[ ] [ ] Sino-French Life Insurance Co., LTD. ( ) ( ) ( )

Sino French Life Insurance Company Limited 2014

[ ] [ ] Sino-French Life Insurance Co., LTD. ( ) 2 8 1206 100022 ( ) 2005 12 23 ( ) 1 2 010-85288588-8 1

2014 12 31 ( ) 31/12/2014 31/12/2013 5 10,739,871.24 7,410,627.33 6 15,310,273.51 57,335,874.89 5,022,232.04 7,487,626.82 10,000.00 167,000.00 16,169.98 24,867.23 9,067.03 24,052.91 7 173,306,962.74 181,393,823.33 8 113,285,451.00 314,113,520.71 9 57,056,806.53 61,941,136.29 10 87,122.27 205,190.62 11 30,654.40 185,962.40 12 1,799,004.98 1,846,758.89 376,673,615.72 632,136,441.42 2

( ) 2014 12 31 ( ) 31/12/2014 31/12/2013 26,595.93 9,001.50 13 963,406.52 993,232.50 4(c) 69,374.50 95,533.32 13,726,273.50 7,420,966.60 17,785,899.57 27,438,198.82 14 20,212.49 77,774.04 14 224,319,528.53 458,551,589.78 15 769,101.94 3,034,918.63 257,680,392.98 497,621,215.19 16 200,000,000.00 200,000,000.00 17 19,469,294.66 19,469,294.66 18 (2,237,969.81) (11,644,707.59) (98,238,102.11) (73,309,360.84) 118,993,222.74 134,515,226.23 376,673,615.72 632,136,441.42 3

2014 ( ) 2014 2013 19 2,348,000.00 10,561,000.00 22 (17,594.43) (19,096.05) 2,330,405.57 10,541,903.95 20 14,358,830.42 23,067,566.35 21 8,897,793.13 7,081,308.52 ( )/ (15,635,986.19) 1,634,698.24 84,080.68 167,001.32 10,035,123.61 42,492,478.38 (50,300,443.27) (66,143,389.66) 23 (195,701,879.20) (109,705,967.00) 24 234,289,622.80 151,623,107.23 25 (23,683.13) (17,148.53) (7,474,141.35) (9,112,194.72) - 3,275.00 26 (15,627,508.54) (16,397,962.30) (34,838,032.69) (49,750,279.98) (24,802,909.08) (7,257,801.60) 16,380.27 475,484.67 (142,212.46) (202,098.52) (24,928,741.27) (6,984,415.45) 27 - - (24,928,741.27) (6,984,415.45) 28 9,406,737.78 (6,272,005.87) (15,522,003.49) (13,256,421.32) 4

2014 ( ) 2014 2013 2,505,000.00 10,943,000.00 101,725.52 650,400.74 2,606,725.52 11,593,400.74 (50,300,443.27) (66,143,389.66) (190,924,426.30) (103,216,000.70) - (12,701.00) (16,826,400.36) (10,492,601.74) (8,451,691.10) (9,182,813.78) (4,336.19) (3,199.17) (1,080,883.94) (1,162,578.01) - (130,450.51) (8,086,701.18) (7,125,899.45) (275,674,882.34) (197,469,634.02) 29(1) (273,068,156.82) (185,876,233.28) 507,895,747.67 367,488,385.89 21,360,380.44 30,844,021.08 529,256,128.11 398,332,406.97 (110,000,000.00) (95,000,000.00) (142,856,257.35) (130,376,889.13) - (40,000.00) (2,450.00) (1,397.63) (252,858,707.35) (225,418,286.76) 276,397,420.76 172,914,120.21 (20.03) 2.11 /( ) 29(2) 3,329,243.91 (12,962,110.96) 7,410,627.33 20,372,738.29 29(3) 10,739,871.24 7,410,627.33 5

