Q. Munir Alam

Mr. Alam is a Managing Member of Watershed Asset Management L.L.C. Prior to joining Watershed, Mr. Alam was an Associate at Nautic Partners, a media and telecom focused private equity firm. Prior to Nautic, Mr. Alam was a Financial Analyst in the media and telecommunications group of Donaldson, Lufkin & Jenrette/Credit Suisse First Boston. Mr. Alam received an M.B.A. from the Harvard Business School where he was named a Baker Scholar. He received a B.A., summa cum laude, in economics with a minor in physics, from Middlebury College.

Watershed Asset Management, L.L.C, a San Francisco based hedge fund, manages discretionary capital for institutional investors, primarily endowments and foundations. Watershed's investment objective is to achieve consistent, absolute returns that significantly exceed the risk-free rate regardless of overall conditions in the equity and fixed income markets. Watershed invests in various fixed income and equity securities, private placements, direct investments, and other opportunities that Watershed believes are inefficiently held or financed, are undergoing change, or in which Watershed believes the investment risk is misunderstood and therefore mispriced. Investments are primarily in the U.S. and developed international markets.