<SEC-DOCUMENT>0001387131-22-005498.txt : 20220429
<SEC-HEADER>0001387131-22-005498.hdr.sgml : 20220429
<ACCEPTANCE-DATETIME>20220429110131
ACCESSION NUMBER:		0001387131-22-005498
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20220429
DATE AS OF CHANGE:		20220429
EFFECTIVENESS DATE:		20220429

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EXXON MOBIL CORP
		CENTRAL INDEX KEY:			0000034088
		STANDARD INDUSTRIAL CLASSIFICATION:	PETROLEUM REFINING [2911]
		IRS NUMBER:				135409005
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-02256
		FILM NUMBER:		22871577

	BUSINESS ADDRESS:	
		STREET 1:		5959 LAS COLINAS BLVD
		CITY:			IRVING
		STATE:			TX
		ZIP:			75039-2298
		BUSINESS PHONE:		9729406000

	MAIL ADDRESS:	
		STREET 1:		5959 LAS COLINAS BLVD
		CITY:			IRVING
		STATE:			TX
		ZIP:			75039-2298

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EXXON CORP
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	STANDARD OIL CO OF NEW JERSEY
		DATE OF NAME CHANGE:	19721123

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Majority Action, LLC
		CENTRAL INDEX KEY:			0001738314
		IRS NUMBER:				825260248
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		1885 MISSION ST.
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94103
		BUSINESS PHONE:		2022152895

	MAIL ADDRESS:	
		STREET 1:		1885 MISSION ST.
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94103
</SEC-HEADER>
<DOCUMENT>
<TYPE>PX14A6G
<SEQUENCE>1
<FILENAME>xom-px14a6g_042922.htm
<DESCRIPTION>NOTICE OF EXEMPT SOLICITATION
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        OF REGISTRANT: ExxonMobil</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">NAME
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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0072BD"><B>ExxonMobil [NYSE:XOM]:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0072BD">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0072BD"><FONT STYLE="font-size: 18pt"><B>Due to the
Company&rsquo;s Failure to Set Adequate Net Zero by 2050 Targets, Realign Investment Plans to Limit Global Warming to 1.5&deg;C,
and Ensure Alignment of Policy Influence Activities:</B></FONT></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 16pt; background-color: white">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 16pt; background-color: white"><B>Vote
                                         AGAINST CEO and Chairman Darren Woods (Item 1.11 ) and</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 16pt; background-color: white">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 16pt; background-color: white"><B>Vote
                                         AGAINST Lead Director Joseph Hooley (Item 1.07)</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; color: #0072BD"><B><I>The
physical and financial risks posed by climate change to long-term investors are systemic, portfolio-wide, unhedgeable and undiversifiable.
</I></B></FONT><I><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Therefore, the actions of companies
that fail to align to limiting warming to <FONT STYLE="background-color: white">1.5&deg;C</FONT> pose risks to the financial system
as a whole, and to investors&rsquo; entire portfolios, in addition to specific risks to those companies. See <B>Appendix A</B>
for more information regarding Majority Action&rsquo;s Proxy Voting for a 1.5<FONT STYLE="background-color: white">&deg;C</FONT>
World initiative and the transformation required in key industries.</FONT></I></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">ExxonMobil (Exxon) is the western
world&rsquo;s largest oil producer.<SUP>1</SUP> Exxon ranked fourth among global oil and gas producers for resources under development
in 2021 (with <FONT STYLE="background-color: white">73 percent</FONT> of that in unconventional sources), and ranked <FONT STYLE="background-color: white">seventh
</FONT>amongst global oil and gas producers for exploration capital expenditure between 2019 to 2021.<SUP>2</SUP> Exxon is among
the 167 target companies named by Climate Action 100+ as the largest global emitters and &ldquo;key to driving the global net-zero
emissions transition.&rdquo;<SUP>3</SUP></FONT></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Petroleum and fossil gas products,
including those used in transportation, buildings, industrial processes, and electricity production, account for nearly 80 percent
of carbon emissions from the U.S. energy system.<SUP>4</SUP> The U.S. is the largest petroleum and fossil gas producer in the
world, having overtaken Saudi Arabia and Russia in recent years.<SUP>5</SUP> To stay within the available carbon budget to limit
warming to 1.5&deg;C, oil and gas companies must not just decarbonize their own emissions, but global consumption of fossil fuels
must fall as well.<SUP>6</SUP> In 2021, the International Energy Agency (IEA) set out the implications of a 1.5&deg;C pathway
for the oil and gas sector in its &ldquo;Net Zero by 2050&rdquo; scenario (NZE). Under the NZE, fossil fuel use <B>falls dramatically
</B>and can be satisfied with existing assets, with <B>no need to invest in new oil and gas fields</B>.<SUP>7</SUP></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0072BD"><B>Failure to set ambitious decarbonization targets
in line with <FONT STYLE="background-color: white">1.5&deg;C</FONT> pathways, and align companies&rsquo; business plans and policy
influence to those targets, is a failure of strategy and corporate governance, for which long-term investors should hold directors
accountable. At companies where the production, processing, sale, and/or consumption of fossil fuels is central to its core business,
and greenhouse gas (GHG) emissions reductions have profound strategic implications, the board chair, and lead independent director
where the position exists, should be held accountable. ExxonMobil emphasizes the role of the entire board in oversight of climate
risk.<SUP>8</SUP> Given Kenneth Frazier&rsquo;s departure from the board, Joseph Hooley will be taking on the role of Lead Independent
Director from the annual meeting onward.<SUP>9</SUP></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0072BD">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0072BD"><FONT STYLE="font-size: 17pt"><B>Failure to
set adequate net zero targets</B></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0072BD">&nbsp;</P>

