<SUBMISSION>
<ACCESSION-NUMBER>0000950123-09-013147
<TYPE>SC TO-I
<PUBLIC-DOCUMENT-COUNT>5
<FILING-DATE>20090611
<DATE-OF-FILING-DATE-CHANGE>20090611
<SUBJECT-COMPANY>
<COMPANY-DATA>
<CONFORMED-NAME>LAMAR ADVERTISING CO/NEW
<CIK>0001090425
<ASSIGNED-SIC>7311
<IRS-NUMBER>721449411
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>SC TO-I
<ACT>34
<FILE-NUMBER>005-58057
<FILM-NUMBER>09885979
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>C/O LAMAR ADVERTISING COMPANY
<STREET2>5551 CORPORATE BOULEVARD
<CITY>BATON ROUGE
<STATE>LA
<ZIP>70808
<PHONE>2259261000
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>C/O LAMAR ADVERTISING COMPANY
<STREET2>5551 CORPORATE BOULEVARD
<CITY>BATON ROUGE
<STATE>LA
<ZIP>70808
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>LAMAR NEW HOLDING CO
<DATE-CHANGED>19990716
</FORMER-COMPANY>
</SUBJECT-COMPANY>
<FILED-BY>
<COMPANY-DATA>
<CONFORMED-NAME>LAMAR ADVERTISING CO/NEW
<CIK>0001090425
<ASSIGNED-SIC>7311
<IRS-NUMBER>721449411
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>SC TO-I
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>C/O LAMAR ADVERTISING COMPANY
<STREET2>5551 CORPORATE BOULEVARD
<CITY>BATON ROUGE
<STATE>LA
<ZIP>70808
<PHONE>2259261000
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>C/O LAMAR ADVERTISING COMPANY
<STREET2>5551 CORPORATE BOULEVARD
<CITY>BATON ROUGE
<STATE>LA
<ZIP>70808
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>LAMAR NEW HOLDING CO
<DATE-CHANGED>19990716
</FORMER-COMPANY>
</FILED-BY>
<DOCUMENT>
<TYPE>SC TO-I
<SEQUENCE>1
<FILENAME>d68026sctovi.htm
<DESCRIPTION>SCHEDULE TO-I
<TEXT>
<HTML>
<HEAD>
<TITLE>sctovi</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
WASHINGTON, D.C. 20549</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-size:14pt"><B>Schedule&nbsp;TO</B></FONT><BR>
<B>(Rule&nbsp;14d-100)<BR>
TENDER OFFER STATEMENT UNDER SECTION 14(d)(1) or 13(e)(1)<BR>
OF THE SECURITIES EXCHANGE ACT OF 1934<BR><BR>
LAMAR ADVERTISING COMPANY</B></DIV>

<DIV align="center" style="font-size: 8pt"><I>(Name of Subject Company (Issuer) and Filing Person (as Offeror))</I></DIV>

<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>2<FONT style="font-size: 70%"><SUP>7</SUP></FONT>/<FONT style="font-size: 60%">8</FONT>% CONVERTIBLE NOTES DUE 2010 &#151; SERIES B</B></DIV>

<DIV align="center" style="font-size: 8pt"><I>(Title of Class of Securities)</I></DIV>

<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>512815AH4</B></DIV>

<DIV align="center" style="font-size: 8pt"><I>(CUSIP Number of Class of Securities)</I></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Kevin P. Reilly, Jr.<BR>
President<BR>
Lamar Advertising Company<BR>
5551 Corporate Boulevard<BR>
Baton Rouge, Louisiana 70808<BR>
(225)&nbsp;926-1000</B></DIV>

<DIV align="center" style="font-size: 8pt"><I>(Name, address, and telephone number of person authorized to receive notices<BR>
and communications on behalf of filing persons)</I></DIV>

<DIV align="center" style="font-size: 8pt; margin-top: 12pt"><B><I>with copies to:</I></B></DIV>

<DIV align="center">
<TABLE style="font-size: 9pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>Stacie Aarestad, Esq.</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Daniel J. Zubkoff, Esq.</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>Edwards Angell Palmer &#038; Dodge LLP</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Cahill Gordon &#038; Reindel LLP</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>111 Huntington Avenue At Prudential Center</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>80 Pine Street</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>Boston, Massachusetts 02199-7613</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>New York, New York 10005</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>(617)&nbsp;239-0100</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>(212)&nbsp;701-3000</B></TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>CALCULATION OF FILING FEE</B></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>Transaction Valuation (1)</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Amount of Filing Fee (2)</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>$128,224,320</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>$7,155</B></TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 9pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Calculated solely for purposes of determining the amount of the filing fee. The transaction
valuation was calculated based on the purchase of $133,567,000 aggregate principal amount of
the issuer&#146;s 2<FONT style="font-size: 70%"><SUP>7</SUP></FONT>/<FONT style="font-size: 60%">8</FONT>% Convertible Notes due 2010 &#151;
Series&nbsp;B at the tender offer price of
$960 per $1,000 principal amount of such notes.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 9pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The amount of the filing fee was calculated at a rate of $55.80 per $1,000,000 of transaction
value.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 9pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Check the box if any part of the fee is offset as provided by Rule&nbsp;0-11(a)(2) and identify the
filing with which the offsetting fee was previously paid. Identify the previous filing by
registration statement number, or the Form or Schedule and the date of its filing.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 9pt; margin-left: 6%; margin-top: 6pt">Amount Previously Paid: Not applicable.<BR>
Form or Registration No.: Not applicable.<BR>
Filing Party: Not applicable.<BR>
Date Filed: Not applicable.
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 9pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Check the box if the filing relates solely to preliminary communications made before the
commencement of a tender offer.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 9pt; margin-top: 6pt">Check the appropriate boxes below to designate any transactions to which the statement relates:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 9pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>third-party tender offer subject to Rule&nbsp;14d-1.</TD>
</TR>

<TR valign="top" style="font-size: 9pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><FONT face="Wingdings">&#254;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>issuer tender offer subject to Rule&nbsp;13e-4.</TD>
</TR>

<TR valign="top" style="font-size: 9pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>going-private transaction subject to Rule&nbsp;13e-3.</TD>
</TR>

<TR valign="top" style="font-size: 9pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>amendment to Schedule&nbsp;13D under Rule&nbsp;13d-2.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 9pt; margin-top: 6pt">Check the following box if the filing is a final amendment reporting the results of the tender
offer: <FONT face="Wingdings">&#111;</FONT>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD colspan="9"><A HREF="#000">INTRODUCTORY STATEMENT</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#001">Item&nbsp;1. Summary Term Sheet.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#002">Item&nbsp;2. Subject Company Information</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#003">Item&nbsp;3. Identity and Background of Filing Person</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#004">Item&nbsp;4. Terms of the Transaction.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#005">Item&nbsp;5. Past Contacts, Transactions, Negotiations and Agreements.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#006">Item&nbsp;6. Purposes of the Transaction and Plans or Proposals.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#007">Item&nbsp;7. Source and Amount of Funds or Other Consideration.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#008">Item&nbsp;8. Interest in Securities of the Subject Company.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#009">Item&nbsp;9. Persons/Assets, Retained, Employed, Compensated or Used.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#010">Item&nbsp;10. Financial Statements.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#011">Item&nbsp;11. Additional Information.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#012">Item&nbsp;12. Exhibits.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#013">Item&nbsp;13. Information Required by Schedule&nbsp;13E-3.</A></TD></TR>
<TR><TD colspan="9"><A HREF="#014">SIGNATURE</A></TD></TR>
<TR><TD colspan="9"><A HREF="d68026exv99wxayx1yxiy.htm">EX-99.(A)(1)(I)</A></TD></TR>
<TR><TD colspan="9"><A HREF="d68026exv99wxayx1yxiiy.htm">EX-99.(A)(1)(II)</A></TD></TR>
<TR><TD colspan="9"><A HREF="d68026exv99wxayx5y.htm">EX-99.(A)(5)</A></TD></TR>
</TABLE>
</CENTER>
<!-- /TOC -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>




<!-- link1 "INTRODUCTORY STATEMENT" -->
<DIV align="left"><A NAME="000"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INTRODUCTORY STATEMENT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Tender Offer Statement on Schedule&nbsp;TO (this &#147;Schedule&nbsp;TO&#148;) relates to the offer by Lamar
Advertising Company, a Delaware corporation (the &#147;Company&#148;), to purchase any and all of its issued
and outstanding 2<FONT style="font-size: 70%"><SUP>7</SUP></FONT>/<FONT style="font-size: 60%">8</FONT>% Convertible Notes due 2010 &#151; Series&nbsp;B (the &#147;Notes&#148;) for cash, at a purchase
price equal to $960 per $1,000 principal amount of Notes (the &#147;Offer&#148;), upon the terms and subject
to the conditions set forth in the Offer to Purchase, dated
June&nbsp;11, 2009 (the &#147;Offer to Purchase&#148;), and the Letter of Transmittal. The Company&#146;s obligation to accept for payment, and to
pay for, any Notes validly tendered pursuant to the Offer is subject to satisfaction of all the
conditions described in the Offer to Purchase. This Schedule&nbsp;TO is intended to satisfy the
reporting requirements of Rule&nbsp;13e-4(c)(2) under the Securities Exchange Act of 1934, as amended
(the &#147;Exchange Act&#148;). This Schedule&nbsp;TO incorporates by reference certain sections of the Offer to
Purchase specified below in response to Items 1, 2 and 4, and Items 6 through 9, of this Schedule
TO, as more particularly described below.
</DIV>
<!-- link2 "Item&nbsp;1. Summary Term Sheet." -->
<DIV align="left"><A NAME="001"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;1. Summary Term Sheet.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The information set forth in the Offer to Purchase in the section entitled &#147;Summary Term
Sheet&#148; is incorporated herein by reference.
</DIV>
<!-- link2 "Item&nbsp;2. Subject Company Information" -->
<DIV align="left"><A NAME="002"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;2. Subject Company Information</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;<I>Name and Address</I>. The issuer is Lamar Advertising Company, a Delaware corporation with
its principal executive offices located at 5551 Corporate Boulevard, Baton Rouge, Louisiana 70808;
telephone number (225)&nbsp;926-1000.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;<I>Securities. </I>The subject class of securities is the
Company&#146;s 2<FONT style="font-size: 70%"><SUP>7</SUP></FONT>/<FONT style="font-size: 60%">8</FONT>% Convertible Notes due
2010 &#151; Series&nbsp;B. As of June&nbsp;11, 2009, there was
$133,567,000 aggregate principal amount of Notes
outstanding.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;<I>Trading Market and Price. </I>There is no established trading
market for the Notes. The Company&#146;s
Class&nbsp;A common stock into which the Notes are convertible trade on the NASDAQ Global Select Market under
the symbol &#147;LAMR&#148;. The information set forth under &#147;Market Information About the Notes&#148; in the
Offer to Purchase is incorporated herein by reference.
</DIV>
<!-- link2 "Item&nbsp;3. Identity and Background of Filing Person" -->
<DIV align="left"><A NAME="003"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;3. Identity and Background of Filing Person</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;<I>Name and Address. </I>The issuer and subject company is Lamar Advertising Company, a
Delaware corporation with its principal executive offices located at 5551 Corporate
Boulevard, Baton Rouge, Louisiana 70808; telephone number (225)&nbsp;926-1000.</div>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth
the names of each of the executive officers, directors and controlling persons of
the Company. The business address and telephone number of each person set forth below is c/o Lamar
Advertising Company, 5551 Corporate Boulevard, Baton Rouge, Louisiana 70808; telephone number (225)
926-1000.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Name</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Position</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Kevin P. Reilly, Jr.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman of the Board, President, and Chief Executive Officer</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Keith A. Istre
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Financial Officer and Treasurer</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Sean E. Reilly
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Operating Officer and President of the Outdoor Division</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John Maxwell Hamilton
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John E. Koerner, III
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Edward H. McDermott
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Stephen P. Mumblow
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Thomas V. Reifenheiser
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Anna Reilly
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Wendell S. Reilly
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Reilly Family Limited Partnership (the &#147;RFLP&#148;), of which Kevin P. Reilly, Jr. is the
managing general partner, owns 9,000,000 shares of the Company&#146;s Class&nbsp;B common stock. Kevin
Reilly&#146;s three siblings, Anna Reilly, a director, Sean E. Reilly, the Chief Operating Officer and
Vice President, and Wendell Reilly, a director, are the other general partners of the RFLP. The
managing general partner has sole voting power over the shares held by the RFLP but dispositions of
the shares require the approval of 50% of the general partnership interests of the RFLP. Except
for voting rights, the Class&nbsp;A and Class&nbsp;B common stock are substantially identical. The holders of
Class&nbsp;A common stock and Class&nbsp;B common stock vote together as a single class (except as may
otherwise be required by Delaware law), with the holders of Class&nbsp;A common stock entitled to one
vote per share and the holders of Class&nbsp;B common stock entitled to ten votes per share on all
matters on which the holders of common stock are entitled to vote. As of June&nbsp;1, 2009, the RFLP
owned in the aggregate approximately 9.8% of the Company&#146;s outstanding common stock, assuming the
conversion of all Class&nbsp;B common stock to Class&nbsp;A common stock. As of that date, its holdings
represented 39.4% of the voting power of the Company&#146;s outstanding capital stock.
</DIV>

