<SEC-DOCUMENT>0001387131-22-004815.txt : 20220414
<SEC-HEADER>0001387131-22-004815.hdr.sgml : 20220414
<ACCEPTANCE-DATETIME>20220414060312
ACCESSION NUMBER:		0001387131-22-004815
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20220414
DATE AS OF CHANGE:		20220414
EFFECTIVENESS DATE:		20220414

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			KINDER MORGAN, INC.
		CENTRAL INDEX KEY:			0001506307
		STANDARD INDUSTRIAL CLASSIFICATION:	NATURAL GAS TRANSMISSION [4922]
		IRS NUMBER:				260238387
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35081
		FILM NUMBER:		22825912

	BUSINESS ADDRESS:	
		STREET 1:		1001 LOUISIANA STREET
		STREET 2:		SUITE 1000
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77002
		BUSINESS PHONE:		713-369-9000

	MAIL ADDRESS:	
		STREET 1:		1001 LOUISIANA STREET
		STREET 2:		SUITE 1000
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77002

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Kinder Morgan Holdco LLC
		DATE OF NAME CHANGE:	20101122

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>kmi-px14a6g_041422.htm
<DESCRIPTION>NOTICE OF EXEMPT SOLICITATION
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<P STYLE="font: 18pt Georgia, Times, Serif; margin: 0 0 3pt; color: #0072BD"><B>Kinder Morgan Inc [NYSE:KMI]:</B></P>

<P STYLE="font: 18pt Georgia, Times, Serif; margin: 0.25in 0 6pt; color: #0072BD"><B>Due to the Company&#8217;s Failure to Set Net Zero
or Other Appropriate GHG Emissions Reduction Targets, Realign Investment Plans to Limit Global Warming to 1.5&deg;C, and Ensure Alignment
of Policy Influence Activities:</B></P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white"><B>Vote AGAINST Executive Chair Richard Kinder (Item 1-01) and</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 16pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Franklin Gothic; background-color: white">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white"><B>Vote AGAINST Lead Director Michael Morgan (Item 1-09)</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Franklin Gothic; 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><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>
<FONT STYLE="font-family: Franklin Gothic; font-size: 10pt">Therefore, the actions of companies that fail to align to limiting warming
to </FONT></I><I><FONT STYLE="font-family: Franklin Gothic; font-size: 10.5pt; background-color: white">1.5&deg;C</FONT></I><I> <FONT STYLE="font-family: Franklin Gothic; font-size: 10pt">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</FONT></I><I><FONT STYLE="font-family: Franklin Gothic; font-size: 10.5pt; background-color: white">&deg;C</FONT></I><I>
<FONT STYLE="font-family: Franklin Gothic; font-size: 10pt">World initiative and the transformation required in key industries. </FONT></I></P>

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

<P STYLE="font: 10pt Franklin Gothic; margin: 0">Kinder Morgan is one of the largest operators of oil and gas pipelines and terminals
in North America.<A HREF="#a_edn1" NAME="a_ednref1" TITLE="" STYLE="mso-endnote-id: edn1"></A><SUP>1</SUP> It claims it is the largest
independent transporter of refined products, and the largest fossil gas transmission network, moving 40% of the United States&#8217; consumption
and export of fossil gas.<A HREF="#a_edn2" NAME="a_ednref2" TITLE="" STYLE="mso-endnote-id: edn2"></A><SUP>2</SUP> Kinder Morgan 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
emissions transition.&#8221;<A HREF="#a_edn3" NAME="a_ednref3" TITLE="" STYLE="mso-endnote-id: edn3"></A><SUP>3</SUP></P>

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

<P STYLE="font: 10pt Franklin Gothic; margin: 0">Petroleum and fossil gas products, including those used in transportation, buildings,
industrial processes, and electricity production, account for nearly 80% of carbon emissions from the U.S. energy system.<A HREF="#a_edn4" NAME="a_ednref4" TITLE="" STYLE="mso-endnote-id: edn4"></A><SUP>4</SUP>
The U.S. is the largest petroleum and fossil gas producer in the world, having overtaken Saudi Arabia and Russia in recent years.<A HREF="#a_edn5" NAME="a_ednref5" TITLE="" STYLE="mso-endnote-id: edn5"></A><SUP>5</SUP>
To stay within the available carbon budget to limit warming to 1.5&deg;C, oil and gas companies must not just decarbonize their own emissions,
but global consumption of fossil fuels must fall as well.<A HREF="#a_edn6" NAME="a_ednref6" TITLE="" STYLE="mso-endnote-id: edn6"></A><SUP>6</SUP>
In 2021, the International Energy Agency (IEA) set out the implications of a 1.5&deg;C pathway for the oil and gas sector in its &#8220;Net
Zero Emissions by 2050&#8221; scenario (NZE). Under the NZE, fossil fuel use <B>falls dramatically </B>and can be satisfied with existing
assets, with <B>no need to invest in new oil and gas fields</B>.<A HREF="#a_edn7" NAME="a_ednref7" TITLE="" STYLE="mso-endnote-id: edn7"></A><SUP>7</SUP></P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Georgia, Times, Serif; color: #0072BD"><B>Failure
to set ambitious decarbonization targets in line with <FONT STYLE="background-color: white">1.5&deg;C</FONT> pathways and 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 its core business, and greenhouse gas (GHG) emissions reductions have profound strategic implications, the board chair, and lead independent
director, where the position exists, should be held accountabl</B></FONT><B><FONT STYLE="color: #0072BD">e</FONT></B>.</P>

