Agricultural Bank of China : THE THIRD QUARTERLY REPORT OF 2019

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

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)

THE THIRD QUARTERLY REPORT OF 2019

The Board	of	Directors	(the "Board") of Agricultural Bank of	China Limited (the "Bank")
is pleased	to	announce	the unaudited results of the Bank and its	subsidiaries (collectively the

"Group") for the third quarter ended 30 September 2019, prepared under International Financial Reporting Standards (the "IFRSs"). This announcement is made in accordance with Part XIVA of the Securities and Futures Ordinance (Cap. 571, Laws of Hong Kong) and Rule 13.09(2) and Rule 13.10B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.

§1 CORPORATE INFORMATION

1.1 Basic corporate information

Stock exchange on which	Shanghai Stock Exchange
A Shares are listed	農業銀行
	Stock name
	Stock code	601288
Stock exchange on which	The Stock Exchange of Hong Kong Limited
H Shares are listed
	Stock name	ABC
	Stock code	1288
Trading exchange and platform	The Integrated Business Platform of Shanghai Stock
	of preference shares	Exchange
	Stock name	農行優1, 農行優2
	Stock code	360001, 360009
Board Secretary and	ZHOU Wanfu
	Company Secretary	Address: No. 69, Jianguomen Nei Avenue,
		Dongcheng District, Beijing, PRC (Postal code: 100005)
		Tel: [phone] (Investors enquiry)
		Fax: [phone]
		E-mail: [e-mail]

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1.2 Major financial data

Financial data and indicators recorded in this quarterly financial report are the data of the Group prepared in accordance with the IFRSs and denominated in Renminbi ("RMB"), unless otherwise stated.

1.2.1 Major financial data and indicators

In millions of RMB, unless otherwise stated

				Change as
				compared to
		30 September	31 December	the end of
		2019	2018	2018 (%)
Total assets	24,870,961	22,609,471	10.00
Loans and advances to customers, net	12,793,125	11,461,542	11.62
Deposits with banks and other financial institutions	201,630	109,728	83.75
Placements with and loans to banks and	537,837	552,013	-2.57
	other financial institutions
Financial investments	7,442,274	6,885,075	8.09
Total liabilities	22,947,501	20,934,684	9.61
Deposits from customers	18,723,954	17,346,290	7.94
Deposits from banks and other financial institutions	1,325,017	1,124,322	17.85
Placements from banks and	345,476	325,541	6.12
	other financial institutions
Equity attributable to equity holders of the Bank	1,917,649	1,670,294	14.81
Net assets per share (in RMB Yuan)	4.91	4.54	8.15

2

	Three months		Nine months
	ended	Change as	ended	Change as
	30 September	compared to	30 September	compared to
	2019	the same	2019	the same
	(July-	period of	(January-	period of
	September)	2018 (%)	September)	2018 (%)
Operating income	151,936	-0.16	476,403	3.54
Net profit	59,419	6.43	181,791	5.81
Net profit attributable to equity holders of the Bank	59,226	6.10	180,671	5.28
Net cash flow from operating activities	N/A	N/A	102,137	-9.12
Basic earnings per share (in RMB Yuan)	0.17	-	0.51	-
Diluted earnings per share (in RMB Yuan)	0.17	-	0.51	-
Return on weighted average net assets (annualized, %)1	14.11	Decreased by	14.35	Decreased by
		1.44		1.59
		percentage		percentage
		points		points

Note: 1. Calculated in accordance with the Rules for the Compilation and Submission of Information Disclosure by Companies that Offer Securities to the Public No. 9 - Computation and Disclosure of Return on Net Assets and Earnings per Share (2010 Revision) issued by the China Securities Regulatory Commission.

1.2.2 Differences between the financial statements prepared under IFRSs and Generally Accepted Accounting Principles of the People's Republic of China ("PRC GAAP")

There are no differences between the net profit or shareholders' equity for the reporting period in the consolidated financial statements of the Group prepared under IFRSs and PRC GAAP.

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1.3 Particulars of shareholding of ordinary shares at the end of the reporting period

At the end of the reporting period, the Bank had 439,368 shareholders of ordinary shares in total, including 22,892 shareholders of H shares and 416,476 shareholders of A shares.

Particulars of shareholding of the top 10 shareholders of ordinary shares

(based on the registers of shareholders as at 30 September 2019)

