<SEC-DOCUMENT>0001214659-25-016180.txt : 20251112
<SEC-HEADER>0001214659-25-016180.hdr.sgml : 20251112
<ACCEPTANCE-DATETIME>20251110205303
ACCESSION NUMBER:		0001214659-25-016180
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20251112
DATE AS OF CHANGE:		20251110
EFFECTIVENESS DATE:		20251112

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MICROSOFT CORP
		CENTRAL INDEX KEY:			0000789019
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-PREPACKAGED SOFTWARE [7372]
		ORGANIZATION NAME:           	06 Technology
		EIN:				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:		251468011

	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
		ORGANIZATION NAME:           	
		EIN:				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>u1110251px14a6g.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Notice of Exempt Solicitation Pursuant to Rule
14a-103</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; text-align: center">Name of Registrant: Microsoft Corp</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; text-align: center">Name of person relying on exemption: As You Sow&reg;</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; text-align: center">Address of persons relying on exemption: 11461
San Pablo Ave, Suite 400, El Cerrito, CA 94530</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; text-align: center">The attached written materials are submitted pursuant
to Rule 14a-6(g)(1) promulgated under the Securities Exchange Act of 1934.&nbsp;As You Sow&reg; does not beneficially own more than $5
million of the class of subject securities, and this notice of exempt solicitation is therefore being provided on a voluntary basis.</P>

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

<P STYLE="color: #71C267; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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">&nbsp;</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">&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="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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%"><B><IMG SRC="asyousowlogo.jpg" ALT=""></B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 10%"><FONT STYLE="font-size: 8pt; color: #00813D">11461 San Pablo
    Ave. Suite 400<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: top; white-space: nowrap; width: 80%"><FONT STYLE="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">El Cerrito,
                                    CA 94530</FONT></P>
                                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 8pt; color: #00813D"><B>&nbsp;&nbsp;&nbsp;</B></FONT></P></TD>
    <TD STYLE="text-align: right; vertical-align: top; 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="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt 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 #10 &ndash; Report on the Risks of Advanced Technology for Oil and Gas Extraction</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Annual Meeting: December 5, 2025</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONTACT: Kelly Poole | kpoole@asyousow.org</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Microsoft&rsquo;s support for new fossil fuel development through artificial
intelligence (AI) is in conflict with its disclosed climate strategy and creates significant risk to company value by exposing it to material
reputational, legal, operational, and competitive risks.</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">Microsoft publicly identifies itself as a &ldquo;first mover&rdquo;
on the transition to a clean energy future<SUP>1</SUP> and highlights that it &ldquo;advocate[s] for the expansion of clean energy solutions
around the world.&rdquo;<SUP>2</SUP> Microsoft consistently heralds its efforts to &ldquo;accelerate sustainability with AI.&rdquo;<SUP>3</SUP>
It further states that &ldquo;[g]iven the urgency of the planetary crisis, society needs to push harder on the AI accelerator while establishing
guardrails that steer the world safely, securely, and equitably toward net-zero emissions, climate resilience, and a nature-positive future.&rdquo;<SUP>4</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">Despite these claims, Microsoft has identified and provides significant
artificial intelligence (&ldquo;AI&rdquo;), machine learning (&ldquo;ML&rdquo;), and cloud computing<SUP>5</SUP> services to fossil fuel
companies, without the advertised net zero guardrails.<SUP>6</SUP> Out of dozens of contracts between Microsoft and fossil fuel companies,
just two generate more emissions than the sum of Microsoft&rsquo;s other Scope 1, 2 and 3 emissions.<SUP>7 </SUP>Despite the magnitude
of such emissions, Microsoft does not disclose them.</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">Microsoft claims it works only with energy companies that have publicly
committed to net-zero carbon targets.<SUP>8</SUP> However, the Company allows these partners to include only a small set of their emissions
by leaving the majority unaccounted for. As a result, Microsoft has partnered with energy companies that lack credible net zero commitments.
These partnerships enable large emissions that lock in future climate harm exposing Microsoft to potential l<FONT STYLE="font-size: 11pt">egal
and financial risks for its role in developing these projects.</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>1</SUP> https://blogs.microsoft.com/on-the-issues/2023/08/16/apec-sustainability-decarbonization-fusion-energy/</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>2</SUP> https://blogs.microsoft.com/on-the-issues/2025/02/13/progress-on-the-road-to-2030/</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>3</SUP> https://www.microsoft.com/en-us/sustainability/learning-center/improving-sustainability-with-ai</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>4</SUP> https://blogs.microsoft.com/on-the-issues/2023/11/16/accelerating-sustainability-ai-playbook/</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>5</SUP> https://novilabs.com/wp-content/uploads/2020/02/Barclays_Frac-to-the-Future-Oils-Digital-Rebirth_01152020.pdf
p.10</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>6</SUP> https://www.kimberliteresearch.com/single-post/microsoft-is-the-leading-cloud-provider-for-the-oil-gas-industry-2
; https://eu.boell.org/sites/default/files/2021-04/Artificial%20Intelligence%20and%20Climate%20Change_FINAL_14042021.pdf p.10</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>7</SUP> https://www.enabledemissions.com (citing https://nextjournal.com/greenweb/whats-the-carbon-footprint-of-that-oil-and-gas-ai-contract/)</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>8</SUP> https://blogs.microsoft.com/blog/2022/03/10/working-toward-a-net-zero-future-evolving-our-work-with-energy-companies/</P>

