INNOVATE Corp. — Director's Dealing 2011

May 13, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PRIMUS TELECOMMUNICATIONS GROUP INC (PMUG)
CIK: 0001006837
Period of Report: 2011-05-11

Reporting Person: HOLLIDAY MARK E (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-05-11	Common Stock	A	1250	—	Acquired	1250	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-05-11	Stock Option (right to buy)	$13.75	A	2500	Acquired	2021-05-11	Common Stock (2500)	Direct

Footnotes

F1: The common stock was granted in the form of restricted stock units that settle in shares of common stock. The restricted
stock units vest as to one half of the shares on May 11, 2012 and one half of the shares on May 11, 2013.

F2: The option vests as to one third of the shares on May 11, 2011, one third of the shares on May 11, 2012, and one third of the
shares on May 11, 2013.