B shall establish the transaction and investment management information system and formulate relevant management system in accordance with Risk Control Guidelines of Insurance
Companies. 

  

	 	(2)	Party B shall ensure the safety, truthfulness and completeness of the information data of Entrusted Assets, and set up back-up data system, and important data shall have back-up at
another location. 

  

	 	(3)	Party B shall establish sound transaction recording system for Entrusted Assets, and daily transaction records shall be checked and filed promptly. The journal of the information
system of Entrusted Assets shall be kept for 15 years, and Party B shall actively cooperate with Party A for its inspection and duplicating of relevant information of Entrusted Assets. 

  

	 	5.4.3	Investment Risk Management. 

  

	 	(1)	Party B shall establish the risk control system for the investment transaction of Entrusted Assets, implement necessary risk control procedures and reduce the risk of Entrusted
Assets to the extent possible. 

  

 20 

	 	(2)	Party B shall provide to Party A the investment management system in a timely fashion, so as for Party A to promptly search and download data from the investment transaction of
Entrusted Assets. 

  

	 	(3)	Party B shall, subject to laws, regulations, regulatory requirements and market practice, provide active assistance and cooperation to Party A when Party A appoints a third party to
be the independent custodian of Entrusted Assets. 

  

	 	5.5	Accounting and Valuation of Entrusted Assets. 

  

	 	5.5.1	Party A shall be responsible for determining and providing to Party B the accounting policies and valuation principles of Entrusted Assets (See Exhibits III and IV hereto). Party B
shall be responsible for the accounting of Entrusted Assets, and in accordance with Party A’s requirements, provide accounting materials and financial information, and organize the following works, including, without limitation, responsible for
the daily accounting and financial treatment of Entrusted Assets, preparation of accounting statements of Entrusted Assets and checking accounting with the Custodian, and ensure that the information provided shall be true, accurate, complete,
consistent and up-to-date. 

  

	 	5.5.2	Party B shall actively cooperate with the audit and inspection of Entrusted Assets by outside auditor and inspecting authorities, and Party B shall make accounting adjustment
according to Party A’s request. 

  

	 	5.5.3	The accounting of Entrusted Assets shall adopt Enterprise Accounting Standards and Financial Enterprise Accounting System. The accounting of Entrusted Assets shall be strictly
separate from the accounting of other assets. If Party A requests to categorize different assets of Entrusted Assets and conduct separate accounting of such assets, Party B shall cooperate and implement such separate accounting.

  

	 	5.5.4	Without Party A’s written consent, Party B shall not move the Entrusted Assets under the item “short-term investment” to the item of “long-term equity
investment” or “long-term debt securities”. 

  

 21 

	 	5.6	Information Management of Entrusted Assets. 

  

	 	  	Party B shall, in accordance with applicable laws, regulations, requirements of regulatory authorities and Party A, submit to Party A various information report on Entrusted Assets
in a timely fashion. See Exhibit V for details. 

  

	 	5.7	Identification and Handling of Transactions Exceeding the Authorization. 

  

	 	5.7.1	Identification of Transactions Exceeding the Authorization. 

  

	 	(1)	Any transaction in violation of laws, regulations or regulatory requirements shall be a transaction exceeding the authorization. 

  

	 	(2)	Any transaction in violation of this Agreement or Investment Guidelines, shall be a transaction exceeding the authorization. 

  

	 	5.7.2	Handling of Transactions Exceeding the Authorization. 

  

	 	  	Unless otherwise provided by laws, regulations or regulatory rules, if a transaction exceeding the authorization occurs, it shall be handled as per Party A’s requirements.
Earnings from transactions exceeding the authorization shall belong to Party A, and the loss and other expense resulting therefrom shall be borne by Party B itself. 

  

	6.	Supervision and Inspection of Party B by Party A. 

  

	 	6.1	Investment Supervision and Control. 

  

	 	6.1.1	Contents and Method of Supervision and Control. 

  

	 	(1)	Party A’s supervision and inspection of Party B shall be divided into daily inspection, annual review and special inspection. Daily inspection mainly covers the daily operation
of Entrusted Assets under this Agreement. Annual review mainly include Party A’s annual evaluation of the soundness and implementation of Party B’s internal investment decision-making procedures, of Party B’s risk controls and
implementation thereof, and assessment of the soundness of accounting. Special inspection mainly covers the followings: daily operation of Entrusted Assets under this Agreement, reporting by a third party, conflict of interest, sudden occurrence of
events and Party B’s violation of this Agreement which may results in loss on Entrusted Assets. 

