UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
Amendment No. 11
ITT EDUCATIONAL SERVICES, INC.
-----------------
(Name of Issuer)
Common Stock, Par Value $0.01 Per Share
-----------------------------
(Title of Class of Securities)
4506B109
----------
(CUSIP Number)
Gwen G. Reinke
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)
October 24, 2013
------------------
(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 [ ].
*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
-----------------------------------------------------------------------------
1. NAME OF REPORTING PERSON BLUM CAPITAL PARTNERS, L.P.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) 94-3205364
-----------------------------------------------------------------------------
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 California
-----------------------------------------------------------------------------
7. SOLE VOTING POWER -0-
NUMBER OF ----------------------------------------------------------
SHARES 8. SHARED VOTING POWER 2,296,913**
BENEFICIALLY
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 2,296,913**
-----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,296,913**
-----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
-----------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 9.8%**
-----------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON PN, IA
-----------------------------------------------------------------------------
** See Item 5
* * * * * * *
CUSIP NO. 4506B109 SCHEDULE 13D Page 3 of 13
-----------------------------------------------------------------------------
1. NAME OF REPORTING PERSON RICHARD C. BLUM & ASSOCIATES, INC.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) 94-2967812
-----------------------------------------------------------------------------
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 California
-----------------------------------------------------------------------------
7. SOLE VOTING POWER -0-
NUMBER OF ----------------------------------------------------------
SHARES 8. SHARED VOTING POWER 2,296,913**
BENEFICIALLY
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 2,296,913**
-----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,296,913**
-----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
-----------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 9.8%**
-----------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON CO
-----------------------------------------------------------------------------
** See Item 5
* * * * * * *
CUSIP NO. 4506B109 SCHEDULE 13D Page 4 of 13
-----------------------------------------------------------------------------
1. NAME OF REPORTING PERSON BLUM STRATEGIC GP III, L.L.C.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (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 2,296,913**
BENEFICIALLY
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 2,296,913**
-----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,296,913**
-----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
-----------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 9.8%**
-----------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON OO (Limited Liability Company)
-----------------------------------------------------------------------------
** See Item 5
* * * * * * *
CUSIP NO. 4506B109 SCHEDULE 13D Page 5 of 13
-----------------------------------------------------------------------------
1. NAME OF REPORTING PERSON BLUM STRATEGIC GP III, L.P.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (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 2,296,913**
BENEFICIALLY
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 2,296,913**
-----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,296,913**
-----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
-----------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 9.8%**
-----------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON PN
-----------------------------------------------------------------------------
** See Item 5
* * * * * * *
CUSIP NO. 4506B109 SCHEDULE 13D Page 6 of 13
-----------------------------------------------------------------------------
1. NAME OF REPORTING PERSON BLUM STRATEGIC PARTNERS III, L.P.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY) 04-3809438
-----------------------------------------------------------------------------
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 2,296,913**
BENEFICIALLY
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 2,296,913**
-----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,296,913**
-----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
-----------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 9.8%**
-----------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON PN
-----------------------------------------------------------------------------
** See Item 5
* * * * * * *
CUSIP NO. 4506B109 SCHEDULE 13D Page 7 of 13
-----------------------------------------------------------------------------
1. NAME OF REPORTING PERSON BLUM STRATEGIC GP IV, L.L.C.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) 26-0588693
-----------------------------------------------------------------------------
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 2,296,913**
BENEFICIALLY
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 2,296,913**
-----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,296,913**
-----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
