Document:

EX-4.3

 Exhibit 4.3 

English Translation 

Policy Management Agreement 

between 
 China Life
Insurance (Group) Company 
 and 

China Life Insurance Company Limited 

 Table of Contents 

 

							
			
	 1.
		 AUTHORIZATION
		 	1	  
			
	 2.
		 BASIC PRINCIPLES
		 	2	  
			
	 3.
		 SCOPE OF AGENCY
		 	3	  
			
	 4.
		 ACCOUNT AND ACCOUNT MANAGEMENT
		 	5	  
			
	 5.
		 DATA AND DOCUMENTATION
		 	6	  
			
	 6.
		 INSPECTION, EXAMINATION AND REPORT
		 	7	  
			
	 7.
		 INSURANCE AGENCY SERVICE FEES AND PAYMENTS THEREOF
		 	8	  
			
	 8.
		 PAYMENT OF COMMISSIONS
		 	9	  
			
	 9.
		 THIRD PARTY COSTS AND EXPENSES
		 	9	  
			
	 10.
		 TAXATION
		 	10	  
			
	 11.
		 REPRESENTATIONS, WARRANTIES AND UNDERTAKINGS
		 	10	  
			
	 12.
		 TERM
		 	10	  
			
	 13.
		 INDEMNIFICATION
		 	11	  
			
	 14.
		 LIABILITY FOR BREACH
		 	11	  
			
	 15.
		 TERMINATION
		 	12	  
			
	 16.
		 FORCE MAJEURE
		 	13	  
			
	 17.
		 CONFIDENTIALITY
		 	13	  
			
	 18.
		 ASSIGNMENT
		 	14	  
			
	 19.
		 NON-WAIVER
		 	14	  
			
	 20.
		 NOTICES
		 	14	  
			
	 21.
		 PERFORMANCE OF THIS AGREEMENT
		 	14	  
			
	 22.
		 FURTHER ACTIONS
		 	15	  
			
	 23.
		 GOVERNING LAW AND DISPUTES SETTLEMENT
		 	15	  
			
	 24.
		 EFFECTIVENESS, VERSIONS AND MODIFICATIONS
		 	15	  

  
 i 

 This Policy Management Agreement (the “Agreement”), is entered into on
December 29, 2014 in Beijing, People’s Republic of China (“PRC”), by and between the following two parties: 
  

	 	(1)	China Life Insurance (Group) Company (“Party A”) Address: China Life Center, 17 Financial Street, Xicheng District, Beijing 

 

	 	(2)	China Life Insurance Company Limited (“Party B”) Address: China Life Plaza, No. 16 Financial Street, Xicheng District, Beijing 

Whereas: 
  

	 	(1)	Party A is a wholly state-owned limited liability company duly organized and existing under the laws of the PRC. 

  

	 	(2)	Party B is a joint stock life insurance company, exclusively and legally initiated and established by Party A, and duly exists under the laws of the PRC. 

 

	 	(3)	Party A and Party B have entered into a Restructuring Agreement on September 30, 2003, pursuant to which Party A shall transfer to Party B certain “Transferred Policies” and Party A shall retain
Non-transferred Policies (the “Old Policies”) as defined in such agreement. 

  

	 	(4)	According to the Non-Competition and Priority Agreement signed by Party A and Party B, Party A undertakes that it will not, directly or indirectly, engage in, participate in or operate, within the territory of China
(not including Hong Kong, Macau and Taiwan), any life, health or accident insurance business that may compete with the insurance business of Party B, and that Party A will authorize Party B to manage the business under Old Policies on its behalf
(including the modification or renewal of riders in relation thereto). 

  

	 	(5)	Both Parties are willing to make fair and reasonable arrangements for the management of the insurance business under Old Policies. 

Therefore, for purpose of setting forth rights and obligations of both Parties and regulating the policy management activities, after friendly
negotiations, and on the basis of equality and mutual benefits, both parties agree as follows: 
  

	1.	Authorization 

  

	 	1.1	Authorized Matters 

 According to the terms and conditions of this Agreement, Party A authorizes
Party B as its agent to manage the insurance business under the Old Polices, and shall in return pay Party B service fees. Party B agrees to and accepts such authorization. 

  
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	 	1.2	Purpose of Authorization 

 Party B shall manage the insurance business under the Old Polices and
perform its duties strictly according to the agreement between both Parties and applicable laws, regulations, and relevant rules and requirements of competent authorities and insurance regulatory authority, and, shall, as according to Party A’s
requirement, with a target for equal management and equal service, assist Party A in ensuring the stable and healthy operation of the insurance business under the Old Polices and prevent and solve potential business risks. 

 

	2.	Basic Principles 

  

	 	2.1	Party B shall perform the duties of insurance agent in accordance with this Agreement, and any rights of policyholders under the Old Policies and any obligations, benefits, losses or risks of the insurer in regard to
the Old Polices shall be undertaken by Party A. Party B shall undertake the management responsibilities and risks of the insurance business under the Old Polices as the agent. Unless otherwise agreed by both parties, Party B shall under no
circumstances be liable to pay any benefits or claims, or to make any advances due in respect of any benefits or claims under the Old Polices. 

  

	 	2.2	Party B shall have a fiduciary duty to Party A, which shall require Party B to diligently perform its duties as agent so as to comply with relevant laws, regulations and rules of competent authorities and the insurance
regulatory department. Party B shall diligently perform its duties as an agent and shall, within the scope of authorization, have discretion to conduct the authorized insurance business with the same experience, business. 

 

	 	2.3	Party A shall authorize Party B to conduct businesses within the scope of agency as required by its actual needs for business agency, and Party B may assign the authorization to its branches based on their business
scale, management level and risk control capabilities. 

  

	 	2.4	Party B shall perform the obligations of the agent in accordance with the terms of the Old Policies, applicable laws, regulations, and relevant rules and requirements of competent authorities and insurance regulatory
authority, and the relevant management system, rules, business standards and regulations as formulated (and modified from time to time) by Party A in accordance with applicable laws, regulations, and relevant rules and requirements of competent
authorities and insurance regulatory authority. Party B shall, after consulting with Party A, implement the relevant management system, rules, business standards and regulations formulated (and modified from time to time) by Party A as according to
the requirements of operation and management. The service standard for the agency business of Party B shall comply with relevant provisions of this Agreement as well as the original provisions under the Old Policies and shall also comply with
external supervising standards. If any standards or requirements cannot be met, Party B shall inform Party A promptly and cooperate with Party A to report to appropriate regulating authorities. 

 

	 	2.5	Party B may employ the same resources of its own insurance business (e.g. personnel, offices, equipment, etc.) to manage the agency business, but Party B shall separately manage (excluding paper files), check the
accounts of (including daily bookkeeping and monthly settlement), and conduct internal verification of its own insurance business and the agency business. 

  
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	 	2.6	For purposes of this Agreement, Party B may hire, either directly or on behalf of Party A’s, external auditors, external actuaries, external attorneys and other external professional experts, provided that prior
approval or consent has been obtained from Party A, and that the necessary delegation of authority has been made. 

  

	 	2.7	Neither Party B nor its branches shall conduct any publicizing or reporting in any occasions or on any media which are adverse to the agency business or Party A. 

 

	 	2.8	Party B’s own insurance business and the agency business shall use a unified set of insurance documents printed by Party B and the seals of Party B, but in conducting the agency business, Party B shall place
special note at the appropriate place of related documents indicating that, “The insurance business under this insurance policy is being conducted by China Life Insurance Company Limited on behalf of China Life Insurance (Group) Company, and
the legal responsibilities under this insurance policy shall be borne by China Life Insurance (Group) Company.” 

  

	 	2.9	Party A shall have the right to inspect, supervise and examine the Party B’s agency business. Party B shall provide cooperation to Party A’s inspection, supervision and examination of its agency business.

  

	 	2.10	Party B shall provide the agency service under this Agreement in accordance with the standards provided herein, and shall establish adequate risk prevention and internal control systems as according to the
characteristics of the agency business. 

