<SEC-DOCUMENT>0001214659-25-006291.txt : 20250423
<SEC-HEADER>0001214659-25-006291.hdr.sgml : 20250423
<ACCEPTANCE-DATETIME>20250423160225
ACCESSION NUMBER:		0001214659-25-006291
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250423
DATE AS OF CHANGE:		20250423
EFFECTIVENESS DATE:		20250423

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			COLUMBIA SPORTSWEAR CO
		CENTRAL INDEX KEY:			0001050797
		STANDARD INDUSTRIAL CLASSIFICATION:	APPAREL & OTHER FINISHED PRODS OF FABRICS & SIMILAR MATERIAL [2300]
		ORGANIZATION NAME:           	04 Manufacturing
		EIN:				930498284
		STATE OF INCORPORATION:			OR
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-23939
		FILM NUMBER:		25861351

	BUSINESS ADDRESS:	
		STREET 1:		14375 NW SCIENCE PARK DRIVE
		CITY:			PORTLAND
		STATE:			OR
		ZIP:			97229
		BUSINESS PHONE:		503 985 4000

	MAIL ADDRESS:	
		STREET 1:		14375 NW SCIENCE PARK DRIVE
		CITY:			PORTLAND
		STATE:			OR
		ZIP:			97229

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GREEN CENTURY FUNDS
		CENTRAL INDEX KEY:			0000877232
		STANDARD INDUSTRIAL CLASSIFICATION:	UNKNOWN SIC - 0000 [0000]
		ORGANIZATION NAME:           	
		EIN:				000000000
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0731

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		114 STATE STREET
		STREET 2:		SUITE 200
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		617-482-0800

	MAIL ADDRESS:	
		STREET 1:		C/O UMB FUND SERVICES
		STREET 2:		803 WEST MICHIGAN STREET SUITE A
		CITY:			MILWAUKEE
		STATE:			WI
		ZIP:			53233
</SEC-HEADER>
<DOCUMENT>
<TYPE>PX14A6G
<SEQUENCE>1
<FILENAME>p423255px14a6g.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NAME OF REGISTRANT:</B> Columbia Sportwear
Company</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NAME OF PERSON RELYING ON EXEMPTION:</B> Green
Century Equity Fund</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ADDRESS OF PERSON RELYING ON EXEMPTION:</B> 114 State Street, Suite
200, Boston, MA 02109&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1A1A1A"><B>Written materials are submitted pursuant to Rule
14a-6(g)(1) promulgated under the Securities Exchange Act of 1934.&nbsp;Submission is not required of this filer under the terms of the
Rule but is made voluntarily in the interest of public disclosure and consideration of these important issues.</B></P>

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

<DIV STYLE="padding: 1pt 4pt 1pt 0in; border: black 1pt solid">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Shareholder Proposal No. 4 on Columbia Sportswear
Company&rsquo;s 2025 Proxy Statement:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Shareholder Proposal for GHG Emissions Reduction
Targets</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Columbia Sportwear Company Symbol: (COLM)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Filed by: Green Century Equity Fund</P>