  

 22 

	 	(2)	Party A’s supervision and inspection may be conducted on-site or off-site. Party B shall assist and cooperate with staff of Party A, report truthfully the situations and
provide information. 

  

	 	(3)	Party B shall ensure that the information, data and materials of Entrusted Assets as provided by it shall be true, accurate and up-to-date. 

  

	 	6.1.2	Principal Method of Supervision and Control. 

  

	 	(1)	Investment Supervision and Control. 

  

	 	  	Party A shall have the right to request investment management system of Entrusted Assets from Party B, and be able to conduct timely search of and download data from investment
transactions of Entrusted Assets. 

  

	 	(2)	Daily Report. 

  

	 	  	Party A shall have the right to obtain relevant information report on Entrusted Assets. See Exhibit V for details. 

  

	 	(3)	Custody Arrangement. 

  

	 	  	Party B shall, subject to laws, regulations, regulatory requirements and market practice, provide active assistance and cooperation to Party A when Party A appoints a third party to
be the independent custodian of Entrusted Assets. 

  

	 	(4)	Problem Solving. 

  

	 	  	Party A shall have the right to supervise and inspect investment decision of Entrusted Assets, and may send supervising personnel to Party B. Party A shall have the right to request
Party B to correct the investment decision in violation of this Agreement or Investment Guidelines within specified time period, and to report promptly the results of such correction. Within the specified time period, Party A shall have the right to
re-visit the matter at hand and urge Party B to correct them. 

  

 23 

	 	6.2	Audit of Entrusted Assets. 

  

	 	  	Within the term hereof, or three years after the suspension or termination of this Agreement, or under special circumstances and deemed necessary by Party A, Party B shall allow
Party A, authorized representatives of Party A, outside accounting firm engaged by Party A and its accountants, and other professionals to audit the investment operation and financial condition of Entrusted Assets under this Agreement within normal
business hours. The auditing fee shall be borne by Party A. The scope of the audit shall include all of the accounts, books, vouchers, transaction records, reports, disks, software and materials in other forms relating to the performance of this
Agreement. The audit shall be conducted as follows: 

  

	 	(1)	Within five months of the end of each fiscal year, Party A or the accounting firm engaged by Party A and its accountants shall audit the annual financial statements of Entrusted
Assets. 

  

	 	(2)	Upon the expiration, suspension, or termination of this Agreement, the accounting firm engaged by Party A and its accountants shall audit the operation, accounting books, assets and
financial income and expense of Entrusted Assets. 

  

	 	(3)	When necessary, Party A or professionals engaged by Party A shall audit the performance of obligations and investment operation by Party B under this Agreement.

  

	 	(4)	When necessary, Party A or the accounting firm engaged by Party A and its auditors shall audit the accounts, accounting, income and expense and related economic activities of
Entrusted Assets, the management, internal accounting procedures and related internal control procedures of Entrusted Assets. 

  

	 	(5)	Party B shall actively cooperate and closely work with Party A, authorized representatives of Party A, accounting firm and its auditors, other professionals engaged by Party A,
provide convenience necessary for the auditing work by such persons, and provide, among others, books, accounts, transaction record, reports, information system and information related to portfolio of Entrusted Assets as requested, and provide
reasonable explanations. 

  

	 	(6)	Within the term hereof, Party B shall provide to Party A detailed investment decision-making procedures and internal control system. If there is any change to relevant investment
decision-making procedures or internal control system, Party B shall promptly notify Party A in writing, and submit the new investment decision-making procedures or internal control system related to business under this Agreement to Party A for
record. 

  

 24 

	 	(7)	Party B shall make necessary adjustment according to the audit results and Party A’s requirements. 

  

	7.	Fee and Payment Method. 

  

	 	7.1	Investment Management Basic Service Fee. 

  

	 	  	The basic annual rate of investment management service fee shall be 0.05%. 

  

	 	7.2	Adjustment to Investment Management Service Fee. 

  

	 	  	In accordance with relevant provisions in Investment Guidelines, benchmark investment return and rules on investment performance review and adjustment to service fee as agreed upon
by both parties, upon the conclusion of each fiscal year, Party A shall review the performance of Party B for Entrusted Assets for the previous year, and make certain increase or decrease to the basic service fee based on the comparison between the
actual investment return and the benchmark investment return. Such adjustment shall be done as follows: 

  

	 	(1)	In the event that the actual investment return is higher than the benchmark investment return, in addition to the service fee, Party A shall award Party B a portion of the
difference between the actual investment return and the benchmark investment return; and 

  

	 	(2)	In the event that the actual investment return is lower than the benchmark investment return, Party A shall deduct a portion of the difference between the actual investment return
and the benchmark investment return from the service fee. 

