<SEC-DOCUMENT>0001387131-22-004876.txt : 20220415
<SEC-HEADER>0001387131-22-004876.hdr.sgml : 20220415
<ACCEPTANCE-DATETIME>20220415123652
ACCESSION NUMBER:		0001387131-22-004876
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20220415
DATE AS OF CHANGE:		20220415
EFFECTIVENESS DATE:		20220415

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Archer-Daniels-Midland Co
		CENTRAL INDEX KEY:			0000007084
		STANDARD INDUSTRIAL CLASSIFICATION:	FATS & OILS [2070]
		IRS NUMBER:				410129150
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-00044
		FILM NUMBER:		22829474

	BUSINESS ADDRESS:	
		STREET 1:		77 W. WACKER DR.
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60601
		BUSINESS PHONE:		312-634-8233

	MAIL ADDRESS:	
		STREET 1:		77 W. WACKER DR.
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60601

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ARCHER DANIELS MIDLAND CO
		DATE OF NAME CHANGE:	19920703

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>adm-px14a6g_041522.htm
<DESCRIPTION>NOTICE OF EXEMPT SOLICITATION
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        OF REGISTRANT: </FONT><FONT STYLE="font-size: 8pt">Archer-Daniels-Midland (ADM)</FONT></P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0072BD"><B>Archer-Daniels-Midland [NYSE:ADM]: Due to the Company&rsquo;s
Failure to Set A Net Zero by 2050 Target, Adopt and Implement an Ambitious No-Deforestation Commitment, and Ensure Compliance and
Resolution through Robust Monitoring and Verification:</B></P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Vote AGAINST CEO/Chair Juan Luciano (Item 1.f), and</B></FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Vote AGAINST Lead Director Donald Felsinger (Item 1.d)</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="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-size: 10pt">Therefore, the actions of companies that fail to align to limiting warming to </FONT><FONT STYLE="font-size: 10.5pt">1.5&deg;C</FONT>
<FONT STYLE="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><FONT STYLE="font-size: 10.5pt">&deg;C</FONT> <FONT STYLE="font-size: 10pt">World initiative
and the transformation required in key industries. </FONT></I></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">Archer Daniels Midland (ADM) is one of the world&rsquo;s largest agribusiness
traders, engaged in the processing, manufacturing and trading of agricultural commodities, including animal feed and biofuels.
It is one of the major processors of soy in South America, and among the largest processors of soy in Brazil.<SUP>1</SUP> According
to Trase Finance, ADM has the third-largest absolute deforestation risk for Brazilian soy,<SUP>2</SUP> just behind Bunge and
Amaggi Louis Dreyfus.<SUP>3</SUP></P>

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

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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>1</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Forest
500 /Global Canopy, &ldquo;Archer Daniels Midland Co&rdquo; (company profile), https://forest500.org/rankings/companies/archer-daniels-midland-co</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>2</SUP></FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Trase Finance, &ldquo;Archer-daniels-midland Co - Overview,&rdquo; </FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0"><U>https://trase.finance/entities/3a0df9d8-f125-36a3-aa61-4be2fc4f63c7#overview</U>,
accessed March 6, 2022</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>3
</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Trase Finance, &ldquo;Archer-daniels-midland
Co - Deforestation Risk,&rdquo; <U>https://trase.finance/entities/3a0df9d8-f125-36a3-aa61-4be2fc4f63c7#deforestation%20risk</U>,
accessed March 6, 2022</FONT></P>

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

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<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 addition to the range of benefits that forests offer, healthy forests are
critical and necessary for achieving the Paris Agreement&rsquo;s goal of limiting planetary warming to 1.5&deg;C or well below
2.0&deg;C above pre-industrial levels.<SUP>4</SUP> At the COP26 in 2021, over 100 world leaders agreed to collectively halt and
reverse forest loss and land degradation by 2030,<SUP>5</SUP> and Principles for Responsible Investment&rsquo;s (PRI&rsquo;s)
Required Policy Scenario to close the gap to 1.5&deg;C calls for ending deforestation globally even earlier, by 2025.<SUP>6</SUP>
Deforestation is also linked to human rights violations such as land-grabbing<SUP>7</SUP> as well as documented forced labor<SUP>8</SUP>
in the resulting agricultural operations such as palm oil plantations and cattle farms.<SUP>9</SUP> Companies need to take urgent
and meaningful action to eliminate deforestation and conversion of native vegetation from their supply chains, and lead the transition
to lower-carbon agricultural production.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #0072BD"><B>Failure
to set ambitious decarbonization targets in line with 1.5&deg;C 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 products linked to deforestation is central
to their core business, and greenhouse gas (GHG) emissions reductions&ndash;particularly those related to land-use change &ndash;
have profound strategic implications, the board chair, and lead independent director where the position exists, should be held
accountabl</B></FONT><B><FONT STYLE="color: #0072BD">e</FONT></B>.</P>