  

	 	2.11	Party B shall abide by any policies, rules, guidelines, standards and requirements in relation to the authorized insurance business which are made and amended from time to time by Party A according to applicable
international and domestic laws and regulations as well as relevant rules and requirements of competent and regulating authorities, and collect, summarize, organize, provide and submit as an agent data, materials, information and reports in
connection with the authorized insurance business according to relevant regulations and requirements in order to assist and cooperate with Party A to properly fulfill its obligations including but not limited to the information reporting obligations
with respect to anti-money laundering and insurance business case. 

  

	3.	Scope of Agency 

  

	 	3.1	Party A hereby authorizes Party B to manage on its behalf the following insurance business under Old Policies: 

  

	 	(i)	Day-to-day insurance administration services: conservation, claim settlements, payment and premium collections, daily settlements, account verifications and preparation of business and financial reports;

  
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	 	(ii)	Customer services: answering or handling inquiries or complaints from the policy holders, insured or beneficiaries of Old Policies; 

  

	 	(iii)	Statistics and file management; 

  

	 	(iv)	Invoice and receipt management; 

  

	 	(v)	The reinstatement of Old Policies and the renewal of riders (the business thereby required to be underwritten shall be underwritten in accordance with Party A’s underwriting standards); 

 

	 	(vi)	Reinsurance; and 

  

	 	(vii)	The handling of disputes relating to Old Policies, including bringing or defending suits on behalf of Party A. 

  

	 	3.2	Party A hereby authorizes Party B to conduct separate account verifications and financial management in respect of the agency business in accordance with the accounting and financial management rules set forth in
writing by Party A. Party B shall provide to Party A periodically, and according to requirements of competent authorities and regulatory authority and Party A’s requirements, accurate and complete accounting information, including internal
management reports and supervisory reports, necessary to make internal decisions regarding the management of the business and external disclosures. 

  

	 	3.3	Party B shall set up separate accounting books to account for all agency business items, including income, expenditures, assets, liabilities and owners’ equity. All branches and offices under Party B at various
levels shall set up independent accounting systems for the agency business. 

  

	 	3.4	3.4. Party A hereby authorizes Party B to manage on its behalf the business and finance system applications supporting the Old Policies in order to satisfy the requirements of risk control, regulatory authority and
management of Party A. Party B shall be responsible for the implementation based on Party A’s management policy and routine management opinion. 

  

	 	3.5	3.5. Party A hereby authorizes Party B to manage Party A’s products in accordance with requirements of insurance regulatory authority, and Party A shall provide Party B with relevant actuarial support.

  

	 	3.6	3.6. Party B is authorized to conduct tax declarations of the business under Old Policies on Party A’s behalf, assist Party A in paying taxes, and perform the tax withholding and payment obligations in accordance
with the state and local tax laws and regulations. 

  
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	4.	Account and Account Management 

  

	 	4.1	Party B shall open accounts for agency business in accordance with People’s Bank of China’s relevant requirements on opening accounts. Party B shall maintain separate accounts for income and payments in
respect of the agency of insurance business under Old Policies. Party B shall open, in its own name, agency business income and payment accounts with a bank approved by both Parties in accordance with the requirements of this Section 4.1. Party
B shall strengthen the management of agency business income and payment accounts and promptly report to Party A for record any increase, decrease and change in such accounts. 

 

	 	4.2	The headquarters and provincial branches of Party B shall separately open agency business income accounts and expense accounts exclusively for income and expense settlements in regard to the agency business.

  

	 	4.3	     

  

	 	(1)	The city-level or county-level branches of Party B shall open agency business income accounts to be used exclusively for the collection of premium payments in regard to the agency business, in accordance with the needs
of agency business. The premium funds of such accounts shall be transferred in a timely manner to the income account of the headquarters of Party B in full, and shall then be transferred by Party B’s headquarters into the account designated by
Party A by 4:00 p.m. Beijing time every day. 

  

	 	(2)	Unless otherwise provided in this Agreement, Party B shall not withdraw, dispatch, employ or pledge the premium payments in the agency business income account without permission, and shall not open other accounts to
collect, deposit, hide, or retain in any other fashion premium payments collected in connection with the agency business. 

  

	 	4.4	     

  

	 	(1)	The city-level or county-level branches of Party B should separately open payment accounts for the agency business in accordance with the needs of the agency business. Payment accounts shall be exclusively used for the
deposit and payment of the claims and benefit amounts, commissions, and third party costs and expenses under the Old Policies. 

  

	 	(2)	Party A shall, based on the funding request of Party B, relevant forecasts and historical data, transfer to the payment account for the agency business at Party B’s headquarters the funds for payment of insurance
claims and benefit amounts and other necessary costs and expenses for the current month under the Old Policies. Party B’s headquarters shall in a timely manner transfer such funds in full to the payment accounts of Party B’s provincial
level and city-level or county-level branches, and shall allocate and monitor such accounts. 

  
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	 	(3)	Party B has the right to withdraw, dispatch and employ the funds in the payment account in accordance with this Agreement to satisfy payment obligations in regard to claims and benefit amounts, commissions and third
party costs and expenses under the Old Policies. Unless otherwise provided in this Agreement, Party A shall not in any fashion interfere with or in any way withdraw, dispatch, employ or pledge such funds without permission. 

 

	 	(4)	If in its reasonable judgment Party B concludes that the funds in the payment account will become insufficient to meet the payment needs of the current month after 10 business days, it shall submit to Party A an urgent
funding request together with the business expense forecasting report. Party A shall transfer the additional funds required for such month to the payment account of Party B’s headquarters within 5 business days after receiving such funding
request. 

  

	 	4.5	Both Parties shall within 1 month after the end of each calendar quarter, inquest the accounts in regard to the receipt and payment of amounts in connection with the agency business for such quarter. 

 

	5.	Data and Documentation 

  

	 	5.1	Party A owns all data generated in connection with the agency business under this Agreement (including, but not limited to, business data, actuarial data and financial data) and all documentation relating to the agency
business under this Agreement (including but not limited to paper documentation and electronic documentation) (collectively, the “Agency Business Data and Documentation”). It is Party A’s responsibility to keep original documentation
or materials for insurance products developed and issued by the head office before execution of the Restructuring Agreement and it is Party B’s responsibility to keep original documentation or materials for insurance products developed and
issued by local branches before execution of the Restructuring Agreement. Original documentation or materials shall include terms (agreements), rates, surrender value or cash value, calculation base, approval documents, documents issued for
implementation and other relevant materials. 

  

	 	5.2	During the term of this Agreement, Party B has the obligation to safely maintain and regularly update the Agency Business Data and Documentation, to keep it confidential, and to manage it with the same degree of
diligence as it does for its own business data and documentation. However, Party B shall manage and store the Agency Business Data (including video data) and its own business data separately. If it is impossible to store physical forms of
documentation separately, storage locations shall be marked in the documentation system. 

  
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	 	5.3	Party B shall manage the business data, actuarial data and financial data of the agency business under this Agreement in accordance with the relevant data management rules formulated by Party A in writing and
acknowledged by Party B, and shall separately process and transmit such business data and financial data in conformity with business and finance processing systems acknowledged by Party A, and check the business data and financial data for
consistency in accordance with regulatory requirements. 

  

	 	5.4	During the term of this Agreement, in accordance with the terms and conditions of this Agreement, Party A may use, reference and inspect Agency Business Data and Documentation, and Party B shall provide assistance and
cooperation to Party A in respect thereto. In response to Party A’s reasonable request, Party B shall provide Party A with materials in connection with the agency business data or copies of relevant documentation. 

 

	 	5.5	Party B shall return data and documentation in connection with the agency business to Party A when this Agreement is terminated. 

  

	6.	Inspection, Examination and Report 

  

	 	6.1	Without affecting or interfering with Party B’s normal business operations, Party A shall have the right to conduct on-site or off site, and daily or annual inspections in order to determine whether Party B’s
conduct of the agency business under this Agreement complies with the business standards, financial standards, rules and systems agreed upon by both Parties, and to test the accuracy of the related accounting information provided by Party B. Party B
shall provide all reasonably necessary assistance and cooperation. Expenses incurred due to such inspections shall be borne by Party A. Party B shall promptly correct the problems as according to findings of the inspection and request of Party A.

