<SEC-DOCUMENT>0001387131-22-004635.txt : 20220407
<SEC-HEADER>0001387131-22-004635.hdr.sgml : 20220407
<ACCEPTANCE-DATETIME>20220407112833
ACCESSION NUMBER:		0001387131-22-004635
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20220407
DATE AS OF CHANGE:		20220407
EFFECTIVENESS DATE:		20220407

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			VALERO ENERGY CORP/TX
		CENTRAL INDEX KEY:			0001035002
		STANDARD INDUSTRIAL CLASSIFICATION:	PETROLEUM REFINING [2911]
		IRS NUMBER:				741828067
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13175
		FILM NUMBER:		22812793

	BUSINESS ADDRESS:	
		STREET 1:		P.O. BOX 696000
		CITY:			SAN ANTONIO
		STATE:			TX
		ZIP:			78269-6000
		BUSINESS PHONE:		2103454524

	MAIL ADDRESS:	
		STREET 1:		P.O. BOX 696000
		CITY:			SAN ANTONIO
		STATE:			TX
		ZIP:			78269-6000

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>vlo-px14a6g_04062022.htm
<DESCRIPTION>NOTICE OF EXEMPT SOLICITATION
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    <P STYLE="font: 7pt Franklin Gothic; margin: 0">Notice Of Exempt Solicitation: (VOLUNTARY SUBMISSION)</P>
    <P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Franklin Gothic">NAME OF REGISTRANT: </FONT>Valero
    Energy</P>
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    </FONT>Majority Action</P>
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    </FONT>PO Box 4831, Silver Spring, MD 20914</P>
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    <P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0">Written materials are submitted pursuant to Rule 14a-6(g)(1) promulgated
    under the Securities Exchange Act of 1934. Submission is not required of this filer under the terms of the Rule but is made voluntarily.</P></TD>
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<P STYLE="font: 10pt Franklin Gothic; margin: 0">&nbsp;</P>

<P STYLE="font: 18pt Georgia, Times, Serif; margin: 0 0 3pt; color: #0072BD"><B>Valero Energy [NYSE:VLO]:
Due to the Company&rsquo;s Failure to Set Adequate Net Zero by 2050 Target, Realign Investment Plans to Limit Global Warming to 1.5&deg;C,
and Ensure Alignment of Policy Influence Activities:</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</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: 16pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Franklin Gothic; font-size: 16pt"><B>Vote AGAINST Chair and CEO Joseph Gorder (Item 1.c), and</B></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: 16pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Franklin Gothic; font-size: 16pt"><B>Vote AGAINST Lead Director Robert Profusek (Item 1.i)</B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt 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><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&rsquo; entire portfolios, in addition to specific risks to those companies.
See <B>Appendix A</B> for more information regarding Majority Action&rsquo;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">Valero is the world&rsquo;s largest independent refiner, with fifteen petroleum refineries
in the U.S., Canada and the United Kingdom.<SUP>[1]</SUP>
It is among the 167 target companies named by Climate Action 100+ as the largest global emitters and &ldquo;key to driving the global
net-zero emissions transition.&rdquo;<SUP>[2]</SUP></P>

<P STYLE="font: 7pt 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.<SUP>[3]</SUP>
The U.S. is the largest petroleum and fossil gas producer in the world, having overtaken Saudi Arabia and Russia in recent years.<SUP>[4]</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.<SUP>[5]</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 &ldquo;Net
Zero by 2050&rdquo; 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>.<SUP>[6]</SUP></P>

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

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0; 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&rsquo; business plans and policy influence to those
targets, is a failure of strategy and corporate governance for which long-term investors should hold directors accountable. At companies
where the production, processing, sale, and/or consumption of fossil fuels is central to their 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 accountable.</B></P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0; color: #0072BD"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0; color: #0072BD"><B></B></P>

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<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0; color: #0072BD"><B>&nbsp;</B></P>



