Document:

EX-4.3

Table of Contents

 Exhibit 4.3 

English Translation 

Policy Management Agreement 

between 
 China Life
Insurance (Group) Company 
 and 

China Life Insurance Company Limited 

Table of Contents

 Table of Contents 

 

							
	 1.
	 	AUTHORIZATION	  	 	1	 
			
	 2.
	 	BASIC PRINCIPLES	  	 	2	 
			
	 3.
	 	SCOPE OF AGENCY	  	 	4	 
			
	 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	  	 	11	 
			
	 13.
	 	INDEMNIFICATION	  	 	11	 
			
	 14.
	 	LIABILITY FOR BREACH	  	 	11	 
			
	 15.
	 	TERMINATION	  	 	12	 
			
	 16.
	 	FORCE MAJEURE	  	 	13	 
			
	 17.
	 	CONFIDENTIALITY	  	 	14	 
			
	 18.
	 	ASSIGNMENT	  	 	14	 
			
	 19.
	 	NON-WAIVER	  	 	14	 
			
	 20.
	 	NOTICES	  	 	14	 
			
	 21.
	 	PERFORMANCE OF THIS AGREEMENT	  	 	15	 
			
	 22.
	 	FURTHER ACTIONS	  	 	15	 
			
	 23.
	 	GOVERNING LAW AND DISPUTES SETTLEMENT	  	 	15	 
			
	 24.
	 	EFFECTIVENESS, VERSIONS AND MODIFICATIONS	  	 	15	 

  
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Table of Contents

 This Policy Management Agreement (the “Agreement”), is entered into on
December 26, 2017 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. 

  
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	 	2.5	When performing the agency duties, Party B shall assume the responsibility of compliance monitoring for the agency businesses, observe compliance obligations in relation to, among others, anti-money laundering,
solvency, taxation and finance, as well as other compliance obligations under applicable laws and regulations or as required by competent authorities and financial regulators, promptly monitor and actively deal with compliance risks in connection
with the agency businesses to ensure that the agency businesses and relevant management work are compliant with appropriate requirements. In case of violation of compliance obligations and/or losses incurred by Party A, Party A shall have the right
to seek liabilities against Party B, and Party B shall rectify the violation in a timely manner and compensate Party A for the losses. 

  

	 	2.6	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. 

  

	 	2.7	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. 

  

	 	2.8	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. 

 

	 	2.9	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.” 

  

	 	2.10	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.

  

	 	2.11	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. 

  

	 	2.12	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. 

  
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	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; 

  

	 	(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	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. 

  
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	 	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	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. 

  

	4.	Account and Account Management 

  

	 	4.1	Party B shall open accounts for agency business in accordance with the 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 for any increases or decreases in such accounts, with units on the provincial level as a whole, a prior approval of Party A is required in case of increase in the
total number of accounts, or Party B may proceed directly according to its own relevant regulations in case of no increase in the total number of accounts. 

  

	 	4.2	The headquarters of Party B may have accounts for both income and payments in relation to the agency business, and provincial branches of Party B shall separately open agency business income accounts and payment
accounts exclusively for settlement of income and payments in regard to the agency business. 

  

	 	4.3	

  

	 	(1)	The city-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. Party B’s branches shall transfer the funds in relation to the agency business in a timely manner to the income account or the account for both income and payments 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. 

  
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	 	4.4	

  

	 	(1)	The city-level branches of Party B shall open payment accounts for the agency business in accordance with the needs of the agency business. 

 

	 	(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. 

  

	 	(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. 

  

	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. 

  
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	 	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. 

  

	 	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. 

  
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	 	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. 

 

	 	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. 

  

	 	7.2	Payment procedure for service fees: 

  
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	 	(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. 

 

	 	(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. 

  

	 	(iii)	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. 

  

	 	7.3	Provisions on taxation for the service fees 

  

	 	(i)	The service fees are VAT inclusive. Unless agreed in writing by the two parties, Party B will not otherwise collect any VAT or surcharges in addition to the contract price for the agency business; 

 

	 	(ii)	Party B shall provide Party A with legal and valid VAT special invoices; 

  

	 	(iii)	The two parties hereto shall perform their respective tax payment and withholding obligations resulting from this Agreement according to applicable tax laws. 

 

	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. 

  
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	 	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. 

 

	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. 

  
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	12.	Term 

  

	 	12.1	This Agreement shall remain in effect until December 31, 2020. 

  

	 	12.2	During the effective term hereof, each party shall have the right to send a written notice of no less than 90 days to the other party for early termination of this Agreement. 

 

	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 case of any economic losses incurred by Party A resulting from Party B’s violation of this Agreement in dealing with the insurance
agency business hereunder or due to Party B’s errors in connection with the agency business, Party A shall have the right to require Party B to compensate for its actual losses. 

 

	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)	The term of this Agreement expires; 

  

	 	(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. 

  
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	 	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. 

  

	 	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. 

  
 13 

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	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. 
  

	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
	Facsimile: 010-66009301	  	Facsimile: 010-66575722

 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. 

  
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	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. 

  

	 	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 as from January 1, 2018. 

  

	 	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. 

  
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	 	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). 

 

	 	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. 

  
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 Signature page: 
  

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

  
 17EX-4.6

Table of Contents

 Exhibit 4.6 

English Translation 

Asset Management Agreement 

between 
 China Life
Insurance Company Limited 
 and 

China Life Investment Holding Company Limited 

Table of Contents

 Table of Contents 

 

							
	 1.
	 	DEFINITIONS AND INTERPRETATION.	  	 	1	 
			
	 2.
	 	INVESTMENT MANAGEMENT OF ENTRUSTED ASSETS.	  	 	3	 
			
	 3.
	 	INVESTMENT GUIDELINE.	  	 	14	 
			
	 4.
	 	REPRESENTATIONS AND WARRANTIES OF BOTH PARTIES.	  	 	15	 
			
	 5.
	 	PARTY A’S RIGHTS AND OBLIGATIONS.	  	 	16	 
			
	 6.
	 	PARTY B’S RIGHTS AND OBLIGATIONS.	  	 	18	 
			
	 7.
	 	RISK CONTROL.	  	 	21	 
			
	 8.
	 	INSPECTION, SUPERVISION AND REVIEW.	  	 	21	 
			
	 9.
	 	INVESTMENT MANAGEMENT FEES AND PERFORMANCE INCENTIVE PAYMENT.	  	 	23	 
			
	 10.
	 	THIRD PARTY COST AND EXPENSE.	  	 	27	 
			
	 11.
	 	CONFLICTS OF INTEREST AND PROHIBITED ACTIVITIES.	  	 	27	 
			
	 12.
	 	CO-INVESTMENT.	  	 	29	 
			
	 13.
	 	CONFIDENTIALITY.	  	 	30	 
			
	 14.
	 	BREACH OF CONTRACT AND INDEMNIFICATION.	  	 	31	 
			
	 15.
	 	FORCE MAJEURE.	  	 	32	 
			
	 16.
	 	TERMINATION.	  	 	33	 
			
	 17.
	 	PERFORMANCE.	  	 	34	 
			
	 18.
	 	NOTICES.	  	 	35	 
			
	 19.
	 	ASSIGNMENT.	  	 	36	 
			
	 20.
	 	SEVERABILITY.	  	 	36	 
			
	 21.
	 	GOVERNING LAW AND DISPUTE RESOLUTION.	  	 	36	 
			
	 22.
	 	EFFECTIVENESS, COUNTERPARTS AND OTHERS.	  	 	36	 

  
 i 

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 This Asset Management Agreement (“Agreement”) was entered into by and between the following two
parties in Beijing on [            ], 2017 in accordance with applicable laws, regulations and rules: 
  

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

 Address: China Life Plaza,
16 Financial Street, Xicheng District, Beijing 
  

	•	 	China Life Investment Holding Company Limited (“Party B”) 

 Address: 11/F,
China Life Center, 17 Financial Street, Xicheng District, Beijing 
 WHEREAS, 
  

	(1)	Party A is a duly organized and validly existing joint stock company engaged in life insurance business; 

  

	(2)	Party B is a duly organized and validly existing limited liability company engaged in investment management and asset management and having the qualification to carry out the asset management hereunder.

