With the seemingly imminent approval of new US financial regulations “Say on Pay” has become a hot topic in boardrooms, executive compensation departments, investor relations and the media. This presentation looks at Say on Pay from the approach of: “What has really happened when and where it has been implemented?” Are the theoretical dangers seen in fact or perhaps just hyperbolic? Evidence seems to show that compensation levels and frequency are not impacted at companies with good pay practices. The only wide-spread effect is the growth in performance-based compensation instruments. Professionals in countries where Say on Pay is mandated state that pay discussions have become more thoughtful from both the side of the company and the side of the investor. Perhaps our concerns on this issue are driven more by the unknown that the truth.

1. Say on Pay The real impact of shareholders, regulators, and governments on Executive Compensation September 23, 2009 UPDATED: May 21, 2010 Dan Walter, CEP President and CEO, Performensation info@performensation.com | www.performensation.com | 877-803-9255, ext 700

13. Thank You Dan Walter, CEP President and CEO Performensation 917-734-4649 [email_address] www.performensation.com www.equitycompensationexperts.groupsite.com info@performensation.com | www.performensation.com | 877-803-9255, ext 700