Industrial and Commrcl Bank of China : Announcement on the Approval of the Commencement of Operation of a Wholly-owned Subsidiary named ICBC Financial Asset Investment Co., Ltd.

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Industrial and Commercial Bank of China Limited (the "Bank") has recently received "China Banking Regulatory Commission's Approval in relation to the Commencement of Operation of ICBC Financial Asset Investment Co., Ltd." (Yin Jian Fu [2017] No. 294), in which China Banking Regulatory Commission ("CBRC") has approved the commencement of operation of a wholly- owned subsidiary named ICBC Financial Asset Investment Co., Ltd. ("ICBC Investment"). According to CBRC's approval, ICBC Investment will have a registered capital of RMB12 billion and will be registered in Nanjing. ICBC Investment will specialise in debt for equity swaps business and other supporting businesses.

Beijing, PRC

19 September 2017

As at the date of this announcement, the board of directors comprises Mr. YI Huiman, Mr. GU Shu, Mr. ZHANG Hongli and Mr. WANG Jingdong as executive directors, Mr. ZHENG Fuqing, Mr. FEI Zhoulin, Mr. CHENG Fengchao, Ms. MEI Yingchun and Mr. DONG Shi as non-executive directors, Mr. OR Ching Fai, Mr. HONG Yongmiao, Mr. Anthony Francis NEOH, Mr. YANG Siu Shun, Ms. Sheila Colleen BAIR and Mr. SHEN Si as independent non-executive directors.