<P STYLE="color: #71C267; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 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">&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="font: 11pt Times New Roman, Times, Serif; margin: 0pt 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>2025 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-style: normal; font-size: 9pt; font-weight: normal">Microsoft Corp | Report on the Risks of Advanced Technology for Oil and Gas Extraction

</FONT></P>
                                                <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
</TABLE>
<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">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">The expansion of Microsoft&rsquo;s advanced technology into fossil
fuel exploration and production has been the subject of significant media coverage, creating reputational harm. The work has also led
to publicized staff protests and resignations at Microsoft.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Microsoft&rsquo;s sale of advanced technology products to fossil fuel
companies also exposes the Company to financial risk as the world not only moves away from fossil fuels, but begins holding companies
liable for GHG emissions released and related harms. By clearly identifying and reporting these risks to shareholders, and explaining
how it manages them, Microsoft can improve transparency, reduce exposure, and give investors the information they need to understand the
company&rsquo;s climate-related financial risks.</P>

<P STYLE="font: 11pt 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</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>BE IT RESOLVED: </B><FONT STYLE="background-color: #FCFCFC">Shareholders
request that Microsoft report on the climate and financial risks to the Company associated with providing advanced technology, including
artificial intelligence and machine learning tools to facilitate oil and gas development and production.&nbsp;</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>1.</B></TD><TD> <B>Microsoft's custom advanced technology tools for fossil fuel
                                            extraction expose the Company to material financial risks.</B></TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>2.</B></TD><TD> <B>	Microsoft's advanced technology disclosures are insufficient and do not provide investors with decision-useful information about the Company's exposure to risk. </B></TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>3.</B></TD><TD> <B>	Microsoft lags behind peers, who disclose risks of developing artificial intelligence (AI) and machine learning (ML) tools for fossil fuel extraction.  </B></TD></TR>
</TABLE>







<P STYLE="font: 11pt 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">DISCUSSION</P>

<P STYLE="font: 11pt 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"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>1.</B></TD><TD><B>Microsoft&rsquo;s advanced technology tools for fossil fuel extraction expose the Company to material financial risks.</B></TD></TR></TABLE>

<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>a</B>. <B><I>Reputational Risk; misalignment with stated
sustainability goals, or &ldquo;greenwashing&rdquo; </I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Microsoft&rsquo;s involvement with fossil fuel extraction has already
caused tangible reputational damage. The Company positions itself as a climate leader and promotes a brand centered on sustainability
and the expansion of clean energy solutions.&rdquo;<SUP>9</SUP> This makes its misalignment with stated climate <FONT STYLE="font-size: 11pt">goals
even more damaging to its public image.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt"></FONT></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>9</SUP> https://blogs.microsoft.com/on-the-issues/2025/02/13/progress-on-the-road-to-2030/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

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


<!-- Field: Page; Sequence: 3; 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="font: 11pt Times New Roman, Times, Serif; margin: 0pt 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>2025 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-style: normal; font-size: 9pt; font-weight: normal">Microsoft Corp | Report on the Risks of Advanced Technology for Oil and Gas Extraction

