1、1Annual Green Bond Impact Report|Fiscal Year 2023 UpdateAnnual Green Bond Impact ReportFiscal Year 2023 UpdateHolmen Iggesund joined Apples Supplier Clean Energy Program in 2023.Holmens Blbergsliden wind farm features 26 turbines and is located just outside of Skellefte,Sweden.2Annual Green Bond Imp

2、act Report|Fiscal Year 2023 UpdateContentsApples green bonds 2Process for selecting projects and quantifying benefits 3Cumulative allocation and benefits 4Featured projects 5Appendix 11 Sustainalytics Review 12 Ernst&Young LLP Use of Proceeds Examination 182Annual Green Bond Impact Report|Fiscal Yea

3、r 2023 UpdateApples green bondsApple is committed to leaving the world better than we found it,and that commitment is considered in everything we do from how we design our products to the processes we use to make and recycle them.We have long sought to model how businesses can lead in driving the re

4、duction of global carbon emissions,and our green bonds have helped Apple to demonstrate that leadership.We issued our first$1.5 billion green bond in February 2016 and our second$1 billion green bond in June 2017 to help advance projects to mitigate our impact on climate change and inspire others to

5、 do the same.Both of these green bonds are fully allocated.In November 2019,we proceeded with our third green bond issuance,and our first in Europe raising 2 billion(approximately$2.2 billion)across two tranches(the“2019 Green Bond”).The 2019 Green Bond supports environmental efforts across the comp

6、any,as well as our ambitious goal to reach carbon neutrality across Apples entire carbon footprint,including the full product life cycle,by 2030.1 We first aim to leverage low-carbon product design,energy efficiency,clean electricity,and direct emissions abatement to reduce emissions by 75 percent b

7、y 2030,compared with our fiscal year 2015 carbon footprint.We then plan to address residual emissions by investing in high-quality carbon removal solutions.This years annual impact report covers the cumulative allocation of Apples 2019 Green Bond proceeds to environmental projects that incurred spen

8、d between September 29,2019,and September 30,2023 Apples 2023,2022,2021,and 2020 fiscal years.$4.7 billionSince February 2016,Apple has issued a total of$4.7 billion in green bonds,with approximately$3.4 billion allocated to date.3Annual Green Bond Impact Report|Fiscal Year 2023 UpdateProcess for se

9、lecting projects and quantifying benefitsThe 2019 Green Bond proceeds are intended to prioritize projects that mitigate our carbon emissions,including supporting the execution of Apples 2030 carbon neutrality roadmap.Our Environment,Policy and Social Initiatives team leads an annual evaluation and p

10、roject selection process to identify projects eligible for green bond proceeds.The final allocation of net proceeds to eligible projects is determined by our vice president of Environment,Policy and Social Initiatives,based on each projects alignment with the 2019 Green Bond eligibility criteria:low

11、 carbon design and engineering,energy efficiency,renewable energy,carbon mitigation,and carbon sequestration.2Apple allocated proceeds to a variety of project types across the eligible categories,including operational projects with immediate direct carbon benefits,capacity-building projects that ena

12、ble suppliers to achieve carbon emissions reductions,and research and development that will unlock future carbon reductions once scaled.For many projects,were able to quantify a direct carbon benefit.When this is possible,we calculate the carbon impact over the projects lifetime by estimating the an

13、nual carbon emissions reductions or removals of each project3 and multiplying it by the projects expected lifetime based on the underlying contracts.Were also quantifying the new renewable energy capacity were adding to the grid through the renewable energy projects to which weve allocated green bon

14、d proceeds based on the terms of our agreements with project developers.4Annual Green Bond Impact Report|Fiscal Year 2023 Update*A number of projects to which green bond proceeds were allocated since issuance are dedicated to research anddevelopment,capacity building,and policy advocacy.These types

15、of projects have an indirect carbon benefit andtherefore are not reflected in the Projected Environmental Benefits quantified above.*This number represents power purchase agreements(PPAs)and virtual power purchase agreements(vPPAs)where Apple is the sole investor,and obtains environmental attributes

16、 that are applied to our corporate carbon footprint.Apples investments also support capacity from which we do not directly obtain environmental attributes.We also co-invest with other partners.The capacity from both of these kinds of investments are not included in the number above.Apples combined i

