Sandell Supports Prompt Sale of Compuware Corporation

  Sandell Supports Prompt Sale of Compuware Corporation

                Urges Board To Hire Advisor, Run Full Auction

Business Wire

NEW YORK -- December 17, 2012

In response to Elliott Management Corp.’s offer to purchase Compuware
Corporation (NASDAQ: CPWR), Sandell Asset Management’s Chief Executive Officer
Thomas E. Sandell sent today the following letter to Compuware’s CEO and Board
of Directors:

Robert C. Paul
Chief Executive Officer
Compuware Corporation
One Campus Martius
Detroit, MI 48226-5099
cc: Board of Directors

Dear Mr. Paul,

As you know from our letter dated December 4th, 2012, we are shareholders of
Compuware, owning approximately 2.5% of the shares outstanding, and have
invested because we believe the Company is substantially undervalued.

We are pleased to see that Elliott Management Corp. (“Elliott”) has submitted
an offer to purchase Compuware at $11.00 per share in cash. We are not
surprised by Elliott’s interest in Compuware given its deep knowledge of the
software industry, the cash flow characteristics of Compuware’s mainframe
business and its two growth platforms, Covisint and APM.

We strongly believe that a sale of the Company is the best way to maximize
value for shareholders and, with this offer in hand, the Board should engage
advisors and run a full auction to obtain the highest available price for
shareholders. Given Compuware’s enterprise value, highly profitable mainframe
business, growing and enviable enterprise software businesses and significant
opportunities for cost reduction, we believe there are numerous financial and
strategic parties that would be interested.

As we said in our previous letter, should you fail to promptly announce the
retaining of financial advisors to review Elliott’s offer and to initiate a
full and fair auction to maximize shareholder value, we would favor a change
to the Board composition at the next annual meeting.

Sincerely,

Thomas E. Sandell
Chief Executive Officer

Contact:

Sandell Asset Management Corp.
Mr. Tom Sandell, +1-212-603-5700
Chief Executive Officer
 
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