Modern Slavery Statement2021

About This Report
This Modern Slavery Statement is prepared in accordance with
Australian law and filed with the authorities in Australia on a
voluntary basis. It is also complaint with the standards of the

California Transparency in Supply Chains Act and the United
Kingdom Modern Slavery Act. For more information, please
see the Appendix (https://corp.maxeon.com/esg/modernslavery-report-appendix).

© 2022 Maxeon Solar Technologies

TABLE OF CONTENTS

4

Our Inaugural Modern Slavery Statement​

21

Measuring effectiveness

21

2021 Results

5

Modern Slavery Risks

5

Our Operations

22

2021 Performance Highlights and Looking Forward

5

Risks in Our Operations

22

Sustainability Report6

Our Supply Chain

22First Conflict Minerals Report

7

Risks of Modern Slavery in Our Australian Supply Chain

23

Formed SEIA Traceability Taskforce

8

Case Study: Malaysia​

23

Maxeon Blog: Protecting Human Rights around the World

8

Investigation and Action​

24

Looking Forward

9

Risks of Modern Slavery at Maxeon

10

At the Factories

25

Long Term Target

11

In the Supply Chain25

Supply Chain on the Blockchain

12

Actions to address the risks of Modern Slavery

26

Forward Looking Statements

12

An Overview

13

Our Policies

14

Our Initiatives: For our Employees & Suppliers

15

Our Initiatives: Supply Chain Policies and Governance​

16

Our Initiatives: Conflict Minerals Policy

17

Our Initiatives: Traceability

18

Our Initiatives: Due Diligence and Audits

19

Third Party Collaborations

20

Grievance Mechanism

3© 2022 Maxeon Solar Technologies

OUR INAUGURAL MODERN SLAVERY STATEMENT

As a global company with a complex supply chain, we recognise that risks ofmodern slavery exist within our business. Understanding and managing
these risks requires a collaborative approach with our workforce, suppliers
and other stakeholders. This is why we are proud to make this publicstatement of our values, policies and commitments.
This is our first Statement (the “Statement”) in response to the Modern
Slavery Act 2018 (the “Act”) in furtherance of our pledge to uphold thesevalues as a participant in the United Nations Global Compact and as ourposition as the industry leader in our sustainability practices.

This Statement is made voluntarily for the reporting period 1 January 2021
to 31 December 2021. This Statement outlines how we identify and assess
modern slavery risks in our operations and supply chain, the actions wehave taken to address those risks and the progress we have made to
improve our understanding and effectiveness of the management ofmodern slavery and human trafficking risks.
SunPower operates using Maxeon group-wide policies and procedures toassess and manage modern slavery risks. The adoption of these policies is
not intended to convey how we are structured, managed or controlled.

The ‘reporting entity’ for this Statement is SunPower Corporation
Australia Pty. Ltd. (ACN: 009 066 380 ABN: 67009066380)(“we”, “our”
or “SunPower Australia”).

This Statement was approved by our Board of Directors on 27 June 2022.

Our corporate address is:

Kasdin, Director, Senior Counsel and Deputy Chief Ethics and Compliance

Suite 207/28 Riddell Parade
Elsternwick, Victoria
Australia 3185
1 800 786 769
SunPower Australia does not own or control any other entities. We are an
indirect but wholly-owned subsidiary of Maxeon Solar Technologies, Ltd., aSingapore incorporated company listed on the NASDAQ (collectively with its
affiliates, “Maxeon”).

4© 2022 Maxeon Solar Technologies

If you have any questions about this Statement, please contact Matthew
Officer at matt.kasdin@maxeon.com.

Signed by:
Chris O’BrienManaging Director SunPower Corporation Australia Pty. Ltd.

MODERN SLAVERY RISKSOur Operations

Risks in Our Operations

SunPower Australia employs 23 staff located in Victoria, New South Wales,

To assess the risk of modern slavery in ouroperations, we completed an initial desktop
assessment. This included an analysis of (i) the local
conditions in the country where we employ workers;(ii) the qualifications and status of the workers we
employ; and (iii) any other red flags that came to ourattention (through consultations with specialist thirdparty service providers, media, grievancemechanisms, etc.). We take reference from the Global
Slavery Index1 while assessing the risks of modern
slavery in the countries where we operate.

