Industrial and Commercial Bank of China : Announcement on the Obtainment of Approval by a Wholly-owned Subsidiary ICBC Wealth Management Co., Ltd on the Establishment of the Joint Venture Wealth Management Company

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.

Stock Code: 1398

EUR Preference Shares Stock Code: 4604

USD Preference Shares Stock Code: 4620

ANNOUNCEMENT ON THE OBTAINMENT OF APPROVAL

BY A WHOLLY-OWNED SUBSIDIARY

ICBC WEALTH MANAGEMENT CO., LTD ON

THE ESTABLISHMENT OF THE

JOINT VENTURE WEALTH MANAGEMENT COMPANY

Recently, ICBC Wealth Management Co., Ltd. ("ICBC Wealth Management"), a wholly-owned subsidiary of Industrial and Commercial Bank of China Limited (the "Bank"), received the China Banking and Insurance Regulatory Commission's approval, that ICBC Wealth Management is approved to cooperate with Goldman Sachs Asset Management, L.P. ("Goldman Sachs Asset Management") to establish a Sino-foreign joint venture wealth management company (the "Joint Venture Wealth Management Company"). The Joint Venture Wealth Management Company will be jointly funded and established by ICBC Wealth Management and Goldman Sachs Asset Management. The funding contribution ratio of ICBC Wealth Management and Goldman Sachs Asset Management will be 49% and 51% respectively.

As a tier-onewholly-owned subsidiary of the Bank, ICBC Wealth Management serves as the core platform and flagship brand in the Bank's promotion of the in-depth development of its mega asset management business. The joint funding and establishment of the Joint Venture Wealth Management Company by ICBC Wealth Management and Goldman Sachs Asset Management will be beneficial to the Bank's provision of more diversified and professional wealth management services, and further enhance the Bank's comprehensive ability to serve the real economy.

1

In the next step, the Bank will push forward ICBC Wealth Management to complete as soon as possible the works of establishment of the Joint Venture Wealth Management Company in accordance with the regulatory requirements.

The Board of Directors of

Industrial and Commercial Bank of China Limited

Beijing, PRC

25 May 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.

2