2025年度绿色债券报告 Intel Green Bond Report 2025

2025

IntelGreenBondReport2025Introduction

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Introduction

Intel’sApproachtoSustainability

ReducingourenvironmentalfootprintaswegrowhelpsIntelcreateefficiencies,supportourcommunities,and

respondtotheneedsofourstakeholders.Weinvestinenvironmentalprojectsandsetcompany-wideenvironmentalgoalstodrivereductionsingreenhousegasemissions,energyandwateruse,andwastetolandfill.Webuildenergyefficiencyintoourproductstohelpourcustomerslowertheirownemissions,energyusage,andcosts,andwe

collaboratewithpolicymakersandotherstakeholderstousetechnologytoaddressenvironmentalchallenges.

SustainabilityCommitments

InMay2020,welaidoutsustainabilitygoalsforthenextdecade.

Sincethen,astheenvironmentinwhichweoperatehaschangedandevolved,wehaverevisedsomeofthosegoalsandaddednewones.

WeareagainsharpeningourprioritiestoensurethatwearefocusedontheareaswherewebelievethatIntelcandrivethegreatestimpact.

Wecontinuetoactonemissionsreductionstrategies,water

conservation,wastemanagementandenergyconservationwithinourglobalmanufacturingnetwork.Weaimtoachievenetpositivewater,zerowastetolandfill,and100%renewableelectricityinouroperationsby2030.Wealsostrivetoachievenet-zeroScope1and2emissionsby2040andScope3upstreamemissionsby2050.

Witheachnewgenerationofproducts,westrivetoofferhigh

performanceandimprovedenergyefficiencycomparedtopreviousgenerations.Weaimtoincreaseproductefficiency10Xby2030forIntelclientandservermicroprocessorstoreduceourScope3

emissions.SeeourCorporateResponsibilityReportforadditionalinformationwithrespecttoourstrategy,goals,performanceanddefinitionsofrelatedterminology.

Intel’sGreenBond

InAugust2022,weissuedourfirstGreenBond,a10-year,USD$1.25billionseniornoteswithnetproceedsof$1.245billionofferingafixedcouponrateof4.15%perannum.

$1.25B

Intelissuedatotalof$1.25

billion(B)ingreenbondsin

2022,with$0.854B

allocatedtogreenspending

asoftheendof2024

“AtIntel,wearecommittedtoprovidingtheproductsthatwillenablea

globaldigitalexpansion,whileseekingtominimizeourenvironmental

impact.Intel’sgreenbondframeworkalignsinvestmentinkeyareasacrossouroperationstoprogressourgoalsofnetpositivewaterandzerowastetolandfillby2030,andnet-zerogreenhousegasemissionsacrossour

operationsby2040.Wecontinuetobuildonoursuccessaswedrivetowardsamoresustainablefuture.”

MadisonWest,Intel’sHeadofSustainability

IntelGreenBondReport2025GreenBondAllocation&Impacts

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GreenBondAllocation

AllocationDetails

Thisyear’sreportdescribesIntel’suseofproceedsoverthecompany’sfiscalyear2024,andtheassociatedimpactoftheseinvestments.ThenetproceedsoftheGreenBondofferingareusedtofundeligibleprojectsinsixkeyareasthatsupportIntel’ssustainabilitygoalsasdetailedintheIntelGreenFinancingFrameworkdated2022.This

frameworkisalignedwiththeGreenBondPrinciples.

CircularEconomy

&WasteManagement

Investmentsrelatedtowastereduction,

landfillavoidance,upcyclingofwaste,waste

reclamation,segregation,recyclingand/orreuseinourmanufacturingoperationsandsupplychain.

PollutionPrevention&Control

InvestmentsaimedatreductionofairemissionsandGHGemissionscontrolandprevention.

RenewableEnergy

Investmentsrelatedtoimprovingexistingassets,implementingrenewableelectricityprogramsandsecuringpowerpurchaseagreements(PPAs).

EligibleProjectAreas

Green

Buildings

Investmentsandfinancingsrelatedtorealestate

projectssuchasdatacenters,offices,factories,andotherfacilitiesthathaveorareexpectedtoreceive

third-partysustainabilitycertificationsorverification.

Energy

Efficiency

Investmentsrelatedtodesign,construction,operationandmaintenanceofenergyand/orutilityconsumptionsavingprojects.

