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Shearman & Sterling LLP 73 | Director Independence 7 3 67 18 3 1 1 Number of Non-Independent Directors One non-independent board director Two non-independent board directors* Three non-independent board directors Four non-independent board directors Five non-independent board directors Six non-independent board directors Eight non-independent board directors *Includes one company with co-CEOs serving as two of three non-independent directors. of the directors on the boards of the Top 100 Companies. Independent directors constituted of the Top 100 Companies have boards composed of 75% or more independent directors of the Top 100 Companies have members of management (other than the CEO) who are not independent an average of 89 19 3 86% Data Director Independence Over the last 10 years, the number of companies at which the CEO is the only non- independent director has increased significantly—67% of the Top 100 Companies have only one non-independent director. of the Top 100 Companies have directors who are not part of management who are not independent