<SEC-DOCUMENT>0001214659-24-008578.txt : 20240508
<SEC-HEADER>0001214659-24-008578.hdr.sgml : 20240508
<ACCEPTANCE-DATETIME>20240507194824
ACCESSION NUMBER:		0001214659-24-008578
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240508
DATE AS OF CHANGE:		20240507
EFFECTIVENESS DATE:		20240508

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			METLIFE INC
		CENTRAL INDEX KEY:			0001099219
		STANDARD INDUSTRIAL CLASSIFICATION:	LIFE INSURANCE [6311]
		ORGANIZATION NAME:           	02 Finance
		IRS NUMBER:				134075851
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-15787
		FILM NUMBER:		24923833

	BUSINESS ADDRESS:	
		STREET 1:		200 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10166
		BUSINESS PHONE:		212-578-5500

	MAIL ADDRESS:	
		STREET 1:		200 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10166

FILED BY:		

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

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		2666 SHASTA ROAD
		CITY:			BERKELEY
		STATE:			CA
		ZIP:			94708
		BUSINESS PHONE:		(510) 601-5575

	MAIL ADDRESS:	
		STREET 1:		4900 SHATTUCK AVE
		STREET 2:		#3648
		CITY:			OAKLAND
		STATE:			CA
		ZIP:			94609
</SEC-HEADER>
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<TYPE>PX14A6G
<SEQUENCE>1
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<P STYLE="margin: 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"><B>MetLife 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: MetLife, 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">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"></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 proponents urge you to vote FOR the stockholder proposal requesting
the board of directors to oversee a third-party audit on the racial impacts of MetLife&rsquo;s policies, practices, products, and services,
Proposal 5, at the MetLife Annual Meeting of Shareholders on June 18, 2024.</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">The resolution requests that MetLife&rsquo;s Board of Directors oversee
a third-party audit (within a reasonable time frame and at a reasonable cost) and produce recommendations for improving the racial impacts
of MetLife&rsquo;s policies, practices, products, and services, above and beyond legal and regulatory matters. A summary report on the
audit, prepared at reasonable cost and omitting confidential/proprietary information, should be published on the company&rsquo;s website.</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"><U>Key components of a racial equity audit</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A racial equity audit analyzes the benefits and potential adverse impacts
of a company&rsquo;s policies, practices, and products on vulnerable communities. The main components of this type of audit include:</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">&#9679;</TD><TD>The audit shall be conducted by a third-party, independent, outside auditor with civil rights experience,</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">&#9679;</TD><TD>The auditor shall hold conversations with a mix of national and local organizations that represent a broad range of constituencies
to determine the key topics to include within the audit,</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">&#9679;</TD><TD>The engaged stakeholders shall speak with the auditors independently of the company,</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">&#9679;</TD><TD>The Board shall provide oversight and review findings, and</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">&#9679;</TD><TD>The company shall publish a summary of findings, if not the report itself, along with its planned next steps.</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"><B>A RACIAL EQUITY AUDIT WOULD BENEFIT METLIFE</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">MetLife&rsquo;s understanding of how its policies, practices, and products
impact vulnerable communities is essential as an insurance and benefits provider. More than 20 companies have now conducted racial equity
audits including MetLife&rsquo;s compensation and performance peers, as outlined in its most recent proxy statement, Citigroup, JPMorgan
Chase, and Wells Fargo. Companies that have completed racial equity or civil rights audits have described organizational benefits from
conducting these audits. Those benefits include:</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">&#9679;</TD><TD STYLE="text-align: justify">Identification of the gaps between a company&rsquo;s self-perception and those of its key stakeholders,</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">&#9679;</TD><TD STYLE="text-align: justify">Development of new and additive partnerships and relationships within the community,</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"></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>

