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Elliott Management Corp.

Elliott Management Corporation is a New York-based hedge
fund manager founded by Paul Singer in 1977 that typically
focuses on distressed-related investments. Elliott invests in
global debt and equity securities. Over the past few years,
Elliott has made a number of unsolicited buyout offers to

Contact Information:
712 Fifth Avenue, 36th floor
New York, NY 10019
212 974 6000

purchase undervalued companies in the technology sector.

As of September 30, 2009, Elliott Management had
approximately $1.3 billion in 91 U.S. public debt and equity
investments.

Paul E. Singer
Founder and CEO

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

Shares held

Percent
ownership

Over
last quarter

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%

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%

Ticker

Company name

WYE

Source: EDGAR

Total Portfolio Value

Value

$698,997,000

Value percent
of portfolio

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T h e Sh a r e h ol de r A ct i vi s m R e p o rt

185

Recent Activist Situations

Company

Date

Situation/Demand

Outcome

Endologix Inc. (ELGX)

2008-2009

Elliott sent a letter to Endologix

expressing their interest in purchasing
the company for $2.25/share in cash.
On October 15th Endologix announced
they had received the letter and are
examining the proposal with their
financial advisers (10/08).

Endologix board rejected Elliotts $2.25/sh offer

(11/08).

Epicor Software
Corporation (EPIC)

2008-2009

Elliott sent a letter to EPIC expressing

their views that now is the time to begin
a process to sell the business (8/08)
and followed up with a letter expressing
interest in purchasing the company for
$9.50/share in cash (10/09).

Endologix entered into an Agreement with Elliott

enabling them to purchase more than 15 percent of
the Companys stock (but no more than 20 percent)
without being bound by the restrictions on business
combinations set forth in Section 203 of the
Delaware General Corporation Law (5/09).
Settlement agreement (2/09); Epicor agreed to
expand the board from 5 to 7 members and add two
individuals recommended by Elliott. Elliott agreed
that it would be permitted to acquire in aggregate up
to 14.99 percent of Epicors stock and up to $100
million principal amount of Epicors convertible
senior notes due 2027.

Elliott announced they were taking their

offer to purchase Epicor for $9.50/share
directly to shareholders via a hostile
tender offer after the board rejected
initial overtures (10/08). Tender offer
was later reduced to $7.50/sh and then
withdrawn (11/08).
MSC Software Corp (no
longer traded)

2008-2009

Elliott announced they communicated to

MSCS their belief that the company
should consider exploring strategic
alternatives, including a sale (5/08).

MSC agreed to be acquired for $7.63/sh by

Symphony Technology Group, a 13 percent premium
over prior day (7/08). Elliott announced it would
provide debt and equity financing to help finance the
transaction and agreed to vote in favor of deal. MSC
received competing bids and ultimately Symphony
paid $8.40/sh (10/09).

Packeteer Inc. (no

longer traded)

2007-2008

Elliott communicated its belief that

Packeteer should pursue the sale of the
company (5/07). Elliott announced an
unsolicited acquisition proposal to
purchase Packeteer for $5.50/sh
(3/08).

Packeteer announced an agreement to be purchased

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

Bioenvision, Inc. (no

longer traded)

2007

Elliott sent a letter to the board

expressing their extreme
dissatisfaction with the recently
announced proposed merger with
Genzyme Corp for $5.60/sh and plans
to vote against it. Elliott states the
transaction was the result of a hurried
and flawed sale process, apparent
conflicts of interest on the part of the
board, and a miscalculation by the
company (9/07).

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

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Documents available online at the Shareholder Activism Resource Portal

Company

Form

Date

Situation overview

Endologix Inc.

Agreement

May 28, 2009

Waiver agreement enabling Elliott to purchase more than 15 percent of

Endologix stock, but no more than 20 percent, without being bound by
the restrictions on business combinations set forth in Delaware General
Corporation Law.

Epicor Software
Corporation

Offer to
Purchase

October 15, 2008

Details Elliotts tender offer to buy Epicor.

Packeteer Inc.

Letter

March 5, 2008

Elliott offering an unsolicited acquisition proposal to purchase Packeteer

for $5.50/sh.