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ICBC and Goldman Sachs Announce New Share Lock-up Commitment and Reaffirm Strategic Cooperation


Beijing. – Industrial and Commercial Bank of China Limited (ICBC) and The Goldman Sachs Group, Inc. today announced that Goldman Sachs has committed to a new lock-up in relation to its investment in ICBC. Under the existing lock-up, the ICBC shares held by Goldman Sachs would have become free in equal installments on April 28, 2009 and October 20, 2009. Under the new lock-up, Goldman Sachs will not sell 80% of its ICBC shares at any time prior to April 28, 2010.

In addition, ICBC and Goldman Sachs reaffirmed that they will continue their collaborative efforts under the existing terms of the January 2006 Strategic Cooperation Agreement. These efforts are focused on sharing global best practices in areas such as credit, market and operational risk management, corporate governance, corporate and investment banking and asset management.

Mr. Jiang Jianqing, Chairman of ICBC, said: “We are delighted that Goldman Sachs will remain a major strategic investor in ICBC. Our relationship over the past three years has proven very successful and we look forward to continued close cooperation between our two firms.”

Mr. Lloyd C. Blankfein, Chairman and Chief Executive Officer of Goldman Sachs, said: “Today’s announcement underscores our firm’s confidence in ICBC and our commitment to China. We look forward to working closely with ICBC, one of the most important financial institutions in the world, and further developing our strategic cooperation.”

Goldman Sachs’ investment in ICBC represents approximately 4.93% of ICBC’s total outstanding shares.

If Goldman Sachs pursues a sale of its ICBC shares that will be released from the existing lock-up on April 28, 2009, it will explore all potential methods of sale that would maximize value and minimize market impact, with a preference for a private sale to investors.


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