COMMENTARY Many shareholder activism experts, public company executives, board members and activist investors expected shareholder

activism to surge once again in 2011. With growing support from pension funds, a burgeoning M&A environment, excessive cash on companies balance sheets, and a slew of new corporate governance reforms coming out of Washington, most factors were certainly pointing in that direction. Thus far, the era of Dodd-Frank reform has yielded no such result. By contrast, according to data compiled from Hedge Fund Solutions weekly research on activist investing [Catalyst Equity Research Report], activism is actually down for the first 5 months of 2011 compared to that of 2010. Within the referenced period, the number of companies targeted by activists has fallen 15% to 142 so far this year. While it is clear that shareholder activism has fallen, there remains a lack of credible explanation for this. For one, it could very well be that the corporate governance reforms enacted and pending were over-hyped. It could also be that stock volatility and concerns about the economy have made investors wary about getting involved in multi-year investment campaigns. Whatever it may be, one should certainly not dismiss 2011 as an uneventful year for activism. Indeed when we look beyond the contested elections that culminated in a shareholder vote, we see that much more is happening behind the scenes than what is upfront and apparent. 2011 should be seen as the year that activism moved further away from the public limelight and inside the boardroom. Although 25 campaigns concluded with a shareholder vote so far (12 of these involved dissidents seeking board representation), 27 concluded with a settlement agreement between the activist and board of directors of the target company. In our opinion, this is a sign that both sides have become more adept at managing shareholder activism, knowing when best to concede, negotiate or fight.
Number of Targets and Activists 5 Months Ending June 1
180 160 140 120 100 80 60 40 20 0 166 142 137 93 Targets Activists 70 60 50 40 30 20 10 0 2010 2011 Current Settlements Shareholder Withdrawn Campaigns Vote 27 25 10 65

2011 Activist Campaigns January 1, 2011 - June 1, 2011

Targets

Breakdown of Activist Demands January 1, 2011 - June 1, 2011

14 52 M&A Operational 69 17 26 Financial Governance Not Disclosed

2. 1.

Most Active Activist Investors

January 1, 2011 June 1, 2011

Bulldog Investors 9 Companies Targeted (Investment Focus: Closed-End Funds) Joseph Stilwell 8 Companies (Investment Focus: Thrifts/Banks)

3. 4.

Discovery Capital 7 Companies Targeted Financial Edge/PL Capital 6 Companies (Investment Focus: Thrifts/Banks)

Shareholder Vote Results Compared to Settlements January 1, 2011 - June 1, 2011

30 25 20 15 10 5 0 Activist Wins Management Wins Settlements 9 27

5. 6.

Carl Icahn 5 Companies Targeted Starboard Value 4 Companies Targeted (Formerly Ramius Capital)

Shareholder Vote
16

7. 8. 9.

Western Investment 4 Companies (Investment Focus: Closed-End Funds) Elliott Advisors 3 Companies Lawrence Seidman 3 Companies

10. Norman Pessin 3 Companies

Note: In general, this data reflects shareholder demands and binding shareholder proposals from investors owning at least 5% of a target companys stock. This data does not include non-binding shareholder proposals such as say-on-pay, majority voting, board de-classification and poison pills.

2011 Current Activist Campaigns (As of June 1, 2011)

Target
AEP Industries AEP Industries Allied Healthcare International Americana Bancorp

Ticker
AEPI AEPI AHCI ASBI

Market Cap
$184M $184M $109M $14M

Activist(s)
JMB Capital Partners KSA Capital Octavian Advisors LP Financial Edge Fund

Ownership Demand
10.00% 15.10% 6.00% 5.40% Explore a buyout Explore a buyout Explore unexploited growth opportunities

Meeting Date
Not scheduled Not scheduled June 14, 2011

Reduce overhead expenses, non-performing assets, and Not scheduled impact of credit losses; better manage capital structure Intended to nominate 2 individuals for election, to submit two proposals to terminate an advisory agreement and give shareholders an opportunity to realize NAV for their shares Implement majority vote standards for uncontested elections Declassify board to allow for the annual election of all directors Suggested expanding board from 6 to 9; elect Sheretz as director Elect 1 representative Columbia Pacific is exploring a transaction to acquire all remaining shares of BITS Increased ownership; improve corporate governance; explore various strategic alternatives Discussing value improvement with management

