2018 Guide to Effective Proxies

6 TH EDITION | GUIDE TO EFFECTIVE PROXIES 38 JOHNSON & JOHNSON KEYCORP MARATHON PETROLEUM CORPORATION MARTIN MARIETTA MATERIALS A Message from Our Lead Director DearFellowShareholders, AsJohnson&Johnson’sLeadDirector,IvaluethisopportunitytosharewithyousomeofthewaysmyfellowDirectorsandI worktorepresentyourinterestsandkeepyourtrust.OurentireBoardcontinuestoprovidestrong,independentleadership andremainsdirectlyaccountabletoyouthroughactiveengagementandoversightofthecompany’sstrategy,performance, leadershipandriskmanagement.Wealsoensureastrongfocusonthelong-termsuccessofthecompanythroughthe CredocommitmentofourDirectors,executivesandemployees. Overthepastyear,Ihadthepleasureofspeakingwitharobustcross-sectionofyouandlisteningtoyourinsightsonkey subjects,includingboardleadership,compositionandrefreshment;successionplanning;compensation;sustainabilityrisks andopportunities;theBoard’soversightofrisk;diversityandinclusion;andthefutureofhealthcareandourcompany. I sharedyourperspectiveswithmyfellowDirectors,andasaresult,weupdatedimportantdisclosuresandreaffirmedcritical policiesandpractices. Youcanseetheresultsofouroutreachinourupdatedboardskillsmatrix,ourrobustBoardevaluationprocess(adopting newtechnologywhichenablestheinclusionofanonymouswrittenfeedback),oursteadyBoardrefreshment,andour thoughtleadershipandenhancedreportingonenvironmental,socialandgovernancetopics.Pleasereadaboutournewest DirectornomineeandourotherBoard,governance,riskoversightandcompensationpracticesinthepagesthatfollow. Asacompanyfocusedonimprovingthehealthofhumanityglobally,weareintenselyfocusedontheopportunities,aswell astherisks,createdbyever-shiftingpolitical,humancapital,andotherdynamics.TheDruckerInstituteratesJohnson& Johnsonasoneofthefivebest-managedcompaniesintheUnitedStateswithtop-tierrecognitionforfinancialmanagement, innovation,howwetreatourpeople,andhowweconductourselvesglobally.Despitethatsuccess,wemaintainoursights onfutureperformance,steadilyraisingthebarwesetforourselvestodeliverlong-term,sustainableresultsinlinewithOur Credo. Independent,effectiveBoardleadershipandthetalentandhardworkofourexecutiveteamandouremployeesaroundthe globeareatthecoreofourpastachievementsandfuelourfuturesuccess.MyroleasLeadDirectorincludesabroadrange ofresponsibilitiesconsistentwithmostindependentBoardchairs,impactingallcriticalaspectsoftheBoard’soperationsand decision-making.IfocusonmakingtheLeadDirectorroleeffectivebyprovidingstrongindependentleadershipoftheBoard, andkeepinginfrequentcontactwiththeChairman.Together,weensuretheeffectivefunctioningoftheBoard/management relationship.AsweperiodicallyevaluateourBoard’sleadershipstructure,wearemindfuloftheneedforagovernance frameworkthatallowstheBoardflexibilitytoselectthebeststructurebasedonthespecificneedsofthebusinessatthetime andwhatwebelieveisinthebestinterestsofshareholders.AllourDirectorsselectourBoardChairaswellasourLead Director.IcommittoyouthatyourJohnson&JohnsonBoardwillcontinuetoadvancethelong-terminterestsof shareholdersandremainaccountabletoyouthroughavarietyofmeaningfulgovernancepractices.Wehopeyouagreethat thisstructureincorporatesthechecksandbalancesthatalargeglobalhealthcarecompanylikeoursrequires. ThankyouforyourinvestmentinJohnson&Johnsonandthetrustthatitimplies—itisthattrustwecontinuallyworkto retain.Wekindlyrequestthatyousupportourvotingrecommendationsandweinviteyoutoshareyourthoughtswithus throughouttheyearviaanyofthemeanswehighlightinthisProxyStatement. Sincerely, AnneM.Mulcahy LeadDirector 2018ProxyStatement-5 127PUBLICSQUARE CLEVELAND,OHIO44114 March23,2018 BETHE.MOONEY ChairmanoftheBoardand ChiefExecutiveOfficer Message to the Shareholders DearShareholder, ThepastyearwasastrongyearforKey,asweimprovedourbusinessfundamentals, enhancedourcompetitivepositioning,anddeliveredonourcommitmentstoyou,our shareholders.Ourresultsdemonstratecontinuedmomentumacrossourfranchise,as wellastheachievementofanumberofsignificantmilestonesthroughouttheyear. Wecompletedtheintegrationofthelargestacquisitioninourcompany’shistory,and continuetorealizethevalueaswemoveforward.Theinvestmentswehavemadein people,productsandcapabilitiesaregeneratingreturns,andwecontinueto strategicallyinvesttostrengthenourbusinessmodelandpositionourcompanyfor