China Merchants Bank : 2018 INTERIM RESULTS ANNOUNCEMENT

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.

םਠვБٰ΅Ϟࠢʮ̡

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)

2018 INTERIM RESULTS ANNOUNCEMENT

The Board of Directors of China Merchants Bank Co., Ltd. (the "Company") hereby announces the unaudited results of the Company and its subsidiaries for the six months ended 30 June 2018. This announcement, containing the full text of the 2018 Interim Report of the Company, complies with the relevant requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited in relation to information to accompany preliminary announcements of interim results. Printed version of the Company's 2018 Interim Report will in due course be delivered to the H-Share Holders of the Company and available for viewing on the websites of The Stock Exchange of Hong Kong Limited (www.hkex.com.hk) and the Company (www.cmbchina.com).

Publication of Results Announcement

Both the Chinese and English versions of this results announcement are available on the websites of the Company (www.cmbchina.com) and The Stock Exchange of Hong Kong Limited (www.hkex.com.hk). In the event of any discrepancies in interpretations between the English version and the Chinese version, the Chinese version shall prevail.

The Company also prepared the Interim Report in Chinese in accordance with the PRC Generally Accepted Accounting Principles, which is available on the websites of the Company (www.cmbchina.com) and Shanghai Stock Exchange (www.sse.com.cn).

By Order of the BoardChina Merchants Bank Co., Ltd.

Li JianhongChairman

24 August 2018

As at the date of this announcement, the executive directors of the Company are Tian Huiyu and Li Hao; the non-executive directors of the Company are Li Jianhong, Fu Gangfeng, Sun Yueying, Hong Xiaoyuan, Su Min, Zhang Jian and Wang Daxiong; and the independent non-executive directors of the Company are Leung Kam Chung, Antony, Wong Kwai Lam, Pan Chengwei, Pan Yingli, Zhao Jun and Wong See Hong.

China Merchants Bank

Interim Report 2018

Important Notice

• 1. The Board of Directors, the Board of Supervisors, Directors, Supervisors and senior management of the Company confirm that the contents in this report are true, accurate and complete, and have no false representations, misleading statements or material omissions, and they will individually and collectively accept legal responsibility for such contents.

• 2. The 29thmeeting of the Tenth Session of the Board of Directors of the Company was held at its Shekou Training Center on 24 August 2018. The meeting was presided by Li Jianhong, Chairman of the Board of Directors. 14 out of 15 eligible Directors attended the meeting in person. Zhang Jian (Non-Executive Director) was unable to attend the meeting because of other business appointments, and entrusted Su Min (Non-Executive Director) to attend and exercise his voting right at the meeting. 8 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.".

• 3. The Company will not implement the profit appropriation nor will it transfer any capital reserve into share capital

• for the first half of 2018.

• 4. The Company's 2018 interim financial report is unaudited.

• 5. Unless otherwise stated, all monetary sums stated in this report are expressed in RMB.

• 6. Li Jianhong, Chairman of the Company, Tian Huiyu, President and Chief Executive Officer, Li Hao, First Executive Vice President and Chief Financial Officer, and Li Li, the person in charge of the Finance and Accounting Department, hereby make representations in respect of the truthfulness, accuracy and completeness of the financial statements in this report.

• 7. We have included in this report certain forward-looking statements with respect to the financial position, operating results and business development of the Group. We use words such as "will", "may", "expect", "try", "strive", "plan", "anticipate", "aim at", and similar expressions to indicate forward-looking statements. These statements are based on current plans, estimates and projections. Although we believe that these expectations reflected in these forward-looking statements are reasonable, we give no assurance that these expectations will turn into reality or prove to be correct. Therefore they should not be deemed as the Group's commitments. Investors should not place undue reliance on such statements and should pay attention to investment risks. You are cautioned that such forward-looking statements are related to future events or future financial position, business, or other performances of the Group, and are subject to a number of uncertainties which may cause substantial differences from those in the actual results.

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China Merchants BankInterim Report 2018

Contents

Definitions 3

Significant Risk Warning 3

I	4
II	6
III	8
3.1	Analysis of the Overall Operation	8
3.2	Analysis of Income Statement	9
3.3	Analysis of Balance Sheet	18
3.4	Analysis of Loan Quality	24
3.5	Analysis of Capital Adequacy Ratio	31
3.6	Results of Operating Segments	35
3.7	Other Financial Disclosures in accordance with the Regulatory Requirements	37
3.8	Business Development Strategies	37
3.9	Changes in the External Environment and Corresponding Measures	42
3.10	Business Operation	52
3.11	Risk Management	74
3.12	Profit Appropriation	82
3.13	Social Responsibility	82
IV	84
V	88
VI	100
VII	107
109

Summary of Accounting Data and Financial Indicators Report of the Board of Directors

Company Information

Important Events

Changes in Shares and Information on Shareholders

Directors, Supervisors, Senior Management, Employees, and Organisational Structure Corporate Governance

Financial Statements

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China Merchants Bank

Interim Report 2018

Definitions

The Company, the Bank, CMB or China Merchants Bank:China Merchants Bank Co., Ltd.

