In line with expectation: Some good progress but still early

EARNINGS REVIEW Neutral In line with expectation: Some good progress but still early What surprised us NCI 1H16 results were mostly in line with expectations. New business value was Rmb4bn, +18% yoy vs. GSe of 19%. It s the slowest vs. peers 43%/50%/56%/61%/57% for Ping An/China Life/CPIC/Taiping/PICC Life, but we note some positive progress in NCI's restructuring. New business margin improved by 2.6pts to 11.3%, indicating some positive product mix improvements, as health insurance now accounts for 15% of FYP, from 9.1% in 1H15. However, first-year premium (FYP) declined 9% yoy, as FYP from bancassurance/traditional products declined 21%/27% yoy. Agent activity rate declined 1.3pt yoy while agent headcount declined 6.5% ytd, vs. 32%/20%/21% increase for China Life/Ping An/CPIC, but the number of qualified agents did improve 38% yoy vs. 26% yoy increase in total headcount. Shareholders equity and embedded value were Rmb57.7bn/Rmb109.7bn, flat/+6% ytd and 2%/4% ahead of GSe, mainly on better investment results. Total investment yield was 5.0% vs. GSe of 3.0%. NCI reduced its equity investments and term deposits, and significantly increased allocation to non-standard assets, especially bank wealth management products, now 31%/11% of total investment assets. These investments were used to manage NCI s cash flow need from surrender/maturity. Surrender rate declined 2.7pts to 4.5%. NCI s solvency ratio was 282%, stable vs. FY15 (281%). Net profit was Rmb3.3bn, -51% yoy and in line with profit warning on July 22 nd. NCI booked a Rmb1.6bn increase in reserves due to lower bond yields. What to do with the stock We think NCI's restructuring is still in early stage as the company works to strike a balance between volume and margin. We maintain our estimates, Neutral/Sell on NCI H/A, and 12m P/EV-based TPs of HK$34.5/Rmb32.1. Risks: (+) significant improvement in agency quality and new business margin, A- share rally; (-) A-share decline, worsening in agency product mix and margin. NCI 1H16 results snapshot NBV yoy growth 18.1% EV ytd growth 6.2% NPAT yoy growth -50.6% Source: Company data. INVESTMENT LIST MEMBERSHIP Neutral Investment Profile Low Growth Returns * Multiple Volatility Equity Research Percentile 20th 40th 60th 80th 100th Asia Pacific Insurance Peer Group Average High Growth Returns * Multiple Volatility * Returns = Return on Capital For a complete description of the investment profile measures please refer to the disclosure section of this document. Key data Current Price (HK$) 31.70 12 month price target (HK$) 34.50 601336.SS Price (Rmb) 43.13 601336.SS 12 month price target (Rmb) 32.10 Market cap (HK$ mn / US$ mn) 98,904.0 / 12,752.3 Foreign ownership (%) -- 12/15 12/16E 12/17E 12/18E EPS (Rmb) 2.76 2.28 2.42 2.81 EPS growth (%) 34.3 (17.5) 6.1 16.5 601336.SS EPS (Rmb) 2.76 2.28 2.42 2.81 601336.SS EPS growth (% 34.3 (17.5) 6.1 16.5 P/E (X) 11.7 12.0 11.3 9.7 601336.SS P/E (X) 18.2 19.0 17.9 15.3 Dividend yield (%) 0.9 0.8 0.9 1.0 ROE (%) 16.2 12.0 11.6 11.9 Price performance chart 38 36 34 32 30 28 26 24 22 Aug-15 Dec-15 Mar-16 Jun-16 New China Life Insurance (H) (L) Hang Seng China Ent. Index (R) 11,500 11,000 10,500 10,000 9,500 9,000 8,500 8,000 7,500 Share price performance (%) 3 month 6 month 12 month Absolute 21.9 40.9 4.1 Rel. to