ICBC 2022 Green Financial Bonds (Carbon Neutrality Bonds Program) Third Party Assessment Opinion Report

Carbon Neutrality Bonds Assessment
The assessment institution and the assessors have neither found evidence of
misrepresentation nor substantive error that leads to non-compliance of the bonds andthe projects to be funded in the reserve asset pool against the relevant evaluation
standards, including the PBoC Announcement No.39 [2015] for “Issuances of green
financial bonds in the interbank bond market”, the PBoC Announcement No.96 [2021]
for “Green Bonds Endorsed Projects Catalogue (2021 Edition)”, and the Notice by
NAFMII on Clarifying Mechanisms in Relation to Carbon Neutrality Bonds, by reviewing
relevant documents and communicating through interviews and emails with therelevant departments and persons from ICBC. Based on a comprehensive assessmentof the management system, project suitability, environmental benefits and use ofproceeds, the following assessment conclusions are drawn:
1. Key compliance documents of theprojects to be funded in the reserve
asset pool of the issuer have been
provided and meet the requirements.
No evidence of non-compliance withthe requirements of 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 for the suitability of projects
funded by the green financial bonds(carbon neutrality bonds) is found.

power and urban rail transportation
projects have significant carbon
emission reduction benefits andmeet the requirements of NAFMII"carbon neutrality" bonds for clean
energy and clean transportation
projects.
3. The assessment shows that theprojects to be funded in the reserve
asset pool have significant carbon
emission reduction benefits, and it isexpected to achieve an annual
carbon dioxide emission reduction of
13.53 million tonnes.

2. The ICBC plans to issue green
financial bonds (carbon neutralitybonds) in 2022 and commits to invest
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 tobe funded in the reserve asset pool
meet the requirements of green
financial bonds, and that the wind

4. The issuer has established a clear
management system and will set up
a ledger to record the use andallocation of proceeds of the bonds.
No evidence of non-compliance withthe requirements of 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 for the use of funds raisedICBC 2022 Green Financial Bonds (Carbon Neutrality Bonds Program) Third Party Assessment Opinion Reportfrom green financial bonds (carbonneutrality bond) is found.
5. The issuer's information disclosure
arrangements for the management ofproceeds, use of proceeds, thesituation and the environmental
benefits of green projects supportedby the proceeds, the information
disclosuresystemandimplementation are clear andreasonable. No evidence of noncompliance with the requirements ofthe 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 for information
disclosure of green financial bonds(carbon neutrality bonds) is found.

In summary, the projects in the reserve asset pool assessed in this report meetthe requirements of the PBoC Announcement No.39 [2015] for “Issuances ofgreen financial bonds in the interbank bond market”, the PBoC Announcement
No.96 [2021] for “Green Bonds Endorsed Projects Catalogue (2021 Edition)”, andthe Notice by NAFMII on Clarifying Mechanisms in Relation to Carbon Neutrality
Bonds for projects funded by green financial bonds (carbon neutrality bonds).
Bonds that are issued to fund the green projects in the reserve asset pool in thisreport should be defined as green financial bonds (carbon neutrality bonds).

Signature of Assessor：

Signature of Final Assessor：

Beijing Zhongcai Green Financing Consultant Ltd.

Assessment Report Date：20th February 2022