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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR>
    <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>
  <TR>
    <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>
  <TR>
    <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: #F1C232; text-align: center"><FONT STYLE="font-family: Franklin Gothic; font-size: 17pt; color: white"><B>~</B></FONT></TD></TR>
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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0">Valero has not set a net zero by 2050 ambition<SUP>[7]</SUP>
and has instead set two interim targets to reduce and offset emissions from scopes 1 and 2, first by 63% from 2011 levels by 2025, and
then 100% by 2035.<SUP>[8]</SUP> In its 2021 TCFD Report
and Scenario Analysis, the company details the breakdown of its expected reductions and offsets compared to a 2011 baseline, with only
7% coming from <I>absolute </I>reductions (from efficiencies) and the majority expected to be offset by the production of ethanol and
renewable diesel.<SUP>[9]</SUP> However, the projected emissions
savings associated with ethanol and &lsquo;renewable&rsquo; fuels may be lower than expected; recent research shows GHG emissions associated
with direct and indirect land-use changes related to crops used for bio-based fuels, namely soybeans and corn, may be more significant
than previously understood.<SUP>[10]</SUP> <SUP>[11]</SUP>
<SUP>[12]</SUP></P>

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

<P STYLE="font: 10pt Franklin Gothic; margin: 0">The company expects to offset 11% through carbon and capture and storage projects at
its ethanol plants,<SUP>[13]</SUP> which would necessitate
the building of more than 1,200 miles of new gathering and transportation pipelines.<SUP>[14]</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">
  <TR>
    <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>
  </TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0">According to the Climate Action 100+ Net-Zero Company Benchmark, Valero had not, as of
December 31, 2021, met any of the indicators for capital allocation alignment; to do so, the company would need to commit to align future
capital expenditures with its own long-term GHG reduction target(s) and with the Paris Agreement&rsquo;s objective of limiting global
warming to 1.5&deg; Celsius, and disclose the methodology it uses to determine such alignment.<SUP>[15]</SUP></P>

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

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

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

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

<P STYLE="font: 10pt Franklin Gothic; margin: 0">In its 2021 TCFD Report and Scenario Analysis, Valero assesses its business strategy
to the IEA&rsquo;s Sustainable Development Scenario (SDS), which aligns to a &ldquo;well below 2&rdquo; degree scenario, but does not
address how it could align business to the IEA&rsquo;s NZE Scenario or how the company will align its operations to a 1.5&deg;C pathway.<SUP>[16]</SUP></P>

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

<P STYLE="font: 10pt Franklin Gothic; margin: 0">A Carbon Tracker analysis from September 2021 rated Valero&rsquo;s financial statements
as &ldquo;significant concern&rdquo; for investors due to the company&rsquo;s lack of transparency on climate-related assumptions.<SUP>[17]</SUP></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: 10pt Franklin Gothic; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR>
    <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>
  </TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0">According to InfluenceMap, Valero received a near-failing E grade for its obstructive
climate policy engagement.<SUP>[18]</SUP> The only Climate
Action 100+ Net-Zero Company Benchmark indicator that Valero has met is the disclosure of its trade associations and memberships.<SUP>[19]</SUP></P>

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

<P STYLE="font: 10pt Franklin Gothic; margin: 0"><B>Shareholder Proposal Related to Climate</B></P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0">There is one climate-related shareholder proposal on Valero&rsquo;s 2022 proxy statement.
Mercy Investment Services along with several asset owners filed a resolution requesting that the company disclose near &amp; long-term
GHG reduction targets aligned with the Paris Agreement&rsquo;s goal of maintaining global temperature rise at 1.5&deg;C, and a plan to
achieve them across all scopes.<SUP>[20]</SUP></P>

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

<P STYLE="font: 10pt Franklin Gothic; margin: 0">This proposal also recommends the company consider committing to reduce local community
health impacts from cumulative operational emissions in its target setting process. The Political Economy Research Institute (PERI) ranks
Valero as the 40th worst toxic air polluter in the U.S., with 64% of the environmental health risk from Valero&rsquo;s refineries borne
by people of color.<SUP>[21]</SUP> As You Sow&rsquo;s
Racial Justice Scorecard for S&amp;P 500 companies ranks Valero in the bottom ten, with negative scores on the environmental racism performance
indicators.<SUP>[22]</SUP></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>Conclusion: Valero has failed to set adequate 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 <FONT STYLE="background-color: white">Chair and CEO Joseph Gorder (Item 1.c), and vote AGAINST
Lead Director Robert Profusek (Item 1.i) at the company&rsquo;s annual meeting on April 27, 2022.</FONT></B></P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0; color: #0072BD"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0; color: #0072BD"><B></B></P>

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<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0; color: #0072BD"></P>

<P STYLE="font: 21pt Georgia, Times, Serif; margin: 20pt 0 6pt; color: #0072BD"><B>Appendix A: Proxy Voting
for a 1.5&deg;C World</B></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>&ldquo;Climate risk&rdquo; is systemic, escalating and irreversible
- and corporate boards urgently need to take responsibility for averting and mitigating this risk. </B></P>

