| Copyright 20121 Broadridge and the Broadridge logo are registered trademarks of Broadridge Financial Solutions, Inc.Broa...
| Copyright 20122
Overview
68.35%
78.70%
84.91%
31.8% 29.9%
31.01%
28.0%
70.66%
67.17%
18.12%
Scope of Analysis:
 Broadri...
| Copyright 20123
Distribution and Voting Rates for Notice and Non-Notice Adopters
Based on Retail Positions and Shares
14...
| Copyright 20124
35.3% 36.0%
31.8%
38.1% 37.4%
40.2%
30.1%
23.7% 22.5%
21.9% 21.7% 21.7%
14.5% 15.3%
18.1% 18.2%
19.9% 21...
| Copyright 20125
Notice & Access - Issuer Adoption Trends and Estimated Annual Savings
68.35%
78.70%
84.91%
31.8% 29.9%
3...
| Copyright 20126
Retail Proxy Distribution by Delivery Method & Distribution Type
Notice and Access Jobs vs. Non-N&A Jobs...
| Copyright 20127
Retail Proxy Voting by Delivery Method & Distribution Type
Notice and Access Jobs vs. Non-N&A Jobs – Bas...
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Retail Proxy Voting by Delivery Method & Distribution Type
Notice and Access Jobs vs. Non-N&A Jobs – Bas...
| Copyright 20129
N&A Full Package Metrics by Type of Full Set Distribution
Distribution and Voting Based on Retail Positi...
| Copyright 201210
Prior Consent Preferences for Full Sets of Proxy Material
2.5
3.5
4.2
4.7
4.9
5.1
-
1.0
2.0
3.0
4.0
5.0...
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Broadridge Analysis of Traditional and Notice & Access Issuers: N&A Adoption, Distribution and Voting

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Broadridge Analysis of Traditional and Notice & Access Issuers: N&A Adoption, Distribution and Voting

  1. 1. | Copyright 20121 Broadridge and the Broadridge logo are registered trademarks of Broadridge Financial Solutions, Inc.Broadridge and the Broadridge logo are registered trademarks of Broadridge Financial Solutions, Inc. Fiscal Year Ending June 30, 2013 Analysis of Traditional and Notice & Access Issuers Issuer Adoption, Distribution and Voting This document contains information confidential to Broadridge and is intended to be shared for informational purposes only. Distribution of this document, or any portion or reproduction thereof, to third parties is strictly prohibited without exception and is not authorized under any circumstances. Under no circumstances should any portion of this document be construed as legal, financial or other form of advice and no legal or business decision should be based on its content. October 15, 2013
  2. 2. | Copyright 20122 Overview 68.35% 78.70% 84.91% 31.8% 29.9% 31.01% 28.0% 70.66% 67.17% 18.12% Scope of Analysis:  Broadridge data for beneficial shareholder proxy distributions and retail voting for five fiscal years (i.e., 12-month periods ending June 30). Includes all U.S. distributions (“jobs”) processed by Broadridge for equity shareholder meetings -- excludes contests, ADRs, mutual funds, and Canadian issuers.  Estimated savings to issuers on printing and postage are based on NIRI’s biennial surveys of the median cost of printing an annual proxy package and actual USPS postage costs. Savings are net of incremental fees for N&A processing.  NIRI’s median cost per package for printing was $4.38 in FY08, $4.32 in FY09 and FY10 and $4.82 in FY11, FY12 and FY13. Postage costs per package were $1.58 in FY08 and FY09, $1.57 in FY10, $1.75 in FY11 and $1.83 in FY12 and FY13.  N&A usage stats and estimated annual savings are based on mailing dates. Voting data are based on meeting dates.  The analysis compares voting among issuer jobs that used N&A -- to issuer jobs that did not use N&A (“Non N&A”). The analysis compares voting for each of three methods of proxy material distribution (i.e.: e-delivery, mailed Notices, and full packages by mail). Definitions:  Retail Position - A beneficial equity record position -- excludes record positions for ProxyEdge, the Consolidated Data Feed, Financial Advisors, and Managed Accounts.  Retail Account – A beneficial equity account holding one or more retail positions.  Prior Consent Preference - An “account level” preference established by a retail shareholder to receive a full package of proxy material. These preferences are used in processing Notice and Access jobs.  Full Package – A complete set of proxy materials mailed under traditional delivery rules or, for N&A , by fulfillment, stratification or prior consent.  Full Package by Fulfillment – Shareholders who received a Notice and then requested a full set of proxy materials.  Full Package by Stratification - Shareholders who received full packages from issuers that chose to send full package materials to a subset of shareholders.