								Unit: Share
							Number of	Number of
							shares subject	pledged or
			Nature of		Shareholding	Total number of	to restrictions	locked-up
Name of shareholders	shareholder	Type of shares	percentage (%)	shares held	on sales	shares
Central Huijin Investment Ltd.	State-owned	A Shares	40.03	140,087,446,351	10,082,342,569	None
Ministry of Finance of the PRC	State-owned	A Shares	39.21	137,239,094,711	9,877,329,974	None
	(hereinafter referred
to as the "MOF")
HKSCC Nominees Limited	Overseas legal	H Shares	8.73	30,561,464,146	-	Unknown
			entity
National Council for		State-owned	A Shares	2.80	9,797,058,826	-	None
Social Security Fund of
	the PRC
China National Tobacco	State-owned	A Shares	0.72	2,518,891,687	2,518,891,687	None
	Corporation		legal entity
China Life Insurance		Others	A Shares	0.54	1,896,219,006	-	None
	Company Limited
	- Dividend distribution
	- Individual dividend
- 005L - FH002 Hu
China Securities		State-owned	A Shares	0.53	1,842,751,186	-	None
	Finance Corporation Limited	legal entity
China Life Insurance		Others	A Shares	0.46	1,602,446,125	-	None
	Company Limited
	- Traditional
- General insurance products
- 005L - CT001 Hu
Shanghai Haiyan		State-owned	A Shares	0.36	1,259,445,843	1,259,445,843	None
	Investment Management	legal entity
	Company Limited
Central Huijin Asset Management	State-owned	A Shares	0.36	1,255,434,700	-	None
	Ltd.		legal entity
	Notes: (1)	The total number of shares held by HKSCC Nominees Limited represents the number of H Shares held by
		it in aggregate as the nominee on behalf of all institutional and individual investors registered with it at 30
		September 2019.

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1. Among the above shareholders, apart from the facts that Central Huijin Asset Management Ltd. is a wholly- owned subsidiary of Central Huijin Investment Ltd., China National Tobacco Corporation is the de facto controller of Shanghai Haiyan Investment Management Company Limited, and that China Life Insurance Company Limited - Dividend distribution - Individual dividend - 005L - FH002 Hu and China Life Insurance Company Limited - Traditional - General insurance products - 005L - CT001 Hu are under the management of China Life Insurance Company Limited, the Bank is not aware of any connections between the shareholders above or whether they are parties acting in concert. The number of shares held by Central Huijin Investment Ltd. and Central Huijin Asset Management Ltd., a wholly-owned subsidiary of Central Huijin Investment Ltd. amounted to 141,342,881,051 in aggregate, accounting for 40.39% of the total shares of the Bank. The number of shares held by China National Tobacco Corporation and Shanghai Haiyan Investment Management Company Limited amounted to 3,778,337,530 in aggregate, accounting for 1.08% of the total shares of the Bank. The number of shares held by China Life Insurance Company Limited
   - Dividend distribution - Individual dividend - 005L - FH002 Hu and China Life Insurance Company Limited - Traditional - General insurance products - 005L - CT001 Hu amounted to 3,498,665,131 in aggregate, accounting for 1.00% of the total shares of the Bank.
2. According to the notice the Bank received from the MOF on 23 September 2019, the MOF made a one- off transfer of its 10% equity interests in the Bank to the National Council for Social Security Fund of the PRC. The number of transferred shares was 13,723,909,471, accounting for approximately 3.92% of the total ordinary shares of the Bank. At 30 September 2019, the relevant regulatory approvals and other formalities were not completed. Subsequent to the transfer, the MOF will hold 35.29% of the total ordinary shares of the Bank.

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Particulars of shareholding of the top 10 shareholders of

ordinary shares not subject to restrictions on sales

(based on the registers of shareholders as at 30 September 2019)

		Unit: Share
	Total number of
Name of shareholders	shares held	Type of shares
Central Huijin Investment Ltd.	130,005,103,782	A shares
MOF	127,361,764,737	A shares
HKSCC Nominees Limited	30,561,464,146	H shares
National Council for Social Security Fund of the PRC	9,797,058,826	A shares
China Life Insurance Company Limited	1,896,219,006	A shares
- Dividend distribution - Individual dividend
- 005L - FH002 Hu
China Securities Finance Corporation Limited	1,842,751,186	A shares
China Life Insurance Company Limited	1,602,446,125	A shares
- Traditional - General insurance products
- 005L - CT001 Hu
Central Huijin Asset Management Ltd.	1,255,434,700	A shares
Hong Kong Securities Clearing Company Limited	1,142,424,916	A shares
Wutongshu Investment Platform Co., Ltd.	980,723,700	A shares

Notes: (1)	The total number of shares held by HKSCC Nominees Limited represents the number of H Shares held by
	it in aggregate as the nominee on behalf of all institutional and individual investors registered with it at 30
	September 2019.

1. Among the above shareholders, apart from the facts that Central Huijin Asset Management Ltd. is a wholly- owned subsidiary of Central Huijin Investment Ltd., and that China Life Insurance Company Limited - Dividend distribution - Individual dividend - 005L - FH002 Hu and China Life Insurance Company Limited - Traditional - General insurance products - 005L - CT001 Hu are under the management of China Life Insurance Company Limited, the Bank is not aware of any connections between the shareholders above or between the shareholders above and the top 10 shareholders, or whether they are parties acting in concert.
2. The shares held by Hong Kong Securities Clearing Company Limited, which acts as the nominee designated by and on behalf of the Hong Kong and overseas investors, are A shares acquired by Hong Kong and overseas investors (via the Shanghai-Hong Kong Stock Connect).

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1.4 Particulars of shareholding of preference shares at the end of the reporting period

The Bank had a total of 25 holders1 of preference shares of "農行優1" (stock code: 360001)

and 32 holders1 of preference shares of "農行優2" (stock code: 360009).

