Maxeon
Sustainability
Report 2022

Table of contents
Introduction

2

Social

39

Letters from leadership

3

Spotlight: Launch of Maxeon Gives40

About this report5Social stewardship: An overview

41

Key highlights of 2022

6

Occupational health and safety

42

About Maxeon Solar Technologies

7

Fair labour and human rights

45

Employee engagement

50

Learning and development

53

Diversity and inclusion

57

Community investment

61

A leader in solar innovation
Sustainability approach and governance

9Environmental

17

Spotlight: Launch of the SunPower One ecosystem

18

Our environmental responsibility: An overview

19

Energy and emissions

25

Water management

27

Waste
Circular economy
Environmental performance metrics

2

8

29
32
34

Social performance metrics

65

Governance70

Spotlight: Collaboration with Solar Energy
Research Institute of Singapore (SERIS)

71

Governance approach: An overview

72

Business integrity and ethics

75

Product quality, reliability and safety

79

Sustainable innovation

81

Customer engagement and satisfaction

83

Introduction

Environmental

SocialGovernance© 2023 MAXEON SOLAR TECHNOLOGIESAppendixINTRODUCTION

Letters from leadership
We are proud to present Maxeon’s third Sustainability
Report, a testament to all we have accomplished in lessthan three years as an independent company as well asa blueprint for continued improvement in the areas thatmatter most to us.
Maxeon hails from a heritage of pioneering solar innovation
dating back to 1985. With the spin-off from SunPower
Corporation in August 2020, Maxeon had a foundation ofa world-leading sustainability programme in producing
the world’s best performing solar panels, and since thenhas continued to focus on building upon its technical andsustainability excellence.

As in past years, Maxeon’s Sustainability Report covering
the 2022 reporting year aligns itself to the highest
international standards of sustainability reporting,including the Global Reporting Initiative (GRI),
Sustainable Accounting Standards Board (SASB) andthe United Nations Global Compact (UNGC).

Introduction

On behalf of the Board of Directors and Executive
Leadership Team of Maxeon Solar Technologies, we
express our sincere appreciation to our staff, partners andstakeholders for your unwavering support, and we lookforward to your continuing partnership as we enter an
exciting phase of growth for our company.

Environmental

As an independent company, Maxeon has successfully
built on this strong heritage to create a world-class ESG /sustainability programme that encompasses everything we
do as a company, starting with the quality of products we
produce and striving for a similar passion for excellencein everything else we do on the environmental, social andgovernance fronts.

Social

We were delighted to be recognized as a global leader forsustainability this year, being named in the top 1% of publiccompanies globally by Corporate Knights.

GovernanceAppendix

3

Bill Mulligan

Donald Colvin

Chief Executive Officer

Chairman of the Board of Directors© 2023 MAXEON SOLAR TECHNOLOGIESINTRODUCTION

Letters from leadership
It is hard to believe this is the third Sustainability Report
I have overseen as the Executive Sponsor of Maxeon’s
ESG programme. This is a great time to reflect on all wehave achieved as a company, as well as to look to the
future as we continue on our sustainability journey.
We are proud of the milestones achieved in 2022 andare eager to continue to Power Positive Change in asustainable and innovative manner. Our recently publishedPowering a Circular Economy: Recycling and Sustainable
Manufacturing sets forth our company-wide sustainable
practices we have been developing over the years. This
includes celebrating the industry-leading technology we
produce as well as documenting how we source the raw
materials for our products, how we manufacture, how wetransport our products and how we package them.
In 2022, Maxeon achieved Cradle to Cradle Silver
certification from the Cradle to Cradle Products Innovation
Institute for Sunpower Maxeon direct current (DC) solar
panels this year after rigorous evaluation of our sustainable
practices. Our panels were the world’s first solar panels
to earn this prestigious certification, and our Silver levelremains the highest level achieved by any solar company.
This is just one of the many ways in which we demonstrate
our steadfast commitment to the protection of theenvironment by powering a circular economy.

Of note in this year’s Sustainability Report, this year we areenhancing our reporting by beginning to use the Task Forceon Climate-related Financial Disclosures framework, known as‘TCFD’. You will see our climate-related risks and opportunities
are set forth in this year’s Report. This disclosure will be
gradually enhanced over the next three years as we continue
with the TCFD disclosure process.

Introduction

Additionally, we launched Maxeon Gives on our second
anniversary as an independent company in August 2022.
This is our corporate social responsibility (CSR) initiative.
The program sees our solar panels donated to communities
around the world and is part of our ongoing commitment
to provide access to affordable, reliable, sustainableenergy for all.
As Maxeon builds towards our 2030 ESG Long-TermTargets, we intend to grow our impact by expanding ourmanufacturing in a sustainable way and thereby furthering
our industry leadership.
We thank our internal and external stakeholders for yoursupport on our sustainability journey and look forward to
your continued collaboration in our future endeavors.

Environmental

SocialLindsay Wiedmann
Chief Legal & Sustainability Officer

GovernanceAppendix4© 2023 MAXEON SOLAR TECHNOLOGIESINTRODUCTION

About this report
Reporting scope and period

Reporting standards

Publication date

We are pleased to present our third annual Sustainability
Report (“Report”), published by Maxeon Solar Technologies,
Ltd. (the “Company” or “Maxeon”), (NASDAQ: MAXN).

This Report has been prepared in accordance with the
Global Reporting Initiative (“GRI”) Universal Sustainability
Reporting Standards 2021 and is aligned to the
Sustainability Accounting Standards Board (“SASB”): Solar
Technology Project Developers Standard. We selected
these widely accepted international reporting standards
due to their ability to enable comparability in performancethrough an industry-specific lens and year-on-year internal
analysis. Additionally, these standards aid in providing arobust framework for guiding our sustainability strategy
whilst ensuring proper performance management, tracking
and reporting. As we are headquartered in Singapore,
we also adhere to the reporting requirements set out by
Singapore Exchange (“SGX”).

This Report is published on 28 June 2023.

Furthermore, we have aligned our Report to the United
Nations Sustainable Development Goals (“UN SDGs”) andcontinue to remain committed as a signatory of the United
Nations Global Compact (“UNGC”). In FY 2022, we adopted
the Task Force on Climate-related Financial Disclosures(“TCFD”) to further our sustainability performance, promotetransparency and acknowledge the climate-related impacts
associated with our organisation and its operations.

Memberships in associations

Quality of report and assurance• Chief Financial Officer (“CFO”) Coalition for the SDGs

As a follow-up from our last published Sustainability Reporton 30 June 2022, this Report highlights our sustainability
performance and efforts across environmental, social andgovernance (“ESG”) considerations for the financial yearthat ended on 31 December 2022 (“FY 2022” or “2022”).
The Report will exemplify our sustainability strategies,
aspirations and advancements relating to our material
ESG topics, across the financial year. We continue to honeand further our sustainability commitment to our valued
stakeholders including our employees, investors, customers,
business partners, suppliers, contractors, regulators, andthe communities in which we operate, as demonstrated
within this Report.
The Sustainability Report supplements Maxeon’s Annual
Report 2022, reporting on the same period, which can befound on our website.

Restatement of information
We have restated our 2020 and 2021 training hours datain this Sustainability Report due to an update in Maxeon’s
Learning Management System, which resulted in a moredetailed and accurate breakdown of the training hours.

Environmental

Feedback
Maxeon welcomes any questions or feedback on thisReport. For more information, please contact our Global
Environmental, Social and Governance Lead, Stella Chan, at
esg@maxeon.com.

Social• United Nations Global Compact (“UNGC”)• Australian Packaging Covenant (“APCO”)• Supplier Ethical Data Exchange (“SEDEX”)• Declare – International Living Future Institute (“Declare”)• Cradle to Cradle Products Innovation Institute(“Cradle to Cradle”)

We engage external experts to verify alignment of ourSustainability Report content with the requirements of the
GRI Standard. Whilst we do not seek external assurance forthis Report, we have robust systems to ensure the accuracyof the information reported. We plan to seek external
assurance within the next three years.
5

Introduction

GovernanceAppendix© 2023 MAXEON SOLAR TECHNOLOGIESINTRODUCTION

Key highlights of 2022
Environmental

SocialGovernanceLaunch of Sunpower One ecosystem

Launch of Maxeon Gives

Collaboration with Solar Energy
Research Institute of Singapore

Kick-off of climate risk analysis and
TCFD recommendations alignment

Launch of Employee Resource Groups

Partnership with Star Charge

Investing in sustainable packaging

Young SDG Leaders ProgrammePartnership with AlphaESS

Introduction

Environmental

Social

Cradle to Cradle, Silver Certification

GovernanceAppendix

Collaboration with NUS-SERIS
6© 2023 MAXEON SOLAR TECHNOLOGIESINTRODUCTION

About Maxeon Solar Technologies
Headquartered in Singapore, Maxeon is responsible fordesigning and manufacturing Maxeon® and SunPower®
brand solar panels. Our sales operations span more than
100 countries and operate under the SunPower brandoutside of the United States, Canada and Japan.
As an industry leader in solar innovation, we own
more than 1,000 patents and have invented two highly
successful, best-in-class solar panel product lines.

Introduction

As a committed signatory and supporter of the
UNGC and UN SDGs, we demonstrate our dedication todriving sustainability within the solar industry throughour industry-first green credentials for our solar panelsand our LEED-certified facilities.
Currently, we have four production facilities located in
the Philippines, Mexico and Malaysia. As our product reachextends to Africa, Asia, Oceania, Europe and the Americas,
we offer our products across the international solar power
market through our trusted network of more than 1,700
partners and distributors. Expanding on a rich, 35+ year
legacy of challenging the innovation boundaries of the solar
industry, Maxeon has achieved numerous accolades for
its leadership in novel solar manufacturing technology. We
have successfully enabled more than 1,000,000 customers
to embark on their sustainable journeys, creating positive
impact through their transition to solar energy.

Environmental

Global Deployments
SunPower technology is
deployed through a networkor 1,700+ sales & installation
partners.

2022 sales (% MW)

For more information on our business and operations,please refer to our website at www.maxeon.com.

United States& Canada

Mexico &Latin America

EMEA

40.7%

0.9%

39.6%

APAC

Governance18.8%

Appendix

2021 to 2022
MW sales growth7

Social

+121%

+45%

+15%

-37%

© 2023 MAXEON SOLAR TECHNOLOGIESINTRODUCTION

About Maxeon Solar Technologies
A leader insolar innovation

MaxeonPerformance

Fundamentally different, and better

Making the conventional, exceptional#1 Solar Panel Efficiency1

Higher Efficiency at a Value Price

At Maxeon, we offer a comprehensive solar panel
product portfolio that provides our customers acrossthe residential, commercial and power plant markets
with alternatives to meeting their energy requirements.
Our product offerings include the Maxeon line ofinterdigitated back contact (IBC) solar cells as well as
our Performance line of shingled solar panels.
As a testament to our commitment to providing
reliable solar technology and quality products whilst
ensuring customer satisfaction, our panels have anindustry-leading 25-year power and performance
warranty, and a recently introduced 40-year warranty
for our SunPower Maxeon panels, which includes
a broad scope of maintenance services, such as
panel repair and replacement. Ultimately, throughour products and services, we are enabling aseamless transition to solar energy for our customers,
supporting a global shift towards sustainability.

in the market, fitting more energy in less space

Patented technology, G12 wafers, Maxeon and China JV#1 Lowest Degradation Rate

Enhanced Energy Yield

in the solar industry2Less soiling/shading loss (row spacing),
bi-facial, greater power density

Leading Durability2

Reliability Advantages in Harsh Environmentswith a 40-year warranty3,
top module reliability performer4

Comprehensive warranty,
top module reliability performer4

Ultra-pure silicon on apatented copper foundation

Patented unique mono PERC shingled
cell panel design

Introduction

Environmental

SocialGovernanceAppendix

1. Based on search of data-sheet values from websites of top 20 manufacturers per IHS, as of January 2022.
2. As of 2018, Jordan, et al, “Robust PV Degradation Methodology Application” PVSC 2018 and “Compendium of Photovoltaic Degradation Rates” PiP 2016.
3. SunPower Maxeon solar panels are backed by a 40-year warranty. Subject to terms and conditions. Not available in all countries. 40-year warranty requires
registration, otherwise our 25-year warranty applies.
4. SunPower panels have been identified as Top Performers in the PVEL PV Module Reliability Scorecard since 2017: https://modulescorecard.pvel.com/.

8© 2023 MAXEON SOLAR TECHNOLOGIESINTRODUCTION

Sustainability approach and governanceOur approach to sustainability

Introduction

At the forefront of driving sustainable innovation in the solar industry, Maxeon strongly believes in setting a high standard for the industry to mitigate climate change and its negative
effects. As such, we continuously endeavor to create positive and valuable impacts on the environment, the energy industry, our customers, the communities we serve and operate in, andbeyond. As we integrate the core values of ESG into our business strategy to safeguard the environment, add value, manage affiliated risks, and enhance our reputation, our sustainability
ambitions and strategy are integral to our organisational purpose, values and sustainability pillars.

Purpose & Values
Maxeon’s purpose and company values are at the heart ofeverything we do.
Maxeon values drive decisions we make every day.

Our Values• We Push the Boundaries• We Hold Ourselves to a Higher Standard• We Thrive Together

Key Sustainability Pillars

UN SDGs

Environmental

Environmental
Creating positive environmental impact to sustain our
natural world by investing in technologies to combat
climate change

SocialSocialCreating positive value in society and communities byleading, partnering and supporting initiatives to enhancepeople’s lives

Governance

Governance
Creating positive economic value and maintaining ethics
and integrity through responsible and transparent businesspractices9

Appendix© 2023 MAXEON SOLAR TECHNOLOGIESINTRODUCTION

Sustainability approach and governance
Governance and culture in driving ESG
Our ESG and sustainability strategies, initiatives and performanceare overseen by our Executive Leadership Team (ELT) and Nominating andCorporate Governance Committee (NCGC) of the Board of Directors(the “Board”), comprised of two independent directors and two directors
appointed by our shareholders, TotalEnergies SE and TCL Zhonghuan
Renewable Energy Technology Co., Ltd. (TZE). As such, we are able tofurther account for stakeholder perspectives in our sustainability
considerations and strategies.

Introduction

Nominating and Corporate
Governance Committee

Executive Leadership Team
Environmental

Our senior management, including the Board, ELT and NCGC, are further
Chief Legal &responsible for ensuring the review of all ESG issues relating to our material
Sustainability Officer
topics to ensure the effective management and performance by theorganisation. Moreover, the NCGC is responsible for reviewing and approving
all sustainability reported information, including our material topics.
Any issues or processes that require approval are presented to the ELT in
Global ESG Teamquarterly approval meetings in which the ELT obtains updates from each
respective department, further informing their decision-making processes andconsiderations. Subsequent to acquiring insights from the relevant departments,
Maxeon’s NCGC deliberates on any issues presented, and arrives at an outcome through consensus.. As such, we consider the
viewpoints of our stakeholders when identifying outcomes, furthered by the shareholder representation within our Board.

SocialGovernance

Additionally, as it is pertinent to remain aware and acquainted with evolving ESG developments, trends, opportunities andrisks, our Chief Legal & Sustainability Officer is tasked with managing ESG impacts, initiatives and operations, whilst providing
updates and presentations to the NCGC regarding global sustainability shifts and advancements of our internal ESG initiatives
and measures, on a quarterly basis. As the Board has delegated to the NCGC its responsibility for maintaining oversight of
ESG strategies, initiatives and performance, these updates serve to further inform all sustainability-related matters at Maxeon.

Appendix

For more information on our governance framework and financial performance, please refer to our Annual Report.

10© 2023 MAXEON SOLAR TECHNOLOGIESINTRODUCTION

Sustainability approach and governance
Actively engaging stakeholders

Introduction

A critical part of our sustainability journey entails engaging with our stakeholders to better comprehend and address their needs. We have identified our material stakeholders throughthe dual lens of the impact Maxeon has on them and the role they play within the organisation. A summary of our ongoing engagement with our stakeholders is presented below and isaddressed across the different sections of this Report.

Environmental

Investors

Platforms forEngagement

Stakeholder
Priorities

11

Not-for Profit

Regulators andGoverning Agencies

Customers

Employees

Suppliers• Investor and analyst
presentations• Annual general meetings• Quarterly reports• Press releases• Media• Press releases• Industry events• Regular emails• Media• Press releases• Industry events• Regular meetingsand calls• Regular emails• Website• Regular meetings andcalls• On-site visits, installation,and maintenance• Industry events• Company Intranet• Emails• Regular Townhalls(All-Hands meetings)• Questionnaires• Emails• Regular meetingsand calls• Energy and Emissions• Fair Labour and Human
Rights• Diversity and Inclusion• Business Integrity
and Ethics• Sustainable Innovation• Energy and Emissions• Waste• Fair Labour and 			Human Rights• Diversity and Inclusion• Community Investment• Business Integrity andEthics• Energy and Emissions• Water Management• Waste• Occupational Health and
Safety• Fair Labour and Human
Rights• Business Integrity andEthics• Product Quality, Reliability
and Safety• Energy and Emissions• Water Management• Circular Economy• Fair Labour andHuman Rights• Diversity and Inclusion• Product Quality, Reliability
and Safety• Customer Engagement
and Satisfaction• Energy and Emissions• Occupational Healthand Safety• Fair Labour and Human
Rights• Employee Engagement• Learning andDevelopment• Community Investment• Business Integrity andEthics• Product Quality, Reliability
and Safety• Circular Economy• Occupational Health and
Safety• Fair Labour and Human
Rights• Business Integrity andEthics• Sustainable Innovation© 2023 MAXEON SOLAR TECHNOLOGIESSocialGovernanceAppendixINTRODUCTION

Sustainability approach and governanceMateriality
assessment process
The first step of our sustainability journey entails recognising the importanceof accurately identifying the negative and positive impacts of our business on
the environment, people and the economy. In FY 2022, we engaged an external
consultant to undertake a refreshed materiality assessment to adhere with theupdated GRI 2021 Standards and review the existing material topics most relevant
to us. As the revised GRI Standards introduced a new definition of materiality that
focuses on capturing the outward ESG impacts of an organisation, our assessment
methodology focused on identifying the material topics most relevant to us whilst
placing a greater emphasis on assessing Maxeon’s holistic impact. The materiality
process revealed the residual impacts of each material topic, indicating priority ESG
areas for Maxeon as a result of a comparatively larger negative material impact
through an outward lens. As a result, the topics identified include:• Energy and emissions• Water management• Waste• Circular economy• Fair labour and human rights• Community investment• Business integrity and ethics

PillarEnvironmental
Creating positiveenvironmental impact tosustain our natural world by
investing in technologies tocombat climate change

Material Topics

UN SDGs• Energy and emissions• Water management• Waste• Circular economy

Environmental
SocialCreating positive value insociety and communities
by leading, partnering on
and supporting initiatives toenhance people’s lives• Occupational health & safety• Fair labour and human rights• Employee engagement• Learning and development• Diversity and inclusion• Community investment

SocialGovernance
Creating positive economic
value and maintaining
ethics and integrity throughresponsible and transparent
business practices• Business integrity and ethics• Product quality, reliability
and safety• Sustainable innovation• Customer engagement andsatisfaction

GovernanceThis Report describes our efforts to mitigate the negative impacts associatedwith these material topics and maximise the positive impacts of all material topics.
The materiality assessment followed a precautionary, principled approach inestablishing and prioritising our material topics based on their potential impact
on Maxeon and our customers, employees, suppliers and other stakeholders.
As a result of this revamped materiality assessment process, we are able tocapitalize on emerging sustainability issues, industry trends and market needs
moving forward. Our prioritized ESG material topics are approved by ELT and NCGC.
12Introduction

Appendix© 2023 MAXEON SOLAR TECHNOLOGIESINTRODUCTION

Sustainability approach and governanceOur sustainability milestones
2020

2021

2022

Established New ESG Team
Dedicated team with global
and local diversified ESG
experiences

Inaugural Sustainability
ReportCompleted a benchmarking
exercise and materiality
assessment to shape our
ESG focus areas andsustainability report

Winner, 2021 Asia
Sustainability
Reporting Awards, Best
Sustainability Report(Human Rights), Silver

Joined United Nations
Global Compact
Issued CEO Letter ofCommitment on our supportof the SDGs

Conflict Minerals Reporting
Completed first Conflict
Minerals disclosure report
post-spinoff

Green Finance Reporting(and Sustainability-Linked
Loans)

Target Setting for
Material Topics
Developed long-term targets
around material topics
by the end of 2021

13

Introduction

2023
Green Bond Framework& Final Green Finance
Reporting (with external
assurance)

Named by Corporate
Knights a Top 100 Most
Sustainable Company

Environmental

Joined CFO Coalition
for the SDGs
Cradle to Cradle Silver
Modern Slavery Statement
Filed inaugural Modern Slavery
Statement in 2022 which aligns
with Australia, California andUnited Kingdom reporting
standards

Published 2nd
Sustainability ReportSocialLaunched Maxeon Gives
A platform for employees tonominate solar panels for
donation

Climate-related Risks

Powering a Circular
Economy Policy

Governance

Policy for recycling
and beyond

Appendix

Energy Payback
Time Assessment© 2023 MAXEON SOLAR TECHNOLOGIESINTRODUCTION

Sustainability approach and governanceLong-term targets & performance

Introduction

We have established long-term targets to guide our ESG efforts through a comparative assessment of our current performance against a baseline of 2020, aiding in the identification of theway forward. Our sustainability performance and targets are measured through our established 2020 baseline as this was the year of our inaugural Sustainability Report, and accuratelyreflects our normalized operational capacity. Maxeon continuously refers to the following to inform its sustainability direction and ambitions.
Material topic
ENVIRONMENTAL
Energy and emissions

Metric2020

Energy intensity(MWh consumed/
MW produced)

254

Emissions intensity(tCO2e/MW produced)

160

2025

2030

10% improvement from 2020

20% improvement from 2020

10% improvement from 2020

20% improvement from 2020

ENVIRONMENTAL
Water management

Water intensity(m3 used per
MW produced)

3,874

2.5% improvement from 2020

5% improvement from 2020

ENVIRONMENTAL
Waste

Waste Recycling

80%

5% improvement from 2020

20% improvement from 2020

ENVIRONMENTAL
Circular economy

Cradle to Cradle (forMaxeon products)

BronzeSilverGold

Narrative description

2022 performance• Lead the global transition to clean energy
by enabling our customers to achieve their
GHG/net zero targets• Maximise Maxeon’s use of renewables(on site/virtual PPAs)• Improve Maxeon’s own energy intensity
per site/product line
• Improve Maxeon’s own emissions intensity
per site/product line
• Continue to report Scopes 1, 2, 3 and 4
emissions across Maxeon’s sites

Our energy intensity decreased to
175 MWh consumed/ MW produced,
31.3% improvement from 2020.