Hang Seng China Ent. Index 9.6 16.2 5.8 Source: Company data, Goldman Sachs Research estimates, FactSet. Price as of 8/30/2016 close. Coverage View: Neutral Mancy Sun Goldman Sachs does and seeks to do business with companies +852-2978-6072 mancy.sun@gs.com Goldman Sachs (Asia) L.L.C. Thomas Wang +852-2978-1697 thomas.wang@gs.com Goldman Sachs (Asia) L.L.C. Nan Li, CFA +86(10)6627-3021 nan.li@ghsl.cn Beijing Gao Hua Securities Company Limited covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to www.gs.com/research/hedge.html. Analysts employed by non- US affiliates are not registered/qualified as research analysts with FINRA in the U.S. The Goldman Sachs Group, Inc. Global Investment Research

New China Life Insurance (H): Summary Financials Profit model (Rmb mn) 12/15 12/16E 12/17E 12/18E Balance sheet (Rmb mn) 12/15 12/16E 12/17E 12/18E Net premiums earned (NEP) 111,994.0 111,787.6 119,696.6 132,367.6 Total investment assets 490,479.0 501,611.4 538,675.8 576,921.7 Risk: Benefits and claims (78,864.0) (73,837.9) (85,712.2) (91,434.9) Premiums receivable 1,525.0 0.0 0.0 0.0 Increase in life reserves (39,855.0) (33,975.8) (37,600.2) (41,536.0) Deferred policy acquistion costs 0.0 0.0 0.0 0.0 Net commissions expensed (10,679.0) (8,233.7) (8,816.4) (9,751.7) Fixed assets 6,827.0 0.0 0.0 0.0 SGA -- -- -- -- Separate account 0.0 0.0 0.0 0.0 Underwriting profit (33,459.0) (18,111.7) (27,465.3) (27,119.2) Others 161,729.0 207,954.4 223,680.3 242,322.2 Investment income 45,069.0 27,021.3 36,752.8 37,714.3 Total assets 660,560.0 709,565.8 762,356.1 819,243.9 Other income 172.0 (249.9) (95.6) 110.0 Unearned premium reserves 0.0 0.0 0.0 0.0 Pretax profit 11,782.0 8,659.7 9,192.0 10,705.1 Policyholders' reserves 524,441.0 554,223.7 592,241.1 634,282.0 Tax and minority interest 3,181.0 1,560.8 1,656.6 1,929.0 Separate account -- -- -- -- Net profit 8,601.0 7,098.9 7,535.3 8,776.1 Other liabilities -- -- -- -- Total liabilities 602,719.0 648,664.4 693,265.5 740,670.2 Factors driving earnings growth (%) 12/15 12/16E 12/17E 12/18E Total equity 57,841.0 60,901.4 69,090.6 78,573.7 Net premiums earned growth 1.8 (0.2) 7.1 10.6 Investment income growth 41.8 (40.0) 36.0 2.6 DuPont analysis (% of avg assets) 12/15 12/16E 12/17E 12/18E Investment asset growth 13.1 2.3 7.4 7.1 ROAE 16.2 12.0 11.6 11.9 Pretax growth 51.4 (26.5) 6.1 16.5 x Leverage (X) 8.1 8.7 8.8 9.3 Net profit growth 34.3 (17.5) 6.1 16.5 ROAA 1.3 1.0 1.0 1.1 Net earned premiums 17.2 16.3 16.3 16.7 Operating ratio for group (%) 12/15 12/16E 12/17E 12/18E Policyholder risk + inv benefit (12.1) (10.8) (11.6) (11.6) Risk + inv benefits/nep (70.4) (66.1) (71.6) (69.1) Increase in life reserves (6.8) (4.3) (5.2) (5.3) SG&A + net commission exp./nep (9.5) (7.4) (7.4) (7.4) Amortization of DAC NM NM NM NM Underwriting profit/nep (29.9) (16.2) (22.9) (20.5) SGA NM NM NM NM Investment yield (ex cash yield) 9.8 5.4 7.1 6.8 Underwriting profit (5.1) (2.6) (3.7) (3.4) Pretax margin 10.5 7.7 7.7 8.1 Investment income 6.9 3.9 5.0 4.8 Tax rate 27.0 18.0 18.0 18.0 Other income 0.0 0.0 0.0 0.0 Pretax profit 1.8 1.3 1.2 1.4 Operating ratios p&c (%) 12/15 12/16E 12/17E 12/18E Tax 0.5 0.2 0.2 0.2 Net reserves/claims paid -- -- -- -- Net profit 1.3 1.0 1.0 1.1 Net reserves/earned premiums -- -- -- -- Expense ratio -- -- -- -- Valuation 12/15 12/16E 12/17E 12/18E Loss ratio -- -- -- -- P/E basic (X) 11.7 12.0 11.3 9.7 Combined ratio -- -- -- -- P/B (X) 1.7 1.4 1.2 1.1 P/EV (X) 1.0 0.8 0.7 0.6 Operating ratios life (%) 12/15 12/16E 12/17E 12/18E EPS, basic (Rmb) 2.76 2.28 2.42 2.81 Expense ratio 91.7 92.4 92.8 92.3 BVPS (Rmb) 18.54 19.52 22.14 25.18 Pretax margins 10.5 7.7 7.7 8.1 EVPS (Rmb) 33.10 35.99 41.74 48.24 Fixed assets/total assets 1.0 0.0 0.0 0.0 DPS (Rmb) 0.28 0.23 0.24 0.28 Dividend yield (%) 0.9 0.8 0.9 1.0 Dividend payout (%) 10.1 10.0 10.0 10.0 Note: Last actual year may include reported and estimated data. Source: Company data, Goldman Sachs Research estimates. Analyst Contributors Mancy Sun mancy.sun@gs.com Thomas Wang thomas.wang@gs.com Nan Li, CFA nan.li@ghsl.cn Goldman Sachs Global Investment Research 2

Exhibit 1: NCI 1H16 NBV grew 18% yoy vs. GSe +19%; EV was +6% ytd vs. GSe +2%; NPAT was -51% yoy NCI 1H16 results review Half year Full year Actual GSe Actual Growth Growth (Rmb mn) 1H15 2H15 1H16 1H16E vs. GSe Hoh Yoy 2015 2016E Yoy Profit model Gross written premiums and policy fees 72,738 39,256 71,081 70,926 0.2% 81% -2% 111,994 111,788 0% Net earned premiums 72,254 39,101 70,348 70,524-0.3% 80% -3% 111,355 111,159 0% Benefits and claims 52,281 26,583 46,604 37,685 23.7% 75% -11% 78,864 73,838-6% Change of insurance contract liability 28,789 11,066 21,162 25,036-15.5% 91% -26% 39,855 33,976-15% Investment benefits 706 625 530 499 6.3% -15% -25% 1,331 1,009-24% Acquisition cost 5,170 5,509 7,421 4,965 49.5% 35% 44% 10,679 8,234-23% G&A expenses 5,750 6,905 6,319 5,390 17.2% -8% 10% 12,655 10,498-17% Underwriting profit (20,442) (11,587) (11,688) (3,051) 283.1% 1% -43% (32,029) (16,396) -49% Investment income 31,226 13,843 16,255 9,679 67.9% 17% -48% 45,069 27,021-40% Other income and expenses (1,941) 683 (335) (2,505) -86.6% -149% -83% (1,258) (1,966) 56% Pretax profit 8,843 2,939 4,232 4,123 2.6% 44% -52% 11,782 8,660-27% Tax (2,090) (1,090) (898) (742) 21.0% -18% -57% (3,180) (1,559) -51% Net profit 6,752 1,849 3,333 3,380-1.4% 80% -51% 8,601 7,099-17% EPS (Rmb) 2.16 0.59 1.07 1.08-1.4% 80% -51% 2.76 2.28-17% DPS (Rmb) 0.00 0.28 0.00 0.00 NM -100% NM 0.28 0.23-19% Total assets 659,840 660,560 686,039 694,158-1.2% 4% 4% 660,560 709,566 7% Shareholders' equity 56,929 57,835 57,711 56,524 2.1% 0% 1% 57,835 60,891 5% Key ratios Absolute Operating expenses / NEP 15.1% 31.7% 19.5% 14.7% 4.8% -12.2% 4.4% 21.0% 16.9% -4.10% Total benefit payouts / NEP 115.6% 103.4% 89.4% 67.2% 22.2% -14.0% -26.2% 111.3% 90.7% -20.56% Increase in insurance contract liability/nep 39.8% 28.3% 30.1% 35.5% -5.4% 1.8% -9.8% 35.8% 30.6% -5.23% Underwriting profit / NEP -28.3% -29.6% -16.6% -4.3% -12.3% 13.0% 11.7% -28.8% -14.7% 14.01% Effective tax rate -23.6% -37.1% -21.2% -18.0% -3.2% 15.9% 2.4% -27.0% -18.0% 8.99% ROA 2.07% 0.56% 0.99% 1.00% 0.0% 0.4% -1.1% 1.32% 1.04% -0.28% ROE 25.7% 6.4% 11.5% 11.8% -0.3% 5.1% -14.1% 16.2% 12.0% -4.24% EV and NBV Embedded value 99,247 103,279 109,684 105,658 3.8% 6% 11% 103,279 112,283 9% New business value 3,428 3,171 4,049 4,064-0.4% 28% 18% 6,621 7,763 17% New business margin - FYP 8.7% 24.3% 11.3% 10.8% 0.5% -53% 3% 12.6% 15.0% 2% New business margin - APE 27.8% 39.6% 25.6% 28.5% -2.9% -35% -2% 32.6% 33.3% 1% FYP & APE Individual life 7,131 5,046 9,065 9,343-3.0% 80% 27% 12,541 15,074 20% Regular 5,547 4,014 7,624 7,662-0.5% 90% 37% 