#1Instituto de Crédito Oficial Instituto de Crédito Oficial Investor Presentation February 2023#2Instituto de Crédito Oficial 1 2 3 Index Instituto de Crédito Oficial Funding profile ICO Social and Green Bonds 2#3PRESENT A 4 100 Instituto de Crédito Oficial AAAAA AAA AA AA AAA 4 1 Instituto de Crédito Oficial IT&P 3#4Instituto de Crédito Oficial 100% State- owned Institution The Kingdom of Spain Financial Agency Instituto de Crédito Oficial axis 1971 ICO was founded Creation of AXIS, ICO's venture capital subsidiary 1991 Launching of ICO Second-Floor Facilities Creation of Fundación ICO fundación 1986 State Financial Agency and National Promotional Bank 1993 1996 MUSEO ICO ICO's Museum was born Supervised as a credit institution by the Central Bank of Spain Based on the principle of financial equilibrium FFPP (Fund for the Financing of Suppliers Payments) and FLA [Regional Liquidity Mechanism) 2013 2008 Launching of Fond- ICO Global ICO issues the 1st Social Bond in Spain 2019 2015 1st ICO Green Bond 2020 Lines Mission: To promote economic activities that contribute to the growth and improved distribution of wealth COVID-19 Guarantee 2021 Joining Nasdaq Network Sustainable Bond N Implementing Partner UE ° e 4#5Instituto de Crédito Oficial Purposes and Functions To achieve its objectives, ICO performs three main functions NATIONAL PROMOTIONAL BANK + INSTRUMENT OF ECONOMIC AND FINANCIAL POLICY + STATE FINANCIAL AGENCY Financing companies, SMEs and self-employed in Spain and abroad Second Floor facilities Channelled through financial entities Direct financing Loans, credit lines, project finance, guarantees Complementary Financing Bonds, promissory notes, securitizations Private capital and Venture capital AXIS FondICO Global, FondICO Pyme, FondICO Infra II Instrument of Economic and Financial Policy National Joint implementation of initiatives from ministries, dependent agencies, regions, local corporations European Union Channelling of EU resources Implementing partner MFF 21-27 Invest EU Connecting Europe Facility European Guarantee Fund Next Generation EU Management of Public Funds (off-balance sheet) ICO COVID guarantee lines on behalf of the Ministry of Economic Affairs Internationalization FIEM - CARI on behalf of the Ministry of Industry, Commerce and Tourism Development Cooperation FONPRODE - FCAS on behalf of the Ministry of Foreign Affairs Territorial Funds, regions and local corporations on behalf of the Ministry of Finance 5#6150 Instituto de Crédito Oficial 140 120 100 80 80 60 60 40 40 20 20 0 ICO counter-cyclical role ICO, in its capacity as a national promotional bank, has traditionally worked countercyclically through the macroeconomic phases in the Spanish economy. ICO serves to mitigate "credit crunches" through increased credit production during economic downturns. Financing mobilized by Government guarantee line ICO Covid-19 (total, bn €) ICO lending (€ bn) vs economic activity (GDP %) 141 20 15 107 10 5 0 -5 -Guarantee received (bn €) -Financing mobilized (bn €) -10 Mar-20Jun-20 Sep-20 Dec-20Mar-21 Jun-21 Sep-21 Dec-21Mar-22Jun-22 Source: ICO -15 GDP growth (real %) Ihs -----ICO new business (€ bn) + guarantees covid-19 rhs 2001 2002 2003 2004 2005 2006 2007 2008 Source: ICO, INE 2009 2010 2011 2012 2013 30 5.5 20 10.0 10 2014 2015 2016 2017 2018 2019 2020 2021 2022 0 -10 -20 00#7Empty#8Million € Instituto de Crédito Oficial Covid-19 special measures (II) Total financing channeled to the self-employed and Spanish companies: €141 billion Total guaranteed amount: €107 billion More than 98% of operations have been subscribed by SMEs (especially micro-SMEs) and self-employed More than 1.2 million operations have been approved under these programmes Distribution by Sector of Activity (Liquidity + Investment Guarantee Lines): 25,000 20,000 15,000 10,000 5,000 0 Tourism, Leisure & Culture Construction & Infastructure Business, Professional & Administrative Services Consumer Goods and Retail Commercial Distribution of Food and Beverages Capital and Industrial Goods Agriculture, Livestock