Document:

Agreement for Assignment of Rights and Obligations under Property Leasing

 Exhibit 4.9 
 Agreement for Assignment of Rights and Obligations under Property Leasing Agreement 
 Among 

 China Life Insurance (Group) Company 
 and 
 China Life Insurance Company Limited 
 and 
 China Life Investment Holding
Company Limited 
 November 28, 2008 

 Table of Contents 
  

					
	 Clause
	  	Page
	 1.
	  	Preconditions	  	3
	 2.
	  	Assignment of rights and obligations	  	3
	 3.
	  	Representations and warranties	  	4
	 4.
	  	Responsibilities	  	5
	 5.
	  	Rights and obligations	  	5
	 6.
	  	Governing laws and dispute resolution	  	6
	 7.
	  	Miscellaneous	  	6

  

 2 

 This Agreement (the “Agreement”) is entered into on November 28, 2008 in Beijing among: 
 Party A: China Life Insurance (Group) Company, a wholly state-owned company organized and existing under the laws of the People’s Republic of China
(“PRC”), with its address at No. 17, financial street, Xicheng District, Beijing, 
 Party B: China Life Insurance Company
Limited, a joint stock company organized and existing under PRC laws, with its address at No. 16, China Life Tower, Chao Yang Men Wai street, Chaoyang District, Beijing, 
 and 
 Party C: China Life Investment Holding
Company Limited, a company with limited liability organized and existing under PRC laws, with its address at No. 17, financial street, Xicheng District, Beijing. 
 Whereas, 
 (1) To increase the usage efficiency and investment return of its retained assets, establish an
operation and management system with clarified responsibility, rights, and interests with respect to such retained assets, Party A resolves to transfer its retained assets to Party C without compensation. 
 (2) Party A and Party B entered into a Property Leasing Agreement (the “Property Leasing Agreement”) with a contract number of China Life
[2007] 014, and a supplementary agreement thereto, under which Party A leased the properties it owns and the properties it is entitled to lease to Party B. 
 (3) Party A, Party B and Party C agree to make proper arrangement regarding the leasing of properties by Party B according to the provisions hereunder. 
 Each party shall be referred to as “one Party” respectively, and the “Parties” or “three Parties” collectively. 

In witness whereof, the three Parties agree as follows: 
 1. PRECONDITIONS 
 Unless otherwise provided herein, the Agreement is subject to the effectiveness of
the Property Leasing Agreement, the supplementary agreement thereto executed by Party A and Party B, and the Asset Transfer Agreement entered into between Party A and Party C. 
 2. ASSIGNMENT OF RIGHTS AND OBLIGATIONS 
 According to the Property Leasing Agreement (See Appendix 1) between Party A and Party B, the Parties agree that: as of the execution and effectiveness of the Agreement, Party A transfers all the rights and obligations with respect to the
properties it owns 
  

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and the properties it is entitled to lease under the Property Leasing Agreement to Party C, and Party C will substitute Party A as a party to the aforesaid
agreement, be entitled to the rights thereunder, and in the mean time, perform obligations under such agreement. With respect to the properties leased by Party A to Party B, if Party A needs to obtain any consent, permit, authorization, confirmation
or waiver from any third party to transfer rights and obligations regarding such properties, Party C agrees to exert its best efforts to take all necessary measures to accomplish the transfer of relevant rights and obligations (including, among
others, executing or causing other parties to execute relevant documents, applying for and obtaining such consent, permit, authorization, confirmation or waiver), and Party A agrees to provide necessary authorization, entrustment to assist Party B
in completing the aforesaid matters. 
 3. REPRESENTATIONS AND WARRANTIES 
 3.1 Party A is a wholly state-owned company organized and validly existing under PRC laws. It has independent legal person capacity, and has a corporate
legal person business license in force. All government approvals (if so required) and internal authorization procedures necessary for the execution of the Agreement by Party A have been obtained or completed. Execution of the Agreement is conducted
by Party A’s duly authorized representative. 
 3.2 Party B is a joint stock company organized and validly existing under PRC laws. It
has independent legal person capacity, and has a corporate legal person business license in force. All the internal authorization procedures necessary for the execution of the Agreement by Party B have been obtained or completed. Execution of the
Agreement is conducted by Party B’s duly authorized representative. Upon the signature of the Agreement by such representative, the Agreement will be binding upon Party B. 
 3.3 Party B hereby confirms that: Party B has no right of first refusal with respect to the properties concerned hereunder; Party B further agrees that,
even if it has such right of first refusal, it hereby irrevocably waives its claiming for such right. 
 3.4 Party C is a company with
limited liability organized and validly existing under PRC laws. It has independent legal person capacity, and has a corporate legal person business license in force. All internal authorization procedures necessary for the execution of the Agreement
by Party C have been obtained or completed. Execution of the Agreement is conducted by Party C’s duly authorized representative. Upon the signature of the Agreement by such representative, the Agreement will be binding upon Party C. 