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0072BD"><B>Net zero target setting</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
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    <TD STYLE="vertical-align: top; width: 85%; border: white 2.25pt solid; font: 11pt Arial, Helvetica, Sans-Serif; padding: 12.15pt; background-color: #0072BD"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #F8F8F8"><B>Net zero by 2050 commitment that covers all relevant emissions sources, including Scope 3 emissions embedded in purchased goods from land use and land-use change&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="width: 15%; 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: Times New Roman, Times, Serif; 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: Times New Roman, Times, Serif; font-size: 10pt; color: #F8F8F8"><B>Limited use of offsets, carbon credits, carbon removals and other unproven or uncommercialized negative carbon technologies to meet net zero commitment </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: Times New Roman, Times, Serif; 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: Times New Roman, Times, Serif; font-size: 10pt; color: #F8F8F8"><B>Robust interim targets for 2030 that ensure the company is on track for net zero commitment</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: Times New Roman, Times, Serif; font-size: 17pt; color: white"><B>X</B></FONT></TD></TR>
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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>4
</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Climate, Land, Ambition and Rights Alliance
(CLARA), &ldquo;Climate Action in the Land Sector,&rdquo; <U>https://www.boell.de/sites/default/files/clara_action_in_the_land_sector_final.pdf
</U>accessed March 5, 2022 </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>5
</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><U>https://ukcop26.org/glasgow-leaders-declaration-on-forests-and-land-use/</U></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><SUP>6</SUP></FONT>
<FONT STYLE="font: 8pt Times New Roman, Times, Serif">Principles for Responsible Investment (PRI), &ldquo;The Inevitable Policy
Response 2021: Forecast Policy Scenario and 1.5C Required Policy Scenario,&rdquo; October 17, 2021.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0"><U>https://www.unpri.org/inevitable-policy-response/the-inevitable-policy-response-2021-forecast-policy-scenario-and-15c-required-policy-scenario/8726.article</U>,
p.12.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><SUP>7</SUP></FONT>
<FONT STYLE="font: 8pt Times New Roman, Times, Serif">Both ENDS and Forest Peoples Programme, &ldquo;Ensuring Respect for
Human Rights in the Context of Economic Diplomacy,&rdquo; March 12, 2018. https://www.ohchr.org/Documents/Issues/Business/2018Survey/Bothe_ends_and_forest_people_programme.pdf</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><SUP>8</SUP></FONT>
<FONT STYLE="font: 8pt Times New Roman, Times, Serif">Brown, et al. &ldquo;Modern slavery, environmental degradation and climate
change: Fisheries, field, forests and factories,&rdquo; <I>Nature and Space. </I>November 2019.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0">https://journals.sagepub.com/doi/full/10.1177/2514848619887156</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>9
</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Verite, &ldquo;Reports on Forestry&rdquo;
(website), <U>https://www.verite.org/resources/verite-reports-on-forestry/</U>, accessed 6 March 2022</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"></FONT></P>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ADM does not have a net zero commitment. It has set targets to reduce its
scopes 1 and 2 GHG emissions by 25% in absolute terms by 2035, from a 2019 baseline,<SUP>10</SUP> and in 2021 it updated this
target to include scope 3 reductions.<SUP>11</SUP> Further, the company does not appear to have identified how it will specifically
address emissions from land-use change associated with its products.<SUP>12</SUP></P>

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0072BD"><B>Adoption and Implementation of a No-Deforestation
Commitment </B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: Times New Roman, Times, Serif; font-size: 10pt; color: #F8F8F8"><B>Company has adopted and is implementing a no-deforestation policy that is comprehensive, covering all geographies and commodities,&nbsp;&nbsp;and that is&nbsp;&nbsp;implemented immediately rather than at some future time. </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: #F1C232; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 17pt; color: white"><B>~</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; border-left: white 2.25pt solid; font: 11pt Arial, Helvetica, Sans-Serif; padding: 12.15pt; background-color: #0072BD"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>The policy and associated implementation plans have cut-off dates after which deforestation signals non-compliance with the policy.</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: Times New Roman, Times, Serif; font-size: 17pt; color: white"><B>X</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ADM&rsquo;s no-deforestation policy &ndash; &ldquo;Policy to Protect Forests,
Biodiversity and Communities&rdquo; &ndash; is global in scope,<SUP>13</SUP> but its target date of 2030 lags behind expectations
and standards of immediate implementation.<SUP>14</SUP> Language in its policy covering conversion of vegetation, which is of
material importance relating to land converted to soybean agriculture, lacks firm commitments or deadlines.<SUP>15</SUP></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">According to Rainforest Foundation Norway, ADM does not have ambitious cut-off
dates harmonized to sector-wide recommendations,<SUP>16</SUP> and World Wildlife Fund&rsquo;s scorecard notes the absence of
cut-off dates in particular biomes.<SUP>17</SUP></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As recently as November 2021 &ndash; just days after the COP26 &ndash; ADM
and other large agribusiness firms were found to be lobbying to weaken EU laws banning food imports linked to deforestation.<SUP>18</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"></P>