The Group:China Merchants Bank Co., Ltd. and its subsidiaries

China Banking and Insurance Regulatory Commission or CBIRC:China Banking and Insurance Regulatory Commission

China Securities Regulatory Commission or CSRC:China Securities Regulatory Commission

Hong Kong Stock Exchange or SEHK:The Stock Exchange of Hong Kong Limited

Hong Kong Listing Rules:The Rules Governing the Listing of Securities on the SEHK

Wing Lung Bank or WLB:Wing Lung Bank, Limited

Wing Lung Group:Wing Lung Bank and its subsidiaries

CMB Financial Leasing or CMBFL:CMB Financial Leasing Co., Ltd.

CMB International Capital or CMBIC:CMB International Capital Holdings Corporation Limited

China Merchants Fund or CMFM:China Merchants Fund Management Co., Ltd.

CIGNA & CMB Life Insurance:CIGNA & CMB Life Insurance Co., Ltd.

CM Securities:China Merchants Securities Co., Ltd.

Deloitte Touche Tohmatsu Certified Public Accountants LLP:Deloitte Touche Tohmatsu Certified Public Accountants LLP (Special General Partnership)

SFO:Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong)

Model Code:Model Code for Securities Transactions by Directors of Listed Issuers of Hong Kong Stock Exchange

Significant Risk Warning

The Company has disclosed herein the major risks involved in its operations and the proposed risk management measures. Please refer to Chapter III "Risk Management" for the details in relation to risk management.

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China Merchants BankInterim Report 2018

I

Company Information

1.1 Company Profile

• 1.1.1 Registered Company Name in Chinese:םਠვБٰ΅Ϟࠢʮ̡(Abbreviated Name in Chinese:םਠვБ)Registered Company Name in English:China Merchants Bank Co., Ltd.

• 1.1.2 Legal Representative:Li Jianhong

  Authorised Representatives:Tian Huiyu, Li HaoSecretary of the Board of Directors:Wang Liang

  Joint Company Secretaries:Wang Liang, Seng Sze Ka Mee Natalia (FCIS, FCS(PE), FHKIoD, FTIHK)Securities Representative:Huo Jianjun

• 1.1.3 Registered and Office Address:

  7088 Shennan Boulevard, Futian District, Shenzhen, Guangdong Province, China

• 1.1.4 Mailing Address:

  7088 Shennan Boulevard, Futian District, Shenzhen, Guangdong Province, China Postcode: 518040

  Tel: [phone] Fax: [phone] E-mail:[e-mail]:www.cmbchina.comCustomer service hotline: 95555

• 1.1.5 Principal Place of Business in Hong Kong:

  21stFloor, Bank of America Tower, 12 Harcourt Road, Hong Kong

• 1.1.6 Share Listing:

  A Shares:Shanghai Stock Exchange Abbreviated Name of A Shares: CMB

  Stock Code: 600036

  H Shares:SEHK Abbreviated Name of H Shares: CM BANK

  Stock Code: 03968

  Domestic Preference Shares:Shanghai Stock Exchange

  Abbreviated Name of Shares: Zhao Yin You 1 (םვᎴ1)

  Stock Code: 360028

  Offshore Preference Shares:SEHK

  Abbreviated Name of Shares: CMB 17USDPREF Stock Code: 04614

• 1.1.7 Domestic Auditor:

  Deloitte Touche Tohmatsu Certified Public Accountants LLP

  International Auditor:

  Office Address: 30thFloor, Bund Center, 222 Yan'an Road East, Shanghai, China Deloitte Touche Tohmatsu

  Office Address: 35thFloor, One Pacific Place, 88 Queensway, Hong Kong

• 1.1.8 Legal Advisor as to PRC Law:Jun He Law Offices

  Legal Advisor as to Hong Kong Law:Herbert Smith Freehills

• 1.1.9 Registrar for A Shares:China Securities Depository & Clearing Corporation Ltd., Shanghai BranchShare Register and Transfer Office as to H Shares:Computershare Hong Kong Investor Services Ltd.

Shops 1712-1716, 17/F, Hopewell Center, 183

Queen's Road East, Wanchai, Hong Kong

Registrar for Domestic Preference Shares:China Securities Depository & Clearing Corporation Ltd.,

Shanghai Branch

Registrar and Transfer Agent for Offshore Preference Shares:The Bank of New York Mellon SA/NV,

Luxembourg Branch

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