News Column

Elliott Strongly Urges Riverbed Board to Engage in Dialogue

June 9, 2014

Riverbed’s Shareholders Have Rejected This Board’s Actions

Riverbed in Governance Crisis

NEW YORK--(BUSINESS WIRE)-- Elliott Management Corporation (“Elliott”) today issued a public statement regarding Riverbed Technology (NASDAQ:RVBD).

“It has now been two weeks since Elliott requested a meeting with Riverbed to discuss the results of its annual meeting, at which shareholders overwhelmingly voted down the company’s proposals and voted off the director up for reelection. We are one of Riverbed’s largest shareholders, and the fact that this board hasn’t responded to our request for a simple meeting is unprecedented in Elliott’s history. Despite complaints from other shareholders and public criticism from leading shareholder advisers ISS and Glass Lewis, Riverbed Directors Mark Floyd, Chris Schaepe, Kim Stevenson, Michael Boustridge, Eric Wolford and CEO Jerry Kennelly have done nothing to address the severe governance issues at Riverbed and the need to rectify its significant stock-price underperformance. Riverbed is experiencing a governance crisis. It is long past time for this Board to stop stonewalling shareholders and engage with us to find a path forward.”

Cautionary Statement Regarding Forward-Looking Statements

The information herein contains “forward-looking statements.” Specific forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and include, without limitation, words such as “may,” “will,” “expects,” “believes,” “anticipates,” “plans,” “estimates,” “projects,” “targets,” “forecasts,” “seeks,” “could,” “should” or the negative of such terms or other variations on such terms or comparable terminology. Similarly, statements that describe our objectives, plans or goals are forward-looking. Our forward-looking statements are based on our current intent, belief, expectations, estimates and projections regarding the Company and projections regarding the industry in which it operates. These statements are not guarantees of future performance and involve risks, uncertainties, assumptions and other factors that are difficult to predict and that could cause actual results to differ materially. Accordingly, you should not rely upon forward-looking statements as a prediction of actual results and actual results may vary materially from what is expressed in or indicated by the forward-looking statements.

About Elliott Management Corporation

Elliott Management Corporation manages two multi-strategy hedge funds which combined have more than $23 billion of assets under management. Its flagship fund, Elliott Associates, L.P., was founded in 1977, making it one of the oldest hedge funds under continuous management. The Elliott funds' investors include pension plans, sovereign wealth funds, endowments, foundations, funds-of-funds, high net worth individuals and families, and employees of the firm.



For Media Inquiries:

Sloane & Company

Elliot Sloane, 212-446-1860

Esloane@sloanepr.com

or

Alexandra Meredith, 212-446-1887

Ameredith@sloanepr.com

Source: Elliott Management Corporation


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