Industrial and Commercial Bank of China : Announcement on the Approval of the Issuance of Tier 2 Capital Bonds

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Stock Code: 1398

EUR Preference Shares Stock Code: 4604

ANNOUNCEMENT ON THE APPROVAL OF

THE ISSUANCE OF TIER 2 CAPITAL BONDS

As considered and approved at the Annual General Meeting of 2019 of Industrial and Commercial Bank of China Limited (the "Bank"), the Bank proposed to issue no more than RMB130 billion equivalent new eligible tier 2 capital instruments.

The Bank has received "China Banking and Insurance Regulatory Commission's Approval in respect of the[ Issuance] of Tier 2 Capital Bonds by Industrial and Commercial Bank of China" (Yin

Bao Jian Fu 2020 No. 493) and "Affirmative[ Decision] of Administration License of the People's Bank of China" (Yin Xu Zhun Yu Jue Zi 2020 No. 74), and has been granted to issue no more than RMB130 billion tier 2 capital bonds in China's national inter-bank bond market.

The Bank will perform its obligation of information disclosure regarding the issuance of tier 2 capital bonds in accordance with relevant regulatory requirements.

The Board of Directors of

Industrial and Commercial Bank of China Limited

Beijing, PRC

21 August 2020

As at the date of this announcement, the board of directors comprises Mr. CHEN Siqing, Mr. GU Shu and Mr. LIAO Lin as executive directors, Mr. LU Yongzhen, Mr. ZHENG Fuqing, Ms. MEI Yingchun, Mr. FENG Weidong and Ms. CAO Liqun as non-executive directors, Mr. Anthony Francis NEOH, Mr. YANG Siu Shun, Mr. SHEN Si, Mr. Nout WELLINK and Mr. Fred Zuliu HU as independent non-executive directors.