<SEC-DOCUMENT>0001387131-22-005896.txt : 20220510
<SEC-HEADER>0001387131-22-005896.hdr.sgml : 20220510
<ACCEPTANCE-DATETIME>20220510112344
ACCESSION NUMBER:		0001387131-22-005896
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20220510
DATE AS OF CHANGE:		20220510
EFFECTIVENESS DATE:		20220510

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:		22908162

	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_051022.htm
<DESCRIPTION>NOTICE OF EXEMPT SOLICITATION
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        OF REGISTRANT: </FONT><FONT STYLE="font-size: 8pt">PPL Corporation</FONT></P>
        <P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 8pt">NAME
        OF PERSON RELYING ON EXEMPTION: </FONT><FONT STYLE="font-size: 8pt">Majority Action</FONT></P>
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        OF PERSON RELYING ON EXEMPTION: </FONT><FONT STYLE="font-size: 8pt">PO Box 4831, Silver Spring, MD 20914</FONT></P>
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        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.</FONT></P>
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<P STYLE="font: 14pt Georgia, Times, Serif; margin: 0pt 0; color: #0072BD"><B>PPL Corporation [NYSE:PPL]: Due to the Company&rsquo;s
Failure to Set Robust Interim Targets, Make the Near-Term Shifts in Capital Allocation and Investment Necessary to Decarbonize
in Alignment with a 1.5&deg;C Pathway, and Ensure Alignment of Policy Influence Activities:</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-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><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 14pt; color: #0072BD">Vote AGAINST Independent Chair of the Board
Craig A. Rogerson (Item 1d).</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Franklin Gothic; margin: 0pt 0"><FONT STYLE="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> Therefore,
the actions of companies that fail to align to limiting warming to 1.5&deg;C 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&deg;C World initiative and the transformation required in key industries.</I></P>

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

<P STYLE="font: 10pt Franklin Gothic; margin: 0pt 0"><FONT STYLE="color: #0072BD"><B>PPL Corporation (PPL) is the 11th-highest
emitter of carbon dioxide emissions among investor-owned utilities in the U.S.<SUP>1</SUP> and generated the 17th most electricity
among investor-owned utilities.<SUP>2</SUP></B></FONT> The company is among the 167 target companies named by Climate Action
100+ as the largest global emitters and &ldquo;key to driving the global net zero transition.&rdquo;<SUP>3</SUP></P>

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

<P STYLE="font: 10pt Franklin Gothic; margin: 0pt 0">Electric power production is responsible for nearly one-third of energy-related
carbon emissions in the U.S.<SUP>4</SUP> The largest publicly-traded electric utilities remain among the largest sources of carbon
emissions in the U.S. economy,<SUP>5</SUP> and their capital investments in electric power infrastructure have the potential
to lock in 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 Franklin Gothic; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Franklin Gothic; margin: 0pt 0; color: #0072BD"><FONT STYLE="font-size: 10pt"><B>Failure to set ambitious
decarbonization targets in line with </B></FONT><B><FONT STYLE="font-size: 10.5pt; background-color: white">1.5&deg;C</FONT> <FONT STYLE="font-size: 10pt">pathways,
and to align companies&rsquo; business plans and policy influence to those targets, is a failure of strategy and corporate governance,
for which long-term investors should hold directors accountable. At companies where the production, processing, sale, and/or consumption
of fossil fuels is central to their core business, and greenhouse gas (GHG) emissions reductions have profound strategic implications,
the board chair, and lead independent director where the position exists, should be held accountable.</FONT></B></P>

<P STYLE="font: 11pt Franklin Gothic; margin: 0pt 0; color: #0072BD">&nbsp;</P>

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<P STYLE="font: 11pt Franklin Gothic; margin: 0pt 0; color: #0072BD">&nbsp;</P>

<P STYLE="font: 14pt Georgia, Times, Serif; margin: 0pt 0; color: #0072BD"><B>Target setting</B></P>

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    <TD STYLE="width: 83%; border: white 2.25pt solid; font: 11pt Arial, Helvetica, Sans-Serif; padding: 12.15pt; background-color: #0072BD"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white"><B>Net zero commitment by no later than 2050 for power production</B></FONT></TD>
    <TD STYLE="width: 17%; border-top: white 2.25pt solid; border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; font: 12pt Times New Roman, Times, Serif; padding: 12.15pt; background-color: #6AA84F; text-align: center"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 17pt; color: white"><B>&#10003;</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: Georgia, Times, Serif; font-size: 10pt; color: white"><B>Net zero commitment clearly includes all relevant emissions sources and has limited use of offsets, negative emissions, or unproven or uncommercialized technologies, including carbon capture and storage</B></FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; font: 11pt Arial, Helvetica, Sans-Serif; padding: 12.15pt; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Franklin Gothic; font-size: 17pt; color: white"><B>X</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; border-left: white 2.25pt solid; font: 11pt Arial, Helvetica, Sans-Serif; padding: 12.15pt; background-color: #0072BD"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white"><B>Robust interim targets of at least 80% by 2030 or at least 6% per year on a straight-line basis between 2019-2030 (on track to reach zero by 2035)</B></FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; font: 11pt Arial, Helvetica, Sans-Serif; padding: 12.15pt; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Franklin Gothic; font-size: 17pt; color: white"><B>X</B></FONT></TD></TR>
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<P STYLE="font: 10pt Franklin Gothic; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0pt 0">After substantial investor pressure<SUP>6</SUP> and opposition to the re-election
of its board chair,<SUP>7</SUP> in 2021, PPL set a target of net zero emissions by 2050.<SUP>8</SUP> In addition, the company
set an interim target of 70 percent carbon emissions reduction from 2010 levels by 2035.<SUP>9</SUP> However, PPL&rsquo;s decarbonization
trajectory of 2.5 percent annually between 2020-2030<SUP>10</SUP> is well below the 6 percent per year necessary for G7 nations
to be on track for net zero emissions from electricity generation by 2035 under the International Energy Agency&rsquo;s Net Zero
by 2050 Scenario.<SUP>11</SUP></P>