  

	 	6.2	Party B shall promptly submit periodic report on agency business in accordance with regulatory requirements and Party A’s requests and temporary report on material matters occurring in daily operations. The
contents of such reports shall include, but without limitation, product management of agency business, change of business and financial data, and the technical indications for the daily operation of agency business information systems. In case of
changes in internal and external environments or conditions which directly affect the operation and management of authorized businesses, Party B shall report such changes and propose countermeasure to Party A in a timely manner. 

 

	 	6.3	When reporting data as required by Party A, Party B shall be responsible for reviewing the trueness, accuracy, completeness and consistency of reported data and statements so as to ensure smooth conduct of Party
A’s work. 

  

	 	6.4	Within 90 days after the end of each calendar year, Party B shall prepare and submit to Party A an annual report concerning its insurance business agency, which shall include basic description of the business agency
work, performance of the agency agreement, implementation of business regulations, supervision, inspection and corrections, as well as a work plan for the next year. 

  
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	 	6.5	Party B shall, within 75 days after the end of each calendar year, provide to Party A information such as data and statements as according to Party A’s request to assist Party A in preparing year-end budget report,
annual statistics report, annual financial report, annual inspection report and internal controls report. 

  

	 	6.6	Party B shall, after the end of each calendar year, provide to Party A information such as data and statements as according to Party A’s request and to assist Party A in preparing year-end actuarial report.

  

	 	6.7	Party B shall submit data of the business processing system and statistical reports as of December 31 of previous year and as of June 30 of the current year respectively to Party A before January 31 and
July 30 of each year. Party A shall complete the audit in relation to the number of authorized businesses within twenty days after receipt of Party B’s written statistical report, and confirm the statistical results of the number in
writing with Party B. In case of any problem, Party A shall promptly notify Party B and Party B shall correct such problems or give explanations in a timely manner. 

 

	 	6.8	For reinsurance businesses, Party B shall submit detailed schedules and bills of a previous quarter to Party A within forty-five days after the end of each quarter. Party A shall complete the audit within thirty days
after receipt of such schedules and bills and send collection/payment notice to Party B, and then Party B will collect/pay money from or to reinsurance companies as required. 

 

	7.	Insurance Agency Service Fees and Payments Thereof 

  

	 	7.1	The method of calculating service fees for any period shall be as follows: 

  

	 	(i)	the number of policies in force as of the last day of relevant calculating period, multiplied by RMB8.00 (number of policies in force for a group insurance policy is equal to the number of individuals covered by such
policy (not including individuals under lapsed or expired policies)); plus 

  

	 	(ii)	2.5% of the actual premiums collected during such period. 

 When this Agreement is renewed
pursuant to Section 12.2, both Parties may, prior to the commencement date of such renewal period, redefine the method of calculating the service fees for such renewal period in accordance with the principle of market fair dealings, and enter
into a written agreement pursuant to Section 24.3. Otherwise, the service fees for such renewal period shall be calculated in accordance with the method of calculation for the period prior to such renewal period. 

 

	 	7.2	Payment procedure for service fees: 

  

	 	(i)	In every year, each period starting from January 1 and ending on June 30, and starting from July 1 and ending on December 31, shall be deemed to be a payment period. 

  
 8 

	 	(i)	(ii). Within 30 days after the end of a payment period, Party B shall consolidate all the information and determine the amount of service fees for such payment period in accordance with Section 7.1, and submit the
related bill with detailed schedules to Party A. 

  

	 	(ii)	Unless Party A provides, within 30 days after receiving such bills and detailed schedules, adequate evidence that the amount of such service fee is unreasonable, the service fee specified in such bill shall be paid into
the account designated in writing by Party B within thirty days after Party A receives such bill and detailed schedules. 

  

	8.	Payment of Commissions 

  

	 	8.1	Any direct commissions to insurance agents and any corresponding pension fees incurred in connection with premium collections for the renewal of Old Policies shall be borne and paid by Party A in accordance with the
payment standards that were specified when such policies were issued. Except for such aforementioned direct commissions and relevant pension fees, all other supplementary commission expenses incurred in connection with such insurance agents
(including, but not limited to, bonuses, social welfare expenses, training expenses, and allowances) shall be borne by Party B. 

  

	 	8.2	All of the aforementioned commissions borne by Party A shall be paid in accordance with the requirements of Section 4.4 of this Agreement. 

 

	9.	Third Party Costs and Expenses 

  

	 	9.1	Third party costs and expenses mean costs and expenses received by third parties, and arising in connection with Party B’s performance of its duties with respect to insurance agency under this Agreement and agreed
by Party A, excluding service fees payable to Party B pursuant to Section 7 of this Agreement, commissions set forth in Section 8 and tax duties and related expenses set forth in Section 10. Such costs and expenses include, but are
not limited to, fees for auditors, actuaries, external lawyers and other external professionals hired by Party B in its own name or in the name of Party A for purposes related to this Agreement, litigation costs and other reasonable expenses
incurred by Party B to strengthen risk control and carry out equal services such as bank transfer, batch investigation and SMS notification for authorized businesses. 

 

	 	9.2	Third party costs and expenses shall be borne by Party A, and shall be paid in by Party B in accordance with the actual amount from the business settlement or payment account for the agency business. Under no
circumstances shall Party B be obligated to pay, or to advance on behalf of Party A, such costs and expenses using its own funds. 

  

	 	9.3	Unless otherwise provided in this Agreement, Party A shall not be liable for any other expenses incurred in connection with the agency business. 

  
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	10.	Taxation 

  

	 	10.1	Party A shall be responsible for all tax obligations required to be borne by Party A as tax obligor or withholding obligor pursuant to tax laws and regulations. Party A shall bear and pay all expenses incurred in
connection with such tax obligations. 

  

	 	10.2	If it is provided in tax laws and regulations that Party B may pay taxes or perform the tax payment or withholding obligations on Party A’s behalf, Party B shall directly perform such obligations; if it is provided
that Party A shall pay taxes on aggregate basis, Party B shall provide all necessary assistance to Party A, including but not limited to assistance in the preparation of tax declaration forms, the preparation and provision of necessary files and
documents as required to perform tax obligations. 

  

	 	10.3	Party B shall be liable for the payment of any taxes that are imposed on it in accordance with applicable tax laws and regulations. 

 

	11.	Representations, Warranties and Undertakings 

 Each Party to this Agreement makes the following
representations, warranties and undertakings to the other Party: 
  

	 	(i)	It has obtained adequate power and authority (including but not limited to the procurement of approvals, consents and permits from relevant regulatory authorities, and the internal authorization of the company) to sign
this Agreement; 

  

	 	(ii)	After this Agreement comes into effect in the manner set forth herein, it shall be binding on such Party, and will be enforceable against such Party in accordance with its terms; 

 

	 	(iii)	All terms of this Agreement are in compliance with Articles of Association of such parties, and with the laws and regulations of China. 

 

	12.	Term 

  

	 	12.1	This Agreement shall remain in effect until December 31, 2017. 

  

	 	12.2	Subject to the listing rules of the stock exchange(s) where Party B is listed, this Agreement shall be automatically renewed for successive three-year terms unless either Party provides the other Party with a written
notice indicating its intention not to renew at least 180 days prior to the expiration of the then current term or the renewal term. During the effective term hereof, each party shall have the right to send written notice to the other party for
early termination of this Agreement no less than 90 days. 

  
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	13.	Indemnification 

  

	 	13.1	Any claim, suit, loss, judgment, damages, fines or expenses (hereinafter collectively referred to as a “Loss”) sustained by Party B, its directors, officers, employees, agents or representatives (hereinafter
collectively referred to as “Indemnified Parties”) in the performance of their duties under this Agreement, shall be fully indemnified by Party A. Party A shall hold each Indemnified Party harmless against any such Loss and/or liability,
unless it is finally determined through legal or administrative procedures or consultations between Party A and Party B that such Loss and/or liability is caused due to the fault of such Indemnified Party. 

