Document:

EX-4.5

 Exhibit 4.5 

English Translation 

Asset Management Agreement 

between 
 China Life
Insurance (Group) Company 
 and 

China Life Insurance Asset Management Company Limited 

 Table of Contents 

 

									
	1.	  	DEFINITIONS AND INTERPRETATION	  	 	5	 
			
	2.	  	REPRESENTATIONS AND WARRANTIES	  	 	5	 
				
		  	2.1	  	PARTY A’S REPRESENTATIONS AND WARRANTIES	  	 	5	 
		  	2.2	  	PARTY B’S REPRESENTATIONS AND WARRANTIES	  	 	6	 
			
	3.	  	AUTHORIZATION	  	 	7	 
				
		  	3.1	  	ENTRUSTED ASSETS	  	 	7	 
		  	3.2	  	INDEPENDENCE OF THE ENTRUSTED ASSETS	  	 	9	 
		  	3.3	  	AUTHORIZATION MANNER	  	 	10	 
		  	3.4	  	INVESTMENT PRINCIPLES	  	 	11	 
		  	3.5	  	INVESTMENT GUIDELINES	  	 	12	 
			
	4.	  	RIGHTS AND OBLIGATIONS	  	 	13	 
				
		  	4.1	  	PARTY A’S RIGHTS AND OBLIGATIONS	  	 	13	 
		  	4.2	  	PARTY B’S RIGHTS AND OBLIGATIONS	  	 	15	 
			
	5.	  	SERVICES PROVIDED BY PARTY B	  	 	18	 
				
		  	5.1	  	PROVISION OF SPECIAL TRANSACTION SEAT	  	 	18	 
		  	5.2	  	OPENING AND MANAGEMENT OF ACCOUNTS	  	 	18	 
		  	5.3	  	MANAGEMENT OF THE ENTRUSTED ASSETS	  	 	19	 
		  	5.4	  	ACCOUNTING AND VALUATION OF THE ENTRUSTED ASSETS	  	 	20	 
		  	5.5	  	INFORMATION MANAGEMENT OF THE ENTRUSTED ASSETS	  	 	21	 
		  	5.6	  	IDENTIFICATION AND HANDLING OF TRANSACTIONS EXCEEDING THE AUTHORIZATION SCOPE	  	 	22	 
			
	6.	  	SUPERVISION AND INSPECTION ON PARTY B BY PARTY A	  	 	23	 
				
		  	6.1	  	INVESTMENT SUPERVISION AND CONTROL	  	 	23	 
		  	6.2	  	PERFORMANCE APPRAISAL ON THE INVESTMENT WITH ENTRUSTED ASSETS 	  	 	24	 
		  	6.3	  	AUDIT OF THE ENTRUSTED ASSETS	  	 	24	 
			
	7.	  	FEES AND PAYMENT METHOD	  	 	26	 
				
		  	7.1	  	BASIC SERVICE FEE FOR INVESTMENT MANAGEMENT	  	 	26	 
		  	7.2	  	ADJUSTMENT TO THE SERVICE FEE FOR INVESTMENT MANAGEMENT	  	 	26	 
		  	7.3	  	PAYMENT OF FEE	  	 	26	 
			
	8.	  	APPOINTMENT AND CHANGE OF AUTHORIZED REPRESENTATIVES OF BOTH PARTIES	  	 	28	 
				
		  	8.1	  	AUTHORIZED REPRESENTATIVES AND THEIR SIGNATURES AND SEALS	  	 	28	 
		  	8.2	  	CHANGE OF AUTHORIZED REPRESENTATIVES AND THEIR SIGNATURES AND SEALS	  	 	28	 

  
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	9.	  	DELIVERY AND RECEIPT OF DOCUMENTS	  	 	28	 
			
	10.	  	DISCUSSIONS AND COMMUNICATIONS	  	 	29	 
			
	11.	  	CONFIDENTIALITY	  	 	29	 
			
	12.	  	COUNTERPARTS, EFFECTIVENESS, AMENDMENTS, RENEWAL AND TERMINATION	  	 	31	 
				
		  	12.1	  	COUNTERPARTS, EFFECTIVE DATE AND TERM	  	 	31	 
		  	12.2	  	AMENDMENTS	  	 	31	 
		  	12.3	  	RENEWAL	  	 	31	 
		  	12.4	  	TERMINATION	  	 	31	 
			
	13.	  	LIABILITY FOR BREACH OF CONTRACT	  	 	33	 
			
	14.	  	EXEMPTION FROM LIABILITY	  	 	33	 
			
	15.	  	GOVERNING LAW AND DISPUTE RESOLUTION	  	 	34	 
			
	16.	  	OTHER MATTERS	  	 	34	 
		
	EXHIBITS:	  	 	35	 

 Exhibits: 
  

	I.	 List of Entrusted Assets 

 

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

 

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

  
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 This Asset Management Agreement (this “Agreement”) was entered into by and between
the following two parties in Beijing, People’s Republic of China (“PRC”), in December 2018: 
 Party A: China Life Insurance
(Group) Company 
 Address: 22/F China Life Center, No. 17 Financial Street, Xicheng District, Beijing 

Party B: China Life Insurance Asset Management Company Limited 

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

WHEREAS, 
  

	(1)	 Party A and Party B entered into an asset management agreement on December 31, 2015, under which Party A
authorized Party B to manage the investment of the insurance assets owned by Party A. 

