Bank of China : Announcement on Distribution of Dividends for Domestic Preference Shares (Fourth Tranche)

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 Codes: 3988 and 4619 (Preference Shares))

Announcement on Distribution of Dividends for

Domestic Preference Shares (Fourth Tranche)

1. The Meeting of the Board of Directors Approving the Dividend Distribution Plan of Domestic Preference Shares (Fourth Tranche)

The Non-public Issuance Plan of Domestic Preference Shares of Bank of China Limited was considered and approved at the 2019 First Extraordinary General Meeting of the Bank, which authorized the Board of Directors of the Bank to declare and pay all Domestic Preference Shares dividends in accordance with the issuance contract. The dividend distribution plan of Domestic Preference Shares (Fourth Tranche) (Shanghai Stock Exchange Stock Code: 360035, Stock Name: 中行優 4) was considered and approved at the 2020 third meeting of the Board of Directors of the Bank on 29 April 2020. Please refer to the announcement on resolutions of the Board of Directors of the Bank published on the websites of Hong Kong Exchanges and Clearing Limited (www.hkexnews.hk) and the Bank (www.boc.cn).

1. The Dividend Distribution Plan of Domestic Preference Shares (Fourth Tranche)
2. 1. Dividend period: From 29 August 2019 to 28 August 2020
   2. Last trading day: 27 August 2020
   3. Share record date: 28 August 2020
   4. Ex-dividenddate: 28 August 2020

1

1. 1. Dividend payment date: Since 29 August 2020 is a statutory holiday, the dividend payment date is postponed to the next trading day, 31 August 2020
   2. Recipients: All holders of Domestic Preference Shares (Fourth Tranche) whose names appear on the register of members of the Bank, as maintained by China Securities Depository and Clearing Corporation Limited, Shanghai Branch, after the close of trading hours of the Shanghai Stock Exchange on 28 August 2020.
   3. Amount to be paid: Cash dividend payable to each preference share shall be RMB4.35 (before tax), calculated at a dividend rate of 4.35% for Domestic Preference Shares (Fourth Tranche). Based on the 270 million Domestic Preference Shares (Fourth Tranche) which were issued, the Bank will distribute cash dividends of RMB1.1745 billion in total (before tax).
   4. Tax withholding: Shareholders who are domestic resident enterprises (including institutional investors) shall file their respective tax return in respect of dividend income and pay dividend income tax by themselves, and the Bank will pay a cash dividend of RMB4.35 per preference share to these shareholders. The payment of dividend income tax by other shareholders shall be carried out in accordance with relevant regulations.
2. Measures for the Implementation of the Dividend Distribution Plan of Domestic Preference Shares (Fourth Tranche)

The Bank will distribute cash dividends to holders of Domestic Preference Shares (Fourth Tranche) of the Bank by itself directly.

IV. Contact Information

Contact department: Board Secretariat of the Bank

Tel: [phone]

Address: Bank of China Building, No. 1 Fuxingmen Nei Dajie, Xicheng District, Beijing, China

Postal Code: 100818

The Board of Directors of

Bank of China Limited

Beijing, PRC

20 August 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# and Chen Chunhua#.

*  Non-executive Directors

#Independent Non-executive Directors

2