Company Lists and Research Summary

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Research Results of Underwater Exchanges

In order to provide our clients with accurate market practices data, Radford maintains a comprehensive database of underwater exchanges executed since 2005. Our researchers use multiple sources of information to populate the database including tender offers and annual statements filed with the US Securities and Exchange Commission as well as news stories and press releases. High-level findings from this research are provided complimentary on Radford's Underwater Option Portal. For more information or to discuss exchange programs in greater detail, please contact us. The market practices outlined here, and their implications for program design, are addressed in our white paper Addressing Underwater Options: Measured Responses to a Contentious Problem.

Contents of Radford Research:

• 1. Company Profile
• 2. Prevalence of Underwater Exchange Approaches
• 3. Option Holder Eligibility
• 4. Price Floor for Grant Eligibility
• 5. Exchange Ratios
• 6. Vesting of New Awards
• 7. Program Participation Rates
• 8. Shareholder Friendliness Tests
• 9. List of Companies Studied

This information was last updated on July 15, 2009. Note, some figures may not sum to 100% due to rounding.

1. Company Profile

General information on researched company industry: revenue, employee size and historic total shareholder return (TSR).

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2. Prevalence of Underwater Exchange Approaches

Percent of companies studied using each of the three primary exchange types.

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3. Option Holder Eligibility

Categories of option holders allowed to participate in the tender offer to exchange underwater options.

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4. Price Floor for Grant Eligibility

Predominant practice is to establish an exercise price floor above which outstanding option awards are eligible to be exchanged. Here we summarize where that floor is established relative to the trading price of the company's stock on the day the offer to exchange commences.

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5. Exchange Ratios

The first chart illustrates the prevalence of one-for-one exchanges vs. offers with ratios greater than one-for-one (i.e., return fewer new shares than the number of underwater options tendered). For plans greater than one-for-one, ratio size statistics are also provided.

The second chart illustrates the number of ratio buckets according to the type of exchange approach used (options-for-options or options-for-stock).

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6. Vesting of New Awards

Summary of vesting requirements attached to the new awards (option-for-option and option-for-stock programs)

Mapped Vesting — transfers the vested position of the underwater award to the new award

Full Vesting Reset — introduces a fresh vesting schedule to the new award based on typical practices (e.g., four years)

Partial Vesting Reset — new award is reset to zero vested at grant, but uses a shorter schedule than is typically used for equity awards (e.g., two years instead of the normal four year requirement).

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7. Program Participation Rates

Participation rates are measured as a percent of total eligible underwater option shares tendered (or turned in for exchange) in the program.

The first chart illustrates participation rates by type of underwater exchange offered.

The second chart illustrates participation rates by a subjective assessment by Radford of the "Employee Friendliness" of a plan from the option holder's perspective. In general, our subjective assessments were made as follows:

"Employee Friendly" — reasonable number of exchange rate tiers, seemingly fair ratios, and new award vesting that recognizes some of the vesting already earned on tendered award (usually mapping or partial reset vesting).

"Non-Employee Friendly" — complex exchange rates (large number of tiers or a unique exchange rate offered for each individual outstanding award), relatively high exchange ratios, onerous vesting restrictions on new awards.

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8. Shareholder Friendliness Tests

The following charts illustrate the pass rates for what Radford defines as "Shareholder Friendly Tests" broken down by the type of exchange offer used. As would be expected, those that have been shareholder approved have more shareholder friendly terms.

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9. List of Companies Studied

