Agricultural Bank of China : Announcement on the Completion of the Issuance of Undated Additional Tier 1 Capital Bonds (First Tranche) 2019-08-20

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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 COMPLETION OF

THE ISSUANCE OF UNDATED ADDITIONAL

TIER 1 CAPITAL BONDS (FIRST TRANCHE)

Reference is made to the announcement of Agricultural Bank of China Limited (the "Bank") dated 8 August 2019 on the approval of issuance of undated additional tier 1 capital bonds.

With the approval from the China Banking and Insurance Regulatory Commission and the People's Bank of China, the Bank issued "2019 Undated Tier 1 Capital Bonds (First Tranche)" (the "Bonds") in China's national inter-bank bond market.

The Bonds were book-built on 16 August 2019 and the issuance was completed on 20 August 2019.

The size of issuance of the Bonds is RMB85 billion. The coupon rate is 4.39% during the first five years and will be adjusted every 5 years. The issuer shall have conditional redemption rights on every distribution payment date since the fifth distribution payment date (included). The Bonds will be registered at and in the custody of China Central Depository & Clearing Co., Ltd.

The proceeds from this issuance of the Bonds will be used to replenish the Bank's additional tier 1 capital in accordance with applicable laws and approvals by the regulatory authorities.

By Order of the Board

Agricultural Bank of China Limited

ZHOU Wanfu

Company Secretary

Beijing, the PRC

20 August 2019

As at the date of this announcement, the executive directors are Mr. ZHOU Mubing, Mr. WANG Wei, Mr. CAI Dong 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 Mr. WEN Tiejun, Mr. Francis YUEN Tin-fan, Ms. XIAO Xing, Mr. WANG Xinxin, Mr. HUANG Zhenzhong, Ms. LEUNG KO May Yee, Margaret and Mr. LIU Shouying.