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.

This announcement is for information purposes only and does not constitute an invitation or solicitation of an offer to acquire, purchase or subscribe for securities or an invitation to enter into an agreement to do any such things, nor is it calculated to invite any offer to acquire, purchase or subscribe for any securities.

Neither this announcement nor any copy thereof may be released into or distributed in, directly or indirectly, the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act")) or in any jurisdiction in which release or distribution would be prohibited by applicable law. The Offshore Preference Shares and the H shares issuable upon conversion of the Offshore Preference Shares described in this announcement will be sold in accordance with all applicable laws and regulations. The Offshore Preference Shares and the H shares issuable upon conversion of the Offshore Preference Shares referred to herein have not been and will not be registered under the U.S. Securities Act and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons, except pursuant to an applicable exemption from, or transaction not subject to, the registration requirements of the U.S. Securities Act or local securities laws. There is no intention to register any portion of any securities described herein in the United States or to conduct a public offering of securities in the United States.

Distribution of this announcement into jurisdictions other than Hong Kong may be restricted by law. Persons into whose possession this announcement comes should inform themselves of and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

Stock Code: 1398

EUR Preference Shares Stock Code: 4604

ISSUE OF

U.S.$2,900,000,000 3.58% NON-CUMULATIVE PERPETUAL

OFFSHORE PREFERENCE SHARES

(Stock Code: 4620)

Sole Global Coordinator

Joint Bookrunners and Joint Lead Managers

1

Pursuant to the approvals by the China Banking and Insurance Regulatory Commission and the China Securities Regulatory Commission in relation to offshore preference shares proposed to be issued by Industrial and Commercial Bank of China Limited (the "Bank"), the Bank has entered into a subscription agreement on 16 September 2020 with the Joint Lead Managers listed above (the "Subscription Agreement") in relation to the issuance of the U.S.$2,900,000,000 3.58% non-cumulative perpetual offshore preference shares (the "Offshore Preference Shares"). The Offshore Preference Shares will have a par value of RMB100 each and will be issued as fully paid-up capital in U.S. dollars so that the issuance price of the Offshore Preference Shares will be U.S.$20 each. The Offshore Preference Shares will be issued in registered form and issued and transferable only in minimum amounts of U.S.$200,000 (or 10,000 Offshore Preference Shares) and integral multiples of U.S.$1,000 (or 50 Offshore Preference Shares) in excess thereof. Please refer to the announcement of the Bank dated 17 September 2020 for further details of the Subscription Agreement and the Offshore Preference Shares.

An application has been made to The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange") for the listing of, and permission to deal in, the Offshore Preference Shares and the H shares issuable upon conversion of the Offshore Preference Shares, and such permission is expected to become effective on 24 September 2020. The Offshore Preference Shares are offered to professional investors only and are only suitable for professional investors. Investors should not purchase the Offshore Preference Shares in the primary or secondary markets unless they are professional investors. The Offshore Preference Shares and the H shares issuable upon conversion have not been and will not be registered under the U.S. Securities Act and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons except in certain transactions exempt from the registration requirements of the U.S. Securities Act. The Offshore Preference Shares may be sold in other jurisdictions only in compliance with applicable laws and regulations. In addition, the Offshore Preference Shares are not intended to be offered, sold or otherwise made available and should not be offered, sold or otherwise made available to any retail investors in the European Economic Area or in the United Kingdom.

The issuance of Offshore Preference Shares has been completed on 23 September 2020. The listing of the Offshore Preference Shares on the Hong Kong Stock Exchange is expected to become effective on 24 September 2020.

2

Based on the CNY Central Parity Rate published by the China Foreign Exchange Trading Centre on 23 September 2020, the gross proceeds from the issuance of the Offshore Preference Shares will be approximately RMB19.716 billion. The net proceeds from the issuance of the Offshore Preference Shares, after deduction of the commissions and expenses relating to the issuance, being approximately RMB19.687 billion, will be counted as the additional tier 1 capital of the Bank in accordance with relevant regulatory requirements.

The Board of Directors of

Industrial and Commercial Bank of China Limited

Beijing, PRC

24 September 2020

As at the date of this announcement, the board of directors comprises Mr. CHEN Siqing, Mr. GU Shu and Mr. LIAO Lin as executive directors, Mr. LU Yongzhen, Mr. ZHENG Fuqing, Ms. MEI Yingchun, Mr. FENG Weidong and Ms. CAO Liqun as non-executive directors, Mr. Anthony Francis NEOH, Mr. YANG Siu Shun, Mr. SHEN Si, Mr. Nout WELLINK and Mr. Fred Zuliu HU as independent non-executive directors.

3

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ICBC - Industrial and Commercial Bank of China Limited published this content on 24 September 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 September 2020 00:19:03 UTC