 

	 	13.2	Notwithstanding any other provision of this Agreement, Indemnified Parties shall not be responsible for any loss of Party A or any third party caused by any action or inaction, or by any erroneous decision, on the part
of an Indemnity Party in discharging its obligations under this Agreement, unless it is finally determined through legal or administrative procedures or consultations between Party A and Party B that such loss was incurred due to the fault
of such Indemnified Party. 

  

	 	13.3	If, based on the experiences, capabilities or qualifications of the Indemnified Parties, the losses described in the above two sections can or should be expected, the Indemnified Parties shall promptly notify Party A of
the possibility of such losses and fulfill appropriate duties and obligations as agreed herein. Otherwise, the Indemnified Parties will not be indemnified according to this indemnity clause. 

 

	 	13.4	This indemnity clause shall survive the termination of this Agreement, regardless of the manner in which this Agreement is terminated. 

 

	14.	Liability for Breach 

  

	 	14.1	If Party A has not paid, or is incapable of paying, Party B the service fees in accordance with the terms of this Agreement, it shall pay a penalty of 0.021% of the amount due to Party B for each day that such amount is
overdue, until the service fee is paid in full. Party B may deduct amounts payable by Party A from any cash dividends payable by Party B to Party A. 

  

	 	14.2	Notwithstanding the effect or implementation of the foregoing provision, if (i) Party A has not paid or is incapable of paying service fees in full to Party B as stipulated by this Agreement, and the amount due
reaches RMB100,000,000 or more, or (ii) Party A has not transferred or is incapable of transferring adequate funds into Party B’s account as provided by this Agreement, as a result of which the claims, benefit amounts, commissions, and/or
third party costs and expenses that are not timely paid by Party B reach RMB300,000,000 or more, Party B shall be entitled to send to Party A a written notice of rescission. Unless waived by Party B, this Agreement shall be rescinded upon the 30th
day after such written notice is delivered to Party A. 

  
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	 	14.3	Subject to the restrictions set forth in Section 13.2 of this Agreement, in the event that Party B breaches this Agreement in managing the insurance business agency hereunder which causes economic losses of Party
A, Party A shall have the right to request Party B to compensate for its actual losses, which shall be capped by the amount of service fees collected by Party B in the relevant calculation period. 

 

	15.	Termination 

  

	 	15.1	     

  

	 	(a)	This Agreement shall be terminated upon the occurrence of any of the following circumstances: 

  

	 	(i)	The obligations under the Old Policies have been discharged; 

  

	 	(ii)	With the approval of the CIRC, Party A legally transfers all Old Policies to a third party, and such third party undertakes to perform the insurer’s duties under the Old Policies, or authorizes any institution
other than Party B to perform the insurer duties thereunder; 

  

	 	(iii)	With the approval of each of Party B and CIRC, Party A authorizes any institution other than Party B to perform the insurer duties under the Old Policies; 

 

	 	(iv)	This Agreement is not renewed after the expiration of the initial term or a renewal term; 

  

	 	(v)	Party B effectively rescinds this Agreement pursuant to Section 14.2.; 

  

	 	(vi)	Party A is unable to make payments, is declared bankrupt, enters into a liquidation procedure, is ordered to be dissolved, or is put into receivership. 

 

	 	(b)	If Party A has legally transferred part of the Old Polices to a third party with the approval of the CIRC, and such third party performs the insurer’s obligations under such Old Polices or authorizes a third party
other than Party B to perform the insurer’s obligations thereunder, such Old Policies shall not be subject to this Agreement starting from the date of transfer. 

 

	 	15.2	If this Agreement is terminated due to the foregoing Section (a) (ii), (iii), (iv), (v) or (vi), or if the holders of a certain number of Old Policies are adversely affected or incur losses due to the
foregoing Section (b), Party A shall assume all related liabilities. However, Party B shall not be exempted from its liability under this Agreement. 

  
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	 	15.3	If this Agreement is terminated pursuant to Section 15.1 (a) or certain Old Policies are transferred pursuant to Section 15.1 (b) and are therefore no longer subject to this Agreement, the
obligations and responsibilities of Party A and Party B under this Agreement that had already arisen before such termination shall not be terminated or affected thereby. 

 

	16.	Force Majeure 

  

	 	16.1	If a Party fails to perform in whole or in part its duties under this Agreement due to an event of force majeure, this performance shall be suspended in the affected period of force majeure. 

 

	 	16.2	The Party claiming that it has been affected by an event of force majeure shall inform the other Party of such event of force majeure in writing as soon as possible, and shall provide the other Party with appropriate
evidence regarding the existence and duration of such event of force majeure within 15 days after the occurrence thereof. The Party claiming that the performance of its obligations under this Agreement is objectively impossible and impracticable due
to such event of force majeure shall take all reasonable measures to eliminate or reduce any affect caused by such event of force majeure. 

  

	 	16.3	Upon of occurrence of any event of force majeure, both Parties shall immediately decide through friendly consultation with each other in respect of the performance of their obligations under this Agreement, and shall
immediately resume the performance of their respective obligations hereunder upon the termination or elimination of such event of force majeure or its effect. 

  

	 	16.4	Force majeure means the objective circumstances, occurring after this agreement becomes effective that cannot be reasonably controlled, predicted, avoided or overcome even if predicted, and which make the performance of
the obligations under this Agreement in whole or in part objectively impossible or impracticable (including, but not limited to, circumstances when such obligations cannot be performed even after spending a reasonable amount of money). Such
circumstances include but are not limited to floods, fires, droughts, wind, earthquakes, and other acts of God, strikes, riots, turmoil and wars (declared or not) and the acts or omissions of governmental authorities. 

 

	17.	Confidentiality 

 Unless otherwise provided by law or relevant regulatory authorities or in
order to meet the legal disclosure requirements of information on Party B when it is to be listed or as a listed company, either Party shall not provide or disclose to any company, enterprise, organization or individual the business-related
information or data of the other Party without the prior written approval of the other Party. 

  
 13 

	18.	Assignment 

 Neither Party may assign any right or obligation under this Agreement without the
prior written approval of the other Party. 
  

	19.	Non-Waiver 

 Unless otherwise provided for by law, any delay or failure on the part of either
Party hereto to exercise any right, power or privilege under this Agreement shall not operate as a waiver thereof, nor shall any partial exercise of any right, power or privilege preclude the exercise of any right, power or privilege in the future.

  

	20.	Notices 

 Any notice related to this Agreement shall be sent in writing, and shall be delivered
in person or by fax or mail. If delivered in person, such notice shall be deemed delivered upon submission. If sent by fax, such notice shall be deemed delivered when the fax machine of the sending party indicates that the fax has been transmitted.
If delivered by mail, such notice shall be deemed delivered on the third business day (statutory holidays excluded) following the day such notice was mailed. Notices shall become effective upon delivery. 

Addresses of the Parties are as following: 
  

			
	China Life Insurance (Group) Company		China Life Insurance Company Limited
		
	Address: China Life Center, 17 Financial Street,
Xicheng District, Beijing		Address: China Life Plaza, No. 16 Financial Street,
Xicheng District, Beijing
		
	Telephone: 010-66009999		Telephone: 010-63633333

 If both Parties send out notices to each other by telephone or other means and mutually acknowledge such
notices, such notices shall be effective notices. 
  

	21.	Performance of this Agreement 

  

	 	21.1	As Party B is a joint stock limited company listed on the Hong Kong Stock Exchange, the transactions under this Agreement shall constitute a connected transaction of Party B as described in the Hong Kong Stock Exchange
Listing Rules (the “Listing Rules”). According to the Listing Rules, such transactions may be conducted only after obtaining a waiver from Hong Kong Stock Exchange or the approval of independent shareholders and/or in conformity with any
other requirements concerning connected transactions under the Listing Rules. Therefore, the performance of the obligations set forth in this Agreement shall, to the extent that they relate to such connected transactions, be subject to the approval
of the Hong Kong Stock Exchange and/or conditional on conforming to any other requirements concerning connected transactions under the Listing Rules in effect from time to time. Both Party A and Party B undertake to observe the relevant requirements
of the Listing Rules. 