Water

Stewardship

Investmentsinefficientwatermanagement,conservationandwatershedrestoration.

ProjectSelectionandReporting

AcommitteeconsistingofrepresentativesfromCorporateResponsibility,CorporateSustainability,Legal,Treasury,FinanceandotherIntelteamsresponsibleformanagingsustainabilityinitiativesandriskisresponsibleforthe

evaluation,selectionandassessmentoftheperformanceofeligiblespendingandprojects,onanannualbasis,to

ensurealignmentwithourGreenFinancingFramework.WehaveestablishedandadheredtoalistofspendingtobeexcludedfromanyGreenBondallocation.Inaddition,theuseofproceedsspendingallocationfollowsaninternal

processthatincludesfinalreviewandapprovalbyIntel’sHeadofSustainability.

$854M

TotalAllocationinMillions

(~69%allocated)

IntelGreenBondReport2025GreenBondAllocation&Impacts

4

GreenBondAllocation

GreenBondCumulativeAllocation

2024FiscalYearUpdate(cumulativesince2021)|EligibleProjectCategoryBreakdown(inmillions)

$388

PollutionPrevention&Control

$270

WaterStewardship

$47

CircularEconomy&WasteManagement

$62

RenewableEnergy

$87

EnergyEfficiency

IntelwillpublishtheAnnualGreenBondImpactandAllocationReportuntilthenetproceedsfromtheGreenBondarefullyallocated.Additionalreportswillbemadeonatimelybasisiftherearesignificantmaterialdevelopments.

SuchreportswillincludetheamountofnetproceedsfromthesaleofanyGreenBondsthathavebeenallocatedtooneormoreEligibleProjectseitherindividuallyorbycategory,thelistofeligibleprojectcategorieswithbrief

descriptions,estimatedimpactmetricswherefeasibleandtheoutstandingamountofnetproceedsfromthesaleofanyGreenBondyettobeallocatedtoEligibleProjectsattheendofthereportingperiod.Proceedsthathavenot

beenallocatedhavebeentemporarilyusedforcashinvestments,cashequivalentsand/orhigh-qualitymarketabledebtinvestmentsandotherinstrumentsallowedbyIntel’sinvestmentpolicy.

OutstandingNetProceeds$391Million

TotalNetProceeds

$1.245Billion

EnvironmentalImpacts

The$854millionofFY2021-2024spendingtowhichIntelallocatedGreenBondfundsisestimatedtohave

contributedtothefollowingcompany-wideenvironmentalbenefitsin2021,2022,2023and2024,aswellasothersnotexplicitlymentionedbelow.Manyoftheprojectstowhichthefundswereallocatedhavelonglifespansandwillcontinuetohaveanimpactwellintothefuture.Environmentalimpactswerecalculatedbasedoninternal

measurementsandprojecttracking,calculationorestimationsusingpublishedemissionfactorssuchasthe

InternationalEnergyAgency(IEA)carbondioxideequivalent(CO2e)emissionfactorsandtheWorldResourcesInstitute(WRI)GHGProtocol,internalmonitoringsuchassitewatermodelsandprojecttrackingandenergy

conservationprojectdesignandimplementation.

37.1M

1.6B

10.5B

328,000

150,000

metrictons

kWh

gallons

tons

tons

Scope1+2GHGavoided(asCO2e)

energysavings

ofwatersaved

wastediverted

fromlandfill

wastereduced

IntelGreenBondReport2025FeaturedProjects

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FeaturedProjects

ReducingenergyuseinouroperationsiscoretoIntel’soverallclimatestrategyandoursustainabilitygoals.Intelstrivestoconserve4billionkWhofenergycumulativelyfromour2020baselineby2030.

WeallocatedGreenBondfundstovariousenergyconservationprojectsin2024,and,intotal,thecompanyinvested$87millioninenergyconservationprojectssince2021.Energyconservationprojectsimplementedsince2021havesavedapproximately1.6billionkWh.Toreduceenergyusageinoperations,wehaveinvestedinHVAC

upgradesandheatrecoveryprojects.Fornewfactoryconstructionprojects,weareincorporatingenergyefficiencyintodesignandequipmentselections.

Energy

Efficiency

Semiconductormanufacturingprocessesusehighglobalwarmingpotential

compounds.Sincethelate-1990s,Intelhasinvestedin,andimplemented,significantGHGreductionsthroughabatement,chemicalsubstitution,energyconservation,

renewableandalternativeelectricityandprocessoptimization.