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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><SUP>10</SUP></FONT><FONT STYLE="font: 8pt Times New Roman, Times, Serif">ADM,
&ldquo;Sustainability&rdquo; (website), https://www.admis.com/sustainability/ , accessed April 11, 2022</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>11
</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">ADM, &ldquo; ADM Sets Scope 3 Emissions
Reductions Targets&rdquo; <U>https://www.adm.com/en-us/news/adm-stories/adm-sets-scope-3-emissions-reduction-target/</U>, accessed
March 11, 2022</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>12
</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">ADM, &ldquo;Corporate Sustainability Report
2020,&rdquo; October 2021, <I><U>https://assets.adm.com/Sustainability/2020-Corporate-Sustainability-Report_210521_121113.pd</U>f
</I>p. 29</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>13
</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">ADM, &ldquo;Policy to Protect Forests, Biodiversity
and Communities,&rdquo; <U>https://assets.adm.com/Sustainability/ADM-No-Deforestation-Policy_210323_141338.pdf</U></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>14
</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">World Wildlife Fund, <I>Soy Traders Scorecard,
</I>2021, <U>https://soyscorecard.panda.org/traders/</U> and &ldquo;ADM&rdquo; (profile) https://soyscorecard.panda.org/traders/scores/summary/full-report/79874,
accessed March 24, 2022</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><SUP>15</SUP></FONT>
<FONT STYLE="font: 8pt Times New Roman, Times, Serif">ADM, &ldquo;Policy to Protect Forests, Biodiversity and Communities,&rdquo;
</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>16
</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Rainforest Foundation Norway, <I>the State
of the Soy Industry, </I>February 2022, <U>https://d5i6is0eze552.cloudfront.net/documents/TheStateOfTheSoyIndustry_0222-1.pdf?mtime=20220323113017</U> p. 10</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>17
</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">World Wildlife Fund, <I>Soy Traders Scorecard,
</I>2021, <U>https://soyscorecard.panda.org/traders</U>/ and &ldquo;ADM&rdquo; (profile)https://soyscorecard.panda.org/traders/scores/summary/full-report/79874,
accessed March 24, 2022</FONT></P>


<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>18
</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Neslen, Arthur, &ldquo;Agribusiness Giants
to Thwart EU Deforestation Plan After COP26 Pledge,&rdquo; <I>the Guardian, </I>March 4, 2022, <U>https://www.theguardian.com/environment/2022/mar/04/agribusiness-giants-tried-to-thwart-eu-deforestation-plan-after-cop26-pledge</U></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"></FONT></P>


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

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0072BD"><B>Traceability, Monitoring, and Verification</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 90%; border: white 2.25pt solid; padding: 12.15pt; background-color: #0072BD"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #F8F8F8"><B>The company should be implementing a monitoring system and UNDP-aligned grievance mechanisms and procedures governing the company&rsquo;s response to non-compliant suppliers, including thresholds for contract cancellations and steps to remediate deforestation and human rights abuses in their direct and indirect supply chains </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; padding: 12.15pt; background-color: #F1C232; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 17pt; color: white"><B>~</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; border-left: white 2.25pt solid; padding: 12.15pt; background-color: #0072BD"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #F8F8F8"><B>The company should be independently verifying the volumes of its suppliers that are deforestation- and conversion-free (DCF), and disclosing the results</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: Times New Roman, Times, Serif; font-size: 10pt; color: #F8F8F8"><B>X</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; border-left: white 2.25pt solid; padding: 12.15pt; background-color: #0072BD"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #F8F8F8"><B>The company should&nbsp;&nbsp;report publicly on grievances filed and resulting actions taken.</B></FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; padding: 12.15pt; background-color: #6AA84F; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 17pt; color: white"><B>&#10003;</B></FONT></TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">ADM discloses that
less than 100% of its soy volumes has been verified to be free of deforestation and conversion</FONT>.<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>19</SUP>
The company notes that its</FONT> &ldquo;DCF (Deforestation + Conversion Free) footprint&rdquo; in Brazil was 97% in 2020, <FONT STYLE="font-family: Times New Roman, Times, Serif">however,
it has mapped (and thus is monitoring) only its direct suppliers, and does not yet report on how it is verifying that its indirectly
sourced volumes of soy (over half of its total volumes in some geographies)<SUP>20</SUP> is free of deforestation and conversion.
The company could be exposed to deforestation and land clearance through both the mapped but unverified sourcing as well as the
larger volumes of indirectly sourced soy; Rainforest Foundation Norway calculates that this indirectly sourced soy that is not
verified to be free of deforestation and conversion could be up to 37.9% of ADM&rsquo;s Brazilian soy.<SUP>21</SUP></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ADM does have a public, transparent grievance mechanism and log that describes
the company&rsquo;s engagement.<SUP>22</SUP> However, ADM needs to ensure that its monitoring and verification program is detecting
potential non-compliance; the company does not report on results of its internal monitoring for non-compliance.<SUP>23</SUP></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0072BD"><B>Conclusion: ADM has failed to set a net zero target
or make significant progress towards implementing its No Deforestation Policy. Therefore, we recommend that shareholders vote AGAINST
CEO and Chair Juan Luciano (Item 1.f) and Lead Director Donald Felsinger (Item 1.d) at the company&rsquo;s annual meeting on May
5, 2022.</B></P>