Queensland and Western Australia. Management in Australia leads the saleof goods into the Asia-Pacific region and occasionally other markets. We

have a regional office in Melbourne, Victoria, and staff outside of Melbourne
work remotely. Our staff cover a range of functions in Australia:
Management (2 staff in VIC), Sales (9 staff across VIC, NSW, and QLD),
Marketing (3 staff in VIC), Finance Sales Operations & Administration (4 staff
in VIC), Legal (1 staff member in VIC), Channel Management (1 staff member

in VIC), Supply Inventory Optimisation Planning, Planning & Joint Venture
Operations (1 staff member in WA) and Fulfilment & Customer Care (2 staff
members in VIC).
We sell a range of solar panel solutions for residential power (for example,

The risk of modern slavery in our operations is assessed to be low. First,

rooftop solar panels) and commercial power applications (for example,

Australia is considered a low-risk country for modern slavery. Second, ourproviding solar panels to solar power plants including the Limondale 394

workforce comprises entirely highly credentialed and experienced

MW plant located in Balranald in regional NSW) and specialty products

professionals that are not of the profile for being at risk of modern slavery.

unique applications (such as space and electric vehicle applications).

We occasionally employ workers on a temporary basis but not in roles of a

Our brands include the Maxeon (IBC), Performance (Shingled Mono Perc)

and Air product lines manufactured by Maxeon (Maxeon and Air) and its

nature considered to involve risks of modern slavery. Finally, no red flags
were identified in our operations during the reporting period.

15% owned joint venture Huansheng Photovoltaic (Jiangsu) Co., Ltd.

For the avoidance of doubt, when we are speaking of our supply chain, it is(“HSPV”) (Performance).

the Maxeon supply chain overall when in doubt.

1 Available at www.globalslaveryindex.org. Note that data is from 2018.
5© 2022 Maxeon Solar Technologies

MODERN SLAVERY RISKSOur Supply Chain
With the exception of solar panels (which are sourced from Maxeon and HSPV as discussed below), the majority ofgoods and services relating to our supply chain are sourced from vendors based in Australia.

Tier One Suppliers

We have 115 Tier One suppliers located in Australia, withwhom we spent approximately US$4,585,819 during thereporting period. These suppliers provide services thatenable our marketing, sales and distribution functions.
Freight is by far the biggest component, followed bycontractors for performing our warranties andconsultants as set out in the chart on the righthandside of this page.
We source the solar panels we sell exclusively from ourparent company, Maxeon, and its joint venture partner

HSPV. These sales are booked through Maxeon’s
affiliates Maxeon Solar Pte. Ltd. and SunPower Systems
Sarl acting as agents, which are located in Singapore
and Switzerland, respectively. In Singapore andSwitzerland, the supply chain spend amounts to 5.8%

and 0.8% of the total spend, respectively.

6© 2022 Maxeon Solar Technologies

Tier Two Suppliers
In this statement, we have focused on Tier Two suppliersof raw materials and components for the solar productsthat we sell. This is because we consider these to besome of the higher risk suppliers deeper in our supply
chain, and because we have access to relevant

information given our subsidiary relationshipwith Maxeon.
Maxeon produces its SunPower Maxeon cells in Malaysia
and the Philippines, and solar modules in Malaysia and

Mexico. Maxeon has more than 5,000 suppliers within its
supply chain globally. The top ten direct suppliers forMaxeon (in order of size) are located in China, theUnited States, Singapore, Malaysia, Taiwan, Mexico,
the Philippines, Norway, France and Germany.

MODERN SLAVERY RISKS

Risks of Modern Slavery in Our Supply Chain​
98% of Maxeon's suppliers originatesfrom the 22 countries shown in themap:United Kingdom
34 Suppliers
Netherlands
28 Suppliers

United States
389 Suppliers*Remaining 2% ofMaxeon's suppliers originates fromthese 23 countries:
Austria, Poland, Greece, Israel, Malta,
Brazil, Thailand, Turkey, Canada,
Ireland, Norway, New Zealand,
Vietnam, United Arab Emirates,
Bermuda, Jordan, Cayman Islands,
Sri Lanka, Latvia, Portugal, Qatar,
Sweden, Samoa

Global Slavery Index 20181:

