<SEC-DOCUMENT>0001387131-21-004798.txt : 20210422
<SEC-HEADER>0001387131-21-004798.hdr.sgml : 20210422
<ACCEPTANCE-DATETIME>20210422144509
ACCESSION NUMBER:		0001387131-21-004798
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20210422
DATE AS OF CHANGE:		20210422
EFFECTIVENESS DATE:		20210422

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PPL Corp
		CENTRAL INDEX KEY:			0000922224
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC SERVICES [4911]
		IRS NUMBER:				232758192
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11459
		FILM NUMBER:		21844379

	BUSINESS ADDRESS:	
		STREET 1:		TWO N NINTH ST
		CITY:			ALLENTOWN
		STATE:			PA
		ZIP:			18101-1179
		BUSINESS PHONE:		610-774-5151

	MAIL ADDRESS:	
		STREET 1:		TWO N NINTH ST
		CITY:			ALLENTOWN
		STATE:			PA
		ZIP:			18101-1179

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PPL CORP
		DATE OF NAME CHANGE:	20000214

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PP&L RESOURCES INC
		DATE OF NAME CHANGE:	19941123

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>ppl-px14a6g_042221.htm
<DESCRIPTION>NOTICE OF EXEMPT SOLICITATION
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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0">NOTICE OF EXEMPT SOLICITATION (VOLUNTARY SUBMISSION)</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0">NAME OF REGISTRANT: PPL Corporation</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0">NAME OF PERSON RELYING ON EXEMPTION: Majority Action</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0">ADDRESS OF PERSON RELYING ON EXEMPTION: PO Box 4831, Silver Spring,
MD 20914</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0">Written materials are submitted pursuant to Rule 14a-6(g)(1) promulgated
under the Securities Exchange Act of 1934. Submission is not required of this filer under the terms of the Rule but is made voluntarily.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<IMG SRC="ppl-img01.jpg" ALT=""></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0"><B>PPL Corporation [NYSE:PPL]: Due to the Company&rsquo;s Failure
to Set Net-Zero by 2050 Targets, Fully Realign Investment Plans to Limit Global Warming to 1.5&deg;C, and Ensure Alignment of Policy Influence
Activities:</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD><B>Vote AGAINST Chair Craig A. Rogerson (Item 1.D)</B></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The physical and financial risks posed by climate change
to long-term investors are systemic, portfolio-wide, unhedgeable and undiversifiable.</I></B><I> Therefore, the actions of companies that
fail to align to limiting warming to <FONT STYLE="font-size: 10pt; line-height: 115%">1.5&deg;C</FONT> 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 STYLE="font-size: 10pt; line-height: 115%">&deg;C</FONT> World
initiative and the transformation required in key industries. </I></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0"><B>PPL Corporation (&ldquo;PPL&rdquo;) </B>currently operates
electric utilities in Pennsylvania and both electric and gas utilities in Kentucky.<FONT STYLE="font-size: 10pt; line-height: 115%"><SUP>1</SUP></FONT>
PPL&rsquo;s U.S. electric operations are among the nation&rsquo;s most coal-dependent, relying on coal for 81.6% of electric generation.
