<SEC-DOCUMENT>0001214659-22-006371.txt : 20220506
<SEC-HEADER>0001214659-22-006371.hdr.sgml : 20220506
<ACCEPTANCE-DATETIME>20220505171543
ACCESSION NUMBER:		0001214659-22-006371
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20220505
DATE AS OF CHANGE:		20220505
EFFECTIVENESS DATE:		20220505

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DIGITAL REALTY TRUST, INC.
		CENTRAL INDEX KEY:			0001297996
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				260081711
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32336
		FILM NUMBER:		22897693

	BUSINESS ADDRESS:	
		STREET 1:		5707 SOUTHWEST PARKWAY, BUILDING 1
		STREET 2:		SUITE 275
		CITY:			AUSTIN
		STATE:			TX
		ZIP:			78735
		BUSINESS PHONE:		(737) 281-0101

	MAIL ADDRESS:	
		STREET 1:		5707 SOUTHWEST PARKWAY, BUILDING 1
		STREET 2:		SUITE 275
		CITY:			AUSTIN
		STATE:			TX
		ZIP:			78735

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Digital Realty Trust, Inc.
		DATE OF NAME CHANGE:	20040722

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NIA IMPACT ADVISORS, LLC
		CENTRAL INDEX KEY:			0001815217
		IRS NUMBER:				815416349
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		341 EL CERRITO AVE
		CITY:			PIEDMONT
		STATE:			CA
		ZIP:			94611
		BUSINESS PHONE:		(510) 601-5575

	MAIL ADDRESS:	
		STREET 1:		341 EL CERRITO AVE
		CITY:			PIEDMONT
		STATE:			CA
		ZIP:			94611
</SEC-HEADER>
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<P STYLE="margin: 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notice of Exempt Solicitation (Voluntary Submission)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to Rule 14a-103</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Name of the Registrant: Digital Realty Trust, Inc.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Name of persons relying on exemption: Nia Impact Capital</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Address of persons relying on exemption: 4900 Shattuck Ave #3648, Oakland,
CA 94609</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 1.5pt solid">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, and is made voluntarily.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The proponent urges you to vote FOR Proposal 4, the stockholder proposal
requesting reporting on the risks to the company associated with concealment clauses at the Digital Realty Trust, Inc. (&#8220;Digital
Realty&#8221;) Annual Meeting of Shareholders on June 3, 2022.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Shareholders of Digital Realty ask that the Board of Directors prepare
a public report assessing the potential risks to the company associated with its use of concealment clauses in the context of harassment,
discrimination and other unlawful acts. The report should be prepared at reasonable cost and omit proprietary and personal information.
Concealment clauses are defined as any employment or post-employment agreement, such as arbitration, non-disclosure or non-disparagement
agreements, that Digital Realty asks employees or contractors to sign which would limit their ability to discuss unlawful acts in the
workplace, including harassment and discrimination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Digital Realty wisely uses concealment clauses in employment agreements
to protect corporate information, such as trade secrets. However, harassment and discrimination are not trade secrets, nor are they core
to Digital Realty&#8217;s operations or needed for competitive reasons. Yet Digital Realty's employment agreements may prohibit their
workers from speaking openly on these topics. Given this, investors cannot be confident in their knowledge of Digital Realty's workplace
culture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Healthy workplace culture is linked to strong company performance and
financial returns, while a workplace that tolerates harassment invites legal, brand, financial and human capital risk. In addition, in
California, legislation prohibits concealment clauses in employment agreements involving recognized forms of discrimination and unlawful
activity. Digital Realty works under a patchwork of state laws related to the use of concealment clauses and may benefit from consistent
practices across all employees and contractors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>RATIONALE FOR SUPPORT OF THE PROPOSAL</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Support for this resolution is warranted given that:</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="background-color: white">1)</FONT></TD><TD><FONT STYLE="font-size: 10pt; background-color: white">The use of concealment clauses may undermine effective diversity and inclusion
programs</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="background-color: white">2)</FONT></TD><TD><FONT STYLE="font-size: 10pt; background-color: white">Investors benefit from accountability systems within companies</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="background-color: white">3)</FONT></TD><TD><FONT STYLE="font-size: 10pt; background-color: white">The use of concealment clauses creates an unknown level of risk for investors</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">4)</FONT></TD><TD>The use of concealment clauses is shifting</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>&#8211;The use of concealment clauses may undermine effective
diversity and inclusion programs &#8211;</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">There is strong evidence that companies with diverse teams are better-managed,
have stronger long-term growth prospects, and may enjoy higher share value. These studies include:</P>

