<SEC-DOCUMENT>0001214659-21-004233.txt : 20210416
<SEC-HEADER>0001214659-21-004233.hdr.sgml : 20210416
<ACCEPTANCE-DATETIME>20210416094233
ACCESSION NUMBER:		0001214659-21-004233
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20210416
DATE AS OF CHANGE:		20210416
EFFECTIVENESS DATE:		20210416

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Bloomin' Brands, Inc.
		CENTRAL INDEX KEY:			0001546417
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-EATING PLACES [5812]
		IRS NUMBER:				208023465
		STATE OF INCORPORATION:			FL
		FISCAL YEAR END:			1226

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35625
		FILM NUMBER:		21830308

	BUSINESS ADDRESS:	
		STREET 1:		2202 NORTH WEST SHORE BOULEVARD
		STREET 2:		SUITE 500
		CITY:			TAMPA
		STATE:			FL
		ZIP:			33607
		BUSINESS PHONE:		813-282-1225

	MAIL ADDRESS:	
		STREET 1:		2202 NORTH WEST SHORE BOULEVARD
		STREET 2:		SUITE 500
		CITY:			TAMPA
		STATE:			FL
		ZIP:			33607

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Green Century Capital Management, Inc.
		CENTRAL INDEX KEY:			0001491252
		IRS NUMBER:				043126146
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		PX14A6G

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

	MAIL ADDRESS:	
		STREET 1:		114 STATE STREET, SUITE 200
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
</SEC-HEADER>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NAME OF REGISTRANT:</B> Bloomin&rsquo; Brands,
Inc.</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 Capital Management</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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; text-align: justify; color: #1A1A1A"><B>&nbsp;</B></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. 6 on Bloomin&rsquo;
Brands, Inc. 2021 Proxy Statement:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Issue Report Assessing Efforts to Mitigate Supply
Chain Greenhouse Gas Emissions </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Bloomin&rsquo; Brands, Inc. Symbol: BLMN</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Green Century Capital Management seeks your support
for the deforestation-related proposal filed at <B>Bloomin&rsquo; Brands, Inc.</B> (hereby referred to as &ldquo;Bloomin&rsquo;&rdquo;
or &ldquo;the Company&rdquo;) in the 2021 proxy statement asking the Company to improve efforts to mitigate supply chain greenhouse gas
emissions, with particular attention to addressing supply chain deforestation and land use change. The Proponent believes taking such
action would serve the long-term interests of the Company by mitigating potential supply chain, competitive, and reputational risks.</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>Resolved: </B>Shareholders request Bloomin&rsquo;s
Board of Directors issue a report, within a reasonable time, outlining if and how it could increase the scale, pace, and rigor of its
efforts to reduce its total contribution to climate change, including emissions from its supply chain.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Supporting Statement</B>: Proponents defer
to the Board&rsquo;s discretion, but recommend assessing the relative benefits and drawbacks of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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">&bull;</TD><TD STYLE="text-align: justify">Adopting greenhouse gas emissions reduction targets for Bloomin&rsquo;s full carbon footprint that align
with limiting global temperature increases to 1.5C;</TD></TR></TABLE>

<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">&bull;</TD><TD STYLE="text-align: justify">Increasing the scale, pace, and rigor of initiatives aimed at reducing the carbon intensity of Bloomin&rsquo;s
supply chain;</TD></TR></TABLE>

<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">&bull;</TD><TD STYLE="text-align: justify">Adopting a no-deforestation policy for all relevant commodities;</TD></TR></TABLE>

<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">&bull;</TD><TD STYLE="text-align: justify">Increasing the use of plant-based proteins.</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>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>RATIONALE FOR A &ldquo;YES&rdquo; VOTE</B></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>Operational risk</B> &ndash; The environmental impacts of climate change and deforestation can affect agricultural productivity,
which could lead to supply chain disruptions and associated expenses.</TD></TR></TABLE>

<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>Competitive risk</B> - Bloomin&rsquo; lacks supply chain greenhouse gas emission reduction targets and is consequently ceding competitive
advantage to its peers, which have identified climate and deforestation risk as material and set and made progress toward emissions reduction
and no-deforestation goals.</TD></TR></TABLE>

<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>Limited disclosure</B> &ndash; More investors are expecting companies to make climate-related risk disclosures and set targets
for mitigating those risks. Bloomin&rsquo; is not aligned with these expectations.</TD></TR></TABLE>

<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>Reputational risk</B> &ndash; Failure to adequately mitigate supply chain greenhouse gas emissions exposes Bloomin&rsquo; to numerous
risks, including shifting consumer demand and public awareness campaigns targeting companies linked to negative environmental impacts.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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 Capital Management is not able to vote your proxies,
nor does this communication contemplate such an event. Green Century Capital Management urges shareholders to vote for Item Number 6 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"><B>&nbsp;</B></P>

