Postal Savings Bank of China : ANNOUNCEMENT ON POLL RESULTS OF THE 2019 ANNUAL GENERAL MEETING

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POSTAL SAVINGS BANK OF CHINA CO., LTD.

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

(Stock Code: 1658)

(Stock Code of Preference Shares: 4612)

ANNOUNCEMENT ON POLL RESULTS OF THE 2019

ANNUAL GENERAL MEETING

The Board of Directors (the "Board") of Postal Savings Bank of China Co., Ltd. (the "Bank") hereby announces that, the 2019 Annual General Meeting of the Bank (the "AGM") was held at the head office of the Bank (No. 3 Financial Street, Xicheng District, Beijing) at 2:30 p.m. on Thursday, 28 May 2020.

The AGM was convened by the Board and Mr. Zhang Jinliang, Chairman of the Bank, served as the chairman of the AGM and chaired the AGM. The AGM was convened in accordance with the requirements of the relevant laws and regulations of the PRC and the Articles of Association of the Bank, and the poll results are lawful and valid.

In compliance with the requirements of the Hong Kong Listing Rules, Computershare Hong Kong Investor Services Limited, the H Share registrar of the Bank, was appointed as the scrutineer for the AGM.

References are made to the circular of the Bank dated 14 April 2020 (the "Circular") and the supplemental circular dated 14 May 2020 (the "Supplemental Circular"), which contain the details of the resolutions presented to the AGM for Shareholders' consideration and approval. Unless the context otherwise requires, the terms used herein shall have the same meanings as those used in the Circular and the Supplemental Circular.

POLL RESULTS OF AGM

The total number of issued ordinary shares of the Bank as at the date of the AGM was 86,978,562,200 shares (including 67,122,395,200 A Shares and 19,856,167,000 H Shares). In accordance with the Articles of Association of the Bank, if the number of shares of the Bank pledged by the shareholder is equal to or greater than 50% of the shares held by such shareholder in the Bank, the voting right attached to the pledged shares may not be exercised at the shareholders' meeting. As of the share registration date, so far as the Bank is aware, the number of shares of the Bank pledged by part of shareholders is equal to or greater than 50% of the shares

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held by them in the Bank, and the voting right attached to a total of 38,980 pledged shares may not be exercised at the shareholders' meeting. A total of 86,978,523,220 Shares, representing 99.999955% of the total Shares of the Bank, were entitled to vote on the resolutions proposed at the AGM. Shareholders and authorized proxies attending the AGM represented an aggregate of 80,762,431,040 voting Shares of the Bank, representing 92.853302% of the total Shares entitled to vote on the resolutions proposed at the AGM.

At the AGM, the following resolutions were considered and duly passed by way of poll.

			For	Against		Abstain
	Resolutions
	No. of Shares		Percentage	No. of Shares		Percentage	No. of Shares		Percentage
		voted		(%)	voted		(%)	voted		(%)
As Ordinary Resolutions
1	To consider and approve the 2019 Work Report of the Board of	80,751,164,740		99.986050	178,700		0.000221	11,087,600		0.013729
	Directors
	The resolution was duly passed as an ordinary resolution.
2	To consider and approve the 2019 Work Report of the Board of	80,751,177,340		99.986066	176,600		0.000218	11,077,100		0.013716
	Supervisors
	The resolution was duly passed as an ordinary resolution.
3	To consider and approve the Final Financial Accounts for 2019	80,751,175,240		99.986063	178,700		0.000221	11,077,100		0.013716
	The resolution was duly passed as an ordinary resolution.
4	To consider and approve the Profit Distribution Plan for 2019	80,762,288,940		99.999824	141,000		0.000175	1,100		0.000001
	The resolution was duly passed as an ordinary resolution.
5	To consider and approve the Budget Plan of Fixed Assets	80,762,261,340		99.999790	167,700		0.000208	2,000		0.000002
	Investment for 2020
	The resolution was duly passed as an ordinary resolution.
6	To consider and approve the Appointment of Accounting Firms	80,751,066,248		99.985928	11,362,792		0.014070	2,000		0.000002
	for 2020
	The resolution was duly passed as an ordinary resolution.
7	To consider and approve the Remuneration Adjustment Plan for	80,760,591,740		99.997723	1,778,300		0.002201	61,000		0.000076
	Independent Non-executive Directors
	The resolution was duly passed as an ordinary resolution.
8	To consider and approve the Remuneration Adjustment Plan for	80,762,180,740		99.999690	188,200		0.000233	62,100		0.000077
	External Supervisors
	The resolution was duly passed as an ordinary resolution.
9	To consider and approve the Increase in 2020 External	80,762,241,640		99.999765	189,400		0.000235	0		0.000000
	Donations Limit
	The resolution was duly passed as an ordinary resolution.