  3. 3. | Copyright 20123 Distribution and Voting Rates for Notice and Non-Notice Adopters Based on Retail Positions and Shares 140.7 145.8 151.9 142.5 139.8 143.5 202.5 211.8 233.0 205.9 200.0 178.3 - 50.0 100.0 150.0 200.0 250.0 FY'08 FY'09 FY'10 FY'11 FY'12 FY '13 Positions and Shares Distributed Positions Shares 17.6% 15.3% 15.4% 14.5% 13.9% 13.0% 31.9% 28.9% 27.0% 29.0% 28.8% 29.7% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 45.0% FY'08 FY'09 FY'10 FY'11 FY'12 FY '13 Positions and Shares Voted (All Jobs) % Positions Voted % Shares Voted (Positions in millions; Shares in billions)
  4. 4. | Copyright 20124 35.3% 36.0% 31.8% 38.1% 37.4% 40.2% 30.1% 23.7% 22.5% 21.9% 21.7% 21.7% 14.5% 15.3% 18.1% 18.2% 19.9% 21.4% 31.9% 28.9% 27.0% 29.0% 28.8% 29.7% 0% 10% 20% 30% 40% 50% FY'08 FY'09 FY'10 FY'11 FY'12 FY '13 Shares Voting % by Distribution Type (All Jobs) Full Packages E-Delivery Mailed Notices Total 48.7 42.6 41.4 38.2 35.8 31.2 12.5 12.3 14.4 13.6 13.3 12.4 3.4 6.3 7.0 7.9 8.6 9.2 0 10 20 30 40 50 60 70 FY'08 FY'09 FY'10 FY'11 FY'12 FY '13 # of Shares Voted by Distribution Type (All Jobs) (In billions) Full Packages E-Delivery Mailed Notices 64.6 61.2 62.8 59.7 57.7 52.8 18.6 15.5 15.4 12.8 11.9 10.6 4.8 5.0 5.7 5.5 5.4 5.5 1.4 1.9 2.2 2.3 2.2 2.5 0 5 10 15 20 25 30 FY'08 FY'09 FY'10 FY'11 FY'12 FY '13 # of Positions Voted by Distribution Type (In millions) Full Packages E-Delivery Mailed Notices 24.8 22.4 23.3 20.6 19.5 18.6 22.5% 24.8% 25.3% 26.9% 29.9% 29.8% 16.0% 13.7% 13.0% 11.6% 10.3% 9.6% 5.0% 4.0% 4.7% 4.8% 4.6% 4.9% 17.6% 15.4% 15.3% 14.5% 13.9% 13.0% 0% 5% 10% 15% 20% 25% 30% 35% FY'08 FY'09 FY'10 FY'11 FY'12 FY '13 % of Positions Voted by Distribution Type (All Jobs) Full Packages E-Delivery Mailed Notices Total Distribution and Voting Rates for Notice and Non-Notice Adopters Based on Retail Positions and Shares
  5. 5. | Copyright 20125 Notice & Access - Issuer Adoption Trends and Estimated Annual Savings 68.35% 78.70% 84.91% 31.8% 29.9% 31.01% 70.66% 67.17% 18.12% 653 1,363 1,601 1,673 1,813 1,904 9% 20% 23% 25% 29% 31% 0% 5% 10% 15% 20% 25% 30% 35% - 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2,200 FY'08 FY'09 FY'10 FY'11 FY'12 FY'13 # of Issuers Using N&A # of N&A Users % of N&A Users 30% 52% 53% 62% 70% 73% 0% 10% 20% 30% 40% 50% 60% 70% 80% FY'08 FY'09 FY'10 FY'11 FY'12 FY'13 Total N&A Street Positions as a % of Total Street Positions 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% <1,000 1,000 - 4,999 5,000 - 9,999 10,000 - 49,999 50,000 - 149,999 150,000 - 299,999 >300,000 Issuer Size Categories Based on Number of Individual Issuer Position % of N&A Issuers Based on Distribution Size FY'09 FY'10 FY'11 FY'12 FY'13 $152 $245 $238 $272 $282 $297 $5.96 $5.90 $5.89 $6.57 $6.65 $6.65 $5.00 $5.50 $6.00 $6.50 $7.00 $7.50 $- $50 $100 $150 $200 $250 $300 FY'08 FY'09 FY'10 FY'11 FY'12 FY ' 13 P a c k a g e U n i t C o s t I s s u e r S a v i n g s ( m ) Issuer Savings on Printing & Postage - Net of Fees (Annual savings in millions) Savings Unit Cost of Printing & Postage
