Starboard Value

Starboard Value as of Dec. 31, 2011

Portfolio Holdings for Starboard Value

Starboard Value holds 22 positions in its portfolio as reported in the December 2011 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
Aol 15.7 $66M 4.4M 15.10
Regis Corporation 10.0 $42M 2.5M 16.55
iShares Russell 2000 Value Index (IWN) 9.8 $41M 625k 65.64
Wausau Paper 8.2 $34M 4.2M 8.26
SurModics (SRDX) 7.3 $31M 2.1M 14.66
Extreme Networks (EXTR) 6.4 $27M 9.2M 2.92
Progress Software Corporation (PRGS) 6.2 $26M 1.4M 19.35
MIPS Technologies 5.6 $24M 5.3M 4.46
Avid Technology 4.9 $21M 2.4M 8.53
SeaChange International 4.4 $19M 2.6M 7.03
Analogic Corporation 3.2 $14M 238k 57.32
Openwave Systems 3.2 $14M 8.5M 1.58
DSP 2.8 $12M 2.2M 5.21
Regis Corp Minn note 5.000% 7/1 2.7 $11M 8.9M 1.25
Tessera Technologies 2.5 $10M 623k 16.75
ShoreTel 2.2 $9.5M 1.5M 6.38
Exar Corporation 1.9 $7.9M 1.2M 6.50
Xo Group 1.5 $6.1M 737k 8.34
Tellabs 0.9 $3.7M 915k 4.04
Aviat Networks 0.6 $2.4M 1.3M 1.83
Michael Baker Corporation 0.1 $490k 25k 19.60
IRIS International 0.1 $234k 25k 9.36