Bank of Communications : ANNOUNCEMENT INSIDE INFORMATION IMPLEMENTATION RESULTS OF PROPOSED PLAN TO SELL DOWN SHARES BY A SHAREHOLDER

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Bank of Communications Co., Ltd.

(A joint stock company incorporated in the People's Republic of China with limited liability)

(Stock Code: 03328, 4605 (Preference Share))

ANNOUNCEMENT

INSIDE INFORMATION

IMPLEMENTATION RESULTS OF PROPOSED PLAN TO

SELL DOWN SHARES BY A SHAREHOLDER

This announcement is published by Bank of Communications Co., Ltd. (the "Bank") pursuant to the inside information provisions under Rule 13.09 (2) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and Part XIVA of the Securities and Futures Ordinance.

1. SHAREHOLDINGS IN THE BANK OF SSF
   As at the end of June 2019, National Council for Social Security Fund ("SSF"), being the third- largest shareholder of the Bank, held a total number of 10,934,300,783 shares of the Bank, among which SSF held 1,877,513,451 A Shares and 9,056,787,332 H shares of the Bank, representing 14.72% of the total issued ordinary shares of the Bank in aggregate.
   The Bank introduced SSF as a domestic strategic investor in 2004, who subscribed for 5,555,555,556 shares of the Bank. After the listing of the Bank, SSF increased its shareholding by 5,378,745,227 shares accumulatively by participating in the Bank's rights issue, non-public offering, overweight through the secondary market and the Bank's bonus shares. No persons are acting in concert with SSF.
2. SSF HAS NOT SOLD DOWN ITS SHARES OF THE BANK
   Reference is made to the announcements of the Bank dated 2 April 2019 and 24 July 2019, in relation to the proposed plan to sell down shares by SSF and its progress.

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The Bank has received notice from SSF today that, as at 24 October 2019, which is the due date of the aforementioned proposed plan to sell down shares of the Bank, SSF has not sold down its shares of the Bank.

By order of the Board of

Bank of Communications Co., Ltd.

Gu Sheng

Company Secretary

Shanghai, the PRC

24 October 2019

As at the date of this announcement, the directors of the Bank are Mr. Ren Deqi, Mr. Hou Weidong, Mr. Wang Taiyin*, Mr. Song Guobin*, Mr. He Zhaobin*, Mr. Chan Siu Chung*, Mr. Song Hongjun*, Mr. Chen Junkui*, Mr. Liu Haoyang*, Ms. Li Jian#, Mr. Liu Li#, Mr. Yeung Chi Wai, Jason#, Mr. Woo Chin Wan, Raymond#, and Mr. Cai Haoyi#.

• Non-executivedirectors

• Independent non-executive directors

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