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<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD>Credit Suisse, in a study of over 3,000 companies, found that companies with women representing more than 20 percent of managers have
had greater share price increases over the past decade than those companies with lower representations of women in management.<SUP>1</SUP></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD>McKinsey has found that companies in the top quartile for gender diversity in corporate leadership were 21 percent more likely to
have above-average profitability, compared to those companies in the bottom quarter. Similarly, leaders in racial and ethnic diversity
were 33 percent more likely to outperform industry peers on profitability than companies in the bottom quartile.<SUP>2</SUP></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD>A 2019 study of the S&amp;P 500 by the Wall Street Journal found that the 20 most diverse companies had an average annual five year
stock return that was 5.8% percent higher than the 20 least-diverse companies.<SUP>3</SUP></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Identified benefits of diverse teams include access to top talent,
better understanding of consumer preferences, a stronger mix of leadership skills, more informed strategy discussions, and improved risk
management. Diversity, and the different perspectives it encourages, has also been shown to encourage more creative and innovative workplace
environments.<SUP>4</SUP></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">It is reasonable to believe that companies where harassment and discrimination
exist may experience reduced employee morale and productivity, increased absenteeism, challenges in attracting talent and difficulties
in retaining talent. Employees directly experiencing workplace discrimination are also more likely to experience anxiety and depression,
potentially hindering their ability to contribute in the workplace.<SUP>5</SUP> The implications of an exclusive or hostile workplace
go beyond directly impacted employees; in a Deloitte study, 80 percent of surveyed full-time employees said that inclusion was an important
factor in their employer choice. Seventy-two percent said that they would consider leaving an non-inclusive employer for a more inclusive
work environment.<SUP>6 </SUP></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>&#8211;Investors benefit from accountability systems within companies&#8211;</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><BR>
</B>Inherent to investments in public companies is the risk that company managers&#8217; goals do not align with those of the company&#8217;s
investors. Concealment clauses may provide advantages to managers and executives who wish to limit their own accountability and keep their
actions hidden from external stakeholders; concealment clauses mask from external parties true workplace conditions, increasing the risk
of diverging investor and manager goals.</P>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>1</SUP> <FONT STYLE="font-size: 10pt; color: #0563C1">https://www.cnbc.com/2019/10/14/female-leaders-may-boost-share-price-performance-credit-suisse-says.html</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>2</SUP> <FONT STYLE="font-size: 10pt; color: #0563C1">https://www.mckinsey.com/business-functions/organization/our-insights/delivering-through-diversity</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>3</SUP> <FONT STYLE="font-size: 10pt; color: #0563C1">https://www.wsj.com/articles/the-business-case-for-more-diversity-11572091200</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>4</SUP> <FONT STYLE="font-size: 10pt; color: #0563C1">https://images.forbes.com/forbesinsights/StudyPDFs/Innovation_Through_Diversity.pdf</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>5</SUP> <FONT STYLE="font-size: 10pt; color: #1155CC">https://www.apa.org/news/press/releases/stress/2015/impact</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>6</SUP> <FONT STYLE="font-size: 10pt; color: #1155CC">https://www2.deloitte.com/content/dam/Deloitte/us/Documents/about-deloitte/us-about-deloitte-inclusion-survey.pdf</FONT></P>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The use of concealment clauses raises concerns that corporate managers
may operate with a sense of impunity, and rather than relying on the successful implementation of best practices, they may rely on the
ability of arbitration, non-disclosure and non-disparagement agreements to mask failures in their internal systems.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The power imbalance between a well-funded company with a legal team
and an employee with limited resources and a reliance on their paycheck is easily identified. Employees that have been harassed or discriminated
against are, even in the absence of restrictive employment contracts, likely to be wary of coming forward. If investors wish to have confidence
that employees will call out harassment and discrimination, particularly in those instances that are not extreme but remain unacceptable,
this uneven power dynamic must be addressed. Mandatory arbitration and non-disclosure agreements, by reducing employees&#8217; ability
to share their own experiences, further reduce their autonomy and self-determination should they be the victims of harassment or discrimination.
Investors should seek to reduce the barriers that employees face when seeking access to a fair and equitable hearing of claims.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Investors benefit when they are able to track and monitor human capital
management at their companies. Concealment clauses, however, may block investors from learning if claims of illegal workplace activity
have been raised. Without transparency, investors may be left in the dark about key performance issues that impact shareholder value.
For example, for years, Activision Blizzard reportedly withheld information from the Board of Directors about sexual misconduct complaints,
leading, once the problems surfaced, to significant negative press attention; several government lawsuits, and multiple employee walkouts.
Only after the controversy erupted did the company end its requirement that employees arbitrate sexual harassment and discrimination claims.<SUP>7</SUP></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Most arbitral decisions are not published. The decisions are known
only to the parties or released at the option of the arbitrator. Judicial opinions, in contrast, recount the factual basis of disputes
and the legal analysis upon which their decisions are based. That can be helpful information to an investor. Although some states require
arbitration providers to disclose limited information about the disputes they resolve, these often only include the parties involved,
the type of dispute, final disposition, and the arbitrator&#8217;s name.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Even when arbitration clauses in employment contracts do not explicitly
contain confidentiality requirements, private arbitration provides a company significantly greater control over information that might
be publicly shared and reduces the employee&#8217;s access to discovery. As individual employees move through the arbitration process,
they are less likely to learn of others with similar experiences and concerns, reducing the likelihood of broader organizational change
and improvement.</P>