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

<P STYLE="font: 17pt Georgia, Times, Serif; margin: 0.25in 0 6pt; color: #0072BD"><B>Failure to set appropriate GHG emissions reduction
targets</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
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    <TD STYLE="vertical-align: top; width: 83%; border: 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 by 2050 commitment that covers all relevant emissions sources, in particular Scope 3 emissions from the burning of products sold, and on a full equity share basis </B></FONT></TD>
    <TD STYLE="width: 17%; border-top: white 2.25pt solid; 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>
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    <TD STYLE="vertical-align: top; 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 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: #F25025; text-align: center"><FONT STYLE="font-family: Franklin Gothic; font-size: 17pt; color: white"><B>X</B></FONT></TD></TR>
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    <TD STYLE="vertical-align: top; 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>Company has adopted robust interim targets, including substantial reductions by 2030</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>
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<P STYLE="font: 10pt Franklin Gothic; margin: 0">The company has not yet adopted a net zero by 2050 ambition, nor any short-, medium-,
or long-term GHG reduction targets that cover a significant portion of the company&#8217;s scope 1 and 2 emissions let alone its scope
3 emissions.<A HREF="#a_edn8" NAME="a_ednref8" TITLE="" STYLE="mso-endnote-id: edn8"></A><SUP>8</SUP> Kinder Morgan has, through its
participation in the U.S. EPA ONE Future coalition/Methane Challenge program, committed to achieving a methane emission intensity target
of 0.31% by 2025 for its natural gas transmission and storage operations;<A HREF="#a_edn9" NAME="a_ednref9" TITLE="" STYLE="mso-endnote-id: edn9"></A><SUP>9</SUP>
however, given that Kinder Morgan claims it has already achieved this reduction as of 2018,<A HREF="#a_edn10" NAME="a_ednref10" TITLE="" STYLE="mso-endnote-id: edn10"></A><SUP>10</SUP>
the company currently has no forward-looking methane reduction target. The company published its scope 1 and 2 emissions for the first
time in October 2021 and does not yet disclose its scope 3 emissions.<A HREF="#a_edn11" NAME="a_ednref11" TITLE="" STYLE="mso-endnote-id: edn11"></A><SUP>11</SUP></P>

<P STYLE="font: 18pt Georgia, Times, Serif; margin: 0.25in 0 6pt; color: #0072BD"><B>Capital allocation and investment plans not aligned
with 1.5&deg;C pathways</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 90%; border: 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>Company has a plan to realign capital expenditures to meet a net zero decarbonization commitment, including substantial reductions in production in line with the IEA Net Zero by 2050 Scenario.</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: white 2.25pt solid; 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>
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<P STYLE="font: 10pt Franklin Gothic; margin: 0">According to the Climate Action 100+ Net-Zero Company Benchmark, Kinder Morgan had not,
as of December 2021, met any of the indicators for capital allocation alignment.<A HREF="#a_edn12" NAME="a_ednref12" TITLE="" STYLE="mso-endnote-id: edn12"></A><SUP>12</SUP>
To do so, the company would need to align future capital expenditures with long-term GHG emissions reduction target(s), commit to align
future capital expenditures with the Paris Agreement&#8217;s objective of limiting global warming to 1.5&deg;C, and disclose the methodology
it uses to assess such alignment.</P>

<P STYLE="font: 18pt Georgia, Times, Serif; margin: 0.25in 0 6pt; color: #0072BD"><B>Misalignment of policy influence activities with
net zero commitment and 1.5&deg;C pathways</B></P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 91%; border: 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>Alignment of policy influence activities with net zero target and limiting warming to 1.5&deg;C</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: white 2.25pt solid; 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>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0">According to InfluenceMap, Kinder Morgan received a D- grade for its obstructive policy
engagement.<A HREF="#a_edn13" NAME="a_ednref13" TITLE="" STYLE="mso-endnote-id: edn13"></A><SUP>13</SUP> As noted by InfluenceMap, Kinder
Morgan&#8217;s own views on climate change are mixed or limited; for example, in the company&#8217;s most recent ESG report, the only
discussion of the Paris Agreement is in reference to the TCFD disclosure framework. In early 2022, counsel representing Kinder Morgan
asked the Federal Energy Regulatory Commission (FERC) to reconsider its recent issuance of revised policy guidance for gas infrastructure
approval, including requiring companies to provide estimates of GHG emissions.<A HREF="#a_edn14" NAME="a_ednref14" TITLE="" STYLE="mso-endnote-id: edn14"></A><SUP>14</SUP></P>

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

<P STYLE="font: 10pt Franklin Gothic; margin: 0">The company does not have a Paris-aligned lobbying position, nor a commitment to ensure
that the trade associations of which the company is a member lobby in line with the goals of the Paris Agreement.<A HREF="#a_edn15" NAME="a_ednref15" TITLE="" STYLE="mso-endnote-id: edn15"></A><SUP>15</SUP>
Kinder Morgan&#8217;s most recent ESG report discloses its trade association memberships with annual dues in excess of $50,000, and while
the company says it &#8220;prefer[s]&#8221; that those trade associations have climate change positions that align with its own, the report
does not contain any specific commitment to or language addressing misalignment.<A HREF="#a_edn16" NAME="a_ednref16" TITLE="" STYLE="mso-endnote-id: edn16"></A><SUP>16</SUP></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Georgia, Times, Serif; color: #0072BD; background-color: white"><B>Conclusion</B></FONT><FONT STYLE="font-family: Franklin Gothic; background-color: white">:
</FONT><FONT STYLE="font-family: Georgia, Times, Serif; color: #0072BD; background-color: white"><B>Kinder Morgan has failed to set net
zero targets, align its capital investments with limiting warming to 1.5&deg;C, or ensure its policy influence activities would support
doing so. Therefore, we recommend that shareholders vote AGAINST Executive Chair Richard Kinder (Item 1-01 and Lead Independent Director
Michael Morgan (Item 1-09) at the company&#8217;s annual meeting on May 11, 2022. </B></FONT></P>