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    <TD STYLE="vertical-align: top; width: 83%; border: white 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 12.15pt; background-color: #0072BD"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>Net zero by 2050 commitment that covers all relevant emissions sources, in particular Scope 3 emissions from the burning of products sold, and on a full equity share basis </B></FONT></TD>
    <TD STYLE="width: 17%; border-top: white 2.25pt solid; border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 12.15pt; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 17pt; color: white"><B>X</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; border-left: white 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 12.15pt; background-color: #0072BD"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>Net zero commitment has limited use of offsets, negative emissions, or unproven or uncommercialized technologies, including carbon capture and storage </B></FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 12.15pt; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 17pt; color: white"><B>X</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; border-left: white 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 12.15pt; background-color: #0072BD"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>Company has adopted robust interim targets, including substantial reductions by 2030</B></FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 12.15pt; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 17pt; color: white"><B>X</B></FONT></TD></TR>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In January 2022, Exxon adopted a net zero by 2050 ambition.<SUP>10</SUP>
However, this goal only addresses scopes 1 and 2, and does not include scope 3 emissions, thus excluding the emissions generated
by the use of the products Exxon sells. Exxon reported at least 650 million tonnes of scope 3 emissions from petroleum product
sales in 2020, compared with 111 million tonnes of scope 1 and 2 (&ldquo;operational&rdquo;) GHG emissions,<SUP>5</SUP> so scope
3 emissions accounted for at least 85% of the company&rsquo;s total.<SUP>11</SUP></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Exxon had already set medium- and short-term emissions reductions targets:
By 2030, to achieve a reduction in corporate-wide GHG emissions intensity by 20-30 percent and absolute emissions by 20 percent,
from a 2016 baseline, and to achieve a reduction of upstream GHG emissions intensity by 40-50 percent and absolute emissions by
30 percent, from a 2016 baseline.<SUP>12</SUP> However, these do not meet the Climate Action 100+ Net-Zero Company Benchmark
indicators for medium- or short-term targets. The medium-term target covers 95 percent of scope 1 and 2 emissions but not the most
relevant scope 3 emissions, and the company&rsquo;s short-term target (up to 2025) do not specify if it covers 95 percent of scope
1 and 2, or most relevant scope 3 emissions. None of the interim targets are aligned to the goal of limiting warming to 1.5&deg;C.<SUP>13</SUP></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Exxon has announced investments ($15 billion from 2022 through 2027) that
include carbon capture and storage as well as hydrogen and biofuels.<SUP>14</SUP></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0072BD"><B>Capital allocation and investment plans not aligned
with 1.5&deg;C pathways</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0072BD">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 90%; border: white 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 12.15pt; background-color: #0072BD"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>Company has a plan to realign capital expenditures to meet a net zero decarbonization commitment, including substantial reductions in production in line with the IEA Net Zero by 2050 Scenario.</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: white 2.25pt solid; border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 12.15pt; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 17pt; color: white"><B>X</B></FONT></TD></TR>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">According to the Climate Action 100+ Net-Zero Company Benchmark, Exxon had
not, as of December 31, 2021, met any of the indicators for capital allocation alignment.<SUP>15</SUP> To do so, the company
would need to align future capital expenditures with its long-term GHG reduction target(s), commit to aligning future capital expenditures
with the Paris Agreement&rsquo;s objective of limiting global warming to 1.5&deg;C, and disclose the methodology it uses for such
alignment.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">According to Carbon
Tracker&rsquo;s September 2021 analysis, 50-60 percent of Exxon&rsquo;s 2021-2030 sanctioned and unsanctioned capex </FONT>(2021-2030)
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">are outside of IEA &ldquo;Beyond 2 Degrees&rdquo; (B2DS) Scenario.<SUP>16</SUP> Carbon
Tracker has also found that 100 percent of Exxon&rsquo;s capex for unsanctioned oil fields is outside of the B2DS scenario, which
is aligned to limiting warming to 1.65&deg;C, and 95 percent is outside of the IEA &ldquo;Sustainable Development Scenario&rdquo;
(SDS), aligned with limiting warming to 1.75.<SUP>17</SUP> This places Exxon within the 3rd quartile (1st being least exposed,
4th being most exposed), of the 36 global oil and gas companies analyzed, suggesting that &ldquo;its oil project options are at
a relatively greater risk of becoming stranded assets in a 1.65&deg;C world compared to those of the peer group.&rdquo;<SUP>18</SUP></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">T<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">o be aligned with
the IEA NZE scenario, Exxon&rsquo;s production in 2030 would need to be 61 percent of 2021 levels.<SUP>19</SUP></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Carbon Tracker also analyzed Exxon&rsquo;s planning case, <I>Outlook for Energy</I>
detailed in its <I>Advancing Climate Solutions</I> report,<SUP>20</SUP> and found that its projected oil and gas demand by 2050
is similar to the IEA&rsquo;s Stated Policies Scenario (STEPS), where global temperature rises 2.7&deg;C by 2100, well in excess
of Paris Agreement goals.<SUP>21</SUP></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0072BD"><B>Misalignment of policy influence activities with
net zero commitment and 1.5&deg;C pathways</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0072BD">&nbsp;</P>

