Industrial and Commercial Bank of China : Announcement on the Completion of the Issuance of Undated Additional Tier 1 Capital Bonds

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Stock Code: 1398

EUR Preference Shares Stock Code: 4604

USD Preference Shares Stock Code: 4620

ANNOUNCEMENT ON

THE COMPLETION OF THE ISSUANCE OF

UNDATED ADDITIONAL TIER 1 CAPITAL BONDS

The second extraordinary general meeting of 2020 of Industrial and Commercial Bank of China Limited (the "Bank") held on 26 November 2020 considered and approved the Proposal on the Issuance of Undated Additional Tier 1 Capital Bonds, and approved the issuance by the Bank of write-down undated additional tier 1 capital bonds of an amount no more than RMB100 billion. With the approvals of the China Banking and Insurance Regulatory Commission and the People's Bank of China, the Bank issued "Industrial and Commercial Bank of China Limited 2021 Undated Additional Tier 1 Capital Bonds (First Tranche)" (the "Bonds") in China's national inter-bank bond market, and completed the registration and custody of the Bonds at China Central Depository & Clearing Co., Ltd.

The Bonds were book-built on 4 June 2021 and the issuance was completed on 8 June 2021. The size of issuance of the Bonds is RMB70 billion. The coupon rate is 4.04% during the first five years, and will be reset every 5 years. The issuer shall have a conditional redemption right on every dividend payment date from the fifth year onwards.

The proceeds from this issuance of the Bonds will be used to replenish the Bank's additional tier 1 capital in accordance with applicable laws and approvals by the regulatory authorities.

The Board of Directors of

Industrial and Commercial Bank of China Limited

Beijing, PRC

8 June 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, 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.