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

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<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>BACKGROUND</B></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"><FONT STYLE="background-color: white">The US Commodity Futures Trading
Commission identifies climate change as a systemic risk that threatens the stability of financial markets;<SUP>1</SUP> the climate crisis
will &ldquo;affect everything that businesses do.&rdquo;<SUP>2</SUP> Biodiversity loss is an equally impending systemic risk that threatens
the stability of industries that depend on ecosystem services. Depleted ecosystem services will impact financial returns as activities
which rely on them take on punitive costs and become less profitable.<SUP>3</SUP></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">One of the leading drivers of
climate change is deforestation, accounting for roughly 12% of anthropogenic emissions<SUP>4</SUP> according to the Intergovernmental
Panel on Climate Change. An estimated 40% of global deforestation is driven by the production of agricultural commodities, including beef
and soy.<SUP>5</SUP> A recent CDP survey found that global businesses sourcing forest-risk commodities stand to lose $53 billion if
actions are not taken to curb deforestation.<SUP>6</SUP></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">Rising temperatures, increased
drought, and changing precipitation patterns resulting from climate change<SUP>7</SUP> pose material financial risks to businesses all
along the agricultural supply chain in the form of lower crop yields, reduced agricultural productivity,<SUP>8</SUP> and increased costs
for irrigation and transportation.<SUP>9</SUP> Companies reliant on agricultural products are exposed to variability of supply as well
as price volatility.<SUP>10</SUP></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Recognizing the substantial risks posed by climate change, companies
are working to reduce their carbon emissions by setting science-based emissions reduction targets for Scope 1, 2, and 3 emissions. Scope
3 emissions are those found in a company&rsquo;s supply chain and include impacts from deforestation and other types of land use change;
adopting no-deforestation policies for forest-risk commodities is a common way to address Scope 3 emissions.<SUP>11</SUP></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As of January 2021, over 1,000 companies have joined the Science-Based
Targets Initiative (SBTi). SBTi is a partnership between CDP, the UN Global Compact, the World Resources Institute (WRI), and the World
Wide Fund for Nature (WWF) that works with companies to set ambitious climate goals aligned with the Paris Agreement.<SUP>12</SUP> Half
of the companies working with SBTi have already announced their science-based greenhouse gas targets and the other half will announce
targets within the next two years.<SUP>13</SUP> A 2019 report on corporate no-deforestation policies identified <FONT STYLE="background-color: white">more
than 480 companies that have committed to reducing their exposure to deforestation in their operations and supply chains.<SUP>14</SUP></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The operations and profitability of the restaurant industry are based
on the availability of agricultural commodities. The production of these commodities contributes to climate change and simultaneously
is affected negatively by its impacts. Restaurants, including Bloomin&rsquo;, will remain exposed to material financial risk if climate
change is not addressed sufficiently.</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>

<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>1.</B></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>OPERATIONAL RISK</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Bloomin&rsquo; identified fluctuations in commodity availability and
price as risk factors in its 2020 10-K.<SUP>15</SUP>&nbsp;Meat, poultry, and fish are central menu items in Bloomin&rsquo;s restaurants
and are high greenhouse gas-emitting commodities that can be linked to deforestation directly or indirectly through feed (the majority
of soy is used for animal feed).<SUP>16</SUP> These commodities are subject to price volatility and changing availability in response
to the impacts of climate change.</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>Beef production is a major contributor to climate change; its carbon
intensity increases when linked to deforestation. Beef accounts for the majority of Bloomin&rsquo;s purchased proteins.<SUP>17</SUP></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></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 UN Food and Agriculture Organization study found that an estimated 14.5%
of manmade carbon emissions come from food production, 41% of which stem from beef.<SUP>18</SUP> Beef production emits more greenhouse
gases per kilogram of product than any other food, at around 60 kg of carbon dioxide equivalent per kilogram of food product.<SUP>19</SUP>
The second closest food emits less than half the amount of carbon dioxide equivalent per kilogram of food product.<SUP>20</SUP></FONT></TD></TR></TABLE>

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

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 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">Bloomin&rsquo; sources beef for its restaurants,<SUP>21</SUP> including
from Brazil where the risk of cattle-driven deforestation is high.<SUP>22</SUP> Greenhouse gas emissions from beef production associated
with land use change have been found to be anywhere between 1.5 to 25 times greater than beef production from previously established pasture
land.<SUP>23</SUP></FONT></TD></TR></TABLE>