-----------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 9.8%**
-----------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON OO (Limited Liability Company)
-----------------------------------------------------------------------------
** See Item 5
* * * * * * *
CUSIP NO. 4506B109 SCHEDULE 13D Page 8 of 13
-----------------------------------------------------------------------------
1. NAME OF REPORTING PERSON BLUM STRATEGIC GP IV, L.P.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) 26-0588732
-----------------------------------------------------------------------------
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 2,296,913**
BENEFICIALLY
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 2,296,913**
-----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,296,913**
-----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
-----------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 9.8%**
-----------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON PN
-----------------------------------------------------------------------------
** See Item 5
* * * * * * *
CUSIP NO. 4506B109 SCHEDULE 13D Page 9 of 13
-----------------------------------------------------------------------------
1. NAME OF REPORTING PERSON BLUM STRATEGIC PARTNERS IV, L.P.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY) 26-0588744
-----------------------------------------------------------------------------
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 2,296,913**
BENEFICIALLY
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 2,296,913**
-----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,296,913**
-----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
-----------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 9.8%**
-----------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON PN
-----------------------------------------------------------------------------
** See Item 5
* * * * * * *
CUSIP NO. 4506B109 SCHEDULE 13D Page 10 of 13
Item 1. Security and Issuer
-----------------------------
This Amendment No. 11 amends the Statement on Schedule 13D (the "Schedule 13D")
filed with the Securities and Exchange Commission (the "Commission") on
October 16, 2013 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 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"); Blum Strategic GP IV, L.L.C., a
Delaware limited liability company ("Blum GP IV"); and Blum Strategic GP IV,
L.P., a Delaware limited partnership ("Blum GP IV LP") (collectively, the
"Reporting Persons").
This amendment relates to shares of common stock, $0.01 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, IN 46032.
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 as previously amended.
Item 2. Identity and Background
---------------------------------
There have been no changes to Item 2 since the Schedule 13D Amendment filed on
September 30, 2013.
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
March 3, 2008.
Item 4. Purpose of Transaction
--------------------------------
There have been no changes to Item 4 since the Schedule 13D Amendment filed
on February 28, 2012.
* * * * * * *
CUSIP NO. 4506B109 SCHEDULE 13D Page 11 of 13
Item 5. Interest in Securities of the Issuer
----------------------------------------------
Item 5 of the Schedule 13D is hereby amended to add the following:
(a), (b) According to the Issuer's Form 10Q filed with the Securities and
Exchange Commission on July 26, 2013, there were 23,368,853 shares of
Common Stock issued and outstanding as of June 30, 2013. 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) 11,300 shares of Common Stock held directly by
RCBA Inc., which represents 0.0% of the outstanding shares of the Common Stock;
(ii) 1,129,388 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 4.8% of the outstanding shares of the
Common Stock; and (iii) 1,156,225 shares of the Common Stock held by Blum GP
IV, which serves as general partner of Blum GP IV LP which, in turn, serves as
the general partner of Blum Strategic IV, which represents 4.9% of the
outstanding shares of the Common Stock.
Voting and investment power concerning the above shares are held solely by Blum
LP, Blum GP III and Blum GP IV. 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 2,296,913 shares of the Common Stock,
which is 9.8% 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 shareholders, directors or
executive officers of RCBA Inc. or the managing members and members of Blum GP
III, Blum GP III LP, Blum GP IV, and Blum GP IV LP, is, for any purpose, the
beneficial owner of any of the securities that are beneficially owned by RCBA
Inc., Blum GP III LP, Blum GP III, Blum GP IV or Blum GP IV LP.
(c) The reporting Persons have sold the following shares in the Common
Stock of the Issuer since the last 13D Amendment filed on October 16, 2013:
Entity Trade Date Shares Price/Share
------- ---------- -------- -----------
For Blum Strategic III for 10-17-2013 12,000 32.4413
which Blum GP III LP serves 10-18-2013 30,200 33.5861
as the general partner and 10-21-2013 19,200 33.5250
for Blum GP III which 10-23-2013 24,700 35.0237
serves as the general 10-24-2013 24,800 39.7809
partner for Blum GP III LP
* * * * * * *
CUSIP NO. 4506B109 SCHEDULE 13D Page 12 of 13
For Blum Strategic IV for 10-17-2013 12,311 32.4413
which Blum GP IV LP serves 10-18-2013 30,984 33.5861
as the general partner and 10-21-2013 19,616 33.5250
for Blum GP IV which 10-23-2013 25,300 35.0237
serves as the general 10-24-2013 25,200 39.7809
partner for Blum GP IV LP
(d) Not applicable.
