<SEC-DOCUMENT>0001214659-22-014831.txt : 20221213
<SEC-HEADER>0001214659-22-014831.hdr.sgml : 20221213
<ACCEPTANCE-DATETIME>20221213134431
ACCESSION NUMBER:		0001214659-22-014831
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20221213
DATE AS OF CHANGE:		20221213
EFFECTIVENESS DATE:		20221213

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			COSTCO WHOLESALE CORP /NEW
		CENTRAL INDEX KEY:			0000909832
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-VARIETY STORES [5331]
		IRS NUMBER:				911223280
		STATE OF INCORPORATION:			WA
		FISCAL YEAR END:			0901

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-20355
		FILM NUMBER:		221459243

	BUSINESS ADDRESS:	
		STREET 1:		999 LAKE DRIVE
		CITY:			ISSAQUAH
		STATE:			WA
		ZIP:			98027-
		BUSINESS PHONE:		4253138100

	MAIL ADDRESS:	
		STREET 1:		999 LAKE DRIVE
		CITY:			ISSAQUAH
		STATE:			WA
		ZIP:			98027

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	COSTCO COMPANIES INC
		DATE OF NAME CHANGE:	19970401

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PRICE/COSTCO INC
		DATE OF NAME CHANGE:	19930728

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Arjuna Capital
		CENTRAL INDEX KEY:			0001703208
		IRS NUMBER:				475345511
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		353 WEST MAIN STREET
		CITY:			DURHAM
		STATE:			NC
		ZIP:			27701
		BUSINESS PHONE:		(978) 704-0114

	MAIL ADDRESS:	
		STREET 1:		353 WEST MAIN STREET
		CITY:			DURHAM
		STATE:			NC
		ZIP:			27701
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Notice
of Exempt Solicitation</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NAME OF REGISTRANT:&nbsp;</B>Costco Wholesale Corporation</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NAME OF PERSONS RELYING ON EXEMPTION:</B>&nbsp;
Arjuna Capital</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>ADDRESS OF PERSON RELYING ON EXEMPTION:&nbsp;</B>13
Elm St. Manchester, MA 01944</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>WRITTEN MATERIALS</B>: The attached written materials are submitted
pursuant to Rule 14a-6(g)(1) (the &ldquo;Rule&rdquo;) promulgated under the Securities Exchange Act of 1934, in connection with a proxy
proposal to be voted on at the Registrant&rsquo;s 2023 Annual Meeting. <FONT STYLE="color: #1A1A1A">Submission is not required of this
filer under the terms of the Rule but is made voluntarily by the proponent in the interest of public disclosure and consideration of these
important issues.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">December 13, 2022</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Costco Wholesale Corporation Shareholders,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are writing to urge you to <B>VOTE &ldquo;FOR&rdquo; PROPOSAL 5
</B>on the proxy card, which asks the Company to assess risks and costs by state policies that restrict reproductive rights. The Proposal
makes the following request:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Resolved</B>:&nbsp;Shareholders request that Costco's Board of Directors
issue a public report within 6 months of the 2023 annual meeting date, omitting confidential and privileged information and at reasonable
expense, detailing any known or potential risks and costs to the company caused by enacted or proposed state policies severely restricting
reproductive rights, and detailing any strategies beyond litigation and legal compliance that the company may deploy to minimize or mitigate
these risks.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>We believe shareholders should vote &ldquo;FOR&rdquo; the Proposal
for the following reasons: </U></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>1.</B></TD><TD><B>The overturning of <I>Roe v. Wade</I> has restricted access to abortion care in states where Costco has operations, with more restrictions
likely. </B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Reproductive rights are under siege in the United States. Following
the Supreme Court&rsquo;s overturning of Roe V. Wade in June 2022 with the Dobbs decision, most abortions are now banned in at least 13
states and are severely restricted in 5 additional states. Abortion restrictions are at risk in another 10 states as legal battles persist.<SUP>1</SUP></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In its opposition statement, Costco discloses that it believes about
one-third of its employees live in states that severely restrict abortion availability. With approximately 140,000 women within Costco&rsquo;s
workforce, this is a significant number of employees already impacted, and at risk of being impacted in the future, by abortion restrictions.
Costco must assess and mitigate abortion restrictions that <FONT STYLE="font-size: 10pt">may negatively impact its workforce. </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>_____________________________</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>1</SUP></FONT> <FONT STYLE="font-size: 10pt">https://www.nytimes.com/interactive/2022/us/abortion-laws-roe-v-wade.html</FONT></P>

