<SEC-DOCUMENT>0001387131-21-004915.txt : 20210426
<SEC-HEADER>0001387131-21-004915.hdr.sgml : 20210426
<ACCEPTANCE-DATETIME>20210426121746
ACCESSION NUMBER:		0001387131-21-004915
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20210426
DATE AS OF CHANGE:		20210426
EFFECTIVENESS DATE:		20210426

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SOUTHERN CO
		CENTRAL INDEX KEY:			0000092122
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC SERVICES [4911]
		IRS NUMBER:				580690070
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-03526
		FILM NUMBER:		21852825

	BUSINESS ADDRESS:	
		STREET 1:		30 IVAN ALLEN JR. BLVD., N.W.
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30308
		BUSINESS PHONE:		4045065000

	MAIL ADDRESS:	
		STREET 1:		30 IVAN ALLEN JR. BLVD., N.W.
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30308

FILED BY:		

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

	FILING VALUES:
		FORM TYPE:		PX14A6G

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

	MAIL ADDRESS:	
		STREET 1:		1885 MISSION ST.
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94103
</SEC-HEADER>
<DOCUMENT>
<TYPE>PX14A6G
<SEQUENCE>1
<FILENAME>so-px14a6g_042621.htm
<DESCRIPTION>NOTICE OF EXEMPT SOLICITATION
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">NOTICE OF EXEMPT SOLICITATION (VOLUNTARY SUBMISSION)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">NAME OF REGISTRANT: Southern Company (The)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">NAME OF PERSON RELYING ON EXEMPTION: Majority Action</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">ADDRESS OF PERSON RELYING ON EXEMPTION: PO Box 4831, Silver Spring,
MD 20914</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Written materials are submitted pursuant to Rule 14a-6(g)(1) promulgated
under the Securities Exchange Act of 1934. Submission is not required of this filer under the terms of the Rule but is made voluntarily.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: Red"><IMG SRC="sopx14a6g042621001.jpg" ALT=""></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Southern Company (The) [NYSE:SO]: Due to the Company&rsquo;s
Failure to Implement Independent Board Leadership, Set Adequate Net-Zero by 2050 Targets, Fully Realign Investment Plans to Limit
Global Warming to 1.5&deg;C, and Ensure Alignment of Policy Influence Activities:</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD><B>Vote AGAINST Chair/CEO Thomas A. Fanning (Item 1e).</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>The physical and financial risks posed by climate change to
long-term investors are systemic, portfolio-wide, unhedgeable and undiversifiable.</I></B><I> Therefore, the actions of companies
that fail to align to limiting warming to 1.5&deg;C pose risks to the financial system as a whole, and to investors&rsquo; entire
portfolios, in addition to specific risks to those companies. The responsibility for failure to align company plans to 1.5&deg;C
pathways rests with board leadership, and this failure is exacerbated at Southern by a board chair who is also the CEO. See <B>Appendix
A</B> for more information regarding Majority Action&rsquo;s Proxy Voting for a 1.5&deg;C World initiative and the transformation
required in key industries. </I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Southern Company (&ldquo;SO&rdquo;)</B> is the fifth largest
generator of electricity, <B>the third largest emitter of carbon dioxide, and the fourth largest user of coal to generate electricity
among investor-owned U.S. electric utilities</B>. As of 2018, Southern depended on fossil fuels to generate 78% of its electricity.<FONT STYLE="font-size: 10pt"><SUP>1</SUP></FONT>
Southern is among the 167 target companies named by Climate Action 100+ as one of the largest global emitters and &ldquo;key to
driving the global net-zero emissions transition.&rdquo;<FONT STYLE="font-size: 10pt"><SUP>2</SUP></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The largest publicly-traded electric utilities remain among the
largest sources of carbon emissions in the U.S. economy,<FONT STYLE="font-size: 10pt"><SUP>3</SUP></FONT> and their capital investments
in electric power infrastructure have the potential to lock in emissions for decades to come. <B>Failure to set adequate decarbonization
targets in line with <FONT STYLE="font-size: 10pt">1.5&deg;C</FONT> pathways, and align companies&rsquo; business plans and policy
influence to those targets is a failure of strategy and corporate governance, for which long-term investors should hold directors
accountable.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Failure to set adequate net-zero targets</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="background-color: #D9EAD3">
    <TD STYLE="width: 91%; border: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net-zero commitment by no later than 2050 for power production</FONT></TD>
    <TD STYLE="vertical-align: top; width: 9%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&#10003;</B></FONT></TD></TR>
<TR STYLE="background-color: #F4CCCC">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net-zero commitment clearly includes all relevant emissions sources and has limited use of offsets, negative emissions, or unproven or uncommercialized technologies, including carbon capture and storage</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>X</B></FONT></TD></TR>
