<SEC-DOCUMENT>0001387131-22-005177.txt : 20220422
<SEC-HEADER>0001387131-22-005177.hdr.sgml : 20220422
<ACCEPTANCE-DATETIME>20220422163650
ACCESSION NUMBER:		0001387131-22-005177
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20220422
DATE AS OF CHANGE:		20220422
EFFECTIVENESS DATE:		20220422

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Duke Energy CORP
		CENTRAL INDEX KEY:			0001326160
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC & OTHER SERVICES COMBINED [4931]
		IRS NUMBER:				202777218
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32853
		FILM NUMBER:		22846138

	BUSINESS ADDRESS:	
		STREET 1:		526 SOUTH CHURCH STREET
		CITY:			CHARLOTTE
		STATE:			NC
		ZIP:			28202-1803
		BUSINESS PHONE:		704-382-3853

	MAIL ADDRESS:	
		STREET 1:		526 SOUTH CHURCH STREET
		CITY:			CHARLOTTE
		STATE:			NC
		ZIP:			28202-1803

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Duke Energy Holding Corp.
		DATE OF NAME CHANGE:	20050628

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Deer Holding Corp.
		DATE OF NAME CHANGE:	20050504

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>duk-px14a6g_042222.htm
<DESCRIPTION>NOTICE OF EXEMPT SOLICITATION
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<p style="font: 7pt Franklin Gothic; margin: 0">&nbsp;</p>

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  <tr style="vertical-align: top">
    <td style="padding: 5pt; width: 71%"><p style="font: 7pt Franklin Gothic; margin: 0">Notice Of Exempt Solicitation: (VOLUNTARY SUBMISSION)</p>
    <p style="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font-family: Franklin Gothic">NAME OF REGISTRANT:
    </font>Duke Energy Corporation</p>
    <p style="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font-family: Franklin Gothic">NAME OF PERSON RELYING
    ON EXEMPTION: </font>Majority Action</p>
    <p style="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font-family: Franklin Gothic">ADDRESS OF PERSON RELYING
    ON EXEMPTION: </font>PO Box 4831, Silver Spring, MD 20914</p>
    <p style="font: 7pt Franklin Gothic; margin: 0">&nbsp;</p>
    <p style="font: 7pt Arial, Helvetica, Sans-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></td>
    <td style="font: 11pt Arial, Helvetica, Sans-Serif; width: 29%; padding: 5pt; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="duk-01.jpg" alt="" style="height: 27px; width: 118px" ></font></td></tr>
  </table>

<hr align="center" style="width: 100%" >

<p style="font: 7pt Georgia, Times, Serif; margin: 0 0 3pt; color: #0072BD"><b>&nbsp;</b></p>

<p style="font: 14pt Georgia, Times, Serif; margin: 0 0 3pt; color: #0072BD"><b>Duke Energy Corporation [NYSE:DUK]: Due to the Company&#8217;s
Failure to Set Robust Interim Targets, Make the Near-Term Shifts in Capital Allocation and Investment Necessary to Decarbonize in Alignment
with a 1.5&deg;C Pathway, and Ensure Alignment of Policy Influence Activities:</b></p>

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<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td><font style="font-family: Georgia, Times, Serif; font-size: 14pt; color: #0072BD">Vote
                                            AGAINST Chair, President and Chief Executive Officer Lynn J. Good (Item 1.8), and</font></td></tr></table>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt Arial, Helvetica, Sans-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><font style="font-family: Georgia, Times, Serif; font-size: 14pt; color: #0072BD">Vote
                                            AGAINST Independent Lead Director Theodore F. Craver, Jr. (Item 1.3)</font></td></tr></table>

<p style="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</p>

<p style="font: 10pt Franklin Gothic; margin: 0"><font style="color: #0072BD"><b><i>The physical and financial risks posed by climate
change to long-term investors are systemic, portfolio-wide, unhedgeable and undiversifiable.</i></b></font><i> 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&#8217;
entire portfolios, in addition to specific risks to those companies. See <b>Appendix A</b> for more information regarding Majority Action&#8217;s
Proxy Voting for a 1.5&deg;C World initiative and the transformation required in key industries. </i></p>

<p style="font: 10pt Franklin Gothic; margin: 0">&nbsp;</p>

<p style="font: 10pt Franklin Gothic; margin: 0"><font style="color: #0072BD"><b>Duke Energy Corporation (&#8220;Duke&#8221;) is
the second-highest emitter of carbon dioxide emissions among investor-owned utilities in the U.S.<sup>1</sup> and the largest investor-owned
utility measured by power generated.<sup>2</sup></b></font> The company is among the 167 target companies named by Climate Action 100+
as the largest global emitters and &#8220;key to driving the global net zero transition.&#8221;<sup>3</sup></p>

<p style="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</p>

<p style="font: 10pt Franklin Gothic; margin: 0">Electric power production is responsible for nearly one-third of energy-related
carbon emissions in the U.S.<sup>4</sup> The largest publicly-traded electric utilities remain among the largest sources of carbon emissions
in the U.S. economy,<sup>5</sup> and their capital investments in electric power infrastructure have the potential to lock in 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 Franklin Gothic; margin: 0">&nbsp;</p>

<p style="font: 11pt Franklin Gothic; margin: 0; color: #0072BD"><font style="font-size: 10pt"><b>Failure to set ambitious decarbonization
targets in line with </b></font><b><font style="font-size: 10.5pt; background-color: white">1.5&deg;C</font> <font style="font-size: 10pt">pathways,
and to align companies&#8217; business plans and policy influence to those targets, is a failure of strategy and corporate governance,
for which long-term investors should hold directors accountable. At companies where the production, processing, sale, and/or consumption
of fossil fuels is central to their core business, and GHG emissions reductions have profound strategic implications, the board chair,
and lead independent director where the position exists, should be held accountable.</font></b></p>

