<SEC-DOCUMENT>0001214659-22-005158.txt : 20220412
<SEC-HEADER>0001214659-22-005158.hdr.sgml : 20220412
<ACCEPTANCE-DATETIME>20220412164732
ACCESSION NUMBER:		0001214659-22-005158
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20220412
DATE AS OF CHANGE:		20220412
EFFECTIVENESS DATE:		20220412

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HOME DEPOT, INC.
		CENTRAL INDEX KEY:			0000354950
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-LUMBER & OTHER BUILDING MATERIALS DEALERS [5211]
		IRS NUMBER:				953261426
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0129

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08207
		FILM NUMBER:		22822771

	BUSINESS ADDRESS:	
		STREET 1:		2455 PACES FERRY ROAD
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30339-4024
		BUSINESS PHONE:		770-433-8211

	MAIL ADDRESS:	
		STREET 1:		2455 PACES FERRY ROAD
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30339-4024

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HOME DEPOT INC
		DATE OF NAME CHANGE:	19920703

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GREEN CENTURY FUNDS
		CENTRAL INDEX KEY:			0000877232
		STANDARD INDUSTRIAL CLASSIFICATION:	UNKNOWN SIC - 0000 [0000]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0731

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		114 STATE STREET
		STREET 2:		SUITE 200
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		617-482-0800

	MAIL ADDRESS:	
		STREET 1:		C/O UMB FUND SERVICES
		STREET 2:		803 WEST MICHIGAN STREET SUITE A
		CITY:			MILWAUKEE
		STATE:			WI
		ZIP:			53233
</SEC-HEADER>
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<P STYLE="margin: 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NAME OF REGISTRANT:</B> The Home Depot, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NAME OF PERSON RELYING ON EXEMPTION:</B> Green
Century Balanced Fund</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>ADDRESS OF PERSON RELYING ON EXEMPTION:</B>
114 State Street, Suite 200, Boston, MA 02109</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1A1A1A"><B>Written materials are submitted
pursuant to Rule 14a-6(g)(1) promulgated under the Securities Exchange Act of 1934.&nbsp;Submission is not required of this filer under
the terms of the Rule but is made voluntarily in the interest of public disclosure and consideration of these important issues.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1A1A1A"><B>&nbsp;</B></P>

<DIV STYLE="padding: 1pt 4pt 1pt 0in; border: black 1pt solid">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Item No. 9 on The Home Depot, Inc.&#8217;s 2022
Proxy Statement:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Shareholder Proposal Regarding Report on Deforestation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>The Home Depot, Inc. Symbol: HD</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Filed by: Green Century Balanced Fund</P>

</DIV>

<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">Green Century Capital Management, Inc., the investment
advisor to the Green Century Balanced Fund, seeks your support for the deforestation-related proposal filed at <B>The Home Depot, Inc.</B>
(hereby referred to as &#8220;Home Depot&#8221; or &#8220;the Company&#8221;) in the 2022 proxy statement asking the Company to issue
a report assessing if and how it could increase the scale, pace, and rigor of its efforts to eliminate deforestation and the degradation
of primary forests in its supply chains. The Proponent believes taking such action would serve the long-term interests of the Company
by mitigating potential supply chain, competitive, and reputational 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; text-align: justify"><B>Resolved: </B>Shareholders request Home Depot
issue a report assessing if and how it could increase the scale, pace, and rigor of its efforts to eliminate deforestation and the degradation
of primary forests in its supply chains.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Supporting Statement</B>: Proponents defer
to management&#8217;s discretion but suggest that indicators meaningful to shareholders may include assessment of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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">&#9679;</TD><TD>Whether the Company has adopted a no-deforestation and no-degradation policy for all relevant commodities, such as avoiding all primary
forests and regions at high risk for deforestation and degradation; and</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: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>Disclosure of comprehensive forest footprint and progress toward more ambitious efforts, such as quantitative progress reports, time-bound
action plans, due diligence activities, and non-compliance protocols.</TD></TR></TABLE>