<TR STYLE="background-color: #F4CCCC">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Robust interim targets of at least 80% by 2030 or at least 3% per year on a straight-line basis between 2019-2030</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>X</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><p style="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Southern Company announced a net-zero by 2050 commitment for electricity
production and gas in 2020.<FONT STYLE="font-size: 10pt"><SUP>4</SUP></FONT> However, the company&rsquo;s commitment does not
cover Scope 3 emissions from the burning of gas by customers of its gas distribution business,<FONT STYLE="font-size: 10pt"><SUP>5</SUP></FONT>
and excludes or is unclear about the coverage of purchased power. According to Climate Action 100+, Southern&rsquo;s net-zero ambition
does not cover the most relevant Scope 3 emissions categories for its sector.<FONT STYLE="font-size: 10pt"><SUP>6</SUP></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Its operating subsidiaries in Alabama and Georgia have told state
officials that they are not taking the company&rsquo;s net-zero goal into account in their system planning.<FONT STYLE="font-size: 10pt"><SUP>7</SUP></FONT>
Projects that burn gas will continue to provide 39% of Southern&rsquo;s nameplate capacity in 2050, with emissions offset by &ldquo;negative
carbon concepts&rdquo;<FONT STYLE="font-size: 10pt"><SUP>8</SUP></FONT> not yet ready to be deployed at scale. The company&rsquo;s
interim target of a 50% reduction in emissions from power production by 2030, from a 2007 baseline, is equivalent to only 0.8%
per year reduction between 2019 and 2030.<FONT STYLE="font-size: 10pt"><SUP>9</SUP></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Capital allocation and investment plans not aligned with 1.5&deg;C
pathways</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="background-color: #F4CCCC">
    <TD STYLE="width: 91%; border: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Firm plan to phase out coal by 2030</FONT></TD>
    <TD STYLE="width: 9%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>X</B></FONT></TD></TR>
<TR STYLE="background-color: #F4CCCC">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limited investment in new gas generation planned</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>X</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">According to the Sierra Club, <B>Southern has committed to retire
only 7% of its coal generation by 2030. Southern is forecast to generate 40.5 million MWh of electricity by burning coal in 2030
based on the typical usage of those assets.<FONT STYLE="font-size: 10pt"><SUP>10</SUP></FONT> Southern has firm plans to add
1,452 MW of additional gas capacity by 2030.<FONT STYLE="font-size: 10pt"><SUP>11</SUP></FONT></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">In April 2021, Southern Company subsidiary Mississippi Power filed
its 2021 Integrated Resource Plan (IRP) with the state Public Service Commission (PSC). The IRP includes the planned closure of
500 MW of coal capacity associated with the Daniel Coal Plant by 2027, as required by the state regulator.<FONT STYLE="font-size: 10pt"><SUP>12</SUP></FONT>
According to the Sierra Club analysis cited above, Mississippi Power accounts for 2% of Southern&rsquo;s overall coal generation
as of 2019; therefore these additional closures will not substantially change the remaining coal generation expected in 2030 for
the company.<FONT STYLE="font-size: 10pt"><SUP>13</SUP></FONT> According to Southern&rsquo;s accompanying presentation to the
PSC, the company&rsquo;s overall cumulative build of gas generation between 2021 and 2040 is greater than 10GW in capacity across
all 10 scenarios modeled.<FONT STYLE="font-size: 10pt"><SUP>14</SUP></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">According to Climate Action 100+, Southern does not meet its criteria
for capital allocation alignment.<FONT STYLE="font-size: 10pt"><SUP>15</SUP></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Misalignment of policy influence activities with net-zero commitment
and 1.5&deg;C pathways</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="background-color: #F4CCCC">
    <TD STYLE="width: 91%; border: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alignment of policy influence activities with net-zero target and limiting warming to 1.5&deg;C</FONT></TD>
    <TD STYLE="width: 9%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>X</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">According to InfluenceMap, Southern has &ldquo;actively lobbied
against US climate change regulation in key policy areas such as carbon taxation and renewable energy&rdquo; and &ldquo;its stance
on climate-related regulation and the transition of the energy mix remain largely at odds with Intergovernmental Panel on Climate
Change (IPCC) guidance.&rdquo;<FONT STYLE="font-size: 10pt"><SUP>16</SUP></FONT> Southern has lobbied or litigated against the
Clean Power Plan, Mercury and Air Toxics Standards, Cross State Air Pollution Rule, Coal Combustion Residual rules, and the Paris
Climate Accord, among others.<FONT STYLE="font-size: 10pt"><SUP>17</SUP></FONT> It was a major undisclosed donor to a trade group,