It has the second highest carbon dioxide emission rate (lb/MWh) among U.S. investor-owned electric utilities.<FONT STYLE="font-size: 10pt; line-height: 115%"><SUP>2</SUP></FONT>
The company recently announced an agreement to sell its other major asset, an electric utility operating in the U.K.,<FONT STYLE="font-size: 10pt; line-height: 115%"><SUP>3</SUP></FONT>
where utilities face a net-zero by 2050 mandate. The agreement expands the company&rsquo;s electric and gas services to customers in Rhode
Island through the acquisition of Narragansett Electric Company.<FONT STYLE="font-size: 10pt; line-height: 115%"><SUP>4</SUP></FONT>
It is among the 167 target companies named by Climate Action 100+ as one of the largest global emitters and &ldquo;key to driving the
global net-zero emissions transition.&rdquo;<FONT STYLE="font-size: 10pt; line-height: 115%"><SUP>5</SUP></FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0">The largest publicly-traded electric utilities remain among the
largest sources of carbon emissions in the U.S. economy,<FONT STYLE="font-size: 10pt; line-height: 115%"><SUP>6</SUP></FONT> and their
capital investments in electric power infrastructure have the potential to lock in emissions for decades to come. <B>Failure to set adequate
decarbonization targets in line with <FONT STYLE="font-size: 10pt; line-height: 115%">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.</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0"><B>Failure to set net-zero targets</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #F4CCCC">
    <TD STYLE="width: 91%; border: black 1pt solid; padding: 5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net-zero commitment by no later than 2050 for power production</FONT></TD>
    <TD STYLE="width: 9%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>X</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0">PPL has not made a commitment to reduce U.S. emissions to net-zero
by 2050, instead announcing a reduction goal of 80% by 2050 from a 2010 base.<FONT STYLE="font-size: 10pt; line-height: 115%"><SUP>7
</SUP></FONT>According to Climate Action 100+, PPL meets none of the criteria for net-zero target setting and its long-term greenhouse
gas reduction target is not aligned with a 1.5&deg;C pathway.<FONT STYLE="font-size: 10pt; line-height: 115%"><SUP>8</SUP></FONT>&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0"><B>Capital allocation and investment plans not aligned with 1.5&deg;C
pathways</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #F4CCCC">
    <TD STYLE="width: 91%; border: black 1pt solid; padding: 5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Firm plan to phase out coal by 2030</FONT></TD>
    <TD STYLE="width: 9%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>X</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9EAD3">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limited investment in new gas generation planned</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&check;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0">According to the Sierra Club, PPL has committed to phase out only
3% of its coal capacity by 2030, and has a forecast 26.2 million MWh remaining in 2030 based on the typical usage of those assets.<FONT STYLE="font-size: 10pt; line-height: 115%"><SUP>9</SUP></FONT>
The company has no planned expansion of gas generation.<FONT STYLE="font-size: 10pt; line-height: 115%"><SUP>10</SUP></FONT> According
to Climate Action 100+, PPL does not meet the criteria for capital allocation alignment.<FONT STYLE="font-size: 10pt; line-height: 115%"><SUP>11</SUP></FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0"><B>Misalignment of policy influence activities with net-zero commitment
and 1.5&deg;C pathways</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #F4CCCC">
    <TD STYLE="width: 91%; border: black 1pt solid; padding: 5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alignment of policy influence activities with net-zero target and limiting warming to 1.5&deg;C</FONT></TD>
    <TD STYLE="width: 9%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>X</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0">The company has lobbied against greenhouse gas (GHG) emissions
standards affecting its U.S. operations, especially in Kentucky.<FONT STYLE="font-size: 10pt; line-height: 115%"><SUP>12</SUP></FONT>
According to Climate Action 100+, PPL does not meet any of the criteria for climate policy engagement alignment, except its disclosure
of trade association memberships.<FONT STYLE="font-size: 10pt; line-height: 115%"><SUP>13</SUP></FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0"><B>Conclusion: PPL has failed to set net-zero targets, align
its capital investments with limiting warming to 1.5</B>&deg;<B>C, or ensure its policy influence activities would support doing so.
Therefore, we recommend that shareholders vote AGAINST Chair Craig A. Rogerson (Item 1.D) at the company&rsquo;s annual meeting on May
18, 2021.&nbsp;</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0"><B>Appendix A: Proxy Voting for a 1.5&deg;C World</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0"><B>The world is currently on track to disastrous levels of warming,
driving massive harm and threatening the lives and livelihoods of millions.</B> Corporate leaders in the industries responsible for this