Liberty All Star Growth Fund

ASG

$131M

Bulldog Investors

11.91%

June 30, 2011

ATS Corporation ATS Corporation Barrett Business Services Inc. BCSB Bancorp Inc. Bitstream Inc. Barnes & Nobel BluePhoenix Solutions Ltd BlackRock Municipal 2018 Term Trust BlackRock New York Municipal Bond Trust Avis Budget Group Cryo-Cell International, Inc. Cryo-Cell International, Inc. Concurrent Computer Corp. Constellation Energy Partners LLC China Hydroelectric Corp Clorox Co.

ATSC ATSC BBSI BCSB BITS BKS BPHX BPK BQH CAR CCEL.OB CCEL.OB CCUR CEP CHC CLX

$91M $91M $145M $43M $59M $1.1B $29M $247M $41M $1.8B $35M $35M $55M $59M $230M $9.4B

LC Capital Osmium Special Situations Fund Kimberly Jacobsen Sherertz Financial Edge Fund Columbia Pacific Opportunity Fund Yucaipa Companies Prescott Group Capital Brooklyn Capital Management Bulldog Investors Senator Investment Group Ki Yong Choi David Portnoy Skellig Capital Management Investment Partners Asset Management NewQuest Asia Fund Carl Icahn

21.00% 21.08% 26.20% 9.80% 19.55% 19.80% 25.60% 1.87% 22.60% 7.24% 18.60% 14.40% 5.96% 1.30% 25.30% 9.80%

Not scheduled Not scheduled Not scheduled Not scheduled June 8, 2011 Not scheduled Not scheduled

Elect 1 Brooklyn Capital representative (Brooklyn is July 28, 2011 managed by Bulldog Investors) Redeem all outstanding auction rate preferred shares; July 28, 2011 elect 1 Bulldog representative Plan on engaging with management to explore strategic Not scheduled alternatives Elect 6 representatives Elect 5 representatives Implement a $7.5M Dutch Tender Offer Resume quarterly dividend distributions Intends to work with management to maximize shareholder value Supports a share repurchasing program Explore other alternatives to maximize shareholder value besides a sale to Golden Gate Capital (eg. a leveraged recapitalization, self tender-offer, management succession plan); improve corporate governance Not scheduled Not scheduled June 29, 2011 Not scheduled Not scheduled Not scheduled

California Pizza Kitchen Inc.

CPKI

$452M

Clinton Group

5.10%

Not scheduled

Current Campaigns

2011 Current Activist Campaigns (As of June 1, 2011)

Target
Carter's Inc. Crown Crafts, Inc. CryptoLogic Inc. RG Barry Corp Dover Motorsports Eureka Financial Corp. EMS Technologies Inc. Endwave Corp. Evolving Systems, Inc. Federal Dollar Stores, Inc. FutureFuel Corp North Central Bancshares Inc. Federated Premier Intermediate Municipal Income Fund Cedar Fair LP Fox Chase Bancorp, Inc. Greater China Fund Harvard Illinois Bancorp, Inc Home Federal Bancorp of Louisiana Invesco Quality Municipal Investment Trust ITEX Corp. LaBranche & Co LNB Bancorp. Lawson Software Americas, Inc.

Ticker
CRI CRWS CRYP DFZ DVD EKFC.OB ELMG ENWV EVOL FDO FF FFFD FPT FUN FXCB GCH HARI.OB HFBLD IQT ITEX.OB LAB LNBB LWSN

Market Cap
$1.7B $47M $24M $123M $73M $16M $398M $20M $75M $6.4B $545M $23M $90M $1.1B $191M $385M $7M $39M $177M $14M $163M $45M $1.8B $143M