(e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect
to Securities of the Issuer
-----------------------------------------------------------------------------
There have been no changes to Item 6 since the initial Schedule 13D filed on
March 3, 2008.
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: October 28, 2013
RICHARD C. BLUM & ASSOCIATES, INC. BLUM CAPITAL PARTNERS, L.P.
By: Richard C. Blum & Associates, Inc.
its General Partner
By: /s/ Gwen G. Reinke By: /s/ Gwen G. Reinke
------------------------------- --------------------------------
Gwen G. Reinke Gwen G. Reinke
General Counsel and General Counsel and
Chief Compliance Officer Chief Compliance Officer
BLUM STRATEGIC GP III, L.L.C. BLUM STRATEGIC GP III, L.P.
By: Blum Strategic GP III, L.L.C.
its General Partner
By: /s/ Gwen G. Reinke By: /s/ Gwen G. Reinke
------------------------------- ---------------------------------
Gwen G. Reinke Gwen G. Reinke
Member Member
BLUM STRATEGIC PARTNERS III, L.P. BLUM STRATEGIC GP IV, L.L.C.
By: Blum Strategic GP III, L.P.,
its General Partner
By: Blum Strategic GP III, L.L.C.
its General Partner
By: /s/ Gwen G. Reinke By: /s/ Gwen G. Reinke
------------------------------- ---------------------------------
Gwen G. Reinke Gwen G. Reinke
Member Member
BLUM STRATEGIC GP IV, L.P. BLUM STRATEGIC PARTNERS IV, L.P.
By: Blum Strategic GP IV, L.L.C. By: Blum Strategic GP IV, L.P.,
its General Partner its General Partner
By: Blum Strategic GP IV, L.L.C.
its General Partner
By: /s/ Gwen G. Reinke By: /s/ Gwen G. Reinke
------------------------------- ---------------------------------
Gwen G. Reinke Gwen G. Reinke
Member Member
* * * * * * *
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: October 28, 2013
RICHARD C. BLUM & ASSOCIATES, INC. BLUM CAPITAL PARTNERS, L.P.
By: Richard C. Blum & Associates, Inc.
its General Partner
By: /s/ Gwen G. Reinke By: /s/ Gwen G. Reinke
------------------------------- --------------------------------
Gwen G. Reinke Gwen G. Reinke
General Counsel and General Counsel and
Chief Compliance Officer Chief Compliance Officer
BLUM STRATEGIC GP III, L.L.C. BLUM STRATEGIC GP III, L.P.
By: Blum Strategic GP III, L.L.C.
its General Partner
By: /s/ Gwen G. Reinke By: /s/ Gwen G. Reinke
------------------------------- ---------------------------------
Gwen G. Reinke Gwen G. Reinke
Member Member
BLUM STRATEGIC PARTNERS III, L.P. BLUM STRATEGIC GP IV, L.L.C.
By: Blum Strategic GP III, L.P.,
its General Partner
By: Blum Strategic GP III, L.L.C.
its General Partner
By: /s/ Gwen G. Reinke By: /s/ Gwen G. Reinke
------------------------------- ---------------------------------
Gwen G. Reinke Gwen G. Reinke
Member Member
BLUM STRATEGIC GP IV, L.P. BLUM STRATEGIC PARTNERS IV, L.P.
By: Blum Strategic GP IV, L.L.C. By: Blum Strategic GP IV, L.P.,
its General Partner its General Partner
By: Blum Strategic GP IV, L.L.C.
its General Partner
By: /s/ Gwen G. Reinke By: /s/ Gwen G. Reinke
------------------------------- ---------------------------------
Gwen G. Reinke Gwen G. Reinke
Member Member