<SEC-DOCUMENT>0001214659-23-013902.txt : 20231026
<SEC-HEADER>0001214659-23-013902.hdr.sgml : 20231026
<ACCEPTANCE-DATETIME>20231026125213
ACCESSION NUMBER:		0001214659-23-013902
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20231026
DATE AS OF CHANGE:		20231026
EFFECTIVENESS DATE:		20231026

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MICROSOFT CORP
		CENTRAL INDEX KEY:			0000789019
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-PREPACKAGED SOFTWARE [7372]
		IRS NUMBER:				911144442
		STATE OF INCORPORATION:			WA
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-37845
		FILM NUMBER:		231349090

	BUSINESS ADDRESS:	
		STREET 1:		ONE MICROSOFT WAY
		CITY:			REDMOND
		STATE:			WA
		ZIP:			98052-6399
		BUSINESS PHONE:		425-882-8080

	MAIL ADDRESS:	
		STREET 1:		ONE MICROSOFT WAY
		CITY:			REDMOND
		STATE:			WA
		ZIP:			98052-6399

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AS YOU SOW
		CENTRAL INDEX KEY:			0001086462
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			CA

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		2150 KITTREDGE ST.
		STREET 2:		SUITE 450
		CITY:			BERKELEY
		STATE:			CA
		ZIP:			94704
		BUSINESS PHONE:		510-735-8155

	MAIL ADDRESS:	
		STREET 1:		2150 KITTREDGE ST.
		STREET 2:		SUITE 450
		CITY:			BERKELEY
		STATE:			CA
		ZIP:			94704
</SEC-HEADER>
<DOCUMENT>
<TYPE>PX14A6G
<SEQUENCE>1
<FILENAME>p1026230px14a6g.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; vertical-align: top; width: 10%"><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 10%"><FONT STYLE="font-size: 8pt; color: #00813D">Main Post Office, P.O. Box 751&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top; width: 80%; white-space: nowrap"><FONT STYLE="font-size: 8pt; color: #73C167"><B>www.asyousow.org</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 8pt; color: #00813D">Berkeley, CA 94704</FONT></P>
                                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 8pt; color: #00813D"> &nbsp;&nbsp;&nbsp;</FONT></P></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 7.5pt; color: #73C167">BUILDING A SAFE, JUST, AND SUSTAINABLE WORLD SINCE 1992</FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0">&nbsp;</P>
<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Notice of Exempt Solicitation Pursuant to Rule 14a-103</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Name of the Registrant: Microsoft Corp<BR>
Name of persons relying on exemption:&nbsp;<I>As You Sow</I><SUP>&reg;</SUP><BR>
Address of persons relying on exemption: Main Post Office, P.O. Box 751, Berkeley, CA 94704</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Written materials are submitted pursuant to Rule 14a-6(g)(1) promulgated
under the Securities Exchange Act of 1934.&nbsp;Submission is not required of this filer under the terms of the Rule, but is made voluntarily
in the interest of public disclosure and consideration of these important issues.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: #B8CCE4">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Microsoft Corp (MSFT)<BR>
Vote Yes: Item 9 &ndash; Report on Assessing Systemic Climate Risk from Retirement Plan Options</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Annual Meeting: December 7, 2023</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CONTACT: Grant Bradski | gbradski@asyousow.org</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">THE RESOLUTION&#9;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Resolved:</B> Shareholders request Microsoft publish a report, at
reasonable expense and omitting confidential information, disclosing how the Company is protecting Plan beneficiaries with a longer investment
time horizon from the increased future portfolio risk created by present-day investments in high-carbon companies.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Supporting Statement: </B>The <FONT STYLE="background-color: #FCFCFC">report
should include, at the Board discretion, an analysis of: </FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 11pt">&middot;</FONT></TD><TD>The degree to which carbon-intensive investments in the Company&rsquo;s current retirement options contribute to greater beneficiary
risk and reduced Plan performance over time; and</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: #FCFCFC"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Whether carbon-intensive investments in Plan investment options put younger
beneficiaries&rsquo; savings at greater risk than participants closer to retirement.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">SUMMARY</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt">The economic consequences of climate
change present two-fold material risks to retirement plan beneficiaries, particularly those with retirement dates more than a decade
out. On the one hand, investments in carbon- and deforestation-intensive industries contribute to portfolio-wide, systemic risk to beneficiaries&rsquo;
investments, such as the risk stemming from physical impacts on infrastructure, supply chains, and resource availability. On the other,
investments in those industries are themselves especially subject to long-term financial losses associated with stranded assets, transition
costs, and inaccurate valuations. These risks add up; estimates suggest that, in the absence of mitigation in line with the Paris Agreement,
climate change will likely result in an 11% to 14% decline in global GDP.<SUP>1</SUP> This will have portfolio-wide consequences to employees
saving for retirement.</FONT>&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>1</SUP> https://www.swissre.com/media/press-release/nr-20210422-economics-of-climate-change-risks.html</P>

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 8pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 8pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->



