<SEC-DOCUMENT>0001214659-25-005556.txt : 20250408
<SEC-HEADER>0001214659-25-005556.hdr.sgml : 20250408
<ACCEPTANCE-DATETIME>20250408113335
ACCESSION NUMBER:		0001214659-25-005556
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250408
DATE AS OF CHANGE:		20250408
EFFECTIVENESS DATE:		20250408

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			VERIZON COMMUNICATIONS INC
		CENTRAL INDEX KEY:			0000732712
		STANDARD INDUSTRIAL CLASSIFICATION:	TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813]
		ORGANIZATION NAME:           	06 Technology
		EIN:				232259884
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08606
		FILM NUMBER:		25820777

	BUSINESS ADDRESS:	
		STREET 1:		1095 AVENUE OF THE AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036
		BUSINESS PHONE:		212-395-1000

	MAIL ADDRESS:	
		STREET 1:		1095 AVENUE OF THE AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BELL ATLANTIC CORP
		DATE OF NAME CHANGE:	19920703

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TRILLIUM ASSET MANAGEMENT, LLC
		CENTRAL INDEX KEY:			0000884541
		ORGANIZATION NAME:           	
		EIN:				042549211
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		1 CONGRESS STREET, SUITE 3101
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02114
		BUSINESS PHONE:		617-423-6655

	MAIL ADDRESS:	
		STREET 1:		1 CONGRESS STREET, SUITE 3101
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02114

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TRILLIUM ASSET MANAGEMENT CORP
		DATE OF NAME CHANGE:	20000519

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FRANKLIN RESEARCH & DEVELOPMENT CORP
		DATE OF NAME CHANGE:	19990326
</SEC-HEADER>
<DOCUMENT>
<TYPE>PX14A6G
<SEQUENCE>1
<FILENAME>p48250px14a6g.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 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; text-align: center"><B>Notice of Exempt Solicitation Pursuant to Rule
14a-103</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; text-align: center">&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: center"><B>Name of the Registrant: </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; text-align: center">Verizon Communications Inc.</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: center">&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: center"><B>Name of persons relying on exemption: </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; text-align: center">Trillium Asset Management, LLC</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: center">&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: center"><B>Address of persons relying on exemption: </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; text-align: center">One Congress Street, Suite 3101, Boston, MA 02114</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: center">&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: center">The attached written materials are submitted pursuant
to Rule 14a-6(g) (1) promulgated under the Securities Exchange Act of 1934.</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>&nbsp;</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; text-align: center"><B>&nbsp;</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; text-align: center"><B>&nbsp;</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; text-align: center"><B>&nbsp;</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; text-align: center"><B>This is NOT a solicitation of authority to vote
your proxy. </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; text-align: center"><B>Please DO NOT send us your proxy card as it
will not be accepted.</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>

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

<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; text-align: center"><B>Verizon Communications Inc.<BR>
Vote FOR Proposal 4</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Shareholder
proposal requesting report on lobbying alignment on Verizon Communications Inc.&rsquo;s climate goals</B></FONT><BR>
<BR>
</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 Verizon Communications Inc. 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">Trillium Asset Management, LLC urges you<SUP>1</SUP> to vote FOR Proposal
4, &ldquo;Shareholder proposal requesting report on lobbying alignment with Verizon Communications Inc.&rsquo;s climate goals&rdquo; (the
&ldquo;Proposal&rdquo;) at <B>Verizon Communications Inc.&rsquo;s </B>(&ldquo;Verizon&rdquo; or &ldquo;the Company&rdquo;) annual meeting
of shareholders on May 22, 2025. The Proposal seeks a report on the alignment between Verizon&rsquo;s lobbying and policy influence activities
and its commitment to achieve its near-term science-based target by 2030 and net zero operational greenhouse gas (GHG) emissions by 2035.</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 Proposal</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 0pt 0.5in; background-color: white"><FONT STYLE="background-color: white"><B>RESOLVED:</B>&nbsp;</FONT><FONT STYLE="color: #2A2A2A">Shareholders
request the Board of Directors analyze and report to shareholders annually (at reasonable cost and omitting confidential information)
on whether and how Verizon is aligning its lobbying and policy influence activities and positions, both direct and indirect (through trade
associations, coalitions, alliances, and other organizations) with its climate targets and commitments, including the activities and positions
analyzed, the criteria used to assess alignment, and involvement of stakeholders, if any, in its analytical process.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white; color: #2A2A2A">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white; color: #2A2A2A">In evaluating the
degree of alignment between its decarbonization goals and its lobbying, Verizon should consider not only its policy positions and those
of organizations of which it is a member but also the actual lobbying activities, such as legislative comment submissions.</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 0.5in; color: #2A2A2A">The proponent believes this request is consistent
with investor expectations described in the <I>Global Standard on Responsible Climate Lobbying</I>,<SUP>2</SUP> a valuable resource for
implementation.&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">&nbsp;</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"><SUP>1</SUP> This communication is an exempt proxy solicitation <FONT STYLE="color: #1A1A1A">submitted
pursuant to Rule 14a-6(g)(1) promulgated under the Securities Exchange Act of 1934. </FONT>This is not a solicitation of authority to
vote your proxy and Trillium Asset Management, LLC will not accept proxies if sent. Trillium Asset Management, LLC urges shareholders
to vote for the proposal discussed in this communication following the instructions provided on the management&rsquo;s proxy mailing.
The cost of this communication is being borne entirely by Trillium Asset Management, LLC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>2</SUP></FONT> h<FONT STYLE="font-size: 10pt">ttps://climate-lobbying.com/wp-content/uploads/2022/03/2022_global-standard-responsible-climate-lobbying_APPENDIX.pdf</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&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: center; background-color: white">We are not asking for
authority to vote your proxy and no proxy cards will be accepted. Please vote your proxy according to the instructions in Verizon Communications
Inc.&rsquo;s proxy statement.</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>