<!-- link2 "Item&nbsp;4. Terms of the Transaction." -->
<DIV align="left"><A NAME="004"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;4. Terms of the Transaction.</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Material Terms.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Tender Offer.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="6%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The information set forth in the Offer to Purchase in the sections entitled
&#147;Summary Term Sheet&#148; and &#147;Impact of the Offer on Rights of the Holders of the Notes&#148; is
incorporated herein by reference.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="6%" nowrap align="left">(ii) &#151; (iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The information set forth in the Offer to Purchase in the sections
entitled &#147;Summary Term Sheet&#148;, &#147;The Offer &#151; Consideration; Accrued Interest&#148; and &#147;The
Offer &#151; Expiration Time; Extension; Amendment; Termination&#148; is incorporated herein by
reference.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="6%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Not applicable.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="6%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The information set forth in the Offer to Purchase in the section entitled &#147;The
Offer &#151; Expiration Time; Extension; Amendment; Termination&#148; is incorporated herein by
reference.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="6%" nowrap align="left">(vi) &#151; (vii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The information set forth in the Offer to Purchase in the sections
entitled &#147;Summary Term Sheet&#148; and &#147;Procedures for Tendering and Withdrawing Notes&#148; is
incorporated herein by reference.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="6%" nowrap align="left">(viii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The information set forth in the Offer to Purchase in the sections entitled &#147;Summary
Term Sheet&#148; and &#147;Acceptance for Payment and Payment&#148; is incorporated herein by
reference.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="6%" nowrap align="left">(ix)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Not applicable.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="6%" nowrap align="left">(x)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The information set forth in the Offer to Purchase in the section entitled
&#147;Impact of the Offer on Rights of the Holders of the Notes&#148; is incorporated herein by
reference.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="6%" nowrap align="left">(xi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Not applicable.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="6%" nowrap align="left">(xii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The information set forth in the Offer to Purchase in the sections entitled
&#147;Summary Term Sheet&#148; and &#147;Material U.S. Federal Income Tax Consequences&#148; is
incorporated herein by reference.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Mergers and Similar Transactions.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="6%" nowrap align="left">(i) &#151; (vii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Not applicable.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The information set forth in the Offer to Purchase in the section entitled
&#147;Miscellaneous&#148; is incorporated herein by reference.</TD>
</TR>

</TABLE>
</DIV>
<!-- link2 "Item&nbsp;5. Past Contacts, Transactions, Negotiations and Agreements." -->
<DIV align="left"><A NAME="005"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;5. Past Contacts, Transactions, Negotiations and Agreements.</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Agreements Involving the Subject Company&#146;s Securities.</I></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company has entered into the following agreements in connection with its Class&nbsp;A common
stock:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>1996 Equity Incentive Plan, as amended and restated in
February 2009. Previously filed as Exhibit&nbsp;10.1 to the Company&#146;s Current Report on
Form 8-K (File No.&nbsp;0-30242) filed on May&nbsp;29, 2009, and incorporated herein by
reference.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Form of Stock Option Agreement under the 1996 Equity
Incentive Plan, as amended and restated in February 2009.
Previously filed as Exhibit&nbsp;10.14 to the Company&#146;s Annual Report on Form 10-K for the year
ended December&nbsp;31, 2004 (File No.&nbsp;0-30242) filed on March&nbsp;10, 2005, and incorporated herein
by reference.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Form of Restricted Stock Agreement. Previously filed as Exhibit&nbsp;10.16 of the Company&#146;s
Annual Report on Form 10-K for the year ended December&nbsp;31, 2005 (File No.&nbsp;0-30242) filed on
March&nbsp;15, 2006, and incorporated herein by reference.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Form of Restricted Stock Agreement for Non-Employee Directors. Previously filed as
Exhibit&nbsp;10.1 to the Company&#146;s Current Report on Form 8-K (File No.&nbsp;0-30242) filed on May
30, 2007, and incorporated herein by reference.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>2000 Employee Stock Purchase Plan. Previously filed as Exhibit 10(b) to the Company&#146;s
Annual Report on Form 10-K for the year ended December&nbsp;31, 2006 (File No.&nbsp;0-30242) filed on
March&nbsp;1, 2007, and incorporated herein by reference.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(6)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>2009 Employee Stock Purchase Plan.
Previously filed as Appendix B to the Company&#146;s Definitive Proxy
Statement on Schedule 14A (File No.&nbsp;0-30242) filed on
April&nbsp;24, 2009, and incorporated herein by reference.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(7)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Lamar Advertising Company Non-Management Director Compensation Plan. Previously filed
on the Company&#146;s Current Report on Form 8-K (File
No.&nbsp;0-30242) filed on May&nbsp;30, 2007, and
incorporated herein by reference.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(8)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Summary of Compensatory Arrangements, dated March&nbsp;4, 2009. Previously filed on the
Company&#146;s Current Report on Form 8-K (File No.&nbsp;0-30242)
filed on March&nbsp;6, 2009, and
incorporated herein by reference.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company has entered into the following agreements in connection with the Notes:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Indenture dated as of June&nbsp;16, 2003 between the Company and The Bank of New York Trust
Company, N.A., successor to Wachovia Bank of Delaware, National Association, as Trustee.
Previously filed as Exhibit&nbsp;4.4 to the Company&#146;s Quarterly Report on Form 10-Q for the
period ended June&nbsp;30, 2003 (File No.&nbsp;0-30242) filed on August&nbsp;13, 2003, and incorporated
herein by reference.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Second Supplemental Indenture to the Indenture dated as of
June&nbsp;16, 2003 between the
Company and The Bank of New York Trust Company, N.A., as Trustee, dated as of July&nbsp;3,
2007. Previously filed as Exhibit 4.1 to the Company&#146;s Current
Report on Form 8-K (File No.&nbsp;0-30242) filed on July&nbsp;9, 2007, and
incorporated herein by reference.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company has entered into the following agreement in connection with other securities of
the Company:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>First Supplemental Indenture to the Indenture dated as of June&nbsp;16, 2003 between the
Company and The Bank of New York Trust Company, N.A., as Trustee, dated as of June&nbsp;16,
2003. Previously filed as Exhibit&nbsp;4.5 to the Company&#146;s Quarterly Report on Form 10-Q for
the period ended June&nbsp;30, 2003 (File No.&nbsp;0-30242) filed on
August&nbsp;13, 2003, and incorporated
herein by reference.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
information set forth in the Offer to Purchase in the section
entitled &#147;About the Company &#151; Recent Developments&#148; is
incorporated herein by reference.
</div>

<!-- link2 "Item&nbsp;6. Purposes of the Transaction and Plans or Proposals." -->
<DIV align="left"><A NAME="006"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;6. Purposes of the Transaction and Plans or Proposals.</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Purposes. </I>The information set forth in the Offer to Purchase in the section entitled
&#147;The Offer &#151; Purpose of the Transaction&#148; is incorporated herein by reference.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Use of Securities Acquired. </I>The information set forth in the Offer to Purchase in the
section entitled &#147;The Offer &#151; Purpose of the Transaction&#148; is incorporated herein by
reference.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Plans</I>. The information set forth in the Offer to Purchase in the section entitled
&#147;The Offer &#151; Source and Amount of Funds&#148; is
incorporated herein by reference.</TD>
</TR>

</TABLE>
</DIV>
<!-- link2 "Item&nbsp;7. Source and Amount of Funds or Other Consideration." -->
<DIV align="left"><A NAME="007"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;7. Source and Amount of Funds or Other Consideration.</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Source of Funds. </I>The information set forth in the Offer to Purchase in the section
entitled &#147;The Offer &#151; Source and Amount of Funds&#148; is incorporated herein by reference.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Conditions. </I>Not applicable. No alternative financing arrangement or plan exists with respect to the Offer.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Borrowed Funds. </I>Not applicable.</TD>
</TR>

</TABLE>
</DIV>
<!-- link2 "Item&nbsp;8. Interest in Securities of the Subject Company." -->
<DIV align="left"><A NAME="008"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;8. Interest in Securities of the Subject Company.</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Securities Ownership. </I>The information set forth in the Offer to Purchase in the
section entitled &#147;Miscellaneous&#148; is incorporated herein by reference.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Securities Transactions. </I>The information set forth in the Offer to Purchase in the
section entitled &#147;Miscellaneous&#148; is incorporated herein by reference.</TD>
</TR>

</TABLE>
</DIV>
<!-- link2 "Item&nbsp;9. Persons/Assets, Retained, Employed, Compensated or Used." -->
<DIV align="left"><A NAME="009"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;9. Persons/Assets, Retained, Employed, Compensated or Used.</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Solicitations or Recommendations. </I>The information set forth in the Offer to Purchase
in the sections entitled &#147;Dealer Managers, Information Agent and Depositary&#148; and
&#147;Solicitation and Expenses&#148; are incorporated herein by reference.</TD>
</TR>

</TABLE>
</DIV>
<!-- link2 "Item&nbsp;10. Financial Statements." -->
<DIV align="left"><A NAME="010"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;10. Financial Statements.</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Financial Information.</I> Not applicable.</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Pro Forma Information. </I>Not Applicable.</TD>
</TR>

</TABLE>
</DIV>
<!-- link2 "Item&nbsp;11. Additional Information." -->
<DIV align="left"><A NAME="011"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;11. Additional Information.</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Agreements, Regulatory Requirements and Legal Proceedings.</I></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>None.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company is required to comply with federal and state securities laws and
tender offer rules.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Not applicable.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Not applicable.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>None.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Other Material Information. </I>None.</TD>
</TR>

</TABLE>
</DIV>
<!-- link2 "Item&nbsp;12. Exhibits." -->
<DIV align="left"><A NAME="012"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;12. Exhibits.</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)(1)(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Offer to Purchase dated June&nbsp;11, 2009.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)(1)(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Form of Letter of Transmittal (including Guidelines for Certification of Taxpayer
Identification Number on Substitute Form W-9).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>None.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>None.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>None.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Press Release dated June&nbsp;11, 2009.</TD>
</TR>
<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>None.</TD>
</TR>
<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>1996 Equity Incentive Plan, as amended and restated in
February 2009. Previously filed as Exhibit&nbsp;10.1 to the Company&#146;s Current Report on
Form 8-K (File No.&nbsp;0-30242) filed on May&nbsp;29, 2009, and incorporated herein by
reference.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Form of Stock Option Agreement under the 1996 Equity Incentive Plan, as amended and restated in
February 2009.
Previously filed as Exhibit&nbsp;10.14 to the Company&#146;s Annual Report on Form 10-K for the
year ended December&nbsp;31, 2004 (File No.&nbsp;0-30242) filed on March&nbsp;10, 2005, and
incorporated herein by reference.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Form of Restricted Stock Agreement. Previously filed as Exhibit&nbsp;10.16 of the
Company&#146;s Annual Report on Form 10-K for the year ended December&nbsp;31, 2005 (File No.
0-30242) filed on March&nbsp;15, 2006, and incorporated herein by reference.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Form of Restricted Stock Agreement for Non-Employee Directors. Previously filed as
Exhibit&nbsp;10.1 to the Company&#146;s Current Report on Form 8-K (File No.&nbsp;0-30242) filed on
May&nbsp;30, 2007 and incorporated herein by reference.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>2000 Employee Stock Purchase Plan. Previously filed as Exhibit 10(b) to the
Company&#146;s Annual Report on Form 10-K for the year ended December&nbsp;31, 2006 (File No.
0-30242) filed on March&nbsp;1, 2007, and incorporated herein by reference.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)(6)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>2009 Employee Stock Purchase Plan.
Previously filed as Appendix B to the Company&#146;s Definitive Proxy
Statement on Schedule 14A (File No.&nbsp;0-30242) filed on
April&nbsp;24, 2009, and incorporated herein by reference.</TD>
</TR>