<P STYLE="margin: 0">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap; width: 10%"><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: rgb(0,129,61)"><B>2023
Proxy Memo</B></FONT></P>
                                                <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B"><FONT STYLE="font-size: 10pt; color: #00813D"><B></B></FONT><FONT STYLE="font-size: 10pt; font-weight: normal">Microsoft Corp | Report on Assessing Systemic Climate
Risk from Retirement Plan Options</FONT></P>
                                                <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
</TABLE>
<P STYLE="margin: 0">&nbsp;</P>
<P STYLE="margin: 0">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">As both private actors and governments increase efforts to respond
to and mitigate climate change, shifting regulatory and business environments will result in increasing transition costs, exacerbating
the financial risk faced by plan beneficiaries whose assets have not been responsibly managed in light of these risks. Because the physical,
financial, and transition risks associated with a warming climate are expected to increase over time, younger plan beneficiaries with
longer investment time horizons can be expected to face higher climate-related risks than beneficiaries closer to retirement.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">This Proposal requests that Microsoft assess and report on how the
Company is protecting Plan beneficiaries with a longer investment time horizon from the increased future portfolio risk created by present-day
investments in high-carbon companies. <FONT STYLE="font-weight: normal">Twenty-six percent of the Plan&rsquo;s assets &mdash; that is,
the deferred wages </FONT>of Microsoft workers &mdash; is invested in the Plan&rsquo;s target date funds, which have significant exposure
to high-carbon industries and industries that contribute substantially to deforestation. These investments are doubly imprudent, as they
contribute to systemic climate risk while also being poor long-term investments for younger beneficiaries. The Company&rsquo;s failure
to adequately manage climate risk in connection with its 401(k) Plan (&ldquo;the Plan&rdquo;) therefore has the potential to harm beneficiaries,
especially younger beneficiaries. This, in turn, may make it more difficult for Microsoft to attract and retain top talent, while also
undermining the reputational benefits associated with the Company&rsquo;s efforts to address operational and supply chain climate impacts.
It also exposes the Company to potential litigation risk.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Simply put: climate change threatens workers&rsquo; life savings. The
responsible stewardship of employee retirement plans demands active consideration and management of the Plan&rsquo;s contribution to systemic
climate risk over different time horizons, as required by beneficiaries&rsquo; best interests. Under federal law, the Board has a fiduciary
responsibility to oversee the management of the plan. The Company must demonstrate that it is actively safeguarding employee financial
security over time by mitigating climate change-related financial and economic risk as part of a prudently constructed lineup of funds.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">RATIONALE FOR A YES
VOTE</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>1.</B></FONT></TD><TD><B>The Company&rsquo;s 401(k) Plan&rsquo;s investments in high-carbon and deforestation-intensive industries create climate risk,
which <FONT STYLE="font-family: Times New Roman, Times, Serif">threatens workers&rsquo; life savings, particularly those with retirement
dates more than a decade out.</FONT></B></TD></TR></TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>2.</B></FONT></TD><TD><B>The climate risk generated by the Company&rsquo;s retirement plan investments creates reputational risk&nbsp;by undermining the
Company&rsquo;s credibility on climate issues and may make it difficult to attract and retain top talent.</B></TD></TR></TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>3.</B></FONT></TD><TD><B>The Company&rsquo;s failure to clearly address the contribution to systemic climate risk from its retirement plans may violate
its fiduciary obligation to manage those plans in the best interests of its beneficiaries.</B></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 8pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"></TD><TD STYLE="width: 33%; text-align: right"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 8pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap; width: 10%"><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: rgb(0,129,61)"><B>2023
Proxy Memo</B></FONT></P>
                                                <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B"><FONT STYLE="font-size: 10pt; color: #00813D"><B></B></FONT><FONT STYLE="font-size: 10pt; font-weight: normal">Microsoft Corp | Report on Assessing Systemic Climate
Risk from Retirement Plan Options</FONT></P>
                                                <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
</TABLE>
<P STYLE="margin: 0">&nbsp;</P>
<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: bold 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">DISCUSSION</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>1.</B></FONT></TD><TD><B>The Company&rsquo;s 401(k) Plan&rsquo;s investments in high-carbon and deforestation-intensive industries create climate risk,
which <FONT STYLE="font-family: Times New Roman, Times, Serif">threatens workers&rsquo; life savings, particularly those with retirement
dates more than a decade out.</FONT></B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">According to recent analysis by <I>As You Sow</I>, Microsoft&rsquo;s