9,908 12,278 24% Single 1,584 1,032 1,441 1,681-14.3% 40% -9% 2,633 2,796 6% Bancassurance 29,154 6,138 22,915 24,775-7.5% 273% -21% 34,928 30,945-11% Regular 1,989 2,262 3,389 1,970 72.0% 50% 70% 3,904 4,459 14% Single 27,165 3,876 19,526 22,804-14.4% 404% -28% 31,024 26,487-15% Service and business development channel 2,211 1,408 2,848 2,521 13.0% 102% 29% 3,619 4,199 16% Regular 1,773 1,175 2,572 2,039 26.1% 119% 45% 2,948 3,449 17% Single 438 233 276 482-42.7% 18% -37% 671 750 12% Group insurance 858 443 860 918-6.3% 94% 0% 1,301 1,392 7% Total regular 9,309 7,451 13,585 11,672 16.4% 82% 46% 16,760 20,186 20% Total single 30,045 5,584 22,103 25,885-14.6% 296% -26% 35,629 31,424-12% FYP 39,354 13,035 35,688 37,557-5.0% 174% -9% 52,389 51,610-1% Traditional Life 33,325 NA 24,295 NA NA NM -27% 40,914 NA NM Participating 1,871 NA 5,322 NA NA NM 184% 2,670 NA NM Universal Life - NA - NA NA NM NM - NA NM Investment-linked - NA - NA NA NM NM - NA NM Health 3,599 NA 5,361 NA NA NM 49% 7,722 NA NM Accident 535 NA 685 NA NA NM 28% 1,032 NA NM APE 12,314 8,009 15,795 14,260 10.8% 97% 28% 20,323 23,328 15% Investment income Net investment income 14,890 15,306 16,062 14,769 8.8% 5% 8% 30,196 30,235 0% Cash and deposits 4,329 3,700 3,136 3,779-17.0% -15% -28% 8,029 7,822-3% Bonds 9,521 8,771 10,080 9,555 5.5% 15% 6% 18,292 18,572 2% Equities 1,015 1,815 2,839 1,273 123.1% 56% 180% 2,830 2,680-5% Others 25 1,020 7 162-95.7% -99% -72% 1,045 1,160 11% Unrealized and realized gains 16,336 (929) 193 (5,090) -103.8% -121% -99% 15,407 (3,213) -121% Bonds - - - - NM NM NM - - NM Equities 16,336 (929) 193 (5,090) -103.8% -121% -99% 15,407 (3,213) -121% Others - - - - NM NM NM - - NM Total investment income 31,226 14,377 16,255 9,679 67.9% 13% -48% 45,603 27,021-41% Investment yield Absolute Net yield on cash and deposits 5.01% 4.85% 5.02% 4.81% 0.2% 0.2% 0.0% 4.97% 4.94% 0.0% Net yield on bonds 5.66% 5.19% 5.21% 5.36% -0.1% 0.0% -0.4% 5.27% 5.15% -0.1% Dividend yield on equities 2.37% 3.27% 5.41% 2.50% 2.9% 2.1% 3.0% 3.31% 2.61% -0.7% Gains on bonds - - - - - - - - - - Gains on equities 38.11% -1.68% 0.37% -10.00% 10.4% 2.0% -37.7% 18.01% -3.13% -21.1% Net investment yield 4.78% 4.85% 4.95% 4.56% 0.4% 0.1% 0.2% 4.84% 4.62% -0.2% Overall investment yield 10.02% 4.55% 5.01% 2.99% 2.0% 0.5% -5.0% 7.31% 4.13% -3.2% Investment assets Cash and deposits 163,668 141,583 108,228 172,553-37.3% -24% -34% 141,583 175,327 24% Bonds 327,523 348,281 425,434 365,016 16.6% 22% 30% 348,281 372,316 7% Equities 111,049 110,696 99,220 92,913 6.8% -10% -11% 110,696 94,771-14% Others 29,262 31,502 32,624 33,183-1.7% 4% 11% 31,502 34,524 10% Total investment assets 631,502 632,062 665,506 663,665 0.3% 5% 5% 632,062 676,938 7% Investment asset breakdown Absolute Cash and deposits 25.9% 22.4% 16.3% 26.0% -9.7% -6.1% -9.7% 22.4% 25.9% 3.5% Bonds 51.9% 55.1% 63.9% 55.0% 8.9% 8.8% 12.1% 55.1% 55.0% -0.1% Equities 17.6% 17.5% 14.9% 14.0% 0.9% -2.6% -2.7% 17.5% 14.0% -3.5% Others 4.6% 5.0% 4.9% 5.0% -0.1% -0.1% 0.3% 5.0% 5.1% 0.1% Solvency ratio Actual capital NA 164,680 178,055 NA NM 8% NM 164,680 NA NM Minimum capital NA 58,613 63,179 NA NM 8% NM 58,613 NA NM Solvency ratio NA 281% 282% NA NM 0% NM 281% NA NM Source: Company data, Goldman Sachs Global Investment Research. Goldman Sachs Global Investment Research 3

