Fairholme announced today that Fred Fraenkel will now serve as President of the Firm. Mr. Fraenkel will continue to serve in his current role as Chief Research Officer of Fairholme Capital Management, where he oversees all of the Firm’s research activities. “Fred’s role as President is an exciting development for Fairholme,” said Bruce Berkowitz, Chief Investment Officer and Managing Member of Fairholme. “Fred’s extensive experience in the mutual fund and hedge fund space has proved invaluable to the Firm. This is just a formal announcement of what has already been the reality, and it allows me to focus on what I do best – investing.” “I am excited to help lead Fairholme as we continue to ignore the crowd by seeking out undervalued opportunities,” said Fraenkel. Prior to joining Fairholme in 2011, he was the Vice Chairman of Beacon Trust Company where he ran the investment process and published investment strategy. Mr. Fraenkel has over 30 years of investing experience including membership in Barron’s year-end roundtable from 1982-1985 and heading global research at Lehman Brothers in the 1990’s. He was formerly the Chairman of Millennium 3 Capital, a venture firm specializing in early stage companies. Before founding Millennium 3 Capital in 2000, Mr. Fraenkel served as Vice Chairman of ING Barings Furman Selz and Chief Operating Officer of Furman Selz. Mr. Fraenkel also spent seven years at Lehman Brothers, Inc., where he was a Managing Director and Director of Global Research overseeing 110 analysts located in New York, London, Tokyo and Hong Kong. As Global Research Director, he participated in managing the department’s ascension in the Institutional Investor poll from a rank of 15th in 1987 to 1st in 1990, 1991, and 1992. Before Lehman Brothers, Mr. Fraenkel was Chairman and Chief Executive Officer of Market America Group, an investment advisory firm. He also spent four and a half years as Director of Equity Research and a member of the Board of Directors at Prudential Securities. Mr. Fraenkel began his Wall Street career in 1974 as a securities analyst with Goldman Sachs & Company and was Chief Investment Strategist for E.F. Hutton.