</FONT></P>
                                                <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
</TABLE>
<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">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Despite endorsing the sustainability benefits of AI, Microsoft&rsquo;s
disclosures often omit the fact that the fossil fuel industry is one of its largest customers for advanced technology products.<SUP>10</SUP>
Research indicates that deploying advanced technology for fossil fuel extraction can actually slow the energy transition by accelerating
the discovery and production of new reserves.<SUP>11</SUP> This directly contradicts Microsoft&rsquo;s claims that &ldquo;the energy sector
is turning to AI to accelerate the energy transition.&rdquo;<SUP>12</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">These contradictions have drawn increasing media scrutiny.<SUP>13</SUP>
Investigations such as <I>The Atlantic</I>&rsquo;s &ldquo;<I>Microsoft&rsquo;s Hypocrisy on AI,</I>&rdquo; and <I>Futurism</I>&rsquo;s:
&ldquo;<I>Microsoft Secretly Selling AI to Fossil Fuel Companies While Bragging About Environmental Progress&rdquo;</I> highlight the
risk of material reputational harm, which could translate into regulatory, legal, and financial consequences for the company.<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 reputational risk posed to Microsoft from accusations of greenwashing
goes far beyond bad press. The Harvard Business Review has found that perceived brand sustainability is a &ldquo;critical driver&rdquo;
of consumer sentiment and noted that this trend is especially strong among younger generations, who will soon own the most purchasing
power in the country.<SUP>15</SUP> An earlier Harvard Business Review study sought to quantify the impacts of greenwashing and found that
the damage caused to brands by greenwashing was &ldquo;economically significant.&rdquo;<SUP>16</SUP> Microsoft has identified this reputational
risk highlighting &ldquo;if our reputation or our brands are damaged, our business and results of operations may be harmed&rdquo; and
identifies &ldquo;our environmental impact and sustainability&rdquo; as a source of reputational or brand damage.<SUP>17</SUP></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Research shows that greenwashing litigation is rising globally, signaling
growing reputational, regulatory, and legal risks for companies making misleading environmental claims.<SUP>18</SUP> This trend directly
raises investor concerns about Microsoft&rsquo;s one-sided claims regarding the climate benefits of its advanced technology products.<SUP>19</SUP>
The research underscores the importance of transparent r<FONT STYLE="font-size: 11pt">eporting on the risks associated with providing advanced
technology to fossil fuel companies at a time when climate accountability is a significant public concern. </FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></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>10</SUP> https://www.microsoft.com/en-us/industry/blog/energy-and-resources/2025/04/23/empower-a-data-and-ai-powered-sustainable-energy-future-with-microsoft/;
https://www.microsoft.com/en-us/industry/blog/energy-and-resources/2024/04/30/from-pledge-to-action-enabling-the-multidimensional-energy-transition-with-data-and-ai/;
https://www.microsoft.com/en-us/industry/blog/energy-and-resources/2024/03/13/microsoft-at-ceraweek-2024-power-a-sustainable-future-with-data-and-ai/;
https://blogs.microsoft.com/on-the-issues/2023/11/16/accelerating-sustainability-ai-playbook/</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>11</SUP> https://eu.boell.org/sites/default/files/2021-04/Artificial%20Intelligence%20and%20Climate%20Change_FINAL_14042021.pdf
p.10</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>12</SUP> https://www.microsoft.com/en-us/industry/blog/energy-and-resources/2023/09/28/the-era-of-ai-transformative-ai-solutions-powering-the-energy-and-resources-industry/</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>13</SUP> https://grist.org/accountability/microsoft-employees-spent-years-fighting-the-tech-giants-oil-ties-now-theyre-speaking-out/;
https://coinmarketcap.com/community/articles/66e5fdef17720037214044af/</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>14</SUP> https://www.theatlantic.com/technology/archive/2024/09/microsoft-ai-oil-contracts/679804/;
https://futurism.com/the-byte/microsoft-secret-oil-company-pitches</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>15</SUP> https://hbr.org/2023/09/research-consumers-sustainability-demands-are-rising</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>16</SUP> https://hbr.org/2022/07/how-greenwashing-affects-the-bottom-line</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>17</SUP> https://www.sec.gov/ix?doc=/Archives/edgar/data/0000789019/000095017025100235/msft-20250630.htm
p.27</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>18</SUP> https://corpgov.law.harvard.edu/2023/07/24/greenwashing-navigating-the-risk/</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>19</SUP> https://www.theatlantic.com/technology/archive/2024/09/microsoft-ai-oil-contracts/679804/;
https://unlocked.microsoft.com/sustainability/; https://www.microsoft.com/en-us/research/project/reducing-ais-carbon-footprint/; https://blogs.microsoft.com/wp-content/uploads/prod/sites/5/2023/11/Microsoft_Accelerating-Sustainability-with-AI-A-Playbook-1.pdf</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></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 -->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="font: 11pt Times New Roman, Times, Serif; margin: 0pt 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>2025 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-style: normal; font-size: 9pt; font-weight: normal">Microsoft Corp | Report on the Risks of Advanced Technology for Oil and Gas Extraction