<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)(7)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Lamar Advertising Company Non-Management Director Compensation Plan. Previously
filed on the Company&#146;s Current Report on Form 8-K (File No.&nbsp;0-30242) filed on May&nbsp;30,
2007 and incorporated herein by reference.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)(8)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Summary of Compensatory Arrangements, dated March&nbsp;4, 2009. Previously filed on the
Company&#146;s Current Report on Form 8-K (File No.&nbsp;0-30242) filed on March&nbsp;6, 2009 and
incorporated herein by reference.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)(9)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Indenture dated as of June&nbsp;16, 2003 between the Company and The Bank of New York
Trust Company, N.A., successor to Wachovia Bank of Delaware, National Association, as
Trustee. Previously filed as Exhibit&nbsp;4.4 to the Company&#146;s Quarterly Report on Form
10-Q for the period ended June&nbsp;30, 2003 (File No.&nbsp;0-30242) filed on August&nbsp;13, 2003,
and incorporated herein by reference.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)(10)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>First Supplemental Indenture to the Indenture dated as of June&nbsp;16, 2003 between the
Company and The Bank of New York Trust Company, N.A., as Trustee, dated as of June&nbsp;16,
2003. Previously filed as Exhibit&nbsp;4.5 to the Company&#146;s Quarterly Report on Form 10-Q
for the period ended June&nbsp;30, 2003 (File No.&nbsp;0-30242) filed on August&nbsp;13, 2003 and
incorporated herein by reference.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)(11)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Second Supplemental Indenture to the Indenture dated as of June&nbsp;16, 2003 between the
Company and The Bank of New York Trust Company, N.A., as Trustee, dated as of July&nbsp;3,
2007. Previously filed as Exhibit&nbsp;4.1 to the Company&#146;s Current Report on Form 8-K
(File No.&nbsp;0-30242) filed on July&nbsp;9, 2007 and incorporated herein by reference.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>None.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>None.</TD>
</TR>

</TABLE>
</DIV>



<!-- link2 "Item&nbsp;13. Information Required by Schedule&nbsp;13E-3." -->
<DIV align="left"><A NAME="013"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;13. Information Required by Schedule&nbsp;13E-3.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<!-- link1 "SIGNATURE" -->
<DIV align="left"><A NAME="014"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After due inquiry and to the best of my knowledge and belief, I certify that the information
set forth in this statement is true, complete and correct.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">Date: June&nbsp;11, 2009 </TD>
    <TD colspan="3" align="left"><B>LAMAR ADVERTISING COMPANY</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Keith A. Istre
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Keith A. Istre&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Treasurer and Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT INDEX</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>No.</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(a)(1)(i)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Offer to Purchase dated
June&nbsp;11, 2009.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(a)(1)(ii)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Letter of Transmittal (including Guidelines for Certification of Taxpayer
Identification Number on Substitute Form&nbsp;W-9).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(a)(2)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">None.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(a)(3)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">None.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(a)(4)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">None.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(a)(5)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Press Release dated June&nbsp;11, 2009.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(b)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">None.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(d)(1)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1996 Equity Incentive Plan, as
amended and restated in February 2009. Previously filed as Exhibit&nbsp;10.1 to the Company&#146;s Current Report on Form
8-K (File No.&nbsp;0-30242) filed on May&nbsp;29, 2009, and incorporated herein by reference.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(d)(2)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Stock Option Agreement under the 1996 Equity Incentive Plan, as
amended and restated in February 2009. Previously
filed as Exhibit&nbsp;10.14 to the Company&#146;s Annual Report on Form&nbsp;10-K for the year ended December
31, 2004 (File No.&nbsp;0-30242) filed on March&nbsp;10, 2005, and incorporated herein by reference.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(d)(3)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Restricted Stock Agreement. Previously filed as Exhibit&nbsp;10.16 of the Company&#146;s
Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2005 (File No.&nbsp;0-30242) filed on
March&nbsp;15, 2006, and incorporated herein by reference.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(d)(4)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Restricted Stock Agreement for Non-Employee Directors. Previously filed as Exhibit
10.1 to the Company&#146;s Current Report on Form&nbsp;8-K (File No.&nbsp;0-30242) filed on May&nbsp;30, 2007 and
incorporated herein by reference.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(d)(5)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2000 Employee Stock Purchase Plan. Previously filed as Exhibit&nbsp;10(b) to the Company&#146;s
Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2006 (File No.&nbsp;0-30242) filed on
March&nbsp;1, 2007, and incorporated herein by reference.</TD>
</TR>

<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(d)(6)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2009 Employee Stock Purchase Plan.
Previously filed as Appendix B to the Company&#146;s Definitive Proxy
Statement on Schedule 14A (File No.&nbsp;0-30242) filed on
April&nbsp;24, 2009, and incorporated herein by reference.</TD>
</TR>

<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(d)(7)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Lamar Advertising Company Non-Management Director Compensation Plan. Previously filed on
the Company&#146;s Current Report on Form&nbsp;8-K (File No.&nbsp;0-30242) filed on May&nbsp;30, 2007 and
incorporated herein by reference.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(d)(8)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Summary of Compensatory Arrangements, dated March&nbsp;4, 2009. Previously filed on the
Company&#146;s Current Report on Form&nbsp;8-K (File No.&nbsp;0-30242) filed on March&nbsp;6, 2009 and
incorporated herein by reference.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(d)(9)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Indenture dated as of June&nbsp;16, 2003 between the Company and The Bank of New York Trust
Company, N.A., successor to Wachovia Bank of Delaware, National Association, as Trustee.</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>No.</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Previously filed as Exhibit&nbsp;4.4 to the Company&#146;s Quarterly Report on Form&nbsp;10-Q for the
period ended June&nbsp;30, 2003 (File No.&nbsp;0-30242) filed on August&nbsp;13, 2003, and incorporated
herein by reference.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(d)(10)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">First Supplemental Indenture to the Indenture dated as of June&nbsp;16, 2003 between the Company
and The Bank of New York Trust Company, N.A., as Trustee, dated as of June&nbsp;16, 2003.
Previously filed as Exhibit&nbsp;4.5 to the Company&#146;s Quarterly Report on Form&nbsp;10-Q for the period
ended June&nbsp;30, 2003 (File No.&nbsp;0-30242) filed on August&nbsp;13, 2003 and incorporated herein by
reference.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(d)(11)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Second Supplemental Indenture to the Indenture dated as of June&nbsp;16, 2003 between the
Company and The Bank of New York Trust Company, N.A., as Trustee, dated as of July&nbsp;3, 2007.
Previously filed as Exhibit&nbsp;4.1 to the Company&#146;s Current Report on Form&nbsp;8-K (File No.&nbsp;0-30242)
filed on July&nbsp;9, 2007 and incorporated herein by reference.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(g)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">None.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(h)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">None.</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>






<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>




</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(A)(1)(I)
<SEQUENCE>2
<FILENAME>d68026exv99wxayx1yxiy.htm
<DESCRIPTION>EX-99.(A)(1)(I)
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99wxayx1yxiy</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Exhibit
    (a)(1)(i)</FONT></B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-size: 14pt; font-family: 'Times New Roman', Times">OFFER
    TO PURCHASE</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-size: 16pt; font-family: 'Times New Roman', Times">Lamar
    Advertising Company</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-size: 14pt; font-family: 'Times New Roman', Times">Offer
    to Purchase for Cash All Outstanding
    2<FONT style="vertical-align: text-top; font-size: 70%;">7</FONT>/<FONT style="font-size: 70%;">8</FONT>%&#160;Convertible
    Notes<BR>
    due 2010&#160;&#151; Series&#160;B<BR>
    At the purchase price as provided herein per $1,000 principal
    amount of Notes</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 14pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">(CUSIP
    No.&#160;512815AH4)</FONT></B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 12pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
<DIV style="width: 100%; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt">THE OFFER WILL EXPIRE AT 12:00
    MIDNIGHT, NEW YORK CITY TIME, AT THE END OF JULY&#160;9, 2009,
    UNLESS EXTENDED (SUCH TIME AND DATE, AS THE SAME MAY BE
    EXTENDED, THE &#147;<I>EXPIRATION TIME</I>&#148;). HOLDERS MUST
    VALIDLY TENDER THEIR NOTES&#160;PRIOR TO THE EXPIRATION TIME TO
    BE ELIGIBLE TO RECEIVE THE CONSIDERATION. TENDERS OF
    NOTES&#160;MAY BE WITHDRAWN PRIOR TO THE EXPIRATION
    TIME.</FONT></B>
</DIV>
</DIV><!-- End box 1 -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Lamar Advertising Company (the &#147;<I>Company</I>&#148;,
    &#147;<I>we</I>&#148; or &#147;<I>us</I>&#148;) hereby offers,
    upon the terms and subject to the conditions set forth in this
    Offer to Purchase (this &#147;<I>Offer to Purchase</I>&#148;)
    and the accompanying Letter of Transmittal (the &#147;<I>Letter
    of Transmittal</I>&#148;), to purchase any and all of the
    outstanding
    2<FONT style="vertical-align: text-top; font-size: 70%;">7</FONT>/<FONT style="font-size: 70%;">8</FONT>%&#160;Convertible
    Notes due 2010&#160;&#151; Series&#160;B of the Company (the
    &#147;<I>Notes</I>&#148;) that are validly tendered and not
    withdrawn prior to the Expiration Time, in each case for cash in
    an amount equal to $960 per $1,000 principal amount of Notes
    purchased (the &#147;<I>Consideration</I>&#148;).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>The Company&#146;s obligation to accept for payment, and to
    pay for, any Notes validly tendered pursuant to the Offer is
    subject to satisfaction of all the conditions described in this
    Offer to Purchase. See &#147;Conditions to the Offer.&#148;</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If a Holder (as defined below) validly tenders its Notes prior
    to the Expiration Time and the Company accepts such Notes for
    payment, upon the terms and subject to the conditions of the
    Offer, the Company will also pay to such Holder all accrued and
    unpaid interest on such Notes up to, but not including, the
    Payment Date (as defined herein) (&#147;<I>Accrued
    Interest</I>&#148;). No tenders will be valid if submitted after
    the Expiration Time.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Any holder of record of Notes (each, a
    &#147;<I>Holder</I>&#148;, and collectively,
    &#147;<I>Holders</I>&#148;) desiring to tender, and any
    beneficial owner of Notes desiring that the Holder tender, all
    or any portion of such Holder&#146;s Notes must comply with the
    procedures for tendering Notes set forth herein in
    &#147;Procedures for Tendering and Withdrawing Notes&#148; and
    in the Letter of Transmittal.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Any questions or requests for assistance concerning the Offer
    may be directed to J.P.&#160;Morgan Securities Inc. or Wachovia
    Capital Markets, LLC (the &#147;<I>Dealer Managers</I>&#148;) or
    Global Bondholder Services Corporation (the &#147;<I>Information
    Agent</I>&#148;) at the addresses and telephone numbers set
    forth on the back cover of this Offer to Purchase. Requests for
    additional copies of this Offer to Purchase, the Letter of
    Transmittal or any other related documents may be directed to
    the Information Agent at the address and telephone numbers set
    forth on the back cover of this Offer to Purchase. Beneficial
    owners should contact their broker, dealer, commercial bank,
    trust company or other nominee for assistance concerning the
    Offer. Global Bondholder Services Corporation is acting as
    depositary (the &#147;<I>Depositary</I>&#148;) in connection
    with the Offer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>OUR BOARD OF DIRECTORS HAS APPROVED THE OFFER. HOWEVER, NONE
    OF THE COMPANY, ITS MANAGEMENT OR BOARD OF DIRECTORS, THE DEALER
    MANAGERS, THE INFORMATION AGENT OR THE DEPOSITARY MAKES ANY
    RECOMMENDATION IN CONNECTION WITH THE OFFER.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>THE OFFER HAS NOT BEEN APPROVED OR DISAPPROVED BY THE
    SECURITIES AND EXCHANGE COMMISSION (THE
    &#147;<I>COMMISSION</I>&#148;), NOR HAS THE COMMISSION PASSED
    UPON THE FAIRNESS OR MERITS OF THE OFFER OR UPON THE ACCURACY OR
    ADEQUACY OF THE INFORMATION CONTAINED IN THIS OFFER TO PURCHASE.
    ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.</B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>The Dealer Managers for the Offer are:</I>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="50%"></TD>
    <TD width="50%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">    <B><FONT style="font-size: 18pt; font-family: 'Times New Roman', Times">J.P.
    Morgan</FONT></B></TD>
    <TD nowrap align="right">    <FONT style="font-size: 18pt; font-family: 'Times New Roman', Times">
    <B>Wachovia Securities</B>
    </FONT></TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    June&#160;11, 2009
</DIV>

