Announcement on the Successful Issuance of Subordinated Bonds

The Company and all members of the Board of Directors hereby warrant that the information contained in this announcement is true, accurate and complete, and assume joint and several liabilities for any false representation, misleading statement or material omission.

With the approval from the China Banking Regulatory Commission and the People’s Bank of China, the Industrial Bank Co., Ltd. issued subordinated bonds to the sum of RMB 3 billion in the national inter-bank bond market on March 30, 2010. The subordinated bonds were issued cyclically within the previously approved quota to replace the subordinated bonds issued in 2004 that have been redeemed.

The total amount of the subordinated bonds was RMB 3 billion at the fixed term of 15-years with a 4.80% coupon rate for the first ten years; the issuer has the right to redeem the bonds at the end of the 10th year. In the event that the issuer does not exercise its right to redeem the bonds, the coupon rate for the last 5-year period will have a 3% markup over the initial coupon rate at the time of issue.

The funds raised from the issuance of the subordinated bonds will be used to supplement the Company’s supplementary capital in pursuance to applicable laws and approval of regulatory authorities.

Board of Directors Industrial Bank Co., Ltd. March 30, 2010