The Bank of China Limited has received the approval of China Banking and Insurance Regulatory Commission and the permission of China Macau SAR Government for the establishment of Macau Subsidiary of the Bank. As considered and unanimously approved by the meeting of the Board of Directors of the Bank held on 28 June 2019, the Bank would invest to establish a wholly-owned subsidiary, Bank of China (Macau) Limited (the "Macau Subsidiary"), with a total capital contribution of MOP 13 billion (the "Investment").