<SEC-DOCUMENT>0001214659-25-007147.txt : 20250508
<SEC-HEADER>0001214659-25-007147.hdr.sgml : 20250508
<ACCEPTANCE-DATETIME>20250508114050
ACCESSION NUMBER:		0001214659-25-007147
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250508
DATE AS OF CHANGE:		20250508
EFFECTIVENESS DATE:		20250508

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Meta Platforms, Inc.
		CENTRAL INDEX KEY:			0001326801
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMPUTER PROGRAMMING, DATA PROCESSING, ETC. [7370]
		ORGANIZATION NAME:           	06 Technology
		EIN:				201665019
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35551
		FILM NUMBER:		25924802

	BUSINESS ADDRESS:	
		STREET 1:		1 META WAY
		CITY:			MENLO PARK
		STATE:			CA
		ZIP:			94025
		BUSINESS PHONE:		650-543-4800

	MAIL ADDRESS:	
		STREET 1:		1 META WAY
		CITY:			MENLO PARK
		STATE:			CA
		ZIP:			94025

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Facebook Inc
		DATE OF NAME CHANGE:	20050511

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Illinois State Treasurer's Office
		CENTRAL INDEX KEY:			0001739791
		ORGANIZATION NAME:           	
		EIN:				550895818
		STATE OF INCORPORATION:			IL
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		400 W MONROE ST
		STREET 2:		SUITE 401
		CITY:			SPRINGFIELD
		STATE:			IL
		ZIP:			62704
		BUSINESS PHONE:		(312) 814-8950