<p style="font: 11pt Franklin Gothic; margin: 0; color: #0072BD"><font style="font-size: 10pt"><b>&nbsp;</b></font></p>


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<p style="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</p>

<p style="font: 14pt Georgia, Times, Serif; margin: 0; color: #0072BD"><b>Target setting</b></p>

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    <td style="border: white 2.25pt solid; width: 83%; font: 11pt Arial, Helvetica, Sans-Serif; padding: 12.15pt; background-color: #0072BD"><font style="font-family: Georgia, Times, Serif; font-size: 10pt; color: white"><b>Net
    zero commitment by no later than 2050 for power production</b></font></td>
    <td style="border-top: white 2.25pt solid; width: 17%; border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; font: 11pt Arial, Helvetica, Sans-Serif; padding: 12.15pt; background-color: #6AA84F; text-align: center"><font style="font-family: Segoe UI Symbol,sans-serif; font-size: 17pt; color: white"><b>&#10003;</b></font></td></tr>
  <tr>
    <td style="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; border-left: white 2.25pt solid; font: 11pt Arial, Helvetica, Sans-Serif; padding: 12.15pt; background-color: #0072BD"><font style="font-family: Georgia, Times, Serif; font-size: 10pt; color: white"><b>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</b></font></td>
    <td style="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; font: 11pt Arial, Helvetica, Sans-Serif; padding: 12.15pt; background-color: #F1C232; text-align: center"><font style="font-family: Franklin Gothic; font-size: 17pt; color: white"><b>&#8212;</b></font></td></tr>
  <tr>
    <td style="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; border-left: white 2.25pt solid; font: 11pt Arial, Helvetica, Sans-Serif; padding: 12.15pt; background-color: #0072BD"><font style="font-family: Georgia, Times, Serif; font-size: 10pt; color: white"><b>Robust
    interim targets of at least 80% by 2030 or at least 6% per year on a straight-line basis between 2019-2030 (on track to reach zero
    by 2035)</b></font></td>
    <td style="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; font: 11pt Arial, Helvetica, Sans-Serif; padding: 12.15pt; background-color: #F25025; text-align: center"><font style="font-family: Franklin Gothic; font-size: 17pt; color: white"><b>X</b></font></td></tr>
  </table>
<p style="font: 10pt Franklin Gothic; margin: 0">&nbsp;</p>

<p style="font: 10pt Franklin Gothic; margin: 0">In 2019 Duke set a target of net-zero emissions from electricity production<sup>6</sup>,
and in February 2022 Duke announced a plan that expands the company&#8217;s net zero goals to include certain scope 2 and 3 emissions,
including power purchased for resale, upstream methane, and the emissions from its customers&#8217; use of gas purchased through its
gas distribution business.<sup>7</sup> However, Duke&#8217;s interim CO2 reduction target remains only 50% from its 2005 base year,<sup>8
</sup>or an annual reduction trajectory of 0.59% between 2019 and 2030, lagging many peers with more ambitious interim targets<sup>9
</sup>and well below the 6% per year necessary for G7 nations to be on track for net zero emissions from electricity generation by 2035
under the International Energy Agency&#8217;s Net Zero by 2050 Scenario.<sup>10</sup></p>

<p style="font: 10pt Franklin Gothic; margin: 0">&nbsp;</p>

<p style="font: 10pt Franklin Gothic; margin: 0">Duke CEO Lynn Good reiterated the company&#8217;s commitment to carbon capture,
utilization and storage (CCUS) as important to achieving the company&#8217;s net zero ambitions during Duke&#8217;s Q4 2021 earnings
call<sup>11</sup> despite the unproven status of CCUS technologies for the power sector which are in the early stages of development,
with only a few small-scale projects on coal having achieved commercial operation.<sup>12</sup> Likewise, Duke&#8217;s most recent climate
report clarifies the company&#8217;s intention to rely on zero-emitting load-following resources, or &#8220;ZELFRs&#8221; &#8211; clean
energy that can be generated on demand &#8211; for 30% of its projected generation mix in 2050 under a net-zero carbon scenario analysis.
Duke&#8217;s reliance on ZELFR technology that is not ye commercially viable, such as combined-cycle natural gas connected to carbon
capture equipment<sup>13</sup>, is out of alignment with the Science Based Targets Initiative&#8217;s guidance that only small amounts
of emissions (5-10%) after net zero may be mitigated with carbon removal and not substituted for a company&#8217;s own emission reduction.<sup>14</sup></p>

<p style="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</p>

<p style="font: 14pt Georgia, Times, Serif; margin: 0; color: #0072BD"><b>Capital allocation and investment plans</b></p>

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    <td style="border: white 2.25pt solid; width: 83%; font: 11pt Arial, Helvetica, Sans-Serif; padding: 12.15pt; background-color: #0072BD"><font style="font-family: Georgia, Times, Serif; font-size: 10pt; color: white"><b>Firm
    plan to phase out coal by 2030</b></font></td>
    <td style="border-top: white 2.25pt solid; width: 17%; border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; font: 11pt Arial, Helvetica, Sans-Serif; padding: 12.15pt; background-color: #F1C232; text-align: center"><font style="font-family: Franklin Gothic; font-size: 17pt; color: white"><b>&#8212;</b></font></td></tr>
  <tr>
    <td style="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; border-left: white 2.25pt solid; font: 11pt Arial, Helvetica, Sans-Serif; padding: 12.15pt; background-color: #0072BD"><font style="font-family: Georgia, Times, Serif; font-size: 10pt; color: white"><b>No
    investment in new gas generation</b></font></td>
    <td style="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; font: 11pt Arial, Helvetica, Sans-Serif; padding: 12.15pt; background-color: #F25025; text-align: center"><font style="font-family: Franklin Gothic; font-size: 17pt; color: white"><b>X</b></font></td></tr>
  </table>
<p style="font: 10pt Franklin Gothic; margin: 0">&nbsp;</p>


