| Quarter Ending 12/31/2011 | Back to the Enlightened American Website | |||||||||
| Starboard Value LP | ||||||||||
| ***** NEW POSITIONS TAKEN | ||||||||||
| % pos ch | % val ch | Change | COMPANY | Cur. Pos. | Prev. Pos. | Approx PPS | Prev PPS | Value | Prev Value | Capital Invested |
| N/A | N/A | AVID TECHNOLOGY INC | 2,415,000 | $8.53 | $20,600,000 | ($20,600,000) | ||||
| N/A | N/A | EXAR CORP | 1,220,700 | $6.50 | $7,935,000 | ($7,935,000) | ||||
| N/A | N/A | ISHARES TR RUSL 2000 VALU | 625,000 | $65.64 | $41,025,000 | ($41,025,000) | ||||
| N/A | N/A | TELLABS INC | 914,900 | $4.04 | $3,696,000 | ($3,696,000) | ||||
| N/A | N/A | TESSERA TECHNOLOGIES INC | 622,916 | $16.75 | $10,434,000 | ($10,434,000) | ||||
| ***** SOLD OFF | ||||||||||
| % pos ch | % val ch | Change | COMPANY | Cur. Pos. | Prev. Pos. | Approx PPS | Prev PPS | Value | Prev Value | |
| N/A | N/A | CSR PLC | 610,435 | $12.98 | $7,923,000 | $7,923,000 | ||||
| N/A | N/A | ISHARES TRRUSSELL 2000 | 127,000 | $64.30 | $8,166,000 | $8,166,000 | ||||
| ***** HOLD POSITIONS | ||||||||||
| % pos ch | % val ch | Change | COMPANY | Cur. Pos. | Prev. Pos. | Approx PPS | Prev PPS | Value | Prev Value | |
| 0.00% | -22.13% | AVIAT NETWORKS INC | 1,322,820 | 1,322,820 | $1.83 | $2.35 | $2,421,000 | $3,109,000 | $0 | |
| 0.00% | 10.19% | EXTREME NETWORKS INC | 9,165,000 | 9,165,000 | $2.92 | $2.65 | $26,762,000 | $24,287,000 | $0 | |
| 0.00% | 1.29% | OPENWAVE SYS INC | 8,513,000 | 8,513,000 | $1.58 | $1.56 | $13,451,000 | $13,280,000 | $0 | |
| 0.00% | 9.70% | REGIS CORP MINN NOTE 5.000% | 8,929,000 | 8,929,000 | $1.25 | $1.13 | $11,117,000 | $10,134,000 | $0 | |
| 0.00% | -8.70% | SEACHANGE INTL INC | 2,639,342 | 2,639,342 | $7.03 | $7.70 | $18,555,000 | $20,323,000 | $0 | |
| 0.00% | 61.10% | SURMODICS INC | 2,088,760 | 2,088,760 | $14.66 | $9.10 | $30,621,000 | $19,008,000 | $0 | |
| ***** AUGMENTED POSITIONS | ||||||||||
| % pos ch | % val ch | Change | COMPANY | Cur. Pos. | Prev. Pos. | Approx PPS | Prev PPS | Value | Prev Value | |
| 211.86% | 25.83% | 2,966,000 | AOL INC | 4,366,000 | 1,400,000 | $15.10 | $12.00 | $65,927,000 | $16,800,000 | ($44,786,872) |
| 2.82% | -11.69% | 61,040 | DSP GROUP INC | 2,222,079 | 2,161,039 | $5.21 | $5.90 | $11,577,000 | $12,750,000 | ($318,018) |
| 1.05% | -7.85% | 55,000 | MIPS TECHNOLOGIES INC | 5,275,000 | 5,220,000 | $4.46 | $4.84 | $23,527,000 | $25,265,000 | ($245,305) |
| 82.03% | 10.25% | 609,736 | PROGRESS SOFTWARE CORP | 1,353,035 | 743,299 | $19.35 | $17.55 | $26,181,000 | $13,045,000 | ($11,798,289) |
| 3.68% | 17.46% | 90,000 | REGIS CORP MINN | 2,535,000 | 2,445,000 | $16.55 | $14.09 | $41,954,000 | $34,450,000 | ($1,489,491) |
| 78.43% | 27.96% | 652,558 | SHORETEL INC | 1,484,553 | 831,995 | $6.38 | $4.99 | $9,471,000 | $4,148,000 | ($4,163,123) |
| 12.13% | 29.26% | 450,000 | WAUSAU PAPER CORP | 4,159,000 | 3,709,000 | $8.26 | $6.39 | $34,353,000 | $23,701,000 | ($3,716,963) |
| 31.64% | 2.08% | 177,211 | XO GROUP INC | 737,211 | 560,000 | $8.34 | $8.17 | $6,148,000 | $4,575,000 | ($1,477,858) |
| ***** REDUCED POSITIONS | ||||||||||
| % pos ch | % val ch | Change | COMPANY | Cur. Pos. | Prev. Pos. | Approx PPS | Prev PPS | Value | Prev Value | |
| -4.83% | 26.22% | -12,068 | ANALOGIC CORP | 237,932 | 250,000 | $57.32 | $45.41 | $13,638,000 | $11,353,000 | $691,724 |
| -95.87% | 2.45% | -580,000 | BAKER MICHAEL CORP | 25,000 | 605,000 | $19.60 | $19.13 | $490,000 | $11,574,000 | $11,368,000 |
| -96.02% | 4.35% | -602,548 | IRIS INTL INC | 25,000 | 627,548 | $9.36 | $8.97 | $234,000 | $5,629,000 | $5,639,849 |
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