17、nvestments,including those made with partners,have resulted in over 2,000 MW installed renewable energy capacity from the 2019 Green Bond issuance through fiscal year 2023.2019 Green Bond Cumulative AllocationFiscal year 2023 updateProjects$864.2 million(39%allocated)By Eligibility Category(in milli

18、ons)4Low-carbon design$87.9Energy efficiency$5.5Renewable energy5$683.4Carbon mitigation$8.9Carbon sequestration$78.5Projected Environmental Benefits6 The 70 projects to which Apple allocated 2019 Green Bond funds since issuance are estimated to result in the following direct environmental benefits.

19、*13,800,000 metric tons CO2eLifetime greenhouse gas emissions to be mitigated or offset7 707 MW*Installed renewable energy capacity705Annual Green Bond Impact Report|Fiscal Year 2023 UpdateFeatured projectsIn fiscal year 2023,we continued to expand the projects that support our 2030 carbon neutralit

20、y goal,with investments in R&D,renewable energy,and other environmental initiatives.What follows are select examples of the projects to which Apple allocated green bond funds in fiscal year 2023.While we introduced 11 new projects in fiscal year 2023,the majority of our spend was allocated to contin

21、uing long-term environmental initiatives necessary to reach our carbon neutrality goal.The full list of projects with detailed descriptions and key performance indicators was provided to Sustainalytics for their second-party review(see the Appendix for the Sustainalytics Review Statement).Clean ener

22、gy for product useThe electricity that our customers use to charge or power their Apple devices represents 24 percent of Apples gross carbon footprint.8 Increasing the energy efficiency of our products helps drive down emissions from product use,and were taking steps to address the emissions that re

23、main.In fiscal year 2023,weve allocated green bond proceeds to our investment in the 320-megawatt,2300-acre IP Radian Solar project in Brown County,Texas,which is now fully funded.And in fiscal year 2023,we began to fund several new solar projects in Michigan.Over the next several years,we aim to he

24、lp generate enough clean energy so that we can match the electricity consumption of our products globally on an annual basis,while continuing to power corporate offices,retail stores,and data centers with 100 percent renewable electricity.Apple is investing in renewable energy worldwide including th

25、is large-scale solar project in Brown County,Texas to help address the electricity customers use to charge or power their Apple devices.6Annual Green Bond Impact Report|Fiscal Year 2023 UpdateRecycled materialsThe use of recycled materials is central to our goal of making carbon neutral products by

26、2030.Incorporating recovered materials into our design process has already helped us lower the carbon footprint of the products we create.But to maximize the use of recycled content,additional research and development is needed.In fiscal year 2023,we continued to allocate green bond funds to further

27、 investigate ways to address challenges in improving the purity of recovered materials so they can be reused in Apple products instead of being downcycled.Reducing emissions in Apples supply chainEmissions from our manufacturing supply chain represent approximately 65 percent of Apples comprehensive

28、 carbon footprint,9 of which electricity use is the single largest contributor.Weve worked to address these electricity emissions in our supply chain through targeted supplier programs,like the Supplier Clean Energy Program and the Supplier Energy Efficiency Program.In fiscal year 2023,we continued

29、to allocate green bond proceeds to both of these programs.Supplier Energy Efficiency ProgramThe Supplier Energy Efficiency Program,launched in 2015,aims to help our suppliers optimize energy use in their facilities by focusing on approaches to reduce energy use and avoid energy waste.We provide tech

30、nical and planning support to suppliers as they build more energy-efficient systems by helping them to recognize optimization opportunities and identify solutions through assessments and audits.To assist with implementation,we connect suppliers to extensive education and training opportunities,inclu

31、ding technical assistance resources,and to external funding and green financing for energy efficiency projects.Typical energy efficiency projects may include replacing outdated or inefficient heating,cooling,and lighting systems;repairing compressed air leaks;and recovering waste heat.As suppliers b

32、ecome more knowledgeable in this space,they become more able to tackle deeper decarbonization challenges.7Annual Green Bond Impact Report|Fiscal Year 2023 UpdateSupplier Clean Energy ProgramOur Supplier Clean Energy Program helps enable suppliers transition to clean,renewable electricity through lev

