Industrial and Commercial Bank of China : Announcement on the Redemption of Subordinated Bonds

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Stock Code: 1398

EUR Preference Shares Stock Code: 4604

ANNOUNCEMENT ON THE REDEMPTION OF

SUBORDINATED BONDS

Industrial and Commercial Bank of China Limited (the "Bank") issued subordinated bonds of RMB22 billion (the "Bonds") in the China national inter-bank bond market from 10 to 14 September 2010, and published the Announcement on Completion of Issue of Subordinated Bonds on 16 September 2010.

There were two types of Bonds issued:

Type 1: the size of issue of this type of bond is RMB5.8 billion, with an annual coupon rate of 3.90%;

Type 2: the size of issue of this type of bond is RMB16.2 billion, with an annual coupon rate of 4.10%.

According to the relevant terms in the prospectus for the issuance of the Bonds, the second type of the Bonds is subject to the redemption option of the issuer, and the Bank has the right to redeem in full this type of the Bonds at face value on the last day of the tenth interest accrual year (namely 14 September 2020). As at the date of this announcement, the Bank has exercised the redemption right and completed the full redemption of this type of subordinated bonds of an amount of RMB16.2 billion at face value.

The Board of Directors of

Industrial and Commercial Bank of China Limited

Beijing, PRC

15 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.