Industrial and Commercial Bank of China Limited announced that with the approvals of the China Banking and Insurance Regulatory Commission and the People's Bank of China, the issuance of Industrial and Commercial Bank of China Limited 2022 Tier-2 Capital Bonds (First Tranche) (the "Bonds") in China's national interbank bond market has recently been completed. The Bonds issued are of a scale of RMB 40 billion and of two types: (1) the first type of Bonds is fixed rate bonds with a term of 10 years. The issuer shall have a conditional redemption right from the end of the fifth year onwards.

The size of issuance is RMB 35 billion and the coupon rate is 3.28%; (2) the second type of Bonds is fixed rate bonds with a term of 15 years. The issuer shall have a conditional redemption right from the end of the tenth year onwards. The size of issuance is RMB 5 billion and the coupon rate is 3.60%.

The proceeds from this issuance of the Bonds will be used to replenish the Bank's tier-2 capital in accordance with the applicable laws and the approvals by the regulatory authorities.