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<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.<A HREF="#a_edn17" NAME="a_ednref17" TITLE="" STYLE="mso-endnote-id: edn17"></A><SUP>17</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.<A HREF="#a_edn18" NAME="a_ednref18" TITLE="" STYLE="mso-endnote-id: edn18"></A><SUP>18</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.<A HREF="#a_edn19" NAME="a_ednref19" TITLE="" STYLE="mso-endnote-id: edn19"></A><SUP>19</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.<A HREF="#a_edn20" NAME="a_ednref20" TITLE="" STYLE="mso-endnote-id: edn20"></A><SUP>20</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: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</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; margin: 0.25in 0 6pt; color: #0072BD">Voting Guide: Oil &amp; Gas</P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0">Petroleum and fossil gas products, including those used in transportation, buildings,
industrial processes, and electricity production, account for nearly 80% of carbon emissions from the U.S. energy system.<A HREF="#a_edn21" NAME="a_ednref21" TITLE="" STYLE="mso-endnote-id: edn21"></A><SUP>21</SUP>
The U.S. is the largest petroleum and fossil gas producer in the world, having overtaken Saudi Arabia and Russia in recent years.<A HREF="#a_edn22" NAME="a_ednref22" TITLE="" STYLE="mso-endnote-id: edn22"></A><SUP>22</SUP>
In general, U.S. oil companies lag behind their European peers in adopting net zero by 2050 ambitions<A HREF="#a_edn23" NAME="a_ednref23" TITLE="" STYLE="mso-endnote-id: edn23"></A><SUP>23</SUP>,
or investing in renewable energy production.<A HREF="#a_edn24" NAME="a_ednref24" TITLE="" STYLE="mso-endnote-id: edn24"></A><SUP>24</SUP></P>

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

<P STYLE="font: 10pt Franklin Gothic; margin: 0">To stay within the available carbon budget to limit warming to 1.5&deg;C, not only must
oil and gas companies decarbonize their own emissions, but global consumption of fossil fuels must fall as well.<A HREF="#a_edn25" NAME="a_ednref25" TITLE="" STYLE="mso-endnote-id: edn25"></A><SUP>25</SUP>
In May 2021, the IEA set out the implications of a 1.5&deg;C pathway for the oil and gas sector in its &#8216;Net Zero by 2050&#8217;
scenario (&#8220;NZE&#8221;).<A HREF="#a_edn26" NAME="a_ednref26" TITLE="" STYLE="mso-endnote-id: edn26"></A><SUP>26</SUP> Prior IEA
scenarios such as the Beyond 2&deg;C Scenario (aligned to limiting warming to 1.75&deg;C by 2060<A HREF="#a_edn27" NAME="a_ednref27" TITLE="" STYLE="mso-endnote-id: edn27"></A><SUP>27</SUP>)
and the Sustainable Development Scenario (aligned to the Paris Agreement&#8217;s upper target of well below 2&deg;C<A HREF="#a_edn28" NAME="a_ednref28" TITLE="" STYLE="mso-endnote-id: edn28"></A><SUP>28</SUP>),
still fell short of limiting warming to 1.5&deg;C.</P>

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

<P STYLE="font: 10pt Franklin Gothic; margin: 0">Under the NZE, fossil fuel use falls dramatically and can be satisfied with existing
assets, with no need to invest in new oil and gas fields, and no new coal mines or mine extensions.<A HREF="#a_edn29" NAME="a_ednref29" TITLE="" STYLE="mso-endnote-id: edn29"></A><SUP>29</SUP>
However, according to analyses by Carbon Tracker, the world&#8217;s largest oil companies have projects both sanctioned (those currently
producing or under development) and unsanctioned (those not yet under development) over the course of the next two decades that would
exceed the carbon budget for 2.0&deg;C of global warming, let alone 1.5&deg;C.<A HREF="#a_edn30" NAME="a_ednref30" TITLE="" STYLE="mso-endnote-id: edn30"></A><SUP>30</SUP>
This signals that many companies are not yet fully committed to meaningful reductions. While oil demand fell in 2020 due to COVID-19 disruptions,<A HREF="#a_edn31" NAME="a_ednref31" TITLE="" STYLE="mso-endnote-id: edn31"></A><SUP>31</SUP></P>


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<P STYLE="font: 10pt Franklin Gothic; margin: 0">oil demand and pricing are currently rebounding,<A HREF="#a_edn32" NAME="a_ednref32" TITLE="" STYLE="mso-endnote-id: edn32"></A><FONT STYLE="font-family: Franklin Gothic; font-size: 10pt"><SUP>32</SUP></FONT>
and any expansion plans are fundamentally at odds with the immediate global production reductions required within most Paris Agreement-aligned
scenarios.<A HREF="#a_edn33" NAME="a_ednref33" TITLE="" STYLE="mso-endnote-id: edn33"></A><FONT STYLE="font-family: Franklin Gothic; font-size: 10pt"><SUP>33</SUP></FONT></P>