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

<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"><B>Rationale for a FOR 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">a.</TD><TD>Responding to the threat of climate risk, Verizon has set a near-term science-based target to reduce 53% of its greenhouse gas (GHG)
emissions by 2030 and cut value chain emissions by 40% by 2035.<SUP>3</SUP> It has also committed to set a net zero emissions reduction
target for 2050. <B>Achieving the Company&rsquo;s goals may hinge on the adoption of strong climate policies and regulations, which the
Company may influence.</B></TD></TR></TABLE>

<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.</TD><TD><B>Verizon&rsquo;s lobbying and other public policy activities, especially those conducted indirectly through its trade associations,
do not appear to be fully aligned with reaching its emissions reduction targets including those set for its value chain partners.</B></TD></TR></TABLE>

<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">c.</TD><TD><B>Verizon&rsquo;s existing disclosures do not meet the request of the Proposal. </B>The Company does not disclose the alignment of
<FONT STYLE="color: #2A2A2A">its</FONT> direct and indirect <FONT STYLE="color: #2A2A2A">lobbying </FONT>and policy influence activities
with its climate public policy priorities or with achieving its emissions reduction targets. View Verizon&rsquo;s most recent Political
Engagement reports, which fail to deliver this critical information.<SUP>4,5</SUP></TD></TR></TABLE>