401(k) Plan invests as much as $2 billion in high-carbon industries, or 4% of total assets in Plan fund options (excluding assets invested
in the employee stock option plan and the self-directed brokerage window).<SUP>2</SUP> The Plan, in the aggregate, also invests more than
$93 million in deforestation-risk agricultural commodities.<SUP>3</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">Microsoft offers Plan participants
</FONT>BlackRock LifePath Index series funds<FONT STYLE="font-weight: normal">, which collectively hold the largest segment &mdash; 26%
&ndash; of Plan assets</FONT>.<SUP>4</SUP> Target Date Funds (&ldquo;TDFs&rdquo;) are an attractive option for Plan administrators and
Plan participants because they shift the responsibility of reallocating the portfolio over time to the fund manager. However, according
to a recent report, TDFs have a 16% higher weighted average carbon intensity relative to all sampled retirement plans.<SUP>5</SUP> True
to form, the BlackRock LifePath Index series funds invest significantly in carbon polluters.<SUP>6</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Such investments introduce climate risk into the Plan&rsquo;s portfolio
in mutually reinforcing ways. As the nonpartisan Government Accountability Office (&ldquo;GAO&rdquo;) explains, &ldquo;Retirement plans
are subject to both physical and transition risks from climate change.&rdquo;<SUP>7</SUP> In terms of physical risk, companies can suffer
short-term losses from the increased occurrence of catastrophic storms, floods, droughts, and wildfires, whether from direct impacts on
physical infrastructure or from disruptions to supply chains. Physical climate risk also includes longer-term losses from the deleterious
effect of intensifying climate impacts on a company&rsquo;s operations over time, such as changing agricultural or weather patterns. Transition
risk, meanwhile, includes costs associated with a company&rsquo;s failure to appropriately anticipate and plan for &ldquo;the policy,
legal, technological, and market changes needed to transition to a lower-carbon economy.&rdquo;<SUP>8</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt">These risks add up. The present and
future impacts of climate change can endanger the full range of beneficiaries&rsquo; retirement savings. A 2021 Swiss Re report calculated
that climate change would result in an 11% to 14% decline in global GDP by 2050, with the impact rising to an 18% decline in the absence
of action or falling to 4% with aggressive mitigation.<SUP>9</SUP> A report from the Climate Disclosure Project indicates that 215 of
the largest global companies report almost<B>&nbsp;</B>USD $1 trillion&nbsp;at risk from climate impacts, with many losses to hit within
the next five years, and a potential <FONT STYLE="font-weight: normal">$250 billion in losses</FONT> due to the write-offs of <FONT STYLE="font-weight: normal">assets</FONT>.<SUP>10
</SUP>The federal government&rsquo;s <I>Fourth National Climate Assessment</I>, published in 2018, estimates annual losses of hundreds
of billions of dollars in some sectors.<SUP>11</SUP> A recent study found that the rosy assumptions made in economic studies behind many
of the models used by investment consultants for retirement plans are at odds with the scientific literature on the impact of these levels
of warming.<SUP>12</SUP>&nbsp;</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>2</SUP> https://investyourvalues.org/retirement-plans/microsoft</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>3</SUP> https://investyourvalues.org/retirement-plans/microsoft</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>4</SUP> https://investyourvalues.org/retirement-plans/microsoft</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>5</SUP> https://iyv-charts.s3.us-west-2.amazonaws.com/files/U.S.+Retirement+Carbon+Footprint+Report.pdf</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>6</SUP> https://fossilfreefunds.org/fund/blackrock-lifepath-index-2050-fund/LIPKX/fossil-fuel-investments/FSUSA0BDPU/F00000MAPG</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>7</SUP> https://www.gao.gov/assets/gao-21-327.pdf</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>8</SUP> https://www.gao.gov/assets/gao-21-327.pdf</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>9</SUP> https://www.swissre.com/media/press-release/nr-20210422-economics-of-climate-change-risks.html</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>10</SUP> https://www.cdp.net/en/articles/media/worlds-biggest-companies-face-1-trillion-in-climate-change-risks</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>11</SUP> https://nca2018.globalchange.gov/</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>12</SUP> https://carbontracker.org/reports/loading-the-dice-against-pensions/</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 8pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"></TD><TD STYLE="width: 33%; text-align: right"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 8pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="margin: 0">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap; width: 10%"><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: rgb(0,129,61)"><B>2023
Proxy Memo</B></FONT></P>
                                                <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B"><FONT STYLE="font-size: 10pt; color: #00813D"><B></B></FONT><FONT STYLE="font-size: 10pt; font-weight: normal">Microsoft Corp | Report on Assessing Systemic Climate
Risk from Retirement Plan Options</FONT></P>
                                                <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
</TABLE>
<P STYLE="margin: 0">&nbsp;</P>
<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Similarly, high-carbon investments can be a risk in the short term.