Activist(s)
Berkshire Fund Wynnefeld Partners Amaya Gaming Group Mill Road Capital Marathon Capital Joseph Stilwell MMI Investors Steel Partners Karen Singer Trian Fund Osmium Special Situations Fund PL Capital Bulldog Investors Q Funding Lawrence Seidman City of London Investments Group Joseph Stilwell Joseph Stilwell Bulldog Investors Polonitza Group Summit Capital Management Umberto Fedeli Carl Icahn Western Investment

Ownership Demand
13.20% 17.00% 7.44% 5.80% 12.70% 9.50% 7.70% 6.60% 22.90% 7.89% 15.68% 8.30% 31.26% 18.10% 7.00% 29.90% 9.10% 7.90% 17.56% 14.30% 6.80% 7.11% 10.80% 5.00% Intends to communicate with management; explore strategic activities; assess balance sheet Elect 1 Wynnefield representative May consider a strategic transaction with CRYP Examine a tender offer to go private; increased ownership Explore a sale Prevent the dilution of tangible book value; hopes to work with management Elect 4 MMI representatives; explore a sale Examine proposed merger of ENWV with GigOptix, Inc. to prevent or limit the resulting devaluation of ENWV's NOLs Sell Numbering Solutions business to NeuStar, Inc. Seeking to acquire the company for $55 to $60/share Plans to work with management to maximize shareholder value Explore a sale; communicate operating strategy Plan to nominate and vote for one representatives as Trustee Delay annual meeting to allow for shareholder nominations; increase dividend distributions Discussing with management; may seek board representation Close stock's discount to NAV Increase return on equity; explore a sale Work with management to maximize shareholder value; increase dividends; repurchase shares Elect 1 representative; redeem all outstanding auction rate preferred shares Improve profitability; increase franchise locations; improve corporate governance and profitability

Meeting Date
Not scheduled August 9, 2011 Not scheduled Not scheduled Not scheduled Not scheduled June 30, 2011 Special meeting on June 17, 2011 June 23, 2011 Not scheduled Not scheduled Not scheduled Not scheduled July 7, 2011 Not scheduled June 10, 2011 Not scheduled Not scheduled Not scheduled Not scheduled

Reject company's merger proposal with Cowen Group Special meeting on June 15, 2011 Reduce board size; change board roles; larger ownership by management Supports $11.50/share sale to Golden Gate Capital Not scheduled Special meeting on June 29, 2011

Macquarie/First Trust Infrastructure/Utilities Div&Inc MFD Fund

Close discount to NAV; improve corporate governance Not scheduled

Current Campaigns

2011 Current Activist Campaigns (As of June 1, 2011)

Target
99 Cents Only Stores Northeast Community Bancorp National Technical Systems National Technical Systems OpenWave Systems Inc. Overland Storage Inc. Polonia Bancorp

Ticker
NDN NECB NTSC NTSC OPWV OVRL PBCP.OB

Market Cap
$1.4B $88M $63M $63M $199M $48M $18M

Activist(s)
FBR Capital Markets Corp. Joseph Stilwell Sandler Capital Management Lin Jack Starboard Value Clinton Group PL Capital

Ownership Demand
5.44% 8.40% 8.09% 22.00% 6.10% 16.80% 18.80% Raise $19.09/share going-private transaction to the $21.75 - $23.50/share range Examine board compensation; reconsider geographic expansion; increase dividends; improve corporate governance Increased ownership; explore a sale Intends to nominate 3 individuals to the board to explore a sale Increased ownership Discussing with management Examine a "second-step" transaction Reject executive bonus plan; Withhold vote for Mitchell Soloman; explore strategic alternatives; reduce compensation; improve board independence Maintain dialogue with management regarding operations, strategy, capital structure, and corporate governance Increased ownership; explore sale of entire company Reconstitute compensation committee; change board structure and roles; remove poison pill; examine potential bids Support BBVA proposal to liquidate the fund; close discount to NAV Plans to work with management to increase shareholder value Intends to work with management to maximize shareholder value Explore a sale Commenced a tender offer to puchase up to 1M shares of common stock; elect 4 representatives Remove poison pill; allow for shareholder special meetings; improve corporate governance Encourage management and the board to pay dividends and repurchase shares Outright sale of entire company, as opposed to the sale of only several practices

