UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Amendment No. 5)
Under the Securities Exchange Act of 1934
ITT EDUCATIONAL SERVICES, INC.
------------------------------------------
(Name of Issuer)
COMMON STOCK, $.01 par value
-------------------------------------
(Title of Class of Securities)
4506B109
---------
(CUSIP Number)
Gregory D. Hitchan
Blum Capital Partners, L.P.
909 Montgomery Street, Suite 400
San Francisco, CA 94133
(415) 434-1111
-------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
July 8, 2005
-----------------
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to
report the acquisition which is the subject of this Schedule 13D, and is
filing this schedule because of Rule 13d-1(b)(3) or (4), check the following
box [ ].
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities,
and for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
Page 1 of 13
CUSIP NO. 4506B109 SCHEDULE 13D Page 2 of 13
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1. NAME OF REPORTING PERSON BLUM CAPITAL PARTNERS, L.P.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON 94-3205364
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [x]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS* See Item 3
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION California
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7. SOLE VOTING POWER -0-
NUMBER OF ----------------------------------------------------------
SHARES 8. SHARED VOTING POWER 6,369,000**
BENEFICIALLY
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 6,369,000**
-----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 6,369,000**
-----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 13.8%**
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14. TYPE OF REPORTING PERSON PN, IA
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** See Item 5
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP NO. 4506B109 SCHEDULE 13D Page 3 of 13
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1. NAME OF REPORTING PERSON RICHARD C. BLUM & ASSOCIATES, INC.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON 94-2967812
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [x]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS* See Item 3
-----------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
-----------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION California
-----------------------------------------------------------------------------
7. SOLE VOTING POWER -0-
NUMBER OF ----------------------------------------------------------
SHARES 8. SHARED VOTING POWER 6,369,000**
BENEFICIALLY
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 6,369,000**
-----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 6,369,000**
-----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 13.8%**
-----------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON CO
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** See Item 5
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP NO. 4506B109 SCHEDULE 13D Page 4 of 13
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1. NAME OF REPORTING PERSON BLUM STRATEGIC GP II, L.L.C.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON 94-3395150
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [x]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS* See Item 3
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION Delaware
-----------------------------------------------------------------------------
7. SOLE VOTING POWER -0-
NUMBER OF ----------------------------------------------------------
SHARES 8. SHARED VOTING POWER 6,369,000**
BENEFICIALLY
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 6,369,000**
-----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 6,369,000**
-----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
-----------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 13.8%**
-----------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON OO (Limited Liability Company)
-----------------------------------------------------------------------------
** See Item 5
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP NO. 4506B109 SCHEDULE 13D Page 5 of 13
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1. NAME OF REPORTING PERSON BLUM STRATEGIC PARTNERS II, L.P.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON 94-3395151
-----------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [x]
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3. SEC USE ONLY
-----------------------------------------------------------------------------
4. SOURCE OF FUNDS* See Item 3
-----------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
-----------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION Delaware
-----------------------------------------------------------------------------
7. SOLE VOTING POWER -0-
NUMBER OF -----------------------------------------------------------
SHARES 8. SHARED VOTING POWER 6,369,000**
BENEFICIALLY
OWNED BY EACH -----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
-----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 6,369,000**
-----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 6,369,000**
-----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
-----------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 13.8%**
-----------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON PN
-----------------------------------------------------------------------------
** See Item 5 below
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP NO. 4506B109 SCHEDULE 13D Page 6 of 13
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1. NAME OF REPORTING PERSON BLUM STRATEGIC GP III, L.P.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON 02-0742606
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [x]
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3. SEC USE ONLY
-----------------------------------------------------------------------------
4. SOURCE OF FUNDS* See Item 3
-----------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
