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COMPENSATION IN CONTEXT

2014 SAY-ON-PAY VOTING RESULTS

June 23, 2014

So far this proxy season, 2,602 companies have held Say on Pay votes. Of the 2,602 companies, 49 companies failed their Say on Pay with an average 60% "Against" vote, 73% of companies received greater than 90% "For" vote, and the average "For", "Against" and "Abstain" votes among all companies was 90.5%, 8.0% and 1.5% respectively. The results, broken down by Revenue, Market Cap and Industry are summarized below.

Of the 49 companies that failed their Say on Pay vote this year, 14 failed votes in previous years, 35 had 1 year total shareholder returns of over 10%, and 15 companies received 90% "For" votes in 2013. A full list of companies that failed Say on Pay in 2014 thus far can be viewed below.

Since 2011 (when Say on Pay became mandatory), the reasons for companies failing Say on Pay have remained much the same, with Problematic Pay Practices, Pay and Performance, and Rigor of Performance Goals being the most problematic issues.

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