2014 ( ) 2014 1 1 200,000,000.00 19,469,294.66 (11,644,707.59) (73,309,360.84) 134,515,226.23 - - - (24,928,741.27) (24,928,741.27) 28 - - 9,406,737.78-9,406,737.78 2014 12 31 200,000,000.00 19,469,294.66 (2,237,969.81) (98,238,102.11) 118,993,222.74 2013 1 1 200,000,000.00 19,469,294.66 (5,372,701.72) (66,324,945.39) 147,771,647.55 - - - (6,984,415.45) (6,984,415.45) 28 - - (6,272,005.87) - (6,272,005.87) 2013 12 31 200,000,000.00 19,469,294.66 (11,644,707.59) (73,309,360.84) 134,515,226.23 6

1 (1) ( ) 2006 2 15-38 ( ) (2) 1 1 12 31 (3) (4) 2 (1) (2) (3) 7

( 3(6)) 4 0% 25% 4 0% 25% (4) (5) ( 3(6)) 5 (6) 8

(7) (i) ( ) 9

( 3(16)(b)) (ii) ( ) ( ) 10

(iii) (iv) (8) (i) (ii) 11

(iii) (9) ( 2008 2 ) 0.15% 1% (10) (i) (ii) (iii) 1) 2) 3) 12

13 (a) 5% =( / -1)*100% (b) (c) (11) 2 (i) (ii) (iii)

(12) (13) (14) ( ) 14

( ) (15) (16) (i) (ii) (17) 15

16 (18) (19) (i) (ii) (iii) (iv) (v) (vi) (vii) (viii) (ix) (x) (xi) (xii) (20)

17 b. c. d. e. 1 2 2014 1 1 3 3 4

5 2014 6 2014 7 1 4 a. 2014 2013 5% - - b. 25% c. 31/12/2014 31/12/2013 69,374.50 95,533.32 69,374.50 95,533.32 2 5 31/12/2014 31/12/2013 146,221.76 39,711.93 10,593,649.48 7,370,915.40 10,739,871.24 7,410,627.33 36 18

31/12/2014 31/12/2013 15,310,273.51 57,335,874.89 - - 15,310,273.51 57,335,874.89 4 7 31/12/2014 31/12/2013 133,306,962.74 81,393,823.33 ( ) 40,000,000.00 100,000,000.00 - - 173,306,962.74 181,393,823.33 5 8 31/12/2014 31/12/2013 39,308,290.00 84,633,340.00 63,573,161.00 168,179,891.16 10,404,000.00 61,300,289.55 113,285,451.00 314,113,520.71 69 20% 2014 12 31 6,219,530.44 46,370,331.15 (2013 12 31 6,088,047.24 51,254,660.91 ) 2014 8 8 2015 8 8 [2011]39 2014 12 31 10,686,475.38 (2013 12 31 10,686,475.38 ) 2014 7 30 2015 7 30 7 10 19

1,302,640.01 160,757.00 1,463,397.01 - - - - - - 1,302,640.01 160,757.00 1,463,397.01 (1,102,107.63) (156,098.76) (1,258,206.39) (113,898.36) (4,169.99) (118,068.35) - - - (1,216,005.99) (160,268.75) (1,376,274.74) 86,634.02 488.25 87,122.27 8 11 4,398,696.00-4,398,696.00 (4,212,733.60) (155,308.00) (4,368,041.60) 30,654.40 185,962.40 9 12 31/12/2014 31/12/2013 187,665.35 114,690.68 786,821.87 514,178.75 96,582.49 138,128.80 727,935.27 1,079,760.66 1,799,004.98 1,846,758.89 10 13 20

139,168.15 6,139,772.06 (6,146,940.21) 132,000.00 569,340.75 255,793.48 (128,840.78) 696,293.45 176,197.60 1,750,371.78 (1,791,456.31) 135,113.07 108,526.00 1,211,354.00 (1,319,880.00) - 993,232.50 9,357,291.32 (9,387,117.30) 963,406.52 1114 a. 2014 12 31 458,551,589.78 7,773,729.24 (242,005,790.49) - 224,319,528.53 77,774.04 - (57,561.55) - 20,212.49 458,629,363.82 7,773,729.24 (242,063,352.04) - 224,339,741.02 2013 12 31 610,221,116.67 21,342,557.22 (173,012,084.11) - 458,551,589.78 31,354.38 46,419.66 - - 77,774.04 610,252,471.05 21,388,976.88 (173,012,084.11) - 458,629,363.82 b. 31/12/2014 31/12/2013 1 1 1 1 ( 1 ) ( 1 ) 83,256,903.90 141,062,624.63 224,319,528.53 225,008,287.33 233,543,302.45 458,551,589.78 20,212.49-20,212.49 77,774.04-77,774.04 83,277,116.39 141,062,624.63 224,339,741.02 225,086,061.37 233,543,302.45 458,629,363.82 12 15 21