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">IMPORTANT
    INFORMATION</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Upon the terms and subject to the satisfaction or waiver of all
    conditions set forth herein and in the Letter of Transmittal,
    the Company will notify the Depositary, promptly after the
    Expiration Time, of which Notes tendered are accepted for
    payment pursuant to the Offer. If a Holder validly tenders its
    Notes prior to the Expiration Time and does not validly withdraw
    its Notes prior to the Expiration Time and the Company accepts
    such Notes for payment, upon the terms and subject to the
    conditions of the Offer, the Company will pay such Holder the
    Consideration and Accrued Interest for such Notes on the Payment
    Date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Payment for the Notes will be made by the deposit of immediately
    available funds by the Company with the Depositary on the
    business day after the Expiration Time or promptly thereafter
    (the date of payment with respect to the Offer being referred to
    herein as the &#147;<I>Payment Date</I>&#148;). The Depositary
    will act as agent for the tendering Holders for the purpose of
    receiving payments from the Company and transmitting such
    payments to such Holders. See &#147;Acceptance for Payment and
    Payment.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company expressly reserves the right, in its sole discretion
    but subject to applicable law, to (i)&#160;terminate the Offer
    prior to the Expiration Time and not accept for payment any
    Notes tendered in the Offer, (ii)&#160;waive any and all of the
    conditions of the Offer, other than those dependent upon the
    receipt of necessary government approvals, prior to the
    Expiration Time, (iii)&#160;extend the Expiration Time or
    (iv)&#160;amend the terms of the Offer. Any extension,
    termination, waiver or amendment will be followed as promptly as
    practicable by a public announcement thereof, such announcement
    in the case of an extension to be issued no later than
    9:00&#160;a.m., New York City time, on the next business day
    after the last previously scheduled or announced Expiration
    Time. The foregoing rights are in addition to the Company&#146;s
    right to delay the acceptance for payment for Notes tendered
    pursuant to the Offer, or the payment for Notes accepted for
    payment, in order to permit any or all conditions to the Offer
    to be satisfied or waived or to comply in whole or in part with
    any applicable law, subject, in each case, however, to
    <FONT style="white-space: nowrap">Rules&#160;13e-4</FONT>
    and <FONT style="white-space: nowrap">14e-1</FONT>
    under the Securities Exchange Act of 1934, as amended (the
    &#147;<I>Exchange Act</I>&#148;), which require that an offeror
    pay the consideration offered or return the securities deposited
    by or on behalf of the holders thereof promptly after the
    termination or withdrawal of a tender offer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the event that the Offer is terminated, withdrawn or
    otherwise lawfully not consummated, the Consideration will not
    be paid or become payable to Holders who have validly tendered
    their Notes pursuant to the Offer. In any such event, the Notes
    previously tendered pursuant to the Offer will be promptly
    returned to the tendering Holders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    From time to time after the tenth business day following the
    Expiration Time or other date of termination of the Offer, the
    Company or its affiliates may acquire any Notes that are not
    tendered pursuant to the Offer through open market purchases,
    privately negotiated transactions, tender offers, exchange
    offers, redemptions or otherwise, upon such terms and at such
    prices as the Company or any such affiliate may determine, which
    may be more or less than the price to be paid pursuant to the
    Offer and could be for cash or other consideration. There can be
    no assurance as to which, if any, of these alternatives (or
    combinations thereof) the Company or its affiliates will choose
    to pursue in the future.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>NO PERSON HAS BEEN AUTHORIZED TO GIVE ANY INFORMATION OR TO
    MAKE ANY REPRESENTATIONS WITH RESPECT TO THE OFFER OTHER THAN
    THOSE CONTAINED IN THIS OFFER TO PURCHASE AND RELATED DOCUMENTS
    AND, IF GIVEN OR MADE, SUCH INFORMATION OR REPRESENTATIONS MUST
    NOT BE RELIED UPON AS HAVING BEEN AUTHORIZED. THE DELIVERY OF
    THIS OFFER TO PURCHASE SHALL NOT, UNDER ANY CIRCUMSTANCES,
    CREATE ANY IMPLICATION THAT THE INFORMATION CONTAINED OR
    INCORPORATED BY REFERENCE HEREIN IS CURRENT AS OF ANY TIME
    SUBSEQUENT TO THE DATE OF SUCH INFORMATION. THE COMPANY
    DISCLAIMS ANY OBLIGATION TO UPDATE OR REVISE ANY OF THE
    INFORMATION CONTAINED OR INCORPORATED BY REFERENCE HEREIN.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>THIS OFFER TO PURCHASE DOES NOT CONSTITUTE AN OFFER TO
    PURCHASE IN ANY JURISDICTION, DOMESTIC OR FOREIGN, IN WHICH, OR
    TO OR FROM ANY PERSON TO OR FROM WHOM, IT IS UNLAWFUL TO MAKE
    SUCH OFFER UNDER APPLICABLE SECURITIES OR &#147;BLUE SKY&#148;
    LAWS.</B>
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    i
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>THIS OFFER TO PURCHASE AND THE ACCOMPANYING LETTER OF
    TRANSMITTAL CONTAIN IMPORTANT INFORMATION WHICH SHOULD BE READ
    BEFORE ANY DECISION IS MADE WITH RESPECT TO THE OFFER.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Any Holder who desires to tender Notes and who holds physical
    certificates evidencing such Notes must complete and sign the
    accompanying Letter of Transmittal (or a manually signed
    facsimile thereof) in accordance with the instructions therein,
    have the signature thereon guaranteed (if required by
    Instruction&#160;2 of the Letter of Transmittal) and deliver
    such manually signed Letter of Transmittal (or a manually signed
    facsimile thereof), together with certificates evidencing such
    Notes being tendered and any other required documents to the
    Depositary, at its address set forth on the back cover of this
    Offer to Purchase prior to the Expiration Time. Only
    Holders&#160;&#151; i.e., record owners, as reflected on the
    Company&#146;s registry of ownership&#160;&#151; are entitled to
    tender Notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A beneficial owner of the Notes that are held of record by a
    broker, dealer, commercial bank, trust company or other nominee
    must instruct such broker, dealer, commercial bank, trust
    company or other nominee to tender the Notes on the beneficial
    owner&#146;s behalf. The Depository Trust&#160;Company
    (&#147;<I>DTC</I>&#148;) has authorized DTC participants that
    hold Notes on behalf of beneficial owners of Notes through DTC
    to tender their Notes as if they were Holders. The Depositary
    and DTC have confirmed that the Offer is eligible for DTC&#146;s
    Automated Tender Offer Program (&#147;<I>ATOP</I>&#148;).
    Accordingly, to effect such a tender of Notes, DTC participants
    must tender their Notes to DTC through ATOP and follow the
    procedures set forth in &#147;Procedures for Tendering and
    Withdrawing Notes&#160;&#151; Notes Held Through DTC.&#148;
    Holders desiring to tender their Notes on the day when the
    Expiration Time occurs should be aware that they must allow
    sufficient time for completion of the ATOP procedures during
    normal business hours of DTC on such day.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Tendering Holders will not be obligated to pay brokerage fees or
    commissions or the fees and expenses of the Dealer Managers, the
    Information Agent or the Depositary. See &#147;Dealer Managers,
    Information Agent and Depositary.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    There are no guaranteed delivery provisions provided for by the
    Company in connection with the Offer under the terms of this
    Offer to Purchase or any other related documents. Holders must
    tender their Notes in accordance with the procedures set forth
    herein and in the Letter of Transmittal.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    ii
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV align="left">
<!-- TOC -->
</DIV>