Meeting Date
Not scheduled Not scheduled Not scheduled Not scheduled Not scheduled June 14, 2011 Not scheduled

P&F Industries

PFIN

$16M

Lawndale Capital

9.95%

Not scheduled

RadNet, Inc. Red Lion Hotels Corp Scott's Liquid Gold The Ibero-American Fund SP Bancorp Inc. Sunshine Financial Tier Technologies Inc. TS&W Claymore Tax-Advantaged Balanced Fund Vermillion, Inc. Wolverine Bancorp LECG Corporation

RDNT RLH SLGD.OB SNF SPBC SSNF.OB TIER TYW VRML WBKC XPRT.PK

$169M $146M $5M $65M $21M $14M $85M $178M $76M $37M $2M

Red Mountain Capital Columbia Pacific Opportunity Fund Timothy Stabosz City of London Investments Joseph Stilwell Joseph Stilwell Discovery Group Western Investment Manchester Management Co. Joseph Stilwell T2 Partners

5.80% 23.57% 5.00% 18.90% 9.40% 9.70% 14.80% 7.10% 9.20% 9.20% 5.24%

June 16, 2011 Not scheduled Not scheduled Not scheduled Not scheduled Not scheduled Not scheduled Not scheduled June 6, 2011 Not scheduled Not required to file with the SEC

Current Campaigns

2011 Settlement Agreements (As of June 1, 2011)

Target CCA Industries Inc. Century Aluminum Co Ticker CAW CENX Market Cap Activist(s) $45M $1.4B Biglari Holdings Glencore International AG Ownership Demand 12.80% 39.10% Elect 2 directors; change compensation packages Board representation Board representation; explore share repurchases Settlement Date May 25, 2011 April 5, 2011 Settlement Terms Company nominated 2 Biglari representatives to fill 2 vacancies on the board 2 Glencore representatives appointed alongside 1 independent representative COBK will appoint 1 Seidman representative whose term will last as long as Seidman owns at least 5% of the company Increased board size to 6 members and added 4 new directors DLIA will appoint 2 Prentice representatives to fill 2 new board seats Allow Icahn to own up to 19.99% of outstanding stock; appoint 2 Icahn representatives and 1 Seneca Capital representative Seneca voluntarily withdrew consent solicitation; 2 Icahn representatives and 1 Seneca Capital representative appointed to the board Commence a tender offer for 35% of shares; remove certain limitations on board's authority to repurchase shares Company will nominate 2 Dialectic representatives IRM will nominate 1 Elliott representative to the board; IRM will add an additional independent director; Elliot withdraws entire slate; IRM agrees to explore all strategic restructurings JCP agreed to nominate Ackman (Pershing Square) and Roth (Vornado) to the board The CEO and 3 other directors resigned; Berkowitz and Fernandez of Fairholme and three other new members will join the board 1 Elliott representative appointed to the board; Elliott withdraws slate and agrees not to challenge the board for at least a year 2 Becker Drapkin representatives appointed to the board Nominate 2 Platinum representatitives

Colonial Financial Services, Inc.

COBK

$48M

Lawrence Seidman

6.90%

May 19, 2011

Direct Insite Corp. dELiA*s Inc.

DIRI.OB DLIA

$15M $52M

Metropolitan Venture Partners; S.A.V.E Partners Prentice Capital

24.88% 9.15%

Elect a majority of new directors; get company to host annual meeting by May April 28, 2011 31 Shareholder representation on board Reject Blackstone's $5/share bid; Icahn offers to purchase DYN for $5.50/share Reject Blackstone's $5/share bid; reject Icahn's $5.50/share bid; consent solicitation to remove 2 directors and elect 2 Seneca representatives; improve operations, strategy, and governance Declassify board; elect 3 Western representatives Elect 2 Dialectic representatives March 25, 2011

Dynegy Inc.

DYN

$671M

Icahn Capital

14.92%

March 8, 2011

Dynegy Inc.

