Agreement on Entrusted Management of the Enterprise Annuity Plan of China Life Insurance (Group) Company (Including supplementary terms for account management and investment management)

Party A hereby represents and warrants as follows.

Party A represents that, it has, as decided by discussion at the employee meeting (or employee representative meeting) and with duly authorization from the employees, signed the Agreement and may deal with matters relating to the Beneficiaries on behalf of the Entrusters, except those which shall only be dealt with by the Beneficiaries themselves as required by the Laws and Regulations, the Agreement and the nature of actions.

Party A represents that, it has understood the provisions of the Laws and Regulations regarding enterprise annuities and agreements in the Agreement, fully recognized the risks that might be present in the course of

Party A represents that, in accordance with documents and materials relevant to the establishment of Enterprise Annuity Plan, it has executed the Agreement, will perform its obligations and exercise its rights hereunder, not violating the Articles of Association of Party A or any effective judgment, verdict, authorization or agreement applicable to Party A, nor being questioned by any other third party, and will be responsible for the effective performance of the Agreement.

Party A warrants that the sources and uses of Properties under Enterprise Annuity Funds conform to application laws and regulations, and there is no guarantee or mortgage over such property or any other restrictive conditions that interfere with Party B’s entrusted management of such property.

Party A warrants that, all materials and information that it furnishes to Party B is legal, true, accurate and complete, without any misrepresentations, major omissions or misleading statements.

Party B hereby represents and warrants as follows.

Party B represents that, it is a corporate fiduciary entity that is lawfully established and existing under the Laws and Regulations, duly qualified to engage in entrusted management business of enterprise annuity funds and duly entrusted with the management of the Properties under Enterprise Annuity Funds.

Party B represents that, it has executed the Agreement and will perform its obligations and exercise its rights hereunder and not violate the Articles of Association of Party B or any effective judgment, verdict, authorization or agreement applicable to Party A.

Party B represents that, the market is subject to risks, and makes no guarantee of profits or freedom from losses in the course of managing the Properties under Enterprise Annuity Funds.

Party B warrants that, it will faithfully, prudently and diligently perform its entrusted management duties and manage and dispose of the Properties under Enterprise Annuity Funds in the best interest of the Beneficiaries in line with the principles of good faith, prudence and diligence strictly observing the Laws and Regulations, self-disciplinary conventions for enterprise annuity management industry and the provisions herein.

Party B warrants that, all materials and information that it furnishes to Party A is legal, true, accurate and complete, without any misrepresentations, major omissions or misleading statements.

Conditions of establishment.

Purposes of establishment.

Entrusted Property.

Establishment of entrustment.

Parties to the Entrustment.

Rights and obligations of Party A

Rights of Party A.

Supervise the entrusted management performed by Party B.

Be informed by Party B of the management, disposal and the balance of enterprise annuity funds, and demand Party B to provide relevant explanation.

Consult, transcribe or copy accounting materials with respect to the Properties under Enterprise Annuity Funds, and other materials relating to the management of such Funds pursuant to the Laws and Regulations.

Terminate the Agreement in accordance herewith.

Consult the entrusted management agreements of Enterprise Annuity Plan from Party B.

Exercise other rights available according to the Laws and Regulations and the provisions herein.

Obligations of Party B.

Comply with the Laws and Regulations and the Agreement, not infringe on the legitimate rights and interests of the State, the public and the Beneficiaries, and in case of any adjustment to the Laws and Regulations, consult with Party B in a timely manner to modify the Agreement accordingly.

Make contributions as required by the Enterprise Annuity Program and cooperate with Party B in transferring the contributions to the Custody Account for Investment Assets within 45 days of the pooling of contributions for enterprise annuity funds into the Custody Account for Entrusted Property.

Pay account management fee in full and in a timely manner, and agree that Party B may disburse entrusted management fee, custody fee, investment management fee and other relevant fees from the Properties under Enterprise Annuity Funds pursuant to the Agreement.

Provide Party B timely with all such materials and information as necessary for the establishment and operation of the Enterprise Annuity Program and as required by laws and regulations related to the identification of money laundering customers, including basic enterprise information and its scanned certificates, basic personal information of the beneficiaries and their scanned certificates, contribution information and proofs of the payment of annuity benefits, and undertake such duties in the process of management as are agreed in the Agreement and the Enterprise Annuity Program such as data confirmation. Among them, basic enterprise information shall include, among other things, enterprise code, enterprise name, unified social credit code, mailing address, contact names and phone numbers, and information, and basic personal information shall include, among other things, an employee’s number in the Enterprise Annuity Plan, name, gender, date of birth, citizen ID number or other valid ID number, mailing address, contact names and phone numbers, commencement of employment and Plan participation date.

Make disclosure to the Beneficiaries of information with respect to the management of enterprise annuity funds, including but not limited to, the contents hereof, any changes of the statuses of the Beneficiaries’ personal accounts, periodical and ad-hoc reports of the Enterprise Annuity Plan, auditing reports and liquidation reports.

In case of any changes to the Enterprise Annuity Program, negotiate with Party B in advance where such changes involve the duties of entrusted management, and promptly file the revised Enterprise Annuity Program with appropriate authorities of human resources and social security and notify Party B in writing in a timely manner.

In case of Party A’s termination of Enterprise Annuity Plan, apply to Party B for the transfer of Personal Account Interests of the Beneficiaries to the Retained Account for management.

Without justified reasons, Party A shall not interfere with Party B’s performance of duties of entrustee imposed by the Laws and Regulations or Party B’s selection of other enterprise annuity management institutions. Party A shall be liable for any damages incurred to the Properties under Enterprise Annuity Funds due to its unjustified interference.

Keep intact all vouchers, contracts and agreements related hereto for a minimum of 15 years from the termination hereof.

Perform any other obligations prescribed by the Laws and Regulations and agreed herein.

Rights and obligations of Party B.

Rights of Party B.

From the date when the Agreement takes effect, Party B has the right to manage, use and dispose of the Properties under Enterprise Annuity Funds in accordance with the Laws and Regulations and the Agreement.

Obtain business data and information relating to the management of the Enterprise Annuity Plan pursuant to the Agreement.

Select, supervise and replace the Account Manager, Custodian and Investment Administrator.

Charge entrusted management fee on the Entrusted Property pursuant to the Agreement, require Party A to pay account management fee in full and in a timely manner in accordance with the Account Management Agreement, and disburse custody fee and investment management fee from the Properties under Enterprise Annuity Funds in accordance with the Custody Agreement and the Investment Management Agreement.

In case that Party A fails to handle formalities necessary to transfer Personal Account Interests of the Beneficiaries to the Retained Account when it is dissolved, revoke, declared bankrupt or taken over in accordance with laws and thus unable to continue its performance hereof, Party B has the right to transfer such Interests to the Retained Account under the Collective Enterprise Annuity Plan sponsored and established by Party B for management.

Where any instruction of Party A contradicts the Laws and Regulations, Party B has the right to refuse follow such instruction.

Exercise other rights available according to the Laws and Regulations and the provisions herein.

Obligations of Party B.

Comply with the Laws and Regulations and the Agreement, not infringe on the legitimate rights and interests of the State, the public and the Beneficiaries, and in case of any adjustment to Laws and Regulations, consult with Party A in a timely manner to adjust the Agreement accordingly.

Observe the Agreement and perform its fiduciary duties in the best long-term interest of the Beneficiaries.

Establish sound systems for internal risk controls, supervision and auditing, financial management and personnel management, equip itself with sufficient professional staff and keep the operation risks of Enterprise Annuity Funds under tight control.

Shall not use the Properties under Enterprise Annuity Funds to seek any improper interests, except for obtaining remuneration in accordance with the Laws and Regulations and the Agreement.

Manage and keep accounts of the Properties under Enterprise Annuity Funds separately from the proprietary property of Party B and other properties under its management.

Credits and debts arising from the management and disposal of the Properties under Enterprise Annuity Funds shall not offset those resulting from the proprietary property of Party B and other property under its management.

Supervise the Account Manager, Custodian and Investment Administrator and in case that any of them is found to have violated the Agreement and the Laws and Regulations, take necessary steps to protect the interests of Party A and the Beneficiaries and report to Party A and appropriate authorities of human resources and social security in a timely manner.