Utility Air Regulatory Group (UARG), which coordinated utility litigation against toxic pollution controls.<FONT STYLE="font-size: 10pt"><SUP>18</SUP></FONT>
UARG was the subject of a 2019 congressional investigation related to the rollback of Clean Air Act regulations.<FONT STYLE="font-size: 10pt"><SUP>19</SUP></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">At its 2020 annual meeting, Southern shareholders demonstrated substantial
support for an annual report on the company&rsquo;s lobbying activities, with 28% of shares voted in favor of enhanced disclosure.<FONT STYLE="font-size: 10pt"><SUP>20</SUP></FONT>
Shareholders specifically requested a report of a) payments by Southern or its subsidiaries used for direct lobbying, indirect
lobbying or grassroots lobbying communications, and b) Southern&rsquo;s membership in and payments to any tax-exempt organization
that writes and endorses model legislation at the company's 2020 annual meeting.<FONT STYLE="font-size: 10pt"><SUP>21</SUP></FONT>
The resolution also received the support of proxy advisor Institutional Shareholder Services (ISS).<FONT STYLE="font-size: 10pt"><SUP>22</SUP></FONT>
Despite this, Southern has not provided the requested report, nor improved its Lobbying-Related Activities policy, which was last
modified in 2012.<FONT STYLE="font-size: 10pt"><SUP>23</SUP></FONT> The company&rsquo;s 2020 Lobbying-Related Activities disclosures,
which are limited to payments to trade associations over $50,000, are not yet available on its website.<FONT STYLE="font-size: 10pt"><SUP>24</SUP></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">According to Climate Action 100+, Southern does not meet any of
the criteria for climate policy engagement alignment.<FONT STYLE="font-size: 10pt"><SUP>25</SUP></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Last year, a proposal for an Independent Board Chair also received
substantial support from Southern&rsquo;s shareholders, with 22% of shares voted in favor.<FONT STYLE="font-size: 10pt"><SUP>26</SUP></FONT>
The vote for an Independent Board Chair was flagged as a key resolution by the Climate Action 100+ initiative in the 2020 Proxy
Season.<FONT STYLE="font-size: 10pt"><SUP>27</SUP></FONT> The proponents noted the importance of independent board leadership
in &ldquo;oversee[ing] the strategic transformation necessary for Southern to capitalize on the opportunities available in the
transition to a low carbon economy.&rdquo;<FONT STYLE="font-size: 10pt"><SUP>28</SUP></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">This year, Southern Company&rsquo;s statement on &quot;Board Leadership
Structure&quot; in its 2021 Proxy Statement<FONT STYLE="font-size: 10pt"><SUP>29</SUP></FONT> falls short of addressing necessary
efforts to align the company's activities with a 1.5<FONT STYLE="font-size: 10pt">&deg;C</FONT> scenario and the company&rsquo;s
net-zero commitment. The statement only commits the Board to undertake a review of its leadership structure and assess whether
its current construction supports the company's long-term decarbonization plans. The statement does not indicate that the Board
is undertaking greater oversight of or action on emissions reductions efforts.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Furthermore, Southern neither commits to address underlying concerns
regarding the scope or pace of decarbonization efforts in its proxy statement, nor commits to dedicate Board resources to oversee
a transition that would align the company's operations and political activity with the goals of the Paris Agreement.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Finally, the current Lead Independent Director, Steven Specker,
has not been renominated at Southern&rsquo;s 2021 annual meeting, and the Board has not yet elected a new Lead Independent Director.<FONT STYLE="font-size: 10pt"><SUP>30</SUP></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Conclusion: Southern Company has failed to set adequate net-zero
targets, align its capital investments with limiting warming to 1.5</B>&deg;<B>C, or ensure its policy influence activities would
support doing so. Therefore, we recommend that shareholders vote AGAINST Chair/CEO Thomas A. Fanning (Item 1e) on May 26, 2021.</B></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Appendix A: Proxy Voting for a 1.5&deg;C World</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&ldquo;Climate risk&rdquo; is a systemic, escalating, and irreversible
crisis&ndash;&ndash;for which corporate boards urgently need to take responsibility.</B> The UN Intergovernmental Panel on Climate
Change (IPCC) in 2018 made clear that in order to have at least a 50% chance of limiting warming to <FONT STYLE="font-size: 10pt; background-color: white">1.5&deg;C</FONT>
and avoiding the most catastrophic effects of the climate crisis, we must bring global, economy-wide carbon emissions down to net-zero
by 2050 at the latest.<FONT STYLE="font-size: 10pt"><SUP>31</SUP></FONT> That means that corporate directors must ensure that
companies set ambitious decarbonization targets in line with <FONT STYLE="font-size: 10pt; background-color: white">1.5&deg;C</FONT>
pathways, and align companies&rsquo; business plans, executive pay, and policy influence to those targets.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>When directors fail to transform corporate business practices