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

<P STYLE="font: 10pt Franklin Gothic; margin: 0">As shale-focused companies rely primarily on continued new drilling to sustain production,
these companies are particularly at risk: in order to limit to 1.5&deg;C and be aligned with the IEA NZE, shale-focused companies in particular
must reduce production by more than 80%.<A HREF="#a_edn34" NAME="a_ednref34" TITLE="" STYLE="mso-endnote-id: edn34"></A><SUP>34</SUP>
However, many U.S. companies continue to expand into shale-rich regions such as the Permian Basin<A HREF="#a_edn35" NAME="a_ednref35" TITLE="" STYLE="mso-endnote-id: edn35"></A><SUP>35</SUP>
(see Capital Allocation section). The Permian is predicted to account for much of the growth in US oil production, and much of this will
likely be exported and burned overseas; an Occidental Petroleum company executive recently noted the trend by saying &#8220;every single
molecule from here on out has to be exported.&#8221;<A HREF="#a_edn36" NAME="a_ednref36" TITLE="" STYLE="mso-endnote-id: edn36"></A><SUP>36</SUP></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</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">To avoid the risk of global temperature overshoot, emissions need to fall by 45% from
2010 levels by 2030, reaching net zero by 2050.<A HREF="#a_edn37" NAME="a_ednref37" TITLE="" STYLE="mso-endnote-id: edn37"></A><SUP>37</SUP>
Net-zero commitments should also incorporate interim targets and milestones that allow accelerated emissions reduction between now and
2030 rather than delaying the hard task of emissions reduction until after that date. Net zero commitments must cover projects on a full
equity share basis, such that all joint ventures and subsidiaries are covered by the company-wide target. Companies should achieve net
zero by 2050 with limited use of offsets, negative emissions, or unproven or uncommercialized technologies, including carbon capture and
storage (CCUS). Relying on CCUS&#8211;rather than phasing out the production of fossil fuels&#8211;is a risky strategy<A HREF="#a_edn38" NAME="a_ednref38" TITLE="" STYLE="mso-endnote-id: edn38"></A><SUP>38</SUP>;
even pro-CCUS sources acknowledge that many proposed CCUS technologies are as yet unproven, and a massive infrastructure investment and
buildout would be required to capture enough carbon to limit warming to 1.5&deg;C.<A HREF="#a_edn39" NAME="a_ednref39" TITLE="" STYLE="mso-endnote-id: edn39"></A><SUP>39</SUP>
Oil and gas companies should clearly disclose specific plans to use offsets or negative emissions to achieve net zero emissions by 2050,
so that investors may assess the quality and credibility of their plans.</P>

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

<P STYLE="color: #0072BD; font: 13pt Franklin Gothic; margin: 0.25in 0 6pt"><B>KEY DATA SOURCES: </B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Franklin Gothic; font-size: 12pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Franklin Gothic; font-size: 12pt">CDP (formerly Carbon Disclosure Project), company survey responses<A HREF="#a_edn40" NAME="a_ednref40" TITLE="" STYLE="mso-endnote-id: edn40"></A><SUP>40</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Franklin Gothic; font-size: 12pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Franklin Gothic; font-size: 12pt">Science-Based Targets Initiative, Companies list<A HREF="#a_edn41" NAME="a_ednref41" TITLE="" STYLE="mso-endnote-id: edn41"></A><SUP>41</SUP>
and Sector Guidance<A HREF="#a_edn42" NAME="a_ednref42" TITLE="" STYLE="mso-endnote-id: edn42"></A><SUP>42</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Franklin Gothic; font-size: 12pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Franklin Gothic; font-size: 12pt">Climate Action 100+, Disclosure Indicators 1-4<A HREF="#a_edn43" NAME="a_ednref43" TITLE="" STYLE="mso-endnote-id: edn43"></A><SUP>43</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Franklin Gothic; font-size: 12pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Franklin Gothic; font-size: 12pt">Oil Change International, Big Oil Reality Check<A HREF="#a_edn44" NAME="a_ednref44" TITLE="" STYLE="mso-endnote-id: edn44"></A><SUP>44</SUP></FONT></TD></TR></TABLE>

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

<P STYLE="font: 18pt Georgia, Times, Serif; margin: 0.25in 0 6pt; color: #0072BD">Capital allocation</P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0">Given that oil supplies currently in production already exceed the carbon budget for
limiting warming to 1.5&deg;C, oil and gas companies must immediately cease approving investment in new projects that fall outside the
carbon budget. At minimum, Arctic and oil sands projects should be halted because they are inconsistent with limiting warming to 1.5&deg;C<A HREF="#a_edn45" NAME="a_ednref45" TITLE="" STYLE="mso-endnote-id: edn45"></A><SUP>45</SUP>,
economically marginal due to elevated production costs, and carry additional environmental and human rights risks.<A HREF="#a_edn46" NAME="a_ednref46" TITLE="" STYLE="mso-endnote-id: edn46"></A><SUP>46</SUP></P>

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


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<P STYLE="font: 10pt Franklin Gothic; margin: 0">Oil production in the Permian Basin in Texas and New Mexico &#8211; almost entirely fracking<A HREF="#a_edn47" NAME="a_ednref47" TITLE="" STYLE="mso-endnote-id: edn47"></A><SUP>47</SUP>&#8211;has
nearly quadrupled from 2010 to today,<A HREF="#a_edn48" NAME="a_ednref48" TITLE="" STYLE="mso-endnote-id: edn48"></A><SUP>48</SUP> while
natural gas production has more than tripled.<A HREF="#a_edn49" NAME="a_ednref49" TITLE="" STYLE="mso-endnote-id: edn49"></A><SUP>49</SUP>
According to an analysis conducted by Oil Change International, carbon emissions from Permian oil and gas production through 2050 could
alone exhaust nearly 10% of the global 1.5&deg;C carbon budget.<A HREF="#a_edn50" NAME="a_ednref50" TITLE="" STYLE="mso-endnote-id: edn50"></A><SUP>50</SUP>
The climate impact of Permian oil and gas is even greater than coal based on the amount of methane that escapes into the atmosphere during
hydraulic fracking.<A HREF="#a_edn51" NAME="a_ednref51" TITLE="" STYLE="mso-endnote-id: edn51"></A><SUP>51</SUP> It is estimated that
the Permian Basin has a 60% higher methane leakage rate than other U.S oil and gas regions.<A HREF="#a_edn52" NAME="a_ednref52" TITLE="" STYLE="mso-endnote-id: edn52"></A><SUP>52</SUP>
Given that the vast majority of these emissions would come from wells not yet in production at the end of 2020, much of these emissions
could be avoided if companies simply halted all drilling of new wells.<A HREF="#a_edn53" NAME="a_ednref53" TITLE="" STYLE="mso-endnote-id: edn53"></A><SUP>53</SUP></P>

