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.

中 國 銀 行 股 份 有 限 公 司

BANK OF CHINA LIMITED

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

(the "Bank")

(Stock Code: 3988 and 4619 (Preference Shares))

ANNOUNCEMENT

Completion of Issuance of Tier-2 Capital Bonds

The 2019 Annual General Meeting of the Bank held on 30 June 2020 considered and approved the proposal on the issuance of the qualified write-downtier-2 capital instruments of not more than RMB100 billion or equivalent in foreign currencies by the end of 2022. Having obtained the approvals from China Banking and Insurance Regulatory Commission and the People's Bank of China, the Bank issued tier-2 capital bonds (the "Bonds") in an aggregate amount of RMB75 billion in the domestic interbank bond market on 17 September 2020. The issuance of the Bonds was completed on 21 September 2020.

The Bonds consist of two tranches. The first tranche of Bonds are fixed rate bonds with a term of 10 years, coupon rate of 4.20% and an amount of RMB60 billion, and the issuer is entitled to redeem the Bonds at the end of the fifth year. The second tranche of Bonds are fixed rate bonds with a term of 15 years, coupon rate of 4.47% and an amount of RMB15 billion, and the issuer is entitled to redeem the Bonds at the end of the tenth year.

The funds raised from the issuance of the Bonds will be used to replenish the Bank's tier-2 capital in accordance with the applicable laws and the approvals from the regulatory authorities.

The Board of Directors of

Bank of China Limited

Beijing, PRC

21 September 2020

As at the date of this announcement, the directors of the Bank are: Liu Liange, Wang Jiang, Wang Wei, Lin Jingzhen, Zhao Jie*, Xiao Lihong*, Wang Xiaoya*, Zhang Jiangang*, Chen Jianbo*, Wang Changyun#, Angela Chao#, Jiang Guohua#, Martin Cheung Kong Liao#, Chen Chunhua# and Chui Sai Peng Jose#.

*  Non-executive Directors

#Independent Non-executive Directors

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Bank of China Ltd. published this content on 21 September 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 September 2020 09:24:00 UTC