3.5 According to the Property Leasing Agreement, Party C is well aware of all of the creditor’s rights and debts of Party A under such agreement,
accepts all such creditor’s rights and debts and become a party to such agreement. 
  

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 4. RESPONSIBILITIES 
 4.1 Upon the Agreement taking effect, Party C will become a party to the Property Leasing Agreement in place of Party A. Party C shall be entitled to all of Party A’s rights under the Property Leasing Agreement
and shall perform all of Party A’s obligations thereunder. Party A’s rights and obligations under the Property Leasing Agreement will terminate automatically. 
 4.2 Unless otherwise provided herein, the Parties agree that, rentals generated from the aforesaid properties to be transferred (the “Transferred Property”) before the Transferring Date of such transfer
(June 30, 2008) (the “Transferring Date”) shall belong to Party A. Rentals generated from the Transferred Property after the Transferring Date shall belong to Party C. With respect to the sub-leased property, the Parties agree that,
rentals generated from such properties before the Transferring Date shall belong to Party A. Rentals generated from such properties after the Transferring Date shall belong to Party C. 
 4.3 Party C undertakes that, from the Transferring Date under the Asset Management Agreement, Party C shall assume all the liabilities, losses and claims
arising out of or in connection to the properties, interests and debts under the Property Leasing Agreement. Party C shall also assume all the risks of loss, damage or shortage of the properties under the Transferred Property. 
 4.4 Party C undertakes that, after the Transferring Date, with respect to any litigation or arbitration in connection to the properties under the
Property Leasing Agreement, Party C shall take part in such litigation and arbitration as the interested party, be entitled to relevant rights and perform relevant obligations. Party C undertakes that Party A will not be subject to losses and
liabilities of any nature due to such debts and liabilities. In the event that Party A is involved in litigations, arbitrations or other legal proceedings due to such debts and liabilities, Party C undertakes to promptly provide Party A with
sufficient legal fees, including, attorney’s fees, litigation fees, travel expenses and other related fees. 
 4.5 Party C undertakes to
take all necessary measures to ensure that the properties hereunder and the leasing activities thereof comply with provisions under the laws and regulations applicable to the leasing of such properties. Party C warrants that, after the Transferring
Date, Party C shall assume compensation liability for challenges, interference or claims raised by any third party against Party B with respect to Party B’s leasing of relevant properties in accordance with the Property Leasing Agreement. In
this regard, Party A agrees to assume supplementary liability to the extent of the liabilities that Party C assumes according to applicable laws. 
 5. RIGHTS AND OBLIGATIONS 
 Upon the Agreement taking effect, the rights and obligations of Party B and Party C shall be
defined in accordance with the Property Leasing Agreement (See Appendix 1 for the Property Leasing Agreement and its appendices). Party B and Party C may enter into another agreement to further define their respective rights and obligations.

  

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 6. GOVERNING LAWS AND DISPUTE RESOLUTION 
 6.1 The effectiveness, interpretations and performance of the Agreement shall be governed by laws of the PRC. 
 6.2 Any dispute arising out of the interpretation or performance of the Agreement shall be resolved at the first instance through friendly consultation
among the Parties. 
 6.3 If, within 30 days following the first consultation, the aforesaid dispute cannot be solved in a way acceptable to
the Parties, such dispute shall be submitted to China International Economic Trade and Arbitration Commission for arbitration according to the then effective rules. The arbitration award shall be final and binding upon the Parties. 
 7. MISCELLANEOUS 
 7.1 The Agreement
shall only be amended in writing upon the signatures of the legal representatives of the Parties and the approval by the Parties after taking proper corporate actions. 
 7.2 The Agreement and the appendices hereto constitute the entire agreement among the Parties in relation to the transactions contemplated hereof, and supersedes all prior agreements, contracts, understanding and
other communications, either oral or written, with respect to such transactions. The headings hereunder are for convenience only, which do not have any legal effect. 
 7.3 If any provision of the Agreement is or becomes void, illegal or unenforceable, such voidness, illegality or unenforceability shall not invalidate the effectiveness and enforceability of the remaining provisions
hereunder. 
 7.4 If the Agreement becomes void or is rescinded, Party B shall continue to perform its obligations under the Property Leasing
Agreement and the supplementary agreement thereto. 
 7.5 Any matter unaddressed but necessary shall be handled by the Parties through
consultation in accordance with the principles of equality, fairness and reasonableness. 
 7.6 No failure to exercise and no delay in
exercising, on the part of any Party, of any right, power or the privilege under the Agreement shall operate as a waiver thereof. Any single or partial exercise of such right, power or privilege shall not impede the exercising of any other right,
power and privilege. 
  