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

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

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>2.</B></TD><TD><B>The loss of access to abortion care may disrupt or prevent employees from remaining in the workforce. </B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Abortion restrictions ultimately hurt businesses, as women with limited
abortion access are more likely to drop out of the workforce. Women who cannot access abortion when needed are three times more likely
to be unemployed and four times more likely to have a household income below the federal poverty level.<SUP>2</SUP> The Institute for
Women&rsquo;s Policy Research estimates that 505,000 more women, aged 15&ndash;44, would enter the workforce nationally if all state-level
abortion restrictions were eliminated. The Institute estimates that such restrictions cost state economies $105 billion per year by reducing
labor force participation and increasing turnovers and time off rates.<SUP>3</SUP></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>3.</B></TD><TD><B>The loss of access to abortion care may hinder companies from being able to attract talent. </B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Abortion restrictions also impact companies&rsquo; ability to attract
talent in those states. A national survey of 3,500+ college-educated workers conducted in 2021 showed that majorities across gender, age,
race, and ethnicity would be discouraged from taking a job in states that ban abortion, like Texas&rsquo; SB 8.<SUP>4</SUP> Another national
survey of 2,210 adults conducted by Morning Consult found that by a 2:1 margin, employed adults would prefer to live in a state where
abortion is legal and accessible. The results skew higher for millennials and Gen Z.<SUP>5</SUP> This has implications for Costco&rsquo;s
ability to recruit workers to work in states with restrictive laws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Board Opposition Statement</U></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>1.</B></TD><TD><B>While we applaud our company for their competitive wages and benefits, these offerings do not render the proposal&rsquo;s request
unnecessary.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">In the opposition statement, the Board lists its efforts
to create stability in the workforce. While we celebrate our company&rsquo;s success in retaining both long-term talent and female talent,
our Company and its employees are now working in a dramatically new legal environment, with consequences for family planning, talent pool
mobility and career options. In this post-<I>Roe</I> environment, Costco must consider how to continue to attract and retain female employees,
especially in states with limited or restricted abortion access. Our proposal is clear in its request of Costco to assess how new state
policies impact their employees and consider efforts to reduce potential risks and costs of these policies to the business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt"><B>2.</B></FONT></TD><TD><B>Costco&rsquo;s statement that its reproductive healthcare benefits are responsive to its employees&rsquo; needs is <FONT STYLE="font-size: 10pt">questionable,
and does not render the proposal&rsquo;s request unnecessary. </FONT></B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">We applaud our Company&rsquo;s provision of several reproductive
healthcare benefits including contraception and family planning and travel and lodging reimbursements for those who must travel to receive
an abortion. However, this proposal is requesting the Company evaluate the potential negative impact of state policies on female workers,
and ways to mitigate these negative impacts. <B>Costco&rsquo;s current reproductive healthcare benefits do not fully protect our Company
from the risks associated with state policies restricting abortions.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>2</SUP> bit.ly/37qrmMw</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>3</SUP></FONT> <FONT STYLE="font-size: 10pt">https://iwpr.org/costs-of-reproductive-health-restrictions</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>4</SUP></FONT> <FONT STYLE="font-size: 10pt">https://bit.ly/3F0JusI</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>5</SUP></FONT> <FONT STYLE="font-size: 10pt">https://www.forbes.com/sites/maggiemcgrath/2022/05/07/these-are-the-us-companies-offering-abortion-related-benefits/?sh=50f2a78676ea</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Travel and lodging reimbursements certainly help female
employees living in restricted states, yet these women still face additional barriers to receiving an abortion. This<FONT STYLE="font-size: 10pt">&nbsp;</FONT>
proposal requests our Company consider all the risks associated with the current political environment, as it relates to abortion, and
consider ways to mitigate these risks. Risk mitigation might include &ldquo;public policy advocacy by the company, related political contributions
policies, and human resources or educational strategies&rdquo; that would help protect women from abortion restrictions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">In any event, Costco&rsquo;s insurance coverage and its
travel assistance extends only to those seeking abortions defined as &ldquo;medically necessary,&rdquo; a definition which excludes the