Maxeon is committed to being at the forefrontof creating a Circular Economy in the solar
industry, as evidenced by:• First in the industry to be Cradle to Cradle
Certified• NSF Landfill-Free Verification• Declare label
Maxeon will continue to be a leader inconservation and will better its water intensity
and recycling of waste figures every year,
achieving 5% improvement in water intensityand 10% in waste recycling by 2030

Our water intensity decreased to2,602 m3/MW produced,
32.8% improvement from 2020.

Our emissions intensity decreased to
136 tCO2e/MW produced,
14.8% improvement from 2020.

Decrease in overall recycling rate to
68% of total waste recycled

Achieved Cradle to Cradle Sliver

Maxeon will estimate its Carbon Footprint(g CO2/kW) and Energy Payback Time
(years (or fractions thereof)) to convey
Maxeon’s environmental impact more clearly14© 2023 MAXEON SOLAR TECHNOLOGIES

Environmental

SocialGovernanceAppendixINTRODUCTION

Sustainability approach and governanceMaterial topic

Metric

2020

2025

2030

2022 performance

SOCIAL
Occupational healthand safety

TRIR (Total Recordable
Incident Rate)

0.63

Maintain industry-leading TRIR of 0.63

10% reduction over 2020 number

TRIR increased to 1.14

SOCIAL
Fair labour andhuman rights

Incidents/ traceability

Zero cases of verified non compliancewith human rights law

Traceability of supply on blockchain
such that information is available
within 4 hours

Maintain zero cases of verified noncompliance with human rights lawswith enhanced traceability

Working towards increases traceabilityof supply chain by putting it on theblockchain

SOCIAL
Diversity and inclusion% of people leaders
who identify as female

32%

34%

37%

Females in Executive Leadership Team
maintained at above 25%

SOCIAL
Community investment

Maxeon volunteering
days

NA

5,000

7,500

Increased Maxeon volunteering days
from 2020

SOCIAL
Employee engagement

We strive for an
engaged workforce,
where people havemeaning in their workand can learn and grow

A. No leadership development
programme

A. 90% of eligible employees passed
through the leadership development
programme

A. 95% of eligible employees passed
through the leadership development
programme

B. 70% of employees had a careerand development discussion with theirleader

B. 80% of employees had a careerand development discussion with theirleaderRolled out Leadership Training
Programme and increased career anddevelopment discussions amongst
employees and, are on track for 2025
performance

C. Structured feedback is incorporated
into our performance review process,tied to our leadership capabilities andcompany values

C. A continuous feedback culture
exists amongst our workforce, driving
learning and growth leadershipcapabilities and company values

B. No career and development
planning framework
C. Performance reviews occur twice
yearly, feedback ad-hoc

Introduction

Environmental

SocialGovernanceAppendix15© 2023 MAXEON SOLAR TECHNOLOGIESINTRODUCTION

Sustainability approach and governanceMaterial topic

Metric

2020

2025

2030

2022 performance

GOVERNANCE
Consumer engagement
and satisfaction

Net Promoter Scores(NPS) for customer health

54 (EMEA only)

62 (Global)

70 (Global)

56 (Global)

GOVERNANCE
Product quality, reliability
and safety

Maximum number ofdefective parts per million
in salescontracts (DPPM)

2000 DPPM

30% reduction from 2020

50% reduction from 2020

407 DPPM

Introduction

Environmental
GOVERNANCE
Sustainable innovation

Warranty and efficiency(One can calculate
Carbon Positivity withthis and Energy PaybackTime)

25 years

40 years @24% efficiency

40 years @25% efficiency

Our 40-year warranty maintains@22.7% efficiency

GOVERNANCE
Business integrity and ethics

Incidents of corruption(defined as bribery of apublic official)Zero substantiatedincidents

Maintain performance andenhance controls

Maintain performanceand enhance controls

Zero incidents of corruption in FY 2022

SocialGovernanceAppendix16© 2023 MAXEON SOLAR TECHNOLOGIESIntroduction

Environmental

Environmental

SocialGovernanceAppendix17© 2023 MAXEON SOLAR TECHNOLOGIESENVIRONMENT

Spotlight: Launch of the SunPower One ecosystem
Maxeon capitalizes on its commitment to ‘Powering Positive
Change’ by consistently exploring avenues to create
positive climate outcomes. As climate action is critical in
the current global and planetary context, we strive to direct
our initiatives towards environmentalism. Exemplifying this,
SunPower One was introduced as an ecosystem of products
and services with the purpose of empowering homeowners
to produce, manage and maximise their use of the clean
energy they generate through their household solar system.

Introduction

Environmental

Through the SunPower One ecosystem, Maxeon seeks toreimagine and transform the consumer experience byincorporating an innovative home energy management
solution to augment our product offering of solar panels.
SunPower One is designed to minimise the environmental
footprint of consumer households through the employmentof an integrated solution. This intuitive system provides thehousehold with actionable energy insights and suggestions
through an analysis of the consumer’s monitored
electricity consumption patterns and times of optimal
solar production. The system proactively manages energy
through the identification of surplus solar energy andenergy inefficient or malfunctioning appliances, enabling
consumers to identify opportunities to conserve energy,
minimise their environmental footprint and reduce costs.

SocialGovernanceThrough SunPower One, we hope to accelerate
sustainability efforts across households, whilst bolstering
the transition towards energy efficiency to amplify ourefforts in the face of climate change.

18

Appendix© 2023 MAXEON SOLAR TECHNOLOGIESENVIRONMENT

Our environmental responsibility: An overview
Enhancing our climate action
The 27th United Nations Climate Change Conference ofParties (COP27) underscored the importance of accelerated
and immediate global climate action and mitigation
with regards to the current climate crisis. As such, theinternational governmental conference reasserted thegravity of limiting the global temperature to 1.5°C to avoid
the devastating impacts of climate change. However, in thecurrent paradigm, global emissions will continue to peak,
resulting in the world’s temperatures rising above the global
warming limit to an excess global temperature of 2°C.
As this will intensify the damages and implications ofclimate change, urgent action is essential.
Reaching the lower target will require the rapid andsustained reduction of greenhouse gas (GHG) emissions
by 45% from 2010 levels, by 2030. As such, climate
action cannot be an afterthought, resulting in a global
shift towards environmental accountability imposable togovernments, businesses and institutions to ensure theirrequired implementation and action in reaching the 1.5°C
target. A major focus, therefore, is the sustainable transition
towards the use of and reliance on renewable sourcesof energy, including solar, wind, bioenergy, hydroelectricand tidal power. As a leading provider of solar energy,
Maxeon embraces its commitment to enabling a seamless
renewable energy transition for all the stakeholders weengage with, whilst achieving sustainability across ourinternal business operations and supply chains.

19

Moreover, spearheading environmental considerations andresource stewardship remains pivotal to our sustainability
strategies, as we aim to align with the Singapore Green
Plan 2030 (SGP 2030). With our headquarters in Singapore,
we strive to assist in accomplishing the national SGP 2030
goals and targets relating to the management of emissions,energy, waste and water, to minimise their negative
impacts on the environment, people and the economy.
Additionally, in September 2022, Maxeon pledged itself as
an advocate to the 2022 Singapore Green Nation Pledge
introduced by the nation’s Ministry of Sustainability andthe Environment (MSE), which aims to realise a sustainable,
resource-efficient and climate-resilient Singapore throughthe inculcation of guided environmental best practices.
Maxeon commits to employing energy-efficient appliances,
reducing and ceasing the production or use of single-use
disposables whilst ensuring no bottled water is provided
during meetings or events. As part of our pledge, we willcontinue to track our carbon footprint, captured in ourannual published sustainability reports.
In addition to our sustainability commitments andintegration of environmental considerations across all
our operational scopes, we govern our environmental
footprint and decarbonization journey through thevigilant comparative tracking of our performance to ourestablished medium- and long-term targets.

Maxeon’s alignment to the Task
Force on Climate-related Financial
Disclosures (TCFD) framework
In 2022, Maxeon initiated our alignment to the TCFD
framework, beginning with the reporting of our climaterelated risks, opportunities and relevant disclosures.
As fundamental to our environmental strategy andensuring alignment to the framework, conducting a
climate risk assessment has moved to the forefront of ourenvironmental efforts in mitigating climate impacts. As
we recognise the importance of underlining our measures
undertaken to either leverage opportunities or mitigate
climate-related risks, we have embarked on a detailed
evaluation of the physical and transitional risks affiliatedwith different climate change scenarios across the regions
where we operate.
Maxeon acknowledges the global, comparable andeffective nature of the TCFD framework in accounting forclimate-related risks and opportunities in organisationalrisk management, strategic planning and decisionmaking processes. With a burgeoning demand amongst
investors, regulators, stakeholders and companies for thetransparent reporting of financial implications relating toclimate change, Maxeon aims to capture its climate-related
risk exposures to expand the quality, consistency andtransparency of our sustainability reporting boundaries andbetter assess our impact and effects on climate change.
As leaders in the solar industry, through our reporting on,alignment with, and commitment to the TCFD framework,
we hope to increase our market transparency and stability
whilst striving to uphold the trust and confidence we havefostered amongst our stakeholders.
© 2023 MAXEON SOLAR TECHNOLOGIESIntroduction

Environmental

SocialGovernanceAppendix

ENVIRONMENT

Our environmental responsibility: An overview
Task Force on Climate-related Financial Disclosures (TCFD) Framework
Introduction
Governancea. Describe the organisation’s governance aroundclimate-related risks and opportunities.

Our ESG and sustainability strategies, initiatives and performance are overseen by our Executive Leadership Team (ELT) and Nominating and Corporate GovernanceCommittee (NCGC) which consists of two independent directors and two directors appointed by our shareholders, TotalEnergies and TCL Zhonghuan Renewable Energy
Technology Co., Ltd. (TZE). To remain abreast of relevant ESG issues, our Global ESG team and Chief Legal Officer, who is also our Global ESG Executive Leader, provide
timely quarterly updates to the NCGC on global ESG shifts as well as our own ESG initiatives and progress toward the target.

Nominating and Corporate
Governance Committeeb. Describe management’s role in assessing andmanaging climate-related risks and opportunities.

Executive
Leadership Team

Chief Legal &Sustainability Officer

Global ESG Team

Environmental

Progress against climate-related targets will be reported to the Board on an annual basis (refer to Metrics and Targets on page 14 for more details).
Our Global ESG team works across the organisation to execute our ESG ambitions and track progress. Senior management is further responsible for ensuring the review of
all ESG issues relating to our material topics to ensure their effective management and performance within the organisation. Furthermore, monthly meetings are conducted
to inform relevant stakeholders of ESG-related issues and initiatives.

SocialStrategya. Describe the climate-related risks andopportunities the organisation has identified overthe short, medium, and long term.

We have identified several physical and transitional risks in the medium and long term (2030 and 2050 respectively) through our first climate-risk scenario analysis thathave the potential to affect our business and operations.
The scenario analysis considers two scenarios, a 1.5 C Scenario (RCP 2.6) and a >3 C scenario (RCP8.5), using the baseline year of 2022. Maxeon’s main manufacturing
plants in the Philippines, Mexico and Malaysia were considered for the scope of the scenario analysis.

Governance

A non-exhaustive list of key physical risks, transition risks, and opportunities are listed as follows:
Physical risks:

Transitional risks:

Opportunities:• More frequent or intense floods (riverand flash floods)• Increased cost of raw materials• Shift in customer preferences towards lower-emission sources ofenergy• Higher mean temperatures and more
frequent/intense heatwaves• Discriminatory public policies against
Maxeon’s products• Rising sea levels• Enhanced emissions reporting
requirements• Increase in transmissibility andgeographic range of diseases20• Carbon pricing• Technology shifts• Uncertainty in market signals• Use of low-carbon economy transition policies and regulations• Development of more energy-efficient and cost-efficient solar
panels• Growth of solar energy markets• Savings from the implementation of new technologies© 2023 MAXEON SOLAR TECHNOLOGIESAppendix

ENVIRONMENT

Our environmental responsibility: An overview
Strategyb. Describe the impact of climate-related risks andopportunities on the organisation’s businesses,
strategy, and financial planning.

As part of our climate risk assessment, we have prioritized relevant climate-related risks and opportunities and have determined the following potential climate-related risks
and opportunities as most significant for our operations. The potential impact of these risks on our business operations is also outlined below.
Physical risks – Increased flooding fromextreme precipitations and rising sea levels:
Increased flooding from extreme precipitation
could result in damages to our equipment
and manufacturing plants that would result inhigher costs in transportation and equipment
maintenance, which could decrease production
capacity. Likewise, rising sea levels could increase
the risk of coastal flooding and saltwater intrusion,damaging Maxeon’s physical assets and reducing
production capacity. Both of these physical risks
could result in reduced revenues from disruptionsin production and present a safety issue for ourworkforce. Moreover, Maxeon could potentiallyface higher insurance premiums on assets in“high-risk locations.” These physical impacts aremost relevant for our plants in the Philippines andBaja California, Mexico, due to their proximity toriver systems and low-lying regions close to thecoast, respectively. The impacts of these physicalrisks are expected to grow in higher-warming
scenarios and time horizons as the effects ofclimate change lead to increased severity inextreme climate-related events.

21

Transitional risks - Increased cost of raw
materials and discriminatory policies against
Maxeon’s products:
Transition risks arise from the need to transition toa low-carbon economy and are expected to affectMaxeon’s strategy and operations as the world
decarbonizes. For instance, there is currently agrowing trend toward discriminatory policies favoring
local solar power products in our key markets.
A variety of policies ranging from local content
requirements, subsidies and import tariffs aim toincentivize local production of solar energy andproducts. In addition, various fossil fuel incentives
such as energy credits and direct subsidies remain
persistent due to the recent disruptions in the global
energy supply. This in turn could be a key risk to thesale of our solar panels as they face increased costcompetitiveness from local companies and nonrenewable energy sources.
Another transition risk arises from the increase in
raw material prices due in part to the increased
competition for critical raw materials. With theincreasing impetus placed on the green transition,
there might be a risk of increasing protectionism andcompetition for critical raw materials as countries andregions around the world attempt to secure supplies
for domestic renewable production, leading to further
constraints in the supply chain and potentially higher
material costs. Due to the use of critical raw materials(e.g. silicon, boron, indium, etc.) in our solar panels
and their concentration in a handful of countries,
Maxeon’s supply chains are vulnerable to regulatory
policy changes and/or disruption from extreme
climate-related events.

Introduction

Opportunities - Growth of solar energy
markets, shift in customer preferences
towards lower emission sources, use of public
sector incentives:
To meet the massive demand for renewableenergy in the future, solar energy is projected to
become the world’s largest source of electricity by
2050. While not exhaustive, various forces such aschanges in customer preferences and the growthof public sector incentives for renewable energy
are projected to drive the adoption of solar
panels globally. In terms of customer preferences,
there has been a shift in perception towards
the use of renewable energy, with a significant
majority of people in Maxeon’s key markets
now having a positive view of solar power. To
further drive this change, governments havealso introduced various policies to incentivize
the installation of solar panels through direct
subsidies, tax credits, and feed-in tariffs. Allof these forces could present a significant
opportunity for Maxeon to increase the sales of
its solar panels across its key markets.

Environmental

SocialGovernanceAppendix© 2023 MAXEON SOLAR TECHNOLOGIESENVIRONMENT

Our environmental responsibility: An overview
Strategyc. Describe the resilience of the organisation’s
strategy, taking into consideration different
climate-related scenarios, including a 2°C or
lower scenario.

We have conducted a qualitative scenario analysis to determine the resilience of our operations against climate risks in the medium (2030) and long-term (2050) time horizons.

Introduction

Overall, Maxeon’s assets in the Philippines and Mexico are vulnerable to physical risks in the medium to long term due to their proximity to river systems and low-lying
coastal regions, respectively. The severity of these risks is likely to be higher in higher warming scenarios due to more intense climate-related events
Maxeon’s key markets in the U.S. and Europe markets are particularly vulnerable to transition risks such as carbon pricing, discriminatory policies, and increased material
prices. These transition risks are expected to have a larger impact on the business in the longer term and lower warming scenarios as governments aim to be more
ambitious in their carbon pricing systems and empower local solar manufacturers to the detriment of Maxeon’s product line.
To get a better idea of the impact of these risks on the business, Maxeon will look into quantifying these risks soon. Steps are also being taken to explore strategic moves
that may help transform the business and mitigate or adapt to these risks.

Environmental

Risk Managementa. Describe the organisation’s processes for
identifying and assessing climate-related risks.

On a high level, our Global ESG executive leader continuously monitors all regulatory updates in the geographic regions where our operations are active to assess and managetransition risks (e.g. protectionism) that will impact Maxeon’s business directly.
Maxeon then undertakes an extensive risk assessment process that identifies, assesses, monitors, and eventually manages the risks associated with Maxeon’s operations. First,
an internal risk assessment is done to review the business model and other areas of potential risks associated with climate change. Then, we monitor external developments
such as legislation on an international level that could have an impact on the company. During this process, we will engage our stakeholders including customers, suppliers andinvestors to understand their perspectives regarding potential climate risks.

b. Describe the organisation’s processes for
managing climate-related risks.

Short-term risks are addressed by regional management, who take immediate steps to mitigate potential damage. Medium- and long-term risks are discussed with theBoard when shaping the direction of the company’s strategy. In FY22, Maxeon performed its first scenario analysis. The process involved the identification and prioritizationof the key risks and opportunities for Maxeon’s operating regions.
Assessment of results

Actions were taken to address the risk

Maxeon aims to draw conclusions on the financial, material, physical andtransition risks and validate or update its current strategy.

Maxeon currently has several environmentally friendly initiatives, including:Considerations on the need to take actions• Capitalizing on optimization and transition opportunities through integrationof new technology such as Cold Drawn Seamless (“CDS”) tubing systems tomaximise energy savings

Maxeon is currently reviewing the proposed and available mitigation andadaptation plans, as well as identifying climate-related opportunities. The
ultimate aim is to build sound resilience in Maxeon’s operations and market
against climate-related risks and opportunities.
Such resilience will future-proof Maxeon’s real estate portfolio to guard against
climate change risks, avoid premature obsolescence, and maximise its capacity
to adopt available opportunities.

22

SocialGovernance• Leveraging solar energy across our operations• Green (LEED-certified) buildings
Maxeon is also currently developing a decarbonization journey and setting up
long-term decarbonization targets. Additional physical risk strategies, which were
investigated during the scenario analysis, are also being considered.

© 2023 MAXEON SOLAR TECHNOLOGIESAppendix

ENVIRONMENT

Our environmental responsibility: An overview
Risk Managementc. Describe how processes for identifying,assessing, and managing climate-related risks
are integrated into the organisation’s overall risk
management.

We integrate climate risk into Maxeon’s risk management framework across all business units and geographies, including the enterprise risk management framework.
In particular, Maxeon has launched our very first Green Bond framework in 2022 to better align our sustainability targets with financial goals. This Green Bond framework may
be utilised when Maxeon chooses to issue green bonds.
Furthermore, given that FY22 marks the commencement of Maxeon’s alignment to the TCFD framework, we target to utilise this framework to evaluate the climate risks andopportunities our businesses are exposed to. By developing appropriate measures against them, we aim to meet the sustainability demands of our investors, regulators,
stakeholders and employees.

Metrics & Targets
a. Disclose the metrics used by the organisation toassess climate-related risks and opportunities
in line with its strategy and risk management
process.

Introduction

Environmental
The key metrics and targets Maxeon set relates to Greenhouse Gas (“GHG”) emissions. This is highlighted in the FY22 Sustainability Report under “energy and emission(performance highlights).”
In general, climate-related targets are intensity-based and applied to a 5- or 10-year timeframe (short- to mid-term), with the base year utilised being 2020. Hence, our longterm targets consist of reduced energy intensity (10% by 2025, base year 2020) and emission intensity (20% by 2030, base year 2020). These see a continual trend of thedecrease we saw in overall emission levels from FY21 to FY22.

Socialb. Disclose Scope 1, Scope 2, and, if appropriate,
Scope 3 greenhouse gas (GHG) emissions, andthe related risks.

c. Describe the targets used by the organisation to
manage climate-related risks and opportunities
and performance against targets.

We report on climate-related metrics in the FY22 Sustainability Report under “energy and emission (performance highlights),” which includes our Scope 1, 2 and 3 (partial)
emissions. Our Scope 3 boundary entails the inclusion of emissions arising from Business Travel (Category 6) and Employee Commute (Category 7).
In FY22, Maxeon’s energy consumption amounted to 370,346.8 MWh across all our manufacturing sites. Our total emissions are estimated at 240,076.9 tCO2e, comprisingof Scope 1 (327.9 tCO2e), Scope 2 (239,391.1 tCO2e), and Scope 3 (357.9 tCO2e) level emissions. Overall, FY22 energy intensity amounted to 174.5 MWh per MW and emissions
intensity of 136.3 tCO2e per MW produced.
By creating a decarbonization journey with viable Scope 1,2 and 3 strategies through company policies mentioned in the “risk management” section, we will be able to reduce
emissions to support our 2025 and 2030 targets mentioned in (a).

