VINTAGE CAPITAL MANAGEMENT, LLC
WINDERMERE, FLORIDA

Investment Philosophy VCM seeks investment opportunities characterized by differentiated offerings with significant barriers to entry, strong margins and cash flows and valuation arbitrage potential due to unique company circumstances. We gravitate to opportunities where we can project investment strategies that can be executed in relatively short hold periods based on concrete action plans. Typically, VCM looks to partner with successful owner-operators of companies in its target sectors and/or structure transactions that transition high quality management teams into owner-operators. We leverage our industry relationships and expertise while applying our own financial, operational and capital markets experience to realize operational efficiencies; expand and strengthen industry positioning; and navigate the challenges of merger & acquisition activity, capital allocation and strategic direction. “Toehold” public company investments We are a value-oriented, operations-focused private and public equity investor specializing in the defense, manufacturing and consumer sectors with an over 20-year track record of consistently successful returns. We adhere strictly to a capital preservation approach defined by our commitment to control (economic or otherwise); vigilant analysis; structural advantages; and partnership with successful operators well known to us. Anaren, Inc. Acknowledges Receipt of Unsolicited Offer by Vintage Capital Management, LLC Anaren, Inc. (Nasdaq:ANEN), today announced that it has received a letter, dated April 15, 2013, containing a non-binding offer from Vintage Capital Management, LLC (Vintage Capital) to acquire Anaren in a cash transaction for $23.00 per share.