<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>RATIONALE FOR A &#8220;YES&#8221; VOTE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></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">1.</TD><TD><B>Supply chain risks</B> &#8211; Physical risks from increased ecosystem vulnerability, driven by deforestation and primary forest
degradation, may impact timber supply and have a substantive financial or strategic impact on the Company. Home Depot&#8217;s current
policies do not adequately mitigate these risks.</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: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD><B>Competitive disadvantage </B>&#8211; Home Depot&#8217;s forest commitments lag those of its peers and do not meet changing consumer
preferences for more environmentally sustainable products.</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: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD><B>Reputational and related financial risk</B> &#8211; Failure to adequately mitigate deforestation and primary forest degradation
in its supply chains exposes Home Depot to media and public awareness campaigns targeting companies linked to negative environmental impacts.</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: 0.25in"></TD><TD STYLE="width: 0.25in">4.</TD><TD><B>Regulatory risk </B>&#8211; Home Depot&#8217;s commitments may not align with the standards of pending state and federal deforestation-related
procurement legislation, which may impact Home Depot&#8217;s business with government customers.</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: 0.25in"></TD><TD STYLE="width: 0.25in">5.</TD><TD><B>Climate risk</B> &#8211; Continued deforestation and forest degradation exacerbate systemic climate and nature-related risks to
portfolios.</TD></TR></TABLE>

<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>Shareholders are urged to vote <U>FOR</U> this proposal.</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; border: black 1pt solid"><B>This is not a solicitation
of authority to vote your proxy. Please DO NOT send us your proxy card; Green Century Balanced Fund is not able to vote your proxies,
nor does this communication contemplate such an event. Green Century Balanced Fund urges shareholders to vote for Item Number 9 following
the instruction provided on the management&#8217;s proxy mailing.</B></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>BACKGROUND</B></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">Home Depot is the world's largest home improvement retailer and a major
purchaser of wood.<SUP>1</SUP> Timber, wood products, pulp, and paper, are among the leading drivers of deforestation<SUP>2</SUP>
and forest degradation.<SUP>3</SUP> Deforestation and forest degradation are responsible for approximately 15 percent of global greenhouse
gas emissions and are the second leading cause of global warming, second only to the burning of fossil fuels.<SUP>4</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">Modeling from the UN Principles for Responsible Investment&#8217;s
Inevitable Policy Response consortium, which &#8220;aims to prepare institutional investors for the portfolio risks and opportunities
associated with an acceleration of policy responses to climate change,&#8221;<SUP>5</SUP> indicates that a global end to deforestation
by 2025 is among the policy changes required in order to limit warming to 1.5&deg; Celsius above pre-industrial levels.<SUP>6</SUP>
Deforestation and forest degradation are also major contributors to biodiversity loss.<SUP>7</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">According to the Convention on Biological Diversity, a primary forest
is &#8220;a forest that has never been logged and has developed following natural disturbances and under natural processes.&#8221;<SUP>8</SUP>
Experts from the International Union for Conservation of Nature (IUCN) argue that &#8220;we cannot resolve the climate or biodiversity
crises without prioritizing the protection of primary forests.&#8221;<SUP>9</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"><B>Home Depot&#8217;s Wood Purchasing Policy does not meaningfully
address impacts on primary forests. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></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">&#9679;</TD><TD>Home Depot has not committed to ensuring that its purchased wood is free of deforestation and forest degradation.</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: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>Home Depot does not disclose to CDP Forests or otherwise comprehensively disclose the sourcing geographies and certifications of its
wood, making it difficult to assess its risk exposure.</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: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>Home Depot also lacks comprehensive commitments to achieving third-party certification for purchased wood, requiring certification
only for wood sourced from a small subset of the regions at highest risk for deforestation.<SUP>10</SUP></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">Home Depot lists supply chain disruptions,<SUP>11</SUP> physical
risks due to climate change,<SUP>12</SUP> its reputation on environmental issues,<SUP>13</SUP> and changing consumer preferences<SUP>14</SUP>
as risk factors in its 2021 10-K. These risk factors are all exacerbated by exposure to deforestation and forest degradation.</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 response to these risks, competing companies such as Lowe&#8217;s
have adopted in-depth disclosure regarding forest risk and implemented stronger policies and targets to limit impact on primary forests.
Proponents are concerned that Home Depot&#8217;s policies are insufficient to address the risks in its wood supply chains, risks that
may affect the Company&#8217;s reputation.</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>SUPPLY CHAIN RISKS &#8211; DEFORESTATION ALTERS AND ENDANGERS CRUCIAL ENVIRONMENTAL SYSTEMS UPON WHICH WOOD SUPPLY CHAINS DEPEND</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Deforestation and forest degradation contribute to climate change
and threaten the environmental processes which sustain global ecosystems, posing company-specific risks to Home Depot as well as portfolio-level
climate risk across industries. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></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">&#9679;</TD><TD>Home Depot&#8217;s 2021 10-K identifies &#8220;the long-term impacts of climate change, whether involving physical risks (such as
extreme weather conditions or rising sea levels) or transition risks (such as regulatory or technology changes)&#8221;<SUP>15</SUP>
as changes that could affect its &#8220;ability to procure certain goods or services required for the operation of our business at the
quantities and levels we require.&#8221;<SUP>16</SUP></TD></TR></TABLE>