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<p style="font: 10pt Franklin Gothic; margin: 0">Duke projects coal generation will comprise &lt;5% of its total generation by 2030,
and a complete exit from coal by 2035.<sup>15</sup> Despite its accelerated coal closure timelines, Duke will still have a significant
amount of coal generation in 2030. Coal generation represented 22% of Duke&#8217;s total 2021 generation; therefore, reducing Duke&#8217;s
coal generation to 5% of total generation implies that Duke would still generate approximately 20-25% of its current coal generation
in 2030 (assuming Duke&#8217;s total generation remains constant). As of 2019, Duke was the third-largest user of coal to generate electricity,
emitting 59.54 million short tons CO<sub>2</sub> that year.</p>

<p style="font: 10pt Franklin Gothic; margin: 0">&nbsp;</p>

<p style="font: 10pt Franklin Gothic; margin: 0">Investments in new fossil gas will continue to replace coal as it is phased out
from Duke&#8217;s generation profile, according to Duke&#8217;s Q4 2021 earnings call transcript.<sup>16</sup> For example, in November
2021 Duke Energy Indiana submitted an IRP with a preferred portfolio that potentially exits coal by 2035, while adding 2,381 MW of fossil
gas generation capacity between the years 2027-2035.<sup>17</sup> Similarly, though Duke has accelerated the closure of its 2,220 MW
Belews Creek coal plant<sup>18</sup> to 2035 at the latest, the plant will shift to 100% fossil gas generation, according to Duke officials.<sup>19
</sup>By 2030 fossil gas will comprise 40% of Duke&#8217;s generation.<sup>20</sup></p>

<p style="font: 10pt Franklin Gothic; margin: 0">&nbsp;</p>

<p style="font: 14pt Georgia, Times, Serif; margin: 0; color: #0072BD"><b>Policy influence</b></p>

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    <td style="border: white 2.25pt solid; width: 83%; font: 11pt Arial, Helvetica, Sans-Serif; padding: 12.15pt; background-color: #0072BD"><font style="font-family: Georgia, Times, Serif; font-size: 10pt; color: white"><b>Alignment
    of policy influence activities with net zero target and limiting warming to 1.5&deg;C</b></font></td>
    <td style="border-top: white 2.25pt solid; width: 17%; border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; font: 11pt Arial, Helvetica, Sans-Serif; padding: 12.15pt; background-color: #F25025; text-align: center"><font style="font-family: Franklin Gothic; font-size: 17pt; color: white"><b>X</b></font></td></tr>
  </table>
<p style="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</p>

<p style="font: 10pt Franklin Gothic; margin: 0">InfluenceMap scored Duke Energy&#8217;s climate policy engagement in the &#8220;D+&#8221;
performance band and described the company as having a &#8220;largely negative engagement with climate change policy in the U.S&#8221;
and continuing to advocate for the role of fossil gas in the energy mix.<sup>21</sup> Duke maintains memberships in industry associations
whose lobbying is misaligned with the goals of the Paris Agreement. Notably, the senior vice president of Duke&#8217;s natural gas business
is currently on the American Gas Association (AGA) board of directors, and subject matter experts within Duke participate in various
AGA committees.<sup>22</sup> The AGA&#8217;s recent lobbying activity includes asking policymakers to weaken or eliminate the proposed
methane fee in the Build Back Better Act and filing comments to the U.S. Department of Transportation advocating for less ambitious regulations
on methane leaks.<sup>23</sup></p>

<p style="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><b>&nbsp;</b></p>

<p style="font: 12pt Georgia, Times, Serif; margin: 0; color: #0072BD"><b>Conclusion: Duke Energy has failed to set robust interim
targets, make the near-term shifts in capital allocation and investment necessary to decarbonize in alignment with a 1.5&deg;C pathway,
and ensure alignment of policy influence activities. Therefore, we recommend that shareholders vote AGAINST Chair, President and Chief
Executive Officer Lynn J. Good (Item 1.8), and Vote AGAINST Independent Lead Director Theodore F. Craver, Jr. (Item 1.3) at the company&#8217;s
annual meeting on May 5, 2022.</b></p>

<p style="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><b>&nbsp;</b></p>


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<p style="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><b>&nbsp;</b></p>

<p style="font: 21pt Georgia, Times, Serif; margin: 20pt 0 6pt; color: #0072BD">Appendix A: Proxy Voting for a 1.5&deg;C World</p>

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

<p style="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font-family: Georgia, Times, Serif; font-size: 12pt; color: #0072BD"><b>The
world is currently on track to reach disastrous levels of warming, driving massive harm and threatening the lives and livelihoods of
millions.</b></font> <font style="font-family: Franklin Gothic; font-size: 10pt">Corporate leaders in the industries responsible for this
crisis have failed to take up the leadership required to change course.</font></p>

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

<p style="font: 12pt Georgia, Times, Serif; margin: 0; color: #0072BD"><b>&#8220;Climate risk&#8221; is systemic, escalating and
irreversible - and corporate boards urgently need to take responsibility for averting and mitigating this risk. </b></p>

<p style="font: 12pt Georgia, Times, Serif; margin: 0; color: #0072BD"><b>&nbsp;</b></p>

<p style="font: 10pt Franklin Gothic; margin: 0">The UN Intergovernmental Panel on Climate Change (IPCC) in 2018 made clear that
in order to have at least a 50% chance of limiting warming to 1.5&deg;C and avoiding the most catastrophic effects of the climate crisis,
we must bring global, economy-wide carbon emissions down to net zero by 2050 at the latest.<sup>24</sup> According to the International
Energy Agency (IEA), in order to achieve net zero emissions globally by 2050, the electricity sector must reach net zero emissions in
OECD countries no later than 2035 and there can be no investment in new fossil fuel production from today.<sup>25</sup> The IPCC also
recognizes that reducing rates of deforestation and forest degradation also represents one of the most effective and robust options for
climate change mitigation.<sup>26</sup></p>

