Elliott Comments on Riverbed’s Earnings Miss

Reaffirms $21 Bid for the Company; Demands Consideration of a Sale

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

“Riverbed's poor performance this quarter reveals its decision to stonewall prospective buyers to be a serious and costly mistake. The results of the Board's decision to”

“Riverbed's poor performance this quarter reveals its decision to stonewall prospective buyers to be a serious and costly mistake. The results of the Board's decision to "bet on execution" are in: revenue guidance lowered to $265 million on disappointing sales, a topline miss of nearly 5% from guidance that was given only one quarter ago. All Riverbed stakeholders will end up paying for this reckless gamble, in which the Board clearly put the interests of a deeply entrenched management team ahead of shareholders. This is a clear sign that dramatic change is needed at Riverbed: The Board should immediately retain an advisor and announce a review of strategic alternatives, including a sale. To that end, as the company’s largest shareholder, we reaffirm our cash bid of $21 per share.”

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.

Contacts

Sloane & Company
Elliot Sloane, 212-446-1860
Esloane@sloanepr.com
or
Alexandra Meredith, 212-446-1887
Ameredith@sloanepr.com

Elliott Management Corporation