2018 Guide to Effective Proxies

6 TH EDITION | GUIDE TO EFFECTIVE PROXIES 46 WELLS FARGO WILLIAMS COMPANIES, INC. XCEL ENERGY YUM! BRANDS, INC. Letter to our Shareholders from our Chair and our Chief Executive Officer March14,2018 DearFellowShareholders, ThankyouforyourcontinuedsupportofWellsFargoduring2017.Ourtoppriorityremainsrebuildingthetrustofourshareholders, customers,teammembers,communities,andregulators.WecontinuetomakethechangesnecessaryforWellsFargotobecome better,stronger,andmorecustomer-focusedthaneverbefore.Wearefocusedonachievingoursixaspirationalgoals—forWells Fargotobe the financialservicesleaderincustomerserviceandadvice,teammemberengagement,innovation,riskmanagement, corporatecitizenship,andshareholdervalue.Atthesametime,theboardandseniormanagementarecommittedtosatisfyingthe requirementsoftheconsentorderthatweagreedtowiththeBoardofGovernorsoftheFederalReserveSystemonFebruary2,2018. Aspartofourtransformation,WellsFargoiscommittedtoathoroughreviewoftheproductsweofferandtheinternalprocedureswe usetogetthingsdone.Whenweuncoveranythingthatmaybequestionable,weaddressitandremediateanycustomerswhomay havebeenfinanciallyharmed.TostrengthenWellsFargo’scorporateculture,wearelisteningtoourteammembersandinviting outsidereviewerstohelpidentifyenhancementssowecanmakesureourcultureisconsistentacrosstheorganization.Wecontinueto makeinvestmentsinourteam,includingraisingtheminimumwagebaserangeforU.S.-based,entry-levelteammembersto$15an hourandenhancingbenefits.Teammemberturnoverisatitslowestlevelsince2013. Aswelookahead,weremainfocusedonunderstandingourcustomers’financialneedsandhelpingthemsucceedfinancially.Todeliver excellentcustomerexperiences,weareinvestingindata,technology,operations,andriskmanagementsoteammembershavethetools theyneedtomeetcustomers’needs.Wehaveenhancedthebranchexperienceforcustomersandacceleratedourpaceofinnovationso wecancreatenewkindsoflastingvalueforconsumersandbusinesses.WewillcontinuetomakechangestostrengthenWellsFargo, andwefirmlybelievethatthequalityofourteammembers,ourdiversifiedbusinessmodel,nationwidefranchise,andinvestmentin innovation,alongwithourcommitmenttooursixgoals,willgeneratelong-termvalueforourinvestors. Theboardrecognizesthatitmustcontinuetostrengthenandenhanceitsgovernanceoversight.Tosupporttheseefforts,theboard madesignificantchangestoboardcomposition,reconstitutedseveralboardcommittees,amendedcommitteecharterstoenhancerisk oversight,andcontinuedtoworkwithseniormanagementtoimprovethereportingandanalysisprovidedtotheboard.Manyofthese changeswereinformedbytheboard’srigorousself-examination,whichwasfacilitatedbyathird-partyin2017,andreflectedthe feedbackreceivedfromourinvestorsandotherstakeholders. Onbehalfofourboardofdirectorsandmanagementteam,wearepleasedtoinviteyoutoattendour2018AnnualMeetingof ShareholdersonApril24,2018,at10:00a.m.,CentralDaylightTime,attheDesMoinesMarriottDowntown,700GrandAvenue,Des Moines,Iowa,50309.Anoticeofthemeetingandour2018ProxyStatementcontainingimportantinformationaboutthematterstobe voteduponandinstructionsonhowyoucanvoteyoursharesfollowthisletter. Yourvoteisimportanttous. Pleasevoteassoonaspossibleevenifyouplantoattendtheannualmeeting.Thankyouforyour interestinandsupportofWellsFargo. Sincerely, ElizabethA.Duke Chair,BoardofDirectors TimothyJ.Sloan CEOandPresident Fromourbeginningasaconcretesidewalkcompany in1908,Williams isnowoneof the largestnaturalgas infrastructurecompanies inNorthAmerica. In2017,we completed theDaltonExpansionProject,oneof the “Big5”Transcoexpansions thatcombined toaddnearly 25percentdesigncapacity to thenation’s largestand fastestgrowing interstatenaturalgaspipelinesystem. From Your Chairman April11,2018 FellowStockholders: As Chairman of the Williams Board of Directors, I am pleased to extend toyoutheofficialnoticeofour2018AnnualMeetingofStockholders. This year’s meeting will be held on May 10, 2018. You are invited to vote your shares and listen to a report from management on Williams’ operations.Therewillalsobeanopportunitytoaskquestions. StephenW.Bergstrom ChairmanoftheBoard The notice of the annual meeting and proxy statement accompanying this letter provides information about the matters to be considered and acted uponattheannualmeeting. If you cannot attend the annualmeeting in person, it is stillimportantthatyoursharesbe represented and voted at the annual meeting. You are urged to read the proxy statement and, whether or not you plantoattendtheannualmeeting,topromptlysubmitaproxy(a)bytelephoneorInternetfollowingthe easy instructions on the enclosed proxy card or (b) by completing, signing, dating, and returning the enclosedproxycardintheenclosedpostage-paidenvelope. Ilookforwardtoseeingyouatthisyear’smeeting. Sincerely, StephenW.Bergstrom ChairmanoftheBoard Fromourbeginningasaconcretesidewalkcompanyin1908,WilliamsisnowoneofthelargestnaturalgasinfrastructurecompaniesinNorthAmerica.In2017,wecompletedtheDaltonExpansionProject,oneofthe“Big5”Transcoexpansionsthatcombinedtoaddnearly25percentdesigncapacitytothenation’slargestandfastestgrowinginterstatenaturalgaspipelinesystem. TheWilliamsCompanies,Inc.