Goldman Sachs Remains Major Strategic Investor In ICBC

Goldman Sachs has committed to a new lock up in relation to its investment in Industrial and Commercial Bank of China Limited ICBC. Under the existing lock up, the ICBC shares held by Goldman Sachs would have become free in

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Goldman Sachs has committed to a new lock-up in relation to its investment in Industrial and Commercial Bank of China Limited ICBC.

Under the existing lock-up, the ICBC shares held by Goldman Sachs would have become free in equal installments on 28 April 2009 and 20 October 2009. Under the new lock-up, Goldman Sachs will not sell 80% of its ICBC shares at any time prior to 28 April 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.

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

If Goldman Sachs pursues a sale of its ICBC shares that will be released from the existing lock-up on 28 April 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.

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

Today’s announcement underscores our firms confidence in ICBC and our commitment to China, says Lloyd C. Blankfein, chairman and chief executive officer, Goldman Sachs.

We look forward to working closely with ICBC, one of the most important financial institutions in the world, and further developing our strategic cooperation.

L.D.

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