Mexico385 Suppliers

Belgium
20 Suppliers

Germany
86 SuppliersFrance314 Suppliers

Switzerland
33 SuppliersSpain
22 Suppliers

Italy
87 Suppliers

China
133 SuppliersIndia
14 Suppliers
Malaysia
569 Suppliers

Chile
65 Suppliers

Hong Kong
15 Suppliers

Taiwan17 Suppliers

Philippines
352 Suppliers

Australia
115 SuppliersSouth Africa
57 Suppliers© 2022 Maxeon Solar Technologies

Japan
57 Suppliers

Singapore
236 Suppliers

Prevalence of modern slavery

7

South Korea
17 Suppliers

MODERN SLAVERY RISKS

Case Study: Malaysia

Investigation and Action

Some jobs in Malaysia are described as the Three Ds: Dirty, Difficult andIn-person visits and interviews:

Dangerous. Malaysians don’t want to do these jobs.

Agencies find workers to do jobs with the Three Ds and contract workers
from countries such as Bangladesh, Indonesia, Myanmar, Nepal, etc., where
human rights are not as protected.
Agencies often advance loans to these contract workers and take and holdpassports to ensure they are repaid.

1. Contract agencies

2. Dormitories
3. Workers

Actions:
1. Certifications from agencies that they will

This practise constitutes forced labour under international labour standards

not hold passports against the will ofas it impedes freedom of movement.

workers.

Risk was identified following an in-person Code of Conduct training that

included modern slavery when participants raised this issue in person.

2. Signs in dormitories in native languages
that access to passports cannot bedenied.
One agency refused to sign the certification.
They were terminated.

8© 2022 Maxeon Solar Technologies

MODERN SLAVERY RISKS

Risks of Modern Slavery in Our Supply Chain - Tier One
Non-Affiliated Suppliers
Our non-affiliated Tier One suppliers provide services to us in Australia such as administrative, professional, logistics
and other related services. Most suppliers are either large international logistics companies or local suppliers inAustralia in industries considered low risk. Australia is considered a low-risk jurisdiction, ranked as a BBB on the
Global Slavery Index.

We consider these suppliers to have a low level of risk because these industries are not considered high risk in theAustralian context. In addition, we screen all suppliers before engaging them and ensure all of our suppliers abide by
our Code of Conduct through our contracts with them.
We have conducted a risk assessment of our supply chain on the basis of our Tier One Suppliers (our Australian

suppliers, Maxeon and HSPV) and our Tier Two Suppliers (the suppliers of Maxeon and HSPV).
To assess the risk of modern slavery of our suppliers of solar products, we completed an initial desktop assessment

based on publicly available materials, including the Global Slavery Index, various ESG/human rights newsletters andwebsites, and participation in the UN Global Compact. This included an analysis of (i) the local conditions in the
country where we employ workers; (ii) the qualifications and status of the workers employed; and (iii) any other red

flags that came to our attention (through consultations with specialist third party service providers, grievancemechanisms, etc.). Where risks came to our attention, we took further steps as described in this Statement.

9© 2022 Maxeon Solar Technologies

Our Reference Point:

MODERN SLAVERY RISKSAt the Factories
Maxeon Solar Technologies

HSPV

Maxeon’s operated facilities in France (BBB), Mexico (BB) and the Philippines(BB) are considered to be at low risk of modern slavery by the Global Slavery
Index. This assessment is reaffirmed by the nature of the local workforce(not having low skilled contract workers), the measures Maxeon takes toonboard employees, the strength of the local regulatory regimes, and thelack of historical allegations. All Maxeon employees and contractors are
required to complete onboarding training, followed by annual training inthe subsequent years. They are also required to sign the accompanying
Annual Acknowledgment of Support. As part of the acknowledgment, both
employees and contractors will be asked to confirm that they are not awareof any violations of Maxeon’s Code, including human rights.

HSPV is assessed to have medium risk as China is rated CC on the Global

The one location of Maxeon’s assessed to be at medium risk of modern
slavery is Malaysia (CCC according to the Global Slavery Index). This is dueto the local labour market’s use of overseas contract workers that are
known to be exploited in certain industries (most allegations are in the palm
oil industry although manufacturers have also been implicated). In
recognition of this risk, Maxeon has greatly curtailed the use of overseas
contract workers and has taken action in the past to identify and resolvethese issues (see case study on page 8). For the few contract workers
who remain on site, in positions such as cleaners and guards which
are difficult to recruit locally, we closely monitor and mitigate any risks andconsider the risk of any infractions at our site to be low due to our efforts,
although we remain vigilant and regularly update our measures.