In accordance with the Laws and Regulations, be subject to and cooperate with the supervision by appropriate authorities of human resources and social security, and actively fulfill relevant filing and reporting obligations.

In accordance with the Laws and Regulations, engage proper accounting firms to audit of the Enterprise Annuity Plan, and organize the liquidation of the Properties under Enterprise Annuity Funds by a liquidation group upon the termination of the Plan.

Where the duties of Party B terminate, after Party A selects a new entrustee, Party B shall hand over its work to the new entrustee promptly and properly, and until the accomplishment of such handover, continue to perform its fiduciary duties and obligations and charge relevant fees pursuant to the Agreement.

Keep intact the records of management of Enterprise Annuity Funds with respect hereto, including paper and electronic files of all kinds for a minimum of 15 years from the termination hereof, and require other managers to keep intact relevant materials.

Perform any other obligations prescribed by the Laws and Regulations and agreed herein.

Rights and obligations of the Beneficiaries.

Rights of the Beneficiaries.

Receive Vested Interests pursuant to the vesting rules of Personal Account Interests as agreed in the Enterprise Annuity Program.

Know and inquire about the basic information of Personal Account of Enterprise Annuity Funds in accordance with laws and regulations and the Agreement.

Apply for the collection of Enterprise Annuity Benefits in accordance with the Laws and Regulations and the Agreement.

Where a Beneficiary resigns, if his/her new employer has already established an enterprise annuity plan or an occupational annuity, his/her Personal Account Interests shall be transferred to such new plan; if the new employer has not yet established one, such Personal Account Interests may be managed by opening a Retained Account under the Enterprise Annuity Plan or transferred to the Retained Account under the Collective Enterprise Annuity Plan sponsored and established by Party B for management.

In case of the death of a Beneficiary, the balance of his/her enterprise annuity personal account can be inherited, with the identification of such heirs subject to the judicial documents issued by competent authority. Where any legal heir that is not so identified demands the payment of Enterprise Annuity Benefits, Party B has the right to refuse the execution.

Exercise other rights available according to applicable laws and regulations and the provisions herein.

Obligations of the Beneficiaries.

Make contributions pursuant to the Enterprise Annuity Program and the Agreement.

Shall not transfer the beneficial right of enterprise annuity funds nor use such right for debt repayment or guarantee.

Provide materials and information required for the management and operation of enterprise annuity funds.

Be responsible for the account management fee for the Retained Account and Retirement Account as agreed herein.

Where a Beneficiary resigns but his/her new employer has not established any enterprise annuity or occupational annuity and Party A thus requires his/her Personal Account Interests to be transferred to the Retained Account under the Collective Enterprise Annuity Plan sponsored and established by Party B for management, the Beneficiary shall agree to handle related formalities and do the same.

Perform any other obligations prescribed by the Laws and Regulations and agreed herein.

Management duties of the Entrustee.

In accordance with the Laws and Regulations and the Agreement, supervise the management of enterprise annuity funds and urge the Account Manager, Custodian and Investment Administrator to fulfill their management duties of such Funds in line with the principles of good faith, prudence and diligence.

Develop asset allocation strategies for enterprise annuity funds, follow the principles of high security and steady income and employ a method of diversifying risks and professional management to realize the value preservation and appreciation of Enterprise Annuity.

Determine the investment supervision item checklist with the Custodian and Investment Administrator through joint consultation, and urge the Custodian to supervise the operation of Investment Administrator as per such checklist.

As agreed in the Enterprise Annuity Program and the Agreement, supervise and audit the enterprise contributions, employee contributions and payments of Enterprise Annuity Benefits, collect the enterprise and employee contributions in a timely manner, and pay the Enterprise Annuity Benefits to the Beneficiaries in full and in a timely manner.

Require the Account Manager to provide inquiry services of enterprise annuity funds for the Entrusters and the Beneficiaries.

Upon occurrence of any significant matters, report promptly to the Entrusters and relevant regulatory authorities.

Where any losses are incurred to the Properties under Enterprise Annuity Funds due to any failure of the Account Manager, Custodian or Investment Administrators selected by the Entrustee for fulfilling their management duties for enterprise annuity funds in light with the principles of good faith, prudence and diligence, the Account Manager, Custodian or Investment Administratora shall be responsible for such losses and the Entrustee shall be held liable in accordance with laws.

In accordance with the Laws and Regulations and the Agreement, submit management reports of enterprise annuity funds and the responses to any relevant inquiries to the Entrusters and relevant regulatory authorities in a timely manner and be responsible for the Authenticity, completeness and accuracy of such reports.

Perform other duties as required by the Laws and Regulations and the provisions herein.

Management duties of the Account Manager.

Where the Entrustee entrusts the account management of enterprise annuity funds to an enterprise annuity account management institution duly qualified for account management, an Account Management Agreement shall be entered into. Should the Account Manager violate the Laws and Regulations and the Agreement and thus incur any losses to the Properties under Enterprise Annuity Funds, the Account Manager shall be held liable in accordance with laws.

Management duties of the Account Manager include:

Open Enterprise Account and Personal Accounts for Enterprise Annuity Funds;

Record the basic information of enterprise and employee contributions, investment income of enterprise annuity funds, changes of information and property in the Enterprise Account and Personal Accounts of such Funds, and calculate the collectable Enterprise Annuity Benefits;

Submit on a periodical basis, information such as account manage data and management reports of enterprise annuity funds to the Entrustee and reports on account management business operation of Enterprise Annuity Funds to relevant regulatory authorities;

Provide the Entrusters and Beneficiaries with inquiry service regarding the Enterprise Account and Personal Accounts of Enterprise Annuity Funds, and provide annual equity statements for the Beneficiaries;

Check contribution data and any changes of properties in enterprise annuity funds accounts with the Custodian and submit the results to the Entrustee in a timely manner;

Keep the account management records of enterprise annuity funds for a minimum of 15 years from the termination of the Account Management Agreement as required by the national regulations;

Perform other obligations as required by applicable laws and regulations and the provisions herein.

Where the Entrustee serves concurrently as the Account Manager for the Enterprise Annuity Plan, its account management duties are as specified in the Supplementary Terms for Account Management hereof.

Management duties of the Custodian.

The Entrustee shall entrust the custody of Enterprise Annuity Funds to a commercial bank duly qualified for custody and enter into a Custody Agreement with respect thereto. Should the Custodian violate the Laws and Regulations and the Agreement and thus incur any losses to the Properties under Enterprise Annuity Funds, the Custodian shall be held liable in accordance with laws.

Custody duties of the Custodian include:

Keep safe the Properties under Enterprise Annuity Funds;

Open capital account and securities account for the Properties under Enterprise Annuity Funds for the purposes of fund transfers and securities investments of enterprise annuity funds;

5.3.2.3Accept the Enterprise Annuity contributions of the Entrusters, transfer the Properties under Enterprise Annuity Funds to the Investment Administrator and pay the Enterprise Annuity Benefits to the Beneficiaries pursuant to instructions from the Entrustee;

Handle matters including but not limited to clearing and settlement subject to the authorization by the Entrustee to the Investment Administrator and pursuant to investment instructions from the Investment Administrator;

Conduct financial accounting and valuation of the Properties under Enterprise Annuity Funds on a periodical basis and supervise the investment operation of Investment Administrator;

Check the relevant data with the Account Manager and Investment Administrator on a periodical basis;

Cooperate with the Investment Administrator in the withdrawal and use of the Reserves for Investment Management Risks;

Supervise the investment operation of Investment Administrator as required and report to the Entrustee on such supervision on a periodical basis.

Submit on a periodical basis, custody and financial statements of enterprise annuity funds to the Entrustee and reports on custody business operation of Enterprise Annuity Funds to relevant regulatory authorities;

Keep business activity records, account books and statements for the custody of Enterprise Annuity Funds and other related materials for a minimum of 15 years from the termination of the Custody Agreement as required by the national regulations.

Perform other duties as required by applicable laws and regulations and the Custody Agreement.

Management duties of the Investment Administrator.