 THEREFORE, based upon the principles of equality and mutual benefit and through friendly negotiations, the parties agree as follows: 

 

	1.	Definitions and Interpretation. 

  

	 	1.1	“Regulators” refers to organizations that perform supervision and regulation over insurance companies and use of insurance funds according to applicable laws and regulations, including but not limited
to China Insurance Regulatory Commission (“CIRC”), the People’s Bank of China, State Administration of Foreign Exchange and State Administration of Taxation. 

 

	 	1.2	“Alternative Investments” refers to private equity investment, investment in real estate investment and related financial products and securitization financial products using insurance funds as
permitted by the Regulators. 

  

	 	1.3	“Equity” refers to equity interests in a joint stock company or limited liability company that is duly organized and registered within or outside of the PRC and not publicly listed on any securities
exchange. 

  

	 	1.4	“Real Estate” refers to any land, building and any other structure attached to the land within or outside of the PRC. 

  
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	 	1.5	“Related Financial Products” refers to real estate investment funds and equity investment funds, the underlying assets of which are non-financial securities
assets such as equity and real estate, as well as any other financial products invested with insurance funds as permitted by the Regulators and recognized by both parties, the underlying assets of which have been examined by China Life Investment
Holding Company Limited, including infrastructure investment plans and project asset-backed plans issued with China Life Investment Holding Company Limited as the sponsor or a participant. 

 

	 	1.6	“Securitization Financial Products” refers to any wealth management products of commercial banks, credit asset-backed securities of banking financial institutions, collective fund trust schemes of trust
companies and special assets management schemes of securities companies, which are permitted for investment using insurance funds by the Regulators and the investment targets of which are Equity and Real Estate. The underlying assets of the above
products have been examined by China Life Investment Holding Company Limited. 

  

	 	1.7	“Entrusted Investment Management” refers to the professional investment, operation and relevant management and services provided by Party B at its own discretion with respect to Party A’s
investment of its insurance funds in Equity, Real Estate and Related Financial Products and Securitization Financial Products within the scope of insurance fund investment delineated in the Insurance Law of the People’s Republic of China
(“Insurance Law”), other applicable laws and regulations and applicable rules of the Regulators, in accordance with this Agreement and in the name of Party A, and limited by the Investment Guideline formulated in written form and amended
by Party A and as submitted to Party B in accordance with this Agreement. Such services shall include (without limitation) to project selection, due diligence, engagement of intermediaries, investment decision-making, negotiation and execution of
agreements, daily management of fund accounts, unified filing, closing, subsequent management and exits of investment projects. 

  

	 	1.8	“Investment Assets” refers to Party A’s assets invested in Equity, Real Estate, and Related Financial Products and Securitization Financial Products under this Agreement, including insurance assets
entrusted by Party A to Party B for investment management before this Agreement comes into effect, the investment funds transferred into the Fund Account by Party A from time to time during the term hereof, and the assets and income generated by
Party B in its investment management of such funds, but excluding the funds transferred out of the Fund Account by Party A. 

  
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	 	1.9	“Investment Guideline” refer to the written document formulated by Party A for the purpose of carrying out the entrusted investment business hereunder and amended by Party A from time to time as maybe
required, defining the scope, categories and proportions of the investment by Party B; setting forth the limitations on investment strategies, service requirements, risk control and performance evaluation methods; and providing, among other things,
objectives of investment return. The Investment Guideline and this Agreement together shall constitute the entire transaction document between Party A and Party B with respect to the subject matter hereof. 

 

	 	1.10	“Fund Account” refers to the bank escrow account opened or designated by Party A in accordance with external regulatory rules and entrusted for management by Party B. Such Fund Account is used
exclusively for the deposit of entrusted investment funds hereunder and the settlement of entrusted alternative investment business. 

  

	 	1.11	“Custodian/Custodian Bank” refers to the commercial bank qualified to keep custody of the insurance funds and having other qualifications required by the Regulators, which is designated by Party A to
keep custody of the entrusted assets under this Agreement. 

  

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

  

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

  

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

  

	2.	Investment Management of entrusted assets. 

  

	 	2.1	Authorization and Authorized Cap Amount. 

  

	 	2.1.1	Party A shall entrust the entrusted assets to Party B for investment management, provided that Party A shall have the ownership of the entrusted assets and their investment gains. During the term of this Agreement,
Party A shall retain the ownership of the entrusted assets and shall be entitled to investment gains of, and bear the investment losses of, the entrusted assets. However, Party B shall bear the losses incurred due to Party B’s action
unauthorized under this Agreement and Investment Guideline without Party A’s consent or Party B’s failure to act according to Party A Instructions, Party A Notice and Party A Reminder. 

  
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	 	2.1.2	Party B shall cooperate in relation to the Strategic Investment Decisions made by Party A for its investment and self-use projects as required by the business or company
development, which fall under the Entrusted Investment Management hereunder. However, such investment may not be included in the year-end performance evaluation of Party B. 

 

	 	2.1.3	Party A shall, within 30 business days following the execution of this Agreement or at any other time mutually agreed by both parties, carry out such authorization procedures necessary to enable Party B to engage in
project selection, due diligence, engagement of intermediaries, investment decision-making, negotiation and execution of related investment agreements, daily management of Fund Accounts, unified filing, closing, subsequent management and exits of
investment projects, for the purpose of this Agreement and within the scope of authorization by Party A; provided, however, that Party B may not engage in activities that may not be delegated from Party A to Party B in accordance with applicable
laws, regulatory requirements and corporate governance of Party A. 

  

	 	2.1.4	The Parties agree and confirm that Party B may retain the services of attorneys, auditors, appraisers and other professionals in the name of Party B for the purpose of this Agreement, and at the cost of Party B.

  

	 	2.1.5	In consideration of the current situation of the Entrusted Investment Management between Party A and Party B, as well as the need in connection with the growth of Party A’s Alternative Investments business within
the next two years and daily liquidity arrangements for the investment fund, both Parties reasonably expect and agree that during the term of this Agreement, the cap amounts for the funds entrusted to Party B for Alternative Investments by Party A
and the remuneration to be received by Party B from Party A shall be as follows: 

  
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 (1) The contractual amount of the Investment Assets entrusted by Party A to Party B
pursuant to the Agreement for management will not exceed RMB550 billion or its equivalent in foreign currency (including the contractual amount already entrusted prior to the execution of the Agreement and the contractual amount to be entrusted
during the term of the Agreement) as at the expiry of the Agreement, wherein the contractual amount to be entrusted in 2017 will not exceed RMB200 billion or its equivalent in foreign currency, and the contractual amount to be entrusted in 2018
will not exceed RMB200 billion or its equivalent in foreign currency. In addition, the contractual amount for purchasing Related Financial Products issued with Party B as the sponsor or a participant using Investment Assets entrusted by Party A
in 2017 will not exceed RMB80 billion or its equivalent in foreign currency (including entrusted management fee), and the contractual amount for purchasing Related Financial Products issued with Party B as the sponsor or a participant using
Investment Assets entrusted by Party A in 2018 will not exceed RMB80 billion or its equivalent in foreign currency (including entrusted management fee). 

