UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Amendment No. 10)
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)
March 14, 2007
-----------------
(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 that is the subject of this Schedule 13D, and is filing
this schedule because of Section 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g),
check the following box [ ].
Note: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See Section 240.13d-7 for
other parties to whom copies are to be sent.
*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.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY) 94-3205364
-----------------------------------------------------------------------------
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 California
-----------------------------------------------------------------------------
7. SOLE VOTING POWER -0-
NUMBER OF ----------------------------------------------------------
SHARES 8. SHARED VOTING POWER 2,026,500**
BENEFICIALLY
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 2,026,500**
-----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,026,500**
-----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
-----------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 4.9%**
-----------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON PN, IA
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** See Item 5 below
**********
CUSIP NO. 4506B109 SCHEDULE 13D Page 3 of 13
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1. NAME OF REPORTING PERSON RICHARD C. BLUM & ASSOCIATES, INC.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY) 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
-----------------------------------------------------------------------------
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 2,026,500**
BENEFICIALLY
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 2,026,500**
-----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,026,500**
-----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
-----------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 4.9%**
-----------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON CO
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** See Item 5 below
**********
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.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY) 94-3395150
-----------------------------------------------------------------------------
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 2,026,500**
BENEFICIALLY
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 2,026,500**
-----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,026,500**
-----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
-----------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 4.9%**
-----------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON OO (Limited Liability Company)
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** See Item 5 below
**********
CUSIP NO. 4506B109 SCHEDULE 13D Page 5 of 13
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1. NAME OF REPORTING PERSON BLUM STRATEGIC GP III, L.P.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY) 02-0742606
-----------------------------------------------------------------------------
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 2,026,500**
BENEFICIALLY
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 2,026,500**
-----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,026,500**
-----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
-----------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 4.9%**
-----------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON PN
-----------------------------------------------------------------------------
** See Item 5 below
**********
CUSIP NO. 4506B109 SCHEDULE 13D Page 6 of 13
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1. NAME OF REPORTING PERSON BLUM STRATEGIC GP III, L.L.C.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY) 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 2,026,500**
BENEFICIALLY
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 2,026,500**
-----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,026,500**
-----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
-----------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 4.9%**
-----------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON OO (Limited Liability Company)
-----------------------------------------------------------------------------
** See Item 5 below
**********
CUSIP NO. 4506B109 SCHEDULE 13D Page 7 of 13
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1. NAME OF REPORTING PERSON SADDLEPOINT PARTNERS GP, L.L.C.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY) 83-0424234
-----------------------------------------------------------------------------
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 2,026,500**
BENEFICIALLY
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 2,026,500**
-----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,026,500**
-----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
-----------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 4.9%**
-----------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON OO (Limited Liability Company)
-----------------------------------------------------------------------------
** See Item 5 below
**********
CUSIP NO. 4506B109 SCHEDULE 13D Page 8 of 13
Item 1. Security and Issuer
-----------------------------
This Amendment No. 10 amends the Statement on Schedule 13D (the "Schedule
13D") filed with the Securities and Exchange Commission (the "Commission") on
February 20, 2007 by Blum Capital Partners, L.P., a California limited
partnership, ("Blum LP"); 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 GP III, L.L.C., a Delaware
limited liability company ("Blum GP III"); Blum Strategic GP III, L.P., a
Delaware limited partnership ("Blum GP III LP"); and Saddlepoint Partners GP,
L.L.C., a Delaware limited liability company ("Saddlepoint GP") (collectively,
the "Reporting Persons").
This amendment relates to shares of Common Stock, $.01 par value per share
(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
---------------------------------
There have been no changes to Item 2 since the Schedule 13D Amendment filed on
January 30, 2007.
Item 3. Source and Amount of Funds or Other Considerations
------------------------------------------------------------
There have been no changes to Item 3 since the initial Schedule 13D filed on
April 12, 2004.
