Forty-Seven Percent Report Activist Investor Ownership in NIRI's First Activist Investor Survey

Business Wire, August 27, 2007

Investor Relations Officers Play Unique Role as Key Strategist in Developing Response

VIENNA, Va. -- According to survey results released today by the National Investor Relations Institute (NIRI), activist investors represent a significant presence in today's shareholder landscape often making considerable demands of public companies, and corporate Investor Relations Officers (IROs) play a critical role in assisting management and the board of directors in developing an effective response.

NIRI recently conducted its first survey of corporate members concerning activist investors in order to gain a better understanding of emerging trends in shareholder activism. The study's objective was to better understand how pervasive shareholder activism has become within NIRI member companies, recognize the tactics most commonly used by activists, and identify practices that can be utilized by IROs to help them in working with their management, boards and outside advisors to present an effective response.

NIRI Chairman Matthew Stroud, Vice President, Investor Relations of Darden Restaurants said, "The increasing role activist investors play in today's market is clearly an issue facing our members. The recommendations and best practices released today in our Activist Investor Survey Executive Alert help our members better understand and respond to activist tactics. The survey responses confirm that IROs, often the first point of contact with activist investors, can play a pivotal role in assisting management and the board to craft an effective response strategy to activist investor overtures."

The survey sheds light on the process by which activists and companies typically engage, and highlights the most common outcomes of activist campaigns. Among the key findings:

* With 47% of respondents reporting that an activist investor has owned their company's stock, activists represent a significant presence within today's institutional investor mix, whose involvement in a company often lasts longer than one year.

* Activists often make considerable demands of management and the board, and companies often accede to at least some of those demands.

* IROs are typically the first point of contact between an activist investor and the company, and thus can play a unique role as an "early warning" sentinel and key strategist in helping senior management and the board develop an effective response.

* The outcome of many activist situations remains undetermined, as respondents report that the activist remains an investor and the process is ongoing.

* Companies that have been targeted by activist shareholders must be careful to also maintain open lines of communication with all other investors as well.

Members of the press may obtain today's NIRI Executive Alert titled, "NIRI Activist Investor Survey - Engage for Success," and full survey results by contacting Matt Brusch at (703) 506-3574, or mbrusch@niri.org.

About the Survey

This electronic survey, conducted in July 2007, was sent to 2,310 NIRI corporate members. A total of 465 members (20%) responded to the survey representing a wide array of industries. NIRI also spoke with several respondents in order to gather additional perspectives and opinions.

About NIRI

NIRI is the professional association of corporate officers and investor relations consultants responsible for communications among corporate management, shareholders, securities analysts and other financial publics. NIRI's 4,400 members represent over 2,100 publicly held companies in the United States. For more information on NIRI, please visit www.niri.org.