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

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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>19
</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">ADM, <I>H2 2021 Soy Progress Report, </I><U>https://assets.adm.com/Sustainability/2021-Reports/ADM-H2-2021-Soy-Progress-Report.pd</U>f,
p. 9</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><SUP>20</SUP></FONT>
<FONT STYLE="font: 8pt Times New Roman, Times, Serif">ADM, <I>H2 2021 Soy Progress Report, </I>p.9</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><SUP>21</SUP></FONT>
<FONT STYLE="font: 8pt Times New Roman, Times, Serif">Rainforest Foundation Norway, &lsquo;State of the Soy Supply Chain,&rsquo;
p. 12</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><SUP>22</SUP></FONT>
<FONT STYLE="font: 8pt Times New Roman, Times, Serif">ADM, &lsquo;Corporate Sustainability Report 2020,&rsquo; p. 22; Rainforest
Foundation Norway, &lsquo;State of the Soy Supply Chain,&rsquo; p.14</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><SUP>23</SUP></FONT>
<FONT STYLE="font: 8pt Times New Roman, Times, Serif">Rainforest Foundation Norway, &lsquo;State of the Soy Supply Chain.&rsquo;
p. 16</FONT></P>

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



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<P STYLE="font: 21pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0072BD">Appendix A: Proxy Voting for a 1.5&deg;C World</P>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The UN Intergovernmental Panel on Climate Change (IPCC) in 2018 made clear
that in order to have at least a 50% chance of limiting warming to 1.5&deg;C and avoiding the most catastrophic effects of the
climate crisis, we must bring global, economy-wide carbon emissions down to net zero by 2050 at the latest.<SUP>24</SUP> According
to the International Energy Agency (IEA), in order to achieve net zero emissions globally by 2050, the electricity sector must
reach net zero emissions in OECD countries no later than 2035 and there can be no investment in new fossil fuel production.<SUP>25</SUP>
The IPCC also recognizes that reducing rates of deforestation and forest degradation represents one of the most effective and robust
options for climate change mitigation.<SUP>26</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">This 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>27</SUP></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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 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: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"></FONT></P>



<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>24
</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">IPCC, <I>Special Report on Global Warming
of 1.5&deg;C., </I>2018<I>, </I><U>https://www.ipcc.ch/site/assets/uploads/sites/2/2019/06/SR15_Full_Report_Low_Res.pdf</U> ,
pp. v, 5, 7-10, 95-97 and 116</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><SUP>25</SUP></FONT>
<FONT STYLE="font: 8pt Times New Roman, Times, Serif">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: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>26
</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">IPCC. <I>Special Report on Climate Change
and Land, Summary for Policy Makers</I>, January 2020, <U>https://www.ipcc.ch/site/assets/uploads/sites/4/2020/02/SPM_Updated-Jan20.pdf</U>,
pp 23-24 and 26. </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><SUP>27</SUP></FONT>
<FONT STYLE="font: 8pt Times New Roman, Times, Serif">Climate Action 100+: Net-Zero Company Benchmark Company Assessments
https://www.climateaction100.org/progress/net-zero-company-benchmark/</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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

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

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0072BD">Key Sectors Are Critical to Curbing the Climate Crisis</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 8pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0072BD">Voting Guide: Companies Driving Deforestation</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition to the range of benefits that forests offer, healthy forests are
critical and necessary for achieving the Paris Agreement&rsquo;s goal of limiting planetary warming to 1.5&deg;C or well below
2.0&deg;C above pre-industrial levels.<SUP>28</SUP> All four IPCC emissions reductions pathways consistent with limiting warming
to 1.5 1.5&ordm;C assume a halt in deforestation and significant forest restoration, with no further deforestation occurring from
2030 onwards.<SUP>29</SUP> At the COP26, over 100 world leaders agreed to collectively halt and reverse forest loss and land
degradation by 2030<SUP>30</SUP>, and PRI&rsquo;s Required Policy Scenario to close the gap to 1.5&deg;C calls for ending deforestation
globally even earlier, by 2025.<SUP>31</SUP> <FONT STYLE="color: #211D1E">Annual net emissions caused by deforestation for conversion
to agriculture and tree plantations in tropical countries alone averaged 2.6 gigatonnes of CO2 between 2010 and 2014<SUP>32</SUP>
&ndash; the equivalent of the combined total emissions of Japan, Germany and the UK.<SUP>33</SUP></FONT> Deforestation is not
only responsible for direct emissions but eliminates the ability of forests and land to store more carbon in the future. Deforestation
is also linked to human rights violations such as land-grabbing<SUP>34</SUP> as well as documented forced labor<SUP>35</SUP>
in the resulting agricultural operations such as palm oil plantations and cattle farms.<SUP>36</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #211D1E">&nbsp;</P>