Item 4. Purpose of Transaction
--------------------------------
There have been no changes to Item 4 since the initial Schedule 13D filed on
April 12, 2004.
**********
CUSIP NO. 4506B109 SCHEDULE 13D Page 9 of 13
Item 5. Interest in Securities of the Issuer
----------------------------------------------
(a), (b) According to the Issuer's most recent Form 10-K filed with the
Commission on February 23, 2007, there were 41,083,403 shares of Common Stock
issued and outstanding as of January 31, 2007. 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) 575,130 shares of Common Stock held by Blum LP and RCBA Inc.
on behalf of the limited partnerships for which Blum LP serves as the general
partner, which represents 1.4% of the outstanding shares of the Common Stock;
(ii) 1,033,070 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 2.5% of the outstanding shares of the Common Stock;
(iii) 354,100 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 Partners III, L.P. ("Blum Strategic III"), a
Delaware limited partnership, which represents 0.9% of the outstanding shares
of the Common Stock; (iv) 17,600 shares of the Common Stock held by
Saddlepoint GP on behalf of a partnership for which it serves as the general
partner, which represents less than 0.1% of the outstanding shares of the
Common Stock; and (v) 23,300 shares of the Common Stock that are legally owned
by The Nuclear Decommissioning Trust of Dominion Nuclear Connecticut, Inc.
("Dominion Connecticut"), which represents 0.1% of the outstanding shares of
the Common Stock and 23,300 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"), which
represents 0.1% of the outstanding shares of the Common Stock, with respect to
which Blum LP has voting and investment power. Each Investment Advisory
Client has entered into an investment management agreement with Blum LP, 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 LP, Blum GP II, Blum GP III and Saddlepoint GP. 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 2,026,500
shares of the Common Stock, which is 4.9% of the outstanding Common Stock. As
the sole general partner of Blum LP, RCBA Inc. is deemed the beneficial owner
of the securities over which Blum LP has voting and investment power. The
filing of this Schedule shall not be construed as an admission that any of the
**********
CUSIP NO. 4506B109 SCHEDULE 13D Page 10 of 13
shareholders, directors or executive officers of RCBA Inc. or the managing
members and members of Blum GP II, Blum GP III LP, Blum GP III and Saddlepoint
GP, is, for any purpose, the beneficial owner of any of the securities that
are beneficially owned by RCBA Inc., Blum GP II, Blum GP III LP, Blum GP III
or Saddlepoint GP.
c) Since the last filing of the Schedule 13D, the Reporting Persons effected
the following transactions in the Common Stock:
The Reporting Persons sold the following shares of Common Stock in the open
market:
Entity Trade Date Shares Price/Share
------- ---------- -------- -----------
Investment partnerships for 03-02-2007 12,700 79.7760
which Blum LP serves as the 03-05-2007 5,200 79.5148
general partner. 03-05-2007 2,700 79.5291
03-06-2007 5,500 79.5650
03-06-2007 28,900 79.9875
03-06-2007 3,200 80.0932
03-07-2007 3,300 79.5372
03-08-2007 5,700 80.2473
03-09-2007 5,800 79.5529
03-09-2007 600 79.9900
03-12-2007 1,200 79.5118
03-12-2007 14,200 79.5401
03-12-2007 4,100 79.6972
03-14-2007 21,100 79.5933
03-14-2007 2,100 79.6284
03-14-2007 18,200 79.7221
Entity Trade Date Shares Price/Share
------- ---------- -------- -----------
The limited partnerships for 03-02-2007 22,700 79.7760
which Blum GP II serves as the 03-02-2007 200 79.9000
