Market Analysis Report

Subject:

Commending Apple’s Leadership in Ethical Sourcing and Market Innovation in East Africa

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As committed shareholders in Apple Inc., we are writing to express our deep appreciation and admiration for Apple’s exemplary work in forging an ethical and forward-thinking path in the sourcing of key minerals from East Africa. In particular, we commend Apple’s leadership in the Responsible Mineral Initiative and its efforts to bring transparency to the supply chain.

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As shareholders managing assets and holding shares of Apple stock we applaud your efforts to ensure that Apple’s supply chain reflects the highest standards of human rights and recognise your work with Africa’s only tantalum refinery, PowerX Ltd., and its vertically integrated mining operation, PowerM Ltd. in Rwanda.

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Their parent company, Power Resources International, has not only advanced responsible sourcing and introduced industrial mining practices, but has empowered local communities and built capacity across an often-overlooked region of strategic importance whilst developing an enhanced traceability mechanism, Original Evidence, which it has provided to Rwandan miners free of charge.

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We are especially inspired by Apple’s ability to be a pioneer customer of this safer and more sustainable supply chain and the groundbreaking platform that brings local miners, processors, and global buyers together under a transparent, ethical framework. Apple’s willingness to lead by example rather than wait for others to act has accelerated global interest in sustainable mineral sourcing and has sent a clear signal that ethical leadership and commercial success go hand-in-hand.

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We support Apple’s continued investment in ethical sourcing and we believe these investments strengthen the long-term value of the company, reduce material and reputational risks, and reflect the values of our global customer and shareholder base. As such, we enthusiastically support these efforts and encourage Apple to continue advancing meaningful, scalable solutions in its supply chains.

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The Investor Alliance to Counter Trafficking,

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Signature:

Eagle Freedom Fund (www.eagleventurefund.com) Wes Lyons | General Partner

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IACT
550 Bailey Ave.
Suite 160 Fort Worth,
TX 76107

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