Day 90 M&A Integration Review

Methodology

Post Acquisition Review Questions Centered on Broad “Newco” Topics

• Do you think we are successfully executing on the new vision and values?
• Are the structure and cost recommendations for your area right? What work remains to  get the new Acquirer organization optimized?
• Have we done a good job of choosing the “right way” where it made the most sense?
• Where do we still have challenges and opportunities?

Interviews

• All original Team Leads and SC members were interviewed
• Questions were sent in advance so people could prepare
• Answers were aggregated and kept anonymous
• Output was organized by topic into recap slides for each question

Common Themes

Everyone still very positive, and very complimentary of the IMO process and SC  leadership to date

• There is still much work to do on delivering on “simplicity” but think overall we are driving the new vision home
• Anxious about work involved with divestitures
• Integration pace was brisk but helped people stay on task
• Corporate functions at capacity
• Good so far but ability to pull off systems conversions and continued process optimization will determine ultimate integration success
• Differences between the 2 organizations are becoming more clear (e.g. decision making  styles)
• People realize there’s “more work to do than we’ve done” and are challenging non-  essential work given bandwidth concerns and resource limitations
• Positives in terms of what we have accomplished outweigh the negatives
• People see a lot of change and are wondering if we need more formal change  management programs
• Leads want to see this output and understand SC’s reaction and next steps

Going Well and Not Going Well per Responses to Each Question ...