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 7.7 Unless otherwise provided by laws and regulations, without prior written consent (which shall not be
unreasonably rejected or delayed) of the other Parties, any Party shall not publish or allow any person to publish any announcement relating to the subject matter hereunder or regarding any incidental issue hereunder. 
 7.8 The Parties shall keep confidential all trade secrets with respect to the arrangement of the Agreement, other non-public information made known to
them, and prevent any disclosure of such secret and information in any way. 
 7.9 Without prior written consent of the other Parties, any
Party shall not in any way transfer, in whole or partially, their respective rights, interest, liabilities or obligations under the Agreement. 
 7.10 The Agreement is executed in 6 counterparts, each Party holding one counterpart. All the counterparts of the Agreement have the same legal effect. 
 7.11 Appendices hereto are an indispensable part of the Agreement and have the same legal effect as the Agreement, which shall be deemed as having been incorporated into the Agreement. 
 7.12 Unless otherwise provided, the Parties shall bear their respective fees and expenses incurred during the negotiation, preparation and implementation
of the Agreement. 
 7.13 This Agreement shall become effective upon execution by the Parties’ respective authorized representatives,
and the official seals affixed hereon. 
 (Intentionally left blank) 
  

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 Execution Page 
 In witness
hereof, the Parties have caused their respective authorized representatives to sign the Agreement on the date first set forth above. 
 Party A: China Life
Insurance (Group) Company (Seal) 
 Legal representative or authorized representative (Signature): 
 Party B: China Life Insurance Company Limited (Seal) 
 Legal representative
or authorized representative (Signature): 
 Party C: China Life Investment Holding Company Limited (Seal) 
 Legal representative or authorized representative (Signature): 
  

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 Appendix 1: Property Leasing Agreement (China Life [2007] 014) and the supplementary agreement thereto 
  

 9Capital Injection Agreement between China Life Insurance Company Limited

 Exhibit 4.10 
 Capital Injection Agreement 
 between 
 China Life Pension Company Limited 
 and 
 China Life Insurance Company Limited 

 This agreement (this “Agreement”) is entered into on May 7, 2008 in Beijing by and
between: 
 Party A: China Life Pension Company Limited 
 Address: No. 20 Chao Wai Shi Chang Street, Chao Yang District, Beijing 
 Legal representative: Wan Feng

 Party B: China Life Insurance Company Limited 
 Address: China Life Tower, No. 16 Chao Wai Street, Chao Yang District, Beijing 
 Legal representative:
Yang Chao 
 Whereas: 
  

	(1)	Both Party A and Party B are joint stock companies duly organized and validly existing. As of the date of this Agreement, the total capital shares of Party A is 600 million,
33 million shares of which (accounting for 55% of the total capital shares) are held by Party B. 

  

	(2)	To help expand Party A’s business and increase its competitiveness, under the terms and conditions of this Agreement, Party A agrees to issue to Party B, and Party B agrees to
subscribe for, 1,854,838,700 shares. 

 It is hereby agreed as follows through consultations between Party A and Party B:

 Article 1. Terms and interpretation 
 1.1 Terms 
 Under this Agreement, unless otherwise provided, the following terms shall have the meanings set out below: 

“The Capital Increase” refers to Party A’s issuance of 1,854,838,700 RMB- denominated common shares to Party B according to the terms
and conditions under this Agreement; 
 “Approval Authorities” refers to the State Council and its affiliated ministries and
departments which, according to applicable laws, have the authority to approve issues regarding the Capital Increase including, without limitation, to China Insurance Regulatory Commission (the “CIRC”). 
 “Approval on Capital Increase” refers to the approval on the capital increase by all competent Approval Authorities. 
 “Date of Approval on Capital Increase” refers to the date on which Approval Authorities approve the Capital Increase; in the event that the
Capital Increase is subject to approvals by different Approval Authorities, Date of Approval on Capital Increase refers to the date on which all the approvals from all Approval Authorities on all issues of the Capital Increase are obtained.