GHGpoint-of-use(POU)abatementtechnologyuseshightemperatureflameand/orplasma-basedsolutionstoconvertunusedprocessgasesintobyproductsandflush

awaywithwater,whichisthenscrubbedwithfilters.Intelinvestsheavilyinadvanced

GHGabatementtechnologytoreduceemissionsandhasallocated$388milliontothepurchaseofPOUabatementsystemsbetween2021-2024.Additionally,Intel

allocated$62millioninrenewableelectricitypurchases.Asaresultofabatementandotherreductionstrategiesmentionedabove,Intelhasavoided84%ofitsScope1and2GHGemissionsoverthelastdecadeand37.1millionmetrictonsofcarbondioxide

equivalent(CO2e)in2021through2024.Overall,IntelhasreduceditsabsoluteScope1and2GHGemissionsby70%fromthepeakyearin2006.

Pollution

Prevention&Control

Intelrecognizesthatwaterisasharednaturalresourceofcriticalimportancetothecommunitieswhereitoperatesandisessentialtosemiconductormanufacturing.Assuch,Inteliscommittedtomanagingwaterefficientlyandcontinuouslystrivefor

leadershipinwaterstewardship,asdemonstratedbyourgoaltoreachnetpositivewaterglobally,by2030.

Inteloperatesstate-of-the-artwatertreatmentandreclaimfacilitiesatthreeofits

manufacturingsites–OregonandArizona,U.S.,andQiryatGat,Israel.During2024,

$67millionofGreenBondfundswereallocatedtotheoperationandupgradeofthe

ArizonaandOregonwaterreclaimfacilities,bringingthetotalallocationto$270

millionsince2021.TheseinnovativewatertreatmentplantsallowInteltotreatand

reusewaterfromthemanufacturingprocessinsystemssuchascoolingtowersand

scrubbers,resultinginasubstantialincreaseinwaterconservation.Asignificant

portionofthiswatersavingsatthesesiteswasduetotheonsitewaterreclaimfacilities.

In2024,Intelconserved10.5billiongallonsofwateracrossitsglobaloperations–an

increaseof48%since2020–andmaintainednetpositivewaterinfourcountries:U.S.,India,MexicoandCostaRica.

Water

Stewardship

IntelGreenBondReport2025Appendix

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Appendix

AllocationbyProjectEligibleCategories

EnvironmentalImpactMetricCalculationMethodologiesISSReportReview

Forward-LookingStatement

IntelGreenBondReport2025Appendix

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AllocationbyProjectEligibleCategories

ThetablebelowprovidesanoverviewofIntel’sallocationofnetproceedsforour2022GreenBondasofDecember28,2024.

IntelengagedanIndependentThird-Partyforassuranceofmanagement’sassertionthat$854millioninnetproceedswereallocatedtoEligibleProjects.Amountsallocatedareroundedtothenearestmillion.

GreenBondEligibleProjectAreas

AllocatedAmount($M)

Year

2021

2022

2023

2024

Total

CircularEconomyandWasteManagement

21

17

9

47

RenewableEnergy

20

19

15

9

62

EnergyEfficiency

38

13

17

19

87

WaterStewardship

36

63

104

67

270

PollutionPreventionandControl

88

127

62

111

388

TotalAllocation

182

243

214

215

854

IntelGreenBondReport2025Appendix

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EnvironmentalImpactMetricCalculationMethodologies(FY2021–2024)

Metric:37.1MmetrictonsGHGavoided(asCO2e)

CalculationMethodology:GHGAvoidedEmissions:

1.Utilizedprocess-specificinformationandIPCCemissionfactors/globalwarmingpotentialstoquantifytheamountofGHGemissionsreducedthroughpollutionpreventionandcontrolequipment.

2.UtilizedconsumptionofelectricityandUSEPAeGRIDandIEAemissionfactorstoquantifytheamountofGHGemissionsreducedthroughthepurchaseofrenewableelectricity.(Note:Location-basedandmarket-basedGHGemissionsareassuredannuallybyathird-partyassurer,Apex.SeeIntel’sIndependentLimitedAssuranceStatementintheAppendixtothe2024-2025CSRReport.)