</DIV>

<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">Green Century Capital Management, Inc. is the investment advisor to
the Green Century Equity Fund and seeks your support for the climate-related proposal filed at Columbia Sportswear Company (hereby referred
to as &ldquo;Columbia&rdquo; or &ldquo;the Company&rdquo;) in its 2025 proxy statement asking Columbia to adopt targets for measurably
reducing its greenhouse gas (GHG) emissions and report annually on its progress toward those targets.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Resolved:</B> Shareholders request that Columbia adopt targets for
measurably reducing its GHG emissions&mdash;and report annually, at reasonable expense and excluding proprietary information, on its progress
toward those targets.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Supporting Statement: </B>In assessing targets, proponents recommend,
at the board and management's discretion:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Including the full range of Columbia&rsquo;s operational and supply chain
emissions;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Seeking independent verification of emissions estimation and disclosure;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Considering frameworks, benchmarks and processes developed by credible third
parties such as SBTi, IPCC, Transition Plan Taskforce, and Task Force for Climate-Related Financial Disclosures.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>RATIONALE FOR A &ldquo;YES&rdquo; VOTE</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD><B>Competitive Risk &ndash; </B>Columbia lags industry peers in setting GHG reduction targets. As customers seek credible sustainability
commitments from footwear and apparel companies, Columbia faces competitive risk.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD><B>Reputational Risk </B>&ndash; In continuing to delay target setting, Columbia is misaligned with the environmentally conscious
image of its major brands. This exposes the Company to greenwashing claims and associated reputational risk.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD><B>Supply Chain Risk </B>&ndash; Climate change threatens Columbia&rsquo;s manufacturing and distributing processes. Failing to set
full value-chain GHG emissions reduction targets will exacerbate climate-related supply chain risk and exhibits a disregard for addressing
climate risk.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">4.</TD><TD><B>Failure to Meet Investor Expectations &ndash; </B>Investors are increasingly aware of corporate impacts on and responses to climate
change, and GHG emissions reduction targets assist investors in evaluating portfolio risk.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border: black 1pt solid"><B>This is not a solicitation
of authority to vote your proxy. Please DO NOT send us your proxy card; Green Century Equity Fund is not able to vote your proxies, nor
does this communication contemplate such an event. Green Century Equity Fund urges shareholders to vote for Proposal No. 4 following the
instruction provided on the management&rsquo;s proxy mailing.</B></P>

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

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

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 8pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 8pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In 2024, the Earth&rsquo;s average temperature exceeded 1.5&deg;C above
pre-industrial levels for the first time.<SUP>1</SUP> Prior to 2024, the International Governmental Panel on Climate Change (IPCC) advised
limiting warming to 1.5&deg;C to avoid the worst consequences of climate change.<SUP>2</SUP> Each 1&deg;C temperature rise will decrease
global GDP by 12%, and 3&deg;C of warming is expected to reduce cumulative economic output by 15%- 34%.<SUP>3</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The footwear and apparel industry is responsible for 4% of global GHG
emissions&mdash;more than France, Germany, and the United Kingdom combined.<SUP>4</SUP> The industry's emissions are expected to increase
nearly 30% by 2030 without substantive action and, by 2050, could account for over one-quarter of the world&rsquo;s carbon budget necessary
to limit warming to 2&deg;C.<SUP>5</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The footwear and apparel industry faces significant climate-related
risks. An overwhelming portion of apparel exports come from countries directly impacted by more frequent and severe climate-related disasters.
67% of cotton exports and 52% of apparel exports are already highly affected by climate disasters.<SUP>6</SUP> By 2030, extreme weather
could jeopardize nearly $65B worth of exports in the footwear and apparel industry.<SUP>7</SUP> Climate change also threatens to disrupt
$122B of economic activity at ports critical to shipping exported goods.<SUP>8</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Columbia recognizes the risk climate change poses to its business.
In 2021, the Company set a 30% Scope 3 GHG emissions reduction target for its manufacturing emissions.<SUP>9</SUP> Columbia stopped reporting
on this goal in 2022 and has not committed to setting new emissions reduction targets.<SUP>10</SUP> Columbia lags the 637 footwear and
apparel companies that have set or committed to setting science-based GHG reduction targets, signaling their intent to understand and
mitigate exposure to climate risk.<SUP>11</SUP> Without a goal to decrease its GHG emissions, Columbia is exposed to competitive, reputational,
and supply chain risks and fails to safeguard shareholder value.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>I.</B></TD><TD><B>COMPETITIVE RISK</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Columbia significantly lags peers in setting GHG emissions reduction
targets, exposing the Company to competitive risk as its customers opt for more sustainable competitors.&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>1</SUP> https://www.nature.com/articles/d41586-025-00010-9</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>2</SUP> https://www.un.org/en/climatechange/science/climate-issues/degrees-matter</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>3</SUP> https://www.weforum.org/agenda/2024/06/nature-climate-news-global-warming-hurricanes/;
https://www.bcg.com/publications/2025/investing-in-climate-action</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>4</SUP> https://www.mckinsey.com/industries/retail/our-insights/fashion-on-climate</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>5</SUP> https://www.mckinsey.com/industries/retail/our-insights/sustainable-style-how-fashion-can-afford-and-accelerate-decarbonization;
https://emf.thirdlight.com/file/24/uiwtaHvud8YIG_uiSTauTlJH74/A%20New%20Textiles%20Economy%3A%20Redesigning%20fashion%E2%80%99s%20future.pdf,
21</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>6</SUP> https://www.mckinsey.com/de/~/media/mckinsey/locations/europe%20and%20middle%20east/deutschland/news/presse/2023/2023-11-28%20state%20of%20fashion%202024/sof24_report.pdf,
32</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>7</SUP> https://www.mckinsey.com/industries/retail/our-insights/state-of-fashion,
10</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>8</SUP> https://www.businessoffashion.com/articles/sustainability/the-state-of-fashion-2024-report-climate-crisis-supply-chain-sustainability-environment/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>9</SUP> https://d1io3yog0oux5.cloudfront.net/_744956691d3514e6dc639d511dde9bec/columbia/db/718/5753/pdf/Columbia_CSR_RY2021_FINAL_.pdf,
21</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>10</SUP></FONT> h<FONT STYLE="font-size: 10pt">ttps://s3.amazonaws.com/content.stockpr.com/columbia/db/718/5753/pdf/Columbia_CSR_RY2021_FINAL_.pdf</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>11</SUP> https://sciencebasedtargets.org/target-dashboard</P>