<DIV align="left">
<A name="tocpage"></A>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">TABLE OF
    CONTENTS</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="95%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadright -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Page</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#101'>SUMMARY TERM SHEET</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#102'>ABOUT THE COMPANY</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#103'>THE OFFER</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#104'>PROCEDURES FOR TENDERING AND WITHDRAWING NOTES</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#105'>ACCEPTANCE FOR PAYMENT AND PAYMENT</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#106'>CONDITIONS TO THE OFFER</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#107'>IMPACT OF THE OFFER ON RIGHTS OF THE HOLDERS OF
    THE NOTES</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#108'>ADDITIONAL CONSIDERATIONS CONCERNING THE OFFER</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#109'>MARKET INFORMATION ABOUT THE NOTES</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#110'>MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#111'>DEALER MANAGERS, INFORMATION AGENT AND
    DEPOSITARY</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#112'>SOLICITATION AND EXPENSES</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#113'>MISCELLANEOUS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#114'>WHERE YOU CAN FIND ADDITIONAL INFORMATION</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#115'>INCORPORATION OF CERTAIN DOCUMENTS BY
    REFERENCE</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#116'>FORWARD-LOOKING STATEMENTS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    22
</TD>
<TD>&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV align="left">
<!-- /TOC -->
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    iii
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<A name='101'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">SUMMARY
    TERM SHEET</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>The following summary is qualified in its entirety by
    reference to, and should be read in connection with, the
    information appearing elsewhere or incorporated by reference in
    this Offer to Purchase. Each of the capitalized terms used in
    this Summary and not defined herein has the meaning set forth
    elsewhere in this Offer to Purchase.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
    The Company </TD>
    <TD></TD>
    <TD valign="bottom">
    Lamar Advertising Company, a Delaware corporation.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    The Notes </TD>
    <TD></TD>
    <TD valign="bottom">
    2<FONT style="vertical-align: text-top; font-size: 70%;">7</FONT>/<FONT style="font-size: 70%;">8</FONT>%&#160;Convertible
    Notes due 2010&#160;&#151; Series&#160;B of the Company. See
    &#147;Impact of the Offer on Rights of the Holders of the
    Notes.&#148;</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    The Offer </TD>
    <TD></TD>
    <TD valign="bottom">
    The Company is offering to purchase, upon the terms and subject
    to the conditions described herein and in the Letter of
    Transmittal, any and all of the Notes validly tendered and not
    validly withdrawn prior to the Expiration Time, in each case for
    the Consideration and Accrued Interest for such Notes on the
    Payment Date. See &#147;The Offer.&#148;</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Purpose of the Offer; Source and Amount of Funds </TD>
    <TD></TD>
    <TD valign="bottom">
    The purpose of the Offer is to purchase Notes in order to retire
    the debt associated with the Notes. The Company will fund
    purchases pursuant to the Offer from available cash. The Offer
    is not subject to any financing conditions and no alternative
    financing arrangement is contemplated. See &#147;The
    Offer&#160;&#151; Purpose of the Transaction&#148; and &#147;The
    Offer&#160;&#151; Source and Amount of Funds.&#148;</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Consideration; Accrued Interest </TD>
    <TD></TD>
    <TD valign="bottom">
    The Consideration offered is cash in an amount equal to $960 per
    $1,000 principal amount of Notes purchased in the Offer. If a
    Holder validly tenders and does not validly withdraw its Notes
    prior to the Expiration Time and the Company accepts such Notes
    for payment, upon the terms and subject to the conditions of the
    Offer, the Company will pay such Holder the Consideration and
    Accrued Interest for such Notes on the Payment Date. With
    respect to any Notes purchased in the Offer, &#147;<I>Accrued
    Interest</I>&#148; means unpaid interest accrued on such Notes
    pursuant to their terms up to but not including the Payment
    Date. See &#147;The Offer&#160;&#151; Consideration; Accrued
    Interest.&#148;</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Payment Date </TD>
    <TD></TD>
    <TD valign="bottom">
    The Payment Date for the Offer is expected to be promptly after
    the Expiration Time. See &#147;Acceptance for Payment and
    Payment.&#148;</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Expiration Time </TD>
    <TD></TD>
    <TD valign="bottom">
    The Offer will expire at 12:00 midnight, New York City time, at
    the end of July 9, 2009, unless extended by the Company. See
    &#147;The Offer&#160;&#151; Expiration Time; Extension;
    Amendment; Termination.&#148;</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Withdrawal Rights </TD>
    <TD></TD>
    <TD valign="bottom">
    Tendered Notes may be withdrawn by Holders at any time prior to
    the Expiration Time. After the Expiration Time, tendered Notes
    may not be withdrawn except in the limited circumstances
    described herein. See &#147;Procedures for Tendering and
    Withdrawing Notes&#160;&#151; Withdrawal of Tenders; Absence of
    Appraisal Rights.&#148;</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Conditions to the Offer </TD>
    <TD></TD>
    <TD valign="bottom">
    Notwithstanding any other provision of the Offer, the
    Company&#146;s obligation to accept for payment, and pay for,
    any Notes validly tendered and not validly withdrawn pursuant to
    the Offer is conditioned on satisfaction of all the conditions
    described herein. The Company expressly reserves the right, in
    its sole discretion but subject to applicable law, to
    (i)&#160;terminate the Offer prior to the Expiration Time and
    not accept for payment any Notes tendered in the Offer,
    (ii)&#160;waive any and all of the conditions of the Offer,
    other than those dependent upon the receipt of necessary
    government approvals, prior </TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    1
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    to the Expiration Time, (iii)&#160;extend the Expiration Time or
    (iv)&#160;amend the terms of the Offer. The Company also
    reserves the right, in its sole discretion, to delay the
    acceptance for payment for Notes tendered in the Offer, or to
    delay the payment for Notes so accepted, in order to permit any
    or all conditions of the Offer to be satisfied or waived or to
    comply in whole or in part with any applicable law, subject in
    each case, however, to
    <FONT style="white-space: nowrap">Rules&#160;13e-4</FONT>
    and 14e-1 under the Exchange Act, which require that an offeror
    pay the consideration offered or return the securities deposited
    by or on behalf of the holders thereof promptly after the
    termination or withdrawal of a tender offer. See
    &#147;Conditions to the Offer.&#148;</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Procedures for Tendering and Withdrawing Notes </TD>
    <TD></TD>
    <TD valign="bottom">
    Any Holder who desires to tender Notes pursuant to the Offer and
    holds physical certificates evidencing such Notes must complete
    and sign the related Letter of Transmittal (or a manually signed
    facsimile thereof) in accordance with the instructions set forth
    therein, have the signature thereon guaranteed if required by
    Instruction&#160;2 of the Letter of Transmittal and deliver such
    manually signed Letter of Transmittal (or such manually signed
    facsimile), together with the certificates evidencing the Notes
    being tendered and any other required documents, to the
    Depositary prior to the Expiration Time. Only a person who is
    the record owner of a Note, as reflected in the Company&#146;s
    registry of ownership, is the Holder of that Note and is
    entitled to tender that Note in the Offer. Beneficial owners of
    Notes who hold their interests through a nominee or other person
    are not the Holders of those Notes and, if they wish such Notes
    to be tendered in the Offer, they must arrange for the Holders
    to effect the tender for them.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    Any beneficial owner who holds Notes in book-entry form through
    DTC and who desires that the Notes be tendered should request
    the owner&#146;s broker, dealer, commercial bank, trust company
    or other nominee to effect the transaction for the owner prior
    to the Expiration Time. See &#147;Procedures for Tendering and
    Withdrawing Notes&#160;&#151; Notes Held by Record Holders.&#148;</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    Holders of Notes who are tendering by book-entry transfer to the
    Depositary&#146;s account at DTC must execute the tender through
    ATOP. DTC Participants (as defined herein) that are accepting
    the Offer must transmit their acceptance to DTC, which will
    verify the acceptance and execute a book-entry delivery to the
    Depositary&#146;s account at DTC. DTC will then send an
    Agent&#146;s Message (as defined herein) to the Depositary for
    its acceptance. Delivery of the Agent&#146;s Message by DTC will
    satisfy the terms of the Offer as to the tender of Notes. See
    &#147;Procedures for Tendering and Withdrawing Notes&#160;&#151;
    Notes Held Through DTC.&#148;</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Untendered and/or Unpurchased Notes </TD>
    <TD></TD>
    <TD valign="bottom">
    Notes not tendered and/or accepted for payment pursuant to the
    Offer will remain outstanding. Although the Company has no
    obligation to do so, the Company may effect a satisfaction and
    discharge of the indenture governing the Notes or otherwise
    purchase the untendered Notes in any lawful manner available to
    the Company. See &#147;Additional Considerations Concerning the
    Offer.&#148;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    2
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
    Acceptance for Payment and Payment </TD>
    <TD></TD>
    <TD valign="bottom">
    Upon the terms and subject to the conditions set forth herein
    and in the Letter of Transmittal, the Company will, promptly
    after the Expiration Time, accept for payment any and all
    outstanding Notes validly tendered and not validly withdrawn
    prior to the Expiration Time. If a Holder validly tenders and
    does not validly withdraw its Notes prior to the Expiration Time
    and the Company accepts such Notes for payment, upon the terms
    and subject to the conditions of the Offer, the Company will pay
    such Holder the Consideration and Accrued Interest for such
    Notes on the Payment Date.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    Payments for Notes accepted for payment will be made on the
    Payment Date by the deposit of immediately available funds by
    the Company with the Depositary. The Depositary will act as
    agent for the tendering Holders for the purpose of receiving
    payments from the Company and transmitting such payments to such
    Holders. Any Notes validly tendered and accepted for payment
    pursuant to the Offer will be cancelled. Any Notes tendered but
    not accepted for payment pursuant to the Offer will be returned
    to the Holders promptly after the Expiration Time. See
    &#147;Acceptance for Payment and Payment.&#148;</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Material U.S. Federal Income Tax Consequences </TD>
    <TD></TD>
    <TD valign="bottom">
    The receipt of cash for Notes pursuant to the Offer will
    generally be a taxable transaction for U.S. federal income tax
    purposes. For a discussion of material U.S. federal income tax
    consequences relating to the Offer, see &#147;Material U.S.
    Federal Income Tax Consequences.&#148; <B>This Offer to Purchase
    includes only a summary of the possible tax consequences to you.
    You should consult with your own tax advisor regarding the
    actual tax consequences to you.</B></TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Dealer Managers </TD>
    <TD></TD>
    <TD valign="bottom">
    J.P. Morgan Securities Inc. and Wachovia Capital Markets, LLC</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Depositary </TD>
    <TD></TD>
    <TD valign="bottom">
    Global Bondholder Services Corporation</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Information Agent </TD>
    <TD></TD>
    <TD valign="bottom">
    Global Bondholder Services Corporation</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    3
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
<A name='102'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">ABOUT THE
    COMPANY</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Lamar Advertising Company, referred to herein as the
    &#147;Company&#148; or &#147;we&#148;, is one of the largest
    outdoor advertising companies in the United States based on
    number of displays and has operated under the Lamar name since
    1902. As of April&#160;30, 2009, we owned and operated
    approximately 155,000 billboard advertising displays in
    44&#160;states, Canada and Puerto Rico, over 96,000 logo
    advertising displays in 19&#160;states and the province of
    Ontario, Canada, and over 27,000 transit advertising displays in
    16&#160;states, Canada and Puerto Rico. We offer our customers a
    fully integrated service, satisfying all aspects of their
    billboard display requirements from ad copy production to
    placement and maintenance. The three principal areas that make
    up our business are:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="2%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <I>Billboard advertising.</I>&#160;&#160;We offer our customers
    a fully integrated service, satisfying all aspects of their
    billboard display requirements from ad copy production to
    placement and maintenance. Our billboard advertising displays
    are comprised of bulletins and posters. As a result of their
    greater impact and higher cost, bulletins are usually located on
    major highways. Posters are usually concentrated on major
    traffic arteries or on city streets to target pedestrian traffic.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <I>Logo signs.</I>&#160;&#160;We are the largest provider of
    logo sign services in the United States, operating 19 of the 25
    privatized state logo sign contracts. Logo signs are erected
    near highway exits to direct motor traffic to service and
    tourist attractions, as well as to advertise gas, food, camping
    and lodging.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <I>Transit advertising.</I>&#160;&#160;We provide transit
    advertising in 65 transit markets. Transit displays appear on
    the exterior or interior of public transportation vehicles or
    stations, such as buses, trains, commuter rail, subways,
    platforms and terminals.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Recent
    Developments</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On June&#160;3, 2009, the Company commenced an offer to certain
    eligible employees and directors to exchange some or all of
    their outstanding options to purchase the Company&#146;s
    Class&#160;A common stock with exercise prices of $25.00 per
    share or higher for a lesser number of new options with an
    exercise price per share equal to the fair market value on the
    exchange date, which is expected to be July&#160;2, 2009 (the
    first business day after the offer is set to expire).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If all options eligible for exchange are tendered for exchange
    and accepted by the Company (a total of options to purchase
    3,052,617&#160;shares), the Company will grant new options to
    purchase a total of approximately 1,160,162&#160;shares of its
    Class&#160;A common stock, or approximately 1.5% of the total
    shares of our Class&#160;A common stock outstanding as of
    June&#160;1, 2009. All eligible options were granted and any new
    options will be granted under the Company&#146;s 1996 Equity
    Incentive Plan, as amended and restated in February 2009.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    4
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
<A name='103'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">THE
    OFFER</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Introduction</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company hereby offers, upon the terms and subject to the
    conditions set forth in this Offer to Purchase and the Letter of
    Transmittal, to purchase for cash any and all of the Notes that
    are validly tendered and not validly withdrawn prior to the
    Expiration Time for the Consideration of $960 per $1,000
    principal amount of the Notes so purchased, plus Accrued
    Interest on such Notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Upon the terms and subject to the satisfaction or waiver of all
    conditions set forth herein and in the Letter of Transmittal,
    the Company will, promptly after the Expiration Time, accept for
    payment any and all Notes validly tendered and not validly
    withdrawn prior to the Expiration Time. If a Holder validly
    tenders its Notes prior to the Expiration Time and does not
    validly withdraw its Notes prior to the Expiration Time and the
    Company accepts such Notes for payment, upon the terms and
    subject to the conditions of the Offer, the Company will pay
    such Holder the Consideration and Accrued Interest for such
    Notes on the Payment Date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Notes accepted for payment pursuant to the Offer will be
    accepted only in principal amounts of $1,000 or an integral
    multiple thereof.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Consideration;
