Document:

exv10w14

EXHIBIT 10.14

Manufactory Office Building No.3&No.4

Floors Lease Contract

Landlord: Wuhan Friendship Food Engineering Co., Ltd.

Lessee: Wuhan Crown Friendship Edible Oils Engineering Co., Ltd.

This Building Lease is agreed and signed by both Landlord and Lessee in accordance with
Economic Contract Law of P.R. China and relevant regulations.

Article 1 Building Address, Leasing Range, Area and Structure

1. 

1.1 The office building of the mechanical manufactory is located at: No 58, Nan Hu Street
East Lake Hi-Tech Developing Zone, Wuhan city.

1.1 

1.2 Areas and Structure:

1.2 

The office building is new built. 2 floor is with Area 897.43 m2 each floor. Total area
is 1794.86 m2

Article 2 Leasehold

2. 

	2.1	 	Leasing from 1st July 2010 to 30th June 2011.
	 
	2.1	 	
	 
	2.2	 	The Landlord will terminate the Lease if one of the following cases occurs:
	 
	2.2	 	
	 
	2.2.1	 	The Lessee subleases, transfer, or mortgage any of the lendings without
getting written permission from the Landlord.
	 
	2.2.1	 	

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	2.2.2	 	The Lessee deals with illegal business.
	 
	2.2.2	 	
	 
	2.2.3	 	The Lessee has not paid the rent for two months
	 
	2.2.3	 	
	 
	2.3	 	After the Lease is expired, if the Lessee neither leave the building nor signing a
new lease for extension or paying for the rent, the Landlord will be compelled
to ask for a summons against the Lessee.
	 
	2.3	 	

Article 3 Rent Terms

3. 

3.1 The rent of this Lease isRMB15,500.- Per month (RMB Fifteen Thousand Five
Hundred Only) per month

3.1 

	3.2	 	The deposit of the rent should be the amount of 2 months of rent, which will be handed
back within 10 days after the Lease is expired.
	 
	3.2	 	
	 
	3.3	 	The rent should be calculated on the basis of the Article 2 and afterwards, all the
rent should be settled at the end of each month.
	 
	3.3	 	
	 
	3.4	 	The expenses concerning of the rented floors and/or rooms, fields should be
borne by the Lessee, which should be included with water, electricity, telephones, inside
office cleaning etc.
	 
	3.4	 	
	 
	3.5	 	If Lessee is unable to occupy the office within 30 days after beginning of the lease period
due to reasons beyond Lessee’s control, rent will be suspended from that period until Lessee
is able to occupy the office.
	 
	 	 	

Article 4 Maintenance and Repair

4. 

4.1 Any repair concerning of the buildings structure, plumbing systems, building’s
electrical should be for the Landlord’s account.

4.1 

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	4.2	 	Any maintenance and/or repair for electric circuit(Lessee’s decoration). Lessee’s own
network system equipment, office equipment, Lessee’s decoration should be borne by the Lessee
	 
	4.2	 	
	 
	4.3	 	Alteration, fit up and expansion, if any, to the plant building, comprehensive office
building or anywhere inside the manufactory, must be agreed and confirmed by the
Landlord and relevant costs for the Lessee’s account.
	 
	4.3	 	
	 
	4.4	 	The equipment and furnishings inside the rented office should be repaired, if any except for
normal wear and tear, on the account of the Lessee.
	 
	4.4	 	

Article 5 Modification of the Landlord or Lessee

5. 

	5.1	 	If the Landlord transfers or sells the property rights of the whole or part of the
building during the lease period, the Landlord will provide relevant documents to inform the
Lessee.
	 
	5.1	 	
	 
	5.2	 	Should the Lessee sublet the whole or part of the rented buildings, he must advise in
advance of 3 months to the Landlord and get permission from the latter.
	 
	5.2	 	

Article 6 Liability of Breach

6. 

	6.1	 	If the Lessee delays the payment of rent for each month, he will pay to the
Landlord for an additional interest by 2% of the total amount of the Lease rent that is past
due.
	 