Disclosure Appendix Reg AC We, Mancy Sun and Thomas Wang, hereby certify that all of the views expressed in this report accurately reflect our personal views about the subject company or companies and its or their securities. We also certify that no part of our compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this report. Unless otherwise stated, the individuals listed on the cover page of this report are analysts in Goldman Sachs' Global Investment Research division. Investment Profile The Goldman Sachs Investment Profile provides investment context for a security by comparing key attributes of that security to its peer group and market. The four key attributes depicted are: growth, returns, multiple and volatility. Growth, returns and multiple are indexed based on composites of several methodologies to determine the stocks percentile ranking within the region's coverage universe. The precise calculation of each metric may vary depending on the fiscal year, industry and region but the standard approach is as follows: Growth is a composite of next year's estimate over current year's estimate, e.g. EPS, EBITDA, Revenue. Return is a year one prospective aggregate of various return on capital measures, e.g. CROCI, ROACE, and ROE. Multiple is a composite of one-year forward valuation ratios, e.g. P/E, dividend yield, EV/FCF, EV/EBITDA, EV/DACF, Price/Book. Volatility is measured as trailing twelve-month volatility adjusted for dividends. Quantum Quantum is Goldman Sachs' proprietary database providing access to detailed financial statement histories, forecasts and ratios. It can be used for in-depth analysis of a single company, or to make comparisons between companies in different sectors and markets. GS SUSTAIN GS SUSTAIN is a global investment strategy aimed at long-term, long-only performance with a low turnover of ideas. The GS SUSTAIN focus list includes leaders our analysis shows to be well positioned to deliver long term outperformance through sustained competitive advantage and superior returns on capital relative to their global industry peers. Leaders are identified based on quantifiable analysis of three aspects of corporate performance: cash return on cash invested, industry positioning and management quality (the effectiveness of companies' management of the environmental, social and governance issues facing their industry). Disclosures Coverage group(s) of stocks by primary analyst(s) Mancy Sun: Asia Pacific Financials, China Financials. Nan Li, CFA: China Brokers, China Financials. Asia Pacific Financials: AIA Group, AMMB Holdings, Axis Bank, Bajaj Finance, Bangkok Bank, Bank Central Asia, Bank Danamon, Bank Mandiri, Bank Negara Indonesia, Bank of Baroda, Bank of East Asia, Bank Rakyat Indonesia, Bank Tabungan Negara, BDO Unibank, BNK Financial Group, BOC Hong Kong (Holdings), Cathay Financial Holding, Chailease Holdings, Chang Hwa Commercial Bank, China Development Financial, CIMB Group Holdings, CTBC Financial Holdings, Dah Sing Banking Group, Dah Sing Financial Holdings, DBS Group Holdings, DGB Financial Group, E.Sun Financial Holding, First Financial Holdings, Fubon Financial Holdings, Hana Financial Group, Hang Seng Bank, HDFC Bank, Hong Leong Bank, Housing Development Finance Corp., HSBC Holdings, ICICI Bank, IDFC Bank Ltd., IndusInd Bank, Industrial Bank of Korea, Kasikornbank, KB Financial Group, Kotak Mahindra