X0203 3 2010-03-11 0 0001269871 PHYSICIANS FORMULA HOLDINGS, INC. FACE 0001346543 SRB Management, L.P. 300 CRESCENT COURT SUITE 1111 DALLAS TX 75201 0 0 1 1 Member of a 10% Group 0001451722 SRB GREENWAY OPPORTUNITY FUND (QP) LP C/O SRB MANAGEMENT LP 300 CRESCENT COURT, SUITE 1111 DALLAS TX 75201 0 0 0 1 Member of a 10% Group 0001451721 SRB GREENWAY OPPORTUNITY FUND LP C/O SRB MANAGEMENT LP 300 CRESCENT COURT, SUITE 1111 DALLAS TX 75201 0 0 0 1 Member of 10% 13d group 0001349003 BC Advisors LLC 300 CRESCENT COURT SUITE 1111 DALLAS TX 75201 0 0 0 1 Member of a 10% Group 0001349005 Becker Steven R 300 CRESCENT COURT SUITE 1111 DALLAS TX 75201 0 0 0 1 Member of a 10% Group 0001458693 Drapkin Matthew A 300 CRESCENT COURT SUITE 1111 DALLAS TX 75201 0 0 0 1 Member of a 10% Group Common Stock 1368597 I See Footnote Common Stock 169153 I See Footnote Represents shares of common stock, par value $0.01 per share, of Physicians Formula Holdings, Inc. (the "Common Stock") directly beneficially owned by SRB Greenway Opportunity Fund, (QP), L.P. ("Greenway Opportunity QP"). Represents shares of Common Stock directly beneficially owned by SRB Greenway Opportunity Fund, L.P. ("Greenway Opportunity, L.P."). SRB Management, L.P. ("SRB Management"), as the general partner of, and investment manager for, Greenway Opportunity QP and Greenway Opportunity, L.P.; BC Advisors, LLC ("BCA"), as the general partner of SRB Management; and Steven R. Becker ("Mr. Becker") and Matthew A. Drapkin ("Mr. Drapkin"), as the sole members and co-managing members of BCA and limited partners of SRB Management, may in each case be deemed to be beneficial owners of the securities reported herein for purposes of Rule 16(a)-1(a) under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). In addition, SRB Management, Greenway Opportunity, L.P., BCA, Mr. Becker and Mr. Drapkin may be deemed to beneficially own more than 10% of the Common Stock under Rule 16a-1(a)(1) under the Exchange Act as a result of being deemed a member of a group under Sections 13(d)(3) and 13(d)(5) of the Exchange Act. (Continued in Footnote 4.) SRB Management, BCA, Mr. Becker and Mr. Drapkin disclaim any beneficial ownership of any Common Stock listed herein, except to the extent of any pecuniary interest therein. Greenway Opportunity QP disclaims beneficial ownership of the Common Stock described in footnote (2). Greenway Opportunity, L.P. disclaims beneficial ownership of the Common Stock described in footnote (1). See Exhibit 99.1 2010-03-15