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

<P STYLE="font: 10pt Franklin Gothic; margin: 0">Investors should use the NZE scenario as a floor to assess companies&#8217; climate policies,
transition scenarios and capital allocation alignment. Importantly, no new oil or gas fields should be approved for development under
a 1.5&deg;C pathway; no investment in new oil and gas production should be undertaken;<A HREF="#a_edn54" NAME="a_ednref54" TITLE="" STYLE="mso-endnote-id: edn54"></A><SUP>54</SUP>
and production levels must fall by the 2030s.<A HREF="#a_edn55" NAME="a_ednref55" TITLE="" STYLE="mso-endnote-id: edn55"></A><SUP>55</SUP>
Under such a scenario, asset stranding of additional production assets as well as existing assets is a major risk to investors.<A HREF="#a_edn56" NAME="a_ednref56" TITLE="" STYLE="mso-endnote-id: edn56"></A><SUP>56</SUP></P>

<P STYLE="color: #0072BD; font: 13pt Franklin Gothic; margin: 0.25in 0 6pt"><B>KEY DATA SOURCES</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Franklin Gothic; font-size: 12pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Franklin Gothic; font-size: 12pt">Rainforest Action Network, Banking on Climate Chaos<A HREF="#a_edn57" NAME="a_ednref57" TITLE="" STYLE="mso-endnote-id: edn57"></A><SUP>57</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Franklin Gothic; font-size: 12pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Franklin Gothic; font-size: 12pt">Carbon Tracker, Fault Lines (2020)<A HREF="#a_edn58" NAME="a_ednref58" TITLE="" STYLE="mso-endnote-id: edn58"></A><SUP>58</SUP>
and Adapt to Survive (2021)<A HREF="#a_edn59" NAME="a_ednref59" TITLE="" STYLE="mso-endnote-id: edn59"></A><SUP>59</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Franklin Gothic; font-size: 12pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Franklin Gothic; font-size: 12pt">Carbon Tracker, Company Profiles: Oil &amp; Gas Companies<A HREF="#a_edn60" NAME="a_ednref60" TITLE="" STYLE="mso-endnote-id: edn60"></A><SUP>60</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Franklin Gothic; font-size: 12pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Franklin Gothic; font-size: 12pt">Climate Action 100+, Climate Action 100+ Net-Zero Company Benchmark: Company
assessments, see Disclosure Indicator 6<A HREF="#a_edn61" NAME="a_ednref61" TITLE="" STYLE="mso-endnote-id: edn61"></A><SUP>61</SUP></FONT></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">Oil and gas companies must fully align their policy influence activities, including political
spending and lobbying, with the policy settings required to accelerate sector-wide emissions reductions on a timeline necessary to limit
warming to 1.5&deg;C. Oil and gas companies must provide full disclosure of all political and lobbying spending in all jurisdictions to
allow investors to assess this alignment. Finally, companies 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 with 1.5&deg;C outcomes, or cease membership of
such organizations.</P>

<P STYLE="color: #0072BD; font: 13pt Franklin Gothic; margin: 0.25in 0 6pt"><B>KEY DATA SOURCES: </B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Franklin Gothic; font-size: 12pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Franklin Gothic; font-size: 12pt">Climate Action 100+ Net-Zero Company Benchmark: Company assessments, see
Disclosure Indicator 7<A HREF="#a_edn62" NAME="a_ednref62" TITLE="" STYLE="mso-endnote-id: edn62"></A><SUP>62</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Franklin Gothic; font-size: 12pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Franklin Gothic; font-size: 12pt">InfluenceMap, List of companies and influencers<A HREF="#a_edn63" NAME="a_ednref63" TITLE="" STYLE="mso-endnote-id: edn63"></A><SUP>63</SUP></FONT></TD></TR></TABLE>

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


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<P STYLE="font: 18pt Georgia, Times, Serif; margin: 0.25in 0 6pt; color: #0072BD">&nbsp;</P>

<P STYLE="font: 18pt Georgia, Times, Serif; margin: 0.25in 0 6pt; color: #0072BD">Summary table</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD ROWSPAN="3" STYLE="width: 19%; border: white 2.25pt solid; 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="width: 9%; border-top: white 2.25pt solid; 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="width: 72%; border-top: white 2.25pt solid; 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 by 2050 commitment that covers all relevant emissions sources, in particular scope 3 emissions from the burning of products sold, and on a full equity share basis </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 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">Company has adopted robust interim targets, including substantial reductions by 2030</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>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"><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"><FONT STYLE="font-size: 9pt; color: white">Company has a plan to realign capital expenditures to meet a net zero decarbonization commitment, including substantial reductions in production in line with the IEA Net Zero by 2050 Scenario</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: 10pt Franklin Gothic; margin: 0">&nbsp;</P>