One study cited by the GAO noted that investments in oil, coal, and gas could experience a decrease in annual returns of 9% through 2050,
while annual returns in electric utilities could decline by about 3% over the same timetable.<SUP>13</SUP> In fact, as noted by <I>Bloomberg</I>,
investing in renewable power stocks beat a high-carbon strategy by more than threefold in the last decade.<SUP>14</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">The transition to a carbon-free economy is underway, with more than
80% of new electrical capacity in 2021 coming from renewable sources.<SUP>15</SUP> As companies and governments take increasingly aggressive
steps to respond to climate change, transition costs will increase over time. Failure by Plan fiduciaries to effectively manage climate
risk in investing will endanger beneficiaries&rsquo; life savings, particularly those with longer investment time horizons. A 2022 Schroders
survey found that 78% of retirement investors &ldquo;believe that companies that are socially responsible (ESG focused) will have better
results over time than companies not socially responsible.&rdquo;<SUP>16</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">The Plan&rsquo;s investments also create climate risk in a more insidious
form&mdash;investments in high-carbon companies <I>contribute to and lock in future climate change. </I>High-carbon investments are thus
likely to disproportionately impact younger employees who will not access retirement funds for decades. Tax-deferred retirement vehicles
like 401(k)s carry tax penalties designed to discourage participants from withdrawing funds prior to age 59&frac12; or 60, meaning they
are structurally designed as long-term investment vehicles for younger workers. A 30-year-old worker contributing to their employer-offered
defined-contribution plan can usually expect to have their funds invested for at least 30 years. As high-carbon investments increase systemic
climate risk over time, retirement portfolios face the likelihood of diminishing returns, harming younger workers proportionally more
than workers who will access retirement savings in the shorter term. It is unsurprising, therefore, that those with the most at stake&mdash;plan
beneficiaries&mdash;overwhelmingly favor responsible management of climate risk in their retirement portfolios.<SUP>17</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>2.</B></FONT></TD><TD><B>The climate risk generated by the Company&rsquo;s retirement plan investments creates reputational risk&nbsp;by undermining the
Company&rsquo;s credibility on climate issues and may make it difficult to attract and retain top talent.</B></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt">Microsoft has announced ambitious operational
climate goals, including a commitment to become carbon negative by 2030, reduce scope 1 and 2 emissions to near-zero by the middle of
the decade, and reach 100% renewable energy by 2025.<SUP>18</SUP> These commitments, and the action the Company has taken towards fulfilling
them, have led to tremendous positive recognition, including a Climate Action Award from the United Nations and positive press.<SUP>19
</SUP>Not only do the Company&rsquo;s 401(k) Plan&rsquo;s carbon-intense investments directly undermine this work, they also risk the
loss of the Company&rsquo;s hard-earned reputation for climate leadership.</FONT>&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>13</SUP> https://www.gao.gov/assets/gao-21-327.pdf</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>14</SUP> https://www.bloomberg.com/news/articles/2021-03-18/renewable-returns-tripled-versus-fossil-fuels-in-last-decade#xj4y7vzkg</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>15</SUP> https://www.nytimes.com/2022/10/25/climate/energy-transition-solar-wind.html</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>16</SUP> https://www.schroders.com/en-us/us/institutional/clients/defined-contribution/schroders-us-retirement-survey/sustainability/</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>17</SUP> <I>See</I> https://www.schroders.com/en-us/us/institutional/clients/defined-contribution/schroders-us-retirement-survey/sustainability/</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>18</SUP> https://query.prod.cms.rt.microsoft.com/cms/api/am/binary/RE4RwfV#page=15</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>19</SUP> https://unfccc.int/climate-action/un-global-climate-action-awards/climate-neutral-now/microsoft-carbon-negative-goal;
<I>E.g.</I>, https://www.vox.com/energy-and-environment/2020/7/30/21336777/microsoft-climate-change-goals-negative-emissions-technologies</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 8pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"></TD><TD STYLE="width: 33%; text-align: right"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 8pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap; width: 10%"><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: rgb(0,129,61)"><B>2023
Proxy Memo</B></FONT></P>
                                                <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B"><FONT STYLE="font-size: 10pt; color: #00813D"><B></B></FONT><FONT STYLE="font-size: 10pt; font-weight: normal">Microsoft Corp | Report on Assessing Systemic Climate
Risk from Retirement Plan Options</FONT></P>
                                                <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
</TABLE>
<P STYLE="margin: 0">&nbsp;</P>
<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Increasing public attention is being paid to the contribution of employee
retirement plans&rsquo; investments to climate change. A recent <I>Bloomberg</I> report noted that, as of September 2022, 1,500 institutions,
