THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION If you are in any doubt as to any aspect of the Proposal, this document or as to the action to be taken, you should consult a licensed securities dealer or registered institution in securities, a bank manager, solicitor, professional accountant or other professional adviser. Sch I Page 1 If you have sold or transferred all your shares in Industrial and Commercial Bank of China (Asia) Limited, you should at once hand this document and the accompanying forms of proxy to the purchaser or the transferee or to the licensed securities dealer or registered institution in securities or other agent through whom the sale or transfer was effected for transmission to the purchaser or the transferee. Hong Kong Exchanges and Clearing Company Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this document, 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 document. This document is provided for information purposes only and does not constitute an invitation or offer to acquire, purchase or subscribe for the securities of Industrial and Commercial Bank of China (Asia) Limited. Industrial and Commercial Industrial and Commercial Bank of China Limited Bank of China (Asia) Limited (a joint stock limited company (incorporated in Hong Kong with limited liability) incorporated in the People’s Republic (Stock Code: 349) of China with limited liability) (Stock Code: 1398) PROPOSAL TO PRIVATISE INDUSTRIAL AND COMMERCIAL BANK OF CHINA (ASIA) LIMITED BY WAY OF A SCHEME OF ARRANGEMENT UNDER SECTION 166 OF THE COMPANIES ORDINANCE AND PROPOSED WITHDRAWAL OF THE LISTING OF INDUSTRIAL AND COMMERCIAL BANK OF CHINA (ASIA) LIMITED Joint financial advisers to Industrial and Commercial Bank of China Limited ICBC International Capital Limited Goldman Sachs (Asia) L.L.C. Independent financial adviser to the Independent Board Committee of Industrial and Commercial Bank of China (Asia) Limited CLSA Equity Capital Markets Limited Capitalised terms used hereunder shall have the same meanings as defined in this document. A letter from the Board is set out on pages 7 to 14 of this document. The Explanatory Statement is set out on pages 35 to 50 of this document. A letter from the Independent Board Committee containing its advice to the Minority Shareholders in relation to the Proposal is set out on pages 15 to 16 of this document. A letter from the Independent Financial Adviser containing its advice to the Independent Board Committee in relation to the Proposal is set out on pages 17 to 34 of this document. The actions to be taken by the Minority Shareholders are set out on pages 48-50 of this document. Notices convening the Court Meeting and the Extraordinary General Meeting to be held in Hong Kong on Tuesday, 9 November 2010 are set out on pages CM-1 to EGM-2 of this document. Whether or not you are able to attend the Court Meeting or the Extraordinary General Meeting or any adjournment thereof in person, if you are a Minority Shareholder, you are strongly urged to complete and sign the enclosed pink form of proxy in respect of the Court Meeting, and if you are a Shareholder, you are strongly encouraged to complete and sign the enclosed white form of proxy in respect of the Extraordinary General Meeting, in accordance with the instructions printed respectively on them and deposit them, together with the power of attorney or other authority (if any), with the share registrar of the Company, Tricor Tengis Limited, 26th Floor, Tesbury Centre, 28 Queen’s Road East, Wanchai, Hong Kong as soon as possible and in any case not later than the respective times stated under the section entitled “Actions to be taken” set out on pages iii to v of this document. In the case of the pink form of proxy in respect of the Court Meeting, it should be deposited not later than 10:00 a.m. on Sunday, 7 November 2010 or it may alternatively be handed to the chairman of the Court Meeting at the Court Meeting if it is not so lodged. In order to be valid, the white form of proxy for use at the Extraordinary General Meeting must be deposited not later than 10:30 a.m. on Sunday, 7 November 2010 or it may alternatively be handed to the chairman of the Extraordinary General Meeting at the Extraordinary General Meeting if it is not so lodged. The completion and return of a form of proxy for each of the Court Meeting or the Extraordinary General Meeting will not preclude you from attending and voting in person at the Court Meeting or the Extraordinary General Meeting or any adjournment thereof. In such event, the returned form of proxy shall be deemed to have been revoked. In case of inconsistency, the English language text of this document shall prevail over the Chinese language text. 8 October 2010 CONTENTS Page Actions to be taken ...................................................... iii Definitions ............................................................. 1 Expected timetable ....................................................... 5 Letter from the Board .................................................... 7 Introduction ........................................................ 7 The Proposal ....................................................... 9 The Scheme of Arrangement ............................................ 9 Shareholding Structure of the Company ................................... 9 Comparison of Value ................................................. 11 Financial Resources .................................................. 11 Conditions of the Proposal and the Scheme of Arrangement .................... 12 Reasons for and Benefits of the Proposal and Effects of the Scheme of Arrangement . 12 Court Meeting and Extraordinary General Meeting ........................... 12 Future Plans for ICBC Asia ............................................ 13 Information on ICBC Asia and ICBC ..................................... 13 Overseas Scheme Shareholders .......................................... 13 Actions to be Taken .................................................. 13 Recommendation ..................................................... 13 Share Certificates, Dealings, Listing, Registration and Payment ................. 13 Taxation, Effects and Liabilities ......................................... 13 Further Information .................................................. 14 Letter from the Independent Board Committee ................................ 15 Letter from the Independent Financial Adviser ................................ 17 Explanatory Statement.................................................... 35 Introduction ........................................................ 35 The Proposal ....................................................... 35 Scheme of Arrangement ............................................... 35 Shareholding Structure of the Company ................................... 36 Conditions of the Proposal and the Scheme of Arrangement .................... 37 Financial Resources .................................................. 40 Reasons for and Benefits of the Proposal .................................. 40 If the Proposal Does Not Proceed ........................................ 40 Cancellation Consideration ............................................. 41 Future Plans for ICBC Asia ............................................ 42 Effect of the Proposal and the Scheme of Arrangement ........................ 42 Information on the Company ........................................... 43 Information on the Offeror ............................................. 44 Withdrawal of the Listing of the Shares and the Share Certificates ............... 45 Entitlements to and Payment of Cancellation Consideration .................... 45 —i— CONTENTS Overseas Scheme Shareholders .......................................... 46 Taxation and Independent Advice ........................................ 47 Court Meeting and Extraordinary General Meeting ........................... 47 Actions to be Taken .................................................. 48 Further Information .................................................. 50 Language .......................................................... 50 Appendix I - Financial information relating to the ICBC Asia Group......... I-1 I. Three-year Financial Summary ...................................... I-1 II. Audited Financial Information ...................................... I-4 III. Unaudited Condensed Consolidated Interim Financial Information ........... I-177 IV. Statement of Indebtedness ......................................... I-235 V. Material Changes ................................................ I-235 Appendix II - General Information..................................... II-1 1. Responsibility Statement ........................................... II-1 2. Market Prices of the Shares ........................................ II-1 3. Disclosure of Interests ............................................ II-2 4. Information Regarding the Share Capital of the Company .................. II-42 5. Litigation ...................................................... II-43 6. Material Contracts ............................................... II-43 7. Experts ........................................................ II-44 8. Consent ......................................................