<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: 0.75in"></TD><TD STYLE="width: 0.25in">o</TD><TD>Some of this beef is from Brazilian suppliers JBS and Marfrig, meat processors associated with illegal practices that operate in areas
at high risk of deforestation.<SUP>24</SUP> JBS faced sanctions from the Brazilian government in 2017 for buying tens of thousands of
cattle from illegally deforested areas in the Amazon. <SUP>25</SUP> A 2019 investigation from <FONT STYLE="background-color: white"><I>Rep&oacute;rter
Brasil</I></FONT> found both JBS and Marfrig have purchased cattle from ranches associated with illegal deforestation and slave labor.<SUP>26</SUP></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>Bloomin&rsquo;s extensive beef consumption, including beef with
possible ties to deforestation, contributes to the Company&rsquo;s greenhouse gas emissions and poses operational risk.</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">Given the scale and geographical scope of Bloomin&rsquo;s beef sourcing and
peer greenhouse gas emission disclosures (98.8% of McDonald&rsquo;s 2019 carbon emissions were Scope 3, i.e. from its supply chain),<SUP>27</SUP>
the majority of Bloomin&rsquo;s contribution to climate change is likely from Scope 3 emissions. Without robust goals for addressing supply
chain emissions, Bloomin&rsquo; may be contributing to systemic risks that could impact its long-term sustainability.</FONT></TD></TR></TABLE>

<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: 0.75in"></TD><TD STYLE="width: 0.25in">o</TD><TD>Deforestation driven by commodity agriculture compromises medium- and long-term agricultural productivity, which influences commodity
availability. Deforestation drives soil erosion, which has caused nearly 33 percent of the world&rsquo;s adequate or high-quality food-producing
land to be lost, threatening future commodity availability and agricultural productivity.<SUP>28</SUP>&nbsp;</TD></TR></TABLE>

<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: 0.75in"></TD><TD STYLE="width: 0.25in">o</TD><TD>Climate change and deforestation create volatility in commodity markets, generate risk for global food security,<SUP>29</SUP> and
pose risks to supply chain continuity for companies sourcing agricultural commodities. Bloomin&rsquo;s deforestation exposure and lack
of greenhouse gas targets thus potentially contribute to the Company&rsquo;s own commodity shortages and costs.</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>The Covid-19 pandemic has badly impacted the restaurant industry.
Deforestation makes pandemics more likely.</B></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">Given the pandemic&rsquo;s material financial impact on the industry, it
is in the best interest of the Company and investors to prevent another from occurring.<SUP>30</SUP> Experts predict that continued
deforestation could be the cause of the next global pandemic,<SUP>31</SUP> which would pose further material risk to the Company. Bloomin&rsquo;
could help mitigate this potential future risk by adopting a no-deforestation policy.</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">&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>2.</B></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>COMPETITIVE RISK</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Bloomin&rsquo; lags in adopting greenhouse gas emissions reduction
targets and no-deforestation policies that would help mitigate the Company&rsquo;s exposure to climate-related risks. Many of Bloomin&rsquo;s
quick service and fast-casual competitors have developed such policies, including some who have advanced their work in this area during
the Covid-19 pandemic. Bloomin&rsquo; cites &ldquo;growing competition from quick service and fast-casual restaurants, the supermarket
industry and meal kit and food delivery providers&rdquo; as a risk in its 2020 10-K.<SUP>32</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"><B>Competitors have policies to reduce their greenhouse gas emissions,
including from Scope 3 supply chain emissions. </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"><B>McDonald&rsquo;s</B> was the first global restaurant company to set science-based
greenhouse gas emission reduction targets. The company publicly discloses its Scopes 1, 2, and 3 emissions annually and encourages its
suppliers to set science-based targets and report on their progress to CDP.<SUP>33</SUP></FONT></TD></TR></TABLE>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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"><B>Chipotle </B>recently accelerated the timeline of its goal to measure
and report on its Scope 3 emissions from 2025 to this year.<SUP>34</SUP> It has committed to set targets through the Science-Based Target
initiative by the end of 2021.<SUP>35</SUP> In 2020, Chipotle also launched Real Foodprint, a tracker that allows customers to calculate
their meal&rsquo;s environmental impact. <SUP>36</SUP></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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"><B>Yum! Brands </B>conducted evaluations of its Scope 1, 2, and 3 emissions
in 2020 in preparation for developing science-based targets that will address impacts within their supply chain, including agriculture
and land-use practices. <SUP>37</SUP></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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"><B>Restaurant Brands International </B>has measured its Scope 1, 2, and 3
emissions across all brands and is currently developing a greenhouse gas emissions reduction target. <SUP>38</SUP></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Many of Bloomin&rsquo;s competitors also have policies specific
to eliminating supply chain deforestation. </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"><B>McDonald&rsquo;s</B> has committed to eliminating deforestation from its
global beef, palm oil, coffee, fiber-based packaging, and poultry supply chains by 2030.<SUP>39</SUP> The company is a signatory of
the New York Declaration on Forests and the Cerrado Manifesto<SUP>40</SUP> and is a member of the Roundtable on Sustainable Palm Oil.<SUP>41</SUP>
It ensures transparency by aligning its progress reporting with the Accountability Framework initiative.<SUP>42</SUP></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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"><B>The Cheesecake Factory </B>is working towards zero deforestation from
the sourcing of cocoa, coffee and tea as part of its Sustainable Sourcing Policy and hopes to achieve this by 2025.<SUP>43</SUP> Creating
biodiversity action plans that conserve natural habitats in the areas it sources from is another 2025 goal.<SUP>44</SUP> Cheesecake
Factory achieved its goal to source sustainably certified palm oil in 2020.<SUP>45</SUP></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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"><B>Yum! Brands </B>has a no-deforestation commitment for its forest-risk
agricultural commodities.<SUP>46</SUP> In 2019, it achieved 100% RSPO sourcing for the palm oil used in cooking and audited 100% of
the Brazilian soy mills from which it sources for alignment with the Amazon Soy Moratorium.<SUP>47</SUP> The company is a member of
the Roundtable for Sustainable Palm Oil, the New York Declaration on Forests,<SUP>48</SUP> and received an &lsquo;A-&lsquo;score from
CDP Forests for palm oil.<SUP>49</SUP></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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"><B>Restaurant Brands International </B>has committed to eliminating deforestation
in its beef, palm oil, soy, coffee and fiber-based packaging supply chains by 2030. The company developed its no-deforestation policy
in 2020 and plans to create its implementation plan in 2021.<SUP>50</SUP></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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>3.</B></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>FAILURE TO MEET INVESTOR EXPECTATIONS FOR DISCLOSURE AND CLIMATE RISK
MITIGATION</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Investor expectations on climate risk have shifted greatly in recent
years, especially around climate-related disclosures. More institutional investors expect the companies they invest in to provide comprehensive
disclosure on climate and other material ESG risks. In June 2020, 105 investors representing over $10 trillion in assets under management
pressed more than 1000 high-impact global corporations to disclose environmental data through CDP.<SUP>51</SUP> The Securities and Exchange
Commission recently announced plans to update its guidelines on climate change-related risk to require consistent, comparable and reliable
disclosures.<SUP>52</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As investor expectations related to climate risk become standard, Bloomin&rsquo;
may be viewed as a laggard if it does not align itself with this broader shift.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Bloomin&rsquo;s current reporting and disclosure are insufficient
to inform consumers and investors of company risks and risk mitigation efforts.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&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">&#9679;</TD><TD>The Company has not made any substantive changes to its public reporting following the 26.5% vote in support of a shareholder proposal
requesting a report on supply chain emissions at Bloomin&rsquo;s general meeting last year.<SUP>53</SUP></TD></TR></TABLE>

