Agricultural Bank of China : ANNOUNCEMENT ON THE RESOLUTION OF THE BOARD OF DIRECTORS2020-10-30

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AGRICULTURAL BANK OF CHINA LIMITED

中 國 農 業 銀 行 股 份 有 限 公 司

(a joint stock company incorporated in the People's Republic of China with limited liability)

(Stock Code: 1288)

ANNOUNCEMENT ON THE RESOLUTION OF

THE BOARD OF DIRECTORS

The board of directors (the "Board of Directors") of Agricultural Bank of China Limited (the "Bank") issued a written notice of a meeting on 15 October 2020 (the "Meeting") and held the Meeting onsite in Beijing on 30 October 2020. 14 directors were entitled to attend and all of them attended the Meeting. Ms. XIAO Xing and Mr. LIU Shouying, due to other work arrangements, designated Ms. LEUNG KO May Yee, Margaret and Mr. WANG Xinxin, respectively, in writing to attend the Meeting and vote on their behalf. The Meeting was convened in compliance with the applicable laws and regulations, the articles of association of the Bank and the rules of procedure of the Board of Directors.

Mr. ZHOU Mubing, the Chairman of the Board of Directors, presided over the Meeting. The following proposal was considered and approved at the Meeting:

Proposal on Appointment of External Auditors for 2021

Voting result: 14 valid votes, including 14 votes in favour, 0 vote against and 0 vote abstained.

Opinions of independent non-executive directors of the Bank: Agreed.

Since 2013, the Bank has appointed PricewaterhouseCoopers Zhong Tian LLP ("PwC ZT") to audit its financial report prepared under China Accounting Standards and internal control, and appointed PricewaterhouseCoopers ("PwC") to audit its financial report prepared under International Financial Reporting Standards. In accordance with the Management Measures for Selection and Engagement of Accounting Firms in State-OwnedFinancial Institutions (Cai Jin [2020] No. 6) issued by the Ministry of Finance of the People's Republic of China, as PwC ZT and PwC will reach the maximum service period of eight years after completing the annual audits for 2020, the Bank has to change its external auditors. The Bank has communicated with PwC ZT and PwC regarding the change of auditors and PwC ZT and PwC do not have any disagreements on such change.

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The Board of Directors proposed to appoint KPMG Huazhen LLP and KPMG as external auditors of the Bank for 2021, among which KPMG Huazhen LLP shall be responsible to audit the financial report prepared under China Accounting Standards and internal control of the Bank, and KPMG shall be responsible to audit the financial report prepared under International Financial Reporting Standards of the Bank. The total audit fee amounts to RMB91.0646 million for 2021.

This proposal will be submitted to the shareholders' general meeting of the Bank for consideration and approval.

Matters that need to be stated pursuant to the requirements set out in Rule 13.51(4) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited will be disclosed after the completion of the Bank's annual audit for the financial year of 2020.

The Board of Directors of

Agricultural Bank of China Limited

Beijing, the PRC

30 October 2020

As at the date of this announcement, the executive directors are Mr. ZHOU Mubing, Mr. ZHANG Qingsong, Mr. ZHANG Xuguang and Ms. ZHANG Keqiu; the non-executive directors are Mr. ZHU Hailin, Mr. LIAO Luming, Mr. LI Qiyun, Mr. LI Wei and Mr. WU Jiangtao; and the independent non-executive directors are Ms. XIAO Xing, Mr. WANG Xinxin, Mr. HUANG Zhenzhong, Ms. LEUNG KO May Yee, Margaret and Mr. LIU Shouying.

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