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

<P STYLE="font: 10pt Franklin Gothic; margin: 0pt 0">PPL&rsquo;s 2050 net zero goal only includes scope 1 and 2 emissions, and
limited scope 3 emissions, from its electric utilities operations.<SUP>12</SUP> However, PPL omits all emissions associated with
its fossil gas operations, including scope 1 methane emissions, customers&rsquo; use of fossil gas from its gas distribution business,
and PPL Electric&rsquo;s electricity purchased for resale to end use customers.<SUP>13</SUP> Emissions from these three categories
of emissions equals 5.9 metric tonnes of CO<SUB>2</SUB>e, equivalent to 22% of PPL&rsquo;s total goal-related CO<SUB>2</SUB>e emissions
in 2021.<SUP>14</SUP> PPL lags behind its investor-owned peers such as Duke Energy<SUP>15</SUP> and Dominion Energy,<SUP>16</SUP>
which have expanded their net zero goals to include certain scope 2 and 3 emissions including emissions from power purchased for
resale and customers&rsquo; use of fossil gas from their gas distribution businesses.</P>

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

<P STYLE="font: 14pt Georgia, Times, Serif; margin: 0pt 0; color: #0072BD"><B>Capital allocation and investment plans</B></P>

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    <TD STYLE="width: 83%; border: white 2.25pt solid; font: 11pt Arial, Helvetica, Sans-Serif; padding: 12.15pt; background-color: #0072BD"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white"><B>Firm plan to phase out coal by 2030</B></FONT></TD>
    <TD STYLE="width: 17%; border-top: white 2.25pt solid; border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; font: 11pt Arial, Helvetica, Sans-Serif; padding: 12.15pt; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Franklin Gothic; font-size: 17pt; color: white"><B>X</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; border-left: white 2.25pt solid; font: 11pt Arial, Helvetica, Sans-Serif; padding: 12.15pt; background-color: #0072BD"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white"><B>No investment in new gas generation</B></FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; font: 11pt Arial, Helvetica, Sans-Serif; padding: 12.15pt; background-color: #F1C232; text-align: center"><FONT STYLE="font-family: Franklin Gothic; font-size: 17pt; color: white"><B>&mdash;</B></FONT></TD></TR>
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<P STYLE="font: 10pt Franklin Gothic; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0pt 0">PPL&rsquo;s fossil generation assets are located in Kentucky, a state without
carbon emission reduction requirements for power generation. Consequently, not only does PPL not intend to close its coal generation
assets by 2030, its plan to retire its power plants maintains the life of its coal generation assets beyond 2050 in some cases.<SUP>17</SUP>
Based on PPL&rsquo;s current retirement schedule, by 2030 the company will have retired only three coal power plants with 1,009
MW of generation capacity leaving approximately 80 percent of PPL&rsquo;s owned coal capacity in operation beyond the International
Energy Agency&rsquo;s recommended 2030 phase out milestone for unabated coal power generation.<SUP>18</SUP> PPL&rsquo;s most
recent integrated resource plan does not include investment in new combined-cycle fossil gas facilities; however, the plan calls
for additional fossil gas peaking plants.<SUP>19</SUP> According to PPL&rsquo;s Climate Action 100+ 2022 assessment, the company
does not meet any of the criteria for the alignment of its capital expenditures.<SUP>20</SUP></P>

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

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

<P STYLE="font: 14pt Georgia, Times, Serif; margin: 0pt 0; color: #0072BD"><B>Policy influence</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 83%; border: white 2.25pt solid; font: 11pt Arial, Helvetica, Sans-Serif; padding: 12.15pt; background-color: #0072BD"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white"><B>Alignment of policy influence activities with net zero target and limiting warming to 1.5&deg;C</B></FONT></TD>
    <TD STYLE="width: 17%; border-top: white 2.25pt solid; border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; font: 11pt Arial, Helvetica, Sans-Serif; padding: 12.15pt; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Franklin Gothic; font-size: 17pt; color: white"><B>X</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Franklin Gothic; margin: 0pt 0">InfluenceMap scores PPL&rsquo;s climate policy engagement in the &ldquo;D&rdquo;
performance band and notes the company&rsquo;s negative positions on Kentucky state-level policy via its subsidiaries Louisville
Gas &amp; Electric and Kentucky Utilities.<SUP>21</SUP> Most recently, in PPL&rsquo;s 2021 CDP climate disclosure, the company
appears to express support for gas ban preemption legislation in Kentucky, which would prevent municipalities from taking steps
to reduce emissions from buildings through electrification of heating and other uses of fossil gas.<SUP>22</SUP></P>