(2) Both Parties reasonably expect and agree that the investment management fee and performance incentive fee (including floating management
fee and performance fee for projects with non-fixed return) payable to Party B pursuant to the Agreement will not exceed RMB0.63 billion or its equivalent in foreign currency in 2017, and will not exceed
RMB0.99 billion or its equivalent in foreign currency in 2018 investment management fee. 
  

	 	2.2	Opening Fund Accounts. 

  

	 	2.2.1	Party A shall open Fund Account at a commercial bank or commercial banks mutually agreed upon by the Parties, based on product types (e.g., traditional insurance products, participating insurance products), and for the
purposes of increasing or decreasing the amount of entrusted Investment Assets hereunder. 

  

	 	2.2.2	Party A shall authorize Party B to conduct day-to-day management of the Fund Account. Party B shall establish strict internal control
system for fund management, and be responsible for the safety, compliance and orderly management of the Fund Account. 

  
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 (1) Party B shall be responsible for safekeeping and use of the reserved seals of the Fund
Account; 
 (2) Party B shall directly issue instructions of fund transfer and settlement to Custodian Banks with which Fund Account
are opened. 
  

	 	2.2.3	Party A may issue to Party B, in written form, fund transfer instructions with respect to the investment and management of the entrusted assets, and Party B shall be obligated to carry out such instructions. In the
event of emergency, Party A may issue the instruction via telephone; provided, however, Party A shall confirm such instruction in written form immediately after the end of the emergency. 

 

	 	2.3	Independence of the entrusted assets. 

  

	 	2.3.1	Party B hereby covenants that entrusted assets shall be kept separate from the proprietary assets and other assets managed by Party B. Party B may not mix up the entrusted assets with the proprietary assets and
other assets managed by Party B, and may not handle any entrusted assets for any purpose outside of those provided in this Agreement. 

  

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

 

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

  

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

  

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

  
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	 	2.4	Investment Decisions 

  

	 	2.4.1	As for the investment project within the authorized cap amount, Party B shall diligently perform its duties and conduct due diligence investigation on its own, engage in negotiation of agreements, analysis of
investment value and risks, analysis of the legitimacy and compliance concerning the investment, engage in investment decision-making on its own and assume responsibilities for compliance control. All decisions and acts of Party B shall not hinder
or otherwise adversely affect the legal rights and the exercise thereof of Party A and shall not cause any risks to Party A caused by non-compliance with PRC laws, administrative regulations, rules of the CIRC
and regulatory rules for listed companies. 

  

	 	2.4.2	Except for obvious connected transactions of Party A as agreed hereunder (that is, purchase of infrastructure investment plans and project asset-backed plans issued with Party B as the sponsor or a participant as
described herein and joint investment transactions), if an investment project may constitute a connected transaction of Party A, Party B shall prudentially conduct connected transaction vetting prior to engaging in such a project, and fully
communicate with Party A at least 20 working days before the date of Party B’s investment decision meeting. For any investment project that may constitute a connected transaction of Party A, Party B shall, according to applicable laws,
regulations, regulatory rules for listed companies and Party A’s company policies and rules, cooperate with Party A with respect to relevant corporate governance procedures and information disclosure matters such as review by board of directors
and/or shareholders meeting, and Party B shall be responsible for the authenticity, accuracy, completeness and compliance of the information provided by Party B to Party A. Party A will determine whether an investment project constitutes a connected
transaction of Party A based on the information provided by Party B and determine what decision making procedures will be taken based on the transaction amount. If it constitutes a connected transaction of Party A, Party B shall not carry out the
investment until it is approved by Party A; for avoidance of any doubt, Party A will be only responsible for reviewing whether an investment project constitutes a connected transaction of Party A, fair pricing of a connected transaction and fee
structure, and will not make any judgment on investment decisions. If any investment project constituting a connected transaction needs to be submitted to Party A’s board of directors and/or shareholders meeting for review, Party B shall notify
Party A in writing at least 10 working days before the meeting of board of directors and/or shareholders meeting. Party A will carry out relevant procedures based on the project materials provided by Party B and while conducting relevant procedures
of Party A, Party B shall not be exempted from its responsibilities regarding the Entrusted Investment Management such as investment decision-making. 

  
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	 	2.4.3	For the investment project within the authorization scope and the authorized cap amount pursuant to the Agreement and Investment Guideline, if it constitutes a material transaction or according to regulatory
requirements, requires relevant corporate governance procedure such as the review by Party A’s board of directors and/or shareholders meeting as well as any information disclosure procedures, such procedure shall be determined with reference to
that under Section 2.4.2. 

  

	 	2.5	Execution of Investment Agreement and Payment of Investment Funds. 

  

	 	2.5.1	Within the scope of authorization set forth in Appendix 1 and Appendix 2 hereto, Party B is entitled to execute investment agreements for projects and other relevant documents on behalf of Party A. Party A
doesn’t need to go through a separate internal approval process. Within the scope of authorization, for matters that involve the establishment, change, and termination regarding Party A’s ownership and equity of the Investment Assets and
require signature of Party A as a result of state policies and regulatory requirements or other matters that require signature of Party A, Party A shall cooperate in a timely manner to complete relevant signing process upon Party B’s
application. Party A will not conduct a substantive review over the documents to be signed and relevant matters, and Party B shall be responsible for the authenticity, accuracy, completeness and compliance of the documents to be signed, and while
conducting signing application processes, Party B shall not be exempted from its responsibilities regarding the Entrusted Investment Management such as investment decision-making. 

  
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	 	2.5.2	Party B shall specify in the executed investment agreements the payment terms and payment date for the investment funds and shall, after signing the investment agreements, examine whether the payment terms for the
investment fund of the investment project have been satisfied in accordance with the investment agreements, decide the amount and time of the payment and submit a formal transfer application to Party A by the form of an official document at least 10
working days prior to the payment of the investment funds. Party A shall make payment of the investment funds according to the transfer application and transfer procedures from Party B and Party B shall be responsible for the accuracy, timeliness
and compliance of the payment of investment funds for the investment projects. 

  
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	 	2.6	Post- investment Management and Exit from Investment Projects. 

  

	 	2.6.1	For Investment Assets entrusted by Party A to Party B for management, Party A hereby entrusts Party B to manage the entire post-investment process from initial investment to exiting from investment project, which
includes, without limitation: 

 (1) to carry out, in the name of Party A, change of business license, title registration and
other matters that are the responsibilities of Party A under the investment agreements; 
 (2) to accept the delivery of investment
portfolio in accordance with the investment agreements, to establish, in the name of Party A, project companies, special purpose vehicles (SPV), relevant partnership enterprises and other legal entities for the purpose of investment in Equity and
Real Estate (such entities are established for the sole purpose of project investment), to appoint directors, supervisors and senior officers of portfolio companies, and exercise all powers and rights of Party A under the investment agreements; 

(3) to be responsible for project operation and management, or to retain intermediary agencies for project operation and management based on
the need of the project and to apply to Party A for transfer of the funds required by the project operation and management; 
 (4) to attend
shareholder meetings, board meetings and supervisor meetings, partner meetings and trust beneficiary meetings of portfolio companies on behalf of Party A, and to cast vote on relevant proposals. To handle disputes related to investment projects on
behalf of Party A, including but not limited to litigation, arbitration and administrative penalties. 
  