general partner and the managing 03-05-2007 9,200 79.5148
limited partner. 03-05-2007 5,100 79.5291
03-06-2007 10,400 79.5650
03-06-2007 52,500 79.9875
03-06-2007 4,900 80.0932
03-07-2007 5,700 79.5372
03-08-2007 500 80.0200
03-08-2007 9,000 80.2473
03-09-2007 10,300 79.5529
03-09-2007 1,000 79.9900
**********
CUSIP NO. 4506B109 SCHEDULE 13D Page 11 of 13
Entity Trade Date Shares Price/Share
------- ---------- -------- -----------
03-12-2007 2,200 79.5118
03-12-2007 25,500 79.5401
03-12-2007 7,410 79.6972
03-14-2007 38,300 79.5933
03-14-2007 3,990 79.6284
03-14-2007 32,300 79.7221
Entity Trade Date Shares Price/Share
------- ---------- -------- -----------
For Blum Strategic III for 03-02-2007 7,800 79.7760
which Blum GP III LP 03-05-2007 3,200 79.5148
serves as the general partner 03-05-2007 1,700 79.5291
and for Blum GP III which 03-06-2007 3,500 79.5650
serves as the general 03-06-2007 17,900 79.9875
partner for Blum GP III LP. 03-06-2007 1,800 80.0932
03-07-2007 2,000 79.5372
03-08-2007 100 80.0200
03-08-2007 3,300 80.2473
03-09-2007 3,600 79.5529
03-09-2007 300 79.9900
03-12-2007 800 79.5118
03-12-2007 8,700 79.5401
03-12-2007 2,500 79.6972
03-14-2007 13,100 79.5933
03-14-2007 1,400 79.6284
03-14-2007 11,100 79.7221
Entity Trade Date Shares Price/Share
------- ---------- -------- -----------
The partnership for which 03-02-2007 400 79.7760
Saddlepoint GP serves as 03-05-2007 100 79.5148
general partner. 03-05-2007 100 79.5291
03-06-2007 200 79.5650
03-06-2007 900 79.9875
03-06-2007 100 80.0932
03-07-2007 100 79.5372
03-08-2007 200 80.2473
03-09-2007 200 79.5529
03-12-2007 400 79.5401
03-12-2007 200 79.6972
03-14-2007 700 79.5933
03-14-2007 100 79.6284
03-14-2007 500 79.7221
**********
CUSIP NO. 4506B109 SCHEDULE 13D Page 12 of 13
Entity Trade Date Shares Price/Share
------- ---------- -------- -----------
The Investment Advisory 03-02-2007 1,000 79.7760
Clients for which Blum LP 03-05-2007 400 79.5148
serves as investment advisor. 03-05-2007 200 79.5291
03-06-2007 400 79.5650
03-06-2007 2,400 79.9875
03-06-2007 200 80.0932
03-07-2007 200 79.5372
03-08-2007 400 80.2473
03-09-2007 600 79.5529
03-12-2007 200 79.5118
03-12-2007 1,200 79.5401
03-12-2007 200 79.6972
03-14-2007 1,800 79.5933
03-14-2007 200 79.6284
03-14-2007 1,400 79.7221
(d) Not applicable.
(e) As of March 14, 2007, the Reporting Persons ceased to be beneficial owner
of five percent of the Common Stock.
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: March 15, 2007
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
Partner, Chief Operating Officer, Partner, Chief Operating Officer,
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
Managing Member and General Counsel Managing Member and General Counsel
BLUM STRATEGIC GP III, L.P. SADDLEPOINT PARTNERS GP, L.L.C.
By: Blum Strategic GP III, L.L.C. By: Blum Capital Partners, L.P.
Its General Partner Its Managing Member
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
Managing Member and General Counsel Partner, Chief Operating Officer,
General Counsel and Secretary
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: March 15, 2007
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
Partner, Chief Operating Officer, Partner, Chief Operating Officer,
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
Managing Member and General Counsel Managing Member and General Counsel
BLUM STRATEGIC GP III, L.P. SADDLEPOINT PARTNERS GP, L.L.C.
By: Blum Strategic GP III, L.L.C. By: Blum Capital Partners, L.P.
Its General Partner Its Managing Member
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
Managing Member and General Counsel Partner, Chief Operating Officer,
General Counsel and Secretary