	6.1	 	
	 
	6.2	 	The Landlord will be informed in advance of 2 months if the Lessee is going to
terminate the Lease during the Leasehold, and will also be paid of 2 months of rent for
compensation. Likewise, if the Landlord is going to terminate the Lessee during the
Leasehold, he will advise the Lessee in advance of 2 months and pay 2 months of rent for
compensation.
	 
	6.2	 	

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Article 7 Force Majeure

7. 

Both parties of this Lease will not be held responsible for any damages and/or losses
due to a force majeure which might occur during the performance of the Lease.

Article 8 Arbitration

8. 

All disputes in connection of this Lease or the execution thereof, shall be settled first
through friendly negotiations. In case no settlement can be reached through negotiation, the
case should be submitted for arbitration to the local arbitration authority.

The Landlord:

Wuhan Friendship Food Engineering Co., Ltd.

	 	 	 	 	 	 	 

	Signed by: 
	 	/s/
Wuhan Friendship Food Engineering Co., Ltd.	 	 	 	
	 
	
	 	 
	 	 	 
	 
	 	 
	 	 	 
	Date:
	 	 	 	 	 
	 
	
	 	 	 	 	 
	 
	 

The Lessee:

Wuhan Crown Friendship Edible Oils Engineering Co., Ltd.

	 	 	 	 	 	 	 

	Signed by: 
	 	/s/
Wuhan Crown Friendship Edible Oils Engineering Co., Ltd.	 	 	 	
	 
	
	 	 
	 	 	 
	 
	Date:
	 	 
	 	 	 
	 
	
	 	 	 	 	 	 
	 
	 

4Exhibit 10.1

Exhibit 10.1

Summary of Management Incentive Compensation Program for Eric M. Merrill

On March 25, 2011, the Compensation Committee of our Board of Directors approved the Management
Incentive Compensation Program for corporate and region officers (the “MICP”), including Eric M.
Merrill, our Senior Vice President — People, Safety and Development. Mr. Merrill is one of our
Named Executive Officers or “NEOs” described in our Proxy Statement related to our 2011 Annual
Meeting of Stockholders, which we filed with the Securities and Exchange Commission on April 7,
2011. The MICP provides Mr. Merrill with an opportunity to earn a performance bonus based on our
achievement of specified levels of financial performance. The principal purposes of the program
are to provide an incentive for our corporate officers, including Mr. Merrill, and region officers
to achieve superior business results and to tie the goals and interests of such employees to those
of Waste Connections, Inc. (the “Company”) and its stockholders.

Under the terms of the MICP, Mr. Merrill’s target bonus level is 45% of his annual base salary.
Mr. Merrill’s actual bonus paid will be based upon the Company’s financial performance at the end
of the fiscal year. A minimum bonus may be earned at the threshold MICP targets and no payment
will be awarded if the threshold goals are not achieved. Amounts in excess of target may be earned
if actual performance exceeds target performance. Mr. Merrill’s MICP bonus is based on four
components:

	 	•	 	Operating income net of any gains or losses on disposal of assets before
depreciation and amortization (“EBITDA”);

	 	•	 	Operating income net of any gains or losses on disposal of assets (“EBIT”);

	 	•	 	EBIT as a percentage of revenue (“EBIT Margin”); and

	 	•	 	Net cash provided by operating activities as a percentage of revenue (“CFFO Margin”).

Payment under the MICP is contingent on Mr. Merrill’s continued employment at the time of payout.
In addition, the payment of a bonus to Mr. Merrill under the MICP is within the absolute discretion
of the Compensation Committee, and the Committee may determine to reduce or not pay any bonus under
the MICP notwithstanding the attainment of any specific objectives.Exhibit 4.4

EXHIBIT 4.4

Asset Management Agreement

between

China Life Insurance Company Limited

and

China Life Insurance Asset Management

Company Limited

 

 

 