<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">&#9679;</TD><TD STYLE="text-align: justify">Assessment of the needs of customers and employees, enabling proactive creation of support teams and committees,
and</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">&#9679;</TD><TD STYLE="text-align: justify">Guidance for diversity officers, human resources managers, and executives on appropriate next steps.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">MetLife has a particular need to conduct a racial equity audit, as
the company has had a number of costly missteps related to race-based discrimination. As examples, in February, 2022, MetLife announced
that it had set aside over $250 million to cover expected costs of reimbursing non-White customers who may have been racially discriminated
against by the company. At the time, the company was facing a class-action lawsuit by Black policyholders and an investigation by the
New York State Insurance Department.<SUP>1</SUP> MetLife also settled an employment discrimination lawsuit for over $32 million in 2017.
In 2002, the company settled a suit for approximately $150 million that had been brought by the New York State Insurance Department centered
on the company&rsquo;s race-based underwriting from 1901-1964. <SUP>2</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; text-align: justify">In 2020, in an action that is applauded by the
proponents, MetLife committed an additional $5 million, on top of the existing $10 million in annual contributions MetLife Foundation
makes to support diverse communities.<SUP>3</SUP> These funds are intended to advance educational, career advancement, and ownership opportunities
for Black individuals in an effort to advance racial equity.<SUP>4</SUP> MetLife also has a Global DEI Leadership Council, which is an
in-house, 18-member, CEO-led body whose goal is &ldquo;achieving our long-term aspiration to be a leading company for DEI with top-quartile
performance.&rdquo;<SUP>5</SUP> The company has also stated that they &ldquo;measure ourselves against industry benchmarks and are committed
to maintaining top-quartile performance across ethnic and racial diversity in the U.S. and achieving top-quartile performance in our female
officer population globally.&rdquo;<SUP>6</SUP></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">These are positive initiatives, yet are they focused in the right
areas? Are they being well received? Might they be tailored to be more effective in reaching the company&rsquo;s goals? These are the
types of questions that a racial equity audit would help MetLife answer. Research published in 2023 identified a statistically significant
correlation between higher levels of manager diversity and financial outperformance across a number of metrics. However, this diversity
benefit was lost when the company mismanaged broader race and equity actions.<SUP>7</SUP>&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>METLIFE HAS MISUNDERSTOOD THE PROPONENT&rsquo;S REQUEST</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">In opposition to this proposal, MetLife&rsquo;s Board notes &ldquo;that
actuaries do not consider, and are legally prohibited from considering, factors such as race or other protected characteristics in their
risk assessments. Any suggestion that the company should modify its underwriting criteria or pricing strategies based on race contradicts
the fundamental principles of insurance underwriting and pricing&hellip;.&rdquo; The company argues that &ldquo;implementing the proposal
would inevitably lead to violations of insurance laws in the majority of states, which prohibit the consideration of race in underwriting
and pricing decisions and are designed to protect minorities and people of color.&rdquo;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>1</SUP> https://www.wsj.com/articles/SB1013049441796126840</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>2</SUP> https://lawyerinc.com/biggest-metlife-lawsuits-in-company-history/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>3</SUP> https://www.metlife.com/about-us/newsroom/2020/june/metlife-foundation-commits-additional-5-million-to-advance-racial-equity/#:~:text=MetLife%20Foundation%20today%20announced%20that%20it%20is%20committing,career%20opportunities%2C%20Black%20business%20ownership%2C%20and%20racial-justice%20initiatives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>4</SUP> https://www.metlife.com/about-us/newsroom/2020/june/metlife-foundation-commits-additional-5-million-to-advance-racial-equity/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>5</SUP> https://sustainabilityreport.metlife.com/content/dam/metlifecom/us/sustainability/Sustainability-2023/sustainability-report-site/pdf/2022-sustainability-report.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>6</SUP> https://sustainabilityreport.metlife.com/content/dam/metlifecom/us/sustainability/Sustainability-2023/sustainability-report-site/pdf/2022-sustainability-report.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>7</SUP> https://www.asyousow.org/report-page/2023-capturing-the-diversity-benefit#:~:text=Diversity%20has%20been%20linked%20with,differently%20when%20addressing%20complex%20challenges.</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>