3.UtilizedUSEPAemissionfactorstocalculateGHGemissionsavoidedbyimplementationofenergyconservationprojects.

Metric:1.6BkWhenergysavings

CalculationMethodology:Utilizedthetrackingofenergyconservationprojectimplementationtoquantifythe

amountofkilowatthours(kWh)savedthroughenergyefficiency.(Note:Energyconservationfromglobalenergy

conservationprojectsisassuredannuallybyathird-partyassurer,Apex.SeeIntel’sIndependentLimitedAssuranceStatementintheAppendixtothe2024-2025CSRReport.)

Metric:10.5Bgallonsofwatersaved

CalculationMethodology:UtilizedsitewaterconservationtrackingandWaterManagementApplication(WMA)modelstoquantifytheamountofwatersavedthroughwaterstewardshipefforts.(Note:Globalandsite-specificwaterconservationisassuredannuallybyathird-partyassurer,Apex.SeeIntel’sIndependentLimitedAssuranceStatementintheAppendixtothe2024-2025CSRReport.)

Metric:328,000tonswastedivertedfromlandfill

CalculationMethodology:Trackedwasterecycledandreusedwithdocumentationsuchasmanifests,waste

contractorreports,billsofladingandinvoicestoquantifytheamountofwastedivertedfromlandfillthroughcirculareconomyandwastemanagementstrategies.

Metric:150,000tonswastereduction

CalculationMethodology:Utilizedwastemanifeststodeterminetheamountofwastegeneratedineachyearandreporttheyear-over-yearreduction.

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Forward-LookingStatement

ThisAnnualGreenBondReportcontainsstatementsthatareaspirationalorreflectiveofourviews,forecastsand

opinionsregardingourfutureperformancethatconstitute“forward-lookingstatements”withinthemeaningofthePrivateSecuritiesLitigationReformActof1995.Forward-lookingstatementsinthisreportincludestatements

regardingourgoals,metrics,aspirations,targets,strategyandexpectationswithrespecttocorporateresponsibilitymatters,includingsustainability,humanrights,supplychainmanagement,aswellasotherbusinessrisksand

opportunities.Thesestatementsinherentlyinvolverisksanduncertaintiesthataredifficulttopredict,oftenbeyondourcontrol,andinherentlyuncertain,andactualresults,includingourgoals,coulddiffermateriallyfromthose

predictedinsuchstatements,includingasaresultofgeopoliticalormacroeconomicevents,energyprices,

technologicaladvancesorinnovations,developingclimateconditions,legislativeorregulatorychanges,

engagementswithstakeholdersandotherunforeseenconditionsorevents.Forward-lookingstatementsarenot

guaranteesorpromisesthatanysuchgoals,metrics,aspirations,targets,strategyorexpectationswillbemetor

retainedintheircurrentform.Riskfactorsthatcouldcauseactualresultstodifferaresetforthinthe“RiskFactors”sectionofthe2024IntelAnnualReportonForm10-KasupdatedbyourQuarterlyReportonForm10-Qforthe

quarterendedMarch29,2025.Theseriskfactorsaresubjecttoupdatebyourfuturefilingsandsubmissionswith

theU.S.SecuritiesandExchangeCommissionandearningsreleases.Forward-lookingstatementsarebasedon

expectationsasofthedateofthisreport,unlessanearlierdateisindicated,aswellasstandardsformeasuring

progressthatarestilldeveloping,internalcontrolsanddiligenceprocessesthatcontinuetoevolve,currentlegalandregulatoryrequirements,third-partydataoraffirmationsorrepresentationsandassumptionsthataresubjectto

change,includingconsideringcurrentorhistoricgoalsorassumptions,andavailabledata.Inteldisclaimsanydutytoupdateanystatementmadeinthisreportexcepttotheextentrequiredbylaw.

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©2025IntelCorporation.Intel,theIntellogo,andotherIntelmarksaretrademarksofIntelCorporationoritssubsidiaries.Othernamesandbrandsmaybeclaimedasthepropertyofothers.

