APPLEINC.
GREENBOND
FRAMEWORKOVERVIEWANDSECOND-PARTY
OPINIONBYSUSTAINALYTICS
February16,2016
VikramPuppala(Toronto)
MeganWallingford(Toronto)
RebeccaDreyfus(NewYork)
AssociateDirector,
SeniorAdvisor,
SeniorAdvisor,
AdvisoryServicesTeam
AdvisoryServicesTeam
InstitutionalRelations
vikram.puppala@sustainalytics.com
megan.wallingford@sustainalytics.com
rebecca.dreyfus@sustainalytics.com
(+1)6473173694
(+1)6473173689
(+1)6465618994|(+1)9172325117
www.sustainalytics.com
©Sustainalytics2016
TABLEOFCONTENTS
1. PREFACE
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2. FRAMEWORKOVERVIEW
2.1 Introduction
2.2 UseofProceeds
EligibilityCriteria
EligibleProjects
2.2.1ProjectSelectionProcess
2.2.2ManagementofProceeds
2.2.3Reporting
AllocationReporting
ImpactReporting
ProjectReporting
2.2.4ComplianceReview
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3. SUSTAINALYTICS’OPINION
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1. PREFACE
SustainalyticshasbeenretainedbyAppleInc.tosupport,reviewandprovideanopiniononitsgreenbond
framework and its alignment with the Green Bond Principles 2015. As part of this engagement,
Sustainalytics reviewed relevant public and internal documents, and held conversations with Apple’s
legal, treasury and sustainability teams to understand the planned use of proceeds, project selection
process,andmanagementandreportingforitsgreenbond.
Thisdocumentcontainstwosections: 1) FrameworkOverview,whichincludesasummaryofApple’sgreenbondframework;and
2) Sustainalytics’Opinion,whichisasecondpartyopinionontheframework.
2. FRAMEWORKOVERVIEW
2.1 Introduction
Appleisissuingagreenbondthataimstofundprojectsthatarefocusedonenvironmentalsustainability
acrossitsglobalbusinessdivisionsandoperations.
Theseprojectswillalignwithitsthreeenvironmentalpriorities1:
1. reducing its impact on climate change by using renewable energy sources and driving energy
efficiencyinitsfacilities,productsandsupplychain;
2. pioneeringtheuseofgreenermaterialsinitsproductsandprocesses;and,
3. conservingpreciousresources.
The following section summarizes Apple’s green bond framework including the use of proceeds, the
managementofproceeds,andreporting.
2.2 UseofProceeds
Applewillallocateanamountequaltothenetproceedsfromsalesofthegreenbondtoinvestmentsin
oneormoreprojectsthatareeligibleaccordingtothebelowcriteria.
EligibilityCriteria
Inorderforaprojecttobefundedwithgreenbondproceeds,theprojectmustmeetoneormoreofthe
followingcriteria:
1
EnvironmentalResponsibilityReport2015,page3,
http://images.apple.com/ca/environment/pdf/Apple_Environmental_Responsibility_Report_2015.pdf.
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1.
EXPENDITURESRELATEDTONEWANDONGOINGRENEWABLEENERGYPROJECTS ,SUCHASSOLARAND
WINDPROJECTS ,ORTHEASSOCIATEDENERGYSTORAGESOLUTIONS . Context: As one of its environmental priorities, Apple has identified renewable energy use as a key
strategytoreduceitsclimatechangeimpacts.Thecompanyhascommittedtopoweringallofitsfacilities
globally,includingcorporateoffices,retailstoresanddatacentres,with100percentrenewableenergy2.
Inits2015EnvironmentalResponsibilityReport,Applestatesthatithasto-datemadesignificantprogress
infulfillingitsoperationalenergyuseneedswithrenewableenergybyinvestinginadiversityofrenewable
energytechnologiesincludingsolar,wind,biogasfuelcells,micro-hydropower,andgeo-thermalpower.
UseofProceeds:Proceedsofthegreenbondmaybeallocatedtonewandongoingrenewableenergy
projects, including, but not limited to, solar and wind projects. Apple will also consider projects that
provideenergystoragesolutionsforrenewableenergy.
2.