Governance

Emissions intensity is used as a KPI to track target performance currently. Nevertheless, other relevant climate-related metrics may also be considered in the future.

Appendix23© 2023 MAXEON SOLAR TECHNOLOGIESENVIRONMENT

Our environmental responsibility: An overview
Maxeon Green Bond Framework
Introduction

Maxeon launched its first Green Bond Framework in 2022, to further align our financing
approach with our sustainability ambitions. This framework is applicable to all Green
Bonds issued by Maxeon on or before July 2021 in accordance with the four corecomponents of the Green Bond Principles, issued by the International Capital Market
Association (ICMA):

Environmental

Use of proceeds

Process for project
evaluation and selection

SocialManagement of proceeds
Governance

ReportingAppendix
This framework enables us to issue Green Bonds under various formats when Maxeon
chooses to issue green bonds, including public or private placements. As such,
we hope to promote environmentalism through a focus on sustainable finance.
For more details, please refer to our Green Bond Framework.
24© 2023 MAXEON SOLAR TECHNOLOGIESENVIRONMENT

Energy and emissions
Why is it material?

Our initiatives

Maxeon recognises the pressing need to proactively
minimise both our actual and potential negative impacts
arising from operational activities. In our role as a leading,established solar energy provider and innovator, we aim
to increase opportunities for reliance on renewable energy
and effective resource stewardship, whilst curbing harmful
emissions to the environment. In addition to empowering
our customers with the ability to generate renewableenergy, Maxeon as an organisation remains committed
to improving our own energy and emissions intensity
through targeted initiatives, performance monitoring andestablished targets, with the ultimate goal to minimise
our carbon footprint whilst furthering international
environmental strategies.

Leveraging solar energy across ouroperations

Management approach
At Maxeon, we recognise the impacts of our operations
and shoulder the responsibility to manage our own carbon
footprint. We evaluate our emissions at each facility,
conduct thorough impact assessments and establish
organisational targets to reduce our emissions and energy
consumption. As we seek to realise greater positive impact
for the environment and our customers through our solarpowered products, we engage in innovative mechanisms
to build environmental solutions. Committed to our 2022
Singapore Green Nation Pledge, we seek to enhance ourenergy efficiency measures and initiatives by adopting andleveraging new partnerships, technology and automation to
reduce our carbon footprint.

25

At our facility in the Philippines, FAB4, we have installed
arrays of onsite solar panels to maximise our onsite
generation of clean energy and reduce our reliance onelectricity from the power grid or through conventionalsources of energy, including oil, natural gas and coal.
We have installed solar panels on the South Main roofs,
above our canteen, car park and security posts.
The installations of these solar panels in our FAB4 facility
have yielded an energy savings of 309.59MWh in 2022.
Moreover, we deploy solar-powered golf carts, with a roadcapacity of four hours, for our employees in their commute
within the FAB4 facility.

Moreover, we have reduced the energy consumed by our
nitrogen generation plant compressors at FAB4, throughthe optimization of pressure settings, generating a totalof 78 kWh of energy savings in 2022. As we manage andensure the optimal deployment of our N2 and CDA supply
pressures to further minimise energy consumption, we alsosustained a reduction in our overall power consumption,
leading to a total of 415 kWh of energy savings from our
CDA supply pressure optimization.

Introduction

Environmental

SocialCapitalizing on optimization and transition
opportunities to maximise energy savingsI​ n an effort to reduce our operational energy consumption
at our FAB4 facility in the Philippines, we converted ourcompressed dry air (CDA) system to nitrogen (N2) for thepneumatic system of Chemical Dispense Units to reduce
our power consumption. This transition has resulted in 35
kWh of energy savings across our chemical dispensing
processes and 88.7 kWh across our wastewater treatment
plants (WWTPs).

Governance

Conversion of CDA to N2 for pneumatic system of Chemical
Disperse Units© 2023 MAXEON SOLAR TECHNOLOGIESAppendix

ENVIRONMENT

Energy and emissions
Energy efficiency across our operations
and buildings
Across our facilities in FAB4 and SPMX1, we have obtained
our Leadership in Energy and Environmental Design(LEED) Gold Certification since 2021 and 2016, respectively.
Maxeon continues its sustainability efforts through theimplementation of multiple initiatives including energyefficient LED lighting installations and improvements toindoor thermal comfort, reducing heating load and energy
consumption. Through the installation of onsite solar
panels at our Philippines facility, as well as energy-efficientinstallations across both Mexico and Philippines, including
the use of Variable Frequency Drives (VFDs) in our motors
and replaced cooling blades, we continue to optimize ourenergy usage, maintaining this prestigious certification
across both facilities.
The Procuraduria Federal de Proteccion al Ambiente(PROFEPA), Mexico’s environmental agency, has also
renewed our Clean Industry Certificate, serving as atestament to Maxeon’s commitment to augment its
positive environmental contributions on both a national andinternational scale.

Performance highlights

Looking forward

In 2022, our energy consumption amounted to370,346.8 MWh across all our manufacturing sites. Our total
emissions is estimated at 240,076.9 tCO2e, comprising of
Scope 1 (327.9 tCO2e), Scope 2 (239,391.1 tCO2e),and Scope 3 (357.9 tCO2e) level emissions. Our Scope 3
boundary includes emissions arising from Business Travel(Category 6) and Employee Commute (Category 7).

Maxeon upholds its commitment to further minimise
the energy consumed and emissions generated from its
operations, as well identify opportunities for reduced
emissions and increased reliance on solar power, across ourvalue chain. Moving forward, we strive to ensure our energy
efficiency and savings measures and initiatives continue toperform to deliver and maintain the results we have seenin the past year to uphold our energy and emissions
intensity targets of a 10% and 20% reduction from 2020by 2025 and 2030, respectively.

As a result of our business operations, our 2022 energy
intensity amounted to 174.5 MWh per MW and emissions
intensity of 136.3 tCO2e per MW produced. Our overall
energy consumption and GHG emissions saw an increase
from 2021, however we experienced a decrease in ourenergy intensity and emissions intensity. This is primarily
due to the increased MW production output, showing a
95.8% increase in MW produced in 2022, in comparison
to 2021. Against our baseline performance in 2020,
our energy intensity and emissions intensity reduced by
31.3% and 14.8%, respectively. As such, we have surpassed
our 2025 target of improving our energy intensity andemissions intensity by 10% from our 2020 baseline andare on track to reach an improvement of 20% from our2020 baseline by 2030.

Environmental

SocialGovernanceThrough our production capacity of solar solutions,
we have achieved the avoidance of an estimated
16,473,076 tCO2e in 2022. The increase in the emissions
avoidance is due to an expansion in our production
capacity as we started production of our P-series
modules in 2022.

26

Introduction

Appendix© 2023 MAXEON SOLAR TECHNOLOGIESENVIRONMENT

Water management
Why is it material?
Effective water management and its responsible
consumption are critical to addressing the key global
issue of water scarcity. As fresh water is a finite natural
resource, employing proper water and wastewater
management across all our operational capacities is key
to mitigating climate-induced water stress. Maxeon strives
to continuously explore new ways to improve its water
efficiency, management and stewardship initiatives to limit
the adverse impacts of water scarcity on the environment
in the communities where we operate.

Management approach
The manufacturing and production processes of Maxeon’ssolar panels and cells require water as a key input andcreated byproduct. Ensuring the responsible managementof our water consumption and proper treatment of all
wastewater is of utmost importance for Maxeon to
manage any water-related impacts to the environment andcommunities where we operate.
Our water management approach is informed by ouroverarching targets to improve our water intensity by
2.5% by 2025 and 5% by 2030, in comparison to our 2020
baseline year. As such, we continuously engage in water
recycling initiatives and wastewater treatment to ensure
the recyclability of water in its use for onsite cleaning andirrigation across our gardens. Ultimately, we aim to reduce
our water withdrawn and track our progress as per ourestablished targets.

Furthermore, water management involves a focus on
the water we discharge and its affiliated impacts. As
such, our yearly license of wastewater discharged andinternally developed water quality standards, NOM-002SEMARNAT-1996 and NOM-001-SEMARNET-2021, govern
all operational water-related activities to ensure strict
compliance and responsible oversight. The water consumed
and employed by Maxeon is supplied and domesticallytreated by a commercial supplier across the various
regions in which we operate, whilst all industrial wastewater
generated is processed onsite. We conduct regularmeetings to effectively manage our water management
measures, initiatives, performance and targets.

Our initiatives
Utilising technology to limit water
consumption and its inefficient use

Water conservation programmes
At our facility in the Philippines, FAB 4, we have introduced
several water-conservation programmes to optimize
and curb our water consumption. Each programme has
resulted in significant water savings, aiding in reducing ouroperational costs and environmental impacts.
We have optimized phosphate loading on cooling towers to
reduce the number of chemical dosings, resulting in watersavings. We have also enhanced the Electronic Water Drain(EWD) system by closing the condensate manual drain to
reduce water usage.
Our facility in Mexico has ongoing water-recycling projects
using reverse osmosis technology to treat and recycle thewastewater we produce. The treated water is then usedin our facility for general cleaning, to wash glassware andirrigate our garden.

At Maxeon, we use various technologies to proactively
manage and curb the water we withdraw and ensure
its efficient and conscious use. These technologies help
optimize our internal recycling processes by reusing
the water we withdraw to rinse panels during ourmanufacturing processes. As such, we reduce our relianceon fresh water through repurposing. Moreover, we continue
to engage with contractors that regularly service all ourwater technology and systems to identify and repair any
malfunctioning equipment and limit water leakages.

Environmental

SocialGovernanceAppendixEnhance Electronic Water Drain (EWD) System
27

Introduction© 2023 MAXEON SOLAR TECHNOLOGIESENVIRONMENT

Water management
Performance highlights
Introduction

In 2022, we withdrew a total of 4,582,823.7 m3 of water
across the regions and facilities that we operate, with awater intensity of 2,601.7 m3 used per MW produced.
Due to our water saving and water efficiency initiatives,
we saw a decrease in our water intensity by 32.8% incomparison to our baseline year 2020. As such, Maxeon
has surpassed its long-term targets of improving its water
intensity by 2.5% and 5% from 2020 by 2025 and 2030,
respectively. We will continue to maintain and enhance ourwater saving initiatives to sustain the levels we are at now.

Environmental

Looking forward

SocialPrioritizing water stewardship, Maxeon strives to minimise
its water footprint and reduce its water intensity by
2.5% and 5% by 2025 and 2030, respectively. Moreover,
we remain committed to adhering to all local regulations
relating to water consumption and wastewater
discharge, upholding diligence in our execution ofoperational activities.

GovernanceAppendix28© 2023 MAXEON SOLAR TECHNOLOGIESENVIRONMENT

Waste
Why is it material?
Through global shifts, international coalitions, andgovernmental involvement, topical discourse pertaining
to waste has become pervasive. We recognize waste
management as a pressing global concern and are
cognizant of the environmental impacts and social
implications of our waste production. In the absenceof effective waste management, the exacerbation ofenvironmental degradation through improper waste
disposal, as well as social inequities through threats
to public health and safety, are inevitable. As land andresources become ever more scarce, it is crucial to reduce
waste and engage in proper waste disposal and recycling
initiatives to curb environmental pollution, landfilling andadverse health impacts. Moreover, spearheading waste
management can reduce operational costs and avert
reputational damage and financial or regulatory risks,
underscoring its importance as a key environmental
consideration for Maxeon.

Management approach
Waste is a byproduct of solar manufacturing processes,
and therefore, managing its socio-environmental
ramifications is a key component of our sustainability
strategy. Primarily, we take an integrated approach toreuse, repurpose and reduce the waste we generate tolimit its disposal in landfills. Moreover, Maxeon’s waste
management approach is governed by our 2022 Singapore
Green Nation Pledge, highlighting our commitment to
reduce and ultimately cease the production and usage ofsingle-use disposables, thereby limiting waste creation.

29

We uphold our commitment to responsible waste
management through the consistent monitoring andevaluation of waste production and reduction progress
across all our facilities, whilst identifying opportunities
for improvement. As we continue to enhance thecomprehensive measures to minimise our waste footprint,
we strive to achieve our goal of increasing the proportionof waste recycled by 5% by 2025 and 20% by 2030, in
comparison to our 2020 baseline.
Our Environmental, Health and Safety (EHS) team
maintains oversight of our waste management initiatives
and performance, ensuring that Maxeon deploys
appropriate resources to limit the production of avoidable
waste. The EHS team meets monthly to discuss, share
updates and explore avenues to refine the effectiveness of
our current initiatives and measures aimed at reducing ourwaste production. Subsequently, this information is sharedwith our facilities and stakeholders via regular meetings.

Our initiatives
Achieving certification and complianceacross all scopes of waste management
At Maxeon, we adhere to all national and regional
environmental regulations to ensure our business operates
with integrity and within the bounds of required standards.
Beyond this, Maxeon aims to attain renowned industry
certifications that attest to our efforts to reduce ourenvironmental footprint across all our facilities.
We have maintained our PROFEPA certification for being
landfill-free at our Mexico facility, SPMX1, since 2015. The
criteria for attaining this certification ensures that less than
1% of Maxeon’s waste is sent to landfill, whilst less than 10%
of waste is sent to a waste-to-energy facility for energy
recovery. Our efforts are verified through an external audit
conducted and managed by the National Sanitization
Foundation (NSF) International, an independent
organisation responsible for overseeing the Landfill-Freestandards for companies globally.
In terms of managing our waste beyond our operational
scope, Maxeon maintains its responsibility for oversightof waste generation across our supply chain by ceasing
engagement with suppliers who are non-compliant with thetreatment, storage and disposal requirements set out in thecriteria of the Hazardous Waste Treatment, Storage andDisposal Facilities (TSDF) qualification. In addition,
we undergo periodic waste audits, conducted by EHS(PCO)
Logistics, Purchasing and Waste Generator, to ensure ourwaste is handled by accredited waste service providers andaccording to proper disposal practices.

© 2023 MAXEON SOLAR TECHNOLOGIESIntroduction

Environmental

SocialGovernanceAppendix

ENVIRONMENT

Waste
Recycling and repurposing our waste
As a key component to managing and minimising ourwaste generation, we recognise the importance of recycling
in order to reduce the number of raw materials andresources employed in our manufacturing process.
We have implemented several waste and recycling projects
in our Philippines facility, including:• Using metal waste for smelting• Converting wood waste to furniture• Using excess cartons for paper pulp manufacturing• Reusing foams for pillows and pellets
Through these initiatives, we collect the necessary solid
waste and distribute it to scrap buyers for repurposed
recycling. As a result, we successfully diverted 254 tons ofsolid waste from landfill at our Philippines facility in 2022.

Chemical reduction to enhance ourwastewater management
The manufacturing processes at Maxeon result in the
production of hazardous waste, which demands theneed for its proper handling to limit its effects on theenvironment, our customers, and the communities where
we operate. As a result, we have implemented chemical
reduction initiatives to effectively manage and reduce theimpacts of our hazardous waste, specifically through ourdischarged wastewater.

30

At our Philippines facility, our chemical reduction andwastewater enhancement initiatives include:

Reducing our waste footprint throughresponsible management• Optimising the amount of chemicals used in our 			operations

As we foster responsible waste management throughout
our operations, Maxeon has implemented several initiatives
in our Philippines facility, which include:• Substituting alternatives to chemicals that reduce 		
environmental and social hazards• Leveraging and improving technology to eliminate 		hazardous chemical generation in our waste streams.
The completed waste reduction programme resulted in
a 62% reduction of chemical use, 23% substitution ofharmful chemicals with less hazardous alternatives, anda 15% reduction of chemicals generated across our waste
streams in 2022.
The chemicals we reduced include, but are not limited
to, acids, alkalis, inks and metals. In doing so, we havesuccessfully reduced the amount of chemicals we employ
and subsequently the hazardous waste we generate,
thereby furthering improvement and compliance towastewater effluent limits specifically for phosphates,
fluoride and copper. As a result of our chemical reduction
initiatives, our FAB4 facility is compliant with the Philippines
Department of Environment and Natural Resources 2016-08
Revised Effluent Limits, a legislation pertaining to proper
wastewater management.

• Returning empty chemical containers(260 drums weekly) and tote bags
(four bags weekly) to our suppliers
for reuse• Personal protective equipment(PPE) reuse programme thatinvolves engaging an external
decontamination service provider
to wash, dry, repair and replenish
the PPEs at our facility. As we
encourage circularity, Maxeon
has reduced its PPE consumption
by 18,880 pieces annually, whichis equivalent to 16.19 tons ofwaste annually.

Introduction

Environmental

SocialGovernanceAppendix© 2023 MAXEON SOLAR TECHNOLOGIESENVIRONMENT

Waste
Zero Waste-to-Landfill Certification
Maxeon’s Mexico facility has been third-party verified as
Landfill-Free since 2015. This certification stipulates thatless than 1% of waste materials can be sent to a landfill andless than 10% of waste materials can be sent to a wasteto-energy facility, as verified through an external audit
process managed by NSF International, an independent
organisation that oversees the Landfill-Free standard forcompanies around the world. (Learn more at nsf.org.)
To achieve this certification, we adopted a lifecycle-focused
approach across our supply chain. We partnered with ourvendors to minimise waste by screening for vendors thathave waste reduction considerations in their operations.
During the manufacturing process, we also implemented
a range of waste reduction procedures, including waste
segregation, with some waste streams being recycled forother purposes. One way we have been achieving ourwaste targets at our Mexico facility is by recycling onsite
food waste into an organic composting garden, poweredby solar.

Overall, we were able to generate 2.859 tonnes of compost
in 2022 repurposed as organic fertilizer for the gardens
in our Mexicali facility. The compost was also donated tooperational staff and used in the orchard area.

Reduction of single-use plastics
As we strive for waste minimisation, we have replaced
single-use bottles with cartons and tetra-packs in ourPhilippines facility. This has resulted in a 50% reduction of
single-use bottled drinks and plastics. We offer a multitudeof alternatives, such as recycled packaging and recyclable
beverage containers. Furthermore, we incentivize our
employees with discounts and benefits when they utilise theirown reusable bottles when consuming beverages.

Domestic waste collection in conjunction
with Earth Day
In Malaysia, a total of 27 employees participated in thedomestic waste collection initiative on Earth Day and wecollected a total of 324 kg of waste.

Performance highlights
In this financial year, we experienced one violation as aresult of improper effluent discharge in our Malaysia facility,
which was resolved through improved discharge processes
and compliance with the local environmental regulations..
In 2022, Maxeon produced a total of 14,501 tons of wasteof which 6,597.7 tons (45.5%) was hazardous and 7,902.9(54.5 %) was non-hazardous. We saw an 22.9% increase in
the amount of waste produced, in comparison to our 2020
baseline. This is mainly attributed to construction waste.
This financial year, the amount of waste diverted from
disposal through recycling comprised of 67.7% of our
total waste, of which, we have recycled 47.9% and 84.1%
of our hazardous and non-hazardous waste composition,
respectively. In comparison to our 2020 baseline year where
we recycled 80% of our waste, our decreased recycling
rate reflects our increased output as the restrictions fromCOVID-19 start to ease, and our operations normalize.
As such, we remain dedicated to achieving our long-termtargets and continuously explore avenues to improve ourwaste generation and recycling rates.

• Step 1: Site generates 200kg/day of organic waste.

Looking forward• Step 2: Collect organic waste for garden composting
through recycling machine that converts food scraps into
soil conditioners for the plant’s onsite farm.

Ensuring proper waste management remains a key ESG
consideration for Maxeon as we maintain our unwaveringcommitment to engage in the responsible handling ofwaste whilst minimising its negative implications throughresponsible oversight, reduction, recovery, disposal andcircularity. Ultimately, we strive to achieve our goals toincrease the amount of waste recycled 5% by 2025 and 20%
by 2030, over a 2020 baseline. Moreover, we aim to achieve
zero cases of violations or non-compliance with regards towaste management and effluent discharge.

• Step 3: Garden grows produce which in turn is served in
the staff canteen.
• Step 4: Garden serves as a learning area for employees
to apply the knowledge to their homes.

31© 2023 MAXEON SOLAR TECHNOLOGIESIntroduction

Environmental

SocialGovernanceAppendix

ENVIRONMENT

Circular economy
Why is it material?

Management approach

Our initiatives

A circular economy refers to the reduction, reuse andrecycling of resources and waste to create a sustainable
and regenerative system. The circular economy concept has
gained significant traction in recent years, as it challenges
the traditional linear economic model and is criticallyimportant to promoting resource stewardship and limiting
the environmental footprint of an organisation.

At Maxeon, we embed the concept of circularly in thedesign of our products and in our day-to-day businessactivities. Operationally, we have established initiatives
and measures to enhance the closed-loop nature of
our production system. We also strive to enhance thelongevity of our solar panels, which currently have an
estimated lifespan of 40 years, outperforming the current
solar industry standard which averages a lifespan of
25 to 30 years. With a longer lifespan and an industryleading warranty, we extend the usability of our products
and subsequently produce less waste and employ fewer
resources for the replacement of our panels.

Investing in sustainable packaging

As Maxeon is committed to the UN SDG 12 of Responsible
Consumption and Production, we strive to embed circularity
across our sustainability strategies and our industrial andresource extraction processes to effectively reduce waste
generation whilst minimising the use of raw materials.
Through a circular economy model, we can successfully
mitigate the depletion of natural resources and minimise
negative environmental impacts whilst repurposing andreusing materials to reduce our production costs andgenerate new revenue streams. Maxeon recognises theneed for a transition to a circular economy, as it is essential
to creating a sustainable future. Ultimately, circular
economy principles offer the opportunity to address both
environmental and social challenges whilst promoting
economic growth and innovation. We work diligently withall our stakeholders to implement initiatives and promotea closed-loop system, reflecting a circular economy
approach.