<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">d.</TD><TD>By fulfilling the Proposal's request and evaluating its lobbying and influence activities, <B>Verizon could demonstrate a consistent
lobbying strategy and align its climate policy advocacy across the markets and regions in which it operates. </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><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">e.</TD><TD><B>Other companies are now releasing reports analyzing the alignment between their lobbying and public policy advocacy activities
and their climate public policy priorities</B>. Leading companies have issued reports including Unilever,<SUP>6</SUP> IKEA,<SUP>7</SUP>
Enel,<SUP>8</SUP> EDF,<SUP>9</SUP> Nestl&eacute;,<SUP>10</SUP> Danone,<SUP>11</SUP> Fortescue,<SUP>12</SUP> and GM.<SUP>13</SUP></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">&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>3</SUP> https://www.verizon.com/about/sites/default/files/Verizon-2023-ESG-Report.pdf.
Pg 41.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>4</SUP></FONT> h<FONT STYLE="font-size: 10pt">ttps://www.verizon.com/about/sites/default/files/2024-midyear-Political-Engagement-Report.pdf</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>5</SUP></FONT> h<FONT STYLE="font-size: 10pt">ttps://www.verizon.com/about/sites/default/files/2023-Political-Engagement-Report.pdf</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>6</SUP></FONT> h<FONT STYLE="font-size: 10pt">ttps://www.unilever.com/files/unilever-climate-policy-engagement-review.pdf</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>7</SUP></FONT> h<FONT STYLE="font-size: 10pt">ttps://www.ingka.com/wp-content/uploads/2024/02/Ingka-Group-industry-association-climate-position-review-2023.pdf</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>8</SUP></FONT> h<FONT STYLE="font-size: 10pt">ttps://www.enel.com/content/dam/enel-com/documenti/investitori/sostenibilita/2023/enel-engagement-associations-involved-climate-policy-advocacy-2023.pdf</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>9</SUP> https://www.edf.fr/sites/groupe/files/2024-06/edfgroup_climate-policy-engagement-review2023_20240605_va.pdf#page=9.73</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>10</SUP></FONT> h<FONT STYLE="font-size: 10pt">ttps://www.nestle.com/sites/default/files/2022-05/nestle-climate-advocacy-report-2022.pdf</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>11</SUP></FONT> h<FONT STYLE="font-size: 10pt">ttps://www.danone.com/content/dam/corp/global/danonecom/about-us-impact/policies-and-commitments/en/unique-link/danone-climate-advocacy-position.pdf</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>12</SUP></FONT> h<FONT STYLE="font-size: 10pt">ttps://cdn.fortescue.com/docs/default-source/corporate-governance/industry-association-reportd67d8852-b0f5-4d87-92bb-f07ae971fe99.pdf</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>13</SUP> https://investor.gm.com/static-files/f1d52599-8aa1-4c33-a4c4-ca0b73fc7adc#page=22.57</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: center; background-color: white">We are not asking for
authority to vote your proxy and no proxy cards will be accepted. Please vote your proxy according to the instructions in Verizon Communications
Inc.&rsquo;s proxy statement.</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>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 8pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 8pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right; width: 100%"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence -->&nbsp;</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<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">To summarize our rationale, we believe the analysis and disclosure
requested by the Proposal will:</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">1)</TD><TD>Provide additional information to investors allowing them to assess whether Verizon&rsquo;s policy influence activities bolster its
business strategies and plans to meet its climate goals.</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">2)</TD><TD>Enhance long-term shareholder value by supporting a policy environment that advances climate risk mitigation.</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">3)</TD><TD>Convey the full suite of Verizon&rsquo;s climate policy priorities to decision makers and regulators.</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">Please note: The Proposal does not require Verizon to suspend its membership
in trade associations or limit its direct lobbying activities. Rather, it serves to identify lobbying activities that may or may not align
with fulfilling the Company&rsquo;s climate risk mitigation strategies.</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>Analysis</B>&nbsp;</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: 0.5in">I.</TD><TD><B>Verizon&rsquo;s ability to achieve its climate goals may hinge on the adoption of strong climate policies and regulations, which
it may influence.</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">The short- and long-term acute and chronic physical threats posed by
climate change are well documented.<SUP>14,15,16</SUP> Additionally, the United States Financial Stability Oversight Council,<SUP>17</SUP>
United States Federal Reserve,<SUP>18</SUP> European Central Bank,<SUP>19</SUP> and the United Nations<SUP>20</SUP> have each stated that
climate change poses systemic financial risk to the global economy.</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">Responding to this well-substantiated risk and the growing physical
threats to Verizon&rsquo;s operations from climate-induced extreme weather, the Company has set a near-term science-based greenhouse (GHG)
emissions reduction target with the Science Based Targets initiative (SBTi) which includes an absolute reduction of 53% by 2030 for its
operational GHG emissions and of 40% by 2035 of its value chain GHG emissions.<SUP>21</SUP> It has also committed with SBTi to set a net
zero emissions reduction target for 2050 (or sooner). Verizon&rsquo;s ambition and the comprehensive nature of its targets appropriately
address a risk that the Company acknowledges could materially impact its financial returns.<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">&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>14</SUP></FONT> h<FONT STYLE="font-size: 10pt">ttps://www.ipcc.ch/site/assets/uploads/2018/03/WGIIAR5_SPM_Top_Level_Findings-1.pdf</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>15</SUP> https://science.nasa.gov/climate-change/effects/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>16</SUP></FONT> h<FONT STYLE="font-size: 10pt">ttps://www.who.int/news-room/fact-sheets/detail/climate-change-and-health</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>17</SUP> https://home.treasury.gov/system/files/261/FSOC-Climate-Report.pdf,
at 1-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>18</SUP></FONT> h<FONT STYLE="font-size: 10pt">ttps://www.federalreserve.gov/econres/notes/feds-notes/climate-change-and-financial-stability-20210319.html</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>19</SUP></FONT> h<FONT STYLE="font-size: 10pt">ttps://www.ecb.europa.eu/press/financial-stability-publications/macroprudential-bulletin/html/ecb.mpbu202206_2~1bec56088f.en.html</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>20</SUP> https://www.unepfi.org/wordpress/wp-content/uploads/2024/09/NZAOA_Urgent-CtA_final.pdf#page=3.10</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>21</SUP> https://www.verizon.com/about/sites/default/files/Verizon-2023-ESG-Report.pdf.
Pg 41.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>22</SUP></FONT> h<FONT STYLE="font-size: 10pt">ttps://www.sec.gov/ix?doc=/Archives/edgar/data/0000732712/000073271225000006/vz-20241231.htm</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&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: center; background-color: white">We are not asking for
authority to vote your proxy and no proxy cards will be accepted. Please vote your proxy according to the instructions in Verizon Communications
Inc.&rsquo;s proxy statement.</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>

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 8pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 8pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right; width: 100%"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence -->&nbsp;</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<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">To meet its targets, Verizon has outlined a number of emissions reduction
strategies. For example, it is implementing energy efficiency measures at its data centers, communications network, and buildings,<SUP>23</SUP>
and it intends to source renewable energy for 50% of its electricity usage by the end of 2025 and 100% by 2030.<SUP>24</SUP> Additionally,
it is considering ways to reduce the fuel consumption of its large vehicle fleet and transition to electric vehicles (EVs).<SUP>25</SUP>
Emphasizing the importance of decarbonizing its fleet, Verizon has emphasized that &ldquo;[Our] green fleet will play a pivotal role in
achieving our sustainability goals, aiming to achieve a 53% reduction in our operational emissions by 2030 and operational net-zero emissions
by 2035.&rdquo;<SUP>26</SUP> However, with recent political headwinds in the U.S. against EV and low-carbon transport policies and tax
incentives, it is important for Verizon to communicate its policy engagement strategy, and the alignment of that strategy with its operational
carbon pollution goals.</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">Verizon is also in the process of identifying areas of its supply chain
that are associated with heavy GHG emissions and is pressing those key suppliers to commit to and set science-based GHG emissions reduction
targets aligned with a 1.5&deg;C scenario, as supported by the SBTi.</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">To fund its work, Verizon has issued six green bonds since 2019 totaling
approximately $6 billion and used the net proceeds to finance new renewable energy projects, i.e. wind and solar, and green buildings.<SUP>27</SUP>
<U>However, without robust and effective climate public policies, Verizon may not realize the full benefit of its investments or decarbonize
its supply chain as intended. </U></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">This is because supportive climate policies at state,<SUP>28</SUP>
federal,<SUP>29,30</SUP> and international<SUP>31</SUP> levels have faced erratic political opposition since 2019, with recent policy
shifts showcasing a more challenging policy environment for operational decarbonization than previous years. Withdrawal from international
climate treaties, reversals of U.S. federal climate policy, threat of Congressional restrictions on clean energy funding, and under resourcing
of federal agencies that advise on climate risk may pose obstacles for achieving the Company&rsquo;s goals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</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"><SUP>23</SUP> Ibid. Pg 45.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>24</SUP> Ibid. Pg 45.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>25</SUP> Ibid. Pg 44.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>26</SUP> https://www.facilitiesdive.com/news/verizon-rolls-out-first-us-electric-vehicle-fleet-in-rhode-island-plans-fo/717098</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>27</SUP> https://www.verizon.com/about/sites/default/files/Verizon-green-bond-impact-report-february-2025.pdf#page=9.04</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>28</SUP> https://www.courthousenews.com/judge-dismisses-in-part-us-chamber-of-commerce-lawsuit-over-california-climate-laws/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>29</SUP></FONT> h<FONT STYLE="font-size: 10pt">ttps://www.npr.org/2025/02/01/nx-s1-5273496/trump-biden-climate-change-energy-fossil-fuels-paris-agreement</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>30</SUP></FONT> h<FONT STYLE="font-size: 10pt">ttps://www.nytimes.com/2025/01/20/climate/trump-paris-agreement-climate.html</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>31</SUP> https://www.esgdive.com/news/eu-omnibus-trims-csrd-csddd-reporting-requirements-timelines/741161/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&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: center; background-color: white">We are not asking for
authority to vote your proxy and no proxy cards will be accepted. Please vote your proxy according to the instructions in Verizon Communications
Inc.&rsquo;s proxy statement.</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>