EXPENDITURES RELATED TO PROJECTS THAT HAVE RECEIVED WITHIN THE LAST THREE YEARS , OR ARE
EXPECTED TO RECEIVE , CERTIFICATION OF
LEED GOLD OR PLATINUM OR BREEAM VERY GOOD,
EXCELLENT,OROUTSTANDING“GREENBUILDING”STANDARDS.
Context:Applereportsthatenvironmentaldesign,managementandoperationoffacilitiesareapriority
forthecompany.ItsMaiden,NorthCarolinadatacenter,forexample,hasalreadyearnedLEEDPlatinum
certification.
Use of Proceeds: Proceeds of the green bond may be allocated to green buildings that have or are
expectedtoreceiveeitherLEEDorBREEAMcertificationatthehighestlevels:LEEDGoldorPlatinum,or
BREEAM Very Good, Excellent, or Outstanding. For existing buildings, certification must have been
receivedwithinthelastthreeyears.
3.
EXPENDITURESRELATEDTOTHEIMPLEMENTATIONOFENVIRONMENTALDESIGNELEMENTSFORNEWOR
ONGOINGBUILDINGDEVELOPMENTS ,SUCHASHIGHPERFORMANCEMECHANICALSYSTEMS ,NATURAL
VENTILATION ,ON -SITERENEWABLEENERGYANDHIGHPERFORMANCELIGHTINGSYSTEMS . Context:Applestatesthatconsideringtheenvironmentinthedesignofanewbuildingorrenovationsof
existingfacilitiesisapriority.ThecompanyarticulatesinitsEnvironmental,HealthandSafetyPolicy3a
commitment to designing its facilities in a manner that promotes energy efficiency and protects the
environment. For example, environmental design is a key consideration in its new Apple campus in
Cupertino, where it aims to construct a facility that is highly energy efficient and entirely powered by
renewableenergy.
2
EnvironmentalResponsibilityReport,
http://images.apple.com/ca/environment/pdf/Apple_Environmental_Responsibility_Report_2015.pdf.
3
Apple’sEnvironmental,HealthandSafetyPolicyStatement,
http://images.apple.com/ca/environment/pdf/Apple_Environmental_Responsibility_Report_2015.pdf.
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UseofProceeds:Proceedsofthegreenbondmaybeallocatedtoprojectsthatenabletheimplementation
ofenvironmentaldesignelementsintoneworongoingbuildingdevelopments,orrenovations.These
projects may or may not be part of LEED- or BREEAM-certified buildings or include energy efficiency
projectsatexistingfacilities.Projectsthatmeetcriteria#2and/or#4areexcludedinthiscriterioninorder
to avoid double counting. Projects may include, but are not limited to, high-performance mechanical
systems,naturalventilation,on-siterenewableenergyandhigh-performinglightingsystems.
4.
EXPENDITURESRELATEDTOENERGYEFFICIENCYPROJECTSANDTECHNOLOGIESATITSCORPORATE
FACILITIES ,SUCHASHEATING ,VENTILATIONANDAIRCONDITIONINGSYSTEMSUPGRADES ,LIGHTING
RETROFITSANDENERGYMONITORSANDCONTROLS .
Context: In its 2015 Environmental Responsibility Report, the company states that it considers energy
efficiency to be the first step in achieving net zero energy, and the company views its own facilities,
including its corporate campuses, retail offices and data centres, as an important starting point for
fulfillingitsenvironmentalcommitments.In2014,Applelaunchedanenergyefficiencyprogramforits
corporateandretailfacilitiesacrossAsia,EuropeandtheUnitedStates.
Use of Proceeds: Proceeds of the green bond may be allocated to energy efficiency projects and
technologies, including but not limited to, heating, ventilation, and air conditioning system upgrades,
lightingretrofits,andtheinstallationofenergymonitorsandcontrolsatthecompany’sexistingcorporate
facilities,retailofficesanddatacentres.
5.
EXPENDITURESRELATEDTOWATEREFFICIENCYPROJECTSANDTECHNOLOGIESATITSCORPORATE
FACILITIES ,SUCHASUPGRADESTOWATEREFFICIENTFIXTURESANDWATEREFFICIENTIRRIGATIONAND
INCREASEDUSEOFRECYCLEDWATER .
