Fred Shockley

FRED SHOCKLEY, Executive Vice President/Senior Portfolio Manager of
Intrepid Capital Management, has been in the investment business for
more than 30 years. From 1988 through 2001, he held the positions of
Chief Investment Officer, President and Managing Director at the
Investment Counsel Company. Between 1966 and 1984, he served as Director
of Equities at Nationwide Insurance in Columbus, Ohio, where he managed
$2 billion in equity and fixed income portfolios. Mr. Shockley earned a
Bachelor of Science degree in Chemistry and Math from the University of
Cincinnati and an MBA from Ohio State University. In 1974, he received
the designation of Chartered Financial Analyst. He is member of the CFA
Institute and of the Orlando Society of Financial Analysts, and
currently serves on the Board of Directors of Intrepid Capital.