Summary10© 2022 Maxeon Solar Technologies

Slavery Index indicating a medium risk. HSPV’s operations are located in
Yixing city, Jiangsu Province far from the allegations of force labour thatare the subject of scrutiny of the solar industry as are its suppliers which

Maxeon’s Operated
Facilities
Low Risk of Modern Slavery

are not located in Xinjiang. We have had no allegations of modern slavery
at HSPV or its suppliers. Furthermore, audits have not uncovered any

deficiencies in HSPV’s practices in the past. HSPV's medium risk is therefore
only on account of the seriousness of the allegations of what is allegedly

FranceMexicohappening elsewhere in China and not because we consider HSPV to haveany direct exposure to such allegations.

The two medium risk assessments identified for China and Malaysia are

Philippines

Medium Risk of Modern Slavery

inherent risks based on industry and country risk under the Global Slavery
Index. The assessment is not based on any specific characteristics of theoperations of HSPV or Maxeon. We consider neither location to have any

special risk that is not already addressed with robust procedures.

Malaysia

China

MODERN SLAVERY RISKSIn the Supply Chain
Due to the widely understood high-risk nature of the solar industry supply

3TG - are identified internationally as natural resources which have a highchain, and the access we have to information given our subsidiaryprominence of extraction from conflict zones and are often sold torelationship with Maxeon, we have also assessed the risks of modern

perpetuate and fund conflict. Much of the labour involved in extracting

slavery of our Tier Two suppliers of Maxeon and HSPV based on: (i) what is

conflict minerals is child and forced labour. The most prominent

being supplied; and (ii) from where it is being supplied. Informing thiscontemporary example has been the eastern provinces of the Democratic

assessment are publicly available materials such as the Global Slavery

Republic of the Congo.

Index, various ESG/human rights newsletters and websites, andparticipation in the UN Global Compact, among others.

MGSi – there is an industry-wide risk of MGSi which relates to allegations of

In our industry, which relies heavily on raw materials, the greatest risks ofparticular anywhere subject to allegations of forced labour), and neither domodern slavery in Tier Two suppliers are identified as the suppliers of (i)any of our suppliers’ suppliers, to the best of our knowledge following ourtungsten, tantalum, tin and gold (3TG); and (ii) metallurgical grade silicon

due diligence processes as described in this document(MGSi), which form part of our supply chain.

11© 2022 Maxeon Solar Technologies

modern slavery in MGSi. We do not source any MGSi from China (and in

ACTIONS TO ADDRESS THE RISKS OF MODERN SLAVERY​An Overview
We believe that people are at the heart of our operations at Maxeon, which
is why modern slavery is such an important focus for us as a company. We
strive to integrate our purpose of Holding Ourselves to a Higher

Standard throughout our business operations and supply chain, for the
benefit of our employees, our partners and the communities where
we operate. When we say 'our' on these pages, we speak of Maxeon which
includes for the avoidance of doubt SunPower Australia.

In addition to creating a safe workplace for our employees, we actively seek
to build a diverse pipeline of talent, retain well-performing staff and create
an environment where employees can fulfil their potential without any riskof modern slavery. It is important for us to develop our employees, provide
competitive employee benefits, and ensure fair and safe working conditions
so that we have an engaged workforce who are proud to work for Maxeon.
Externally, we strive to be a responsible corporate citizen by contributing toand supporting the communities where we operate. For our suppliers
within our value chain across the globe, we emphasise that human rights
and fair labour conditions are central to upholding our operational

integrity.

12© 2022 Maxeon Solar Technologies

ACTIONS TO ADDRESS THE RISKS OF MODERN SLAVERY​Our Policies
Board

The policy is informed by global best practices and guidelines including

The Maxeon Board of Directors delegates part of its responsibilities to thefollowing committees: the Audit Committee, the Compensation Committee,
the Coordination Committee, and the Nominating and Corporate
Governance Committee. Our ESG strategies, initiatives and performance aregoverned by our Nominating and Corporate Governance Committee, andare supervised by our Executive Leadership Team (ELT). As we strive
towards remaining abreast of macro ESG trends, opportunities and risks,
our Global ESG team and Chief Legal Officer, who is also our Global ESG
Executive Leader, provide quarterly updates and presentations to theCommittee on global ESG shifts, as well as our own ESG initiatives andprogress, and this includes the social domain such as human rights andmodern slavery risk.