–2018ProxyStatement 2017 wasa yearof celebratingandachievingmilestoneswhile making solidprogress in thefirst full yearof our transformation journey. First,we celebratedour 20thanniversaryasan independent company followingour spin-off fromPepsico inOctober1997. Since the spin,Yum!hasmore thandoubled its system sales,grown operatingprofitmore than six timesoveranddeveloped intoa globalpowerhouse,going from30%of restaurantsoutside theU.S. tonearly60%of restaurantsoutside theU.S.Ourexceptional results over the last20 yearsarea testament to theunmatchedpowerof ourbrandsand theextraordinary talentwhich is thebackboneof our organization. Next,October31marked the one-yearanniversaryof our spin-offof theChinabusiness intoan independent company.China’s success over thepast year reaffirmedourdecision to separate thispowerful business.Our collaborationwithYum!China isas strongaseverand wecontinue tobe impressedwith theirability tomakeYum!’sbrands distinctive, relevant,andeasy.Our future together isbrightandby working togetherwe can fullyexploit thepowerof ourbrands. Finally,2017 represented the first fullyearof our transformation journey .Wemade significantprogressonourpath tobecominga company that ismore focused,more franchised,andmoreefficient. In fact,weended2017with97%of our restaurantsbeing franchised andarewellonourway towardsbeingat least98% franchisedby the endof 2018. Our fourkeygrowth capabilities are the foundationuponwhich our sustainable, long-term resultsarebeingbuilt.Thesegrowth capabilities,outlinedbelow,are thekeydriversof same-store sales andnet-newunitgrowthand serveasourguidingprinciples inall businessdecisions. 1. Distinctive,RelevantandEasyBrands. Wewill innovateand elevate iconic restaurantbrandspeople trustand champion. 2. UnmatchedFranchiseOperatingCapability. Wewill recruitand equip thebest restaurantoperators in theworld todelivergreat customerexperiences. 3. BoldRestaurantDevelopment. Wewilldrivemarketand franchise unitexpansionwith strongeconomicsandattractive returns. 4. UnrivaledCulture&Talent. Wewill leverage cultureandpeople capability to fuelbrandperformanceand franchisee success. Celebrating Milestones AND PROGRESSING ON OUR TRANSFORMATION JOURNEY Dear Fellow Stakeholders: GregCreed, ChiefExecutiveOfficer Yum!Brands Inc. Total of 02 pages in section BenFowke ChairmanoftheBoard,Presidentand ChiefExecutiveOfficer April3, 2018 Dear FellowShareholders: XcelEnergylooksforwardtowelcomingyoutoSt.Cloud,Minnesotaforour2018AnnualShareholders’Meeting!Wehavemany excitingthingsunderwayacrossourserviceterritoriesandIlookforwardtoshowcasingouroperations,communityinvolvement,and teaminournorthernterritory,avibrantandmajorportionofourbusiness. 2017wasanotheroutstandingyearforXcelEnergy.Highlightsoftheyearinclude: • Meetingorexceedingourannualongoingearningsguidanceforthe13thconsecutiveyear • Increasingourdividendforthe14thconsecutiveyear • Exceedingtotalshareholderreturnforour21-memberindustrypeergrouponaone-,three-,andfive-yearbasis • Gainingfurtherrecognitionasaleader,innovator,andpartnerinourcommunitiesforcleanenergysolutions • Deliveringstrongresultsonreliability,safety,andaffordability,thetablestakesofourbusiness Wehavemanyopportunitiesinfrontofus,includingstrategicinvestmentsthatwillserveourcustomersandourshareholderswellinto thefuture.XcelEnergy’sfutureisbright,andIlookforwardtosharingmorewithyouregardingourplansfor: • Leadingthecleanenergytransitionthroughour“steelforfuel”growthstrategy,providingshareholder,customer,and environmentalvalue • Enhancingourcustomers’experience,buildingcustomerloyaltyandsatisfaction • Keepingcustomerbillslow,allwhiledeliveringoutstandingserviceandvalue Detailsformeetingattendanceareincludedinthisproxystatement.Youcanalsolistentothemeetingviawebcastat www.xcelenergy.com. Alsoenclosedaredetailsforhowandwhentovoteandotherimportantinformation.Yourvoteisveryimportant,sopleasecastit promptly. Thankyouforyourconfidenceinus.IhopetoseeyouinSt.Cloud. Sincerely, BenFowke Chairman,PresidentandChiefExecutiveOfficer