</FONT></P>
                                                <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
</TABLE>
<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">&nbsp;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>b. O<I>perational Risk</I> - <I>Failure to attract or retain
top talent </I></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">It is widely understood that failure to attract or retain top talent
is among the largest operational risks facing companies today.<SUP>20</SUP> Microsoft&rsquo;s continued development of custom-advanced
technology products that increase the ability to extract new reserves for less cost has been the subject of widespread employee outcry
and has materially damaged the Company&rsquo;s ability to hire and retain top talent.<SUP>21</SUP> In its most recent annual report, Microsoft
cites &ldquo;the ability to attract and retain talented employees&rdquo; as a key driver of success. It warns that the Company&rsquo;s
&ldquo;ability to develop and deliver successful products and services may be adversely affected&rdquo; if Microsoft &ldquo;cannot retain
highly skilled workers and key leaders.&rdquo;<SUP>22</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">Top talent has already left the Company over its ties to the fossil
fuel industry.<SUP>23</SUP> Recent departures reflect a broader trend, with sustainability being recognized as a key indicator of employee
engagement, retention, and performance.<SUP>24</SUP> A 2025 Survey from Deloitte found that 70% of Gen Z and Millennials said that they
consider a company&rsquo;s environmental credentials important when evaluating potential employers, with more than 10% having changed
jobs due to concerns about environmental impact.<SUP>25</SUP> An IBM Institute for Business Value survey similarly found that 71% of employees
and job seekers believed that &ldquo;environmentally sustainable companies are more attractive employers&rdquo; and that &ldquo;nearly
half would accept a lower salary&rdquo; to work for a more sustainable company, further emphasizing the importance of sustainability for
employees.<SUP>26</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">Given the growing importance of sustainability to talent attraction
and retention, Microsoft&rsquo;s involvement with the fossil fuel industry poses a clear and material risk to its workforce stability,
innovation capacity, and long-term operational performance.</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; text-indent: 0.5in"><B><I>c. Financial Risk of Reliance on fossil fuels
in a low-carbon world</I></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">The Company&rsquo;s growing financial reliance on oil and gas companies
that lack credible net zero commitments exposes Microsoft to a large degree of uncertainty and risk related to the changing energy system.
Microsoft has identified cloud computing and advanced technology platforms as a key revenue driver for its advanced technology segment.<SUP>27</SUP>
While growth in the advanced technology market presents Microsoft with unique opportunities, its deep ties to fossil fuels in this segment
present material risk and opportunity costs to our company.</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">By deepening reliance on fossil fuel-related revenues without related
net zero transition plans, Microsoft ties the profitability of one of its most important growth opportunities to an industry that faces
the likelihood of significant financial disruption and displacement in the coming decades.<SUP>28</SUP> Changing market conditions and
global adoption of innovative energy technologies present material financial risk to the fossil fuel industry, which are passed on to
Microsoft and its shareholders by the Company&rsquo;s significant focus and reliance on oil and gas company revenue in this advanced technology
segment. Shareholders deserve decision-useful information on their exposure to any material financial risk, and climate-related ri<FONT STYLE="font-size: 11pt">sks
are no exception. </FONT></P>