Table of Contents

	 	 	 	 	 
	1. DEFINITIONS AND INTERPRETATION
	 	 	4	 
	 
	 	 	 	 
	2. INVESTMENT MANAGEMENT OF ENTRUSTED ASSETS
	 	 	6	 
	 
	 	 	 	 
	2.1 Authorization
	 	 	 6	 
	2.2 Addition to or Decrease of the Entrusted Assets
	 	 	 7	 
	2.3 Independence of the Entrusted Assets
	 	 	 7	 
	2.4 Reports
	 	 	 8	 
	2.5 Accounting Responsibility
	 	 	9	 
	 
	 	 	 	 
	3. INVESTMENT GUIDELINES
	 	 	9	 
	 
	 	 	 	 
	3.1 Delivery of Investment guidelines
	 	 	 9	 
	3.2 Amendment to Investment guidelines
	 	 	 9	 
	3.3 Changes to Investment Guidelines
	 	 	 9	 
	 
	 	 	 	 
	4. REPRESENTATIONS AND WARRANTIES OF BOTH PARTIES
	 	 	10	 
	4.1 Representations and Warranties of Both Parties
	 	 	10	 
	4.2 Party A’s Representations and Warranties
	 	 	10	 
	4.3 Party B’s Representations and Warranties
	 	 	11	 
	 
	 	 	 	 
	5. PARTY A’S RIGHTS AND OBLIGATIONS
	 	 	11	 
	 
	 	 	 	 
	5.1 Party A’s Rights
	 	 	11	 
	5.2 Party A’s Obligations
	 	 	12	 
	 
	 	 	 	 
	6. PARTY B’S RIGHTS AND OBLIGATIONS
	 	 	13	 
	 
	 	 	 	 
	6.1 Party B’s Rights
	 	 	13	 
	6.2 Party B’s Obligations
	 	 	13	 
	 
	 	 	 	 
	7. RISK CONTROL
	 	 	15	 
	 
	 	 	 	 
	8. INSPECTION, SUPERVISION AND REVIEW
	 	 	16	 
	 
	 	 	 	 
	9. INVESTMENT MANAGEMENT FEES AND OTHER EXPENSE
	 	 	16	 
	 
	 	 	 	 
	9.1 Definition of Investment Management Fees
	 	 	16	 
	9.2 Calculation of Investment Management Fees
	 	 	17	 
	9.3 Payment of Fixed Rate Fee
	 	 	17	 
	9.4 Payment of Floating Fee
	 	 	18	 
	9.5 Third Party Cost and Expense
	 	 	19	 
	 
	 	 	 	 
	10. CONFLICTS OF INTEREST AND PROHIBITED ACTIVITIES
	 	 	19	 
	 
	 	 	 	 
	11. CONFIDENTIALITY
	 	 	21	 

 

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	12. BREACH OF CONTRACT AND INDEMNIFICATION
	 	 	22	 
	 
	 	 	 	 
	13. FORCE MAJEURE
	 	 	23	 
	 
	 	 	 	 
	14. TERMINATION
	 	 	24	 
	 
	 	 	 	 
	15. PERFORMANCE
	 	 	25	 
	 
	 	 	 	 
	16. NOTICES
	 	 	26	 
	 
	 	 	 	 
	17. ASSIGNMENT
	 	 	26	 
	 
	 	 	 	 
	18. SEVERABILITY
	 	 	26	 
	 
	 	 	 	 
	19. GOVERNING LAW AND DISPUTE RESOLUTION
	 	 	26	 
	 
	 	 	 	 
	20. EFFECTIVENESS, COUNTERPARTS AND OTHERS
	 	 	27	 
	 
	 	 	 	 
	EXHIBIT:
	 	 	28	 

 

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This Asset Management Agreement (“Agreement”) was entered into by and between the following two
parties in Beijing on December 30, 2010 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 Insurance Asset Management Company Limited (“Party B”)

Address: 20/F, China Life Center, 17 Financial Street, Xicheng District, Beijing

WHEREAS,

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

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

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

	1.	 	Definitions and Interpretation.

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

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

	 	1.2	 	“Entrusted Investment Management” refers to the professional investment
operation of the Entrusted Assets and the related services provided by Party B in the
name of Party A in accordance with this Agreement, the Investment Guidelines
formulated by Party A and the Insurance Law of the People’s Republic of China,
Tentative Regulations on the Administration of Insurance Asset Management Companies,
Interim Measures for the Administration of Utilization of
Insurance Funds and other applicable laws and regulations, as well as applicable
rules of regulatory authorities.