  

	(2)	 The agreement above expired on December 31, 2018. Party A agrees that it shall continue to authorize Party
B to manage the investment of the insurance assets owned by Party A, and Party B agrees to accept such authorization. 

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

  
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	1.	 Definitions and Interpretation. 

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

 

			
	“Agreement”	  	shall mean this agreement and exhibits hereto and any amendment and supplement thereto.
		
	“Party A/Authorizing Party/Assets Entrusting Party”	  	shall mean China Life Insurance (Group) Company.
		
	“Party B/Authorized Party/Investment Manager”	  	shall mean China Life Insurance Asset Management Company Limited.
		
	“Entrusted Assets”	  	shall mean the assets Party A entrusted to Party B for investment management under Section 3.1 hereof.
		
	“Asset Custodian/ Custodian”	  	shall mean the commercial bank duly qualified to be the custodian of insurance assets and appointed by Party A to be the custodian of part or all of the Entrusted Assets hereunder.
		
	“Custodian Assets”	  	shall mean the Entrusted Assets under the custody of the Custodian in accordance with relevant custodian agreement.
		
	“Investment Guidelines”	  	shall mean the investment guidelines formulated and amended from time to time by Party A, to which Party B is subject during its performance of this Agreement.
		
	“Fund Account”	  	shall mean the bank account and the fund settlement reserve account that maintain the Entrusted Assets.
		
	“Securities Account”	  	shall mean the securities investment account Entrusted Assets belong to.
		
	“Business Day”	  	shall mean the legal working day in this Agreement and exhibits hereto unless otherwise indicated.
		
	“Designated Account”	  	shall mean the bank account designated by Party A.
		
	“Term”	  	shall mean the period from January 1, 2019 to December 31, 2021.

  

	2.	 Representations and Warranties. 

 

	 	2.1	 Party A’s Representations and Warranties. 

 

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

 

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

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

  

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

  

	 	2.2	 Party B’s Representations and Warranties. 

 

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

 

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

  

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

 

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

  

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

 

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

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

 

	 	(4)	 misappropriate Entrusted Assets; 

 

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

 

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

  

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

 

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

  

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

  

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

  

	 	2.2.8	 Party B acknowledges and warrants that it shall notify Party A of any change to the foregoing representations
and warranties in a timely manner. 

  

	3.	 Authorization. 

  

	 	3.1	 Entrusted Assets. 

  

	 	3.1.1	 Entrusted Assets and Investment Scope. 

 

	 	 	 Entrusted Assets refer to the assets which Party A authorizes Party B to invest and manage, including all of
the assets as of December 31, 2018 entrusted by Party A to Party B for investment management as audited by the auditor engaged by Party A and confirmed by both parties (see Exhibit I hereto), other additional assets entrusted by Party A to
Party B for investment management from time to time after the execution of this Agreement, and all of the rights and interests derived from such assets. 

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

 

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

  

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

  

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

 

	 	3.1.2	 Increasing Entrusted Assets. 

 

	 	 	 Within the term hereof, Party A may, from time to time, transfer funds into the Fund Account of Entrusted
Assets. Such funds shall constitute part of the Entrusted Assets upon Party B’s receipt. 

  

	 	3.1.3	 Decreasing Entrusted Assets. 

 

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

 

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

 Threshold
amounts for transfer of funds in RMB and the time prior to which notices shall be given are subject to the Investment Guidelines. 
 Funds Transfer-out Instruction on funds in foreign currencies: five Business Days prior notice to Party B for the amount of US$10 million or less; seven Business Days prior notice to Party B for the amount of more
than US$10 million but less than or equal to US$30 million; ten Business Days prior notice to Party B for the amount of more than US$30 million. 

  
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 If special circumstances which make the delivery of Funds
Transfer-out Instruction unable to meet the foregoing time frame requirement, both parties may agree upon another specific time frame in advance. 

 

	 	(3)	 Party B shall, upon receiving the Funds Transfer-out Instruction, remit
the funds into Designated Account of Party A in accordance with the requirements of such instruction. Such funds shall no longer be part of the Entrusted Assets. 

 

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

 

	 	3.2	 Independence of the Entrusted Assets. 

 

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

 

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

  

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

  

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

  
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	 	3.3	 Authorization Manner. 