<P STYLE="font: 12pt Georgia, Times, Serif; margin: 0; color: #0072BD"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0">The UN Intergovernmental Panel on Climate Change (IPCC) in 2018 made clear that in order
to have at least a 50% chance of limiting warming to 1.5&deg;C and avoiding the most catastrophic effects of the climate crisis, we must
bring global, economy-wide carbon emissions down to net zero by 2050 at the latest.<SUP>[23]</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.<SUP>[24]</SUP>
The IPCC also recognizes that reducing rates of deforestation and forest degradation also represents one of the most effective and robust
options for climate change mitigation.<SUP>[25]</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&rsquo; business plans, capital expenditures, and policy influence to those
targets. Despite the escalating climate crisis, systemically important U.S. companies continue to invest in the expansion and continued
use of fossil fuels, further accelerating global warming.<SUP>[26]</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"></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><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&rsquo; entire portfolios. In order to manage this systemic portfolio
risk, investors must move beyond disclosure and company-specific climate risk management frameworks and focus on holding accountable the
relatively small number of large companies whose actions are a significant driver of climate change. </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 &ndash; their proxy voting power &ndash; 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>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0; color: #0072BD"><B></B></P>

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<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0; color: #0072BD"><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>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: 16pt Georgia, Times, Serif; margin: 0.25in 0 6pt; color: #0072BD"><B>Key Sectors Are Critical
to Curbing the Climate Crisis</B></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 &ndash; including companies that source key deforestation-linked
agricultural commodities, driving market demand for one of the greatest threats to the world&rsquo;s forests &ndash; 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 encourage ambitious
target-setting, realign business and investment plans to the goals of the Paris Agreement, and hold companies accountable for lobbying
and policy influence practices that obstruct climate action.</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: 16pt Georgia, Times, Serif; margin: 0.25in 0 6pt; color: #0072BD"><B>Voting Guide: Oil &amp;
Gas </B></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.<SUP>[27]</SUP>
The U.S. is the largest petroleum and fossil gas producer in the world, having overtaken Saudi Arabia and Russia in recent years.<SUP>[28]</SUP>
In general, U.S. oil companies lag behind their European peers in adopting net zero by 2050 ambitions<SUP>[29]</SUP>,
or investing in renewable energy production.<SUP>[30]</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.<SUP>[31]</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 &ldquo;Net Zero Emissions by 2050&rdquo;
scenario (NZE).<SUP>[32]</SUP> Prior IEA scenarios such
as the Beyond 2&deg;C Scenario (aligned to limiting warming to 1.75&deg;C by 2060<SUP>[33]</SUP>)
and the Sustainable Development Scenario (aligned to the Paris Agreement&rsquo;s upper target of well below 2&deg;C<SUP>[34]</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.<SUP>[35]</SUP>
However, according to analyses by Carbon Tracker, the world&rsquo;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.<SUP>[36]</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,<SUP>[37]</SUP>
oil demand and pricing are currently rebounding,<SUP>[38]</SUP>
and any expansion plans are fundamentally at odds with the immediate global production reductions required within most Paris Agreement-aligned
scenarios.<SUP>[39]</SUP></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 warming to 1.5&deg;C and be aligned with the IEA NZE, shale-focused companies
in particular must reduce production by more than 80%.<SUP>[40]</SUP>
However, many U.S. companies continue to expand into shale-rich regions such as the Permian Basin<SUP>[41]</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 &ldquo;every single
molecule from here on out has to be exported.&rdquo;<SUP>[42]</SUP></P>

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

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

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

<P STYLE="font: 16pt Georgia, Times, Serif; margin: 0.25in 0 6pt; color: #0072BD"><B>Target setting</B></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.<SUP>[43]</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&ndash;rather than phasing out the production of fossil fuels&ndash;is a risky strategy<SUP>[44]</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.<SUP>[45]</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<SUP>[46]</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<SUP>[47]</SUP>
and Sector Guidance<SUP>[48]</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<SUP>[49]</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<SUP>[50]</SUP></FONT></TD></TR></TABLE>

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

<P STYLE="font: 16pt Georgia, Times, Serif; margin: 0.25in 0 6pt; color: #0072BD"><B>Capital allocation</B></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<SUP>[51]</SUP>,
economically marginal due to elevated production costs, and carry additional environmental and human rights risks.<SUP>[52]</SUP></P>

