Merger Arbitrage Spreads for Mar 1, 2010

Target	Ticker	Acquirer	Ticker	Current Price	Day Change	Take Over Price	Price Diff	% Diff	Date Announced
The Allied Defens	ADG	Chemring Group	Private	$7.15	0.00%	$7.25	0.10	1.40%	1/18/2010
Airvana Inc.	AIRV	72 Mobile Holdings	Private	$7.63	-0.13%	$7.65	0.02	0.26%	12/18/2009
Allied Capital Co	ALD	Ares Capital Corp	ARCC	$4.16	-0.24%	$4.25	0.09	2.11%	10/26/2009
AMICAS Inc.	AMCS	Thoma Bravo, LLC	Private	$5.87	0.51%	$5.35	-0.52	-8.86%	12/24/2009
Allegheny Energy	AYE	FirstEnergy Corpo	FE	$22.65	-1.31%	$25.78	3.13	13.82%	2/11/2010
Bare Escentuals	BARE	Shiseido Co	--	$18.18	-0.11%	$18.20	0.02	0.11%	1/15/2010
Black & Decker Co	BDK	Stanley Works (Th	SWK	$72.47	2.19%	$72.99	0.52	0.72%	11/2/2009
BJ Services Compa	BJS	Baker Hughes Inco	BHI	$21.85	0.05%	$21.87	0.02	0.11%	8/31/2009
Bowne & Co. Inc.	BNE	R.R. Donnelley &	RRD	$11.13	-0.09%	$11.50	0.37	3.32%	2/23/2010
BPW Acquisition C	BPW	Talbots Inc. (Th	TLB	$10.54	2.13%	$11.25	0.71	6.74%	12/8/2009
CF Industries Hol	CF	Agrium Inc. Commo	AGU	$106.24	0.81%	$109.75	3.51	3.30%	2/25/2009
Brink's Home Secu	CFL	Tyco Internationa	TYC	$41.85	0.58%	$42.50	0.65	1.55%	1/19/2010
Chattem Inc.	CHTT	Sanofi-Aventis SA	SNY	$93.48	-0.01%	$93.50	0.02	0.02%	12/21/2009
COMSYS IT Partner	CITP	Manpower Inc Comm	MAN	$17.48	0.00%	$17.65	0.17	0.97%	2/2/2010
CKE Restaurants	CKR	Thomas H Lee Partners	--	$11.37	27.61%	$11.05	-0.32	-2.81%	2/26/2010
3Com Corporation	COMS	Hewlett-Packard C	HPQ	$7.63	-0.13%	$7.90	0.27	3.54%	11/12/2009
Care Investment T	CRE	Liquidation	--	$8.32	-0.83%	$8.00	-0.32	-3.85%	12/11/2009
CRYSTAL RIVER CAP	CYRV.OB	Brookfield Asset Management	--	$0.59	1.37%	$0.60	0.01	1.69%	2/24/2010
Diedrich Coffee	DDRX	Green Mountain Co	GMCR	$34.60	-0.80%	$35.00	0.40	1.16%	11/25/2009
Encore Acquisitio	EAC	Denbury Resources	DNR	$49.53	0.92%	$50.00	0.47	0.95%	11/2/2009
First Chester Cou	FCEC	Tower Bancorp Inc	TOBC	$10.03	0.20%	$11.70	1.67	16.61%	12/28/2009
FGX International	FGXI	Essilor	--	$19.73	-0.05%	$19.75	0.02	0.10%	12/16/2009
First Keystone Fi	FKFS	Bryn Mawr Bank Co	BMTC	$11.15	1.36%	$14.18	3.03	27.17%	11/3/2009
FIRST LITCHFIELD	FLFL.OB	Union Savings Bank	Private	$14.75	0.00%	$15.00	0.25	1.69%	10/26/2009
FortuNet Inc.	FNET	Yuri Gaming Trust	--	$2.24	0.45%	$2.25	0.01	0.45%	11/23/2009
Republic First Ba	FRBK	Metro Bancorp In	METR	$4.16	-2.12%	$4.61	0.45	10.71%	11/10/2008
Cedar Fair L.P.	FUN	Siddur Holdings	Private	$11.16	-0.62%	$11.50	0.34	3.05%	12/16/2009
GLOBAL MED TECH I	GLOB.OB	Haemonetics Corpo	HAE	$1.21	0.00%	$1.22	0.01	0.83%	2/1/2010
Genesis Lease Lim	GLS	Aercap Holdings N	AER	$9.43	7.77%	$9.51	0.08	0.85%	9/18/2009
HALIFAX CP	HALX.PK	Global Equity Capital, LLC	Private	$1.20	0.00%	$1.20	0.00	0.00%	1/7/2010
HIGHBURY FINANCL	HBRF.OB	Affiliated Manage	AMG	$6.14	3.02%	$6.83	0.69	11.17%	12/14/2009
Home Diagnostics	HDIX	Nipro Corp	--	$11.52	-0.17%	$11.50	-0.02	-0.17%	2/3/2010
Harleysville Nati	HNBC	First Niagara Fin	FNFG	$6.61	-1.20%	$6.65	0.04	0.68%	7/27/2009
