ANNOUNCEMENT OF THE RESOLUTIONS OF THE BOARD OF SUPERVISORS

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1 Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. Stock Code: 1398 USD Preference Shares Stock Code: 4603 EUR Preference Shares Stock Code: 4604 RMB Preference Shares Stock Code: ANNOUNCEMENT OF THE RESOLUTIONS OF THE BOARD OF SUPERVISORS A meeting of the board of supervisors of Industrial and Commercial Bank of China Limited (the Bank ) was convened by written notice on 17 August 2018 and held at the Bank s head office at No. 55 Fuxingmennei Avenue, Xicheng District, Beijing on 30 August There were 5 supervisors eligible for attending the meeting, and 5 supervisors attended the meeting in person. In view of the vacant position of the chairman of the board of supervisors, all members of the board of supervisors have elected Mr. Zhang Wei, a member of the board of supervisors, to preside over the meeting. The meeting was convened in compliance with the provisions of the relevant laws, regulations, the Articles of Association of Industrial and Commercial Bank of China Limited and the Rules of Procedures of the Board of Supervisors of Industrial and Commercial Bank of China Limited. The following proposals were considered at the meeting: 1. Proposal on the 2018 Interim Report and its Abstract The board of supervisors of the Bank was of the opinion that the preparation and review procedures in respect of the 2018 interim report of the Bank complied with the relevant laws, administrative regulations and supervisory requirements and the report reflected the actual situation of the Bank truthfully, accurately and completely. Voting result of this proposal: 5 valid votes, 5 voted in favour of this proposal, 0 voted against and 0 abstained from voting. 1

2 2. Proposal on the Payment Plan of Remuneration to Supervisors for 2017 The board of supervisors of the Bank agreed to submit this proposal to the shareholders general meeting of the Bank for consideration. The Payment Plan of Remuneration to Supervisors for 2017 is enclosed in Appendix Proposal on the Nomination of Mr. Qu Qiang as a Candidate for the Post of External Supervisor of Industrial and Commercial Bank of China Limited Mr. Qu Qiang, as the candidate for the post of External Supervisor, has not participated in the consideration and voting on this proposal and 4 supervisors have participated in the voting on this proposal. Voting result of this proposal: 4 valid votes, 4 voted in favour of this proposal, 0 voted against and 0 abstained from voting. The term of Mr. Qu Qiang as External Supervisor will expire in December 2018 and he is eligible for re-election upon the expiry of his term according to the relevant regulations. The Board of Supervisors has resolved to nominate Mr. Qu Qiang as a candidate for the post of External Supervisor of the Bank. The appointment of Mr. Qu Qiang as External Supervisor of the Bank shall be submitted to the shareholders general meeting of the Bank for consideration and approval. His new term of office as External Supervisor will be three years commencing from the date when his current term as External Supervisor expires The biography of Mr. Qu Qiang is enclosed in Appendix 2. Appendix 1: Payment Plan of Remuneration to Supervisors for 2017 Appendix 2: Biography of Mr. Qu Qiang Beijing, PRC 30 August 2018 The Board of Supervisors of Industrial and Commercial Bank of China Limited As at the date of this announcement, the board of directors comprises Mr. YI Huiman, Mr. GU Shu and Mr. WANG Jingdong as executive directors, Mr. CHENG Fengchao, Mr. ZHENG Fuqing, Mr. FEI Zhoulin. Ms. MEI Yingchun, Mr. DONG Shi and Mr. YE Donghai 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. 2

3 Appendix 1 Payment Plan of Remuneration to Supervisors for 2017 Unit: RMB10,000 Details of remuneration before tax received from the Bank for 2017 Note 1 Contribution by the employer to social insurance, Obtain annuities, remuneration additional Incentive from medical compensation shareholder insurance Remuneration during entities or Remuneration and housing in other the period other related payable allowance currencies Total 2015 to 2017 parties or not Name Position =1+2+3 Supervisors incumbent at the end of 2017 Qian Wenhui Chairman of Supervisors Note No Zhang Wei Shareholder Supervisor Note No Hui Ping Employee Supervisor Note No Huang Li No Qu Qiang External Supervisor Note No Shen Bingxi No Notes: 1. From January 2015, remuneration of the Chairman of the Board of Supervisors of the Bank is governed by the relevant government policies in relation to the reforms of remuneration of persons in charge of central government-owned financial enterprises. The remuneration before tax payable to the Chairman of the Board of Supervisors and other supervisors of the Bank set out in the table above represents the total amount of remuneration for each of these individuals for 2017, which includes figures disclosed in the 2017 Annual Report of the Bank. 2. Pursuant to relevant government regulations, the incentive compensation during the period for the Chairman of the Board of Supervisors is calculated based on the period when such person assumed the position, the level of annual remuneration and the result of the performance review for the term of office and paid after the performance review (which will be conducted every 3 years). The incentive compensation of Mr. Zhao Lin, as the former Chairman of the Board of Supervisors, for his term of office is RMB88.6 thousand. 3

4 3. The total remuneration before tax of Shareholder Supervisor for 2017 was determined pursuant to the actual duties and responsibilities of such individual. Pursuant to regulations of the China Banking and Insurance Regulatory Commission, as part of the total remuneration before tax payable to the Shareholder Supervisor for 2017, payment of 40% or more of the performance-based salary will be deferred. The deferred amount will be accrued in the Bank s accounts and withheld from the payment of remuneration to the said individual for The deferred payment will be made having regard to the operating performance and status for the years 2018 to 2020, and the proportion payable each year will be one third of the amount. The deferred payment for the performance-based salaries of Mr. Zhang Wei, the Shareholder Supervisor, for 2017 is RMB458 thousand and the actual amount of remuneration paid (pre-tax) for 2017 is RMB1,582 thousand. 4. The allowance (pre-tax) for the Employee Supervisors for 2017 is calculated as 20% of the basic allowance of an External Supervisor and determined based on actual duties and responsibilities of such individuals. Such remuneration of the Employee Supervisors as indicated in the table above is the allowance for acting as Employee Supervisor of the Bank, and excludes remuneration received by these Supervisors for other positions assumed in the Bank. 5. The allowance (pre-tax) for the External Supervisors for 2017 is determined based on the allowance policy adopted at the first extraordinary general meeting of 2007 and with reference to the actual duties and responsibilities of such individuals. 6. Please refer to the 2017 Annual Report of the Bank for the start and the end of the respective terms of office of relevant individuals. In January 2018, Mr. Qian Wenhui ceased to act as Chairman of the Board of Supervisors and as a supervisor due to change of job assignment. 4

5 Appendix 2 Biography of Qu Qiang Qu Qiang, male, Chinese nationality, born in February Mr. Qu Qiang has served as External Supervisor of the Bank since December Currently, he is a professor and tutor for PhD students of Renmin University of China, Director of China Fiscal and Financial Policy Research Center (a key research center of humanities and social sciences of the Ministry of Education), Deputy Director of Financial and Securities Institute of Renmin University of China, a council member of China Finance Society, a member of China Finance 40 Forum and External Expert of China Development Bank. He was Head of the Applied Finance Department of the School of Finance, Renmin University of China. Currently, he is also External Supervisor of Bank of Beijing. Mr. Qu Qiang graduated from Renmin University of China, and received a Doctorate degree in Economics. 5