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Capital Management

China Life has given full play to its advantage in insurance funds, actively seized investment opportunities, and effectively made a series
of strategic and large capital investment. As a result, a comprehensive financial layout at the group level has been taking shape.
In addition, China Life has been supporting the transformation of national economy, actively nurturing new innovative industries, and
developing senior living and health business.

China Life has made strategic investment in China Guangfa Bank, CITIC Securities, Soochow Securities, Bank of Hangzhou,
China Great Wall Asset Management Co., Ltd., COFCO Futures, and Chongqing Trust, etc., thus promoting the Group to transform from
insurance-based operation to comprehensive financial operation.

China Life has actively participated in the mixed ownership reform of SOEs. It has focused on sectors such as electric power, energy,
consumption, telecommunication, and finance, etc. Key investment targets are large SOEs with mature operation, good development
potential, and stable return. By the end of 2017, such investment has accumulated to RMB75 billion. Relevant invested projects involved
SOEs like China Unicom, Sinopec Sales and Sichuan-to-East China Gas Project, Post Savings Bank of China, and China Tea of COFCO.
To actively participate in the debt-for-equity swap projects in order to respond to the Guiding Opinions of the State Council on the Stable
Reduction of Enterprise Leverage, China Life has invested in such influential and remarkable projects involving SOEs including Shaanxi
Coal, China Shipbuilding Industry Company, China State Shipbuilding Corporation, China Aluminum, China Huaneng Group, and State
Power Investment Corporation. The investment is to enhance their operational efficiency.

In new economy, China Life has actively participated in PE investment to emerging industries, concerning Internet+, artificial intelligence,
and modern logistics. By the end of 2017, China Life had invested nearly RMB35 billion in emerging industries. Successful investing
stories involved model enterprises or projects like DiDi, Uber, Alibaba Group, Ant Financial, Jingdong, Shunfeng Express, Baidu Fund,
and Cainiao Logistics Network, etc.

By the end of 2017, China Life had invested RMB25 billion in health and senior care sectors.

In health sector, China Life has strategically invested in quality enterprises, including BGI, Annoroad Gene Technology, and Sinopharm
Holding (China) Finance Leasing Co., Ltd. In 2016, China Life invested RMB12 billion to set up China Life Healthcare Fund. This has
been a major breakthrough for its layout in healthcare sector. So far, China Life has successfully invested in multiple leading companies
in the sector to accomplish its strategic layout and to become one of the most competitive investment platforms in the sector.

In senior care sector, China Life has been shaping the strategic layout of “Three Points and One Line” with the accelerated materialization
of key projects in Suzhou, Tianjin, Hainan, Beijing and Shenzhen. So far, these projects have had adequate beds, and large amount of
high-net-worth customers. Operation experience has been gained in practice. In addition, China Life has launched “China Life Caregarden”,
a brand focusing on health and senior care, with its first community-based project materialized in Shenzhen.

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