diff --git a/docs/concepts/withdrawals.md b/docs/concepts/withdrawals.md
index 019d82907..5a7503517 100644
--- a/docs/concepts/withdrawals.md
+++ b/docs/concepts/withdrawals.md
@@ -66,7 +66,10 @@ of Capella), there's no mechanism for recycling the validator ID that has been e
 From the first Capella slot, block proposers provide up to 16 withdrawals per
 proposed block.
 
-Proposers start with validator 1 and search for validators that meet any of these criteria: they have an Ethereum address as a withdrawal address, possess an excess balance, or have exited.
+Proposers start with validator 1 and search for validators that meet any of these criteria:
+- have an Ethereum address as a withdrawal address,
+- posses an excess balance,
+- have exited.
 
 Block proposers select the withdrawals that go into the block.
 In each block, up to 16 changes to withdrawal credentials are also allowed,