  6. 6. | Copyright 20126 Retail Proxy Distribution by Delivery Method & Distribution Type Notice and Access Jobs vs. Non-N&A Jobs – Based on Positions 68.35% 78.70% 84.91% 31.8% 29.9% 31.01% 28.0% 70.66% 67.17% 18.12% 5.5 10.6 11.3 12.1 13.6 12.7 8.6 18.7 22.7 29.4 36.5 41.8 28.1 47.0 47.2 47.4 47.7 50.9 0 20 40 60 80 100 120 FY'08 FY'09 FY'10 FY'11 FY'12 FY '13 # of Positions by Distribution Type (N&A Jobs) (In millions) Full Packages E-Delivery Mailed Notices 42.2 76.3 81.2 88.9 97.8 105.4 77.2 51.9 49.6 35.5 26.2 22.9 21.4 17.7 21.1 18.1 15.8 15.2 0 20 40 60 80 100 120 FY'08 FY'09 FY'10 FY'11 FY'12 FY '13 # of Positions by Distribution Type (Non-N&A Jobs) (in millions) Full Packages E-Delivery 98.6 69.6 70.7 53.6 42.0 38.1 13.0% 13.9% 13.9% 13.6% 13.9% 12.1% 20.4% 24.5% 28.0% 33.1% 37.3% 39.7% 66.6% 61.6% 58.1% 53.3% 48.8% 48.2% 0% 10% 20% 30% 40% 50% 60% 70% FY'08 FY'09 FY'10 FY'11 FY'12 FY '13 % of Positions by Distribution Type (N&A Jobs) Full Packages E-Delivery Mailed Notices 78.3% 74.6% 70.2% 66.2% 62.4% 60.1% 21.7% 25.4% 29.8% 33.8% 37.6% 39.9% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% FY'08 FY'09 FY'10 FY'11 FY'12 FY '13 % of Positions by Distribution Type (Non-N&A Jobs) Full Packages E-Delivery
  7. 7. | Copyright 20127 Retail Proxy Voting by Delivery Method & Distribution Type Notice and Access Jobs vs. Non-N&A Jobs – Based on Positions 68.35% 78.70% 84.91% 31.8% 29.9% 31.01% 28.0% 70.66% 67.17% 18.12% 2.8 5.4 5.9 6.1 6.8 6.51.3 2.5 2.9 3.3 3.6 3.9 1.4 1.9 2.2 2.3 2.2 2.5 0 2 4 6 8 10 12 14 FY'08 FY'09 FY'10 FY'11 FY'12 FY '13 # of Positions Voted by Distribution Type (N&A Jobs) (In millions) Full Packages E-Delivery Mailed Notices 5.5 9.8 11.0 11.7 12.6 12.9 50.9% 51.2% 52.7% 50.7% 50.0% 50.7% 15.5% 13.1% 12.8% 11.4% 9.8% 9.4% 5.0% 4.0% 4.6% 4.8% 4.7% 4.9% 13.1% 12.8% 13.6% 13.1% 12.8% 12.2% 0% 10% 20% 30% 40% 50% 60% FY'08 FY'09 FY'10 FY'11 FY'12 FY '13 Position Voting % by Distribution Type (N&A Jobs) Full Packages E-Delivery Mailed Notices Total 15.8 10.1 9.5 6.7 5.1 4.1 3.5 2.5 2.8 2.2 1.8 1.6 0 5 10 15 20 25 FY'08 FY'09 FY'10 FY'11 FY'12 FY '13 # of Positions Voted by Distribution Type (Non-N&A Jobs) (In millions) Full Packages E-Delivery 19.3 12.6 12.3 8.9 6.9 5.7 20.5% 19.4% 19.2% 19.0% 19.4% 18.10% 16.2% 14.0% 13.3% 12.2% 11.1% 10.4% 19.5% 18.0% 17.4% 16.7% 16.3% 15.0% 0% 5% 10% 15% 20% 25% 30% 35% FY'08 FY'09 FY'10 FY'11 FY'12 FY '13 Position Voting % by Distribution Type (Non-N&A Jobs) Full Packages E-Delivery Total