Where the Entrustee entrusts the investment management of enterprise annuity funds to a financial institution duly qualified for investment management, an Investment Management Agreement shall be entered into. Should the Investment Administrator violate the Laws and Regulations and the Agreement and thus incur any losses to the Properties under Enterprise Annuity Funds, the Investment Administrator shall be held liable in accordance with laws.

Investment management duties of the Investment Manger include:

Investment management of enterprise annuity funds shall follow the principles of prudence and diversifying risks, take into full account the security, profitability and liquidity of the Properties under Enterprise Annuity Funds, and implement professional management;

Execute the strategic assets allocation strategies developed by the Entrustee, accept the supervision over its performance of duties and the assessment and evaluation of its investment management performance by the Entrustee;

Ensure the independence of the Properties under Enterprise Annuity Funds from its proprietary property and other property under its management.

Check the results of financial accounting and valuation of enterprise annuity funds with the Custodian in a timely manner;

Establish the Reserves for Investment Management Risks of Enterprise Annuity Funds;

Submit on a periodical basis, investment management reports of enterprise annuity funds to the Entrustee and reports on investment management business operation of Enterprise Annuity Funds to relevant regulatory authorities;

In accordance with the Laws and Regulations, exercise the shareholder’s rights, bondholder’s rights and fund unit holder’s rights of the Entrusted Investment Assets on behalf of such Assets;

Keep the accounting vouchers, account books, annual financial accounting statements and investment records of the Properties under Enterprise Annuity Funds for a minimum of 15 years from the termination of the Investment Management Agreement;

Perform other duties as required by the Laws and Regulations and the Investment Management Agreement.

Where the Entrustee serves concurrently as the Investment Administrator for the Enterprise Annuity Plan, its investment management duties are as specified in the Supplementary Terms for Investment Management hereof.

Contribution of the Enterprise Annuity.

The Entrusters shall make contributions in accordance with the sources, rates and methods as required by the Laws and Regulations and the Enterprise Annuity Program.

The Entrusters shall provide the Entrustee with contribution information and submit such information to the Account Manager upon confirmation of the Entrustee.

The Entrustee or Account Manager shall submit contribution bills generated in accordance with contribution information by the Account Manager to the Entrusters.

Upon confirmation, the Entrusters shall transfer the Enterprise Annuity contributions to the Custody Account for Entrusted Property pursuant to the contribution bills.

The Entrustee shall complete the confirmation of contribution transfer in a manner agreed upon with the Custodian, and notify the Account Manager. In case of any Over Contribution or Under Contribution, the Entrustee shall notify the Entrusters to handle accordingly.

Collection of the Enterprise Annuity Benefits.

The Beneficiaries may collect the Enterprise Annuity Benefits when any of the following conditions is satisfied:

Where an employee reaches the statutory retirement age or loses the ability to work, he or she may collect the enterprise annuity on a monthly basis, by stages or in a lump sum from his or her personal enterprise annuity account, or he or she may use all or part of his or her personal enterprise annuity account funds to purchase a commercial pension insurance product, and collect relevant benefits and enjoy corresponding inheritance rights pursuant to the insurance contract;

Funds in a personal enterprise annuity account funds of an employee who has settled abroad may be paid to him/her in a lump sum at his/her request;

In case an employee or retiree dies, the balance of his or her personal enterprise annuity account can be inherited;

With respect to any other cases prescribed by the Laws and Regulations where the Benefits are collectable, the Benefits shall be collected in the manner stipulated by the Laws and Regulations. Those who fail to satisfy any of the above conditions for collection of enterprise annuity shall not withdraw funds in advance from their personal enterprise annuity accounts.

Procedure for collection of the Enterprise Annuity Benefits.

The Beneficiaries apply to the Entrusters for collection of the Enterprise Annuity Benefits.

The Entrusters review and approve the collection applications from the Beneficiaries and then submit applications for collection of the Enterprise Annuity Benefits to the Entrustee.

The Entrustee reviews and approves the collection applications and then notifies the Account Manager.

The Account Manager calculates the Personal Account Interests, generates the payment sheets of Personal Account Interests and then sends such sheets to the Entrustee and Entrusters for confirmation.

The Entrusters confirm the payment sheets of Personal Account Interests and notify the Entrustee, and then the Entrustee gives payment instructions of the Benefits to the Custodian who will pay the Enterprise Annuity Benefits to the Beneficiaries.

Transfer of Personal Account Interests.

Retention Personal Account Interests.

Where a Beneficiary resigns and his/her new employer has not yet established any enterprise annuity or occupational annuity, or where the beneficiary goes to school, joins the army or loses his or her job, the Entrusters shall transfer the Personal Account Interests of the Beneficiary to the Retained Account for management. The Retained Account shall be managed in the following manners:

The Entrusters apply to the Entrustee for opening a Retained Account under the Enterprise Annuity Plan and managing the Personal Account Interests of the Beneficiary within such Account;

The Entrusters apply to the Entrustee for transferring the Personal Account Interests of the Beneficiary to the Retained Account under the Collective Enterprise Annuity Plan sponsored by the Entrustee for unified management;

Upon the termination of the Enterprise Annuity Plan, the Personal Account Interests of the Beneficiaries shall be transferred to the Retained Account under the Collective Enterprise Annuity Plan sponsored by the Entrustee for unified management.

The Entrustee shall develop investment policies for enterprise annuity funds in accordance with the Laws and Regulations.

The Properties under Enterprise Annuity Funds shall be invested only in domestic and Hong Kong markets. The scope of investment in domestic market covers bank deposits, standard debt assets, bond repos, trust products, debt investment plans, publicly offered securities investment funds, stocks, stock index futures, treasury futures and pension products. Hong Kong market investment refers to the investment of enterprise annuity funds in stocks listed on the Hong Kong Stock Exchange that are allowed to be traded under the interconnection mechanism between the mainland and Hong Kong stock markets through equity-based pension products or publicly offered securities investment funds (hereinafter referred to as the “Hong Kong Stock Connect Underlying Stocks”).

The Properties under Enterprise Annuity Funds shall comply with the following provisions when calculated according to their fair value and taking the Investment Portfolio as a unit:

Combined percentage of investment in liquid assets such as bank deposits of less than one year (inclusive), central bank bills, interbank certificates of deposit, government bonds of less than one year (inclusive), policy and development bank bonds of less than one year (inclusive), bond repurchase, money market funds and currency based pension products shall not be less than 5% of the net value of entrusted assets in the investment portfolio; and liquidation provisions, securities clearing funds and securities subscription funds in the primary market are deemed as liquid assets;

Combined percentage of investment in fixed-income assets such as deposits longer than one year, standard debt assets, trust products, debt investment plans, bond funds, fixed income pension products and hybrid pension products shall not be higher than 135% of the net value of entrusted assets in the investment portfolio; and the balance of funds for securities repurchases shall not be higher than 40% of the net value of entrusted assets in the investment portfolio on each trading day. Assets that have been included in current assets will not be repeatedly included in fixed income assets.

Combined percentage of investment in equity assets such as shares, equity funds, hybrid funds and equity based pension products (including equity-specific pension products) shall not be higher than 40% of the net value of entrusted assets in the investment portfolio. Among them, the percentage of investment in the Hong Kong Stock Connect underlying products shall not be higher than 20% of the net value of entrusted assets in the investment portfolio; the percentage of investment in the a equity-specific pension product shall not be higher than 10% of the net value of entrusted assets in the investment portfolio.

Combined percentage of investment in trust products, debt investment plans and trust product-based and debt investment plan-based pension products shall not be higher than 30% of the net value of entrusted assets in the investment portfolio. Among them, the combined percentage of investment in trust products and trust product-based pension products shall not be higher than 10% of the net value of entrusted assets in the investment portfolio.

A specialized investment portfolio is a portfolio that invests more than 80% of its non-cash assets in bank deposits, trust products, debt investment plans, or one of deposit-based, trust product-based or debt investment plan-based pension products. Specialized investment portfolios may be exempt from the 5% liquidity limit in Section 7.1.2.1. Specialized investment portfolios that invest in trust products, debt investment plans or trust product-based or debt investment plan-based pension products may be exempt from the 30% and 10% liquidity limits in Section 7.1.2.4.