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

<P STYLE="font: 12pt Georgia, Times, Serif; margin: 0pt 0; color: #0072BD"><B>Conclusion: PPL has failed to set robust interim
targets, make the near-term shifts in capital allocation and investment necessary to decarbonize in alignment with a 1.5&deg;C
pathway, and ensure alignment of policy influence activities. Therefore, we recommend that shareholders vote AGAINST Independent
Chair of the Board Craig A. Rogerson (Item 1d) at the company&rsquo;s annual meeting on May 18, 2022.</B></P>

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

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




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

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 12pt; color: #0072BD"><B>The
world is currently on track to reach disastrous levels of warming, driving massive harm and threatening the lives and livelihoods
of millions.</B></FONT> <FONT STYLE="font-family: Franklin Gothic; font-size: 10pt">Corporate leaders in the industries responsible
for this crisis have failed to take up the leadership required to change course.</FONT></P>

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

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

<P STYLE="font: 10pt Franklin Gothic; 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>23</SUP> According
to the International Energy Agency (IEA), in order to achieve net zero emissions globally by 2050, the electricity sector must
reach net zero emissions in OECD countries no later than 2035 and there can be no investment in new fossil fuel production from
today.<SUP>24</SUP> The IPCC also recognizes that reducing rates of deforestation and forest degradation also represents one
of the most effective and robust options for climate change mitigation.<SUP>25</SUP></P>

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

<P STYLE="font: 10pt Franklin Gothic; margin: 0pt 0">That means that corporate directors must ensure that companies set ambitious
decarbonization targets in line with 1.5&deg;C pathways, and align companies&rsquo; business plans, capital expenditures, and policy
influence to those targets. Despite the escalating climate crisis, systemically important U.S. companies continue to invest in
the expansion and continued use of fossil fuels, further accelerating global warming.<SUP>26</SUP></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 12pt; color: #0072BD"><B>The
physical and financial risks posed by climate change to long-term investors are systemic, portfolio-wide, unhedgeable and undiversifiable.</B></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 10pt">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: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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

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

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 12pt; color: #0072BD"><B>Business-as-usual
proxy voting will not suffice to address the seriousness of the crisis at hand.</B></FONT> <FONT STYLE="font-family: Franklin Gothic; font-size: 10pt">We
urge investors to vote against directors at companies failing to implement plans consistent with limiting global warming to 1.5&ordm;C.
</FONT></P>

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

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

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

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

<P STYLE="font: 10pt Franklin Gothic; margin: 0pt 0">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 lobbying and policy influence
practices that obstruct climate action, and align executive compensation to key decarbonization goals.</P>

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

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

<P STYLE="color: #0072BD; font: 18pt Georgia, Times, Serif; margin: 0pt 0">Voting guide: Electric power generation</P>

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

<P STYLE="font: 10pt Franklin Gothic; margin: 0pt 0">Electric power production is responsible for nearly one-third of energy-related
carbon emissions<SUP>27</SUP> in the United States. The largest publicly-traded electric utilities remain among the largest sources
of carbon emissions in the U.S. economy,<SUP>28</SUP> 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 Franklin Gothic; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0pt 0">While power generation globally has made some progress<SUP>29</SUP> towards
decarbonization, falling emissions intensity of electricity production has yet to be matched by reductions in absolute emissions.
Given the substantial increase in electricity production that will be required to decarbonize and electrify sectors such as transportation
and buildings, reductions in the emissions intensity of electricity will not deliver the emissions reductions needed to limit warming
to 1.5&deg;C.</P>

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

<P STYLE="font: 18pt Georgia, Times, Serif; margin: 0pt 0; color: #0072BD">Target setting</P>

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

<P STYLE="font: 10pt Franklin Gothic; margin: 0pt 0">According to the IPCC,<SUP>30</SUP> 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. In 2021,
the IEA released its Net-Zero by 2050<SUP>31</SUP> Scenario, which requires emissions from electricity production in OECD countries
to reach zero by 2035. The Global Sector Strategy<SUP>32</SUP> for investor coalition Climate Action 100+ reiterates that investors
expect that emissions from electricity generation should reach net zero by 2040 globally and by 2035 in advanced economies.</P>

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

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

<P STYLE="font: 10pt Franklin Gothic; margin: 0pt 0">While accelerated timelines for decarbonization of electric power are now
well-accepted, the base level requirement for utilities and their boards is to 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 Franklin Gothic; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0pt 0">In addition to the base level requirement, in order to be aligned with the
IEA's Net-Zero by 2050 Scenario, interim targets and milestones are necessary. Such interim targets and milestones should prioritize
accelerated emissions reduction between now and 2030 rather than delaying the hard task of emissions reduction until after that
date. This is underscored by the IEA&rsquo;s report on Achieving Net-Zero Electricity Sectors in G7 Members, which requires emissions
reductions of 76% or higher to be achieved by 2030 in G7 countries from 2019 levels under its Net-Zero by 2050 scenario,<SUP>33</SUP>
with average reductions in the order of 6% per year between now and 2035.<SUP>34</SUP></P>

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

<P STYLE="font: 10pt Franklin Gothic; margin: 0pt 0">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 having to make 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. The Science Based Targets Initiative currently only allows for small amounts
of emissions after net zero to be mitigated with carbon removal;<SUP>35</SUP> any other investment into mitigation is encouraged
but not a substitute for lowering a company's own emissions.</P>

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

<P STYLE="font: 13pt Franklin Gothic; margin: 0pt 0; color: #0072BD"><B>Key Data Sources: </B></P>

