ICO Green and Social Bonds

150 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

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