Industrial and Commercial Bank of China : Announcement in relation to the Approval of the Establishment of a Subsidiary in Austria

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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 IN RELATION TO THE APPROVAL OF THE ESTABLISHMENT OF A SUBSIDIARY IN AUSTRIA

Industrial and Commercial Bank of China Limited (the "Bank") has recently obtained the approval from the European Central Bank on its application to establish ICBC Austria Bank GmbH ("ICBC Austria") in Austria. The Bank has previously obtained the relevant approval from the former China Banking Regulatory Commission. After the establishment of ICBC Austria, the Bank's ability to provide cross-border financial services in the European market and Central and Eastern Europe will be improved, and the Bank's network layout in the countries along the "Belt and Road" will be further improved.

As at the end of June 2018, the Bank established 420 institutions in 45 countries and regions, making its service network covering six continents and important international financial centers around the world. At the end of June 2018, total assets of overseas institutions (including overseas branches, subsidiaries and investments in Standard Bank Group Limited) of the Bank were USD388,256 million, representing an increase of USD29,659 million or 8.3% compared to the end of the previous year. In the first half year of 2018, profit before tax was USD2,133 million, increasing by 10.9% as compared to the same period of last year.

The Board of Directors of

Industrial and Commercial Bank of China Limited

Beijing, PRC

7 September 2018

As at the date of this announcement, the board of directors comprises Mr. YI Huiman and Mr. GU Shu as executive directors, Mr. CHENG Fengchao, Mr. ZHENG Fuqing, Mr. FEI Zhoulin, Ms. MEI Yingchun, Mr. DONG Shi and Mr. YE Donghai as nonexecutive directors, Mr. OR Ching Fai, Mr. HONG Yongmiao, Mr. Anthony Francis NEOH, Mr. YANG Siu Shun, Ms. Sheila Colleen BAIR and Mr. SHEN Si as independent non-executive directors.