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

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<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 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">&#9679;</TD><TD>In failing to rapidly reduce deforestation and primary forest degradation in its supply chains, Home Depot may be contributing to
systemic risks that could impact its long-term sustainability and contribute to supply chain disruptions.</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"><B>The impacts of climate change and deforestation may impact timber
supply and cause lumber price volatility, which may have a material impact on Home Depot.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></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">&#9679;</TD><TD>While Home Depot lacks comprehensive disclosure on forest-related risks to its business, Lowe&#8217;s, in its 2021 CDP Forests report,
discloses that wood products represent 11 to 20 percent of its corporate revenue.<SUP>17</SUP> Given their similar business models,
wood products are likely to be similarly material for Home Depot.</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: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>Lowe&#8217;s also discloses that physical risks from increased ecosystem vulnerability may impact timber supply and have a substantive
financial or strategic impact on the business, noting that the probability of experiencing these impacts is &#8220;more likely than not,&#8221;
and that the magnitude of the potential impact is &#8220;medium-high,&#8221; quantifying it at 180 to 220 million USD.<SUP>18</SUP></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: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>Climate and ecological disruption in Canada are already causing massive lumber price volatility, with prices reaching $1,700 per thousand
board feet at one point in 2021, well above the typical range of $300 to $400 per thousand board feet.<SUP>19</SUP></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">Home Depot has taken steps to mitigate deforestation and degradation
risk associated with a subset of at-risk tropical regions, not sourcing wood from the Solomon Islands, Papua New Guinea, and the Amazon
or Congo Basin areas unless the wood is Forest Stewardship Council (FSC) certified.<SUP>20</SUP> However, this limited certification
requirement does not address the majority of Home Depot&#8217;s purchased wood: greater than 90% is not subject to this requirement, based
on the Company&#8217;s limited disclosure..</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>a.</B></TD><TD><B>Risks Associated with South American Wood Sourcing</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">According to the most recently updated &#8220;Sustainable Forestry
FAQ&#8221; on the Company&#8217;s website, approximately 8% of the wood Home Depot sources comes from South America.<SUP>21</SUP> This
significant South American sourcing is a cause for concern, as Home Depot&#8217;s &#8220;endangered regions&#8221; list does not include
critical at-risk South American regions like the Atlantic Forest, the Gran Chaco, the Cerrado, and the Choc&oacute;&#8211;Dari&eacute;n
moist forests. In contrast, all these regions appear in competitor Lowe&#8217;s list of regions at risk from which FSC certification is
required.<SUP>22</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">The Company may therefore be sourcing uncertified wood from regions
at risk in South America. Home Depot asserts on another webpage that 90% of its wood purchases in South America come from plantations
in Brazil &#8211; which contains all or part of the Cerrado, Atlantic Forest, and Gran Chaco regions &#8211; and in Chile.<SUP>23</SUP>
The Company discloses that its South American wood purchases are &#8220;mostly pine and Eucalyptus.&#8221;<SUP>24</SUP> However, this
disclosure does not mitigate concern over the environmental impacts of this wood sourcing.</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">&#9679;</TD><TD>Eucalyptus plantations have expanded greatly in Brazil in recent years, growing by over 2.8 million hectares (nearly the size of Belgium)
between 2009 and 2020.<SUP>25</SUP> Many of Brazil&#8217;s eucalyptus plantations are located in the Cerrado.<SUP>26</SUP> The Cerrado
is critical to Brazil&#8217;s water system,<SUP>27</SUP> contains roughly 34% of Brazilian soil carbon stocks,<SUP>28</SUP> and is
the world&#8217;s most biodiverse savanna, home to 5% of the animals and plants on earth.<SUP>29</SUP> Land conversion in the Cerrado
is at a six year high,<SUP>30</SUP> and the region often experiences higher deforestation rates than the Amazon.<SUP>31</SUP></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: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>Eucalyptus plantations contribute to soil erosion, rapidly deplete soil nutrients, and inhibit the growth of new plants,<SUP>32</SUP>
all of which directly impact that land&#8217;s ability to store carbon in the future, also creating ecologically depleted regions sometimes
referred to as &#8220;green deserts.&#8221;<SUP>33</SUP></TD></TR></TABLE>

