Tuesday, January 29, 2008

Merrill Corporation Announces “Notice and Access” Survey Findings
Majority of Respondents Plan to Continue with “Full Set” for 2008 Season

St. Paul, Minn. ­— Merrill Corporation, a leading global provider of technology-enabled services for the legal, financial, real estate and other corporate markets, today announced the results of a national client survey regarding the adoption of the “notice and access” proxy distribution model. The results of the survey, conducted by Merrill’s Transaction and Compliance Services business, found that a majority of respondents plan to deliver a “full set” of proxy materials for the upcoming proxy season.

In 2007, the Securities and Exchange Commission (SEC) adopted the “notice and access” (or e-proxy) model, a new mandate that requires companies to furnish proxy materials to shareholders by posting them on a Web site, as well as notifying shareholders of the availability of electronic proxy materials. The new ruling allows companies to select among three delivery options: “notice only,” “full set delivery” and “stratified.” For detailed discussion of these options, consult Merrill’s white paper, “Notice and Access Compliance Guidebook: Considering the Alternatives and Choosing the Right Path,” at www.merrillcorp-financial.com/na2

In an effort to gauge corporate participation in the first year of implementation of “notice and access,” Merrill consulted with corporate issuers of all sizes including many corporations that fall into the SEC’s category of “large accelerated filers,” a segment of its client base that has been mandated to comply with the new rule effective January 1, 2008. Of the 318 large accelerated filers that were contacted for the survey, 261 (82 percent) provided responses. Among the respondents, 75 percent indicated that they would continue to deliver a “full set” for the 2008 proxy season, with a phased transition in the future to the “notice only” approach. Twenty-five percent of the survey participants planned to distribute the “notice only” or implement a “stratified” approach.

While the majority of the results were drawn from a population of large accelerated filers, Merrill also consulted with its client and prospect base, observing a similar reaction across other categories of companies. Among the “full set” respondents, many companies want to see the results from voluntary electronic election and learn from the experiences of early adopters before going more fully electronic.

There are a number of factors influencing how a corporation chooses to comply with the SEC’s “notice and access” rule. Merrill’s complimentary “Notice and Access Compliance Guidebook” white paper provides a framework to assist companies in determining the approach that best meets its needs.

About Merrill Corporation

Founded in 1968 and headquartered in St. Paul, Minn., Merrill Corporation (www.merrillcorp.com) is a leading provider of outsourcing solutions for complex business communication and information management. Merrill’s services include document and data management, litigation support, branded communication programs, fulfillment, imaging and printing. Merrill’s target markets include the financial services, insurance, real estate and legal industries. With more than 6,300 people in over 70 domestic and 15 international locations, Merrill empowers the communications of the world’s leading companies.

About Transaction & Compliance Services

Through a broad range of tools and services, Merrill Corporation streamlines document composition, filing, printing, distribution and electronic access services to support the transaction and regulatory compliance activities of our clients such as securities offerings, reorganizations, mergers and acquisitions, Securities and Exchange Commission filings and other regulatory filings. Merrill is a registered, third-party service provider that offers public companies expert EDGARization and XBRL filing services. We compose, edit, electronically file, manage and distribute data in printed or electronic format. Merrill DataSite™ is an online virtual deal room (VDR) solution that eliminates the need for paper data rooms. DataSite is accessible from any Web browser and offers electronic document integration, robust audits and enhanced reporting, dedicated professional service 24/7/365 and rapid implementation of the deal room within 72 hours.

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