    Accrued Interest</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Consideration for the Notes accepted for payment will be
    paid on the Payment Date, which is expected to be promptly after
    the Expiration Time. Such payments will be made by the deposit
    of immediately available funds by the Company with the
    Depositary. The Depositary will act as agent for the tendering
    Holders for the purpose of receiving payments from the Company
    and transmitting such payments to such Holders. See
    &#147;Acceptance for Payment and Payment.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Tenders of Notes pursuant to the Offer may be validly withdrawn
    at any time prior to the Expiration Time by following the
    procedures described herein. If Holders validly withdraw
    previously tendered Notes, such Holders will not receive the
    Consideration, unless such Notes are validly retendered and not
    again withdrawn prior to the Expiration Time (and the Company
    accepts the Notes for payment, upon the terms and subject to the
    conditions of the Offer).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Holders whose Notes are accepted for payment pursuant to the
    Offer will be entitled to receive Accrued Interest on those
    Notes&#160;&#151; i.e., unpaid interest that has accrued on
    those Notes pursuant to their terms to but excluding the Payment
    Date. Under no circumstances will any additional interest be
    payable because of any delay in the transmission of funds to the
    Holders of purchased Notes.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Expiration
    Time; Extension; Amendment; Termination</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The term &#147;<I>Expiration Time</I>&#148; means 12:00
    midnight, New York City time, at the end of July 9, 2009 unless
    and until the Company shall, in its sole discretion, have
    extended this period, in which event the term
    &#147;<I>Expiration Time</I>&#148; shall mean the new time and
    date as determined by the Company. The Company may extend the
    Expiration Time for any purpose, including to permit the
    satisfaction or waiver of all conditions to the Offer or for any
    other reason. In order to extend the Expiration Time, the
    Company will notify DTC and will make a public announcement
    prior to 9:00&#160;a.m., New York City time, on the next
    business day after the previously scheduled Expiration Time. Any
    such announcement will state that the Company is extending the
    Offer for a specified period or on a daily basis. Without
    limiting the manner in which the Company may choose to make a
    public announcement of any extension of the Offer, the Company
    will not, unless required by law, have any obligation to
    publish, advertise or otherwise communicate any such public
    announcement, other than issuing a timely press release.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company&#146;s obligation to accept for payment, and pay
    for, any Notes validly tendered and not validly withdrawn prior
    to the Expiration Time is conditioned on satisfaction of all the
    conditions described herein. See &#147;Conditions to the
    Offer.&#148;
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    5
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company expressly reserves the right, in its sole discretion
    but subject to applicable law, to (i)&#160;terminate the Offer
    prior to the Expiration Time and not accept for payment any
    Notes tendered in the Offer, (ii)&#160;waive any and all of the
    conditions of the Offer, other than those dependent upon the
    receipt of necessary government approvals, prior to the
    Expiration Time, (iii)&#160;extend the Expiration Time or
    (iv)&#160;amend the terms of the Offer. Any extension,
    termination, waiver or amendment will be followed as promptly as
    practicable by a public announcement thereof. Without limiting
    the manner in which the Company may choose to make such
    announcement, the Company shall not, unless required by law,
    have any obligation to publish, advertise or otherwise
    communicate any such announcement other than by issuing a press
    release.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If the Company extends the Offer or delays its acceptance for
    payment, or its payment, for any Notes tendered in the Offer for
    any reason, then, without prejudice to the Company&#146;s rights
    under the Offer, the Depositary may retain tendered Notes on
    behalf of the Company. However, the ability of the Company to
    delay acceptance for payment, or payment, for Notes that are
    validly tendered and not withdrawn prior to the Expiration Time
    is limited by
    <FONT style="white-space: nowrap">Rules&#160;13e-4</FONT>
    and <FONT style="white-space: nowrap">14e-1(c)</FONT>
    under the Exchange Act, which require that an offeror pay the
    consideration offered or return the securities deposited by or
    on behalf of Holders promptly after the termination or
    withdrawal of a tender offer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If the Company makes a material change in the terms and
    conditions of the Offer or the information concerning the Offer,
    the Company will disseminate additional offering materials and
    extend the Offer to the extent required by law, including
    <FONT style="white-space: nowrap">Rule&#160;13e-4</FONT>
    under the Exchange Act.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Purpose
    of the Transaction</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The purpose of the Offer is to repurchase Notes in order to
    retire the debt associated with the Notes. Any Notes we purchase
    in the Offer will be cancelled.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Source
    and Amount of Funds</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The total amount of funds required to purchase all of the
    outstanding $133,567,000 aggregate principal amount of the Notes
    at a price equal to $960 per $1,000 principal amount, to pay all
    accrued and unpaid interest on such Notes and to pay all
    anticipated fees and expenses in connection therewith is
    expected to be approximately $128.4&#160;million. The Company
    will fund purchases pursuant to the Offer from available cash.
    The Offer is not subject to any financing conditions and no
    alternative financing arrangement is contemplated.
</DIV>
<A name='104'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">PROCEDURES
    FOR TENDERING AND WITHDRAWING NOTES</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The tender of Notes pursuant to the Offer and in accordance with
    the procedures described below will constitute a valid tender of
    Notes. If a Holder validly tenders its Notes prior to the
    Expiration Time and does not validly withdraw its Notes prior to
    the Expiration Time and the Company accepts such Notes for
    payment, upon the terms and subject to the conditions of the
    Offer, the Company will pay such Holder the Consideration and
    Accrued Interest for such Notes on the Payment Date. Any Notes
    tendered and validly withdrawn prior to the Expiration Time will
    be deemed not to have been validly tendered.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Tendering
    Notes</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The tender of Notes pursuant to any of the procedures described
    in this Offer to Purchase and set forth in the Letter of
    Transmittal will constitute a binding agreement between the
    tendering Holder and the Company upon the terms and subject to
    the conditions of the Offer. The valid tender of Notes will
    constitute the agreement of the Holder to deliver good and
    marketable title to all tendered Notes, free and clear of all
    liens, charges, claims, encumbrances, interests and restrictions
    of any kind.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>UNLESS THE NOTES&#160;BEING TENDERED ARE DEPOSITED BY THE
    HOLDER INTO THE DEPOSITARY&#146;S ACCOUNT AT DTC PRIOR TO THE
    EXPIRATION TIME (ACCOMPANIED BY A PROPERLY COMPLETED AND DULY
    EXECUTED LETTER OF TRANSMITTAL), THE COMPANY MAY, AT ITS OPTION,
    REJECT SUCH TENDER. PAYMENT FOR NOTES&#160;WILL BE MADE ONLY </B>
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    6
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>AGAINST DEPOSIT OF VALIDLY TENDERED NOTES&#160;AND DELIVERY
    OF ALL OTHER REQUIRED DOCUMENTS.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Only registered Holders of Notes are authorized to tender their
    Notes pursuant to the Offer. Accordingly, to properly tender
    Notes or cause Notes to be tendered, the following procedures
    must be followed:
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Notes
    Held Through DTC</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    With regard to Notes held in book-entry form through DTC, DTC or
    its nominee is the sole registered owner&#160;&#151; and thus
    the sole Holder&#160;&#151; of those Notes. Beneficial owners of
    Notes held through a participant (a &#147;<I>DTC
    Participant</I>&#148;) of DTC (<I>i.e.</I>, a custodian bank,
    depositary, broker, trust company or other nominee) are not
    Holders of the Notes, and any such beneficial owner that wishes
    its Notes to be tendered in the Offer must instruct the DTC
    Participant through which its Notes are held to cause its Notes
    to be tendered and delivered to the Depositary in accordance
    with DTC&#146;s ATOP procedures as described in this Offer to
    Purchase. Beneficial owners and DTC Participants desiring that
    Notes be tendered on the day on which the Expiration Time is to
    occur should be aware that they must allow sufficient time for
    completion of the ATOP procedures during normal business hours
    of DTC on such day.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Depositary and DTC have confirmed that the Offer is eligible
    for ATOP. Pursuant to an authorization given by DTC to DTC
    Participants, each DTC Participant that holds Notes through DTC
    and chooses to accept the Offer must transmit its acceptance
    through ATOP, and DTC will then edit and verify the acceptance,
    execute a book-entry delivery to the Depositary&#146;s account
    at DTC and send an Agent&#146;s Message (as defined below) to
    the Depositary for its acceptance. The Depositary will (promptly
    after the date of this Offer to Purchase) establish accounts at
    DTC for purposes of the Offer with respect to Notes held through
    DTC, and any financial institution that is a DTC Participant may
    make book-entry delivery of Notes into the Depositary&#146;s
    account through ATOP. However, although delivery of the Notes
    may be effected through book-entry transfer into the
    Depositary&#146;s account through ATOP, an Agent&#146;s Message
    in connection with such book-entry transfer and any other
    required documents must be, in any case, transmitted to and
    received by the Depositary at its address set forth on the back
    cover of this Offer to Purchase prior to the Expiration Time.
    Delivery of documents to DTC does not constitute delivery to the
    Depositary. The confirmation of a book-entry transfer into the
    Depositary&#146;s account at DTC as described above is referred
    to herein as a &#147;<I>Book-Entry Confirmation</I>.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The term &#147;<I>Agent&#146;s Message</I>&#148; means a message
    transmitted by DTC to, and received by, the Depositary and
    forming a part of the Book-Entry Confirmation, which states that
    DTC has received an express acknowledgment from each DTC
    Participant tendering through ATOP that such DTC Participant has
    received a Letter of Transmittal and agrees to be bound by the
    terms of the Letter of Transmittal and that the Company may
    enforce such agreement against such DTC Participant.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All Notes currently held through DTC have been issued in the
    form of global notes registered in the name of Cede&#160;&#038;
    Co., DTC&#146;s nominee (the &#147;<I>Global Notes</I>&#148;).
    At or as of the close of business on the first business day
    after the Payment Date, the aggregate principal amount of the
    Global Notes will be reduced to represent the aggregate
    principal amount of the Notes, if any, held through DTC and not
    tendered pursuant to the Offer.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Notes
    Held by Record Holders</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For any Notes not held in book-entry form through DTC to be
    tendered, the Holder of the Note&#160;&#151; i.e., the record
    owner of the Note as reflected in the Company&#146;s register of
    Notes&#160;&#151; must complete and sign the Letter of
    Transmittal, and deliver such Letter of Transmittal and any
    other documents required by the Letter of Transmittal, together
    with certificate(s) representing all such tendered Notes, to the
    Depositary at its address set forth on the back cover of this
    Offer to Purchase prior to the Expiration Time.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>BENEFICIAL OWNERS OF NOTES&#160;&#151; I.E., THOSE WHO HOLD
    INTERESTS IN THE NOTES&#160;THROUGH A BANK, BROKER OR OTHER
    NOMINEE OR THROUGH DTC&#160;&#151; ARE NOT HOLDERS OF THEIR
    NOTES; ONLY THE NOMINEES OF THOSE PERSONS (OR DTC) IN WHOSE NAME
    THE NOTES&#160;ARE REGISTERED ON THE COMPANY&#146;S REGISTER OF
    NOTES&#160;ARE THE HOLDERS OF THE NOTES&#160;AND MAY TENDER THE
    NOTES&#160;IN THE OFFER.</B>
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    7
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All signatures on the Letter of Transmittal must be guaranteed
    by a recognized participant in the Securities Transfer Agents
    Medallion Program, the NYSE Medallion Signature Program or the
    Stock Exchange Medallion Program (each, an &#147;<I>Eligible
    Institution</I>&#148;); <I>provided, however</I>, that
    signatures on the Letter of Transmittal need not be guaranteed
    if such Notes are tendered for the account of an Eligible
    Institution. See Instruction&#160;2 of the Letter of
    Transmittal. If a Letter of Transmittal or any Note is signed by
    a trustee, executor, administrator, guardian, attorney-in-fact,
    agent, officer of a corporation or other person acting in a
    fiduciary or representative capacity, such person must so
    indicate when signing, and proper evidence satisfactory to the
    Company of the authority of such person so to act must be
    submitted.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Lost or
    Missing Certificates</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If a Holder desires to tender Notes pursuant to the Offer, but
    the certificates representing such Notes have been mutilated,
    lost, stolen or destroyed, such Holder should contact the
    Depositary for further instructions at the address or telephone
    number set forth herein. See Instruction&#160;10 of the Letter
    of Transmittal.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Backup
    U.S. Federal Income Tax Withholding</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under the &#147;backup withholding&#148; provisions of
    U.S.&#160;federal income tax law, unless a beneficial owner, or
    such beneficial owner&#146;s assignee (in either case, the
    &#147;<I>Payee</I>&#148;), satisfies the conditions described in
    Instruction&#160;8 of the Letter of Transmittal or is otherwise
    exempt, the aggregate Consideration and Accrued Interest may be
    subject to backup withholding at a rate of 28%. To prevent
    backup withholding, each U.S.&#160;Holder (as defined below in
    &#147;Material U.S.&#160;Federal Income Tax Consequences&#148;)
    should complete and sign the Substitute
    <FONT style="white-space: nowrap">Form&#160;W-9</FONT>
    provided in the Letter of Transmittal. Each
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder</FONT>
    (as defined below in &#147;Material U.S.&#160;Federal Income Tax
    Consequences&#148;) must submit the appropriate completed IRS
    <FONT style="white-space: nowrap">Form&#160;W-8</FONT>
    (generally
    <FONT style="white-space: nowrap">Form&#160;W-8BEN</FONT>
    for a
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder)</FONT>
    to avoid backup withholding. See Instruction&#160;8 of the
    Letter of Transmittal.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Effect of
    Letter of Transmittal</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Subject to, and effective upon, the acceptance for payment of,
    and payment for, the Notes tendered thereby, by executing and
    delivering a Letter of Transmittal a tendering Holder of Notes
    (i)&#160;irrevocably sells, assigns and transfers to, or upon
    the order of, the Company, all right, title and interest in and
    to all the Notes tendered thereby, (ii)&#160;waives any and all
    rights with respect to such Notes (including, without
    limitation, any existing or past defaults and their consequences
    in respect of such Notes and the indenture under which the Notes
    were issued), (iii)&#160;releases and discharges the Company
    from any and all claims such Holder may have now, or may have in
    the future arising out of, or related to, such Notes, including,
    without limitation, any claims that such Holder is entitled to
    receive additional principal or interest payments with respect
    to such Notes, to convert the Notes into Class&#160;A common
    stock, cash or a combination of Class&#160;A common stock and
    cash, to participate in any redemption or defeasance of such
    Notes or be entitled to any of the benefits under the indenture
    under which the Notes were issued; and (iv)&#160;irrevocably
    constitutes and appoints the Depositary as the true and lawful
    agent and attorney-in-fact of such Holder with respect to any
    such tendered Notes (with full knowledge that the Depositary
    also acts as the agent of the Company) with respect to such
    Notes, with full power of substitution and resubstitution (such
    power of attorney being deemed to be an irrevocable power
    coupled with an interest) to (a)&#160;deliver certificates
    representing such Notes, or transfer ownership of such Notes on
    the account books maintained by DTC, together, in any such case,
    with all accompanying evidences of transfer and authenticity, to
    the Company, (b)&#160;present such Notes for transfer on the
    relevant security register, (c)&#160;receive all benefits or
    otherwise exercise all rights of beneficial ownership of such