Context:Applestatesthatitrecognizestheimportanceofconservingnaturalresources,suchaswater,as
one of its environmental priorities. The company seeks to conserve water by maximizing its use of
recycled water, and reducing water use in manufacturing, cooling, landscaping, and sanitation. The
companytracksanddisclosesinits2015EnvironmentalResponsibilityReport,itscompany-levelwater
usage,aswellasitswaterusebyfacilitytype(datacentres,corporateoffices,andretailstores).
UseofProceeds:Proceedsofthegreenbondmaybeallocatedtoprojectsandtechnologiesthatleadto
greaterwaterefficienciesatitsexistingcorporate facilities,including,butnotlimitedto,upgradingto
waterefficientfixtures,implementingwaterefficientirrigationsystems,andprojectsandtechnologies
thatincreasetheuseofrecycledwater.
6.
EXPENDITURESRELATEDTOPROJECTSTHATENHANCERECYCLING ,MATERIALRECOVERYANDREUSE ,AND
LANDFILLWASTEDIVERSIONFORITSPRODUCTSANDFACILITIES .
Context:Asreflectedinits2015EnvironmentalResponsibilityReport,Appleiscommittedtoconserving
resources,recyclingmaterials,andwastemanagement,bothwithrespecttoitsproductsanditsfacilities.
Ontheproductandpackagingside,Applehassoughttousemorerecycled,recyclableandsustainable
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plant-basedmaterials;reducetheamountofmaterialsusedinitsproducts;and,throughitsReuseand
Recycling program, enable customers to recycle electronic waste. Within its facilities, the company
maintainsrecyclingandcompostingprograms,andin2014itachieveda68percentrateofdivertingwaste
fromlandfillsatitscorporateandretailfacilities.
UseofProceeds:Proceedsofthegreenbondmaybeallocatedtoprojectsthatenhancerecycling,material
recoveryandreuse,andlandfillwastediversion.
7.
EXPENDITURES RELATED TO PROJECTS AND TECHNOLOGIES THAT FACILITATE THE USE OF GREENER
MATERIALS IN ITS PRODUCTS THROUGH (I ) THE USE OF BIO -BASED MATERIALS , (II ) THE USE OF
RECYCLABLEMATERIALSOR (III )ELIMINATIONOFTOXICSUBSTANCESTHATARECOMMONLYUSEDIN
THE INDUSTRY IN ACCORDANCE WITH ITS REGULATED SUBSTANCES SPECIFICATION (AVAILABLE AT
HTTP ://WWW .APPLE .COM /ENVIRONMENT /REPORTS /).
Context: Using greener materials in its products is an important environmental goal reflected in the
company’sthreeenvironmentalpriorities.
AllofApple’sproductsmustcomplywiththerestrictionslistedinitsRegulatedSubstancesSpecification,
whichdescribesApple’sglobalrestrictionsontheuseofcertainchemicalsubstancesormaterialsinits
products,accessories,manufacturingprocesses,andpackagingusedforshippingproductstocustomers.
This Regulated Substances Specification is a comprehensive list of substances with Chemical Abstracts
Service(CAS)registrynumbersthatidentifyuniquesubstances.Applerequiresitssupplierstoadhereto
thisRegulatedSubstancesSpecificationandtodemonstratecompliancebyprovidingtestreportsfrom
certified labs as proof of compliance. Apple derives these restrictions from international laws or
directives,agencyoreco-labelrequirements;anditspoliciesstatethatinmanycases,thecompanymust
go beyond minimum legal requirements. Examples of international laws and directives focused on
restrictingtoxicsubstanceuseinclude,butarenotlimitedto:
• REACHSVHCs:EU’sRegistration,Evaluation,Authorisation,andRestrictionofChemicals(REACH).
Substances that may have serious and often irreversible effects on human health and the
environmentcanbeidentifiedassubstancesofveryhighconcern(SVHCs).
• OzonedepletingchemicalscitedbytheMontrealProtocol.
• OSPAR:OSPARListofChemicalsforPriorityAction,OSPARConventionfortheProtectionofthe
MarineEnvironmentoftheNorth-EastAtlantic,2004.
• CleanProductionAction(CPA):GreenScreen®forSaferChemicals,2014.
Apple has also made progress in incorporating recycled and bio-based content in their products. For
example,asreportedinthecompany’s2015EnvironmentalResponsibilityReporttheMacProspeakers
andiPadAir2contain30percentpost-consumerrecycledplastic,andthebutterflymechanismofthe
MacBookkeyboardcontains67percentbio-basedcontent.