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    <TD STYLE="width: 90%; border: white 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 12.15pt; background-color: #0072BD"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>Alignment of policy influence activities with net zero target and limiting warming to 1.5&deg;C</B></FONT></TD>
    <TD STYLE="border-top: white 2.25pt solid; border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 12.15pt; background-color: #F25025; text-align: center; width: 10%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 17pt; color: white"><B>X</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">As of December 31, 2021, the company had not met the requirements of the Climate
Action 100 Net-Zero Company Benchmark for climate policy engagement: the company does not have a Paris Agreement- aligned climate
lobbying position, does not have Paris Agreement-aligned lobbying expectations for its trade associations nor a commitment to ensure
that the trade associations to which it belongs lobby in line with the goals of the Paris Agreement.<SUP>22</SUP></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">According to InfluenceMap, the company received a near-failing D- grade for
its obstructive policy engagement.<SUP>23</SUP></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Exxon is part of an ongoing investigation by the U.S. House Committee on Oversight
and Reform on the role of the fossil fuel industry in promoting decades of climate disinformation and preventing meaningful action
on climate change.<SUP>24</SUP> The investigation focuses on &ldquo;ExxonMobil&rsquo;s role in contributing to climate change
and ExxonMobil&rsquo;s role in supporting disinformation or misleading the public to prevent action to address this global crisis.&rdquo;<SUP>25</SUP>
While this includes Exxon&rsquo;s role in a decades-long &ldquo;industry-wide campaign to spread disinformation about the role
of fossil fuels in causing global warming,&rdquo;<SUP>26</SUP> the investigation also focuses on the company&rsquo;s current
climate lobbying as well as assessing &ldquo;whether the companies&rsquo; climate pledges will meet [the goal of reducing emissions],
or are instead just the latest example of climate disinformation.&rdquo;<SUP>27</SUP></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Exxon CEO Darren Woods appeared before the committee in October 2021,<SUP>28</SUP>
and the committee has asked two board members &ndash; Susan Avery and Alexander Karsner &ndash; to give testimony at a hearing
to take place this spring.<SUP>29</SUP> Dr. Avery and Mr. Karsner have been requested due to their work on sustainability issues
with the company,<SUP>30</SUP> and in the request for testimony, committee members noted that &ldquo;[b]oards of directors of
fossil fuel companies have a key governance role to play in addressing the climate crisis by overseeing and guiding companies&rsquo;
climate strategies, promoting transparency, and holding management accountable to meaningful emissions reductions.&rdquo;<SUP>31</SUP></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="color: #06192E">At the company&rsquo;s annual meeting in 2021,
63.8 percent<SUP>32</SUP> of shares voted supported a proposal requesting that the company publish a report describing if, and
how, Exxon&rsquo;s lobbying activities (direct and through trade associations) align with the Paris Agreement goal of limiting
warming to well below 2</FONT>&deg;C<FONT STYLE="color: #06192E">, and address the risks presented by misaligned lobbying and plans
to mitigate these risks.<SUP>33</SUP></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In March 2022, the company published its <I>Climate Lobbying Report.</I><SUP>34</SUP>
In this report, the company reviewed its trade associations&rsquo; climate statements and positions and characterized their policy
positions and advocacy actions as &ldquo;aligned, partially aligned, or misaligned with helping society achieve its ambition for
a net-zero future.&rdquo;<SUP>35</SUP> Exxon did find that two of the 51 trade associations it reviewed are misaligned with a
net zero future &ndash; the Association of Fuel and Petrochemical Manufacturers (AFPM) and the Independent Petroleum Association
of America (IPAA).<SUP>36</SUP> Exxon also notes that it will encourage trade associations which it identifies as misaligned
to develop stronger and/or additional climate-related positions, and will reassess its memberships.<SUP>37</SUP></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">However, some of the organizations that Exxon has identified as &ldquo;aligned&rdquo;
with a net zero future have documented track records of being broadly hostile or obstructionist to climate policies. For example,
Exxon lists the American Petroleum Institute (API) as the largest individual recipient of Exxon lobbying funds, and highlights
its &ldquo;important&rdquo; work on climate change, specifically the API&rsquo;s Climate Action Framework and its carbon price
policy.<SUP>38</SUP> While Exxon assessed API as &ldquo;aligned&rdquo; with a net zero future, API actually receives a failing
&ldquo;F&rdquo; grade from InfluenceMap.<SUP>39</SUP> A recent example of misaligned lobbying includes API&rsquo;s $2 million
spend on lobbying and advertising in the first half of 2021 to oppose the climate provisions of the Biden administration&rsquo;s Build
Back Better plan.<SUP>40</SUP></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The House Committee on Oversight and Reform specifically includes
API in its current investigation into the role of the fossil fuel industry and climate disinformation, noting that &ldquo;public
reporting indicates that API&hellip; worked to prevent serious action on global warming by generating doubt about the documented
dangers of fossil fuels and misrepresenting the scale of [its] efforts to develop alternative energy technologies&hellip;&rdquo;<SUP>41
</SUP>In its own review of API&rsquo;s lobbying spending since 2011, the House Committee notes that API did not report lobbying
on any of the 28 bills related to the Paris Agreement or on carbon pricing, and 74.3 percent of the lobbying API reported since
2011 has been on tax issues.<SUP>42</SUP></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In June 2021, a senior lobbyist for Exxon spoke extensively
to an undercover reporter and detailed the tactics employed by Exxon to obstruct climate change legislation, including the use
of &ldquo;&rsquo;shadow groups&rsquo; to protect its investments.&rdquo;<SUP>43</SUP> This lobbyist also told the undercover reporter
that Exxon&rsquo;s support for carbon pricing was just &ldquo;a talking point,&rdquo; and another Exxon lobbyist told the same
reporter that the biggest win for Exxon under the Trump administration had been a reduction in the corporate tax rate.<SUP>44</SUP>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0072BD">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0072BD"><FONT STYLE="font-size: 12pt"><B>Shareholder
Proposal Related to Climate</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0072BD">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In addition to voting against Directors Woods and Hooley, shareholders may
wish to support several climate-related shareholder proposals:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Follow This filed a proposal (item 6) requesting that &ldquo;the Company to
set and publish medium- and long-term targets to reduce the greenhouse gas (GHG) [emissions] of the Company&rsquo;s operations
and energy products (Scope 1, 2, and 3) consistent with the goal of the Paris Climate Agreement: to limit global warming to well
below 2&deg;C above pre-industrial levels and to pursue efforts to limit the temperature increase to 1.5&deg;C.&rdquo;<SUP>45</SUP></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Arjuna Capital filed a proposal (item 7) requesting that the company issue
a report describing how the company could alter its business model to yield profits while aligned to the goal of limiting warming
to 1.5&deg;C, &ldquo;by substantially reducing its dependence on fossil fuels.&rdquo;<SUP>46</SUP></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Christian Brothers Investment Services filed a proposal (Item 8) requesting
that Exxon&rsquo;s Board of Directors seek an &ldquo;audited report assessing how applying the assumptions of the International
Energy Agency&rsquo;s Net Zero by 2050 pathway would affect the assumptions, costs, estimates, and valuations underlying its financial
statements&hellip;&rdquo;<SUP>47</SUP> This proposal is similar to a 2021 proposal, which was supported by 48.9 percent of shares
voted.<SUP>48</SUP> The proponent argues that while Exxon discusses the IEA NZE in its scenario planning, its disclosures do
not fulfill the requests of the proposal, citing a Carbon Tracker analysis that demonstrates that the company&rsquo;s discussion
is &ldquo;qualitative&rdquo; and does not include a &ldquo;reasonable assurance&rdquo; from an independent auditor.<SUP>49</SUP></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; color: #0072BD; background-color: white"><B>Conclusion</B></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; background-color: white">:
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; color: #0072BD; background-color: white"><B>ExxonMobil
has failed to set adequate net zero targets, align its capital investments with limiting warming to 1.5&deg;C, or ensure its policy
influence activities would support doing so. Therefore, we recommend that shareholders vote AGAINST Darren Woods (Item 1.7) and
Lead Director Joseph Hooley (Item 1.11) at the company&rsquo;s annual meeting on May 25, 2022.</B></FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0072BD"><FONT STYLE="font-size: 21pt">Appendix A: Proxy
Voting for a 1.5&deg;C World</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0072BD">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; color: #0072BD"><B>The
world is currently on track to reach disastrous levels of warming, driving massive harm and threatening the lives and livelihoods
of millions.</B></FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Corporate leaders in the industries responsible
for this crisis have failed to take up the leadership required to change course.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0072BD"><FONT STYLE="font-size: 12pt"><B>&ldquo;Climate
risk&rdquo; is systemic, escalating and irreversible - and corporate boards urgently need to take responsibility for averting
and mitigating this risk.</B></FONT><B> </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0072BD">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The UN Intergovernmental Panel on Climate Change (IPCC) in 2018 made clear
that in order to have at least a 50% chance of limiting warming to 1.5&deg;C and avoiding the most catastrophic effects of the
climate crisis, we must bring global, economy-wide carbon emissions down to net zero by 2050 at the latest.<SUP>50</SUP> According
to the International Energy Agency (IEA), in order to achieve net zero emissions globally by 2050, the electricity sector must
reach net zero emissions in OECD countries no later than 2035 and there can be no investment in new fossil fuel production from
today.<SUP>51</SUP> The IPCC also recognizes that reducing rates of deforestation and forest degradation also represents one
of the most effective and robust options for climate change mitigation.<SUP>52</SUP></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">That means that corporate directors must ensure that companies set ambitious
decarbonization targets in line with 1.5&deg;C pathways, and align companies&rsquo; business plans, capital expenditures, and policy
influence to those targets. Despite the escalating climate crisis, systemically important U.S. companies continue to invest in
the expansion and continued use of fossil fuels, further accelerating global warming.<SUP>53</SUP></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; color: #0072BD"><B>The
physical and financial risks posed by climate change to long-term investors are systemic, portfolio-wide, unhedgeable and undiversifiable.
</B></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Therefore, the actions of companies that directly or indirectly
impact climate outcomes pose risks to the financial system as a whole and to investors&rsquo; entire portfolios. In order to manage
this systemic portfolio risk, investors must move beyond disclosure and company-specific climate risk management frameworks and
focus on holding accountable the relatively small number of large companies whose actions are a significant driver of climate
change. </FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">When directors fail to transform corporate business practices in line with
1.5&deg;C pathways, responsible investors must use their most powerful tool &ndash; their proxy voting power &ndash; to vote against
directors.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0072BD"><FONT STYLE="font-size: 12pt"><B>Bold and unprecedented
action by investors is a prerequisite to averting further global economic and financial catastrophe. While past shareholder efforts
at standard setting, disclosure and engagement have laid important groundwork, company commitments won thus far have been far
too incremental,
far too hard fought, and collectively insufficient to the scale of the crisis.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0072BD">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0072BD"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0072BD"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; color: #0072BD"><B>Business-as-usual
proxy voting will not suffice to address the seriousness of the crisis at hand.</B></FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">We
urge investors to vote against directors at companies failing to implement plans consistent with limiting global warming to 1.5&ordm;C.
</FONT>&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0072BD">Key Sectors Are Critical to Curbing the Climate Crisis</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0072BD"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The electric power, finance, transportation, and oil and gas sectors are key
drivers of the production and consumption of fossil fuels and must all make dramatic transformations to curb the worst of catastrophic
climate change and protect long-term investors. Similarly, companies driving deforestation &ndash; including companies that source
key deforestation-linked agricultural commodities, driving market demand for one of the greatest threats to the world&rsquo;s forests
&ndash; must adopt comprehensive climate policies and end deforestation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Substantial votes against board members at these companies could help realign
business and investment plans to the goals of the Paris Agreement, hold companies accountable for lobbying and policy influence
practices that obstruct climate action, and align executive compensation to key decarbonization goals.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">While each industry and company will need to chart its own path
in pursuing decarbonization consistent with limiting warming to 1.5&ordm;C, setting a target to reach net zero emissions by no
later than 2050 is a critical first step. In the absence of such a target, investors can have no confidence that the company will
be able to transform its business consistent with limiting warming to 1.5&ordm;C.<FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0072BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0072BD">Voting Guide: Oil &amp; Gas</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0072BD"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Petroleum and fossil gas products, including those used in transportation,
buildings, industrial processes, and electricity production, account for nearly 80% of carbon emissions from the U.S. energy system.<SUP>54</SUP>
The U.S. is the largest petroleum and fossil gas producer in the world, having overtaken Saudi Arabia and Russia in recent years.<SUP>55</SUP>
In general, U.S. oil companies lag behind their European peers in adopting net zero by 2050 ambitions<SUP>56</SUP>, or investing
in renewable energy production.<SUP>57</SUP></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">To stay within the available carbon budget to limit warming to 1.5&deg;C,
not only must oil and gas companies decarbonize their own emissions, but global consumption of fossil fuels must fall as well.<SUP>58</SUP>
In May 2021, the IEA set out the implications of a 1.5&deg;C pathway for the oil and gas sector in its &lsquo;Net Zero by 2050&rsquo;
scenario (&ldquo;NZE&rdquo;).<SUP>59</SUP> Prior IEA scenarios such as the Beyond 2&deg;C Scenario (aligned to limiting warming
to 1.75&deg;C by 2060<SUP>60</SUP>) and the Sustainable Development Scenario (aligned to the Paris Agreement&rsquo;s upper target
of well below 2&deg;C<SUP>61</SUP>), still fell short of limiting warming to 1.5&deg;C.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Under the NZE, fossil fuel use falls dramatically and can be satisfied with
existing assets, with no need to invest in new oil and gas fields, and no new coal mines or mine extensions.<SUP>62</SUP> However,
according to analyses by Carbon Tracker, the world&rsquo;s largest oil companies have projects both sanctioned (those currently
producing or under development) and unsanctioned (those not yet under development) over the course of the next two decades that would exceed the carbon budget for 2.0&deg;C of global warming, let alone 1.5&deg;C.<SUP>63</SUP> This signals that many companies
are not yet fully committed to meaningful reductions. While oil demand fell in 2020 due to COVID-19 disruptions,<SUP>64</SUP>
oil demand and pricing are currently rebounding,<SUP>65</SUP> and any expansion plans are fundamentally at odds with the immediate
global production reductions required within most Paris Agreement-aligned scenarios.<SUP>66</SUP></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">As shale-focused companies rely primarily on continued new drilling
to sustain production, these companies are particularly at risk: in order to limit to 1.5&deg;C and be aligned with the IEA NZE,
shale-focused companies in particular must reduce production by more than 80%.<SUP>67</SUP> However, many U.S. companies continue
to expand into shale-rich regions such as the Permian Basin<SUP>68</SUP> (see Capital Allocation section). The Permian is predicted
to account for much of the growth in US oil production, and much of this will likely be exported and burned overseas; an Occidental
Petroleum company executive recently noted the trend by saying &ldquo;every single molecule from here on out has to be exported.&rdquo;<SUP>69</SUP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0072BD">Target setting</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0072BD"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">To avoid the risk of global temperature overshoot, emissions need to fall
by 45% from 2010 levels by 2030, reaching net zero by 2050.<SUP>70</SUP> Netzero commitments should incorporate interim targets
and milestones that allow accelerated emissions reduction between now and 2030 rather than delaying the hard task of emissions
reduction until after that date. Because the majority of the emissions for oil and gas companies &ndash; estimated between 75 and
88 percent &ndash; are attributed to the use of products sold,<SUP>71 72</SUP> net zero commitments must include downstream
scope 3 emissions, rather than just focusing on the company&rsquo;s operational (scope 1 and 2) emissions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Net zero commitments should cover projects on a full equity
share basis, such that all joint ventures and subsidiaries are covered by the company-wide target. Companies should achieve net
zero by 2050 with limited use of offsets, negative emissions, or unproven or uncommercialized technologies, including carbon capture
and storage (CCUS). Relying on CCUS&ndash;rather than phasing out the production of fossil fuels&ndash;is a risky strategy<SUP>73</SUP>;
even pro-CCUS sources acknowledge that many proposed CCUS technologies are as yet unproven, and a massive infrastructure investment
and buildout would be required to capture enough carbon to limit warming to 1.5&deg;C.<SUP>74</SUP> Oil and gas companies should
clearly disclose specific plans to use offsets or negative emissions to achieve net zero emissions by 2050, so that investors
may assess the quality and credibility of their plans.<FONT STYLE="font-size: 10pt">&nbsp;</FONT>&nbsp;</P>