in line with 1.5&deg;C pathways, responsible investors must use their most powerful tool &ndash;&ndash; their proxy voting power&ndash;&ndash;to
vote against directors</B>. Bold and unprecedented action by investors is a prerequisite to averting further global economic and
financial catastrophe. While past shareholder efforts at standard setting, disclosure and engagement have laid important groundwork,
company commitments won have been far too incremental, far too hard fought, and collectively insufficient to the scale of the crisis.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">In particular, <B>major asset managers like BlackRock and Vanguard,
who hold outsized voting power at the majority of S&amp;P 500 companies, </B>must use their power to oppose directors on boards
that have failed to take up this leadership.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Action this year is critical, and momentum is growing to oust
the directors who are ill-equipped to lead companies to rapid decarbonization.</B> In 2020, a coalition successfully pushed for
Lee Raymond, the chief architect of ExxonMobil&rsquo;s climate denial strategy, to lose his position leading the JPMorgan Chase
board of directors.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Four Key Sectors Are Critical To Curbing the Climate Crisis </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The electric power, finance, transportation, and oil and gas sectors
must all make dramatic transformations to curb the worst of catastrophic climate change and protect long-term investors. Substantial
votes against board members at these companies could help realign business and investment plans to the goals of the Paris Agreement,
hold companies accountable for dark money used to influence critical climate policies, and align executive compensation to key
decarbonization goals.</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Electric power production is responsible for nearly one-third of
energy-related carbon emissions in the United States.<FONT STYLE="font-size: 10pt"><SUP>32</SUP></FONT> The largest publicly-traded
electric utilities remain among the largest sources of carbon emissions in the U.S. economy, and their capital investments in fossil
fuel-based electric power infrastructure have the potential to lock in greenhouse gas emissions for decades to come. In addition
to curbing a direct source of emissions, the decarbonization of electricity production also enables the decarbonization of other
sectors such as transportation and buildings as those sectors electrify.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">According to the IPCC, decarbonization of the power sector globally
by no later than 2050 is a robust feature of all modeled pathways aligned with limiting warming to 1.5&deg;C.<FONT STYLE="font-size: 10pt"><SUP>33</SUP></FONT>
A review of these pathways by the Carbon Disclosure Project, on behalf of the Science-based Targets Initiative (SBTI), found that
sector emissions must fall between 70-92% between 2020 and 2035, and approach zero by 2040-2045. SBTI does not currently allow
for negative emissions, for example from carbon dioxide removal technologies, in assessing science-based targets.<FONT STYLE="font-size: 10pt"><SUP>34</SUP></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Investors have made clear that utilities and their boards must make
commitments to reduce their emissions to net-zero no later than 2050. In assessing the credibility and robustness of net-zero targets,
investors should consider whether a target includes all relevant Scope 1, 2, and 3 emissions company-wide. For utilities, this
includes emissions not only from electricity directly generated by assets they own, but also emissions from purchased and resold
power, and for combined gas-electric utilities, emissions from customer use of fossil gas. Investors should also take into account
whether the utility has plans to eliminate the upstream methane emissions from gas used in power production or by its customers.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Net-zero commitments should also incorporate interim targets and
milestones that prioritize accelerated emissions reduction between now and 2030 rather than delaying the hard task of emissions
reduction until after that date. Finally, robust net-zero targets should not rely on substantial use of offsets, negative emissions,
or technologies that are not yet developed or commercialized to avoid short term greenhouse gas emissions reductions. Any use of
such offsets or negative emissions should be clearly disclosed to allow investors to assess the quality and credibility of utilities&rsquo;
plans.</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD>Climate Action 100+ (CA100+), Disclosure Indicators 1-4<FONT STYLE="font-size: 10pt"><SUP>35</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD>Science-Based Targets Initiative<FONT STYLE="font-size: 10pt"><SUP>36</SUP></FONT> (SBTI), Companies list<FONT STYLE="font-size: 10pt"><SUP>37</SUP></FONT>
and Sector Guidance<FONT STYLE="font-size: 10pt"><SUP>38</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD>Carbon Disclosure Project<FONT STYLE="font-size: 10pt"><SUP>39</SUP></FONT> (CDP), search company survey responses<FONT STYLE="font-size: 10pt"><SUP>40</SUP></FONT></TD></TR></TABLE>

