X0204 3 2012-01-05 0 0000920707 MAKEMUSIC, INC. MMUS 0001399386 Bandera Partners LLC 50 BROAD STREET, SUITE 1820 NEW YORK NY 10004 0 0 1 0 0001427289 Bylinsky Gregory BANDERA PARTNERS LLC 26 BROADWAY STE 1607 NEW YORK NY 10004 0 0 1 0 0001427290 Gramm Jefferson 26 BROADWAY #1607 NEW YORK NY 10004 0 0 1 0 0001483607 Shpiz Andrew 50 BROAD STREET, SUITE 1820 NEW YORK NY 10004 0 0 1 0 Common Stock, par value $0.01 489875 I See footnotes Common Stock, par value $0.01 5000 D The shares of Common Stock reported herein as indirectly beneficially owned by Bandera Partners LLC, Gregory Bylinsky, Jefferson Gramm and Andrew Shpiz (the "Master Fund Shares") are directly owned by Bandera Master Fund L.P., a Cayman Islands exempted limited partnership ("Bandera Master Fund"). Bandera Partners LLC is the investment manager of Bandera Master Fund and may be deemed to have beneficial ownership of the Master Fund Shares by virtue of the sole and exclusive authority granted to Bandera Partners LLC by Bandera Master Fund to vote and dispose of the Master Fund Shares. Mr. Bylinsky, Mr. Gramm and Mr. Shpiz may be deemed to have beneficial ownership of the Master Fund Shares in their capacities as Managing Partners, Managing Directors and Portfolio Managers of Bandera Partners LLC. (continued in footnote 2) Indirect beneficial ownership of the Master Fund Shares has not been allocated to the Reporting Persons on a proportional basis. Each of Bandera Partners LLC, Mr. Bylinsky, Mr. Gramm and Mr. Shpiz disclaims beneficial ownership of the Master Fund Shares except to the extent of its or his pecuniary interest therein pursuant to Rule 16a-1(a)(2). These shares of Common Stock are owned directly by Mr. Gramm. By: /s/ Gregory Bylinsky, Managing Director, On behalf of Bandera Partners LLC 2012-01-09 By: /s/ Gregory Bylinsky 2012-01-09 By: /s/ Jefferson Gramm 2012-01-09 By: /s/ Andrew Shpiz 2012-01-09