China Merchants Securities : ·ANNOUNCEMENT REGARDING RESOLUTION PASSED AT THE 17TH MEETING OF THE ELEVENTH SES...

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招 商 銀 行 股 份 有 限 公 司

CHINA MERCHANTS BANK CO., LTD.

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

(H Share Stock Code: 03968)

(Preference Share Stock Code: 04614)

ANNOUNCEMENT REGARDING RESOLUTION PASSED AT THE 17TH MEETING OF THE ELEVENTH SESSION OF THE BOARD OF DIRECTORS

China Merchants Bank Co., Ltd. (the "Company" or "China Merchants Bank") issued the notice convening the 17th meeting of the Eleventh Session of the Board of Directors on 29 September 2020. The meeting was convened at the Head Office, Shenzhen on 9 October 2020. The meeting was presided by Mr. Miao Jianmin, the Chairman of the Board of Directors. 17 out of 17 eligible Directors attended the meeting and 9 supervisors of the Company were present at the meeting. The convening of the meeting complied with the relevant provisions of the Company Law of the People's Republic of China and the Articles of Association of China Merchants Bank Co., Ltd. (the "Articles of Association").

The "Resolution on the Commendation of Mr. Li Jianhong" was considered and approved at the meeting. As recommended by Mr. Miao Jianmin, the Chairman of the Board of Directors, the Board of Directors would like to extend its commendation to Mr. Li Jianhong.

Mr. Li Jianhong has been a Non-Executive Director of China Merchants Bank since July 2014 and the Chairman of China Merchants Bank from August 2014 to September 2020. Over the past six years, Mr. Li Jianhong has pushed forward the reform, development and innovation of China Merchants Bank from a strategic perspective with his incisive intuition and broad vision so as to continuously strengthen the construction of the Board of Directors, further improve the corporate governance mechanism and fully support the work of the senior management. Mr. Li also insisted on implementing the market-oriented talent selection and employment mechanism as well as remuneration incentive mechanism. Through increasing investment in innovative technologies, he has made outstanding contributions to China Merchants Bank in terms of the high-quality development and enhancement of core competitiveness.

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The past six years marks a critical historical period for China Merchants Bank to maintain its sustainable and healthy development and rebuild its leading advantages. With the consciousness of leading the market and reform, Mr. Li Jianhong adhered to long-term strategies and tapped existing advantages, leading the whole bank to promote the concept of "dynamic and balanced development of quality, efficiency and scale" while meditating the reform and development plan of China Merchants Bank in a scientific way by focusing on the strategic vision of "building the best commercial bank in China with innovation-driven development, leading retail banking and distinguished features". By adhering to the strategic positioning of "One Body with Two Wings" and the strategic direction of "Light-operation Bank", while reasonably controlling the growth rate of risk assets, continuously reinforcing the construction of comprehensive risk management system and internal control and compliance system, vigorously supporting Fintech innovation, and actively exploring the digital business model, Mr. Li has unceasingly promoted the strategic transformation and innovative development of China Merchants Bank under the tremendous changes never experienced in the past century. During the past six years, without financing by issuance of ordinary shares, China Merchants Bank recorded steady growth in operating income and profits, its asset scale expanded moderately, asset quality took the lead in ridding economic cyclical disturbances and showed continuous improvement, leading advantages expanded in retail finance, more distinctive features achieved in wholesale finance operation, and various core operating indicators ranked among the top in the banking industry. With its strong organic capital growth capability, the Company developed a new growth curve, repeatedly recorded new highs in market values, significantly improved its brand reputation, achieved the goal of "outrunning the market and outperforming its peers" and was widely praised by all walks of life including the customers, regulators, onshore and offshore investors and news media.

Under the leadership of the Board of Directors with Mr. Li Jianhong as the Chairman, China Merchants Bank has successfully completed a series of major business management reforms and capital market operations, such as the increase of shareholding in the Company by the largest shareholder, the re-election of the Board of Directors, the change of senior management members, the issuance of preference shares and perpetual bonds, the implementation of medium-to-long term incentive plans and the establishment of Fintech fund, which have laid a solid foundation for the long-term sustainable, stable and healthy development of China Merchants Bank; it is the first in the industry to add "adhere to the market-oriented selection and employment mechanism, and the remuneration incentive mechanism" and "overall budget for investing in Fintech" to the Articles of Association, which provides a fundamental guarantee for maintaining the consistency of the compensation and benefits policy for the employees of China Merchants Bank, keeping the stability of the cadres and staff, and building a Digital Bank and a bank with the best customer experience.

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Currently, the assets and net assets of China Merchants Bank have exceeded RMB8 trillion and RMB600 billion, respectively, with a net profit of nearly RMB100 billion and a market capitalisation of nearly RMB1 trillion. China Merchants Bank has developed into a banking group with multiple financial licenses and become the fourth-largest bank in China and the sixth-largest bank in the world in terms of market capitalisation. Its rank on the list of Fortune Global 500 has also steadily increased. Such great performance is inseparable from Mr. Li Jianhong's open-mindedness and courage to take responsibilities, and derived from the strategic plan for the long-term development of China Merchants Bank, adherence to the market-oriented management mechanism, constant efforts made to implement risk control measures that can effect a permanent cure, full support for innovation in Fintech and full trust in the work of senior management by the Board of Directors under the leadership of Mr. Li Jianhong.

On the resignation of Mr. Li Jianhong as the Chairman of China Merchants Bank, the Board of Directors would like to express the highest respect and heartfelt gratitude and give special recognition to Mr. Li Jianhong for his outstanding contribution to the development of China Merchants Bank in the past.

Voted in favour: 17 votes

Voted against: 0 vote

Abstained from voting: 0 vote

By Order of the Board

China Merchants Bank Co., Ltd.

Liu Jianjun Ho Wing Tsz Wendy

Joint Company Secretaries

9 October 2020

As at the date of this announcement, the executive directors of the Company are Tian Huiyu, Liu Jianjun and Wang Liang; the non-executive directors of the Company are Miao Jianmin, Fu Gangfeng, Zhou Song, Hong Xiaoyuan, Zhang Jian, Su Min, Wang Daxiong and Luo Sheng; and the independent non-executive directors of the Company are Leung Kam Chung, Antony, Zhao Jun, Wong See Hong, Li Menggang, Liu Qiao and Tian Hongqi.

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