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

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><I><SUP>20</SUP></I> https://www.aon.com/en/insights/reports/global-risk-management-survey/top-global-risk-4-failure-to-attract-or-retain-top-talent</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><I><SUP>21</SUP></I> https://github.com/MSworkers/for.ClimateAction?tab=readme-ov-file</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><I><SUP>22</SUP></I> https://www.sec.gov/ix?doc=/Archives/edgar/data/0000789019/000095017025100235/msft-20250630.htm,
p.29 https://www.sec.gov/Archives/edgar/data/789019/000095017024087843/msft-20240630.htm, p.33</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><I><SUP>23</SUP></I> https://grist.org/accountability/microsoft-employees-spent-years-fighting-the-tech-giants-oil-ties-now-theyre-speaking-out/</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><I><SUP>24</SUP></I> https://businessleadershiptoday.com/how-important-sustainability-is-to-employees/</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><I><SUP>25</SUP></I> https://www.deloitte.com/content/dam/assets-shared/docs/campaigns/2025/2025-genz-millennial-survey.pdf
p.47</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><I><SUP>26</SUP></I> https://thecsrjournal.in/ibm-employees-work-environmentally-sustainable-companies-pandemic/</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><I><SUP>27</SUP></I> <FONT STYLE="font-size: 9pt">https://novilabs.com/wp-content/uploads/2020/02/Barclays_Frac-to-the-Future-Oils-Digital-Rebirth_01152020.pdf
p.9</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><I><SUP>28</SUP></I> <FONT STYLE="font-size: 9pt">https://www.nature.com/articles/s41558-022-01356-y</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0pt 0">&nbsp;</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 -->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="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></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>2025 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-style: normal; font-size: 9pt; font-weight: normal">Microsoft Corp | Report on the Risks of Advanced Technology for Oil and Gas Extraction

</FONT></P>
                                                <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>d. Economic &amp; Legal risks related to
economic impacts of climate change</I></B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Microsoft dominates the market for advanced technology in fossil fuel
extraction &ndash; a sector responsible for three-quarters of global GHG emissions. The world economy is already committed to a GDP income
reduction of approximately 17% by 2050, due to GHG emissions released to date, even if CO2 emissions were to be significantly cut starting
today.<SUP>29</SUP> Assuming current business as usual with regard to climate commitments, <I>annual</I> income losses at 2050 are estimated
at approximately $32 trillion (range $19&ndash;59T).<SUP>30</SUP> These damages greatly outweigh the mitigation costs needed to limit
global warming to two degrees.<SUP>31</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">Ongoing emissions that slow the energy transition are therefore costly.
By partnering with the fossil fuel industry to continue or expand fossil fuel use and its related GHG emissions, Microsoft is contributing
to escalating climate risk which exposes the Company to increasing economic and operational risks. The Company acknowledges that climate
change may increase costs for its cloud-based services and affect the availability and pricing of essential goods and services. This underscores
the material financial risks to the Company and to the broader financial system associated with the Company&rsquo;s sale of products that
hinder global efforts to mitigate climate change.</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">Equally significant, such actions increase the potential for climate-related
legal liability. Attribution science, which enables courts to assign responsibility for climate impacts to companies, was recently legally
upheld in a German climate l<FONT STYLE="font-size: 9pt">iability case, creating an ability to assign climate-related legal liability.<SUP>32</SUP></FONT></P>



<P STYLE="font: 11pt Times New Roman; 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>29</SUP> https://www.pik-potsdam.de/en/news/latest-news/38-trillion-dollars-in-damages-each-year-world-economy-already-committed-to-income-reduction-of-19-due-to-climate-change,
as revised by https://www.pik-potsdam.de/en/news/latest-news/nature-study-on-economic-damages-from-climate-change-revised</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>30</SUP> https://www.pik-potsdam.de/en/news/latest-news/38-trillion-dollars-in-damages-each-year-world-economy-already-committed-to-income-reduction-of-19-due-to-climate-change,
as revised by https://www.pik-potsdam.de/en/news/latest-news/nature-study-on-economic-damages-from-climate-change-revised</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>31</SUP> https://www.pik-potsdam.de/en/news/latest-news/38-trillion-dollars-in-damages-each-year-world-economy-already-committed-to-income-reduction-of-19-due-to-climate-change,
as revised by https://www.pik-potsdam.de/en/news/latest-news/nature-study-on-economic-damages-from-climate-change-revised</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>32</SUP> https://rwe.climatecase.org/en/presse-releases/article/groundbreaking-climate-ruling-against-rwe-major-emitters-can-be-held-liable?utm_source=chatgpt.com;
https://www.paulhastings.com/en-GB/insights/phast-track-legal-insights-on-environment-energy-and-infrastructure/rwe-case-establishes-legal-precedent-for-corporate-climate-accountability-worldwide</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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 -->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="font: 11pt Times New Roman, Times, Serif; margin: 0pt 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>2025 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-style: normal; font-size: 9pt; font-weight: normal">Microsoft Corp | Report on the Risks of Advanced Technology for Oil and Gas Extraction