  

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 “Organization Documents” refers to, with respect to either party hereto, the articles of
associations, business license, approval certificate, shareholders’ agreement/sponsors’ agreement, or any equivalent management documents or organization documents, and any amendment to such documents. 
 “Applicable laws” refers to, with respect to either party hereto, any public, effective and applicable laws, regulations, decisions, orders,
local regulations, autonomous statutes, specific regulations, departmental rules of the State Council and local government rules that are applicable to such party or binding upon such party or any properties of such party, as well as other legally
binding normative documents. 
 “PRC” refers to the People’s Republic of China. For the purposes of this Agreement, PRC does
not include the Hong Kong Special Administrative Region, the Macao Special Administrative Region and Taiwan. 
 “Working day”
refers to any calendar day except Saturday, Sunday and PRC public holidays. 
 “Yuan” refers to Renminbi (“RMB”) Yuan,
the official currency of the PRC. 
 1.2 Interpretation 
 Under this Agreement, unless the context requires otherwise: 
 (1) Any reference to this Agreement includes
reference to the amendment hereto or supplementary documents of this Agreement; 
 (2) Any reference to articles refers to the articles under
this Agreement; 
 (3) The headings of this Agreement are for convenience only, and shall not constitute any interpretation of this
Agreement, or define the content or the scope of the content under such headings; 
 (4) Any reference to any party under any documents
includes references to such party’s successors and authorized assignee. 
 Article 2. Share issuance and subscription 
 In accordance with the terms and conditions under this Agreement, Party A agrees to issue to Party B, and Party B agrees to subscribe for, 1,854,838,700
shares. In the event that decisions made by relevant Approval Authorities result in inconsistency between the aforesaid shares and shares actually subscribed by Party B, the number of shares approved by such Approval Authorities shall prevail. The
total price for share subscription specified under Article 3.1 of this Agreement shall be adjusted accordingly. 
  

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 Article 3. Subscription price and payment 
 3.1 Subscription price 
 Both Party A and
Party B agree that, the subscription price for each share to be issued by Party A and subscribed by Party B is 1 Yuan. The total subscription price is 1854.8387 million Yuan. 
 3.2 Payment 
 (1) Party A notifies Party B of
a request for payment. Party B shall, within five working days upon the receipt of such notification, remit the total subscription price as specified under Article 2 and Article 3.1 of this Agreement in full to the account specified by Party A below
or to the account otherwise designated in such notification. 
 Account name: China Life Pension Company Limited 
 Account No.: 110060149018170020869 
 Account
opening bank: Bank of Communications, Beijing Branch Sales Department 
 Bank No.: 149 
 (2) Following the remittance of the above said subscription price by Party B to the account designated by Party A, Party A shall, within three working
days, issue relevant document to Party B confirming the receipt of such price. 
 (3) With respect to the aforesaid subscription price paid
by Party B to Party A, any interest incurred during the period from the payment date to the date on which Party A completes the industrial and commercial alteration registration for the Capital Increase belongs to Party A. 
 Article 4. Capital verification and alteration registration 
 Following Party B’s payment of the aforesaid subscription price as specified under Item (1) of Article 3.2, Party A shall, within five working days, retain an accounting firm to verify the Capital Increase.
After such verification, Party A shall promptly go through the approval procedures with the CIRC pursuant to applicable PRC laws and regulations; complete the industrial and commercial alteration registration; file the amended articles of
associations with the authority responsible for corporation registration and record the subscription of shares by Party B in its shareholder registry. 
 Article 5. Party A’s representations, undertakings and warranties 
 Party A hereby represents,
undertakes and warrants that: 
 5.1 Organization and status 
 Party A is a joint stock company duly organized and validly existing under PRC laws and operating in conformity with PRC laws and regulations. Party A has sound organization and operates well within its business
scope. Party A has full rights and power regarding its engagement in business operations, being in possession of and using the property it claims being entitled to possess and use, and its performance and exercise of the obligations and rights under
applicable agreements. 
  

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 5.2 Authorization, no conflicts 
 (1) Authorization. Unless otherwise specified herein, Party A has obtained all necessary authorizations to execute and perform this Agreement, and to
complete the Capital Increase. Upon taking effect, this Agreement would constitute legal, effective and binding obligations of Party A and is enforceable against Party A. 
 (2) No conflicts. Party A’s execution of this Agreement and its fulfillment of the Capital Increase will not: 1) result in Party A’s breach of any provisions under Party A’s organization documents or
any resolutions passed at Party A’s board meetings or shareholders’ meetings; 2) conflict with or result in the violation of any contracts, or any provisions or specifications under any documents binding upon Party A and to which Party A
is a party, or result in a default under such contracts or documents; or 3) result in the violation of any applicable laws. 
 5.3
Shareholding structure 
 (1) As of the date of this Agreement, the registered capital and paid-up capital of Party A are both
600 million Yuan. Total capital shares are 600 million shares, with a nominal value of 1 Yuan per share. The shareholding structure is as follows: 
  

										
	 Serial
No.
	  	 Name of shareholder
	  	Contribution
amount	  	Shares
subscribed	  	Shareholding
percentage	 
	1.	  	China Life Insurance (Group) Company	  	150 million Yuan	  	150,000,000	  	25	%
	2.	  	China Life Insurance Company Limited	  	330 million Yuan	  	330,000,000	  	55	%
	3.	  	China Life Insurance Asset Management Company Limited	  	120 million Yuan	  	120,000,000	  	20	%