 

	 	3.3.1	 Authorization Manner. 

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

	 	3.3.2	 Authorization Matters. 

 

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

  

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

  

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

  
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	 	3.4	 Investment Principles. 

 

	 	3.4.1	 Safety. 

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

	 	3.4.2	 Liquidity. 

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

 

	 	3.4.3	 Profitability. 

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

 

	 	3.4.4	 Assets and Liabilities Management. 

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

	 	3.4.5	 Value Investment. 

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

	 	3.4.6	 Diversifying Investment. 

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

  
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	 	3.5	 Investment Guidelines. 

 

	 	3.5.1	 Formulation of Investment Guidelines. 

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

	 	(1)	 Party A shall, during the term hereof, deliver the Investment Guidelines for any given calendar year to Party B
prior to the end of the first quarter of such calendar year. If Party A fails to deliver the Investment Guidelines prior to the end of the first quarter of such calendar year, the Investment Guidelines most recently delivered by Party A shall be
applicable for the management of the Entrusted Assets. 

  

	 	(2)	 Party A may, during the term hereof, amend the Investment Guidelines based on the principle of caution and
deliver such amendment in writing to Party B. Unless explicitly demanded by Party A, the amended Investment Guidelines shall only apply to the investment made after Party B’s receipt thereof. If Party A demands that such amended Investment
Guidelines also apply to the investment made before Party B’s receipt thereof, the income or loss resulting therefrom shall not be included in the performance review of Party B. 

 

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

  
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	 	3.5.2	 Contents of Investment Guidelines. 

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

 

	 	(1)	 Investment objectives; 

 

	 	(2)	 Investment scope; 

  

	 	(3)	 Allocation of strategic assets; 

 

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

  

	 	(5)	 Risk control requirement. 

 

	4.	 Rights and Obligations. 

 

	 	4.1	 Party A’s Rights and Obligations. 

 

	 	4.1.1	 Party A’s Rights. 

 

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

 

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

  

	 	(3)	 To request Party B to, on a regular basis, provide the information report on the Entrusted Assets as agreed
upon by both parties under Section 5.5 hereof, and to examine, copy or duplicate accounts and books and other documents relating to the Entrusted Assets; 

 

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

  

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

 

	 	(6)	 To remove the Investment Manager if Party B is in violation of relevant laws or regulations or the purpose of
this Agreement during the process of managing the Entrusted Assets, and to request Party B to restore the Entrusted Assets to their original status or indemnify Party A against any loss resulting therefrom; 

 

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

 

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

  
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	 	(9)	 Such other rights as provided herein; and 

 

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

 

	 	4.1.2	 Party A’s Obligations. 

 

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

 

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

  

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

  

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

 

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

  

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

 

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

  

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

  

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

  

	 	(10)	 Such other obligations as provided herein; and 

 

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

  
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	 	4.2	 Party B’s Rights and Obligations. 

 

	 	4.2.1	 Party B’s Rights. 

 

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

 

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

  

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

 

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

  

	 	(5)	 Such other rights as provided herein; and 

 

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

 

	 	4.2.2	 Party B’s Obligations. 

 

	 	(1)	 Within the scope of authorization, to invest and manage the Entrusted Assets carefully, honestly, diligently
and dutifully so as to maximize the interest of the Entrusted Assets, and to take responsibility for compliance and control over the investment and management of the Entrusted Assets as well as other management responsibilities as requested by Party
A; 

  

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

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

  

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

 

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

 

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

  

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

  

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

  

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

  

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

  

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

  

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

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

  

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

  

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

  

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

  

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

  

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

  

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

  

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

  

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

  

	 	(19)	 Such other obligations as provided herein; and 

 

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

  
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	5.	 Services Provided by Party B. 

 

	 	5.1	 Provision of Special Transaction Seat. 

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

	 	5.2	 Opening and Management of Accounts. 

 

	 	5.2.1	 Opening and Management of Bank Settlement Account. 

 

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

 

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

  

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

  

	 	5.2.2	 Opening and Management of Securities Account. 

 

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

  

	 	(2)	 Party A shall provide Party B with assistance necessary for the opening of Securities Account. Party B shall
complete the procedures for opening such account in a timely manner and notify Party A of relevant account information within two Business Days upon the opening of such account. 

  
 18 

	 	(3)	 Without Party A’s written consent, Party B shall not employ or lend the Securities Account at its own
discretion, nor shall Party B engage in the business activities unrelated to the Entrusted Assets using the Securities Account. 

