Carbon Neutrality Bond Assessment Conclusion
The assessment institution and the assessors have neither found evidence ofmisrepresentation nor substantive error that leads to non -compliance of this bondand the projects to be funded against the relevant evaluation standards, including thePBoC Announcement No.39 [2015] for “Issuances of green financial bonds in theinterbank bond market”, the Green Bonds Endorsed Projects Catalogue (2021 Edition),and the Notice on Clarifying Mechanisms in Relation to Carbon Neutrality Bonds, byreviewing relevant documents and communicating through interviews and emails withthe relevant departments and persons from ICBC. Based on a comprehensive
assessment of the management system, project suitability, environmental benefits anduse of proceeds, the following assessment conclusions are drawn：
1. The issuer plans to issue ICBC 2021
green financial bond (carbonneutrality bond) and commits toinvest 100% of the proceeds in green
projects that meet the requirementsof "3. Clean Energy Industry; 5 The
Green Upgrade of Infrastructure" aslisted in the Green Bonds Endorsed
Projects Catalogue (2021 Edition). It
has been verified that the projects to
be funded by the proceeds meet therequirements of green financial
bonds, and that the photovoltaic,
wind power and urban railtransportation
projects
havesignificant carbon emission reduction
benefits and meet the requirementsof the National Association ofFinancial
MarketInstitutional
Investors(NAFMII)’"carbonneutrality" bonds for clean energy
and clean transportation projects.
2. The assessment shows that theprojects to be funded by theproceeds have significant carbon
emission reduction benefits, and it isexpected to achieve an annual
carbon dioxide emission reduction of
8,219,200 tonnes.

3. Key compliance documents of theprojects to be funded by theproceeds have been provided andmeet the requirements. No evidenceof non-compliance with the PBoC
Announcement No.39 [2015], theGreen Bonds Endorsed Projects
Catalogue (2021 Edition), and therelevant requirements of the Noticeby NAFMII on Clarifying Mechanisms
in Relation to Carbon Neutrality
Bonds on the use of fund raised fromgreen financial bonds (carbonneutrality bond) is found.
4. The issuer commits to use 100% of
the proceeds for green industry
projects. The issuer has establisheda clear management system and will
set up a ledger to record the use andallocation of proceeds of the bond.
No evidence of non-compliance withthe PBoC Announcement No.39[2015], the Green Bonds Endorsed
Projects Catalogue (2021 Edition),and the relevant requirements of theNotice by NAFMII on Clarifying
Mechanisms in Relation to Carbon
Neutrality Bonds on the use of fundraised from green financial bonds(carbon neutrality bond) is found.
5. The issuer's information disclosure
arrangements for the management ofproceeds, use of proceeds, thesituation and the environmentalbenefits of green projects supportedby the proceeds, the information
disclosuresystemandimplementation are clear andreasonable. No evidence of noncompliancewiththePBoC
Announcement No.39 [2015], theGreen Bonds Endorsed Projects
Catalogue (2021 Edition), and therelevant requirements of the Notice
byNAFMIIon
Clarifying
Mechanisms in Relation to Carbon
Neutrality Bonds on the use of fundraised from green financial bonds(carbon neutrality bond) is found.

In summary, the bond should be defined as a green financial bond (carbonneutrality bond).

Signature of Assessor：

Signature of Final Assessor：

Beijing Zhongcai Green Financing Consultant Ltd.

Assessment Report Date：31st August 2021