<div id="readability-page-1"><div>Fitch Ratings-Hong Kong-07 December 2025:Fitch Ratings has assigned Bank of China Limited's (BOC, A/Stable/bbb) senior unsecured notes issued by Bank of China Limited, Hong Kong Branch under the USD40 billion medium-term note (MTN) programme a final rating of 'A'.The HKD1.5 billion fixed-rate notes are due in 2027 and USD300 million floating-rate notes are due in 2028. The net proceeds will be used for general corporate purposes. The final rating on the notes is in line with the expected rating assigned on 3 December 2025 and follows the receipt of documents conforming to information already received.Key Rating DriversBOC's Hong Kong branch is part of the same legal entity as BOC and transfer and convertibility risks are not an issue. Therefore, the notes will represent BOC's direct, unconditional, unsecured and unsubordinated obligations and they are rated in line with its Long-Term Issuer Default Rating (IDR).BOC's Long-Term IDR is underpinned by Fitch's expectations of a very high probability of support from the Chinese sovereign (A/Stable) in the event of stress. Key rating drivers and sensitivities for BOC can be found in Fitch Affirms Bank of China's Long-Term IDR at 'A'; Outlook Stable, published on 16 May 2025.Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/DowngradeThe rating on the notes would be downgraded if BOC's Long-Term IDR is downgraded.Factors that Could, Individually or Collectively, Lead to Positive Rating Action/UpgradeThe rating on the notes would be upgraded if BOC's Long-Term IDR is upgraded.OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERSFitch has assigned a senior unsecured long-term rating (xgs) of 'BBB(xgs)' to the notes, in line with BOC's Long-Term IDR (xgs), which is in turn aligned with the bank's Viability Rating.OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIESFactors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade:A downgrade of the bank's Long-Term IDR (xgs) would lead to a downgrade of the note's senior unsecured long-term rating (xgs).Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade:An upgrade of the bank's Long-Term IDR (xgs) would lead to an upgrade of the note's senior unsecured long-term rating (xgs).Date of Relevant Committee 15-May-2025 REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING The principal sources of information used in the analysis are described in the Applicable Criteria. ESG ConsiderationsBOC has an ESG Relevance Score of '4' for Financial Transparency, as there are still structural issues around financial transparency and disclosure. These are not captured in headline performance metrics in China, and affect our assessment of the operating environment as well as the financial profile. This has a negative effect on the bank's credit profile, and is relevant to the rating in conjunction with other factors.The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3'means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. For more information on Fitch's ESG Relevance Scores, visit https://www.fitchratings.com/topics/esg/products#esgrelevance-scores.Bank of China Limited, Hong Kong Branch----senior unsecured; Long Term Rating; New Rating; A----senior unsecured; Long Term Rating (xgs); New Rating; BBB(xgs)Contacts:Primary Rating AnalystElaine Xu,Director+852 2263 9603elaine.xu@fitchratings.comFitch (Hong Kong) Limited19/F Man Yee Building 60-68 Des Voeux Road CentralHong KongSecondary Rating AnalystVivian Xue,Director+86 21 6898 7995vivian.xue@fitchratings.comCommittee ChairpersonTim Roche,Senior Director+61 2 8256 0310tim.roche@fitchratings.comMEDIA RELATIONS: Jack Li, Beijing, Tel: +86 10 5957 0964, Email: jack.li@thefitchgroup.comVivian Kam, Hong Kong, Tel: +852 2263 9612, Email: vivian.kam@thefitchgroup.comAdditional information is available on www.fitchratings.comADDITIONAL DISCLOSURESSolicitation StatusAdditional Disclosures For Unsolicited Credit RatingsEndorsement StatusEndorsement PolicyALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. 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Fitch Ratings has assigned a final 'A' rating to Bank of China Limited's senior unsecured notes issued by its Hong Kong Branch under a USD40 billion MTN program. The notes include HKD1.5 billion fixed-rate due in 2027 and USD300 million floating-rate due in 2028. The rating aligns with BOC's Long-Term IDR, supported by expected Chinese sovereign backing. ESG factors affect BOC's credit profile, but are not primary rating inputs.

Fitch Rates Bank of China Hong Kong Branch's MTN Notes Final 'A'