  

	 	7.3	Payment of Fee. 

  

	 	7.3.1	The investment management service fee shall be calculated on a monthly basis and the payment thereof shall be made on a monthly basis. 

  

	 	  	Monthly investment management service fee shall be calculated by multiplying the average of account balance value of Entrusted Assets (less funds from sale of securities under
agreement to repurchase and interest thereof) both at the beginning and the end of any given month by the basic annual rate of 0.05%, divided by twelve. 

  

 25 

	 	  	Party B shall, within five business days after the conclusion of any given service fee period, gather relevant information, prepare the service fee report for that period and submit
such report and related invoices and breakdown to Party A. 

  

	 	  	Unless Party A, within five business days after receiving the foregoing report, invoices and breakdown, raises sufficient evidence for the unreasonableness of the amount of service
fee, Party A shall, within 15 business days after the conclusion of such service fee period, remit the amount of service fee as stated in such report, invoices and breakdown into the account designated by Party B. 

  

	 	7.3.2	Due to the adjustment to the investment management service fee at the end of each year, the period for the payment of service fee shall be extended to 30 business days for the last
service fee period of each year. 

  

	 	7.3.3	Other than as provided above, Party A shall not make any payment to Party B for the investment management of Entrusted Assets provided by Party B under this Agreement.

  

	 	7.3.4	Both parties shall, in accordance with relevant regulations, pay their respective income taxes on their own. Taxes arising from investment transactions shall be directly deducted by
relevant entities in accordance with relevant tax laws and regulations. If Party A is required to pay the tax by itself and on Party B’s behalf, Party B shall provide necessary assistance, including assisting in filing tax returns, assisting in
preparing and providing materials and documents required for the payment of taxes. 

  

	 	7.3.5	If Party B violates the purpose of this Agreement, or its duties and responsibilities of management, or commits misconduct in the handling of asset management, which results in the
loss on Entrusted Assets, it shall not claim the payment of fee before the Entrusted Assets have been returned to their original status or compensation has been made. 

  

	 	7.3.6	The adjustment to investment management service fee shall be calculated on basis of each fiscal year, and the increase or decrease shall be made to the investment management service
fee for the next year, and both parties shall have claim to such increase or decrease, as the case may be. 

  

	 	7.3.7	 The cost and expense arising from the engagement of outside auditors, actuaries, lawyers and other professionals by Party B 

  

 26 

	 	 
in the name of Party A or in its own name for the purpose of this Agreement as consented to or acknowledged by Party A in writing under Section 3.3.2(2)
shall be borne by Party A. 

  

	8.	Appointment and Change of Authorized Representatives of Both Parties. 

  

	 	8.1	Authorized Representatives and Their Signatures and Seals. 

  

	 	8.1.1	Instructions, notices or other business documents send by either party to the other party shall be signed by its legal representative or authorized representative in accordance with
the authority set forth in the Specimen of Signatures and Seals of Legal Representatives or Authorized Representatives and affixed with their seals, or affixed with the business chop/official chop as included in the Specimen of Signatures and Seals
of Legal Representatives or Authorized Representative. 

  

	 	8.1.2	See Exhibit VI for Specimen of Signatures and Seals of Legal Representatives or Authorized Representatives of both parties under this Agreement. 

  

	 	8.2	Change of Authorized Representatives and Their Signatures and Seals. 

  

	 	8.2.1	If there is any change to the legal representatives or authorized representatives of either party or their specimen of signatures or seals, it shall notify the other party in
advance, and provide to the other party the name, specimen of signature, seal and effective date of the changed legal representative or authorized representative. 

  

	 	8.2.2	The notice on the change of legal representatives or authorized representatives or their specimen of signatures or seals shall become effective after it is signed by legal
representatives or their duly authorized representatives and affixed with their seals. 

  

	 	8.2.3	After the notice is sent, the sending party shall promptly notify the receiving party by fax or telephone, and such notice shall come into effect upon confirmation of receipt by the
receiving party. If the receiving party has not confirmed within two business days, it shall be deemed delivered. 

  

	9.	Delivery and Receipt of Documents. 

  

	 	9.1	Both Party A and Party B shall send instructions, notices or other business documents related to this Agreement in writing to the other party by the means deemed safe and
appropriate by both parties such as by courier, registered mail, email or fax. 