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

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

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 8pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 8pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Consumers often prefer products that are sustainable, and companies
are responding accordingly.</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">85% of consumers are prioritizing sustainability-focused practices in their
consumption habits.<SUP>12</SUP></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">A 2023 McKinsey study found a material link between consumer spending and
ESG-related claims, as well as an 8% higher growth rate for products with sustainability claims.<SUP>13</SUP></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">A 2024 PwC survey reports that 80% of consumers will pay more for sustainably
produced or sourced goods, with some consumers willing to pay a 9.7% premium for lower carbon goods despite concerns about inflation.<SUP>14</SUP></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">A McKinsey analysis showed that financially successful companies that improve
their sustainability metrics exceed peers in shareholder returns.<SUP>15</SUP></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Despite consumers&rsquo; preference for sustainable companies, Columbia
trails competitors in setting SBTi-verified GHG emissions reduction targets.</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Competitors Adidas, VF Corporation, Puma, and New Balance have all set SBTi-validated
full value chain GHG emissions reduction targets.<SUP>16</SUP></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Competitors Brooks, Kontoor Brands, and Patagonia, all of which had lower
revenues than Columbia in 2024, have set SBTi-validated full value chain emissions reduction targets.<SUP>17</SUP></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Competitors with comparable 2024 revenues such as Deckers, Gildan, and Amer
Sports Corporation have set SBTi-validated full value chain emissions reduction targets.<SUP>18</SUP></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Columbia&rsquo;s 10-K cites changes in customer preferences and spending
as a risk factor for its business.<SUP>19</SUP> Columbia may lose market share as peers set science-based GHG emissions reduction targets
that signal a stronger commitment to sustainability that consumers increasingly value. Verified target setting would also equip Columbia
to better identify and assess its exposure to climate risk and begin taking steps to mitigate climate risk at the same pace as its peers.
By failing to set targets, Columbia is at a competitive disadvantage.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>II.</B></TD><TD><FONT STYLE="font-size: 10pt"><B>REPUTATIONAL RISK</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As a company with a strong brand image, Columbia is highly dependent
on goodwill towards its brands. Columbia's failure to set GHG emissions reduction targets heightens reputational risk of loss of brand
value and goodwill and exposure to greenwashing claims.&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>12</SUP> https://www.pwc.com/gx/en/news-room/press-releases/2024/pwc-2024-voice-of-consumer-survey.html</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>13</SUP> https://www.mckinsey.com/industries/consumer-packaged-goods/our-insights/consumers-care-about-sustainability-and-back-it-up-with-their-wallets</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>14</SUP> https://www.pwc.com/gx/en/news-room/press-releases/2024/pwc-2024-voice-of-consumer-survey.html</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>15</SUP> https://www.mckinsey.com/capabilities/strategy-and-corporate-finance/our-insights/the-triple-play-growth-profit-and-sustainability#/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>16</SUP> https://sciencebasedtargets.org/target-dashboard</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>17</SUP></FONT> h<FONT STYLE="font-size: 10pt">ttps://sciencebasedtargets.org/target-dashboard</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>18</SUP></FONT> h<FONT STYLE="font-size: 10pt">ttps://sciencebasedtargets.org/target-dashboard</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>19</SUP> https://investor.columbia.com/sec-filings/annual-reports/content/0001050797-25-000023/0001050797-25-000023.pdf,
16</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>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 8pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 8pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Harvard Business Review notes brand equity, intellectual capital, and