crisis have failed to take up the leadership required to change course.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0"><B>&ldquo;Climate risk&rdquo; is a systemic, escalating, and irreversible
crisis&ndash;&ndash;for which corporate boards urgently need to take responsibility.</B> 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 <FONT STYLE="font-size: 10pt; line-height: 115%; background-color: white">1.5&deg;C</FONT>
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.<FONT STYLE="font-size: 10pt; line-height: 115%"><SUP>14</SUP></FONT> That means that corporate directors must
ensure that companies set ambitious decarbonization targets in line with <FONT STYLE="font-size: 10pt; line-height: 115%; background-color: white">1.5&deg;C</FONT>
pathways, and align companies&rsquo; business plans, executive pay, and policy influence to those targets.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0"><B>The physical and financial risks posed by climate change to
long-term investors are systemic, portfolio-wide, unhedgeable and undiversifiable.</B> 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.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0"><B>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;&ndash; their proxy voting power&ndash;&ndash;to
vote against directors</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 have been far too incremental, far too hard fought, and collectively insufficient to the scale of the crisis.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0">In particular, <B>major asset managers like BlackRock and Vanguard,
who hold outsized voting power at the majority of S&amp;P 500 companies, </B>must use their power to oppose directors on boards that have
failed to take up this leadership.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0"><B>Action this year is critical, and momentum is growing to oust
the directors who are ill-equipped to lead companies to rapid decarbonization.</B> In 2020, a coalition successfully pushed for Lee Raymond,
the chief architect of ExxonMobil&rsquo;s climate denial strategy, to lose his position leading the JPMorgan Chase board of directors.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0"><B>Business-as-usual proxy voting will not suffice to address
the seriousness of the crisis at hand. </B>We urge investors to vote against these directors at companies failing to implement plans consistent
with limiting global warming to 1.5&ordm;C.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0"><B>Four Key Sectors Are Critical To Curbing the Climate Crisis
</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0">The electric power, finance, transportation, and oil and gas
sectors must all make dramatic transformations to curb the worst of catastrophic climate change and protect long-term investors. Substantial
votes against board members at these companies could help realign business and investment plans to the goals of the Paris Agreement,
hold companies accountable for dark money used to influence critical climate policies, and align executive compensation to key decarbonization
goals.&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt/115% 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: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0"><B>Voting Guide: Electricity generation</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0">Electric power production is responsible for nearly one-third
of energy-related carbon emissions in the United States.<FONT STYLE="font-size: 10pt; line-height: 115%"><SUP>15</SUP></FONT> The largest
publicly-traded electric utilities remain among the largest sources of carbon emissions in the U.S. economy, and their capital investments
in fossil fuel-based electric power infrastructure have the potential to lock in greenhouse gas emissions for decades to come. In addition
to curbing a direct source of emissions, the decarbonization of electricity production also enables the decarbonization of other sectors
such as transportation and buildings as those sectors electrify.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0"><I>Target setting</I></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0">According to the IPCC, decarbonization of the power sector globally
by no later than 2050 is a robust feature of all modeled pathways aligned with limiting warming to 1.5&deg;C.<FONT STYLE="font-size: 10pt; line-height: 115%"><SUP>16</SUP></FONT>
A review of these pathways by the Carbon Disclosure Project, on behalf of the Science-based Targets Initiative (SBTI), found that sector
emissions must fall between 70-92% between 2020 and 2035, and approach zero by 2040-2045. SBTI does not currently allow for negative emissions,
for example from carbon dioxide removal technologies, in assessing science-based targets.<FONT STYLE="font-size: 10pt; line-height: 115%"><SUP>17</SUP></FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0">Investors have made clear that utilities and their boards must
make commitments to reduce their emissions to net-zero no later than 2050. In assessing the credibility and robustness of net-zero targets,
investors should consider whether a target includes all relevant Scope 1, 2, and 3 emissions company-wide. For utilities, this includes