The Properties under Enterprise Annuity Funds of a single portfolio shall comply with the following provisions when calculated according to their fair value:

The investment in the equities issued by a single enterprise, in the same variety of standard debt assets,or in a single securities investment fund shall respectively not exceed 5% of the issue volume of the above securities of that enterprise or the units of that fund (which is based on the latest announcement or official statement of the issuer) and shall not exceed 10% of the net value of the Properties under Enterprise Annuity Funds in that Investment Portfolio. Among them, the percentage of investment in asset-backed securities or asset-backed notes shall not exceed 10% of the issuance of such securities.

The investment in a single-period trust product or debt investment plan shall not exceed 20% of the asset management scale of such trust product or debt investment plan, respectively. Specialized investment portfolios that invest in trust products and debt investment plans are exempt from this requirement.

The Properties under Enterprise Annuity Funds of a single plan, when calculated according to their fair value, shall comply with the restrictions on the proportion of investment in liquid assets, fixed income assets, equity assets, trust products, debt investment plans, as well as trust product-based and debt investment plan-based pension products, with reference to Section 7.1.2.

The above-mentioned investment policies are prescribed by the Laws and Regulations, and in case of any updates to, changes of or otherwise prescribed by the Laws and Regulations, such updates, changes or other provisions shall apply.

Properties under Enterprise Annuity Funds.

Properties under Enterprise Annuity Funds.

Liabilities of Enterprise Annuity Funds.

Net value of the Properties under Enterprise Annuity Funds.

Income distribution of the Properties under Enterprise Annuity Funds.

Accounting of enterprise annuity funds.

An accounting year shall run from January 1st to December 31 of a calendar year.

Accounting of enterprise annuity funds shall use RMB as recording currency and RMB Yuan as unit of account.

Accounting systems shall be determined in accordance with Accounting Standards for Business Enterprises No.10 – Enterprise Annuity Funds, Accounting Standards for Business Enterprises No.22—Recognition and Measurement of Financial Instruments and relevant accounting standards as modified, and with reference to the provisions in Guidelines on the Financial Accounting Business of Securities Investment Funds.

Separate accounts shall be set up for enterprise annuity funds and the accounting thereof shall be conducted independently.

The Entrustee shall entrust the Custodian and the Investment Administrator to conduct financial accounting of enterprise annuity funds separately, and the Custodian shall prepare accounting statements for enterprise annuity funds in accordance with relevant regulations.

Valuation of the Properties under Enterprise Annuity Funds.

Purpose of valuation.

Valuation date.

Valuation objects.

Valuation method.

Entrusted management fee.

The entrusted management fee shall be provisioned at an annual rate of 0.05% of the net value of the entrusted Properties under Enterprise Annuity Funds.

The calculation method of the entrusted management fee is as follows:

The entrusted management fee shall be provisioned each day, accumulated day by day and paid on a quarterly basis.

Account management fee.

The account management fee charged on the Personal Accounts and the Renewal Frozen Accounts for current employees of the Entrusters shall be paid by the Entruster to the Account Manager on the basis of RMB 1 Yuan/month for one Personal Account. The account management fee of enterprise annuity funds for each period = Σmonthly number of Personal Accounts x rate for account management fee, in which, the “monthly number of Personal Accounts” shall be the number of Personal Accounts at the end of a month. Such account management fee will be calculated and charged from the month when the personal accounts are established.

The account management fee charged on the Retirement Accounts for retired employees of the Entrusters shall be RMB 1 Yuan/month for one Personal Account, and be paid as provided in Section 10.2.2.2.1 below:

Paid by the Entrusters to the Account Manager.

Borne by the employees and deducted from their respective Personal Account.

The account management fee charged on the Retained Accounts for resigned employees of the Entrusters shall be RMB 1 Yuan/month for one Personal Account, and be paid as provided in Section 10.2.2.3.2 below. In case of the Retained Account transferred into the Collective Enterprise Annuity Plan, the account management fee shall be subject to the transfer plan.

Paid by the Entrusters to the Account Manager.

Borne by the employees and deducted from their respective Personal Account.

The Entrusters shall pay the account management fee on a annual basis. The Account Manager shall send notice of account management fee to Party A at the agreed frequency. Party A shall, within 10 days upon receipt of such notice, pay the account management fee to the bank accounts designated by the Account Manager in full and in a timely manner.

The account management fee borne by the employees shall be deducted from their respective Personal Account, and specific ways of such deduction may be agreed upon in supplemental agreements such as an operation memorandum.

In case of the Entrusters’ breach hereof and failure to pay in full the account management fee overdue for 30 days, the Account Manager shall have the right to cease rendering services of disclosure and inquiry of information with respect to the Enterprise Annuity Plan to the Entrusters and Beneficiaries. The overdue time shall be calculated from the day after the expiration of payment deadline of such account management fee.

Custody fee.

The custody fee shall be provisioned at an annual rate of 0.056% of the net value of the Properties under Enterprise Annuity Funds under custody.

The calculation method of the custody fee is as follows:

The custody fee shall be provisioned each day, accumulated day by day and paid on a quarterly basis.

Investment management fee.

Fixed management fee

The fixed management fee shall be provisioned at an annual rate of /% of the net value of the Properties under Enterprise Annuity Funds under management.

The calculation method of the investment management fee is as follows:

The investment management fee shall be provisioned each day, accumulated day by day and paid on a quarterly basis.

Floating management fee.

The investment management fee consists of basic management fee and performance-based compensation.

The basis management fee shall be provisioned each day, accumulated day by day and paid on a quarterly basis at an annual rate of 0.24% of the net value of the Properties under Enterprise Annuity Funds under investment management. The calculation method of the basic management fee is as follows:

The performance-based compensation shall be provisioned and paid on the basis of accounting year. For each accounting year, where the closing net asset value (NAV) of the Entrusted Investment Assets within a single Investment Portfolio exceeds the NAV calculated on the basis of performance comparison benchmark, the performance-based compensation shall be drawn from the excess at a percentage of 10%, and the performance comparison benchmark agreed herein shall be4.75. The calculation method of performance-based compensation is as follows:

Where the accounting year/quarter for investment and operation of enterprise annuity funds (the year/quarter of establishment or last year/quarter) is an incomplete accounting year/quarter, the entrusted management fee, custody fee or investment management fee shall be provisioned and paid on the basis of the actual days of operation in the year/quarter.

Except the account management fee to be paid by the Entrusters, all fees for enterprise annuity funds set forth in Section 10.1 shall be disbursed from the Properties under Enterprise Annuity Funds.

The fees agreed herein shall be subject to the upper limits specified in the Administrative Measures for Enterprise Annuity Funds and the lower limits agreed in self-disciplinary conventions for enterprise annuity management industry.

The entrusted management fee, account management fee, custody fee and investment management fee agreed in 10.2.1, 10.2.2, 10.2.3, 10.2.4 of this chapter shall be put to effect as of January 1 of 2014, and the original management fees shall apply until December 31 of 2013 (including the day).

Auditing of enterprise annuity funds.

In any of the following cases, the Entrustee shall engage proper accounting firms to audit the Enterprise Annuity Plan:

The Enterprise Annuity Plan has continuously operated for three accounting years;

The duties of the Entrustee, Account Manager, Custodian or Investment Administrator terminate;

Any other cases prescribed by the Laws and Regulations.

The Entrustee shall engage accounting firms and certified public accountants which are not related to the Entrusters, Entrustee, Account Manager, Custodian or Investment Administrator to audit enterprise annuity funds, and the Account Manager, Custodian, Investment Administrator shall cooperate with such accounting firms in the auditing of the Enterprise Annuity Plan.

The Entrustee shall submit auditing reports to the Entrusters and appropriate authorities of human resources and social security within 50 days from the occurrence of such event as described in Section 11.1.1.

Liquidation of enterprise annuity funds.

Where the Enterprise Annuity Plan terminates, the Entrustee shall organize the liquidation of the Properties under Enterprise Annuity Funds by a liquidation group in accordance with related regulations, and within 3 months after the completion of liquidation, submit liquidation reports which have been audited by proper accounting firms with legal opinions issued by proper law firms to the Entrusters and appropriate authorities of human resources and social security and make announcement to the Beneficiaries accordingly.