  
 14 

	 	21.2	If the Hong Kong Stock Exchange exemption contains additional conditions, the obligations set forth in this Agreement shall be performed in accordance with such additional conditions. Both Party A and Party B undertake
to strictly observe such conditions. 

  

	22.	Further Actions 

 Both Parties shall take further actions and measures in order to fully and
effectively perform this Agreement, including consultations with each other to set forth the execution plan or detailed rules of this Agreement in accordance with the principles set forth in this Agreement, and provided that such plan or rules shall
not violate the terms hereof. 
  

	23.	Governing Law and Disputes Settlement 

  

	 	23.1	This Agreement shall be governed by, and interpreted and enforced in accordance with, the laws of China. 

  

	 	23.2	Any disputes arising from or related to this Agreement shall first be settled by the Parties through friendly consultations. If no resolution is reached within 30 days after the dispute occurs, either Party may submit
such dispute to the China International Economic Trade Arbitration Commission for arbitration in accordance with its arbitration rules in effect when such dispute is submitted. The arbitration award shall be final and binding on both Parties.

  

	24.	Effectiveness, Versions and Modifications 

  

	 	24.1	This Agreement shall come into effect on January 1, 2015. 

  

	 	24.2	This Agreement is executed in four originals, with two originals to be kept by each Party. Each original shall have the same legal effect. 

 

	 	24.3	Any amendment to this Agreement shall be made only pursuant to a written agreement which is executed by the legal representative or its authorized representatives and is affixed with the official seal of each Party, and
shall be approved by each Party after taking appropriate corporate actions. If such modification constitutes a material and significant change to this Agreement, it shall become effective upon the notification of and procurement from approval from
the Hong Kong Stock Exchange and/or a shareholders’ meeting of Party B (if applicable) (subject to the listing rules in effect from time to time and requirements of the Hong Kong Stock Exchange then in effect). 

  
 15 

	 	24.4	If amendments to Chinese laws, regulations or relevant departmental rules would affect the performance of this Agreement, both Parties shall, based upon the object of this Agreement and the principles of equity and
reasonableness, through friendly negotiations, timely modify the affected provisions in order to eliminate and lessen, to the extent possible, the impact caused by such amendments. 

  
 16 

 Signature page: 

			
		
	 Party A:
  

China Life Insurance (Group) Company (Seal)
		 Party B:
  

China Life Insurance Company Limited (Seal)

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

  
 17EX-4.5

 Exhibit 4.5 

English Translation 

Asset Management Agreement 

between 
 China Life
Insurance (Group) Company 
 and 

China Life Insurance Asset Management Company Limited 

 Table of Contents 

 

									
	1.		    DEFINITIONS AND INTERPRETATION		 	5	  
			
	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 THE 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		MANAGEMENT OF THE ENTRUSTED ASSETS		 	19	  
				
			5.4		ACCOUNTING AND VALUATION OF THE ENTRUSTED ASSETS		 	21	  
				
			5.5		INFORMATION MANAGEMENT OF THE ENTRUSTED ASSETS		 	22	  
				
			5.6		IDENTIFICATION AND HANDLING OF TRANSACTIONS EXCEEDING THE AUTHORIZATION SCOPE		 	22	  
			
	6.		    SUPERVISION AND INSPECTION ON PARTY B BY PARTY A		 	23	  
				
			6.1		INVESTMENT SUPERVISION AND CONTROL		 	23	  
				
			6.2		PERFORMANCE APPRAISAL ON THE INVESTMENT WITH ENTRUSTED ASSETS		 	24	  
				
			6.3		AUDIT OF THE ENTRUSTED ASSETS		 	25	  
			
	7.		    FEES AND PAYMENT METHOD		 	26	  
				
			7.1		BASIC SERVICE FEE FOR INVESTMENT MANAGEMENT		 	26	  
				
			7.2		ADJUSTMENT TO THE SERVICE FEE FOR INVESTMENT MANAGEMENT		 	26	  
				
			7.3		PAYMENT OF FEE		 	27	  
			
	8.    		    APPOINTMENT AND CHANGE OF AUTHORIZED REPRESENTATIVES OF BOTH PARTIES		 	28	  
				
			8.1		AUTHORIZED REPRESENTATIVES AND THEIR SIGNATURES AND SEALS		 	28	  
				
			8.2		CHANGE OF AUTHORIZED REPRESENTATIVES AND THEIR SIGNATURES AND SEALS		 	29	  

  
 2 

									
			
	9.    		    DELIVERY AND RECEIPT OF DOCUMENTS		29	 
			
	10.		    DISCUSSIONS AND COMMUNICATIONS		 	30	  
			
	11.		    CONFIDENTIALITY		 	30	  
			
	12.		    COUNTERPARTS, EFFECTIVENESS, AMENDMENTS, RENEWAL AND TERMINATION		 	31	  
				
			12.1		COUNTERPARTS, EFFECTIVE DATE AND TERM		 	31	  
				
			12.2		AMENDMENTS		 	31	  
				
			12.3		RENEWAL		 	31	  
				
			12.4		TERMINATION		 	31	  
			
	13.		LIABILITY FOR BREACH OF CONTRACT		 	33	  
			
	14.		EXEMPTION FROM LIABILITY		 	33	  
			
	15.		GOVERNING LAW AND DISPUTE RESOLUTION		 	34	  
			
	16.		OTHER MATTERS		 	34	  
		
	EXHIBITS:		 	35	  

 Exhibits: 
  

	I.	List of Entrusted Assets 

  

	II.	Rules of China Life Insurance (Group) Company on Information Reports on Entrusted Assets 

  

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

  
 3 

 This Asset Management Agreement (this “Agreement”) was entered into by and between the
following two parties in Beijing, People’s Republic of China (“PRC”), on December 31, 2014: 
 Party A: China Life
Insurance (Group) Company 
 Address: 22/F China Life Center, No. 17 Financial Street, Xicheng District, Beijing 

Party B: China Life Insurance Asset Management Company Limited 

Address: 18/F China Life Center, No. 17 Financial Street, Xicheng District, Beijing 

WHEREAS, 
  

	(1)	Party A and Party B entered into an asset management agreement on December 31, 2011, under which Party A authorized Party B to manage the investment of the insurance assets owned by Party A. 

 

	(2)	The agreement above expired on December 31, 2014. 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 of and changes in the employment of insurance funds, and the specialties in Party A’s insurance assets, in
order to ascertain both parties’ respective rights, obligations and benefit, strengthen 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 value preservation and appreciation of the entrusted assets of Party A, based upon the principle of cooperation in good faith, equality and mutual benefit, through friendly negotiation, both parties agree as follows: 

  
 4 

	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.
		
	“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 custody of the Custodian in accordance with relevant custodian agreement.
		
	“Investment Guidelines”		shall mean the investment guidelines formulated and amended from time to time by Party A, to which Party B is subject during its performance of this Agreement.
		
	“Fund Account”		shall mean the bank account and the fund settlement reserve account that maintain the Entrusted Assets.
		
	“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, 2015 to December 31, 2015.

  

	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, having
independent legal person status, capacity and capability to execute and perform this Agreement; 

  

	 	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, judgments, verdicts, administrative authorization, order or decisions applicable to Party A; 

  
 5 

	 	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 manner. 

  

	 	2.2	Party B’s Representations and Warranties. 

  

	 	2.2.1	Party B is a duly organized and validly existing asset management company with limited liabilities, qualified to engage in investment management and operation of insurance assets as approved by China Insurance
Regulatory Commission, having independent legal person status, 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, judgments, verdicts, 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 due to the management of other assets. 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; 

  

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

  
 6 

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

  

	 	(4)	misappropriate Entrusted Assets; 

  

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

  

	 	(6)	violate applicable laws, administrative regulations, relevant state 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 by 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 acknowledges and warrants that it shall notify Party A of any change to the foregoing representations and warranties in a timely manner. 