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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><SUP>28</SUP></FONT>
<FONT STYLE="font: 8pt Times New Roman, Times, Serif">Climate, Land, Ambition and Rights Alliance (CLARA), &ldquo;Climate
Action in the Land Sector,&rdquo; https://www.boell.de/sites/default/files/clara_action_in_the_land_sector_final.pdfaccessed March
5, 2022 </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><SUP>29</SUP></FONT>
<FONT STYLE="font: 8pt Times New Roman, Times, Serif">IPCC, &lsquo;Special Report: Global Warming of <I>1.5&deg;C</I>&rsquo;,
Chapter 4.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><SUP>30</SUP></FONT>
<FONT STYLE="font: 8pt Times New Roman, Times, Serif">Glasgow Leaders&rsquo; Declaration on Forests and Land Use, November
2, 2021, https://ukcop26.org/glasgow-leaders-declaration-on-forests-and-land-use/</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><SUP>31</SUP></FONT>
<FONT STYLE="font: 8pt Times New Roman, Times, Serif">Principles for Responsible Investment (PRI), &ldquo;The Inevitable Policy
Response 2021: Forecast Policy Scenario and 1.5C Required Policy Scenario,&rdquo; October 17, 2021.</FONT></P>



<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">https://www.unpri.org/inevitable-policy-response/the-inevitable-policy-response-2021-forecast-policy-scenario-and-15c-required-policy-scenario/8726.article,
p.12</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><SUP>32</SUP></FONT>
<FONT STYLE="font: 8pt Times New Roman, Times, Serif">Pendrill, et al. &ldquo;Agricultural and Forestry Trade Drives Large
Share of Tropical Deforestation Emissions,&rdquo; <I>Global Environmental Change</I></FONT><I><FONT STYLE="font: 8pt Times New Roman, Times, Serif">,
</FONT></I><FONT STYLE="font: 8pt Times New Roman, Times, Serif">May 2019, https://www.sciencedirect.com/science/article/pii/S0959378018314365</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>33
</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Greenpeace International, <I>Countdown to
Extinction, </I>September 2019. <U>ttps://www.greenpeace.org/static/planet4-international-stateless/2019/09/98db6c73-gp_cte_report_lowres.pdf</U>,
p. 15</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><SUP>34</SUP></FONT>
<FONT STYLE="font: 8pt Times New Roman, Times, Serif">Both ENDS and the Forest Peoples Programme, &ldquo;Ensuring Respect
for Human Rights in the Context of Economic Diplomacy,&rdquo; March 12, 2018, https://www.ohchr.org/Documents/Issues/Business/2018Survey/Bothe_ends_and_forest_people_programme.pdf</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>35
</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Brown, et al. &ldquo;Modern slavery, environmental
degradation and climate change: Fisheries, field, forests and factories,&rdquo; <I>Nature and Space. </I>November 2019, <U>https://journals.sagepub.com/doi/full/10.1177/2514848619887156</U></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>36
</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Verite, &ldquo;Reports on Forestry&rdquo;
(website), <U>https://www.verite.org/resources/verite-reports-on-forestry/</U>, accessed March 6 2022&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #211D1E">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #211D1E">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Despite these known risks, global deforestation has increased 43% since 2014,<SUP>37</SUP>
primarily driven by demand for agricultural commodities<SUP>38</SUP> such as soybeans and palm oil.<SUP>39</SUP> It is estimated
that since 2015, 10 million hectares of forest have been lost annually, an area the size of Iceland.<SUP>40</SUP> Agriculture,
forestry and other land use are responsible for nearly a quarter of global GHG emissions,<SUP>41</SUP> and emissions from the
food system are responsible for a third of anthropogenic GHG emissions,<SUP>42</SUP> with the largest contributions from agriculture
and land use change, and so to align with the goals of the Paris Agreement, land-based emissions must be reduced by 85% by 2050
compared to a business as usual scenario.<SUP>43</SUP></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Responsibility for these transformative changes lies with the agribusiness
traders that produce and sell these commodities, and the consumer-facing brands that purchase them to make products such as food
and beverages, personal care products, clothing, and packaging. Major traders and consumer goods companies alike have acknowledged
this responsibility for years, but sectoral voluntary pledges have still failed to slow deforestation. Examples of these sectoral
pledges include the New York Declaration on Forests (a 2014 voluntary pledge to end forest loss by 2020)<SUP>44</SUP> and the
Consumer Goods Forum&rsquo;s (CGF&rsquo;s) commitment to end deforestation by 2020, a deadline which has been extended by the CGF.<SUP>45</SUP>
Companies need to take urgent and meaningful action to eliminate deforestation from their supply chains, and lead the transition
to lower-carbon agricultural production.</P>