Periodical reports.

Periodical reports on the entrusted management: the Entrustee shall submit quarterly management reports of enterprise annuity funds to the Entrusters within 30 days after the end of each quarter and shall submit annual management reports of enterprise annuity funds to the Entrusters within 60 days after the end of each year. The content and format of such reports shall be subject to the regulations of the Ministry of Human Resources and Social Security. Where it is less than 3 months from the date when the first contribution for the Enterprise Annuity Plan enters into the Custody Account for Entrusted Property, the Entrustee may choose not to submit quarter and annual management reports of enterprise annuity funds.

Annual equity statements for the Beneficiaries of the Enterprise Annuity Plan: the Entrustee shall require the Account Manager to submit annual equity statements of the Enterprise Annuity to the Beneficiaries within 60 days after the end of each year. The content and format of such statements shall be subject to the regulations of the Ministry of Human Resources and Social Security.

Ad-hoc reports.

Reports on the termination of duties.

Manner of information disclosure.

Reporting and disclosure of information shall be made through paper-based or electronic texts.

The Entrustee or Account Manager shall provide both the Entrusters and Beneficiaries with Internet or telephone inquiry services.

File a lawsuit with any people’s court having jurisdiction;

Apply to                 /                 (name of the arbitration institution) for arbitration, and the place of arbitration shall be                 /                 .

Any change of name of the Enterprise Annuity Plan;

Any change of the Account Manager, Custodian or Investment Administrator;

Any change of management fee rates for the Enterprise Annuity Plan;

Any adjustment of other main content hereof;

Any other cases prescribed by the Laws and Regulations and agreed herein.

It shall be deemed as a mutual agreement to extend the Agreement for 3 year if neither Party raises any objection thereto before one month prior to expiration of the term hereof; the foregoing shall apply thereafter and such extension shall be subject to no limits of times.

The Parties shall negotiate over whether to renew the Agreement or not before one month prior to expiration of the term hereof and go through formalities for the Agreement renewal if both Parties agrees so.

Termination of the Agreement.

The Agreement shall terminate in any of the following cases:

The Agreement expires without extension;

The Agreement is terminated through mutual consultation of the Parties;

The contractual relationship between the Parties hereto is revoked in accordance with laws;

The contractual relationship between the Parties hereto is cancelled in accordance with laws;

Any other cases prescribed by the Laws and Regulations and agreed herein.

During the term hereof, Party A may unilaterally terminate the Agreement in any of the following cases:

Party B breaches the Agreement and thus renders the purposes hereof impossible to achieve;

Party B uses the Properties under Enterprise Annuity Funds to seek personal interests or to seek improper interests for others;

Party B is dissolved, revoked, declared bankrupt or taken over in accordance with laws;

Party B is disqualified from engaging in entrusted management business of enterprise annuity funds;

Party A has sufficient reasons and evidence to believe that it is in the interest of the Beneficiaries to replace Party B;

Relevant regulatory authorities have sufficient reasons and evidence to believe that it is in the interest of the Beneficiaries to replace Party B;

Party B materially violates the Laws and Regulations in the course of operation of enterprise annuity funds;

Any other cases prescribed by the Laws and Regulations and agreed herein.

During the term hereof, Party B may unilaterally terminate the Agreement in any of the following cases:

Party A renders the purposes hereof impossible to achieve due to its breach of Agreement;

Party A materially violates the Laws and Regulations in the course of operation of enterprise annuity funds;

Party A is dissolved, revoked, declared bankrupt or taken over in accordance with laws;

Any other cases prescribed by the Laws and Regulations and agreed herein.

By personal delivery: the date shown in the acknowledgement of the notified Party;

By registered mail or EMS: the acknowledgement date of the notified Party or the seventh day following the date shown in the receipt for domestic registered mail or EMS held by the notifying Party, the whichever is the earlier;

By facsimile: the first business day upon the notified Party’s acknowledgement of receipt;

By email: the time when the data message enters into any specific system of the notified Party for the first time;

Opening of Enterprise Account.

The Account Manager shall open an Enterprise Account to record basic enterprise information and information on the interests of the Enterprise Annuity Plan in accordance with the information provided by the Entrustee with respect to the Enterprise Annuity Plan and the enterprise.

Basic enterprise information shall at least include enterprise code, enterprise name, unified social credit code, mailing address, contact names and phone numbers.

Information on the interests of the Enterprise Annuity Plan shall at least include contributions, payments, investment income, balance of interests and Non-Vested Interests.

Opening of Personal Accounts.

The Account Manager shall open Personal Accounts for Enterprise Annuity to record basic personal information and information on personal interests of the Enterprise Annuity Plan in accordance with the information provided by the Entrustee with respect to the individual participants of the Enterprise Annuity Plan.

Basic personal information shall include, among other things, an employee’s number in the Enterprise Annuity Plan, name, gender, date of birth, citizen ID number or other valid ID number, mailing address, contact names and phone numbers, commencement of employment and Plan participation date.

Information on personal interests shall at least include contributions, payments, investment income, balance of interests and Vested Interests.

Transfer of Personal Account interests.

Where a Beneficiary resigns and his/her new employer has already established an enterprise annuity or an occupational annuity, his/her Personal Account interests shall be transferred to the enterprise annuity or occupational annuity of the new employer.

The Entrustee shall give instructions to the Account Manager to transfer such Personal Account interests.

Upon receipt of such instructions, the Account Manager shall calculate the interests that shall be transferred pursuant to the provisions in the Enterprise Annuity Program.

The Account Manager shall submit the calculation results of the Personal Account interests to be transferred to the Entrustee.

The Entrustee shall give instructions of transfer payment to the Custodian.

Upon payment of transfer, the Custodian shall report back to the Entrustee.

Retention of Personal Account interests.

Periodical reports.

Periodical reports on the account management: the Account Manager shall submit quarterly account management reports of enterprise annuity funds to the Entrustee within 15 days after the end of each quarter, and submit annual account management reports of enterprise annuity funds to the Entrustee within 45 days after the end of each year. The content and format of such reports shall be subject to the regulations of the Ministry of Human Resources and Social Security.

Annual equity statements for the Beneficiaries of the Enterprise Annuity Plan: the Account Manager shall submit annual equity statements of the Enterprise Annuity to the Beneficiaries within 60 days after the end of each year. The content and format of such reports shall be subject to the regulations of the Ministry of Human Resources and Social Security.

Transfer of initially entrusted assets

Addition of entrusted assets

Withdrawal of entrusted assets

at least 3 Trading Days in advance if the amount to be withdrawn is less than 5% (not inclusive) of the net value of entrusted assets on the last trading day immediately preceding to the notification day;

at least 5 Trading Days in advance if the amount to be withdrawn is more than 5% (inclusive) of the net value of entrusted assets on the last trading day immediately preceding to the notification day;

In case the Investment Administrator cannot process instructions for withdrawing entrusted assets as described above resulting from the failure to realize all or part of Enterprise Annuity Funds in a timely manner due to any restrictive regulations or covenants of the Laws and Regulations, regulatory bodies or other organizations in relation to securities trading, the Entrustee and the Investment Administrator shall otherwise negotiate on solutions;

The Investment Administrator shall not be liable for any Losses in relation to asset realization as a result of delay in notification by the Entrustee or Losses that may be incurred because the Custodian fails to transfer funds strictly according to the Entrustee’s instructions.

Investment objective

Investment principles

Investment policy

Modifications to the investment policy

Modifications to the investment policy (see Appendix 1) shall be agreed in writing by the Entrustee and the Investment Administrator. Modified investment policy will become effective upon delivery to the Investment Administrator. The Investment Administrator shall adjust investment portfolios within a reasonable range of time required by the Entrustee.

In case of modifications to the Laws and Regulations in relation to investment and operation of enterprise annuity funds, the Entrustee shall promptly notify the Investment Administrator of the adjusted investment policy.

Appointment of investment managers

Change of investment managers

Appointment of brokers

Brokers with adequate trading and clearing abilities shall be appointed by the Investment Administrator, and a notification of appointment shall be given to the Entrustee and the Custodian in a timely manner.