<P STYLE="font: 13pt Franklin Gothic; margin: 0pt 0; color: #0072BD">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Franklin Gothic; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Franklin Gothic; font-size: 10pt">Climate Action 100+, Disclosure Indicators 1-4</FONT><FONT STYLE="font-family: Franklin Gothic; font-size: 10pt"><SUP>36</SUP></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Franklin Gothic; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Franklin Gothic; font-size: 10pt">Science-Based Targets Initiative</FONT><FONT STYLE="font-family: Franklin Gothic; font-size: 10pt">,<SUP>37</SUP>
Companies list</FONT><FONT STYLE="font-family: Franklin Gothic; font-size: 10pt"><SUP>38</SUP> and Sector Guidance</FONT><FONT STYLE="font-family: Franklin Gothic; font-size: 10pt"><SUP>39</SUP></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Franklin Gothic; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Franklin Gothic; font-size: 10pt">CDP (formerly Carbon Disclosure Project),<SUP>40</SUP> search
company survey responses</FONT></TD></TR></TABLE>

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

<P STYLE="color: #0072BD; font: 18pt Georgia, Times, Serif; margin: 0pt 0">Capital Allocation</P>

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

<P STYLE="font: 10pt Franklin Gothic; 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<SUP>41</SUP> to
multiple<SUP>42</SUP> studies,<SUP>43</SUP> 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. The IEA&rsquo;s Net Zero by 2050 Scenario<SUP>44</SUP> indicates all unabated
coal generation must be phased out completely by 2030 in OECD countries.</P>

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

<P STYLE="font: 10pt Franklin Gothic; margin: 0pt 0">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<SUP>45</SUP> with renewables. For regulated utilities,<SUP>46</SUP> these additional costs will be borne by shareholders
if utilities are unable to convince regulators to pass on those costs to consumers, creating substantial stranded asset risk for
investors.</P>

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

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

<P STYLE="font: 10pt Franklin Gothic; margin: 0pt 0">One study by researchers at UC Berkeley found that the U.S. electricity grid
could reach 90% clean energy nationally<SUP>47</SUP> with no need for any additional fossil gas generation plants by 2035. According
to Deloitte, existing gas generation capacity &ldquo;accounts for most of the undepreciated value of US fossil fuel capacity,&rdquo;<SUP>48</SUP>
making it the largest source of potential stranded asset risk to utilities and their investors. Any future for gas generation beyond
2050<SUP>49</SUP> will only be possible with carbon capture, utilization and storage, a technology that does not fully abate
emissions, does not account for upstream methane emissions, and is currently cost-prohibitive. In addition, increasing prices and
volatility<SUP>50</SUP> in the global gas market make investments in more gas generation a potentially risky long-term bet. In
assessing the alignment of capital allocation plans with limiting warming to 1.5&deg;C, investors should consider whether utilities
are planning for no investment in new gas generation.</P>

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

<P STYLE="font: 13pt Franklin Gothic; margin: 0pt 0; color: #0072BD"><B>Key Data Sources: </B></P>

<P STYLE="font: 13pt Franklin Gothic; margin: 0pt 0; color: #0072BD">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Franklin Gothic; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Franklin Gothic; font-size: 10pt">Climate Action 100+, Disclosure Indicator 6<SUP>51</SUP></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Franklin Gothic; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Franklin Gothic; font-size: 10pt">Carbon Tracker,<SUP>52</SUP> Company Profiles: Utilities<SUP>53</SUP></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Franklin Gothic; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Franklin Gothic; font-size: 10pt">Sierra Club, Dirty Truth report<SUP>54</SUP> and Data Dashboard<SUP>55</SUP></FONT></TD></TR></TABLE>

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

<P STYLE="font: 18pt Georgia, Times, Serif; margin: 0pt 0; color: #0072BD">Policy Influence</P>

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

<P STYLE="font: 10pt Franklin Gothic; margin: 0pt 0">Utilities must fully align their policy influence activities, including political
spending and lobbying activities, 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.
With efforts under way at the federal level in the U.S.<SUP>56</SUP> to provide additional policy support to electric power decarbonization,
utilities must not be engaged in efforts to delay or hinder those policy advances.</P>

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

<P STYLE="font: 13pt Franklin Gothic; margin: 0pt 0; color: #0072BD"><B>Key Data Sources: </B></P>

<P STYLE="font: 13pt Franklin Gothic; margin: 0pt 0; color: #0072BD">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Franklin Gothic; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Franklin Gothic; font-size: 10pt">Climate Action 100+, Disclosure Indicator 7<SUP>57</SUP></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Franklin Gothic; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Franklin Gothic; font-size: 10pt">Influence Map,<SUP>58</SUP> List of companies and influencers<SUP>59</SUP></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Franklin Gothic; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Franklin Gothic; font-size: 10pt">Energy and Policy Institute<SUP>60</SUP></FONT></TD></TR></TABLE>