33、ers such as policy advocacy,information about renewable energy procurement options,data insights,and engagement opportunities with renewable energy experts.As of September 2023,more than 300 manufacturers are committed to using 100 percent clean energy for their Apple production by 2030,which repres

34、ents over 90 percent of the companys direct manufacturing spend.10 Capacity building.We share the knowledge weve gained throughour own transition to 100 percent renewable energy with our suppliers,supplementing their efforts to identify and pursue opportunities to decarbonize as their businesses evo

35、lve.For this reason,we invest heavily in providing education and training across our supply chain through platforms such as our Clean Energy Academy,which includes advanced and customized trainings and workshops with leading experts.Additionally,the Clean Energy Academy supplements our Clean Energy

36、Portal,which is available to all suppliers and provides training materials,resources,and country-specific information to guide them in their transition to renewable energy.Advocating for strong policy.Government policies and rules can present some of the most significant opportunities to collaborate

37、 on transitioning to renewables.We lend our voice and stand with other companies and stakeholders to break down local,regional,and national policy barriers to achieve thriving clean energy markets.In fiscal year 2023,we allocated green bond proceeds to policy efforts in Japan,Vietnam,India,and South

38、 Korea.Expanding renewable energy opportunities.To support our suppliers transition to renewable electricity,we help them find high-quality solutions so they can decide how best to address their specific needs.When we face barriers to accessing cost-effective clean electricity,we innovate.One such i

39、nnovation,the China Clean Energy Fund,enables Apple and our suppliers to invest in clean energy,and in fiscal year 2023,we allocated additional green bond proceeds to the fund.8Annual Green Bond Impact Report|Fiscal Year 2023 UpdateNature-based solutionsTo reach our goal of carbon neutrality for our

40、 products by 2030,we allocated green bond proceeds to invest in high-quality carbon removal projects through Apples Restore Fund for the small portion of emissions were not yet able to avoid through other methods.In partnership with Conservation International and Goldman Sachs,weve invested with thr

41、ee high-quality forestry managers in Brazil and Paraguay to restore sustainably certified working forests and protect native forests,grasslands,and wetlands.Together,these initial forestry projects are forecast to remove 1 million metric tons of carbon dioxide from the atmosphere starting in 2025.We

42、 aim for these projects to become certified under the Verified Carbon Standard(VCS)and the Climate,Community&Biodiversity Standards(CCBS).Based on our learnings with these projects and the growing global need for more nature-based solutions,Apple announced an expansion of the Restore Fund in fiscal

43、year 2023.As part of the expansion,Apple will invest up to an additional$200 million in the new fund,which Climate Asset Management a joint venture of HSBC Asset Management and Pollination will manage.The new portfolio aims to remove 1 million metric tons of carbon dioxide per year at its peak while

44、 generating a financial return for investors.For Apple suppliers that become partners in the fund,it will also offer a new way for them to incorporate high-impact carbon removal projects as they decarbonize.Apple and partners are working with forestry managers to create responsibly managed forests t

45、hat optimize for both carbon and wood production,creating revenue from timber and generating high-quality carbon credits.Photo by Arbaro Advisors.9Annual Green Bond Impact Report|Fiscal Year 2023 UpdateCarbon footprint modeling improvementsAs our low-carbon manufacturing processes evolve,so do our t

46、echniques for measuring Apples footprint.In fiscal year 2023,we again allocated green bond funds to several projects intended to improve the fidelity,scalability,speed,and breadth of Apples carbon models,and to improve the carbon modeling of Apples use of new recycled content in products.The 2019 Gr

47、een Bond also continued to support our work with the sustainable semiconductor technologies and systems research program of imec,a world-leading research and innovation hub in nanoelectronics and digital technologies.Our collaboration is focused on improving the data associated with integrated circu

48、it production,from end to end,and using improved data and shared expertise to identify carbon reduction opportunities for the entire integrated circuits industry.10Annual Green Bond Impact Report|Fiscal Year 2023 UpdateReport Notes1.We plan to reach carbon neutrality beginning with our fiscal year 2