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

<P STYLE="font: 10pt Franklin Gothic; margin: 0">Oil production in the Permian Basin in Texas and New Mexico &ndash; almost entirely fracking<SUP>[53]</SUP>&ndash;has
nearly quadrupled from 2010 to today,<SUP>[54]</SUP> while
natural gas production has more than tripled.<SUP>[55]</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.<SUP>[56]</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.<SUP>[57]</SUP> It is estimated that
the Permian Basin has a 60% higher methane leakage rate than other U.S oil and gas regions.<SUP>[58]</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.<SUP>[59]&rsquo;</SUP></P>

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

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

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<P STYLE="font: 10pt Franklin Gothic; margin: 0"><SUP>&nbsp;</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&rsquo; 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;<SUP>[60]</SUP>
and production levels must fall by the 2030s.<SUP>[61]</SUP>
Under such a scenario, asset stranding of additional production assets as well as existing assets is a major risk to investors.<SUP>[62]</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<SUP>[63]</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)<SUP>[64]</SUP>
and Adapt to Survive (2021)<SUP>[65]</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<SUP>[66]</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<SUP>[67]</SUP></FONT></TD></TR></TABLE>

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

<P STYLE="font: 16pt Georgia, Times, Serif; margin: 0.25in 0 6pt; color: #0072BD"><B>Policy influence </B></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<SUP>[68]</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<SUP>[69]</SUP></FONT></TD></TR></TABLE>

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

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

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

<P STYLE="font: 16pt Georgia, Times, Serif; margin: 0.25in 0 6pt; color: #0072BD"><B>Summary table</B></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: 10pt Georgia, Times, Serif; margin: 0; color: #0072BD"><B>&nbsp;</B></P>





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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>1</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Valero, &ldquo;Petroleum Refining,&rdquo; </FONT><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">https://www.valero.com/refining/oil-refining</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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>2</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Climate Action 100+, &ldquo;Companies,&rdquo; </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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>3</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">U.S. Energy Information Administration, &ldquo;Total Energy&rdquo; 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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>4</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">U.S. Energy Information Administration, &ldquo;</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">,&rdquo;
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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>5</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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>6</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">IEA, &lsquo;Net Zero by 2050,&rsquo; Figure 3.4, p. 103</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>7</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Climate Action 100+, Net Zero Company Benchmark, March 30, 2022, https://www.climateaction100.org/company/valero-energy-corporation/</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>8</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Valero website, &ldquo;Environmental Stewardship,&rdquo; </FONT><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">https://www.valero.com/responsibility/environmental-stewardship</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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>9</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Valero, <I>2021 TCFD Report and Scenario Analysis, </I></FONT><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">https://s23.q4cdn.com/587626645/files/doc_downloads/esg_reports/2021/09/2021-TCFD-Report-and-Scenario-Analysis_9-27-21_Pages.pdf</FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">p. 39</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>10</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Timothy Searchinger, et. al. (2008), &ldquo;Use of U.S. Croplands for Biofuels
Increases Greenhouse Gases Through Emissions From Land-Use Changes,&rdquo; https://www.science.org/doi/10.1126/science.1151861</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>11</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Spawn SA, Lark TJ &amp; Gibbs HK (2019) https://iopscience.iop.org/article/10.1088/1748-9326/ab0399/meta?utm_campaign=Carbon%20Brief%20Daily%20Briefing&amp;utm_content=20220107&amp;utm_medium=email&amp;utm_source=Revue%20Daily
p4</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>12</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Lark et al (2022). &ldquo; Environmental outcomes of the US Renewable Fuel
Standard&rdquo; https://www.pnas.org/doi/abs/10.1073/pnas.2101084119</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>13</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Valero, &lsquo;2021 TCFD Report and Scenario Analysis,&rsquo; p. 39 </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>14</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Valero, press release, March 16, 2021, </FONT><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">https://www.businesswire.com/news/home/20210316005599/en/Valero-and-BlackRock-Partner-with-Navigator-to-Announce-Large-Scale-Carbon-Capture-and-Storage-Project</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>15</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">https://www.climateaction100.org/company/valero-energy-corporation/</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>16</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Valero, &lsquo;2021 TCFD Report and Scenario Analysis,&rsquo; p. 17</FONT></P>