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

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

<P STYLE="font: 18pt Georgia, Times, Serif; margin: 0pt 0; color: #0072BD">Summary Table</P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0pt 0; color: #0072BD">&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: 19%; border: white 2.25pt solid; padding: 12.15pt; background-color: #0072BD"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 9pt; color: white"><B>TARGET SETTING </B></FONT></TD>
    <TD STYLE="width: 9%; border-top: white 2.25pt solid; border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; padding: 12.15pt; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white"><B>1.1</B></FONT></TD>
    <TD STYLE="width: 72%; border-top: white 2.25pt solid; border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; padding: 12.15pt; background-color: #0072BD"><FONT STYLE="font-size: 9pt; color: white">Net zero commitment by no later than 2050 for power production</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; padding: 12.15pt; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white"><B>1.2</B></FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; padding: 12.15pt; background-color: #0072BD"><FONT STYLE="font-size: 9pt; color: white">Net zero commitment clearly includes all relevant emissions sources and has limited use of offsets, negative emissions, or unproven or uncommercialized technologies, including carbon capture and storage</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; padding: 12.15pt; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white"><B>1.3</B></FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; padding: 12.15pt; background-color: #0072BD"><FONT STYLE="font-size: 9pt; color: white">Robust interim targets of at least 80% by 2030 or at least 6% per year on a straight-line basis between 2019-2030 (on track to reach zero by 2035)</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"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 9pt; color: white"><B>CAPITAL ALLOCATION</B></FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; padding: 12.15pt; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white"><B>2.1</B></FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; padding: 12.15pt; background-color: #0072BD"><FONT STYLE="font-size: 9pt; color: white">Firm plan to phase out coal by 2030</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; padding: 12.15pt; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white"><B>2.2</B></FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; padding: 12.15pt; background-color: #0072BD"><FONT STYLE="font-size: 9pt; color: white">Limited investment in new gas generation planned</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; border-left: white 2.25pt solid; padding: 12.15pt; background-color: #0072BD"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 9pt; color: white"><B>POLICY INFLUENCE</B></FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; padding: 12.15pt; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white"><B>3.1</B></FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; padding: 12.15pt; background-color: #0072BD"><FONT STYLE="font-size: 9pt; color: white">Alignment of policy influence activities with net zero target and limiting warming to 1.5&deg;C</FONT></TD></TR>
</TABLE>

<P STYLE="font: 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: 8pt"><SUP>1
</SUP></FONT><FONT STYLE="font-size: 8pt">MJBradley, &ldquo;Emissions Data Charts&rdquo;, <U>https://www.mjbradley.com/content/emissions-benchmarking-emissions-charts
</U>accessed Apr 13, 2022</FONT></P>



<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>2
</SUP></FONT><FONT STYLE="font-size: 8pt">MJBradley, &ldquo;Generation Data Charts,&rdquo; <U>https://www.mjbradley.com/content/emissions-benchmarking-generation-charts
</U>accessed Apr 13, 2022</FONT></P>



<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>3
</SUP></FONT><FONT STYLE="font-size: 8pt">Climate Action 100+, &ldquo;Companies&rdquo;, <U>https://www.climateaction100.org/whos-involved/companies/</U></FONT></P>



<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>4
</SUP></FONT><FONT STYLE="font-size: 8pt">U.S. Energy Information Agency, &ldquo;(FAQs) What are U.S. energy-related carbon dioxide
emissions by source and sector?&rdquo; <U>https://www.eia.gov/tools/faqs/faq.php?id=75&amp;t=11</U>, accessed Mar 23, 2022</FONT></P>



<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>5
</SUP></FONT><FONT STYLE="font-size: 8pt">MJBradley, <I>Benchmarking Air Emissions</I>, July 2020, https://www.mjbradley.com/sites/default/files/Presentation_of_Results_2020.pdf,
p. 3 and p. 7. </FONT></P>



<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>6
</SUP></FONT><FONT STYLE="font-size: 8pt">BlackRock, <I>Voting Spotlight</I>, 2021, <U>https://www.blackrock.com/corporate/literature/publication/2021-voting-spotlight-full-report.pdf
</U>p. 45</FONT></P>



<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>7
</SUP></FONT><FONT STYLE="font-size: 8pt">PPL Corporation, SEC Filing on Form DEF 14A, 2021, <U>https://www.sec.gov/ix?doc=/Archives/edgar/data/922224/000092222421000023/ppl-20210518.htm</U></FONT></P>



<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>8
</SUP></FONT><FONT STYLE="font-size: 8pt">PPL, &ldquo;PPL Corporation Reports Second-Quarter 2021 Earnings; Announces Net-Zero
Carbon Emissions Goal&rdquo;, Aug 5, 2021, <U>https://pplweb.mediaroom.com/2021-08-05-PPL-Corporation-Reports-Second-Quarter-2021-Earnings-Announces-Net-Zero-Carbon-Emissions-Goal</U></FONT></P>



<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>9
</SUP></FONT><FONT STYLE="font-size: 8pt">PPL, &ldquo;PPL Corporation Reports Second-Quarter 2021 Earnings; Announces Net-Zero
Carbon Emissions Goal&rdquo;, Aug 5, 2021, <U>https://pplweb.mediaroom.com/2021-08-05-PPL-Corporation-Reports-Second-Quarter-2021-Earnings-Announces-Net-Zero-Carbon-Emissions-Goal</U></FONT></P>



<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>10
</SUP></FONT><FONT STYLE="font-size: 8pt">Pomerantz and Kasper, &ldquo;Many U.S. electric utilities plan slow decarbonization
over next decade, out of sync with Biden plan&rdquo;, Energy and Policy Institute, <U>https://www.energyandpolicy.org/utilities-carbon-goal-biden-climate-plan/
</U>see Utility Emissions, Feb 2022: Decarbonization Pace Data table </FONT></P>