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		For		Against		Abstain
	Resolutions
	No. of Shares		Percentage	No. of Shares		Percentage	No. of Shares		Percentage
		voted		(%)	voted		(%)	voted		(%)
As Special Resolutions
10	To consider and approve the General Mandate by the	77,485,876,359		95.942972	3,276,491,681		4.056950	63,000		0.000078
	Shareholders' General Meeting to the Board of Directors on
	Share Issuance
	The resolution was duly passed as a special resolution.
11	To consider and approve the Issuance of Write-down Undated	78,488,234,640		97.184091	6,832,400		0.008460	2,267,364,000		2.807449
	Capital Bonds
	The resolution was duly passed as a special resolution.

Pursuant to the relevant regulatory requirements, item number (12) 2019 Work Report of Independent Directors of Postal Savings Bank of China Co., Ltd., item number (13) Report on the Implementation of the Plan on Authorization of the Shareholders' General Meeting to the Board of Directors of Postal Savings Bank of China Co., Ltd. in 2019, and item number (14) Report on the 2019 Special Report on Connected Transactions of Postal Savings Bank of China Co., Ltd. as set out in the notice convening the AGM are reporting matters to the AGM and approval at the Shareholders' meeting is not required.

THE PROFIT DISTRIBUTION PLAN FOR 2019

The profit distribution plan for 2019 of the Bank was considered and approved at the AGM. The Bank plans to distribute an annual dividend of 2019 of RMB2.102 (including tax) per 10 shares to all of the ordinary shareholders for the year ended 31 December 2019 (the "2019 Annual Dividends"), totaling approximately RMB18,283 million (including tax).

The 2019 Annual Dividends of the Bank will be denominated and declared in RMB and paid to the holders of the A Shares of the Bank in RMB and to the holders of the H Shares in Hong Kong dollars with the Hong Kong dollar to RMB exchange rate being the middle exchange rate (HK$1 against RMB0.91941) published by the People's Bank of China on 28 May 2020, being the date of the AGM. Accordingly, the 2019 Annual Dividends payable per H Share is HK$0.228625 (tax inclusive).

The 2019 Annual Dividends of A Shares are expected to be paid on Wednesday, 10 June 2020. The 2019 Annual Dividends of H Shares are expected to be paid on Friday, 17 July 2020.

To determine the name list of H Shareholders entitled to receive the 2019 Annual Dividends, the Bank will suspend registration of transfer of H Shares from Thursday, 4 June 2020 to Tuesday, 9 June 2020 (both days inclusive). Unregistered H Shareholders who wish to qualify for the entitlement to the 2019 Annual Dividends proposed for distribution are required to submit the shares certificates and share transfer documents to the Bank's H Share Registrar, Computershare

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Hong Kong Investor Services Limited, at Rooms 1712-1716, 17/F, Hopewell Center, 183 Queen's Road East, Wanchai, Hong Kong before 4:30 p.m. on Wednesday, 3 June 2020. Shareholders whose names appear on the register of members of H Shares of the Bank on Tuesday, 9 June 2020 are entitled to receive the 2019 Annual Dividends.

The Bank has appointed Computershare Hong Kong Trustees Limited as the receiving agent (the "Receiving Agent") in Hong Kong to receive from the Bank on behalf of holders of H Shares the 2019 Annual Dividends declared. The 2019 Annual Dividends will be paid by the Receiving Agent and the cheques will be posted by the H Share registrar of the Bank, Computershare Hong Kong Investor Services Limited, by ordinary mail to holders of H Shares whose names appear on the register of members of the Bank on the record date (i.e. Tuesday, 9 June 2020) at the own postal risk of those H Shareholders on or before Friday, 17 July 2020. For investors of Shanghai Stock Exchange and Shenzhen Stock Exchange (including enterprises and individuals) investing in the H Shares of the Bank listed on the Stock Exchange of Hong Kong (the "Southbound Trading Investors"), their dividends will be distributed in RMB. The Bank will entrust China Securities Depository and Clearing Corporation Limited to distribute the dividends to the relevant Southbound Trading Investors through its depositary and clearing systems. The time arrangement of distribution of dividends for the Southbound Trading Investors will be the same as that for the H Shareholders.

WITHHOLDING AND PAYMENT OF INCOME TAX

Withholding and Payment of Enterprise Income Tax for Overseas Non-Resident Enterprise Shareholders

In accordance with the Enterprise Income Tax Law of the People's Republic of China and its implementation regulations, the Notice of the State Taxation Administration on Issues concerning Withholding the Enterprise Income Tax on Dividends Paid by Chinese Resident Enterprises to H- Share Holders who are Overseas Non-resident Enterprises (Guo Shui Han [2008] No.897) and other relevant requirements, the Bank shall withhold and pay enterprise income tax at the rate of 10% on behalf of the non-resident enterprise Shareholders whose names appear on the register of members of H Shares when distributing the 2019 Annual Dividends to such Shareholders.