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

<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">Given the many strategies Verizon intends to implement to reach its
climate targets, it may be vulnerable to some or many of these policy rollbacks, which may delay or even derail achieving its operational
and value chain carbon pollution targets.&nbsp;</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: 0.5in">II.</TD><TD><B>Verizon&rsquo;s lobbying and other public policy activities do not appear to be fully aligned with reaching its emissions reduction
targets including those set for its value chain partners.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">We believe Verizon has an important role to
play in advocating against abrupt climate policy reversals and for laws and regulations that facilitate the steady transition to a low-carbon
economy. However, Verizon&rsquo;s lobbying positions are either opaque or appear to be misaligned with its stated climate goals.<SUP>32</SUP>
As a result, the Company may be sending mixed signals to lawmakers and regulators about the funding, policy direction, policy consistency
and deep investment needed to reach its 2030/2035 and 2050 GHG emissions reduction targets.</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">As an example, Verizon has been largely silent in public on influential
climate-related legislation such as the Inflation Reduction Act (IRA), which directs significant investment, grants, and loans to advance
clean energy production,<SUP>33</SUP> electric vehicle battery manufacturing,<SUP>34</SUP> EV charging infrastructure,<SUP>35</SUP> and
low-carbon iron,<SUP>36</SUP> steel,<SUP>37</SUP> and cement manufacturing.<SUP>38</SUP> The Company may be relying on the decarbonization
of these industries to cut emissions from its value chain if it is to meet its 2035 emissions reduction target.</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 practical terms, achieving significant emissions reduction is not
public relations exercise. Both scientific and market data are quite clear about the implications to GDP, systemic risk, operational physical
risks, dislocation of services and employees, and disruption of business operations if both carbon-reduction policies and climate pollution
cuts are not achieved in time.<SUP>39,40,41 </SUP>Therefore, investors have a clear interest in Verizon&rsquo;s policy engagement strategy
both aligning with its carbon targets and being consistent with its direct and indirect policy actions&mdash;especially in challenging
policy environments.</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">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>32</SUP></FONT> h<FONT STYLE="font-size: 10pt">ttps://lobbymap.org/company/Verizon-Communications/projectlink/Verizon-Communications-In-Climate-Change</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>33</SUP></FONT> h<FONT STYLE="font-size: 10pt">ttps://www.epa.gov/green-power-markets/summary-inflation-reduction-act-provisions-related-renewable-energy</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>34</SUP></FONT> h<FONT STYLE="font-size: 10pt">ttps://www.era-environmental.com/blog/inflation-reduction-act-automotive-industry#:~:text=100-,The%20Impact%20of%20the%20IRA%20on%20the%20US%20Automotive%20Industry,that%20the%20IRA%20has%20spurred</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>35</SUP></FONT> h<FONT STYLE="font-size: 10pt">ttps://www.irs.gov/credits-deductions/alternative-fuel-vehicle-refueling-property-credit</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>36</SUP></FONT> h<FONT STYLE="font-size: 10pt">ttps://www.wvxu.org/2024-03-25/cleveland-cliffs-to-get-575m-to-decarbonize-middletown-steel-mill</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>37</SUP></FONT> h<FONT STYLE="font-size: 10pt">ttps://www.recyclingproductnews.com/article/41554/how-the-inflation-reduction-act-provides-a-competitive-edge-for-us-steelmakers</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>38</SUP> https://www.americanprogress.org/article/cement-and-concrete-companies-leading-the-net-zero-transition/#:~:text=30-,Public%20procurement,for%20federally%20funded%20construction%20projects.&amp;text=Combined%2C%20these%20efforts%20led%20to,materials%20in%20state%2Dfunded%20projects</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>39</SUP> https://www.ngfs.net/system/files/import/ngfs/medias/documents/ngfs_acute_physical_impacts_from_climate_change_and_monetary_policy.pdf#page=6.99</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>40</SUP></FONT> h<FONT STYLE="font-size: 10pt">ttps://www.nber.org/system/files/working_papers/w32450/w32450.pdf</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>41</SUP> https://www.nature.com/articles/s41586-024-07219-0</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">&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: center; background-color: white">We are not asking for
authority to vote your proxy and no proxy cards will be accepted. Please vote your proxy according to the instructions in Verizon Communications
Inc.&rsquo;s proxy statement.</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>