  

 27 

	 	9.2	Unless otherwise provided herein, statements or reports sent out by courier or registered mail shall be deemed delivered upon receipt by the other party. For notices or instructions
sent out via fax, both parties shall ensure that the time set up on the fax machine is accurate and after such fax is sent, immediately notify the other party by telephone and such fax shall be deemed delivered upon such confirmation of receipt by
the other party, and such telephone confirmation shall be recorded. 

  

	 	9.3	Other electronic data under this Agreement may be transmitted by means deemed safe and appropriate by both parties. 

  

	 	9.4	Both Party A and Party B shall submit the detailed contact information (including, among other things, the mail address, telephone number and confidential fax number) to the other
party for record. Any party shall notify the other party of the change to contact information in advance. 

  

	10.	Confidentiality. 

  

	 	10.1	Party B shall keep confidential information relating to Entrusted Assets. Unless otherwise provided by laws, regulations or this Agreement, Party B shall not disclose or use such
information in any way without Party A’s prior written consent. 

  

	 	10.2	Party A shall keep confidential Party B’s investment plans and investment intent related to Entrusted Assets made known to Party A during the performance of this Agreement.
Unless otherwise provided by laws, regulations or this Agreement, Party A shall not disclose or use such information in any way without Party B’s prior written consent. 

  

	 	10.3	Any party shall not disclose, leak to, or jointly use with any third party commercial secrets of the other party learned by it during the performance of this Agreement without the
other party’s prior written consent, unless otherwise provided by laws or this Agreement. In the event that such information is disclosed to a third party or permitted to be used jointly with a third party under the foregoing provisions, the
relevant party shall enter into confidentiality agreement with such third party. 

  

	 	10.4	The confidentiality obligations of both parties under this Agreement shall survive the termination of this Agreement until the end of the fifth year after such termination.

  

 28 

	 	10.5	If any party is in violation of its confidentiality obligations, which results in the loss of the other party, it shall be liable to the other party for such loss.

  

	11.	Counterparts, Effectiveness, Amendment, Renewal and Termination. 

  

	 	11.1	Counterparts, Effective Date and Term. 

  

	 	11.1.1	This Agreement shall become effective upon execution by both parties and their respective legal representative or authorized representatives, and be in effect until
December 31, 2008. 

  

	 	11.1.2	This Agreement shall be executed in four counterparts, each party holding two counterparts, each counterpart having the same legal effect. 

  

	 	11.1.3	Exhibits hereto shall be an integral part of this Agreement, and have the same legal effect as this Agreement. 

  

	 	11.2	Amendment. 

  

	 	  	Amendment to this Agreement shall be made in writing by both parties upon agreement. 

  

	 	11.3	Renewal. 

  

	 	  	Both parties may negotiate on the renewal of this Agreement not less than 90 days prior to the expiration of this Agreement. 

  

	 	11.4	Termination. 

  

	 	11.4.1	This Agreement shall be terminated upon the occurrence of any one of the following circumstances: 

  

	 	(1)	Any party may terminate this Agreement if the other party is in serious breach of this Agreement; 

  

	 	(2)	Party B is disqualified to engage in asset management business, or legally dissolved, canceled, bankrupt or under receivership; 

  

	 	(3)	Party A may terminate this Agreement on its own discretion, if relevant regulators or Party A has sufficient reason or evidence to believe or prove that Party B is unable to
continue to perform its asset management obligations; 

  

 29 

	 	(4)	Party A may terminate this Agreement on its own discretion, if Party B is required under laws or regulations to be replaced; 

  

	 	(5)	The term of this Agreement expires and both parties have not agreed upon the renewal of this Agreement; 

  

	 	(6)	Both parties agree to terminate this Agreement; 

  

	 	(7)	Party A may terminate this Agreement early on its own discretion, if it is required by China Insurance Regulatory Commission to change investment manager; 

 

	 	(8)	The purpose of this Agreement cannot be realized; 

  

	 	(9)	Party B has not correct its irregularities as notified of by Party A within a reasonable time period; and 

  

	 	(10)	Party A considers the action or non-action on the part of Party B to be in violation of laws, regulations or this Agreement, however, Party A is also required to provide relevant
explanation. 

  

	 	11.4.2	Other than termination upon expiration or by agreement of both parties, the party intending to terminate this Agreement shall deliver to the other party the written notice as signed
by its legal representative or authorized representative and affixed with its official chop. 