	MAIL ADDRESS:	
		STREET 1:		100 W. RANDOLPH ST., SUITE 15-600
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60601
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>U.S. Securities and Exchange Commission Washington,
DC 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Notice of Exempt Solicitation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Pursuant to Rule 14a-103</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Name of the Registrant</B>: Meta Platforms, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Name of persons relying on exemption</B>:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Illinois State Treasurer Michael Frerichs, as Trustee of the Bright Start College Savings Trust</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Schroders International Selection Fund</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Address of persons relying on exemption</B>:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Illinois State Treasurer Michael Frerichs&ndash; 555 W. Monroe St., 14<SUP>th</SUP> Floor, Chicago, IL 60661</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Schroders &ndash; 5 Rue Hohenhof, Senningberg, 1736, Luxembourg</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This Notice and the attached written materials are filed pursuant to
Rule 14a-6(g)(1) promulgated under the Securities Exchange Act of 1934.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear fellow Meta Platforms shareholders,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>We are writing to urge shareholders of Meta Platforms, Inc. (Meta,
or &ldquo;the Company&rdquo;) to vote FOR Proposal #7 on the Company&rsquo;s 2025 proxy statement, a proposal which recommends that the
Company disaggregate voting results by share class, during Meta&rsquo;s Annual General Meeting on May 28, 2025.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The resolved clause of our proposal states:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&ldquo;Shareholders request that Meta Platforms, Inc. (the &ldquo;Company&rdquo;)
disclose the voting results on matters subject to a shareholder vote according to the class of shares, namely differentiating between
those shares carrying one voting right and those carrying multiple voting rights, effective beginning at the Company&rsquo;s 2026 annual
meeting of shareholders.&rdquo;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Proposal is a call for enhanced transparency and is based on principles
of sound corporate governance. Since going public in 2012, Meta has maintained a dual class stock structure (DCSS) that grants CEO and
Chair, Mark Zuckerberg, the deciding vote on all matters brought forward to shareholders, effectively eliminating shareholder voice. Since
the Company is apparently not willing to eliminate or phase-out its DCSS, it should at least provide more transparency on how proposals
are voted by both classes of shareholders. This is what Proposal #7 calls for.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This letter presents the following decisive points that warrant your
consideration:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD>Meta&rsquo;s CEO owns virtually all available Class B stock, disproportionately influencing shareholder voting.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD>There appears to be strong misalignment between the Company&rsquo;s Class A and Class B shareholders.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD>Disaggregating votes by share class would not be onerous or costly.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">4.</TD><TD>Dual class stock structures challenge core principles of sound corporate governance.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>1. Meta&rsquo;s CEO owns virtually all available Class B stock,
disproportionately influencing shareholder voting.</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">While Meta maintains Class A stock that grants one vote per share,
its Class B stock grants ten votes per share. The Company&rsquo;s 2024 proxy statement reveals that CEO Mark Zuckerberg owns 99.7% of
the outstanding Class B shares. While this represents only 13% of the economic ownership, it grants him 61% of the voting power.<SUP>1</SUP>
Most importantly, it also makes him the sole deciding vote on each proposal presented to shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>1</SUP> <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/0001326801/000132680124000034/meta-20240418.htm">https://www.sec.gov/ix?doc=/Archives/edgar/data/0001326801/000132680124000034/meta-20240418.htm</A></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>2. There appears to be strong misalignme<FONT STYLE="font-size: 10pt">nt
between the Company&rsquo;s Class A and Class B shareholders. </FONT></U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">At last year&rsquo;s annual meeting, Class A shareholder votes appear
to have diverged from those of Class B shareholders on a strikingly high number of proposals. Based on an analysis by the Office of the
Illinois State Treasurer, a majority of Class A shares are estimated to have voted in support of five of the ten shareholder proposals
on the ballot<SUP>2</SUP>. These proposals called on the Company to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD>Sunset its dual class share structure</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD>Disaggregate vote results by share class</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD>Strengthen the oversight abilities of the Lead Independent Director</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">4.</TD><TD>Complete a child safety impact report</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">5.</TD><TD>Complete a report on generative AI misinformation and disinformation risks</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Additionally, based on the same analysis, a number of management proposals
are estimated to have received low support among Class A shareholders. Three of ten directors are believed to have received less than
60% support, the amended certification of incorporation is believed to have received just over 50% support, one director is believed to
have received less than 50% support, and the equity incentive plan proposal is believed to have received support only in the low teens.
However, the Company's 8-K report consolidates total votes, without differentiating between Class A and Class B votes. As a result, shareholders
are unable to discern how the outcome of a particular vote was impacted by the Class B shareholders. Looking back further, in 2023, two
directors are estimated to have received less than 80% support from Class A shareholders, two other directors are estimated to have received
less than 70% support, and one director is estimated to have received less than 60% support. Three of the eleven shareholder proposals
are believed to have received majority support from Class A shareholders&mdash;with the proposal calling for the Company to sunset its
DCSS estimated to have received 92% support.<SUP>3</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The request of our proposal would allow investors to see clearly how
their votes are aligned (or misaligned) with Company insiders. Such transparency would strengthen investor confidence among independent
shareholders, especially during periods of underperformance or poor market conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>3. Disaggregating votes by share class would not be onerous or
costly.</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are unaware of any technical or practical challenges that would
prevent the Company from disaggregating vote totals by share class as outlined in the proposal. Over the course of numerous engagement
conversations and dialogue, Company representatives have not made the claim that implementing such a practice would present an onerous
burden. Furthermore, we have identified other companies (both U.S. and abroad) that have already implemented this practice, such as Duluth
Trading Company, Gogeco Communications, and Power Corporation of Canada.<SUP>4</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Finally, if imple<FONT STYLE="font-size: 10pt">mented as requested,