    Notes (except that the Depositary will have no rights to, or
    control over, funds from the Company, except as agent for the
    tendering Holders, for the Consideration and Accrued Interest
    for any tendered Notes that are purchased by the Company) and
    (d)&#160;deliver to the Company the Letter of Transmittal, all
    upon the terms and subject to the conditions of the Offer.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Determination
    of Validity</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All questions as to the validity, form, eligibility (including
    time of receipt) and acceptance for payment of Notes pursuant to
    the procedures described in this Offer to Purchase and the
    Letter of Transmittal and the form and validity of all documents
    will be determined by the Company in its sole discretion. The
    Company&#146;s determination of
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    8
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    these matters may be challenged by a Holder in accordance with
    applicable law, and any final determination may only be made by
    a court of competent jurisdiction. The Company reserves the
    absolute right to reject any or all tenders that are not in
    proper form or the acceptance of or payment for which may, upon
    the advice of counsel for the Company, be unlawful. The Company
    also reserves the absolute right to waive any of the conditions
    of the Offer, other than those dependent upon the receipt of
    necessary government approvals, and any defect or irregularity
    in the tender of any particular Notes prior to the Expiration
    Time. The Company&#146;s interpretation of the terms and
    conditions of the Offer (including, without limitation, the
    instructions in the Letter of Transmittal) may be challenged by
    a Holder in accordance with applicable law, and any final
    determination may only be made by a court of competent
    jurisdiction. The Company is not obligated and does not intend
    to accept any alternative, conditional or contingent tenders.
    Unless waived, any irregularities in connection with tenders
    must be cured within such time as the Company shall determine.
    None of the Company or any of its affiliates or assigns, the
    Depositary, the Information Agent, the Dealer Managers or any
    other person will be under any duty to give notification of any
    defects or irregularities in such tenders or will incur any
    liability to a Holder for failure to give such notification.
    Tenders of Notes will not be deemed to have been made until such
    irregularities have been cured or waived. Any Notes received by
    the Depositary that are not properly tendered and as to which
    the irregularities have not been cured or waived will be
    returned by the Depositary to the tendering Holders, unless
    otherwise provided in the Letter of Transmittal, as promptly as
    practical following the Expiration Time.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>LETTERS OF TRANSMITTAL AND NOTES&#160;MUST BE SENT ONLY TO
    THE DEPOSITARY. DO NOT SEND LETTERS OF TRANSMITTAL OR
    NOTES&#160;TO THE COMPANY, THE DEALER MANAGERS OR THE
    INFORMATION AGENT.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>THE METHOD OF DELIVERY OF NOTES&#160;AND LETTERS OF
    TRANSMITTAL, ANY REQUIRED SIGNATURE GUARANTEES AND ALL OTHER
    REQUIRED DOCUMENTS, INCLUDING DELIVERY THROUGH DTC AND ANY
    ACCEPTANCE THROUGH ATOP, IS AT THE ELECTION AND RISK OF THE
    PERSONS TENDERING AND DELIVERING LETTERS OF TRANSMITTAL AND,
    EXCEPT AS OTHERWISE PROVIDED IN THE LETTER OF TRANSMITTAL,
    DELIVERY WILL BE DEEMED MADE ONLY WHEN ACTUALLY RECEIVED BY THE
    DEPOSITARY. IF DELIVERY IS BY MAIL, IT IS SUGGESTED THAT THE
    HOLDER USE PROPERLY INSURED, REGISTERED MAIL WITH RETURN RECEIPT
    REQUESTED, AND THAT THE MAILING BE MADE SUFFICIENTLY IN ADVANCE
    OF THE EXPIRATION TIME TO PERMIT DELIVERY TO THE DEPOSITARY
    PRIOR TO THE EXPIRATION TIME.</B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">No
    Guaranteed Delivery</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    There are no guaranteed delivery provisions provided for by the
    Company in connection with the Offer under the terms of this
    Offer to Purchase or any other related documents. Holders must
    tender their Notes in accordance with the procedures set forth
    above.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Withdrawal
    of Tenders; Absence of Appraisal Rights</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Except as otherwise provided herein, tenders of Notes pursuant
    to the Offer are irrevocable. Withdrawal of Notes by Holders may
    only be accomplished in accordance with the following procedures.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Holders may withdraw Notes tendered in the Offer at any time
    prior to the Expiration Time. Thereafter, such tenders may be
    withdrawn after August&#160;6, 2009 (the 40th business day
    following the commencement of the Offer), in accordance with
    <FONT style="white-space: nowrap">Rule&#160;13e-4(f)</FONT>
    of the Exchange Act, unless such Notes have been accepted for
    payment as provided in this Offer to Purchase. If the Company
    extends the Offer, is delayed in its acceptance for payment of
    Notes or is unable to purchase Notes validly tendered under the
    Offer for any reason, then, without prejudice to the
    Company&#146;s rights under such Offer, the Depositary may
    nevertheless, on the Company&#146;s behalf, retain tendered
    Notes, and such Notes may not be withdrawn except to the extent
    that the Holder is entitled to withdrawal rights described
    herein.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For a withdrawal of a tender of Notes to be effective, a written
    or facsimile transmission notice of withdrawal must be received
    by the Depositary prior to the Expiration Time, by mail, or hand
    delivery or by a properly transmitted &#147;Request
    Message&#148; through ATOP.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    9
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Any such notice of withdrawal must (i)&#160;specify the name of
    the person who tendered the Notes to be withdrawn and the name
    in which those Notes are registered (or, if tendered by a
    book-entry transfer, the name of the participant in DTC whose
    name appears on the security position listing as the owner of
    such Notes), if different from that of the person who deposited
    the Notes, (ii)&#160;contain the description of the Notes to be
    withdrawn, the certificate number or numbers of such Notes,
    unless such Notes were tendered by book-entry delivery, and the
    aggregate principal amount represented by such Notes,
    (iii)&#160;unless transmitted through ATOP, be signed by the
    Holder thereof in the same manner as the original signature on
    such Holder&#146;s Letter of Transmittal, including any required
    signature guarantee(s), or be accompanied by documents of
    transfer sufficient to have the applicable Note trustee register
    the transfer of the Notes into the name of the person
    withdrawing such Notes and (iv)&#160;if the Letter of
    Transmittal was executed by a person other than the registered
    Holder, be accompanied by a properly completed irrevocable proxy
    that authorized such person to effect such withdrawal on behalf
    of such Holder.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company will determine, in its sole discretion, all
    questions as to the form and validity (including time of
    receipt) of any notice of withdrawal. The Company&#146;s
    determination of these matters may be challenged by a Holder in
    accordance with applicable law, and any final determination may
    only be made by a court of competent jurisdiction. No withdrawal
    of Notes shall be deemed to have been properly made until all
    defects and irregularities have been cured or waived. None of
    the Company or any of its affiliates or assigns, the Depositary,
    the Information Agent, the Dealer Managers or any other person
    will be under any duty to give notification of any defects or
    irregularities in any notice of withdrawal or incur any
    liability for failure to give such notification. Withdrawals of
    tenders of Notes may not be rescinded, and any Notes properly
    withdrawn will be deemed not to have been validly tendered for
    purposes of the Offer. However, Holders may retender withdrawn
    Notes by following one of the procedures for tendering Notes
    described herein at any time prior to the Expiration Time.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    There are no appraisal or other similar statutory rights
    available to Holders in connection with the Offer.
</DIV>
<A name='105'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">ACCEPTANCE
    FOR PAYMENT AND PAYMENT</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Upon the terms and subject to the conditions set forth herein
    and in the Letter of Transmittal, the Company will, promptly
    after the Expiration Time, accept for payment any and all
    outstanding Notes validly tendered (or defectively tendered, if
    such defect has been waived by the Company) and not validly
    withdrawn pursuant to the Offer prior to the Expiration Time.
    The Payment Date is expected to be promptly after the Expiration
    Time. Any Notes so tendered and accepted for payment pursuant to
    the Offer will be cancelled.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company, at its option, may elect to extend an Expiration
    Time to a later date and time announced by the Company, provided
    that public announcement of that extension will be made not
    later than 9:00&#160;a.m., New York City time, on the next
    business day after the last previously scheduled or announced
    Expiration Time.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company expressly reserves the right, in its sole
    discretion, to terminate the Offer and not accept for payment
    any Notes tendered in the Offer if any of the conditions set
    forth under &#147;Conditions to the Offer&#148; shall not have
    been satisfied or waived by the Company or in order to comply in
    whole or in part with any applicable law. In addition, the
    Company expressly reserves the right, in its sole discretion, to
    delay acceptance for payment, or payment, for Notes tendered in
    the Offer in order to permit any or all of those conditions to
    be satisfied or waived or to comply in whole or in part with any
    applicable law, subject in each case, however, to
    <FONT style="white-space: nowrap">Rules&#160;13e-4</FONT>
    and <FONT style="white-space: nowrap">14e-1(c)</FONT>
    under the Exchange Act (which require that an offeror pay the
    consideration offered or return the securities deposited by or
    on behalf of the Holders thereof promptly after the termination
    or withdrawal of a tender offer). In all cases, payment for
    Notes accepted for payment pursuant to the Offer will be made
    only after timely receipt by the Depositary of certificates
    representing such Notes (or confirmation of book-entry transfer
    thereof), a properly completed and duly executed Letter of
    Transmittal (or a manually signed facsimile thereof or
    satisfaction of DTC&#146;s ATOP procedures) on or before the
    Expiration Time, and any other documents required thereby.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Upon the terms and subject to the conditions set forth herein
    and in the Letter of Transmittal, after the Expiration Time, the
    Company will be deemed to have accepted for payment, and thereby
    purchased, all Notes validly tendered and not validly withdrawn
    prior to such Expiration Time as, if and when the Company gives
    written notice to the Depositary of its acceptance for payment
    of such Notes. On the Payment Date, the Company will deposit the
    Consideration and Accrued Interest with DTC, in the case of
    Notes tendered by book-entry transfer, or with the
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    10
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Depositary, in the case of Notes tendered in the form of
    physical certificates. DTC or the Depositary, as applicable,
    will thereafter transmit to the Holders of Notes accepted for
    payment the Consideration and Accrued Interest.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If the Company extends the Offer or delays its acceptance for
    payment, or payment, for Notes tendered in the Offer for any
    reason, then, without prejudice to the Company&#146;s rights
    under the Offer, the Depositary may retain tendered Notes on
    behalf of the Company. However, the ability of the Company to
    delay such acceptance or payment is limited by
    <FONT style="white-space: nowrap">Rules&#160;13e-4</FONT>
    and <FONT style="white-space: nowrap">14e-1(c)</FONT>
    under the Exchange Act as described above.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company reserves the right to transfer or assign, in whole
    or from time to time in part, to one or more of its affiliates,
    the right to purchase all or any portion of the Notes tendered
    pursuant to the Offer, but any such transfer or assignment will
    not relieve the Company of its obligations under the Offer and
    will in no way prejudice the rights of a tendering Holder to
    receive payment for its Notes validly tendered and accepted for
    payment pursuant to such Offer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Holders whose Notes are accepted for payment pursuant to the
    Offer will be entitled to Accrued Interest on those Notes.
    <B>UNDER NO CIRCUMSTANCES WILL ANY ADDITIONAL INTEREST BE
    PAYABLE BECAUSE OF ANY DELAY IN THE TRANSMISSION OF FUNDS TO THE
    HOLDERS OF PURCHASED NOTES.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Tendering Holders of Notes will not be required to pay brokerage
    commissions or fees with respect to the tendering of Notes
    pursuant to the Offer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If the Offer is terminated or the Notes are validly withdrawn
    prior to the Expiration Time, or the Notes are not accepted for
    payment, the Consideration will not be paid or become payable.
    If any tendered Notes are not purchased pursuant to the Offer
    for any reason, or certificates are submitted evidencing more
    Notes than are tendered, such Notes not purchased will be
    returned, without expense, to the tendering Holder (or, in the
    case of Notes tendered by book-entry transfer, such Notes will
    be credited to the account maintained at DTC from which those
    Notes were delivered), unless otherwise requested by such Holder
    Under &#147;A. Special Issuance/Delivery Instructions&#148; in
    the Letter of Transmittal, promptly following the Expiration
    Time or termination of the Offer.
</DIV>
<A name='106'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CONDITIONS
    TO THE OFFER</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Notwithstanding any other provision of the Offer, the
    Company&#146;s obligation to accept for payment, and pay for,
    any Notes validly tendered and not validly withdrawn pursuant to
    the Offer is conditioned on satisfaction of all the conditions
    to the Offer. The Offer does not have as a condition that a
    minimum principal amount of Notes be tendered.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Offer is conditioned upon none of the following having
    occurred:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="2%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    in our reasonable judgment, there has been instituted or is
    pending any action, suit or proceeding by any government or any
    governmental, regulatory, self-regulatory or administrative
    authority, tribunal or other body, or by any other person,
    domestic, foreign or supranational, before any court, authority,
    tribunal or other body (or any such action, suit or proceeding
    has been threatened in writing by any such body or person) that
    directly or indirectly:
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    challenges or seeks to make illegal, or seeks to delay,
    restrict, prohibit or otherwise affect the consummation of the
    Offer or the acquisition of some or all of the Notes pursuant to
    the Offer;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    could materially and adversely affect the business, condition
    (financial or otherwise), income, operations, property or
    prospects of the Company and its subsidiaries, taken as a whole,
    or otherwise materially impair our ability to purchase some or
    all of the Notes pursuant to the Offer;
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="2%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    in our reasonable judgment, any statute, rule, regulation,
    judgment, order or injunction, including any settlement or the
    withholding of any approval, has been invoked, proposed, sought,
    promulgated, enacted, entered, amended, enforced, interpreted or
    otherwise deemed to apply by any court, government or
    governmental, regulatory, self-regulatory or administrative
    authority, tribunal or other body, domestic, foreign or
    supranational (or any such action has been threatened in writing
    by any such body), in any manner that directly or indirectly:
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    could make the acceptance for payment, or payment, for some or
    all of the Notes illegal or otherwise delay, restrict, prohibit
    or otherwise affect the consummation of the Offer;
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    11
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    could delay or restrict our ability, or render us unable, to
    accept for payment or pay for some or all of the Notes to be
    purchased pursuant to the Offer;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    could materially and adversely affect the business, condition
    (financial or otherwise), income, operations, property or
    prospects of the Company or its subsidiaries, taken as a whole;
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="2%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    in our reasonable judgment, there has occurred any of the
    following:
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any general suspension of trading in, or limitation on prices
    for, securities on any United States national securities
    exchange or in the
