MEMORANDUM

NextEra Energy, Inc. Shareholder Proposal requesting the Company to report on the financial risks to
investors from sea level rise

Vote FORShareholder Proposal 7 for Sea Level Rise Risk Report (page 31 of NEE proxy materials)
https://materials.proxyvote.com/Approved/65339F/20160323/NPS_277986.PDF

Shareholders request that beginning Dec. 1, 2016, the Board of Directors provide an annual report,
prepared at reasonable cost and omitting proprietary information, on material risks to operations,
facilities, and markets based on a range of sea level rise scenarios projecting forward to 2100 based on
best available science.

Why a FOR vote on the Shareholder Proposal:

The economic, business and societal impacts of climate change are of critical and growing importance to
investors. NEE main market, through its wholly owned subsidiary Florida Power and Light, is among the
most vulnerable in the nation. Consensus among climate scientists is that sea level rise has been three
to six feet by 2100, but new evidence suggests that change could be more rapid and impact NEE markets
and infrastructure within planning horizons.

Sea level rise poses significant risk to NextEra shareholders in several ways:

The Companys main markets encompass low-lying parts of the nation where life and commerce
will be significantly disrupted by sea level rise,
Significant financial risk for the Companys existing and proposed electricity and nuclear facility
operations,
Investment horizons for federal permitting, construction and operation of nuclear facilities have
practical implications to 2100,
Pending licenses for new nuclear reactors in low-lying coastal areas like FPL Turkey Point in
Homestead, Florida fail to incorporate best available science on SLR across a range of scenarios,
and do not fully account for extraordinary risk to investors,
Companies seen as being unable or unwilling to address sea level rise impacts will likely face
market disruptions, including public disapproval and significant brand damage.


Vote FOR Shareholder Proposal on Sea Level Rise Report
Although NextEra Energy in its energy portfolio appeals to socially responsible investors, and although a
central aspect of its marketing to socially responsible investors is based on being a worlds most ethical
company, its actions do not comport with either clear communication externally on the real and
quantifiable impacts of sea level rise risks. NextEras public disclosure of information related to sea level
rise is insufficient to allow investors to assess how the company is incorporating this risk in business
models.

Addressing climate change is good business
NextEra, one of the largest electric utilities in the nation, and its principal subsidiary, Florida Power and
Light, operate in the most at-risk area of the nation with respect to sea level rise: Florida.

April 16, 2016

Boston and other coastal cities may want to batten down the hatches, reported Newsweek,
April 1, 2016. A new study from climate scientists at the University of
Massachusetts Amherst and Pennsylvania State University warns estimates of future sea level
rise may be significantly underestimated. Boston, for example, could see about 5 feet of
sea level rise in the next 100 years, according to the researchers. The most recent prediction by
the Intergovernmental Panel on Climate Change is that the sea level will rise as much as 38
inches by the year 2100 because of melting glaciers and the fact that warming makes water
expand.

Researchers Robert DeConto and David Pollard argue that this estimate fails to take into
account atmospheric warming in Antarctica that will melt major ice shelves and elevate sea
levels another 3 feet over earlier estimates by 2100 to 6 feet total ...
http://www.newsweek.com/ice-melt-antarctica-will-raise-sea-levels-sooner-we-thought442868

NextEras asset base and markets will be severely impacted by sea level rise, even if its facilities are
hardened. Yet the Companys main business unit, Florida Power and Light, is planning for less than one
foot of sea level rise during the asset lifetime of two planned nuclear reactors, to cost at least $20
billion. Climate change portends increased ocean temperatures and weather extremes. The real, hard
costs will meet sea level rise realities and could impose unlimited liability on the Company, but the
Company perversely calls the shareholder proposal a waste of time and money.

The measure proposes that NEE management should report to investors and shareholders on the impact
of sea level rise under a range of SLR scenarios, according to best available science.

According to the National Oceanic and Atmospheric Administration (NOAA), all but one of the hottest
years ever recorded have occurred since 2000. The last two years, 2014 and 2015, were the hottest
ever. December 2015 was the warmest month of any month in the period of record, at 1.11C
(2.00F) higher than the monthly average, breaking the previous all-time record set just two months ago
in October 2015 by 0.12C (0.21F). This is the first time in the NOAA record that a monthly temperature
departure from average exceeded 1C or reached 2F and the second widest margin by which an all-time
monthly global temperature record has been broken For the oceans, the globally-averaged
temperature anomaly of +0.83C (+1.49F) was the highest on record for December, surpassing the
previous record set in 2009 by 0.19C (0.34F).

NextEra Energys infrastructure is extraordinarily vulnerable to sea-level rise and weather extremes
exacerbated by climate change. Failure to use best available science to evaluate the impact of a range
of sea level rise scenarios to markets, operations, and facilities exposes the Companys shareholders to
unlimited financial risk. It also exposes the company to complaints by investors, whether or not their
investments are guided by socially responsible standards.

The risks of misjudging climate change impacts are already manifesting in NEE business units like Florida
Power and Light (FPL), its largest subsidiary. In 2008, FPL sought and obtained uprating for two nuclear
reactors at Turkey Point, ignoring citizen concerns. Partly as a result of the uprating and partly as a result
of increasing air and water temperatures in South Florida, the facilitys 168 mile, closed-loop cooling
canal system is failing to meet NRC and state standards, triggering civil citations and fines, threat of a
federal Clean Water Act lawsuit and intensive federal NRC review of process and procedures.

April 16, 2016

Currently, spent nuclear materials are stored above ground at Turkey Point. NextEra assures the public
that spent nuclear fuel is safe under any conditions of sea level rise, but it is hardly a waste of time and
money to assess for investors the risk to safety when sea level rise infiltrates surrounding roads and
infrastructure.