DYN

$671M

Seneca Capital

9.30%

March 8, 2011

H&Q Life Sciences Investors Immersion Corp

HQL IMMR

$275M $234M

Western Investment Dialectic Capital

5.10% 8.20%

April 25, 2011 March 9, 2011

Iron Mountain, Inc.

IRM

$6.6B

Elliott Associates

4.97%

Elect 4 Elliott representatives; change tax structure by converting company into a April 18, 2011 REIT; potentially limit growth capex Work with management to increase shareholder value January 24, 2011

J.C. Penney Co.

JCP

$7.8B

Pershing Square Capital; Vornado Real Estate Fairholme Capital Management

28.40%

The St. Joe Company

JOE

$2.6B

28.92%

Replace entire board with Fairholme and February 25, 2011 shareholder representatives Elect 3 Elliott representatives; explore strategic alternatives; refocus investments in America Board representation; intends to call a special meeting; inspect NAVR's stockholder list Elect 3 Platinum representatives to the board

National Express

LON: NEX

$1.3B

Elliott Advisors

17.50%

May 10, 2011

Navarre Corp. Neoprobe Corporation

NAVR NEOP

$75M $401M

Becker Drapkin Funds Platinum-Montaur Life Sciences, LLC.

10.30% 9.99%

February 11, 2011 April 18, 2011

Settlement Agreements

2011 Settlement Agreements (As of June 1, 2011)

Target Ticker Market Cap Activist(s) Ownership Demand Settlement Date Settlement Terms Agreement with Leeds Equity Partners to be acquired for $11.75/share in cash; Blesbok and Camden both sold shares at that amount in voting agreement Expanded board by 1 member and added Oak Street representative David Nierenberg appointed to the board Commence tender offer for up to 30% of outstanding shares at a price equal to at least 90% of NAV and additionally for 5% of outsanding shares at a price equal to at least 98% of NAV. All of this is contingent to SCD trading at a discount greater than 5% Board size increased from 10 to 12; 2 Ramius representatives added to the board; the 2 new directors will join the newly-created committee reviewing strategic alternatives; after 2011 meeting, board will reduce back to 10 members Elect 2 Levenson representatives Tier reduced board from 8 to 7 members 2 Kenisco representatives were appointed to TKLC's 9-member board Expanded board size from 7 to 9 members; 1 Kensico representative and another individual appointed to the board Alden must vote for each of the incumbent directors; expand board by 1 member and add 2 new directors from a pool of candidates recommended by Alden Board expanded from 5 to 6 members; Zucker representative appointed by board to fill the vacancy Board expanded from 5 to 6 members; Zucker representative appointed by board to fill the vacancy

Nobel Learning Communities

NLCI

$122M

Blesbok LLC; Camden Partners

53%

Explore strategic alternatives

May 18, 2011

Red Robin Gourmet Burgers Radisys Corp.

RRGB RSYS

$555M $198M

Oak Street Capital Nierenberg Investment Management

13.50% 18.63%

Corproate governance and operational improvements; elect 2 Oak Street April 5, 2011 representatives Implement share buybacks and quarterly March 16, 2011 dividends

LMP Capital & Income Fund

SCD

$395M

Western Investment

8.30%

Declassify board; close discount to NAV March 8, 2011

SurModics Inc.

SRDX

$201M

Ramius Group

12%

Improve investments, acquisitions, and reduce spending; elect 3 Ramius representatives to the board

January 5, 2011

StarTek Inc. Tier Technologies, Inc. Tekelee Tekelec

SRT TIER TKLC TKLC

$71M $96M $554M $597M

Ryan Levenson Discovery Group Kenisco Capital Management Kensico Capital Management

19.27% 14.80% 10.20% 10.20%

Elect 3 representatives to the board $40 million Dutch Tender Offer; elect 4 Discovery representatives to the board Elect 1 or more Kenisco representatives Elect 1 or more Kenisco representatives

May 5, 2011 February 19, 2011 February 16, 2011 February 16, 2011

Visteon Corp.

VC

$3.1B

Alden Global Capital

6%

Elect new directors

May 11, 2011

Vicon Industries Inc.