<p style="font: 10pt Franklin Gothic; margin: 0">&nbsp;</p>

<p style="font: 10pt Franklin Gothic; margin: 0">That means that corporate directors must ensure that companies set ambitious decarbonization
targets in line with 1.5&deg;C pathways, and align companies&#8217; business plans, capital expenditures, and policy influence to those
targets. Despite the escalating climate crisis, systemically important U.S. companies continue to invest in the expansion and continued
use of fossil fuels, further accelerating global warming.<sup>27</sup></p>

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

<p style="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font-family: Georgia, Times, Serif; font-size: 12pt; color: #0072BD"><b>The
physical and financial risks posed by climate change to long-term investors are systemic, portfolio-wide, unhedgeable and undiversifiable.
</b></font><font style="font-family: Franklin Gothic; font-size: 10pt">Therefore, the actions of companies that directly or indirectly
impact climate outcomes pose risks to the financial system as a whole and to investors&#8217; entire portfolios. In order to manage this
systemic portfolio risk, investors must move beyond disclosure and company-specific climate risk management frameworks and focus on holding
accountable the relatively small number of large companies whose actions are a significant driver of climate change. </font></p>

<p style="font: 10pt Franklin Gothic; margin: 0">&nbsp;</p>

<p style="font: 10pt Franklin Gothic; margin: 0">When directors fail to transform corporate business practices in line with 1.5&deg;C
pathways, responsible investors must use their most powerful tool &#8211; their proxy voting power &#8211; to vote against directors.</p>

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

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

<p style="font: 10pt Georgia, Times, Serif; margin: 0; color: #0072BD"><b>&nbsp;</b></p>


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<p style="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font-family: Georgia, Times, Serif; font-size: 12pt; color: #0072BD"><b>Business-as-usual
proxy voting will not suffice to address the seriousness of the crisis at hand.</b></font> <font style="font-family: Franklin Gothic; font-size: 10pt">We
urge investors to vote against directors at companies failing to implement plans consistent with limiting global warming to 1.5&ordm;C.
</font></p>

<p style="font: 18pt Georgia, Times, Serif; margin: 0.25in 0 6pt; color: #0072BD">Key Sectors Are Critical to Curbing the Climate Crisis</p>

<p style="font: 10pt Franklin Gothic; margin: 0">The electric power, finance, transportation, and oil and gas sectors are key drivers
of the production and consumption of fossil fuels and must all make dramatic transformations to curb the worst of catastrophic climate
change and protect long-term investors. Similarly, companies driving deforestation &#8211; including companies that source key deforestation-linked
agricultural commodities, driving market demand for one of the greatest threats to the world&#8217;s forests &#8211; must adopt comprehensive
climate policies and end deforestation.</p>

<p style="font: 10pt Franklin Gothic; margin: 0">&nbsp;</p>

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

<p style="font: 10pt Franklin Gothic; margin: 0">&nbsp;</p>

<p style="font: 10pt Franklin Gothic; 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 Franklin Gothic; margin: 0">&nbsp;</p>

<p style="font: 18pt Georgia, Times, Serif; color: #0072BD; margin: 16pt 0 4pt">Voting guide: Electric power generation</p>

<p style="font: 10pt Franklin Gothic; margin: 0">&nbsp;</p>

<p style="font: 10pt Franklin Gothic; margin: 0">Electric power production is responsible for nearly one-third of energy-related
carbon emissions<sup>28</sup> in the United States. The largest publicly-traded electric utilities remain among the largest sources of
carbon emissions in the U.S. economy,<sup>29</sup> 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 Franklin Gothic; margin: 0">&nbsp;</p>

<p style="font: 10pt Franklin Gothic; margin: 0">While power generation globally has made some progress<sup>30</sup> towards decarbonization,
falling emissions intensity of electricity production has yet to be matched by reductions in absolute emissions. Given the substantial
increase in electricity production that will be required to decarbonize and electrify sectors such as transportation and buildings, reductions
in the emissions intensity of electricity will not deliver the emissions reductions needed to limit warming to 1.5&deg;C.</p>

<p style="font: 18pt Georgia, Times, Serif; margin: 0.25in 0 6pt; color: #0072BD">Target setting</p>

<p style="font: 10pt Franklin Gothic; margin: 0">According to the IPCC,<sup>31</sup> 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. In 2021, the IEA released
its Net-Zero by 2050<sup>32</sup> Scenario, which requires emissions from electricity production in OECD countries to reach zero by 2035.
The Global Sector Strategy<sup>33</sup> for investor coalition Climate Action 100+ reiterates that investors expect that emissions from
electricity generation should reach net zero by 2040 globally and by 2035 in advanced economies.</p>

<p style="font: 10pt Franklin Gothic; margin: 0">&nbsp;</p>


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<p style="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</p>

<p style="font: 10pt Franklin Gothic; margin: 0">While accelerated timelines for decarbonization of electric power are now well-accepted,
the base level requirement for utilities and their boards is to 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 Franklin Gothic; margin: 0">&nbsp;</p>

<p style="font: 10pt Franklin Gothic; margin: 0">In addition to the base level requirement, in order to be aligned with the IEA's
Net-Zero by 2050 Scenario, interim targets and milestones are necessary. Such interim targets and milestones should prioritize accelerated
emissions reduction between now and 2030 rather than delaying the hard task of emissions reduction until after that date. This is underscored
by the IEA&#8217;s report on Achieving Net-Zero Electricity Sectors in G7 Members, which requires emissions reductions of 76% or higher
to be achieved by 2030 in G7 countries from 2019 levels under its Net-Zero by 2050 scenario,<sup>34</sup> with average reductions in
the order of 6% per year between now and 2035.<sup>35</sup></p>

