1. Chhaochharia-Grinstein (2004): Corporate Boards 1997-2003 n Table 1, Panels A and B n Percentage of Board Consisting of Independent Directors n Median % increases for all companies during 1997-2003. n Majority Independent % increases for all companies during 1997-2003. n Median % increases for S&P500 companies during 1997-2003. n Majority Independent % increases for S&P500 companies during 1997- 2003. n Median % increases for MidCap companies during 1997-2003. n Majority Independent % increases for MidCap companies during 1997- 2003. n Median % increases for SmallCap companies during 1997-2003. n Majority Independent % increases for SmallCap companies during 1997- 2003.

2. Chhaochharia-Grinstein (2004): Corporate Boards 1997-2003 n Table 1, Panel C n Percentage of Board Consisting of Independent Directors n Median % increases for New Economy companies during 1997-2003. n Majority Independent % increases for New Economy companies during 1997-2003. n Median % increases for Old Economy companies during 1997-2003. n Majority Independent % increases for Old Economy companies during 1997-2003.

3. Chhaochharia-Grinstein (2004): Corporate Boards 1997-2003 n Table 1, Panel E n Percentage of Companies with Independent Committees n Increase in % of companies with independent audit committees during 1998-2003. n Increase in % of companies with independent nominating committees during 1998-2003. n Increase in % of companies with independent compensation committees during 1998-2003. n Increase in % of companies with independent nominating committees during 1998-2003 most significant, especially during 2000-2003.

4. Chhaochharia-Grinstein (2004): Corporate Boards 1997-2003 n Table 4, Panel A n New directors are most likely to be independent. Table 5: Directors’ Stock Holdings (Does not include stock option holdings.) n Panel D: Dollar value of holdings of median independent directors is quite comparable for S&P500, MidCap and SmallCap firms. n Table 11, Panels A and B n Percentage of companies where CEO is also chairman is decreasing during 1997-2003. n Table 12, Panels A and B n Percentage of companies where CEO is on the nominating committee is decreasing during 1997-2003. Most of the decrease occurred during 2000- 2003.