VII

$19M

Henry Partners

5.30%

Deploy excess capital; initiate quarterly dividends Initiate quarterly dividends, stock buybacks; articulate strategic and financial plan

May 18, 2011

Vicon Industries Inc.

VII

$19M

Anita Zucker

11.32%

May 18, 2011

Settlement Agreements

2011 Activist Campaigns Ending in a Shareholder Vote (as of June 1, 2011)

Target Ticker Market Cap Activist(s) Ownership Demand Meeting Date Outcome

Asset Acceptance Capital Group

AACC

$112M

Nierenberg Investment Management

16.10%

Withold votes for re-electing a board member; improve company's May 12, 2011 strategy, leadership, and execution Elect 1 Barington representative Reject sale to AFCV Holding's at $10.50/share March 30, 2011 Special meeting on April 14, 2011

Management nominees elected Activist won its contested board seat; Chairman & CEO re-elected Activist defeated; company merger approved Activist defeated; management slate elected Activist defeated In uncontested election, poison pill was amended and implemented against Nicusa Capital's wishings Shareholders approved the reorganization of BLU into an openend fund Activist defeated; merged with Footstar for $27.25/share in cash CEO re-elected as director; amended bylaws to provide for annual elections 2 FrontFour nominees elected; 2 management nominees elected; board size reduced from 10 to 9 2 FrontFour representatives supported by GAMCO elected; 2 management nominees elected; board size reduced from 10 to 9 Activist defeated; company merger approved Activist won 3 seats on a 11-member board Activist won 3 seats on a 11-member board Activist defeated Activist defeated

Ameron International Corporation Answers Corp. Actelion ATNA Resources, Ltd.

AMN ANSW ATLN.VX ATNAF.OB; ATN.TO BIOC

$576M $86M $7.1B $56M

Barington Capital Osmium Partners Elliott Advisors Lloyd Miller

1.30% 6% 5% 12.19%

Elect 6 Elliott representatives to the May 5, 2011 board; reduce R&D; explore a sale Change board composition; elect 3 May 6, 2011 nominees Address compensation and poison pill issues; improve transparency; May 11, 2011 Withhold votes for management nominees Increased ownership; replace current investment advisor; enter into an advisory agreement with Brooklyn Capital Management Reject sale to Footstar Corp Withhold vote campaign; replace CEO as director Elect 4 FrontFour representatives; pursue a sale if elected Elect 3 indendepent FrontFour nominees; improve disclosure Reject $43.50/share buyout from TPG and Green Partners Elect 3 Icahn representatives; sell the company; made an all-cash tender offer for $1.86B Elect 3 Icahn representatives Elect 1 Bulldog representative Chairman to resign Special meeting on February 8, 2011 Special meeting on March 24, 2011 April 27, 2011

BioClinica, Inc.

$80M

Nicusa Capital Partners

5.50%

Blue Chip Value Fund Inc.

BLU

$108M

Bulldog Investors

18.22%

CPEX Pharmaceuticals, Inc. Consolidated Tomoka Land Co.

CPEX CTO

$71M Mangrove Partners (Taken Private) $166M Wintergreen Advisers

5.71% 26.9%

Fisher Communications

FSCI

$243M

FrontFour Capital

2%

May 11, 2011

Fisher Communications

FSCI

$243M

GAMCO Investors

28.49%

May 11, 2011

J Crew Group, Inc. Mentor Graphics Mentor Graphics Macquarie/First Trust Infrastructure/Utilities Div&Inc Fund Magyar Bancorp, Inc.

JCG MENT MENT MFD MGYR

$2.8B Mason Capital (Taken Private) $1.5B $1.5B $143M $29M Carl Icahn Casablanca Capital Bulldog Investors Financial Edge Fund

7.50% 14.70% 5.50% 7.58% 7.20%

March 1, 2011 May 12, 2011 May 12, 2011 April 18, 2011 March 16, 2011

Shareholder Vote

2011 Activist Campaigns Ending in a Shareholder Vote (as of June 1, 2011)

Target Myers Industries, Inc. NovaMed Inc. Opti Inc. Pulse Electronics Ticker MYE NOVA OPTI.OB PULS Market Cap $343M Activist(s) GAMCO Investors Ownership 10.10% 5.10% 28.25% 1% Demand Meeting Date Outcome All nine of management's nominees were elected Activist defeated; company merger approved Activist defeated; activist challenging results Dissident defeated Poison pill removed; board declassified Investment advisory agreement terminated Activist defeated; company merger approved Activist defeated; company merger approved Ramius received enough written consents to replace 3 board members at ZRAN