32

Maxeon works closely with local recycling experts acrossthe various geographies in which we operate to ensure
the proper end-of-life process for our solar panels. These
organisations include PV Cycle in Europe, Reclaim PV
Recycling and Hamada Corporation in Asia Pacific, andRecycle PV Solar and SEIA in the United States. Working
with these recycling experts enables us to maximise ourrecycling rates, mitigate waste generation and disposal,
reduce our consumption of raw materials, and minimise ourenvironmental impacts.
Additionally, we have obtained our Cradle to Cradle, Silver
Certification in 2022, an improvement from Bronze level,reflecting our commitment to Zero Waste-to-Landfill andcontinued fulfilment of the responsibilities of our Declarelabel, as mentioned in this Report. Maxeon strives tostrengthen and enhance our internal and external efforts
to ingrain circularity principles across our operations,minimising our negative impacts on the environment,
people and the economy.

To further enhance our efforts to offer a holisticallysustainable product, Maxeon has invested in sustainable
packaging to reduce the resources used for packaging
purposes. This initiative entails a new configuration of
our packaging to reduce the number of straps and corner
pieces used to hold packaging together. This effort hasenabled us to cut 52% of corner pieces required for our
packaging, reducing each package from 124 pieces
to 64 pieces.
In addition, our pallet recycling programme prohibits
Maxeon from purchasing any new pallets. Through thissystem, we have implemented three pallet recycling
projects in Mexico that have resulted in a total of 58,000
pallets being recycled with a cost savings of $1 million,
as described below:

Introduction

Environmental

Social• Project Primergy: 39,300 pallets returned per week
• Project Danish: 12,400 pallets returned every two weeks• Project Ellis: 6,200 pallets returned every two weeks

Governance

These sustainable packaging initiatives help promote
circularity within our organisation as it reduces our useof packaging whilst honing in on the need to recycle
packaging materials.

Appendix© 2023 MAXEON SOLAR TECHNOLOGIESENVIRONMENT

Circular economy
Recycling our solar conductive ink toprolong its lifecycle and limit waste
As the concept of embodying a circular economy continues
to inform our business activities, we have embarked on
an initiative to recycle leftover ink from the screens ofour printing equipment to minimise ink usage andink waste disposal.
This initiative entails scraping and transferring leftover ink
from a used screen to a new screen. Prior to recycling
the ink, we ensure that the condition of the leftover ink
adheres to our quality and performance requirements
before utilising it for a new screen. As a result of this effort,
we processed an additional 1,000 solar wafers dailyusing the recycled ink.

Cradle to Cradle Certification
Since 2019, Maxeon’s direct current(DC) solar panels have been Cradle toCradle Certified® at the Bronze level,
and have maintained this standard
through 2020 and 2021. In 2022, we arepleased to report the achievement of
our established target for 2025, Cradle
to Cradle Certified Silver – Silver designation for our DC
solar panels.
The Cradle to Cradle (C2C) framework entails acomprehensive assessment of solar panels in relation to a
standardised benchmark. The certification paves the way
for continual improvement with regards to the circularity
and sustainable value creation of a solar panel, as it
evaluates the panel’s performance in the areas of material
33

health, material reutilisation, renewable energy and carbon
management abilities, water stewardship, and social
fairness. The C2C certification can be achieved at four
ascending levels of recognition: Bronze, Silver, Goldand Platinum.
As our panels are the world’s first solar panels to earn theprestigious C2C Silver certification, we hope to inspire othercompanies and our industry as a whole to embody
a circular economy approach.

A total of 50 employees and contractors participated in thiscampaign that spanned four days in August 2022, during
which time 529kg of fabric were collected. The donatedapparel will be sent to Life Line Clothing, a zero waste
textiles collective in Port Klang, where the material will besorted for reuse, bundle sales, charity and processed toderive resin.

Introduction

Environmental

Promoting circularity in Malaysia throughfabric recycling
Maxeon strives to promote circularity and the circular
economy approach across all the communities where we
operate. As such, we initiated a fabric recycling campaign
in conjunction with Malaysia’s Book of Record participationin August 2022. This campaign aimed to raise awarenessabout circularity and recycling, encouraging the Malaysiancommunity to bring in their unused or spare clothing andfabrics to the event.

SocialLooking forward
Maxeon aims to develop and strengthen its partnerships
and processes to drive the transition towards a circular
economy. We strive to expand on our collaboration andcooperation with stakeholders to reduce waste, reusematerials and recycle our products, ultimately maximising
our positive environmental contribution. As a long-termtarget, we aim to achieve the Cradle to Cradle Certified
Gold designation for our solar panels by 2030.

© 2023 MAXEON SOLAR TECHNOLOGIES

GovernanceAppendix

ENVIRONMENT

Environmental performance metrics
2020

2021

2022

Introduction

Energy276,044

240,832

370,347

Energy Intensity (MWh used per MW produced)

254

268

175

Reduction in energy consumption from base year (MWh)NA

35,212(31,303)

Fuel Consumption (MWh)

1,170

1,795

1,109

Fuel Consumption (Litres)

123,269

188,929

100,892

LPG Use (MWh)

562

596

397

LPG Use (kg)

41,40543,83834,800Total Electricity Use (MWh) - Grid, PPA, Onsite1

274,310

243,440

305,841

Conventional Purchased Electricity – Grid (MWh)266,246

238,142

292,312

97

98

95

Green Power Purchased (MWh)2

6,342

3,633

12,294

Onsite Renewable Electricity (MWh)3

1,722

1,665

1,235

Onsite Renewable Electricity (%)

0.63

0.7

0.4

3

2

5

Energy Consumption (MWh)Conventional Purchased Electricity – Grid (%)

Total Renewable Energy (% of Electricity)

There is no heating, cooling and steam consumption at Maxeon. There is also no electricity sold.
2
Sources of green power purchased are geothermal, solar and wind through Purchase Power Agreements
3
From energy produced by our on-site solar panels
134© 2023 MAXEON SOLAR TECHNOLOGIES

Environmental

SocialGovernanceAppendix

ENVIRONMENT

Environmental performance metrics
2020

2021

2022

Introduction

EnergyEmployee Commute (km)4

1,604,169

1,504,630

1,795,922

Air Travel (km)896,624

1,565,250

1,005,441

Total capacity of photovoltaic (PV) solar modules produced (mw)

1,085

900

1,762

Environmental

Emissions
Scope 1 Emissions (tCO2e)5

399

580

328

Scope 2 Emissions (tCo2e)6173,335

149,282

239,391

Scope 3 Emissions (tCO2e)7

328

441

358

174,062

150,303240,077

Reduction in GHG emissions tCO2e from base yearNA

(15.8%)

28%

GHG Emissions Intensity [tCO2e used per MW produced]

160

167

136

10,147,576

8,413,603

16,473,076

Total Emissions (tCO2e)

Emissions avoided annually (tCO2e)8SocialGovernanceAppendix
Covers leased company shuttle only
5
Emissions included in Scope 1 calculations: fuel consumption and LPG use. Source of emission factors: GHG Protocol
6
Emissions included in Scope 2 calculations: energy consumption and PV panel power generation. Source of emission factors: IGES 2018 OM Grid Emissions Factor
7
Emissions included in Scope 3 calculations includes alternative commuting and air travel. Source of conversion factors: UK DEFRA 2022
8
Calculated using EPA Greenhouse Gas Equivalencies Calculator
435© 2023 MAXEON SOLAR TECHNOLOGIESENVIRONMENT

Environmental performance metrics
2020

2021

2022

Introduction

Water
Total Water Withdrawn (m3)94,203,076

3,486,450

4,582,824

Total Water Recycled (m3)

6,445

25,68944,1104,466,105

3,689,724

4,523,336

Third-party water withdrawn (megalitres)

4,203

3,486

4,583

Total water discharge to all areas (megalitres)

4,466

3,690

4,523

0

0

0

4,203

3,876

4,583

0

0

0

Water Intensity [m3 used per MW produced]

3,874

3,876

2,602

Reduction in water consumption (m3) from base year

NA716,626(379,748)

Total Water Discharge Volume (m3)10

Total water discharge to all areas with water stress (megalitres)
Total water consumption from all areas in megalitres
Total water consumption from all areas with water stress in megalitres

Environmental

SocialGovernanceAppendix

Water withdrawn attributes to water consumed. Source of water withdrawn across the sites is municipal water apart from FAB 4, which also sources water withdrawn from industrial parks, residential and commercial water.
Mexico (High Baseline Water Stress): Water withdrawn = 1.57%
10
In FAB 3 and FAB 4, water discharged is higher than water withdrawn due to chemical additions in the treatment of wastewater.
936© 2023 MAXEON SOLAR TECHNOLOGIESENVIRONMENT

Environmental performance metrics
2020

2021

2022

Introduction

Waste
Hazardous Waste Generation (tons)

6,125

4,285

6,598

Amount of Hazardous Waste Recycled (tons)

4,341

2,448

3,163

Percentage of Hazardous Waste Recycled (%)

71

57

48

Amount of Hazardous Waste Prepared for Reuse (tons)

0

0

0

Amount of Hazardous Waste Prepared for Reuse (%)

0

0

0

Amount of Hazardous Waste Prepared for other recovery operations (tons)11

-

-

198

Total weight of Hazardous Waste directed to disposal onsite (metric tons)

0

0

0

Total weight of Hazardous Waste directed to disposal offsite (metric tons)

1,784

1,837

3,435

Non-Hazardous Waste Generation (tons)

5,678

6,478

7,903

Amount of Non-Hazardous Waste Recycled (tons)

5,108

5,530

6,649

Percentage of Non-Hazardous Waste Recycled (%)

90

85

84

Amount of Non-Hazardous Waste Prepared for Reuse (tons)

0

0

0

Amount of Non-Hazardous Waste Prepared for Reuse (%)

0

0

0

Environmental

SocialGovernanceAppendix

Maxeon commenced tracking the amount of hazardous waste prepared for other recovery operations in 2022 and hence does not have 2020 and 2021 data. We will continue building our data collection capabilities over the upcoming years.

1137© 2023 MAXEON SOLAR TECHNOLOGIESENVIRONMENT

Environmental performance metrics
2020

2021

2022

Introduction

Waste
Amount of Non-Hazardous Waste Prepared for other recovery operations (tons)12

-

-

70

Amount of Non-Hazardous Waste Prepared for other recovery operations (%)

-

-

1

Total weight of Non-Hazardous Waste directed to disposal onsite (metric tons)

0

0

0

Total weight of Non-Hazardous Waste directed to disposal offsite (metric tons)

570

948

1,254

End-of-life Waste treatment (incineration - metric tons)13

-

-

11

Environmental

SocialGovernanceAppendix

Maxeon commenced tracking the amount of non-hazardous waste prepared for other recovery operations in 2022 and hence does not have 2020 and 2021 data. We will continue building our data collection capabilities over the upcoming years.
Maxeon only started to track limited amount of the end-of-life waste treatment in 2022. The disclosed figured only includes our Malaysia facility, Maxeon will work towards enhancing our data collection in the coming years.

12
13

38

© 2023 MAXEON SOLAR TECHNOLOGIESIntroduction

Environmental

SocialSocialGovernanceAppendix39© 2023 MAXEON SOLAR TECHNOLOGIESSOCIAL

Spotlight: Launch of Maxeon Gives
Demonstrating our commitment to ‘Power Positive
Change,’ Maxeon strongly believes in giving back to ourcommunities to enable positive social change. This year,
we embarked on the ‘Maxeon Gives’ programme to extend
our sincere support to local communities whilst building
upon our fundamental purpose of maximising our positive
contributions. Holding ourselves to the highest standards,
Maxeon goes the extra mile by taking the initiative to drive
and lead meaningful positive social outcomes in the face of
perennial change.

In addition to the Sinag School Program, we have also
worked with our external partners to donate more than
900 Sunpower flexible panels to install on autonomous
mobile solar stations for the Ukraine Chernihiv region as
humanitarian aid for the vulnerable. The solar stations
will provide autonomous power supply in the necessary
places throughout the Chernihiv region, as well as the State
Emergency Service of Chernihiv, Kyiv and Lviv regions.
We will continue to work with our partners to provide more
solar panels to support the civilians in this difficult time.

Under the Maxeon Gives programme, we have joined
hands with the SM Foundation Inc. (SMFI), the corporatesocial responsibility arm of the SM group, to embark on
the Sinag School Program in Philippines, Batangas. Under
this social initiative, we seek to empower and equip schools
in grassroots communities with clean, renewable energy
through the installation of solar panels atop the buildingsof SM schools. Through the Sinag School Program, we
successfully equipped the Lemery Pilot Elementary Schoolwith 21 solar panels, assisting with the delivery, scaffolding
and installation of the system.

At Maxeon, we believe access to healthy environmental
conditions (e.g., energy, electricity etc.) is a fundamental
human right. We aim to correct these inequities bymaking solar panel donations through the Maxeon Gives
programme. The launch of Maxeon Gives will ensure thecontinuity of our CSR initiatives, and at the same time,
deepen our commitment to the United Nations Sustainable
Development Goals 7 and 10:

Within the first day of this effort, 95% of solar racking andinverters, controllers and 100% of AC wirings were installed.
The 21 solar panels installed at the school possess 6,510
watts of solar energy capacity, enabling an on-grid solar
system. Through this initiative, we are able to support thesustainability journey of the school’s 2,900 students as
we facilitate their transition towards renewable energy
to reduce their energy consumption and environmental
footprint. The initiative facilitates increased awarenessof the importance of resource stewardship through green
sources of energy, to promote environmentalism.
40

Introduction

Environmental

Social• UNSDG Goal 7 – Ensure access to affordable, reliable,
sustainable and modern energy for all.
• UNSDG Goal 10 – Reduce inequality within andamong countries.

GovernanceAppendix© 2023 MAXEON SOLAR TECHNOLOGIESSOCIAL

Social Stewardship: An overview
As sustainability considerations are experiencing a global shift
towards social issues such as health and safety, human rights,
and corporate social responsibility, social stewardship forms
a critical component of Maxeon’s sustainability approach andaligns with our value of holding ourselves to a higher standard.
We understand the importance of being good corporate
citizens and strive to improve upon our social impact by taking
responsibility for our people, focusing on fair labour, employee
engagement, workforce development, being an inclusive
employer, and giving back to the community.
Understanding that our people are at the heart of our businesssuccess, we appreciate the value our employees bring andaim to create an empowering and inclusive work environmentthat enables all employees to realise their potential. We doso through continuous improvement of our training anddevelopment programmes, diversification of our talent pipelines,
recognition of high-performing staff, and generous employee
benefits. Maxeon aspires to deliver positive change in the longrun through a workforce with diverse capabilities, perspectives
and backgrounds whilst equipping our people with the tools theyneed to achieve their career potential in a supportive, healthyand safe occupational environment.
Upholding our commitment to be a responsible corporate
citizen, we continuously enhance our efforts to contribute toand support the local communities where we live and work.
A core component of this is advocating and implementing
human rights and fair labour conditions. At Maxeon, we not only
uphold the highest fair labour standards across all facets of ourbusiness activities, we ensure that suppliers across our global
value chain uphold the same standards in their operations.

41

Introduction

Powering Positive Change

Occupational
Health and
SafetyEnvironmental

Fair Labour andHuman Rights

Employee
Engagement
SocialLearning andDevelopment

Diversity andInclusionCommunity
Investment
GovernancePeople, Suppliers and Community© 2023 MAXEON SOLAR TECHNOLOGIESAppendix

SOCIAL

Occupational health and safety
Why is it material?

Management approach

As a responsible solar manufacturer, safeguarding the
Occupational Health and Safety (OHS) of our employees isfundamental to our business. Maxeon maintains the highest
OHS standards by identifying, managing and mitigating
health and safety hazards to ensure the welfare of ouremployees.

Maxeon takes a deliberate and stringent approach to OHS
risk management to ensure the health and safety of ouremployees. All our manufacturing, as well as research,development and demonstration (RD&D) locations are
certified to the internationally recognised ISO9001,
ISO45001 and ISO14001 managements systems. Every
year, we undertake extensive internal and external audits
to ensure our management systems are up-to-date and incompliance with applicable legal and other requirements.
At Maxeon, OHS is an integral component of our dayto-day operations. In order to maintain an exemplary
standard of employee health and safety across all Maxeon
facilities, we engage in the sharing of best practices andknowledge across our locations including lessons learned
from incidents.

01
Covid
response andmanagement

4202High-risk,
non-routine
activities andcontractor
management

In FY 2022, the key focus areas for ensuring OHS included:• COVID response and management

Introduction• High-risk, non-routine activities and contractor
management• Legal compliance assurance• Continual improvement and cultural change
As we manage these focus areas, our employee health andsafety (EHS) committee is responsible for encouraging
employee engagement and facilitating discussions on
EHS issues and concerns. Maxeon organises bi-weekly
operations meetings to capture and share best EHS
practices across business units, whilst focusing on incidents
as opportunities to learn. To continuously improve Maxeon’s
OHS strategies and measures, key discussion points andoutcomes from these meetings are disseminated to
the EHS team via the monthly global EHS teampartnership meeting.

03
Legal
complianceassurance

04
Continual
improvement &culture change© 2023 MAXEON SOLAR TECHNOLOGIES

Environmental

SocialGovernanceAppendix

SOCIAL

Occupational health and safety
Furthermore, we have incorporated weekly safety toolbox
communications, safety standdowns for all our operations,and safety incident reports that are shared on a weekly
basis as part of our EHS reporting processes.
Maxeon conducts extensive risk assessments to identify
the hazards and impacts of our operations on employee
health and safety, to mitigate any risks through robust
OHS risk management. We complete annual internal audits
and third-party assessments for all manufacturing plants
and RD&D facilities to ensure that our performance andmanagement systems are reviewed and functioning safely,
efficiently and effectively.
Where OHS hazards and risks are identified, mitigation
measures are implemented after pinpointing the most
relevant controls with respect to the level of risk. Ourhierarchy of controls identifies the steps necessary toeliminate these hazards and risks:
1. Eliminate and physically remove the hazard.
2. Substitute and/or replace the hazard.
3. Isolate people from the hazard throughengineering controls.
4. Change the way people work throughadministrative controls.
5. Protect workers with personal protective equipment.
In addressing worker injuries, Maxeon takes an Eight
Disciplines (8D) approach to its OHS investigations,
idenifying all preventive actions, which are tracked andmonitored on the iQuality system.

43

This 8D approach to OHS investigations helps create a robust response plan, limits the recordable injuries we incur throughour established on-going compliance assurance programmes and ensures national and international compliance toapplicable EHS, legal and other requirements.

Introduction

Furthermore, we align our health and safety systems to the rigorous Occupational Safety and Health Administration (OSHA)
requirements. As such, we have integrated a Comprehensive Management of Change (MOC) process into our OHS risk
management approach to uphold employee safety and health at the design, implementation, elimination and mitigation
stages via our Hierarchy of Controls.

Hierarchy of controls
To further identify OHS risks andadverse impacts beyond our workforce,
we conduct due diligence on non-routine
and contractor tasks to ensure theirhealth and safety. Furthermore,
we adopt the Integrated Management
System (IMS) process to effectively
identify current and potential risks,
assisting in maintaining an excellent recordof execution on identified action plans andsubsequent closure of incident reports.
Ensuring legal compliance to all imposable
OHS laws, regulations and requirements
remains a key focus for Maxeon.
Demonstrating this, we have received
favorable recognitions from regulatory
agencies and external parties pertaining
to our COVID-19 preparedness andkey EHS incident learnings.

Most effective

Elimination

Physically remove
the hazard

Substitution

Replace thehazardEngineering
controls

Environmental

SocialIsolate people from the hazard

Governance

Administrative
controls

Change the way people work

PPE

Protect the worker with
Personal Protective Equipment

Least effective© 2023 MAXEON SOLAR TECHNOLOGIESAppendix

SOCIAL

Occupational health and safety
Our initiatives
Fall protection programme review
Maxeon conducts Hazard Identification, Risk Assessments
and Control (HIRAC) measures for routine andnon-routine work at height activities. The HIRAC entails
method statements, permits to work systems, and outlines
subsequent implementation control measures, whereapplicable. Ensuring employee safety, we review all OHS
training records and ensure adequate competency andauthorization for employees and contractors to be involved
in work at height activities, ultimately reducing associatedsafety risks and health hazards.

Worker capability training and consultation
with workers
At Maxeon, we foster a culture of proactiveness andaccountability to ensure the health, safety and well-beingof all employees. Furthermore, we establish a hierarchyof responsibility whereby business unit or team leaders
are tasked with ensuring the safety of their subordinates.
Maxeon administers in-depth training for our leaders andemployees on specific worker health and safety topics
to prepare our workforce with the necessary skills toensure their own personal safety and that of their peers
and subordinates in the event of OHS emergencies orincidents. This comprehensive training and development
programme aims to significantly enhance the capabilities
and preparedness of our employees.

Additionally, new employees complete EHS awarenesstraining as part of their mandatory training curriculum.
We also conduct site-specific new employee orientation
training programmes to ensure staff are equipped with thetools and knowledge needed to ensure their safety at each
respective site.

Cart material handling risk assessment
We conduct thorough risk assessments including HIRAC,
Job Hazard Analysis as well as ergonomic assessments
to ensure appropriate routine and non-routine handlingof cart material handling operations for both our manualand automated systems. As part of our risk management
approach, we adopt our Hierarchy of Controls, and thismanagement framework is applied to our cart material
handling processes as well. Additionally, we perform
cost-benefit evaluations to assess the mitigative measures
we undertake.