<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>11
</SUP></FONT><FONT STYLE="font-size: 8pt">IEA, Achieving Net Zero Electricity Sectors in G7 Members, <U>https://iea.blob.core.windows.net/assets/9a1c057a-385a-4659-80c5-3ff40f217370/AchievingNetZeroElectricitySectorsinG7Members.pdf
</U>p. 38</FONT></P>



<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>12
</SUP></FONT><FONT STYLE="font-size: 8pt">PPL, Climate Assessment, 2021, <U>https://www.pplweb.com/wp-content/uploads/2021/11/PPL_Corp-2021-Climate-Assessment-FINAL.pdf
</U>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: 8pt"><SUP>13
</SUP></FONT><FONT STYLE="font-size: 8pt">PPL, Sustainability Report, 2021, <U>https://www.pplweb.com/wp-content/uploads/2022/04/PPL-Corporation-2021-Sustainability-Report.pdf
</U>p. 59</FONT></P>



<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>14
</SUP></FONT><FONT STYLE="font-size: 8pt">Calculated using figures from tables at p. 59, <U>https://www.pplweb.com/wp-content/uploads/2022/04/PPL-Corporation-2021-Sustainability-Report.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: 8pt"><SUP>15
</SUP></FONT><FONT STYLE="font-size: 8pt">Duke Energy, <I>Duke Energy expands clean energy action plan</I>, <U>https://news.duke-energy.com/releases/duke-energy-expands-clean-energy-action-plan</U>,
accessed Mar 1, 2022</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>16
</SUP></FONT><FONT STYLE="font-size: 8pt">Dominion Energy, <I>Dominion Energy Broadens Net Zero Commitments</I>, <U>https://news.dominionenergy.com/2022-02-11-Dominion-Energy-Broadens-Net-Zero-Commitments</U>,
accessed Mar 1, 2022</FONT></P>



<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></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: 100%"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></DIV></DIV><!-- Field: /Rule-Page -->



<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>17
</SUP></FONT><FONT STYLE="font-size: 8pt">PPL, Climate Assessment, 2021, <U>https://www.pplweb.com/wp-content/uploads/2021/11/PPL_Corp-2021-Climate-Assessment-FINAL.pdf
</U>p. 23</FONT></P>



<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>18
</SUP></FONT><FONT STYLE="font-size: 8pt">IEA, Achieving Net Zero Electricity Sectors in G7 Members, <U>https://iea.blob.core.windows.net/assets/9a1c057a-385a-4659-80c5-3ff40f217370/AchievingNetZeroElectricitySectorsinG7Members.pdf
</U>p. 8 </FONT></P>



<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>19
</SUP></FONT><FONT STYLE="font-size: 8pt">PPL, Climate Assessment, 2021, <U>https://www.pplweb.com/wp-content/uploads/2021/11/PPL_Corp-2021-Climate-Assessment-FINAL.pdf
</U>p. 23</FONT></P>



<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>20
</SUP></FONT><FONT STYLE="font-size: 8pt">Climate Action 100+, Company Assessment: PPL, <U>https://www.climateaction100.org/company/ppl-corporation/
</U>accessed May 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: 8pt"><SUP>21
</SUP></FONT><FONT STYLE="font-size: 8pt">InfluenceMap, LobbyMap: PPL, <U>https://lobbymap.org/company/PPL-c48beacbf617cf90aa83d1453b246a9a/projectlink/PPL-In-Climate-Change
</U>accessed May 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: 8pt"><SUP>22
</SUP></FONT><FONT STYLE="font-size: 8pt">CDP, <I>Climate Change Questionnaire: PPL</I>, 2021, <U>https://www.pplweb.com/wp-content/uploads/2021/11/PPL-Corporation-CDP-Climate-Change-Questionnaire-2021-1.pdf
</U>pp. 87-88</FONT></P>



<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>23
</SUP></FONT><FONT STYLE="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-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>24
</SUP></FONT><FONT STYLE="font-size: 8pt">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: 8pt"><SUP>25
</SUP></FONT><FONT STYLE="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-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>26
</SUP></FONT><FONT STYLE="font-size: 8pt">Climate Action 100+: Net-Zero Company Benchmark Company Assessments https://www.climateaction100.org/progress/net-zero-company-benchmark/</FONT></P>



<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>27
</SUP></FONT><FONT STYLE="font-size: 8pt">U.S. Energy Information Agency, &ldquo;FAQs: What are U.S. energy-related carbon dioxide
emissions by source and sector?,&rdquo; <U>https://www.eia.gov/tools/faqs/faq.php?id=75&amp;t=11</U></FONT></P>



<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>28
</SUP></FONT><FONT STYLE="font-size: 8pt">MJBradley &amp; Associates, <I>Benchmarking Air Emissions of the 100 Largest Electric
Power Producers in the United States</I>, <U>https://www.mjbradley.com/sites/default/files/Presentation_of_Results_2020.pdf</U>
p. 9</FONT></P>



<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>29
</SUP></FONT><FONT STYLE="font-size: 8pt">IIGCC as part of Climate Action 100+, <I>GLOBAL SECTOR STRATEGIES: INVESTOR INTERVENTIONS
TO ACCELERATE NET ZERO ELECTRIC UTILITIES</I>, Oct 2021, <U>https://www.climateaction100.org/wp-content/uploads/2021/10/Global-Sector-Strategy-Electric-Utilities-IIGCC-Oct-21.pdf
</U>p. 26</FONT></P>