<p style="font: 10pt Franklin Gothic; margin: 0">&nbsp;</p>

<p style="font: 10pt Franklin Gothic; margin: 0">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 having to make 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&#8217; plans. The Science Based Targets Initiative currently only allows for small amounts of emissions after net zero to
be mitigated with carbon removal;<sup>36</sup> any other investment into mitigation is encouraged but not a substitute for lowering a
company's own emissions.</p>

<p style="font: 10pt Franklin Gothic; margin: 0">&nbsp;</p>

<p style="font: 13pt Franklin Gothic; margin: 15pt 0; color: #0072BD"><b>Key Data Sources: </b></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Franklin Gothic; 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>Climate Action 100+, Disclosure Indicators 1-4<sup>37</sup></td></tr></table>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Franklin Gothic; 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>Science-Based Targets Initiative,<sup>38</sup> Companies list<sup>39
                                            </sup>and Sector Guidance<sup>40</sup></td></tr></table>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Franklin Gothic; 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>CDP (formerly Carbon Disclosure Project),<sup>41</sup> search
                                            company survey responses</td></tr></table>

<p style="font: 18pt Georgia, Times, Serif; color: #0072BD; margin: 16pt 0 4pt">Capital Allocation</p>

<p style="font: 10pt Franklin Gothic; 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<sup>42</sup> to multiple<sup>43
</sup>studies,<sup>44</sup> 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. The IEA&#8217;s Net Zero by 2050 Scenario<sup>45</sup> indicates all unabated coal generation must be phased out
completely by 2030 in OECD countries.</p>

<p style="font: 10pt Franklin Gothic; margin: 0">&nbsp;</p>

<p style="font: 10pt Franklin Gothic; margin: 0">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<sup>46</sup> with renewables. For regulated utilities,<sup>47</sup> these additional costs will be borne by shareholders if
utilities are unable to convince regulators to pass on those costs to consumers, creating substantial stranded asset risk for investors.</p>

<p style="font: 10pt Franklin Gothic; margin: 0">&nbsp;</p>


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<p style="font: 10pt Franklin Gothic; margin: 0">One study by researchers at UC Berkeley found that the U.S. electricity grid could
reach 90% clean energy nationally<sup>48</sup> with no need for any additional fossil gas generation plants by 2035. According to Deloitte,
existing gas generation capacity &#8220;accounts for most of the undepreciated value of US fossil fuel capacity,&#8221;<sup>49</sup>
making it the largest source of potential stranded asset risk to utilities and their investors. Any future for gas generation beyond
2050<sup>50</sup> will only be possible with carbon capture, utilization and storage, a technology that does not fully abate emissions,
does not account for upstream methane emissions, and is currently cost-prohibitive. In addition, increasing prices and volatility<sup>51
</sup>in the global gas market make investments in more gas generation a potentially risky long-term bet. In assessing the alignment
of capital allocation plans with limiting warming to 1.5&deg;C, investors should consider whether utilities are planning for no investment
in new gas generation.</p>

<p style="font: 13pt Franklin Gothic; margin: 15pt 0; color: #0072BD"><b>Key Data Sources: </b></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Franklin Gothic; 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>Climate Action 100+, Disclosure Indicator 6<sup>52</sup></td></tr></table>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Franklin Gothic; 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>Carbon Tracker,<sup>53</sup> Company Profiles: Utilities<sup>54</sup></td></tr></table>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Franklin Gothic; 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>Sierra Club, Dirty Truth report<sup>55</sup> and Data Dashboard<sup>56</sup></td></tr></table>

<p style="font: 10pt Franklin Gothic; margin: 0">&nbsp;</p>

<p style="font: 18pt Georgia, Times, Serif; margin: 0.25in 0 6pt; color: #0072BD">Policy Influence</p>

<p style="font: 10pt Franklin Gothic; margin: 0">Utilities must fully align their policy influence activities, including political
spending and lobbying activities, 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. With efforts under way at
the federal level in the U.S.<sup>57</sup> to provide additional policy support to electric power decarbonization, utilities must not
be engaged in efforts to delay or hinder those policy advances.</p>

<p style="font: 13pt Franklin Gothic; margin: 15pt 0; color: #0072BD"><b>Key Data Sources: </b></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Franklin Gothic; 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>Climate Action 100+, Disclosure Indicator 7<sup>58</sup></td></tr></table>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Franklin Gothic; 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>Influence Map,<sup>59</sup> List of companies and influencers<sup>60</sup></td></tr></table>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Franklin Gothic; 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>Energy and Policy Institute<sup>61</sup></td></tr></table>

<p style="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</p>

<p style="font: 18pt Georgia, Times, Serif; margin: 0; color: #0072BD">Summary Table</p>

<p style="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><b>&nbsp;</b></p>

<p style="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <tr>
    <td rowspan="3" style="border: white 2.25pt solid; width: 19%; padding: 12.15pt; background-color: #0072BD"><font style="font-family: Georgia, Times, Serif; font-size: 9pt; color: white"><b>TARGET
    SETTING </b></font></td>
    <td style="border-top: white 2.25pt solid; width: 9%; border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; padding: 12.15pt; background-color: #F25025; text-align: center"><font style="font-family: Georgia, Times, Serif; font-size: 10pt; color: white"><b>1.1</b></font></td>
    <td style="border-top: white 2.25pt solid; width: 72%; border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; padding: 12.15pt; background-color: #0072BD"><font style="font-size: 9pt; color: white">Net
    zero commitment by no later than 2050 for power production</font></td></tr>
  <tr>
    <td style="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; padding: 12.15pt; background-color: #F25025; text-align: center"><font style="font-family: Georgia, Times, Serif; font-size: 10pt; color: white"><b>1.2</b></font></td>
    <td style="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; padding: 12.15pt; background-color: #0072BD"><font style="font-size: 9pt; color: white">Net
    zero commitment 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></tr>
  <tr>
    <td style="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; padding: 12.15pt; background-color: #F25025; text-align: center"><font style="font-family: Georgia, Times, Serif; font-size: 10pt; color: white"><b>1.3</b></font></td>
    <td style="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; padding: 12.15pt; background-color: #0072BD"><font style="font-size: 9pt; color: white">Robust
    interim targets of at least 80% by 2030 or at least 6% per year on a straight-line basis between 2019-2030 (on track to reach zero
    by 2035)</font></td></tr>
</table>