  8. 8. | Copyright 20128 Retail Proxy Voting by Delivery Method & Distribution Type Notice and Access Jobs vs. Non-N&A Jobs – Based on Shares 68.35% 78.70% 84.91% 31.8% 29.9% 31.01% 28.0% 70.66% 67.17% 18.12% 6.4 12.5 12.3 12.6 13.5 13.62.1 4.8 4.3 6.6 6.0 5.6 3.4 6.3 7.0 7.9 8.6 9.2 0 5 10 15 20 25 30 FY'08 FY'09 FY'10 FY'11 FY'12 FY ' 13 # of Shares Voted by Distribution Type (N&A Jobs) (In billions) Full Packages E-Delivery Mailed Notices 11.9 23.6 23.6 27.1 28.1 28.4 55.5% 51.2% 52.1% 42.1% 46.6% 45.21% 26.9% 22.8% 21.5% 20.7% 19.5% 18.06%14.5% 15.3% 18.1% 18.2% 19.9% 21.36% 27.8% 27.3% 28.7% 25.8% 27.3% 27.28% 0% 10% 20% 30% 40% 50% 60% FY'08 FY'09 FY'10 FY'11 FY'12 FY ' 13 Share Voting % by Distribution Type (N&A Jobs) Full Packages E-Delivery Mailed Notices Total 42.3 30.1 29.1 25.6 22.3 17.6 10.4 7.5 10.1 7.0 7.3 6.8 0 10 20 30 40 50 60 FY'08 FY'09 FY'10 FY'11 FY'12 FY'13 # of Shares Voted by Distribution Type (Non-N&A Jobs) (In billions) Full Packages E-Delivery 52.7 37.6 39.2 32.6 29.6 24.7 33.5% 32.0% 27.3% 36.4% 33.4% 37.02% 30.8% 24.4% 22.9% 23.1% 24.0% 26.0% 33.0% 30.1% 26.0% 32.4% 30.5% 33.2% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% FY'08 FY'09 FY'10 FY'11 FY'12 FY'13 Share Voting % by Distribution Type (Non-N&A Jobs) Full Packages E-Delivery Total
  9. 9. | Copyright 20129 N&A Full Package Metrics by Type of Full Set Distribution Distribution and Voting Based on Retail Positions and Shares 68.35% 78.70% 84.91% 31.8% 29.9% 31.01% 28.0% 70.66% 67.17% 18.12% 3.17 7.10 8.02 8.61 9.64 9.56 2.00 3.16 3.00 3.29 3.75 2.96 0.28 0.34 0.24 0.19 0.16 0.20 - 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 18.00 FY'08 FY'09 FY'10 FY'11 FY'12 FY '13 # of FP Positions Distributed By Type (in millions) FP by Prior Consent FP by Stratification FP by Fulfillment 5.5 10.6 11.3 12.1 13.6 12.7 5.06 11.01 11.24 11.85 12.98 13.52 6.01 12.56 12.08 17.44 15.45 15.42 0.38 0.90 0.36 0.55 0.67 0.56 FY'08 FY'09 FY'10 FY'11 FY'12 FY '13 # of FP Shares Distributed By Type (in billions) FP by Prior Consent FP by Stratification FP by Fulfillment 68.5% 64.2% 63.5% 60.7% 60.4% 59.4% 75.0% 70.6% 74.1% 73.7% 75.0% 70.0% 19.5% 19.9% 22.0% 20.1% 19.7% 21.2% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% FY'08 FY'09 FY'10 FY'11 FY'12 FY '13 % of Full Package Positions Voted By Type FP by Prior Consent FP by Fulfillment FP by Stratification 79.2% 73.9% 73.0% 68.4% 68.2% 66.7% 80.0% 82.5% 78.0% 85.5% 85.3% 89.3% 33.9% 29.1% 31.8% 22.9% 26.7% 26.4% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% 100.0% FY'08 FY'09 FY'10 FY'11 FY'12 FY '13 % of Full Package Shares Voted By Type FP by Prior Consent FP by Fulfillment FP by Stratification
  10. 10. | Copyright 201210 Prior Consent Preferences for Full Sets of Proxy Material 2.5 3.5 4.2 4.7 4.9 5.1 - 1.0 2.0 3.0 4.0 5.0 6.0 FY'08 FY'09 FY'10 FY'11 FY'12 FY '13 Retail Investor Preference for Full Package of Proxy Materials (in millions)

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