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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>7</SUP> <FONT STYLE="font-size: 10pt; color: #1155CC">https://www.theverge.com/2021/10/28/22750450/activision-blizzard-ends-forced-arbitration-bobby-kotick-paycut</FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In February 2018, Attorneys General from all 50 states signed a letter
calling for the end of mandatory arbitration in sexual harassment cases. They stated, &#8220;[C]oncerns arise from the secrecy requirements
of arbitration clauses, which disserve the public interest by keeping both the harassment complaints and any settlements confidential&#8230;Ending
mandatory arbitration of sexual harassment claims would help to put a stop to the culture of silence that protects perpetrators at the
cost of their victims.&#8221;<SUP>8</SUP> These same concerns apply to race, ethnicity, age and other forms of discrimination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Significant concerns about arbitration&#8217;s appropriateness as a
forum for handling discrimination cases have been raised by the Equal Employment Opportunity Commission (&#8220;EEOC&#8221;), the U.S.
Government Accountability Office and FINRA. For instance, in 2016, the legal counsel at the EEOC observed that, &#8220;The EEOC&#8217;s
stance has always been that mandatory arbitration of employment discrimination is bad: the secrecy, the lack of precedent.&#8221; <SUP>9</SUP></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A 2018 study from Cynthia L. Estlund at the New York University School
of Law, looking at the total number of claims brought into the courts relative to the number brought to arbitration, estimates that employment-related
claims in arbitration should have numbered between 515,000 and 722,000 in 2016. Only 5,126 arbitration claims were found, which suggests
that only a relatively few employees believe that bringing a case forward through arbitration is worth the expense, strain or risk. The
author of the study concluded that the asymmetrical power relationship between employee and employer, arbitrator bias in favor of employers,
and limited odds of success &#8220;have made arbitration so inhospitable to claimants that they routinely give up their claims.&#8221;<SUP>10</SUP></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Companies also often implement arbitration requirements in order to
block the development of class action lawsuits. In doing this, they remove a key accountability mechanism. The ability to join a class
action enables employees with smaller claims to seek redress when the harassment or discrimination has been systematic. Companies that
have prevented their employees from filing class-action lawsuits may have reduced attentiveness to the disenfranchisement of large groups
of employees.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Blocking class actions can also create the risk that a company will
need to address thousands of individual claims. For example, enterprising lawyers have attempted to file individual arbitration claims
<I>en masse</I>, encouraging claimant participation as they would with class-action lawsuits. When this occurs, as it did when DoorDash
found itself in receipt of 6,000 arbitration claims, a company may face significant unanticipated costs.<SUP>11</SUP><BR></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Concerns specific to non-disclosure and non-disparagement agreements
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Non-disclosure and non-disparagement agreements are often broadly worded
to keep an employee, ex-employee or contractor from speaking up about corporate culture or reporting information that would portray the
company and its executives in a negative light. Particular concerns exist around employees being asked to sign such agreements in order
to receive a severance payment.</P>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>8</SUP> <FONT STYLE="font-size: 10pt; color: #1155CC">http://myfloridalegal.com/webfiles.nsf/WF/HFIS-AVWMYN/$file/NAAG+letter+to+Congress+Sexual+Harassment+Mandatory+Arbitration.pdf</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>9</SUP> <FONT STYLE="font-size: 10pt; color: #1155CC">https://time.com/4540111/arbitration-clauses-sexual-harassment/#:~:text=%E2%80%9CThe%20EEOC's%20stance%20has%20always,%2C%E2%80%9D%20says%20the%20EEOC's%20Mastroianni.&amp;text=The%20arbitration%20system%20has%20expanded,many%20argue%20are%20good%20reasons</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>10</SUP> <FONT STYLE="font-size: 10pt; color: #1155CC">https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3111826</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>11</SUP> <FONT STYLE="font-size: 10pt; color: #1155CC">https://www.nytimes.com/2020/04/06/business/arbitration-overload.html</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>&#8211; The use of concealment clauses creates an unknown level
of risk for investors &#8211; </U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Digital Realty's use of concealment clauses creates an unknown level
of risk for investors. These include:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Risks associated with a shifting legislative landscape</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Digital Realty is currently operating under a patchwork of state and
foreign laws. California has prohibited agreements settling sexual discrimination, harassment, and assault claims from including limits
on the disclosure of factual information related to the claims. In January 2022, the &#8220;Silenced No More&#8221; Act went into force.
This Act extended existing protections to claims based on race, age, disability, and all other protected categories.<SUP>12</SUP> As a
part of that legislation, California employees are required to have the following sentence placed in all employment contracts: &#8220;Nothing
in this agreement prevents you from discussing or disclosing information about unlawful acts in the workplace, such as harassment or discrimination
or any other conduct that you have reason to believe is unlawful.&#8221; Additionally, Washington State, where Amazon is headquartered,
has now followed California&#8217;s lead in passing its own Silenced No More Act, which goes into effect on June 9, 2022.<SUP>13</SUP></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The laws that protect arbitration are actively under review at the
state and federal level. At the federal level, it is possible that the Forced Arbitration Injustice Repeal (&#8220;FAIR&#8221;) Act will
gain enough support to pass in the Senate. The Act was reintroduced in early 2021 after having been passed by the U.S. House in September
2019, by a bipartisan vote of 225 to 186. The FAIR Act would prohibit companies from using pre-dispute arbitration agreements in all employment,
civil rights, consumer and antitrust cases. On March 3, 2022, President Biden signed the Ending Forced Arbitration of Sexual Assault and
Sexual Harassment Act, which &#8220;ends forced arbitration in workplace sexual assault and harassment cases, allowing survivors to file
lawsuits in court against perpetrators,&#8221; into law.<SUP>14</SUP></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Additionally, a number of states, including Maine, New York, and Washington,
have been progressing whistleblower protections that might allow employees to circumvent the confidentiality requirements often imposed
by the arbitration process. California law requires that an employee agree &#8220;voluntarily and affirmatively&#8221; to enter into an
agreement to arbitrate employment-related claims and bars retaliation against an employee who declines.<SUP>15</SUP></P>



