West Pharmaceutical Services : 2021 Proxy

CEO Letter

Dear Shareholders:

As I reflect on our Company's 2020 performance, it is clear that managing through the COVID-19 pandemic has represented some of the most difficult times in history for communities across the world. This pandemic has confirmed the importance of global healthcare and the criticality of West's role. Our mission to improve patient lives could not be any more meaningful than in times like today.

We take great pride that for nearly 100 years, we have provided innovative, high-quality products and solutions for the containment and delivery of injectable medicines. At the very start of the pandemic, we established two critical priorities: (1) the safety of our team members and their families, and (2) the continuity of supply to our customers and to the patients we jointly serve. I am pleased to report that, while focusing our efforts around these two key objectives, we delivered another strong year of results for our business. Our dedicated team members remained steadfast in support of our commitment to customers and patients, and we are incredibly grateful for their dedication throughout this challenging year.

The ability of our business to flex and meet the rapidly changing needs of our customers is a result of our market-led strategy. As our customers shifted their focus to producing COVID-19 tests, monoclonal antibody solutions and developing vaccines, the experts across our business segments were able to offer products as well as scientific and regulatory expertise that sped our customers' ability to bring these new products to the market. We believe the continued work across the enterprise to deliver commercial and operational excellence along with globalizing West's manufacturing operations, has put us in the best possible position to meet the future pandemic demand and customer needs.

While we are addressing unprecedented times, our focus on our environmental, social and governance (''ESG'') goals are contributing to a brighter future. In 2020, we outperformed our prior long-term goal targets well ahead of schedule. We recently established a new set of five-year goals and are making good progress across the pillars of our strategy: Compliance and Ethics, Diversity and Talent, Health and Safety, Philanthropy, Environmental Sustainability, and Quality. Our efforts were recognized this year with West being named a top 25 Performer of the 100 Most Sustainable Companies in America by Barron's. In addition, West was named to the Standard and Poor's 500 and has joined the S&P 500 Dividend Aristocrats.

As in years past, we have worked together with our Board of Directors to ensure the performance of our team is reflected in their compensation and awards framework and is aligned with the business results we have delivered. The detailed pay-for-performance plans of our executives, which in the past have received more than 96 percent support from you, our shareholders, are detailed in this Proxy Statement.

While 2020 is now behind us, we remain diligent in 2021. The priorities of keeping our team safe and delivering the critical components and solutions for injectable medicines remains the focal point. Our 9,200 team members know and appreciate the essential role we are playing to get through this extraordinary global healthcare crisis, and that patients are counting on us to deliver.

I wish all our shareholders health and safety during this difficult time, and I thank you for your continued support of West.

Eric M. Green

President & Chief Executive Officer

West Pharmaceutical Services, Inc.

Notice of 2021 Annual Meeting

530 Herman O. West Drive

Exton, Pennsylvania 19341

March 24, 2021

Due to the ongoing COVID-19 pandemic and guidance issued by the United States Centers for Disease Control and Prevention and the Commonwealth of Pennsylvania we have determined that it is again in the best interests of shareholders to hold a virtual shareholder meeting for 2021. By holding a virtual meeting, we will be protecting the health and well-being of our shareholders, team members and community.

Our 2021 Annual Meeting of Shareholders of West Pharmaceutical Services, Inc. will be held at 2:00 PM U.S. Eastern Daylight Time on Tuesday May 4, 2021.

To participate in the virtual Annual Meeting or to vote in that meeting, shareholders must enter the 16-digit digital control number found on their individualized proxy cards at the meeting-specific website of www.virtualshareholdermeeting.com/WST2021 on the day of the meeting. Online access to the webcast will open 15 minutes prior to the start of the meeting. We encourage you to log on early. Additionally, shareholders participating in the Annual Meeting via the webcast may submit questions through the virtual meeting platform by following the instructions described in this Proxy Statement and on the website.

The scheduled items of business are:

1. Election of nominees named in the Proxy Statement as directors, each for a term of one year or until their successor is appointed or elected
2. Consideration of an advisory vote to approve Named Executive Officer compensation
3. Ratification of the appointment of PricewaterhouseCoopers LLP (''PwC'') as our independent registered public accounting firm for 2021

We will also transact such other business as may properly come before the meeting and any adjournments or postponements thereof.

Shareholders of record of West common stock at the close of business on March 9, 2021 are entitled to notice of, and to vote at, the meeting and any postponements or adjournments thereof.

Kimberly Banks MacKay

Sr. Vice President, General Counsel

and Corporate Secretary

Important Notice Regarding the Internet Availability of Proxy Materials for the Shareholder Meeting on May 4, 2021

This Notice of Annual Meeting and Proxy Statement (''Notice'') and the 2020 Annual Report on Form 10-K (''2020 Annual Report'') are available on our website at:

investor.westpharma.com/financial-information/annual-reports-and-proxy

Your Vote is Important

Please vote as promptly as possible electronically via the Internet or by completing, signing, dating, and returning the proxy card or voting instruction card.

Table of Contents
Proxy Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	1
Election of Directors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	6
Director Nominations, Skills and Criteria . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	6
Board Commitment to Diversity and Inclusion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	7
Board Refreshment and Retirement Age . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	8
Board Evaluation Process . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	8
Proposal 1-Electionof Directors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	9
Director Nominee Biographies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	9
Board and Director Information and Policies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	15
Board Leadership Structure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	15
Chair of the Board of Directors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	15
Committees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	16
The Board's Role in Risk Oversight . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	18
Executive Officer Succession Planning . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	19
CEO Evaluation Process . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	19
Corporate Responsibility . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	20
2020 Shareholder Engagement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	21
Communicating with the Board . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	22
Director Education and Onboarding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	22
Corporate Governance Documents and Policies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	23
Corporate Governance Principles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	23
Ethics and Code of Business Conduct . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	23
Director Independence . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	24
Related Person Transactions and Procedures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	24
Political Contributions and Lobbying . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	24
Anti-Hedging and Pledging Policies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	25
Share Ownership Goals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	25
Stock Ownership . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	26
Director Compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	28
2020 Non-Employee Director Compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	28
Outstanding Director Stock Awards at Year-End 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	29
Director Deferred Compensation Plan at Year-End 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	30
Compensation Committee Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	31
Compensation Discussion and Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	32
Executive Summary: 2020 Performance at a Glance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	32
Governance and Compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	33
Say-on-Pay . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	34
Executive Compensation Program Design . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	35
Factors Used in the Compensation Process . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	37
Business Segment Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	38
Impact of Business Results on our 2020 Incentive Plans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	39
Incentive Compensation: Important Facts about Our Incentive Targets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	40
Our Annual Incentive Compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	41
Financial Measures and Adjustments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	42
Our Long-Term Equity Incentive Compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	42
2020 Compensation Decisions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	44
Other Compensation Practices . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	48
Compensation Tables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	50
2020 Summary Compensation Table . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	50
2020 Grant of Plan-Based Awards Table . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	54
Outstanding Equity Awards at Year-End 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	55
2020 Option Exercises and Stock Vested Table . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	57
2020 Pension Benefits Table . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	59
2020 Nonqualified Deferred Compensation Table . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	60
Payments on Disability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	60
Payments on Death . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	60
Estimated Payments Following Termination . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	61

Estimated Additional Severance Payments Table . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62 Payments on Termination in Connection with a Change-in-Control . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62 CEO Pay Ratio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64 Proposal 2-AdvisoryVote to Approve Named Executive Officer Compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65 Independent Auditors and Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66 Audit Committee Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67 Proposal 3-Ratificationof the Appointment of PricewaterhouseCoopers LLP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68 Voting and Other Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69

PROXY SUMMARY

Proxy Summary

Below is a summary of important information you will find in this Proxy Statement. This summary does not contain all the information that you should consider, and you should read the entire Proxy Statement carefully before voting.

Summary of Shareholder Voting Matters

Our Board of Directors is soliciting your vote on matters that will be presented at our 2021 Annual Meeting of Shareholders and at any adjournment or postponement thereof. This Proxy Statement contains information to assist you in voting your shares.

The Notice, the accompanying proxy card or voting instruction card and our 2020 Annual Report, including our annual report wrap, are being mailed starting on or about March 24, 2021.