  

	 	11.4.3	If the fault of one party results in the termination of this Agreement by the other party, the party in fault shall indemnify the other party against its loss.

  

	 	11.4.4	Upon the termination of this Agreement, Party B shall cooperate with and assist Party A in completing matters related to the termination of this Agreement in accordance with
applicable laws and regulations. Party B shall keep careful custody of Entrusted Assets and ensure the safety of Entrusted Assets until all of the Party A’s instructions on liquidation and transfer have been completed. 

 

	 	11.4.5	Upon the termination of this Agreement, both parties shall complete the transfer of Entrusted Assets as soon as practicable, and all of the seals and account cards for Fund Account
of Party A, as well as all of the objects under custody of Party B for performance of this Agreement, shall be returned, and the setup for liquidation and date transmission for relevant account and transaction seat shall be canceled.

  

 30 

	 	11.4.6	Party B shall return the files of Entrusted Assets to Party A, and such file transfer procedures shall be made in written form. 

  

	12.	Liability for Breach of Contract. 

  

	  	If any party hereto violates this Agreement, it shall constitute breach of contract. The breaching party shall be legally liable for its breach of contract, and indemnify the other
party against its loss as a result of its breach of contract. 

  

	13.	Exemption from Liability. 

  

	 	13.1	Unless otherwise provided herein, within the term of this Agreement, if one party is unable to perform or continue to perform this Agreement due to Force Majeure or other reasons
which cannot be controlled or affected by parties hereto, which will have a material adverse effect on both parties or either party, both parties may negotiate on whether to terminate this Agreement. 

  

	 	13.2	If one party is unable to perform this Agreement due to Force Majeure or other reasons which cannot be controlled or affected by such party, it shall notify the other party
promptly, and immediately take active remedy actions to reduce the possible loss on Entrusted Assets and the other party. 

  

	 	13.3	If one party is unable to fully perform this Agreement due to Force Majeure or other reasons which cannot be controlled or affected by such party, part or all of both parties’
liability may be exempted according to the nature of such Force Majeure, provided that it has notified the other party promptly, immediately taken active remedy actions, and provided the evidence for the Force Majeure. 

  

	 	13.4	“Force Majeure” referred to herein means any event which cannot be predicted, avoided and overcome, such as war or natural disaster. 

  

	 	13.5	The exemption provisions herein shall apply regardless of the manner in which this Agreement shall be terminated. 

  

	14.	Governing Law and Dispute Resolution. 

  

	  	The execution, effectiveness, interpretation, performance and dispute resolution of this Agreement shall be governed by laws, regulations and state policies of PRC.

  

 31 

	  	Any disputes arising from the interpretation and performance of this Agreement or related to this Agreement shall be settled by both parties through friendly negotiation. If the
dispute is not solved through friendly negotiation within 20 business days, either party may submit such dispute to the China International Economic and Trade Arbitration Commission for arbitration in Beijing in accordance with its arbitration rules
then in effect. The arbitration award shall be final and binding on both parties. 

  

	  	During any dispute or arbitration of any dispute, other than the matter in dispute, both parties shall exercise other rights under this Agreement and perform other obligations under
this Agreement. 

  

	15.	Other Matters. 

  

	  	Matters not addressed herein shall be determined by both parties through negotiation in accordance with applicable laws and regulation, and when necessary, supplementary agreement
may be entered into additionally. Such supplementary agreement shall be deemed an integral part of this Agreement, having the same legal affect as this Agreement. 

  

	  	In the event that there is conflict existing among formal text, exhibits and supplementary agreement of this Agreement, if they are of the same time, the formal text of this
Agreement shall prevail, and if different time, supplements or amendments of the later time shall prevail. 

 Exhibits: 
  

	I.	List of Entrusted Assets 

  

	II.	Authorized Funds Transfer/Increase Notice and Confirmation of Receipt of Funds Transfer/Increase 

  

	III.	Accounting Rules for Entrusted Assets of China Life Insurance (Group) Company 

  

	IV.	Valuation Method for Entrusted Assets of China Life Insurance (Group) Company 

  

	V.	Rules of China Life Insurance (Group) Company on Information Reports 

  

	VI.	Specimen of Signatures and Seals of Legal Representatives or Authorized Representatives 

  

 32 

			
	 Party A:
  
 China Life Insurance (Group) Company (Chop)
	 	 Party B:
  
 China Life Insurance Asset Management Company Limited (Chop)

		
	Legal Representative/ Authorized Representative (Signature)	 	Legal Representative/ Authorized Representative (Signature)

  

 33

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