UseofProceeds:Proceedsofthegreenbondmaybeallocatedtoprojectsthatincreasetheuseofgreener
materialsinApple’sproducts.Thecompanydefinesgreenermaterialsasthosematerialsthatarebio-
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basedmaterials,and/orrecyclablematerialsandarenotconsideredtoxicsubstances(accordingtoits
RegulatedSubstanceSpecification).
EligibleProjects
Anyprojectthatmeetstheaboveeligibilitycriteria,includingthenewandongoingdevelopmentsofsuch
projects,areeligibletobefundedinwholeorinpartbyanallocationofthegreenbondproceeds.
EligibleprojectsmayincludeprojectsofApple’ssubsidiariesthatmeettheeligibilitycriteria.
2.2.1 ProjectSelectionProcess
Apple’sEnvironment,PolicyandSocialInitiatives(EPSI)teamwill:
(i)
assessanddetermineprojecteligibility;and,
(ii)
recommendanallocationofproceedstoeligibleprojects.
Theseprojectsaredevelopedandmanagedbycentralteams,whichareprimarilybasedinCupertino.
Forexample,ApplehasaGlobalEnergyTeamthatmanagesallcorporaterenewableenergyandenergy
efficiencyprojects;centralizedRealEstate&Facilitiesteamsthattrackandplanforallfacilities
worldwide,includinggreenbuildingsanditsnewcampus;andaGlobalDataCentreteamthatmanages
theglobalexpansionofitsdatacentres.
Apple’sfinancedepartmentwilltracktheallocationofthegreenbondproceedsandproduceaninternal
quarterlyreportthatwillbereviewedbymembersofApple’sEPSIteam.Thisinternalreportwillinclude
detailsforprojectsthathavebeenrecommendedforallocation,suchasabriefdescriptionoftheproject,
thecountryinwhichtheprojectislocated,andtheamountofproceedsallocatedtotheproject.Apple’s
EPSIteamwillallocategreenbondproceedsonasemi-annualbasisandensurethateachprojectmeets
theeligibilitycriteriaandatleastoneofApple’sthreeenvironmentalpriorities.
Thecompany’sVicePresidentofEnvironment,PolicyandSocialInitiativeswillapprovethefinalallocation
ofproceeds.
2.2.2 ManagementofProceeds
The proceeds from the green bond will be managed by Apple’s finance department. Pending the
allocation of the green bond proceeds, the company will temporarily invest an amount equal to the
balanceoftheproceedsincash,cashequivalentsand/orU.S.treasurysecurities.Paymentofprincipal
andinterestonthegreenbondwillbemadefromthecompany’sgeneralfundsandwillnotbedirectly
linkedtotheperformanceofanyeligibleprojects.
Appleexpectstospendthemajorityofgreenbondproceedswithintwoyearsofthedateofissuance.
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2.2.3 Reporting
Throughoutthetermofthegreenbond,untiltheproceedshavebeenfullyallocatedtoeligibleprojects,
Applecommitstopublishingannualupdatesoftheallocationoftheproceedsandimpactofprojectsthat
havereceivedallocations.Theannualallocationandexpectedimpactevaluationwillbereportedasa
separate green bond report. These updates will be published on the company’s website at
investor.apple.com.
ApplemayincludeitsgreenbondreporteitherbyreferenceorasanappendixinitsannualEnvironmental
ResponsibilityReport.
AllocationReporting
Applecommitstopublishinganannualreportdetailingtheaggregateallocationoftheproceeds.
Totheextentpracticable,Applealsointendstoreporttheallocationtoeligibleprojectsatacategory
level,whichisconsistentwiththeeligibilitycriteria,subjecttoconfidentialityobligations.Thesereports
willbeaccompaniedby:
a. AletterfromSustainalytics,withrespecttothecomplianceofprojects,withtheeligibilitycriteria
(seesection2.2.4ComplianceReviewforfurtherdetails);
b. Anassertionbymanagementthatthenetproceedsofthisofferingwereallocatedtoqualifying
eligibleprojects;and
c. Areportfromanindependentregisteredpublicaccountingfirminrespectofitsexaminationof
management’sassertionconductedinaccordancewithattestationstandardsestablishedbythe
AmericanInstituteofCertifiedPublicAccountants.
