Industrial and Commercial Bank of China : Announcement on the Approval of the Issuance of Undated Additional Tier 1 Capital Bonds

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.

Stock Code: 1398

USD Preference Shares Stock Code: 4603

EUR Preference Shares Stock Code: 4604

RMB Preference Shares Stock Code: 84602

ANNOUNCEMENT ON THE APPROVAL OF THE ISSUANCE

OF UNDATED ADDITIONAL TIER 1 CAPITAL BONDS

As considered and approved at the first extraordinary general meeting of 2019 of Industrial and Commercial Bank of China Limited (the "Bank"), the Bank proposed to issue write-down undated additional tier 1 capital bonds of a total amount no more than RMB80 billion.

The Bank has received "China Banking and Insurance Regulatory Commission's Approval in respect of the Issuance of Undated Additional Tier 1 Capital Bonds by Industrial and Commercial Bank of China" (Yin Bao Jian Fu [2019] No. 606) and "Affirmative Decision of Administration License of the People's Bank of China" (Yin Shi Chang Xu Zhun Yu Zi [2019] No. 113), and has been granted to issue undated additional tier 1 capital bonds in China's national inter-bank bond market of an amount no more than RMB80 billion.

The Bank will perform its obligation of information disclosure regarding the issuance of undated additional tier 1 capital bonds in accordance with relevant regulatory requirements.

The Board of Directors of

Industrial and Commercial Bank of China Limited

Beijing, PRC

12 July 2019

As at the date of this announcement, the board of directors comprises Mr. CHEN Siqing, Mr. GU Shu, Mr. HU Hao and Mr. TAN Jiong as executive directors, Mr. ZHENG Fuqing, Ms. MEI Yingchun, Mr. DONG Shi and Mr. YE Donghai 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.