Particulars of shareholding of the top 10 holders of preference shares of "農行優1" (stock code: 360001) (based on the registers of shareholders as at 30 September 2019)

					Unit: Share
					Number of
			Shareholding		pledged or
	Nature of		percentage	Total number of	locked-up
Name of shareholders1	shareholder2	Type of shares	(%)3	shares held	shares
Bank of Communications Schroder Fund	Others	Domestic preference	15.00	60,000,000	None
Management Co., Ltd.		shares
China Merchants Fund Management Co., Ltd.	Others	Domestic preference	12.25	49,000,000	None
		shares
Beijing Tiandi Fangzhong	Others	Domestic preference	8.75	35,000,000	None
Asset Management Co., Ltd.		shares
PICC Life Insurance Company Limited	Others	Domestic preference	7.50	30,000,000	None
		shares
Ping An Life Insurance Co., Ltd.	Others	Domestic preference	7.50	30,000,000	None
		shares
Harmony Health Insurance Co., Ltd.	Others	Domestic preference	7.50	30,000,000	None
		shares
Beijing International Trust Co., Ltd.	Others	Domestic preference	7.50	30,000,000	None
		shares
Zhonghai Trust Co., Ltd.	Others	Domestic preference	5.00	20,000,000	None
		shares
Bank of Ningbo Co., Ltd.	Others	Domestic preference	3.75	15,000,000	None
		shares
Bank of Beijing Scotiabank	Others	Domestic preference	3.00	12,000,000	None
Asset Management Co., Ltd.		shares

Notes: 1. The Bank is not aware of any connections between the above shareholders of preference shares or between the above shareholders of preference shares and top 10 shareholders of ordinary shares or whether they are parties acting in concert.

1 The number of holders of preference shares was calculated by the number of qualified investors that held the preference shares. When calculating the number of the qualified investors, an asset management institution that purchases or transfers the preference shares through two or more products under its control will be counted as one.

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1. According to the No.2 Standards on the Content and Format of Information Disclosure of Companies with Public Offerings - Content and Format of the Annual Report (Revision 2017), "Particulars of holders of preference shares should indicate the entities which hold shares on behalf of the state and foreign holders". Except for the entities which hold shares on behalf of the state and foreign holders, the nature of other preference shareholders is "others".
2. The proportion of the number of preference shares of "農行優1" held by the shareholders of preference shares to the total number of preference shares of "農行優1" (i.e. 400 million shares).

Particulars of shareholding of the top 10 holders of preference shares of "農行優2" (stock code: 360009) (based on the registers of shareholders as at 30 September 2019)

					Unit: Share
					Number of
			Shareholding		pledged or
	Nature of		percentage	Total number of	locked-up
Name of shareholders1	shareholder2	Type of shares	(%)3	shares held	shares
China Life Insurance Company Limited	Others	Domestic preference	12.50	50,000,000	None
		shares
China National Tobacco Corporation	Others	Domestic preference	12.50	50,000,000	None
		shares
Beijing Chance Capital Management Co., Ltd.	Others	Domestic preference	6.25	25,000,000	None
		shares
Maxwealth Fund Management Co., Ltd.	Others	Domestic preference	6.25	25,000,000	None
		shares
China Mobile Communications	Others	Domestic preference	5.00	20,000,000	None
Group Co., Ltd.		shares
Bank of Communications Schroder Fund	Others	Domestic preference	5.00	20,000,000	None
Management Co., Ltd.		shares
Bank of China Limited, Shanghai Branch	Others	Domestic preference	5.00	20,000,000	None
		shares
China National Tobacco Corporation	Others	Domestic preference	5.00	20,000,000	None
Jiangsu Province Company		shares
China National Tobacco Corporation	Others	Domestic preference	5.00	20,000,000	None
Yunnan Province Company		shares
Shanghai Tobacco Group Co., Ltd.	Others	Domestic preference	3.93	15,700,000	None
		shares

Notes: 1. China National Tobacco Corporation Jiangsu Province Company, China National Tobacco Corporation Yunnan Province Company and Shanghai Tobacco Group Co., Ltd. are wholly-owned subsidiaries of China National Tobacco Corporation. Shanghai Haiyan Investment Management Company Limited is a wholly- owned subsidiary of Shanghai Tobacco Group Co., Ltd. China Life Insurance Company Limited - Dividend distribution - Individual dividend - 005L - FH002 Hu and China Life Insurance Company Limited - Traditional - General insurance products - 005L - CT001 Hu are managed by China Life Insurance Company Limited. Save as mentioned above, the Bank is not aware of any connections between the above shareholders of preference shares or between the above shareholders of preference shares and top 10 ordinary shareholders or whether they are parties acting in concert.

8

1. According to the No.2 Standards on the Content and Format of Information Disclosure of Companies with Public Offerings - Content and Format of the Annual Report (Revision 2017), "Particulars of holders of preference shares should indicate the entities which hold shares on behalf of the state and foreign holders". Except for the entities which hold shares on behalf of the state and foreign holders, the nature of other preference shareholders is "others".
2. The proportion of the number of preference shares of "農行優2" held by the shareholders of preference shares to the total number of preference shares of "農行優2" (i.e. 400 million shares).

"農行優1" and "農行優2", preference shares of the Bank, are shares not subject to the restrictions on sales. The top 10 shareholders of preference shares not subject to the restrictions on sales of "農行優1" and "農行優2" are the same with the top 10 shareholders of preference shares of each.