 

	3.	Authorization. 

  

	 	3.1	Entrusted Assets. 

  

	 	3.1.1	Entrusted Assets and Investment Scope. 

 Entrusted Assets refer to the assets which Party A
authorizes Party B to invest and manage, including all of the assets as of December 31, 2014 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 additional assets entrusted by Party A to Party B for investment management from time to time after the execution of this Agreement, and all of the rights and interests derived from such assets. 

  
 7 

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

 

	 	(1)	Investment channels for insurance funds shall be 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 Party B in writing 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. Such funds shall constitute part of the Entrusted Assets upon Party B’s receipt. 
  

	 	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 the form of 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 that meets the following requirements to Party B, and to the extent possible, notify Party B as early as practicable: 

Funds Transfer-out Instruction on funds in RMB: one Business Day prior notice to Party B for the amount of RMB 100 million or less; two
Business Days prior notice to Party B for the amount of more than RMB 100 million but less than or equal to RMB 500 million; three Business Days prior notice to Party B for the amount of more than RMB 500 million but less than or equal to
RMB 1 billion; five Business Days prior notice to Party B for the amount of more than RMB 1 billion but less than or equal to RMB 3 billion; 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 of US$10 million or less; seven Business Days prior notice to Party B for the amount of more than US$10 million but less than or equal to US$30 million; ten Business Days prior notice to Party B for the amount of more than
US$30 million. 
 If special circumstances which 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, upon receiving the Funds Transfer-out Instruction, remit the funds into Designated Account of Party A in accordance with the requirements of such instruction. Such funds shall no longer be part of the
Entrusted Assets. 

  

	 	(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 ensure the liquidity of the Entrusted Assets. If Party A makes
additional arrangement off-plan, 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 the cost and loss arising therefrom. 

  

	 	3.2	Independence of the 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 natures shall be independent and separate from each 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 recorded as its liquidation assets.

  

	 	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. 

  
 9 

	 	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 and shall bear any loss of Party A as a result of such enforcement. 

 

	 	3.3	Authorization Manner. 

  

	 	3.3.1	Authorization Manner. 

 Party A shall authorize Party B, subject to strict risk control policy,
to invest and manage Entrusted Assets, ownership of which shall be explicitly defined. 
  

	 	3.3.2	Authorization Matters. 

  

	 	(1)	Party A shall, within the term hereof, authorize Party B to invest and manage the Entrusted Assets within 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 the Entrusted Assets on behalf of Party A without prior notice to Party A. Party A shall not directly manage the investment of the
Entrusted Assets other than sending Funds Transfer-out Instruction, formulating and/or amending and delivering 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 external
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 consult, negotiate, execute documents, transaction,
liquidation 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 authorizes a Custodian to have the custody of the Entrusted Assets, additional agreement shall be entered into on specific authorization to Party
B, specifying rights and obligations of Party B and work procedures for Party B. 

  

	 	3.4	Investment Principles. 

  

	 	3.4.1	Safety. 

 Party B shall ensure that investment of the 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 the Entrusted Assets and ensure the safety and integrity of the Entrusted Assets through
establishing sound internal risk control system and streamlining 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 taking advantage of financing instrument on the market so as to ensure that liquidity of the Entrusted Assets is able to satisfy the expenses 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 portfolio deployment and investment operation of the Entrusted Assets, and promote innovative investment so as to improve the profit level of the Entrusted Assets to the extent
possible. 
  

	 	3.4.4	Assets and Liabilities Management. 

 Party B shall reasonably arrange and plan the products,
term, structure and return of the Entrusted Assets according to the features of Party A’s liabilities and try to achieve a dynamic and effective management of the Entrusted Assets. 

  
 11 

	 	3.4.5	Value Investment. 

 Party B shall focus on long-term and steady 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	Diversifying Investment. 

 Party B shall fully utilize the investment channels and instruments
permitted by laws, regulations and regulatory authorities, effectively diversify investment and reduce centralized investment risk through product deployment 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 the Entrusted Assets and deliver such plan to Party B in the form of Investment Guidelines. Party B shall conduct the investment management of the Entrusted Assets under this Agreement in accordance with the Investment
Guidelines formulated and amended from time to time by Party A. The detailed requirements are as follows: 
  

	 	(1)	Party A shall, during the term hereof, deliver the Investment Guidelines for any given calendar year to Party B prior to the end of the first quarter of such calendar year. If Party A fails to deliver the Investment
Guidelines prior to the end of the first quarter of such calendar year, it shall notify Party B in writing that the Investment Guidelines for the previous year shall still apply before the Investment Guidelines for such year is delivered.

  

	 	(2)	Party A may, during the term hereof, amend the Investment Guidelines based on the principle of caution and deliver such amendment in writing to Party B. Unless explicitly demanded by Party A, the amended Investment
Guidelines shall only 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 not be included in the performance review of Party B. 

  
 12 

	 	(3)	During the formulation of and/or amendment to Investment Guidelines, Party A shall consult with Party B for professional advice, and Party B shall provide sufficient professional advice in this regard.

  

	 	3.5.2	Contents of Investment Guidelines. 

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

	 	(1)	Investment objectives; 

  

	 	(2)	Investment scope; 

  

	 	(3)	Allocation of strategic assets; 

  

	 	(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 the 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 the Entrusted Assets as agreed upon by both parties under Section 5.5 hereof, and to examine, copy or duplicate accounts and books and
other documents relating to the Entrusted Assets; 

  

	 	(4)	To supervise, inspect and audit Party B in accordance with Sections 6.1, 6.2 and 6.3 hereof; 

  

	 	(5)	To enjoy the ownership of the Entrusted Assets; 

  

	 	(6)	To remove the 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 Entrusted Assets, and to request Party B to restore the
Entrusted Assets to their original status or indemnify Party A against any loss resulting therefrom; 

  
 13 

	 	(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 Section 7 hereof; 

  

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

  

	 	(3)	To notify Party B in a timely manner 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 commercial secrets of Party B confidential and not to disclose investment plans or investment intent; 

  

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

  

	 	(7)	To set forth and provide to Party B the accounting method and valuation method of the Entrusted Assets, form and manner in which the information is reported, instructions and notices are made; 

 

	 	(8)	Not to interfere with Party B’s normal investment decisions with respect to the Entrusted Assets; 

  

	 	(9)	Within the term hereof, to take necessary actions, including, without limitation, execution of necessary documents, to assist Party B in 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 and based on the principle of caution, to conduct investment portfolio management and make investment instructions with
respect to the Entrusted Assets under this Agreement, without prior notice to Party A; 

  

	 	(2)	With Party A’s authorization, to instruct the Custodian or clearing agent 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, and in accordance with this Agreement, exercise on behalf of Party A the shareholders’ right to the shares of the Entrusted Assets held by Party A under 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)	Within the scope of authorization, to invest and manage the Entrusted Assets carefully, honestly, diligently and dutifully so as to maximize the interest of the Entrusted Assets, and to take responsibility for
compliance and control over the investment and management of the Entrusted Assets as well as other management responsibilities as requested by Party A; 

  

	 	(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 the Entrusted Assets under this Agreement, and maximize the investment return through portfolio management, diversifying investment, and
reasonably and carefully evaluate, predict and control relevant risks and costs; 

  
 15 

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

  

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

  

	 	(5)	To execute 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 manner of any change to Party B’s internal investment
decision-making procedures or internal control policy regarding the Entrusted Assets, and submit the amended internal investment decision-making procedures or internal controls to Party A for record; 

 

	 	(7)	In accordance with applicable laws, regulations, and provisions under this Agreement, and at Party A’s request, to perform the information reporting obligation and submit various information reports to Party A in a
timely manner, and complete or assist Party A in accounting, financial information filing and tax declaration with respect to the Entrusted Assets; 

  

	 	(8)	Not to engage in the following activities when managing the Entrusted Assets under this Agreement: 

  

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

  

	 	(ii)	Assigning or re-entrusting the investment management obligations of the 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; 

  
 16 

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

 

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

 

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

 

	 	(12)	Not to seek holding and direct management of listed companies by using the Entrusted Assets; 

  

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

  

	 	(14)	To preserve complete files and materials relating to the Entrusted Assets in accordance with this Agreement, and not to disclose to 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; 

 

	 	(15)	Unless approved by Party A in writing, not to create any third party rights on the Entrusted Assets, including, without limitation, the creation of security rights such as pledge, mortgage and lien; 

 

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

  

	 	(17)	Within the term hereof, to take necessary actions, including, without limitation, execution of necessary documents, to assist Party A in performing its obligations; 

  
 17 

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

  

	 	(19)	Such other obligations as provided herein; and 

  

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

  

	5.	Services Provided by Party B. 

  

	 	5.1	Provision of Special Transaction Seat. 

 Party B shall be responsible for primary election of
the securities brokers as transaction seat service providers and submit to Party A for review and approval. Party A shall have the right to make further adjustments and request Party B to proceed with the securities brokers as determined by Party A.
Securities brokers which provide securities trading services shall be subject to the administrative measures on transaction counterparties separately formulated by Party A. Transaction commissions and fees shall be borne by Party A. 