</FONT></P>
                                                <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
</TABLE>
<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">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 13.7pt"><FONT STYLE="font-size: 9pt"><B>2.</B></FONT></TD><TD><FONT STYLE="font-size: 9pt"><B>Microsoft&rsquo;s advanced technology disclosures are insufficient and do not provide investors with
decision-useful information about the Company&rsquo;s exposure to risk. </B></FONT></TD></TR></TABLE>
<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">Microsoft provides multiple reports on AI risks.<SUP>33</SUP> However,
the sale of advanced technology products to the fossil fuel industry are notably absent from its disclosures. Microsoft has a suite of
disclosures about the risks of AI in its <I>Responsible AI Transparency Report,</I> which aims to disclose the Company&rsquo;s efforts
to build advanced technology responsibly and share &ldquo;how we make decisions about releasing our generative applications.&rdquo;<SUP>34</SUP>
Despite these goals, however, the report does not meaningfully address Microsoft&rsquo;s sale of advanced technology products to the fossil
fuel industry. Similarly, advanced use of technologies for oil and gas is not discussed in Microsoft&rsquo;s Task Force on Climate-Related
Financial Disclosures (TCFD) Report,<SUP>35</SUP> Environmental Sustainability Report,<SUP>36</SUP> or its CDP Response.<SUP>37</SUP>
The Company&rsquo;s &ldquo;Sensitive Uses and Emerging Technologies Program,&rdquo; is designed to flag AI applications that pose legal,
physical, or human-rights risks,<SUP>38</SUP> yet, it excludes environmental and climate-related risks, despite climate change directly
affecting all three categories.</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">Microsoft&rsquo;s partnerships with fossil companies to locate and
develop new fossil fuel reserves pose material risks, including contributing to global climate damage, economic disruptions (e.g., insurance
crises in Califor<FONT STYLE="font-size: 11pt">nia), and human rights harms, as recognized by the UN and WHO.<SUP>39</SUP> Despite this,
the Company neither mitigates nor sufficiently reports these risks. Its various disclosure documents fail to account for the climate implications
of its fossil fuel-related technologies. By enabling fossil fuel extraction without credible net-zero commitments, Microsoft delays the
energy transition, undermining its AI principles and creating material financial, legal, and reputational risks for investors. Transparent
reporting on these risks is essential for decision-making.</FONT></P>

