GOVERNANCE PRINCIPLES

We are also today making a commitment to apply the Commonsense Principles 2.0 in our businesses - and we hope others will do so as well. Columbia Law School's Millstein Center for Global Markets and Corporate Ownership has agreed to publish the Principles and maintain, on its website (millstein.law.columbia.edu/content/commonsense-principles-20), a list of companies and investors that have committed themselves to them. We recognize that there is significant variation among our public companies, and that not every principle will be applied in the same fashion (or at all) by every company, board or institutional investor - and the Principles themselves say and allow for precisely that. But we intend to use them to guide our thinking, and would encourage others to do the same.