Global Human Rights
Fair labour practices and respect for human rights are promoted across ourglobal network of operations for all employees, workers in our supply
chains and individuals in the community.

Maxeon's Global Human Rights Policy establishes standards for our global
business conduct related to human rights and labour for employees,
suppliers and any other business partners, and is made publicly available
through our various stakeholder engagement platforms, including
our website.

13© 2022 Maxeon Solar Technologies

the following:• Universal Declaration of
Human Rights• Conventions of theInternational Labour
Organization (ILO)• UN Guiding Principles on

Business and Human Rights• UN Global Compact• Organisation for Economic
Co-operation andDevelopment(OECD) Guidelines forMultinational Enterprises

ACTIONS TO ADDRESS THE RISKS OF MODERN SLAVERY​Our Initiatives: For our Employees & Suppliers​
For our Employees

For our Suppliers

Our employees are made aware of our Code of Conduct and Whistleblower

Our suppliers and their relevant agents are required to adhere to the Codepolicies through their employment contract, annual compliance training,of Conduct and thereby, uphold the highest standards of ethics. This iscertification and courses, which include a module on modern slavery, that isembedded in all our contracts.

compulsory for all managers.

Our standard supplier contracts and purchase orders contain language

Our compliance and ethics helpline is available 24/7 online or by phone forrequiring compliance with our modern slavery standards and providing forboth internal and external stakeholders to report any known or potential

termination in the case of a violation of such standards.

violations of applicable laws or breaches of the Code of Conduct. To ensure
inclusivity, web-based reports may be submitted anonymously, and in any

language. We engage an independent third party to assist in administering

In addition, we also expect our suppliers to adopt or establish their own

internal management systems to fulfil the requirements of our Supplier

the helpline.

Sustainability Guidelines, which are signed by each of our suppliers as partOur process for corporate compliance includes the creation of a

supplier’s operations and products are compliant with our guidelines, as

whistleblower report, which is subsequently assessed by an executive-led

well as all laws, regulations and customer requirements. Additionally, thecommittee and investigated based on the nature of the incident. If required,supplier management system will assist in the identification and mitigation

we engage external consultants, such as lawyers, accountants or otherof operational risks pertaining to our guidelines while facilitating

specialists. Ultimately, all reports are reviewed by our audit committee, andcontinual improvement.

of the onboarding process. This management system ensures that theremediation actions are determined on a case-by-case basis.

14© 2022 Maxeon Solar Technologies

ACTIONS TO ADDRESS THE RISKS OF MODERN SLAVERY​Our Initiatives: Supply Chain Policies and Governance​
Maxeon requirement
Our
Suppliers

Policies for Employees & Contractors:•

Our
Suppliers’
Suppliers•

Code of Business Ethics and Conduct•

Supplier’s Sustainability Guidelines•

Live training•

Code of Business Ethics and Conduct•

Supplier’s Sustainability Guidelines•

Enhanced certifications for China-exposed suppliers
regarding not being (i) in Xinjiang; and (ii) on OFAC list

Code of Business Ethics

of sanctioned entities (which includes the entities

and Conduct•

alleged to be involved in forced labour)

Whistleblower Hotline

Raw
Materials•

SEIA Protocol•

Working MOP

We commit as a matter of practice tocomplying with the most stringent laws andinternational best standards.

15© 2022 Maxeon Solar Technologies

Zero-tolerance policy
for breach
Suppliers will beterminated if found in
non-compliance oflabour standards

ACTIONS TO ADDRESS THE RISKS OF MODERN SLAVERY​Our Initiatives: Conflict Minerals Policy​
Through Maxeon’s Conflict Minerals Policy, we are committed to avoiding
the use of conflict minerals that directly or indirectly finance or benefit
armed groups in the Democratic Republic of Congo (DRC) or adjoining

countries, while continuing to support responsible mineral sourcing in theregion. Conflict minerals include: columbite-tantalite (coltan) (i.e., tantalum),cassiterite (i.e., tin), gold, wolframite (i.e., tungsten) or their derivatives(3TG), and could expand to include other minerals or their derivatives.

To support this policy, Maxeon has committed to seven key principles(see graphic).