-----------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION Delaware
-----------------------------------------------------------------------------
7. SOLE VOTING POWER -0-
NUMBER OF ----------------------------------------------------------
SHARES 8. SHARED VOTING POWER 6,369,000**
BENEFICIALLY
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 6,369,000**
-----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 6,369,000**
-----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
-----------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 13.8%**
-----------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON PN
-----------------------------------------------------------------------------
** See Item 5
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP NO. 4506B109 SCHEDULE 13D Page 7 of 13
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1. NAME OF REPORTING PERSON BLUM STRATEGIC GP III, L.L.C.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON 04-3809436
-----------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [x]
-----------------------------------------------------------------------------
3. SEC USE ONLY
-----------------------------------------------------------------------------
4. SOURCE OF FUNDS* See Item 3
-----------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
-----------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION Delaware
-----------------------------------------------------------------------------
7. SOLE VOTING POWER -0-
NUMBER OF ----------------------------------------------------------
SHARES 8. SHARED VOTING POWER 6,369,000**
BENEFICIALLY
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 6,369,000**
-----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 6,369,000**
-----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
-----------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 13.8%**
-----------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON OO (Limited Liability Company)
-----------------------------------------------------------------------------
** See Item 5
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP NO. 4506B109 SCHEDULE 13D Page 8 of 13
Item 1. Security and Issuer
----------------------------
This Amendment No. 5 amends the Statement on Schedule 13D (the "Schedule 13D")
filed with the Securities and Exchange Commission (the "Commission") on October
18, 2004 by Blum Capital Partners, L.P., a California limited partnership,
("Blum L.P."); Richard C. Blum & Associates, Inc., a California corporation
("RCBA Inc."); Blum Strategic GP II, L.L.C., a Delaware limited liability
company ("Blum GP II"); Blum Strategic Partners II, L.P., a Delaware limited
partnership ("Blum Strategic II") (collectively, the "Reporting Persons") and
Richard C. Blum. This amendment relates to shares of Common Stock, $.01 par
value (the "Common Stock") of ITT Educational Services, Inc., a Delaware
corporation (the "Issuer"). The principal executive office and mailing address
of the Issuer is 13000 North Meridian Street, Carmel, Indiana 46032-1404. The
following amendments to the Schedule 13D are hereby made. Unless otherwise
defined herein, all capitalized terms shall have the meanings ascribed to them
in the Schedule 13D.
Item 2. Identity and Background
---------------------------------
Item 2 of the Schedule 13D is hereby amended to add the following:
Blum Strategic GP III, L.L.C. ("Blum GP III") is a Delaware limited liability
company whose principal business is acting as the general partner of Blum
Strategic GP III, L.P. ("Blum GP III LP"), a Delaware limited partnership,
whose principal business is acting as the general partner of Blum Strategic
Partners III, L.P., a Delaware limited partnership ("Blum Strategic III") whose
principal office is 909 Montgomery Street, Suite 400, San Francisco, California
94133.
The principal business office address of Blum GP III and Blum GP III LP is 909
Montgomery Street, Suite 400, San Francisco, California 94133. The names of
the managing members and members of Blum GP III, their addresses, citizenship
and principal occupations are as follows:
Name and Business Citizen- Principal Occupation
Office Held Address ship or Employment
-------------------- ----------------------- --------- -------------------
Richard C. Blum 909 Montgomery St. USA President & Chairman,
Managing Member Suite 400 Blum L.P.
San Francisco, CA 94133
Nils Colin Lind 909 Montgomery St. Norway Managing Partner,
Managing Member Suite 400 Blum L.P.
San Francisco, CA 94133
CUSIP NO. 4506B109 SCHEDULE 13D Page 9 of 13
Name and Business Citizen- Principal Occupation
Office Held Address ship or Employment
-------------------- ---------------------- --------- -------------------
John H. Park 909 Montgomery St. USA Partner,
Managing Member Suite 400 Blum L.P.
San Francisco, CA 94133
Gregory L. Jackson 909 Montgomery St. USA Partner,
Managing Member Suite 400 Blum L.P.
San Francisco, CA 94133
Jeffrey A. Cozad 909 Montgomery St. USA Partner,
Managing Member Suite 400 Blum L.P.
San Francisco, CA 94133
John C. Walker 909 Montgomery St. USA Partner,
Member Suite 400 Blum L.P.
San Francisco, CA 94133
Jose S. Medeiros 909 Montgomery St. Brazil Partner,
Member Suite 400 Blum L.P.
San Francisco, CA 94133
Marc T. Scholvinck 909 Montgomery St. USA Partner & Chief
Member Suite 400 Financial Officer,
San Francisco, CA 94133 Blum L.P.
Gregory D. Hitchan 909 Montgomery St. USA General Counsel
Member & Suite 400 & Secretary,
General Counsel San Francisco, CA 94133 Blum L.P.
To the best knowledge of the Reporting Persons, none of the entities or
persons identified in this Item 2 has, during the past five years, been
convicted of any criminal proceeding (excluding traffic violations or similar
misdemeanors), nor been a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction and as a result of such
proceeding was or is subject to a judgment, decree or final order enjoining
future violations of, or prohibiting or mandating activities subject to,
federal or state securities laws or finding any violation with respect to such
laws.