31/12/2014 31/12/2013 (201,938.00) (202,460.00) (120,573.23) (121,505.39) 150.00-75.85 1,551,810.58 215,022.60 846,598.56 876,364.72 960,474.88 769,101.94 3,034,918.63 (13) 16 31/12/2013 31/12/2012 % % 100,000,000.00 100,000,000.00 50 100,000,000.00 100,000,000.00 50 12,364,990.00 100,000,000.00 50 12,364,990.00 100,000,000.00 50 200,000,000.00 100 200,000,000.00 100 1 8.08735 (14) 17 2014 1 1 19,469,294.66 19,469,294.66 - - - - 2014 12 31 19,469,294.66 19,469,294.66 2013 1 1 19,469,294.66 19,469,294.66 - - - - 2013 12 31 19,469,294.66 19,469,294.66 22

(15) 18 2014 1 1 (11,644,707.59) (11,644,707.59) /( ) 9,406,737.78 9,406,737.78 2014 12 31 (2,237,969.81) (2,237,969.81) 2013 1 1 (5,372,701.72) (5,372,701.72) /( ) (6,272,005.87) (6,272,005.87) 2013 12 31 (11,644,707.59) (11,644,707.59) (16) 19 (17) 20 2014 2013-253,435.62 8,774,373.52 8,128,884.20 (3,402,851.71) (2,578,669.84) ( )/ (2,037,372.34) 106,881.13 798,522.06 1,418,160.27 10,226,158.89 15,738,874.97 14,358,830.42 23,067,566.35 (18) 21 2014 2013 8,897,793.13 7,081,308.52 (19) 22 23

2014 2013 17,594.43 19,096.05 (20) 23 2014 2013 505,312.20 777,101.00 195,196,567.00 108,928,866.00 195,701,879.20 109,705,967.00 (21) 24 2014 2013-57,561.55 (46,419.66) - 234,232,061.25 151,669,526.89 234,289,622.80 151,623,107.23 (22) 25 2014 2013 (8,697.25) (216.28) (14,985.88) (16,932.25) (23,683.13) (17,148.53) (23) 26 2014 2013 163,861.53 7,793,613.57 7,957,475.10 135,643.08 8,580,798.11 8,716,441.19 3,053.00 232,166.79 235,219.79 113.00 239,125.47 239,238.47 167,344.71 4,291,816.53 4,459,161.24 128,247.04 3,289,094.37 3,417,341.41-301,283.14 301,283.14 189.58 679,373.23 679,562.81-383,917.69 383,917.69-453,963.92 453,963.92-932.16 932.16-6,404.21 6,404.21-3,522.00 3,522.00-15,841.50 15,841.50 48,749.97 945,123.85 993,873.82 34,999.97 1,072,391.01 1,107,390.98 24

- 545,000.00 545,000.00-770,000.00 770,000.00-637,768.02 637,768.02-631,589.98 631,589.98 10,320.00 54,397.36 64,717.36 10,800.00 62,157.00 72,957.00 2,800.00 116,452.91 119,252.91 2,200.00 376,618.00 378,818.00 94,969.97 (169,584.66) (74,614.69) 174,802.45 (266,389.62) (91,587.17) 491,099.18 15,136,409.36 15,627,508.54 486,995.12 15,910,967.18 16,397,962.30 (2006)90 (24) 27 3(14) 118,341,742.27 (2013 85,427,740.94 ) 2014 2019 (2013 2018,2012 2017,2011 2016, 2010 2015 ) (25) 28 2014 2013 9,406,737.78 (6,272,005.87) - - - - 9,406,737.78 (6,272,005.87) (26) 29 (1) 2014 2013 (24,928,741.27) (6,984,415.45) 118,068.35 192,175.86 155,308.00 403,073.40 (8,897,793.13) (7,081,308.52) /( ) 15,635,986.19 (1,634,698.24) (14,358,830.42) (23,067,566.35) (234,265,939.67) (151,605,958.70) (1,080,883.94) (1,162,578.01) /( ) 206,018.48 (74,994.45) 25