Suppliers identified as having a reasonable risk that they are sourcing fromor linked to any party providing direct or indirect support to non- statearmed groups will immediately undergo detailed investigations by Maxeon.
Should any breaches to the Conflict Minerals Policy arise, remediation
measures will be undertaken which can include suspension or

discontinuation of the engagement.
See our most recent Conflict Minerals Report here.

16© 2022 Maxeon Solar Technologies

ACTIONS TO ADDRESS THE RISKS OF MODERN SLAVERY​Our Initiatives: Traceability​
In accordance with emerging regulations and best practices, Maxeon has
implemented measures to trace its supply chain. In principle, Maxeon isfollowing the procedures set forth in the SEIA Protocol and has formed aninternal taskforce to implement the protocol. This involves taking thefollowing steps:
1. Identifying the source of raw materials incorporated in products;
2. Tracing such raw materials every step from the source through thefactories where it is processed until it is delivered; and3. Use of Manufacturer’s Execution System (MES) tracing system as well astransportation documentation every step of the journey.

On the right is a sample of what Maxeon products tracing the MGSI/ Polysilicon looks like, which is a key area of scrutiny in our industry. 1

1. This is not yet for every raw material in our products, which will be done by 2025. Kindly refer
to your Maxeon representative for the traceability available for your product as this varies byproduct.

17© 2022 Maxeon Solar Technologies

Polysilicon

Ingot

Wafer

Cell

ModuleMining of MGSi /Polysilicon
production

Factory location

Factory location

Factory location

Factory location

Due Diligence/
Certification/
Tracing fromsource to factory

Transport documents, Manufacturer’s Execution System (MES),
Supported by internal and third-party audits

ACTIONS TO ADDRESS THE RISKS OF MODERN SLAVERY​Our Initiatives: Due Diligence and Audits​
Enhanced due diligence
In addition to robust due diligence for all suppliers, when merited by thecircumstances, Maxeon conducts enhanced due diligence. A recent example
is that when the allegations arose regarding MGSi from China being at highrisk of forced labour, Maxeon conducted additional due diligence. This
included examining business licenses, desktop research, certifications andsite visits where feasible.
AuditsMaxeon regularly conducts both internal and third-party audits at Maxeon
sites and facilitate such audits at other suppliers (including HSPV). These
audits are conducted by leading internationally recognised firms using

international standards. Maxeon allows our customers to engage third
parties to conduct their own audits on a case-by-case basis.

18© 2022 Maxeon Solar Technologies

ACTIONS TO ADDRESS THE RISKS OF MODERN SLAVERY​

Third-Party Collaborations
We are an active member of industry groups that work to combat modern
slavery in our industry.

• Clean Energy Council: we are a member of the Modern Slavery Working
Group of Australia's Clean Energy Council. At such working group,
we participate in the discussions shaping the future implementationof modern slavery legislation in Australia.

• Solar Energy Industries Association: Maxeon is a member of SEIA's
Trade Working Group, which focuses on restrictions on importing solar
products into the United States that are made with forced labour.

19© 2022 Maxeon Solar Technologies

ACTIONS TO ADDRESS THE RISKS OF MODERN SLAVERY​

Grievance Mechanism
As stated on our website:“If we become aware of any alleged breaches of our Global
Human Rights Policy, we take them seriously, and any
violations will lead to termination.”
When issues have arisen in the past, we conducted a formal investigationand suppliers have been terminated. Currently, there are zero cases of
non-compliance with regards to human rights and fair labour issues,
both within our internal operations as well as within our supply chain.
In addition to having a zero-tolerance policy for any violations of humanand labour rights, we continue to monitor current and emerging

regulations and industry best practices. We will continue to enhance ourinternal policies and controls and work with suppliers to ensure
continued compliance with any relevant laws, protocols and bestpractices as circumstances
may require.
For any high-risk countries identified in the future, we will work acrossour value chain to mitigate risks through our multi-step risk assessment

methodology and, if necessary, engage specialists, both internal andexternal, to aid in risk assessment and remediation measures, should
issues arise.

20© 2022 Maxeon Solar Technologies

Employees, contractors and suppliers at Maxeon are encouraged to join thefight for human rights. A Compliance and Ethics Helpline is available 24/7
for internal and external stakeholders to anonymously report any concerns

or infractions.