 

	 	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 the 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 provided 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 canceling 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 the Entrusted Assets. 

  
 18 

	 	(2)	Party A shall provide Party B with assistance necessary for the opening of Securities Account. Party B shall complete the procedures for opening such account in a timely manner 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 at its own discretion, nor shall Party B engage in the business activities unrelated to the Entrusted Assets using the
Securities Account. 

  

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

  

	 	5.3	Management of the Entrusted Assets. 

  

	 	5.3.1	Investment Decision Management. 

  

	 	(1)	Party B shall establish a relatively centralized and multi-leveled internal investment decision-making authorization system, with integral power and liabilities, establish sound authorization criteria and procedures,
set forth explicitly internal authorization method, authorizing persons, authorized persons, authorization procedures, scope of authorization, term and responsibility of authorization, and the handling of acts exceeding the authorization scope,
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. 

  
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	 	(3)	Party B shall have sufficient basis and written records when making investment decision on the Entrusted Assets and shall specify the primary supporting factor for any decision. Relevant personnel in charge shall sign
on such records and important investment decision shall have detailed research report. 

  

	 	5.3.2	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 the Entrusted Assets, and set up back-up data system, and important data shall have back-up at another geographic location.

  

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

  

	 	5.3.3	Investment Risk Management. 

  

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

  

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

  
 20 

	 	5.4	Accounting and Valuation of the Entrusted Assets. 

  

	 	5.4.1	Party A, as the accounting entity, shall be responsible for determining and providing Party B in writing with the accounting policies and valuation principles of the Entrusted Assets and relevant management rules. Party
B, as the accountant in charge, shall be responsible for the accounting of Entrusted Assets, and in accordance with relevant laws and regulations and Party A’s requirements, organize and perform various financial tasks of the Entrusted Assets,
including, without limitation: 

  

	 	(1)	completing the accounting of the Entrusted Assets; 

  

	 	(2)	checking accounting records with the Custodian; and 

  

	 	(3)	providing Party A with accounting statements and financial information on the Entrusted Assets, including, without limitation, monthly, quarterly and final account statements, solvency reports, various statistical
information, foreign exchange regulatory reports and other supervisory or internal management reports. Specifics on formatting and requirements will be provided by Party A separately. 

 

	 	(4)	providing Party A with tax declaration forms of business tax, enterprise income tax and other documentations, materials that are required by tax authorities, and assist Party A in handling relevant tax matters.

 Party B shall ensure that the information provided is true, accurate, complete, consistent and up-to-date. 

 

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

  

	 	5.4.3	The accounting of the Entrusted Assets shall be strictly separated from the accounting of other assets. If Party A requests to categorize different assets of the Entrusted Assets and conduct separate accounting of such
assets, Party B shall cooperate and organize and implement such separate accounting. 

  

	 	5.4.4	Without Party A’s written consent, Party B shall not re-categorize the accounting items of the Entrusted Assets. 

  
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	 	5.5	Information Management of the Entrusted Assets. 

 Party B shall, in accordance with applicable
laws, regulations, requirements of regulatory authorities and Party A, submit to Party A various information reports on the Entrusted Assets in a timely manner, including, without limitation: 

 

	 	5.5.1	Daily report. 

  

	 	5.5.2	Monthly report (including detailed report on proceeds and fund appropriation, tax report and monthly analysis report, etc.). 

  

	 	5.5.3	Quarterly report (such as quarterly analysis report, etc.). 

  

	 	5.5.4	Semi-annual report (such as semi-annual analysis report, etc.). 

  

	 	5.5.5	Annual report (such as final accounting report and annual report, etc.). 

  

	 	5.5.6	Dedicated reports (such as report on irregular fluctuations in asset value, risk management and analysis of changes in market conditions, etc.). 

 

	 	5.5.7	Report on the regulation of insurance assets management. 

 See Exhibit II for details. 

 

	 	5.6	Identification and Handling of Transactions Exceeding the Authorization Scope. 

  

	 	5.6.1	Identification of Transactions Exceeding the Authorization Scope. 

  

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

 

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

  

	 	5.6.2	Handling of Transactions Exceeding the Authorization Scope. 

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

  
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	6.	Supervision and Inspection on 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 include daily inspection, annual review and special inspection. Daily inspection mainly covers the daily operation of the Entrusted Assets under this Agreement.
Annual review mainly includes Party A’s annual evaluation of the soundness and implementation of Party B’s internal investment decision-making procedures, review on the risk controls and its implementation, and assessment of the
rationality of the accounting. Special inspection mainly covers the followings: daily operation of the Entrusted Assets under this Agreement, whistle blowing by a third party, conflict of interest, emergencies or Party B’s violation of this
Agreement which may result in loss on the Entrusted Assets. 

  

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

  

	 	(3)	Party B shall ensure that the furnished information, data and materials of the Entrusted Assets are true, accurate and up-to-date. 

  

	 	6.1.2	Principal Methods of Supervision and Control. 

  

	 	(1)	Investment Supervision and Control. 

 Party A shall have the right to request Party B to
provide investment management system of the Entrusted Assets, so as to have timely access to and download data regarding investment transactions of the Entrusted Assets. 

  
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	 	(2)	Daily Report. 

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

	 	(3)	Custody Arrangement. 

 Party B shall, in accordance with 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 the Entrusted Assets. 

 

	 	(4)	Problem Solving. 

 Party A shall have the right to supervise and inspect investment decision
regarding the Entrusted Assets, and may send supervising personnel to station at Party B’s workplace. 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-examine the matter at hand and urge Party B to correct them. 

 

	 	6.2	Performance Appraisal on the Investment with Entrusted Assets 

 Party B shall, in the
principles of security, liquidity, the value investment of assets and liabilities management and diversification, strictly follow the Investment Guidelines and carry out investment activities with Entrusted Assets to realize a long-term and steady
investment return and to improve the long-term investment yield rate. Party A has the right to make performance appraisal regarding Party B’s investment, and shall be responsible for the preparation of appraisal standards and carry out
appraisal and review on Party B’s investment performance as at the end of the appraisal period determined by Party A and Party B. 

  
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	 	6.3	Audit of the 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, external accounting firm engaged by Party A and its registered accountants, and other
professionals to audit the investment operation and financial condition of the 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 following the end of each fiscal year, Party A or the accounting firm engaged by Party A and its registered accountants shall audit the annual financial statements of the Entrusted Assets.

  

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

  
 25 

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

  

	 	(5)	Party B shall actively cooperate and closely work with Party A, authorized representatives of Party A, accounting firm and its registered accountants, other professionals engaged by Party A, provide convenience
necessary for the auditing work by such persons, and provide, among others, books, accounts, transaction records, reports, information system and information related to portfolio of the 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 regulation. If there is any change to relevant investment decision-making procedures or
internal control regulation, Party B shall promptly notify Party A in writing, and submit the new investment decision-making procedures or internal control regulation related to business under this Agreement to Party A for record. 