Allocationreportingwillbeavailabletotheinvestorswithinoneyearfromthedateofthegreenbond’s
issuance,andannuallythereafter.
ImpactReporting
Inadditiontoitsallocationreporting,Applecommitstopublishingannualupdatesonthe
environmentalimpactsoftheprojectsfundedwithgreenbondproceeds.
Whererelevant,ApplewillreportonthefollowingKeyPerformanceIndicators(KPIs)inaggregatefor
greenbondprojects:
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KeyPerformanceIndicators
RenewableEnergy
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Renewableenergyinstalledcapacity(kWorMW)
Energyproducedfromrenewablesources(kWhorMWh)
GHGemissionsavoided(inCO2etons)
EnergyEfficiency
•
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Energysavedaggregate(kWh)
Energysavedduetobuildingretrofitsordesign(kW)
Water
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Waterusesavings(gallons)
Waste
•
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Wastedivertedfromlandfills(tonsor%diversion)
Wasterecycledorcomposted(tons)
ResourceUse
•
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Bio-basedmaterialuse(%ofmaterialinproduct)
Recycledcontentuse(%materialinproduct)
Inaddition,ifrelevant,Applewillprovidealistofbuildingsthatarecertified,orareexpectedtobecome
certified, LEED Gold or Platinum, or BREEAM Very Good, Excellent, or Outstanding, to which bond
proceedshavebeenallocated;andwillreportthenumberandtypeoftoxicsubstancesremovedfromits
productsandaccessories.
ProjectReporting
Subjecttoconfidentialityconsiderations,Applewillprovideadditionaldescriptionsofselectprojects
fundedwithgreenbondproceeds.
2.2.4ComplianceReview
In addition to its own annual reporting, Apple will obtain a letter from Sustainalytics, with respect to
Apple’s green bond projects’ compliance with the eligibility criteria. Sustainalytics will review a broad
sampleofprojectsfromthetotalallocatedprojectsinordertodeterminewhethertheymeettheuseof
proceedscriteriadefinedintheframework.Sustainalyticswillprovideareportoftheevaluation,which
Applemaydisclosepublicly.Inanunlikelyeventthataprojectdoesnotmeettheeligibilitycriteria,Apple
willreallocatethegreenbondproceedstoadifferentprojectthatmeetsthecriteria.
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3. SUSTAINALYTICS’OPINION
EnvironmentalPrioritiesandESGPerformance:Inits2015EnvironmentalResponsibilityReport,Apple
outlinesthreeenvironmentalpriorities:(1)reducingitsimpactonclimatechangebyusingrenewable
energyandachievingenergyefficiencyinitsproducts;(2)conservingpreciousresources;and(3)using
greenermaterialsinitsproductsandservices.Apple’sgreenbondalignswithitsenvironmentalpriorities:
each one of Apple’s green bond eligibility criteria supports at least one of its three environmental
priorities.Inaddition,thecompanyhasnotbeeninvolvedinanysignificantenvironmentalcontroversies.
Taking into consideration its strategic approach, commitments, and overall ESG rating, Sustainalytics
believesthatAppleiswellpositionedtoissueagreenbond.
Use of Proceeds: Apple’s project eligibility criteria address specific areas for environmental impact
includingrenewableenergy;greenbuildingdesign,constructionandretrofit;energyandwaterefficiency;
andwastemanagement.Itsgreenbuildingeligibilitycriteriaisbasedonthirdpartycertificationstandards
ofLEEDandBREEAM,andthecompanyisaligningwithindustrybestpracticesbyfocusingonLEEDGold
or Platinum, or BREEAM Very Good, Excellent, or Outstanding, levels of certification. Further, after
reviewing the use of proceeds criteria regarding projects and technologies that facilitate the use of
greener materials in its products through: (i) the use of bio-based materials, (ii) the use of recyclable
materialsor(iii)eliminationoftoxicsubstancesthatarecommonlyusedintheindustry,Sustainalytics
believesthattheseprojectsarelikelytopositivelyimpactthesustainabilityofApple’sproducts.Overall,
SustainalyticsisoftheopinionthatApple’sprojecteligibilitycriteriaarecredibleandrobust,andthatby
selectingprojectsbasedonthesecriteria,Appleiseffectivelytargetingitsgreenbondproceedsatprojects
thatwillcontributetoreducingApple’soverallenvironmentalimpact.