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

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

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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><SUP>37</SUP></FONT>
<FONT STYLE="font: 8pt Times New Roman, Times, Serif">DaSilva, Gabriel, &ldquo;Deforestation Surges Despite Global Pledge
to Cut it In Half,&rdquo; <I>Ecosystem Marketplace, </I>September 13, 2019, https://www.ecosystemmarketplace.com/articles/deforestation-surges-43-percent-despite-global-pledge-to-cut-it-in-half/</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><SUP>38</SUP></FONT>
<FONT STYLE="font: 8pt Times New Roman, Times, Serif">Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem
Services (IPBES), &ldquo;Summary for Policymakers of the IPBES Global Assessment Report on Biodiversity and Ecosystem Services,&rdquo;
2019. https://ipbes.net/sites/default/files/inline/files/ipbes_global_assessment_report_summary_for_policymakers.pdf</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>39
</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Rainforest Action Network, <I>Keep Forests
Standing: Evaluating the Brands and Banks Driving Deforestation and Human Rights Abuses, </I>2021 <U>https://www.ran.org/wp-content/uploads/2021/04/RAN_KFS_Scorecard_vENG.pdf
</U>p. 2.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>40
</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Food and Agriculture Organization of the
United Nations, &ldquo;Global Forest Resources Assessment 2020: Key Findings,&rdquo; <U>https://www.fao.org/3/CA8753EN/CA8753EN.pdf</U> p. 4</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><SUP>41</SUP></FONT>
<FONT STYLE="font: 8pt Times New Roman, Times, Serif">IPCC, IPCC, &lsquo;Special Report: Global Warming of <I>1.5&deg;C</I>&rsquo;,
Chapter 11, https://www.ipcc.ch/site/assets/uploads/2018/02/ipcc_wg3_ar5_chapter11.pdf</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>42
</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#8203;&#8203;Baj&#382;elj, B., et al. &ldquo;Importance
of food-demand management for climate mitigation.&rdquo; <I>Nature Clim Change, </I>August 21, 2014, <U>https://www.nature.com/articles/nclimate2353</U></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>43
</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Ceres and PRI, <I><U>Global Sector Strategies:
Recommended Investor Expectations for Food and Beverage,</U></I> August 2021, <U>https://www.climateaction100.org/wp-content/uploads/2021/08/Global-Sector-Strategies-Food-and-Beverage-Ceres-PRI-August-2021.pdf
</U>p. 5 </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>44
</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Climate Focus, &ldquo;New York Declaration
on Forests Progress Assessment,&rdquo; <U>https://www.climatefocus.com/projects/new-york-declaration-forests-nydf-progress-assessment</U>,
accessed March 6, 2022</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>45
</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Askew, Katy, &ldquo;Food Giants Launch New
Deforestation Pledge After Missing 2020 Objective,&rdquo; <I>Food Navigator, </I>September 2020, https://www.foodnavigator.com/Article/2020/09/24/Food-giants-launch-new-deforestation-pledge-after-missing-2020-objectives-Our-approach-was-not-agile-enough&nbsp;</FONT></P>

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

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

<P STYLE="color: #0072BD; font: 13pt Times New Roman, Times, Serif; margin: 0pt 0"><B>KEY DATA SOURCES</B></P>

<P STYLE="color: #0072BD; font: 13pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Climate Action 100+, Disclosure Indicators 1-4<U><SUP>46</SUP></U></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Climate Action 100+ and PRI, Global Sector Strategies: Recommended
Investor Expectations for Food and Beverage<SUP>47</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Science-Based Targets Initiative:<SUP>48</SUP> Companies list<SUP>49</SUP>
and Sector Guidance<U><SUP>50</SUP></U></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CDP (formerly Carbon Disclosure Project),<SUP>51</SUP> search
company survey responses (companies can submit a climate questionnaire and a forests questionnaire).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Global Canopy/Forest 500,<SUP>52</SUP> company rankings</FONT></TD></TR></TABLE>

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

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0072BD"><FONT STYLE="background-color: #F8F8F8"><B>Net Zero
Target Setting</B></FONT></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0072BD">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Companies whose business models are linked to deforestation and the global
agriculture trade need to adopt comprehensive net zero by 2050 commitments. Such commitments should include absolute reductions
in upstream scope 3 emissions&ndash;emissions generated by land use and land-use change&ndash;as the emissions for many of these
companies are concentrated upstream, as opposed to downstream processing and manufacturing activities.</P>