majority of terminations, which are undertaken electively.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">The Board states that Costco has not received &ldquo;concerns
about the scope of our insurance coverage for abortion and contraception.&rdquo; It would be unwise, however, to interpret a lack of direct
feedback as an indication of approval or satisfaction on the part of employees. Abortion is a stigmatized topic and a risky one to broach
in the workplace, particularly in a time of heightened threats to privacy posed by digital surveillance and security breaches, and in
some cases overreaching demands for data from law enforcement agencies. For example, in 2022 Meta satisfied a Nebraska police warrant
demanding access to private Facebook messages from a mother facing felony charges for allegedly helping her daughter terminate pregnancy.<SUP>6</SUP>
In 2018, even prior to the <I>Dobbs</I> decision, 6 in 10 women paid for an abortion out of pocket, indicating a preference for privacy.<SUP>7</SUP>
This figure is sure to grow after the <I>Dobbs</I> decision, as women fear for their privacy and potential prosecution in some states.
<B>Costco&rsquo;s workers deserve the company&rsquo;s full support as they make healthcare decisions that are right for them.</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>3.</B></TD><TD><B>The Board also states that the proposal would &ldquo;impose unnecessary burdens without any benefits,&rdquo; yet there are practical
steps Costco could take to satisfy the concerns in the proposal. </B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Costco could satisfy the proposal&rsquo;s request by providing answers
to a series of questions that arise from our concerns:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>How might impending changes in the reproductive health care environment affect our employees?</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>How might impending changes in the reproductive health care environment affect the talent pool in the states where we conduct business?</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>How might our ability to meet the reproductive health care needs of our employees change in the near future?</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>Does Costco need to improve any aspects of our reproductive health care insurance or <FONT STYLE="font-size: 10pt">benefits to respond
to the dramatically changing environment for women&rsquo;s health care?</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Would our company benefit by advocating for less restrictive public policies concerning access to reproductive health care?</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>6</SUP></FONT> <FONT STYLE="font-size: 10pt">https://www.npr.org/2022/08/12/1117092169/nebraska-cops-used-facebook-messages-to-investigate-an-alleged-illegal-abortion</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>7</SUP></FONT> <FONT STYLE="font-size: 10pt">https://www.guttmacher.org/gpr/2018/06/restrictions-private-insurance-coverage-abortion-danger-abortion-access-and-better-us</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Costco overcomplicates our request when we are simply asking for an
evaluation of the above questions. Shareholders will benefit from knowing how the Company is assessing the impact of abortion restrictions
that will have direct and indirect impacts upon employees, their families, work colleagues and the Company as a whole.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Conclusion</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For all the reasons provided above, we strongly urge you to support
Proposal 5. This proposal is best viewed as a transparency and accountability mechanism to produce an internal review by the Board of
risks associated with enacted and proposed state policies limiting abortion. This internal review will give our Company an opportunity
to adopt new strategies and mitigate these risks.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Please contact Julia Cedarholm at juliac@arjuna-capital.com
for additional information.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sincerely,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="nlambsig.jpg" ALT="">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Natasha Lamb</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Arjuna Capital</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>This is not a solicitation of authority to vote your proxy. Please
DO NOT send us your proxy card. Arjuna Capital is not able to vote your proxies, nor does this communication contemplate such an event.
The proponent urges shareholders to vote for Proxy Item 5 following the instruction provided on the management&rsquo;s proxy mailing.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The views expressed are those of the authors and Arjuna Capital
as of the date referenced and are subject to change at any time based on market or other conditions. These views are not intended to be
a forecast of future events or a guarantee of future results. These views may not be relied upon as investment advice. The information
provided in this material should not be considered a recommendation to buy or sell any of the securities mentioned. It should not be assumed
that investments in such securities have been or will be profitable. This piece is for informational purposes and should not be construed
as a research report.</B></P>

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

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