Item 5. Interest in Securities of the Issuer
---------------------------------------------
(a),(b) According to the Issuer's most recent Form 10-Q, there were 46,165,579
shares of Common Stock issued and outstanding as of March 31, 2005. Based on
such information, after taking into account the transactions described in Item
5(c) below, the Reporting Persons report beneficial ownership of the following
shares of Common Stock: (i) 2,606,300 shares of
CUSIP NO. 4506B109 SCHEDULE 13D Page 10 of 13
Common Stock held by Blum L.P. and RCBA Inc. on behalf of the limited
partnerships for which Blum L.P. serves as the general partner, or on behalf of
an entity for which Blum L.P. serves as investment advisor, which represents
5.6% of the outstanding shares of the Common Stock; (ii) 3,151,100 shares of
the Common Stock held by Blum GP II on behalf of the limited partnership for
which it serves as the general partner and on behalf of the limited partnership
for which it serves as the managing limited partner, which represents 6.8% of
the outstanding shares of the Common Stock; (iii) 470,200 shares of the Common
Stock held by Blum GP III which serves as general partner of Blum GP III LP
which, in turn, serves as the general partner of Blum Strategic III, which
represents 1.0% of the outstanding shares of the Common Stock; and (iv) 70,700
shares of the Common Stock that are legally owned by The Nuclear
Decommissioning Trust of Dominion Nuclear Connecticut, Inc. ("Dominion
Connecticut") and 70,700 shares of the Common Stock that are legally owned by
Virginia Electric and Power Company Qualified Nuclear Decommissioning Trust
("Virginia Electric") (collectively, the "Investment Advisory Clients"), with
respect to which Blum L.P. has voting and investment power. Each Investment
Advisory Client has entered into an investment management agreement with Blum
L.P., but neither Investment Advisory Client has any contract, arrangement or
understanding with the other Investment Advisory Client, or any other Reporting
Person, with respect to the acquisition, ownership, disposition or voting of
any shares of the Common Stock. Each Investment Advisory Client disclaims
membership in a group with any Reporting Person or with the other Investment
Advisory Client, and each disclaims beneficial ownership of any shares
beneficially owned by the Reporting Persons other than for their own account.
Voting and investment power concerning the above shares are held solely by Blum
L.P., Blum GP II and Blum GP III. The Reporting Persons therefore may be
deemed to be members in a group, in which case the group would be deemed to
have beneficial ownership of an aggregate of 6,369,000 shares of the Common
Stock, which is 13.8% of the outstanding Common Stock. As the sole general
partner of Blum L.P., RCBA Inc. is deemed the beneficial owner of the
securities over which Blum L.P. has voting and investment power. The filing
of this Schedule shall not be construed as an admission that any of the
officers, managing members and members of Blum L.P., Blum GP II, Blum GP III LP
and Blum GP III, is, for any purpose, the beneficial owner of any of the
securities that are beneficially owned by Blum L.P., Blum GP II, Blum GP III LP
or Blum GP III.
c) During the last 60 days, the Reporting Persons purchased the following
shares of Common Stock in the open market:
CUSIP NO. 4506B109 SCHEDULE 13D Page 11 of 13
Entity Trade Date Shares Price/Share
------ ---------- ------- -----------
Investment partnerships for 05-05-05 18,100 42.9972
which Blum L.P. serves as the 05-06-05 26,700 43.1463
general partner and on behalf 05-09-05 24,900 43.0894
of an entity for which Blum L.P. 05-11-05 17,700 43.3647
serves as investment advisor. 05-13-05 900 42.9890
05-16-05 700 43.1000
05-19-05 600 43.6390
05-20-05 26,700 43.9523
05-23-05 73,300 45.0759
05-25-05 27,300 44.2537
06-16-05 13,700 47.2106
06-17-05 1,000 47.2600
06-20-05 2,900 47.2457
06-21-05 2,200 47.2600
07-08-05 10,000 51.9701
Entity Trade Date Shares Price/Share
------ --------- ------- ----------
The limited partnerships for 05-13-05 55,100 42.9890
which Blum GP II serves as the 05-16-05 27,800 43.1000
general partner and the managing 05-19-05 30,100 43.6390
limited partner.
Entity Trade Date Shares Price/Share
------ --------- ------- ----------
For Blum Strategic III for 05-31-05 27,600 45.2329
which Blum GP III LP 06-01-05 1,900 45.5537
serves as the general partner 06-02-05 5,800 46.4164
and for Blum GP III which 06-03-05 15,400 47.0947
serves as the general 06-06-05 59,700 47.1815
partner for Blum GP III LP. 06-16-05 13,700 47.2106
06-17-05 1,000 47.2600
06-20-05 2,900 47.2457
06-21-05 2,200 47.2600
07-08-05 340,000 51.9701
Entity Trade Date Shares Price/Share
------ ---------- ------- -----------
The Investment Advisory 05-05-05 1,200 42.9972
Clients for which Blum L.P. 05-06-05 1,800 43.1463
serves as investment advisor. 05-09-05 1,600 43.0894
05-11-05 1,200 43.3647
05-16-05 200 43.1000
CUSIP NO. 4506B109 SCHEDULE 13D Page 12 of 13
(d) and (e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships with
Respect to Securities of the Issuer
---------------------------------------------------------------------------
None of the Reporting Persons or, to the best knowledge of the Reporting
Persons, the other persons named in Item 2, is a party to any contract,
arrangement, understanding or relationship with respect to any securities
of the Issuer, including but not limited to the transfer or voting of any
securities of the Issuer, finder's fees, joint ventures, loan or option
arrangements, puts or calls, guarantees of profits, division of profits or
loss, or the giving or withholding of proxies, except (i) as previously
disclosed, or (ii) as noted above, Blum L.P. has voting and investment
power of the shares held by it for the benefit of The Investment Advisory
Clients.