<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">&#9679;</TD><TD>Notably, Bloomin&rsquo;s reporting is not TCFD-aligned.<SUP>54</SUP> The Company does not disclose its Scope 1, 2, or 3 emissions
or any targets the Company uses to mitigate the associated risks.<SUP>55</SUP></TD></TR></TABLE>

<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: 0.75in"></TD><TD STYLE="width: 0.25in">&cir;</TD><TD>Bloomin&rsquo;s largest shareholder,<SUP>56</SUP> BlackRock, has asked all companies it invests in to align their reporting with
TCFD.<SUP>57</SUP> &ldquo;Because better sustainability disclosures are in companies&rsquo; as well as investors&rsquo; own interests,
I urge companies to move quickly to issue them rather than waiting for regulators to impose them,&rdquo; said Larry Fink in his 2021 letter
to CEOs.<SUP>58</SUP></TD></TR></TABLE>

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

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 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">&#9679;</TD><TD>Bloomin&rsquo; does not report to CDP Climate Change or Forests<SUP>59</SUP> and does not produce an annual sustainability report,
in contrast to Yum! Brands 60, McDonald&rsquo;s 61 and Restaurant Brands International,<SUP>62</SUP> which all submit reports both
to CDP Climate Change and Forests.</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>Investor expectations for climate risk mitigation are changing.</B></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">BlackRock announced earlier this year that it expects all companies it invests
in to disclose their plans for aligning their business models with a net zero greenhouse gas emission economy by 2050.<SUP>63</SUP>
BlackRock also released commentary in March 2021 about natural capital as an investment issue, including its expectations for deforestation
risk management.<SUP>64</SUP></FONT></TD></TR></TABLE>