Bank, Krung Thai Bank, LIC Housing Finance, Mahindra & Mahindra Financial Svcs, Malayan Banking Bhd, Mega Financial Holdings, Metropolitan Bank and Trust Co, Oversea-Chinese Banking Corp., Public Bank Bhd, Punjab National Bank, Shin Kong Financial Holdings, Shinhan Financial Group, Shriram Transport Finance, Siam Commercial Bank, SinoPac Holdings, Standard Chartered Bank, State Bank of India, Taishin Financial Holdings, TMB Bank Public Co., United Overseas Bank, Woori Bank, Yes Bank, Yuanta FHC. China Brokers: China Galaxy Securities, China International Capital Corp., China Merchants Securities, CITIC Securities (A), CITIC Securities (H), Everbright Securities, GF Securities Co.(A), GF Securities Co.(H), Haitong Securities (A), Haitong Securities (H), Huatai Securities (A), Huatai Securities (H). China Financials: Agricultural Bank of China (A), Agricultural Bank of China (H), Bank of Beijing, Bank of China (A), Bank of China (H), Bank of Chongqing, Bank of Communications (A), Bank of Communications (H), Bank of Nanjing, Bank of Ningbo, Bank of Qingdao Co., China Cinda Asset Management Co., China CITIC Bank (A), China CITIC Bank (H), China Construction Bank (A), China Construction Bank (H), China Everbright Bank, China Huarong Asset Management Co., China Life Insurance Co. (A), China Life Insurance Co. (H), China Merchants Bank (A), China Merchants Bank (H), China Minsheng Banking (A), China Minsheng Banking (H), China Pacific Insurance (A), China Pacific Insurance (H), China Taiping Insurance Holdings, China Zheshang Bank Co., Chongqing Rural Commercial Bank, Far East Horizon, Hua Xia Bank, ICBC (A), ICBC (H), Industrial Bank, New China Life Insurance (A), New China Life Insurance (H), Orient Securities Co., PICC Group, PICC Property and Casualty, Ping An Bank Co., Ping An Insurance Group (A), Ping An Insurance Group (H), Shanghai Pudong Development Bank, Universal Medical. Company-specific regulatory disclosures The following disclosures relate to relationships between The Goldman Sachs Group, Inc. (with its affiliates, "Goldman Sachs") and companies covered by the Global Investment Research Division of Goldman Sachs and referred to in this research. Goldman Sachs beneficially owned 1% or more of common equity (excluding positions managed by affiliates and business units not required to be aggregated under US securities law) as of the month end preceding this report: New China Life Insurance (A) (Rmb43.13) and New China Life Insurance (H) (HK$31.70) Goldman Sachs expects to receive or intends to seek compensation for investment banking services in the next 3 months: New China Life Insurance (A) (Rmb43.13) and New China Life Insurance (H) (HK$31.70) Goldman Sachs had an investment banking services client relationship during the past 12 months with: New China Life Insurance (A) (Rmb43.13) and New China Life Insurance (H) (HK$31.70) Goldman Sachs had a non-investment banking securities-related services client relationship during the past 12 months with: New China Life Insurance (A) (Rmb43.13) and New China Life Insurance (H) (HK$31.70) Goldman Sachs had a non-securities services client relationship during the past 12 months with: New China Life Insurance (A) (Rmb43.13) and New China Life Insurance (H) (HK$31.70) Goldman Sachs Global Investment Research 4