<P STYLE="color: #0072BD; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #0072BD; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 13pt"><B>KEY DATA SOURCES:
</B></FONT></P>

<P STYLE="color: #0072BD; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">CDP
                                         (formerly Carbon Disclosure Project), company survey responses<SUP>75</SUP></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Science-Based
                                         Targets Initiative, Companies list<SUP>76</SUP> and Sector Guidance<SUP>77</SUP></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Climate
                                         Action 100+, Disclosure Indicators 1-4<SUP>78</SUP></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Oil
                                         Change International, Big Oil Reality Check<SUP>79</SUP></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0072BD"><FONT STYLE="font-size: 18pt">Capital allocation</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0072BD"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Given that oil supplies currently in production already exceed the carbon
budget for limiting warming to 1.5&deg;C, oil and gas companies must immediately cease approving investment in new projects that
fall outside the carbon budget. At minimum, Arctic and oil sands projects should be halted because they are inconsistent with limiting
warming to 1.5&deg;C<SUP>80</SUP>, economically marginal due to elevated production costs, and carry additional environmental
and human rights risks.<SUP>81</SUP></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Oil production in the Permian Basin in Texas and New Mexico &ndash; almost
entirely fracking<SUP>82</SUP>&ndash;has nearly quadrupled from 2010 to today,<SUP>83</SUP> while natural gas production has
more than tripled.<SUP>84</SUP> According to an analysis conducted by Oil Change International, carbon emissions from Permian
oil and gas production through 2050 could alone exhaust nearly 10% of the global 1.5&deg;C carbon budget.<SUP>85</SUP> The climate
impact of Permian oil and gas is even greater than coal based on the amount of methane that escapes into the atmosphere during
hydraulic fracking.<SUP>86</SUP> It is estimated that the Permian Basin has a 60% higher methane leakage rate than other U.S
oil and gas regions.<SUP>87</SUP> Given that the vast majority of these emissions would come from wells not yet in production
at the end of 2020, much of these emissions could be avoided if companies simply halted all drilling of new wells.<SUP>88</SUP></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Investors should use the NZE scenario as a floor to assess companies&rsquo;
climate policies, transition scenarios and capital allocation alignment. Importantly, no new oil or gas fields should be approved
for development under a 1.5&deg;C pathway; no investment in new oil and gas production should be undertaken;<SUP>89</SUP> and
production levels must fall by the 2030s.<SUP>90</SUP> Under such a scenario, asset stranding of additional production assets
as well as existing assets is a major risk to investors.<SUP>91</SUP></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="color: #0072BD; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 13pt"><B>KEY DATA SOURCES</B></FONT></P>