<P STYLE="font: 9pt 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"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt"><B>3.</B></FONT></TD><TD><FONT STYLE="font-size: 11pt"><B>Microsoft lags behind peers, who have more readily addressed the risks of developing artificial intelligence
(AI) and machine learning (ML) tools for fossil fuel extraction. </B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman; 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>33</SUP> https://cdn-dynmedia-1.microsoft.com/is/content/microsoftcorp/microsoft/msc/documents/presentations/CSR/Responsible-AI-Transparency-Report-2025-vertical.pdf#page=1,
p.26; https://cdn-dynmedia-1.microsoft.com/is/content/microsoftcorp/microsoft/msc/documents/presentations/CSR/Responsible-AI-Transparency-Report-2025-vertical.pdf#page=1,
p.26; https://cdn-dynmedia-1.microsoft.com/is/content/microsoftcorp/microsoft/msc/documents/presentations/CSR/2024-Microsoft-TCFD-Report.pdf;
https://cdn-dynmedia-1.microsoft.com/is/content/microsoftcorp/microsoft/msc/documents/presentations/CSR/2025-Microsoft-Environmental-Sustainability-Report.pdf#page=01;
https://cdn-dynmedia-1.microsoft.com/is/content/microsoftcorp/microsoft/msc/documents/presentations/CSR/Microsoft-Corporation-2024-CDP-Response.pdf</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>34</SUP> https://cdn-dynmedia-1.microsoft.com/is/content/microsoftcorp/microsoft/msc/documents/presentations/CSR/Responsible-AI-Transparency-Report-2025-vertical.pdf#page=1,
p.26</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>35</SUP> https://cdn-dynmedia-1.microsoft.com/is/content/microsoftcorp/microsoft/msc/documents/presentations/CSR/2024-Microsoft-TCFD-Report.pdf</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>36</SUP> https://cdn-dynmedia-1.microsoft.com/is/content/microsoftcorp/microsoft/msc/documents/presentations/CSR/2025-Microsoft-Environmental-Sustainability-Report.pdf#page=01</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>37</SUP> https://cdn-dynmedia-1.microsoft.com/is/content/microsoftcorp/microsoft/msc/documents/presentations/CSR/Microsoft-Corporation-2024-CDP-Response.pdf</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>38</SUP> https://cdn-dynmedia-1.microsoft.com/is/content/microsoftcorp/microsoft/msc/documents/presentations/CSR/Responsible-AI-Transparency-Report-2025-vertical.pdf#page=1,
p.27</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>39</SUP> <FONT STYLE="font-size: 9pt">https://www.kimberliteresearch.com/single-post/microsoft-is-the-leading-cloud-provider-for-the-oil-gas-industry-2;
https://eu.boell.org/sites/default/files/2021-04/Artificial%20Intelligence%20and%20Climate%20Change_FINAL_14042021.pdf, p.10; https://www.bankrate.com/insurance/homeowners-insurance/carriers-exit-california-home-insurance/;
https://www.who.int/news-room/fact-sheets/detail/climate-change-and-health; https://www.unep.org/resources/report/climate-change-and-human-rights</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0pt 0">&nbsp;</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 -->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="font: 11pt Times New Roman, Times, Serif; margin: 0pt 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>2025 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-style: normal; font-size: 9pt; font-weight: normal">Microsoft Corp | Report on the Risks of Advanced Technology for Oil and Gas Extraction

</FONT></P>
                                                <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
</TABLE>
<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">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: #00813B"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Microsoft controls the largest portion of the market for advanced technology
fossil fuel tools.<SUP>40</SUP> Yet, peers have made more significant efforts to identify and even mitigate the risks posed by selling
advanced technology products to fossil fuel companies lacking net zero commitments. Most notably, Google, one of Microsoft&rsquo;s top
competitors in the advanced technology space, has publicly committed that it will not &ldquo;build custom AI/ML algorithms to facilitate
upstream extraction in the oil and gas industry.&rdquo;<SUP>41</SUP> This commitment mitigates much of the risk posed to Google, its shareholders,
and the financial system from partnership with the fossil fuel industry and creates a significant gap between the environmental and economic
sustainability of Microsoft and one of its largest rivals.</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">&nbsp;</P>

<P STYLE="font: bold 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">RESPONSE TO MICROSOFT
BOARD OF DIRECTORS&rsquo; STATEMENT IN OPPOSITION</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>Contrary to the Board&rsquo;s argument, Microsoft&rsquo;s sustainability
disclosures do not provide comprehensive insight into the Company&rsquo;s sustainability strategies and progress as its enablement of
fossil fuel production is not discussed </B></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">The Board opposes this proposal on the grounds that it falls outside
the Company&rsquo;s existing reporting frameworks, but that is precisely the gap this proposal seeks to address. The material reputational,
legal, and operational risks outlined above are of clear significance to shareholders&nbsp;and warrant transparent disclosure, regardless
of current reporting categories.</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">Enabling increased oil and gas production through advanced technology
is directly tied to climate risk. Microsoft outlines its efforts to develop AI responsibly yet does not address Microsoft&rsquo;s sale
of advanced technology products to fossil fuel companies, even though its Sensitive-Use Framework is directly implicated by its actions
to support and foster fossil-fuel development and its contributions to climate change.</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">While the Board cites a &ldquo;balanced approach&rdquo; to supporting
the energy sector, true balance requires disclosure of both benefits and risks. Without explicit reporting on the risks of enabling fossil
fuel production, investors remain uninformed about a business line that poses material climate, legal, and financial exposure.</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>&nbsp;</B></P>

