The Mandatory Provident Fund ("MPF") system was introduced in December 2000. Under the legislation, except for certain exempt persons, all employees or self-employed persons are required to join an MPF scheme managed by trustees approved by the Mandatory Provident Fund Schemes Authority ("MPFA"). Employers and employees are required to make regular contributions into an employee's account. As a legal responsibility, employers must select an approved trustee and enroll their employees in an MPF scheme, while the rights to select constituent funds lie with the employees.

China Life MPF Master Trust Scheme (“Scheme”) is established under a Master Trust Deed dated 26th January 2000 with no limited duration. The Scheme is open to all employers, employees, self-employed persons and preserved account holders irrespective of their status as a temporary staff or part time worker.

The Scheme is designed for the purpose of providing benefits on retirement, death or total incapacity to employees and self-employed persons as the case may be.

Upon the coming into force of the MPFSO, all employers, self-employed persons and employees who are between age 18 to 64 and who have been employed for 60 days or more (and casual employees for any number of days) are required to join a Mandatory Provident Fund Scheme and this Scheme is designed to meet the demand.

Upon the enactment of the MPFS(A)O, all self-employed persons and employees who are less than 18 years of age or are of more than retirement age or are exempted under Section 4(3) of the MPFSO may join and pay contribution (as Voluntary Contribution) to a registered scheme, including the Scheme.

Further legislative amendments to MPFSO in 2008 remove the 30-day settlement period for the payment of Mandatory Contributions. Employers must, therefore, pay contributions for employees on or before the contribution day and self-employed persons must pay contributions by or before the specified day in each month if contributions are paid on a monthly basis or at or before the end of a scheme financial year end if contributions are paid on an annual basis.

The Scheme currently consists of nine constituent funds as follows:

• China Life MPF Conservative Fund
• China Life Guaranteed Return Fund
• China Life Balanced Fund
• China Life Growth Fund
• China Life Hong Kong Equity Fund
• China Life Retire-Easy Guarantee Fund
• China Life Retire-Easy Capital Stable Fund
• China Life Retire-Easy Balanced Fund
• China Life Retire-Easy Global Equity Fund

The Scheme consists of a Mandatory Contribution Account and a Voluntary Contribution Account. All contributions shall be made to the name of the Approved Trustee. The Approved Trustee may delegate the administrative work to an administrator of the Scheme.

All Contributions received by the Approved Trustee shall be invested in accordance with the choice of the members as specified in the Application of Participation Form in the Constituent Funds. Members can choose to invest their contributions in one or more Constituent Funds.