 (2) Party A entered into a Share Subscription Agreement for Capital Increase of China Life Pension
Company Limited on October 22, 2007 with China Credit Trust Co., Ltd. (the “CCTC”). Under such agreement, CCTC agreed to subscribe 45,161,300 shares that were additionally issued by Party A with a price of 1 Yuan per share. However,
as of the date of this Agreement, such share subscription has not been completed. Party A undertakes and warrants that: in the event that such share issuance and subscription fail to obtain approvals from Approval Authorities before
December 12, 2008, Party A will terminate the aforesaid Share Subscription Agreement for Capital Increase of China Life Pension Company Limited executed with CCTC and will not incur any default liability for such termination. 
  

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 (3) Upon the completion of the aforesaid share issuance to CCTC and the Capital Increase by Party A,
Party A’s registered capital and paid-up capital will both increase to 2,500 million Yuan; total capital shares will increase to 2,500 million shares with a nominal value of 1 Yuan per share. The shareholding structure will be:

  

										
	 Serial
No.
	  	 Name of shareholder
	  	Contribution
amount	  	Shares
subscribed	  	Shareholding
percentage	 
	1.	  	China Life Insurance (Group) Company	  	150 million Yuan	  	150,000,000	  	6	%
	2.	  	China Life Insurance Company Limited	  	2,184,838,700 Yuan	  	2,184,838,700	  	87.4	%
	3.	  	China Life Insurance Asset Management Company Limited	  	120 million Yuan	  	120,000,000	  	4.8	%
	4.	  	China Credit Trust Co., Ltd.	  	45,161,300 Yuan	  	45,161,300	  	1.8	%

 5.4 Financial statements 
 The financial statements since Party A’s incorporation that Party A provides to Party B as requested by Party B, including the balance sheets, the
profit statements, the statements of changes in shareholder equity are prepared according to applicable laws and accounting standards for business entities, which, in all material respects, fairly reflect the financial conditions and business
results of Party A. 
 5.5 Property rights 
 With respect to the properties that Party A claims ownership of, including all properties reflected in the balance sheets, Party A has the absolute ownership rights and such properties are not subject to or affected
by the rights of any third party. 
 5.6 Taxation 
 Party A reports and pays taxes in accordance with PRC laws and regulations. All documents related to such reports are true, accurate and complete. 
 5.7 No material adverse changes 
 From the
date of the balance sheets until the date of this Agreement, there are neither material adverse changes to its business operations, assets or reputation of Party A, nor any events that may result in such material adverse changes. Upon the execution
of this Agreement, Party A will, with its best efforts, maintain the integrity of its current business organization, ensure the effective services provided by management, employees and agents, and keep a good relationship with providers, clients,
land owners, creditors, employers, agents and other parties that Party A has business dealings with. 
 5.8 Compliance with applicable laws
and governmental authorization 
 (1) From its incorporation on January 15, 2007 until the date of this Agreement, Party A has strictly
complied with laws and regulations that are applicable to its business operations; 
  

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 (2) From its incorporation on January 15, 2007 until the date of this Agreement, Party A has never
violated applicable laws, or engaged in any activities that gave rise to any liability or required it to, partially or in whole, assume fees or take remedial measures of any nature. 
 (3) From its incorporation on January 15, 2007 until the date of this Agreement, Party A has never received any notification or other materials from
any governmental departments or other legal persons alleging Party A’s non-compliance with applicable laws. 
 5.9 Litigation,
arbitration and other legal proceedings 
 (1) As of the date of this Agreement, there is no litigation, arbitration or other legal
proceedings initiated by Party A against a third party or by a third party against Party A regarding Party A’s business operations or assets that Party A owns and uses; 
 (2) As of the date of this Agreement, there is no litigation, arbitration or other legal proceedings that may impede, postpone, delay, illegalize, or
otherwise interfere with Party A’s execution and performance of this Agreement. 
 5.10 No certain changes and events 
 From the date of the balance sheet until the date of this Agreement, Party A has not: 
 (1) disposed of, leased or assigned its assets or properties, nor pledged, mortgaged, liened, collateralized its assets or properties that created
benefits in third parties; 
 (2) rejected or waived any significant rights. 
 5.11 No defaults 
 From its incorporation on
January 15, 2007 until the date of this Agreement, Party A has strictly complied with and properly performed applicable terms and stipulations under the contracts which specify Party A’s liabilities and obligations or restrict Party
A’s ownership and usage of its properties. No default has occurred. 
 5.12 Labor relationship 
 From Party A’s incorporation on January 15, 2007 until the date of this Agreement, there is no pending, existing or potential 
 (1) strike, sabotage, shut-down or administrative punishment, arbitration or litigation arising out of employee discontentment; 
 (2) administrative punishment, arbitration or litigation arising out of Party A’s alleged violation of labor laws and regulations. 
  