The Investment Administrator shall sign a trading unit agreement with brokers and specify special trading units for the trading of the entrusted assets. The Custodian shall sign a clearing agreement with appropriate depository and clearing organizations according to the trading unit agreement for delivery of funds and information transmission.

Change of brokers

Authorization of trade clearing

Within the range set forth in the investment policy, the Investment Administrator shall have the right to instruct the Custodian to handle clearing of the entrusted assets, delivery of securities and other transactions without the necessity of obtaining specific consents or authorization from the Entrustee.

The Investment Administrator is solely responsible for purchase and sale of securities in relation to the entrusted assets pursuant to the investment policy, and the Custodian shall handle clearing issues pursuant to the instructions of the Investment Administrator without preventing the Investment Administrator from exercising the trading rights agreed herein.

Investment instructions cover but not limited to trading counterparties and objects, delivery time and method, delivery amount and quantity, etc.

Sending, confirmation and execution of investment instructions.

The Investment Administrator shall confirm deals with trading counterparties on the closing day, promptly send investment instructions to the Custodian and reserve necessary time for the Custodian to execute the instructions.

After requiring the Custodian to check relevant trading documents and confirm there is no trading beyond authority, the Entrustee shall promptly transfer funds and process other businesses according to the instructions of the Investment Administrator.

The Investment Administrator shall enhance management of positions and refrain from overbuying or overselling securities which are prohibited by applicable laws. In case of overbuying or overselling which causes clearing difficulties or risks to the Custodian, the Custodian shall immediately notify the Entrustee and the Investment Administrator once it becomes aware of such difficulties or risks, and the Investment Administrator shall take remedies in a timely manner and indemnify any Losses incurred to the entrusted assets and the Custodian.

Definition of trading beyond authority by the Investment Administrator

Determination of trading beyond authority

If the Investment Administrator has no objection to trading beyond authority, the Custodian shall process the trading according to Section 9.3.

In case of a dispute that whether an investment behavior constitutes trading beyond authority between the Investment Administrator and the Custodian, the Entrustee shall make a determination with respect to the dispute within a reasonable timeframe and notify the Custodian and the Investment Administrator in writing. If it is determined by the Entrustee as trading beyond authority, the Custodian shall process the trading according to Section 9.3. If not, the Custodian shall follow the Investment Administrator’s instruction. If the Entrustee fails to reply within a reasonable timeframe, it shall be deemed that the Entrustee agrees with the Custodian and the Investment Administrator shall execute as notified by the Custodian, in which case, the Investment Administrator shall not be held liable for losses incurred to the entrusted assets therewith if they not attributable to the Investment Administrator.

Treatment of trading beyond authority

The Custodian shall reject unexecuted investment instructions given by the Investment Administrator which are determined as trading beyond authority.

If executed instructions given by the Investment Administrator are determined as trading beyond authority, for amounts or securities bought or sold in connection with the trading beyond authority, the Investment Administrator shall carry out reverse sell or buy for off-setting purpose and settle any income or loss therewith on the day of closing and liquidation, where Losses therewith (including relevant trading costs) shall be on the account of the Investment Administrator and incomes therewith shall remain with the entrusted assets.

The Investment Administrator shall promptly find out the reasons for trading beyond authority and responsible persons and provide the Entrustee and the Custodian with a report of trading beyond authority.

Treatment of passive limit exceeding

Passive limit exceeding in relation to investment percentage

Passive limit exceeding in relation to investment percentage refers to the cases that daily operations of the Investment Administrator are consistent with those required by the Laws and Regulations and those agreed in the investment policy, however, investment percentages exceed required ones due to reasons not attributable to the Investment Administrator.

Passive limit exceeding in relation to investment percentage generally covers limit exceeding as a result of market value changes of the entrusted assets due to fluctuations of stock markets, unforeseeable placement ratio during subscription of new shares, conversion of bonds into shares and changes in investment portfolio sizes (addition or withdrawal of entrusted assets).

The Investment Administrator shall take active measures to avoid passive limit exceeding in relation to investment percentage in the investment management, and once it becomes aware of limit exceeding in this respect, it shall complete adjustment within 10 Trading Days after relevant types of investment are available for trading.

When the size of a single Investment Portfolio managed by the Investment Administrator increases or decreases by over 50% at a time due to addition or withdrawal of entrusted assets, the Investment Administrator shall adjust the investment percentage to the required range within 10 Trading Days after occurrence of such increases or decreases.

From the time when passive limit exceeding in relation to investment percentage is known to the time the investment percentage is adjusted to the required range, operations in connection with investment of such assets shall be limited to achieve the required range and no reverse operations are allowed.

Passive limit exceeding in relation to investment types

Passive limit exceeding in relation to investment types refers to holding of investment types in violation of the Laws and Regulations, these supplementary terms or the investment supervision checklist due to reasons not attributable to the Investment Administrator during holding of securities through indirect investment or holding of securities through compliant investment.

The Investment Administrator shall take active measures to avoid passive limit exceeding in relation to investment types in the investment management, and once it becomes aware of limit exceeding in this respect, it shall complete adjustment within 10 Trading Days after relevant types of investment are available for trading in light of maximizing the net value of investment portfolios.

Valuation purpose

Valuation date

Valuation objects

Valuation method

Valuation of securities listed on a stock exchange

Securities listed on a stock exchange (including shares, warrants and funds) are valued at their closing prices on the valuation date. If they are not traded on the valuation date and no material changes in the economic environment have occurred since the most recent trading day, they are valued at the closing prices on the most recent trading day. If material changes in the economic environment have occurred since the most recent trading day, fair prices can be determined by adjusting the most recent market prices in reference of prevailing market prices of similar investment types and significant changes.

Bonds listed on a stock exchange which are traded at net prices are valued at their closing prices on the valuation date. If they are not traded on the valuation date and no material changes in the economic environment have occurred since the most recent trading day, they are valued at the closing prices on the most recent trading day. If material changes in the economic environment have occurred since the most recent trading day, fair prices can be determined by adjusting the most recent market prices in reference of prevailing market prices of similar investment types and significant changes.

Bonds listed on a stock exchange which are not traded at net prices are valued at the net prices based on closing prices on the valuation date reduced by any interest receivable in the closing prices. If they are not traded on the valuation date and no material changes in the economic environment have occurred since the most recent trading day, they are valued at the net prices based on closing prices on the most recent trading day reduced by any interest receivable in the closing prices. If material changes in the economic environment have occurred since the most recent trading day, fair prices can be determined by adjusting the most recent market prices in reference of prevailing market prices of similar investment types and significant changes.

For securities listed on a stock exchange for which there is no active market, their fair value shall be determined with appropriate valuation techniques. If it is difficult to reliably measure fair value with valuation techniques, they are valued at costs.

Valuation of securities which are not yet listed:

New shares by way of granting, transfer, allotment and public follow-up offering are valued at the market prices of the same shares listed on a stock exchange on the valuation date. If they are not traded on the valuation date, they are valued at the market price (closing price) on the most recent day.

For shares, bonds and warrants in IPOs which are not yet listed, their fair value shall be determined with appropriate valuation techniques. If it is difficult to reliably measure fair value with valuation techniques, they are valued at costs.

Shares in IPOs with a lock-up period are valued at the market price (closing price) of the same share when they are listed in a stock exchange. For shares in private offerings with a lock-up period, their fair value is determined according to relevant regulations of regulatory bodies or trade associations.

For fixed income types such as bonds traded in the national inter-bank bond market asset-backed securities, their fair value shall be determined with appropriate valuation techniques.

For share rights granted as a result of holding shares, their fair value shall be determined with appropriate valuation techniques, and if it is difficult to reliably measure fair value with valuation techniques, they are valued at costs.

If a bond is traded in two or more markets, it shall be valued separately by the markets where it is traded.

Open-ended funds (including LOFs) shall be valued at the net value or earnings per 10,000 shares on the business day preceding to the valuate date, and if the net value or earnings per 10,000 shares on the business day preceding to the valuate date are not available, valued at the net value or earnings per 10,000 shares on the business day preceding to the valuate date on the most recent business day.