<P STYLE="color: #0072BD; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Rainforest
                                         Action Network, Banking on Climate Chaos<SUP>92</SUP></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Carbon
                                         Tracker, Fault Lines (2020)<SUP>93</SUP> and Adapt to Survive (2021)<SUP>94</SUP></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Carbon
                                         Tracker, Company Profiles: Oil &amp; Gas Companies<SUP>95</SUP></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Climate
                                         Action 100+, Climate Action 100+ Net-Zero Company Benchmark: Company assessments, see
                                         Disclosure Indicator 6<SUP>96</SUP></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0072BD">Policy influence</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0072BD"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Oil and gas companies must fully align their policy influence activities,
including political spending and lobbying, with the policy settings required to accelerate sector-wide emissions reductions on
a timeline necessary to limit warming to 1.5&deg;C. Oil and gas companies must provide full disclosure of all political and lobbying
spending in all jurisdictions to allow investors to assess this alignment. Finally, companies must ensure the alignment of the
policy influence activities of any trade associations or similar entities of which they are members or to which they contribute
with 1.5&deg;C outcomes, or cease membership of such organizations.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="color: #0072BD; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 13pt"><B>KEY DATA SOURCES:
</B></FONT></P>

<P STYLE="color: #0072BD; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Climate
                                         Action 100+ Net-Zero Company Benchmark: Company assessments, see Disclosure Indicator
                                         7<SUP>97</SUP></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">InfluenceMap,
                                         List of companies and influencers<SUP>98</SUP></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0072BD">Summary table</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0072BD">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD ROWSPAN="3" STYLE="width: 19%; border: white 2.25pt solid; padding: 12.15pt; background-color: #0072BD"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: white"><B>TARGET
    SETTING </B></FONT></TD>
    <TD STYLE="width: 9%; border-top: white 2.25pt solid; border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; padding: 12.15pt; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>1.1</B></FONT></TD>
    <TD STYLE="width: 72%; border-top: white 2.25pt solid; border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; padding: 12.15pt; background-color: #0072BD"><FONT STYLE="font-size: 9pt; color: white">Net
    zero by 2050 commitment that covers all relevant emissions sources, in particular scope 3 emissions from the burning of products
    sold, and on a full equity share basis </FONT></TD></TR>
<TR>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; padding: 12.15pt; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>1.2</B></FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; padding: 12.15pt; background-color: #0072BD"><FONT STYLE="font-size: 9pt; color: white">Net
    zero commitment has limited use of offsets, negative emissions, or unproven or uncommercialized technologies, including carbon
    capture and storage </FONT></TD></TR>
<TR>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; padding: 12.15pt; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>1.3</B></FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; padding: 12.15pt; background-color: #0072BD"><FONT STYLE="font-size: 9pt; color: white">Company
    has adopted robust interim targets, including substantial reductions by 2030</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; border-left: white 2.25pt solid; padding: 12.15pt; background-color: #0072BD"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: white"><B>CAPITAL
    ALLOCATION</B></FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; padding: 12.15pt; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>2.1</B></FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; padding: 12.15pt; background-color: #0072BD"><FONT STYLE="font-size: 9pt; color: white">Company
    has a plan to realign capital expenditures to meet a net zero decarbonization commitment, including substantial reductions
    in production in line with the IEA Net Zero by 2050 Scenario</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; border-left: white 2.25pt solid; padding: 12.15pt; background-color: #0072BD"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: white"><B>POLICY
    INFLUENCE</B></FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; padding: 12.15pt; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>3.1</B></FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; padding: 12.15pt; background-color: #0072BD"><FONT STYLE="font-size: 9pt; color: white">Alignment
    of policy influence activities with net zero target and limiting warming to 1.5&deg;C</FONT></TD></TR>
</TABLE>






