The 2022 annual general meeting of Agricultural Bank of China Limited (the "Bank") held on 29 June 2023 considered and approved the proposal on the issuance plan of write-down eligible Tier 2 capital instruments. Based on the approval by the National Administration of Financial Regulation and the People's Bank of China, the Bank completed the public issuance of the "Agricultural Bank of China Limited 2024 Tier 2 Capital Notes (Series 1)" (the "Notes") in the National Interbank Bond Market on 6 February 2024. The total issuance size of the Notes is RMB 70 billion.

The Notes are divided into two tranches. Tranche 1 is 10 years fixed rate Notes with an issuance size of RMB 35 billion and interest rate of 2.76%, for which the Bank has a conditional redemption right on the last day of the fifth anniversary year. Tranche 2 is 15 years fixed rate Notes with an issuance size of RMB 35 billion and interest rate of 2.80%, for which the Bank has a conditional redemption right on the last day of the tenth anniversary year.

The proceeds from the issue of the Notes will be used to boost the Tier 2 capital of the Bank in accordance with the applicable laws and for the purposes approved by the regulatory authorities.