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Notice of exempt solicitation

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Dear Verizon Shareholder,

We are writing to urge you to VOTE “FOR” PROPOSAL # 4 on the Verizon 2016 proxy card, which asks the company to set goals to increase renewable energy sourcing and/or production. Co-filed by Green Century Equity Fund and Pax World Mutual Funds the shareholder proposal makes the following request:

Shareholders request Verizon Communications senior management, with oversight from the Board of Directors, set company-wide quantitative targets by September 2016 to increase renewable energy sourcing and/or production

Rationale for a “Yes” Vote:

1. Opportunities – In light of growing energy needs, increased renewable energy sourcing may lead to cost savings, improve the company’s license to operate, and enhance U.S. energy security

The momentum for renewable energy procurement is stronger than ever. Over the past year leading companies like Starbucks, Adobe, Bloomberg, Nike, Google, Goldman Sachs, Salesforce, Hewlett Packard, and Johnson & Johnson pledged to source 100% of their energy needs from renewable sources. Companies are taking advantage of the economic benefits while simultaneously reducing their company’s environmental footprint. These companies aren’t waiting for regulations, they are seizing opportunities now and positioning themselves to succeed in a low carbon economy.

Implementing the proposal would assure investors that the company is identifying opportunities related to renewable energy and energy use. Without public goals we believe shareholders are unable to assess whether the company is addressing risks and opportunities the company may face because of these factors. We are deeply concerned that the company is not taking even modest advantage of the financial, social and environmental opportunities that renewable energy presents to the company, its stakeholders, and its shareholders. Currently Verizon’s installed renewable energy capacity is 24MW – a mere fraction of the 11,330,570 MWh of electricity the company consumed in 2014. 1 By sourcing more renewable energy Verizon may reduce its exposure to fluctuating energy prices and help move it closer to achieving its emission reduction goals. By failing to examine renewable energy opportunities, we believe the company may be leaving money and value on the table.

The cost of renewable energy has fallen dramatically over the last decade and is projected to continue falling – the price of a solar panel has fallen almost 60% since 2011 2 . Even more promising, the falling cost of renewable energy is predicted to continue, ultimately reaching grid parity. In a March 2015 report, Deutsche Bank predicted solar will be the primary global energy source by 2030 – a tenfold increase from current installed capacity 3 . The renewable energy market is ripe with opportunities and poised for continued growth. By examining these options and setting quantitative goals Verizon may enjoy significant advantages associated with reduced exposure to volatile energy prices; high returns on carbon reduction savings; and strategic benefits associated with contributing positively to U.S. climate and energy security efforts.

Verizon has focused on efficiency at its offices and data centers, rightly so, but there is a limit to efficiency. Despite the company’s efficiency gains its absolute emissions increased 8% from 2013-2014 4 . In order to truly address these growing energy needs the company needs to consider renewable energy opportunities. Not only does Verizon have the opportunity to capture savings but with such a significant energy demand Verizon has the opportunity to shift the renewable landscape and make renewable energy even more scalable. Aside from modest renewable energy projects the Company has not demonstrated that it is taking advantage of renewable energy options in key states where it operates manufacturing facilities.

A closer look at Verizon’s operational footprint shows the company operates in states with strong renewable portfolio standards (RPS) – a requirement that the state sources a certain proportion of its energy from renewable sources. The company’s data centers are located in states like California , Texas, New York, Colorado, and California. These states typically attract large renewable energy projects which can lead to competitive renewable markets. States with incentives, like tax credits, can make renewable energy investments even more attractive. Given this information, we believe Verizon has not fully explored opportunities to procure renewable energy at its many data centers, offices, or in other key states where it operates .