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 5.13 Intellectual property 
 From its incorporation on January 15, 2007 until the date of this Agreement, intellectual properties required by Party A’s business operations solely belong to Party A. Party A did not create any pledge,
debts or interests of any third parties in the intellectual properties it owns. Such intellectual properties were not involved in any complaint, invalidation or cancellation, do not infringe any third parties’ intellectual properties such as
trade names, trademarks, or service logos, etc. Party A has taken reasonable and proper measures to protect its trade secrets and has the full power and rights to use such trade secrets. 
 5.14 Due diligence 
 As of the date of this
Agreement, Party A allows Party B (including any intermediaries retained by Party B) to conduct due diligence on Party A’s organization structures, assets, contracts, claims and debts, financial conditions, account books, records and labor
issues, etc. Party A will actively cooperate with and provide support to Party B. 
 5.15 Disclosure 
 There are no misrepresentations in the representations, undertakings and warranties made by Party A hereunder. All information and materials relating to
this Agreement provided in writing by Party A to Party B are true and accurate in all material respects. 
 Article 6. Party B’s
representations, undertakings and warranties 
 Party B hereby represents, undertakes and warrants that: 
 6.1 Organization and status 
 Party B is a
joint stock company duly organized and validly existing under PRC laws. 
 6.2 Authorization, no conflicts 
 (1) Authorization. Unless otherwise specified herein, Party B has obtained all necessary authorizations to execute and perform this Agreement. Upon taking
effect, this Agreement would constitute legal, effective and binding obligations of Party B and is enforceable against Party B. 
 (2) No
conflicts. Party B’s execution and performance of this Agreement will not: 1) result in Party B’s breach of any provisions under Party B’s organization documents or any resolutions passed at Party B’s board meetings or
shareholders’ meetings; 2) conflict with or result in the violation of any contracts, or any provisions or specifications under any documents, to which Party B is a party, binding upon Party B, or result in a default under such contracts or
documents; or 3) result in the violation of any applicable laws. 
  

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 6.3 Litigation, arbitration and other legal proceedings 
 As of the date of this Agreement, there is no litigation, arbitration or other legal proceedings that may impede, postpone, delay, illegalize, or
otherwise interfere with Party B’s execution and performance of this Agreement. 
 6.4 Cooperation 
 Party B undertakes to assist Party A in obtaining from relevant government authorities all authorizations, approvals, filings, registrations, consents,
permits required under this Agreement and any other documents that need third party approval. 
 Article 7. Preconditions 
 Party A’s issuance of shares to Party B and Party B’s subscription for such shares shall be subject to the following preconditions: 

7.1 Approval by internal decision-making body 
 Decision-making bodies of both parties have approved the Capital Increase according to applicable laws and their respective articles of association. 
 7.2 No injunctions 
 As of the date the Capital Increase is approved, there are no regulations, injunctions
or decisions that: 
  

	 	(1)	Party A is not allowed to issue shares to Party B; 

  

	 	(2)	Were promulgated or passed which prohibit Party A from issuing shares to Party B since the effective date of this Agreement. 

 7.3 No material defaults 
 As of the date the
Capital Increase is approved, neither Party hereto is in material default. 
 Article 8. Default liabilities 
 8.1 Events of default 
 Both Parties hereto
shall strictly follow the covenants hereunder. Any of the following events will be deemed as a default: 
 (1) Either Party hereto fails to
perform or fully perform its obligations hereunder; 
  

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 (2) Any representations, undertakings or warranties made under this Agreement by either Party hereto are,
in any material respect, false or inaccurate; or either Party violates the representations, undertakings or warranties it made hereunder. 
 8.2 Remedies 
 (1) If Party B fails to pay timely, pay, or pay in full the subscription price specified hereunder, Party B shall pay
a defaulting fee to Party A, which will be calculated as 0.021% for each day overdue. If such default continues for 15 consecutive working days, this Agreement shall be terminated automatically. 
 (2) Except for the above mentioned situation, in the event that any direct loss is incurred due to other defaulting activities of either Party hereto,
the defaulting Party shall assume liabilities for compensating such direct loss. 
 Article 9. Expenditure and tax 
 9.1 Expenditure 
 Both parties hereto shall
assume their own costs and expenditures incurred in respect of the preparation, execution and performance of this Agreement, respectively, including fees and expenditures for attorneys and financial consultants. Unless otherwise agreed, in the event
that this Agreement is terminated, both Parties shall perform their payment obligations according to the defaulting liabilities as specified under this Agreement. 
 9.2 Tax 
 Both Parties hereto shall respectively assume their own income tax and other tax payable as
required by applicable laws. 
 Article 10. Confidentiality 
 10.1 Either Party hereto shall be liable and obliged to, and shall cause its directors, officers, employees, agents and consultants liable and obliged to, keep strictly confidential the execution and performance of
this Agreement, the substances and information contained hereunder, and the trade secrets that come to their knowledge during the negotiation, execution and performance of this Agreement. Such obligations and liabilities shall survive the
termination of this Agreement, except for such information which: 
 (1) is or become available to other person who are not liable for the
confidentiality of such information by either Party hereby without violating provisions under this Agreement; 
 (2) is provided, disclosed
or used as required by legal proceedings or as requested by legal regulatory authorities; 
  