Item 7. Material to be Filed as Exhibits
-----------------------------------------
Exhibit A Joint Filing Undertaking.
CUSIP NO. 4506B109 SCHEDULE 13D Page 13 of 13
SIGNATURES
After reasonable inquiry and to the best of our knowledge and belief, the
undersigned certify that the information set forth in this statement is true,
complete and correct.
Dated: July 18, 2005
RICHARD C. BLUM & ASSOCIATES, INC. BLUM CAPITAL PARTNERS, L.P.
By: Richard C. Blum & Associates, Inc.
its General Partner
By: /s/ Gregory D. Hitchan By: /s/ Gregory D. Hitchan
------------------------------- -----------------------------------
Gregory D. Hitchan Gregory D. Hitchan
General Counsel and Secretary General Counsel and Secretary
BLUM STRATEGIC GP II, L.L.C. BLUM STRATEGIC GP III, L.L.C.
By: /s/ Gregory D. Hitchan By: /s/ Gregory D. Hitchan
------------------------------- ------------------------------------
Gregory D. Hitchan Gregory D. Hitchan
Member and General Counsel Member and General Counsel
BLUM STRATEGIC PARTNERS II, L.P. BLUM STRATEGIC PARTNERS III, L.P.
By: Blum Strategic GP II, L.L.C., By: Blum Strategic GP III, L.P.,
Its General Partner Its General Partner
By: Blum Strategic GP III, L.L.C.
Its General Partner
By: /s/ Gregory D. Hitchan By: /s/ Gregory D. Hitchan
---------------------------- --------------------------------
Gregory D. Hitchan, Gregory D. Hitchan,
Member and General Counsel Member and General Counsel
BLUM STRATEGIC GP III, L.P.
By: Blum Strategic GP III, L.L.C.
Its General Partner
By: /s/ Gregory D. Hitchan
----------------------------
Gregory D. Hitchan
Member and General Counsel
CUSIP NO. 4506B109 SCHEDULE 13D Page 1 of 1
Exhibit A
JOINT FILING UNDERTAKING
The undersigned, being duly authorized thereunto, hereby execute this
agreement as an exhibit to this Schedule 13D to evidence the agreement of the
below-named parties, in accordance with the rules promulgated pursuant to the
Securities Exchange Act of 1934, to file this Schedule jointly on behalf of
each such party.
Dated: July 18, 2005
RICHARD C. BLUM & ASSOCIATES, INC. BLUM CAPITAL PARTNERS, L.P.
By: Richard C. Blum & Associates, Inc.
Its General Partner
By: /s/ Gregory D. Hitchan By: /s/ Gregory D. Hitchan
------------------------------- -----------------------------------
Gregory D. Hitchan Gregory D. Hitchan
General Counsel and Secretary General Counsel and Secretary
BLUM STRATEGIC GP II, L.L.C. BLUM STRATEGIC GP III, L.L.C.
By: /s/ Gregory D. Hitchan By: /s/ Gregory D. Hitchan
------------------------------- -------------------------------------
Gregory D. Hitchan Gregory D. Hitchan,
Member and General Counsel Member and General Counsel
BLUM STRATEGIC PARTNERS II, L.P. BLUM STRATEGIC PARTNERS III, L.P.
By: Blum Strategic GP II, L.L.C., By: Blum Strategic GP III, L.P.,
Its General Partner Its General Partner
By: Blum Strategic GP III, L.L.C.
Its General Partner
By: /s/ Gregory D. Hitchan By: /s/ Gregory D. Hitchan
---------------------------- --------------------------------
Gregory D. Hitchan, Gregory D. Hitchan,
Member and General Counsel Member and General Counsel
BLUM STRATEGIC GP III, L.P.
By: Blum Strategic GP III, L.L.C.
Its General Partner
By: /s/ Gregory D. Hitchan
----------------------------
Gregory D. Hitchan
Member and General Counsel