§2 BRIEF ANALYSIS ON OVERALL OPERATING ACTIVITIES IN THE THIRD QUARTER

(The financial data herein are presented in RMB unless otherwise indicated.)

Financial results

For the nine months ended 30 September 2019, the Group achieved a net profit of RMB181,791 million, representing an increase of 5.81% over the same period of 2018. Our annualized return on average total assets was 1.02%, representing a decrease of 0.03 percentage point over the same period of 2018, and the annualized return on weighted average net assets was 14.35%, representing a decrease of 1.59 percentage points over the same period of 2018. We achieved basic earnings per share of RMB0.51, remaining flat with the same period of 2018.

For the nine months ended 30 September 2019, the Group achieved an operating income of RMB476,403 million, representing an increase of 3.54% over the same period of 2018. Net interest income amounted to RMB360,473 million, representing an increase of 1.42% over the same period of 2018. Net fee and commission income amounted to RMB69,857 million, representing an increase of 12.02% over the same period of 2018. Operating expenses amounted to RMB154,874 million, representing an increase of 4.96% over the same period of 2018. Cost-to-income ratio (under PRC GAAP) amounted to 27.10%, representing a decrease of 0.31 percentage point over the same period of 2018. Impairment losses on credit amounted to RMB104,163 million, of which impairment losses on loans was RMB102,924 million, representing an increase of RMB1,684 million over the same period of 2018.

9

Assets and liabilities

At 30 September 2019, the Group's total assets amounted to RMB24,870,961 million, representing an increase of RMB2,261,490 million or 10.00% compared to the end of 2018. Total loans and advances to customers amounted to RMB13,322,554 million, representing an increase of RMB1,381,869 million or 11.57% compared to the end of 2018. The total loans and advances to customers (excluding accrued interest) by business type include corporate loans, retail loans, discounted bills, and overseas and other loans, which amounted to RMB7,195,788 million, RMB5,251,675 million, RMB407,972 million and RMB432,977 million, respectively. Financial investments amounted to RMB7,442,274 million, representing an increase of RMB557,199 million or 8.09% compared to the end of 2018.

Total liabilities increased by RMB2,012,817 million or 9.61% compared to the end of 2018 to RMB22,947,501 million. Deposits from customers increased by RMB1,377,664 million or 7.94% compared to the end of 2018 to RMB18,723,954 million. In terms of the maturity of deposits, deposits from customers (excluding accrued interest) consist of time deposits, demand deposits and other deposits, which amounted to RMB7,041,947 million, RMB10,647,360 million and RMB813,638 million, respectively. In terms of business line, deposits from customers (excluding accrued interest) consist of corporate deposits, retail deposits and other deposits, which amounted to RMB7,092,686 million, RMB10,596,621 million and RMB813,638 million, respectively.

Shareholders' equity increased by RMB248,673 million or 14.85% compared to the end of 2018 to RMB1,923,460 million, with ordinary shares of RMB349,983 million, other equity instruments of RMB199,886 million, capital reserve of RMB173,556 million, investment revaluation reserve of RMB27,758 million, surplus reserve of RMB154,286 million, general reserve of RMB277,106 million, retained earnings of RMB732,608 million and foreign currency translation reserve of RMB2,466 million, respectively.

10

Assets quality

At 30 September 2019, the Group's non-performing loans amounted to RMB188,236 million, representing a decrease of RMB1,766 million compared to the end of 2018. Non-performing loan ratio2 was 1.42%, representing a decrease of 0.17 percentage point compared to the end of 2018. Allowance to non-performing loans3 was 281.26%, representing an increase of 29.08 percentage points compared to the end of 2018.

County Area Banking Business

At 30 September 2019, the Group's total loans and advances to customers of County Area Banking Business amounted to RMB4,526,755 million, representing an increase of RMB520,873 million or 13.0% compared to the end of 2018. Deposits from customers of County Area Banking Business amounted to RMB8,029,093 million, representing an increase of RMB648,495 million or 8.8% compared to the end of 2018.

Non-performing loan ratio2 of County Area Banking Business amounted to 1.75%, representing a decrease of 0.33 percentage point compared to the end of 2018. Allowance to non-performing loans3 was 290.11%, representing an increase of 37.17 percentage points compared to the end of 2018.

1. Calculated by dividing the balance of non-performing loans (excluding accrued interest) by the total loans and advances to customers (excluding accrued interest).
2. Calculated by dividing the balance of allowance for impairment losses on loans (excluding accrued interest) by the balance of non-performing loans (excluding accrued interest), among which, the balance of allowance for impairment losses on loans (excluding accrued interest) does not include the allowance for impairment losses on bills and forfeiting recognized in other comprehensive income.