Vote FOR Shareholder Proposal on Sea Level Rise
Sea level rise is an extraordinary risk to NextEra shareholders and investors. Management should report
on the specific risk exposure and liabilities. The proposal asks NextEra management to report to
shareholders on real and quantifiable risks from SLR on the companys markets and infrastructure
assets, based on a range of sea level rise scenarios.

NextEra faces an increasingly skeptical public and critical media.
NextEra has had problems with its public image in recent years. FPL plans to build new power
generation facilities generate steady local public opposition. Its highly contentious state siting process
for new reactors at Turkey Point triggered complaints by local jurisdictions over high voltage power lines
in urban corridors, by environmental neighbors and advocates for Everglades National Park. The
Company shouldered aside civic opposition to financial feasibility while setting up heated battles in local
elections.

NextEras public reputation would be much ameliorated by full disclosure of sea level rise risk.

Vote FOR Shareholder Proposal on Sea Level Rise Risk.
NextEra provides inadequate disclosure of its financial risks pertaining to climate change, especially as it
relates to the impact of sea level rise on share value, and what actions the company intends to take to
address these risks. Without improved disclosure, shareholders cannot adequately assess the climate
risks of their investment in NextEra Energy.

In its Opposing Statement, NextEra claims that they are providing appropriate disclosures to investors
regarding climate change and its associated risks, stating that the preparation of the requested report
would be duplicative and an unnecessary waste of company resources.

However, given the visible impact of climate change on existing operations, none of the listed
documents even mention sea level rise.
Below are what the Company lists as examples of the implementation of climate risk assessment; these
do not provide adequate disclosure or information.

Annual report on Form 10-K and quarterly reports on Form 10-Q filed with the SEC: these documents
note both regulatory and weather-related risks that may have a material impact on the Companys
business, operations and assets, but these disclosures ignore real, quantifiable risks from sea level rise.

The Company makes available an annual corporate responsibility report, but in failing to account for the
real and quantifiable risks of sea level rise, investors and the public are denied a clear way to assess the
Companys performance, now and in the future.

Conclusion
Recent scientific analysis predicts significantly higher sea level rise than NextEra acknowledges. While
NextEra mentions weather-related risk in its 10-K and 10-Q filings, the Company is in a state of denial
about sea level rise risks to markets, operations and infrastructure.

April 16, 2016


To adequately protect its shareholders from the financial risks of sea level rise, NextEra should
provide an annual report to investors.
The economic costs and risks of climate change are mounting. Cities and states across the country
recognize the imminent threat of climate change, and are beginning to mandate that utilities analyze
these risks. The Company contends that a report on sea level rise impacts would be highly speculative
and confusing and a waste of time and money, but what is most confusing is the Companys
unwillingness to contribute its understanding to investors about the real, quantifiable risks of sea level
rise. Utilities have an obligation to consider the effects of climate change on their operations, and
integrate these considerations in their own planning and disclosure to investors and shareholders.

We understand that NextEra and its markets face serious financial challenges with regard to sea level
rise. NextEra Energy, Inc. takes pride in its designation as a worlds most ethical company. Investors
and shareholders should ask for the same ethical treatment by the Company. The impacts of sea level
rise on NextEras markets, operations and infrastructure are real and quantifiable.

It is our recommendation that shareholders vote FOR this resolution.

April 16, 2016

NextEra Shareholder Proposal

Filer: Alan Farago and Lisa Versaci
Year: 2016
Sector: Energy
Subject(s): Report On Range Of Projected Sea Level Rise/ Climate Change Impacts

Resolved Clause Summary: NextEra Energy Inc.'s (Company/NextEra) operations and markets will be
substantially impacted by sea level rise (SLR), a geophysical manifestation of climate change. The
Company shall provide investors and shareholders with an assessment of extraordinary risk based on a
probable range of sea level rise according to best available science.

WHEREAS: The Securities and Exchange Commission recognized the financial impacts of climate change
when it issued Interpretive Guidance on climate disclosure in February 2010, including: Registrants
whose businesses may be vulnerable to severe weather or climate related events should consider
disclosing material risks of, or consequences from, such events in their publicly filed disclosure
documents.

The Companys principal subsidiary, Florida Power & Light Company (FPL), is one of the largest rateregulated electric utilities in the United States. Its markets are among the most vulnerable in the nation
to sea level rise.

SUPPORTING STATEMENT: Sea level rise as a consequence of climate change is an extraordinary risk to
the Companys markets and facilities, leading to diminished energy utilization rates, downtime or
closure of facilities due to damage to facilities, danger to employees, disruption in supply chains,
disruption of markets and power supply, and unlimited financial liability.

According to NOAA: In the context of risk-based analysis, some decision makers may wish to use a
wider range of (SLR) scenarios, from 8 inches to 6.6 feet by 2100. In contrast, FPL planning documents
for two new nuclear reactors at its Turkey Point facility predict less than one foot SLR by 2100. FPL
planning documents omit current federal SLR guidelines and science-based analyses such as provided by
the Southeast Florida Regional Climate Compact / Sea Level Rise Work Group assessment. Using the
lowest estimate of SLR for the Companys planning purposes leads to inaccurate information for
shareholders.

BE IT RESOLVED: Shareholders request that NextEra Energy Inc. report material risks and costs of sea
level rise to company operations, facilities, and markets based on a range of SLR scenarios projecting
forward to 2100, according to best available science. The requested report shall be available to
shareholders and investors by December 1, 2016, be prepared annually at reasonable cost and omit
proprietary information.

April 16, 2016