growth. OnbehalfofyourBoardofDirectors,wearepleasedtoinviteyoutoKeyCorp’s2018 AnnualMeetingofShareholdersonThursday,May10,2018.Themeetingwillbeheld atOneClevelandCenter,1375EastNinthStreet,Cleveland,Ohio44114,beginning at8:30a.m.,localtime. Weencourageyoutocarefullyreviewthisyear’snoticeandproxystatement,which containimportantinformationaboutproxyvotingandthebusinesstobeconducted atthemeeting,aswellashighlightsofKey’s2017performance.Wehopeyouwill attendthemeeting,butevenifyouplantoattend,weencourageyoutovoteyour sharesinadvanceofthemeetingbytelephone,online,orbyreturningyour completedproxycardtous. Everyshareholdervoteisimportantandwewanttoensureyoursharesare representedatthemeeting.Pleasevoteyoursharesaspromptlyaspossible. ThankyouforyourcontinuedsupportofKeyCorp.Welookforwardtoseeingyouat themeeting. Sincerely, BethE.Mooney April18,2018 DearFellowShareholder: On behalf of the Martin Marietta Board of Directors and executive officers, it is my pleasure to invite youtoour2018AnnualMeetingofShareholders. StrongFinancialPerformance 2017 was an exceptional year for Martin Marietta. We established several new financial records and demonstrated the earnings power of our strategically-positioned assets, driven by a more durable, construction-centric recovery. We delivered record revenues, profitability and earnings per diluted share for both the fourth quarter and full year 2017, building on the momentum created by record performance in prior years. And, as always, we achieved these results while remaining committed to thesafety,ethics,integrityandvaluesthatarethehallmarkofMartinMarietta. World-ClassSafetyPerformance Our 2017 safety performance was the best in Martin Marietta’s history. Through the hard work and focus of our employees, safety awareness has been elevated across the Company, yielding impressive results. Our employees know world-class safety performance is possible; and, importantly, 2017’s results demonstrate this goal is attainable. Specifically, half of our operating divisions exceeded the world-class Total Injury Incident Rate (TIIR) (i.e., a TIIR of 0.90 or lower), and company-wide, with a Lost Time Incident Rate (LTIR) of 0.13,webestedtheworld-classLTIRof0.20orlower. ShareholderEngagementandGovernance Our investor outreach in 2017 extended to 86 meetings with 296 investor groups, and conversations with most of our top 20 shareholders. We visited with our shareholders across the United States and in Toronto, Amsterdam, Brussels, The Hague, London, Edinburgh and Paris. We also issued our third Sustainability Report in 2017 - Building. Caring. Growing. - in response to our shareholders’ request that we share our story on the efforts and improvements we are making in this important aspect. From our world-class safety programs and performance, to our targeted and intentional support of education and health, and environmental programsthatensureoperationalexcellence,wehaveasolidfoundationandanexcitingopportunitytobuildupon. We also have a commitment to sound corporate governance and independent leadership in our boardroom. In this regard, we made several important changes to our corporate governance. First, our Board adopted a proxy access bylaw in response to the favorable advisory vote of a majority of our shareholders at our 2017 annual meeting of shareholders. Second, our Board adopted formal guidelinesandpoliciesrelatingtoStockOwnershipforBoardmembersandexecutiveofficers,HedgingandPledgingofStockforBoard membersandexecutiveofficers,andClawbacksforexecutiveofficers,whichyoucanreadmoreaboutintheattachedproxystatement. OurBoardcontinuestoreviewourgovernancepoliciestoensureweareabletocreateappropriatevalueforourshareholders. BoardMemberChanges We also arenominatingforelectionanewBoardmemberin2018,namelySmithW.Davis,apartnerwiththelawfirm ofAkinGump Strauss Hauer & Feld LLP in Washington DC. Mr. Davis is an expert in legal and regulatory matters, as well as governance, environmentalandcompensationmatters.WearedelightedtonominateMr.DavistoourBoard,whobringsastrongbackgroundand addsanewanddiverseperspectivetoourBoardmix. ProxyVoting Because your proxyvotematters,Iurgeyoutocastitpromptly-evenifyouplantoattendtheAnnualMeeting.Weencourageyouto