 

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

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

	 	1.5	 	“Fund Account” refers to the bank account opened by Party B in the name of
Party A and used exclusively for the deposit of entrusted investment funds and the
settlement of entrusted investment business. The name of such Fund Account is “Account
of Insurance Funds of China Life Insurance Asset Management Company Limited Entrusted
by China Life Insurance Company Limited

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

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

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

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

 

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

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

	2.	 	Investment Management of Entrusted Assets.

	 	2.1	 	Authorization.

	 	2.1.1	 	Party A shall entrust the Entrusted Assets to Party B for
investment management, provided that Party A shall have the ownership of the
Entrusted Assets. During the term of this Agreement, Party A shall retain
the ownership of the Entrusted Assets and shall be entitled to investment
gains of, and bear the investment losses of, the Entrusted Assets. However,
Party B shall bear the losses incurred due to Party B’s action unauthorized
under this Agreement and Investment Guidelines and without Party A’s consent.

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

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

 

6

 

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

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

	 	2.2	 	Addition to or Decrease of the Entrusted Assets.

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

	 	2.3	 	Independence of the Entrusted Assets.

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

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

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

 

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	 	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, cancellation, or declaration of bankruptcy under the law,
Entrusted Assets shall not be listed as its liquidation assets.

	 	2.4	 	Reports.

	 	2.4.1	 	Party B shall, in accordance with the requirements of
Service Standards Manual and Investment Guidelines, provide to Party A
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.

	 	2.4.2	 	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.

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

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

 

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	 	2.5	 	Accounting Responsibility.

Party A shall undertake the accounting responsibility of Entrusted Assets, and
shall be ultimately liable for accounting responsibility of Entrusted Assets.
Party A, as the owner of the entrusted assets, shall provide to Party B the
accounting method and assets valuation method of the Entrusted Assets under PRC
Enterprise Accounting Principles and International Financial Reporting Standards.
Valuation of the Entrusted Assets shall be conducted in accordance with the
valuation method issued by China Life Insurance (Group) Company. Party B shall,
in accordance with the requirements of Service Standards Manual, conduct
accounting and financial management of entrusted assets, and be responsible for
the quality of the accounting work.

	3.	 	Investment Guidelines.

	 	3.1	 	Delivery of Investment guidelines.

Within the term of this Agreement, Party A shall formulate the Investment
Guidelines yearly and, within 90 business days following the start of each year,
provide to Party B in written the Investment Guidelines. If Party A does not
provide the Investment Guidelines in a timely fashion, the Investment Guidelines
most recently delivered by Party A shall apply to Party B’s management of
Entrusted Assets.

	 	3.2	 	Amendment to Investment guidelines

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

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

	 	3.3	 	Changes to Investment Guidelines.

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

 

9

 

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

	4.	 	Representations and Warranties of Both Parties.

	 	4.1	 	Representations and Warranties of Both Parties.

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

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

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

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

	 	4.2	 	Party A’s Representations and Warranties.

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

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

 

10

 

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

	 	4.3	 	Party B’s Representations and Warranties.

	 	4.3.1	 	It shall be equipped with experienced professionals
appropriate for the scale and categories of Entrusted Assets to be in charge
of the investment and management of Entrusted Assets, including, without
limitation, the custodian, liquidation and settlement of Entrusted Assets not
in the custodian of a third party.

	 	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.