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





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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref1" NAME="a_edn1" TITLE="" STYLE="mso-endnote-id: edn1"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>1</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Kinder Morgan, &#8220;About Us&#8221; (website), </FONT><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">https://www.kindermorgan.com/</FONT><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">,
accessed March 6, 2022</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref2" NAME="a_edn2" TITLE="" STYLE="mso-endnote-id: edn2"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>2</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Kinder Morgan, &#8220;2022 Investor Day,&#8221; January 26, 2022. </FONT><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">https://s24.q4cdn.com/126708163/files/doc_presentations/2022/2022-Kinder-Morgan-Investor-Day-v37.pdf</FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">p. 5</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref3" NAME="a_edn3" TITLE="" STYLE="mso-endnote-id: edn3"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>3</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Climate Action 100+, &#8220;Companies,&#8221; </FONT><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">https://www.climateaction100.org/whos-involved/companies/</FONT><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">,
accessed March 16, 2022</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref4" NAME="a_edn4" TITLE="" STYLE="mso-endnote-id: edn4"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>4</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">US Energy Information Administration, &#8216;Total Energy.&#8217; Data browser.
https://www.eia.gov/totalenergy/data/browser/index.php?tbl=T11.01#/?f=A&amp;start=1973&amp;end=2019&amp;charted=0-1-13, accessed March
1, 2022</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref5" NAME="a_edn5" TITLE="" STYLE="mso-endnote-id: edn5"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>5</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">US Energy Information Administration, &#8220;</FONT><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">United
States Remains Largest Producer of Petroleum and Natural Gas Hydrocarbons</FONT><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">,&#8221;
https://www.eia.gov/todayinenergy/detail.php?id=26352, accessed March 1, 2022 </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref6" NAME="a_edn6" TITLE="" STYLE="mso-endnote-id: edn6"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>6</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">International Energy Agency (IEA), <I>Net Zero by 2050: A Roadmap for the Global
Energy Sector, </I>May 2021. https://www.iea.org/reports/net-zero-by-2050 </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref7" NAME="a_edn7" TITLE="" STYLE="mso-endnote-id: edn7"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>7</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">IEA, &#8216;Net Zero by 2050,&#8217; Figure 3.4, p. 103</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref8" NAME="a_edn8" TITLE="" STYLE="mso-endnote-id: edn8"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>8</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Climate Action 100+ Net-Zero Company Benchmark, &#8216;Kinder Morgan -Company
Assessment,&#8217; March 30, 2022, </FONT><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">https://www.climateaction100.org/company/kinder-morgan-inc/</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref9" NAME="a_edn9" TITLE="" STYLE="mso-endnote-id: edn9"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>9</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Kinder Morgan, <I>Environmental, Social and Governance Report 2020, </I>p.
27</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref10" NAME="a_edn10" TITLE="" STYLE="mso-endnote-id: edn10"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>10</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Kinder Morgan, <I>Environmental, Social and Governance Report 2020, </I>p.
28</FONT></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref11" NAME="a_edn11" TITLE="" STYLE="mso-endnote-id: edn11"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>11</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Kinder Morgan, <I>Environmental, Social and Governance Report 2020</I>, October
20, 2021, </FONT><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">https://www.kindermorgan.com/getmedia/b87cb3e5-d8d5-4d42-8e27-dd66c895768d/2020-ESG-Report</FONT><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">,
pp. 2, 26. </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref12" NAME="a_edn12" TITLE="" STYLE="mso-endnote-id: edn12"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>12</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Climate Action 100+ Net-Zero Company Benchmark, &#8216;Kinder Morgan -Company
Assessment.&#8217; </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref13" NAME="a_edn13" TITLE="" STYLE="mso-endnote-id: edn13"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>13</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Influence Map, &#8216;Kinder Morgan Inc, Company Assessment.&#8217; </FONT><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">https://lobbymap.org/company/Kinder-Morgan-9471da944be60e45737f1eb71d7c67a1/projectlink/Kinder-Morgan-in-Climate-Change-a2bb8b2f5c0f74d06372bfbb3a3c3335</FONT><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">,
accessed March 6, 2022</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref14" NAME="a_edn14" TITLE="" STYLE="mso-endnote-id: edn14"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>14</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Davis, Carolyn. &#8220;Kinder,Boardwalk and Enbridge say FERC Policies Damaging
to Future Natural Gas Investments.&#8221; <I>Natural Gas Intelligence, </I>March 16, 2022. </FONT><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">https://www.naturalgasintel.com/kinder-boardwalk-and-enbridge-say-ferc-policies-damaging-to-future-natural-gas-investments/</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref15" NAME="a_edn15" TITLE="" STYLE="mso-endnote-id: edn15"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>15</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Climate Action 100+ Net-Zero Company Benchmark, &#8216;Kinder Morgan - Company
Assessment,&#8217;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">&nbsp;</FONT></P>

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<HR ALIGN="LEFT" SIZE="1" STYLE="width: 100%">