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

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0072BD"><B>Key Data Sources:</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Climate Action 100+, Disclosure Indicators 1-4<SUP>53</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Climate Action 100+ and PRI, Global Sector Strategies: Recommended
Investor Expectations for Food and Beverage<U><SUP>54</SUP></U></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Science-Based Targets Initiative<SUP>55</SUP>, Companies list<SUP>56</SUP>
and Sector Guidance<SUP>57</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CDP (formerly Carbon Disclosure Project), search company survey
responses<SUP>58</SUP> (companies can submit a climate questionnaire and a forests questionnaire).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Global Canopy/Forest 500, company rankings<SUP>59</SUP></FONT></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: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><SUP>46</SUP></FONT>
<FONT STYLE="font: 8pt Times New Roman, Times, Serif">https://www.climateaction100.org/whos-involved/companies/</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><SUP>47</SUP></FONT>
<FONT STYLE="font: 8pt Times New Roman, Times, Serif">https://www.climateaction100.org/approach/global-sector-strategies/food-and-beverage/</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><SUP>48</SUP></FONT>
<FONT STYLE="font: 8pt Times New Roman, Times, Serif">https://sciencebasedtargets.org</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><SUP>49</SUP></FONT>
<FONT STYLE="font: 8pt Times New Roman, Times, Serif">https://sciencebasedtargets.org/companies-taking-action</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><SUP>50</SUP></FONT>
<FONT STYLE="font: 8pt Times New Roman, Times, Serif">https://sciencebasedtargets.org/sectors</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><SUP>51</SUP></FONT>
<FONT STYLE="font: 8pt Times New Roman, Times, Serif">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: 0pt 0"><FONT STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><SUP>52</SUP></FONT>
<FONT STYLE="font: 8pt Times New Roman, Times, Serif">https://forest500.org</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><SUP>53</SUP></FONT>
<FONT STYLE="font: 8pt Times New Roman, Times, Serif">https://www.climateaction100.org/whos-involved/companies/</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><SUP>54</SUP></FONT>
<FONT STYLE="font: 8pt Times New Roman, Times, Serif">https://www.climateaction100.org/approach/global-sector-strategies/food-and-beverage/</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><SUP>55</SUP></FONT>
<FONT STYLE="font: 8pt Times New Roman, Times, Serif">https://sciencebasedtargets.org/</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><SUP>56</SUP></FONT>
<FONT STYLE="font: 8pt Times New Roman, Times, Serif">https://sciencebasedtargets.org/companies-taking-action</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><SUP>57</SUP></FONT>
<FONT STYLE="font: 8pt Times New Roman, Times, Serif">https://sciencebasedtargets.org/sectors</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><SUP>58</SUP></FONT>
<FONT STYLE="font: 8pt Times New Roman, Times, Serif">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: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>59
</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">https://forest500.org/&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; color: #0072BD">&nbsp;</P>

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

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0072BD"><B>No-Deforestation Policy and Implementation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any company whose business model is associated with deforestation must adopt
and implement a no-deforestation policy that covers all geographies and commodities.<SUP>60</SUP> The policy and associated implementation
plans must have cut-off dates after which deforestation signals non-compliance with the policy.<SUP>61</SUP> Given past failures
of voluntary pledges, implementation of this policy should occur immediately and include independent verification of full compliance
for all forest-risk commodities.</P>

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

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0072BD"><B>Key Data Sources:</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Global Canopy/Forest 500, company rankings<SUP>62</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Rainforest Action Network, Keep Forests Standing (2021), report<SUP>63</SUP>
and methodology<SUP>64</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">TraseFinance, company profiles<SUP>65</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Company websites and sustainability &lsquo;dashboards&rsquo;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0072BD">&nbsp;</P>
<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0072BD"><B>Traceability, Monitoring and Verification</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Traders should be implementing a monitoring system and UNDP-aligned grievance
mechanisms and procedures governing the company&rsquo;s response to non-compliant suppliers, including thresholds for contract
cancellations and steps to remediate deforestation and human rights abuses in their direct and indirect supply chains (all upstream
producers of the commodities).<SUP>66</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">To monitor and report on supplier compliance with deforestation-free policies
and practices, agribusiness traders need to be able to trace all of their supply base to the farm level, including all direct and
indirect suppliers.<SUP>67] [68</SUP> A prerequisite for a comprehensive deforestation monitoring system is geospatial information
of their suppliers, including accurate boundaries (GPS polygons) of farms and/or supply sheds (sourcing radius of collection or
aggregate points such as crushers or silos).<SUP>69</SUP> With this information, agribusiness traders should monitor these areas
for instances of real-time deforestation or conversion, and disclose the methodology as well as results of this monitoring, including
specific actions taken to resolve non-compliance, and percentage of volumes that have been independently verified to be free of
deforestation and conversion.</P>