<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt"></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP>Analysis
using Urgewald&rsquo;s <U>Global Oil and Gas Exit List</U> (GOGEL), available at https://gogel.org/ Expenditure is a 3-year average
from 2019-2021. </FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>2
</SUP>Analysis using Urgewald&rsquo;s <U>Global Oil and Gas Exit List</U> (GOGEL), available at https://gogel.org/ Expenditure
is a 3-year average from 2019-2021. </FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>3
</SUP>Climate Action 100+, &ldquo;Companies,&rdquo; <U>https://www.climateaction100.org/whos-involved/companies/</U> , accessed
March 16, 2022</FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>4</SUP></FONT>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">US Energy Information Administration, &lsquo;Total Energy.&rsquo; Data browser. https://www.eia.gov/totalenergy/data/browser/index.php?tbl=T11.01#/?f=A&amp;start=1973&amp;end=2019&amp;charted=0-1-13,
accessed March 1, 2022</FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>5</SUP></FONT>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">US Energy Information Administration, &ldquo;United States Remains Largest Producer
of Petroleum and Natural Gas Hydrocarbons</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">,&rdquo; https://www.eia.gov/todayinenergy/detail.php?id=26352,
accessed March 1, 2022 </FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>6</SUP></FONT>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">International Energy Agency (IEA), <I>Net Zero by 2050: A Roadmap for the Global Energy
Sector, </I>May 2021. https://www.iea.org/reports/net-zero-by-2050 </FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>7</SUP></FONT>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">IEA, &lsquo;Net Zero by 2050,&rsquo; Figure 3.4, p. 103</FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>8</SUP></FONT>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">ExxonMobil, &ldquo;Governance&rdquo; (website), https://corporate.exxonmobil.com/Sustainability/Energy-and-Carbon-Summary/Governance,
accessed April 15, 2022</FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>9 </SUP>ExxonMobil,
Schedule 14A, filed April 7, 2022, <U>https://www.sec.gov/Archives/edgar/data/34088/000119312522098314/d280259ddef14a.htm</U>
p. 17</FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>10</SUP></FONT>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">ExxonMobil, &ldquo;ExxonMobil Announces an Ambition for Net Zero Greenhouse Gas Emissions
by 2050,&rdquo; January 18. 2022, https://corporate.exxonmobil.com/News/Newsroom/News-releases/2022/0118_ExxonMobil-announces-ambition-for-net-zero-greenhouse-gas-emissions-by-2050</FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>11 </SUP>ExxonMobil, <I>Advancing
Climate Solutions: 2022 Progress Report, </I><FONT STYLE="color: #1155CC"><U>https://corporate.exxonmobil.com/-/media/Global/Files/Advancing-Climate-Solutions-Progress-Report/2022/ExxonMobil-Advancing-Climate-Solutions-2022-Progress-Report.pdf?la=en&amp;hash=AFC42B15F21ADB081F9A35AA685385A3287F48E5</U> </FONT>pp/
47-48. Note that Exxon&rsquo;s 2022 disclosure does not provide insight into emissions for the year ending December 31, 2021,
and instead repeats data for the year ending December 31, 2020, disclosed in the previous year&rsquo;s report.
Additionally note that the company reports total emissions for 2020 as 111 million metric tonnes in the 2022 report but 112
million metric tonnes in the 2021 report. </FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>12</SUP></FONT>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">ExxonMobil, <I>Advancing Climate Solutions: 2022 Progress Report</I>, p.4</FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>13</SUP></FONT>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Climate Action 100+, &ldquo;ExxonMobil&rdquo; (company assessment), March 30, 2022,
https://www.climateaction100.org/company/exxon-mobil-corporation/</FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>14</SUP></FONT>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">ExxonMobil, &ldquo;ExxonMobil announces corporate plans to 2027 &ndash; supports approximately
doubling earnings and cash flow potential, reducing emissions,&rdquo; December 1, 2021, https://corporate.exxonmobil.com/News/Newsroom/News-releases/2021/1201_ExxonMobil-announces-plans-to-2027-doubling-earnings-and-cash-flow-potential-reducing-emissions</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>15</SUP></FONT>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Climate Action 100+, &ldquo;ExxonMobil&rdquo; (Company Assessment), March 30, 2022 https://www.climateaction100.org/company/exxon-mobil-corporation/</FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>16
</SUP>Carbon Tracker, <I>Adapt to Survive, </I>September 2021, <U>https://carbontracker.org/reports/adapt-to-survive/</U>, p 35
.. Sanctioned refers to those currently producing or under development, and unsanctioned refers to those not yet under development.</FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>17
</SUP>Carbon Tracker, &ldquo;ExxonMobil Corporation&rdquo; (company profile), <U>https://og.companyprofiles.carbontracker.org/Exxon%20Mobil%20Corporation</U>,
accessed April 12, 2022</FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>18
</SUP>Carbon Tracker, &ldquo;ExxonMobil Corporation&rdquo; (company profile), <U>https://og.companyprofiles.carbontracker.org/Exxon%20Mobil%20Corporation</U>,
accessed April 12, 2022</FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>19
</SUP>Carbon Tracker, <I>Adapt to Survive</I>, September 2021, <U>https://carbontracker.org/reports/adapt-to-survive/</U>, p.
7</FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>20
</SUP>ExxonMobil, <I>Advancing Climate Solutions - 2022 Progress Report, </I>February 2022, <U>https://corporate.exxonmobil.com/-/media/Global/Files/Advancing-Climate-Solutions-Progress-Report/2022/ExxonMobil-Advancing-Climate-Solutions-2022-Progress-Report.pdf?la=en&amp;hash=AFC42B15F21ADB081F9A35AA685385A3287F48E5;
</U>ExxonMobil, &ldquo;Outlook for Energy,&rdquo; (website), <U>https://corporate.exxonmobil.com/Energy-and-innovation/Outlook-for-Energy,</U> accessed April 15, 2022</FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>21</SUP></FONT>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Coffin, Mike. &ldquo;ExxonMobil is planning on climate failure despite advancing climate
solutions,&rdquo; February 8, 2022 https://carbontracker.org/exxonmobil-is-planning-on-climate-failure-despite-advancing-climate-solutions/</FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>22</SUP></FONT>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Climate Action 100+, &lsquo;Company Profile&rsquo; (2022). </FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>23 </SUP>InfluenceMap,
&ldquo;ExxonMobil&rdquo; (company profile), <U>https://lobbymap.org/company/Exxon-Mobil/projectlink/Exxon-Mobil-In-Climate-Change</U>
, Accessed April 12, 2022</FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>24
</SUP>U.S. House Committee on Oversight and Reform, &ldquo;Letter to Mr. Darren Woods,&rdquo; September 16, 2021, <U>https://oversight.house.gov/sites/democrats.oversight.house.gov/files/2021-09-16.CBM%20Khanna%20to%20Woods-ExxonMobil%20re%20Disinformation%20FINAL%20PDF%20v2.pdf</U></FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>25
</SUP>U.S. House Committee on Oversight and Reform, &ldquo;Letter to Mr. Darren Woods,&rdquo; September 16, 2021, <U>https://oversight.house.gov/sites/democrats.oversight.house.gov/files/2021-09-16.CBM%20Khanna%20to%20Woods-ExxonMobil%20re%20Disinformation%20FINAL%20PDF%20v2.pdf,
page 6</U></FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>26
</SUP>U.S. House Committee on Oversight and Reform, &ldquo;Letter to Mr. Darren Woods,&rdquo; September 16, 2021, <U>https://oversight.house.gov/sites/democrats.oversight.house.gov/files/2021-09-16.CBM%20Khanna%20to%20Woods-ExxonMobil%20re%20Disinformation%20FINAL%20PDF%20v2.pdf,
p. 1</U></FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>27</SUP></FONT>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">U.S. House Committee on Oversight and Reform, &ldquo;Chairs Maloney, Khanna to Hold
Hearing with Climate Experts and Environmental Advocates on Big Oil&rsquo;s Climate Pledges&rdquo; (press release), February 4,
2022, https://oversight.house.gov/news/press-releases/chairs-maloney-khanna-to-hold-hearing-with-climate-experts-and-environmental</FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>28</SUP></FONT>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Jordan, David, &ldquo;House Panel Presses Oil Executives on CLimate Disinformation,&rdquo;
<I>Roll Call, </I>October 28, 2021, https://rollcall.com/2021/10/28/house-panel-presses-oil-executives-on-climate-disinformation/</FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>29
</SUP>Joselow, Maxine, &ldquo;House Panel Broadens Probe into Climate Disinformation,&rdquo; <I>Washington Post,</I> <U>https://www.washingtonpost.com/climate-environment/2022/01/21/house-panel-broadens-probe-into-climate-disinformation-by-big-oil/</U></FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>30
</SUP>Sobczyk, Nick, &ldquo;Democrats Give Oil Leaders Last Chance To Testify,&rdquo; <I>E&amp;E News, </I>February 4, 2022, <U>https://www.eenews.net/articles/democrats-give-oil-leaders-last-chance-to-testify/</U></FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>31
</SUP>U.S. House Committee on Oversight and Reform, &ldquo;Letter to Dr. Susan Avery,&rdquo; January 20, 2022, <U>https://oversight.house.gov/sites/democrats.oversight.house.gov/files/2022-01-20.CBM%20Khanna%20to%20Avery-Exxon%20re%20Witness%20Invitation.pdf</U> pp. 2-3</FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>32 </SUP>ExxonMobil,
Form 8-K, filed June 2, 2021, <U>https://www.sec.gov/ix?doc=/Archives/edgar/data/34088/000003408821000031/xom-20210526.htm</U>
p. 4</FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>33</SUP></FONT>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">ExxonMobil, Schedule 14A, filed March 16, 2021, https://www.sec.gov/Archives/edgar/data/0000034088/000119312521082140/d94159ddefc14a.htm,
p. 80</FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>34</SUP></FONT>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">ExxonMobil, <I>2021 Climate Lobbying Report, </I>https://corporate.exxonmobil.com/-/media/Global/Files/policy/Climate-lobbying/2021-Climate-Lobbying-Report.pdf</FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>35</SUP></FONT>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">ExxonMobil, &rsquo;2021 Climate Lobbying Report<I>,&rsquo; </I>p. 15</FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>36</SUP></FONT>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">ExxonMobil, &rsquo;2021 Climate Lobbying Report<I>,&rsquo;</I> p. 19</FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>37</SUP></FONT>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Climate Lobbying Report, p. 11</FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>38</SUP></FONT>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Climate Lobbying Report, p. 12</FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>39 </SUP>InflueceMap,
&ldquo;American Petroleum Institute&rdquo; (profile), <U>https://lobbymap.org/influencer/American-Petroleum-Institute-API,</U>
accessed April 15, 2022</FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>40</SUP></FONT>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">AccountableUS, &ldquo;API Spending Millions Lobbying Against climate Solutions.&rdquo;
October 6, 2021.</FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt"><U>https://www.accountable.us/news/api-spending-millions-lobbying-against-climate-solutions/</U></FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>41 </SUP>U.S.
House Committee on Oversight and Reform, &ldquo;Letter to Mr. Mike Sommers,&rdquo; September 16, 2021,
2022<U>https://oversight.house.gov/sites/democrats.oversight.house.gov/files/2021-09-16.CBM%20Khanna%20to%20Sommers-API%20re%20Disinformation%20FINAL%20PDF%20v2.pdf</U>
p. 3 (sources for public reporting included in original document)</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>