goodwill account for 70-80% of market value, and the World Economic Forum found that over 25% of market value is directly attributable
to reputation.<SUP>20</SUP> An analysis of UK companies in the financial sector reported that value lost from ESG-related reputational
damage was disproportionately larger than the magnitude of fines, generating cumulative losses of 5.43% in share prices.<SUP>21</SUP></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Columbia&rsquo;s flagship brand, as well as its Sorel, Mountain Hardwear,
and prAna brands, seek to appeal to consumers who value the outdoors. These brands&rsquo; catalogs and websites feature images of people
in natural outdoor environments that are directly threatened by climate change. The Company describes its biggest brand, Columbia, as
having a mission &ldquo;to unlock the outdoors for everyone.&rdquo;<SUP>22</SUP> Similarly, prAna sells apparel to &ldquo;individuals
who embrace movement and have a deep reverence for nature.&rdquo;<SUP>23</SUP> In the absence of GHG emissions reduction targets that
indicate Columbia&rsquo;s commitment to addressing climate change, the Company is misaligned with its target customer and brand image.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This misalignment exposes Columbia to reputational risk, especially
as it aims to appeal to younger, more active consumers with its ACCELERATE Growth Strategy.<SUP>24</SUP> In 2024, Lululemon faced claims
under Florida consumer protection laws for its &ldquo;Be Planet&rdquo; campaign perpetuating the impression that the company is environmentally
friendly despite its negative climate impact increasing.<SUP>25</SUP> Similar greenwashing claims have been brought against On, H&amp;M,
Nike, and Allbirds.<SUP>26</SUP> Marketing practices and claims from the Company&rsquo;s major brands may be construed as similarly misleading.<SUP>27</SUP></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">GHG emissions reduction targets signal a company&rsquo;s intent to
reduce emissions and create strategies across its supply chain to achieve these goals. Target setting leads to climate action that would
better align the Company with its environmental image and mitigate reputational risk.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>III.</B></TD><TD><FONT STYLE="font-size: 10pt"><B>SUPPLY CHAIN RISK</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Columbia faces significant climate-related supply chain risks. As
a global manufacturer, the Company relies on a value chain that is increasingly vulnerable to climate change. Intensifying natural disasters
and higher average temperatures are expected to decrease the productivity of Columbia&rsquo;s key manufacturing hubs, which may result
in reductions in production and profitability. The Company&rsquo;s failure to set emissions reduction goals demonstrates a disregard
for the threat climate change poses to its supply chain and overall business.&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>20</SUP> https://hbr.org/2007/02/reputation-and-its-risks; https://www.forbes.com/councils/forbesagencycouncil/2019/12/27/the-importance-of-brand-reputation-20-years-to-build-five-minutes-to-ruin/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>21</SUP> https://www.grantthornton.co.uk/insights/esg-how-a-bad-rep-can-seriously-hurt-a-firms-value/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>22</SUP> https://investor.columbia.com/sec-filings/annual-reports/content/0001050797-25-000023/0001050797-25-000023.pdf,
1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>23</SUP> https://investor.columbia.com/sec-filings/annual-reports/content/0001050797-25-000023/0001050797-25-000023.pdf,
1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>24</SUP> https://investor.columbia.com/news-events/press-releases/detail/369/columbia-sportswear-company-reports-fourth-quarter-and-full</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>25</SUP> https://www.bloomberg.com/news/articles/2024-07-12/lululemon-accused-of-greenwashing-environmental-goals-impact?leadSource=uverify%20wall</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>26</SUP> https://www.ecotextile.com/2025021454564/news/fashion-retail/on-facing-greenwashing-allegations/;
https://earth.org/fast-fashion-brands-greenwashing/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>27</SUP> https://www.columbia.com/sustaining-places/; https://www.prana.com/sustainability.html;
https://www.sorel.com/1201responsible-environment.html?srsltid=AfmBOopMMJLAb1yCOFBC7_tQni3mJC5FUD0kkvBFMDtKzASy8Q7dsKIh; https://www.mountainhardwear.com/sustainability.html?srsltid=AfmBOoqH54TtsZtW_RT4sdVwAPTld_FkAWv0AuLJIW3G6m1u88Gp5t6w</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>