<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">In 2020, a coalition of investors representing $11.4 trillion dollars in
assets under management called on Bloomin&rsquo;s quick service and fast-casual competitors, including McDonald&rsquo;s, Chipotle, and
Wendy&rsquo;s, to take meaningful action to address emissions in their meat and dairy supply chains out of concern for future risk to
the companies. The engagement was reported on by BBC<SUP>65</SUP> and Forbes.<SUP>66</SUP></FONT></TD></TR></TABLE>

<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">Bloomin&rsquo;s current policies lack clear targets for addressing greenhouse
gas emissions and achieving sustainable sourcing objectives.<SUP>67</SUP> For example, the extent of Bloomin&rsquo;s commitment to sustainable
sourcing is to &ldquo;taking practical, science-based steps to promote sustainability throughout our supply chain.&rdquo;<SUP>68</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">&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>4.</B></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>REPUTATIONAL RISKS </B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Bloomin&rsquo; cites the inability &ldquo;to anticipate or successfully
respond to changes in consumer preferences&rdquo; as a risk in its 2020 10-K.<SUP>69</SUP> Growing concern about climate change is shifting
consumer preferences. According to a 2020 Capgemini study, 79% of consumers are changing their purchasing preferences based on sustainability.<SUP>70</SUP>
Negative attention from media and NGO campaigns is increasing public awareness of deforestation as an environmental concern. Bloomin&rsquo;
lacks policies for science-based greenhouse gas emission reduction targets and preventing deforestation in its supply chains, heightening
its potential for reputational damage.</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"><B>Companies linked to deforestation may receive negative attention,
impairing brand reputation. </B></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">&#9679;</TD><TD>Major media outlets, including <I>The New York Times,</I><SUP>71</SUP> <I>The Washington Post,<B><SUP>72</SUP></B></I> and <I>Bloomberg,</I><SUP>73</SUP>
are increasingly covering deforestation, exposing laggard companies to reputational risk.</TD></TR></TABLE>

<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">&#9679;</TD><TD>Chain Reaction Research, which analyzes financial risk in soft commodity supply chains, has calculated that reputation events can
impact company value by as much as 30 percent.<SUP>74</SUP> JBS&rsquo;s stock price fell 25 percent in 2017 after JBS purchased cattle
from illegally deforested regions in Brazil.<SUP>75</SUP></TD></TR></TABLE>

<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">&#9679;</TD><TD>Influential NGOs have targeted companies, including restaurant brands with exposure to deforestation, in high-profile campaigns. Bloomin&rsquo;
peer Burger King, for example, was the subject of an anti-deforestation campaign led by a coalition of NGOs, including Mighty Earth and
the Union of Concerned Scientists.<SUP>76</SUP> Burger King was subsequently featured prominently in critical articles about deforestation
in the <I>BBC</I><SUP>77</SUP> and <I>the Guardian</I>.<SUP>78</SUP> The attention ultimately forced Restaurant Brands International,
Burger King&rsquo;s parent company, to adopt new sustainability commitments.</TD></TR></TABLE>

<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">&#9679;</TD><TD>Conversely, where companies have strong policies in place, attention from NGOs can be an opportunity to demonstrate leadership and
competitive advantage. McDonald's pledge to end deforestation in its supply chains was met with broad acclaim from NGO observers like
the Union of Concerned Scientists<SUP>79</SUP> and&nbsp;the Environmental Defense Fund.<SUP>80</SUP></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>Consumers are increasingly concerned about sustainability, expecting
companies to act, and are shifting their purchasing practices accordingly.</B></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">&#9679;</TD><TD>More than two-thirds of restaurant customers &ldquo;would be willing to pay more for a restaurant&rsquo;s green practices,&rdquo;
according to 2014 survey.<SUP>81</SUP> The National Restaurant Association&rsquo;s 2018 report on sustainability found that about half
of consumers said that restaurants' sustainability efforts were &ldquo;factors in choosing where to dine.&rdquo;<SUP>82</SUP></TD></TR></TABLE>

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

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 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">&#9679;</TD><TD>A 2018 survey found that 72 percent of Americans say global warming is important to them.<SUP>83</SUP></TD></TR></TABLE>