representing more than $40 trillion in assets, had committed to reducing exposure to investments in high-carbon industries.<SUP>20</SUP>
These include commitments to sell billions of dollars of existing holdings in high-carbon industries from prominent employee retirement
funds in New York City,<SUP>21</SUP> Maine,<SUP>22</SUP> and New York state.<SUP>23</SUP> The University of California Retirement Savings
Program, which holds $168 billion in assets under management for more than 300,000 participants, has also moved to sell existing holdings
and make no future investments in high-carbon industries, citing &ldquo;long term financial risk&rdquo; and the expectation that this
decision will &ldquo;have a positive financial and risk-reducing impact on fund performance in the long run.&rdquo;<SUP>24</SUP> In October
2022, the Chicago Public School Teachers&rsquo; Pension &amp; Retirement Fund, which has about 5% of its portfolio invested in fossil
fuel industries, announced its plans to sell holdings in high-carbon industries.<SUP>25</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">As concern over high-carbon investments becomes increasingly salient,
the Company must begin addressing its 401(k) Plan&rsquo;s continued contributions to climate change or risk negative effects to its reputation,
its Plan returns, its employees&rsquo; futures, consumer retention, and employee recruitment and retention.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">A recent Gallup poll found that &ldquo;70 percent of U.S. workers
said that a firm's environmental record is important to them and is a consideration when deciding whether to take a job with a
company.&rdquo;<SUP>26 </SUP>Three-quarters of US employees are concerned about climate change, and more than half would consider
resigning from a job if the company&rsquo;s values did not match their own, numbers that rise among</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt">younger workers.<SUP>27</SUP> In the
increasingly competitive employee retention and recruitment landscape, companies are identifying new ways to engage and retain top talent
by appealing to the values and interest of the workforce. Interest in sustainable investing is at an all-time high, with 80% of individual
investors focused on sustainable investments.<SUP>28</SUP> This number is even higher among millennials, with a staggering 99% interested
in this type of investing.<SUP>29</SUP> As Millennials make up the largest generation in the workforce,<SUP>30</SUP> appealing to this
demographic is important for companies who want to attract top talent. </FONT>&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>20</SUP> https://www.bloomberg.com/news/features/2022-10-20/how-to-purge-fossil-fuel-investments-from-your-401-k-or-ira#xj4y7vzkg</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>21</SUP> https://comptroller.nyc.gov/newsroom/comptroller-stringer-and-trustees-announce-successful-3-billion-divestment-from-fossil-fuels/</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>22</SUP> https://www.reuters.com/business/sustainable-business/new-maine-law-marks-us-first-fossil-fuel-divestment-2021-06-17/</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>23</SUP> https://www.nytimes.com/2020/12/09/nyregion/new-york-pension-fossil-fuels.html</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>24</SUP> https://myucretirement.com/Resource/2312</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>25</SUP> https://ctpf.org/news/chicago-teachers-pension-fund-ctpf-commits-divestiture-fossil-fuel-holdings-andor-investing</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>26</SUP> https://www.shrm.org/resourcesandtools/hr-topics/talent-acquisition/pages/climate-change-branding-can-lift-recruitment-and-retention.aspx</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>27</SUP> https://www.paulpolman.com/wp-content/uploads/2023/02/MC_Paul-Polman_Net-Positive-Employee-</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">Barometer_Final_web.pdf</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>28</SUP> https://www.morganstanley.com/press-releases/sustainable-signals</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>29</SUP> https://www.morganstanley.com/press-releases/sustainable-signals</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>30</SUP> https://www.pewresearch.org/fact-tank/2018/04/11/millennials-largest-generation-us-labor-force/</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 8pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"></TD><TD STYLE="width: 33%; text-align: right"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 8pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap; width: 10%"><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: rgb(0,129,61)"><B>2023
Proxy Memo</B></FONT></P>
                                                <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B"><FONT STYLE="font-size: 10pt; color: #00813D"><B></B></FONT><FONT STYLE="font-size: 10pt; font-weight: normal">Microsoft Corp | Report on Assessing Systemic Climate
Risk from Retirement Plan Options</FONT></P>
                                                <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
</TABLE>
<P STYLE="margin: 0">&nbsp;</P>
<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">For companies attempting to retain top talent, 40% of respondents in
a 2022 Schroders study said that when an ESG investment option is added to a defined-contribution plan it improves how they view their
employer.<SUP>31</SUP> The study also found that nearly three-in-four plan participants (74%) said they&nbsp;would or might increase their
overall contribution rate if offered ESG options. An overwhelming majority of consumers, too, expect corporations to address their impacts
