S-K 404(b) has been rewritten

• Per SEC Release 33-8732  2006
• Will now require disclosure about policies and procedures
  for the review, approval, or ratification of
  any transaction required to be reported under S-K 404(a)

Must disclose material features of
policies and procedures

• Types of transactions that are covered
• Standards to be applied
• Persons responsible for applying the policies
• Whether the policies are written and,
  if not, how they are evidenced

Must identify exceptions

• Transactions subject to S-K 404(a)
  but not covered by the companys policies or procedures
• Transactions where policies and procedures
  were not followed

Interplay with S-K 402

• Final release commentary  33-8732 §II.C.7

S-K Item 404 Interpretations

• General 404(b) Interpretations
• Specific 404(b) Interpretations

• Last updated 8.08.07
• Replace prior S-K 404 interpretations in July 1997 Manual of Publicly Available Telephone Interpretations and its March 1999 supplement
• See S-K 404 Interpretations

Law Firm Commentary

• Perkins Coie reference chart  3.20.07

10-K

Form 10

S-1  Item 11(l)  as to (e)(4)

S-3

S-4  Item 18(a)(7)(ii)

S-11

Final release 33-8732  Aug 2006

• Final release commentary Rel 33-8732 V.B

Proposal release 33-8655  Jan 2006

2008

Dow Component Companies

• General Electric  3.03.08
• United Technologies  2.22.08

Other Select Companies

• Goldman Sachs  3.07.08
• Wachovia  3.10.08

2007

Dow Component Companies

Other Select Companies

Executive Compensation Disclosure