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§3 SIGNIFICANT EVENTS

3.1 Significant changes in major financial statements items and financial indicators and the reasons thereof

✓ Applicable  □ Not Applicable

Compared with the end of 2018 or the same period of 2018, major items of consolidated financial statements and financial indicators with changes over 30% and the main reasons thereof are as follows:

In millions of RMB, except for percentages

			Change over
	January to	January to	the same
	September	September	period of 2018
Item	2019	2018	(%)	Main reasons for change
Net gain on financial investments	1,272	7,031	-81.91	The decrease in net gain on
					principal guaranteed wealth
					management products
Net gain on derecognition of financial	-	15	-100.00	No disposal of any financial
assets measured at amortised cost					assets measured at
					amortized cost during
					the reporting period
Other operating income	25,682	18,621	37.92	The increase in the operating
					income of subsidiaries
Share of results of associates and	(44)	29	-251.72	The decrease in investment
joint ventures				gain from associates and
					joint ventures
Profit attributable to	1,120	193	480.31	The increase in net profit of
non-controlling interests					non-wholly owned
					companies
Other comprehensive income, net of tax	9,957	19,484	-48.90	The decrease in fair value
				changes of financial assets at
				fair value through other
					comprehensive income
Total comprehensive income	1,318	514	156.42	The increase in net profit of
attributable to non-controlling interests					non-wholly owned
					companies

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In millions of RMB, except for percentages

		At 30	At 31	Change over
		September	December	the end of
Item	2019	2018	2018 (%)	Main reasons for change
Deposits with banks and other	201,630	109,728	83.75	The increase in cooperative
	financial institutions					deposits with banks
Precious metals	99,941	21,268	369.91	The increase in gold holding
Investment in associates and	5,904	4,005	47.42	The increase in investment in
	joint ventures				associates and joint ventures
Other assets	222,984	95,662	133.10	The increases in receivables
						from settlement
						accounts and clearing
					account and right-of-use
						assets recognized under
					the new leasing rules
Financial liabilities at fair value through	503,033	286,303	75.70	The increase in structured
	profit or loss				deposits at fair value
Derivative financial liabilities	62,069	34,554	79.63	The increase in relation to
					valuation deficit on precious
					metals derivatives due to
					the increase in gold price
Financial assets sold under repurchase	68,256	157,101	-56.55	The decrease in securities
	agreements					sold under repurchase
					agreements with the central
						bank
Other liabilities	432,846	318,566	35.87	The increase in payables
						from settlement
						accounts and clearing
					account and lease liabilities
					recognized under the new
						leasing rules
Other equity instruments	199,886	79,899	150.17	Issuance of undated capital
					bonds in the amount of
						RMB120 billion
Investment revaluation reserve	27,758	18,992	46.16	The increase in the fair value
					of financial instruments at
					fair value through other
						comprehensive income
Foreign currency translation reserve	2,466	1,473	67.41	Changes in foreign currency
						translation of overseas
						institutions' statements

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3.2 Progress of significant events and analysis on their effects and solutions

✓ Applicable   □ Not Applicable

In July 2019, Agricultural Bank of China Wealth Management Co., Ltd., a wholly-owned subsidiary of the Bank, has been approved to commence its operation.

In August 2019, the Bank redeemed all of the 10-yeartier-2 capital bonds with issuance size of RMB30 billion, which were issued in August 2014.

In August and September 2019, the Bank issued the write-down undated capital bonds of RMB85 billion and RMB35 billion in the national inter-bank bond market, respectively, totaling RMB120 billion, which were used to replenish the Bank's additional tier-1 capital after deducting expenses in relation to the issuances.

In September 2019, the Bank received the notice that the MOF, a shareholder of the Bank, made a one-off transfer of its 10% equity interests in the Bank to the National Council for Social Security Fund of the PRC. At 30 September 2019, the relevant regulatory approvals and other formalities were not completed. For details, please refer to the announcements published by the Bank on the websites of the Bank (www.abchina.com), the Shanghai Stock Exchange (www.sse.com.cn) and The Stock Exchange of Hong Kong Limited (www.hkexnews.hk).

1. Undertakings failed to be fulfilled during the reporting period
2. • Applicable ✓ Not Applicable
3. Implementation of cash dividend policy during the reporting period
4. • Applicable ✓ Not Applicable
5. Warnings and explanations on estimated loss or significant change (as compared to the same period of last year) in net accumulated profit from the beginning of the year to the end of the next reporting period
6. • Applicable ✓ Not Applicable

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§4 RELEASE OF QUARTERLY REPORT

The quarterly report prepared under IFRSs will be simultaneously published on the website of The Stock Exchange of Hong Kong Limited (www.hkexnews.hk) and the website of the Bank (www. abchina.com).The quarterly report prepared under PRC GAAP will be published on the website of the Shanghai Stock Exchange (www.sse.com.cn) and the website of the Bank (www.abchina.com).

By order of the Board of Directors

Agricultural Bank of China Limited

ZHOU Wanfu

Company Secretary

Beijing, the PRC

25 October 2019

As at the date of this announcement, the executive directors of the Bank are Mr. ZHOU Mubing, Mr. WANG Wei and Ms. ZHANG Keqiu; the non-executive directors are Mr. XU Jiandong, Mr. CHEN Jianbo, 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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APPENDIX I CAPITAL ADEQUACY RATIO INFORMATION

At the end of September 2019, the Bank adopted the foundation Internal Ratings-Based (IRB) approach for non-retail exposures and IRB approach for retail exposures to measure credit risk- weighted assets, weighting approach for credit risk-weighted assets uncovered by IRB approach. Internal Model Approach (IMA) was adopted to measure market risk-weighted assets, Standardized Approach was adopted to measure market risk-weighted assets uncovered by IMA. Standardized Approach was adopted to measure operational risk-weighted assets. The table below sets out the net capital, risk-weighted assets and capital adequacy ratios calculated pursuant to the Capital Rules for Commercial Banks (Provisional) (Decree of CBRC [2012] No.1) at 30 September 2019.