on the climate and, especially among younger consumers, are prepared to enforce that expectation with their purchasing power.<SUP>32</SUP>
Addressing climate risk in the Company&rsquo;s retirement plan is therefore critical to protecting Microsoft&rsquo;s reputation among
both consumers and present and potential employees.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>3.</B></FONT></TD><TD><B>The Company&rsquo;s failure to clearly address the contribution to systemic climate risk from its retirement plans may violate
its fiduciary obligation to manage those plans in the best interests of its beneficiaries.</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">The Company&rsquo;s failure to properly manage climate risk by mitigating
investments in high-carbon industries could constitute a failure to manage its Plan in the best interest of the its beneficiaries. In
particular, as described above, carbon-intense investments create risk and may sacrifice long-term value. As New York Comptroller Thomas
DiNapoli explained when announcing the state&rsquo;s plan to enforce a carbon-neutrality mandate, &ldquo;investing for the low-carbon
future is essential to protect the fund&rsquo;s long-term value.&rdquo;<SUP>33</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt">Consideration of the differential impact
of climate risk to beneficiaries is necessary, because climate risk is a material risk. <FONT STYLE="background-color: white">According
to a report from the U.S. Commodity Futures Trading Commission, an independent federal agency, in September 2020: &quot;Fiduciary duty
requires the assessment of material risks and the management of these risks on behalf of stakeholders in keeping with their stated long-term
goals, <I>and climate risk is increasingly being recognized as one such risk</I>&rdquo; (emphasis added).<SUP>34</SUP> Ultimately, the
Company&rsquo;s own operational climate goals make it perfectly clear that the Company considers climate risk to be material, and the
law requires consideration of material risk. It is by <I>failing</I> to address climate risk to the Plan&rsquo;s full range of beneficiaries
that the Company exposes itself to potential legal liability, not by addressing this material risk. For example, </FONT>in 2020, a lawsuit
was filed in Australia by an employee who claimed his pension fund did not adequately disclose or assess the effect of climate
change on its investments.<SUP>35</SUP> Recently in the UK, ExxonMobil was fined for failing to disclose climate-related impacts and risks
stemming from its pension plan.<SUP>36</SUP> It may only be a matter of time until similar legal developments occur in the United States.
</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>31</SUP> https://www.schroders.com/en-us/us/institutional/clients/defined-contribution/schroders-us-retirement-survey/sustainability/</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>32</SUP> https://www.oliverwymanforum.com/climate-sustainability/2021/apr/consumers-want-companies-to-take-a-stand-on-climate.html</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>33</SUP> https://content.govdelivery.com/accounts/NYOSC/bulletins/2b0442d</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>34</SUP> https://www.cftc.gov/sites/default/files/2020-09/9-9-20%20Report%20of%20the%20Subcommittee%20on%20Climate-Related%20Market%20Risk%20-%20Managing%20Climate%20Risk%20in%20the%20U.S.%20Financial%20System%20for%20posting.pdf</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>35</SUP> https://www.plansponsor.com/pension-fund-climate-change-lawsuit-settles/</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>36</SUP> https://www.edie.net/exxonmobil-pension-plan-fined-for-failure-to-disclose-climate-risks/?utm_campaign=P%26P%20%7C%20ESG%20Monitor%20Analytics&amp;utm_medium=email&amp;_hsmi=276597309&amp;_hsenc=p2ANqtz-9kN88Pbkwp57mHvfyuJzBBpiKuik1-WrETc7P35QksodM6QqxDPgyWKpnPCMy-LuKunu1u2OCd_05mCcNBmaki4QDk8w&amp;utm_content=276597309&amp;utm_source=hs_email</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-top: 8pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"></TD><TD STYLE="width: 33%; text-align: right"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 8pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap; width: 10%"><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: rgb(0,129,61)"><B>2023
Proxy Memo</B></FONT></P>
                                                <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B"><FONT STYLE="font-size: 10pt; color: #00813D"><B></B></FONT><FONT STYLE="font-size: 10pt; font-weight: normal">Microsoft Corp | Report on Assessing Systemic Climate
Risk from Retirement Plan Options</FONT></P>
                                                <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
</TABLE>
<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Recent changes to federal law confirm the
necessity of addressing material climate risk in retirement plans. The Department of Labor recently finalized regulations under the Employee
Retirement Income Security Act, which &ldquo;empower plan fiduciaries to safeguard the savings of America's workers by clarifying that
fiduciaries may consider climate change and other environmental, social, and governance (ESG) factors when they make investment decisions.&rdquo;<SUP>37</SUP>
The rule additionally makes clear that &ldquo;a fiduciary's duty of prudence must be based on factors that the fiduciary reasonably determines
are relevant to a risk and return analysis and that such factors may include the economic effects of climate change.&rdquo;<SUP>38</SUP>
In short, this new rule acknowledges that ESG factors may constitute material economic considerations, and therefore confirms the authority