emissions not only from electricity directly generated by assets they own, but also emissions from purchased and resold power, and for
combined gas-electric utilities, emissions from customer use of fossil gas. Investors should also take into account whether the utility
has plans to eliminate the upstream methane emissions from gas used in power production or by its customers.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0">Net-zero commitments should also incorporate interim targets and
milestones that prioritize accelerated emissions reduction between now and 2030 rather than delaying the hard task of emissions reduction
until after that date. Finally, robust net-zero targets should not rely on substantial use of offsets, negative emissions, or technologies
that are not yet developed or commercialized to avoid short term greenhouse gas emissions reductions. Any use of such offsets or negative
emissions should be clearly disclosed to allow investors to assess the quality and credibility of utilities&rsquo; plans.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0">Key data sources:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD>Climate Action 100+ (CA100+), Disclosure Indicators 1-4<FONT STYLE="font-size: 10pt; line-height: 115%"><SUP>18</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD>Science-Based Targets Initiative<FONT STYLE="font-size: 10pt; line-height: 115%"><SUP>19</SUP></FONT> (SBTI), Companies list<FONT STYLE="font-size: 10pt; line-height: 115%"><SUP>20</SUP></FONT>
and Sector Guidance<FONT STYLE="font-size: 10pt; line-height: 115%"><SUP>21</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD>Carbon Disclosure Project<FONT STYLE="font-size: 10pt; line-height: 115%"><SUP>22</SUP></FONT> (CDP), search company survey responses<FONT STYLE="font-size: 10pt; line-height: 115%"><SUP>23</SUP></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0"><I>Capital allocation and investment</I></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0">Investors must have confidence that utilities are making the near-term
shifts in capital allocation and investment necessary to decarbonize in alignment with a 1.5&deg;C future. According to multiple studies,
U.S. power producers must phase out the use of coal generation by 2030 in order to stay on track to limit warming to 1.5&deg;C.<FONT STYLE="font-size: 10pt; line-height: 115%"><SUP>24</SUP></FONT>
Further research indicates that the cost to operate 74% of existing coal generation capacity exceeds the cost to replace it with wind
and solar generation. By 2025, 86% of the coal generation capacity will be cheaper to replace than operate. For regulated utilities, shareholders
will bear these costs if utilities are unable to convince regulators to pass on those costs to consumers, creating substantial stranded
asset risk for investors.<FONT STYLE="font-size: 10pt; line-height: 115%"><SUP>25</SUP></FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0">With respect to gas generation, substantial expansion of capacity
without carbon capture and storage (CCS) is not compatible with limiting warming to 1.5&deg;C. According to the IPCC, in pathways that
result in limited to no overshoot and limit the use of carbon removal technologies, fossil gas as a share of primary energy sources must
fall 20-25% by 2030.<FONT STYLE="font-size: 10pt; line-height: 115%"><SUP>26</SUP></FONT> One study by researchers at UC Berkeley found
that the U.S. electricity grid could reach 90% clean energy nationally with no need for any additional fossil gas generation plants by
2035.<FONT STYLE="font-size: 10pt; line-height: 115%"><SUP>27</SUP></FONT> According to Deloitte, existing gas generation capacity,
&ldquo;accounts for most of the undepreciated value of US fossil fuel capacity,&rdquo; making it the largest source of potential stranded
asset risk to utilities and their investors.<FONT STYLE="font-size: 10pt; line-height: 115%"><SUP>28</SUP></FONT> Any future for gas
generation beyond 2050 will only be possible with CCS, a technology that does not fully abate emissions, does not account for upstream
methane emissions, and is currently cost-prohibitive.<FONT STYLE="font-size: 10pt; line-height: 115%"><SUP>29</SUP></FONT> Investors
should consider whether utilities are proposing substantial expansion of gas generation in assessing the alignment of capital allocation
plans with limiting warming to 1.5&deg;C.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0">Key data sources:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD>Climate Action 100+ (CA100+), Disclosure Indicator 6<FONT STYLE="font-size: 10pt; line-height: 115%"><SUP>30</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD>Carbon Tracker<FONT STYLE="font-size: 10pt; line-height: 115%"><SUP>31</SUP></FONT>, Company Profiles: Utilities<FONT STYLE="font-size: 10pt; line-height: 115%"><SUP>32</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD>Sierra Club, Dirty Truth report<FONT STYLE="font-size: 10pt; line-height: 115%"><SUP>33</SUP></FONT> and Data Dashboard<FONT STYLE="font-size: 10pt; line-height: 115%"><SUP>34</SUP></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0"><I>Policy influence</I></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0">Utilities must fully align their policy influence activities,