our proposal does not ask the Company to report disaggregated vote totals until after their 2026 Annual General Meeting, which we believe
would provide the Company with ample time to work through any challenges.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>_____________________________</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>2</SUP> Voting results as reported by the Company can be found
here: <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/0001326801/000132680124000057/meta-20240529.htm">https://www.sec.gov/ix?doc=/Archives/edgar/data/0001326801/000132680124000057/meta-20240529.htm</A></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>3</SUP> <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/0001326801/000132680123000083/meta-20230531.htm">https://www.sec.gov/ix?doc=/Archives/edgar/data/0001326801/000132680123000083/meta-20230531.htm</A></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>4</SUP> <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/0001649744/000119312524146033/d736999d8k.htm">https://www.sec.gov/ix?doc=/Archives/edgar/data/0001649744/000119312524146033/d736999d8k.htm</A>;
https://www.sedarplus.ca/csa-party/records/document.html?id=0a9e06d7cc85c02267e08ee13732a087f65f746691dd0b8629201a86840b1bc3; https://www.sedarplus.ca/csa-party/records/document.html?id=48b865d971a5d92b7ee93e2dea4cb26913a479670b71a780f827518bec2d2f93</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>4. Dual class stock structures challenge core principles of sound
corporate governance.</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Council of Institutional Investors (CII), a non-profit, non-partisan
association whose members&rsquo; collective assets under management total approximately $5 trillion, describes the &ldquo;one share, one
vote&rdquo; concept as a bedrock principle of sound corporate governance.<SUP>5</SUP> <FONT STYLE="background-color: white">The Investor
Coalition for Equal Votes (ICEV), a network of global investors with a combined $4 trillion in assets under management, also advocates
strongly for &ldquo;one share, one vote&rdquo; systems, arguing that &ldquo;DCSS undermine shareholder rights and remove a key accountability
mechanism for poorly performing management.&rdquo; </FONT>These investor organizations emphasize that companies should establish arrangements
that allow shareholders to vote in proportion to the size of their holdings, and that having different shares of stock with unequal voting
powers can deprive non-insiders of a voice in company matters, a structure that can ultimately lead to board entrenchment and insulation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Additionally, CII has recently added the following item to its Corporate
Governance Guidelines, which aligns with the request of our shareholder proposal: &ldquo;<FONT STYLE="background-color: white">Companies
with multiple share classes with unequal voting rights should supplement their final results with tallies for each class.&rdquo;<SUP>6</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A prominent study on U.S. firms with DCSS showed that although these
companies typically enjoy higher valuations around the time of their Initial Public Offerings (IPOs), this premium tends to erode over
the span of around six years, at which point their valuations drop below those of single-class firms.<SUP>7</SUP> Other research has generally
substantiated this finding: dual class companies enjoy a premium in the short-term, but eventually that premium transforms into a discount.<SUP>8</SUP>
This is not to say that dual class companies will invariably fail or succeed, but retaining such a structure &ndash; especially in the
absence of clear acknowledgement of shareholder dissent on certain issues &ndash; risks creating the impression that management is entrenched
and may not be adequately addressing the concerns of its long-term shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Proponents of DCSS argue that these structures are necessary to allow
founders and management to pursue long-term goals, thwart unwanted takeover attempts, and insulate founder-led companies from short-termism.<SUP>9</SUP>
In response to such concerns, and for companies that insist on establishing a multi-class structure at their IPOs, advocates urge them
to set in place sunset provisions that revert all stock to a single class within seven years.<SUP>10</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This is not the situation for Meta Platforms. With an IPO dating back
to 2012, Meta has been publicly traded for over a decade. Its sizeable market capitalization of $1.59 trillion &mdash; among the largest
in the U.S. &mdash; would make takeover attempts challenging and expensive, if not altogether impossible. Despite this, Meta has yet to
make any commitments to remove its DCSS, put in place a sunset provision, or otherwise modif<FONT STYLE="font-size: 10pt">y its unequal
voting rights policy.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>_____________________________</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>5</SUP> https://www.cii.org/dualclass_stock, see also https://www.cii.org/corp_gov_policies</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>6</SUP> https://www.cii.org/corp_gov_policies</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>7</SUP> https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3062895</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>8</SUP> https://www.cii.org/files/CII%20Summary%20of%20DC%20Studies.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>9</SUP> https://iveybusinessjournal.com/dual-class-shares-risks-and-advantages/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>10</SUP> https://www.railpen.com/knowledge-hub/our-thinking/2023/icev-one-share-one-vote/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Conclusion</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dual class stock structures challenge core principles of sound corporate
governance. The voting arrangement at Meta is, in our view, one of the most egregious among publicly traded companies as it grants the
CEO the sole deciding vote on all corporate matters brought by shareholders. Additionally, there appear to have been multiple instances
where Class A shareholders have diverged significantly from Class B shareholders. The request of our proposal is modest, would not be
difficult to implement, and is based on another bedrock principle of sound corporate governance: transparency. If the Company is unwilling
to phase out or reform its dual class voting structure, it is reasonable to disclose how non-insiders voted on corporate matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Therefore, we urge you to vote FOR Proposal #7.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>IMPORTANT NOTICE:&nbsp;&nbsp;The cost of this communication is being
borne entirely by the Office of the Illinois State Treasurer. The foregoing information may be disseminated to shareholders via telephone,
U.S. mail, e-mail, certain websites and certain social media venues, and should not be construed as investment advice or as a solicitation
of authority to vote your proxy. Proxy cards will not be accepted by Illinois State Treasurer or Schroder International Select Fund. To
vote your proxy, please follow the instructions on your proxy card. These written materials may be submitted pursuant to Rule 14a-6(g)(1)
promulgated under the Securities Exchange Act of 1934. The views expressed are those of the authors as of the date referenced and are
subject to change at any time based on market or other conditions. These views are not intended to be a forecast of future events or a
guarantee of future results. These views may not be relied upon as investment advice. The information contained herein has been prepared
from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement
of all available data. This piece is for informational purposes and should not be construed as a research report.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

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