The Directors & Boards survey: mergers & acquisitions 2009.

Methodology

This Directors & Boards survey was conducted in June 2009 via the web, with an email invitation to participate. The invitation was emailed to the recipients of Directors & Boards' monthly e-Briefing. A total of 372 usable surveys were completed.

About the respondents (Multiple responses allowed) A director of a publicly held company 34.6% A director of a privately held company 44.9% A director of a non-profit entity 40.5% A senior level executive (CEO, CFO, CxO) of a publicly 6.5% held company A senior level executive (CEO, CFO, CxO) of a privately 25.9% held company Institutional shareholder 5.9% Other shareholder 18.4% Academic 10.3% Auditor, consultant, board advisor 14.1% Attorney 14.1% Investor relations professional/officer 3.2% Other 7.6% (Other responses include: Head of executive compensation, retired public company director, retired public company CEO.) Revenues (For the primary company of the respondent) Average revenues: $2.056 billion Less than $250 million 50.5% $251 million-$500 million 8.7% $501 million to $999 million 9.2% $1 billion to $10 billion 25.5% More than $10 billion 6.0% Board Service (Average number of boards respondents serve) Public 1.25 Private 1.75 Charitable 1.58 Respondents' Age Average Age: 56.7 21-29 1.6% 30-39 6.6% 40-49 15.8% 50-59 35.0% 60-69 30.6% 70+ 10.4% Note: Table made from bar graph. [GRAPHIC OMITTED]

M&A and the Economy In your opinion, how will economic conditions look by the end of this year? The economy will continue to be in recession 23.0% The economic recession will bottom out, but the economy will be 49.4% flat for 2010 The economy will begin to rebound by the end of the year, and 25.9% 2010 will be a year of economic growth. Other 1.7% How will the economy affect M&A activity for the remainder of 2009 and into 2010? (Multiple responses allowed) It will reduce M&A activity generally 39.4% It will increase M&A activity generally 35.4% It will reduce private equity participation in M&A 31.4% It will benefit strategic and cash/stock M&A activity 46.9% It will have little or no effect on M&A activity 4.6% Other 0.6% Compared to 2008, please predict how M&A transactions will look in your primary company's industry by the end of 2009? Significantly more 10.3% Slightly more 31.0% About the same 17.8% Slightly less 17.8% Significantly less 21.8% Other 1.1% Note: Table made from bar graph. [GRAPHIC OMITTED]

Your Company's Recent M&A Experience Has your primary company engaged in M&A...