<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"></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">Greater disclosure and strengthened policies are needed to assess and
mitigate Home Depot&#8217;s exposure to deforestation and primary forest degradation in its South American wood supply chains.</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>b.</B></TD><TD><B>Risks Associated with Canadian Wood Sourcing</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">Approximately 86 percent of Home Depot&#8217;s wood comes from North
America.<SUP>34</SUP> This includes sourcing from Canada&#8217;s boreal forest<SUP>35</SUP> and temperate rainforest,<SUP>36</SUP>
at-risk regions that are not addressed in the Company&#8217;s Wood Purchasing Policy. Home Depot has not disclosed how much wood it sources
from these at-risk regions.</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">Canada&#8217;s boreal forest stabilizes the climate and harbors biodiversity,
holding approximately 11 percent of all terrestrial carbon.<SUP>37</SUP> Canada&#8217;s boreal also constitutes 25 percent of the world&#8217;s
remaining intact forest and stores twice as much carbon per hectare as tropical forests.<SUP>38</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">The Canadian boreal&#8217;s critical capacity to store carbon and preserve
biodiversity is threatened, in part because Canada experiences the third highest rate of intact forest loss globally, behind only Brazil
and Russia.<SUP>39</SUP> Demand for wood products is a leading driver of Canadian forest clearance and releases tens of millions of
metric tons of carbon annually.<SUP>40</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">Home Depot does not address Canadian boreal forest sourcing in its
policies and does not require FSC certification for wood sourced from this at-risk region, meaning it has no standards to ensure the Company
is not sourcing from primary forests, the habitat of threatened species, or in violation of internationally recognized Indigenous rights.
Greater disclosure and strengthened policies are therefore also needed to assess and mitigate Home Depot&#8217;s Canadian wood sourcing.</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>2.</B></TD><TD><B>COMPETITIVE RISK &#8211; HOME DEPOT&#8217;S FOREST COMMITMENTS LAG THOSE OF COMPETITORS</B></TD></TR></TABLE>

<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">Home Depot acknowledges in its 10-K that the home improvement industry
is &#8220;highly competitive, very fragmented, and evolving.&#8221;<SUP>41</SUP> Further, the Company notes that failure to &#8220;respond
to changing consumer preferences, expectations and home improvement needs could adversely affect our relationship with customers, the
demand for our products and services, and our market share.&#8221;<SUP>42</SUP></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>Home Depot lags in adopting wood sourcing policies and disclosures
that would help mitigate the Company&#8217;s exposure to forest-related risks. Home Depot&#8217;s competitors have developed such policies
and are in the process of implementing them. </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">Lowe&#8217;s is Home Depot&#8217;s largest competitor in the home improvement
retail space.<SUP>43</SUP> Green Century withdrew a similar shareholder proposal filed with Lowe&#8217;s this year after Lowe&#8217;s
agreed to produce a similar report to that requested in this proposal. Lowe&#8217;s committed to issue a report in 2022 on accelerated
efforts to eliminate deforestation and the degradation of primary forests in its supply chains.<SUP>44</SUP> Lowe&#8217;s will:</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">&#9679;</TD><TD>Disclose the impact of its sourcing on primary forests.</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: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>Develop a strategy to mitigate climate, biodiversity and human rights risks associated with its wood sourcing.</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: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>Report on how it is operationalizing its Wood Sourcing Policy, which includes pledges to avoid high conservation value forests and
wood from the habitat of threatened species.<SUP>45</SUP></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: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>Evaluate an end to sourcing from primary forests and a requirement that suppliers obtain Free, Prior, and Informed Consent (FPIC)
from indigenous communities.<SUP>46</SUP></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">Lowe&#8217;s already led Home Depot in disclosing and adopting policies
to mitigate forest risk. Lowe&#8217;s has:</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">&#9679;</TD><TD>Published in-depth forest risk disclosures through CDP Forests reports since 2017.<SUP>47</SUP></TD></TR></TABLE>

