X0304 4 2011-10-06 0001042809 A.C. Moore Arts & Crafts, Inc. ACMR 0001137521 GLENHILL ADVISORS LLC 156 WEST 56TH STREET 17TH FLOOR NEW YORK NY 10019 0 0 1 0 0001159120 KREVLIN GLENN J 156 WEST 56TH STREET 17TH FLOOR NEW YORK NY 10019 0 0 1 0 0001137522 GLENHILL CAPITAL MANAGEMENT LLC 156 WEST 56TH STREET 17TH FLOOR NEW YORK NY 10019 0 0 1 0 0001300986 Glenhill Capital Overseas Master Fund, L.P. 156 WEST 56TH STREET 17TH FLOOR NEW YORK NY 10019 0 0 1 0 Equity Swap 2011-10-06 4 S 1 254023 D Common Stock 254023 309877 I See Footnote Equity Swap 2011-10-07 4 S 1 309877 D Common Stock 309877 0 I See Footnote On October 6, 2011, a portion (representing 254,023 shares of common stock of the Issuer) of a previously reported total return equity swap was settled at a price per share of approximately $1.51. On October 7, 2011, the remaining portion (representing 309,877 shares of common stock of the Issuer) of such equity swap was settled at a price per share of approximately $1.51. For each such transaction, the settlement price was below the exercise price, which was re-set to $2.50 on July 1, 2011 (and re-set to expire on August 1, 2012), requiring Glenhill Capital Overseas Master Fund, LP to pay to the securities broker an amount equal to the decrease in the market value of such shares from the exercise price as of each such transaction date, plus applicable interest pursuant to the terms of the equity swap agreement as well as commissions. Reporting person, Glenn J. Krevlin, is the managing member of Glenhill Advisors, LLC, a limited liability company that is managing member of Glenhill Capital Management LLC, which has investment control and owns a minority interest in various private investment funds, including Glenhill Capital Overseas Master Fund, LP which owns the reported derivative security. With respect to Glenhill Capital Overseas Master Fund, LP, investment management discretion has been delegated to Glenhill Capital Advisors, LLC, the managing member of which is Krevlin Management, Inc., the sole shareholder of which is Glenn J. Krevlin. Swaps are not counted for purposes of determining beneficial ownership. Such contracts do not give the Reporting Persons direct or indirect voting, investment or dispositive control over any securities of the Issuer. Accordingly, the Reporting Persons disclaim any beneficial ownership in securities that may be referenced in such contracts. /s/ Glenn J. Krevlin 2011-10-11 /s/ Glenn J. Krevlin, Managing Member, Glenhill Advisors, LLC 2011-10-11 /s/ Glenn J. Krevlin, Managing Member, Glenhill Advisors, LLC, Managing Member, Glenhill Capital Management, LLC 2011-10-11 /s/ Glenn J. Krevlin, Managing Member, Glenhill Advisors, LLC, Managing Member, Glenhill Capital Management, LLC, Sole Shareholder, Glenhill Capital Overseas GP, Ltd., General Partner, Glenhill Capital Overseas Master Fund LP 2011-10-11