Industrial and Commercial Bank of China : Announcement on the Establishment of the FinTech Research Institute

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Stock Code: 1398

USD Preference Shares Stock Code: 4603

EUR Preference Shares Stock Code: 4604

RMB Preference Shares Stock Code: 84602

ANNOUNCEMENT ON THE ESTABLISHMENT OF

THE FINTECH RESEARCH INSTITUTE

Recently, the FinTech Research Institute of Industrial and Commercial Bank of China Limited (the "Bank") was officially established. The FinTech Research Institute will specialize in unfolding forward-looking research on new technologies of FinTech and technology reserve, laying out the strategic plans in the key areas of FinTech and its innovation and application.

The establishment of the FinTech Research Institute is an important measure adopted by the Bank to adapt to the new requirements of business transformation and changes of trend in FinTech development, increase the input in forward-looking research on new technologies, coordinate and carry out properly the strategic plans in the key areas of FinTech development, and strengthen the influence of the Bank's FinTech in the industry. The FinTech Research Institute will make structural adjustment and optimization and integration of the existing FinTech Innovation Lab of the Bank, and enhance coordination and planning, unified management, business integration and talents reserve, and will set the example of research institute in the financial industry.

For the next step, the Bank will fully exercise its FinTech organizational and structural advantage of "One Department, Three Centres, One Company, One Research Institute", actively utilize new FinTech achievements, push forward deeply the smart banking strategy implementation and the Bank's business transformation, constantly promote the standard of digital and intelligent financial services, and continuously strengthen the capacity of serving the real economy with financial services.

The Board of Directors of

Industrial and Commercial Bank of China Limited

Beijing, PRC

4 November 2019

As at the date of this announcement, the board of directors comprises Mr. CHEN Siqing, Mr. GU Shu and Mr. HU Hao as executive directors, Mr. YE Donghai, Mr. ZHENG Fuqing, Ms. MEI Yingchun, Mr. DONG Shi, and Mr. LU Yongzhen as non- executive directors, Mr. Anthony Francis NEOH, Mr. YANG Siu Shun, Ms. Sheila Colleen BAIR, Mr. SHEN Si, Mr. Nout WELLINK and Mr. Fred Zuliu HU as independent non-executive directors.