49、030 carbon footprint.2.Across our other environmental reporting,we also use the term“emissions abatement”for“carbon mitigation”and“carbon removal”for“carbon sequestration.”3.Notes on Projected Environmental Benefits:We estimated future environmental benefits of projects that are not yet fully operat

50、ional,including carbon emissions avoided or removed,energy capacity,and annual renewable energy generation.To estimate carbon emissions avoided for renewable energy projects and renewable energy certificates(RECs),we use regional grid emissions factors as well as projections for annual electricity g

51、eneration or the MWh associated with RECs.For the Restore Fund,we estimated the total carbon removal potential over the lifetime of the projects.There is inherent uncertainty in all of these projections.There is currently no generally accepted accounting principle to measure or account for many of t

52、hese metrics,and our measurement methodologies may change.Projects dedicated to research and development or capacity building are not quantified,as their carbon benefit while we believe is often sizable is indirect and may take place across Apples global supply chain.Proceeds from Apples 2019 Green

53、Bond were allocated to new and ongoing projects.For ongoing,multiyear projects,we included the spend that occurred during the fiscal year allocation period and the estimated environmental benefits of the entire completed project.We changed our methodology for quantifying the benefits of eligible pro

54、jects to a project lifetime calculation in fiscal year 2022.We believe a lifetime calculation to be a better method of quantifying the impact of these projects compared to the prior calculation methodology that entailed estimating annual emissions reductions,as our projects range from 1 to 25 years

55、well beyond the maturity of the 2019 Green Bond and related impact reporting.4.The green bond allocations above do not capture financial returns from project investments.As a result,the information provided does not capture a full view of the net abatement costs to Apple.5.Renewable energy spend inc

56、ludes equity investments,long-term contracts like power purchase agreements(PPAs)and virtual power purchase agreements(vPPAs),as well as some renewable energy credits,equity investments,and long-term environmental attribute purchase agreements.For PPAs/vPPAs,the allocated amount is calculated as the

57、 net present value of future cash flows based on estimated annual production in megawatts and power price over the contract term.Because of this allocation methodology,the financial allocations to the 2019 Green Bond use of proceeds may not proportionally match the carbon contributions that we expec

58、t from each category of Apples 2030 carbon neutrality roadmap.6.See note 2.7.Starting with fiscal year 2022,were calculating greenhouse gas emissions mitigated or offset using the projected lifetime benefits of eligible projects from cumulative allocations for the period from fiscal year 2020 to fis

59、cal year 2023.Project lifetimes range from 1 to 25 years.8.Based on our fiscal year 2022 carbon footprint.9.Based on our fiscal year 2022 carbon footprint.10.Direct manufacturing spend calculated based on fiscal year 2022 financial information.This Green Bond Report(the“Report”)contains forward-look

60、ing statements,within the meaning of the Private Securities Litigation Reform Act of 1995,that involve risks and uncertainties.Such forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any his

61、torical or current fact.For example,statements in this Report regarding the potential future impact of allocated projects are forward-looking statements.Forward-looking statements can also be identified by words such as“future,”“goal,”“anticipates,”“believes,”“estimates,”“expects,”“intends,”aims,”“p

62、lans,”“predicts,”“projected,”“will,”“would,”“could,”“can,”“may,”and similar terms.Forward-looking statements are not guarantees of future performance and Apples actual results may differ significantly from the results discussed in the forward-looking statements.Factors that might cause such differen

63、ces include,but are not limited to,those discussed in the“Risk Factors”sections of Apples most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings as filed with the Securities and Exchange Commission.Apple assumes no obligation to revise or update any forward-looking st

64、atements for any reason,except as required by law.This Report has been prepared for information purposes only.Apple does not make any warranties or representations as to the completeness or reliability of the information,opinions or conclusions expressed herein.This Report is not intended to provide

65、 the basis for the evaluation of any securities issued by Apple.This Report should not be construed and does not constitute an invitation,recommendation or offer to subscribe for or purchase any of Apples securities.Under no circumstances shall Apple or its affiliates be liable for any loss,damage,l

66、iability or expense incurred or suffered which is claimed to have resulted from use of this Report.2024 Apple Inc.All rights reserved.Apple and the Apple logo are trademarks of Apple Inc.,registered in the U.S.and other countries.March 202411Annual Green Bond Impact Report|Fiscal Year 2023 UpdateApp