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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>12</SUP> <FONT STYLE="font-size: 10pt; color: #1155CC">https://www.marketwatch.com/story/silenced-no-more-act-becomes-law-in-california-crippling-ndas-11633705395</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>13</SUP> <FONT STYLE="font-size: 10pt; color: #1155CC">https://www.protocol.com/bulletins/silenced-no-more-washington-law</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>14</SUP> <FONT STYLE="font-size: 10pt; color: #1155CC">https://www.washingtonpost.com/politics/2022/03/03/biden-signs-new-law-ending-forced-arbitration-sex-assault-harassment/</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>15</SUP> <FONT STYLE="font-size: 10pt; color: #1155CC">https://www.natlawreview.com/article/california-governor-signs-legislation-outlawing-mandatory-arbitration-agreements</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The mix of laws addressing the use of non-disclosure agreements and
arbitration means that workers at the same company, particularly a global company, could be subject to wildly different protections depending
on their location. This patchwork effect could make it far more difficult for a company to institute appropriate corporate governance
policies and practices and effectively monitor the workplace for evidence of discrimination, harassment and other unlawful acts.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Risks associated with a possible surge in claims</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Digital Realty&#8217;s ongoing use of concealment clauses creates the
risk of a sudden surge of claims against the company, should the law change or a successful workaround be found. When previously-hidden
discrimination or harassment problems surface, multiple employees may step forward at once, creating a sudden and significant brand liability.
Allegations of harassment or discrimination, once revealed, may significantly disrupt business operations and undermine long-term business
strategies, as occurred at Activision, 21st Century Fox, Alphabet, CBS, Intel, Nike, Pinterest, Texas Instruments, Walt Disney, Wynn Resorts
and many others.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Employees have protested the use of arbitration or other concealment
clauses at a number of technology companies, including Activision, AirBnb, eBay, Meta, Pinterest and Riot Games.<SUP>16</SUP> After twenty
thousand Google employees participated in a walkout to protest the practice, Google agreed to stop requiring arbitration of employment-related
claims, following an earlier agreement not to use it for sexual harassment claims.<SUP>17</SUP></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In 2020, in violation of their signed non-disclosure agreements, a
number of workers spoke to the press about experiences of racism and discriminatory pay at Pinterest.<SUP>18</SUP> Pinterest then paid
$22.5 million to settle a gender discrimination lawsuit brought by a former executive; hundreds of employees stopped work in protest.<SUP>19,20</SUP>
Shareholders ultimately sued Pinterest executives alleging a breach of fiduciary duty by &#8220;perpetrating or knowingly ignoring the
long-standing and systemic culture of discrimination and retaliation.&#8221;<SUP>21</SUP> As part of its shareholder settlement agreement,
Pinterest pledged $50 million to overhaul its workplace culture and promote diversity, and agreed to release former employees from non-disclosure
agreements.<SUP>22</SUP></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">It is important to note that risks to Digital Realty are not confined
to the employee population; the treatment of contractors must also be seriously considered. In October 2021, a jury awarded $137 million
&#8211; later reduced by a judge to $15 million<SUP>23</SUP>&#8211; to a contractor for Tesla who alleged racial harassment by the company.<SUP>24
</SUP></P>


