Current Events Discussion Slide Deck Presentation

1. Perspectives on SEC and FASB Leadership and Agendas

3. Climate change

4. Combating rising unemployment

5. Rising Federal deficit and effectiveness of the stimulus bill

8. Seeking to strengthen standards governing broker-dealers and investment advisers

9. Enhancing disclosures provided to investors

10. Streamlining enforcement procedures and focusing on cases that will have the greatest impact

11. Revamping the system for handling the approximately one million tips and complaints we receive annually

12. Improving our risk assessment capabilities

13. Bolstering our internal training; and

14. Bringing on new leadership and new skill sets throughout the agency–Mary Schapiro, SEC Chairman July 16, 2009

15. Key SEC Agenda Items Reinvigorating SEC Enforcement Strengthening Examination and Oversight Improving Transparency and Investor Protection Combating Abusive Short-Selling Enhancing regulation of Credit Rating Agencies Strengthening Shareholder Rights Improving Money Market and Mutual Fund Regulation Filling Regulatory Gaps/Legislative Reforms Securing appropriate SEC Resources

16. Recent SEC Proposed Rules Facilitating Shareholder Director Nominations (6/11/2009) Shareholder Approval of Executive Compensation of TARP Recipients (7/1/2009) Political Contributions by certain Investment Advisors (“Pay to Play” restrictions”) (7/22/2009) Proxy Disclosure & Solicitation Enhancements (7/10/2009) NYSE proposal for discretionary proxy voting by broker/dealers - Approved

17. Proxy Disclosure and Solicitation Enhancement Proposal Areas Compensation Disclosure & Analysis Summary Compensation Table Enhanced Director & Nominee Disclosure Disclosures on Company Leadership Structure and Board’s Role in Risk Management New disclosures for compensation consultants Report voting results on Form 8-K Proxy Solicitation process

18. Trends in SEC comment letters

19. Staff focus is on market conditions The SEC staff is focused on the adequacy of disclosures related to the impact of current market conditions, including disclosures of: The impact of market events Updated and/or new risk factors The risks that compensation plans encourage executives to take Consider the impacts on: Customers Consumers Suppliers Creditors Financing sources Counterparties Capital spending/business development

20. SEC comment letter trends are impacted by the economy Management’s Discussion & Analysis Liquidity and capital resources Debt covenant compliance Segment reporting Restructuring/impairments Pensions Income taxes Executive compensation Litigation contingencies Non-GAAP measures

21. Comment letter trends: MD&A Increased transparency, more in-depth analysis, and plain English: Executive overview Quantify significant reasons underlying variances Discuss critical accounting estimates Judgments, estimates, variables, sensitivities Fair value estimates (impact of credit risk) Discuss trends, which may have a material impact on future operating results and liquidity Focus on liquidity Disclose items that impact the availability of credit Compliance with covenants Likelihood of covenant defaults Tabular presentation of financial covenants versus actual ratios Counterparty risks

23. Does the current environment impact analysis of economic similarities

24. Information provided to CODM but “not used”

25. Disclosures deemed sufficient because they are consistent with competitors

26. Assertions of only “one segment”

27. The Staff oftentimes will request a copy of the CODM package

28. They will also review press releases/website/analyst calls

31. Specific quantitative performance targets

32. Disclosure peer group used for benchmarking

33. Describe respective roles and responsibilities of the CEO, compensation consultants and the compensation committee in the decision making process

35. New areas

36. Operational aspects

37. Disclosure of risks and uncertainties