Bank of Communications : ANNOUNCEMENT INSIDE INFORMATION IMPLEMENTATION RESULTS OF PROPOSED PLAN TO SELL DOWN SHARES BY A SHAREHOLDER AND CHANGES IN SHAREHOLDER'S EQUITY INTERESTS

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Bank of Communications Co., Ltd.

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

(Stock Code: 03328)

ANNOUNCEMENT

INSIDE INFORMATION

IMPLEMENTATION RESULTS OF PROPOSED PLAN TO

SELL DOWN SHARES BY A SHAREHOLDER

AND

CHANGES IN SHAREHOLDER'S EQUITY INTERESTS

This announcement is published by Bank of Communications Co., Ltd. (the "Bank") pursuant to the inside information provisions under Rule 13.09 (2) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and Part XIVA of the Securities and Futures Ordinance.

1. SHAREHOLDING IN THE BANK OF THE SSF BEFORE THE SELL DOWN PLAN

The Bank introduced the National Council for Social Security Fund (the "SSF") as a domestic strategic investor in 2004, who subscribed for 5,555,555,556 shares of the Bank. After the listing of the Bank, the SSF increased its shareholding by 7,347,267,610 shares accumulatively by participating in the Bank's rights issue, non-public offering, overweight through the secondary market, the Bank's bonus shares and transfer of part of state-owned capital by the Ministry of Finance of the People's Republic of China.

As at the end of June 2020, the SSF, being the third largest shareholder of the Bank, held a total number of 12,902,823,166 shares of the Bank, among which the SSF held 3,847,782,834 A shares and 9,055,040,332 H shares of the Bank, representing 17.37% of the total issued ordinary shares of the Bank in aggregate.

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2. THE IMPLEMENTATION RESULTS OF THE SELL DOWN PLAN OF THE SSF

Reference is made to the announcement of the Bank dated 5 June 2020, in relation to the proposed plan to sell down shares by the SSF (the "Sell Down Plan"). The Sell Down Plan is the SSF's regular investment plan, which will not affect its strategic shareholding in the Bank as well as the market operational collaboration between the SSF and the Bank.

The Bank received notice from the SSF on 10 September 2020 that, for the period from 2 July 2020 to 9 September 2020, the SSF has sold down 742,627,266 A shares of the Bank, being the 100% of the amount of shares to be sold down according to the Sell Down Plan and accounting for 1% of the total issued ordinary shares of the Bank, through the entrusted securities companies by way of call auction. So far, the implementation of the Sell Down Plan has been completed:

Sell down period of		Price range of A	Total amount of sell
A shares	By way of	shares for sell down	down of A shares
		(RMB/share)	(RMB)
2020/7/2-2020/9/9	call auction	4.62-5.77	3,837,612,835.53

The actual situation of sell down of the shares of the Bank by the SSF is consistent with the Sell Down Plan.

3. REMINDER OF THE CHANGE OF EQUITY INTERESTS OF THE SSF WHICH EXCEEDED 1%

Pursuant to the relevant disclosure requirements of The Securities Law of the People's Republic of China (2019 Revision) (the "New Securities Law") which came into effect on 1 March 2020, from 1 March 2020 to 9 September 2020, in addition to the above sell down of 742,627,266 A shares of the Bank, the number of H shares of the Bank held by the SSF through the administrator (including Southbound Trading) decreased by 6,397,000 in aggregate, that is, the total number of A shares and H shares held by the SSF decreased by 749,024,266, accounting for 1.0086% of the total issued ordinary shares of the Bank.

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		Number of shares held before
		the implementation of the
		New Securities Law	Number of shares held on
		(being 29 February 2020)	9 September 2020
Shareholders			Proportion in		Proportion in
holding more		Number of	total number	Number of	total number
than 5% of the	Class of	shares held	of ordinary	shares held	of ordinary
total shares	shares	(shares)	shares	(shares)	shares
The SSF	A share	3,847,782,834	5.18%	3,105,155,568	4.18%
	H share	9,061,347,332	12.20%	9,054,950,332	12.19%
	Total	12,909,130,166	17.38%	12,160,105,900	16.37%

As at 9 September 2020, the SSF held a total of 12,160,105,900 shares of the Bank, accounting for 16.37% of the total issued ordinary shares of the Bank, and remains as the third largest shareholder of the Bank.

By order of the Board of

Bank of Communications Co., Ltd.

Gu Sheng

Company Secretary

Shanghai, the PRC

11 September 2020

As at the date of this announcement, the directors of the Bank are Mr. Ren Deqi, Mr. Liu Jun, Mr. He Zhaobin*, Mr. Li Longcheng*, Mr. Chan Siu Chung*, Mr. Song Hongjun*, Mr. Chen Junkui*, Mr. Liu Haoyang*, Mr. Liu Li#, Mr. Yeung Chi Wai, Jason#, Mr. Woo Chin Wan, Raymond#, Mr. Cai Haoyi#, Mr. Shi Lei# and Mr. Zhang Xiangdong#.

• Non-executivedirectors

• Independent non-executive directors

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