Jeff MorganPresident & CEONational Investor Relations Institute

Notice & AccessYear One Lessons Learned

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About the Study Insight from early adoptersCompare actual experience against

plans per NIRI November 2007 studyElectronic survey of NIRI corporate and

Society for Corporate Secretaries and Governance Professionals members conducted in August 2008

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

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

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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?

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

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

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Savings?Savings?

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Savings vs. ExpectationsSavings vs. Expectations

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Savings Below ExpectationsSavings Below Expectations

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Savings by Model UsedSavings by Model Used

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Print SavingsPrint Savings

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

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

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

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

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

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

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Suggested ImprovementsSuggested 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