Why should I use exit select?

Here are a couple of questions I gathered regarding exit select...

1. Is there any reason for using exit select in VB.NET?
2. Does the reason have anything to do with performance?
3. Is the exit select equal to break;?

Example 1

Select case Name
case "Mary"
'...
case "John"
'...
case else

end select

Example 2

Select case Name
case "Mary"
'...
exit select

case "John"
'...
exit select

case else

end select