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 8pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 8pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Columbia predominately sources its products from the Asia Pacific region.<SUP>28</SUP>
Factories in China make up the majority of its suppliers, followed by those in Vietnam, Taiwan, India, and Korea.<SUP>29</SUP> The Company&rsquo;s
two largest factories by number of employees are in Bangladesh.<SUP>30</SUP></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In 2023, the World Meteorological Association found that Asia continued
to be the region most impacted by weather, climate, and water-related hazards.<SUP>31</SUP> These hazards are already affecting the cost
and ability to produce and ship goods. In China, drought near the Yangtze River forced companies to move goods through alternative, more
expensive routes throughout 2023.<SUP>32</SUP> Chinese cities where Columbia has a high concentration of suppliers, including Guangdong
and Dongguan, have experienced flooding in prior years that destroyed factories and inventory.<SUP>33</SUP> The majority of these city&rsquo;s
populations are predicted to be at risk of even more disruptive flooding by 2030.<SUP>34</SUP> Additionally, Columbia&rsquo;s key suppliers
in Bangladeshi cities are highly susceptible to work disruptions from heat, humidity, and flooding.<SUP>35</SUP></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Columbia's 10-K reports that climate change &ldquo;could disrupt our
operations, the operations of our vendors and other suppliers... that may negatively impact our operating results and financial condition.&rdquo;<SUP>36</SUP>
Indeed, a study examining the impacts of heat stress and flooding on a sample brand sourcing from factories across Vietnam and Cambodia
in 2030 projected costs of $119M and 5% of operating profits.<SUP>37</SUP> A McKinsey projection found that extreme heatwaves and humidity
have already reduced the average work hours by 4% in China, corresponding to a 1.5% decrease in GDP.<SUP>38</SUP> Work hour loss is expected
to increase to 6.5% in 2030, further impacting exports and GDP.<SUP>39</SUP></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Columbia's reliance on supply chain efficiency in countries most susceptible
to severe climate-related disasters demonstrates the material risk of climate change on its profitability. Target setting positions Columbia
to engage and collaborate with suppliers&mdash;driving improvements, efficiencies, and the development of strategies to address climate-related
disruptions. By failing to set full value chain GHG reduction targets, Columbia exacerbates the physical risks increased emissions pose
to its supply chain and casts doubt on its commitment to and process for successfully mitigating climate-related risk.&nbsp;&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>28</SUP> https://columbiasportswearcompany.com/corporate-responsibility-group/responsible-practices/supply-chain</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>29</SUP></FONT> h<FONT STYLE="font-size: 10pt">ttps://columbiasportswearcompany.com/corporate-responsibility-group/responsible-practices/supply-chain</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>30</SUP></FONT> h<FONT STYLE="font-size: 10pt">ttps://columbiasportswearcompany.com/corporate-responsibility-group/responsible-practices/supply-chain</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>31</SUP> https://wmo.int/publication-series/state-of-climate-asia-2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>32</SUP> https://www.businessoffashion.com/articles/sustainability/the-state-of-fashion-2024-report-climate-crisis-supply-chain-sustainability-environment/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>33</SUP> https://www.washingtonpost.com/world/2024/04/22/china-guangdong-rain-floods/;
https://www.nytimes.com/interactive/2017/04/07/world/asia/climate-change-china.html; https://apnews.com/article/china-flooding-guangdong-4c9ff00b28335e7c54ac1c7acdbc09c5</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>34</SUP> https://www.ilr.cornell.edu/global-labor-institute/higher-ground-fashions-climate-breakdown,
10, 11; https://www.washingtonpost.com/world/2024/04/22/china-guangdong-rain-floods/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>35</SUP> https://www.ilr.cornell.edu/global-labor-institute/higher-ground-fashions-climate-breakdown,
9</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>36</SUP> https://investor.columbia.com/sec-filings/annual-reports/content/0001050797-25-000023/0001050797-25-000023.pdf,
16</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>37</SUP> https://www.ilr.cornell.edu/sites/default/files-d8/2023-09/Higher%20Ground%20Report%202%20FINAL.pdf,
18</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>38</SUP></FONT> h<FONT STYLE="font-size: 10pt">ttps://interactive.carbonbrief.org/the-carbon-brief-profile-china/index.html#impacts-and-adaptation</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>39</SUP> https://interactive.carbonbrief.org/the-carbon-brief-profile-china/index.html#impacts-and-adaptation</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>