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

<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">Unfortunately, the current U.S. administration&rsquo;s shift on climate
policy may put the IRA&rsquo;s funding for low-carbon programs and technologies at risk of repeal or significant downsizing.<SUP>42,43</SUP>
How and where the loss of IRA funding could affect Verizon&rsquo;s achieving its climate goals is unclear, and the Company has not communicated
to investors whether it is advocating to maintain the carbon pollution-reducing aspects of the law.</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">Equally unclear is whether Verizon is taking an active role in protecting
clean vehicle laws in California and other states that have been working to transition to zero-emission heavy-duty trucks and light-duty
vehicles. As outlined in its 2023 sustainability report, the Company is pursuing strategies to decarbonize its fleet but reports challenges
in finding suitable EV models for its specific uses.</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">As referenced in its opposition statement, Verizon participates in
the NGO-led Corporate Electric Vehicle Alliance (CEVA). In 2023, Verizon signed a letter written by CEVA to the U.S. Environmental Protection
Agency advocating for stringent GHG emissions standards for heavy-duty vehicles. Recently, CEVA has pushed back on efforts to delay implementation
of the Advanced Clean Truck rule, which is designed to phase out diesel fuel use, in MA, NJ, NY, OR and WA. If Verizon is trying to protect
the rules, its actions are not evident, nor does it appear to be pressing its powerful trade associations to refrain from blocking funding
for EV development.</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 2020, Verizon voiced strong support for international action on
climate change when it pledged to &ldquo;implement decarbonization strategies in line with the Paris Agreement&rdquo;<SUP>44</SUP> and,
in 2021, the Company announced its science-based GHG emissions reduction targets, which it noted &ldquo;support the goals of the Paris
Agreement on Climate Change.&rdquo;<SUP>45</SUP> Yet, the United States is poised to pull out of the Paris Agreement by 2026, and it is
unclear whether Verizon will use its advocacy influence to sway the administration to stay in or whether it will pressure its trade associations
to support, or at least maintain a neutral stance, on this 195 country commitment.</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">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>42</SUP> https://www.brookings.edu/articles/what-will-happen-to-the-inflation-reduction-act-under-a-republican-trifecta/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>43</SUP></FONT> h<FONT STYLE="font-size: 10pt">ttps://www.nytimes.com/2025/02/10/climate/trump-clean-energy-republican-states.html</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>44</SUP></FONT> h<FONT STYLE="font-size: 10pt">ttps://www.verizon.com/about/news/verizon-amazon-global-optimism-climate-pledge</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>45</SUP></FONT> h<FONT STYLE="font-size: 10pt">ttps://www.verizon.com/about/news/verizon-environmental-initiatives-reduce-global-climate-impact</FONT></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">&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: center; background-color: white">We are not asking for
authority to vote your proxy and no proxy cards will be accepted. Please vote your proxy according to the instructions in Verizon Communications
Inc.&rsquo;s proxy statement.</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>

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

<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">By providing enhanced disclosure of its direct and indirect lobbying
efforts and the extent to which these efforts align with achieving its 2030/2035 and 2050 targets, Verizon could better inform investors
about how it is proactively managing the risks associated with a shifting policy environment and is using its influence to maintain existing
or to support new public policies consistent with its investments (such as its green bond issuances) and need for low-carbon energy, materials,
and equipment, along with clean energy vehicles.</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: 0.5in">III.</TD><TD><B>Verizon&rsquo;s existing disclosures do not meet the request of 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">In its opposition statement, Verizon highlights its status as a &ldquo;Trendsetter&rdquo;
in the CPA-Zicklin Index of Corporate Political Disclosure and Accountability. We applaud Verizon&rsquo;s participation in the Index,
which lays out parameters for disclosing recipients of political donations and governance oversight of direct and indirect lobbying activities.</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">However, Verizon&rsquo;s trendsetting disclosure practices, while admirable,
do not meet the request of the Proposal and can be considered a separate issue altogether. For example, applying a framework for political
engagement governance and disclosure, as suggested by the CPA-Zicklin Index, is not the same as disclosing the policy positions the Company
lobbied for. Without this information, investors are left to wonder whether Verizon is advocating for the full suite of laws and regulations,
including those facilitating reaching its climate goals, that are in its best interests and those of its 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">Further, U.S. companies like Verizon are already required to complete
Lobbying Disclosure Act (LDA) forms with the U.S. House of Representatives on a quarterly basis,<SUP>46</SUP> but those forms only require
the bills, regulations or issues discussed. They do <U>not</U> describe a company&rsquo;s position on those bills, policies or topics&mdash;again
leaving investors in the dark about whether Verizon&rsquo;s lobbying strategy is aligned with its statements of priorities or its business
plans.</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 addition, there is no indication in Verizon&rsquo;s 2023 full-year
and 2024 mid-year Political Engagement reports that advocating for supportive climate policy is a priority for the Company. <SUP>47,48</SUP>
Moreover, the reports do not analyze Verizon&rsquo;s policy advocacy, including its direct and indirect <FONT STYLE="color: #2A2A2A">lobbying
and influence activities, as requested by the Proposal.</FONT></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: 0.5in">IV.</TD><TD><B>By fulfilling the Proposal's request, Verizon could demonstrate a consistent lobbying strategy and align its climate policy advocacy
across the markets and regions in which it operates. </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">In its opposition statement, Verizon explains that it may not always
agree with all the positions of every organization it belongs to and that their &ldquo;viewpoints ... may not always reflect Verizon&rsquo;s
beliefs or priorities.&rdquo; The Company asserts that it regularly monitors its participation in advocacy organizations and when policy
disagreements arise, Verizon communicates &ldquo;[its] concerns through the senior executives that interact with these organizations.&rdquo;</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">_____________________________</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>47</SUP></FONT> h<FONT STYLE="font-size: 10pt">ttps://www.verizon.com/about/sites/default/files/2023-Political-Engagement-Report.pdf</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>48</SUP></FONT> h<FONT STYLE="font-size: 10pt">ttps://www.verizon.com/about/sites/default/files/2024-midyear-Political-Engagement-Report.pdf</FONT></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">&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: center; background-color: white">We are not asking for
authority to vote your proxy and no proxy cards will be accepted. Please vote your proxy according to the instructions in Verizon Communications
Inc.&rsquo;s proxy statement.</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>