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 (3) is received legally from a third party which is not subject to confidentiality liabilities for such
information. 
 10.2 In the event that the transaction hereunder is not fully completed, either Party shall, at the request of the other
Party, return or destroy the written information regarding the other Party. 
 Article 11. Notice 
 11.1 All notices or other communications under this Agreement from either Party to the other Party hereto shall be made in writing and sent by courier or
facsimile or express mail. Such notices or communications shall be deemed to be duly given: 
 (1) If sent by courier, when signed by the
recipient; 
 (2) If sent by facsimile, on the date when properly transmitted (transmission record requested), or the following working day
if such day is a non-working day. 
 (3) If sent by express mail, the third day (in case of non-working day, upon the hand-over to the
express delivery service company, or the following working day if such day is a non-working day. 
 11.2 All notices and communications shall
be sent to the following addresses, or other addresses if the Party notifies in writing as required by this Agreement: 
 Party A: China Life
Pension Company Limited 
 Fax: 010 85626199 
 Postal code: 100020 
 Address: 17/F, No. 20 Chao Wai Shi Chang Street, Chao Yang District, Beijing

 Party B: China Life Insurance Company Limited 
 Fax: 010 85659300 
 Postal code: 100020 
 Address: China Life Tower, No. 16 Chao Wai Street, Chao Yang District, Beijing 
 Article 12. Effectiveness and termination of the Agreement 
 12.1 Effectiveness 
 (1) This Agreement shall become effective upon execution by both Parties’
respective legal representative or authorized representatives, and the official seals affixed hereon. The Capital Increase will be completed upon obtaining approval from the CIRC and the filing of the industrial and commercial alteration
registration. 
 (2) The transaction contemplated herein will constitute the related party transaction of Party B under Hong Kong Stock
Exchange Listing Rules (the “HKSE Rules”) and the Interim Administrative Measures on the Related Party Transactions of Insurance Companies (the “Interim Measures”). This Agreement and the performance hereunder shall be in
compliance with the HKSE Rules and the Interim Measures. 
  

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 (3) This Agreement and the performance hereunder shall be in compliance with the HKSE Rules as amended
and in effect from time to time, the Shanghai Stock Exchange Listing Rules, the Interim Measures and other laws and normative documents. As preconditions for the transaction contemplated herein, both Parties undertake to comply with the requirements
and provisions under such rules, measures, laws and regulations relating to related party transactions. 
 12.2 Termination 
 This Agreement may be terminated: 
 (1) when
both Parties agree to terminate this Agreement in writing; 
 (2) upon the receipt of notification by the defaulting Party from the other
Party when such defaulting Party’s serious violation against provisions hereunder has caused material loss to the other Party or made it impossible to realize the subject matter hereunder; 
 (3) in the event that Party A fails to obtain permits from Approval Authorities for the Capital Increase, the date Party A becomes aware and notifies
Party B of such non-approval; 
 (4) upon the receipt of notification to terminate from the other Party in the event that such Party becomes
bankrupt, or a subject of dissolution and liquidation, or is winding up or becomes unable to pay material debts; or 
 (5) in accordance with
other circumstances specified under other provisions of this Agreement. 
 In the event that this Agreement is terminated according to Item
(1) and (3), neither Party shall be liable for the other Party for default. 
 Article 13. Governing laws and dispute resolution

 13.1 Governing laws 
 The
execution, effectiveness, interpretation and performance of this Agreement is governed by PRC laws. 
 13.2 Dispute resolution 
 (1) Any dispute arising out of or in connection with this Agreement shall be resolved at the first instance through friendly consultation between both
Parties. If, within 30 days following the date on which such dispute occurred, the aforesaid consultation fails, either Party shall have the right to submit the dispute to China International Economic Trade and Arbitration Commission
(“CIETAC”) for arbitration according to the then effective rules. The arbitration award shall be final and binding upon both Parties. Fees incurred by such arbitration, the execution of arbitration award and reasonable legal fees of the
prevailing party shall all be borne by the losing party. 
 (2) When any dispute occurs and when any dispute is under arbitration, except for
the matters under dispute, the Parties shall continue to exercise their respective remaining rights and fulfill their remaining obligations hereunder. 
  