Companies Included in Radford's Underwater Option Exchange Database
2005 Programs	2006 Programs
Actel Corporation Agile Software Corp. Ariba, Inc. Cogentech/Anesiva Gartner LIN TV Magma Design Automation Marsh & McLennan Monolithic System Technology Synopsys Tenet Healthcare Watchguard Technology	Accelrys, Inc. Advanced Analogic Technologies Inc. Check Point Software Technologies LTD. Critical Path, Inc. Electronic Arts Entercom iCAD, Inc. Internap Kintera Maxim Integrated Products Mercury Computer Systems Micro Linear Microvision Neurocrine Pixelworks Strayer Education Tegal Corporation Threshold Pharma Zoran
2007 Programs	2008 Programs
Applied Micro Circuits Corp. Bluefly, Inc. Boston Scientific Corp. Bronco Drilling Company Catalyst Semiconductor, Inc. Intraware LogicVision Meritage Homes Corporation Natural Health Trends Corp. PAR Pharmaceutical Companies, Inc Photon Dynamics Rackable Systems Rockville Financial Sanmina-Sci Corporation Smart Video Technologies Sycamore Networks, Inc. Sypris Solutions	Advanced Analogic Technologies Inc. Alsius Corp. Atari, Inc. AXS-One Inc. Bioform Medical Inc. Builders Firstsource, Inc. Credence Systems Corporation Cumulus Media Inc. Echelon Corporation Endwave EnerNOC, Inc. Exar Corporation GlobalOptions Group, Inc. Healthways Inc. Isle of Capri Casinos, Inc. Ixia Kopin Corporation Lattice Semiconductor Leapfrog Enterprises Inc. Limelight Networks, Inc. Magma Design Automation MannKind Corp. Marvell Technology Group Ltd. Maxim Integrated Products MDC Holdings Metabasis Threapeutics Inc. MGM Mirage On Assignment, Inc. PDF Solutions Pharmacopeia, Inc. Power Integrations Inc. Quantum Fuel Systems Technologies Radvision Ltd. R.H. Donnelley Corp. Retractable Technologies Riverbed Silicon Storage Technology, Inc. Sirona Dental Systems Sonic Solutions Spark Networks, Inc. Symyx Technologies Inc. Sypris Solutions Toll Brothers Inc. Ubid.Com Holdings United Therapeutics Corp. UTStarcom, Inc. ValueClick, Inc. Virage Logic Corporation Vmware, Inc. Zhone Technologies Inc.
2009 Programs	2009 Programs (Continued)
Advanced Micro Devices American Reprographics Co. Antigenics, Inc. Applied Energetics, Inc. Aruba Networks, Inc. Aspect Medical Systems, Inc. Avid Technology, Inc. BTU International, Inc. Cardinal Health Cascade Microtech, Inc. CB Richard Ellis Group, Inc. Cray Inc. Crocs, Inc. Crosstex Energy, LP Cutera, Inc. Delek US Holdings, Inc. Digirad Corporation Domino's Pizza, Inc. Emulex Corporation Entercom Entropic Communications Exelixis, Inc. Fairchild Semiconductor International, Inc. GLU Mobile Inc. Google Inc. Hastings Entertainment, Inc. Hologic, Inc. Hughes Communications, Inc. i2 Telecom International Inc. Ikanos Communications, Inc. Image Sensing Systems Inc. Integrated Silicon Solution, Inc. Intellon Corporation iRobot Corporation Isilon Systems, Inc.	Lamar Advertising Liberty Global, Inc. Liberty Media Corporation Lime Energy Co. LIN TV Luxottica Group SpA Mellanox Technologies Mercury Computer Systems Mindspeed Technologies, Inc. Motorola, Inc. NetApp, Inc. NetSuite, Inc. NetSuite, Inc. New York & Company, Inc. Nice Systems NightHawk Radiology Holdings Inc. NVIDIA Corporation Omniture, Inc. PLX Technology, Inc. QAD, Inc. Red Robin Gourmet Burgers, Inc. Savvis Scripps Networks Interactive, Inc. Sirona Dental Systems Somaxon Pharmaceuticals, Inc. Spectrum Pharmaceuticals, Inc. Starbucks Corporation Tessera Technologies, Inc. thinkorswim Group, Inc. Threshold Pharmaceuticals, Inc. Unica Corporation Williams Sonoma Inc. ZipRealty, Inc. Zumiez

Companies Opening Offers in the Near Future
Adolor Corporation Airspan Networks Inc. Atmel Corporation Beazer Homes USA Inc. Calamos Asset Management, Inc. Ebay Flextronics International Ltd Genworth Financial, Inc Intel Corporation Odyssey Healthcare, Inc. Paramount Gold and Silver Corp. Softbrands, Inc. TRW Automotive Holdings Corp Univest Corp of PA Xeta Technologies Inc.

Companies Awaiting Shareholder Approval	Annual Meeting Date
Igene Biotechnology Inc	11/3/20081
Broadvision	4/30/20091
MKS Instruments, Inc.	5/4/20091
US Auto Parts	5/5/20091
Pinnacle Entertainment, Inc.	5/5/20091
Delphi Financial Group, Inc.	5/5/20091
Dish Network Corp	5/11/20091
Active Power, Inc.	5/14/20091
Double-Take Software	5/14/20091
Silicon Image, Inc.	5/20/20091
Aware, Inc.	5/20/20091
Intersections Inc.	5/20/20091
Caribou Coffee Company	5/21/20091
Micrel, Inc	5/21/20091
Cypress Semiconductor Corporation	5/22/20091
Altigen Communications, Inc.	5/26/20091
Omni Energy Services Corp	5/27/20091
Geokinetics Inc.	5/27/20091
iParty Corporation	5/27/20091
Ion Geophysical Corporation	5/27/20091
Polycom, Inc.	5/27/20091
Nanometrics Incorporated	5/27/20091
VirtualScopics	5/28/20091
Rockford Corporation	5/28/20091
EnergySolutions, Inc.	5/29/20091
RCN Corporation	6/2/20091
Orbitz Worldwide, Inc.	6/2/20091
Cherokee, Inc.	6/3/20091
Radnet, Inc.	6/5/20091
Stereotaxis, Inc.	6/10/20091
Power Medical Interventions, Inc.	6/10/20091
Infinera Corporation	6/11/20091
DealerTrack Holdings, Inc.	6/17/20091
Iridex Corporation	6/17/20091
Sonus Networks	6/19/20091
TLC Vision Corporation	6/19/20091
Electronics for Imaging, Inc.	6/19/20092
Electronics for Imaging, Inc.	6/19/20093
VeriFone Holdings, Inc.	6/23/20091
New Motion, Inc.	6/25/20091
General Communication, Inc.	6/29/20091
CytRx Corporation	7/1/2009
Consumer Portfolio Services	7/17/20092
Analog Devices, Inc.	7/20/2009
RF Micro Devices, Inc.	7/29/20093
Electronic Arts	7/29/2009
Sigma Designs, Inc.	7/30/2009
Lakes Entertainment, Inc.	8/6/2009
Network Equipment Technologies, Inc.	8/11/2009
MF Global Ltd.	8/13/2009
Radisys Corporation	8/18/2009
Datatrak International	8/26/2009
Leapfrog Enterprises	8/26/2009
RealNetworks, Inc.	Rescheduled to Later in Year
Knight Transportation	Undisclosed
1 Voting results from the annual meeting have not be publicly filed yet 2 Exchange program for employees only 3 Exchange program for officers only

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