 

11

 

	 	5.1.3	 	It shall have the right supervise, inspect, examine and
evaluate 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, 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 directives, 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 and related payments and expenses in a
timely fashion;

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

	 	5.2.3	 	It shall provide to Party B periodically cash flow
forecast of the debtor of Entrusted Assets and information that may be
subject to significant change. 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;

 

12

 

	 	5.2.4	 	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;
	 
	 	5.2.5	 	Such other obligations as provided herein; and

	 	5.2.6	 	Such other obligations as provided by laws and
regulations.

	6.	 	Party B’s Rights and Obligations.

	 	6.1	 	Party B’s Rights.

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

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

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

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

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

	 	6.1.6	 	Such other rights as provided herein; and
	 
	 	6.1.7	 	Such other rights as provided by laws and regulations.

	 	6.2	 	Party B’s Obligations.

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

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

 

13

 

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

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

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

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

	 	6.2.7	 	It shall 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 Sarbanes Oxley Act, as a company controlled by Party A, Party
B is obliged to comply with Section 404, including the evaluation of internal
control and internal audit accepting external auditors. Party B shall be
subject to the annual quality inspection of Section 404 internal control
evaluation, and report the results of such evaluation as requested by
Party A;

 

14

 

	 	6.2.11	 	Party B shall share with Party A the outside research sources and
communication opportunities with respect to Entrusted Assets;

	 	6.2.12	 	Such other obligations as provided herein; and
	 
	 	6.2.13	 	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 necessary internal control
systems in respects of, among other, the personnel, financial affairs and accounts
with regard to the Entrusted Assets and the assets owned by Party B or entrusted by
other parties, so as to ensure the impartiality, fairness and independence of the
investment management operation.

	 	7.4	 	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.

 

15

 

	8.	 	Inspection, Supervision and Review.

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

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

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

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

	 	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 Guidelines 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 Other Expense.

9.1 Definition of Investment Management Fees.

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

 

16

 

	 	9.2	 	Calculation of Investment Management Fees.

	 	9.2.1	 	Calculation Method of Investment Management Fees.

	 	(1)	 	For assets under the custody of Custodian:
service fee for investment assets shall be calculated based on the
net asset value of total assets at the end of any given day on a
daily basis. The calculation formula shall be as follows:
	 
	 	 	 	F = (V x R)  ̧ 360 (“F” stands for daily service fee for
investment assets; “V” stands for net value of investment assets
at the end of any given day; and “R” stands for the annual rate
applicable to investment assets.)

	 	(2)	 	For assets not under the custody of
Custodian: service fee for investment assets shall be calculated
based on the average net asset value of total assets at the end of
any given monthly on a monthly basis. The calculation formula shall
be as follows:
	 
	 	 	 	FR = ( x R)  ̧ 12 (“FR” stands for monthly service fee for
investment assets; “” stands for monthly average net value of
investment assets ( = (V at the end of previous month
+ V at the end of this month)  ̧ 2); and “R”
stands for the annual rate applicable to investment assets.)

	 	9.2.2	 	The applicable annual rate for investment assets is fixed
to 50/000.

	 	9.3	 	Payment of Fixed Rate Fee.

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

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

 

17

 

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

	 	9.3.4	 	If Party A has not presented disagreement, 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. If Party A has got a reminder from Party B but still fails
to pay such management fee in a timely manner, Party B shall impose a default
rate at 0.021% for each day overdue, except in the event of force majeure.

	 	9.3.5	 	The calculation, confirmation, dispute resolution and
payment procedures of the management fee for assets under third party’s
custody shall be in accordance with the provisions above. However, the
Custodian shall be responsible for the calculation of fee and delivery of the
report. Party B shall provide such report to Party A for its review after
confirming with the Custodian,.

	 	9.4	 	Calculation and Payment of Floating Fee.

Calculation and payment of floating fee shall be made on a yearly basis. Party A
shall review and evaluate the investment status of the Entrusted Assets and
related services provided by Party B for the current year, and determine the rate
of the floating fee for that year based on the performance score given in
connection with such review. Floating management fee for the current year equals
to the product of the base multiply by the payment ratio. The base for the
floating management fee equals to 20% of the fixed management fee for the current
year. Payment ratio for the floating management fee for the current year equals
to the result of a formula: (performance score-60)÷40. If such product is a
positive value, payment shall be done before September 1 of the following year; If
such product is a negative value, amounts corresponding to such value shall be
deducted from the fixed management fee payable in the following year. The method
of performance review shall be reflected in the Investment Guidelines.