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 Article 14. Force Majeure 
 14.1 If either Party is affected by an event of force majeure (force majeure shall mean any event which is unforeseeable, unavoidable, and unovercomable by either Party, which arises after the date of execution of
this Agreement, and makes it objectively impossible for either Party to perform, partially or in a whole, this Agreement, including with no limitation to flood, fire, drought, typhoon, earthquake, other natural disasters, strike, riot, rebellion,
war, action or omission by governmental departments) and fails to perform all or part of the obligations hereunder, the performance of such obligations shall be suspended so long as such event lasts. 
 14.2 Either Party claiming an event of force majeure shall, to the extent practicable, promptly notify the other Party the occurrence of such event in
writing, and within 10 working days upon the occurrence of such event, provide evidence on such occurrence and the duration of such event to the other Party through the ways of notice acceptable under this Agreement. Either Party which claims that
an event of force majeure makes its performance of this Agreement objectively impossible shall exert reasonably practicable efforts and take appropriate measures to eliminate or alleviate the influence of such event. 
 14.3 During an event of force majeure, both Parties, except for the issues affected by such event, shall respectively continue to perform other
obligations hereunder. After the elimination or termination of such event, both Parties shall resume the performance of their respective obligations hereunder; however, if performance of this Agreement is suspended for 30 days due to such event,
either Party may have the right to notify the other Party in writing to terminate this Agreement. 
 14.4 If one Party fails to perform or
delay the performance of its obligations hereunder due to an event of force majeure, it shall not assume liabilities for any damage, expense increase or loss incurred herein to the other Party. 
 Article 15. Miscellaneous 
 15.1 Entire
Agreement 
 This Agreement constitutes the entire agreement between the Parties in relation to the subject matter hereof, and supersedes all
prior agreements, covenants, understanding, other communications and arrangements, whether oral or written, with respect to the subject matter. 
 15.2 Amendment 
 (1) The Party seeking to amend this Agreement shall provide written notice to the other Party at least 30 days
prior to the amendment. 
 (2) This Agreement shall only be amended or revised in writing upon the signatures of legal representatives of
both Parties and the approval by both Parties after taking proper corporate actions and their respective official seals affixed. Such amendment shall only take effect after notifying or obtaining approval from the Hong Kong Stock Exchange and/or
Party B’s board of directors and/or shareholders’ meeting (if applicable) (subject to provisions under the listing rules of both Hong Kong and Shanghai, as in effect from time to time, and requirements then in effect under the Hong Kong
Stock Exchange and the Shanghai Stock Exchange. 
  

 13 

 (3) In the event that the performance of this Agreement is affected due to changes in PRC laws,
regulations and departmental rules, both Parties shall, in accordance with the principle of fairness and equality, revise the affected provisions promptly through friendly consultation to eliminate or alleviate the influence on the performance of
such provisions arising out of the changes in applicable rules. 
 (4) Any matter not addressed herein shall be resolved by both Parties
through consultation. A supplemental agreement or specific rules may be executed when necessary, and shall be deemed as an indispensible part of this Agreement and having the same effect as this Agreement. 
 15.3 Successors and assigns 
 Without prior
consent of the other Party, either Party hereto shall not transfer this Agreement or any rights or obligations hereunder to a third party. 
 15.4 Severability 
 If any part, article or provision of this Agreement is rendered void, illegal or unenforceable under any
circumstances by any arbitration body or court, such voidness, illegality or unenforceability shall not invalidate the remaining provisions of this Agreement. 
 15.5 Waiver 
 The waiver of any right or rights, power or privilege under this Agreement by either Party
shall not be deemed as a waiver of other rights, power and privilege. No failure to exercise and no delay in exercising, on the part of either Party, of any right or rights, power or the privilege under this Agreement shall operate as a waiver
thereof. 
 15.6 Counterparts 
 This Agreement shall be executed in eight counterparts, each party holding two counterparts. Party A holds the remaining four counterparts for the handling of a variety of approvals, registration and filing procedures with competent
government authorities. Each counterpart shall have the same legal effect. 
 In witness hereof, each Party has caused its duly authorized
representative to execute this Agreement on the date first set forth above. 
 (Intentionally left blank) 
  

 14 

 [This page is the signature page to the Capital Injection Agreement between China Life 
 Insurance Company Limited and China Life Pension Company Limited] 
 Party A: China Life Pension Company Limited (Seal) 
 Legal representative or authorized representative: 
 Party B: China Life Insurance Company Limited (Seal) 
 Legal representative
or authorized representative: 
  

 15

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