Announcement on Completion of Issuance of Write-down Undated Capital Bonds of China Guangfa Co., Ltd.

The Board of Directors and all directors of China Guangfa Bank Co., Ltd. ensure that the contents of this Announcement are free from any misrepresentation, misleading statement and material omission, and that they will assume joint and several liability for the truthfulness, accuracy and integrity of the contents.

Having obtained the approvals from China Banking and Insurance Regulatory Commission and the People’s Bank of China, China Guangfa Bank Co., Ltd. ( hereinafter referred as "the Bank" ) issued write-down undated bonds ( hereinafter referred as "the Bonds" ) in an aggregate amount of RMB45 billion in the domestic interbank bond market on 25 September 2019. The issuance of the Bonds completed on 27 September 2019.

The coupon rate of the Bonds is 4.50% during first five years, and will be reset every five years. The issuer is entitled to redeem the Bonds on every distribution payment date from fifth year.

The funds raised from the issuance of the Bonds will be used to replenish the Bank’s additional Tier-1 capital in accordance with the applicable laws and the approvals from the regulatory authorities.

It is hereby announced.

The Board of Directors of China Guangfa Bank Co., Ltd.

27 September 2019