<!-- Field: Page; Sequence: 8 -->
    <DIV STYLE="margin-top: 8pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 8pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right; width: 100%"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence -->&nbsp;</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<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">However, investors lack insight into the efficacy of these dialogues,
whether those actions are superficial or are authentic, or whether Verizon has set any bright-line positions on which it will not compromise.
Moreover, it is not clear under what circumstances Verizon would, if any, leave a member organization due to climate policy misalignment
or any other strategy misalignments.</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">It is also unclear whether and how the Company&rsquo;s lobbying or
other contributions to trade associations, 501(c)6 social welfare organizations, or similar policy entities work against the Company&rsquo;s
own goals. Beyond &ldquo;communicating [its] concerns,&rdquo; Verizon currently does not describe how it reconciles key policy engagement
differences with entities that it partners with on lobbying. Nor does the Company state that it withholds certain funds, fees or contributions
to policy partners like trade associations when fundamental disagreements on key policy issues arise.</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"><I><U>In addition, Verizon belongs to trade associations that have
reportedly engaged in lobbying and other policy influence activities that are not aligned with the Company&rsquo;s climate goals. For
example</U>: </I></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"><I>The National Association of Manufacturers (NAM) has a strong track record
of opposing robust decarbonization laws, such as the Build Back Better bill,<SUP>49</SUP> which would have imposed a Clean Energy Standard
designed to reduce emissions from the electric power sector by 80% by 2030, and the Inflation Reduction Act, which offers billions of
dollars of clean energy incentives.<SUP>50</SUP> It has opposed or tried to weaken regulations on energy efficiency standards, methane
pollution, automobile fuel efficiency, and electric power plant efficiency.<SUP>51</SUP> NAM earned an &lsquo;E&rsquo; grade from InfluenceMap,
a non-profit lobbying watch dog, for its regressive climate policy positions.</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><I>&nbsp;</I></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"><I>The Business Roundtable (BRT), of which Verizon CEO Hans Vestberg is a
member,<SUP>52</SUP> has also engaged in public policy advocacy opposing critical regulatory action on climate, earning it a &lsquo;D+&rsquo;
and &lsquo;E&rsquo; grade on climate policy and sustainable finance policy, respectively, from InfluenceMap.<SUP>53</SUP> It lobbied against
the Build Back Better<SUP>54</SUP> and the Inflation Reduction Acts.<SUP>55</SUP> It also opposed key provisions of the SEC&rsquo;s climate
disclosure rules,<SUP>56</SUP> arguing that climate disclosures &ldquo;will not solve the problem&rdquo; of climate change because it
involves &ldquo;complex issues that need to be solved through the legislative process,&rdquo;<SUP>57</SUP> even though it lobbies against
most of those policies, too.</I></FONT></TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I><SUP>49</SUP></I> https://popular.info/p/updates-the-corporate-campaign-to</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><I><SUP>50</SUP></I></FONT> h<FONT STYLE="font-size: 10pt">ttps://lobbymap.org/influencer/National-Association-of-Manufacturing-NAM/projectlink/National-Association-of-Manufacturers-NAM-In-Climate-Change</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><I><SUP>51</SUP></I></FONT> h<FONT STYLE="font-size: 10pt">ttps://lobbymap.org/influencer/National-Association-of-Manufacturing-NAM/projectlink/National-Association-of-Manufacturers-NAM-In-Climate-Change</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I><SUP>52</SUP></I> https://www.businessroundtable.org/about-us/members</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I><SUP>53</SUP></I> https://ca100.influencemap.org/site//data/000/037/BoA-Resolution-Briefing_Mar24.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I><SUP>54</SUP></I> https://popular.info/p/updates-the-corporate-campaign-to</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I><SUP>55</SUP></I> https://www.theguardian.com/environment/2022/aug/19/top-us-business-lobby-group-climate-action-business-roundtable</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I><SUP>56</SUP></I> https://www.theguardian.com/environment/2022/aug/19/top-us-business-lobby-group-climate-action-business-roundtable</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I><SUP>57</SUP></I> https://www.theguardian.com/environment/2022/aug/19/top-us-business-lobby-group-climate-action-business-roundtable</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">&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: center; background-color: white">We are not asking for
authority to vote your proxy and no proxy cards will be accepted. Please vote your proxy according to the instructions in Verizon Communications
Inc.&rsquo;s proxy statement.</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>