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><p style="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Investors must have confidence that utilities are making the near-term
shifts in capital allocation and investment necessary to decarbonize in alignment with a 1.5&deg;C future. According to multiple
studies, U.S. power producers must phase out the use of coal generation by 2030 in order to stay on track to limit warming to 1.5&deg;C.<FONT STYLE="font-size: 10pt"><SUP>41</SUP></FONT>
Further research indicates that the cost to operate 74% of existing coal generation capacity exceeds the cost to replace it with
wind and solar generation. By 2025, 86% of the coal generation capacity will be cheaper to replace than operate. For regulated
utilities, shareholders will bear these costs if utilities are unable to convince regulators to pass on those costs to consumers,
creating substantial stranded asset risk for investors.<FONT STYLE="font-size: 10pt"><SUP>42</SUP></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">With respect to gas generation, substantial expansion of capacity
without carbon capture and storage (CCS) is not compatible with limiting warming to 1.5&deg;C. According to the IPCC, in pathways
that result in limited to no overshoot and limit the use of carbon removal technologies, fossil gas as a share of primary energy
sources must fall 20-25% by 2030.<FONT STYLE="font-size: 10pt"><SUP>43</SUP></FONT> One study by researchers at UC Berkeley found
that the U.S. electricity grid could reach 90% clean energy nationally with no need for any additional fossil gas generation plants
by 2035.<FONT STYLE="font-size: 10pt"><SUP>44</SUP></FONT> According to Deloitte, existing gas generation capacity, &ldquo;accounts
for most of the undepreciated value of US fossil fuel capacity,&rdquo; making it the largest source of potential stranded asset
risk to utilities and their investors.<FONT STYLE="font-size: 10pt"><SUP>45</SUP></FONT> Any future for gas generation beyond
2050 will only be possible with CCS, a technology that does not fully abate emissions, does not account for upstream methane emissions,
and is currently cost-prohibitive.<FONT STYLE="font-size: 10pt"><SUP>46</SUP></FONT> Investors should consider whether utilities
are proposing substantial expansion of gas generation in assessing the alignment of capital allocation plans with limiting warming
to 1.5&deg;C.</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD>Climate Action 100+ (CA100+), Disclosure Indicator 6<FONT STYLE="font-size: 10pt"><SUP>47</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD>Carbon Tracker<FONT STYLE="font-size: 10pt"><SUP>48</SUP></FONT>, Company Profiles: Utilities<FONT STYLE="font-size: 10pt"><SUP>49</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD>Sierra Club, Dirty Truth report<FONT STYLE="font-size: 10pt"><SUP>50</SUP></FONT> and Data Dashboard<FONT STYLE="font-size: 10pt"><SUP>51</SUP></FONT></TD></TR></TABLE>