  

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

  

	 	5.3	 Management of the Entrusted Assets. 

 

	 	5.3.1	 Investment Decision Management. 

 

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

  

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

  

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

  
 19 

	 	5.3.2	 Investment Transaction and Information Management. 

 

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

  

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

 

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

  

	 	5.3.3	 Investment Risk Management. 

 

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

  

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

  

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

  

	 	5.4	 Accounting and Valuation of the Entrusted Assets. 

 

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

  

	 	(1)	 completing the accounting of the Entrusted Assets; 

  
 20 

	 	(2)	 checking accounting records with the Custodian; and 

 

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

  

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

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

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

  

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

 

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

  

	 	5.5	 Information Management of the Entrusted Assets. 

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

	 	5.5.1	 Daily report. 

  
 21 

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

  

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

 

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

 

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

 

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

  

	 	5.5.7	 Report on the regulation of insurance assets management. 

 

	 	5.5.8	 Statistics of Entrusted Assets 

 

	 	5.5.9	 Solvency statement 

  

	 	5.5.10	 Balance sheet of assets held in foreign currencies and foreign exchange account statistics

 See Exhibit II for details. 
  

	 	5.6	 Identification and Handling of Transactions Exceeding the Authorization Scope. 

 

	 	5.6.1	 Identification of Transactions Exceeding the Authorization Scope. 

 

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

  

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

  

	 	5.6.2	 Handling of Transactions Exceeding the Authorization Scope. 

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

  
 22 

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

 

	 	6.1	 Investment Supervision and Control. 

 

	 	6.1.1	 Contents and Method of Supervision and Control. 

 

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

 

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

 

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

  

	 	6.1.2	 Principal Methods of Supervision and Control. 

 

	 	(1)	 Investment Supervision and Control. 

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

	 	(2)	 Daily Report. 

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

  
 23 

	 	(3)	 Custody Arrangement. 

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

	 	(4)	 Problem Solving. 

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

 

	 	6.2	 Performance Appraisal on the Investment with Entrusted Assets 

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

	 	6.3	 Audit of the Entrusted Assets. 

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

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

  
 24 

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

  

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

  

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

  

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

  

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

  

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

  
 25 

	7.	 Fees and Payment Method. 

 

	 	7.1	 Basic Service Fee for Investment Management. 

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

 

	 	7.2	 Adjustment to the Service Fee for Investment Management. 

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

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

 

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

  

	 	7.3	 Payment of Fee. 

  

	 	7.3.1	 The basic service fee for investment management shall be calculated on a monthly basis and paid on a quarterly
basis. 

 Monthly basic service fee for investment management shall be calculated by multiplying the average of account
balance value of the Entrusted Assets (net of funds and interests from sale of securities under agreement to repurchase, and the principal and interests with respect to debt investment plans, equity investment plans, project asset-backed plans and
customized non-standard products) both at the beginning and the end of any given month by the basic annual rate, divided by twelve. 

Party B shall, within five Business Days following the end of any given billing period, gather relevant information, prepare the basic service
fee report for such period and submit such report, related invoices and breakdowns to Party A. 

  
 26 

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

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

  

	 	7.3.3	 For debt investment plans, equity investment plans, project asset-backed plans and customized non-standard products, the rates agreed in respective contracts based on specific project conditions shall apply, and the management fee will not be otherwise charged. 

 

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

  

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

  

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

  

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

 

	 	7.3.8	 The cost and expense arising from the engagement of external auditors, actuaries, lawyers and other
professionals by Party B in the name of Party A or in its own name for the purpose of this Agreement as consented to or acknowledged by Party A in writing under Section 3.3.2(2) shall be borne by Party A. 

  
 27 

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

 

	 	8.1	 Authorized Representatives and Their Signatures and Seals. 

 

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

  

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

  

	 	8.2	 Change of Authorized Representatives and Their Signatures and Seals. 

 

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

  

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

  

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

  

	9.	 Delivery and Receipt of Documents. 

 

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

  
 28 

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

  

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

  

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

 

	10.	 Discussions and Communications. 

 

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

  

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

 

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

 

	11.	 Confidentiality. 

  

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

  
 29 

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

  

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

  

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

  
 30 

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

  

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

 

	 	12.1	 Counterparts, Effective Date and Term. 

 

	 	12.1.1	 This Agreement shall become effective upon execution by both parties and their respective legal representative
or authorized representatives, with their respective seals affixed hereto, and shall remain in effect until December 31, 2021. 

  

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

  

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

  

	 	12.2	 Amendments. 

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

 

	 	12.3	 Renewal. 

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

 

	 	12.4	 Termination. 

  

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

  

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

  

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

  

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

  
 31 

	 	(4)	 Party A may unilaterally terminate this Agreement when Party B is required under laws or regulations to be
replaced; 

  

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

  

	 	(6)	 Both parties agree to terminate this Agreement; 

 

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

  

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

 

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

  

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

  

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

 

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

  

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

  

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

  
 32 

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

  

	13.	 Liability for Breach of Contract. 

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

	14.	 Exemption from Liability. 

 

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

  
 33 

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

 

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

  

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

  

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

  

	15.	 Governing Law and Dispute Resolution. 

The execution, effectiveness, interpretation, performance and dispute resolution of this Agreement shall be governed by laws, regulations and
state policies of PRC. 
 Any disputes arising from the interpretation and performance of this Agreement or related to this Agreement shall
be settled by both parties through friendly negotiation. If the dispute is not solved through friendly negotiation within 20 Business Days, either party may submit such dispute to the China International Economic and Trade Arbitration Commission for
arbitration in Beijing in accordance with its arbitration rules then in effect. The arbitration award shall be final and binding upon both parties. 