<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>

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<HR ALIGN="LEFT" SIZE="1" STYLE="width: 100%">
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>17</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Carbon Tracker, <I>Flying Blind: The Glaring Absences of Climate Risks in Financial
Reporting, </I> September 2021, https://carbontracker.org/reports/flying-blind-the-glaring-absence-of-climate-risks-in-financial-reporting/full-report/</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>18</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">InfluenceMap, &lsquo;Valero&rsquo; company profile, </FONT><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">https://lobbymap.org/company/Valero-Energy/projectlink/Valero-Energy-In-Climate-Change</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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>19</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt; color: #1155CC">https://www.climateaction100.org/company/valero-energy-corporation/</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>20</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Mercy Investment Services, shareholder resolution, &ldquo;Climate Disclosures
to Reduce GHG Emissions,&rdquo; </FONT><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">https://www.mercyinvestmentservices.org/2022.04.28_Valero%20proxy%20memo.pdf</FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">, accessed March 22, 2022</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>21</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Political Economy Research Institute (PERI), &lsquo;Toxic 100 Air Polluters
Index,&rsquo; </FONT><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt; color: #1155CC">https://peri.umass.edu/toxic-100-air-polluters-index-current</FONT><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">.
PERI performed this analysis in 2021 using 2019 TRI data.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>22</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">As You Sow, <I>Racial Justice Scorecard, </I>August 2021, </FONT><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt; color: #1155CC">https://www.asyousow.org/press-releases/2021/8/11/environmental-racism-metrics-as-you-sow-racial-justice-scorecard</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>23</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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>24</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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>25</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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>26</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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>27</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">US Energy Information Administration, &lsquo;Carbon Dioxide Emissions from
Energy Consumption by Source&rsquo;, </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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>28</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">US Energy Information Administration, &ldquo;</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">,&rdquo;
</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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>29</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Luhavalja, Amanda, et al. &ldquo;Path to Net Zero: European Oil Majors Outpace
US Companies on Climate Goals,&rdquo; <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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>30</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Quinson, Tim, &ldquo;US Oil Companies Lag Far Behind Greener European Rivals,&rdquo;
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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>31</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">IEA, &lsquo;Net Zero by 2050 Scenario&rsquo; </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>32</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">IEA, &lsquo;Net Zero by 2050 Scenario&rsquo; </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>33</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">IEA, &lsquo;Energy Technology Perspectives 2017.&rsquo; https://www.iea.org/reports/energy-technology-perspectives-2017</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>34</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">IEA, &lsquo;Sustainable Development Scenario.&rsquo; https://www.iea.org/reports/world-energy-model/sustainable-development-scenario-sds</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>35</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">IEA, &lsquo;Net Zero by 2050 Scenario.&rsquo; pp. 21 -22. </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>36</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Carbon Tracker, &lsquo;Adapt to Survive.&rsquo; p. 4 and pp.14-16 </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>37</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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>38</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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>39</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Oil Change International et al, <I>The Sky&rsquo;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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>40</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Carbon Tracker, &lsquo;Adapt to Survive.&rsquo; p. 6 and p. 15. </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>41</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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>42</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Collier, Kiah. &ldquo;As Oil and Gas Exports Surge, West Texas Becomes the
World&rsquo;s &lsquo;extraction colony&rsquo;&rdquo; <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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>43</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">IPCC. &lsquo;Special Report on Global Warming of 1.5.&rsquo; 2018 </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><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, <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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>45</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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>46</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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>47</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"><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>

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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: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>48</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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>49</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"><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, &lsquo;Big Oil Reality Check&rsquo;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>51</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 &ldquo;Paris-aligned&rdquo;, 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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>52</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"><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. &lsquo;Drilling Towards Disaster.&rsquo; p. 26 </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>54</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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>55</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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>56</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Oil Change International. &lsquo;Drilling Towards Disaster.&rsquo; pp. 7 and
26 </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>57</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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>58</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Zhang, Y. et al. &ldquo;Quantifying methane emissions from the largest oil-producing
basin in the United States from space.&rdquo; <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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>59</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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>60</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Carbon Tracker. &lsquo;Adapt to Survive.&rsquo; pp. 4-5, 8-10 </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>61</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Carbon Tracker. &lsquo;Adapt to Survive.&rsquo; p. 6. </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>62</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Carbon Tracker. &lsquo;Adapt to Survive.&rsquo;, pp. 4-5, 8-10 </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>63</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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>64</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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>65</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Carbon Tracker. &lsquo;Adapt to Survive.&rsquo;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>66</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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>67</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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>68</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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>69</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">&nbsp;</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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