Corporate Governance

35 Survey Methodology For the purposes of this survey, we reviewed the corporate governance practices of the 100 largest U.S. companies (as ranked in Fortune magazine's FORTUNE 500® list, by revenue, for the most recently ended fiscal year) that have equity securities listed on the NYSE or Nasdaq.* We reviewed the most recently available Annual Reports on Form 10-K, annual proxy statements and corporate website information available as of June 15, 2004 for the following companies listed in descending order according to revenue: Time Warner Inc. The Procter & Gamble Co. Costco Wholesale Corporation Johnson & Johnson Dell, Inc. Sears, Roebuck and Co. SBC Communications Inc. Valero Energy Corporation Marathon Oil Corporation MetLife, Inc. Safeway Inc. Albertson's, Inc. Morgan Stanley AT&T Corp. MedCo Health Solutions, Inc. United Parcel Service, Inc. J.C. Penney Corporation, Inc. The Dow Chemical Company Walgreen Co. Microsoft Corporation The Allstate Corporation Lockheed Martin Corporation Wells Fargo & Company Lowe's Companies, Inc. United Technologies Corporation Archer-Daniels-Midland Company Intel Corporation UnitedHealth Group Incorporated Northrop Grumman Corporation Delphi Corporation Prudential Financial, Inc. Merrill Lynch & Co., Inc. E.I. du Pont de Nemours and Company The Walt Disney Company Motorola, Inc. PepsiCo, Inc. CVS Corporation Viacom Inc. Sprint Corporation Sysco Corporation Kmart Holding Corporation American Express Company International Paper Company Tyson Foods, Inc. Wachovia Corporation The Goldman Sachs Group, Inc. Duke Energy Corporation Honeywell International Inc. Caterpillar Inc. Best Buy Co., Inc. Johnson Controls, Inc BellSouth Corporation Ingram Micro Inc. FEDEX Corporation Merck & Co., Inc. ConAgra Foods, Inc. HCA Inc. Alcoa Inc. Electronic Data Systems Corporation Bank One Corporation Comcast Holding Corporation The Coca-Cola Company Bristol-Myers Squibb Company Georgia-Pacific Corporation Weyerhaeuser Company Abbott Laboratories AutoNation, Inc. The Williams Companies, Inc. Supervalu Inc. Cisco Systems, Inc. CIGNA Corporation The Hartford Financial Services Group, Inc. Washington Mutual, Inc. Sara Lee Corporation 3M Company Wal-Mart Stores, Inc. Exxon Mobil Corporation General Motors Corporation Ford Motor Company General Electric Company ChevronTexaco Corporation ConocoPhillips Citigroup Inc. International Business Machines Corporation American International Group, Inc. Hewlett-Packard Company Verizon Communications Inc. The Home Depot, Inc. Berkshire Hathaway Inc. Altria Group, Inc. McKesson Corporation Cardinal Health, Inc. The Kroger Company Federal National Mortgage Association The Boeing Company AmerisourceBergen Corporation Target Corporation Bank of America Corporation Pfizer Inc. J.P. Morgan Chase & Co. * Consequently, the practices of State Farm Mutual Automobile Insurance Company, Teachers Insurance and Annuity Association-College Retirement Activities Fund, New York Life Insurance Company and Massachusetts Mutual Life Insurance Company were not examined. In addition, Wellpoint Health Networks Inc. has indicated that it will not file an annual proxy statement in 2004 as a result of its pending acquisition by Anthem, Inc., and, as a result, its practices were not examined.

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