List of tables and figures Figure 1: Value creation life cycle and value quadrant performance metrics........................................................................ 11 Figure 2: Value creation life cycle........................................................................................................................................... 11 Figure 3: Value quadrant performance metrics ..................................................................................................................... 12 Figure 4: Value quadrant four – 32 sample companies with detailed performance metrics .................................................

16 Figure 5: Value quadrant two – 32 sample companies with detailed performance metrics ................................................. 18 Figure 6: Value quadrant one – 32 sample companies with detailed performance metrics ................................................. 20 Figure 7: Value quadrant three – 32 sample companies with detailed performance metrics ...............................................

23 Figure 8: Value quadrant summary 32 companies – performance, LTIP design, Say-on-Pay voting ..................................... 24 Figure 9: S&P 1500 five-year cumulative economic profit versus five-year relative TSR (period: 2008 – 2012) ................... 26 The Alignment Gap Between Say on Pay Voting and Creating Value Page 32 .