MEASURING EFFECTIVESS

2021 Results
Zero cases of non-compliance were found in 2021 with regard to humanrights and fair labour issues, both within our internal operations as well as
within our supply chain.
In addition to having a zero-tolerance policy for any violations of human andlabour rights, we continue to monitor current and emerging regulations andindustry best practices. We will continue to enhance our internal policies
and controls and work with suppliers to ensure continued compliance withany relevant laws, protocols and best practices as circumstances
may require.

We are committed to reviewing the effectiveness of our policies on anannual basis as part of the Maxeon Group wide review. In future years, wewill seek to develop frameworks and processes to ensure we can review theeffectiveness of the actions we are taking to assess and address modern
slavery risks in our operations and supply chains.

21© 2022 Maxeon Solar Technologies

2021 PERFORMANCE HIGHLIGHTS AND LOOKING FORWARD

2021 in Focus
Sustainability Report

First Conflict Minerals Report

Maxeon published its first Sustainability Report in 2021. This included

Maxeon released its first Conflict Minerals Report which is available here.

our Board Diversity and Hiring Statement. The Sustainability Report
was awarded: 2021 Asia Sustainability Reporting Awards, Best
Sustainability Report (Human Rights), Silver at the Asia Sustainability
Reporting Awards.

22© 2022 Maxeon Solar Technologies

2021 PERFORMANCE HIGHLIGHTS AND LOOKING FORWARD

2021 in Focus
Formed SEIA Protocol Traceability Taskforce

Maxeon blog: Protecting Human Rights around the World

Maxeon set up an internal committee of subject matter experts (including

Maxeon published a blog entirely devoted to human rights:

those from SunPower) to discuss implementing and enhancing traceability"Protecting Human Rights around the World"in our supply chain according to the principles of the SEIA Protocol.

23© 2022 Maxeon Solar Technologies

2021 PERFORMANCE HIGHLIGHTS AND LOOKING FORWARD

Looking Forward
We embrace a commitment to continuous improvement and plan tocontinue to enhance what we are doing to combat any possibility of modern
slavery in our operations or our supply chain. Among the areas identified
for improvement are the following:
1. Enhanced trainings:
We plan to roll out enhanced trainings both to our employees andsuppliers in 2022.

2. Enhanced communication of modern slavery policies:
We plan to continue to enhance communications regarding modern
slavery policies and developments.
3. Enhanced traceability:
Maxeon has mapped many of our raw materials to the ultimate source
and will continue to look at ways to enhance our controls over second
and third tier suppliers, such as through our Long-Term Target of supply
chain on the blockchain below.
4. Scrutiny of high-risk countries / vendors:
Where these have been identified, such as described above, we will
work across our value chain to mitigate risks through our multi-step risk
assessment methodology and if necessary, engage specialists, bothinternal and external, to aid in risk assessment and remediation
measures, should issues arise.

24© 2022 Maxeon Solar Technologies

LONG TERM TARGET

Supply Chain on the Blockchain
In December of 2021, Maxeon
committed to a long-term target of
having its supply chain details on theblockchain and accessible within

4 hours by 2025
This will provide maximum
transparency to our stakeholders

regarding our supply chain.

25© 2022 Maxeon Solar Technologies

Forward-Looking Statements
This Modern Slavery Statement contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995,
including, but not limited to: statements regarding the Company’s

financial and operating expectations, market leadership, customer value
proposition and competitive advantages; the Company’s strategic goals andplans, including relationships with existing customers, suppliers
and partners and our ability to maintain them; the legislative and regulatoryenvironment of the solar industry; the Company’s ability to manage supply

chains and workforce. 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 tomaterially differ from those expressed or implied by these forward-looking
statements. A detailed discussion of these factors and other risks that affectour business 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 “Item 3.D. Risk Factors.”

Copies of these filings are available online from the SEC or on the Financials& Filings section of our Investor Relations website.

All forward-looking statements in this Sustainability Report are based on
information currently available to us, and we assume no obligation to
update these forward-looking statements in light of new information or
future events.

"'Holding Ourselves to a Higher Standard'requires us to be stewards of all the elements,from minerals to human capital, that areembedded in our products.”
Matt Kasdin
Director, Senior Counsel, Deputy Chief Ethics andCompliance Officer

For any questions on this Report, please contact Matt Kasdin at
matt.kasdin@maxeon.com or esg@maxeon.com.

To find out more about our ESG commitments, visit our webpage here.
© 2022 Maxeon Solar Technologies