	 	2.6.2	In case of follow-up investments in the existing investment portfolio, relevant work and procedures shall be conducted with reference to provisions on investment projects
(including but not limited to Section 2.1, Section 2.4 and Section 2.5) under this Agreement. 

  

	 	2.6.3	In case of maintaining investment projects, Party B shall return investment gains generated during the process of investment management and already transferred to the Fund Account to account(s) designated by Party A
within two (2) business days. 

  
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	 	2.6.4	In case of exiting from investment projects, the Parties shall conduct relevant work and procedures with reference to the provisions on investment projects under this Agreement (including but not limited to
Section 2.1, Section 2.4 and Section 2.5). Party B shall return the project investment fund and investment gains to account(s) designated by Party A within two (2) business days. 

 

	 	2.6.5	In case of exiting from investment projects, or selling equity interests in investment projects to other joint venture partners or related parties, which might constitutes a connected transaction of Party A or requires
disclosure on such transaction, Parties shall conduct relevant work and procedures with reference to the provisions on investment projects under this Agreement (including but not limited to Section 2.1, Section 2.4 and Section 2.5).

  

	 	2.7	Reports. 

  

	 	2.7.1	Unless otherwise provided in this Agreement, Party B shall complete all regulatory filings of the investment projects concerning the entrusted assets such as submission for application, registration and reporting, and
shall be responsible for compliance control and CIRC required scoring process. 

  

	 	2.7.2	Within sixty (60) days after the last day of each calendar year, Party B shall prepare and submit to Party A an annual report on the investment management of Investment Assets (“Annual Report”). The
Annual Report should include a general description of the investment portfolio, post-investment management and operation, asset valuation, investment return and the comprehensive investment return of that year, project risk evaluation and analysis,
major emergency events and their respective handling, and other prudential considerations. 

  

	 	2.7.3	Within thirty (30) days after the last day of each calendar quarter, Party B shall prepare and submit to Party A a written report on the investment management and structure of entrusted assets. The report should
include a general description of the investment portfolio, post-investment management and operation, asset valuation, project risk evaluation and analysis, major emergency events and their respective handling, and other prudential considerations.

  
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	 	2.7.4	Party B shall, at the request of Party A, provide to Party A the financial, investment and risk reports and market analysis reports of entrusted assets. The reports provided by Party B shall fully reflect its
professional capability and service quality, and sufficiently disclose the types of risks facing the entrusted assets. 

  

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

  

	 	2.7.6	Party B shall ensure that the reports, statements, descriptions and information described under the foregoing Sections are true, complete, prompt, accurate and in compliance. 

 

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

  

	 	2.8	Accounting Responsibility. 

  

	 	2.8.1	Party A shall undertake the accounting responsibility of entrusted assets, and shall be ultimately liable for accounting responsibility of entrusted assets. Party A, as the owner of the entrusted assets, shall provide
to Party B the accounting method and assets valuation method of the entrusted assets under PRC Enterprise Accounting Principles and International Financial Reporting Standards. Valuation of the entrusted assets shall be conducted in accordance with
provisions of applicable laws and regulations and the valuation method issued by China Life Insurance Company Limited. 

  
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	 	2.8.2	Party B shall, in accordance with Party A’s requirements, conduct accounting and financial management of entrusted assets, and be responsible for the quality of the accounting work. Party B shall, in accordance
with tax regulations and Party A’s requirements, continue to strengthen tax management, carefully conduct tax treatment and provide in a timely manner relevant reports, statements and other materials pursuant to requirements of the Regulators.

  

	 	2.8.3	Party B shall obtain VAT special invoices for costs and expenses payable by Party A during the entrusted investment (except for costs and expenses incurred abroad). Party B shall review and verify such obtained VAT
special invoices and make appropriate deductions, and provide information such as input tax data collection form on a monthly basis to ensure proper deductions of input tax for the entrusted assets. 

 

	 	2.8.4	Party B shall be equipped with sufficient financial employees to satisfy the accounting management needs of the entrusted investment, and accept guidance and training of Party A in relation to financial matters.

  

	 	2.9	Reconciliation. 

  

	 	2.9.1	Party B shall reconcile the Fund Accounts within ten (10) business days following the end of each calendar month. Party B must ensure current accounts with Party A and the Custodian Bank selected by Party A are
clear and consistent. 

  

	 	2.9.2	Party B shall retain paper-based accounting files including but not limited to records, accounting documents, books and statements related to the investment management of entrusted assets in their entirety for no less
than thirty (30) years, and accounting documents and general ledger data (including annual and monthly summary data) must be retained permanently. Party B shall be responsible for loss or destruction of any accounting documents. Party B’s
responsibility for retention of accounting files will not be released by virtue of termination of the custody agreement, and Party B shall continue performing its responsibilities in relation to retention, enquiry and duplication of accounting files
after termination of the custody agreement. 

  
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	 	2.9.3	The frequency and method of reconciliation with the Custodian Bank and Party A in relation to entrusted assets shall be compliant with the score requirement of CIRC’s C-ROSS
IRR (Classified Regulation) in relation to financial management and operation risks and other requirements of the Regulators. 

  

	3.	Investment Guideline. 

  

	 	3.1	Delivery of Investment Guideline. 

 Within the term of this Agreement, Party A shall formulate
the Investment Guideline on a yearly basis and, within 20 business days following the start of each year, provide to Party B in written the Investment Guideline. If Party A does not provide the Investment Guideline in a timely manner, the Investment
Guideline most recently delivered by Party A shall apply to Party B’s management of entrusted assets. The Statement of Service Standards will be distributed together with the annual Investment Guideline. 

 

	 	3.2	Amendment to Investment Guideline. 

  

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

  

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

 

	 	3.3	Changes to Investment Guideline. 

  

	 	3.3.1	If Party B has disagreement over the amended Investment Guideline, it shall, within three (3) business days after receiving the notice, notify Party A and state its reasons in written. Party A shall, within three
business days after receiving Party B’s notice, give written response. During such disagreement period, Party B shall implement the original Investment Guideline; 

  
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	 	3.3.2	If Party A decides to keep the amendment, Party B shall comply. If Party A withdraws the amendment, the original Investment Guideline shall apply. 

 

	4.	Representations and Warranties of Both Parties. 

  

	 	4.1	Representations and Warranties of Both Parties. 

 Each party hereto shall make the following
representations and warranties to the other party that: 
  

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

  

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

 

	 	4.2	Party A’s Representations and Warranties. 

  

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

  

	 	4.2.2	It shall bear any losses on entrusted assets or other funds of Party A arising from the operational risks of other parties to the transactions, including, without limitation, the liquidation of relevant banks; However,
losses incurred due to Party B’s fault shall be assumed by Party B; and 

  

	 	4.2.3	It shall acknowledge and agree that Party B shall not make undertakings or guarantees for the investment gains of entrusted assets under this Agreement, and shall not undertake or guarantee that entrusted assets shall
not suffer losses, provided that Party B has fulfilled its duty as a good faith and reasonable manager in accordance with this Agreement. 