In millions of RMB, except for percentages

	30 September 2019	31 December 2018
Item	The Group	The Bank	The Group	The Bank
CET 1 capital, net	1,710,185	1,652,625	1,583,927	1,552,180
Tier 1 capital, net	1,910,079	1,852,510	1,663,833	1,632,079
Total capital, net	2,459,794	2,404,014	2,073,343	2,039,760
Risk-weighted assets	15,276,722	14,909,072	13,712,894	13,496,681
CET 1 capital adequacy ratio	11.19%	11.08%	11.55%	11.50%
Tier 1 capital adequacy ratio	12.50%	12.43%	12.13%	12.09%
Capital adequacy ratio	16.10%	16.12%	15.12%	15.11%

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APPENDIX II LIQUIDITY COVERAGE RATIO INFORMATION

The Bank disclosed the following information of liquidity coverage ratio regarding related regulations by China Banking and Insurance Regulatory Commission.

Regulatory Requirements of Liquidity Coverage Ratio

In accordance with the Rules on Liquidity Risk Management of Commercial Banks issued by the CBIRC, it is required that the liquidity coverage ratio of commercial banks should be no less than 100%. In addition, in accordance with the Rules on Disclosure for Liquidity Coverage Ratio Information of Commercial Banks, commercial banks are required to disclose the liquidity coverage ratio information at the same frequency as issuing the financial report, and to disclose the simple average of the liquidity coverage ratio based on daily data in every quarter from 2017 and the number of daily data adopted in calculation of such average.

Liquidity Coverage Ratio

The Bank calculated the liquidity coverage ratio in accordance with the Rules on Liquidity Risk Management of Commercial Banks and applicable calculation requirements. The average of daily liquidity coverage ratio of the Bank was 120.1% in the third quarter of 2019, representing a decrease of 3.1 percentage points over the last quarter. The number of days used in calculating such average was 92 days. The high-quality liquid assets of the Bank mainly include cash, available excess reserves of central bank under stress conditions as well as the bonds defined under Level 1 and Level 2 assets which satisfy the requirements of Rules on Liquidity Risk Management of Commercial Banks.

17

The averages of the observations of the daily liquidity coverage ratio and individual line items over the third quarter in 2019 are as follows:

In millions of RMB, except for percentages

			TOTAL	TOTAL
			UNWEIGHTED	WEIGHTED
No.			VALUE	VALUE
HIGH-QUALITY LIQUID ASSETS
1	Total high-quality liquid assets (HQLA)		4,848,089
CASH OUTFLOWS
2	Retail deposits and deposits from small business	11,514,013	1,067,339
		customers, of which:
3		Stable deposits	1,681,205	84,058
4		Less stable deposits	9,832,808	983,281
5	Unsecured wholesale funding, of which:	7,065,034	2,735,988
6	Operational deposits (all counterparties) and	3,099,759	761,942
		deposits in networks of cooperative banks
7	Non-operational deposits (all counterparties)	3,919,851	1,928,622
8		Unsecured debt	45,424	45,424
9	Secured wholesale funding		37,039
10	Additional requirements, of which:	2,588,061	854,209
11	Outflows related to derivative exposures and other	711,333	711,333
		collateral requirements
12	Outflows related to loss of funding on	246	246
		debt products
13	Credit and liquidity facilities	1,876,482	142,629
14	Other contractual funding obligations	120,595	120,595
15	Other contingent funding obligations	1,253,765	55,330
16	TOTAL CASH OUTFLOWS		4,870,498
CASH INFLOWS
17	Secured lending (e.g. reverse repos and borrowed	139,911	135,085
		securities)
18	Inflows from fully performing exposures	909,454	452,501
19	Other cash inflows	779,123	779,123
20	TOTAL CASH INFLOWS	1,828,489	1,366,710
				TOTAL
				ADJUSTED
				VALUE
21	TOTAL HQLA		4,206,530
22	TOTAL NET CASH OUTFLOWS		3,503,789
23	LIQUIDITY COVERAGE RATIO (%)		120.1%

18

APPENDIX III LEVERAGE RATIO INFORMATION

At 30 September 2019, the Bank's leverage ratio, calculated in accordance with the Rules for the Administration of the Leverage Ratio of Commercial Banks (Revised) issued by CBIRC, was 7.02%, which was higher than the regulatory requirement.