67、endixSustainalytics Review Ernst&Young LLP Use of Proceeds Examination Sustainalytics 2024 Apple Inc.Type of Engagement:Annual Review Date:24 February 2024 Engagement Team:Akshay Chandrakapure, Sidharth P R, Introduction In 2019,Apple Inc.(“Apple”)issued green bonds(the“2019 Green Bond”)to finance p

68、rojects that have positive environmental impacts,with the goal of reducing the carbon footprint associated with Apples own operations and more broadly across its entire value chain.In 2023,Apple engaged Sustainalytics to review the projects to which green bond proceeds were allocated during Apples f

69、iscal year 2023 and provide an assessment as to whether the projects met the use of proceeds criteria and the reporting commitments outlined in the Apple Green Bond Framework(the“Framework”).1 Sustainalytics provided a Second-Party Opinion on the Framework in November 2019.2 This is Sustainalytics f

70、ourth annual review of allocation and reporting of the instruments issued under the Framework,following previous reviews for Apples allocations for fiscal years 2020,3 2021,4 and 2022.5 Evaluation Criteria Sustainalytics evaluated the projects to which green bond proceeds were allocated in Apples fi

71、scal year 2023(between 24 September 2022,and 30 September 2023)based on whether the projects financed:1.Met the use of proceeds and eligibility criteria defined in the Framework;and 2.Reported on at least one key performance indicator(KPI)for each use of proceeds category defined in the Framework.Ta

72、ble 1:Use of Proceeds Categories,Eligibility Criteria and Associated KPIs 1 For Apples Green Bond Framework,see the section“Use of Proceeds”in the Prospectus Supplement dated November 7,2019 filed with the U.S.Securities and Exchange Commission and available at https:/www.sec.gov/Archives/edgar/data

73、/320193/000119312519288412/d804226d424b2.htm#supptoc804226_8 2 Sustainalytics,“Second-Party Opinion,Apple Inc.”,(2019),at:https:/mstar-sustops-cdn-mainwebsite- 3 Sustainalytics annual review of Apples Framework for the 2020 fiscal year is available on Apples website at:https:/ 4 Sustainalytics annua

74、l review of Apples Framework for the 2021 fiscal year is available on Apples website at:https:/ 5 Sustainalytics annual review of Apples Framework for the 2022 fiscal year is available on Apples website at:https:/ 6 Starting fiscal year 2022,Apple changed its methodology for quantifying the carbon b

75、enefits of eligible projects to a project lifetime calculation.As a result,Apple has revised its KPIs and is reporting on two KPIs for allocations:1)Lifetime carbon benefit of projects(tCO2e),which will also capture the previously reported average annual GHG emissions avoided KPI,and 2)Renewable ene

76、rgy capacity(MW).Apple believes that this change enables it to better reflect total benefits,while accounting for varying project lifetimes.7 Lifetime greenhouse gas emissions mitigated or offset includes the combined impact of all projects over the course of their lifetimes which range from 1 to 25

77、 years.Use of Proceeds Category Eligibility Criteria Key Performance Indicators(KPIs)6 Low Carbon Design and Engineering Expenditures related to the development or procurement of less carbon-intensive products and materials(compared to an established“pre-activity”baseline),such as improving product

78、power usage efficiency,using materials produced from manufacturing processes requiring lesser greenhouse gas emissions,or Lifetime carbon benefit(MT)7 Renewable energy capacity(MW)Annual Review Apple Inc.2 Issuers Responsibility Apple is responsible for providing accurate information and documentati

79、on relating to the details of the projects to which green bond proceeds have been allocated,including description of projects,amounts allocated and project impact.Independence and Quality Control Sustainalytics,a leading provider of ESG research and ratings,conducted the verification of the use of p

80、roceeds from Apples 2019 Green Bond.The work undertaken as part of this engagement included collection of documentation from Apple and review of said documentation to assess conformance with the Framework.Sustainalytics relied on the information and the facts presented by Apple with respect to proje