and fishing Transport and logistics Automotive and Transport Material Textile and Fashion Industry and Retail Guarantee Requested (Million EUR) Industry and Health Services TIC Real Estate Services Food and Beverage Industry Energy Education Industry Paper, Wood and services Environment Chemical industry Metallurgy and other Materials Financing (Million EUR) Number of deals Extractive industries Data as at 30th June 2022, when the application period for COVID-19 guarantee lines ended 0 250,000 200,000 150,000 100,000 50,000 8 Number r of deals#9Instituto de Crédito Oficial Covid-19 special measures (III) Guarantee Programme for Mid-Caps Guarantees of up to 70% for short-term financing issued in MARF Final figures: These guarantees have been materialized through 100 transactions that represent a total issued volume of €1,156 Million. Support and flexibility measures for loans with public guarantee extend the maturity term of loans with public guarantee for an additional period convert the loans with public guarantee into participating loans direct transfers to reduce the principal of the debt with public guarantee, with the limit of the funds established for each organization that has granted guaranteed loans: €2,750 Million for guarantees managed by ICO €400 Million Tourism Sector specific second- floor facility Includes a guarantee line provided by the Ministry of Industry, Trade and Tourism of up to 50% of the principal of the loan. Interested companies applied through the collaborating financial entities for loans up to €500,000, with a maximum fixed interest rate of 1.5% and a term between 1 and 4 years, plus a grace period of 1 year. Covid-19 Direct Loans ICO has provided direct funding with medium to long term maturities for several companies, to smooth the impact of Covid-19 on their activity, including syndicated loans benefiting from up to a 70% government guarantee. The application period for COVID-19 guarantee lines ended last 30th June Guarantees are managed by ICO on behalf of the Government. No credit impact on ICO financial accounts stemming from the guarantees. 6#10Instituto de Crédito Oficial Ukraine war special measures €10 billion Liquidity Guarantee Line Guarantee Line within the framework of the National Response Plan to the war in Ukraine The purpose of this Guarantee Line is to cover the corresponding part of the new financing operations granted by financial entities to companies and self-employed from all productive sectors (except the financial and insurance sectors), which are affected by the economic effects of the war in Ukraine, such as the increase in energy prices, raw materials or electricity. The line is intended to finance liquidity needs of the companies and self-employed (current expenses, working capital and investments). Guarantees are managed by ICO on behalf of the Government. No credit impact on ICO financial accounts stemming from the guarantees. 10 10#11Instituto de Crédito Oficial 1 Financing application Second-floor facilities scheme Risk Final customer Analysis Banks Funds delivery Loan Signature Funds refund 3 III Funds refund Funds delivery 5 ICO 6 4 Processing flows Funds flows Instituto de Crédito Oficial Bonds and loans Markets & Supras 11#12Instituto de Crédito Oficial Second-floor facilities On-lending facilities by sectors (As at 31/12/2022) AGRICULTURE, FORESTRY & FISHING TOURISM, LEISURE & CULTURE TRANSPORT & STORAGE CONSTRUCTION 10.09% 9.99% 8.62% 8.01% INDUSTRY CHEMISTRY 7.10% 6.92% ADMINISTRATION & SUPPORT SERVICES WHOLESSALE TRADE: FOOD FOOD SERVICES 6.83% 5.76% 5.51% RETAIL 4.72% AUTOMOTIVE & TRANSPORT EQUIPMENT 4.45% TIC 4.09% REAL ESTATE 3.72% HEALTH 2.83% NATURAL ENVIRONMENT METALLURGY & OTHER MATERIALS PAPER TEXTILE & FASHION ENERGY OIL & FUEL INDUSTRIES 2.43% 2.14% 2.12% 1.74% 1.47% 1.02% EDUCATION 0.44% 12#13Instituto de Crédito Oficial Direct financing Outstanding amount by sectors (As at 31/12/2022) ENERGY ADMINISTRATION & SUPPORT SERVICES TRANSPORT & STORAGE CONSTRUCTION NATURAL ENVIRONMENT 23.29% 16.79% 16.43% 14.28% 