Performance highlights
In 2022, Maxeon maintained zero cases of high-consequence
injuries and fatalities as a result of work-related injuries. In
proactive reporting of Near Misses, Good Catches, Unsafe
Conditions and Behaviors validated by site EHS for both
Employees & Contractors, in 2022 we identified a totalof 6,030 good catches, with 88.3% of the good catches
reported by employees and 11.7% by contractors. Meanwhile,
there were 16 incidents of recordable work-related injuries in2022. We also achieved more than a 90% vaccination rate
against COVID-19, curbing its spread, effects and current
significance.
In 2022, our Total Recordable Incident Rate (TRIR) per
million manhours was 1.14. We will continue to focus onaddressing potential high risk areas in OHS as we progress
toward our long-term target of achieving a 10% reduction in
TRIR by 2030, from a baseline year performance of 0.63 in
FY 2020.

Environmental

SocialLooking forward
Occupational health and safety will remain a priority issue
for Maxeon as we continue to strengthen our approach
to identify and mitigate occupational hazards and risks.
Moving forward, Maxeon aims to persist in its OHS
initiatives and has established the following targets:• Ensuring zero notices of health and safety violations• Maintain industry-leading position of 0.63 TRIR by 2025
• 10% reduction from 2020 TRIR by 2030

44

Introduction© 2023 MAXEON SOLAR TECHNOLOGIES

GovernanceAppendix

SOCIAL

Fair labour and human rights
Why is it material?

Management approach

At Maxeon, we hold a resolute conviction to protect therights of all individuals irrespective of their backgrounds.
We believe that the protection of human rights safeguards
individual livelihoods and is fundamental to societal
development. Furthermore, we greatly value our employees
and their indispensable role in steering our organisation to
new heights. As a responsible employer who appreciates
and values its employees, we aim to maintain a conducive,
safe and equitable working environment. We also remain
firmly committed to the principle of diligently maintaining
fair labour practices across our supply chain and upholdhuman rights beyond our immediate operational activities.

The Maxeon Global Human Rights Policy establishes
standards for our global business conduct related to humanrights and labour for employees, suppliers and any otherbusiness partners. This policy is made publicly available
through our various stakeholder engagement platforms,
including our website. The policy is fundamentally guided by
the principles of the Universal Declaration of Human Rights,
the Conventions of the International Labour Organisation(ILO), the UN Guiding Principles on Business andHuman Rights, the UN Global Compact (UNGC), and theOrganisation for Economic Co-operation and Development(OECD) Guidelines for Multinational Enterprises. Our Global
Human Rights Policy includes the following elements:
1. Non-harassment
Maxeon strictly forbids all forms of harassment, including
but not limited to status-based sexual, mental, or physicalcoercion, and verbal abuse of workers. Moreover, Maxeon
also prohibits any form of threat of such behavior.
2. Non-discrimination
Maxeon firmly believes in promoting a work environmentthat is solely based on merit and proficiency, andexplicitly forbids all types of discrimination in theworkplace. We advocate for the rights of minority andindigenous individuals in the countries where we
conduct our operations, and demand that our suppliers
do the same.

45

3. A safe and conducive workplace
Maxeon is committed to providing a safe andaccommodating workplace for all its employees. As westrive to achieve this, Maxeon implements several safetymeasures and precautions, sets a limit on the maximum
hours of work per week, and offers fair compensation to
all employees.
4.Freedom of association
Maxeon values the fundamental right of all workers to
associate freely, including joining labour unions, seeking
representation and establishing joint workers’ councils,
subject to the conditions of applicable local laws toensure they are respected and adhered to.
5. Forced or child labour
Maxeon strictly prohibits all forms of forced or childlabour, including but not limited to modern slavery andhuman trafficking.
We adopt a risk-based approach to our compliancestrategy, furthered through our alignment with the
ILO. Maxeon expects all suppliers to hold compliancecertifications, to ensure alignment with the Office ofForeign Assets Control (OFAC) of the US Departmentof Treasury and minimise our risk exposure to policy
breaches. In the event a risk is identified, Maxeon conducts
thorough due diligence and seeks specialized certifications
on supplier operations and labour practices, thereby
minimising our risk exposure across the identified aspects.

© 2023 MAXEON SOLAR TECHNOLOGIESIntroduction

Environmental

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Fair labour and human rights
Our initiatives
Conflict minerals policy
Maxeon refrains from the use of conflict minerals that
directly or indirectly finance or benefit armed groups in the
Democratic Republic of Congo (DRC) or adjoining countries.
We aim to responsibly source minerals within the region.
The conflict minerals we have identified include columbitetantalite (coltan) (i.e., tantalum), cassiterite (i.e., tin), gold,
wolframite (i.e., tungsten) or their derivatives (3TG).
Moving forward, this existing list could expand to include
other minerals or their derivatives.
Our compliance team is responsible for overseeing
suppliers and implementing the Conflict Minerals Policy
whilst providing feedback to ensure their adherence toregulations. In the event that any breaches occur in relation
to this Policy, Maxeon takes remediation measures, including
suspension or discontinuation of the engagement or tender.
We also remain dedicated to refining our policies to comply
with evolving regulations, such as the Hoshine Withhold
Release Order (WRO) and the Uyghur Forced
Labor Prevention Act (UFLPA).
For this reason, we have published a specialised disclosure
report relating to conflict minerals, outlining our due
diligence processes and the overview of our Conflict Minerals
Policy (3TG). This report includes forward-looking statements
made under the safe harbour provisions of Section 27A of
the Securities Act and Section 21E of the Exchange Act by
the U.S. Securities and Exchange Commission (SEC).

46

The report also outlines the foundation of our due diligenceframework, which is the criteria set forth by the Organisation
for Economic Co-operation and Development’s (OECD)
Due Diligence Guidance for Responsible Supply Chains ofMinerals from Conflict-Affected and High-Risk Areas. This
framework establishes a five-step process for due diligence
as a basis for our global supply chain management ofminerals from conflict-ridden and high-risk areas.
The application of the framework constitutes a part of the
programme that Maxeon has established to ensure that weonly obtain products that are responsibly sourced.
We also actively engage our suppliers to ensure responsible
mineral sourcing across our supply chain as part of ourdue diligence measures. We have engaged with 77% of our
relevant tier 1 suppliers in 2022 to complete the reasonablecountry of origin inquiry (RCOI), a process that aids Maxeon
to collect information about the presence and source of
conflict minerals used in components or parts supplied
to Maxeon.
Additional components of our due diligence programme
are our training resources and grievance mechanism.
Our compliance team consistently oversees our suppliers in
implementing our Conflict Minerals Policy whilst providing
feedback to ensure their adherence to regulations. Anygrievances or violations to our Conflict Minerals Policy
can be reported through Maxeon’s Compliance and Ethics
Helpline at https://maxeon.ethicspoint.com.

Supply chain management
Beyond our immediate business activities, Maxeon holds azero-tolerance policy for any violations of human and labour
rights across our supply chain, as ensuring compliancethroughout our supply chain is integral for us to ensureethical and sustainable business practices.
In order to protect human rights, we have taken measures
to effectively communicate, inform and enforce our
Global Human Rights Policy and Code of Conduct acrossour supply chain partners through their engagement
contracts, training material, and required certification.
Maxeon expects its suppliers to monitor and maintaincompliance with human rights standards by keeping
track of all relevant information, including annual
assessments and compliance certification. Additionally,
we require our suppliers to conduct annual assessments,
achieve compliance certifications and provide us with
updates upon request. Maxeon’s Supplier Sustainability
Guidelines stipulate that suppliers must conduct risk
assessments, audits, training and certifications, to establish
accountability and management systems and ensurecompliance with all laws and regulations related to humanrights and fair labour practices.
To improve our progress on the traceability andtransparency affiliated with our supplier practices, we haveestablished a Compliance & Ethics Helpline for anonymous
reporting. In the event of actual or suspected policy
breaches, we conduct thorough and robust investigations.
Any supplier found guilty of violating our Global Human
Rights Policy and Code of Conduct is subject to immediate
termination or suspension.
© 2023 MAXEON SOLAR TECHNOLOGIESIntroduction

Environmental

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Fair labour and human rights
Performance highlights
Maxeon experienced zero cases of non-compliance
pertaining to human rights and fair labour in 2022, bothwithin and beyond our direct business activities. Uponthe completion of our internal audits, we determined thatnone of our direct suppliers or their suppliers conduct theirprimary business operations in locations exposed to humanrights violations, such as forced labour.

Introduction

However, our external audit conducted in 2022 identified
an issue of non-compliance with regard to working hours
due to the omission of break times at our joint-venture
China site. As our workers solely record their times during
the commencement and completion of their work day,their break hours were not recorded, which was flagged as
non-compliance due to over-time working hours. We havesince remediated the issue by requiring regular sign-ins toaccount for break times, as verified by our auditors,
thereby clearing the joint-venture of non-compliance.

Environmental

SocialIn 2022, we published our modern slavery statement underthe Australian law to identify and assess modern slavery
risks in our operations and supply chain, the actions wehave taken to address those risks, and the progress wehave made to improve our understanding and effectivenessof the management of modern slavery and humantrafficking risks.

GovernanceAppendix47© 2023 MAXEON SOLAR TECHNOLOGIESSOCIAL

Fair labour and human rights
GRI 407-1: Freedom of association and collective bargaining
Operations and suppliers in which workers’ rights toexercise freedom of association or collective bargaining
may be violated or at significant risk

0Type of operation and supplier

NA

Countries or geographic areas with operations andsuppliers considered at risk

NA

GRI 410-1: Security personnel trained in human rights policies
or procedures
Percentage of security personnel who have received
formal training in the organisation’s human rights
policies or specific procedures and their application
to security

100%

Are training requirements also applied to third-party
organisations providing security personnel?

Yes, we have both in-person and online
training from third party organisations

Introduction

Environmental

GRI 408-1: Operations and suppliers at significant risk forincidents for child labour
Operations and suppliers which have significant
risks for incidents of child labour or young workers
exposed to hazardous work0Type of operation and supplier

NA

Countries or geographic areas with operations andsuppliers considered at risk

NA

Total number and percentage of operations thathave been subject to human rights reviews or humanrights impact assessments, by country

Mexico: 100%
Philippines: 100%
Malaysia: 100%
Singapore: 100%

GRI 409-1: Operations and suppliers at significant risk forincidents of forced or compulsory labour
Operations and suppliers which have significant
risks for incidents of forced or compulsory labour0Type of operation and supplier

NA

Countries or geographic areas with operations andsuppliers considered at risk

NA

48

GRI 412-1, 412-2, 412-3: Human rights assessment

Total number of hours devoted to training on humanrights policies or procedures concerning aspects ofhuman rights

5,262

Percentage of employees trained on human rights
policies or procedures concerning aspects of humanrights100%

Total number and percentage of significant
investment agreements and contracts that include
human rights clauses or underwent human rights
screening

100%

SocialGovernanceAppendix© 2023 MAXEON SOLAR TECHNOLOGIESSOCIAL

Fair labour and human rights
Looking forward
Maxeon aims to maintain our zero-tolerance policy towards
human and labour rights violations and will continue tomonitor current and emerging regulations and industry bestpractices. We seek to make continuous improvements andexpand upon our existing internal policies and controls,
whilst forging close relationships with our suppliers toensure their adherence with all imposable regulations.

Introduction

We aim to continue conducting thorough multi-step risk
assessments to ensure complete and robust evaluation of
our supply chain partners. We also remain committed to
executing remediation measures, including terminationand suspension, in the event that human rights violations
are found. Moving forward, we will continue to enhance
supply chain transparency and traceability by reducing
the response time for any inquiries related to supply chain
traceability to four hours via blockchain technology,
by 2025. Through this, Maxeon aims to maintain zero casesof verified non-compliance with human rights laws.

Environmental

SocialGovernanceAppendix49© 2023 MAXEON SOLAR TECHNOLOGIESSOCIAL

Employee engagement
Why is it material?

Our initiatives

As we continue to expand our product and service
offerings at Maxeon, we seek to involve our employees inour organisation, culture, strategies and decisions throughregular discussions and meetings. In doing so, we benefit
from the multitude of skills and perspectives of our talented
employee base. We assert a strong focus on the active
involvement of our employees, as their engagement ispivotal to sustaining business success. By fostering anorganisational culture that promotes a sense of belonging
and purpose, we are better able to respond to the needsof our customers and the changing dynamics of theindustry as a whole.

Creating avenues for effective
communication

Management approach
We focus on generating internal transformation throughregular engagement, building a consistent sense of purpose
across our teams, embedding our values, cultivating
a culture aligned to our core values, establishing asenior leadership cohort, and creating opportunities forcollaboration and feedback. We have developed an internal
communications strategy, incorporating a key messaging
framework and a new daily communications calendar tofacilitate increased employee interaction.

50

In 2022, we launched our new intranet, PowerHouse, a onestop shop for all things Maxeon, available to all employees.
The PowerHouse contains news, events, information on
our locations and functions, as well as self-service accessto policies, frameworks, global and local guidance andthought-leadership articles.
We developed new opportunities for two-way feedback
loops through the Executive Leadership Team (ELT) Country
Visit Framework and virtual ideas boxes. As COVID-19
eased and business travel resumed, we established acore employee engagement guideline for when C-Suite
Executives are visiting. This entails an ’All Hands’ meetingwith all local staff and employee connect sessions with asmall number of cross-functional teams, identified talentand skip level one-on-ones. In addition, we facilitated
Employee Resource Groups (ERG) breakfast or lunch
sessions with Maxeon’s C-Suite Executives to build
more direct engagement and open dialogue among
our diverse workforce.
In 2022, we shifted our focus towards in-person feedback,as travel reopened. We employed the ELT Country Visit
Framework, mandating face-to-face engagement with
employees during an ELT visit, to complement the existing
location engagement and facilitate regular in-person
feedback. We supplemented this in-person feedback
mechanism with regular local “pulse checks” and global
feedback forms to identify areas for improvement inensuring employee engagement. As we primarily havefocused on conducting face-to-face feedback loops in

2022, we continued with our ‘Your Ideas Matter’ box
initiative, a platform that allows team members to propose
their ideas on various areas of interest, such as cost savingsand efficiency, facilitating the sharing of opinions andfostering greater participation.

Introduction

Core engagement programme
The Maxeon Core Engagement Programme consists offour Global All Hands meetings, eight Leadership Briefings,‘From ELT’ mailboxes, and 12 CEO Messages which arerelayed to employees every third week of the month.

Environmental

In 2022, four Global All Hands meetings were conductedin the months of March, June, August and November.
We implemented enhancements to this programme withthe addition of feedback opportunities after each meeting.
Maxeon also introduced a panel discussion in June andengaged a guest speaker in August to pave the way for
employees to be further involved within the Global
All Hands meetings.

SocialQuarterly business reviews
Maxeon conducted four Quarterly Business Reviews (QBRs)
in 2022. Through these reviews, stakeholders, including our
Executive Leadership Team, and key guests were invitedand team members from various business units presented
our business activities and performance. Prior to November
2022, the QBR underwent a refresh to further align with ourpriority areas, enabling Maxeon to present a deep dive on
our business risks and opportunities to our stakeholders
whilst receiving valuable board suggestions and feedback
from the wider team. Through this shift, we achieved
positive feedback.
© 2023 MAXEON SOLAR TECHNOLOGIES

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Employee engagement
Employee resource groups

Performance highlights

Maxeon has established three main Employee Resource Groups (ERGs): Women@Maxeon,
Planet@Maxeon and Mind@Maxeon. These ERGs are closely connected to our identified UN
Sustainable Development Goals (UN SDGs or SDGs) and are dedicated to Maxeon’s key
impact areas of gender equity, sustainability and mental wellness.

In 2022, 92.6% of our employees have completed the Maxeon Leader Programme, which
is on track for the 2025 performance goal of 90%. We invested heavily in the programme,
employing a dedicated resource for leadership development to deliver the programme inperson and in regions where our leaders are based, providing a more engaging learning
environment than the previous year, which was an online delivery model. Talent development
is a priority, and career conversations were encouraged for all employees. 65% of
employees formally logged those conversations in our performance management system.
We will continue to improve our measures and initiatives to make it easier to formalise
career and development conversations which can only strengthen employee engagement
further, striving to build a productive environment for our employees and hit our 70%
target by 2025 and 80% by 2030. Further, in 2022 we incorporated structured feedback into
our performance review process, tied to our leadership capabilities and company values,delivering on our 2025 goal.

In 2022, we launched our Mind@Maxeon ERG to maximise our impact on the issue ofmental wellness. We remain firmly committed to promoting positive mental and physicalhealth at Maxeon whilst cultivating a strong and meaningful sense of community where our
employees are encouraged to thrive and reach greater heights.
In October, Maxeon undertook several local and global initiatives, including our ‘Think. Act.
Eat. Positive’ campaign, in observance of Mental Wellness Month. Other initiatives included:• On-site mental health talks

Introduction

Environmental• Healthy food in the cafeteria and smoothies and fruit delivered to the office• Five-kilometre “fun runs” for employees and their families• Opening of our company gyms post pandemic, with exercise challenges, yoga classes,
as well as virtual exercise classes• Gratitude walls at all our sites• Videos dedicated to mental health• Head and shoulder massages and care packages

Eligible employees’ successful completion of
the leadership development programme

Eligible employees who had a career anddevelopment discussion with their leader

FY21

FY22

95%
(completed
Module 1)

92.6%(completed
Modules 1-4)

80%

65%

Our wellness team shares weekly emails with employees, with tips and tricks on building
resilience at home and work as well as stories from our leaders on how they manage theirmental health. Finally, we launched our Thrive page on the PowerHouse platform to equip
our employees with useful resources to cultivate learning on mental wellness.

51

SocialGovernanceAppendix© 2023 MAXEON SOLAR TECHNOLOGIESSOCIAL

Employee engagement
Looking forward
In the upcoming year, Maxeon intends to persistently
develop our existing initiatives, whilst exploring new ways
to increase employee engagement and foster a positive,cohesive work culture. In 2023, we will be activating
the three ERGs we have established to build employee
engagement on the issues of gender equity, mental
wellness, and sustainability. Furthermore, we intend toincrease internal and external communications throughongoing improvements to our PowerHouse platform andfeedback channels. We will also be implementing further
leadership development tied to our Maxeon Leadership
Capabilities, to strengthen foundational skills and overall
employee engagement. To track the performance of ouremployee engagement initiatives and measures, we have
set the following targets:• 90% and 95% of eligible employees successfully complete
the leadership development programme by 2025 and2030, respectively• 70% and 80% of employees hold career and development
discussions with their leaders by 2025 and 2030,
respectively• Incorporate structured feedback into our performance
review process, tied to our leadership capabilities andcompany values, by 2025

Moving forward, Maxeon will learn from our feedback
channels to identify additions to our four key employee
engagement events:

Introduction

International Women’s Day

Earth Day

Environmental

Maxeon Anniversary• International Women’s Day• Earth Day

SocialMental Wellness Month• Maxeon Anniversary• Mental Wellness MonthIn 2023, Maxeon intends to focus on Maxeon internal
employee narrative development, volunteer programmes
and by conducting assessments to measure
the effectiveness of our initiatives. We will also be
introducing a new learning initiative, ‘PowerHour,’an online formal learning session facilitated by internal
subject matter experts to share learning and knowledge
across the business.

GovernanceAppendix• Build a continuous feedback culture amongst our
workforce, driving learning and growth by 2030

52

© 2023 MAXEON SOLAR TECHNOLOGIESSOCIAL

Learning and development
Why is it material?

Management approach

At Maxeon, we recognise the importance of providing our
employees with the continuous learning resources theyneed to be well-equipped with the skills and knowledge
to accomplish their work responsibilities whilst adapting
to the ever-changing business environment. As such, thedevelopment of our employees is central to the success of
our organisation.

Enhancing and continuously improving our learning anddevelopment (L&D) programmes and initiatives remains
critical to Maxeon. We continue to prioritise our various
training programmes by innovating and curating training
courses that are linked to the Maxeon Leader Capabiliity
Framework, global training, and talent programmes.
Our Global Mandatory Training Policy (Global Policy)
establishes the training requirements that are mandatory,
the employees to whom the training applies, thefrequency with which training must be undertaken, andthe responsibilities of those involved. The Global Policy,
implemented in the first quarter of 2022, sets the requiredlearning to be completed by new hires
and all Maxeon employees.
Other mandatory training courses that all employees
are required to complete include the Code of Ethics andBusiness Conduct, and IT and Safety training. These
mandatory courses ensure that employees have adequate
training on the necessary workplace precautions and theoverall business ethics and culture at Maxeon.

As such, we aim to facilitate the development of each
employee to spearhead personal growth whilst maximizing
their contribution to Maxeon’s long-term success.
Our Global Talent Management and Organisational
Development team works closely with regional HR teams toensure we have effective learning programmes in place.
Our global training programmes are reviewed every two
years to ensure the courses are updated as per current
industry standards and business demands. We also ensurethat all our global training programmes are aligned withlegislation changes and updated when necessary.
Across our leadership development courses, feedback
is requested from participants via a Microsoft form toassess the effectiveness of the course and whether theirknowledge and skills have been enhanced, ultimately
identifying areas for improvement in our leadershiptraining. In addition, participants are asked about the mostvaluable and useful outcomes from the trainings to identify
the most impactful areas for personal development.

Environmental

SocialGovernanceThrough the Maxeon performance management approach,
we seek to ensure the alignment of all Maxeon employees
to our corporate key results (KRs) by providing learning
sessions offered to all employees. These sessions arerecorded and uploaded to our learning management
system, available on demand.

Appendix

These sessions enable our employees to understand theimpact of their individual performance, whilst aligning theirpersonal ambitions with company-wide goals, and driving
their performance through established expectations.
53

Introduction© 2023 MAXEON SOLAR TECHNOLOGIESSOCIAL

Learning and development
Our initiatives
Maxeon leadership capabilities framework
In 2022, an area of key focus was to embed Maxeon
Leadership Capabilities as the minimum standard required
for leadership at Maxeon. This framework is guided by
the capabilities of ‘Driven, Selfless and Adaptable’ —encouraging individuals who embrace these values tostep up leadership roles. Using this framework as a guide,
our managers are able to assess performance andprovide feedback to team members across the company
in an efficient and consistent manner.