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 8pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 8pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>IV.</B></TD><TD><FONT STYLE="font-size: 10pt"><B>FAILURE TO MEET INVESTOR EXPECTATIONS</B></FONT></TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Investors increasingly expect companies to effectively address climate
risk by setting GHG emissions reduction targets and disclosing plans to achieve them.<SUP>40</SUP> Columbia&rsquo;s current climate policies
and disclosures fail to detail how the Company plans to effectively mitigate climate-related risk.</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">Columbia&rsquo;s most recent sustainability report does not disclose
the Company&rsquo;s GHG emissions or plans to address Scope 3 emissions, which comprise 95% or more of Columbia's total GHG footprint.<SUP>41</SUP>
These disclosures backtrack on the Company&rsquo;s prior reporting of Scope 1 and 2 GHG emissions and its Scope 3 manufacturing emissions
reduction target.<SUP>42</SUP> Columbia reversing its disclosures and goal without explanation leaves investors unable to assess the Company&rsquo;s
current exposure to climate risk and process to mitigate the impact of those risks on its business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Actions to reduce climate risk, including verified target setting,
are critical to investors&rsquo; ability to reduce volatility and risk in their portfolios and capitalize on climate-related opportunities.</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">A survey of institutional asset owners and managers averaging above $250M
found that 93% of investors believe climate issues are likely to affect the performance of investments over the next two to five years.<SUP>43</SUP></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Companies with validated emission reduction targets across their value chains
are 1.9 times more likely to experience significant decarbonization benefits.<SUP>44</SUP></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">An EY survey found that almost 70% of more than 500 global companies report
higher than expected financial returns on climate initiatives.<SUP>45</SUP></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Columbia setting targets to reduce its full value chain emissions would
assure investors that the Company will strengthen its resilience against the climate change-related disruptions and risks that threaten
its financial stability.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>V.</B></TD><TD><FONT STYLE="font-size: 10pt"><B>RESPONSE TO STATEMENT IN OPPOSITION</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Although Columbia&rsquo;s statement in opposition claims the Company
is addressing its environmental impact through industry collaboration and manufacturer reporting, these actions do not address the ask
of the proposal&mdash;that Columbia adopt a target to reduce its GHG emissions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">While industry-wide initiatives are effective and necessary to reduce
GHG emissions, investors are unable to see the results of these initiatives on decreasing Columbia&rsquo;s exposure to climate-related
risk without targets. Columbia setting verified GHG emissions reduction goals alongside its collaborations would assure investors that
the Company has a baseline from which to measure risk mitigation progress against and that its efforts are informed by science-based
models of global temperature rise.&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>40</SUP> https://theinvestoragenda.org/wp-content/uploads/2024/08/2024-Global-Investor-Statement-to-Governments-on-the-Climate-Crisis.pdf;
https://www.climateaction100.org/news/as-the-2024-proxy-season-gets-underway-climate-action-100-investors-call-on-companies-to-improve-climate-lobbying-accounting-and-governance/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>41</SUP> https://d1io3yog0oux5.cloudfront.net/_dd23717e8b1245210477340f7aff112a/columbia/db/641/5779/pdf/2022+Impact+Report.pdf,
27</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>42</SUP> https://d1io3yog0oux5.cloudfront.net/_dd23717e8b1245210477340f7aff112a/columbia/db/641/5779/pdf/2022+Impact+Report.pdf,
27; https://s3.amazonaws.com/content.stockpr.com/columbia/db/718/5753/pdf/Columbia_CSR_RY2021_FINAL_.pdf, 21</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>43</SUP> https://www.gsb.stanford.edu/sites/default/files/publication/pdfs/cgri-survey-2024-institutional-investor-survey-sustainability_0.pdf,
4, 6</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>44</SUP> https://www.bcg.com/publications/2024/boosting-bottom-line-reducing-carbon-emissions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>45</SUP> https://www.ey.com/en_gl/newsroom/2022/11/businesses-finding-unexpected-financial-benefits-from-climate-initiatives</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>