( )/ (5,651,349.41) 5,140,037.18 (273,068,156.82) (185,876,233.28) (2) 10,739,871.24 7,410,627.33 (7,410,627.33) (20,372,738.29) /( ) 3,329,243.91 (12,962,110.96) (3) 2014 2013 146,221.76 39,711.93 10,593,649.48 7,370,915.40 10,739,871.24 7,410,627.33 (27) 30 a. (a) 26

(b) i. ii. iii. (c) (d) 0.15% 4.85% 5% 1.0% 27

15% 4.9% 15% 3.9% 10% 5.1% 40% 5.1% 15% 7.6% 100.00% 5.0% (2000-2003) 2% 1% 10% 5% 5% 3% 3% % % % % 3% 150.00 0.20% 0.5% 90.00 - B 47% B B % 2014 112,572,693 0 0.00% 110% 2014 112,572,986 293 0.00% -50bp 2014 112,711,895 139,202 0.12% 90% 2014 112,576,952 4,259 0.00% 110% 2014 112,592,027 19,334 0.02% -50bp&110% 2014 112,731,300 158,607 0.14% b. (a) 28

( ) 2014 12 31 2014 12 31 (b) 2014 12 31 / 1 1-5 5 10,740 - - - - 10,740-15,310 - - - 15,310-133,307 40,000 - - 173,307-36,977 56,646 19,662-113,285-57,057 - - - 57,057 1,228 5,629 - - 118 6,975 11,968 248,280 96,646 19,662 118 376,674 27 105,406 110,274 41,973-257,680 2013 12 31 / 1 1-5 5 7,411 - - - - 7,411 29

- 57,336 - - - 57,336-81,394 100,000 - - 181,394-128,944 166,502 18,667-314,113-61,941 - - - 61,941 878 8,672 - - 391 9,941 8,289 338,287 266,502 18,667 391 632,136 9 217,992 199,542 80,078-497,621 (c) 2013 12 (d) ( ) ( ) ( ) i. ( ) 2014 12 31 ( ) 10,740 0.15 10,740 2,699 2,323 5,022 100,000 73,307 173,307 10,686 46,371 57,057 130,548-130,548 254,673 122,001 376,674 2013 12 31 ( ) 30

7,411 0.17 7,411 5,824 1,663 7,487 100,000 81,394 181,394 10,686 51,255 61,941 373,903-373,903 497,824 134,312 632,136 ( ) ( ) 2014 12 31 5% 6,100 6,100 5% (6,100) (6,100) 2013 12 31 5% 6,716 6,716 5% (6,716) (6,716) ii. / 2014 12 31 100 2,693 (2013 12 31 8,509 ) c. 31

(28) 31 a. 12 31 b. 31/12/2014 31/12/2013 1,035,149.31 978,993.51 1,035,149.31 978,993.51 (29) 32 a. 1,088 50% 50% 5.9 50% 50% b. c. (a) 2014 2013 - (3,275.00) 12,714.76 24,133.70 (b) 32

d. 2014 2013 2,873,966.11 3,103,668.74 2014 2014 2014 12 31 2014 33

1 2 3 A 1 2014 12,859.57 150 5 2 3 4.09% 300 20% 4 2014 0.92% B 100% AAA 34

C 2014 D 2014 212% E 2014 1 2 3 4 5 F G 35

1 B3002 0.00 0.00 2 3004 0.00 0.00 3 3005 234.80 0.00 234.80 0.00 36

11,727.40 12,943.20 963.02 1,973.87 10,764.38 10,969.33 1218% 656% 2014 1218% 2013 562 2003 6 2013 2014 1 2013 1 12 37