DRIVEN(DO)
Value Creator
Accountable
Simplifier

Our Maxeon Leader Programme is designed based on
the capability framework and features four foundational
modules on leadership, self-awareness, giving and receiving
feedback, and coaching as a leader. The programme isdelivered regularly to people leaders, including new hires
and newly promoted leaders, ensuring we are on track tomeet the 2025 performance goal.

Performance culture
In 2022, we provided more guidance and structure to
the Annual Performance Management cycle to ensure all
employees were clear on the importance of formalising
performance conversations, including giving and receiving
feedback amongst colleagues to drive learning and growth.
As Performance Reviews are conducted bi-annually at
Maxeon, employee performance was mapped to theirannually established individual performance key result
indicators aligned to the corporate KRs.
As such, we amplified both leader and employee education
and upskilling opportunities, thereby aiding in growing
individual performance.

SELFLESS(FEEL)
Enables
Empowers
Inspires

54

ADAPTABLE(THINK)
Inclusive
LearnerInnovator

As we prepared for performance reviews, all Maxeon
employees were invited to development sessions to learn
about performance guidelines whilst sharpening theiralignment with responsibility expectations. Employee
development sessions were conducted in two time zones
to ensure that all employees had the opportunity to attend.
Facilitating greater mobility and ease, these sessions wererecorded and uploaded to Maxeon’s Learning Management
System (LMS), accompanied with step-by-step guides.

These are the 2022 Corporate Key Results released andcascaded across Maxeon:

Introduction

FY22 Corporate key results
Our business drivers
Delivering on our commitments today

SafetyPeopleEnvironmental
Profitability

Social

Our future growth
Creating value to achieve our long-term strategy

New
products

Product
expansion

GovernanceFactory
expansion

Joint venture
optimization

Appendix© 2023 MAXEON SOLAR TECHNOLOGIESSOCIAL

Learning and development
Performance highlights
Assessing the efficacy of these new training courses,
Maxeon conducted a learning and development review inthe fourth quarter of 2022, to understand the necessary
improvements and refinements to be addressed in 2023.
These refinements outline principles that determine
the required timeframe of certain courses to include
compliance, risk or role-based system awarenesseducation.
In 2022, we saw an increase in the average training hours
per employee, by region. This was due to the Global
Mandatory Policy coming into effect in the first quarterof FY 2022, thereby increasing on average the number ofcourses required per employee.

Average training hours by country/region14
Total employees withlearning records
Country/region

Average training hours
per employee15

Total hours recorded

2020

2021

2022

2020

2021

2022

2020

2021

2022

Americas

1

7

126

0.5

11.62

1738.76

0.50

1.66

13.80

APAC

52

66

80

138.84205.87737.43

2.70

3.12

9.22

EMEA

144

106

122

385.79380.96

972.64

2.70

3.12

8.0

MX

1,723

582

2,037

2,702

1,361.06

13879.4

1.60

2.30

6.81

MY

1,528

1,387

1,751

161,514.57

83,825.10

94830.61

105.70

60.40

54.16

PH

1,114

1,102

1,117

21,113.73

21,876.21

43229.2

19

19.90

38.70

SG

21

74

107

90.05

272.901057.3

4.30

3.69

9.88

4,583

3,324

5,340

185,945.48

136.5094.19

140.57

Grand Total/Average

107,933.72 156,445.34

Introduction

Environmental

SocialAverage training hours per employee, by region and gender16
Mexico(SPMX1)

Mexico(SPMX2)

Philippines(FAB4)

Malaysia(FAB3)

Singapore
(HQ)

FY21

FY22

FY21

FY22

FY21

FY22

FY21

FY22

FY21

FY22

Male

2.1

7.34

2.9

6.68

19.13

35.60

48.57

47.51

2.85

9.8

Female

1.7

6.88

2.1

6.12

20.67

42.34

75.24

63.82

5.07

10.00

Total

3.9

14.23

4.95

12.80

39.80

77.95

123.81111.34

7.92

19.80

With an improvement and update in our Learning Management System that resulted in more detailed and accurate breakdown of training hours, there is a restatementof our 2020 and 2021 training hours.
14/16

Average training hours per employee = Total hours recorded/Total employees with learning records

1555© 2023 MAXEON SOLAR TECHNOLOGIES

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Learning and development
Average training hours by gender
Male

FemaleExecutive leadership team

13.6

22.7

Professionals/managers

15.6

18.1

Technical, production and administrative

31.2

36.2

Total

60.4

77.0

Introduction

Environmental

Looking forward
As we continue to revise and strengthen our learning and development
measures and initiatives, we will implement two new learning modules in2023 including:Social• About Our Company and Our Industry-Leading Technology (products)• Human Resource (HR) for non-HR managers
Looking forward, we will strengthen the focus on learning and development
through implementing targeted leader learning journeys, as well as ensuring
the 70/20/10 framework (i.e. 70% based on work experience, 20% on exposureand 10% on education) is applied for individual development and careerplanning for all employees.

GovernanceAppendix56© 2023 MAXEON SOLAR TECHNOLOGIESSOCIAL

Diversity and inclusion
Why is it material?
Maxeon is a strong proponent and advocate for diversity
and inclusion (D&I) in the workplace and continuously
strives to be an inclusive employer by embracing diversity.
A more diverse and inclusive workforce enables Maxeon
to benefit from a wide range of perspectives for decisionmaking, developing a deeper understanding of customer
and stakeholder needs. We promote equal opportunityand empower our people to create a culture that is built on
mutual respect and inclusivity. In this vein, we are able toensure a pleasant and nurturing working environment for
our workforce.

Management approach
As a purpose-driven organisation, we are a strong
advocate for empowering and promoting D&I in our
workforce, regardless of social, economic or politicaldifferences. Our Global Human Rights Policy expresses
our equal opportunity, diversity and non-discrimination
principles, in which Maxeon renounces any form of
discrimination and harassment in the workplace. Moreover,
we ensure that all employees and business partners in our
global value chain adhere to our Global Human Rights
Policy to create a conducive and safe working environment
for all employees.

Our Global Human Rights Policy stipulates zero tolerance
for any form of discrimination or harassment in theworkplace, including discrimination based on the following
characteristics:

In 2022, Maxeon launched three new Employee Resource
Groups (ERGs) in an effort to strengthen our D&I practices:

Women@Maxeon
Sex

Gender identity
or expression

Planet@Maxeon
ColourRace

Reproductive status

Religion(which includes pregnancy,
childbirth and breastfeeding)

Environmental
Mind@Maxeon(including religious dress practices
and religious grooming practices)

Sexual orientation

National origin

Ancestry

Citizenship

Marital Status

Familial Status

Age

Physical disability

Mental disability

Medical condition

Genetic information

Protected veteranor military status

To form these ERGs, we have looked at various platforms
which includes engagement events, external messaging,our hiring and retention data as well as our commitments
and goals, to hone in on the areas deemed critical to
Maxeon. These areas were identified as crucial to ensure an
inclusive and supportive environment for our employees.
These three ERGs are strongly linked to our Maxeon impact
areas relating to gender equity, sustainability and mental
wellness, and in turn are connected to our ESG targets and
UN SDGs.

SocialGovernanceAppendix

Any other characteristic protected by local law or regulation
57

Introduction© 2023 MAXEON SOLAR TECHNOLOGIESSOCIAL

Diversity and inclusion
In support of a fair and equitable hiring process, our talent acquisition team applies ourhiring statement for all individuals interested in joining Maxeon. The hiring statement isincluded in all recruitment materials, processes and job descriptions, and outlines Maxeon’scommitment to being an equal and fair employer whilst renouncing any actions or decisions
that may be discriminatory. This hiring statement ensures that Maxeon prevents any
unlawful discrimination during the recruitment process and engages in fair hiring, giving all
candidates an equal opportunity at Maxeon.

At Maxeon, we are keenly aware of the need to maintain diversity on our Board of Directors.
With a diverse and inclusive Board, we are able to consider a wider range of perspectives,
experiences and ideas, thereby bringing about greater innovation in our decision-making.
Our Board Diversity Statement underscores the commitment of Maxeon to consider a wide
range of characteristics across the Board, to ensure inclusivity and diversity.

Introduction

Board diversity statement
Hiring statement
The Company is an equal employment opportunity employer and makes
employment decisions, including but not limited to, hiring, firing, promotion,
demotion, training, and/or compensation, on the basis of merit. Employment
decisions are based on an individual’s qualifications as they relate to the job
under consideration. The Company’s policy prohibits unlawful discrimination
based on sex (which includes pregnancy, childbirth, breastfeeding, or related
medical conditions, the actual sex of the individual, or the gender identity or
gender expression), race, colour, religion, including religious dress practices
and religious grooming practices, sexual orientation, national origin, ancestry,citizenship, marital status, familial status, age, physical disability, mental
disability, medical condition, genetic information, protected veteran or military
status, or any other consideration made unlawful by federal, state or local laws,
ordinances, or regulations. The Company is committed to complying with allapplicable laws providing equal employment opportunities. This commitment
applies to all persons involved in the operations of the Company and prohibits
unlawful discrimination by any employee of the Company, including supervisorsand co-workers. Maxeon is committed to complying with all applicablelaws providing equal employment opportunities. This commitment applies
to all persons involved in the operations of Maxeon and prohibits unlawful
discrimination by any employee of Maxeon including supervisors and co-workers.

58

Maxeon is committed to a policy of inclusion and follows the guiding principlethat our Board composition should reflect diversity of experience andperspectives. In furtherance of this commitment, when considering candidates
to fill an open seat on the Board, the Committee will request that the pool ofpotential candidates to be considered by the Committee for nomination to theBoard include a diverse group of qualified candidates in terms of experienceand skills, age and tenure, gender, ethnic and social background. In addition, theCommittee shall review periodically the composition of the Board to ensure it
reflects the knowledge, experience, skills and diversity required for the Board tofulfil its duties.

Our Human Resources team manages our D&I measures, initiatives and policies.
Each awareness month including, March, April and November, we share our company
commitments to our employees via email highlighting our initiatives and measures in effortsof D&I, to encourage them to make a personal commitment aligned with Maxeon’s goalof enabling a diverse and inclusive organisational culture. We have also set up pages on
PowerHouse for these campaigns to run all year long.
As a testament to our commitment to being an inclusive employer, we have introduced a
D&I mandatory training and learning course in 2022. The training is mandated companywide and conducted annually. The D&I training empowers Maxeon employees to respect
and appreciate the value of differences in terms of age, race, gender, ethnicity, religion,
disability, sexual orientation, education, and national origin, and the role each employee
plays in creating an inclusive workplace.
© 2023 MAXEON SOLAR TECHNOLOGIES

Environmental

SocialGovernanceAppendix

SOCIAL

Diversity and inclusion
Our initiatives

International Women’s Day

Empowering women in our workforce

In 2022, we celebrated International Women’s Day (IWD)with a month-long series of activities and events
including recognitions of the achievements andcontributions made by our female colleagues.
To create and nurture an inclusive culture at Maxeon, wemust raise awareness of the challenges and pre-existing
biases in the workplace. Through the celebration of IWD,
we encourage our employees to not only embrace gender
diversity and inclusion on these special occasions but
to realise the benefits of having a diverse and inclusive
workforce on a day-to-day basis.

Maxeon’s goal is to build and cultivate an inclusive
culture where our workforce can thrive and reach theirfull potential. While training sessions for mid-year andend-of-year performance reviews are available to all,in 2022, we curated additional career development
sessions specifically designed to support women in our
workplace. Understanding the unique challenges that our
female employees and leaders face, we have designed
and delivered two career development sessions aimed atproviding female employees with insight into maximising
their career potential at Maxeon. These sessions aim
to build the capabilities of our female employees througha focus on their personal brand, skills and expertise asa guide on how to employ these attributes to further
their career.
As we are cognizant that there are fewer women in our
senior leadership team, the career development sessions
for our female leaders are geared towards comprehending
the challenges and means of navigating the workplace
given today’s ever-changing environment. These included
discovering how personal values can help guide individuals
during times of change and skills to improve uponleadership styles. During the sessions, participants may
develop an Individual Development Plan (IDP), which
initiates the necessary training linked to their establishedcorporate KRs and career goals.

59

At the end of the year, we organised an array of events tocommemorate and recognise the hard work, efforts anddedication of our employees, such as a dinner and dance,
informal team dinners, and large-scale celebrations with
fun performances and competitions. We hope that our
D&I initiatives boost company morale, show appreciation
to our workforce and promote inclusion throughwell-rounded diversity.

Introduction

Environmental

Celebrating cultural diversity
SocialIn our efforts to respect and appreciate cultural diversity
at Maxeon, we celebrate cultural holidays and festivals to
encourage inclusivity. With the easing of restrictions around
COVID-19, we have gradually begun hosting in-person
festive celebrations. In 2022, we celebrated a plethoraof holidays including Chinese New Year, Valentine’s Day,
Golden Week, Hari Raya, Eid, Cinco de Mayo, Mother’s Day,
Deepavali, Dia de Los Muertos, Halloween, Mid-Autumn
Festival, Thanksgiving and Christmas. During these times ofcelebration, we facilitate cross-team involvement activities
including the decoration of our cafeterias, organising
fun runs, dress-up events, parties and other offerings.
Additionally, we extend our celebrations to our local
communities by gifting presents to underprivileged children
during festive seasons, such as Christmas.

GovernanceAppendix© 2023 MAXEON SOLAR TECHNOLOGIESSOCIAL

Diversity and inclusion
Performance highlights
In 2022, we are pleased to have maintained acomparatively even split in gender composition of ouremployees across our operations.

GRI 2-7: Number of employees by gender
Male

Female

2020

52%

48%

2021

54%

46%

2022

56%

44%

Introduction

Environmental

GRI 2-7: Number of employees by region
Permanent
employees

Temporaryemployees

Full-timePart-time

Singapore

93

40

93

40

Malaysia

1763

73

1793

73

Philippines

1095

179

1095

179

Mexico

1863

36

1863

36

SocialGovernance*Exclude employees located in other regions.

Looking forward
In continuing our effort to build a more diverse
and inclusive workforce, we aim to continuously
enhance and strengthen our policies, measures andinitiatives across our organisation. In 2023, we will be
implementing a dedicated D&I plan for Maxeon, withthe support of our Women@Maxeon ERG as change
champions. This plan will consist of a number of60

global initiatives, to reach our aspirational goal of 34%
and 37% leaders who identify as female, by 2025 and 2030
respectively, which is currently at 32%. In 2022, we areproud to highlight that there are zero reported cases andincidents of discrimination.

© 2023 MAXEON SOLAR TECHNOLOGIESAppendix

SOCIAL

Community investment
Why is it material?

Our initiatives

Contributing to the communities where we live and work
is a testament to good corporate citizenry. At Maxeon,
we believe that it is our responsibility to amplify our positivesocial impacts, especially across the local communities
where we conduct business. In bolstering the developmentof local communities, we play an active role in the overall
development of society and creation of a brighter future.
Our commitment to creating improved collective outcomesalso helps to develop our position as an industry leader insustainability whilst encouraging a ripple effect across theindustry through the generation of positive social impacts
and better opportunities for all individuals, communities
and organisations.

Young SDG Leaders

Introduction

Maxeon joined other companies to collaborate with
Global Compact Network Singapore (GCNS) and City
Developments Limited (CDL) on the Young SDG Leaders
programme to confer students with an opportunity tobroaden their horizons in the field of sustainability whilst
nurturing future young leaders. This programme entailed
the creation of a business case competition, presenting
students with a challenge to integrate the UN Sustainable
Development Goals (SDGs) into real-life corporate
scenarios. The programme provided the participants’companies with the opportunity to inspire bright young
minds to incorporate their innovative ideas in amplifying
their sustainable business practices.

Environmental

Management approach
Maxeon understands the importance of helping those inneed and encouraging positive change within and beyond
communities. Our local teams dedicate time and effort
to design impactful community programmes tailored tothe specific needs of their communities whilst leveraging
their unique skillsets to address those needs appropriately
through their involvement. In doing so, we seek to forge
lasting ties with the communities that support us to giveback and help create a better world for all.

SocialThis collaboration attracted more than 60 teams, out of
which 10 outstanding teams were selected to develop
a proposal for an assigned company based on theirrespective business challenge statements, focusing on
SDG 13: Climate Action. Maxeon was pleased to partner
on this programme and work personally with budding
talent in the field of sustainability, to provide them with
an opportunity to learn to implement sustainability
considerations across an organisation.

GovernanceAppendix61© 2023 MAXEON SOLAR TECHNOLOGIESSOCIAL

Community investment
Grant a Wish

Educational visits to Maxeon facility

During the festive season of Christmas in 2022, Maxeon
collaborated with Singapore’s Ministry of Social and Family
Development (MSF) to distribute gifts to 25 children from
low-income families. We sponsored 25 Popular vouchers
worth $SGD 80 each, whilst our Singapore employees
donated Christmas gifts as contributions to the children.
We hoped to augment the educational resources of ourbeneficiaries and spread some joy to brighten their
festive season.

In 2022, Maxeon hosted a series of educational visits fromtertiary institutions and organisations at our Malaysia
FAB 3 facility. We hosted 33 students and lecturers from
University Malaysia Pahang, College of Engineering, and
34 students and lecturers from Vocational College of Batu
Pahat, Electronic Technology Unit to share our knowledge
on renewable energy, sustainability and also internshipopportunities. We also welcomed professionals fromTechnological Association Malaysia Industry and Institutionof Engineers, Malaysia (IEM) to our facility to learn more
about the renewable industry, and its challenges andpossibilities.

Introduction

Environmental

SocialGovernanceAppendix62© 2023 MAXEON SOLAR TECHNOLOGIESSOCIAL

Community investment
Hosting community events
During 2022, our Malaysian facility, FAB3, made social
investments through sponsoring three community events,
with the goal of promoting community development
through enabling large-scale social action. Of these, twoevents sponsored by Maxeon targeted healthcare. In
March 2022, the National Cancer Society Melaka organised
one such event aimed at increasing public awareness ofcolorectal cancer.

FAB3 also played a key role as the main sponsor of ‘Relay
for Life,’ an event held in December 2022 to raise funds
for cancer patients. Maxeon contributed MYR 30,000 to
support cancer patients and provide caregiver benefits
such as medical aid, care and other necessary support.

Lastly, Maxeon has donated hampers worth MYR 5,000
to the ‘Rembia Family Day’ event held at Japerun Rembia,
in celebration of Independence Day in Malaysia. Rembia
Family Day celebrates family and community in Rembia,
a town located in the state of Malacca, Malaysia.
The event includes various activities such as games,
performances, food, and other forms of entertainment,
as well as the distribution of gifts and prizes.

Introduction

Environmental

SocialGovernanceAppendix63© 2023 MAXEON SOLAR TECHNOLOGIESSOCIAL

Community investment
Performance highlights
Introduction

Over the course of 2022, a total of 501.3 hours were dedicated to volunteering efforts. This is an increase over 2021 as the
pandemic eased and we were able to renew and strengthen our efforts to give back to society. As we aim to intensify oursocial impact, we have collaborated with local organisations to consolidate our initiatives and effectively deliver positivesocial impacts to the communities where we operate.

GRI 413-1 & 413-2: Operations with local community engagement,
impact assessments and development programmes
Percentage of operations with implemented local
community engagement, impact assessments
and/or development programmes

100% of the operations have local community engagement programmes
in place. Impact assessments and development programmes are in thepipeline as we continue to roll out our Maxeon Gives programme.

Operations with significant actual and potential
negative impacts on local communities

0

Location of operations

Singapore

Environmental

Social​Melaka, Malaysia​Binan, The Philippines​Ensenada, Mexico​Mexicali, Mexico
The significant actual and potential negative
impacts of operations

GovernanceNA

Looking forward
Appendix

Maxeon plans to explore, further and strengthen our endeavors to support the local communities in the areas where welive and work. In alignment with our social and moral duty as a responsible business, we seek to play an active role infacilitating social development and empowerment. As part of Maxeon’s long-term target, we aim to increase our number ofvolunteering days to 5,000 in 2025, and 7,500 by 2030.

64© 2023 MAXEON SOLAR TECHNOLOGIESSOCIAL

Social performance metrics
2020

2021

2022

4,609

4,111

5,564

Male

52%

54%

56%

Female

48%

46%

44%

Total number of employees

Introduction

Gender split

Board diversity

Environmental

Male

90%

90%

90%

Female

10%

10%

10%

Executive

10%

10%

10%

Non-Executive

90%

90%

90%

<30 years old

0%

0%

0%

30-50 years old

30%

30%

40%

>50 years old

70%

70%

60%

Male

67%

75%

75%

Female

33%

25%

25%

<30 years old

0

0

0

30-50 years old

33%

50%

75%

>50 years old

67%

50%

25%

Executive leadership team65

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Social performance metrics
2020

2021

2022

Introduction

Professionals/Managers
Male

63%

66%

60%

Female

37%

34%

40%

<30 years old

1%

2%

14%

30-50 years old

80%

79%

75%

>50 years old

19%

19%

11%

Male

49%

53%

54%

Female

51%

47%

46%

<30 years old

38%

34%

40%

30-50 years old

58%

62%

56%

>50 years old

4%

4%

4%

Environmental

Technical, Production and Administrative
SocialGovernanceAppendix66© 2023 MAXEON SOLAR TECHNOLOGIESSOCIAL

Social performance metrics
2020

2021

2022

Introduction

Occupational health and safety
For all employees17
Number of fatalities as a result of work-related injuries

0

0

0

Number of high-consequence work-related injuries (excluding fatalities)

0

0

0

Number of recordable work-related injuries

8

11

15

Number of recordable work-related ill health

0

0

2

12,762,667

13,570,277

11,830,970

Rate of fatalities as a result of work-related injuries (%)

0

0

0

Rate of high-consequence work-related injuries (%)

0

0

0

Rate of recordable work-related injuries (%)

0.63

0.81

1.14

1,000,000

1,000,000

1,000,000

Number of employees covered by OHS management system

4,609

4,111

5,564

Number of employees covered by OHS management system that has been audited or certified by an external party

4,609

4,111

5,564

Number of hours worked

Whether the rates have been calculated based on 200,000 or 1,000,000 hours worked

Incident by injured part18

SocialGovernance

Hand

-

37%

63%

Torso

-

18%

0%

Eye

-

18%

6%

Leg

-

27%

19%

Head

-

0%

6%

Groin

-

0%

6%

As Maxeon was incorporated in August 2020, the occupational health and safety figures for 2020 are not disclosed. All full-time employees are accounted and included in work-related injuries, work-related ill health and work-related fatalities figures.
Incident by injured part was only incorporated in Aug 2020, hence, figures for 2020 are unavailable.