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref16" NAME="a_edn16" TITLE="" STYLE="mso-endnote-id: edn16"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>16</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Kinder Morgan, <I>Environmental, Social and Governance Report 2020, </I>p.
61; </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref17" NAME="a_edn17" TITLE="" STYLE="mso-endnote-id: edn17"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>17</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">IPCC, <I>Special Report on Global Warming of 1.5&deg;C., </I>2018<I>, </I></FONT><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">https://www.ipcc.ch/site/assets/uploads/sites/2/2019/06/SR15_Full_Report_Low_Res.pdf</FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">, pp. v, 5, 7-10, 95-97 and 116</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref18" NAME="a_edn18" TITLE="" STYLE="mso-endnote-id: edn18"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>18</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">International Energy Agency (IEA), <I>Net Zero by 2050: A Roadmap for the Global
Energy Sector, </I>May 2021. https://www.iea.org/reports/net-zero-by-2050, Slide 8. </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref19" NAME="a_edn19" TITLE="" STYLE="mso-endnote-id: edn19"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>19</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">IPCC. <I>Special Report on Climate Change and Land, Summary for Policy Makers</I>,January,
2020, </FONT><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">https://www.ipcc.ch/site/assets/uploads/sites/4/2020/02/SPM_Updated-Jan20.pdf</FONT><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">,
pp 23-24 and 26. </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref20" NAME="a_edn20" TITLE="" STYLE="mso-endnote-id: edn20"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>20</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Climate Action 100+: Net-Zero Company Benchmark Company Assessments https://www.climateaction100.org/progress/net-zero-company-benchmark/</FONT></P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref21" NAME="a_edn21" TITLE="" STYLE="mso-endnote-id: edn21"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>21</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">US Energy Information Administration, &#8216;Carbon Dioxide Emissions from
Energy Consumption by Source&#8217;, </FONT><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">https://www.eia.gov/totalenergy/data/browser/index.php?tbl=T11.01#/?f=A&amp;start=1973&amp;end=2019&amp;charted=0-1-13</FONT><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">,
accessed March 19, 2022 </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref22" NAME="a_edn22" TITLE="" STYLE="mso-endnote-id: edn22"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>22</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">US Energy Information Administration, &#8220;</FONT><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">The
U.S. leads global petroleum and natural gas production with record growth in 2018</FONT><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">,&#8221;
</FONT><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">https://www.eia.gov/todayinenergy/detail.php?id=40973</FONT><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">,
accessed March 16, 2022 </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref23" NAME="a_edn23" TITLE="" STYLE="mso-endnote-id: edn23"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>23</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Luhavalja, Amanda, et al. &#8220;Path to Net Zero: European Oil Majors Outpace
US Companies on Climate Goals,&#8221; <I>S&amp;P Global Market Intelligence, </I>July 28, 2020, </FONT><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/path-to-net-zero-european-oil-majors-outpace-us-companies-on-climate-goals-59543423</FONT><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">,
accessed March 16, 2022</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref24" NAME="a_edn24" TITLE="" STYLE="mso-endnote-id: edn24"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>24</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Quinson, Tim, &#8220;US Oil Companies Lag Far Behind Greener European Rivals,&#8221;
Bloomberg, March 24, 2021, </FONT><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">https://www.bloomberg.com/news/articles/2021-03-24/u-s-oil-companies-lag-far-behind-greener-europe-rivals-green-insight</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref25" NAME="a_edn25" TITLE="" STYLE="mso-endnote-id: edn25"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>25</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">IEA, &#8216;Net Zero by 2050 Scenario&#8217; </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref26" NAME="a_edn26" TITLE="" STYLE="mso-endnote-id: edn26"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>26</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">IEA, &#8216;Net Zero by 2050 Scenario&#8217; </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref27" NAME="a_edn27" TITLE="" STYLE="mso-endnote-id: edn27"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>27</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">IEA, &#8216;Energy Technology Perspectives 2017.&#8217; https://www.iea.org/reports/energy-technology-perspectives-2017</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref28" NAME="a_edn28" TITLE="" STYLE="mso-endnote-id: edn28"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>28</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">IEA, &#8216;Sustainable Development Scenario.&#8217; https://www.iea.org/reports/world-energy-model/sustainable-development-scenario-sds</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref29" NAME="a_edn29" TITLE="" STYLE="mso-endnote-id: edn29"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>29</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">IEA, &#8216;Net Zero by 2050 Scenario.&#8217; pp. 21 -22. </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref30" NAME="a_edn30" TITLE="" STYLE="mso-endnote-id: edn30"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>30</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Carbon Tracker, &#8216;Adapt to Survive.&#8217; p. 4 and pp.14-16 </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref31" NAME="a_edn31" TITLE="" STYLE="mso-endnote-id: edn31"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>31</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">International Energy Agency, <I>World Energy Outlook 2021, </I></FONT> <FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">https://iea.blob.core.windows.net/assets/4ed140c1-c3f3-4fd9-acae-789a4e14a23c/WorldEnergyOutlook2021.pdf</FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">p. 19. </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref32" NAME="a_edn32" TITLE="" STYLE="mso-endnote-id: edn32"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>32</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Deloitte, 2022 Oil and Gas Industry Outlook, https://www2.deloitte.com/content/dam/Deloitte/us/Documents/energy-resources/us-2022-outlook-oil-and-gas.pdf
p. 4. </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref33" NAME="a_edn33" TITLE="" STYLE="mso-endnote-id: edn33"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>33</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Oil Change International et al, <I>The Sky&#8217;s the Limit: Why the Paris
Climate Goals Require A Managed Decline of Fossil Fuel Production, </I></FONT></P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0">https://priceofoil.org/content/uploads/2016/09/OCI_the_skys_limit_2016_FINAL_2.pdf,
pp. 19-21 and 24.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref34" NAME="a_edn34" TITLE="" STYLE="mso-endnote-id: edn34"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>34</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Carbon Tracker, &#8216;Adapt to Survive.&#8217; p. 6 and p. 15. </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref35" NAME="a_edn35" TITLE="" STYLE="mso-endnote-id: edn35"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>35</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Oil Change International<I>. Drilling Towards Disaster: Why US Oil and Gas
Expansion Is Incompatible With Climate Limits,</I> January, 2019, https://priceofoil.org/content/uploads/2019/01/Drilling-Towards-Disaster-Web-v2.pdf,
p. 7. </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref36" NAME="a_edn36" TITLE="" STYLE="mso-endnote-id: edn36"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>36</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Collier, Kiah. &#8220;As Oil and Gas Exports Surge, West Texas Becomes the
World&#8217;s &#8216;extraction colony&#8217;&#8221; <I>Texas Tribune, </I>August 10, 2018, https://www.texastribune.org/2018/10/11/west-texas-becomes-worlds-extraction-colony-oil-gas-exports-surge/</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref37" NAME="a_edn37" TITLE="" STYLE="mso-endnote-id: edn37"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>37</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">IPCC. &#8216;Special Report on Global Warming of 1.5.&#8217; 2018 </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref38" NAME="a_edn38" TITLE="" STYLE="mso-endnote-id: edn38"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>38</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Oil Change International, <I>Big Oil Reality Check, </I>September 2020. http://priceofoil.org/content/uploads/2020/09/OCI-Big-Oil-Reality-Check-vF.pdf,
pp. 8, 9, and 18. </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref39" NAME="a_edn39" TITLE="" STYLE="mso-endnote-id: edn39"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>39</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Global CCS Institute, <I>Global Status of CCS 2021, </I>https://www.globalccsinstitute.com/wp-content/uploads/2021/11/Global-Status-of-CCS-2021-Global-CCS-Institute-1121.pdf
p. 35 </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref40" NAME="a_edn40" TITLE="" STYLE="mso-endnote-id: edn40"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>40</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">https://www.cdp.net/en/responses?queries%5Bname%5D=&amp;utf8=%E2%9C%93</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref41" NAME="a_edn41" TITLE="" STYLE="mso-endnote-id: edn41"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>41</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">https://sciencebasedtargets.org/companies-taking-action </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref42" NAME="a_edn42" TITLE="" STYLE="mso-endnote-id: edn42"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>42</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">https://sciencebasedtargets.org/sectors </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref43" NAME="a_edn43" TITLE="" STYLE="mso-endnote-id: edn43"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>43</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">https://www.climateaction100.org/progress/net-zero-company-benchmark/</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref44" NAME="a_edn44" TITLE="" STYLE="mso-endnote-id: edn44"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>44</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Oil Change International, &#8216;Big Oil Reality Check&#8217;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref45" NAME="a_edn45" TITLE="" STYLE="mso-endnote-id: edn45"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>45</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Carbon Tracker, <I>Breaking the Habit: Why None of the Large Oil Companies
are &#8220;Paris-aligned&#8221;, and What They Need to Do to Get There, </I>September 2019, https://carbontransfer.wpengine.com/wp-content/uploads/2019/09/Capex-report-2019_Infographic.pdf,
</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref46" NAME="a_edn46" TITLE="" STYLE="mso-endnote-id: edn46"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>46</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">BankTrack, Oil Change International, Rainforest Action Network, Sierra Club.
<I>Banking on Climate Change: Fossil Fuel Finance Reportcard 2017 </I>https://priceofoil.org/content/uploads/2017/06/Banking_On_Climate_Change_2017.pdf,
pp.4, 13 and 20 </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref47" NAME="a_edn47" TITLE="" STYLE="mso-endnote-id: edn47"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>47</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Oil Change International. &#8216;Drilling Towards Disaster.&#8217; p. 26</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"></FONT></P>

