Agricultural Bank of China : ANNOUNCEMENT ON THE COMPLETION OF THE ISSUE OF UNDATED CAPITAL BONDS (SECOND TRANCHE) IN 2020

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AGRICULTURAL BANK OF CHINA LIMITED

中 國 農 業 銀 行 股 份 有 限 公 司

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

(Stock Code: 1288)

ANNOUNCEMENT ON THE COMPLETION OF THE ISSUE OF UNDATED CAPITAL BONDS (SECOND TRANCHE) IN 2020

Reference is made to the announcement of Agricultural Bank of China Limited (the "Bank") dated 28 April 2020 on the approval of the issue of undated capital bonds.

With the approval from the China Banking and Insurance Regulatory Commission and the People's Bank of China, the Bank issued "2020 Undated Capital Bonds (Second Tranche) of Agricultural Bank of China Limited" (the "Bonds") in China's national inter-bank bond market.

The book-building for the Bonds took place on 20 August 2020 and the issue of the Bonds was completed on 24 August 2020. The issue size of the Bonds is RMB35 billion. The coupon rate is 4.50% during the first five years and will be adjusted every 5 years. The issuer shall have conditional redemption rights on every distribution payment date since the fifth distribution payment date (included). The Bonds will be registered at and in the custody of China Central Depository & Clearing Co., Ltd.

The proceeds from this issue of the Bonds will be used to replenish the Bank's additional tier 1 capital in accordance with applicable laws and approvals by the regulatory authorities.

The Board of Directors of

Agricultural Bank of China Limited

Beijing, the PRC

24 August 2020

As	at the	date of this announcement, the executive	directors are Mr. ZHOU Mubing, Mr. ZHANG Qingsong and
Ms.	ZHANG	Keqiu; the non-executive directors are Mr.	ZHU Hailin, Mr. LIAO Luming, Mr. LI Qiyun, Mr. LI Wei and

Mr. WU Jiangtao; and the independent non-executive directors are Ms. XIAO Xing, Mr. WANG Xinxin, Mr. HUANG Zhenzhong, Ms. LEUNG KO May Yee, Margaret and Mr. LIU Shouying.