Withholding and Payment of Individual Income Tax for Overseas Individual Shareholders

In accordance with the relevant laws, regulations and regulatory documents, including the Individual Income Tax Law of the People's Republic of China, Regulations for the Implementation of the Individual Income Tax Law of the People's Republic of China, the Announcement of the State Taxation Administration on Promulgating the Administrative Measures for Tax Convention Treatment for Non-resident Taxpayers (Announcement of the State Taxation Administration 2015 No. 60), and the Notice of State Taxation Administration on Issues Relating to Administration of Levying of Individual Income Tax Upon Abolishment of Document Guoshuifa [1993] No. 045 (Guo Shui Han [2011] No. 348), the Bank as the withholding agent shall withhold and pay the individual income tax on behalf of the individual H Shareholders when distributing the 2019 Annual Dividends to the individual H Shareholders. The individual H Shareholders may be entitled

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to certain preferential tax treatments pursuant to the tax treaties between the PRC and the countries (regions) in which the individual H Shareholders are domiciled and the tax arrangements between the Chinese mainland and Hong Kong (Macau). As such, the Bank will withhold and pay the individual income tax for individual H Shareholders in accordance with the following arrangements:

• for individual H Shareholders receiving dividends who are Hong Kong or Macau residents or citizens from countries (regions) that have entered into a tax treaty with the PRC stipulating a tax rate of 10%, the Bank will withhold and pay individual income tax at the rate of 10% in the distribution of 2019 Annual Dividends.
• for individual H Shareholders receiving dividends who are residents from countries (regions) that have entered into a tax treaty with the PRC stipulating a tax rate of less than 10%, the Bank will withhold and pay individual income tax at the provisional rate of 10% in the distribution of 2019 Annual Dividends.
• for individual H Shareholders receiving dividends who are residents from countries (regions) that have entered into a tax treaty with the PRC stipulating a tax rate of more than 10% but less than 20%, the Bank will withhold and pay individual income tax at the effective tax rate stipulated in the relevant tax treaty in the distribution of 2019 Annual Dividends.
• for individual H Shareholders receiving dividends who are residents from countries (regions) that have entered into a tax treaty with the PRC stipulating a tax rate of 20% or without tax treaties with the PRC or under other circumstances, the Bank will withhold and pay the individual income tax at the rate of 20% in the distribution of 2019 Annual Dividends.

Withholding of Income Tax for H Shareholders of the Southbound Trading

Pursuant to the Notice on the Relevant Taxation Policy regarding the Pilot Programme that Links the Stock Markets in Shanghai and Hong Kong (Cai Shui [2014] No.81) effective from 17 November 2014, for dividends received by domestic individual investors from investing in H Shares via the Southbound Trading, the Bank shall withhold individual income tax at the rate of 20% on behalf of the investors. Individual investors may, by producing valid tax payment proofs, apply to the competent tax authority of China Securities Depository and Clearing Corporation Limited for tax credit relating to the withholding tax already paid abroad. For securities investment funds of the Southbound Trading of the Bank's H Shares, the Bank shall withhold individual income tax on dividends distributed pursuant to the foregoing; for the enterprise investors of the Southbound Trading of the Bank's H Shares, the Bank shall not withhold the income tax on the dividends distributed as the Chinese mainland enterprise investors shall file tax returns on their own.

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If the H Shareholders have any queries regarding the above tax arrangements, please consult your tax consultants regarding the tax impacts in the Chinese mainland, Hong Kong and other countries (regions) for holding and selling the H Shares of the Bank.

By order of the Board of Directors

Postal Savings Bank of China Co., Ltd.

Du Chunye

Joint Company Secretary

Beijing, the PRC

28 May 2020

As at the date of this announcement, the Board of Directors of the Bank comprises Mr. Zhang Jinliang as Chairman and Non- executive Director; Mr. Guo Xinshuang, Mr. Zhang Xuewen and Ms. Yao Hong as Executive Directors; Mr. Han Wenbo, Mr. Liu Yaogong, Mr. Liu Yue and Mr. Ding Xiangming as Non-executive Directors; Mr. Fu Tingmei, Mr. Wen Tiejun, Mr. Chung Shui Ming Timpson, Mr. Hu Xiang and Ms. Pan Yingli as Independent Non-executive Directors.

• Postal Savings Bank of China Co., Ltd. is not an authorized institution within the meaning of the Banking Ordinance (Chapter 155 of the Laws of Hong Kong), not subject to the supervision of the Hong Kong Monetary Authority, and not authorized to carry on banking and/or deposit-taking business in Hong Kong.

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