7.86% TOURISM, LEISURE & CULTURE 6.73% 5.06% TIC 2.70% AUTOMOTIVE & TRANSPORT... METALLURGY & OTHER MATERIALS 2.18% WHOLESSALE TRADE: FOOD 1.54% INDUSTRY 0.99% CHEMISTRY 0.44% FOOD SERVICES 0.40% HEALTH 0.33% OIL & FUEL INDUSTRIES 0.32% TEXTILE & FASHION 0.32% RETAIL 0.18% REAL ESTATE 0.10% 0.06% EDUCATION AGRICULTURE, FORESTRY & FISHING 0.01% 13#14Instituto de Crédito Oficial Investment Distribution Domestic direct loans 47% O SME & other second- floor loans abroad 6% Direct loans abroad 18% Domestic SME & other second-floor loans 29% ICO loan portfolio is roughly split 65-35 between direct lending and second floor facilities 24% of the loan book is international As at 31/12/2022 14#15Instituto de Crédito Oficial Financial highlights (I) 2018 2019 2020 2021 31/12/2022* Total assets (Mill. EUR) 36,237 31,823 34,386 37,766 29,775 Equity & reserves¹ (Mill. EUR) 5,246 5,257 5,202 5,354 5,515 Pre-tax profit (Mill. EUR) 112.91 149.25 97.55 171.70 178.11 Net interest income (Mill. EUR) -96.54 -28.06 -10.63 104.55 125.73 Gross revenue (Mill EUR) 55.23 90.53 88.22 181.86 204.58 Profitability ROA 0.28% 0.44% 0.29% 0.49% 0.53% Tier I Ratio 40.54% 41.11% 37.21% 35.36% 33.62% Non-Performing Loans Direct Loans 6.31% 4.72% 4.16% 3.81% 3.67% Total loans incl. second floor loans 3.19% 2.43% 2.33% 2.33% 2.31% Provision coverage ratio 154% 168% 145% 157% 171% Efficiency Ordinary Expenditure/ATA 0.10% 0.12% 0.12% 0.13% 0.14% Source: ICO * Unaudited figures (1) Eligible capital for solvency purposes. According to the forty-ninth Additional Provision of Act 42/2006 on the General-Government Budget Act, Tier | Ratio may in no case fall below 9.50%. ICO's own funds are of the highest quality (only equity and reserves). ICO has not issued neither subordinated debt, preferred stocks, contingent convertibles nor any other hybrid instruments. 15#16Instituto de Crédito Oficial Total Assets (EUR billion) 36.2 34.4 31.8 Financial highlights (II) TIER I capital ratio % 37.8 41% 41% 29.8 37% 35% 34% 2018 2019 2020 2021 dec22* 2018 2019 2020 2021 dec22* 8% 7% 6% 5% 4% 3% 2% 1% 0% 2018 NPL Ratios % Provision coverage ratio % 168% 154% 3.77% 3.67% 2.31% 171% 157% 145% 2019 2020 2021 dec22* 2018 2019 2020 2021 dec22* ICO Direct Loans ICO Total Loans (incl. mediation) Total Spanish Financial System Source: ICO *unaudited figures 16#17PRESENT A 4 Instituto de Crédito Oficial 2 Funding Profile AAA AAA AA AA AA A IT&P 17#18Instituto de Crédito Oficial Top quality guarantee Direct Explicit Irrevocable Unconditional Credit: key points S&P A / Stable DBRS A / Stable Fitch Moody's A- / Stable Baa1 / Stable Guaranteed by the Kingdom of Spain 0%* risk weighted * Minimum risk applicable in accordance with European Prudential Regulations. Prudent risk management Minimizing rate, currency and liquidity risks Sound balance sheet 18#19150 Instituto de Crédito Oficial Funding policy 2023 Total expected funding in 2023 €5-6 billion EUR Benchmark transactions Promotion of the sustainability bond market: further issuance of Social and Green Bonds Preference for short to medium maturities Access to non-euro markets 19#20Funding activity Instituto de Crédito Oficial € billion 10.2 5.8 0.3 bn raised as at January 2023 6.2 5.7 5.8 4.9 4.3 4.0 4.0 0.3 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 As at 31st January 2023 20 20#21€ Million Instituto de Crédito Oficial Covid-19 500 500 500 April-23 July-23 October-23 January-24 April-24 July-24 October-24 January-25 April-25 Benchmark Curve July-25 October-25 January-26 500 500 500 500 500 April-26 July-26 October-26 EUR Social Bond January-27 April-27 July-27 October-27 January-28 April-28 EUR Green Bond As at 31/01/2023 21#22100 Instituto de Crédito Oficial Spain 14% By Region Benelux 11% Asia & ME 15% Italy 10% Borrowing Profile (benchmark transactions 2022) By Investor Type Banks 28% Rest of Europe 7% Nordics 4% UK & Ireland 2% Germany & Austria 18% France 19% SRI Investors 50% By ESG participation General 50% CB & Ois 23% Insurance & PFs 15% AM 34% As at 31/12/2022 22#23Instituto de Crédito Oficial