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<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>42
</SUP>U.S. House Committee on Oversight and Reform, &ldquo;Memorandum,&rdquo; October 28 2021, <U>https://oversight.house.gov/sites/democrats.oversight.house.gov/files/Analysis%20of%20the%20Fossil%20Fuel%20Industrys%20Legislative%20Lobbying%20and%20Capital%20Expenditures%20Related%20to%20Climate%20Change%20-%20Staff%20Memo%20%2810.28.21%29.pdf</U></FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>43</SUP></FONT>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Carter, Lawrence, &ldquo;Inside Exxon&rsquo;s playbook: How America&rsquo;s biggest
oil company continues to oppose action on climate change,&rdquo; June 30, 2021, https://unearthed.greenpeace.org/2021/06/30/exxon-climate-change-undercover/</FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>44</SUP></FONT>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Carter, Lawrence, &ldquo;Inside Exxon&rsquo;s playbook: How America&rsquo;s biggest
oil company continues to oppose action on climate change,&rdquo; June 30, 2021, https://unearthed.greenpeace.org/2021/06/30/exxon-climate-change-undercover/</FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>45 </SUP>ExxonMobil,
Schedule 14-A, filed April 7, 2022, <U>https://www.sec.gov/Archives/edgar/data/34088/000119312522098314/d280259ddef14a.htm#toc280259_19</U>
p. 71</FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>46 </SUP>ExxonMobil,
Schedule 14-A, filed April 7,
2022<U>https://www.sec.gov/Archives/edgar/data/34088/000119312522098314/d280259ddef14a.htm#toc280259_19</U> p. 73</FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>47 </SUP>ExxonMobil,
Schedule 14-A, filed April 7,
2022<U>https://www.sec.gov/Archives/edgar/data/34088/000119312522098314/d280259ddef14a.htm#toc280259_19</U> p. 75</FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>48</SUP></FONT>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">ExxonMobil, Form 8-K/A, filed June 21, 2021, https://www.sec.gov/ix?doc=/Archives/edgar/data/34088/000003408821000037/xom-20210526.htm
p. 4</FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>49 </SUP>Christian
Brothers Investment Services, Form PX14A6G, filed April 15, 2022 <U>https://www.sec.gov/Archives/edgar/data/34088/000121465922005292/o414225px14a6g.htm</U>
p. 1</FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>50 </SUP>IPCC, <I>Special
Report on Global Warming of 1.5&deg;C., </I>2018<I>, </I><U>https://www.ipcc.ch/site/assets/uploads/sites/2/2019/06/SR15_Full_Report_Low_Res.pdf</U>
, pp. v, 5, 7-10, 95-97 and 116</FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>51</SUP></FONT>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">International Energy Agency (IEA), <I>Net Zero by 2050: A Roadmap for the Global Energy
Sector, </I>May 2021. https://www.iea.org/reports/net-zero-by-2050, Slide 8. </FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>52
</SUP>IPCC. <I>Special Report on Climate Change and Land, Summary for Policy Makers</I>,January, 2020, <U>https://www.ipcc.ch/site/assets/uploads/sites/4/2020/02/SPM_Updated-Jan20.pdf</U>,
pp 23-24 and 26. </FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>53</SUP></FONT>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Climate Action 100+: Net-Zero Company Benchmark Company Assessments https://www.climateaction100.org/progress/net-zero-company-benchmark/</FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>54
</SUP>US Energy Information Administration, &lsquo;Carbon Dioxide Emissions from Energy Consumption by Source&rsquo;, <U>https://www.eia.gov/totalenergy/data/browser/index.php?tbl=T11.01#/?f=A&amp;start=1973&amp;end=2019&amp;charted=0-1-13</U>,
accessed March 19, 2022 </FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>55
</SUP>US Energy Information Administration, &ldquo;The U.S. leads global petroleum and natural gas production with record growth
in 2018,&rdquo; <U>https://www.eia.gov/todayinenergy/detail.php?id=40973</U>, accessed March 16, 2022 </FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>56
</SUP>Luhavalja, Amanda, et al. &ldquo;Path to Net Zero: European Oil Majors Outpace US Companies on Climate Goals,&rdquo; <I>S&amp;P
Global Market Intelligence, </I>July 28, 2020, <U>https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/path-to-net-zero-european-oil-majors-outpace-us-companies-on-climate-goals-59543423</U>,
accessed March 16, 2022</FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>57
</SUP>Quinson, Tim, &ldquo;US Oil Companies Lag Far Behind Greener European Rivals,&rdquo; Bloomberg, March 24, 2021, <U>https://www.bloomberg.com/news/articles/2021-03-24/u-s-oil-companies-lag-far-behind-greener-europe-rivals-green-insight</U></FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>58</SUP></FONT>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">IEA, &lsquo;Net Zero by 2050 Scenario&rsquo; </FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>59</SUP></FONT>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">IEA, &lsquo;Net Zero by 2050 Scenario&rsquo; </FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>60</SUP></FONT>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">IEA, &lsquo;Energy Technology Perspectives 2017.&rsquo; https://www.iea.org/reports/energy-technology-perspectives-2017</FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>61</SUP></FONT>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">IEA, &rsquo;Sustainable Development Scenario.&rsquo; https://www.iea.org/reports/world-energy-model/sustainable-development-scenario-sds</FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>62</SUP></FONT>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">IEA, &lsquo;Net Zero by 2050 Scenario.&rsquo; pp. 21 -22. </FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>63</SUP></FONT>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Carbon Tracker, &lsquo;Adapt to Survive.&rsquo; p. 4 and pp.14-16 </FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>64 </SUP>International
Energy Agency, <I>World Energy Outlook 2021, </I> <U>https://iea.blob.core.windows.net/assets/4ed140c1-c3f3-4fd9-acae-789a4e14a23c/WorldEnergyOutlook2021.pdf</U>
p. 19. </FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>65</SUP></FONT>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Deloitte, 2022 Oil and Gas Industry Outlook, https://www2.deloitte.com/content/dam/Deloitte/us/Documents/energy-resources/us-2022-outlook-oil-and-gas.pdf
p. 4. </FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>66</SUP></FONT>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Oil Change International et al, <I>The Sky&rsquo;s the Limit: Why the Paris Climate
Goals Require A Managed Decline of Fossil Fuel Production, </I></FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt"><U>https://priceofoil.org/content/uploads/2016/09/OCI_the_skys_limit_2016_FINAL_2.pdf</U>,
pp. 19-21 and 24.</FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>67</SUP></FONT>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Carbon Tracker, &lsquo;Adapt to Survive.&rsquo; p. 6 and p. 15. </FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>68</SUP></FONT>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Oil Change International<I>. Drilling Towards Disaster: Why US Oil and Gas Expansion
Is Incompatible With Climate Limits,</I> January, 2019, https://priceofoil.org/content/uploads/2019/01/Drilling-Towards-Disaster-Web-v2.pdf,
p. 7. </FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>69</SUP></FONT>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Collier, Kiah. &ldquo;As Oil and Gas Exports Surge, West Texas Becomes the World&rsquo;s
&lsquo;extraction colony&rsquo;&rdquo; <I>Texas Tribune, </I>August 10, 2018, https://www.texastribune.org/2018/10/11/west-texas-becomes-worlds-extraction-colony-oil-gas-exports-surge/</FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>70</SUP></FONT>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">IPCC. &rsquo;Special Report on Global Warming of 1.5.&rsquo; 2018 </FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>