of plan administrators to consider climate change as a risk factor when selecting plan investment options, including default options.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Importantly, plan fiduciaries and beneficiaries
need not choose between maximizing returns and managing climate risk. A metanalysis of evidence from more than 2,000 empirical studies
concluded that &ldquo;90% of all studies showed a non-negative relationship, indicating that the inclusion of ESG factors did not affect
performance. In fact, most of the studies reported a positive relationship, indicating that ESG criteria improved market performance.&rdquo;<SUP>39</SUP>
Additionally, key findings from a recent Morgan Stanley study of nearly 11,000 mutual funds demonstrate that there is no financial tradeoff
in the returns of sustainable funds and traditional funds.&nbsp;In the Morgan Stanley analysis, no consistent or statistically significant
difference in total returns existed between ESG-focused and traditional mutual funds and ETFs. In fact, sustainable funds may offer lower
market risk&mdash;sustainable funds experienced a 20% smaller downside deviation than traditional funds, a consistent and statistically
significant finding.<SUP>40</SUP> Accordingly, assessing and mitigating participants&rsquo; exposure to climate-related financial risk
is directly related to participants&rsquo; goals of maximizing financial benefit and minimizing risk.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">RESPONSE TO MICROSOFT&rsquo;S
BOARD OF DIRECTORS&rsquo; STATEMENT IN OPPOSITION</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">The Board&rsquo;s statement in
opposition to the Proposal is unpersuasive.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt; background-color: white">First, the
Board argues that &ldquo;the Microsoft 401(k) plan offers a carefully curated and closely monitored investment lineup, in accordance
with the strict fiduciary requirements imposed by the Employee Retirement Income Security Act of 1974 (&ldquo;ERISA&rdquo;), as implemented
by Department of Labor regulations and guidance.&rdquo; As stated above, the Department of Labor has explicitly identified the economic
effects of climate change as a legitimate subject of fiduciary attention when managing retirement plans. And the prevalence of climate-risk
mitigation strategies among institutional asset owners, including managers of defined contribution plans like the Company&rsquo;s 401(k),
demonstrates that there is no conflict between fiduciary duty and climate-risk
mitigation. The Proposal simply requests that the Board report on the Company&rsquo;s management of this risk.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">_____________________________</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><SUP>37</SUP></FONT> https://www.dol.gov/agencies/ebsa/about-ebsa/our-activities/resource-center/fact-sheets/final-rule-on-prudence-and-loyalty-in-selecting-plan-investments-and-exercising-shareholder-rights</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><SUP>38</SUP></FONT> https://www.dol.gov/agencies/ebsa/about-ebsa/our-activities/resource-center/fact-sheets/final-rule-on-prudence-and-loyalty-in-selecting-plan-investments-and-exercising-shareholder-rights</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><SUP>39</SUP></FONT> https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2699610</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><SUP>40</SUP></FONT> https://www.morganstanley.com/content/dam/msdotcom/ideas/sustainable-investing-offers-financial-performance-lowered-risk/Sustainable_Reality_Analyzing_Risk_and_Returns_of_Sustainable_Funds.pdf</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-top: 8pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"></TD><TD STYLE="width: 33%; text-align: right"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 8pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap; width: 10%"><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: rgb(0,129,61)"><B>2023
Proxy Memo</B></FONT></P>
                                                <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B"><FONT STYLE="font-size: 10pt; color: #00813D"><B></B></FONT><FONT STYLE="font-size: 10pt; font-weight: normal">Microsoft Corp | Report on Assessing Systemic Climate
Risk from Retirement Plan Options</FONT></P>
                                                <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
</TABLE>
<P STYLE="margin: 0">&nbsp;</P>
<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">Second, the Board asserts in
its statement of opposition that &ldquo;nearly all of the investment managers for funds offered in the Microsoft 401(k) plan&rsquo;s core
lineup are signatories to the UN Principles on Responsible Investment, and all plan investments already incorporate ESG factors into their
investment process and practices.&rdquo; However, </FONT><FONT STYLE="font-weight: normal">this does not equate to actual climate-related
financial risk reduction in the Plan&rsquo;s current options, </FONT>which are broadly index funds <FONT STYLE="font-weight: normal">that
do not consider or integrate climate risk reduction measures. As described above, 26% of the Plan&rsquo;s assets are in target-date funds
with relatively high concentrations of carbon- and deforestation-intensive investments.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Furthermore, the Board states, &ldquo;the Microsoft 401(k) plan&rsquo;s
self-directed brokerage window offers hundreds of ESG-themed options.&quot; <FONT STYLE="background-color: white">The existence of alternative
investment options is irrelevant to the Proposal, which is focused solely on </FONT>how the Company is protecting Plan beneficiaries with
a longer investment time horizon from the increased future portfolio risk created by present-day investments in high-carbon companies.