<p style="margin: 0"></p>

<p style="margin: 0">&nbsp;</p>

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<p style="margin: 0"></p>

<p style="margin: 0">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <tr>
    <td rowspan="2" style="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; border-left: white 2.25pt solid; padding: 12.15pt; background-color: #0072BD; width: 19%"><font style="font-family: Georgia, Times, Serif; font-size: 9pt; color: white"><b>CAPITAL
    ALLOCATION</b></font></td>
    <td style="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; padding: 12.15pt; background-color: #F25025; text-align: center; width: 9%"><font style="font-family: Georgia, Times, Serif; font-size: 10pt; color: white"><b>2.1</b></font></td>
    <td style="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; padding: 12.15pt; background-color: #0072BD; width: 72%"><font style="font-size: 9pt; color: white">Firm
    plan to phase out coal by 2030</font></td></tr>
  <tr>
    <td style="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; padding: 12.15pt; background-color: #F25025; text-align: center"><font style="font-family: Georgia, Times, Serif; font-size: 10pt; color: white"><b>2.2</b></font></td>
    <td style="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; padding: 12.15pt; background-color: #0072BD"><font style="font-size: 9pt; color: white">Limited
    investment in new gas generation planned</font></td></tr>
  <tr>
    <td style="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; border-left: white 2.25pt solid; padding: 12.15pt; background-color: #0072BD"><font style="font-family: Georgia, Times, Serif; font-size: 9pt; color: white"><b>POLICY
    INFLUENCE</b></font></td>
    <td style="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; padding: 12.15pt; background-color: #F25025; text-align: center"><font style="font-family: Georgia, Times, Serif; font-size: 10pt; color: white"><b>3.1</b></font></td>
    <td style="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; padding: 12.15pt; background-color: #0072BD"><font style="font-size: 9pt; color: white">Alignment
    of policy influence activities with net zero target and limiting warming to 1.5&deg;C</font></td></tr>
  </table>
<p style="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><b>&nbsp;</b></p>

<p style="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><b>&nbsp;</b></p>





<hr align="left" size="1" style="width: 33%" >

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">1</font> MJBradley,
&#8220;Emissions Data Charts&#8221;, https://www.mjbradley.com/content/emissions-benchmarking-emissions-charts accessed Apr 13, 2022</p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">2</font> MJBradley,
&#8220;Generation Data Charts,&#8221; https://www.mjbradley.com/content/emissions-benchmarking-generation-charts accessed Apr 13, 2022</p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">3</font> Climate
Action 100+, &#8220;Companies&#8221;, https://www.climateaction100.org/whos-involved/companies/</p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">4</font> U.S. Energy
Information Agency, &#8220;(FAQs) What are U.S. energy-related carbon dioxide emissions by source and sector?&#8221; https://www.eia.gov/tools/faqs/faq.php?id=75&amp;t=11,
accessed Mar 23, 2022</p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">5</font> MJBradley,
Benchmarking Air Emissions, July 2020, https://www.mjbradley.com/sites/default/files/Presentation_of_Results_2020.pdf, p. 3 and p. 7.</p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">6</font> Duke Energy,
&#8220;Duke Energy aims to achieve net-zero carbon emissions by 2050&#8221;, Sep 17, 2019, https://news.duke-energy.com/releases/duke-energy-aims-to-achieve-net-zero-carbon-emissions-by-2050?_ga=2.223499483.1119470180.1646542655-1376152565.1588882418</p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">7</font> Duke Energy,
&#8220;Duke Energy expands clean energy action plan&#8221;, Feb 9, 2022, https://news.duke-energy.com/releases/duke-energy-expands-clean-energy-action-plan</p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">8</font> Duke Energy,
Annual Report and 10-K, 2021, https://desitecoreprod-cd.azureedge.net/annual-report/_/media/pdfs/our-company/investors/de-annual-reports/2021/2021-duke-energy-annual-report.pdf?la=en&amp;rev=f3700925e6134fc6a138ad691d82a6e9
p. 55</p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">9</font> Pomerantz
and Kasper, &#8220;Many U.S. electric utilities plan slow decarbonization over next decade, out of sync with Biden plan&#8221;, Energy
and Policy Institute, https://www.energyandpolicy.org/utilities-carbon-goal-biden-climate-plan/ see Utility Emissions, Feb 2022: Decarbonization
Pace Data table</p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">10</font> IEA, Achieving
Net Zero Electricity Sectors in G7 Members, https://iea.blob.core.windows.net/assets/9a1c057a-385a-4659-80c5-3ff40f217370/AchievingNetZeroElectricitySectorsinG7Members.pdf
p. 38</p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">11</font> Duke Energy,
Q4 2021 Results Conference Call, Feb 10, 2022, https://seekingalpha.com/article/4485944-duke-energy-corporation-duk-ceo-lynn-good-on-q4-2021-results-earnings-call-transcript</p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">12</font> Duke Energy,
Duke Energy Climate Report: Achieving a Net Zero Carbon Future, 2020, Oct 7, 2021, https://www.duke-energy.com/_/media/pdfs/our-company/climate-report-2020.pdf
p. 5</p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">13</font> Gregory
Meyer, &#8220;Do US power companies&#8217; carbon pledges add up&#8221;, Financial Times, Nov 2020, https://www.ft.com/content/e5ef25f0-ae43-42c2-a1b3-74ce1992c516</p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">14</font> Tom Dowdall,
&#8220;Science-Based Net-Zero Targets: &#8216;Less Net, more Zero&#8221;, Science-Based Targets, https://sciencebasedtargets.org/blog/science-based-net-zero-targets-less-net-more-zero</p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">15</font> Duke Energy,
&#8220;Duke Energy expands clean energy action plan&#8221;, Feb 9, 2022, https://news.duke-energy.com/releases/duke-energy-expands-clean-energy-action-plan</p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">16</font> Duke Energy,
Q4 2021 Results Conference Call, Feb 10, 2022, https://seekingalpha.com/article/4485944-duke-energy-corporation-duk-ceo-lynn-good-on-q4-2021-results-earnings-call-transcript</p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">17</font> Duke Energy
Indiana, Integrated Resource Plan, 2021, https://desitecoreprod-cd.azureedge.net/_/media/pdfs/for-your-home/dei-irp-2021/workshop-07/2021-dei-non-tech-summary.pdf?la=en&amp;rev=074c410ba72341a7b78d39b45e6a19ef
p. 11</p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">18</font> Duke Energy,
Coal Plant Retirements, https://sustainabilityreport.duke-energy.com/environmental/coal-plant-retirements/, accessed April 13, 2022</p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">19</font> John Deem,
&#8220;Duke's Belews Creek plant will be one of last to burn coal&#8221;, Winston-Salem Journal, Feb 14, 2022, https://journalnow.com/news/local/dukes-belews-creek-plant-will-be-one-of-last-to-burn-coal/article_34c8c8de-8b6e-11ec-a919-77077d0bb42d.html#:~:text=Duke%20said%20it%20will%20take,to%20100%25%20natural%20gas%20production</p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">20</font> Duke Energy,
Earnings Review and Business Update: Q4 2021, Feb 10, 2022, https://desitecoreprod-cd.azureedge.net/_/media/pdfs/our-company/investors/news-and-events/2021/4qresults/q4-2021-earnings-presentation-reg-g.pdf?la=en&amp;rev=83cf9ace2f3942709f8ea075f9bd3e88
p. 22</p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</p>