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

	16.	 Other Matters. 

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

  
 34 

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

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

  

	I.	 List of the Entrusted Assets 

 

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

 

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

  
 35 

			
	 Party A:
  

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

China Life Insurance Asset Management Company Limited (Seal)

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

  
 36EX-4.6

 Exhibit 4.6 

English Translation 

Asset Management Agreement 

between 
 China Life
Insurance Company Limited 
 and 

China Life Investment Holding Company Limited 

 Table of Contents 

 

							
	 1.
	  	 DEFINITIONS AND INTERPRETATION
	  	 	1	 
			
	 2.
	  	 INVESTMENT MANAGEMENT OF ENTRUSTED ASSETS
	  	 	4	 
			
	 3.
	  	 INVESTMENT GUIDELINE
	  	 	14	 
			
	 4.
	  	 REPRESENTATIONS AND WARRANTIES OF BOTH PARTIES
	  	 	15	 
			
	 5.
	  	 PARTY A’S RIGHTS AND OBLIGATIONS
	  	 	17	 
			
	 6.
	  	 PARTY B’S RIGHTS AND OBLIGATIONS
	  	 	19	 
			
	 7.
	  	 RISK CONTROL
	  	 	21	 
			
	 8.
	  	 INSPECTION, SUPERVISION AND REVIEW
	  	 	22	 
			
	 9.
	  	 INVESTMENT MANAGEMENT FEES, SERVICE FEE FOR OPERATION AND MANAGEMENT OF REAL ESTATE AND
PERFORMANCE INCENTIVE PAYMENT
	  	 	23	 
			
	 10.
	  	 THIRD PARTY COST AND EXPENSE
	  	 	28	 
			
	 11.
	  	 CONFLICTS OF INTEREST AND PROHIBITED ACTIVITIES
	  	 	29	 
			
	 12.
	  	 CONFIDENTIALITY
	  	 	31	 
			
	 13.
	  	 BREACH OF CONTRACT AND INDEMNIFICATION
	  	 	32	 
			
	 14.
	  	 FORCE MAJEURE
	  	 	33	 
			
	 15.
	  	 TERMINATION
	  	 	33	 
			
	 16.
	  	 PERFORMANCE
	  	 	35	 
			
	 17.
	  	 NOTICES
	  	 	36	 
			
	 18.
	  	 ASSIGNMENT
	  	 	36	 
			
	 19.
	  	 SEVERABILITY
	  	 	36	 
			
	 20.
	  	 GOVERNING LAW AND DISPUTE RESOLUTION
	  	 	36	 
			
	 21.
	  	 EFFECTIVENESS, COUNTERPARTS AND OTHERS
	  	 	37	 
		
	 APPENDIXES:
	  	 	38	 
		
	 APPENDIX 1:
	  	 	40	 
		
	 APPENDIX 2:
	  	 	41	 

  
 i 

 This Asset Management Agreement (“Agreement”) was entered into by and between the following
two parties in Beijing on [                ], 201[ ] 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 

 (Party A and Party B are hereinafter referred to, individually as a “Party”, and
collectively the “Parties”.) 
 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; Party B is a wholly-owned subsidiary of Party A’s controlling shareholder China Life Insurance (Group) Company. 

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 Banking and Insurance Regulatory Commission (“CBIRC”), 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 

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

  

	 	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, infrastructure investment plans and project asset-backed plans issued with Party B as the sponsor or a
participant, 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 Party B. 

 

	 	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 Party B. 

  

	 	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, regulatory filing, closing, subsequent management (including operation and management of Real Estate)
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.

  
 2 

	 	1.9	 “Investment Guideline” or “Investment Management Guideline”, refers 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. 

  
 3 

	 	1.15	 “Subsidiary” refers to any company over which Party B directly or indirectly controls.

  

	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. 

  

	 	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 thirty (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, regulatory filing, closing, subsequent management (including operation and management of Real Estate) 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.

  
 4 

	 	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 the Parties, as well
as the need in connection with the growth of Party A’s Alternative Investments business within the coming 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: 

 

	 	(1)	 The contractual amount of the Investment Assets to be entrusted by Party A to Party B pursuant to the Agreement
for management in 2019 will not exceed RMB200 billion or its equivalent in foreign currency, the contractual amount to be entrusted in 2020 will not exceed RMB200 billion or its equivalent in foreign currency, and the contractual amount to
be entrusted in 2021 will not exceed RMB200 billion or its equivalent in foreign currency. 