17

18

67

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SOCIAL

Social performance metrics
2020

2021

2022

Introduction

Incident analysis by injury type19
Caught in between

-

9%

25%

Fall from height

-

9%

0%

Hit against

-

27%

25%

Slip, trip & fall

-

28%

6%

Chemical contact

-

27%

13%

Ergonomics

-

0%

12%

Laceration

-

0%

19%

Number of fatalities as a result of work-related injuries

0

0

0

Number of high-consequence work-related injuries (excluding fatalities)

0

0

0

Number of recordable work-related injuries

3

4

1

Number of recordable work-related ill health

0

0

0

Number of hours worked-20

2,750,970.5

2,213,620

Rate of fatalities as a result of work-related injuries (%)

0

0

0

Rate of high-consequence work-related injuries (%)

0

0

0

Rate of recordable work-related injuries (%)

0

0

0.45

1,000,000

1,000,000

1,000,000

Number of employees covered by OHS management system

100%

100%

100%

Number of employees covered by OHS management system that has been audited or certified by
an external party

100%

100%

100%

Any reasons for exclusion from OHS management system

NIL

NIL

NIL

Environmental

For workers who are not employees but work and/or workplace is controlled by the organisation

Whether the rates have been calculated based on 200,000 or 1,000,000 hours worked

Incident analysis by injury type was only incorporated in Aug 2020, hence, figures for 2020 are unavailable.
Number of hours is not available as it was only incorporated in Aug 2020, hence, figures for 2020 are unavailable.

19

20

68

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Social performance metrics
GRI 401-1: Total employee turnover
Introduction
Male (%)

Female (%)

Total Male(absolute number)

Total Female(absolute number)<30yrs (%)

16.53%

14.99%

920

834

30-50yrs (%)

32.03%

24.12%

1,782

1,342

>50yrs (%)

8.05%

4.28%

448

238

Total

56.61%

43.39%

3,150

2,414

Environmental

SocialGRI 401-1: New employee hires

Male (%)

Female (%)

Total Male(absolute number)

Total Female(absolute number)<30yrs (%)

55%

45%

1,531

1,250

30-50yrs (%)

55%

45%

1,035

861

>50yrs (%)

66%

34%

143

75

Total

55%

45%

2,709

2,186

69

GovernanceAppendix© 2023 MAXEON SOLAR TECHNOLOGIESIntroduction

Environmental

GovernanceSocialGovernanceAppendix70© 2023 MAXEON SOLAR TECHNOLOGIESGOVERNANCE

Spotlight
Collaboration with Solar Energy ResearchInstitute of Singapore (SERIS)As part of our efforts to promote sustainability, Maxeon iscurrently collaborating on two research projects together
with SERIS at the National University of Singapore (NUS).
Our first collaborative research project in 2021 entailed
the development and deployment of highly efficient andcurated glass photovoltaics (PV) for application as anurban solar noise barrier. As these PV modules curb anddeflect noise, they are able to simultaneously harvest solar
energy efficiently. As such, these modules are suitable fordense and urban environments, such as Singapore, as they
improve quality of life whilst enabling sustainable transition
through the generation of renewable energy and creation ofa pleasant urban environment.

kilowatt hours (kWh) produced per kilowatt (kW) installed.
Furthering this, our industry-leading 40-year warranty
ensures the extended lifetime of our solar modules, thereby
indicating their greater electricity production capacity incomparison to other solar modules.

Introduction

Subsequent to the results of the LOCE assessment and ourcollaboration with SERIS, Maxeon donated 220 SunPower
Maxeon 3 PV modules, with a capacity of 85 kWp, forinstallation at a PV system operated by SERIS at Marina
Barrage in Singapore. As we hope to quantify the benefitsof our modules, data from this system is continuously
monitored by SERIS, in tandem with comprehensive onsite
meteorological data. Ultimately, we hope the data collectedserves as evidence to demonstrate the benefits of ourhigh-efficiency modules and its positive environmental
contribution in a tropical urban environment.

Environmental

SocialIn 2022, we embarked on a second collaboration withSERIS that entailed a quantification assessment regarding
the performance and benefits associated with our highefficiency module, SunPower Maxeon 3. The assessment
focused on the levelized cost of electricity (LCOE) in adense tropical city, where surface area for PV system
implementation is limited.

Governance

LOCE quantifies the lifetime value of an electricityproducing technology through the measurement of
its affiliated costs against the amount of electricity it
generates over its lifetime. Through LCOE analysis, different
technologies can be compared to evaluate the most energy
and cost-effective solution. Through our LCOE assessment,
we determined that the Sunpower Maxeon 3 module isable to generate more watts of installed capacity per area
as its performance ratio in tropical climates enable more
71

Appendix© 2023 MAXEON SOLAR TECHNOLOGIESGOVERNANCE

Governance approach: An overview
Establishing robust corporate governance is fundamental
to the creation and preservation of value for all our
stakeholders, whilst building customer loyalty and brandreputation. Ensuring good corporate governance further
entails maintaining compliance to all relevant andapplicable laws, regulations and policies, solidifying ourmanagement approach to curb non-compliance resulting
in inimical financial, organisational, or reputationalrisks. Therefore, we maintain stringent oversight andimplementation of management practices that promote
ethical business conduct to reinforce our enduringcorporate purpose and values.
At Maxeon, fostering trust amongst our valued stakeholders
is critical to achieving our business objectives. We place ahigh priority on transparency, integrity and accountability
across all our operations. In order to conduct businessin an ethical manner, both internally and externally,
we proactively update our governance policies toensure compliance to all imposable international laws
and regulations.
We Thrive Together: Good governance equals goodbusiness
Limiting the potential for unethical corporate behavior
or malpractice can be achieved through good corporate
governance and the upholding of ethical standards,
ultimately, laying a strong foundation for a businessto persevere. We focus intently on corporate conduct
to limit any possibility of non-compliance across all
our operations.

As a sound governing structure is crucial to promoting
ethical business conduct, Maxeon’s Board of Directors
works in tandem with the Nominating and Corporate
Governance Committee to enforce good corporate
governance whilst maintaining oversight and decisionmaking on all sustainability related matters. Maxeon’s
Board provides the ultimate approval and maintains
oversight over all sustainability reports, related decisions,
impact assessments, performance tracking, strategy andinformation. The Board comprises 10 directors who are
selectively recommended by the Nominating andCorporate Governance Committee, of whom six are
directors appointed by our shareholders, three are
independent directors and one is our Chief Executive
Officer. Maxeon’s Board is chaired by an independent
director. The composition of the Board and its committees
are governed by Maxeon’s Constitution, together with
our Shareholders Agreement, both of which can be foundin our Annual Report21.

The Maxeon Board maintains oversight whilst delegating
its responsibilities to the following committees, with eachof these comprising at least two independent directors andthe Audit Committee comprised of entirely independent
directors:• Audit Committee• Compensation Committee• Coordination Committee• Nominating and Corporate Governance Committee

Environmental

SocialAs Maxeon’s Board consists of at least one director fromour shareholders TotalEnergies or TZE, each committeeof the Maxeon Board, aside from the Audit Committee,
contains a board designee of our shareholders. Therefore,
we are able to account for stakeholder interest beyond theorganisation in our sustainability strategies and decisions.
Moreover, our continuous stakeholder engagement
channels are pivotal in acquiring internal stakeholder
perspectives relating to sustainability impacts on specificmaterial topics.

GovernanceAppendix

Further details on our Board composition, diversity, committees and responsibilities can be found in our Annual Report from page 70 onward.

21

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Governance approach: An overview
Audit Committee (AC)Coordination Committee

The purpose of the AC is primarily to:

The Coordination Committee is tasked with exploringbusiness opportunities and our performance against
the measurable targets established in our approved
annual budget.

• oversee our accounting and financial reporting processes• oversee the audit of our financial statements andinternal controls by our independent public registeredaccounting firm• assist the Maxeon Board in the oversight of ourcompliance with legal and regulatory requirements andperformance of the internal audit function• oversee management’s identification, evaluation andmitigation of major risks to Maxeon• oversee our privacy and data security risk exposures andmitigations• provide to the Maxeon Board such information deemednecessary pertaining to financial matters requiring its
attention

Compensation Committee
The purpose of the Compensation Committee is primarily to:• implement, review and modify the compensation of the
Maxeon Board and senior management

Nominating and Corporate GovernanceCommittee (NCGC)
The purpose of the NCGC is primarily to:• select and recommend candidates for members of the
Maxeon Board• evaluate whether incumbent directors should be
nominated for re-election to the Maxeon Board upon
expiration of directors’ terms
As we prioritise diversity and inclusion within our
Board, Maxeon follows the guiding principle that thecomposition of the Board of Directors should reflect
diversity of experience and perspectives. In the selection orconsideration of a Director for the Board, the NCGC factors
having a diverse group of qualified candidates with regards
to their experience, skills, age, tenure, gender, ethnicity andsocial background. This is further explained in our Board
Diversity Policy of Inclusion reflected in our Annual Report22.

• oversee our compensation philosophy

Our NCGC conducts periodic reviews of the Board’s
composition to ensure it reflects the knowledge,
experience and diversity required to execute their duties
whilst ensuring the Board remains abreast of the evolving
nature of the industry. The NCGC is responsible foroversight of our ESG programme and also periodically
updates the Board on sustainable developments andeducates Board members about matters related to ESG.
Furthermore, we conduct yearly independent evaluationsof the Board to assess the performance of the Board ineffectively performing their duties.
Ensuring sound corporate governance, at Maxeon wemitigate potential conflicts of interest by defining thecriteria of an ‘independent director’ as per NASDAQ
Marketplace Rules. As such, we ensure our Audit Committee
solely comprises independent directors to prevent conflictof interests whilst ensuring the committee’s financial
experts are involved in internal processes. Moreover, allmembers of the Board of Directors have adopted ourCode of Business Conduct and Ethics required by all
employees. This entails provisions that specifically apply
to our principal executive officer, principal financial officer,
principal accounting officer or controller, and any otherindividuals that perform similar functions for Maxeon.
Our Code of Business Conduct and Ethics can be found in
Exhibit 11.1 in our Annual Report, and is also available on
our website at https://www.maxeon.com.

• administer our equity incentive plans

Further details pertaining to our Board Diversity Policy can be found in our Annual Report, pages 71-72.

22

73© 2023 MAXEON SOLAR TECHNOLOGIESIntroduction

Environmental

SocialGovernanceAppendix

GOVERNANCE

Governance approach: an overview
GRI 2-9: Governance structure and composition23
Number

Percentage

Independent directors

330%

Non-independent directors

770%

Under-represented individual in home country jurisdiction00%Number and nature of each individual’s other significant positions and commitments

10

100%

LGBTQ+

0

0%

Male

Female

Total

9

1

10

90%

10%

100%

>9 years---<9 years

91

10

Number
Percentage

Introduction

Environmental

SocialDirector’s tenure of service

Governance

GRI 2-16: Communicating critical concerns
Total number of critical concerns

0

Further details pertaining governance structure and composition can be found on our website here.

23

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GOVERNANCE

Business integrity and ethics
Why is it material?

Our initiatives

Internal management system

At Maxeon, we conduct ourselves with the utmost integrity
and act in alignment with our Code of Conduct and Ethics
at all times. Our business integrity and ethics remain afundamental priority to us as we aim to always uphold
the invaluable trust and confidence of our stakeholders.
We hold ourselves accountable at every juncture of ourbusiness activities, processes and value chain. Furthermore,in taking a strong stance on business integrity and ethics,
we seek to set a standard of exemplary conduct across ourindustry as a leader.

Employees

When we engage with suppliers, we require them to havestrong internal management systems that meet thestandards set forth in our Supplier Sustainability Guidelines.
Their management systems should ensure adherence to ourguidelines, as well as any applicable laws, regulations andcustomer expectations, throughout their entire value chain.
Additionally, their management systems should identify
and address any operational risks related to our supplierguidelines, whilst also striving to continuously improve their
management of these risks within their own supply chain.

Management approach
Our Board of Directors have adopted a Code of BusinessConduct and Ethics (Code of Conduct or CoC) that applies
to all internal stakeholders, including our directors, officers,
employees and engaged external stakeholders. The CoC
addresses issues of corruption, bribery, anti-competitive
and other improper corporate behaviors whilst acting asa guideline for proper and ethical evaluation of behaviors
at Maxeon. In addition to ensuring all existing and new
employees are familiar with our CoC, we enforce theneed for strict conformity to our corporate policies whilst
upholding our organisational purpose and values in all
forms of business conduct. Further details relating to our
CoC can be found in our Annual Report and on our website
at https://www.maxeon.com.

75

As we ensure our employees are aware of Maxeon’s Codeof Conduct, our whistle-blower policies are promoted
through annual compliance training, employment contracts,
certifications and other training courses. Maxeon’s
established compliance and ethics helpline is available
online 24/7 or can be accessed via the phone for all
stakeholders, both internal and external, to report any
breaches or violations of our CoC or applicable laws.
Promoting inclusivity in our governance controls, weurge our employees to report any known or suspected
misconduct, in any language, without fear of retribution, by
utilising our anonymous reporting platforms. A third party
oversees the helpline, and in the event of any wrongdoing,
we create a report that is evaluated by an executive-led
committee, responsible for investigating the incident basedon its severity. If necessary, we will enlist the servicesof external experts, such as lawyers or accountants, tomanage the situation. The Audit Committee at Maxeon
is further responsible for examining these reports andimplementing necessary corrective actions for eachindividual case.

Introduction

Environmental

Performance highlights
Aimed at preventing bribery, corruption and othermalpractices, Maxeon conducts routine risk assessments to
identify associated potential risks, even across our supply
chains. As our operations are global, we take additional
measures to ensure corporate governance is maintained
when engaging with countries that rank poorly on theTransparency International’s Corruption Perceptions Index.
This includes obtaining compliance certifications fromrelevant governmental and regulatory bodies to further
mitigate any risks.

SocialGovernanceAppendix© 2023 MAXEON SOLAR TECHNOLOGIESGOVERNANCE

Business integrity and ethics
GRI 205-3: Confirmed incidents of corruption and actions taken
2020

2021

2022

Business integrity and ethics
Confirmed incidents of corruption and actions taken

0

0

0

Operations assessed for risks related to corruption

100%

100%

100%

Confirmed incidents in which employees weredismissed or disciplined for corruption

0

0

0

Confirmed cases of bribery and actions taken, if any

0

0

0

Confirmed incidents when contracts with business
partners were terminated or not renewed
due to violations related to corruption

Number of public legal cases regarding
corruption brought against the organisation orits employees during the reporting period

0

0

0

GRI 2-27: Compliance with laws and regulations
Total number of significant instances of non-compliance with laws and regulations

0

Number of instances in which fines were incurred0

Number of instances in which non-monetary sanctions were incurred

0

Total number of monetary value of fines for instances of non-compliancewith laws and regulations that were paid

0Fines for non-compliance with laws and regulations that occurred in current period0

Total fines for non-compliance with laws and regulations that occurred

00Environmental

GRI 205-1: Operations assessed for risk related to corruption
Total number of operations

14

Total operations assessed for risks relating to corruption

14

Percentage of operations assessed for risks relating to corruption

0

Introduction

Social100%

0GovernanceAppendix76© 2023 MAXEON SOLAR TECHNOLOGIESGOVERNANCE

Business integrity and ethics
GRI 205-2: Communication and training about anti-corruption
policies and procedures
Executive
leadership

Total number of employees
in each employee category
Total number that theorganisation’s anti-corruption
policies and procedures havebeen communicated toTotal percentage of employeesthat the organisation’s anticorruption policies and procedures
have been communicated toProfessional/
manager

7

Technical, production
and administrative

476

4,570

GRI 206-1: Legal actions for anti-competitive behavior, anti-trust
and monopoly practices
Number of legal actions pending or completed during the reporting period
regarding anti-competitive behavior and violations of anti-trust andmonopoly legislation0

Main outcomes of completed legal actions

NA

GRI 414-1 & 414-2: Supplier social assessment
7

100%

100%

100%

Percentage of new suppliers screened using a social criteria

100%

100%

100%

Number of suppliers identified to have significant
actual/potential negative social impact0

Significant actual/potential negative social impacts identified in the supply chain0

Percentage of suppliers with significant actual/potential negative social impacts,with which improvements were agreed

NIL

Total number of employees thatreceived training andanti-corruption

7

476

4,570

Percentage of suppliers with significant actual/potential negative social impacts,with which relations were terminatedTotal percentage of employeesthat received training andanti-corruption

100%

100%

100%

GRI 308-1 & 308-2: Supplier environmental assessment

GRI 205-2: Communication and training about anti-corruption
policies and procedures24
Total number of business partners

5,682

Total number of business partners that the organisation anti-corruption policies
and procedures have been communicated to

5,682

Total percentage of business partners that the organisation anti-corruption policies
and procedures have been communicated to100%

Environmental

SocialNIL

Percentage of new suppliers screened using environmental criteria

100%

Number of suppliers identified to have significant actual/potential
negative environmental impact0

Significant actual/potential negative environmental impacts
identified in the supply chain

0

GovernanceAppendix

Percentage of suppliers with significant actual/potential negativeenvironmental impacts, with which improvements were agreed
Percentage of suppliers with significant actual/potential negativeenvironmental impacts, with which relations were terminatedNA
NA

Figures exclude employees, affiliates, subsidiaries and government partners.

2477

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Business integrity and ethics
Looking forward
Introduction

Maxeon aims to maintain a constant state of vigilanceand ensure ongoing compliance with new and evolving
regulations. We strive to strengthen our policies andprocedures to promote a company culture and businesspractices that prioritise ethical behavior and the highest
standards of organisational conduct.

Environmental

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Product quality, reliability and safety
Why is it material?
We greatly value the trust that customers have placed in us and make every effort to strengthen customer loyalty at all times. We are firmly committed to maintaining the excellence of oursolar panels in terms of quality, reliability and safety. In doing so, we assert our position as a responsible and reliable organisation.

Introduction

Management approach
As a sustainability leader, Maxeon seeks to exceed stakeholder expectations byconsistently ensuring the quality, reliability and safety of our products. As we advancein our sustainability journey, ensuring the excellence of our products is of primary
importance to Maxeon. We employ our Quality Policy as a guide to achieving our goalof maintaining exemplary product quality, reliability and safety (QRS) and ensuring
zero cases of non-compliance. Enhancing our product QRS, we have incorporated a
set of controls and processes integrated into our product manufacturing including
innovative design, robust supplier selection and qualification for materials, effective
and traceable manufacturing controls, and end-of-line testing with packaging. As wemaintain the alignment of our business practices to our Quality Policy whilst leveraging
our comprehensive process control mechanisms, we enable Maxeon to satisfy and surpass
stakeholder expectations.

Environmental

Social

Our manufacturing and R&D facilities have successfully demonstrated their full alignment
with international standards pertaining to product QRS management, as we havesuccessfully attained the ISO 9001:2015 Quality Management Systems, ISO45001: 2018
Occupational Safety and Health Management System and ISO14001: 2015 Environmental
Management System certifications. As such, we are able to ensure product QRS throughour enforced and established internal systems.

GovernanceOur approach to product management constitutes three primary aspects:
product development, realisation and distribution. These processes are overseen by
our Executive Leadership Team, whilst closely collaborating with our product team inaccomplishing our predefined targets. We facilitate innovation and enhancements toour products through regular monitoring of our processes whilst accounting forstakeholder expectations at all times.

79

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Product quality, reliability and safety
Our initiatives
We maintain a consistent and extensive approach inconducting regular product reliability evaluations to ensure
optimal long-term performance of all Maxeon panels.
In order to ensure the validity of these assessments,
we employ a standardised set of methodologies as
described in our Reliability Monitoring programme.
Furthermore, our inhouse testing capabilities at our
Reliability Testing Lab in Fab 3, our facility in Malaysia,
ensure the validation process in achieving productreliability. Maxeon has also effectively incorporated a soundiQuality system into our product management process tocollect and maintain data pertaining to our panel quality,
whilst actively upholding data integrity and transparency.
In addition to manufacturing high-quality solar panels, thissystem ultimately aids in identifying areas where we canfurther improve the performance, quality and reliability ofour products.
At Maxeon, we engage with stakeholders to assess the QRS
of our panels whilst identifying areas for improvement toensure we deliver the highest quality products possible.
Additionally, we gather valuable insights from ouremployees through various engagement initiatives andencourage idea generation and feedback to continuously
hone, improve and provide more efficient and reliable
solar solutions.

