China Construction Bank Corporation (Hereafter refers to as “the Construction Bank”) (CCB) announces on May 27, 2008 that it has received a notice from Bank of America Corporation (BAC), stating that BAC intends to exercise a call option pursuant to “the share and option subscription agreement” entered into between BAC and China SAFE Investments Limited (“Huijin”) on June 17, 2005. BAC proposes to purchase 6,000,000,000 H-shares of the Construction Bank from Huijin at an exercise price of approximately HK$2.42 per share. The sale and purchase pursuant to the exercise of the call option is proposed to take place on June 5, 2008.

Other than the exceptions, the 6,000,000,000 H-shares purchased from Huijin pursuant to the exercise of the call option shall not be transferred until August 29, 2011 without CCB's written agreement. For further details of the lock up arrangements, please refer to “Our Overseas Strategic Investors- Bank of America – Lock-up” of the prospectus published on September 22, 2007 on the website of Shanghai Stock Exchange at www.sse.com.cn.

Upon completion of such exercise, Huijin will hold directly, and indirectly through its wholly owned subsidiary, China Jianyin Investment Limited, an aggregate number of 152,842,297,904 H-shares of the Construction Bank, representing approximately 65.40% of the Bank’s issued share capital and BAC will hold 25,132,974,346 H-shares of the Construction Bank, representing approximately 10.75% of the Bank’s issued share capital.