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

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<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 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">&#9679;</TD><TD>Committed to achieving 100 percent certification or controlled sourcing of wood products by 2025.</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: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>Committed to achieving Forest Stewardship Council certification for wood products sourced from a more extensive list of regions at
risk.</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: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>Committed to sourcing wood that &#8220;does not come from deforestation or other ecosystem conversion.&#8221;<SUP>48</SUP></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">The forest risk disclosure Lowe&#8217;s provides through CDP gives
investors insight into its exposure to geographies at risk and gaps in necessary sustainability certifications. Lowe&#8217;s is now taking
steps to increase its efforts to address these risks. Home Depot not only lacks these crucial disclosures, but it also has weaker policies
in place to mitigate risk. This may result in competitive disadvantage due to failure to meet consumer preferences for deforestation-
and degradation-free products.</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>REPUTATIONAL AND RELATED FINANCIAL RISK</B></TD></TR></TABLE>

<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">Public awareness campaigns are bringing more consumer and investor
attention to the environmental and social problems associated with deforestation and primary forest degradation, as well as lagging corporate
action on this issue. Home Depot&#8217;s 2021 10-K notes that &#8220;Customer preferences and expectations related to sustainability of
products and operations are also increasing&#8221; and that &#8220;we may lose market share with respect to those customers.&#8221;<SUP>49</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"><B>Consumers are increasingly concerned about sustainability, expecting
companies to act, and are shifting their purchasing practices accordingly.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></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">&#9679;</TD><TD>Consumer research from GlobeScan in 2021 found that over 80 percent of consumers expect companies to ensure their wood and paper products
do not contribute to deforestation, 86 percent attempt to avoid products that harm biodiversity, and roughly 70% attempt to buy products
that do not contribute to climate change.<SUP>50</SUP></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: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>According to a 2020 Capgemini study, 79% of consumer products and retail consumers are changing their purchasing preferences based
on sustainability.<SUP>51</SUP></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">Deforestation-related reputational risks can have a material impact
on a company&#8217;s value.<SUP>52</SUP> In its 2021 10-K, Home Depot acknowledges reputational damage could materially impact company
finances, and notes that the Company&#8217;s position on environmental issues &#8220;could harm our reputation.&#8221;&#8203;<SUP>53</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"><B>Home Depot&#8217;s lagging forest policies may lead to negative
attention from media and NGOs, which may impair brand reputation.</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">&#9679;</TD><TD>Home Depot received a 21% score on the 2021 Forest 500 rating from Global Canopy, ranking 47th out of the 60 US companies assessed,
behind competitors like Walmart and Lowe&#8217;s.<SUP>54</SUP></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: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>Home Depot has previously been targeted by influential NGOs including Greenpeace,<SUP>55</SUP> Rainforest Action Network,<SUP>56</SUP>
Environment America<SUP>57</SUP> and others in campaigns focused on the environmental impacts of its wood sourcing. A proactive response
to this proposal could mitigate the risk of future campaigning and negative media attention.</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">Home Depot could mitigate these reputational risks by aligning with
competitors in disclosing and adopting policies to address supply chain forest impacts.</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>4.</B></TD><TD><B>REGULATORY RISK</B></TD></TR></TABLE>

