This Asset Management Agreement ("Agreement") is signed by the following parties in Beijing, People's Republic of China ("PRC") on November 27, 2003:

l China Life Insurance (Group) Company ("Party a")

Address: 5 Guan Ying Yuan Xi Qu, Xicheng District, Beijing

Legal Representative: Wang Xian Zhang

l China Life Asset Management Company Limited ("Party B")

Address: 9/F Block A, Tongtai Building, No. 33 Financial Street, Xicheng District, Beijing

Legal Representative: Wang Xian Z hang

WHEREAS,

(1) Party A is legally established and duly organized as a wholly state-owned insurance company.

(2) Party B is a legally established and duly organized company, which is qualified to carry out the investment management of insurance funds as approved by the China Insurance Regulatory Commission.

(3) Party A intends to entrust Party B with the investment management of its insurance assets.

(4) Party A and Party B wish to make appropriate arrangements on matters relating to Party A entrusting Party B with the investment management of insurance funds.

THEREFORE, based upon the principle of mutual benefit, both parties agree, through friendly negotiation, on the following terms: