Ҵý

LETTER TO OUR SHAREHOLDERS

To Our Shareholders

We are pleased to report that in 2022 Ҵý continued to drive value creation for our shareholders during a year of many changes. Ҵý’s solid results reflect our long-established enterprise focus on prudently allocating capital and investing in diverse businesses led by highly capable management teams. The company demonstrated great strength and resiliency in the face of unrelenting global challenges, including inflationary pressures, recession fears, volatile financial markets, climate events and the ongoing war in Ukraine.

Despite these conditions, Ҵý delivered consolidated revenues of $14.0 billion and net income of $1.0 billion, or $4.16 per share for the year. These results compared with revenues of $14.7 billion and net income of $1.6 billion, or $6.07 per share in 2021, a year in which Ҵý benefitted from an after-tax investment gain of $438 million from the sale of a minority interest in our Altium Packaging subsidiary. Putting aside lower investment income at both Ҵý and Ҵý, all of our subsidiaries posted strong growth in operating performance.

In regard to the ongoing litigation in Delaware, we were gratified by the Delaware Supreme Court’s December 2022 ruling in our favor. The Delaware Supreme Court reversed the lower court’s ruling that had awarded former minority unitholders of Boardwalk approximately $690 million, plus interest—or just over $900 million in total. The Delaware Supreme Court remanded the case back to the Chancery Court to resolve three previously undecided issues. Proceedings in the Chancery Court will continue in 2023 and, if necessary, Ҵý will have the opportunity to appeal the Chancery Court’s new decision to the Delaware Supreme Court.

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ANNUAL REPORT

An important element of Ҵý’s strategy to deliver value for shareholders is our multi-industry holding company structure, with subsidiaries spanning diverse sectors.