 

18

 

	 	9.5	 	Third Party Cost and Expense

	 	9.5.1	 	Definition and scope.

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

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

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

	10.	 	Conflicts of Interest and Prohibited Activities.

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

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

	 	10.3	 	Party B shall, 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.

 

19

 

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

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

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

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

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

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

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

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

 

20

 

	 	10.4.8	 	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;
	 
	 	10.4.9	 	Misappropriation of Entrusted Assets;
	 
	 	10.4.10	 	Mixing the management of assets of Party A with assets of other entities;
	 
	 	10.4.11	 	Engaging in such investment as maybe resulting in Party A’s undertaking of
unlimited liability or credit transactions using Entrusted Assets; or
	 
	 	10.4.12	 	Other activities prohibited by laws, regulations or this Agreement.

	11.	 	Confidentiality.

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

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

 

21

 

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

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

	12.	 	Breach of Contract and Indemnification.

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

	 	12.2	 	Party B’s violation of its representations, warranties or other provisions
hereunder, the written directives given by Party A hereunder, shall constitute Party
B’s breach of this Agreement. Party B shall indemnify Party A for substantial losses
suffered by Party A as a result of such breach, and Party B shall not receive the
investment management fee 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.

 

22

 

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

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

	13.	 	Force Majeure

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

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

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

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

 

23

 

	14.	 	Termination.

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

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

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

	 	14.1.3	 	Both parties agree to terminate this Agreement;

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

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

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

	 	14.3	 	Obligations upon Termination.

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

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

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

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

 

24

 

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

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

	15.	 	Performance.

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

The performance of this Agreement may cause Party A to carry out necessary
procedures for approval and disclosure for complying with related listing rules of
HKSE or SSE or other applicable regulatory rules. Party B shall be obliged to
cooperate with Party A during the performance of such procedures.

	 	15.2	 	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.

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

 

25

 

	16.	 	Notices.

All notices relating to the Agreement shall be in writing and shall be delivered by
overnight courier, fax or mail. Notices sent by overnight courier shall be deemed delivered
upon delivery. Notices sent by fax shall deemed delivered upon successful transmission,
provided that a fax confirmation report produced by the fax machine showing the successful
transmission of the notice is provided by the sending party. Notices sent by mail shall
deemed delivered on the third (3rd) 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).

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

	 	 	 
	China Life Insurance Company Limited

	 	China Life Insurance Asset

Management Company Limited
	 
	 	 
	Address: China Life Plaza, 16

Financial Street, Xicheng District, 

Beijing

	 	Address: 20/F China Life Center, No. 

17 Financial Street, Xicheng 

District, Beijing
	 
	 	 
	Telephone: 010-6363 3333

	 	Telephone: 010-6622 1188
	 
	 	 
	Fax: 010-6363 1677

	 	Fax: 010-6622 2699

	17.	 	Assignment.

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

	18.	 	Severability.

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

	19.	 	Governing Law and Dispute Resolution.

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

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

 

26

 

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

	20.	 	Effectiveness, Counterparts and Others.

	 	20.1	 	The term of this Agreement shall be one year. This Agreement shall come into
effect on January 1, 2011 and in effect through December 31, 2011.

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

	 	20.3	 	This Agreement and exhibit hereto may be amended through negotiation between
both parties. The amendment can only be made pursuant to a written agreement duly
executed by legal representatives or authorized representatives of both parties and
upon the approval of both parties through their respective corporate actions. If such
amendment constitutes a material and significant change to this Agreement, it shall
become effective only upon the notification of and procurement of approval from the
HKSE 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.

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

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

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

 

27

 

Exhibit:

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

 

28

 

	 	 	 
	Party A:	 	Party B:
	 
	 	 
	China Life Insurance Company Limited
(Seal)

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

	 	Legal Representative/Authorized
Representative (Signature)

 

29

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