Bill Miller
Chief Executive Officer, Legg Mason Capital Managment

Bill Miller is one of today's most renowned professional money managers. He is Chief Executive Officer and Chief Investment Officer of Legg Mason Capital Managment, Inc. and leads a team that manages $51.8 billion of assets as of 06/30/05.

Bill Miller currently manages the Value Trust and Opportunity Trust mutual funds and co-manages the Special Investment Trust mutual fund. Legg Mason Value Trust is the only mutual fund to outperform the S&P 500 in each of the past 14 calendar years. (For more information on the Legg Mason Value Trust including the most recent month end performance, please visit www.leggmasonfunds.com). Over the years, Bill Miller and his team have received numerous accolades for their management record and distinct style, which focuses on a detailed understanding of businesses and their intrinsic value. His unique investment management philosophy and approach to undervalued stocks has also made him the subject of profiles in numerous books as well as publications, including The New York Times, Barron's, Business Week, Kiplinger's, Money, The Wall Street Journal, Fortune, and Smart Money.

He was ranked among the top 30 most influential people in investing when he was named a member of the "Power 30" by SmartMoney. He was also named by Money magazine as "The Greatest Money Manager of the 1990's" and named Morningstar's 1998 "Domestic Equity Manager of the Year." In 1999, he was selected as the "Fund Manager of the Decade" by Morningstar.com. Also in 1999, Barron's named him to its All-Century Investment Team and BusinessWeek called him one of the "Heroes of Value Investing."

Bill assumed overall responsibility for the equity funds management area of Legg Mason in late 1990. Prior to this time, he co-managed (with Ernie Kiehne) the Legg Mason Value Trust from its inception in 1982. He was the director of research of Legg Mason from October 1981 through June 1985. He earned his economics degree from Washington and Lee University where he graduated with honors in 1972. Subsequent to graduation, he served as a military intelligence officer overseas and then pursued graduate studies in philosophy in the Ph.D. program at The Johns Hopkins University. Prior to joining Legg Mason in 1981, he served as treasurer of the J.E. Baker Company, a major manufacturer of products for the steel and cement industries. Bill received his CFA designation in 1986.

Bill currently serves as the Chairman of the Board of the Santa Fe Institute, one of the world's leading scientific research laboratories, which conducts multi-disciplinary research in complex systems theory.

The comments, opinions and any forward predictions presented about any particular security, the economy and "the market" are based on the analysis of the speaker. These are not necessarily the opinion of, and should not be construed as a recommendation on the part of Legg Mason Capital Managment or any of its affiliates.