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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">However, this proposal is making an assessment and disclosure request.
Proponents are <U>not</U> asking for the inclusion of race within MetLife&rsquo;s underwriting considerations.</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 request is to have MetLife&rsquo;s policies, practices, products,
and services analyzed against its impact on vulnerable communities. As underwriting falls within the policies, practices, products and
services the company offers, underrwriting would be a part of the stakeholder engagement process. After the audit, recommendations would
come from the independent auditor that are appropriate for MetLife, its business model, and its legal obligations. In committing to a
racial equity audit, MetLife is not committing to change its underwriting process.</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, within its most recent 10-K, MetLife identifies an internal
audit as one of the three lines of defense it has for &ldquo;identifying, measuring, monitoring, managing, and reporting risks,&rdquo;<SUP>8</SUP>
stating that an internal audit &ldquo;serves as the third line of defense, providing independent assurance and testing over the risk and
control environment and related processes and controls.&rdquo;<SUP>9</SUP> An <U>external</U> audit requested provides these same benefits
and protections, yet relies on <U>external</U> stakeholder input.</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 process of conducting a racial equity audit allows impacted stakeholders
to identify their prioritized concerns while a skilled auditor translates these findings into guidance into insights and strategies for
the company.&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>THE INSURANCE INDUSTRY HAS MISSED OPPORTUNITIES TO FAIRLY ENGAGE
BLACK CONSUMERS</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">During the widespread reflections on race in America that occurred
during the summer of 2020, the President of the National Association of Insurance Commissioners, Ray Farmer, stated that &ldquo;[t]he
needless deaths of Ahmaud Arbery, Breonna Taylor, and George Floyd have led to a movement on racial equality that we cannot ignore.&rdquo;<SUP>10</SUP>
Since then, the insurance industry as a whole has acknowledged its role in perpetuating unfair practices and the NAIC has been &ldquo;taking
steps toward a more holistic approach to addressing racial disparities and promoting diversity in the insurance industry.&rdquo; As a
part of this effort, it established a special committee with the goal of &ldquo;address[ing] issues of race and insurance.&rdquo;<SUP>11</SUP>
Then-NAIC Secretary-Treasurer Chlora Lindley-Myers also noted that although the industry has eliminated many forms of direct racial discrimination,
&ldquo;less obvious forms of discrimination remain.&rdquo;<SUP>12 </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 life insurance industry specifically, up until the passage of the
Civil Rights Act in 1964, offered Blacks &lsquo;race-based life insurance premiums&rsquo; charging anywhere from 30-40% more than their
White counterparts.<SUP>13</SUP> MetLife, at one point in time, attempted to justify the premium, stating &ldquo;Non-whites present special
insurance problems traceable to their generally less favorable living conditions and greater instability of the family among them.&rdquo;<SUP>14</SUP></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">There are racial justice implications in product design, underwriting,
and knowledge distribution channels.<SUP>15</SUP> MetLife is competing with insurers seeking to develop innovative products that align
to diverse consumers&rsquo; evolving needs and provide tangible value to them. This is a moment of opportunity for MetLife to increase
its relevance by ensuring its understanding of its diverse existing, and potential, consumer bases and to play a critical role in the
inclusion of new market participants.</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> https://www.sec.gov/ix?doc=/Archives/edgar/data/1099219/000109921924000035/met-20231231.htm</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>9</SUP> https://www.sec.gov/ix?doc=/Archives/edgar/data/1099219/000109921924000035/met-20231231.htm</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>10</SUP> https://www.youtube.com/watch?v=H6NwNJ0AmtE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>11</SUP> https://content.naic.org/cipr-topics/race-insurance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>12</SUP> https://www.youtube.com/watch?v=H6NwNJ0AmtE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>13</SUP> https://www.investopedia.com/race-and-insurance-5075141</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>14</SUP> https://www.tampabay.com/archive/2001/07/25/metlife-s-race-based-policies-unearthed/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>15</SUP></FONT> <FONT STYLE="font-size: 10pt">https://news.ambest.com/articlecontent.aspx?refnum=313831</FONT><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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

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

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

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<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>CONCLUSION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The resolution asks the Board to oversee the commission of a third-party
independent racial equity audit in order to earn the insights and relationship building that may come with such an audit and to be able
to fairly capture the growth and business opportunities associated with diverse consumers.</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 Proposal 5, please contact Meredith Benton,
Whistle Stop Capital, at benton@whistlestop.capital&quot;benton@whistlestop.capital or (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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Please do
not send us your proxy card; neither Nia Impact Capital nor Whistle Stop Capital is able to vote your proxies, nor does this communication
contemplate such an event. To vote your proxy, please follow the instructio</FONT>ns on your proxy card.</P>

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

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