<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-top: 8pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 8pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Columbia&rsquo;s use of the Higg Facility Environmental Module (HiggFEM)
to engage suppliers does not give investors transparent information on the environmental impact of participating manufacturers. Suppliers
are given an overall score for &ldquo;energy&rdquo; that fails to detail supplier emissions or their contributions to Columbia&rsquo;s
GHG footprint. While the tool has been widely used by brands to better assess the environmental impact of their suppliers, it is often
followed by engaging suppliers toward setting and meeting emissions reduction goals.<SUP>46</SUP></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>VI.</B></TD><TD><FONT STYLE="font-size: 10pt"><B>CONCLUSION</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To meet investor expectations and address competitive, reputational,
and supply chain risks, Columbia should adopt targets for measurably reducing its GHG emissions and report annually on its progress toward
those targets.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Shareholders are urged to vote FOR the proposal asking Columbia
to adopt targets for measurably reducing its GHG emissions&mdash;and report annually, at reasonable expense and excluding proprietary
information, on its progress toward those targets.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>For questions regarding this proposal, please contact Giovanna Eichner,
Green Century Capital Management, </I>geichner@greencentury.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; text-align: center; border: black 1pt solid"><B>This is not a solicitation
of authority to vote your proxy. Please DO NOT send us your proxy card; Green Century Equity Fund is not able to vote your proxies, nor
does this communication contemplate such an event. Green Century Equity Fund urges shareholders to vote for Proposal No. 4 following the
instruction provided on the management&rsquo;s proxy mailing.</B></P>

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

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

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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><SUP>46</SUP> https://worldly.io/resources/brand-and-retail-tool-500-brands/</P>



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

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



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

<P STYLE="margin: 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2px solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