<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>30
</SUP></FONT><FONT STYLE="font-size: 8pt">IPCC, <I>Special Report: GLOBAL WARMING OF 1.5 &ordm; Summary for Policy Makers</I>,
<U>https://www.ipcc.ch/sr15/chapter/spm/</U> p. C1</FONT></P>



<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>31
</SUP></FONT><FONT STYLE="font-size: 8pt">International Energy Agency, <I>Net Zero by 2050 A Roadmap for the Global Energy Sector</I>,
</FONT></P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt"><U>https://iea.blob.core.windows.net/assets/deebef5d-0c34-4539-9d0c-10b13d840027/NetZeroby2050-ARoadmapfortheGlobalEnergySector_CORR.pdf
</U>p. 20</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>32
</SUP></FONT><FONT STYLE="font-size: 8pt">IIGCC as part of Climate Action 100+, <I>GLOBAL SECTOR STRATEGIES: INVESTOR INTERVENTIONS
TO ACCELERATE NET ZERO ELECTRIC UTILITIES</I>, Oct 2021, <U>https://www.climateaction100.org/wp-content/uploads/2021/10/Global-Sector-Strategy-Electric-Utilities-IIGCC-Oct-21.pdf
</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: 8pt"><SUP>33
</SUP></FONT><FONT STYLE="font-size: 8pt">IEA, Achieving Net Zero Electricity Sectors in G7 Members, </FONT></P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt"><U>https://iea.blob.core.windows.net/assets/9a1c057a-385a-4659-80c5-3ff40f217370/AchievingNetZeroElectricitySectorsinG7Members.pdf
</U>p. 92</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>34
</SUP></FONT><FONT STYLE="font-size: 8pt">IEA, Achieving Net Zero Electricity Sectors in G7 Members, <U>https://iea.blob.core.windows.net/assets/9a1c057a-385a-4659-80c5-3ff40f217370/AchievingNetZeroElectricitySectorsinG7Members.pdf
</U>p. 38</FONT></P>



<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>35
</SUP></FONT><FONT STYLE="font-size: 8pt">Science Based Targets, &ldquo;Science-Based Net-Zero Targets: &lsquo;Less Net, more
Zero&rsquo;,&rdquo; <U>https://sciencebasedtargets.org/blog/science-based-net-zero-targets-less-net-more-zero</U></FONT></P>



<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>36
</SUP></FONT><FONT STYLE="font-size: 8pt">Climate Action 100+, &ldquo;Companies,&rdquo; <U>https://www.climateaction100.org/whos-involved/companies/</U></FONT></P>



<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>37
</SUP></FONT><FONT STYLE="font-size: 8pt">Science Based Targets, <I>SETTING 1.5&deg;C-ALIGNED SCIENCE-BASED TARGETS: QUICK START
GUIDE FOR ELECTRIC UTILITIES</I>, June 2020, <U>https://sciencebasedtargets.org/resources/legacy/2020/06/SBTi-Power-Sector-15C-guide-FINAL.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: 8pt"><SUP>38
</SUP></FONT><FONT STYLE="font-size: 8pt">Science Based Targets, &ldquo;Companies Taking Action&rdquo; <U>https://sciencebasedtargets.org/companies-taking-action</U></FONT></P>



<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>39
</SUP></FONT><FONT STYLE="font-size: 8pt">Science Based Targets, &ldquo;Sector Guidance&rdquo; <U>https://sciencebasedtargets.org/sectors</U></FONT></P>



<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>40
</SUP></FONT><FONT STYLE="font-size: 8pt">CDP, <U>https://www.cdp.net/en</U></FONT></P>



<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>41
</SUP></FONT><FONT STYLE="font-size: 8pt">James H. Williams et al., &ldquo;Carbon-Neutral Pathways for the United States,&rdquo;
<I>Advancing Earth and Space Science</I>, <U>https://agupubs.onlinelibrary.wiley.com/doi/epdf/10.1029/2020AV000284</U>, 2021,
p. 20</FONT></P>



<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></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: 100%"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>42
</SUP></FONT><FONT STYLE="font-size: 8pt">Eric Larson et al., &ldquo;Net-Zero America: Potential Pathways, Infrastructure, and
Impacts,&rdquo; Princeton University, October 21, 2021, <U>https://www.dropbox.com/s/ptp92f65lgds5n2/Princeton%20NZA%20FINAL%20REPORT%20%2829Oct2021%29.pdf?dl=0
</U>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: 8pt"><SUP>43
</SUP></FONT><FONT STYLE="font-size: 8pt">Climate Analytics, <I>Global and regional coal phase-out requirements of the Paris Agreement:
Insights from the IPCC Special Report on 1.5&deg;C</I>, Sep 2019 <U>https://climateanalytics.org/media/report_coal_phase_out_2019.pdf
</U>at &ldquo;key messages&rdquo;, </FONT></P>