<!-- Field: Page; Sequence: 9 -->
    <DIV STYLE="margin-top: 8pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 8pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right; width: 100%"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence -->&nbsp;</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<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"><I>The California Chamber of Commerce (CalChamber) is described by InfluenceMap
as holding &ldquo;firmly negative positions on a number of different [state] climate policy strands,&rdquo; earning it an &lsquo;F&rsquo;
grade on climate policy engagement.<SUP>58</SUP> In 2023, CalChamber opposed a bill seeking to increase California&rsquo;s GHG reduction
target. It also opposed the Polluters Pay Climate Cost Recovery Act of 2024, which would have required heavy GHG emitters to contribute
to a state fund that would pay for projects that mitigate, repair, or adapt to negative climate change impacts. In 2024, it joined the
U.S. Chamber of Commerce in suing for repeal of two landmark California climate-related disclosure laws. <SUP>59</SUP></I></FONT></TD></TR></TABLE>

<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: 0.5in">V.</TD><TD><B>Companies are now releasing reports analyzing the alignment between their lobbying and public policy advocacy activities and their
climate public policy priorities</B>.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Investor guidance published by the Principles for Responsible Investment,<SUP>60</SUP>
Institutional Investors Group on Climate Change,<SUP>61</SUP> Investor Group on Climate Change,<SUP>62</SUP> Transition Plan Taskforce,<SUP>63</SUP>
and the Organisation for Economic Co-operation and Development<SUP>64</SUP> recommends that companies provide transparency on influence
activities related to climate change policy.</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 2022, a leading international investor group released the <I>Global
Standard on Responsible Corporate Climate Lobbying<SUP>65</SUP></I> which outlines best practices for corporate disclosure, and outlines
the importance of establishing annual corporate reviews of direct and indirect climate change lobbying activities across all geographies
as well as a clear framework for &ldquo;addressing misalignments between the climate change lobbying positions adopted by the associations,
alliances and coalitions of which it is a member and the goal of restricting global temperature rise to 1.5&deg;C above pre-industrial
levels.&rdquo;<SUP>66</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">&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>58</SUP></FONT> h<FONT STYLE="font-size: 10pt">ttps://lobbymap.org/influencer/California-Chamber-of-Commerce-5bd0824487d9cdacdc577e0af93089ed/projectlink/California-Chamber-of-Commerce-in-Climate-Change-ab503d99014220deae142d8e6e7b259d</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>59</SUP></FONT> h<FONT STYLE="font-size: 10pt">ttps://www.uschamber.com/climate-change/u-s-chamber-sues-california-over-climate-disclosure-laws</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>60</SUP> https://dwtyzx6upklss.cloudfront.net/Uploads/r/x/o/2025rf_overviewandstructureguide_585385.pdf#page=25</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>61</SUP> https://www.iigcc.org/hubfs/NZIF%202.0%20Report%20PDF.pdf#page=51</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>62</SUP> https://igcc.org.au/wp-content/uploads/2025/01/NZIF-Implementation-Guidance.pdf#page=81</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>63</SUP> https://www.ifrs.org/content/dam/ifrs/knowledge-hub/resources/tpt/disclosure-framework-oct-2023.pdf#page=29</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>64</SUP> https://legalinstruments.oecd.org/en/instruments/OECD-LEGAL-0379</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>65</SUP> www.climate-lobbying.comhttps://climate-lobbying.com/wp-content/uploads/2022/03/2022_global-standard-responsible-climate-lobbying_APPENDIX.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>66</SUP> Ibid.</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: center; background-color: white">We are not asking for
authority to vote your proxy and no proxy cards will be accepted. Please vote your proxy according to the instructions in Verizon Communications
Inc.&rsquo;s proxy statement.</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>