including political spending and lobbying, with the policy settings required to accelerate sector-wide emissions reduction on a timeline
necessary to limit warming to 1.5&deg;C. Utilities must provide full disclosure of all political and lobbying spending to allow investors
to assess this alignment. Finally, utilities 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, or cease membership of such organizations.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0">Key data sources:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD>Climate Action 100+ (CA100+), Disclosure Indicator 7<FONT STYLE="font-size: 10pt; line-height: 115%"><SUP>35</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD>Influence Map<FONT STYLE="font-size: 10pt; line-height: 115%"><SUP>36</SUP></FONT>, List of companies and influencers<FONT STYLE="font-size: 10pt; line-height: 115%"><SUP>37</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD>Energy and Policy Institute<FONT STYLE="font-size: 10pt; line-height: 115%"><SUP>38</SUP></FONT> (EPI)</TD></TR></TABLE>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="line-height: 115%"><SUP>1</SUP></FONT> https://www.pplweb.com/</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="line-height: 115%"><SUP>2</SUP></FONT> https://mjbradley.com/content/emissions-benchmarking-maps</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="line-height: 115%"><SUP>3</SUP></FONT> <FONT STYLE="color: #1155CC">https://www.wfmz.com/news/area/lehighvalley/ppl-finalizes-sale-of-uk-assets-buys-rhode-island-business/article_c3bc472a-87f3-11eb-ab7a-0f08fff997cd.html</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="line-height: 115%"><SUP>4</SUP></FONT> <FONT STYLE="color: #1155CC">https://www.businesswire.com/news/home/20210318005329/en/The-Narragansett-Electric-Company-to-join-PPL-Corporation&amp;sa=D&amp;source=editors&amp;ust=1618944086250000&amp;usg=AOvVaw0BtMAG_3Ccmn11M0vR1hoH</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="line-height: 115%"><SUP>5</SUP></FONT> <FONT STYLE="color: #1155CC">https://www.climateaction100.org/whos-involved/companies/</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="line-height: 115%"><SUP>6</SUP></FONT> <FONT STYLE="color: #1155CC">https://mjbradley.com/content/emissions-benchmarking-maps</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="line-height: 115%"><SUP>7</SUP></FONT> <FONT STYLE="color: #1155CC">https://www.pplweb.com/sustainability/climate-action/</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="line-height: 115%"><SUP>8</SUP></FONT> https://www.climateaction100.org/company/ppl-corporation/,
at Indicators 1-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="line-height: 115%"><SUP>9</SUP></FONT> https://public.tableau.com/profile/john.romankiewicz#!/vizhome/Utilitydashboard/Parentdash</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="line-height: 115%"><SUP>10</SUP></FONT> https://public.tableau.com/profile/john.romankiewicz#!/vizhome/Utilitydashboard/Parentdash</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="line-height: 115%"><SUP>11</SUP></FONT> https://www.climateaction100.org/company/ppl-corporation/,
at Indicator 6</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="line-height: 115%"><SUP>12</SUP></FONT> https://influencemap.org/company/PPL-c48beacbf617cf90aa83d1453b246a9a/projectlink/PPL-In-Climate-Change</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="line-height: 115%"><SUP>13</SUP></FONT> https://www.climateaction100.org/company/ppl-corporation/,
at Indicator 7</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="line-height: 115%"><SUP>14</SUP></FONT> Intergovernmental
Panel on Climate Change. Special Report on Global Warming of 1.5 Celsius, <FONT STYLE="color: #1155CC">https://www.ipcc.ch/sr15/</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="line-height: 115%"><SUP>15</SUP></FONT> U.S. Energy
Information Administration, &ldquo;What are U.S. energy-related carbon dioxide emissions by source and sector?&rdquo; Updated May 26,
2020. Note: Emissions for the industrial, residential, commercial, and transportation sectors exclude those from electric power to avoid
double counting. <FONT STYLE="color: #1155CC">https://www.eia.gov/tools/faqs/faq.php?id=75&amp;t=11</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="line-height: 115%"><SUP>16</SUP></FONT> Intergovernmental
Panel on Climate Change. Special Report on Global Warming of 1.5 Celsius, Chapter 2, Section 2.3.2.1 <FONT STYLE="color: #1155CC">https://www.ipcc.ch/sr15/chapter/chapter-2/</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="line-height: 115%"><SUP>17</SUP></FONT> Carbon Disclosure
Project; Science-Based Targets Initiative, &ldquo;Setting 1.5&deg;C-Aligned Science-Based Targets: Quick Start Guide for Electric Utilities,&rdquo;