<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">Home Depot&#8217;s lagging commitments may not align with the standards
of pending state and federal deforestation-related procurement legislation, which may impact Home Depot&#8217;s business with government
customers. Home Depot has a dedicated government solutions team and offers a set of services for government customers at both the federal
and state level.<SUP>58</SUP></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"></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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">The pending <B>New York Deforestation-Free Procurement Act</B> would require
that &#8220;companies contracting with the state do not contribute to tropical or boreal intact forest degradation or deforestation directly
or through their supply chains.&#8221;<SUP>59</SUP></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: 0.75in"></TD><TD STYLE="width: 0.25in">o</TD><TD>Home Depot&#8217;s current policies lack protections against &#8220;intact forest degradation,&#8221; so the Company may not be prepared
to comply with this regulation.</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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">The pending <B>California Deforestation-Free Procurement Act</B> would require
that companies &#8220;contracting with a state agency for the procurement of products comprised wholly or in part of forest-risk commodities
to certify that the commodities were not grown, derived, harvested, reared, or produced on land where tropical deforestation occurred
on or after January 1, 2022.&#8221;<SUP>60</SUP> Further, the legislation would require these contractors to have a publicly available
No Deforestation, No Peat, No Exploitation policy.<SUP>61</SUP></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: 0.75in"></TD><TD STYLE="width: 0.25in">o</TD><TD>Home Depot currently lacks the policies and disclosures specified in the proposed legislation.</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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">The pending <B>FOREST Act of 2021</B>, cosponsored by a bipartisan group
of members of congress, includes a federal &#8220;procurement preference for commodities not produced from land subject to deforestation.&#8221;<SUP>62</SUP>
The preference would reduce the bid price by 10 percent for any contracts involving forest risk commodities, including wood pulp, if the
contractor has a best practice no-deforestation policy. </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: 0.75in"></TD><TD STYLE="width: 0.25in">o</TD><TD>Home Depot&#8217;s policies do not appear to meet the standards outlined, so the Company may not qualify for the procurement preference.<SUP>63</SUP></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">If Home Depot does not adopt the policies and disclosures outlined
in these proposed regulations, the Company may lose out on procurement contracts with the largest and third largest states by GDP and
may miss out on procurement preference for federal government contracts.</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>CONCLUSION</B></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">Deforestation and primary forest degradation are leading contributors
to climate change and ecological disruptions, posing material risk to Home Depot&#8217;s operations and supply chains. The Company&#8217;s
current forest policies do not adequately protect Home Depot or its investors from the risks associated with deforestation and primary
forest degradation or from the reputational risks from being associated with those practices. As consumer preferences shift to products
with high sustainability standards and NGO campaigns continue to target companies with insufficient forest policies, Home Depot risks
reputational damage to its brand and loss of market share if it fails to strengthen efforts to manage exposure to deforestation and forest
degradation in its supply chain. Further, Home Depot may lose out on government procurement contracts if it fails to adopt deforestation
policies aligned with pending legislation at the state and federal level.</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>Shareholders are urged to vote FOR the proposal asking Home Depot
to increase efforts to eliminate deforestation and primary forest degradation from its supply chains.</B></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"><I>For questions regarding this proposal, please contact Thomas Peterson,
Green Century Capital Management, tpeterson@greencentury.com</I>.</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; border: black 1pt solid"><B>This is not a solicitation
of authority to vote your proxy. Please DO NOT send us your proxy card; Green Century Balanced Fund is not able to vote your proxies,
nor does this communication contemplate such an event. Green Century Balanced Fund urges shareholders to vote for Item Number 9 following
the instructions provided on the management&#8217;s proxy mailing.</B></P>