  

	 	(2)	 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 2019 will not exceed RMB100 billion or its equivalent in foreign currency (including entrusted management fee), 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 2020 will not exceed RMB100 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 2021 will not exceed RMB100 billion or its equivalent in foreign currency (including entrusted management
fee). 

  
 5 

	 	(3)	 The investment management fee, service fee for operation and management of Real Estate 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 RMB1.391 billion or its equivalent in
foreign currency in 2019, the investment management fee, service fee for operation and management of Real Estate 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 RMB1.982 billion or its equivalent in foreign currency in 2020, and The investment management fee, service fee for operation
and management of Real Estate 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 RMB2.266 billion or its equivalent in foreign currency in 2021. 

  

	 	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. 

 (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 the Fund Accounts are opened. 
 (3)    Party B shall not open a new Fund
Account for the Alternative Investments unless a written consent has been obtained from Party A. 
 (4)    In relation
to Fund Accounts entrusted to Party B, all liabilities resulting from violation of local laws and regulations shall be borne by Party B. 
  

	 	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. 

  
 6 

	 	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. 

  

	 	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 CBIRC and regulatory rules for listed companies. 

  
 7 

	 	2.4.2	 Under any regulatory rules, 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 A shall notify Party B in a timely manner, and in principle, Party B shall request Party A in writing at least twenty (20) business days before the meeting of board of directors to conduct relevant review
procedures. 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. Party B shall prudentially conduct connected transaction vetting prior to engaging in such a project, and fully communicate with Party A at least twenty (20) business days before the date of Party
B’s investment decision meeting. 

  
 8 

	 	2.4.3	 For the investment project within the authorization scope and the authorized cap amount pursuant to the
Agreement and the 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 B
shall submit a written request to Party A for signing at least five (5) business days in advance, and Party A shall cooperate in a timely manner to complete relevant signing process. 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. 

  

	 	2.5.2	 Party B shall specify in the executed investment agreements the payment terms, payment method 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. For domestic payments, Party B shall submit a formal transfer application to Party A by the form of an official document at least ten (10) business days prior to the payment of the investment funds; and for cross-border
payments, Party B shall submit a formal transfer application to Party A by the form of an official document at least twenty (20) business 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 fully validate the feasibility of the payment method and be responsible for the accuracy, timeliness and compliance of the payment of investment funds for
the investment projects. 

  
 9 

	 	2.6	 Post- investment Management and Exit from Investment Projects. 

 

	 	2.6.1	 Investment Assets are entrusted hereunder by Party A to Party B for an entire investment management 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, including retention of professional service agencies for
project operation and management based on the need of the project and making requests to Party A for transfer of the funds required by the project operation and management; for the operation and management of Real Estate, Party B may purchase
operation and management services from its Subsidiaries and pay relevant fees as agreed herein. Operation and management of Real Estate include, among others, lease of property, property promotion plan and its execution, tenant services, engineering
management such as renovation, daily operation and property management supervision, financial management, and documentary 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.

  
 10 

	 	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. 

  

	 	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, and notify Party A as required by it in a timely manner. 

  

	 	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 by the time and in the form as required by the CBIRC and other regulators for the Alternative Investments, and shall be responsible for
compliance control and CBIRC required scoring process. 

  

	 	2.7.2	 Party B shall monitor and maintain records of performance of this Agreement and connected transactions
hereunder according to applicable rules of the place where Party A is listed and regulatory rules of the CBIRC and other regulators, and provide all information on connected transactions by the time and in the form as required by Party A to assist
Party A to complete appropriate reporting and disclosure. 

  
 11 

	 	2.7.3	 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. 

 

	 	2.7.4	 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. 

  

	 	2.7.5	 Party B shall, at the request of Party A, regularly 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.

  

	 	2.7.6	 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. 

 

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

  

	 	2.7.8	 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. 

  
 12 

	 	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.

  

	 	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. 

  
 13 

	 	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. 

  

	 	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 CBIRC’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 twenty (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. 

  
 14 

	 	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. 

  

	 	3.2.3	 Changes to Investment Guideline. 

 

	 	3.2.4	 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 (3) business days after receiving Party B’s notice, give written response. During such disagreement period, Party B shall
implement the original Investment Guideline; 

  

	 	3.2.5	 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. 

  
 15 

	 	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 applicable laws
and regulations as well as regulations and requirements of the CBIRC and other regulators; 

  

	 	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.

  

	 	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 

  
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	 	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; 

  

	 	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. 

  
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	 	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, service fee
for the operation and management of Real Estate, 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, service fee for the operation and management of Real Estate 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). 

  

	 	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 CBIRC. 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. 

  
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	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, service fee for the operation and management of Real Estate
and performance incentives 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	 Party B shall have the right hereunder to designate itself and/or an appropriate Subsidiary of Party B to carry
out specific performances based on specific entrusted investment management matters. 