June 2020, pp. 6-8 <FONT STYLE="color: #1155CC">https://sciencebasedtargets.org/resources/legacy/2020/06/SBTi-Power-Sector-15C-guide-FINAL.pdf</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="line-height: 115%"><SUP>18</SUP></FONT> <FONT STYLE="color: #1155CC">https://www.climateaction100.org/whos-involved/companies/</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="line-height: 115%"><SUP>19</SUP></FONT> <FONT STYLE="color: #1155CC">https://sciencebasedtargets.org/</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="line-height: 115%"><SUP>20</SUP></FONT> <FONT STYLE="color: #1155CC">https://sciencebasedtargets.org/companies-taking-action</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="line-height: 115%"><SUP>21</SUP></FONT> <FONT STYLE="color: #1155CC">https://sciencebasedtargets.org/sectors</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="line-height: 115%"><SUP>22</SUP></FONT> <FONT STYLE="color: #1155CC">https://www.cdp.net/en</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="line-height: 115%"><SUP>23</SUP></FONT> <FONT STYLE="color: #1155CC">https://www.cdp.net/en/responses?utf8=%E2%9C%93&amp;queries%5Bname%5D=</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="line-height: 115%"><SUP>24</SUP></FONT> James, H. Williams,
<I>et al, </I>&ldquo;Carbon-Neutral Pathways for the United States,&rdquo; AGU Advances, January 14, 2021, <FONT STYLE="color: #1155CC">https://agupubs.onlinelibrary.wiley.com/doi/epdf/10.1029/2020AV000284</FONT>;
Princeton Environmental Research, &ldquo;Big but affordable effort needed for America to reach net-zero emissions by 2-5-, Princeton study
shows,&rdquo; December 15, 2020, <FONT STYLE="color: #1155CC">https://environmenthalfcentury.princeton.edu/research/2020/big-affordable-effort-needed-america-reach-net-zero-emissions-2050-princeton-study</FONT>;
Climate Analytics, &ldquo;Global and regional coal phase-out requirements of the Paris Agreement: Insights from the IPCC Special Report
on 1.5&deg;C,&rdquo; September 2019, p.15, <FONT STYLE="color: #1155CC">https://climateanalytics.org/media/report_coal_phase_out_2019.pdf</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="line-height: 115%"><SUP>25</SUP></FONT> Energy Innovation,
&ldquo;The Coal Cost Crossover: Economic Viability of Existing Coal Compared to New Local Wind and Solar Resources,&rdquo; March 2019
<FONT STYLE="color: #1155CC">https://energyinnovation.org/wp-content/uploads/2019/04/Coal-Cost-Crossover_Energy-Innovation_VCE_FINAL2.pdf</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="line-height: 115%"><SUP>26</SUP></FONT> Intergovernmental
Panel on Climate Change, Special Report: Global Warming of 1.5&deg;C, Summary for Policymakers, Figure SPM.3B: Characteristics of four
illustrative model pathways, <FONT STYLE="color: #1155CC">https://www.ipcc.ch/sr15/chapter/spm/</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="line-height: 115%"><SUP>27</SUP></FONT> University of
California Berkeley, Goldman School of Public Policy, &ldquo;2035 The Report: Plummeting Solar, Wind, and Battery Costs Can Accelerate
Our Clean Energy Future,&rdquo; June 9, 2020 <FONT STYLE="color: #1155CC">http://www.2035report.com/wp-content/uploads/2020/06/2035-Report.pdf?hsCtaTracking=8a85e9ea-4ed3-4ec0-b4c6-906934306ddb%7Cc68c2ac2-1db0-4d1c-82a1-65ef4daaf6c1</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="line-height: 115%"><SUP>28</SUP></FONT> Stanley Porter,
<I>et al,</I> &ldquo;Utility decarbonization strategies: Renew, reshape, and refuel to zero,&rdquo; September 21, 2020, <FONT STYLE="color: #1155CC">https://www2.deloitte.com/us/en/insights/industry/power-and-utilities/utility-decarbonization-strategies.html</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"></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"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="line-height: 115%"><SUP>29</SUP></FONT> Stanley Porter,
<I>et al,</I> &ldquo;Utility decarbonization strategies: Renew, reshape, and refuel to zero,&rdquo; September 21, 2020, see tex accompanying
footnotes 20-22 <FONT STYLE="color: #1155CC">https://www2.deloitte.com/us/en/insights/industry/power-and-utilities/utility-decarbonization-strategies.html</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="line-height: 115%"><SUP>30</SUP></FONT> <FONT STYLE="color: #1155CC">https://www.climateaction100.org/whos-involved/companies/</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="line-height: 115%"><SUP>31</SUP></FONT> <FONT STYLE="color: #1155CC">https://carbontracker.org/</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="line-height: 115%"><SUP>32</SUP></FONT> <FONT STYLE="color: #1155CC">https://carbontracker.org/company-profiles/</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="line-height: 115%"><SUP>33</SUP></FONT> <FONT STYLE="color: #1155CC">https://coal.sierraclub.org/the-problem/dirty-truth-greenwashing-utilities</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="line-height: 115%"><SUP>34</SUP></FONT> <FONT STYLE="color: #1155CC">https://public.tableau.com/profile/john.romankiewicz#!/vizhome/Utilitydashboard/Story1</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="line-height: 115%"><SUP>35</SUP></FONT> <FONT STYLE="color: #1155CC">https://www.climateaction100.org/whos-involved/companies/</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="line-height: 115%"><SUP>36</SUP></FONT> <FONT STYLE="color: #1155CC">https://influencemap.org/index.html</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="line-height: 115%"><SUP>37</SUP></FONT> <FONT STYLE="color: #1155CC">https://influencemap.org/filter/List-of-Companies-and-Influencers#</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="line-height: 115%"><SUP>38</SUP></FONT> <FONT STYLE="color: #1155CC">https://www.energyandpolicy.org/</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>