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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>71
</SUP>World Economic Forum, &ldquo;How the oil and gas industry can take a lifecycle approach to reducing emissions,&rdquo; August
25, 2021, <FONT STYLE="color: #1155CC"><U>https://www.weforum.org/agenda/2021/08/oil-gas-industry-lifecycle-approach-reducing-emissions/</U></FONT></FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">Oil Change International, <I>Big
Oil Reality Check, </I>September 2020. http://priceofoil.org/content/uploads/2020/09/OCI-Big-Oil-Reality-Check-vF.pdf, p. 8,</FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>72
</SUP>Saiyid, Amena, &ldquo;Oil and gas companies under pressure to manage scope 3 emissions,&rdquo; June 22, 2021, S&amp; P Global,
<FONT STYLE="color: #1155CC"><U>https://cleanenergynews.ihsmarkit.com/research-analysis/oil-gas-companies-under-pressure-to-manage-scope-3-emissions-t.html</U></FONT>.</FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>73</SUP></FONT>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Oil Change International, <I>Big Oil Reality Check, </I>pp. 8, 9, and 18. </FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>74</SUP></FONT>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Global CCS Institute, <I>Global Status of CCS 2021, </I>https://www.globalccsinstitute.com/wp-content/uploads/2021/11/Global-Status-of-CCS-2021-Global-CCS-Institute-1121.pdf
p. 35 </FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>75</SUP></FONT>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">https://www.cdp.net/en/responses?queries%5Bname%5D=&amp;utf8=%E2%9C%93</FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>76</SUP></FONT>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">https://sciencebasedtargets.org/companies-taking-action </FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>77</SUP></FONT>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">https://sciencebasedtargets.org/sectors </FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>78</SUP></FONT>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">https://www.climateaction100.org/progress/net-zero-company-benchmark/</FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>79</SUP></FONT>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Oil Change International, &lsquo;Big Oil Reality Check&rsquo;</FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>80</SUP></FONT>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Carbon Tracker, <I>Breaking the Habit: Why None of the Large Oil Companies are &ldquo;Paris-aligned&rdquo;,
and What They Need to Do to Get There, </I>September 2019, https://carbontransfer.wpengine.com/wp-content/uploads/2019/09/Capex-report-2019_Infographic.pdf,
</FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>81</SUP></FONT>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BankTrack, Oil Change International, Rainforest Action Network, Sierra Club. <I>Banking
on Climate Change: Fossil Fuel Finance Reportcard 2017 </I>https://priceofoil.org/content/uploads/2017/06/Banking_On_Climate_Change_2017.pdf,
pp.4, 13 and 20 </FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>82</SUP></FONT>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Oil Change International. &lsquo;Drilling Towards Disaster.&rsquo; p. 26 </FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>83</SUP></FONT>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Please see chart: Total Oil Production in the Permian Basin</FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">https://www.dallasfed.org/research/energy11/permian.aspx#Oil</FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>84</SUP></FONT>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Natural Gas Production in Permian Basin chart</FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">https://www.dallasfed.org/research/energy11/permian.aspx#Gas</FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>85</SUP></FONT>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Oil Change International. &lsquo;Drilling Towards Disaster.&rsquo; pp. 7 and 26 </FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>86</SUP></FONT>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">https://thehill.com/policy/energy-environment/155101-report-gas-from-fracking-worse-than-coal-on-climate</FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>87</SUP></FONT>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Zhang, Y. et al. &ldquo;Quantifying methane emissions from the largest oil-producing
basin in the United States from space.&rdquo; <I>Science Advances: </I>22 Apr 2020<B>. </B>https://www.science.org/doi/10.1126/sciadv.aaz5120</FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>88</SUP></FONT>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Oil Change International, Earthworks, and the Center for International Environmental
Law, <I>The Permian Climate Bomb. </I>https://www.permianclimatebomb.org/chapter-2</FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>89</SUP></FONT>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Carbon Tracker. &lsquo;Adapt to Survive.&rsquo; pp. 4-5, 8-10 </FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>90</SUP></FONT>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Carbon Tracker. &lsquo;Adapt to Survive.&rsquo; p. 6. </FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>91</SUP></FONT>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Carbon Tracker. &lsquo;Adapt to Survive.&rsquo;, pp. 4-5, 8-10 </FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>92</SUP></FONT>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Rainforest Action Network, <I>Banking on Climate Chaos. </I>March 2021. https://www.ran.org/wp-content/uploads/2021/03/Banking-on-Climate-Chaos-2021.pdf</FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>93</SUP></FONT>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Carbon Tracker, <I>Fault Lines: How Diverging Oil and Gas Company Strategies link to
Stranded Asset Risk, </I>October 2020, </FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">https://carbontracker.org/reports/fault-lines-stranded-asset/</FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>94</SUP></FONT>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Carbon Tracker. &lsquo;Adapt to Survive.&rsquo;</FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>95</SUP></FONT>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">https://carbontracker.org/company-profiles/</FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>96</SUP></FONT>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">https://www.climateaction100.org/progress/net-zero-company-benchmark/</FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>97</SUP></FONT>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">https://www.climateaction100.org/progress/net-zero-company-benchmark/</FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>98</SUP></FONT>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">https://influencemap.org/filter/List-of-Companies-and-Influencers#</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>



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