<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">&#9679;</TD><TD>A survey from Cone Communications found that 83 percent of shoppers consider sustainability when making food purchasing decisions.<SUP>84</SUP></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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>CONCLUSION</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">Bloomin&rsquo; lacks sufficient policies and disclosure of efforts
to address the risks posed by greenhouse gas emissions, including in its supply chain. Reporting on Bloomin&rsquo;s ability to increase
the scale, pace, and rigor of efforts to reduce its total contribution to climate change would help the Company address operational, competitive,
and reputational risk and the evolution of consumer preference.</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"><B>Shareholders are urged to vote FOR the proposal asking Bloomin&rsquo;
to reduce its total contribution to climate change.</B></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>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>For questions regarding this proposal, please contact Annalisa Tarizzo,
Green Century Capital Management, atarizzo@greencentury.com</I>.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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 Capital Management is not able to vote your proxies,
nor does this communication contemplate such an event. Green Century Capital Management urges shareholders to vote for Item Number 6 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; text-align: justify">&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B><SUP>1</SUP> https://www.theregreview.org/2020/11/04/ramani-climate-change-systemic-financial-risk/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>2</SUP></FONT>
https://hbr.org/2007/10/climate-business-_-business-climate</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>3</SUP></FONT>
https://realassets.axa-im.com/content/-/asset_publisher/x7LvZDsY05WX/content/biodiversity-crisis-the-role-of-investors-in-resolving-species-extinction-part-1/23818#4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>4</SUP></FONT>
https://www.tsijournals.com/abstract/deforestation-causing-global-warming-and-climate-change-11492.html.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>5</SUP></FONT>
https://iopscience.iop.org/article/10.1088/1748-9326/7/4/044009</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>6</SUP></FONT>
https://www.cdp.net/en/articles/media/53-billion-at-risk-from-deforestation-yet-only-1-percent-of-companies-taking-best-practice-action</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>7</SUP></FONT>
https://climate.nasa.gov/effects/.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>8</SUP></FONT>
https://www.ucsusa.org/resources/climate-change-and-agriculture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>9</SUP></FONT>
https://19january2017snapshot.epa.gov/climate-impacts/climate-impacts-transportation_.html#:~:text=Climate%20change%20is%20likely%20to,and%20capacity%20of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt; text-align: justify">%20transportation%20systems.&amp;text=Climate%20change%20impacts%20will%20likely,of%20the%20nation's%20transportation%20systems.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>10</SUP></FONT>
https://www.economicshelp.org/blog/4977/economics/problems-of-agriculture-market-failure/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>11</SUP></FONT>
https://engagethechain.org/investor-guide-deforestation-and-climate-change</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>12</SUP></FONT>
https://sciencebasedtargets.org/about-us#who-we-are</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>13</SUP></FONT>
https://sciencebasedtargets.org/resources/files/SBTiProgressReport2020.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>14</SUP></FONT>
https://www.forest-trends.org/publications/targeting-zero-deforestation/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>15</SUP></FONT>
https://investors.bloominbrands.com/static-files/d23c92c3-f0d2-4e94-8bc3-f9d451870739</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>16</SUP></FONT>
<FONT STYLE="background-color: white">https://news.mongabay.com/2019/01/brazilian-hunger-for-meat-fattened-on-soy-is-deforesting-the-cerrado-report/</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>17</SUP></FONT>
https://investors.bloominbrands.com/static-files/d23c92c3-f0d2-4e94-8bc3-f9d451870739</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>18</SUP></FONT>
https://www.wri.org/blog/2019/04/6-pressing-questions-about-beef-and-climate-change-answered</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>19</SUP></FONT>
https://ourworldindata.org/environmental-impacts-of-food</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>20</SUP></FONT>
https://ourworldindata.org/environmental-impacts-of-food</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>21</SUP></FONT>
https://investors.bloominbrands.com/static-files/d23c92c3-f0d2-4e94-8bc3-f9d451870739</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>22
</SUP></FONT>https://chainreactionresearch.com/report/cattle-driven-deforestation-a-major-risk-to-brazilian-retailers/#:~:text=Cattle%2DDriven%20Deforestation%3A%20A%20Major%20</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt; text-align: justify">Risk%20to%20Brazilian%20Retailers,-Other%20(Beef%2C%20Timber&amp;text=Cattle%20ranching%20in%20Brazil%2C%20home,in%20the%20last%20ten%20years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>23</SUP></FONT>