  
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	 	4.3	Party B’s Representations and Warranties. 

  

	 	4.3.1	Within the term of this Agreement, it has all qualifications required for managing the Alternative Investment assets of Party A, and it shall be equipped with experienced professionals appropriate for the scale and
categories of entrusted assets to be in charge of the investment and management of entrusted assets. 

  

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

 

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

  

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

 

	5.	Party A’s Rights and Obligations. 

  

	 	5.1	Party A’s Rights. 

  

	 	5.1.1	It shall have the ownership and relevant rights of entrusted assets and investment gains thereof; 

  

	 	5.1.2	It shall be entitled to the economic benefits that are supposed to belong to it due to Party B’s unfair treatment to the entrusted assets, Party B’s self-owned assets and other assets entrusted by a third
party; 

  
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	 	5.1.3	It shall have the right to supervise, inspect, examine and evaluate the investment operation of entrusted assets under this Agreement; 

 

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

  

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

 

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

  

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

  

	 	5.1.8	Subject to regulatory requirements and Party B’s obligations to other entrusting parties, it may check the accounting system of Party B and request Party B to state the reasons for significant issues in writing;

  

	 	5.1.9	Such other rights as provided herein; and 

  

	 	5.1.10	Such other rights as provided by laws and regulations. 

  

	 	5.2	Party A’s Obligations. 

  

	 	5.2.1	Party A shall, in accordance with this Agreement, pay fees for the management of entrusted assets, performance incentive and related payments and expenses in a timely manner, and such amounts are all VAT inclusive.
Party B will not otherwise charge for any VAT and surcharges applicable to the business hereof in addition to the amounts set forth herein unless agreed in writing by both parties; 

 

	 	5.2.2	Party B shall provide Party A with legal and valid VAT special invoices that are recognized by Party A for the investment management fees and performance incentives receivable hereunder. For losses of Party A in
enterprise income tax caused by Party B’s failure to provide legal and valid certificates that are recognized by Party B, Party B agrees it will indemnify against such losses (or make corresponding deductions from settlement amounts).

  
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	 	5.2.3	It shall formulate and provide Investment Guideline in a timely fashion; 

  

	 	5.2.4	It shall provide to Party B periodically materials and data information regarding legal compliance as well as regulatory requirements on insurance companies issued by the CIRC. It shall promptly consult with Party B in
regard to any significant event that may affect cash flow, such as significant changes of insurance market, company products and adjustment to channel strategies. With respect to the transfer of relatively large-scale fund as requested by the debtor
of entrusted assets, it shall consult with and notify Party B in advance, and cooperate with Party B to lessen the effect of such transfer on investment of entrusted assets; 

 

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

 

	 	5.2.6	Such other obligations as provided herein; and 

  

	 	5.2.7	Such other obligations as provided by laws and regulations. 

  

	6.	Party B’s Rights and Obligations. 

  

	 	6.1	Party B’s Rights. 

  

	 	6.1.1	Unless otherwise provided by laws, regulations or this Agreement, subject to the terms and conditions hereof and the Investment Guideline, Party B shall have the right to conduct investment management and make
investment instructions with respect to entrusted assets under this Agreement, without giving prior notice to Party A; 

  

	 	6.1.2	It shall collect the investment management fees and performance bonuses in accordance with this Agreement; 

  

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

  

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

  

	 	6.1.5	Such other rights as provided herein; and 

  

	 	6.1.6	Such other rights as provided by laws and regulations. 

  
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	 	6.2	Party B’s Obligations. 

  

	 	6.2.1	Party B shall ensure that its qualification to manage the Alternative Investment remains current and valid during the term of this Agreement. It shall honestly, carefully and diligently manage the entrusted assets and
shall ensure that entrusted assets of Party A comply with laws, administrative regulations and relevant CIRC rules. In the event of any legal risks with respect to non-compliance with laws, administrative
regulations and relevant CIRC rules due to Party B’s intention or gross negligence, Party B shall take all measures to resolve such issues. If, as a result, there is any adverse effect caused to Party A, including suffering any economic losses
or causing any administrative penalties and civil actions, Party B shall be responsible to compensate any direct losses suffered by Party A; 

  

	 	6.2.2	Party B shall, in accordance with laws, regulations, regulatory requirements, this Agreement, Investment Guideline and Party A’s written instructions, conduct Entrusted Investment Management and respond effectively
to Party A Notices and Party A Reminders in a timely fashion and take necessary actions to implement such notices and reminders. Party B shall take full consideration of the effect of tax when making an investment decision and shall fully assess the
tax costs and tax risks when operating investment business. According to current tax laws and regulations, tax payment obligations (and withholding obligations) of the two parties arising hereunder shall be borne respectively by each party;

  

	 	6.2.3	Party B shall periodically provide to Party A the forecast of needs for fund expenses of entrusted assets and information that may be subject to significant change and shall communicate with Party A in a timely manner.
With respect to relatively large-scale needs for fund expenses, Party B shall consult and notify Party A in advance and shall actively cooperate with Party A with respect to fund planning and cash flow management. 

 

	 	6.2.4	Party B shall, in accordance with this Agreement and the Investment Guideline, perform obligations such as special management, accounting responsibility, report obligation, risk control, file management, system
management and other service obligations; 

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

  

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

  

	 	6.2.7	It shall initiatively assist in the implementation of Party A’s investment management system and financial system, provide relevant data required by such implementation; 

 

	 	6.2.8	It shall cooperate with Party A in the inspection of entrusted assets, and within a reasonable period, provide provisional data and material required by regulatory authorities and management of Party A;

  

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

  

	 	6.2.10	According to Basic Regulations on Corporate Internal Control (and the complementary Implementation Guidelines for Corporate Internal Control), Evaluation Guidelines for Corporate Internal Control and Audit Guidelines
for Corporate Internal Control jointly issued by the Ministry of Finance, the China Securities Regulatory Commission (CSRC) and other regulatory authorities, and the United States Sarbanes Oxley Act, as a company controlled by Party A, Party B is
obliged to conduct the evaluation of internal control and internal audit accepting external auditors. Party B shall be subject to the quality inspection of the annual internal control self evaluation by Party A, and report the results of such
evaluation as requested by Party A; 

  

	 	6.2.11	Party B shall return the project investment fund and investment gains to account(s) designated by Party A within two (2) business days following exit from investment projects. 

 

	 	6.2.12	Party B shall share with Party A the outside research sources and communication opportunities with respect to entrusted assets, and regularly provide Party A with training opportunities in relation to Alternative
Investments either in China or abroad; 

  
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	 	6.2.13	Such other obligations as provided herein; and 

  

	 	6.2.14	Such other obligations as provided by laws and regulations. 

  

	7.	Risk Control. 

  

	 	7.1	Party B shall, in accordance with relevant rules and requirements of regulatory authorities, form risk management department and establish sound investment management system and risk control system, inspect and
supervise the investment business of entrusted assets. It shall inform Party A in a timely fashion of abnormalities or violations in the transactions of the entrusted assets. Party A may inspect the establishment and implementation of the investment
management and risk control systems by Party B, and Party B shall give adequate cooperation for the risk management measures taken by Party A with regard to entrusted assets. 

