Jeff Morgan President & CEO National Investor Relations Institute Notice & Access Year One Lessons Learned

2 About the Study  Insight from early adopters  Compare actual experience against plans per NIRI November 2007 study  Electronic survey of NIRI corporate and Society for Corporate Secretaries and Governance Professionals members conducted in August 2008

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4 Notice and Access: Post-Implementation Study: Has your company implemented some form of the Notice and Access proxy distribution model?

5 Notice and Access: Post-Implementation Study: Please indicate why your company has not implemented Notice and Access. (Select all that apply)

6 Notice and Access: Post-Implementation Study: Did the Notice meet the objective of informing shareholders about the proxy voting process and the availability of materials online?

7 Notice and Access: Post-Implementation Study: What service provider did you use? (Select all that apply)

8 Notice and Access: Post-Implementation Study: What were your total service provider costs related to Notice and Access in 2008?

9 Savings?

10 Savings vs. Expectations

11 Savings Below Expectations

12 Savings by Model Used

13 Print Savings

14 Notice and Access: Post-Implementation Study: What percentage of shareholders requested print materials?

15 Notice and Access: Post-Implementation Study: Did you achieve quorum?

16 Notice and Access: Post-Implementation Study: Did you experience a decline in the retail vote after implementing Notice and Access?

17 Notice and Access: Post-Implementation Study: What was the decline in the retail vote post- Notice and Access?

18 Notice and Access: Post-Implementation Study: Please indicate, on average, what your shareholder feedback has been.

19 Notice and Access: Post-Implementation Study: Does your company plan to make any changes in connection with next year’s proxy solicitation?

20 Suggested Improvements Redesign the notice Improve services/reduce fees Provide more investor education Shorten the 40-day timeline Clarify the rules Provide card with notice Eliminate 1-year material fulfillment requirement