In millions of RMB, except for percentages

	30 September	30 June	31 March	31 December
Item	2019	2019	2019	2018
Tier 1 capital, net	1,910,079	1,724,878	1,725,849	1,663,833
Adjusted on- and off-balance sheet	27,202,211	26,148,038	25,565,737	24,611,669
assets
Leverage ratio	7.02%	6.60%	6.75%	6.76%

19

APPENDIX IV FINANCIAL STATEMENTS PREPARED UNDER IFRS

AGRICULTURAL BANK OF CHINA LIMITED

CONSOLIDATED INCOME STATEMENT

FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2019 (Amounts in millions of Renminbi, unless otherwise stated)

	Three months		Nine months
	ended 30 September		ended 30 September
	2019	2018	2019	2018
	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
Interest income	217,734	200,605	639,304	578,899
Interest expense	(94,893)		(79,023)		(278,831)		(223,484)
Net interest income	122,841		121,582		360,473		355,415
Fee and commission income	23,405	21,687	80,701	70,183
Fee and commission expense	(4,447)		(2,962)		(10,844)		(7,821)
Net fee and commission income	18,958		18,725		69,857		62,362
Net trading gain	6,888	8,887	19,119	16,693
Net gain on financial investments	192	2,955	1,272	7,031
Net gain on derecognition of financial
assets measured at amortized cost	-	13	-	15
Other operating income	3,057		25		25,682		18,621
Operating income	151,936		152,187		476,403		460,137
Operating expenses	(49,721)	(47,596)	(154,874)	(147,557)
Credit impairment losses	(30,688)	(36,103)	(104,163)	(102,520)
Impairment losses on other assets	(48)		(12)		-		(38)
Operating profit	71,479	68,476	217,366	210,022
Share of result of associates and joint
ventures	(19)		23		(44)		29
Profit before tax	71,460	68,499	217,322	210,051
Income tax expense	(12,041)		(12,671)		(35,531)		(38,247)
Profit for the period	59,419	55,828	181,791	171,804
Attributable to:
Equity holders of the Bank	59,226	55,822	180,671	171,611
Non-controlling interests	193		6		1,120		193
	59,419	55,828	181,791	171,804
Earnings per share attributable to the
ordinary equity holders of the Bank
(expressed in RMB yuan per share)
- Basic and diluted	0.17		0.17		0.51		0.51

I

AGRICULTURAL BANK OF CHINA LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2019 (Amounts in millions of Renminbi, unless otherwise stated)

	Three months		Nine months
	ended 30 September		ended 30 September
	2019	2018	2019	2018
	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
Profit for the period	59,419	55,828	181,791	171,804
Other comprehensive income:
Items that may be reclassified
subsequently to profit or loss:
Fair value changes on financial assets
at fair value through other
comprehensive income	4,503	8,673	6,287	21,987
Loss allowance on financial assets at
fair value through other comprehensive
income	2,399	1,849	5,496	897
Income tax impact for fair value changes
and loss allowance on financial assets
at fair value through other
comprehensive income	(1,797)	(2,566)	(2,991)	(5,293)
Foreign currency translation differences	840	1,330	993	1,672
Items that will not be reclassified
subsequently to profit or loss:
Fair value changes on other equity
investments designated at fair value
through other comprehensive income	(33)	134	233	295
Income tax impact for fair value changes
on other equity investments designated
at fair value through other
comprehensive income	7		(34)		(61)		(74)
Other comprehensive income, net of tax	5,919		9,386		9,957		19,484
Total comprehensive income for the period	65,338	65,214	191,748	191,288
Total comprehensive income attributable to:
Equity holders of the Bank	64,995	65,180	190,430	190,774
Non-controlling interests	343		34		1,318		514
	65,338		65,214		191,748		191,288

Note: The comparative amounts of Net gain on financial investments, Net gain on derecognition of financial assets measured at amortized cost, Operating expenses, Credit impairment losses, Impairment losses on other assets and Other comprehensive income have been reclassified to conform with the current period's presentation.

II

AGRICULTURAL BANK OF CHINA LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 30 SEPTEMBER 2019

(Amounts in millions of Renminbi, unless otherwise stated)

	30 September 2019		31 December 2018
	(Unaudited)		(Audited)
Assets
Cash and balances with central banks	2,844,741	2,805,107
Deposits with banks and other financial
Institutions	201,630	109,728
Precious metals	99,941	21,268
Placements with and loans to banks and
other financial institutions	537,837	552,013
Derivative financial assets	44,309	36,944
Financial assets held under resale
Agreements	404,432	371,001
Loans and advances to customers	12,793,125	11,461,542
Financial investments
Financial assets at fair value through profit
or loss	812,068	643,245
Debt instrument investments at amortized
cost	4,893,024	4,503,698
Other debt instrument investments and other
equity investments at fair value through
other comprehensive income	1,737,182	1,738,132
Investment in associates and joint ventures	5,904	4,005
Property and equipment	146,908	152,452
Goodwill	1,381	1,381
Deferred tax assets	125,495	113,293
Other assets	222,984		95,662
Total assets	24,870,961	22,609,471
Liabilities
Borrowings from central banks	487,062	561,195
Deposits from banks and other financial
institutions	1,325,017	1,124,322
Placements from banks and other financial
institutions	345,476	325,541
Financial liabilities at fair value through
profit or loss	503,033	286,303
Derivative financial liabilities	62,069	34,554
Financial assets sold under repurchase
agreements	68,256	157,101
Due to customers	18,723,954	17,346,290
Debt securities issued	999,661	780,673
Deferred tax liabilities	127	139
Other liabilities	432,846		318,566
Total liabilities	22,947,501		20,934,684