 

	 	7.2	Party B shall formulate the Emergency Management Plan for Significant Unexpected Events of Insurance Asset Management (including emergency management plan for significant unexpected events of all Entrusted Investment
Categories) in accordance with applicable provisions issued by the China Insurance Regulatory Commission and provide it to Party A for record. 

  

	 	7.3	Party B shall formulate, establish and continuously improve relevant rules and systems. In particular, Party B shall establish risk isolation mechanisms between the entrusted assets and the assets owned by Party B or
entrusted by other parties. 

  

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

  

	8.	Inspection, Supervision and Review. 

  

	 	8.1	Party A may conduct on-site or off-site inspection and supervision of the management of entrusted assets on a regular or non-regular basis, with inspection results linked to Party B’s assessment and evaluation, and Party B shall provide convenience and assistance therewith. 

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

  

	 	8.3	Party B shall assist the auditor personnel of Party A or engaged by Party A for the audit of entrusted assets in their work. 

  

	 	8.4	Party A may send representatives to Party B, who shall supervise and evaluate Party B’s performance of this Agreement and Investment Guideline on behalf of Party A. As long as Party B is not in violation of its
confidentiality obligations to other entrusting parties, Party A may send a person to participate in Party B’s business meetings and business research related to matters in pre-investment stage of
entrusted assets under this Agreement, and Party B shall give active cooperation. However, Party A’s representatives shall not interfere with normal investment management activities of Party B and Party B shall not be exempted from relevant
responsibilities in connection with Entrusted Investment Management. 

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

  

	 	8.6	Performance Review. Party A shall, within 90 business days after the submission of the annual final account data to Party A by Party B, review and evaluate the investment status of the entrusted assets for that year and
related services provided by Party B in accordance with this Agreement, Investment Guideline and related rules on investment performance review, to determine the plan for payment of floating fee and notify Party B in writing. 

 

	9.	Investment Management Fees and Performance Incentive Payment. 

  

	 	9.1	Pricing Principles. The Parties shall abide by fair general commercial terms in good faith and decide the price based on market principles. Party A shall pay the investment management fees and performance incentives
(including floating management fee and performance fee for projects with non-fixed return) to Party B according to this Agreement. Party B shall be entitled to such investment management fees and performance
incentive payments. 

  

	 	9.2	Calculation. 

  

	 	9.2.1	For projects involving Party B’s Entrusted Investment Management, Party A will pay fees to Party B based on fixed return projects and non-fixed return projects, and review
Party B’s performance respectively. Fixed return projects are for gain fixed returns during the holding period, and mainly include debt investment project (including the debt investment portion of the equity-debt real estate projects),
quasi-debt equity investment funds, equity investment with agreed minimum dividends and other financial products with the main purpose for fixed returns. Non fixed return projects include equity investment projects that obtain exit proceeds from the
appreciation and sales of investment assets, property investment projects with non-fixed return during the holding period, and the equity investment portion without agreed minimum dividend of the equity-debt
real estate project. 

  
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	 	9.2.2	With respect to projects with fixed return, Party A shall pay Party B the investment management fee during the term of the Agreement. The rate of the investment management fee is based on the return rate of the
respective investment project. With respect to the non-fixed return projects, Party A shall pay Party B the investment management fee during the term of the Agreement as well as the performance fee at the time
of exit from the project based on the overall return rate of the respective project. During the term of the Agreement, the investment management fees to be paid by Party A to Party B shall be calculated separately for projects previously invested
and projects newly invested, specifically, for projects previously invested, the investment management fee shall be calculated by multiplying the total annual amount of assets invested (calculated on a daily weighted average basis) by the applicable
management fee rate (management fee rates of invested projects in 2015 and before shall be calculated in reference to the rates specified in the asset management agreement for 2015, and management fee rates of invested projects before 2016 shall be
calculated in reference to the rates specified in the asset management agreement for 2016), and for projects newly invested in each year during the term of this Agreement, the investment management fee shall be calculated by multiplying the total
amount of assets newly invested in the year (calculated on a daily weighted average basis) by the management fee rate for the term of this Agreement. 

  

	 	9.2.3	During the term of this Agreement, the investment management fee rates for newly invested projects with fixed return will be between 0.05% and 0.6%; the investment management fee rate for newly invested projects with non-fixed return will be at 0.3%, and a performance fee will be paid at the time of exit from a project based on the overall return rate of the project, with the overall return rate threshold for the performance fee
payment at 8%. The classification criteria for the investment management fee rates and the payment criteria for the performance fee shall be set out in the annual Investment Guideline. 

 

	 	9.2.4	In case of purchase of financial products by Party A in relation to infrastructure investment plans and project asset-backed plans issued with Party B as the sponsor or a participant, Party B shall strictly comply with
regulatory provisions and reasonably set the price at an arm’s length. The management fee rate for each transaction shall be set in reference to rates for similar financial products issued by a third party in the market and confirmed by both
parties after considering the market environment and management method, and will be set forth in a specific contract for the financial contract. Such a management fee rate shall not exceed 0.6% (inclusive) and shall not be less favorable then the
prime rate offered by Party B to any other purchasers for such a transaction. If the rate exceeds 0.6%, Party A’s review and approval procedures for connected transactions shall be separately conducted. During the term of this Agreement,
management fee rates and terms of payment are subject to specific product contracts between the two parties, and Party A will not otherwise pay Party B the investment management fee hereunder. 

  
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	 	9.2.5	The management fee rate for any special project or special investment category may be separately decided by both parties. Special projects refer to projects invested by Party A as required by its business or company
development, which receive tax credits from the government and are carried out at management fee rates different from those regular management fee rates agreed herein. For projects with fixed returns where the investment gains of Party A actually
achieve effects of tax credit, Party A will pay Party B the investment management fee based on the range of back calculated actual returns before tax. For a strategic investment project carried out by Party A as required by its business or company
development, the total amount of investment management fee shall not exceed 0.3% of the total investment of the project, which will be paid by installments before completion of the project, with each installment to be calculated based on percentage
of contribution in each year. 

  

	 	9.2.6	Party A shall pay Party B a floating management fee at a certain percentage (within the range of [-10]% to [+15]%) of the investment management fee for the year based on Party
B’s annual performance assessment results. In case the management fee is reduced, direct deduction will be made from the investment management fee payable by Party A to Party B. The performance assessment indicators for 2018 will be set in
reference to the performance assessment indicators for 2017, with target value of the indicators for 2018 more stringent than those for 2017. 

  

	 	9.3	Payment of Investment Management Fee 

  

	 	9.3.1	In the event that Party B fails to diligently perform its responsibilities regarding compliance and control which causes relevant legal compliance issues to Party A, in addition to Party B’s liability for breach of
contract and compensation for the direct losses, Party A is entitled to deduct the investment management fee as appropriate. 

  
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	 	9.3.2	The investment management fee shall be settled each quarter. Party B shall, within five (5) days (excluding public holidays) after the end of each quarter, send the soft copy of the list and calculation basis for
the fee payable for the previous month to Party A. Party A shall review the report within ten (10) business days upon the receipt of such report, and shall notify Party B by phone or email after confirming the report. Party B shall provide
Party A with the hard copy of the list and calculation basis for the fee payable for the previous month and issue legal and valid VAT special invoices recognized by Party A. 

 

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

 

	 	9.3.4	If Party A has not presented any disagreement, it shall, within 30 business days after receiving hard copy of the aforementioned report, the list and calculation basis of management fee and invoice, pay the management
fee. 

