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Elliott Management Corp.

Elliott Management Corporation is a New York-based hedgefund manager founded by Paul Singer in 1977 that typicallyfocuses on distressed-related investments. Elliott invests inglobal debt and equity securities. Over the past few years,

Elliott has made a number of unsolicited buyout offers to

purchase undervalued companies in the technology sector.As of September 30, 2009, Elliott Management hadapproximately $1.3 billion in 91 U.S. public debt and equityinvestments.

Contact Information:712 Fifth Avenue, 36th floorNew York, NY 10019212 974 6000

Paul E. SingerFounder and CEO

Top Public Company Equity Investments (Holdings as of September 30, 2009)

Percent Over Value percentTicker Company name Shares held ownership last quarter Value of portfolio

WYE Wyeth 5,872,756 0.44% Increase $285,299,000 40.4%

SGP Schering Plough Corp 3,968,468 0.24% Increase 112,109,000 15.9%

EPIC Epicor Software Corp 8,735,000 14.33% - 55,467,000 7.9%

MSCS MSC Software 6,060,058 13.32% - 50,965,000 7.2%

ELGX Endologix Inc 5,680,325 12.95% Decrease 35,048,000 5.0%

L Loews Corp 1,000,000 0.23% - 34,250,000 4.9%

RTH Retail HOLDRs Trust 299,300 0.00% New 26,249,000 3.7%

CCL Carnival Corp 550,000 0.09% New 18,304,000 2.6%

HK Petrohawk Energy Corp 738,000 0.27% New 17,867,000 2.5%

FDML Federal-Mogul Corp 967,820 0.97% Decrease 11,653,000 1.7%

RVBD Riverbed Technology, Inc. 500,000 0.73% New 10,970,000 1.6%

ABX Barrick Gold Corp 210,900 0.03% New 7,993,000 1.1%

MENT Mentor Graphics Corp 850,600 0.90% New 7,893,000 1.1%

GMO General Moly Inc 2,462,031 3.42% Decrease 7,755,000 1.1%

CPWR Compuware Corporation 1,006,836 0.42% Increase 7,370,000 1.0%

BWP Boardwalk Pipeline Partners 175,000 0.10% - 4,344,000 0.6%

FRG Fronteer Development Group Inc 775,000 1.29% Decrease 3,345,000 0.5%

BDSI Biodelivery Sciences International Inc 198,400 1.03% Decrease 952,000 0.1%

FBC Flagstar Bancorp Inc 550,000 0.61% Decrease 567,000 0.1%

PMU Pacific Rim Mining Corp 1,708,185 2.10% - 512,000 0.1%

AVII AVI Biopharma Inc 50,000 0.06% New 85,000 0.0%

Source: EDGAR Total Portfolio Value $698,997,000

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Recent Activist Situations

Company Date Situation/Demand Outcome

Endologix Inc. (ELGX)

Epicor SoftwareCorporation (EPIC)

MSC Software Corp (nolonger traded)

Packeteer Inc. (no

longer traded)

Bioenvision, Inc. (nolonger traded)

Elliott sent a letter to Endologixexpressing their interest in purchasingthe company for $2.25/share in cash.On October 15th Endologix announcedthey had received the letter and are

examining the proposal with theirfinancial advisers (10/08).

Elliott sent a letter to EPIC expressingtheir views that now is the time to begina process to sell the business (8/08)and followed up with a letter expressinginterest in purchasing the company for$9.50/share in cash (10/09).

Elliott announced they were taking theiroffer to purchase Epicor for $9.50/sharedirectly to shareholders via a hostiletender offer after the board rejectedinitial overtures (10/08). Tender offerwas later reduced to $7.50/sh and thenwithdrawn (11/08).

Elliott announced they communicated toMSCS their belief that the companyshould consider exploring strategicalternatives, including a sale (5/08).

Elliott communicated its belief that

Packeteer should pursue the sale of thecompany (5/07). Elliott announced anunsolicited acquisition proposal topurchase Packeteer for $5.50/sh(3/08).

Elliott sent a letter to the boardexpressing their extremedissatisfaction with the recentlyannounced proposed merger withGenzyme Corp for $5.60/sh and plansto vote against it. Elliott states thetransaction was the result of a hurriedand flawed sale process, apparentconflicts of interest on the part of theboard, and a miscalculation by thecompany (9/07).

Endologix board rejected Elliotts $2.25/sh offer(11/08).

Endologix entered into an Agreement with Elliottenabling them to purchase more than 15 percent of

the Companys stock (but no more than 20 percent)without being bound by the restrictions on businesscombinations set forth in Section 203 of theDelaware General Corporation Law (5/09).

Settlement agreement (2/09); Epicor agreed toexpand the board from 5 to 7 members and add twoindividuals recommended by Elliott. Elliott agreedthat it would be permitted to acquire in aggregate upto 14.99 percent of Epicors stock and up to $100million principal amount of Epicors convertiblesenior notes due 2027.

MSC agreed to be acquired for $7.63/sh bySymphony Technology Group, a 13 percent premiumover prior day (7/08). Elliott announced it wouldprovide debt and equity financing to help finance thetransaction and agreed to vote in favor of deal. MSCreceived competing bids and ultimately Symphonypaid $8.40/sh (10/09).

Packeteer announced an agreement to be purchased

by Blue Coat Systems for $7.10/sh (4/08). The $268million purchase will be financed by cash and $80million in convertible notes issued to private equityfirm Francisco Partners and Elliott Associates.

Shareholders voted in favor of merger (11/07).

2008-2009

2008-2009

2008-2009

2007-2008

2007

ww w.conference -board.org The Shareholder Activi sm Report 185

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Documents available online at the Shareholder Activism Resource Portal

Company Form Date Situation overview

Endologix Inc.

Epicor SoftwareCorporation

Packeteer Inc.

May 28, 2009

October 15, 2008

March 5, 2008

Waiver agreement enabling Elliott to purchase more than 15 percent ofEndologix stock, but no more than 20 percent, without being bound bythe restrictions on business combinations set forth in Delaware GeneralCorporation Law.

Details Elliotts tender offer to buy Epicor.

Elliott offering an unsolicited acquisition proposal to purchase Packeteerfor $5.50/sh.

Agreement

Offer toPurchase

Letter

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