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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>16</SUP> <FONT STYLE="font-size: 10pt; color: #1155CC">https://www.theguardian.com/media/2021/oct/20/netflix-employees-activism-walkout-dave-chappelle-controversy</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>17</SUP> <FONT STYLE="font-size: 10pt; color: #1155CC">https://www.cnbc.com/2018/11/19/google-facebook-airbnb-employees-can-now-sue-over-sexual-harassment.htm<FONT STYLE="font-family: Times New Roman, Times, Serif">l</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>18</SUP> <FONT STYLE="font-size: 10pt; color: #1155CC">https://www.theverge.com/2020/9/11/21429619/pinterest-workplace-discrimination-finance-team-unequal-culture-bias</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>19</SUP> <FONT STYLE="font-size: 10pt; color: #1155CC">https://www.nytimes.com/2020/12/14/technology/pinterest-gender-discrimination-lawsuit.html</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>20</SUP> <FONT STYLE="font-size: 10pt; color: #1155CC">https://www.washingtonpost.com/technology/2020/07/03/pinterest-race-bias-black-employees/</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>21</SUP> <FONT STYLE="font-size: 10pt; color: #1155CC">https://www.institutionalinvestor.com/article/b1phvnsfffr2bp/Retirement-System-Sues-Pinterest-Board-and-Execs-Over-Discrimination</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>22</SUP> <FONT STYLE="font-size: 10pt; color: #1155CC">https://www.nytimes.com/2021/11/24/technology/pinterest-discrimination-settlement.html</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>23</SUP> https://www.npr.org/2022/04/14/1092804493/telsa-racial-discrimination-lawsuit-15-million</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>24</SUP> <FONT STYLE="font-size: 10pt; color: #0563C1">https://edition.cnn.com/2021/10/05/business/tesla-racial-harassment-jury-verdict/index.html</FONT><FONT STYLE="font-size: 10pt">;
<FONT STYLE="color: #1155CC">https://www.cnbc.com/2021/10/05/tesla-must-pay-137-million-to-ex-worker-over-hostile-work-environment-racism.html</FONT></FONT></P>