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

<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>1</SUP> <FONT STYLE="color: #1155CC">https://corporate.homedepot.com/sites/default/files/Wood%20Purchasing%20Policy%20September%202021.pdf</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>2</SUP> <FONT STYLE="color: #1155CC">https://ourworldindata.org/what-are-drivers-deforestation</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>3</SUP> <FONT STYLE="color: #1155CC">https://www.forestcarbonpartnership.org/sites/fcp/files/DriversOfDeforestation.pdf_N_S.pdf</FONT>
pg. 9.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>4</SUP> <FONT STYLE="color: #1155CC">https://www.forestcarbonpartnership.org/what-redd</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>5</SUP> <FONT STYLE="color: #1155CC">https://www.unpri.org/sustainability-issues/climate-change/inevitable-policy-response#:~:text=The%20Inevitable%20Policy%20Response%20</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>6</SUP> <FONT STYLE="color: #1155CC">https://www.unpri.org/inevitable-policy-response/the-inevitable-policy-response-2021-forecast-policy-scenario-and-15c-required-policy-scenario/8726.article</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"></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>7</SUP> <FONT STYLE="color: #1155CC">https://www.iucn.org/resources/issues-briefs/deforestation-and-forest-degradation</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>8</SUP> &#8220;Also included as primary, are forests that are
used inconsequentially by indigenous and local communities living traditional lifestyles relevant for the conservation and sustainable
use of biological diversity.&#8221; <FONT STYLE="color: #1155CC">https://www.cbd.int/forest/definitions.shtml</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>9</SUP> <FONT STYLE="color: #1155CC">https://www.iucn.org/crossroads-blog/202003/primary-forests-a-priority-nature-based-solution</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>10</SUP> <FONT STYLE="color: #1155CC">https://corporate.homedepot.com/sites/default/files/Wood%20Purchasing%20Policy%20September%202021.pdf</FONT>
pg. 3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>11</SUP> <FONT STYLE="color: #1155CC">https://ir.homedepot.com/~/media/Files/H/HomeDepot-IR/2022/2021_AnnualReport_IR_Site_FINAL.pdf</FONT>
pg. 14</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>12</SUP> Ibid, pg. 16</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>13</SUP> Ibid, pg. 11</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>14</SUP> Ibid, pg. 10</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>15</SUP> Ibid, pg. 16</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>16</SUP> Ibid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>17</SUP> <FONT STYLE="color: #1155CC">https://www.loweslink.com/llmain/pubdocuments/CDP_2021_Forests.pdf</FONT>
pg. 11</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>18</SUP> Ibid, pg. 11-12.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>19</SUP> <FONT STYLE="color: #1155CC">https://www.theatlantic.com/science/archive/2022/01/why-climate-change-pushing-lumber-prices/621288/</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>20</SUP> <FONT STYLE="color: #1155CC">https://corporate.homedepot.com/sites/default/files/Wood%20Purchasing%20Policy%20September%202021.pdf</FONT>
pg. 3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>21</SUP> <FONT STYLE="color: #1155CC">https://corporate.homedepot.com/sites/default/files/Sustainable%20Forestry%20FAQs%20Feb%202022.pdf</FONT>
pg. 3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>22</SUP> <FONT STYLE="color: #1155CC">https://corporate.lowes.com/our-responsibilities/corporate-responsibility-reports-policies/lowes-wood-policy</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>23</SUP> <FONT STYLE="color: #1155CC">https://corporate.homedepot.com/responsibility/products</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>24</SUP> <FONT STYLE="color: #1155CC">https://corporate.homedepot.com/sites/default/files/Sustainable%20Forestry%20FAQs%20Feb%202022.pdf</FONT>
pg. 3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>25</SUP> <FONT STYLE="color: #1155CC">https://iba.org/datafiles/publicacoes/relatorios/relatorioiba2021-compactado.pdf</FONT>
pg. 129</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>26</SUP> <FONT STYLE="color: #1155CC">https://news.mongabay.com/2021/02/whats-at-stake-is-the-life-of-every-being-saving-the-brazilian-cerrado/</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>27</SUP> <FONT STYLE="color: #1155CC">https://chainreactionresearch.com/report/cerrado-deforestation-disrupts-water-systems-poses-business-risks-for-soy-producers/</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>28</SUP> <FONT STYLE="color: #1155CC">https://journals.plos.org/plosone/article?id=10.1371/journal.pone.0241637#:~:text=Cerrado%20soils%20contain%20about%2034,%2Dpoor%20soils%20%5B29%5D</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>29</SUP> <FONT STYLE="color: #1155CC">https://www.worldwildlife.org/places/cerrado</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>30</SUP> <FONT STYLE="color: #1155CC">https://news.mongabay.com/2022/01/as-its-end-looms-cerrado-tracker-records-6-year-deforestation-high/</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>31</SUP> <FONT STYLE="color: #1155CC">https://climate-diplomacy.org/magazine/environment/deforestation-brazil-its-not-just-amazon#:~:text=Another%20culprit%20is%20the%20production,exceeded%20that%20of%20the%20Amazon</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>32</SUP> <FONT STYLE="color: #1155CC">https://www.researchgate.net/publication/334730728_Ecological_and_social_impacts_of_eucalyptus_tree_plantation_on_the_environment</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>33</SUP> <FONT STYLE="color: #1155CC">https://www.theguardian.com/environment/2011/sep/26/monoculture-forests-africa-south-america</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>34</SUP> <FONT STYLE="color: #1155CC">https://corporate.homedepot.com/sites/default/files/Sustainable%20Forestry%20FAQs%20Feb%202022.pdf</FONT>