REPORTREVIEW

IntelGreenBondReport

24July2025

VERIFICATIONPARAMETERS

Type(s)ofreportingGreenBondAllocationandImpactReport

Relevantstandard(s)

HarmonisedFrameworkforImpactReporting,ICMA,June2024

Scopeofverification

Intel’sAnnualGreenBondReport(asofJuly23,2025)

Intel’sGreenFinancingFramework(asofAugust2022)

Bondidentification:

Issuedate

ISIN

Maturitydate

Amountraised(USD)

August5,2022

US458140CA64

August5,2032

$1.25B

Lifecycle

Post-issuanceverification

ThirdyearofreportingonGreenBond

1

Validity

AslongasnochangesareundertakenbytheIssuerto

itsAnnualGreenBondReport(asofJuly23,2025)

1Thepreviousyear’sReportReviewdeliveredbyISS-Corporate,see

weblink.

©2025|ISSCorporateSolutions,Inc.AllRightsReserved

REPORTREVIEW

AnnualGreenBondReportIntel

CONTENTS

SCOPEOFWORK 3

INTELOVERVIEW 3

ASSESSMENTSUMMARY 4

REPORTREVIEWASSESSMENT 5

PARTI:ALIGNMENTWITHCOMMITMENTSSETFORTHINTHEGREENFINANCING

FRAMEWORK 5

PARTII:ASSESSMENTAGAINSTTHEHARMONISEDFRAMEWORKFORIMPACT

REPORTING 6

PARTIII:DISCLOSUREOFPROCEEDSALLOCATIONANDSOUNDNESSOFTHEIMPACT

REPORTINGINDICATORS 10

ANNEX1:Methodology 15

ANNEX2:Qualitymanagementprocesses 16

AboutthisReportReview 17

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SCOPEOFWORK

IntelCorp(“Intel”,“theIssuer”,or“thecompany”)commissionedISS-CorporatetoprovideaReportReview

2

onitsAnnualGreenBondReportbyassessing:

1.ThealignmentofIntel’sAnnualGreenBondReport(asofJuly23,2025)withthecommitmentssetforthinIntel’sGreenFinancingFramework(asofAugust2022)

.3

2.Intel’sAnnualGreenBondReport,benchmarkedagainsttheHarmonisedFrameworkforImpactReporting,ICMA,June2024.

3.Thedisclosureofproceedsallocationandsoundnessofreportingindicators—whethertheimpactmetricsalignwithbestmarketpracticesandarerelevanttotheGreenBondissued.

INTELOVERVIEW

IntelCorp.engagesinthedesign,manufacture,andsaleofcomputerproductsandtechnologies.Itdeliverscomputer,networking,datastorage,andcommunicationsplatforms.Thefirmoperatesthroughthefollowingsegments:ClientComputingGroup(CCG),DataCenterandAI(DCAI),NetworkandEdge(NEX),Mobileye,AcceleratedComputingSystemsandGraphics(AXG),IntelFoundryServices(IFS),andAllOther.

ThecompanywasfoundedbyRobertNortonNoyceandGordonEarleMooreonJuly18,1968andisheadquarteredinSantaClara,CA.

2AlimitedorreasonableassuranceisnotprovidedontheinformationpresentedinIntel’sAnnualGreenBondReport.AreviewoftheuseofproceedsallocationandimpactreportingissolelyconductedagainstICMA’sStandards(GreenBond)coreprinciplesandrecommendationswhereapplicable,andthecriteriaoutlinedintheunderlyingFramework.Theassessmentissolelybasedontheinformationprovidedintheallocationandimpactreporting.TheIssuerisresponsibleforthepreparationofthereportincludingtheapplicationofmethodsandinternalcontrolproceduresdesignedtoensurethatthesubjectmatterisfreefrommaterialmisstatement.

3TheFrameworkwasassessedasalignedwiththeGreenBondPrinciplesasofAugust2022.

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AnnualGreenBondReportIntel

ASSESSMENTSUMMARY

REVIEW

SECTION

SUMMARY

EVALUATION

PartI

AlignmentwiththeIssuer’s

commitmentssetforthintheFramework

Intel’sAnnualGreenBondReportmeetsthecommitmentssetforthinitsGreenFinancingFramework.

Aligned

PartII

AlignmentwiththeHarmonisedFrameworkforImpact

Reporting

TheAnnualGreenBondReportisinlinewithICMA’sHarmonisedFrameworkforImpactReporting.TheIssuerfollowscoreprinciplesand,whereapplicable,recommendations.

TheIssuerhasclearlydemonstratedaformalinternalprocessfortheallocationofproceedsandtheexpectedenvironmentalimpactsoroutcomes.