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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">&nbsp;</FONT></P>

<HR ALIGN="LEFT" SIZE="1" STYLE="width: 100%">

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref48" NAME="a_edn48" TITLE="" STYLE="mso-endnote-id: edn48"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>48</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Please see chart: Total Oil Production in the Permian Basin</FONT></P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0">https://www.dallasfed.org/research/energy11/permian.aspx#Oil</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref49" NAME="a_edn49" TITLE="" STYLE="mso-endnote-id: edn49"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>49</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Natural Gas Production in Permian Basin chart</FONT></P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0">https://www.dallasfed.org/research/energy11/permian.aspx#Gas</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref50" NAME="a_edn50" TITLE="" STYLE="mso-endnote-id: edn50"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>50</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Oil Change International. &#8216;Drilling Towards Disaster.&#8217; pp. 7 and
26 </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref51" NAME="a_edn51" TITLE="" STYLE="mso-endnote-id: edn51"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>51</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">https://thehill.com/policy/energy-environment/155101-report-gas-from-fracking-worse-than-coal-on-climate</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref52" NAME="a_edn52" TITLE="" STYLE="mso-endnote-id: edn52"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>52</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Zhang, Y. et al. &#8220;Quantifying methane emissions from the largest oil-producing
basin in the United States from space.&#8221; <I>Science Advances: </I>22 Apr 2020<B>. </B>https://www.science.org/doi/10.1126/sciadv.aaz5120</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref53" NAME="a_edn53" TITLE="" STYLE="mso-endnote-id: edn53"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>53</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Oil Change International, Earthworks, and the Center for International Environmental
Law, <I>The Permian Climate Bomb. </I>https://www.permianclimatebomb.org/chapter-2</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref54" NAME="a_edn54" TITLE="" STYLE="mso-endnote-id: edn54"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>54</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Carbon Tracker. &#8216;Adapt to Survive.&#8217; pp. 4-5, 8-10 </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref55" NAME="a_edn55" TITLE="" STYLE="mso-endnote-id: edn55"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>55</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Carbon Tracker. &#8216;Adapt to Survive.&#8217; p. 6. </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref56" NAME="a_edn56" TITLE="" STYLE="mso-endnote-id: edn56"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>56</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Carbon Tracker. &#8216;Adapt to Survive.&#8217;, pp. 4-5, 8-10 </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref57" NAME="a_edn57" TITLE="" STYLE="mso-endnote-id: edn57"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>57</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Rainforest Action Network, <I>Banking on Climate Chaos. </I>March 2021. https://www.ran.org/wp-content/uploads/2021/03/Banking-on-Climate-Chaos-2021.pdf</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref58" NAME="a_edn58" TITLE="" STYLE="mso-endnote-id: edn58"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>58</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Carbon Tracker, <I>Fault Lines: How Diverging Oil and Gas Company Strategies
link to Stranded Asset Risk, </I>October 2020, </FONT></P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0">https://carbontracker.org/reports/fault-lines-stranded-asset/</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref59" NAME="a_edn59" TITLE="" STYLE="mso-endnote-id: edn59"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>59</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Carbon Tracker. &#8216;Adapt to Survive.&#8217;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref60" NAME="a_edn60" TITLE="" STYLE="mso-endnote-id: edn60"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>60</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">https://carbontracker.org/company-profiles/</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref61" NAME="a_edn61" TITLE="" STYLE="mso-endnote-id: edn61"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>61</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">https://www.climateaction100.org/progress/net-zero-company-benchmark/</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref62" NAME="a_edn62" TITLE="" STYLE="mso-endnote-id: edn62"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>62</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">https://www.climateaction100.org/progress/net-zero-company-benchmark/</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref63" NAME="a_edn63" TITLE="" STYLE="mso-endnote-id: edn63"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>63</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">https://influencemap.org/filter/List-of-Companies-and-Influencers#</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"></FONT></P>

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