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

<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"><SUP>40</SUP> <FONT STYLE="font-size: 9pt">https://novilabs.com/wp-content/uploads/2020/02/Barclays_Frac-to-the-Future-Oils-Digital-Rebirth_01152020.pdf,
p.33; https://www.kimberliteresearch.com/single-post/microsoft-is-the-leading-cloud-provider-for-the-oil-gas-industry-2</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>41</SUP> <FONT STYLE="font-size: 9pt">https://onezero.medium.com/google-says-it-will-not-build-custom-a-i-for-oil-and-gas-extraction-72d1f71f42c8</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

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


<!-- Field: Page; Sequence: 8 -->
    <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="font: 11pt Times New Roman, Times, Serif; margin: 0pt 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>2025 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-style: normal; font-size: 9pt; font-weight: normal">Microsoft Corp | Report on the Risks of Advanced Technology for Oil and Gas Extraction

</FONT></P>
                                                <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
</TABLE>
<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"></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>Microsoft&rsquo;s Energy Principles Lack a Criteria for Evaluating
&ldquo;Net Zero&rdquo; Partners</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">The Board opposes the proposal citing Microsoft&rsquo;s Energy Principles,
which are intended to &ldquo;guide our work with energy sector customers and reflect our commitment to sustainability, transparency, and
innovation.&rdquo; These Energy Principles allow Microsoft to provide technical and engineering resources to energy customers who have
publicly committed to net zero carbon targets. However, the policy covers only Scope 1 and Scope 2 emissions, ignoring the industry&rsquo;s
far more climate-harmful Scope 3 emissions that can represent 80-95% of oil and gas companies&rsquo; total emissions.<SUP>42</SUP> Further,
the Principles&rsquo; net zero timing allows companies to avoid near term reductions; it further requires no transition plan to assess
progress toward a net zero goal, contributing to risk. <SUP>43</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">Thus, while Microsoft&rsquo;s partnerships with ExxonMobil and Chevron<SUP>44</SUP>
technically comply with its Energy Principles, even though neither company meets what are widely recognized net-zero standards, such as
the CA100+, IIGCC Net Zero Standard for Oil &amp; Gas, SBTI, or Oxford Net Zero,<SUP>45</SUP> which all include Scope 3 emissions.<SUP>46</SUP>
By excluding full enterprise-wide emissions from its requirements, Microsoft&rsquo;s Energy Principles fail to meaningfully advance the
energy transition and expose shareholders to material financial and reputational risks from partnerships with energy companies that lack
credible net zero commitments. These risks much be identified and quantified so that investors can make fully informed capital allocation
decisions.</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">&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: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Vote &ldquo;Yes&rdquo; on this Shareholder Proposal #10</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">To provide investors with transparent and decision-useful information,
Microsoft should report on the material reputational, legal, and operational risks of developing advanced technology products for oil
and gas extraction. We urge a &ldquo;yes&rdquo; vote on this proposal.</P>

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

<P STYLE="font: 11pt Times New Roman; margin: 0pt 0"><I>For questions, please contact Kelly Poole, As You Sow, <FONT><U>kpoole@asyousow.org</U></FONT></I></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 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 <FONT STYLE="font-size: 11pt">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<I>.</I></FONT></P>

<P STYLE="font: 11pt 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>42</SUP> https://www.woodmac.com/press-releases/few-oil-and-gas-companies-commit-to-scope-3-net-zero-emissions-as-significant-challenges-remain/</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>43</SUP> https://blogs.microsoft.com/blog/2022/03/10/working-toward-a-net-zero-future-evolving-our-work-with-energy-companies/</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>44</SUP> https://www.theatlantic.com/technology/archive/2024/09/microsoft-ai-oil-contracts/679804/</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>45</SUP> https://www.climateaction100.org/whos-involved/companies/?search_companies=schl&amp;company_sector=All,
https://www.iigcc.org/resources/net-zero-standard-for-oil-gas; https://netzeroclimate.org/policies-for-net-zero/net-zero-principles/</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>46</SUP> https://netzeroclimate.org/policies-for-net-zero/net-zero-principles/;
https://139838633.fs1.hubspotusercontent-eu1.net/hubfs/139838633/Past%20resource%20uploads/IIGCC_Net-Zero-Standard-for-Oil-Gas_April23.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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>