Goldman Sachs makes a market in the securities or derivatives thereof: New China Life Insurance (A) (Rmb43.13) and New China Life Insurance (H) (HK$31.70) Distribution of ratings/investment banking relationships Goldman Sachs Investment Research global Equity coverage universe Rating Distribution Investment Banking Relationships Buy Hold Sell Buy Hold Sell Global 31% 54% 15% 66% 60% 50% As of July 1, 2016, Goldman Sachs Global Investment Research had investment ratings on 2,963 equity securities. Goldman Sachs assigns stocks as Buys and Sells on various regional Investment Lists; stocks not so assigned are deemed Neutral. Such assignments equate to Buy, Hold and Sell for the purposes of the above disclosure required by the FINRA Rules. See 'Ratings, Coverage groups and views and related definitions' below. The Investment Banking Relationships chart reflects the percentage of subject companies within each rating category for whom Goldman Sachs has provided investment banking services within the previous twelve months. Price target and rating history chart(s) Stock Price Currency : Hong Kong Dollar New China Life Insurance (A) (601336.SS) Stock Price Currency : Chinese Renminbi Stock Price Goldman Sachs rating and stock price target history 70 16,000 65 60.27 15,000 60 14,000 55 29.97 41.08 13,000 50 28.6 12,000 45 34.5 11,000 40 10,000 35 9,000 30 8,000 25 51.25 7,000 20 6,000 Feb 15 B N A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J 2013 2014 2015 2016 Source: Goldman Sachs Investment Research for ratings and price targets; FactSet closing prices as of 6/30/2016. Rating Covered by Mancy Sun Price target Index Price Stock Price Goldman Sachs rating and stock price target history 80 47.74 70 37.13 60 32.1 50 40 24.27 30 23.17 20 56.14 10 0 May 14 N S A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J 2013 2014 2015 2016 Source: Goldman Sachs Investment Research for ratings and price targets; FactSet closing prices as of 6/30/2016. Rating Covered by Mancy Sun Price target 6,000 5,500 5,000 4,500 4,000 3,500 3,000 2,500 2,000 Index Price Price target at removal Not covered by current analyst Price target at removal Not covered by current analyst Hang Seng China Ent. Index Shanghai - Shenzhen 300 The price targets show n should be considered in the context of all prior published Goldman Sachs research, which may or may not have included price targets, as well as developments relating to the company, its industry and financial markets. The price targets show n should be considered in the context of all prior published Goldman Sachs research, which may or may not have included price targets, as well as developments relating to the company, its industry and financial markets. Regulatory disclosures Disclosures required by United States laws and regulations See company-specific regulatory disclosures above for any of the following disclosures required as to companies referred to in this report: manager or co-manager in a pending transaction; 1% or other ownership; compensation for certain services; types of client relationships; managed/comanaged public offerings in prior periods; directorships; for equity securities, market making and/or specialist role. Goldman Sachs trades or may trade as a principal in debt securities (or in related derivatives) of issuers discussed in this report. 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