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD>Climate Action 100+ (CA100+), Disclosure Indicator 7<FONT STYLE="font-size: 10pt"><SUP>52</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD>Influence Map<FONT STYLE="font-size: 10pt"><SUP>53</SUP></FONT>, List of companies and influencers<FONT STYLE="font-size: 10pt"><SUP>54</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD>Energy and Policy Institute<FONT STYLE="font-size: 10pt"><SUP>55</SUP></FONT> (EPI)</TD></TR></TABLE>

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

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

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






<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>1</SUP> <FONT STYLE="color: Blue"><u>https://www.mjbradley.com/content/emissions-benchmarking-emissions-charts</u></FONT></P>

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><p style="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>2</SUP> <FONT STYLE="color: Blue"><U>https://www.climateaction100.org/whos-involved/companies/</U></font></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>3</SUP> <FONT STYLE="color: Blue"><u>https://mjbradley.com/content/emissions-benchmarking-maps</u></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>4</SUP><FONT STYLE="color: Blue"><u>https://www.prnewswire.com/news-releases/southern-company-announces-transition-to-net-zero-carbon-emissions-goal-301066297.html</u></font></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>5</SUP><FONT STYLE="color: Blue"><U>https://www.cdp.net/en/formatted_responses/responses?campaign_id=70692136&amp;discloser_id=854912&amp;locale=en&amp;organization_name=The+Southern+Company&amp;organization_number=18951&amp;program=Investor&amp;project_year=2020&amp;redirect=https%3A%2F%2Fcdp.credit360.com%2Fsurveys%2F6sc15v4h%2F87585&amp;survey_id=68887525,
</u></font>See Sections C4 and C6.5</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>6</SUP><FONT STYLE="color: Blue"><u> https://www.climateaction100.org/company/the-southern-company/</u></font>
at Sub-indicator 1.1B</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>7</SUP><FONT STYLE="color: Blue"><u> https://www.energyandpolicy.org/mississippi-power-unneeded-coal-and-gas-plants/</u></font></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>8</SUP> <FONT STYLE="color: Blue"><u>https://www.southerncompany.com/content/dam/southerncompany/pdfs/clean-energy/Net-zero-report.pdf</u></font>,
at 15, 24.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>9</SUP><FONT STYLE="color: Blue"><u> https://www.energyandpolicy.org/utilities-carbon-goal-biden-climate-plan/</u></font></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>10</SUP> See &ldquo;Parent company report card - Southern
Company&rdquo; <FONT STYLE="color: Blue"><u>https://public.tableau.com/profile/john.romankiewicz#!/vizhome/Utilitydashboard/Parentdash</u></font></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>12</SUP> <FONT STYLE="color: Blue"><u>https://www.utilitydive.com/news/mississippi-power-to-retire-976-mw-of-fossil-fuels-by-2027/598691/</u></font></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>13</SUP> See &ldquo;Parent company report card - Southern
Company&rdquo; and &ldquo;Operating company report card - Mississippi Power&rdquo; Mississippi Power had 1.0 million MWh coal
generation in 2019, while Southern Company overall had 43.8 million MWh in coal generation in 2019 <FONT STYLE="color: Blue"><u>https://public.tableau.com/profile/john.romankiewicz#!/vizhome/Utilitydashboard/Story1</u></font></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>14</SUP> Including Combustion Turbine (CT), with and without
Selective Catalytic Reduction (SCR), and Combined Cycle (CC), with and without carbon capture and compression (CCC) <FONT STYLE="color: Blue"><u>https://assets.documentcloud.org/documents/20615069/mississippi-power-2021-irp-technical-conference-slides.pdf</u></font>
at 45</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>15</SUP> <FONT STYLE="color: Blue"><u>https://www.climateaction100.org/company/the-southern-company/</u></font>
at Indicator 6</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>16</SUP> <FONT STYLE="color: Blue"><u>https://content.influencemap.org/company/Southern-Company</u></font></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>17</SUP> <FONT STYLE="color: Blue"><u>https://www.energyandpolicy.org/utility-climate-policy/</u></font></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>18</SUP> <FONT STYLE="color: Blue"><u>https://www.politico.com/story/2019/02/20/epa-air-pollution-regulations-wehrum-1191258</u></font></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Matt Kasper, &ldquo;As utilities flee newly scandalous UARG, remaining