If it is evident that valuation as described above cannot objectively reflect fair value, the Investment Administrator can determine the valuation based on prices that best reflect fair value provided it is agreed with the Custodian.

Valuation methods for trust products, debt investment plans and pension products shall be implemented in accordance with any relevant laws and regulations or any provisions of regulatory authorities.

Applicable Laws and Regulations and compulsory regulations of regulatory bodies shall be followed. In case of new rules, the latest regulations shall be applied for valuation.

In case of disputes over valuation of the entrusted assets between the Investment Administrator and the Custodian, the two parties shall find out the reasons and make adjustments accordingly. If no agreement is reached through negotiation, the valuation results of the Custodian shall prevail.

Payment of investment management fee under fixed management fee model

The investment management fee shall be paid on a quarterly basis. At the end of each quarter, the Trustee, after verifying consistency of the relevant statements provided by the Custodian, shall send an instruction for transferring funds to the Investment Administrator within 10 working days. The Investment Administrator shall send the instruction to the Custodian within 2 working days after confirmation of such instruction. The Custodian shall, after confirmation of such instruction, transfer the investment management fee to the Investment Administrator within 2 working days from the respective entrusted assets according to the Entrustee’s instruction. The payment date shall be postponed in case of public holidays or statutory holidays. Where the Agreement is terminated, the Trustee shall, after completing termination audit, send an instruction for transferring funds to the Investment Administrator based on the Schedule of Valuation at Transfer Valuation Date provided by the Custodian. The Investment Administrator shall send the instruction to the Custodian within 2 working days after confirmation of such instruction. The Custodian shall, after confirmation, transfer the investment management fee to the Investment Administrator from the respective entrusted assets according to the Entrustee’s instruction. The payment date shall be postponed in case of public holidays or statutory holidays.

If an accounting year/quarter in which enterprise annuity funds are invested and operated (the year/quarter of inception or the last year/quarter) is not a complete accounting year/quarter, provisions and payments shall be made based on actual days of operations in the year/quarter.

Payment of investment management fee under floating management fee model

Payment of the basic management fee

Payment of performance remuneration

If an accounting year/quarter in which enterprise annuity funds are invested and operated (the year/quarter of inception or the last year/quarter) is not a complete accounting year/quarter, provisions and payments shall be made based on actual days of operations in the year/quarter.

Within the term of the Agreement, the total amount of investment management fees (including the basic management fee and performance remuneration) provisioned by the Investment Administrator shall not higher than 1.2% of the net value of the relevant Properties under Enterprise Annuity Funds.

Periodical reports The Investment Administrator shall submit quarterly management reports of enterprise annuity funds with financial data confirmed by the Custodian to the Entrustee within 15 days after the end of each quarter, and submit annual account management reports of enterprise annuity funds with financial data confirmed by the Custodian to the Entrustee within 45 days after the end of each year. The content and format of such reports shall be subject to the regulations of the Ministry of Human Resources and Social Security.

Ad-hoc reports

In the event that the Investment Administrator encounters any matters for which ad-hoc reports are required by the Laws and Regulations during the performance hereof, it shall report to the Entrustee within 3 business days after it becomes aware of or should have become aware of such matters. Matters to be reported include but not limited to:

Net asset value of entrusted assets decreases by over 2% (inclusive) within one day or by over 3% for 5 consecutive trading days;

Reduction of capital, spin-off, merger, unwinding, dissolution by law or application for bankruptcy on the side of the Investment Administrator;

Changes in major shareholders, significant equity, registration place, registered capital or company name on the side the Investment Administrator;

Changes in the chairman, general manager or officers who are directly responsible for the enterprise annuity business on the side of the Investment Administrator;

Significant operating losses incurred by the Investment Administrator;

The Investment Administrator or its personnel for the Enterprise Annuity are investigated by judicial authorities due to their suspected crimes or are subject to penalties by regulatory bodies;

Lawsuits or arbitrations involving the Properties under Enterprise Annuity Funds;

The Investment Administrator violated the Laws and Regulations in operations of enterprise annuity funds;

The Investment Administrator violated relevant contracts in operations of enterprise annuity funds;

Other matters that may materially affect enterprise annuity funds;

Other things that need to be reported as agreed herein;

Other matters to be reported according to the Laws and Regulations or as required by the Ministry of Human Resources and Social Security.

In case of matters described in Sections 10.2.1.2 to 10.2.1.8 above, in addition to the Entrustee, the Investment Administrator shall also report to the Ministry of Human Resources and Social Security within 5 business days after it becomes aware of or should have become aware of such matters.

Reports on the termination of duties

Information disclosure

Reporting and disclosure of information shall be made through paper-based or electronic texts.

The Investment Administrator shall report investment management of enterprise annuity funds as required and shall be responsible for the truth and completeness of reported contents.

The Investment Administrator shall have the right to discontinue fulfilling its obligation to disclose information in relation to the Enterprise Annuity Plan if the Entrustee fails to pay investment management fees as agreed herein for over 30 days, provided that the Investment Administrator shall notify the Entrustee 5 business days before the discontinuation.

provide false information;

mix its proprietary properties or other’s properties with the Properties under Enterprise Annuity Funds;

unfairly treat the Properties under Enterprise Annuity Funds and other properties under its management;

embezzles or misappropriates the Properties under Enterprise Annuity Funds;

promise or otherwise make commitments in relation to principal preservation or earnings;

uses other assets under its management to seek improper interests for the Entruster of the Enterprise Annuity Plan or relevant managers;

use or dispose of the properties under the funds without permission;

offset credits and debts arising from entrusted assets under its management and those arising from its proprietary properties;

offset credits and debts arising from entrusted assets of different enterprise annuity plans;

assign the entrusted assets to a third party for management within the term of the Agreement;

any other prohibited acts prescribed by the Laws and Regulation and the agreements herein.

Investment Objective

Investment Philosophy

Investment Scope

Asset Class

Investment
Percentage

Description of investment types

Combined percentage of investment in current deposits of less than one year (inclusive), central bank bills, interbank deposit receipts, government bonds with maturity less than one year (inclusive), development bank bonds, bond repurchase, money market funds and currency based pension products shall not be less than 5% of the net value of entrusted assets in the investment portfolio; and liquidation provisions, securities clearing funds and securities subscription funds in the primary market are deemed as liquid assets. Specialized investment portfolios which are mainly used for strategic asset allocation may be exempt from the limit of 5% for liquid assets.

Combined percentage of investment in fixed income assets such as term deposits longer than one year, standard debt assets, trust products, debt investment schemes, bond funds, fixed income pension products and hybrid pension products shall not be higher than 135% of the net value of entrusted assets in the investment portfolio. Standard debt assets, either publicly offered or privately offered, include government bonds, central bank bills, interbank deposit receipts, bonds of policy or development banks, as well as financial bonds, corporate bonds, debentures, convertible bonds, exchangeable bonds, (ultra) short-term financing bonds, medium-term bills, private directional debt financing instruments, credit asset backed securities, asset backed bills, and asset backed securities listed and traded on stock exchanges.

Combined percentage of investment in equity assets such as shares, equity funds, hybrid funds, equity based pension products (including equity specific pension products) shall not be higher than 40% of the net value of entrusted assets in the investment portfolio.

Investments of the Entrusted Investment Assets within a single Investment Portfolio in the stocks issued by a company, standard debt assets of the same type issued in a single period, and a single securities investment fund, at fair value, shall respectively, not exceed 5% of the issuance volume of such securities of the company and the shares of such fund (subject to the shares most recently published or officially stated by the issuer); and shall not, exceed 10% of the net value of such Entrusted Investment Assets. Provided that, the percentage of investment in asset backed securities or asset backed bills shall not be higher than 10% of the issuance volume of such securities or bills.

Investments of the Entrusted Investment Assets within a single Investment Portfolio in trust products, debt investment schemes and trust products based or debt investment schemes based pension products shall in the aggregate, not exceed 30% of the net value of such Entrusted Investment Assets, among which, investments in trust products based pension products and trust products shall not exceed 10% of such net value.