votesothatyourshareswillberepresentedandvotedatthemeeting. ThankyouforyourcontinuedsupportofMartinMarietta. Sincerely, C.HowardNye ChairmanoftheBoard,PresidentandChiefExecutiveOfficer Mar c h 15, 2018 Dear Fello w Marathon Petroleum Corporation Shareholder : On b ehal f o f the B oard o f Dire c tors and management team, I am pleased to in v ite you to attend Marathon Petroleum Corporation ’ sAnnualMeeting o f Shareholdersto b e heldinthe Auditoriumo f Marathon Petroleum Corporation, 539 South Main Street, Findlay, Ohio 45840 on Wednesday, April25, 2018, at 10 a.m. Eastern DaylightTime. Marathon Petroleum Corporation deli v ered strong operational and f inan c ial per f orman c e a c ross the b usiness in 201 7 . Early in the year, w e announ c ed a series o f strategi c a c tions to enhan c e shareholder v alue.We are pleasedto ha v e c ompletedthe last o f those a c tionsinFe b ruary 2018. Our R e f ining and Mar k eting segment turned in an e xc eptional year, w ith monthly pro c ess unit and produ c tion re c ords dri v ing us to b e c ome the se c ond - largest U .S. re f iner on a c rude - throughput b asis. Additionally, our G al v eston B ayand G ary v illere f ineries are no w the nation ’ sse c ond - andthird - largest re f ineries, respe c ti v ely. Sin c e a cq uiring the G al v eston B ay re f inery f i v e years ago, not onlyha v e w eimpro v ed the en v ironmentalandsa f ety per f orman c e o f the f a c ility, w e ha v e also ad v an c ed operational e xc ellen c e and ta k en signi f i c ant steps to lo w er operating c osts. Speed w ay c ontinues to e xc el as a leader in the retail mar k et w ith its si x th straight re c ord - setting year. We remain c ommitted to aggressi v elygro w ingthe b usinessthrough signi f i c anthigh - return in v estments. MPC ’ s Midstream segment, w hi c h primarily re f le c ts the results o f our sponsored master limited partnership, MP LX L P, deli v ered a re c ord - setting per f orman c e in 201 7 , dri v en largely b y gathered, pro c essed and f ra c tionated v olume gro w th. When w e f ormed MP LX in 2012, it w as w ith the v ision to strengthen and gro w our Midstream segment. With our c ommitment to organi c gro w th, the addition o f Mar k West Energy Partners in 2015, and strategi c a c tions that ha v e nearly dou b led the si z e o f the partnership and impro v ed its c ost o f c apital, w e are proud to b e deli v eringon that v ision. These a cc omplishments are deli v ering results f or you, our shareholders. We returned o v er $ 3 b illion o f c apital to MPC in v estors v ia di v idends and share repur c hases in the year, supported in part b y pro c eeds f rom dropdo w n transa c tions. I n addition, the MPC B oard o f Dire c tors announ c ed a 15 per c ent in c rease in the q uarterly di v idend paid in Mar c h – f ollo w ing an 11 per c ent in c rease in 201 7 . This represents a 2 6 .5 per c ent c ompound annual gro w th rate in the di v idend sin c e b e c oming an independent c ompany nearly se v en years ago, demonstrating c ontinued c on f iden c einthe c ash -f lo w generationo f the b usiness, as f urther supported b y ta x re f orm. Sin c e MPC ’ s f ormation in 2011, w e ha v e generated more than $ 1 6 .9 b illion in net in c ome and returned more than $ 13 b illion to shareholders. We ha v e tremendous momentum going into 2018 and b elie v e w e are w ell positioned to b ene f it f rom a solidglo b aland U .S. ma c roe c onomi c pi c ture andstrong demand f or our produ c ts. We ha v e in c luded a Pro x y Summary at the b eginning o f our Pro x y Statement. The Pro x y Summary is intended to pro v ide highlights o f the Pro x y Statement, in c luding f a c ts regarding our c orporate go v ernan c e and our 201 7 c ompany per f orman c e. We hopeyou f ind the Pro x y Summary b ene f i c ial. I n addition, w ein v iteyou to read our Perspe c ti v eson Climate -R elatedS c enariosreport, a v aila b leon our c orporate w e b site, www.marathonpetroleum.com . We are proud o f this ne w report, w hi c henhan c esour dis c losuresaround c limate - related strategies, ris k s andopportunities. We than k you f or in v estinginMPC, f or sharinginour v isionand f or c ontri b utingto our su cc ess. Sin c erely, G ary R . H eminger ChairmanandChie f E x e c uti v eO ff i c er