https://pubs.acs.org/doi/10.1021/es103240z</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>24
</SUP></FONT><FONT STYLE="color: #1155CC">https://chainreactionresearch.com/report/cattle-driven-deforestation-a-major-risk-to-brazilian-retailers/</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>25</SUP></FONT>
<FONT STYLE="color: #1155CC">https://www.climatechangenews.com/2017/03/31/troubled-meatpacker-jbs-sanctioned-amazon-deforestation/</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>26</SUP></FONT>
https://news.mongabay.com/2019/09/worlds-biggest-meatpackers-buying-cattle-from-deforesters-in-amazon/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>27</SUP></FONT>
https://corporate.mcdonalds.com/corpmcd/our-purpose-and-impact/our-planet/climate-action.html#ourPerformance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>28</SUP></FONT>
https://www.rt.com/news/324516-soil-erosion-study-catastrophic/#:~:text=The%20scientists%20concluded%20that%20nearly,ability%20to%20replace%20diminished%20soil.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>29
</SUP></FONT><FONT STYLE="background-color: white">https://www.nytimes.com/2019/08/08/climate/climate-change-food-supply.html</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>30
</SUP></FONT>https://restaurant.org/articles/news/new-report-measures-pandemics-effect-on-business#:~:text=Several%20key%20findings%3A,pandemic%20forecast%20for%20the%20year&amp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt; text-align: justify">text=The%20eating%20and%20drinking%20place,below%20its%20pre%2Dcoronavirus%20level.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>31</SUP></FONT>
https://www.reuters.com/article/us-brazil-disease-amazon-deforestation-t/next-pandemic-amazon-deforestation-may-spark-new-diseases-idUSKBN2741IF</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>32</SUP></FONT>
https://investors.bloominbrands.com/static-files/d23c92c3-f0d2-4e94-8bc3-f9d451870739</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>33</SUP></FONT>
https://corporate.mcdonalds.com/corpmcd/our-purpose-and-impact/our-planet/climate-action.html</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>34</SUP></FONT>
https://www.nrn.com/fast-casual/chipotle-will-be-tying-executive-compensation-diversity-and-sustainability-goals</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>35</SUP></FONT>
https://www.chipotle.com/about-us/sustainability</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>36</SUP></FONT>
https://www.restaurantbusinessonline.com/technology/chipotle-adds-sustainability-tracker-digital-orders</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>37</SUP></FONT>
https://www.yum.com/wps/wcm/connect/yumbrands/f4734577-fc4b-42b1-981d-bf45d13faa38/2019-Citizenship-Planet.pdf?MOD=AJPERES&amp;CVID=nl1B6C.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>38</SUP></FONT>
https://www.rbi.com/English/sustainability/planet/default.aspx</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>39</SUP></FONT>
https://corporate.mcdonalds.com/content/dam/gwscorp/scale-for-good/McDonaldsCommitmentOnForests.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>40</SUP></FONT>
<FONT STYLE="color: #1155CC">https://www.plantbasednews.org/news/giants-mcdonalds-unilever-sign-manifesto-calling-responsible-soy-production</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>41</SUP></FONT>
<FONT STYLE="color: #1155CC">https://rspo.org/members/908/McDonalds-Corporation</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>42</SUP></FONT>
https://corporate.mcdonalds.com/corpmcd/our-purpose-and-impact/our-planet/conserving-forests.html</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>43</SUP></FONT>
https://www.thecheesecakefactory.com/corporate-social-responsibility/sustainable-sourcing</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>44</SUP></FONT>
https://www.thecheesecakefactory.com/corporate-social-responsibility/sustainable-sourcing</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>45</SUP></FONT>
https://www.thecheesecakefactory.com/assets/pdf/2019-CSR-Report-The-Cheesecake-Factory.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>46
</SUP></FONT>https://www.yum.com/wps/wcm/connect/yumbrands/36baedf1-ae21-4ca2-9efd-366319419322/Yum%21+Brands+Global+Forest+Stewardship+Policy_FINAL.pdf?MOD=</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt; text-align: justify">AJPERES&amp;CVID=ngx4TKe</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>47</SUP></FONT>
https://www.yum.com/wps/wcm/connect/yumbrands/f4734577-fc4b-42b1-981d-bf45d13faa38/2019-Citizenship-Planet.pdf?MOD=AJPERES&amp;CVID=nl1B6C.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>48</SUP></FONT>
https://www.yum.com/wps/wcm/connect/yumbrands/f4734577-fc4b-42b1-981d-bf45d13faa38/2019-Citizenship-Planet.pdf?MOD=AJPERES&amp;CVID=nl1B6C.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>49</SUP></FONT>https://www.cdp.net/ko/responses/20917?back_to=https%3A%2F%2Fwww.cdp.net%2Fko%2Fresponses%3Futf8%3D%25E2%259C%2593%26queries%255Bname%255D%3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt; text-align: justify">DYum%2521%2BBrands&amp;queries%5Bname%5D=Yum%21+Brands</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>50</SUP></FONT>
https://www.rbi.com/English/sustainability/planet/default.aspx</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>51</SUP></FONT>
https://www.cdp.net/en/articles/media/105-investors-press-for-environmental-disclosure-from-1000-high-impact-firms</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>52</SUP></FONT>