members make dishonest claims about its purpose,&rdquo; Energy and Policy Institute, August 23, 2019. https://www.energyandpolicy.org/utilities-flee-utility-air-regulatory-group-amid-scandal-and-investigations</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>19</SUP> <FONT STYLE="color: Blue"><u>https://energycommerce.house.gov/newsroom/press-releases/ec-leaders-launch-investigation-of-secretive-front-group-uarg-and-its-ties</u></font></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>20</SUP> <FONT STYLE="color: Blue"><u>https://www.sec.gov/ix?doc=/Archives/edgar/data/92122/000009212220000050/so8-k2020shareholdermt.htm</u></font></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>21</SUP> <FONT STYLE="color: Blue"><u>https://www.sec.gov/Archives/edgar/data/0000092122/000120677420001156/so3664831-def14a.htm#Item5ProposalRegardingaReportonLobbying</u></font></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>22</SUP> accessed via <FONT STYLE="color: Blue"><u>https://www.proxyinsight.com/</u></font></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>23</SUP> <FONT STYLE="color: Blue"><u>https://s2.q4cdn.com/471677839/files/doc_downloads/list/Overview_of_Policies_and_Practices_for_Lobbying-Related_Activities.pdf</u></font></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>24</SUP> Website last accessed April 21, 2021 https://investor.southerncompany.com/information-for-investors/corporate-governance/political-contributions/default.aspx</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>25</SUP> <FONT STYLE="color: Blue"><u>https://www.climateaction100.org/company/the-southern-company/</u></font>
at Indicator 7</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>26</SUP> <FONT STYLE="color: Blue"><u>https://www.sec.gov/ix?doc=/Archives/edgar/data/92122/000009212220000050/so8-k2020shareholdermt.htm</u></font></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>27</SUP> <FONT STYLE="color: Blue"><u>https://web.archive.org/web/20200902054348/https://climateaction100.wordpress.com/proxy-season-2020/</u></font></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>28</SUP><FONT STYLE="color: Blue"><u> https://www.sec.gov/Archives/edgar/data/0000092122/000120677420001156/so3664831-def14a.htm#Item4ProposalRegardinganIndependentBoardChair</U></font></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>29</SUP><FONT STYLE="color: Blue"><u> https://www.sec.gov/Archives/edgar/data/92122/000120677421001083/so3828771-def14a.htm</u></font>
at 37</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>30</SUP> <FONT STYLE="color: Blue"><u>https://www.sec.gov/Archives/edgar/data/92122/000120677421001083/so3828771-def14a.htm</u></font>
at 38</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>31</SUP> Intergovernmental Panel on Climate Change. Special
Report on Global Warming of 1.5 Celsius, <FONT STYLE="color: Blue"><u>https://www.ipcc.ch/sr15/</u></font></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>32</SUP> U.S. Energy Information Administration, &ldquo;What
are U.S. energy-related carbon dioxide emissions by source and sector?&rdquo; Updated May 26, 2020. Note: Emissions for the industrial,
residential, commercial, and transportation sectors exclude those from electric power to avoid double counting. <FONT STYLE="color: Blue"><u>https://www.eia.gov/tools/faqs/faq.php?id=75&amp;t=11</U></font></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>33</SUP> Intergovernmental Panel on Climate Change. Special
Report on Global Warming of 1.5 Celsius, Chapter 2, Section 2.3.2.1 <FONT STYLE="color: Blue"><u>https://www.ipcc.ch/sr15/chapter/chapter-2/</u></font></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>34</SUP> Carbon Disclosure Project; Science-Based Targets
Initiative, &ldquo;Setting 1.5&deg;C-Aligned Science-Based Targets: Quick Start Guide for Electric Utilities,&rdquo; June 2020,
pp. 6-8 <FONT STYLE="color: Blue"><u>https://sciencebasedtargets.org/resources/legacy/2020/06/SBTi-Power-Sector-15C-guide-FINAL.pdf</U></font></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>35</SUP> <FONT STYLE="color: Blue"><u>https://www.climateaction100.org/whos-involved/companies/</U></font></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>36</SUP> <FONT STYLE="color: Blue"><u>https://sciencebasedtargets.org/</U></font></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>37</SUP><FONT STYLE="color: Blue"><u> https://sciencebasedtargets.org/companies-taking-action</u></font></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>38</SUP> <FONT STYLE="color: Blue"><u>https://sciencebasedtargets.org/sectors</u></font></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>39</SUP> <FONT STYLE="color: Blue"><u>https://www.cdp.net/en</u></font></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>40</SUP> https://www.cdp.net/en/responses?utf8=%E2%9C%93&amp;queries%5Bname%5D=</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>41</SUP> James, H. Williams, <I>et al, </I>&ldquo;Carbon-Neutral