81、cts to which green bond proceeds were allocated for Apples 2023 fiscal year.Sustainalytics is not responsible,nor shall it be held liable for any inaccuracies in the opinions,findings or conclusions herein due to incorrect or incomplete data provided by Apple.Sustainalytics made all efforts to ensur

82、e the highest quality and rigor during its assessment process and enlisted its Sustainability Bonds Review Committee to provide oversight of the review.sourcing materials with recycled or renewable content.Energy Efficiency Expenditures related to the development of energy efficiency projects intend

83、ed to reduce emissions in new or existing corporate and supply chain facilities,such as sensors and controls,energy management systems,and facility design,commissioning,and retrofits.Renewable Energy Expenditures related to the development of renewable energy projects intended to reduce emissions in

84、 Apples corporate facilities and supply chain,such as solar and wind projects,or associated energy storage solutions,including work to advance market structures,regulations and policy that support renewable energy through coalition and capacity building.Carbon Mitigation Expenditures related to the

85、development of projects intended to reduce direct and process emissions(compared to an established“pre-activity”baseline)from Apples and our suppliers operations,such as abating direct emissions from manufacturing or sourcing non-fossil low carbon fuels Carbon Sequestration Expenditures related to t

86、he development of projects that sequester carbon,such as habitat restoration and conservation Annual Review Apple Inc.3 Conclusion Based on the limited assurance procedures conducted,8 nothing has come to Sustainalytics attention that causes us to believe that,in all material respects,the reviewed p

87、rojects do not conform with the use of proceeds and reporting criteria outlined in the Framework.Apple has disclosed to Sustainalytics that 39%of the proceeds from the 2019 Green Bond were allocated as of the close of Apples 2023 fiscal year.Detailed Findings Table 2:Detailed Findings Framework Requ

88、irements Procedure Performed Factual Findings Error or Exceptions Identified Use of Proceeds Criteria Verification of the projects to which green bond proceeds were allocated in FY2023 to determine alignment with the use of proceeds criteria outlined in the Framework and above in Table 1.All project

89、s reviewed complied with the use of proceeds criteria.None Reporting Criteria Verification of the projects to which green bond proceeds were allocated in FY2023 to determine if impact was reported in line with the KPIs outlined in the Framework and above in Table 1.All projects reviewed reported on

90、at least one KPI per use of proceeds category.None 8 Sustainalytics limited assurance process includes reviewing the documentation relating to the details of the funded projects,including description of projects,their estimated and realized costs and impact,as provided by the issuing entity,which is

91、 responsible for providing accurate information.Sustainalytics has not conducted on-site visits to projects.Annual Review Apple Inc.4 Appendices Appendix 1:Allocation Reporting by Eligibility Criteria Apple has allocated USD 157.7 million to eligible projects in its 2023 fiscal year(ending 30 Septem

92、ber 2023),and a total of USD 864.2 million to 70 projects since Apples 2020 fiscal year,as outlined in the table below:Use of Proceeds Category Net Proceeds Allocation,FY 2023 (USD million)Net Proceeds Allocation,Cumulative(USD million)Low Carbon Design 30.7 87.9 Energy Efficiency 0.5 5.5 Carbon Mit

93、igation 1.6 8.9 Renewable Energy 93.7 683.4 Carbon Sequestration 31.0 78.5 Total allocation 157.7 864.2 Net proceeds raised(USD million)2,192.9 Percentage allocation 39%Appendix 2:Reported Impact Key Performance Indicators(KPIs)Environmental Impact Reported Lifetime carbon benefit(tCO2e)9,10 13,800,

94、000 Renewable energy capacity(MW)11 707 In addition to the above quantified benefits,Apple estimates that several projects will have indirect carbon benefits across its supply chain from investments in research and development,capacity building and policy advocacy.9 Projected lifetime benefits from

95、cumulative allocations.Project lifetimes range from 1 to 25 years.As of the end of FY2023,none of the financed projects are beyond 25 years.10 GHG emissions mitigated or offset.11 Apple has communicated to Sustainalytics that this represents a cumulative impact over the life of the green bond.Annual

96、 Review Apple Inc.5 Disclaimer Copyright 2024 Sustainalytics.All rights reserved.The information,methodologies and opinions contained or reflected herein are proprietary of Sustainalytics and/or its third-party suppliers(Third Party Data),and may be made available to third parties only in the form a