III

AGRICULTURAL BANK OF CHINA LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL POSITION(Continued)

AS AT 30 SEPTEMBER 2019

(Amounts in millions of Renminbi, unless otherwise stated)

	30 September 2019		31 December 2018
	(Unaudited)		(Audited)
Equity
Ordinary shares	349,983	349,983
Other equity instruments	199,886	79,899
Capital reserve	173,556	173,556
Investment revaluation reserve	27,758	18,992
Surplus reserve	154,286	154,257
General reserve	277,106	239,190
Retained earnings	732,608	652,944
Foreign currency translation reserve	2,466		1,473
Equity attributable to equity holders of the Bank	1,917,649	1,670,294
Non-controlling interests	5,811		4,493
Total equity	1,923,460		1,674,787
Total equity and liabilities	24,870,961		22,609,471

The consolidated financial statements on page I to VI were approved and authorized for issue by the Board of Directors on 25 October 2019 and are signed on its behalf by:

Zhou Mubing		Zhang Keqiu
Chairman		Executive Director

IV

AGRICULTURAL BANK OF CHINA LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2019
(Amounts in millions of Renminbi, unless otherwise stated)
		Nine months ended 30 September
		2019	2018
		(Unaudited)		(Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES
Profit before tax	217,322	210,051
Adjustments for:
Amortization of intangible assets and other assets	1,521	1,901
Depreciation of property, equipment and right-of-
use assets	12,272	10,368
Credit impairment losses	104,163	102,520
Impairment losses on other assets	-	38
Interest income arising from investment securities	(173,233)	(163,406)
Interest expense on debt securities issued	22,618	16,346
Revaluation gain on financial instruments at fair
value through profit or loss	(12,063)	(9,653)
Net gain on investment securities	(394)	(229)
Share of result of associates and joint ventures	44	(29)
Net gain on disposal of property, equipment and
other assets	(639)	(650)
Net foreign exchange gain	(10,341)		(14,115)
		161,270	153,142
Net change in operating assets and operating
liabilities:
Net decrease in balances with central banks,
deposits with banks and other financial
institutions	149,120	155,615
Net increase in placements with and loans to
banks and other financial institutions	(114,148)	(109,568)
Net (increase)/decrease in financial assets held
under resale agreements	(100,364)	12,326
Net increase in loans and advances to
customers	(1,392,190)	(1,092,360)
Net (decrease)/increase in borrowings from
central banks	(70,521)	95,128
Net increase in placements from banks and
other financial institutions	20,080	28,292
Net increase in due to customers and deposits
from banks and other financial institutions	1,559,061	1,292,250
Increase in other operating assets	(347,222)	(98,284)
Increase/(decrease) in other operating liabilities	292,273		(277,391)
Cash from operations	157,359	159,150
Income tax paid	(55,222)		(46,763)
NET CASH FROM OPERATING ACTIVITIES		102,137		112,387

V

AGRICULTURAL BANK OF CHINA LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS(Continued)

FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2019 (Amounts in millions of Renminbi, unless otherwise stated)

	Nine months ended 30 September
	2019	2018
	(Unaudited)		(Unaudited)
CASH FLOWS FROM INVESTING ACTIVITIES
Cash received from disposal/redemption of
investment securities	1,297,274	1,488,456
Cash received from interest income arising from
investment securities	177,491	161,902
Cash received from disposal of property,
equipment and other assets	1,588	557
Cash paid for purchase of investment securities	(1,715,597)	(2,024,068)
Increase in investment in associates and joint
ventures	(1,977)	(3,750)
Cash paid for purchase of property, equipment
and other assets	(6,516)		(7,428)
NET CASH USED IN INVESTING ACTIVITIES	(247,737)	(384,331)
CASH FLOWS FROM FINANCING ACTIVITIES
Contribution from issues of shares	-	100,000
Contribution from issues of other equity instruments	120,000	-
Cash received from debt securities issued	974,499	1,035,601
Repayments of debt securities issued	(759,998)	(782,033)
Cash payments for interest on debt securities
issued	(19,095)	(13,524)
Cash payments for transaction cost of debt
securities issued	(33)	(6)
Cash payments for transaction cost of shares
issued	-	(35)
Cash payments for transaction cost of other equity
instruments issued	(13)	-
Capital contribution from non-controlling interests	-	749
Dividends paid to:	(63,062)	(47,403)
Ordinary shareholders	(60,862)	(45,202)
Preference shareholders	(2,200)	(2,200)
Non-controlling interests	-	(1)
Cash payments for principal portion and interest
portion of the lease liability	(3,159)		N/A
NET CASH FROM FINANCING ACTIVITIES	249,139	293,349
NET INCREASE IN CASH AND CASH
EQUIVALENTS	103,539	21,405
CASH AND CASH EQUIVALENTS AS AT 1
JANUARY	978,441	1,001,246
EFFECT OF EXCHANGE RATE CHANGES ON
CASH AND CASH EQUIVALENTS	4,151	6,012
CASH AND CASH EQUIVALENTS AS AT 30
SEPTEMBER	1,086,131		1,028,663

VI