Forum Report   Information to be Provided in Compensation Survey Report   Discussions with Forum participants of recent news developments, including particularly the coincidental reports of unexpectedly large compensation commitments to the terminated executives of two companies and an SEC decision to modify a rule for reporting options, have led to plans for an additional project: specifying the information to be included in an annual survey report of executive compensation. Our objective is to decide what information the Forum should include in a definitive report of corporate compensation commitments to top executives, considering both what is relevant to decision-makers and what is either available in SEC filings or reasonable for companies to provide.  The resulting report should serve all segments of the marketplace: ►    Investors will have access to a reliable, cost-efficient source of whatever compensation information they need for capital allocation and voting decisions. ►    Corporate managers will have a similarly reliable source of the information they need to consider in their policy decisions. ►    Professionals will have a source of standard, properly defined metrics on which to base academic or commercial research. This new project will of course require our attention to compensation issues beyond the scope of options, but it should fit well with the four projects established at the December open meeting.  Developing specifications for a report of decision-making information may in fact provide a common focus for all of the other projects.  To whatever extent the projects are coordinated, we expect to follow the original Forum program schedule to present preliminary recommendations of information specifications for review at the Forum’s second open meeting in mid-February, and the final recommendations will be included in the Forum’s Advisory Panel report due in March. Please let me know if you have any questions or comments.  Suggestions will be welcomed from anyone interested in helping us define the information required for more effective marketplace decisions.              GL – 1/8/07   Gary Lutin Lutin & Company 575 Madison Avenue, 10th Floor New York, New York 10022 Tel: 212-605-0335 Fax: 212-605-0325 Email: gl@shareholderforum.com