Industrial and Commercial Bank of China : Announcement on Proposed Appointment of Director

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Stock Code: 1398

EUR Preference Shares Stock Code: 4604

USD Preference Shares Stock Code: 4620

PROPOSED APPOINTMENT OF DIRECTOR

The board of directors (the "Board") of Industrial and Commercial Bank of China Limited (the "Bank") announces that Ms. Chen Yifang has been nominated as a candidate for Non-executive Director. The relevant circular which includes, among other things, a notice of general meeting of shareholders will be despatched to shareholders in due course.

A meeting of the Board was held on 29 January 2021. In order to ensure the smooth operation of the Board, in compliance with the Company Law of the People's Republic of China, relevant laws and regulations and the relevant requirements including the Articles of Association of Industrial and Commercial Bank of China Limited (the "Articles"), and on the recommendation of Central Huijin Investment Ltd. ("Huijin"), the Board resolved that Ms. Chen Yifang be nominated as a candidate for Non-executive Director of the Bank. The election of Ms. Chen Yifang as Non-executive Director of the Bank is subject to consideration and approval of the general meeting of shareholders of the Bank. After having obtained the approval of the general meeting of shareholders of the Bank, the qualification is further subject to the approval of the China Banking and Insurance Regulatory Commission ("CBIRC"). The qualification of Ms. Chen Yifang as Non-executive Director of the Bank will take effect on the date when the approval from the CBIRC is obtained.

The biography of Ms. Chen Yifang is set out below: Ms. Chen Yifang, female, Chinese nationality, born in October 1964. Ms. Chen Yifang joined the Ministry of Finance ("MOF") in August 1985 and consecutively worked in the General Planning Department, General Affairs and Reform Department, the Comprehensive Department, Policy Planning Department, Shenzhen Finance Supervision Commissioner Office, Shenzhen Regulatory Bureau and Fiscal Notes Supervision Center. Since 1994 she was consecutively appointed as Deputy Division Chief of Payment Management Division and Deputy Director of Charge Bill Regulatory Center of General Affairs and Reform Department of MOF, and Deputy Division Chief of the Paid Fund Policy Management Division of the Comprehensive Department of MOF. Since March 2001 she was consecutively appointed as Division Chief of Paid Fund Office of Policy Planning Department of MOF and Division Chief of Housing and Land Division of the Comprehensive Department of MOF. Since December 2008 she was consecutively appointed as Deputy General Director of the Comprehensive Department of MOF, Member of leading Party members Group, Inspector and Deputy Secretary of leading Party members Group of Shenzhen Finance Supervision Commissioner Office of MOF, and

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Deputy Secretary of leading Party members Group, Inspector and Level-one Inspector of Shenzhen Regulatory Bureau of MOF. Since November 2020 she was appointed as Level-one Inspector of Fiscal Notes Supervision Center of MOF. Ms. Chen Yifang graduated from Jiangxi University of Finance and Economics, and obtained a Bachelor's degree in Economics.

According to the Articles, the term of office of each director is three years, and a director is eligible for re-election upon the expiry of his/her term. Ms. Chen Yifang will not receive remuneration from the Bank during her term of office, her remuneration shall be paid by Huijin. The details of the remuneration of the directors of the Bank are available in the Bank's annual reports and relevant announcements.

As at the date of this announcement, Ms. Chen Yifang has not held directorships in listed companies in the last three years, she does not have any relationship with directors, senior management, substantial shareholders or controlling shareholders of the Bank, nor does she hold any interests in the shares of the Bank within the meaning of Part XV of the Hong Kong Securities and Futures Ordinance.

Save as disclosed herein, there are no other matters relating to the nomination of Ms. Chen Yifang that need to be brought to the attention of the shareholders of the Bank nor is there any other information to be disclosed pursuant to any of the requirements of Rule 13.51(2) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.

The Board of Directors of

Industrial and Commercial Bank of China Limited

Beijing, PRC

29 January 2021

As at the date of this announcement, the board of directors comprises Mr. CHEN Siqing 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.

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