Industrial and Coml Bank of China : Proposed Appointment of Director and Appointment of Senior Executive Vice President

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The board of directors (the "Board") of Industrial and Commercial Bank of China Limited (the "Bank") announces that Mr. Wang Jingdong has been nominated as a candidate for Executive Director. The Board also announces that Mr. Tan Jiong has been appointed as Senior Executive Vice President of the Bank.

The Bank resolved at the meeting of the Board held on 28 October 2016 that Mr. Wang Jingdong be nominated as a candidate for Executive Director of the Bank. The appointment of Mr. Wang Jingdong as Executive Director is subject to the consideration and approval at the shareholders' general meeting of the Bank, and subject to the approval by the China Banking Regulatory Commission (the "CBRC"). His term of office as Executive Director of the Bank will commence on the date when the approval from the CBRC has been obtained. A circular which includes, among other things, a notice of shareholders' general meeting will be despatched to shareholders as soon as practicable.

The biography of Mr. Wang Jingdong is set out below:

Wang Jingdong, male, Chinese nationality, was born in December 1962. Mr. Wang Jingdong has served as Senior Executive Vice President of Industrial and Commercial Bank of China Limited since December 2013. He joined China Development Bank in 1994 and served as Deputy Head of Heilongjiang Branch, Deputy Director of the Human Resources Department of the Head Office, Head of Project Appraisal Department III of the Head Office, Head of Beijing Branch and Head of Human Resources Department of the Head Office. Mr. Wang Jingdong graduated from Huazhong Agricultural University with a Bachelor's degree in Agronomy. He is a senior engineer.

According to the Articles of Association of the Bank, the term of office of each director is three years, and a director is eligible for re-election upon the expiry of his term. The remuneration of executive directors shall follow the relevant regulations. The relevant remuneration plan will be considered by the compensation committee of the Board and subsequently considered and approved by the Board, and will be submitted to the shareholders' general meeting for consideration and approval. The details of the remuneration of the directors of the Bank are available in the Bank's annual reports.

The Bank resolved at the meeting of the Board held on 28 October 2016 that Mr. Tan Jiong be appointed as Senior Executive Vice President of the Bank. His term of office as Senior Executive Vice President is subject to approval of the CBRC and will commence on the date when the approval of the CBRC is obtained.

The biography of Mr. Tan Jiong is set out below:

Tan Jiong, male, Chinese nationality, was born in June 1966. Mr. Tan Jiong joined Bank of China Limited (BOC) in June 1988, and took office as Deputy Head of BOC Tibet Branch (in charge of the branch's work) in April 2003, and had successively served as Head of BOC Tibet Branch and Head of BOC Yunnan Branch from February 2006. He took office as Chairman of Bank of China Investment Management Co., Ltd. in September 2011, and Head of BOC Guangdong Branch in March 2015. Mr. Tan Jiong graduated from Wuhan University and received a doctorate degree in economics from Wuhan University.

The remuneration of the Senior Management members of the Bank, including the Senior Executive Vice President, shall follow the relevant regulations. The relevant remuneration plan will be considered by the compensation committee of the Board and subsequently considered and approved by the Board. The details of the remuneration of the Senior Management members of the Bank are available in the Bank's annual reports.

Save as disclosed above, each of Mr. Wang Jingdong and Mr. Tan Jiong has not held any other directorships in any listed companies, and other position in the Bank or the subsidiaries of the Bank in the last three years and does not have any relationship with any directors, other senior management, substantial shareholders or controlling shareholders of the Bank, nor do they 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 Mr. Wang Jingdong and the appointment of Mr. Tan Jiong 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 Listing Rules.

Beijing, PRC

28 October 2016

As at the date of this announcement, the board of directors comprises Mr. YI Huiman and Mr. ZHANG Hongli as executive directors, Ms. WANG Xiaoya, Ms. GE Rongrong, Mr. FU Zhongjun, Mr. ZHENG Fuqing, Mr. FEI Zhoulin and Mr. CHENG Fengchao as non-executive directors, Sir Malcolm Christopher McCARTHY, Mr. Kenneth Patrick CHUNG, Mr. OR Ching Fai, Mr. HONG Yongmiao, Mr. Anthony Francis NEOH and Mr. YANG Siu Shun as independent non-executive directors.