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

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>60
</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Rainforest Action Network, <I>Keep Forests
Standing: Methodology for the Evaluation of Performance of Brands profiled in the Keep Forest Standing Campaign</I>, April 2021
<U>https://www.ran.org/wp-content/uploads/2021/04/FINAL-KFS-Scorecard-Methodology.pdf</U> pp. 6-7</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>61
</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Ceres, <I><U>The Investor Guide to Deforestation
and Climate Change</U></I>, June 2020, <U>https://www.ceres.org/sites/default/files/reports/2020-06/Ceres%20Investor%20Guide%20FINAL%20June%2029.pdf
</U>p. 13 </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>62</SUP></FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">https://forest500.org/</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>63</SUP></FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">https://www.ran.org/wp-content/uploads/2021/04/RAN_KFS_Scorecard_vENG.pdf</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>64</SUP></FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">https://www.ran.org/wp-content/uploads/2021/04/FINAL-KFS-Scorecard-Methodology.pdf</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>65</SUP></FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">https://trase.finance/</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>66</SUP></FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Rainforest Action Network, &ldquo;<I>Keep Forests Standing: Methodology&hellip;&rsquo;
</I></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">p. 11 </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>67
</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Rainforest Foundation Norway, <I>the State
of the Soy Industry, </I>February 2022, <U>https://d5i6is0eze552.cloudfront.net/documents/TheStateOfTheSoyIndustry_0222-1.pdf?mtime=20220323113017
</U>pp. 10-12</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>68
</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">UNPRI, &ldquo;Investor expectations on deforestation
in soybean supply chains,&rdquo; <U>https://www.unpri.org/download?ac=10610, accessed </U>March 18, 2022</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>69
</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Rainforest Foundation Norway, <I>the State
of the Soy Industry, </I>February 2022, <U>https://d5i6is0eze552.cloudfront.net/documents/TheStateOfTheSoyIndustry_0222-1.pdf?mtime=20220323113017
</U>p. 11</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
<!-- Field: Page; Sequence: 9 -->
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0072BD"><B>Key Data Sources:</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Rainforest Foundation Norway, <I>The State of the Soy Industry</I><SUP>70</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Carbon Disclosure Project (CDP), search company survey responses
( companies can submit a climate questionnaire and a forests questionnaire)<SUP>71</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Global Canopy/Forest 500, company rankings<SUP>72</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">TraseFinance, company profiles<SUP>73</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Company websites and sustainability &lsquo;dashboards&rsquo;</FONT></TD></TR></TABLE>

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


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD ROWSPAN="3" STYLE="width: 26%; border: white 2.25pt solid; padding: 12.15pt; background-color: #0072BD"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: white"><B>TARGET SETTING </B></FONT></TD>
    <TD STYLE="width: 11%; 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: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>1.1</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 63%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net zero by 2050 commitment that covers all relevant emissions sources, including Scope 3 emissions embedded in purchased goods from land use and land-use change</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: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>1.2</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limited use of offsets, carbon credits, carbon removals and other unproven or uncommercialized negative carbon technologies to meet net zero commitment</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: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>1.3</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Robust interim targets for 2030 that ensure the company is on track for net zero commitment</FONT></TD></TR>
<TR>
    <TD ROWSPAN="2" STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; border-left: white 2.25pt solid; padding: 12.15pt; background-color: #0072BD">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; color: white"><B>NO-DEFORESTATION </B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; color: white"><B>&nbsp;</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; color: white"><B>COMMITMENT</B></P></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: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>2.1</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Company has adopted and is implementing a no-deforestation policy that is comprehensive, covering all geographies and commodities,&nbsp;&nbsp;and that is implemented immediately rather than at some future time. </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: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>2.2</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The policy and associated implementation plans have cut-off dates after which deforestation signals non-compliance with the policy.</FONT></TD></TR>
<TR>
    <TD ROWSPAN="3" 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: Times New Roman, Times, Serif; font-size: 9pt; color: white"><B>TRACEABILITY, MONITORING AND VERIFICATION</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: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>3.1</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The company should be implementing a monitoring system and UNDP-aligned grievance mechanisms and procedures governing the company&rsquo;s response to non-compliant suppliers, including thresholds for contract cancellations and steps to remediate deforestation and human rights abuses in their direct and indirect supply chains </FONT></TD></TR>
<TR>
    <TD STYLE="text-align: center; border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; padding: 12.15pt; background-color: #F25025"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>3.2</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The company should be independently verifying the volumes of its suppliers that are deforestation- and conversion-free (DCF), and disclosing the results</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">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The company should report publicly on grievances filed and resulting actions taken.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 20%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>70
</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Rainforest Foundation Norway, <I>the State
of the Soy Industry, </I>February 2022, <U>https://d5i6is0eze552.cloudfront.net/documents/TheStateOfTheSoyIndustry_0222-1.pdf?mtime=20220323113017</U></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>71</SUP></FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">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: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>72</SUP></FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">https://forest500.org/</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>73</SUP></FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">https://trase.finance/</FONT></P>


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

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