97、nd format disclosed by Sustainalytics,or provided that appropriate citation and acknowledgement is ensured.They are provided for informational purposes only and(1)do not constitute an endorsement of any product or project;(2)do not constitute investment advice,financial advice or a prospectus;(3)can

98、not be interpreted as an offer or indication to buy or sell securities,to select a project or make any kind of business transactions;(4)do not represent an assessment of the issuers economic performance,financial obligations nor of its creditworthiness;and/or(5)have not and cannot be incorporated in

99、to any offering disclosure.These are based on information made available by the issuer and therefore are not warranted as to their merchantability,completeness,accuracy,up-to-dateness or fitness for a particular purpose.The information and data are provided“as is”and reflect Sustainalytics opinion a

100、t the date of their elaboration and publication.Sustainalytics accepts no liability for damage arising from the use of the information,data or opinions contained herein,in any manner whatsoever,except where explicitly required by law.Any reference to third party names or Third-Party Data is for appr

101、opriate acknowledgement of their ownership and does not constitute a sponsorship or endorsement by such owner.A list of our third-party data providers and their respective terms of use is available on our website.For more information,visit http:/ issuer is fully responsible for certifying and ensuri

102、ng the compliance with its commitments,for their implementation and monitoring.In case of discrepancies between the English language and translated versions,the English language version shall prevail.Annual Review Apple Inc.6 About Sustainalytics,a Morningstar Company Sustainalytics,a Morningstar Co

103、mpany,is a leading ESG research,ratings and data firm that supports investors around the world with the development and implementation of responsible investment strategies.For more than 30 years,the firm has been at the forefront of developing high-quality,innovative solutions to meet the evolving n

104、eeds of global investors.Today,Sustainalytics works with hundreds of the worlds leading asset managers and pension funds who incorporate ESG and corporate governance information and assessments into their investment processes.Sustainalytics also works with hundreds of companies and their financial i

105、ntermediaries to help them consider sustainability in policies,practices and capital projects.With 17 offices globally,Sustainalytics has more than 1500 staff members,including more than 500 analysts with varied multidisciplinary expertise across more than 40 industry groups.For more information,vis

106、it Or contact us Report of Independent AccountantsTo the Management of Apple Inc.:We have examined managements assertion,in Exhibit A,that$864.2 million of net proceeds from the 0.000%notes due 2025 and 0.500%notes due 2031 issued by Apple Inc.(“Apple”)were allocated,during the periodfrom September

107、29,2019 to September 30,2023(the“Reporting Period”),to qualifying Eligible Projects thatmeet one or more of the Eligibility Criteria(each as defined in the“Use of Proceeds”section of the ProspectusSupplement dated November 7,2019,to the Prospectus dated November 5,2018,filed by Apple on November8,20

108、19,with the Securities and Exchange Commission pursuant to Rule 424(b)(2)under the Securities Act of1933,as amended).Apples management is responsible for the assertion,having a reasonable basis for itsassertion,selection of the Eligibility Criteria and the allocation,during the Reporting Period,of a

109、mounts toEligible Projects that meet one or more of the Eligibility Criteria.Our responsibility is to express an opinion onthe assertion based on our examination.Our examination was conducted in accordance with attestation standards established by the American Instituteof Certified Public Accountant

110、s(“AICPA”).Those standards require that we plan and perform the examinationto obtain reasonable assurance about whether managements assertion is fairly stated,in all material respects.An examination involves performing procedures to obtain evidence about managements assertion.The nature,timing,and e

111、xtent of the procedures selected depend on our judgment,including an assessment of the risks ofmaterial misstatement of managements assertion,whether due to fraud or error.We believe that the evidencewe obtained is sufficient and appropriate to provide a reasonable basis for our opinion.We are requi

112、red to be independent of Apple and to meet our other ethical responsibilities,as applicable forexamination engagements set forth in the Preface:Applicable to All Members and Part 1 Members in PublicPractice of the Code of Professional Conduct established by the AICPA.Our examination was not conducte

113、d for the purpose of evaluating(i)whether funds in excess of the netproceeds were allocated to Eligible Projects during the Reporting Period,(ii)the amount allocated to eachcategory of Eligible Projects during the Reporting Period,(iii)that any payments made pursuant to any powerpurchase agreements