  

	 	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 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 CBIRC rules. In the event of any
legal risks with respect to non-compliance with laws, administrative regulations and relevant CBIRC 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; 

  
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	 	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; 

  

	 	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; 

  
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	 	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; 

  

	 	6.2.13	 Party B shall be solely responsible for the Entrusted Investment Management hereunder. In case of designation
as described in Section 6.1.5, Party B shall and hereby warrants it will cause its Subsidiary to perform specific entrustment management matters according to the terms and conditions agreed herein; 

 

	 	6.2.14	 Such other obligations as provided herein; and 

 

	 	6.2.15	 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. In case of designation as described in Section 6.1.5, such Subsidiary of Party B shall be covered by the aforesaid investment management system and risk control system, and Party B shall cause its
Subsidiary to comply with such systems. 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. 

  
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	 	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 CBIRC 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. 

  

	 	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. 

  
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	 	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. 

 

	 	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 ninety (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, Service Fee for Operation and Management of Real Estate 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, service fee for operation and management of Real Estate 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, service fee for operation and management of Real Estate and performance incentive payments.

  

	 	9.2	 Calculation of Investment Management Fees. 

 

	 	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
Securitization Financial Products of which underlying assets have been examined by Party B, 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 directly invested equity investment projects that obtain exit proceeds from the appreciation and sales of investment assets, real estate property investment projects with
non-fixed return during the holding period, and the equity investment portion without agreed minimum dividend of the real estate project, and indirectly invested (by subscribing LP shares in private equity
funds or through similar structures) financial products with the main purpose for non-fixed returns. 

  
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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 contracted projects before 2019 shall be calculated in reference to the rates specified in the asset
management agreement for 2017-2018, and the two parties may otherwise negotiate to agree on management fee rates with respect to controversial projects), 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%; for newly invested projects with non-fixed return: (1) in case of directly invested projects, or indirectly invested projects without a Subsidiary of Party B or a
company designated by Party B as the fund manager, the investment management fee rate will be at 0.3%; (2) in case of indirectly invested projects which are actively managed by Party B with a Subsidiary of Party B or an outside company designated by
Party B as the fund manager, the investment management fee rate will be at 0.3%, with fund management fee rates subject to relevant fund agreements; and (3) in case of indirectly invested projects which are actively management by a Subsidiary
of Party B as the fund manager, the investment management fee rate will be at 0.05%, with fund management fee rates subject to relevant fund agreements. 

  
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	 	9.2.4	 At the time of exit from a newly invested project with non-fixed return
as described in Section 9.2.3, Party A will pay Party B or its Subsidiary the performance fee for one time only based on the actual internal rate of return (IRR) of the project, provided that the threshold for the performance fee payment is 8%
for IRR. 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. 

 

	 	9.2.5	 In case of purchase of financial products by Party A in relation to infrastructure investment plans and
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 20% or more of the shares of such products are purchased
by third parties in the market, Party A will pay the product management fee at the same rates, and Party B shall be obligated to inform Party A of the actual rates paid by other purchasers. 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. 

  
 25 

	 	9.2.6	 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 in a manner agreed by the two parties based on the service phase and services provided by Party B. 

  

	 	9.2.7	 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 the years within the term hereof will be set in reference to the performance assessment indicators for 2018, and calculation and payment methods for the floating
management fee shall be set out in the annual Investment Guideline. 

  

	 	9.3	 Calculation of the Service Fee for Operation and Management of Real Estate 

 

	 	9.3.1	 Basic management fee: for mature properties (properties of which the occupancy rate is not lower than 80% on
the commencement date of entrustment), the annual basic management fee is annual EBITDA*3%. For new properties (properties of which the occupancy rate is lower than 80% on the commencement date of entrustment), within the first 3 years after the
commencement date of entrustment, a fixed annual management fee will be charged, which is 3% of the EBITDA in the 4th full year (estimated, not actual EBITDA); upon expiration of the 3 years
period, the rate for mature properties will apply, which is 3% of actual annual EBITDA. EBITDA = net profit + income tax + fixed asset depreciation + intangible asset amortization + amortization of long-term deferred expenses + repayment interest.

  
 26 

	 	9.3.2	 Performance incentive: where the occupancy rate in a whole year is not lower than 80%, and Party B’s
management performance is higher than the annual net income target, a performance incentive as follows will be paid: in comparison with the EBITDA target in a model set in an investment decision meeting, 10% of the amount of actual annual EBITDA
exceeding the target. The performance incentive shall be paid by Party B to its Subsidiary as the case may be, and for the avoidance of any doubt, Party A will not pay any incentives to Party B other than the floating management fee as set forth in
Section 9.2.7. 

  

	 	9.3.3	 Commencement date for fee calculation: where properties are acquired through asset purchases, for constructions
in progress, the completion acceptance filing date is the commencement date, and for completed projects, the title delivery date is the commencement date; where properties are acquired through equity transfer, the registration date for equity
changes is the commencement date. For projects to which Party B already provided operation and management services before execution of this Agreement, the commencement date shall be traced back to the date of actual service provision according to
the above criteria. 

