The Board of Directors of Postal Savings Bank of China Co., Ltd. (the Bank) held a meeting on January 16, 2020 and deliberated on and approved the resolution on the nomination of Mr. Guo Xinshuang as the candidate of Executive Director of the Bank. The resolution on the election of Mr. Guo Xinshuang as the candidate of Executive Director of the Bank will be submitted to the shareholders' general meeting of the Bank for deliberation. The appointment of Mr. Guo Xinshuang is subject to the approval of the China Banking and Insurance Regulatory Commission (the CBIRC) and his term of office will be three years which shall commence from the date of approval by the CBIRC.

The Board also resolved that Mr. Guo Xinshuang be appointed as President of the Bank. The appointment of Mr. Guo Xinshuang as President of the Bank is subject to the approval of the CBIRC and his term of office shall commence from the date of approval by the CBIRC. From the date when Mr. Guo Xinshuang formally takes office, Mr. Zhang Xuewen will no longer perform duties as the acting President of the Bank.

Mr. Guo Xinshuang has served as Vice President and a member of the Leading CPC Members Group of China Post Group Corporation Limited since October 2019, and Deputy Secretary of CPC Committee of the Bank since December 2019.