ICO Inc.	ICOC	A. Schulman Inc.	SHLM	$7.90	-0.13%	$8.01	0.11	1.33%	12/2/2009
Interstate Hotels	IHR	Thayer Lodging Group	Private	$2.23	0.00%	$2.25	0.02	0.90%	12/18/2009
Iowa Telecommunic	IWA	Windstream Corpor	WIN	$16.15	-0.43%	$16.04	-0.11	-0.65%	11/24/2009
Javelin Pharmaceu	JAV	Myriad Pharmaceut	MYRX	$1.46	-2.01%	$1.36	-0.10	-7.09%	12/18/2009
K-Tron Internatio	KTII	Hillenbrand Inc C	HI	$149.46	-0.01%	$150.00	0.54	0.36%	1/11/2010
Lodgian Inc. New	LGN	Lone Star Funds	Private	$2.47	0.41%	$2.50	0.03	1.21%	1/22/2010
STARLIMS Technolo	LIMS	Abbott Laboratori	ABT	$13.97	0.00%	$14.00	0.03	0.21%	12/14/2009
North Asia Invest	NHR	PACIFIC CITY FINL	PFCF.OB	$9.96	0.00%	$10.00	0.04	0.40%	1/14/2010
NRG Energy Inc.	NRG	Exelon Corporatio	EXC	$21.84	-1.04%	$23.60	1.76	8.05%	10/19/2008
NURX PHARMACEUTIC	NUXP.OB	QUANTRX BIOMEDICA	QTXB.OB	$0.24	0.00%	$0.51	0.27	112.37%	1/29/2010
OAK FINANCIAL COR	OKFC.OB	Chemical Financia	CHFC	$25.12	-1.10%	$26.90	1.78	7.10%	1/8/2010
Whitman Corporati	PAS	Pepsico Inc. Com	PEP	$29.98	0.33%	$29.99	0.01	0.02%	8/4/2009
Pepsi Bottling Gr	PBG	Pepsico Inc. Com	PEP	$38.23	-0.05%	$38.36	0.13	0.35%	8/4/2009
Peco Ii Inc.	PIII	Lineage Power	--	$5.75	-0.17%	$5.86	0.11	1.91%	2/18/2010
Pinnacle Gas Reso	PINN	Scotia Waterou	--	$0.33	-0.45%	$0.34	0.01	3.50%	2/24/2010
Portec Rail Produ	PRPX	L.B. Foster Compa	FSTR	$11.70	0.00%	$11.71	0.01	0.09%	2/17/2010
QuadraMed Corpora	QDHC	Francisco Partners	Private	$8.45	0.00%	$8.50	0.05	0.59%	12/8/2009
Switch & Data Fac	SDXC	Equinix Inc.	EQIX	$17.89	0.45%	$18.48	0.59	3.30%	10/21/2009
Smith Internation	SII	Schlumberger N.V.	SLB	$40.99	0.39%	$42.56	1.57	3.84%	2/22/2010
SkillSoft plc	SKIL	SSI Investments	--	$11.09	0.54%	$10.80	-0.29	-2.61%	2/12/2010
SKYTERRA COMMUNIC	SKYT.OB	Harbinger Capital Partners	Private	$4.87	-0.61%	$5.00	0.13	2.67%	9/23/2009
Sinoenergy Corpor	SNEN	Company's chairman and president	Private	$1.68	-0.59%	$1.90	0.22	13.10%	10/12/2009
Southern Connecti	SSE	Naugatuck Valley	NVSL	$6.51	0.16%	$7.25	0.74	11.37%	2/23/2010
Silicon Storage T	SSTI	Microchip Technol	MCHP	$3.19	0.00%	$3.00	-0.19	-5.96%	2/3/2010
SYNERGX SYS INC	SYNX.PK	Firecom	Private	$0.52	0.00%	$0.60	0.08	15.38%	1/25/2010
Meridian Resource	TMR	Alta Mesa Holding	Private	$0.28	-3.04%	$0.29	0.01	3.20%	12/23/2009
Terra Industries	TRA	Yara International	--	$41.17	-0.15%	$41.10	-0.07	-0.17%	2/15/2010
Youbet.com Inc.	UBET	Churchill Downs	CHDN	$2.71	0.37%	$3.10	0.39	14.31%	11/12/2009
Varian Inc.	VARI	Agilent Technolog	A	$51.68	-0.04%	$52.00	0.32	0.62%	7/26/2009
Western Sizzlin C	WEST	Steak n Shake Com	SNS	$8.80	0.00%	$8.07	-0.73	-8.30%	10/22/2009
Waste Services I	WSII	IESI-BFC Ltd Comm	BIN	$10.08	1.51%	$10.28	0.20	1.96%	11/12/2009
XTO Energy Inc. C	XTO	Exxon Mobil Corpo	XOM	$45.70	-0.04%	$46.14	0.44	0.96%	12/14/2009
Zenith National I	ZNT	Fairfax Financial	--	$38.09	-0.10%	$38.00	-0.09	-0.24%	2/18/2010
Zareba Systems I	ZRBA	Woodstream	--	$8.86	0.34%	$9.00	0.14	1.58%	1/11/2010