  

	 	9.4	Payment of Performance Incentive Payment. 

  

	 	9.4.1	Within the term of this Agreement, the Parties shall, in accordance with Section 2.7.2 of this Agreement, within ten (10) business days after the proposal for performance incentive fee/underperformance penalty
is determined by Party A or other period agreed by the Parties, calculate the floating management fee pursuant to Section 9.2 of this Agreement, and confirm the fee in writing. 

 

	 	9.4.2	Party A shall, within ten (10) business days after a performance incentive fee is confirmed in accordance with Section 9.4.1 above in written form, pay the performance incentive fee as agreed by the Parties to
the account(s) designated by Party B in writing. 

  
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	10.	Third Party Cost and Expense. 

  

	 	10.1	Third party cost and expense shall mean the cost and expense charged by a third party and incurred by Party B in performing the investment management service under this Agreement, except for the investment management
fee and performance incentive fee paid by Party A to Party B pursuant to Section 9 this Agreement. 

  

	 	10.2	The Parties agree and confirm that for the purpose of this Agreement, third party cost and expenses shall follow the principles of “Party who invests and benefits shall be the one paying”. For third party
costs and expenses to be borne by Party A, Party B shall make a reasonable forecast during the investment decision process and notify in advance. Party A will not bear any third party cost and expense that is beyond such notified scope or that is
increased due to Party B’s actual investment performance although within such notified scope. 

  

	 	10.3	Party B shall be responsible for the intermediary expenses and such expenses shall be included in Party B’s cost. Intermediary expenses refer to any expense arising from the engagement by Party B in the name of
Party A or Party B of outside auditors, actuaries, lawyers or other professionals as agreed and approved by Party A for the purpose of this Agreement. 

  

	 	10.4	Party A shall be responsible for bank expenses and such expenses shall be included in Party A’s cost. Bank expenses refer to the bank expenses incurred for the transfer of funds from and to the Fund Accounts with
which Party B manages entrusted funds of Party A as well as other account management fee and internet bank fee charged by banks. 

  

	 	10.5	Other expenses directly relate to the project investment shall be included in the project investment costs. Such expenses refer to various expenses which directly relate to the project investment and are charged by
third parties of the project’s participating party or charged by Party B for the purpose of the Agreement, including but not limited to fees for entrusted loan, fees for guarantee letter, trust channel fees and account escrow fees.

  

	11.	Conflicts of Interest and Prohibited Activities. 

  

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

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

 

	 	11.3	Party B shall, in the principle of trust, fairness and reasonableness, take any necessary action or measure to deal with such conflicts of interest, to ensure that Party A’s legal interests are not damaged.

  

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

  

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

  

	 	11.4.2	Without Party A’s prior written consent, transferring the right to manage the entrusted assets under this Agreement to any third party; 

 

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

  

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

 

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

  

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

  

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

  
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	 	11.4.8	Not providing to the investment managers responsible for Entrusted Investment Management the information and support of the same adequacy as the information and support provided to investment managers responsible for
management of other entrusted assets with respect to information technology, accounting and financial management, the review, analysis, research and consulting of investment risk; 

 

	 	11.4.9	Misappropriation of entrusted assets; 

  

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

  

	 	11.4.11	Engaging in such investment as maybe resulting in Party A’s undertaking of unlimited liability or credit transactions using entrusted assets; or 

 

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

  

	12.	Co-investments. 

  

	 	12.1	In addition to Party A, each of China Life Insurance (Group) Company (“CLIC”) and China Life Property and Casualty Insurance Company Limited (“P&C Company”) has also entrusted Party B to invest
and manage its Alternative Investments with insurance funds. During the term of the Agreement, in order to increase the investment efficiency and achieve the scale advantage, Party B makes the choice and decision regarding the project investment
based on its own discretion, which may result in the Party A, CLIC and P&C Company investing in the same project. 

  

	 	12.2	The co-investments under this Agreement of Party A, CLIC and P&C Company shall be made in the same financial products and shall be made in cash at the same price and the
benefits enjoyed by each of them shall be in proportion to their respective investment amount. 

  

	 	12.3	Pursuant to the Agreement, the targeted assets of the co-investments shall be limited to financial products, including but not limited to 1) financial products like real estate
investment funds and equity investment funds, the underlying assets of which are non- financial securities assets such as equity and real estate as examined by China Life Investment Holding Company Limited;
and 2) securitization financial products like any wealth management products of commercial banks, credit asset-backed securities of banking financial institutions, collective fund trust schemes of trust companies, and special assets management
schemes of securities companies, which are permitted for investment by the Regulators and the investment targets of which are equity and real estate as examined by China Life Investment Holding Company Limited. The above financial products shall be
limited to newly launched products and shall not include any products acquired from secondary market. 

  
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	 	12.4	In the event that any product with classified investment income is involved, all co-investors shall invest in the same class of investment income. If the investment target
involves multiple classifications, each co-investor shall invest in different classifications with the same proportion. The financial product and invested target assets shall not be any assets controlled or
owned by Party A’s connected parties and the investment shall not involve any other matters regarding connected transactions. 

  

	 	12.5	The co-investment under this Agreement shall comply with the following pricing principles: as required by Section 12.3, the investment target is limited to newly launched
products, thus a principle of “equity in the amount of 1CNY for contribution in the amount of 1CNY”. The expected rate of return and the relevant terms of the investments shall not be less favorable than the terms offered by comparable
investment products in the market or the price for similar products set by parties other than the co-investment entities. 

  

	 	12.6	Provided that the above principles have been followed, the contractual amount of the co-investments to be carried out by Party B on behalf of Party A hereunder in 2017 shall not
exceed RMB100 billion or its equivalent in a foreign currency, and the contractual amount of the co-investments to be carried out by Party B on behalf of Party A hereunder in 2018 shall not
RMB100 billion or its equivalent in a foreign currency. 

  

	 	12.7	For any co-investment under the Agreement involving connected transaction of Party A, the Parties shall conduct relevant work and procedures with reference to Section 2.4.2
under this Agreement. 

  

	13.	Confidentiality. 

  

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

  
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	 	13.2	With respect to any information relating to Party A or entrusted assets as described above under Section 13.1, Party B may use such information only for the matters provided in the Agreement and not for any purpose
other than the purpose of this Agreement. 

  

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

  

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

 

	14.	Breach of Contract and Indemnification. 

  

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

  
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	 	14.2	Party B’s violation of its representations, warranties or other provisions hereunder and the written instructions given by Party A hereunder, shall constitute Party B’s breach of this Agreement, for which
Party B shall promptly take remedy measures and be liable for compensating Party A for any direct losses incurred by Party A as a result of its breach. Party B shall indemnify Party A against substantial losses suffered by Party A as a result of
such breach, and Party B shall not receive the investment management fee and the performance incentive fee (including floating management fee and performance fee for projects with non-fixed return) for the
current period if it has not made such compensation. Party A shall be entitled to give Party B written notice to terminate this Agreement. The Agreement shall be terminated on the thirtieth day following the receipt of such written notice by Party
B, unless otherwise waived by Party A. 

  

	 	14.3	In case of any loss on Party A’s entrusted assets or bringing compliance risks to Party A due to Party B’s failure to fulfill the duty of care as a trustee such as negligence, error in operation and deficiency
in the amount of securities and funds, or flaws in provisions of agreements with a third party, system malfunction or employee’s fraud etc., Party B shall indemnify the direct loss resulting therefrom and assume appropriate civil liabilities.