pg. 3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>35</SUP> <FONT STYLE="color: #1155CC">https://environmentamerica.org/blogs/environment-america-blog/ame/tell-home-depot-protect-boreal-forest</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>36</SUP> <FONT STYLE="color: #1155CC">https://corporate.homedepot.com/sites/default/files/Sustainable%20Forestry%20FAQs%20Feb%202022.pdf</FONT>
pg. 2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>37</SUP> <FONT STYLE="color: #1155CC">https://www.natureunited.ca/what-we-do/our-priorities/innovating-for-climate-change/primer-on-forest-carbon-in-canada-s-boreal-forest/</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>38</SUP> <FONT STYLE="color: #1155CC">https://www.pewtrusts.org/en/research-and-analysis/articles/2015/03/19/fast-facts-canadas-boreal-forest</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>39</SUP> <FONT STYLE="color: #1155CC">https://naturecanada.ca/wp-content/uploads/2021/10/Missing-the-Forest.pdf</FONT>
pg. 6</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>40</SUP> Ibid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>41</SUP> <FONT STYLE="color: #1155CC">https://ir.homedepot.com/~/media/Files/H/HomeDepot-IR/2022/2021_AnnualReport_IR_Site_FINAL.pdf</FONT>
pg. 3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>42</SUP> Ibid, pg. 11</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>43</SUP> <FONT STYLE="color: #1155CC">https://www.marketwatch.com/story/home-depot-and-lowes-have-30-share-of-a-home-improvement-market-thats-heading-toward-1-trillion-11623254029</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>44</SUP> <FONT STYLE="color: #1155CC">https://www.greencentury.com/lowes-commits-to-comprehensive-reporting-of-its-forest-footprint-will-also-explore-elimination-of-sourcing-from-primary-forests/</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>45</SUP> <FONT STYLE="color: #1155CC">https://corporate.lowes.com/our-responsibilities/corporate-responsibility-reports-policies/lowes-wood-policy</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>46</SUP> Ibid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>47</SUP> <FONT STYLE="color: #1155CC">https://www.cdp.net/en/responses/11017?back_to=https%3A%2F%2Fwww.cdp.net%2Fen%2Fresponses%3Fpage%3D15%26per_page%3Dall%26sort_by%3Dresponse_status%26sort_dir%3Dasc&amp;per_page=10&amp;sort_by=program_name&amp;sort_dir=asc</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>48</SUP> <FONT STYLE="color: #1155CC">https://corporate.lowes.com/our-responsibilities/corporate-responsibility-reports-policies/lowes-wood-policy</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>49</SUP> Ibid, pg. 10</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>50</SUP> <FONT STYLE="color: #1155CC">https://globescan.com/2021/10/21/consumer-research-reveals-escalating-concerns-about-climate-change-forest-biodiversity/</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>51</SUP> <FONT STYLE="color: #0563C1">https://www.capgemini.com/wp-content/uploads/2020/07/20-06_9880_Sustainability-in-CPR_Final_Web-1.pdf</FONT>
pg. 2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>52</SUP> <FONT STYLE="color: #1155CC">https://chainreactionresearch.com/wp-content/uploads/2019/05/Reputation-Risk-and-FMCGs.pdf</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>53</SUP> <FONT STYLE="color: #1155CC">https://ir.homedepot.com/~/media/Files/H/HomeDepot-IR/2022/2021_AnnualReport_IR_Site_FINAL.pdf</FONT>
pg. 11</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>54</SUP> <FONT STYLE="color: #1155CC">https://forest500.org/rankings/companies/home-depot</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>55</SUP> <FONT STYLE="color: #1155CC">https://www.greenpeace.org/usa/news/greenpeace-protests-home-depot/</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>56</SUP> <FONT STYLE="color: #1155CC">https://www.ran.org/the-understory/ran30_30_years_of_preserving_rainforests/</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>57</SUP> <FONT STYLE="color: #1155CC">https://environmentamerica.org/blogs/environment-america-blog/ame/tell-home-depot-protect-boreal-forest</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>58</SUP> https://www.homedepot.com/c/Government_Customers</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>59</SUP> https://www.nysenate.gov/legislation/bills/2021/s5921</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>60</SUP> https://leginfo.legislature.ca.gov/faces/billTextClient.xhtml?bill_id=202120220AB416</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>61</SUP> Ibid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>62</SUP> https://www.congress.gov/bill/117th-congress/senate-bill/2950/text?r=4&amp;s=2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>63</SUP> Ibid.</P>



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