Liability Breakdown Repo, ECB & Deposits 13% Loans 15% ECP 13% 0 Bonds 32% Equity & Reserves 18% Provisions & other liabilities 9% Total Liabilities: €29,775 Million As at 31/12/2022 23#24PRESENT A 4 Instituto de Crédito Oficial AA 3 ICO Social and Green Bonds AA AAA AAA AAA 4 IT&P 24 24#25Instituto de Crédito Oficial ICO Social & Green Bond Issuance ICO issued its inaugural social bond in early 2015 when no guidelines were still established on this regard. Since this first issuance, ICO has demonstrated its leadership in the social bond market, having issued 9 social bonds amounting to over €4,550 Million, so far. ICO reinforced this commitment to the sustainable bond market with the debut on the green bond market in 2019. Since then, the institution has issued 4 green bonds amounting to €2,000 Million. ICO has become a referent in the sustainable bond market by having issued more than €6,550 Million in different types of sustainable bonds that will help to contribute to a more sustainable world. 2015 Inaugural Social Bond €1 billion Largest Social Bond ever issued in capital markets at that time. 2016 Social Bond €500 Million 016 GlobalCapital SRI Awards Best Social Bond of the year 2017 Social Bond €500 Million SEK 500 Million First Social Bond ever issued in Swedish Krona 2018 Social Bond €500 Million 2019 Social Bond €500 Million Inaugural Green Bond €500 Million 2020 Covid-19 Social Bond 2021 Green Bond €500 Million Green Bond €500 Million Social Bond €500 Million €500 Million Green/SRI Awards GlobalCapitalAwards The Social Bond Principles Third prize EMEA Green/SRI Bond Deal of the Year 2022 Green Bond €500 Million Social Bond €500 Million 25#26Instituto de Crédito Oficial ICO Green Bond Framework Updated June 2021 Framework (June 2021) Aligned with best in class market standards The Green Bond Principles FINANCE Project Categories Renewable energy Green buildings bio Energy efficiency eco Clean transportation GREEN BOND FRAMEWORK June 2021 Pollution prevention and Control Environmentally sustainable management of living natural resources and land use H2 Hydrogen production & storage Sustainable water and wastewater management 50 Second Party Opinion (June 2021) Second-Party Opinion Instituto de Crédito Oficial Green SUSTAINALYTICS SECOND- Bond Framework PARTY OPINION Evaluation Summary SUSTAINABLE DEVELOPMENT GOALS NO POVERTY ZERO HUNGER 3 GOOD HEALTH AND WELL-BEING AFFORDABLE AND CLEAN ENERGY SSS QUALITY EDUCATION GENDER EQUALITY CLEAN WATER AND SANITATION DECENT WORK AND ECONOMIC GROWTH INDUSTRY, INNOVATION AND INFRASTRUCTURE 10 REDUCED INEQUALITIES 11 SUSTAINABLE CITIES AND COMMUNITIES ON LAND 16 PEACE JUSTICE AND STRONG INSTITUTIONS 17 PARTNERSHIPS FOR THE GOALS CLIMATE ACTION LIFE 14 BELOW WATER 15 LIFE Framework: https://www.ico.es/documents/20124/39589/Green+Bond+Framework+Junio.pdf/d19a5839-08c8-0307-e85e-e73ec0921307?t=1624438845883 SPO: https://www.ico.es/documents/20124/39589/Green+Bond+Framework+second+party+opinion+June.pdf/72c8ddfe-0fa6-f28d-5f72-dcd769a035a3?t=1624438585496 P 12 RESPONSIBLE CONSUMPTION AND PRODUCTION 8 26 26#27Instituto de Crédito Oficial 22% 13% Latest ICO Green Bond Reporting May 2022 Green Bond €500 Million 0% due April 2027 launched June 2021 (ISIN XS2356033147) 40% -24% Breakdown by energy source Chile 1.8% UK 11.4% Spain 46% Portugal 40.8% Refinancing 64% Breakdown by country 100 GREEN BOND REPORTING Good lu New financing 36% Green Bond Reporting Institut de Cridits Oficial Share of financing vs refinancing - Portfolio Review (Sustainalytics) Type of Project Energy Energy Capacity Production Installed Distributed (MW) (MWh) No. Charging points Distance (Km) Estimated Charge 2023 (MWh) Annual GHG emissions avoided (Tn CO2e) Allocated million EUR Wind Power 524 1,456,400 36,092 122,140,997 Solar Power (*) 654 1,460,000 47,474 112,392,398 Hydropower 1,158 300,000 21,953 200,000,000 Clean transportation Total 2,336 3,216,400 2,345 3,600,000 2,345 3,600,000 10,686 8,592 65,466,605 10,686 114,111 500,000,000 (*) Solar Power includes Photovoltaic sources (100%) Methodology: https://www.ico.es/documents/20124/39589/Metodology+GB EN web+.pdf/159e4d30-1bd4-6c8d-d1b6-537cd8c56871?t=1620317186969 Reporting: https://www.ico.es/documents/20124/39589/Reporting+ICO+GB+june+2021+v1.pdf/f33b0066-3f9f-81b0-83f2-c010a8ebefc6?t=1653041650584 27#28Instituto de Crédito Oficial Netherlands 14% Germany & Austria 15% Last Green Bond GREEN BOND €500 Million 1.3% Oct 2026 Issued in May 2022 By Region Italy 14% Spain 12% UK & Ireland 4% Nordics 4% Rest of Europe 4% France 18% Asia 15% SRI Investors 55% Insurance & PFS 25% By ESG participation By Investor Type Banks 22% General 45% AM 32% CB & Ois 21% 28#29150 Instituto de Crédito Oficial ICO Social Bond Framework (I) Updated March 2020 ICO's first Social Bond Framework was dated January 2015. This framework positioned ICO at the forefront of the Social Bond market, having issued 6 Social Bonds amounting over €3.5 billion. ICO has the intention to go further on the contribution to the development of a sustainable financial market. In this line, ICO updated its framework in 2020 to better reflect its social objectives as a promotional bank Use of Proceeds Process for Project Evaluation and Selection Management of Proceeds 2. The Social Bond Principles 3. 4. Reporting 5. External Review CroChicul SUSTAINALYTICS SECOND- PARTY OPINION "Sustainalytics is of the opinion that the ICO Social Bond Framework is credible and impactful, and aligns with the four core components of the Social Bond Principles 2018." SOCIAL BOND FRAMEWORK March 2020 Framework: https://www.ico.es/documents/20124/39727/ICO+Social+Bond+Framework+ .pdf/eed05f52-8425-e25d-9c3e-868b5766da80?t=1631617624178 SPO: https://www.ico.es/documents/20124/39586/ICO+Social+Bond+Framework+Second-Party+Opinion+Final.pdf/2c86d1aa-3704-c6f9-693a-06229b4d7e1e?t=1620315424254 29 29#30150 Instituto de Crédito Oficial Project Category SME Lending (1) Economically underperforming regions SME Lending (2) Depopulation SME Lending (3) Natural disasters Socioeconomic advancement and empowerment Social Housing Access to essential services Affordable basic infrastructure ICO Social Bond Framework (II) Updated March 2020 Definition Second floor facilities Loans to SMEs established in economically underperforming regions of Spain Loans to SMEs established in municipalities of Spain facing depopulation, hence supporting the fight against the 'Empty Spain' Loans to support SMEs and self-employed affected by any natural / health disaster (pandemics, earthquakes, floods, droughts...) Direct lending Programs that support the Socioeconomic advancement and empowerment (projects aiming at supporting, integrating and providing basic services to vulnerable population or developing job security/basic needs / equal opportunities) Loans dedicated to the development and provision of Social Housing, including renovation, maintenance and improvement of social housing projects and Social Housing with adapted rents to disadvantaged targeted populations Healthcare, education, professional training or financing for companies facing natural / health disasters (pandemics, earthquakes, floods, droughts...) Water and sanitation, connectivity and digital access NO 1POVERTY DECENT WORK AND ECONOMIC GROWTH *** GENDER 5 EQUALITY GOOD HEALTH 1 AND WELL-BEING 6 POVERTY SDG QINDERSTINY BENOVATION 10 REM.CO INEQUALITIES 4 AND NASTRUCTURE DECENT WORK AND 8 ECONOMIC GROWTH 11 QUALITY EDUCATION SUSTAINABLE CITIES AND COMMUNITIES CLEAN WATER AND SANITATION INDUSTRY, INNOVATION AND INFRASTRUCTURE REDUCED 10 ECUALITIES DECENT WORK AND ECONOMIC GROWTH Socioeconomic advancement and empowerment Axis Venture Capital Investments in Social Funds providing funding to social enterprises, recognized as European social entrepreneurship fund, aligned with the European Union regulation for Social entrepreneurship funds. POVERTY GENDER EQUALITY DECENT WORK AND ECONOMIC GROWTH REDUCED 10 INEQUALITIES 30 30#31Instituto de Crédito Oficial Latest ICO Social Bond reporting September 2022 Social Bond EUR 500 mn 0.25% due April 2025 launched