80

We have accomplished outstanding product quality as
recognised by external certification bodies including
TUV, JET and UI. As such, we firmly believe that we haveachieved outstanding product reliability and demonstrate
our confidence in Maxeon’s panels through our industryleading 40-year warranty, alongside our existing 25year warranty. Furthermore, our Philippines facility has
maintained the Philippine Quality Award (PQA), obtainedin January 2011, in recognition of its Proficiency in Quality
Management. The PQA is the highest level of recognition for
exemplary product quality performance in the Philippines.
At Maxeon, we are proud to be the only solar panel
manufacturer in the market to possess interdigitatedback contract (IBC) panels with the Declare label, issued
by the International Living Future Institute. The Declarelabel is a mark of our product reliability as it enhances
our product transparency by listing the materials that ourpanels employ in their creation. As a result, our clients andcustomers are able to ensure our panels are free fromharmful substances such as lead or cadmium, meaning
they do not require hazardous waste-handling procedures.
In identifying the ingredients in our products, we aid in
their safe recycling.

Performance highlights
Maxeon has maintained its compliance with regulationsand voluntary codes concerning the health and safety
impacts of the products and services offered within thereporting period. As a testament to the quality, reliability,
safety and durability of our solar panels, we achieved
internationally recognised certifications from several
reputable accreditation agencies that have conductedassessments of our product quality and performance.
As we track our product QRS, we annually record the
maximum number of defective parts per million in sales
contracts (DPPM) as a benchmark to assess our QRS
performance. In 2022, we had 407 DPPM, which whencompared to our 2020 performance of 2,000 DPPM, reflectsa decrease, attributed to enhanced product quality control.

Introduction

Environmental

SocialLooking forward
As a company, Maxeon firmly upholds the exemplary
quality, reliability, durability and safety of our solar panels.
As such, we will remain persistent in maintaining the effort
we currently dedicate to attaining certifications whilst
developing plans to further these existing efforts.
Maxeon aims to remain an industry leader and consistently
define ideals in relation to product quality, reliability andsafety. Moreover, as a performance benchmark, we target
to reduce our DPPM by 30% by 2025 and 50% by 2030,
when compared to our baseline year performance in 2020.

© 2023 MAXEON SOLAR TECHNOLOGIES

GovernanceAppendix

GOVERNANCE

Sustainable innovation
Why is it material?

Management approach

Our initiatives

Maxeon firmly recognises the strong potential of innovativetechnology and solutions to alleviate negative impacts ofthe climate crisis. Accelerating the adoption of renewableenergy is crucial to achieving our global climate goals. Asa leading solar provider, we understand the importanceof providing innovative and efficient solar panels.
Furthermore, in the ever-changing business environmentthat Maxeon occupies, it is crucial for us to stay aheadof the curve and continuously push the boundaries ofsolar innovation. As a testament to our commitment toassert our position as an industry leader and to promotesustainability, Maxeon strives to consistently raise the bar,setting exemplary standards for the solar industry.

Maintaining a competitive advantage and amplifying
our positive environmental and social impacts in today’s
fast-changing world requires constant innovation
and attention to product development. Through our
product offerings, we strive to purposefully contributeto society, and aspire to render a meaningful impact on
our downstream and upstream supply chains. We do soby adopting a collaborative and innovative approach to
our operations and product designs whilst working closelywith our suppliers and business partners to curate novel
solutions and operating procedures that not only ensure theefficient use of our materials but enhance the quality of our
products. Additionally, at the core of our business, we aim
to encourage the adoption of greener practices through ourinnovative, reliable and efficient solar technology, motivating
the global energy transition towards solar power.

Partnership with Star Charge

Maxeon’s Research Development and Deployment (RD&D)
team manages our sustainable innovation measuresand initiatives, with regular meetings that assess theperformance of the existing measures and initiatives. At thesame time, we continuously explore new opportunities andventures to further our innovative efforts in sustainability.

In October 2022, Maxeon partnered with Star Charge,
a leading global electric vehicle (EV) charging solution
provider, to incorporate Star Charge EV charging ports
as part of Maxeon’s SunPower One home energy solution.
This partnership is the latest in the series of strategic
developments Maxeon has undertaken to expand its
SunPower One programme, with the aim of creating an
open ecosystem of green and clean energy products andservices that seamlessly integrate with our solar panels.
This partnership integrates Star Charge’s expertise inresearch, development and manufacturing capabilities
relating to EV charging technology with our clean energy
technology and next-generation consumer experience. This
allows homeowners to benefit from an all-inclusive homeenergy system, with EV charging management and solar
production together in a single solution. This partnershipstrives to facilitate the uptake of EVs in parallel with solar
panels through a fully integrated, end-to-end suite ofproducts that allow consumers control of their domesticenergy production and consumption, enabling bothfinancial and carbon savings.
The EV charging products will be made available andintegrated in Maxeon’s SunPower One home energy
solutions in selected European markets in the first quarterof 2023, and subsequently rolled out to other markets
during the course of the year.

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Sustainable innovation
Partnership with AlphaESS
In our efforts to further enhance our residential clean
energy solutions, we have partnered with AlphaESS, oneof the world’s leading energy storage solution providers,
to develop and deliver integrated solutions empowering
customers with smart and green energy options. Thispartnership combines AlphaESS’s state-of-the-art power
conversion, storage solutions and next-generation
technology services with Maxeon’s solar panels, large
global consumer base and exposure to encourage theadoption of clean energy solutions.
Leveraging both companies’ deep skills in product design,technology development, quality control, supply chain andcustomer experience, we aim to benefit from AlphaESS’s
leading position across hardware product portfolios whilst
investing in next-generation energy software capabilities.
As we remain cognisant of the importance of proper
energy storage in realising carbon neutrality and energy
independence, we hope to build a market-leading, holistic
clean energy solution that drives financial savings andpositive contributions to the environment, enabled by thecollaboration of expertise from both Maxeon and AlphaESS.

82

Unmatched 40-year warranty in theindustry
Ahead of the curve, Maxeon launched the longest and mostcomprehensive combined warranty on our Interdigitated
Back Contact (IBC) product line, which is sold in mostcountries outside the United States and Canada under the
SunPower Maxeon brand. As we continuously innovate, our
new warranty covers product quality, power performanceand services in selected markets for 40 years, ultimately
promoting circularity, optimal use and reduced waste. This
novel initiative forms a fundamental part of our efforts
to provide sustainable and long-lasting products for ourcustomers to encourage and facilitate a global transition
towards renewable energy.
Whilst most of the solar panel warranties in the market
currently provide 12 years of coverage on products pairedwith a 25-year performance warranty, Maxeon’s new
warranty includes 40 years of coverage for defects relating
to workmanship and materials, power output protection,and the servicing required to repair or replace defective
panels in selected markets.

Performance highlights
We are proud to have engaged in numerous partnerships
throughout 2022 that enhanced our product offering.
Our achievements serve to drive our sustainability andclimate action ambitions to maximise our positive impacts
across our stakeholders. We will continue to seek newopportunities and ventures to strengthen our productofferings and push industry boundaries.

Looking forward

Introduction

Environmental

At Maxeon, we continue to engage and partner withmultiple suppliers and leading companies who share ourvision to create a sustainable world.
Maxeon aims to continue to maintain our 40-year warranty
and improve the efficiency of our solar panels to 24% and
25% efficiency by 2025 and 2030, respectively.

SocialGovernance

The new SunPower Maxeon 40-year warranty is effective
for systems installed on or after 1 January 2022, and isavailable to all residential and commercial customers inselect markets in Europe, Middle East and Africa, as wellas Australia, Japan and Mexico. Our new warranty applies
to current and future Maxeon IBC solar products, including
the new Maxeon 6 solar panel which was launched globallyin 2022. Through the creation of our industry-leading
warranty, we hope to disrupt our industry posing newchallenges through innovative, sustainable solutions.

Appendix© 2023 MAXEON SOLAR TECHNOLOGIESGOVERNANCE

Customer engagement and satisfaction
Why is it material?

Management approach

Our initiatives

As we proactively engage with our customers, we are able
to enhance our understanding of their changing needs andconcerns. This enables us to provide greater value to ourcustomers whilst consistently improving our offerings. As
satisfied customers correlate with the likelihood of creating
a loyal customer base, repeat purchases and advocates forthe brand, these directly contribute to increased revenue,
market share and enhanced corporate reputation.

Maintaining a strong customer relationship is key toMaxeon’s ongoing success, and as a result, we strive toensure our products are of the highest standards to meetthe needs and demands of our customers. We do so by
strengthening our customer engagement and our productofferings to serve and maintain the relationships we havebuilt. This includes maintaining integrity and transparency
in our products as they serve as a tool to maintain andgrow customer loyalty and relationships. We work closelywith our global value chain and business partners to ensure
the quality of our products and operations to deliver highquality products and services.

Partnership with OpenSolar to streamline
workflows and enhance customer service

Engaging with customers also provides valuable feedback
that Maxeon can leverage to improve our products andservices, amplifying customer satisfaction and loyalty.
Ensuring the satisfaction of our customers is crucial to thesuccess of our business, and therefore, we aim not only tomeet but exceed their expectations by delivering the bestproducts and services. In today’s competitive market, withnumerous alternative product offerings for customers,
Maxeon prioritizes customer engagement and satisfaction
to retain our customer base and remain successful.

To engage customers and ensure customer satisfaction, it isessential to have high-quality customer service. Therefore,
we have collaborated with OpenSolar, a top software
provider, to develop a unique software tool exclusively
for Maxeon’s SunPower Design installation. This softwaretool offers unmatched design accuracy and speed,
streamlining and enhancing our customer service. Throughthis partnership, Maxeon’s installer network can create
the most precise implementation proposals in just a few
minutes, ensuring that customers receive the best service
while optimising workflow efficiencies. Alongside Maxeon’s
SunPower Design, a new suite of tools for affiliatedinstallers were launched, including advanced education
programmes, integrated online ordering, logistics updates,
marketing tools, and branded merchandise, enhancing
customer accessibility and ease of use.
Our priority is to create a user-friendly and comprehensive
platform that addresses the challenges and requirementsof our channel partners. Through our collaboration with
OpenSolar, we can provide top-notch software that is
tailored to highlight the long-term benefits of our premium
panel technology to customers. This software will help ourpartners differentiate themselves from their competitors.
The OpenSolar platform’s market-leading accuracy isperfectly suited to support Maxeon’s installer network.
The customisation capabilities of the platform will ensurethat all advantages of SunPower technology are accurately
modeled and presented to our end customers.

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Customer engagement and satisfaction
With these new digital tools, we aim to offer a simplified
and efficient buying experience for our trusted channel
partners. These tools will serve as virtual assistants for our
installers, providing them with the necessary information at
the appropriate time, to enhance their sales, procurement
and installation processes. These digital tools are at thecore of our customer-centric business approach andtransformation. We are currently in the process of making
these tools available to our Sunpower-branded channel
partners in Europe, Australia and Mexico.

Industry-leading warranty ensuring
customer satisfaction
A key foundation of establishing customer loyalty isensuring the longevity of our products. As such, we arepleased to be able to achieve an industry-leading warranty
for our SunPower products, extending the longevity of our
products and providing the best quality solar products forour customers. With this 40-year warranty, customers canobtain solar panels that deliver optimum performance anddurability.
In the creation of our SunPower Maxeon 40-Year Warranty,
we underwent external field studies for over 33 million IBC
panels that were globally deployed, with comprehensive
accelerated life testing by Maxeon and third parties.
A physics-based model was used to determine theexpected performance impact over time from majordegradation and failure modes across our selected84

panels. Collectively, these tests provided Maxeon andour customers confidence that our SunPower maxeon
Module technology can support a 40-year life, and that
continued operation beyond this period is certainly feasible,
prolonging the lifetime of our panels.
Enabling the achievement of this extraordinary lifespan,
the core technology behind Maxeon’s patented IBC celland panel designs include fundamental design differences
which eliminate typical solar module faults, such as
hotspots and cell interconnection failures. This further
ensures robust protection against environmental stresses
and climate fluctuations whilst simultaneously maximisingsolar reliability and energy density. Through these tests,
we are able to warrant a minimum output of 98% during
the first year of operation, followed by maximum annual
degradation of 0.25% for the next 39 years. The result
is an unprecedented 88.3% warranted power at the endof 40 years which fares 9.5% higher than the warranted
power a standard solar panel can deliver after just 25
years. This achievement demonstrates the longevity of ourMaxeon IBC solar panels and strengthens our position asa secure long-term energy investment for businesses andhomeowners.

Performance highlights
At Maxeon, the Net Promoter Score (NPS) systemgauges the loyalty of our customers whilst evaluating
our performance. The NPS system uses a scale of one
to ten to determine how customers rate our company.
Customers who give a rating of nine or ten are referred toas “Promoters” as their rating indicates a higher likelihoodof endorsing or recommending our products. Those who
provide a rating between seven or eight are identified as“Passives” as they are satisfied customers, though notinclined to promote Maxeon. Customers who give a ratingof six or below are perceived as “Detractors” as their rating
demonstrates their dissatisfaction with our products.
The NPS score is calculated by subtracting the percentage
of Detractors from the percentage of Promoters. A scoreabove zero is satisfactory whilst scores above 50 are
considered excellent.
Our NPS scores look at both customer and partner health.
The customer health NPS scores reflect the long-term
customer satisfaction. We highly encourage our customers
to provide us with their feedback on our products,
installation services and partners. This allows us to reflect
on our services and incorporate any constructive feedback
into the improvement of our products and services.
We collect feedback through three methods:

Introduction

Environmental

SocialGovernanceAppendix© 2023 MAXEON SOLAR TECHNOLOGIESGOVERNANCE

Customer engagement and satisfaction
1. Installation experience survey
This survey is conducted one month after systeminstallation to obtain feedback from our customers
regarding the customer experience throughout the
installation process, including meeting commitments,
responsiveness, system design and installation phase.
We additionally seek feedback on how likely each customer
is to recommend Maxeon’s installation partner to theirfriends, family or business partners.
2. One-year system experience survey
Upon the first anniversary of the installation of our solar
panels, we send our customers a survey to understand thesatisfaction level of our customers with our products andwhether they have met their expectations. This also aims todecipher how likely our customers are to recommend
our products.
3. Issue-to-resolution
On the rare occasions when our customers faceissues with their products, we have an avenue for ourcustomers to contact us with any questions or concerns.
Keeping this open line of communication is key to ourcustomer satisfaction and engagement strategy.
Upon the resolution of an issue, a survey is sent toevaluate their resolution experience.

85

From these surveys, the responses are tabulated andthe NPS scores for customer health are calculated.
In 2022, we obtained a score of 56 for our NPS customer
health, staying on track from 57 and 54 in 2021 and 2020,
respectively.
On the other hand, NPS scores for partner health refers to
the satisfaction level of our business partners. To obtain
their feedback and assess our performance across thedifferent functions of our business, we conduct an annual
Maxeon Partner Survey. With external stakeholders’
feedback, we are able to gain further insight from adifferent point of view to strengthen our services. This
feedback is utilised in an action plan to resolve and improve
any issues our business partners are facing.

Looking forward
Maxeon remains committed to maintaining a high levelof customer satisfaction through sustained customer
engagement including customer feedback and inputs.
Through our targeted initiatives and measures, we strive
to continuously build customer loyalty whilst maintaining
our competitive advantage. We aim to achieve a high NPS
score of 62 and 70 globally, by 2025 and 2030, respectively.

Introduction

Environmental

Similarly, for our business partners, we maintain an open
line of communication where Maxeon’s installation partner
receives an Issue-To-Resolution Survey for their queries andissues. To calculate the NPS for Partner Health, we combine
the survey results, with the annual Maxeon Partner Survey
having the most weight in the calculation.

SocialIn 2022, we are pleased to have achieved an NPS
Partner Score of 66, signifying a good level of partner
satisfaction. Maxeon is not aware of any complaints ornotices regarding breaches in customer personal data as ofDecember 2022.

GovernanceAppendix© 2023 MAXEON SOLAR TECHNOLOGIESForward-looking statements
This Sustainability Report contains forward-looking
statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, including, but
not limited to, statements regarding: (a) our expectations
regarding pricing trends, demand and growth projections;(b) potential disruptions to our operations and supply chainthat may result from epidemics, natural disasters or military
conflicts, including the duration, scope and impact on the
demand for our products, market disruptions from thewar in Ukraine; (c) anticipated product launch timing andour expectations regarding ramp, customer acceptanceand demand, upsell and expansion opportunities; (d) our
expectations and plans for short- and long-term strategy,
including our anticipated areas of focus and investment,
market expansion, product and technology focus, andprojected growth and profitability; (e) our ability to meetshort term and long term material cash requirements
including our obligations under the long-term polysilicon
supply agreement, our ability to complete an equity or
debt offering at favorable terms, if at all, and our overallliquidity, substantial indebtedness and ability to obtain
additional financing; (f) our technology outlook, including
anticipated fab capacity expansion and utilization and
expected ramp and production timelines for the Company’s
Maxeon 6, next-generation Maxeon 7 and Performanceline solar panels,, expected cost reductions, and future
performance; (g) our strategic goals and plans, including
partnership discussions with respect to the Company’s
next-generation technology, and our relationships withexisting customers, suppliers and partners, and our ability
to achieve and maintain them; (h) our expectations

86

regarding our future performance and revenues resulting
from contracted orders, bookings, backlog, and pipelines
in our sales channels; (i) our projected effective tax rateand changes to the valuation allowance related to ourdeferred tax assets; (j)the potential financial impact ofclimate-related risks; and (k) our goals, commitments,
expectations, prospects, emissions, energy consumption,water consumption, and other environmental targets
as well as ESG commitments, including the seeking of
external assurance in the future, data and performance.
The forward-looking statements can be also identified
by terminology such as “may,” “might,” “could,” “will,”“aims,” “expects,” “anticipates,” “future,” “intends,” “plans,”“believes,” “estimates” and similar statements. Amongother things, the quotations from management in thisSustainability Report and the Company’s operations andbusiness outlook contain forward-looking statements.
This Sustainability Report may contain references tosustainability/ ESG data and performance that reflect
metrics and concepts that are commonly used in suchframeworks as the Global Reporting Initiative, Task
Force on Climate-related Financial Disclosures, United
Nations Global Compact Ten Principles and Sustainability
Accounting Standards Board. We have used best efforts toalign with the most commonly accepted methodologies for
ESG reporting, including with respect to climate data andinformation on potential future risks and opportunities, inorder to provide a fuller context for our current and future
operations. However, these methodologies are not yet
standardized, are frequently based on calculation factorsthat change over time, and continue to evolve rapidly.
These methodologies may also be based on assumptions,and no assurance can be given that any plan, initiative,
projection, goal, commitment, expectation, or prospect
set forth in this report can or will be achieved. Readers are
particularly cautioned to evaluate the underlying definitions
and measures used by other companies, as these may not
be comparable to ours. While we will continue to monitor
and adapt our reporting accordingly, we are not under
any duty to update or revise the related sustainability/
ESG data or statements except as required by applicablesecurities laws.
These forward-looking statements are based on ourcurrent assumptions, expectations and beliefs and involve
substantial risks and uncertainties that may cause results,
performance or achievement to materially differ fromthose expressed or implied by these forward-looking
statements. The forward-looking statements are notguarantees of future performance and are subject to anumber of risks. The reader should not place undue relianceon these forward-looking statements, as there can be noassurances that the plans, initiatives or expectations uponwhich they are based will occur. Factors that could cause orcontribute to such differences include, but are not limitedto: (1) challenges in executing transactions key to ourstrategic plans, including regulatory and other challenges
that may arise; (2) our liquidity, substantial indebtedness,
and ability to obtain additional financing for our projects,
customers and operations; (3) our ability to manage supply
chain cost increases and operating expenses; (4) potential
disruptions to our operations and supply chain that may
result from damage or destruction of facilities operated
by our suppliers, difficulties in hiring or retaining key
personnel, epidemics, natural disasters, including impacts© 2023 MAXEON SOLAR TECHNOLOGIESIntroduction

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SocialGovernanceAppendixForward-looking statementsof the COVID-19 pandemic, or the war in Ukraine; (5) our
ability to manage our key customers and suppliers; (6)the success of our ongoing research and development
efforts and our ability to commercialize new products
and services, including products and services developed
through strategic partnerships; (7) competition in the solar
and general energy industry and downward pressure on
selling prices and wholesale energy pricing; (8) changes
in regulation and public policy, including the imposition
and applicability of tariffs; (9) our ability to comply withvarious tax holiday requirements as well as regulatorychanges or findings affecting the availability of economic
incentives promoting use ofsolar energy and availability of
tax incentives or imposition of tax duties; (10) fluctuations
in our operating results; (11) appropriately sizing ourmanufacturing capacity and containing manufacturing
and logistics difficulties that could arise; (12) unanticipatedimpact to customer demand and sales schedules due,among other factors, to the spread of COVID-19, the war in
Ukraine and other environmental disasters; (13) challenges
managing our acquisitions, joint ventures and partnerships,
including our ability to successfully manage acquired
assets and supplier relationships; (14) reaction by securities
or industry analysts to our quarterly guidance which, in
combination with our results of operations, may cause
them to cease publishing research or reports about us, oradversely change their recommendations regarding ourordinary shares, which may negatively impact the market
price of our ordinary shares and volume of our stock
trading; and (15) unpredictable outcomes resulting from ourlitigation activities or other disputes. A detailed discussionof these factors and other risks that affect our business

87

is included in filings we make with the Securities andExchange Commission (“SEC”) from time to time, including
our most recent report on Form 20-F, particularly under
the heading “Risk Factors”. Copies of these filings areavailable online from the SEC at www.sec.gov, or on the
SEC Filings section of our Investor Relations website
at https://corp.maxeon.com/investor-relations.
All forward-looking statements in this press release arebased on information currently available to us, and weassume no obligation to update these forward-looking
statements in light of new information or future events.

Introduction

Environmental

SocialGovernanceAppendix© 2023 MAXEON SOLAR TECHNOLOGIESMaxeonSustainability
Report 2022

© 2023 MAXEON SOLAR TECHNOLOGIES