Elect 2 GAMCO representatives to April 29, 2011 board Reject $13.25/share buyout from Surgery Center Holdings Elect 1 Director Elect 2 Bel Fuse representatives; sell Company to Bel Fuse Remove the poison pill and pledge not to adopt another one without shareholder support; explore strategic alternatives Terminate investment advisory agreement between the Fund and Daiwa SB Investments Opposed Rock-Tenn buyout offer equal to 50% cash ($17.50/share) and 50% stock (0.0365/RKT shares) Oppose $7.05 Management-led buyout Elect 6 Ramius representatives Special meeting on May 4, 2011 May 23, 2011 May 18, 2011

$105M HealthInvest Partners (Taken Private) $22M $192M S. Muoio & Co Bel Fuse Inc.

Red Robin Gourmet Burgers

RRGB

$555M

Clinton Group; Spotlight Advisors

9.73%

May 26, 2011

Singapore Fund

SGF

$139M

City of London Investment Group

24.85%

June 2, 2011

Smurfit-Stone Container Corp

SSCC

Third Point; Monarch Alternative $3.6B (Taken Private) Capital; Royal Capital $107M
$393M

8.97%

Special meeting on June 2, 2011 Special meeting on February 24, 2011 Special Meeting on March 11, 2011

United PanAm Financial Corp. Zoran Corp.

UPFC.PK ZRAN

Lawndale Capital Ramius Capital

NA 9.30%

Shareholder Vote

2011 Activist Campaigns Withdrawn

Target Ticker Activist(s) Dialectic Capital Biotechnology Value Fund Relational Investors; CalSTRS Ramius Capital Landry's Restaurants BML Investment Partners Porter Orlin Discovery Group Community Health Systems Jasper Investments Ownership Demand 6.10% 24.50% Withdrawl Date Reason for Withdrawl AATI announced merger with Skyworks Solutions Celera merged with Quest Diagnostics 2 new directors nominated by management; company formed a strategic planning and capital allocation committee IMMR reached a settlement agreement with Dialectic Capital and nominated 2 Dialectic representatives Company initiated a sale process Taken private by HIG Capital for $8.75/share Taken private by HIG Capital for $8.75/share On 25-Apr-11, the board approved a bylaw amendment stipulating a majority vote standard in uncontested elections Tenet rejected increased offer Not disclosed

Advanced Analogic Technologies, AATI Inc. Celera Corp. Charles River Laboratories International Immersion Corp. CRA

CRL

6.01%

Support merger with Skyworks Solutions; elect 2 May 26, 2011 individuals to 7-member board Reconstruct proposed merger to carve out nonstrategic drug royalties or raise purchasing price May 17, 2011 per share Form a Strategic Planning and Capital Allocation Committee; explore strategic alternatives, January 25, 2011 including a sale Elect 3 Ramius representatives Sought to acquire company for $9.25/share in cash; Sell to HIG Capital at least at $8.75/share March 11, 2011 May 4, 2011 February 18, 2011

IMMR

5.90% 10.10% 9.90% 12.40% 13.50% <1.00% 8.20%

McCormick & Schmick's Seafood MSSR Restaurants Inc. Matrixx Initiatives Matrixx Initiatives Tessco Technologies Inc. Tenet Healthcare Corporation Vantage Drilling Company MTXX MTXX TESS THC VTG

$8/share sale to HIG Capital undervalues MTXX February 18, 2011 A majority vote standard in uncontested elections April 25, 2011 Elect new board (14 nominees); offer to acquire THC for $6.00, increased to $7.25 Elect 2 Jasper representatives to the 9-member board May 9, 2011 January 7, 2011

Withdrawn Campaigns