Green Bond / Green Bond Programme
External Review Form

Section 1.

Basic Information

Issuer name: Industrial and Commercial Bank of China (ICBC)
Green Bond ISIN or Issuer Green Bond Framework Name, if applicable: Green Bond Framework for ICBC
Review provider’s name: CICERO
Completion date of this form: 22 September 2017
Publication date of review publication: Planned for 25 September 2017

Section 2.

Review overview

SCOPE OF REVIEWThe following may be used or adapted, where appropriate, to summarise the scope of the review.

The review assessed the following elements and confirmed their alignment with the GBPs:☒☒☒

Use of Proceeds
Management of Proceeds☒

Process for Project Evaluation and Selection
ReportingROLE(S) OF REVIEW PROVIDER☒

Consultancy (incl. 2nd opinion)☐Certification☐

Verification☒

Rating☐Other (please specify):

Note: In case of multiple reviews / different providers, please provide separate forms for each review.

EXECUTIVE SUMMARY OF REVIEW and/or LINK TO FULL REVIEW (if applicable)
www.icbc-ltd.com

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Detailed review

Reviewers are encouraged to provide the information below to the extent possible and use the comment section toexplain the scope of their review.

1. USE OF PROCEEDS
Overall comment on section (if applicable): The Eligible Green Asset Categories include a broad range ofproject types in the categories: renewable energy, clean transportation, energy efficiency and sustainable
water and wastewater management. The Framework explicitly excludes fossil fuel related assets, nuclear andhydro over 20 MW.

Use of proceeds categories as per GBP:
☒Renewable energy☒Energy efficiency☐Pollution prevention and control☐

Sustainable management of living naturalresources☐

Terrestrial and aquatic biodiversity
conservation☒Clean transportation☒

Sustainable water management☐Climate change adaptation☐

Eco-efficient products, production
technologies and processes☐

Other (please specify):☐Unknown at issuance but currently expected
to conform with GBP categories, or othereligible areas not yet stated in GBPs

If applicable please specify the environmental taxonomy, if other than GBPs:

2. PROCESS FOR PROJECT EVALUATION AND SELECTION
Overall comment on section (if applicable):
The Green Bond Working Group is responsible for selecting eligible projects that align with the green credit
policy. The Working Group will also annually review the allocation of the proceeds to determine eligibility asgreen assets. The Eligible Green Asset Categories cover a broad range of project types. This places a large
share of responsibility of the Working Group to select and follow up on eligible projects. The Working Groupcovers a wide range of departments and appears to contain environmental expertise. Veto power is given toenvironmental experts.

Evaluation and selection☒☒

Defined and transparent criteria for
projects eligible for Green Bond proceeds
Summary criteria for project evaluationand selection publicly available☐☐

2

Documented process to determine thatprojects fit within defined categories
Other (please specify):

Information on Responsibilities and Accountability☐☐Evaluation / Selection criteria subject toexternal advice or verification
Other (please specify):☒In-house assessment

3. MANAGEMENT OF PROCEEDS
Overall comment on section (if applicable):
The issuer will establish a register to record the allocation of green bond proceeds. The proceeds of each
ICBC Green Bond will be deposited in the general funding accounts and “earmarked” pending allocation. TheRegister will contain, for each Green Bond issued, information including: details of the green bond and theEligible Green Asset List.

Tracking of proceeds:☒Green Bond proceeds segregated or tracked by the issuer in a systematic manner☒Disclosure of intended types of temporary investment instruments for unallocated proceeds☐

Other (please specify):

Additional disclosure:☐

Allocations to future investments only☒☐

Allocation to individual disbursements☒

Allocations to both existing and future
investments
Allocation to a portfolio of disbursements☒

Disclosure of portfolio balance of
unallocated proceeds☐

Other (please specify):

4. REPORTING
Overall comment on section (if applicable):
ICBC commits to publish an Annual Green Bond Report with use of proceeds and impact reporting. The bankwill provide information on amounts allocated to the various Eligible Green Assets Categories and amount not
yet allocated. The Annual Green Bond Report will be made public via annual updates on ICBC website. The
framework includes impressive environmental impact reporting. ICBC will engage an independent third party
to provide assurance on its annual Green Bond Report.

Use of proceeds reporting:☐Project-by-project☒On a project portfolio basis☐

Linkage to individual bond(s)☐Other (please specify):☐

GB financed share of total investment

Information reported:☒ Allocated amounts3☐ Other (please specify):

Frequency:☒ Annual☐Semi-annual☐ Other (please specify):

Impact reporting:☐

Project-by-project☒

On a project portfolio basis☐

Linkage to individual bond(s)☐Other (please specify):☐

Semi-annual

Frequency:☒ Annual☐ Other (please specify):

Information reported (expected or ex-post):☒ GHG Emissions / Savings☒

Energy Savings☒

Information published in sustainability report☒ Other ESG indicators (please specify):
Framework specifies metrics for each category
including e.g. amount of waste recycled,rdbuildings that received 3 party verification,etc.

Means of Disclosure☒

Information published in financial report☒

Information published in ad hoc☒ Other (please specify): Annual Green Bond report
documents
Reporting reviewed (if yes, please specify which parts of the reporting are subject to external review): an☒rdindependent 3 party will provide assurance on the Annual Green Bond Report which will provide informationon allocation and impacts.

Where appropriate, please specify name and date of publication in the useful links section.

USEFUL LINKS (e.g. to review provider methodology or credentials, to issuer’s documentation, etc.)

SPECIFY OTHER EXTERNAL REVIEWS AVAILABLE, IF APPROPRIATE
Type(s) of Review provided:☐Consultancy (incl. 2nd opinion)☐Certification☐

Verification / Audit☐

Rating☐Other (please specify):

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Review provider(s):Date of publication:

CICERO

22 September, 2017

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ABOUT ROLE(S) OF REVIEW PROVIDERS AS DEFINED BY THE GBP(i)Consultant Review: An issuer can seek advice from consultants and/or institutions with recognizedexpertise in environmental sustainability or other aspects of the issuance of a Green Bond, such as
the establishment/review of an issuer’s Green Bond framework. “Second opinions” may fall into thiscategory.

(ii)

Verification: An issuer can have its Green Bond, associated Green Bond framework, or underlying
assets independently verified by qualified parties, such as auditors. In contrast to certification,verification may focus on alignment with internal standards or claims made by the issuer. Evaluationof the environmentally sustainable features of underlying assets may be termed verification and mayreference external criteria.

(iii)

Certification: An issuer can have its Green Bond or associated Green Bond framework or Use ofProceeds certified against an external green assessment standard. An assessment standard defines
criteria, and alignment with such criteria is tested by qualified third parties / certifiers.

(iv)

Rating: An issuer can have its Green Bond or associated Green Bond framework rated by qualified
third parties, such as specialised research providers or rating agencies. Green Bond ratings are
separate from an issuer’s ESG rating as they typically apply to individual securities or Green Bondframeworks / programmes.

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