Nov 2021 (XS2412060092) €500 Million for social projects that have help movilize €710 Million funds 1% • • Social Housing • €9.2 Million allocated SME 75% SME Lending (1) Economically underperforming regions • €373.25 Million allocated 4,998 projects financed 36,227 jobs created and/or retained DECENT WORK AND ECONOMIC GROWTH INDUSTRY NOVAROM ANTINIRASTRUCTURE 10 HEQJAUTIES REDUCE) 1(0 SOCIAL BOND REPORTING Social Sond launched Neveer 2001 SME + 81 homes, in order to be incorporated into the rental market for vulnerable groups 15 out of these 81 houses have enabled 15 families to be asigned a home adapted to their mobility problems 1 POVERTY 11 SALE S AND CONVITES i 3% Socioeconomic advancement • and empowerment €35 Million allocated 300 people with disabilities provided with a new job opportunity Social Bond Reporting Instituto de Crédito Oficial GOOD HEALTH 8 ECONOMIC GROWTH DECENT WORK AND 10 EQUALITIES REDUCED 3 AND HELL-BEING + • Access to essential services (1) Access to healthcare €15.85 Million allocated . 1 hospital built • 7% 207 beds 339,494 patients benefitting from healthcare or medical treatment 3 GOOD HEALTH AND WELL-BEING Access to essential services (4) Access to financing for companies facing natural / health disasters: • €69 Million allocated 14% • 3 projects financed 1,458 jobs created and/or retained Portfolio Review (Sustainalytics) W 8 ECONOMIC GROWTH DECENT WORK AND INDUSTRY, INNOVATION ANE INFRASTRUCTURE 10 EQIALTIES REDUCED 31 Reporting https://www.ico.es/documents/20124/39505/Reporting+SB+NOV+2021.pdf/25e3fb12-3b90-3855-a084-b3034c1e6ebd?t=1663669827996 Metodology: https://www.ico.es/documents/20124/39586/Methodology+report+on+the+employment+impact+of+ICOs+Social+Bond.pdf/522b672b-9f0e-ea04-67de-056afdad3f6e?t=1620315420704#32150 Instituto de Crédito Oficial Last Social Bond 9th ICO SOCIAL BOND EUR 500 mm 2.65% January 2028 Issued in September 2022 By Region By Investor Type Asia & Benelux 8% Spain 16% Italy 7% ME 15% O France 19% Nordics 4% Rest of Europe 10% Germany & Austria 21% SRI Investors 45% By ESG participation Banks 31% General 55% CB & Ois 25% O AM 35% Insurance & PFS 9% 32 32#33Instituto de Crédito Oficial Antonio Cordero Chief Financial Officer Contacts [email protected] ICO GREEN AND SOCIAL BONDS Supporting sustainable growth in Spain Sergio Sierra [email protected] Head of Funding and Treasury Ana Guardia [email protected] Head of Capital Markets Nagore Llorente de Pablo Capital Markets [email protected] Elisa Fernández de la Peña Capital Markets [email protected] www.ico.es @ [email protected] ICO <GO> Paseo del Prado 4 28014 Madrid Investing In ICO Green and Social Bonds provides the opportunity to take part in the transition of the Spanish economy to a more sustainable growth model. ICO is playing a key role on the current recovery and transformation process and has been a ploneer in the Sustainable Bond market in Spain, gaining extensive experience and providing confidence and attractive returns. Instituto de Crédito Oficial The Kingdom of Spain's Financial Agency Disclaimer: None of the information displayed constitutes an offer of securities for sale, or recommendation to purchase, to hold or sell any securities in the U.S.A. or in any other jurisdiction in which such offer or recommendation is not authorized. ICO has not registered, and does not intend to register, any of its securities (nor the guarantee thereof has been or will be registered) under the U.S. Securities Act of 1993 (the Securities Act) or any applicable US State Securities Laws or to conduct a public offering of securities in the U.S.A. ICO is complying with rules concerning the exemption from the registration of its securities under the Securities Act, by which those securities will be offered only for sale to "qualified institutional buyers" (QIBS) pursuant to rule 144A. This information is not directed at and may not be distributed to any person in any jurisdiction in which the access to this information is legally limited (v gr. USA -except QIBS- Canada, Japan, Australia). 33