<!-- Field: Page; Sequence: 10 -->
    <DIV STYLE="margin-top: 8pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 8pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right; width: 100%"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence -->&nbsp;</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<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 We Mean Business Coalition and nonprofit investor network Ceres
(of which Trillium is a member) led a taskforce of NGOs and solicited input from over 60 companies to create The Responsible Policy Engagement
framework.&nbsp;The framework links robust climate policies to mitigating climate-related risks to businesses and the economy, noting
that strong government policies may ease costs and help avoid severe economic disruption related to the transition to a low-carbon economy.</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 World Business Council for Sustainable Development, which comprises
more than 240 leading organizations focused on achieving net zero emissions by 2050,<SUP>67</SUP> established a Positive Policy Engagement
Advisory Board that seeks to address the gap between corporate sustainability ambitions and the lobbying that might hinder them. U.S.
companies from Visa to Walmart are part of that effort.<SUP>68</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">Over 50 companies<SUP>69</SUP> have made climate lobbying alignment
disclosures. Leading reporters include Unilever,<SUP>70</SUP> IKEA,<SUP>71</SUP> Enel,<SUP>72</SUP> EDF,<SUP>73</SUP> Nestl&eacute;,<SUP>74</SUP>
Danone,<SUP>75</SUP> Fortescue,<SUP>76</SUP> and GM<SUP>77</SUP>. In their disclosures, these companies identify their policy priorities,
such as government targets to achieve 100% renewable energy sourcing, strong incentives to develop CCUS technologies, or expanded hydrogen
availability, as examples.</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">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>67</SUP> https://www.wbcsd.org/who-we-are/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>68</SUP> https://www.wbcsd.org/news/launching-of-the-positive-policy-engagement-advisory-board/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>69</SUP> https://ca100.influencemap.org/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>70</SUP></FONT> h<FONT STYLE="font-size: 10pt">ttps://www.unilever.com/files/unilever-climate-policy-engagement-review.pdf</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>71</SUP></FONT> h<FONT STYLE="font-size: 10pt">ttps://www.ingka.com/wp-content/uploads/2024/02/Ingka-Group-industry-association-climate-position-review-2023.pdf</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>72</SUP></FONT> h<FONT STYLE="font-size: 10pt">ttps://www.enel.com/content/dam/enel-com/documenti/investitori/sostenibilita/2023/enel-engagement-associations-involved-climate-policy-advocacy-2023.pdf</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>73</SUP> https://www.edf.fr/sites/groupe/files/2024-06/edfgroup_climate-policy-engagement-review2023_20240605_va.pdf#page=9.73</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>74</SUP></FONT> h<FONT STYLE="font-size: 10pt">ttps://www.nestle.com/sites/default/files/2022-05/nestle-climate-advocacy-report-2022.pdf</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>75</SUP></FONT> h<FONT STYLE="font-size: 10pt">ttps://www.danone.com/content/dam/corp/global/danonecom/about-us-impact/policies-and-commitments/en/unique-link/danone-climate-advocacy-position.pdf</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>76</SUP></FONT> h<FONT STYLE="font-size: 10pt">ttps://cdn.fortescue.com/docs/default-source/corporate-governance/industry-association-reportd67d8852-b0f5-4d87-92bb-f07ae971fe99.pdf</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>77</SUP> https://investor.gm.com/static-files/f1d52599-8aa1-4c33-a4c4-ca0b73fc7adc#page=22.57</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">&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: center; background-color: white">We are not asking for
authority to vote your proxy and no proxy cards will be accepted. Please vote your proxy according to the instructions in Verizon Communications
Inc.&rsquo;s proxy statement.</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>

<!-- Field: Page; Sequence: 11 -->
    <DIV STYLE="margin-top: 8pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 8pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right; width: 100%"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence -->&nbsp;</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<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">Comprehensive reports communicate a methodology for analyzing lobbying
activities, and rank alignment activities by using accessible terminology, such as &lsquo;aligned,&rsquo; &lsquo;partly-aligned,&rsquo;
and &lsquo;misaligned.&rsquo; Several companies are reporting on their escalation strategies for situations when trade association lobbying
is misaligned with their climate public policy priorities. Some companies are utilizing third-party, independent firms to assist in assessing
policy engagement alignment in an unbiased way.</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">Companies that believe policy strategy is integral to decarbonization
strategy have also articulated both the macroeconomic policies needed for the clean energy transition as well as the most needed operational
and sector-specific policies. Both disclosures are welcomed by investors to better understand decarbonization strategy and CAPEX implications.</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 0.5in">VI.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Conclusion</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">We believe Verizon is well-positioned to use its size and market presence
to influence lawmakers, regulators, and other decision makers on the climate public policy priorities it views as necessary to drive carbon
emissions pollution reduction at scale. Its success in meeting its near-term science-based target to reduce 53% of its GHG emissions by
2030 and cut value chain emissions by 40% by 2035 and its commitment to achieve a net zero emissions reduction target by 2050 may be strongly
and positively affected by supportive policies enacted now.</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">Implementing the Proposal&rsquo;s request to analyze its direct and
indirect lobbying activities could help the Company harmonize its lobbying activities and assure shareholders that it fully supports the
kinds of public policies needed to decarbonize its business and value chain.</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>We therefore urge you to vote FOR Proposal 4 on Verizon&rsquo;s
proxy card.</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">If you have any questions or need additional information, contact Andrea
Ranger at aranger@trilliuminvest.com.</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"><FONT STYLE="background-color: white">IMPORTANT NOTICE: The views expressed
are those of the authors 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. To the extent specific securities are mentioned,
they have been selected by the authors on an objective basis to illustrate views expressed in the commentary and do not represent all
of the securities purchased, sold or recommended for advisory clients. The information contained herein has been prepared from sources
believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available
data. This piece is for informational purposes and should not be construed as a research report.&nbsp;</FONT></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">&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: center; background-color: white">We are not asking for
authority to vote your proxy and no proxy cards will be accepted. Please vote your proxy according to the instructions in Verizon Communications
Inc.&rsquo;s proxy statement.</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">&nbsp;</P>

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

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

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

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