  

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

 

	15.	Force Majeure. 

  

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

  

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

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

  

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

  

	16.	Termination. 

  

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

  

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

 

	 	16.1.2	The term of the Agreement expires; 

  

	 	16.1.3	Both parties agree to terminate this Agreement; 

  

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

  

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

  

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

 

	 	16.3	Obligations upon Termination. 

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

  

	 	16.3.2	Upon the termination of this Agreement, unless otherwise explicitly instructed by Party A, Party B shall not conduct any investment or send any instructions in regard to entrusted assets. 

 

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

 

	 	16.4.1	Party B shall deliver the records relating to Party A or entrusted assets under this Agreement to Party A or Party A’s authorized representatives; 

 

	 	16.4.2	Party B shall cooperate with Party A to transfer the entrusted assets to the new investment manager of Party A forthwith, and shall, at the request of Party A, transfer relevant materials to such investment manager in a
timely and orderly fashion, and cooperate with Party A to complete other transfer work. Also, Party B shall submit the report on the investment operation of entrusted assets. 

 

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

  

	17.	Performance. 

  

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

  
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 The performance of this Agreement may cause Party A to carry out necessary procedures for
approval and disclosure for complying with the Interim Measures for the Administration of Related Transactions of Insurance Companies issued by the China Insurance Regulatory Commission, related listing rules of HKSE or Shanghai Stock Exchange
(“SSE”) or other applicable regulatory rules. Party B shall be obliged to cooperate with Party A during the performance of such procedures. 

Party A will provide necessary informational materials and practice trainings to Party B as required by Party B, so as to facilitate Party
B’s effort in managing entrusted assets to identify connected transactions of Party A. Such informational materials include, without limitations: a list of connected persons of Party A, types of connected transactions of Party A, exemption
applications under different market rules, announcement (disclosure), and capped amounts of connected transactions as approved by independent shareholders. 
  

	 	17.2	If the exemptions from the HKSE and SSE contain additional conditions, this Agreement shall be performed in accordance with such additional conditions. Both Party A and Party B agree to strictly observe such conditions.

  

	 	17.3	Upon the effective date of the Agreement, both Parties shall take such further actions and measures as to fully and effectively perform this Agreement, including but not limited to determining the implementation plan or
detailed measures in accordance with the principles provided herein and on the condition of not violating the provisions agreed upon herein. Within the authorization scope and the authorized cap amount decided by the Agreement and the Implementation
Guidelines, Party A is not required to go through internal approval process unless otherwise required by outside regulation rules, Party A’s articles of association orother corporate governance documents. Party A shall simplify and facilitate
relevant internal implementation process. 

  

	18.	Notices. 

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

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

 

			
	 China Life Insurance Company Limited
	  	 China Life Investment Holding Company Limited

		
	 Address: China Life Plaza, 16 Financial Street, Xicheng District, Beijing
	  	 Address: 11/F China Life Center, 17 Financial Street, Xicheng District, Beijing

  

	19.	Assignment. 

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

	20.	Severability. 

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

 

	21.	Governing Law and Dispute Resolution. 

  

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

  

	 	21.2	Any disputes arising from this Agreement or the execution, effectiveness or interpretation hereof or related to this Agreement shall be settled by both parties through friendly negotiations. If such negotiation fails
within 60 days of the dispute, either party may submit such dispute to the court of competent jurisdiction where Party A is located. 

  

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

  
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	22.	Effectiveness, Counterparts and Others. 

  

	 	22.1	This Agreement shall be in effect from January 1, 2017 (subject to the approval by the independent shareholders at a shareholders meeting) and will end on December 31, 2018. After effectiveness, this Agreement
will supersede the previous asset management agreement between the two parties. 

  

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

  

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

  

	 	22.4	Party B undertakes that, if, in the entrusted investment and management agreements with insurance funds between Party B and other principals, such other principals are entitled to any preferential treatments or any
treatments more favorable than those enjoyed by Party A, Party B shall offer the same treatments to Party A at the request of Party A. Party B shall notify Party A in writing within 5 working days after its knowledge of the above favorable
treatment. Upon Party A’s written request for the same favorable treatment, Party B shall agree and confirm such treatment in the form of supplementary agreement or memorandum. 

 

	 	22.5	This Agreement shall be executed in seven (7) counterparts, with two (2) held by each party, one (1) filed with CIRC, one (1) filed with SSE (if necessary), and one (1) filed with HKSE (if
necessary). Each counterpart shall have the same legal effect. 

  

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

  
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 Appendixes: 
 1.
“Authorization and Entrustment Letter by China Life Insurance Company Limited” 
 2. “Power of Attorney from the Legal Representative of
China Life Insurance Company Limited” 

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

  
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 Appendix 1: 

Authorization and Entrustment Letter by China Life Insurance Company Limited 

1000000020170260 
 To China Life Investment
Holding Company Limited, 
 According to the Asset Management Agreement between China Life Insurance Company Limited and China Life
Investment Holding Company Limited, you are hereby authorized to use our insurance funds to engage in investment and operations of real estate, equity and other related financial products in a professional manner and provide relevant management and
administrative services within the range of authorization. In particular, you are authorized to: 
  

	 	1.	Carry out investment project screening, negotiation, due diligence and retention of intermediaries; 

  

	 	2.	Negotiate or discuss with counterparties, sign and execute investment agreements and related transaction documents; 

  

	 	3.	Establish project companies, special purpose vehicles (SPV), partnerships and other innovative legal entities in our name for the purpose of investing in equity and real estate; 

 

	 	4.	Perform our obligations under investment agreements and related transaction documents and exercise or enjoy powers and rights thereunder; 

 

	 	5.	Complete external filing procedures in relation to investment projects; 

  

	 	6.	Complete closing procedures in relation to investment projects, including but not limited to changes in industrial and commercial registration and property registration, receive investment targets, and appoint
directors, supervisors and officers to the invested companies; 

  

	 	7.	Carry out subsequent management work in relation to investment projects; 

  

	 	8.	Handle matters in relation to project exit; 

  

	 	9.	Use the seal of “China Life Investment Holding Company Limited” for completing transaction related formalities and executing relevant documents other than transaction documents in connection with establishing
ownership of investment assets as well as change and termination of rights and obligations. 

 This authorization shall remain
valid until December 31, 2018. 
  

			
		 	 China Life Insurance Company Limited

		 	 Legal representative:

		 	 Date:

  
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 Appendix 2. 

Power of Attorney from the Legal Representative of China Life Insurance Company Limited 

1000000020170259 
 To China Life Investment
Holding Company Limited, 
 This is to authorize Mr. Wang Sidong to deal with matters in relation to investment of
entrusted assets in equity and real estate as well as related financial products and securitization financial products within the scopes set forth in the Asset Management Agreement between China Life Insurance Company Limited and China Life
Investment Holding Company Limited and the Investment Guideline for China Life Investment Holding Company Limited, and complete transaction related procedures and execute appropriate legal documents on behalf of the company. 

Within the scope of authorization described above, the person authorized hereunder may re-authorize
the powers in writing to Mr. Zhang Fengming, President of China Life Investment Holding Company Limited, provided that the re-authorized person shall not further re-authorize the powers. This power of attorney shall remain valid until December 31, 2018. 
  

			
		 	 China Life Insurance Company Limited

		 	 Legal representative:

		 	 Date:

  
 41

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