SEC Confirmed ValueAct Capital Not Implicated in Insider Trading Case

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Sun Nov 1, 2009 4:50pm EST

SAN FRANCISCO, Nov. 1 /PRNewswire/ -- ValueAct Capital today confirmed that it
is not implicated in the SEC's insider trading complaint against seven
defendants, including its former CFO. 

George F. Hamel, Jr., ValueAct Capital's Co-Founder and Chief Operating
Officer said, "ValueAct Capital remains committed to a culture of strong
internal regulatory education and compliance and is a firm believer in the
integrity of the markets and a level flow of information available to all
investors."

On Friday, October 30, 2009, the SEC filed a complaint against seven
individuals, including the former CFO of ValueAct Capital, Ronald Yee, whose
alleged involvement related to trading activity that occurred between April
and September of 2007. ValueAct Capital fully cooperated with the SEC
investigation. In January of 2009, the SEC issued a "No-Action" letter and
confirmed that neither ValueAct Capital nor any of its current employees were
implicated in the investigation. 

ValueAct Capital suspended Mr. Yee in April of 2008 as soon as it was informed
by the SEC that he was a subject of a formal investigation. Mr. Yee resigned
in June of 2008. The firm immediately informed its investors of the
investigation and communicated with them again on Friday, October 30, 2009, to
update them on the complaint filed by the SEC. 

ValueAct Capital maintains a strong culture of ethics and compliance and
requires all employees to participate in rigorous training on how to handle
non-public information.

ValueAct Capital was formed in June 2000 to manage the capital of its three
founders, along with the capital of a limited number of outside investors, in
an investment strategy that combines intensive due diligence, a concentrated
number of investments, and active, constructive involvement in the value
creation at those investments.  Today, with offices in San Francisco and
Boston, ValueAct Capital manages $3.5 billion on behalf of some of the world's
most respected institutional and individual investors.


SOURCE  ValueAct Capital

George F. Hamel, Jr. of ValueAct Capital, +1-415-362-3700,
ghamel@valueact.com
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