 

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

  

	7.	Fees and Payment Method. 

  

	 	7.1	Basic Service Fee for Investment Management. 

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

	 	7.2	Adjustment to the Service Fee for Investment Management. 

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

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

  
 26 

	 	(2)	In the event that the actual investment return is lower than the benchmark investment return, Party A shall deduct a proportionate amount based on 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 basic service fee for investment management shall be calculated and paid on a monthly basis. 

Monthly basic service fee for investment management shall be calculated by multiplying the average of account balance value of the Entrusted
Assets (net of funds and interests from sale of securities under agreement to repurchase, and the principal and interests with respect to debt investment plans, equity investment plans, project asset-backed plans and customized non-standard
products) both at the beginning and the end of any given month by the basic annual rate, divided by twelve. 
 Party B shall, within five
Business Days following the end of any given billing period, gather relevant information, prepare the basic service fee report for such period and submit such report, related invoices and breakdowns to Party A. 

Unless Party A, within five Business Days after receiving the foregoing report, invoices and breakdowns, raises sufficient evidence for the
unreasonableness of the amount of the basic service fee, Party A shall, within 15 Business Days following the end of such billing period, remit the amount of the basic service fee as stated in such report, invoices and breakdowns into the account
designated in writing by Party B. 
  

	 	7.3.2	Due to the adjustment to the service fee for investment management at the end of each year, payment of service fee for the last billing period of each year shall be extended to a period of 30 Business Days following the
end of such billing period. 

  

	 	7.3.3	Rate of service fees for debt investment plans, equity investment plans, project asset-backed plans and customized non-standard products shall be otherwise determined based on specific project conditions.

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

 

	 	7.3.5	Both parties shall, in accordance with relevant regulations, pay their respective income taxes on their own. 

  

	 	7.3.6	If Party B violates the purpose of this Agreement, or its duties and responsibilities of management, or commits misconduct during asset management, which results in the loss on the Entrusted Assets, it shall not claim
the payment of investment management service fee before Party B has returned the Entrusted Assets to their original status or has paid compensation in this regard. 

 

	 	7.3.7	The adjustment to investment management service fee shall be calculated once in each fiscal year, any shortfall or excessive amount shall be adjusted when calculating service fee for investment management in the
following year, and either party shall have the right to recover such shortfall or excessive amount against the other party. 

  

	 	7.3.8	The cost and expense arising from the engagement of external auditors, actuaries, lawyers and other professionals by Party B 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 sent 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 seal/official seal as included in the Specimen of Signatures and Seals of Legal Representatives or
Authorized Representative. 

  

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

  
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	 	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 the other party with
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 both by fax and telephone at the same time, and such notice shall come into effect upon confirmation of receipt by the receiving
party. If the receiving party fails to confirm such receipt within two Business Days, the notice shall be deemed to have been duly received. 

  

	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. 

  

	 	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 mailing address, telephone number and encrypted fax number) to the other party for record. Either party shall
notify the other party of the change to contact information in advance. 

  
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	10.	Discussions and Communications. 

  

	 	10.1	Both Party A and Party B shall establish procedures for regular discussions and communications to ensure a timely, effective and smooth communication of information, so as to improve the efficiency of management of the
Entrusted Assets. 

  

	 	10.2	Party B shall regularly conduct meeting to report on the investment of the Entrusted Assets, communicating with Party A with respect to investment positions and discussing future investment strategies. In principle,
such meeting shall be convened at least once each quarter. 

  

	 	10.3	With respect to debts investment and equity investment plans, investments in bulk-holding stocks and bulk-holding funds, Party A has the right to designate its employees to conduct research together with Party B. Party
B shall promptly notify Party A of the research plan and any arrangements made therefore. 

  

	11.	Confidentiality. 

  

	 	11.1	Party B shall keep confidential information relating to the 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. 

  

	 	11.2	Party A shall keep confidential Party B’s investment plans and investment intent related to the 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. 

  

	 	11.3	Any party shall not disclose, leak to, or jointly use with any third party commercial secrets of the other party known 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. 

  

	 	11.4	The confidentiality obligations of both parties under this Agreement shall survive the termination of this Agreement until the fifth anniversary of date on which this Agreement is terminated. 

  
 30 

	 	11.5	If either party’s violation of its confidentiality obligations results in the loss of the other party, it shall compensate the other party accordingly. 

 

	12.	Counterparts, Effectiveness, Amendments, Renewal and Termination. 

  

	 	12.1	Counterparts, Effective Date and Term. 

  

	 	12.1.1	This Agreement shall become effective upon execution by both parties and their respective legal representative or authorized representatives, with their respective seals affixed hereto, and shall remain in effect until
December 31, 2015. 

  

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

 

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

  

	 	12.2	Amendments. 

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

	 	12.3	Renewal. 

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

	 	12.4	Termination. 

  

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

  

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

  

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

  

	 	(3)	Party A may terminate this Agreement at its own discretion if relevant regulatory authorities or Party A has sufficient reason or evidence to believe or prove that Party B is unable to continue to perform its assets
management obligations; 

  
 31 

	 	(4)	Party A may unilaterally terminate this Agreement when 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 unilaterally terminate this Agreement early if it is required by China Insurance Regulatory Commission to change the Investment Manager; 

 

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

  

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

  

	 	(10)	Party A considers the action or omission by Party B is in violation of laws, regulations or this Agreement; however, Party A shall provide relevant explanation to Party B. 

 

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

  

	 	12.4.3	If the default of one party results in the unilateral termination of this Agreement by the other party, such party shall indemnify the other party against its loss resulting from such default. 

 

	 	12.4.4	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 carefully custody of the Entrusted Assets and ensure the safety of the Entrusted Assets until all of Party A’s instructions on liquidation and hand-over of the Entrusted Assets have been completed. 

 

	 	12.4.5	Upon the termination of this Agreement, both parties shall complete the hand-over of the Entrusted Assets as soon as practicable, and all of the seals for Fund Account and account cards for Securities Account of Party
A, as well as all of the belongings under custody of Party B for performance of this Agreement, shall be returned, and the setup for liquidation and data transmission for relevant account and transaction seat shall be canceled. 

  
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	 	12.4.6	Upon the termination of this Agreement, Party B shall return the files on the Entrusted Assets to Party A, with hand-over procedures recorded in writing. 

 

	13.	Liability for Breach of Contract. 

 If any party hereto breaches 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. 

 

	14.	Exemption from Liability. 

  

	 	14.1	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. 

  
 33 

	 	14.2	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 alleviate the possible loss on the Entrusted Assets and the other party. 

  

	 	14.3	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. 

 

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

 

	 	14.5	The exemption provisions herein shall survive regardless of the manner in which this Agreement is terminated. 

  

	15.	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. 
 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 upon both
parties. 
 During any dispute or in the process of 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. 
  

	16.	Other Matters. 

 During the performance of this Agreement, transactions made by Party B on
behalf of Party A with a third party may constitute a related party transaction of Party A as specified under Administrative Measures on Related Party Transaction of China Life Insurance (Group) Company. Party B is obligated to identify such related
party transactions, furnish relevant information to Party A before the transaction and such transactions shall only be executed upon Party A’s approval. 

  
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 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. Such supplementary agreement shall be deemed an integral part of this Agreement and have the same legal affect as this Agreement. 

In the event that there is any conflict among the body text, Exhibits and supplementary agreement of this Agreement, if they are made at the
same time, the body text of this Agreement shall prevail, and if made at a different time, supplements or amendments made later shall prevail. 
 Exhibits:

  

	I.	List of the Entrusted Assets 

  

	II.	Rules of China Life Insurance (Group) Company on Information Reports on Entrusted Assets 

  

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

  

  
 35 

			
	 Party A:
		 Party B:

		
	China Life Insurance (Group) Company (Seal)		China Life Insurance Asset Management Company Limited (Seal)
		
	 Legal Representative/
 Authorized Representative
(Signature)
		 Legal Representative/
 Authorized Representative
(Signature)

  
 36

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