Private Capital Management, LP

In 1986, with the support of a private investor, Bruce S. Sherman established Private Capital Management, LP ("PCM"). In August of 2001, PCM became a wholly-owned subsidiary of Legg Mason, Inc. PCM's investment approach derives from the core belief that the function of any business is to generate free cash flow for its owners and that a business is ultimately worth the net present value of its future free cash flows adjusted to reflect the risks inherent in the business.

PCM identifies potential investment opportunities through a single-discipline, proprietary research process. PCM uses a bottom-up, value based investment approach focused on identifying companies whose equity securities are trading at a significant discount to the company's intrinsic value. PCM invests exclusively in publicly traded equity securities in North America across a number of sectors and industries including Financial Services, Technology, Consumer Services, Telecommunications, Media and Healthcare. Investment decisions are primarily valuation driven and accordingly, specific allocations will vary depending on account specific factors including inception date and asset flows.

Private Capital Management, LP
8889 Pelican Bay Blvd., Suite 500
Naples, FL 34108-2500

Legg Mason Canada can serve as your conduit to its highly respected family of affiliated Investment Advisers. For additional information, please contact us:

David Gregoire, CFA, CFP

Managing Director & Head of Distribution
Legg Mason Canada Inc.
Tel: 416 594 2979
Email