114、or virtual power purchase agreements to which amounts were allocated during theReporting Period were in accordance with such agreements,(iv)the environmental benefits of the EligibleProjects,(v)conformance of any Eligible Projects with any third-party published principles,standards orframeworks,such

115、 as the Green Bond Principles,dated June 2018,published by the International CapitalMarket Association or(vi)any information included in Apples Annual Green Bond Impact Report,FiscalYear 2023 Update,other than managements assertion.Accordingly,we do not express an opinion or any otherform of assuran

116、ce other than on managements assertion included in Exhibit A.In our opinion,managements assertion,included in Exhibit A,that$864.2 million in net proceeds from the0.000%notes due 2025 and 0.500%notes due 2031 issued by Apple were allocated during the ReportingPeriod to qualifying Eligible Projects t

117、hat met one or more of the Eligibility Criteria is fairly stated,in allmaterial respects.San Jose,CaliforniaFebruary 23,2024Exhibit A Apple Inc.Managements Assertion We assert that$864.2 million of net proceeds were allocated from our issuance of the 0.000%notes due 2025 and 0.500%notes due 2031,dur

118、ing the period from September 29,2019 to September 30,2023(the“Reporting Period”),to qualifying Eligible Projects that meet one or more of the Eligibility Criteria(each as defined in the“Use of Proceeds”section of the Prospectus Supplement dated November 7,2019,to the Prospectus dated November 5,201

119、8,filed by Apple Inc.(“Apple”)on November 8,2019,with the Securities and Exchange Commission pursuant to Rule 424(b)(2)under the Securities Act of 1933,as amended).The Eligibility Criteria are also set forth in Table 1 below.Apples management is responsible for this assertion,including selection of

120、the Eligibility Criteria and the allocation,during the Reporting Period,of amounts to Eligible Projects that meet one or more of the Eligibility Criteria.We worked with an outside party,a leading provider of second-party opinions for green,social,sustainability and KPI-linked bonds and loans,to prov

121、ide a second party opinion on the Apple Green Bond framework at the time of issuance.We have engaged them annually thereafter to review the projects to which net proceeds were allocated and provide an assessment as to whether the projects met the Use of Proceeds criteria and the reporting commitment

122、s outlined in our Green Bond framework.Table 1:Eligibility Criteria Low carbon design and engineering expenditures related to the development or procurement of less carbon-intensive products and materials(compared to an established“pre-activity”baseline),such as improving product power usage efficie

123、ncy,using materials produced from manufacturing processes requiring lesser greenhouse gas emissions,or sourcing materials with recycled or renewable content,Energy efficiency expenditures related to the development of energy efficiency projects intended to reduce emissions in new or existing corpora

124、te and supply chain facilities,such as sensors and controls,energy management systems,and facility design,commissioning,and retrofits,Renewable energy building on our successful transition to 100%renewable electricity at our facilities,expenditures related to the development of renewable energy proj

125、ects intended to reduce emissions in our corporate facilities and supply chain,such as solar and wind projects,or associated energy storage solutions,including work to advance market structures,regulations and policy that support renewable energy through coalition and capacity building,Carbon mitiga

126、tion expenditures related to the development of projects intended to reduce direct and process emissions(compared to an established“pre-activity”baseline)from Apples and our suppliers operations,such as abating direct emissions from manufacturing or sourcing non-fossil low carbon fuels,and Carbon se

127、questration expenditures related to the development of projects that sequester carbon,such as habitat restoration and conservation.Note 1:Apple Inc.or its subsidiaries directly invest in Eligible Projects in its own operations or its suppliers operations.Note 2:Proceeds are considered allocated upon

128、 the date of commercial operations for power purchase agreements or virtual power purchase agreements.The allocated amount is calculated as the net present value of future cash flows based on estimated annual production in megawatts and power price over the contract term.The determination of the amo

129、unt to be allocated to the power purchase agreements and virtual power purchase agreements involves estimates.Actual results could differ from those estimates and those differences may be material.Note 3:The net proceeds allocated to carbon sequestration projects include the purchase of carbon offsets.