On April 10, 2007, the Treasury Department and the Internal Revenue Service released
final regulations providing additional guidance on deferred compensation arrangements under
Internal Revenue Code (the “Code”) Section 409A. These long-awaited final regulations take
effect as of January 1, 2008, but may be relied upon prior to that date and allow those affected by
the statute to take steps to ensure that outstanding compensatory arrangements having deferred
compensation implications comply with Section 409A before the compliance transition period
ends on December 31, 2007.