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<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</p>
<hr align="left" size="1" style="width: 33%" >
<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</font></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">21
InfluenceMap, LobbyMap: Duke Energy, https://lobbymap.org/company/Duke-Energy/projectlink/Duke-Energy-In-Climate-Change</font></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">22
Duke Energy, Trade Associations Climate Review, https://desitecoreprod-cd.azureedge.net/_/media/pdfs/our-company/210284-trade-association-climate-review.pdf?la=en&amp;rev=54ef07e4e36740cfa1b42ffb74a21600
p. 5</font></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">23
InfluenceMap, LobbyMap: American Gas Association, https://lobbymap.org/influencer/American-Gas-Association-bc1dc2f7fbce7747ce06e6c537cb8fdc</font></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">24
IPCC, Special Report on Global Warming of 1.5&deg;C., 2018, https://www.ipcc.ch/site/assets/uploads/sites/2/2019/06/SR15_Full_Report_Low_Res.pdf
, pp. v, 5, 7-10, 95-97 and 116</font></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">25
International Energy Agency (IEA), Net Zero by 2050: A Roadmap for the Global Energy Sector, May 2021. https://www.iea.org/reports/net-zero-by-2050,
Slide 8.</font></p>

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

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">27
Climate Action 100+: Net-Zero Company Benchmark Company Assessments https://www.climateaction100.org/progress/net-zero-company-benchmark/</font></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"></font></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">28
U.S. Energy Information Agency, &#8220;FAQs: What are U.S. energy-related carbon dioxide emissions by source and sector?,&#8221; https://www.eia.gov/tools/faqs/faq.php?id=75&amp;t=11</font></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">29
MJBradley &amp; Associates, Benchmarking Air Emissions of the 100 Largest Electric Power Producers in the United States, https://www.mjbradley.com/sites/default/files/Presentation_of_Results_2020.pdf
p. 9</font></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">30
IIGCC as part of Climate Action 100+, GLOBAL SECTOR STRATEGIES: INVESTOR INTERVENTIONS TO ACCELERATE NET ZERO ELECTRIC UTILITIES, Oct
2021, https://www.climateaction100.org/wp-content/uploads/2021/10/Global-Sector-Strategy-Electric-Utilities-IIGCC-Oct-21.pdf p. 26</font></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">31
IPCC, Special Report: GLOBAL WARMING OF 1.5 &ordm; Summary for Policy Makers, https://www.ipcc.ch/sr15/chapter/spm/ p. C1</font></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">32
International Energy Agency, Net Zero by 2050 A Roadmap for the Global Energy Sector,</font></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">https://iea.blob.core.windows.net/assets/deebef5d-0c34-4539-9d0c-10b13d840027/NetZeroby2050-ARoadmapfortheGlobalEnergySector_CORR.pdf
p. 20</font></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">33
IIGCC as part of Climate Action 100+, GLOBAL SECTOR STRATEGIES: INVESTOR INTERVENTIONS TO ACCELERATE NET ZERO ELECTRIC UTILITIES, Oct
2021, https://www.climateaction100.org/wp-content/uploads/2021/10/Global-Sector-Strategy-Electric-Utilities-IIGCC-Oct-21.pdf p. 10</font></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">34
IEA, Achieving Net Zero Electricity Sectors in G7 Members,</font></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">https://iea.blob.core.windows.net/assets/9a1c057a-385a-4659-80c5-3ff40f217370/AchievingNetZeroElectricitySectorsinG7Members.pdf
p. 92</font></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">35
IEA, Achieving Net Zero Electricity Sectors in G7 Members, https://iea.blob.core.windows.net/assets/9a1c057a-385a-4659-80c5-3ff40f217370/AchievingNetZeroElectricitySectorsinG7Members.pdf
p. 38</font></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">36
Science Based Targets, &#8220;Science-Based Net-Zero Targets: &#8216;Less Net, more Zero&#8217;,&#8221; https://sciencebasedtargets.org/blog/science-based-net-zero-targets-less-net-more-zero</font></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">37
Climate Action 100+, &#8220;Companies,&#8221; https://www.climateaction100.org/whos-involved/companies/</font></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">38
Science Based Targets, SETTING 1.5&deg;C-ALIGNED SCIENCE-BASED TARGETS: QUICK START GUIDE FOR ELECTRIC UTILITIES, June 2020, https://sciencebasedtargets.org/resources/legacy/2020/06/SBTi-Power-Sector-15C-guide-FINAL.pdf</font></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">39
Science Based Targets, &#8220;Companies Taking Action&#8221; https://sciencebasedtargets.org/companies-taking-action</font></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">40
Science Based Targets, &#8220;Sector Guidance&#8221; https://sciencebasedtargets.org/sectors</font></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">41
CDP, https://www.cdp.net/en</font></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">42
