New Orleans, Louisiana

February 9, 2015

Spear Point Brings Shareholder Suit Against Imation

Directors
Spear Point Capital Fund LP and Spear Point TV Raven LP (the Spear Point Funds)
announced today the commencement of a shareholder derivative lawsuit against
the Board of Directors of Imation Corp. (NYSE: IMN). The suit was filed in Delaware
Chancery Court and claims the Imation directors breached their fiduciary duties to
Imation by approving and accepting excessive compensation to the detriment of
Imation and its shareholders.
Ron Bienvenu, Managing Member of Spear Point Capital Partners LLC, the general
partner of the Spear Point Funds, stated The Spear Point Funds have made
repeated demands on Imations Board of Directors to reduce director compensation
from Fortune 500 heights to levels appropriate for a company of the size and with
the performance record of Imation. The Board has refused to take any meaningful
action on these demands. Therefore, the Spear Point Funds have taken legal action
to compel the Board to reduce their compensation and to return to Imation the
unwarranted compensation the Board has received. Further, we have asked the
court to impose restrictions on the Board so that Imation shareholders do not suffer
from this improper self-dealing in the future. We took this action for the benefit of
all Imation shareholders.
Mr. Bienvenu added, The most egregious offender is Mr. L. White Matthews, III, the
Non-Executive Chairman of Imation. Currently, Mr. Matthews compensation is a
minimum of $400,000. In 2013, Mr. Matthews received a whopping $443,000. To
put this outrageous compensation into perspective, compare Imation to 3M
Company. Imation began as a spin out of assets from 3M. Despite the fact that
Imations market capitalization is approximately 0.16 percent of 3Ms, and the fact
that 3M has consistently delivered positive value creation for its shareholders while
Imation has lost market cap for years, Imations average board compensation
exceeded 3Ms in 2013. It is unconscionable that the Imation Board members
continue to pay themselves at these levels when Imation shareholders continue to
lose value year after year under their watch. We have asked the court to put an end
to it.
The Spear Point Funds are represented in this matter by Jeffrey M. Norton, of
Newman Ferrara LLP in New York.
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About Spear Point

The Spear Point Funds are private partnerships managed by Spear Point Capital
Management LLC, an activist investor focused on undervalued small-cap and microcap companies.
Contact information:
Spear Point Capital Management LLC
400 Poydras, Suite 2100
New Orleans, LA 70130
504.252.1369
info@spearpointllc.com
Jeffrey M. Norton
Newman Ferrara LLP
1250 Broadway, 27th Floor
New York, NY 10001
212.619.5400
www.nfllp.com