  

	 	9.4	 Payment of Investment Management Fee and Service Fee for Operation and Management of Real Estate

  

	 	9.4.1	 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.

  

	 	9.4.2	 The investment management fee and service fee for operation and management of Real Estate 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. 

  
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	 	9.4.3	 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 amounts of the investment management fee and the service fee for operation and management of Real Estate are unreasonable. Both parties shall
immediately negotiate on resolution of such disagreement, until the amount of the fee is determined. 

  

	 	9.4.4	 If Party A has not presented any disagreement, it shall, within thirty (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. 

  

	 	9.5	 Payment of Performance Incentive Payment. 

 

	 	9.5.1	 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. 

  

	 	9.5.2	 Party A shall, within ten (10) business days after a performance incentive fee is confirmed in accordance
with Section 9.5.1 above in written form, pay the performance incentive fee as agreed by the Parties to the account(s) designated by Party B in writing. 

 

	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. 

  
 28 

	 	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.

  

	 	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; 

  
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	 	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; 

  

	 	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 

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

 

	12.	 Confidentiality. 

  

	 	12.1	 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. 

  

	 	12.2	 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. 

 

	 	12.3	 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. 

  
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	 	12.4	 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. 

  

	13.	 Breach of Contract and Indemnification. 

 

	 	13.1	 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 (30th) day following the receipt of such written notice by Party A, unless otherwise waived
by Party B. 

  

	 	13.2	 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 (30th) day following the receipt of such written notice by Party B, unless otherwise waived by Party A. 

 

	 	13.3	 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. 

  

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

  
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	14.	 Force Majeure. 

  

	 	14.1	 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.

  

	 	14.2	 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. 

  

	 	14.3	 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.

  

	 	14.4	 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. 

 

	15.	 Termination. 

  

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

 

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

  

	 	15.1.2	 The term of the Agreement expires; 

 

	 	15.1.3	 Both parties agree to terminate this Agreement; 

  
 33 

	 	15.1.4	 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 

  

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

  

	 	15.2	 In the event that one Party terminates this Agreement, this Agreement shall be terminated on the thirtieth (30th) day following the receipt by the other Party of the written notice to terminate. 

  

	 	15.3	 Obligations upon Termination. 

 

	 	15.3.1	 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. 

 

	 	15.3.2	 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. 

  

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

  

	 	15.4.1	 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; 

  

	 	15.4.2	 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. 

  

	 	15.5	 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. 

  
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	16.	 Performance. 

  

	 	16.1	 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 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.

 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 CBIRC, 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.

  

	 	16.2	 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. 

  

	 	16.3	 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 or other corporate governance documents. Party A shall simplify and facilitate relevant internal implementation process. 

  
 35 

	 	16.4	 Upon effectiveness of this Agreement, the two parties hereto may enter into separate performance agreements and
related power of attorney based on their business needs. 

  

	17.	 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 be 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. 
 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

  

	18.	 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. 
  

	19.	 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. 
  

	20.	 Governing Law and Dispute Resolution. 

 

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

  
 36 

	 	20.2	 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 sixty (60) days of the dispute, either Party may submit such dispute to the court of competent jurisdiction where Party A is
located. 

  

	 	20.3	 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. 

  

	21.	 Effectiveness, Counterparts and Others. 

 

	 	21.1	 After being approved by the independent shareholders at a shareholders meeting and duly executed by the two
parties, this Agreement shall have a term of 2 years from January 1, 2019 to December 31, 2020. 

  

	 	21.2	 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. 

  

	 	21.3	 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. 

  

	 	21.4	 The two parties hereto agree that the Agreement shall be automatically renewed for one year if it is not in
violation of the listing rules of the exchange where Party A is listed, unless either Party sends a written notice to the other Party stating its intent of not going to renew the Agreement before expiration of the term of the Agreement or at least
ninety (90) business days before expiration of a renewal term. 

  

	 	21.5	 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 five (5) business 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. 

  
 37 

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

 

	 	21.7	 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. 

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” 

  
 38 

 (This is a signature page only.) 
  

			
	 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)

  
 39 

 Appendix 1: 

Authorization and Entrustment Letter by China Life Insurance Company Limited 

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, including but not limited to engaging
development and construction consulting agencies, operation and management companies and audit and evaluation firms; 

  

	 	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, 2021. 

China Life Insurance Company Limited (Seal) 

Legal representative: (signature) 

Date: [    ], 2018 

  
 40 

 Appendix 2. 

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

To China Life Investment Holding Company Limited, 

This is to authorize Mr. Yin Zhaojun 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, 2021. 
 China
Life Insurance Company Limited (Seal) 
 Legal representative: (Signature) 

Date: [    ], 2018 

  
 41

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