Sherwood T. Small

SHERWOOD T. SMALL, president of Boston Private Value Investors, joined
the firm in 1992 and became its majority shareholder at the end of that
year. His primary responsibility is research and portfolio strategy. His
experience includes eight years as a senior mergers and acquisitions
professional with Bear Stearns and Salomon Brothers, where he
specialized in analyzing undervalued companies. Prior to his work in
M&A, he worked as a security analyst for six years at Donaldson, Lufkin
& Jenrette and at Lehman Brothers. Mr. Small received his undergraduate
degree in economics from Clark University in 1966 and has an MBA from
Cornell University. He is a former trustee of Clark University and the
Montshire Museum, and a member of the Corporation of the Hurricane
Island Outward Bound School. He is also a member of the New York Society
of Security Analysts, the Boston Security Analysts Society and the CFA
Institute.