https://thehill.com/policy/finance/540377-sec-to-update-climate-related-risk-disclosure-requirements</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>53</SUP></FONT>
https://engagements.ceres.org/ceres_engagementdetailpage?recID=a0l1H00000BZJH3QAP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>54</SUP></FONT>
https://www.tcfdhub.org/recommendations/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>55</SUP></FONT>
https://www.bloominbrands.com/our-commitment/our-environment</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>56</SUP></FONT>
https://investors.bloominbrands.com/static-files/dae745f6-ef7c-42a5-bd22-2c0d7a8a5c41</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>57</SUP></FONT>
https://www.blackrock.com/corporate/investor-relations/2020-larry-fink-ceo-letter</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>58</SUP></FONT>
https://www.blackrock.com/corporate/investor-relations/larry-fink-ceo-letter</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>59</SUP></FONT>
https://www.cdp.net/en/responses/44784?per_page=10&amp;sort_by=project_year&amp;sort_dir=desc</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>60</SUP></FONT>https://www.cdp.net/ko/responses/20917?back_to=https%3A%2F%2Fwww.cdp.net%2Fko%2Fresponses%3Futf8%3D%25E2%259C%2593%26queries%255Bname%255D%3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt; text-align: justify">DYum%2521%2BBrands&amp;queries%5Bname%5D=Yum%21+Brands</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>61</SUP></FONT>https://www.cdp.net/en/responses?utf8=%E2%9C%93&amp;queries%5Bname%5D=McDonald%27s</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>62</SUP></FONT>https://www.cdp.net/en/responses?utf8=%E2%9C%93&amp;queries%5Bname%5D=restaurant+brands+international</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>63</SUP></FONT>
https://www.blackrock.com/corporate/investor-relations/larry-fink-ceo-letter</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>64</SUP></FONT>
https://www.blackrock.com/corporate/literature/publication/blk-commentary-engagement-on-natural-capital.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>65</SUP></FONT>
https://www.bbc.com/news/science-environment-47029485</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>66</SUP></FONT>
https://www.forbes.com/sites/mikescott/2020/02/07/fast-food-companies-need-to-step-up-on-climate-water-action-investors-warn/?sh=6c988aea46de</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>67</SUP></FONT>
https://www.bloominbrands.com/our-commitment/our-environment</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>68</SUP></FONT>
https://www.bloominbrands.com/our-commitment/our-ingredients</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>69</SUP></FONT>
https://investors.bloominbrands.com/static-files/d23c92c3-f0d2-4e94-8bc3-f9d451870739</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>70</SUP></FONT>
https://www.capgemini.com/wp-content/uploads/2020/07/20-06_9880_Sustainability-in-CPR_Final_Web-1.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>71</SUP></FONT>
https://www.nytimes.com/2021/03/31/climate/deforestation-amazon-brazil.html</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>72</SUP></FONT>
https://www.washingtonpost.com/climate-environment/2021/03/31/climate-change-deforestation/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>73</SUP></FONT>
https://www.bloomberg.com/news/articles/2021-03-31/forest-destruction-surged-in-2020-even-as-global-economy-slowed</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>74</SUP></FONT>
<FONT STYLE="color: #1155CC">https://chainreactionresearch.com/report/deforestation-driven-reputation-risk-could-become-material-for-fmcgs/</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>75</SUP></FONT>
https://chainreactionresearch.com/the-chain-jbs-cancels-2018-subsidiary-ipo-suspends-slaughter-at-7-locations-while-investigations-continue/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>76</SUP></FONT>
<FONT STYLE="color: #1155CC">http://www.mightyearth.org/burger-king-commits-to-stop-destroying-rainforestsin-13-years/</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>77</SUP></FONT>
<FONT STYLE="color: #1155CC">https://www.bbc.com/news/uk-49973997</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>78</SUP></FONT>
<FONT STYLE="color: #1155CC">https://www.theguardian.com/environment/2017/mar/01/burger-king-animal-feed-sourced-from-deforested-lands-in-brazil-and-bolivia</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>79</SUP></FONT>
https://thinkprogress.org/mcdonalds-commits-to-zero-deforestation-throughout-its-entire-supply-chain-602fd24e4e86/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>80</SUP></FONT>
https://www.brandchannel.com/2015/04/22/mcdonalds-deforestation-042215/</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>81</SUP></FONT>
<FONT STYLE="color: #1155CC">https://journals.sagepub.com/doi/abs/10.1177/1096348014525632</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>82</SUP></FONT>
<FONT STYLE="color: #1155CC">https://restaurant.org/Downloads/PDFs/Research/sustainability_report_2018.pdf</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>83</SUP></FONT>
<FONT STYLE="color: #1155CC">http://climatecommunication.yale.edu/wp-content/uploads/2019/01/Climate-Change-American-Mind-December-2018.pdf</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>84</SUP></FONT>
<FONT STYLE="color: #1155CC">http://www.conecomm.com/research-blog/2014-cone-communications-food-issues-study</FONT></P>

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