<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>44
</SUP></FONT><FONT STYLE="font-size: 8pt">IEA, <I>Net Zero by 2050 A Roadmap for the Global Energy Sector</I>, October 2021, </FONT></P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt"><U>https://iea.blob.core.windows.net/assets/deebef5d-0c34-4539-9d0c-10b13d840027/NetZeroby2050-ARoadmapfortheGlobalEnergySector_CORR.pdf
</U>p. 20</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>45
</SUP></FONT><FONT STYLE="font-size: 8pt">ERIC GIMON et al., &ldquo;THE COAL COST CROSSOVER: ECONOMIC VIABILITY OF EXISTING COAL
COMPARED TO NEW LOCAL WIND AND SOLAR RESOURCES,&rdquo; <I>Energy Innovation</I>, Mar 2019, <U>https://energyinnovation.org/wp-content/uploads/2019/03/Coal-Cost-Crossover_Energy-Innovation_VCE_FINAL.pdf
</U>p. 1</FONT></P>



<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>46
</SUP></FONT><FONT STYLE="font-size: 8pt">ERIC GIMON et al., &ldquo;THE COAL COST CROSSOVER: ECONOMIC VIABILITY OF EXISTING COAL
COMPARED TO NEW LOCAL WIND AND SOLAR RESOURCES,&rdquo; <I>Energy Innovation</I>, Mar 2019, <U>https://energyinnovation.org/wp-content/uploads/2019/04/Coal-Cost-Crossover_Energy-Innovation_VCE_FINAL2.pdf
</U>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: 8pt"><SUP>47
</SUP></FONT><FONT STYLE="font-size: 8pt">Goldman School of Public Policy, &ldquo;2035 THE REPORT: PLUMMETING SOLAR, WIND, AND
BATTERY COSTS CAN ACCELERATE OUR CLEAN ELECTRICITY FUTURE,&rdquo; <I>University of California Berkeley</I>, June 2020, <U>http://www.2035report.com/wp-content/uploads/2020/06/2035-Report.pdf?hsCtaTracking=8a85e9ea-4ed3-4ec0-b4c6-906934306ddb%7Cc68c2ac2-1db0-4d1c-82a1-65ef4daaf6c1
</U>p. 25</FONT></P>



<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>48
</SUP></FONT><FONT STYLE="font-size: 8pt">Stanley Porter et al., &ldquo;Utility decarbonization strategies: Renew, reshape, and
refuel to zero,&rdquo; <I>Deloitte</I>, Sep 21, 2020, <U>https://www2.deloitte.com/us/en/insights/industry/power-and-utilities/utility-decarbonization-strategies.html</U></FONT></P>



<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>49
</SUP></FONT><FONT STYLE="font-size: 8pt">Stanley Porter et al., &ldquo;Utility decarbonization strategies: Renew, reshape, and
refuel to zero,&rdquo; <I>Deloitte</I>, Sep 21, 2020, <U>https://www2.deloitte.com/us/en/insights/industry/power-and-utilities/utility-decarbonization-strategies.html</U></FONT></P>



<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>50
</SUP></FONT><FONT STYLE="font-size: 8pt">ANNE-SOPHIE CORBEAU, &ldquo;The Global Energy Crisis: Implications of Record High Natural
Gas Prices,&rdquo; <I>Columbia SIPA Center on Global Energy Policy</I>, Oct 20, 2021, <U>https://www.energypolicy.columbia.edu/research/commentary/global-energy-crisis-implications-record-high-natural-gas-prices</U></FONT></P>



<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>51
</SUP></FONT><FONT STYLE="font-size: 8pt">Climate Action 100+, Companies, <U>https://www.climateaction100.org/whos-involved/companies/</U></FONT></P>



<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>52
</SUP></FONT><FONT STYLE="font-size: 8pt">Carbon Tracker Initiative, <U>https://carbontracker.org/</U></FONT></P>



<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>53
</SUP></FONT><FONT STYLE="font-size: 8pt">Carbon Tracker Initiative, &ldquo;Company profiles,&rdquo; <U>https://carbontracker.org/company-profiles/</U></FONT></P>



<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>54
</SUP></FONT><FONT STYLE="font-size: 8pt">Sierra Club, The Dirty Truth About Utility Climate Pledges, <U>https://coal.sierraclub.org/the-problem/dirty-truth-greenwashing-utilities</U></FONT></P>



<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>55
</SUP></FONT><FONT STYLE="font-size: 8pt">John Romankiewicz, Utility Dashboard, <U>https://public.tableau.com/app/profile/john.romankiewicz/viz/Utilitydashboard/Story1</U></FONT></P>



<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>56
</SUP></FONT><FONT STYLE="font-size: 8pt">Yvonne McIntyre &amp; Derek Murrow, &ldquo;House Proposes Strong Clean Electricity Performance
Program,&rdquo; <I>NRDC</I>, Sep 14, 2021, <U>https://www.nrdc.org/experts/yvonne-mcintyre/house-proposes-strong-clean-electricity-performance-program</U></FONT></P>



<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>57
</SUP></FONT><FONT STYLE="font-size: 8pt">Climate Action 100+, &ldquo;Companies,&rdquo; <U>https://www.climateaction100.org/whos-involved/companies/</U></FONT></P>



<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>58
</SUP></FONT><FONT STYLE="font-size: 8pt">InfluenceMap, <U>https://influencemap.org/index.html</U></FONT></P>



<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>59
</SUP></FONT><FONT STYLE="font-size: 8pt">LobbyMap, &ldquo;Company Profiles,&rdquo; <U>https://lobbymap.org/filter/List-of-Companies-and-Influencers#1</U></FONT></P>



<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>60
</SUP></FONT><FONT STYLE="font-size: 8pt">Energy and Policy Institute, <U>https://www.energyandpolicy.org/</U></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

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