<FONT STYLE="background-color: white">Additionally, </FONT><FONT STYLE="font-weight: normal">the existence of a </FONT><FONT STYLE="background-color: white">self-directed
brokerage window is little more than an ineffective delegation to the Plan&rsquo;s beneficiaries of the Company&rsquo;s responsibility
to manage the material risks of climate change. Self-directed options are rarely used; a Vanguard analysis of more than 4.7 million defined
contribution plan participants across its business found that, &ldquo;in plans offering a self-directed brokerage feature, only 1% of
these participants used the feature in 2020,&rdquo; representing only 2% of total plan assets.<SUP>41</SUP> Moreover, relying on self-direction
can harm participants. The GAO has noted significant misallocation and lack of diversification among self-directed 401(k) investors.<SUP>42</SUP></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Finally, the Board states, &ldquo;the requested report would require
an unnecessary expenditure of company resources, and would not affect the menu of funds actually available for selection in the plan.&rdquo;
<FONT STYLE="background-color: white">As indicated earlier, altering the current menu of funds is irrelevant to the Proposal, which is
focused solely on how the Company is protecting Plan beneficiaries with a longer investment time horizon from the increased future portfolio
risk created by present-day investments in high-carbon companies. Additionally, given the potential legal liability the Company faces
if it fails to manage climate risk in the Plan, </FONT>t<FONT STYLE="background-color: white">he costs and resources associated with producing
such a report constitute a valuable investment. </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">CONCLUSION</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Through significant investments in high-carbon and deforestation-intensive
industries, Microsoft&rsquo;s 401(k) plan generates systemic climate risk, particularly to younger beneficiaries with longer investment
time horizons. The responsible stewardship of employee retirement plans demands active consideration and management of this risk, as required
by beneficiaries&rsquo; best interests. <B>Vote &ldquo;Yes&rdquo; on this Shareholder Proposal #9.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>--</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><I>For questions, please contact Grant Bradski, As You Sow,</I> gbradski@asyousow.org</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">THE FOREGOING INFORMATION MAY BE DISSEMINATED TO SHAREHOLDERS VIA
TELEPHONE, U.S. MAIL, E-MAIL, CERTAIN WEBSITES AND CERTAIN SOCIAL MEDIA VENUES, AND SHOULD NOT BE CONSTRUED AS INVESTMENT ADVICE OR AS
A SOLICITATION OF AUTHORITY TO VOTE YOUR PROXY. THE COST OF DISSEMINATING THE FOREGOING INFORMATION TO SHAREHOLDERS IS BEING BORNE ENTIRELY
BY ONE OR MORE OF THE CO-FILERS. PROXY CARDS WILL NOT BE ACCEPTED BY ANY CO-FILER. PLEASE DO NOT SEND YOUR PROXY TO ANY CO-FILER.
TO VOTE YOUR PROXY, PLEASE FOLLOW THE INSTRUCTIONS ON YOUR PROXY CARD.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><I>_____________________________</I></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><I><SUP>41</SUP></I> https://institutional.vanguard.com/content/dam/inst/vanguard-has/insights-pdfs/21_CIR_HAS21_HAS_FSreport.pdf</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><I><SUP>42</SUP></I> https://www.gao.gov/assets/gao-14-310.pdf</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0; text-align: right">8</P>

<P STYLE="margin: 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2px solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>asyousowlogo.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 asyousowlogo.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_X0!F17AI9@  34T *@    @ ! $:  4
M   !    /@$;  4    !    1@$H  ,    !  (   $Q  (    0    3@
M      !@     0   &     !<&%I;G0N;F5T(#0N,"XU /_; $,  0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! ?_; $,! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! ?_  !$( "0
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MN;K"P\3%QL?(R<K2T]35UM?8V=KBX^3EYN?HZ>KR\_3U]O?X^?K_V@ , P$
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M9Z_8\^#GAVWN6A\(:E?>'K[Q+97'B;4O%>KR^&;6+Q/XFM9Y-4U3Q NE>%-
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MGA1GF>*;CC<#3PM2O&<Z3J4?9<F,PCIUJ=2I3JJO!P;C"HZ?G_\ PT)\?/\
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MKWC?Q'J?B?5XM)MM5^#^LW]MIT5_JD\-A;W.IWLT-G'!'-=7,RR7$O.^#_\
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MJT_X2\OZ?\P6&_N?].O-_>'_  [!^ ?_ $-WQ?\ _!_X,_\ F H_X=@_ /\
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MF7_^$6&_^5 LHRK3_A+R_I_S!8;^Y_TZ\W]X?\.P?@'_ -#=\7__  ?^#/\
MY@*]O^ _['?PP_9Y\5:IXP\&:QXXU75]6\/S^&IAXIU31+VT@TVZU'3-4G-M
M#I'AS0V%Q)<Z19?O9Y9U6-'1(U,C,2BO=X9RW+J6>Y;4I9?@J=2%=RA4IX2A
M"<)*G.SC*--2BUT::9[O#&69;2S[+*E++\#3J0KN4*E/"4(3A)4G:491IJ49
&+HTTT?_9

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