A specialized investment portfolio means an investment portfolio established for investing over 80% of its non-cash assets in one of bank deposits, trust products, debt investment schemes or deposit, trust product or debt investment scheme based pension products. Specialized investment portfolios investing in trust products, debt investment schemes or trust product or debt investment scheme based pension products may be exempt from such limits of 30% and 10% as described in Section 3.5 above.

Investments of the Entrusted Investment Assets within a single Investment Portfolio in trust products issued in a single period and debt investment schemes shall respectively not be higher than 20% of the sizes of such trust products or debt investment schemes. Provided that, specialized investment portfolios investing in trust products or debt investment schemes may be exempt from such limit.

Annuity plan investment portfolios and pension products participating in the trading of stock index futures and treasury bond futures can only be used for hedging subject to the principle of risk management and in accordance with the relevant provisions of China Financial Futures Exchange on hedging management. At the end of any trading day, the value of the sold stock index futures or treasury bond futures contracts held by any investment portfolio or pension product shall not exceed the book value of its hedging target, and they shall not buy stock index futures or treasury bond futures for hedging.

The enterprise annuity funds shall not be used for engaging in credit transactions, extending loans or providing guarantees. The Investment Administrator shall not engage in any investments that render the Properties under Enterprise Annuity Funds to bear unlimited liabilities.

Investment Restrictions

Prohibited purchase of securities: the following securities transactions are strictly prohibited, and Investment Administrators who actively engage in “prohibited purchase” securities transactions are considered carrying out ultra ▇▇▇▇▇ transactions. For holdings of securities that meet the “prohibited purchase” criteria, Investment Administrators shall report relevant information to the Trustee within 2 trading days (including but not limited to the name of the securities, the number of securities held, the market value of the securities held, the reason for occurrence, and handling measures). In case of ultra ▇▇▇▇▇ transactions, they shall be handled in accordance with the provisions of the Supplementary Terms for Investment Management.

Investment of properties under annuity funds are limited to domestic and Hong Kong markets.

Investment of properties under annuity funds in preferred shares shall meet the following requirements: (1) the issuer’s rating shall not be lower than AAA as rated by domestic credit rating agencies, and the credit rating of such preferred shares shall not be lower than AA+ as rated by domestic credit rating agencies; (2) articles of association of the issuer or prospectus of the preferred shares shall contain clear clauses on dividend payment. Preferred shares that do not meet the above requirements may not be invested.

Properties under annuity funds may not be invested in interbank deposit certificates of a bank with rating lower than AAA as rated by domestic credit rating agencies.

Investment of properties under annuity funds in perpetual bonds shall meet the following requirements: (1) the credit rating of the perpetual bonds and the issuer shall not be lower than AA+ as rated by domestic credit rating agencies; perpetual bonds that are not publicly offered may have no debt rating, but the issuer’s rating needs to be AAA; (2) there are clearly agreed interest rate and payment frequency, and there are interest rate step-up clauses (perpetual bonds issued by commercial banks may have no interest rate step-up clauses, but the issuer’s rating needs to be AAA). Perpetual bonds that do not meet the above requirements may not be invested.

Investment of properties under annuity funds in asset backed securities and asset backed bills shall meet the following requirements: (1) such securities and bills are listed and trading in inter-bank bond markets or stock exchange markets; (2) investment is limited to priority shares of AAA rated asset backed securities and asset backed bills as rated by domestic credit rating agencies. Asset backed securities and asset backed bills that do not meet the above requirements may not be invested.

Properties under annuity funds may not be directly invested in warrants.

Specialized investment portfolios may not invest in equity products such as stocks, stock funds, hybrid funds, stock index futures, and equity based (including equity specific) pension products.

Annuity funds shall not invest in bank deposits issued by rural credit cooperatives (including cooperatives union), rural mutual funds cooperatives, financial companies, and other deposit-focused financial institutions.

When allocating to a pension product for an annuity fund, if the pension product is a closed type and only one financial product is allocated for underlying assets, the allocated underlying product must comply with the investment policy of the annuity fund for allocating to the product.

Prohibited holding of securities: it is prohibited to hold the following securities. If the Investment Administrator holds “prohibited” securities, the Investment Administrator shall report relevant information to the Trustee within 2 trading days (including but not limited to the name of the securities, the number of securities held, the market value of the securities held, the reasons for occurrence, and the handling measures). The Investment Administrator shall sell the corresponding varieties within a certain period of time.

An annuity fund shall not hold financial bonds, corporate bonds, corporate bonds, convertible bonds, exchangeable bonds, (ultra) short-term financing bonds, medium-term notes, non-public directional debt financing instruments, credit asset backed securities, asset backed bills, and asset backed securities listed and traded on a stock exchange with a credit rating below investment grade (including investment grade).

Prohibited Acts

Use assets not under the Entrusters’ Enterprise Annuity Funds to engage in investment activities in the name of enterprise annuity funds, or use assets under the Entrusters’ Enterprise Annuity Funds to engage in investment activities in the name of others.

Unfairly treat assets under the Entrusters’ Enterprise Annuity Funds and intentionally damage the interests of the Entrusters and the Entrustee, including but not limited to:

Trade other assets managed by the Investment Administrator with priority over the assets entrusted hereunder;

Forestall trades of persons carrying out entrusted investment management or their interested personnel over the assets entrusted hereunder;

Prioritize other assets managed by the Investment Administrator in subscription of bonds in the primary market;

Fail to provide information and convenience to the managers of the assets entrusted hereunder equally sufficient as for other fund managers in term of researches and advises.

Engage in ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ and market manipulation in the process of managing the assets entrusted hereunder.

Trade securities for the purpose of obtaining improper interests.

Carry out purchase and sale between the assets entrusted hereunder and other assets under its management or assets of its affiliates without permission, transfer the profits of the assets entrusted hereunder and damage the interests of the Entrusters’ Enterprise Annuity Funds.

Embezzle the assets entrusted hereunder.

Engage in investments that may render the assets entrusted hereunder to bear unlimited liabilities.

Other activities prohibited according to the Laws and Regulations and these supplementary terms for the investment management.

Other activities prohibited by the Entrustee.

Based on the scope of this investment policy, the Entrustee can formulate and dynamically adjust the “Table of Entrusted Investment Supervision Matters” according to regulatory policies, individualized requirements of the Entrustee, and actual requirements for entrusted asset management. The Investment Administrator shall comply with and refer to the “Table of Entrusted Investment Supervision Matters” for implementation. Matters not covered in this investment policy shall be implemented with reference to relevant national policies and regulations, the “Table of Entrusted Investment Supervision Matters”, and the supplementary terms for investment management.

Years in the finance

industry:

Years of service with

the company:

Investment style and

philosophy:

From July 2002 to June 2017, he served as the Researcher of Investment Research Department, the Chief Macro Researcher, the Deputy General Manager of Investment Research Department, and the Investment Manager of Institutional Debt Investment Department in China Asset Management Co.,Ltd.

From June 2017 to April 2019, he served as the General Manager of Fixed Income Department of Investment Center in China Life Pension Company Limited

From May 2019 to now, he has served as the Senior Fixed Income Investment Manager of Fixed Income Department of Investment Center in China Life Pension Company Limited

From October 2022 to now, he has also been the Deputy General Manager of Fixed Income Department of Investment Center in China Life Pension Company Limited

Years in the finance

industry:

Years of service with

the company:

Investment style and

philosophy:

He has 17 years of securities experience and 13 years of fund manager experience.

From 2008 to 2015, he successively served as a Stock Fund Manager in Tianhong Fund and CCB Principal Fund, with a maximum management scale of RMB 10 billion.

From 2015 to June 2017, he was the General Manager of Equity Proprietary Trading Department in ▇▇▇▇▇ Securities.

From July 2017 to now, he has been the Deputy General Manager of Investment Center and the General Manager of Equity Investment Department in China Life Pension Company Limited

China Life Insurance Company Limited

(official seal or special seal for contracts)

China Life Asset Management Company Limited

(official seal or special seal for contracts)

China Life Property and Casualty Insurance Company Limited

(official seal or special seal for contracts)

China Life Investment Management Company Limited

(official seal or special seal for contracts)

China Life Healthcare Investment Company Limited

(official seal or special seal for contracts)