M&A Presentation to VISTAGE CEO Group

1. Banks are more closely scrutinizing loan covenants and company performance, which may lead to requests to move loans or declare defaults. 2. Access to capital remains challenging for many companies as banks have tightened lending standards in the wake of the financial crisis. 3. Strategic acquirers have an advantage over financial buyers in today's environment since they are less dependent on debt markets that are still recovering.