			Recommended
Proposal 1: Election of Directors	Page 9	✓	FOR
Mark A. Buthman	Deborah L. V. Keller		Each Nominee
William F. Feehery	Myla P. Lai-Goldman
Robert F. Friel	Douglas A. Michels
Eric M. Green	Paolo Pucci
Thomas W. Hofmann	Patrick J. Zenner
Proposal 2: Advisory Vote to Approve Named Executive Officer Compensation	Page 66	✓	FOR
Proposal 3: Ratification of the Appointment of PricewaterhouseCoopers LLP as our	Page 69	✓	FOR
Independent Registered Public Accounting Firm for 2021

2020 Business Highlights*

Our strategy to globalize our operations and address the unique needs of the distinct customer groups we serve with a market-led focus was critical this year, as we worked to support our customers through the COVID-19 pandemic. This approach allowed us to deliver another strong year of growth for the Company. Some of the trends we are seeing in the pharmaceutical and biotech industry are driving our business results today and are expected to fuel our long-term growth strategy, including the following:

• • Research and development efforts around COVID-19 treatments, vaccines and diagnostics dominated 2020 and will continue to be the focus of the biopharmaceutical industry in the coming years.
  • Drug approvals were at an all-time high in 2020-with a record 53 New Molecular Entities and 65 first-time generics approved for use in the United States by the Food and Drug Administration (''FDA'').
  • Biotechnology continues to emerge as a promising source of therapies and products for patient care, which requires specialized packaging and delivery solutions due to the sensitive nature of these large molecules.
  • Continued research of subcutaneous administration, as an alternative to intravenous administration, prompted by its cost-effectiveness and increased patient adherence, fuels more opportunities to develop self-administration technology that place easy-to-use delivery systems in the hands of patients.
  • The regulatory landscape is keeping pace with the number of new drug approvals, issuing updated guidance on how newer, self-administered combination products are reviewed and approved for sale, and the quality and regulatory documentation that is required.
• Certain forward-looking statements are included in this Proxy Statement. They use such words as ''will,'' ''continue,'' ''estimate,'' ''expect,'' ''looking to the future,'' and other similar terminology. These statements reflect Management's current expectations regarding future events and operating performance and speak only as of the date of this document. These statements are based on Management's beliefs and assumptions, current expectations, estimates, and forecasts. There are many factors that can influence the Company's future results that are beyond the ability of the Company to control or predict. Because of these known or unknown risks or uncertainties, actual results could differ materially from past results and those expressed or implied in any forward-looking statement. For a description of factors that could cause the Company's future results to differ from those expressed in any such forward-looking statements, see Item 1A, entitled ''Risk Factors,'' in the Company's Annual Report on Form 10-K for the year ended December 31, 2020 and as revised or supplemented by our quarterly reports on Form 10-Q or Form 8-K. Except as required by law or regulation, we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events, or otherwise.

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PROXY SUMMARY

Each year, we have seen growing interest and demand for our high-value product offerings, delivery device platforms and our contract-manufacturing services. Customers are also coming to West for our scientific expertise and insight into the regulatory landscape that governs our industry. This demand has translated into positive results for the business. In 2020, we reported:

• Full-year2020 net sales of $2.147 billion grew 16.7%; organic sales growth was 16.3%; sales from a recent acquisition contributed an additional 10 basis points of growth; currency translation increased sales by 30 basis points.
• Full-year2020 reported-dilutedEarnings-per-Share (''EPS'') of $4.57 increased 42% and full-year 2020 adjusted-diluted EPS of $4.76 increased 47%.
• Full-year2020 gross profit margin was 35.8%, a 290-basis point increase from the prior year.
• The Proprietary Products segment gross profit margin expanded by 280 basis points; Contract-Manufactured Products segment gross profit margin increased by 240 basis points.
• Full-year2020 operating cash flow was $472.5 million, an increase of 28.7%; capital expenditures were $174.4 million, compared to $126.4 million over the same period last year, and represented 8.1% of full-year 2020 net sales and free cash flow (operating cash flow minus capital expenditures) was $298.1 million, an increase of 23.8%.

Please refer to our Earnings Release filed on February 18, 2021 on Form 8-K for a full reconciliation of our reported results to the adjusted (non-U.S. GAAP) financial measures referred to above.

Long-Term Shareholder Return

Examining our results over the past five years, West has consistently delivered against its objectives, posting long-term sales growth and steady EPS improvements. The Company has also outperformed both our peers and the market overall in Total Shareholder Return (''TSR'') during this same period.

PROXY SUMMARY

Our Director Nominees

You are being asked to vote on the directors nominated below. Paula Johnson, the President of Wellesley College, who began serving as a director in 2005 has decided not to seek re-election in 2021. Dr. Johnson's distinguished service on the Board included being a critical member and past Chair of our Innovation and Technology Committee, and providing the necessary expertise of pre-eminent physician and academic, which proved vital to our success during her tenure. All directors are elected annually by a majority of votes cast, except in the case of a contested election where the number of nominees exceeds the number of open positions, in which case plurality voting is used. The charts below summarize some key characteristics of the members of our Board of Directors. All data is as of March 24, 2021. Detailed information about each director's background and areas of expertise can be found beginning on page 9.

				CURRENT
		DIRECTOR	PRIMARY	COMMITTEE	EXPERIENCE &
NAME	AGE	SINCE	OCCUPATION	MEMBERSHIP	EXPERTISE	INDEPENDENT
Mark A. Buthman	60	2011	Retired EVP & CFO,	Compensation, Nominating & Corp.	10MAR202118015211648020594 10MAR202118015017
Kimberly-Clark	Gov., Finance
William F. Feehery	50	2012	CEO, Certara	Nominating & Corp. Gov. (Chair),
Audit, Compensation 10MAR20218020010MAR2021180211525453 0306
Robert F. Friel	65	2020	Retired CEO and Chair,	Audit, Finance
			PerkinElmer, Inc.	10MAR20211805164573518020022MAR202118010MAR202180MAR254530211528020594
			President & CEO,	10MAR2021180573510MAR202118021152802002118MAR10MAR2021185453020306118020594
Eric M. Green	51	2015	West Pharmaceutical
			Services, Inc.
			Retired Sr. VP &		10MAR202118015211648020594 10MAR202118015017
Thomas W. Hofmann	69	2007	CFO,	Audit (Chair), Compensation

Sunoco, Inc.

CONSTANT-CURRENCY

CAGR 9.2%1

				$2.15
REPORTED			BILLION
CAGR	9.2%
$1.51
BILLION
2016	2017	2018	2019	2020

ADJUSTED DILUTED EPS	500%
CAGR 21.6%

				$4.76	400%	NYSE: West
				S&P 500
						S&P 500 Health Care Index
					300%	S&P MidCap 400 Index
					200%
$2.18					100%
2016	2017	2018	2019	2020	0%
2015	2016	2017	2018	2019	2020

					Principal, Black Frame		Audit, Finance, Innovation &
	Deborah L. V. Keller	58	2017	Advisors, LLC & Retired CEO,	Technology	10MAR2021180573510MAR202118021152802002118MAR20021185453MAR2020306
					Covance Drug Development
					Executive Chair,			Innovation & Technology (Chair),
	Myla P. Lai-Goldman	63	GeneCentric Therapeutics, Inc.	Finance	10MAR202118057350MAR20211528020594
	2014
	Douglas A. Michels		Retired President & CEO, OraSure	Audit, Compensation (Chair)10MAR202118010MAR2021181802057350220306
	64	2011	Technologies, Inc.
								Finance (Chair), Innovation &
	Paolo Pucci	59	2016	Retired CEO, ArQule, Inc.		Technology	10MAR202118051645735180200MAR210MAR2021020306118020594
				Chair, West Pharmaceutical Services;		10MAR202118010MAR2021180200MAR20306573502118020594
	Patrick J. Zenner	74	2002	Retired Pres. & CEO,
		Nominating & Corp Governance
					Hoffmann-La Roche Inc.
10MAR202118015164	10MAR202118015735	Healthcare	International	Global	Science &		10MAR202118020594	Mergers &
Industry		Experience			Technology		Acquisitions
10MAR202118020022	10MAR202118015453		10MAR202118021152 10MAR202118020306	Marketing		Regulatory
		Financial				Operations/

Supply Chain

	NET SALES	ADJUSTED-DILUTED EPS1	COMPARISON OF CUMULATIVE
		(NON-U.S. GAAP)	FIVE-YEAR TOTAL RETURN2
1	Please refer to our 2020 Form 10K, February 18, 2021 Earnings Release on Form 8-K and	(DEC. 31, 2015 - DEC. 31, 2020)
	prior year earnings releases for the reconciliation of Non-U.S.GAAP financial measures.	18MAR202114562136
2	Sources: IR Insight

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2021 Annual Meeting and Proxy Statement

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2021 Annual Meeting and Proxy Statement

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