James H. Williams et al., &#8220;Carbon-Neutral Pathways for the United States,&#8221; Advancing Earth and Space Science, https://agupubs.onlinelibrary.wiley.com/doi/epdf/10.1029/2020AV000284,
2021, p. 20</font></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">43
Eric Larson et al., &#8220;Net-Zero America: Potential Pathways, Infrastructure, and Impacts,&#8221; Princeton University, October 21,
2021, https://www.dropbox.com/s/ptp92f65lgds5n2/Princeton%20NZA%20FINAL%20REPORT%20%2829Oct2021%29.pdf?dl=0 p. 29</font></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">44
Climate Analytics, Global and regional coal phase-out requirements of the Paris Agreement: Insights from the IPCC Special Report on 1.5&deg;C,
Sep 2019 https://climateanalytics.org/media/report_coal_phase_out_2019.pdf at &#8220;key messages&#8221;,</font></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">45
IEA, Net Zero by 2050 A Roadmap for the Global Energy Sector, October 2021,</font></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">https://iea.blob.core.windows.net/assets/deebef5d-0c34-4539-9d0c-10b13d840027/NetZeroby2050-ARoadmapfortheGlobalEnergySector_CORR.pdf
p. 20</font></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">46
ERIC GIMON et al., &#8220;THE COAL COST CROSSOVER: ECONOMIC VIABILITY OF EXISTING COAL COMPARED TO NEW LOCAL WIND AND SOLAR RESOURCES,&#8221;
Energy Innovation, Mar 2019, https://energyinnovation.org/wp-content/uploads/2019/03/Coal-Cost-Crossover_Energy-Innovation_VCE_FINAL.pdf
p. 1</font></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">47
ERIC GIMON et al., &#8220;THE COAL COST CROSSOVER: ECONOMIC VIABILITY OF EXISTING COAL COMPARED TO NEW LOCAL WIND AND SOLAR RESOURCES,&#8221;
Energy Innovation, Mar 2019, https://energyinnovation.org/wp-content/uploads/2019/04/Coal-Cost-Crossover_Energy-Innovation_VCE_FINAL2.pdf
p. 11</font></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">48
Goldman School of Public Policy, &#8220;2035 THE REPORT: PLUMMETING SOLAR, WIND, AND BATTERY COSTS CAN ACCELERATE OUR CLEAN ELECTRICITY
FUTURE,&#8221; University of California Berkeley, June 2020, http://www.2035report.com/wp-content/uploads/2020/06/2035-Report.pdf?hsCtaTracking=8a85e9ea-4ed3-4ec0-b4c6-906934306ddb%7Cc68c2ac2-1db0-4d1c-82a1-65ef4daaf6c1
p. 25</font></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">49
Stanley Porter et al., &#8220;Utility decarbonization strategies: Renew, reshape, and refuel to zero,&#8221; Deloitte, Sep 21, 2020,
https://www2.deloitte.com/us/en/insights/industry/power-and-utilities/utility-decarbonization-strategies.html</font></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">50
Stanley Porter et al., &#8220;Utility decarbonization strategies: Renew, reshape, and refuel to zero,&#8221; Deloitte, Sep 21, 2020,
https://www2.deloitte.com/us/en/insights/industry/power-and-utilities/utility-decarbonization-strategies.html</font></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">51
ANNE-SOPHIE CORBEAU, &#8220;The Global Energy Crisis: Implications of Record High Natural Gas Prices,&#8221; Columbia SIPA Center on
Global Energy Policy, Oct 20, 2021, https://www.energypolicy.columbia.edu/research/commentary/global-energy-crisis-implications-record-high-natural-gas-prices</font></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">52
Climate Action 100+, Companies, https://www.climateaction100.org/whos-involved/companies/</font></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">53
Carbon Tracker Initiative, https://carbontracker.org/</font></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"></p>

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<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"></p>
<hr align="left" size="1" style="width: 33%" >
<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">54</font> Carbon
Tracker Initiative, &#8220;Company profiles,&#8221; https://carbontracker.org/company-profiles/</p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">55</font> Sierra
Club, The Dirty Truth About Utility Climate Pledges, https://coal.sierraclub.org/the-problem/dirty-truth-greenwashing-utilities</p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">56</font> John
Romankiewicz, Utility Dashboard, https://public.tableau.com/app/profile/john.romankiewicz/viz/Utilitydashboard/Story1</p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">57</font> Yvonne
McIntyre &amp; Derek Murrow, &#8220;House Proposes Strong Clean Electricity Performance Program,&#8221; NRDC, Sep 14, 2021, https://www.nrdc.org/experts/yvonne-mcintyre/house-proposes-strong-clean-electricity-performance-program</p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">58</font> Climate
Action 100+, &#8220;Companies,&#8221; https://www.climateaction100.org/whos-involved/companies/</p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">59</font> InfluenceMap,
https://influencemap.org/index.html</p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">60</font> LobbyMap,
&#8220;Company Profiles,&#8221; https://lobbymap.org/filter/List-of-Companies-and-Influencers#1</p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">61</font> Energy
and Policy Institute, https://www.energyandpolicy.org/</p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"></p>

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