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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>&#8211; Prevalence of concealment clauses is decreasing&#8211;</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Digital Realty is a service provider to companies in the technology
industry, which are moving away from the use of employe<FONT STYLE="background-color: white">e arbitration in </FONT>claims of harassment
or discrimination, or have never required its use. Apple recently amended its policies, disavowing the use of concealment clauses in severance
agreements.<SUP>25</SUP> Alphabet has also announced that all Google employees are protected from the use of concealment clauses.<SUP>26</SUP>
Salesforce has announced that it is applying the protections in California;s &quot;Silenced no More Act&quot; to employees nationwide.<SUP>27</SUP>
Tech companies Pinterest,<SUP>28</SUP> Expensify,<SUP>29</SUP> and Twilio have agreed to add to all of their employment agreements language
that ensures workers can speak up about issues of harassment, discrimination or any illegal activity by adopting the language required
by California law in all employment contracts.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In its statement of opposition to the resolution, Digital Realty seems
to imply that the company&#8217;s use of concealment clauses should not be of concern to investors as employees are not precluded &#8220;from
filing a complaint directly with a federal, state, or local governmental or law enforcement agency, including the National Labor Relations
Board (NLRB) and the Equal Employment Opportunity Commission (EEOC), or from disclosing factual information related to claims of sexual
assault and/or sex-based harassment, discrimination or retaliation that was filed in a civil or administrative action.&#8221; However,
the legally protected right to speak to a regulatory agency does not allow for the same level of recourse of the employee, nor the same
amount of disclosure for external stakeholders, as a court case might provide.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">It is unclear to what extent the Board has reviewed the company&#8217;s
current practices. The resolution&#8217;s proponents have requested to meet with Digital Realty a number of times over the last two years.
The company&#8217;s management and Board did not respond to this request; the proponents were only allowed conversations with outside
counsel.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Digital Realty&#8217;s Board, in its responsibility to represent the
best interests of shareholders, is asked to assess the implications of the company&#8217;s use of concealment clauses and the sufficiency
of its current oversight of these policies. Investors are not benefited by the ongoing use of a practice that is associated with hiding
discriminatory workplaces, obfuscates true workplace conditions, reduces the capabilities of its employees, and carries with it brand,
legal and human capital risks.</P>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>25</SUP> <FONT STYLE="font-size: 10pt"><FONT STYLE="color: #1155CC"><A HREF="https://www.sec.gov/Archives/edgar/data/320193/000119312522003583/d222670ddef14a.htm#tx222670_36e">https://www.sec.gov/Archives/edgar/data/320193/000119312522003583/d222670ddef14a.htm#tx222670_36e</A></FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>26</SUP> <FONT STYLE="font-size: 10pt"><FONT STYLE="color: #1155CC"><A HREF="https://www.sec.gov/Archives/edgar/data/1652044/000130817922000223/lgoog2022_pre14a.htm#lgooga053">https://www.sec.gov/Archives/edgar/data/1652044/000130817922000223/lgoog2022_pre14a.htm#lgooga053</A></FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>27</SUP> <FONT STYLE="font-size: 10pt; color: #1155CC">https://www.salesforce.com/news/stories/salesforce-extends-workplace-protections-in-ca-sb331-bill-to-all-u-s-employees/</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>28</SUP> <FONT STYLE="font-size: 10pt; color: #1155CC">https://www.protocol.com/pinterest-silenced-no-more-act</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>29</SUP> <FONT STYLE="font-size: 10pt; color: #1155CC">https://www.protocol.com/expensify-ceo-silenced-no-more</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For questions regarding P<FONT STYLE="background-color: white">roposa</FONT>l
4, p<FONT STYLE="background-color: white">lease c</FONT>ontact Meredith Benton, Whistle Stop Capital, benton@whistlestop.capital, (415)
384-9895.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The foregoing information may be disseminated to shareholders via telephone,
U.S. mail, e-mail, certain websites and certain social media venues, and should not be construed as investment advice or as a solicitation
of authority to vote your proxy. The cost of disseminating the foregoing information to shareholders is being borne entirely by the resolution
filer.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Please do not send us your proxy card; Nia Impact Capital is not able
to vote your proxies, nor does this communication contemplate such an event. To vote your proxy, please follow the instructions in Digital
Realty&#8217;s proxy statement.</P>

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

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

<P STYLE="margin: 0; text-align: right">8</P>

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