ProjectSelectionProcess:Applehasacentralizedaccountingandfinancesystemthatcapturesbudgets
andactualspendforalleligibleprojectcategories.Inaddition,these projects aremanagedby central
teams,whichareprimarilybasedinCupertino,California.Forexample,ApplehasaGlobalEnergyTeam
thatmanagesallcorporaterenewableenergyandenergyefficiencyprojects;andcentralizedRealEstate
&Facilitiesteamsthattrackandplanprojectsforitsfacilitiesworldwide.Havingacentralizedaccounting
system,andcentralizedmanagementandoversightforprojectsthatreceiveanallocationofthegreen
bond proceeds will ensure consistency in complying with the eligibility criteria. The aforementioned
projectselectionprocessesandcommitmentsaregreenbondmarketbestpractices.
ManagementofProceeds:Pendingallocationofgreenbondproceeds,themanagementofgreenbond
proceedsisinlinewithacceptedpracticesofagreenbondissuanceandwithGreenBondPrinciples2015.
Reporting: Apple will publish annual updates on the allocation of its green bond proceeds and the
estimated environmental impact of projects that have received allocation. Due to confidentiality
concerns, where possible Apple intends to disclose its allocation at an aggregate, category-level,
consistentwiththeeligibilitycriteria.Inaddition,onacase-by-casebasis,Applewillprovideadditional
descriptions of select projects that have received allocations. Apple’s commitment to undertake an
annualthirdpartycompliancereviewandthirdpartyuseofproceedsattestationassuresinvestorsthat
the selected projects meet the eligibility criteria and that the funds are properly allocated. Finally,
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Sustainalytics believes that Apple has selected Key Performance Indicators (KPIs) that will provide a
meaningfulmeasureoftheenvironmentalbenefitsofitsgreenbond.
Conclusion: Through its green bond, Apple aims to invest in projects that contribute to achieving its
environmentalprioritiesacrossitsglobaloperationsandproducts.Apple’sgreenbondframeworkaligns
with the four pillars of the Green Bond Principles 2015. The company has established clear project
eligibilitycriteriathatalignwithitsenvironmentalprioritiesandsupportitseffortstoreduceitsoverall
environmentalimpact.Apple’splantousetheproceedsofthegreenbondforrenewableenergy,green
building, energy and water efficiency, and waste management projects aligns with green bond best
practices. The company’s plan to undertake projects that eliminate the use of toxic substances in its
productsthatadverselyimpacthumanhealthandtheenvironmentisespeciallynoteworthy.Finally,the
company’sapproachtoselectingprojectsandmanaginggreenbondproceedsisrobust,anditsreporting
ontheuseofproceeds,withKPIsthatcaptureenvironmentalimpact,isreasonablytransparent.These
processeswillprovideassurancetoinvestorsthatfundsarebeingappropriatelytracked,managedand
allocated. Based on the above considerations, Sustainalytics is of the view that Apple’s green bond is
robustandcredible.
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Disclaimer
Allrightsreserved.Nopartofthissecondpartyopinion(the“Opinion”)maybereproduced,transmitted
orpublishedinanyformorbyanymeanswithoutthepriorwrittenpermissionofSustainalytics.
TheOpinionwasdrawnupwiththeaimtoexplainwhytheanalyzedbondisconsideredsustainableand
responsible.Consequently,thisOpinionisforinformationpurposesonlyandSustainalyticswillnot
acceptanyformofliabilityforthesubstanceoftheopinionand/oranyliabilityfordamagearisingfrom
theuseofthisOpinionand/ortheinformationprovidedinit.
AstheOpinionisbasedoninformationmadeavailablebytheclient,Sustainalyticsdoesnotwarrantthat
theinformationpresentedinthisOpinioniscomplete,accurateoruptodate.
NothingcontainedinthisOpinionshallbeconstruedastomakearepresentationorwarranty,expressor
implied,regardingtheadvisabilitytoinvestinorincludecompaniesininvestableuniversesand/or
portfolios.Furthermore,thisOpinionshallinnoeventbeinterpretedandconstruedasanassessmentof
theeconomicperformanceandcreditworthinessofthebond,nortohavefocusedontheeffective
allocationofthefunds’useofproceeds.
Theclientisfullyresponsibleforcertifyingandensuringitscommitments`compliance,implementation
andmonitoring.
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