Pathways for the United States,&rdquo; AGU Advances, January 14, 2021, <FONT STYLE="color: Blue"><u>https://agupubs.onlinelibrary.wiley.com/doi/epdf/10.1029/2020AV000284</u></font>;
Princeton Environmental Research, &ldquo;Big but affordable effort needed for America to reach net-zero emissions by 2-5-, Princeton
study shows,&rdquo; December 15, 2020, <FONT STYLE="color: Blue"><u>https://environmenthalfcentury.princeton.edu/research/2020/big-affordable-effort-needed-america-reach-net-zero-emissions-2050-princeton-study</U></font>;
Climate Analytics, &ldquo;Global and regional coal phase-out requirements of the Paris Agreement: Insights from the IPCC Special
Report on 1.5&deg;C,&rdquo; September 2019, p.15, <FONT STYLE="color: Blue"><u>https://climateanalytics.org/media/report_coal_phase_out_2019.pdf</u></font></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>42</SUP> Energy Innovation, &ldquo;The Coal Cost Crossover:
Economic Viability of Existing Coal Compared to New Local Wind and Solar Resources,&rdquo; March 2019 <FONT STYLE="color: Blue"><u>https://energyinnovation.org/wp-content/uploads/2019/04/Coal-Cost-Crossover_Energy-Innovation_VCE_FINAL2.pdf</u></font></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>43</SUP> Intergovernmental Panel on Climate Change, Special
Report: Global Warming of 1.5&deg;C, Summary for Policymakers, Figure SPM.3B: Characteristics of four illustrative model pathways,
<FONT STYLE="color: Blue"><u>https://www.ipcc.ch/sr15/chapter/spm/</u></font></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>44</SUP> University of California Berkeley, Goldman School
of Public Policy, &ldquo;2035 The Report: Plummeting Solar, Wind, and Battery Costs Can Accelerate Our Clean Energy Future,&rdquo;
June 9, 2020 <FONT STYLE="color: Blue"><u>http://www.2035report.com/wp-content/uploads/2020/06/2035-Report.pdf?hsCtaTracking=8a85e9ea-4ed3-4ec0-b4c6-906934306ddb%7Cc68c2ac2-1db0-4d1c-82a1-65ef4daaf6c1</u></font></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>45</SUP> Stanley Porter, <I>et al,</I> &ldquo;Utility decarbonization
strategies: Renew, reshape, and refuel to zero,&rdquo; September 21, 2020, <FONT STYLE="color: Blue"><u>https://www2.deloitte.com/us/en/insights/industry/power-and-utilities/utility-decarbonization-strategies.html</u></font></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>46</SUP> Stanley Porter, <I>et al,</I> &ldquo;Utility decarbonization
strategies: Renew, reshape, and refuel to zero,&rdquo; September 21, 2020, see tex accompanying footnotes 20-22 <FONT STYLE="color: Blue"><u>https://www2.deloitte.com/us/en/insights/industry/power-and-utilities/utility-decarbonization-strategies.html</u></font></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>47</SUP> <FONT STYLE="color: Blue"><u>https://www.climateaction100.org/whos-involved/companies/?</u></font></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>48</SUP> <FONT STYLE="color: Blue"><u>https://carbontracker.org/</u></font></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>49</SUP> <FONT STYLE="color: Blue"><u>https://carbontracker.org/company-profiles/</u></font></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>50</SUP> <FONT STYLE="color: Blue"><u>https://coal.sierraclub.org/the-problem/dirty-truth-greenwashing-utilities</u></font></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>51</SUP> <FONT STYLE="color: Blue"><u>https://public.tableau.com/profile/john.romankiewicz#!/vizhome/Utilitydashboard/Story1</u></font></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>52</SUP> <FONT STYLE="color: Blue"><u>https://www.climateaction100.org/whos-involved/companies/</u></font></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>53</SUP> <FONT STYLE="color: Blue"><u>https://influencemap.org/index.html</u></font></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>54</SUP> <FONT STYLE="color: Blue"><u>https://influencemap.org/filter/List-of-Companies-and-Influencers#</u></font></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>55</SUP> <FONT STYLE="color: Blue"><u>https://www.energyandpolicy.org/</u></font></P>



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