Aligned

PartIII

Disclosureofproceeds

allocationandsoundnessofreporting

indicators

Theallocationofthebond’sproceedshasbeendisclosed,withadetailedbreakdownacrossdifferenteligibleprojectcategoriesasproposedintheFramework

.4

Intel’sAnnualGreenBondReporthasadoptedanappropriatemethodologytoreporttheoutcomeandimpactgeneratedbyprovidingcomprehensivedisclosureondatasourcing,calculationmethodologiesandgranularity,reflectingbestmarketpractices.

Positive

4TheassessmentisbasedontheinformationprovidedintheIssuer’sreport.TheIssuerisresponsibleforthepreparationofthereport,includingtheapplicationofmethodsandproceduresdesignedtoensurethatthesubjectmatterisfreefrommaterialmisstatement.

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REPORTREVIEWASSESSMENT

PARTI:ALIGNMENTWITHCOMMITMENTSSETFORTHINTHEGREENFINANCINGFRAMEWORK

5

ThefollowingtableevaluatestheAnnualGreenBondReportagainstthecommitmentssetforthinIntel’sFramework,whicharebasedonthecorerequirementsoftheGreenBondPrinciplesandbestmarketpractices.

OPINION

ALIGNMENT

WITH

GREENBOND

PRINCIPLES(GBP)

COMMITMENT

Processforprojectevaluationand

selection

IntelconfirmstofollowtheprocessforprojectevaluationandselectiondescribedinIntel’sGreenFinancingFramework.TheIssuerappliedtheeligibilitycriteriasetintheFrameworktodeterminewhetherprojectsfitwithinthedefinedcategories.

ESGrisksassociatedwiththeprojectcategoriesareidentifiedandmanagedappropriately,asdefinedintheFramework.

Managementofproceeds

IntelconfirmstofollowthemanagementofproceedsdescribedinIntel’sGreenFinancingFramework.

Theproceedscollectedrepresent69%oftheamountallocatedtoeligibleprojects,withnoexceptions.Theproceedsaretrackedappropriatelyandattestedinaformalinternalprocess.Moreover,theIssuerdisclosesthetemporaryinvestmentinstrumentsforunallocatedproceeds.

Reporting

ThereportisinlinewiththeinitialcommitmentssetinIntel’sGreenFinancingFramework.

FurtheranalysisofthissectionisavailableinPartIII.

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5Intel’sGreenFinancingFrameworkwasassessedasalignedwiththeGBP(asofJune2021)asofAugust2022.

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PARTII:ASSESSMENTAGAINSTFRAMEWORKFORIMPACTREPORTING

THEHARMONISED

ReportingisacorecomponentoftheGreenBondPrinciples,andtransparencyisofparticularvalueincommunicatingtheexpectedand/orachievedimpactofprojectsintheformofannualreporting.Greenbondissuersarerequiredtoreportonboththeuseofgreenbondproceedsandtheenvironmentalimpactsatleastannuallyuntilfullallocationormaturityofthebond.TheHFIRhasbeenchosenasthebenchmarkforthisanalysisasitrepresentsthemostwidelyadoptedstandard.

ThetablebelowevaluatesIntel’sAnnualGreenBondReportagainsttheHFIR.

COREPRINCIPLES

Reportonan

annualbasis

AsreportingisacorecomponentoftheGBP,Intelreportedwithinoneyearofissuanceandthereafterwithinoneyearofthelastreport.ThereportwillbeavailableonIntel’s

website.

Formalinternal

processtoallocate

proceeds

TheproceedsallocatedtogreenprojectsasoftheAnnualGreenBondReportdatehaveonlybeenallocatedtoprojectsthatmeettheFramework’seligibilitycriteria.

TheIssuerconfirmsthattheverificationofgreenprojecteligibilityforproceedsallocationisintegratedintoinvestmentoperations.

TheIssuerdescribesitsapproachtodeterminingproceedsallocationeligibilityintheAnnualGreenBondReport.

Transparencyonthecurrency

Allocatedproceedshavebeenreportedinasinglecurrency(USD).

ESGrisk

management

TheIssuerhasasystemtoidentifyandmanageESGrisksconnectedtothefinancedprojects.TheIssuerconfirmsthatnonegativeeffectshavebeenidentifiedinrelationtothefinancedprojects.

HFIRANNUALGREENBONDREPORTASSESSMENT

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Illustratetheexpected