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    market;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the declaration of a banking moratorium or any suspension of
    payments in respect of banks in the United States, whether or
    not mandatory;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the commencement of any war, armed hostilities or other
    international or national calamity, including any act of
    terrorism, on or after June&#160;11, 2009;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any material escalation of any war or armed hostilities which
    had commenced before June&#160;11, 2009;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any limitation, whether or not mandatory, imposed by any
    governmental, regulatory, self-regulatory or administrative
    authority, tribunal or other body, or any other event, that
    could materially affect the extension of credit by banks or
    other lending institutions in the United States;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any change in the general political, market, economic or
    financial conditions, domestically or internationally, that
    could materially and adversely affect the business, condition
    (financial or otherwise), income, operations, property or
    prospects of the Company and its subsidiaries, taken as a whole,
    or trading in the Notes or in the Company&#146;s Class&#160;A
    common stock;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any change or changes have occurred in the business, condition
    (financial or otherwise), income, operations, property or
    prospects of the Company or any of its subsidiaries that could
    have a material adverse effect on the Company and our
    subsidiaries, taken as a whole, or on the benefits of the Offer
    to us;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    in the case of any of the foregoing existing at the time of the
    commencement of the Offer, a material acceleration or worsening
    thereof;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a tender or exchange offer for any or all of our Class&#160;A
    common stock, or any merger, acquisition, business combination
    or other similar transaction with or involving us or any of our
    subsidiaries has been made, proposed or announced by any person
    or has been publicly disclosed.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All of the conditions will be deemed to be satisfied unless we
    determine, in our reasonable judgment, that any of the events
    listed above has occurred and that, regardless of the
    circumstances giving rise to the event (including any action or
    inaction by us), such event makes it inadvisable to proceed with
    the Offer or with acceptance for payment or payment for the
    Notes in the Offer. The foregoing conditions are for the sole
    benefit of the Company and may be asserted by the Company in its
    sole discretion, regardless of the circumstances giving rise to
    any such condition (including any action or inaction by the
    Company) and may be waived by the Company in whole or in part,
    at any time and from time to time, in the sole discretion of the
    Company, whether or not any other condition of the Offer is also
    waived. The failure by the Company at any time to exercise any
    of the foregoing rights will not be deemed a waiver of any such
    or other right and each right will be deemed an ongoing right
    which may be asserted at any time and from time to time unless
    waived.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company expressly reserves the right, in its sole discretion
    but subject to applicable law, to (i)&#160;terminate the Offer
    prior to the Expiration Time and not accept for payment any
    Notes tendered in the Offer, (ii)&#160;waive any and all of the
    conditions of the Offer, other than those dependent upon the
    receipt of necessary government approvals, prior to the
    Expiration Time, (iii)&#160;extend the Expiration Time or
    (iv)&#160;amend the terms of the Offer. Any extension,
    termination, waiver or amendment will be followed as promptly as
    practicable by a public announcement thereof, such announcement
    in the case of an extension to be issued no later than
    9:00&#160;a.m., New York City time, on the next business day
    after the last previously scheduled or announced Expiration
    Time. In the event that the Company extends the Offer, the term
    &#147;Expiration Time&#148; with respect to such extended Offer
    shall mean the time and date on which the Offer, as so extended,
    shall expire. Without limiting the manner in which the Company
    may choose to
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    12
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    make such announcement, the Company shall not, unless required
    by law, have any obligation to publish, advertise or otherwise
    communicate any such announcement other than by issuing a press
    release.
</DIV>
<A name='107'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">IMPACT OF
    THE OFFER ON RIGHTS OF THE HOLDERS OF THE NOTES</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As of June&#160;11, 2009, the Company had outstanding
    $133,567,000 aggregate principal amount of its
    2<FONT style="vertical-align: text-top; font-size: 70%;">7</FONT>/<FONT style="font-size: 70%;">8</FONT>%&#160;Convertible
    Notes due 2010&#160;&#151; Series&#160;B. If the Company accepts
    Notes for payment, upon the terms and subject to the conditions
    of the Offer, the Company will pay the Holders the Consideration
    and Accrued Interest for all Notes purchased from them in the
    Offer, and thereby such Holders will give up certain rights
    associated with their ownership of such Notes. Below is a
    summary of certain rights that such Holders will forgo if such
    Notes are purchased in the Offer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The summary below does not purport to describe all of the terms
    of the Notes. Please refer to the Indenture, filed as
    Exhibit&#160;4.4 to the Company&#146;s Quarterly Report on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the period ended June&#160;30, 2003 and incorporated herein
    by reference, by and between the Company and Wachovia Bank of
    Delaware, National Association, as trustee, and the Second
    Supplemental Indenture, filed on July&#160;9, 2007 as
    Exhibit&#160;4.1 to the Company&#146;s Current Report on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    and incorporated herein by reference, by and between the Company
    and The Bank of New York Trust&#160;Company, N.A., as trustee,
    for the terms of the Notes. See &#147;Where You Can Find
    Additional Information.&#148;
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Interest</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Holders of Notes purchased in the Offer will forgo regular
    semi-annual payments of interest accruing on the principal of
    the Notes at the rate of
    2<FONT style="vertical-align: text-top; font-size: 70%;">7</FONT>/<FONT style="font-size: 70%;">8</FONT>%
    per annum from and after the Payment Date.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Conversion
    Rights of Holders</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Holders of Notes purchased in the Offer will forgo the right to
    elect to convert those Notes into our Class&#160;A common stock,
    cash or a combination thereof, at the Company&#146;s option,
    under the following circumstances:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="2%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    during any calendar quarter, but only during such calendar
    quarter, if the closing sale price of our Class&#160;A common
    stock for at least 20 trading days in a period of 30 consecutive
    trading days ending on the last trading day of the preceding
    calendar quarter is more than 160% of the conversion price per
    share, which is $1,000 divided by the conversion rate;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    during the five business day period after any five consecutive
    trading day period in which the trading price per $1,000
    principal amount of Notes for each day of that period was less
    than 98% of the product of the closing sale price of our
    Class&#160;A common stock for each day of that period and the
    conversion rate;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    if specified distributions to holders of our Class&#160;A common
    stock are made, or specified corporate transactions occur;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    if a Fundamental Change or Change of Control (each as defined in
    the indenture for the Notes) occurs;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    during the 10 trading days prior to, but excluding,
    December&#160;31, 2010, the maturity date of the Notes.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Right of
    Holders to Receive Principal at Maturity</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Holders of Notes purchased in the Offer will forgo the right to
    receive payment of the full principal amount of those Notes on
    the maturity date for the Notes. The Notes are scheduled to
    mature on December&#160;31, 2010, but the maturity is subject to
    acceleration upon certain events of default.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Right of
    Holders to Require Repurchase by the Company upon Change in
    Control</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Holders of Notes purchased in the Offer will forgo the right to
    require the Company to make an offer to repurchase all of the
    Notes upon the occurrence of a Change in Control (as defined in
    the indenture for the Notes) of the Company, at a price equal to
    100% of the principal amount of the Notes to be purchased plus
    accrued and unpaid interest to the purchase date.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    13
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
<A name='108'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">ADDITIONAL
    CONSIDERATIONS CONCERNING THE OFFER</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following considerations, in addition to the other
    information described elsewhere herein or incorporated by
    reference herein, should be carefully considered by each holder
    and owner of Notes before deciding whether the Notes should be
    tendered in the Offer. See &#147;Where You Can Find Additional
    Information&#148; and &#147;Incorporation of Certain Documents
    by Reference.&#148;
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Position
    of the Company Concerning the Offer</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Holders of Notes purchased in the Offer will receive cash in an
    amount that is substantially less than the principal amount of
    those Notes and will forgo interest, conversion and other rights
    associated with these Notes. Neither the Company nor its
    management or board of directors nor any Dealer Manager,
    Depositary or the Information Agent makes any recommendation to
    any Holder or owner of Notes as to whether the Holder should
    tender or refrain from tendering any or all of such
    Holder&#146;s Notes, and none of them has authorized any person
    to make any such recommendation. Holders and owners are urged to
    evaluate carefully all information in this Offer to Purchase,
    consult their own investment and tax advisors and make their own
    decisions whether to tender Notes, and, if so, the principal
    amount of Notes to tender.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Tax
    Treatment of Notes Purchased in the Offer</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The receipt of the Consideration in exchange for the Notes will
    be a taxable transaction to U.S.&#160;Holders (as defined
    below). A U.S.&#160;Holder will recognize gain or loss in an
    amount equal to the difference between (i)&#160;the gross amount
    of the Consideration, other than Accrued Interest, paid to the
    U.S.&#160;Holder in respect of its tendered Notes and
    (ii)&#160;the U.S.&#160;Holder&#146;s adjusted tax basis in its
    tendered Notes. Accrued Interest generally will be treated as
    ordinary income to the extent not previously included in income.
    Please see &#147;Material U.S.&#160;Federal Income Tax
    Consequences&#148; for a more detailed discussion.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Limited
    Trading Market for Notes Not Purchased in the Offer</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Notes are not listed on any national or regional securities
    exchange or quoted on any automated quotation system. To our
    knowledge, the Notes are traded infrequently in transactions
    arranged through brokers, and reliable market quotations for the
    Notes are not available. To the extent that Notes are tendered
    and accepted for payment pursuant to the Offer, the trading
    market for Notes that remain outstanding is likely to be more
    limited. In addition, a debt security with a smaller outstanding
    principal amount available for trading (a smaller
    &#147;float&#148;) may command a lower price than would a
    comparable debt security with a larger float. Thus, the market
    price for Notes that are not tendered and accepted for payment
    pursuant to the Offer may be affected adversely to the extent
    that the Offer reduces the float for such Notes. There is no
    assurance that an active market in the Notes will exist or as to
    the prices at which the Notes may trade after consummation of
    the Offer.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Treatment
    of Notes Not Purchased in the Offer</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Notes not tendered
    <FONT style="white-space: nowrap">and/or</FONT>
    accepted for payment in the Offer will remain outstanding. The
    terms and conditions governing the Notes, including the
    covenants and other protective provisions contained in the
    indenture governing the Notes, will remain unchanged. No
    amendment to the indenture is being sought. From time to time
    after the tenth business day following the Expiration Time or
    other date of termination of the Offer, we or our affiliates may
    acquire Notes that remain outstanding through open market
    purchases, privately negotiated transactions, tender offers,
    exchange offers or otherwise, upon such terms and at such prices
    as we or they may determine, which may be more or less than the
    price to be paid pursuant to the Offer and could be for cash or
    other consideration. There can be no assurance as to which, if
    any, of these alternatives (or combinations thereof) we or our
    affiliates will choose to pursue in the future.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    14
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
<A name='109'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">MARKET
    INFORMATION ABOUT THE NOTES</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    There is no established reporting system or trading market for
    trading in the Notes. To the extent that the Notes are traded,
    prices of the Notes may fluctuate greatly depending on the
    trading volume and the balance between buy and sell orders. To
    our knowledge, the Notes are traded infrequently in transactions
    arranged through brokers, and reliable market quotations for the
    Notes are not available.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our Class&#160;A common stock is listed on the Nasdaq Global
    Select Market under the symbol &#147;LAMR.&#148; The following
    table sets forth, for the periods indicated, the high and low
    sale prices per share of our Class&#160;A common stock for the
    periods indicated.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="83%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Fiscal Year ended December&#160;31, 2007</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>High</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Low</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    First Quarter
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    71.54
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    60.85
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Second Quarter
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    66.69
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    59.25
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Third Quarter
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    53.83
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    47.35
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Fourth Quarter
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    56.52
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    46.67
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="83%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Fiscal Year ended December&#160;31, 2008</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>High</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Low</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    First Quarter
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    48.40
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    32.60
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Second Quarter
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    42.64
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    32.71
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Third Quarter
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    40.99
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12.59
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Fourth Quarter
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    30.95
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8.67
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="84%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Fiscal Year ending December&#160;31, 2009</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>High</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Low</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    First Quarter
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    16.78
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    5.34
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Second Quarter (through June&#160;8, 2009)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    23.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    9.52
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On June&#160;8, 2009, the last reported sale price of our
    Class&#160;A common stock on the Nasdaq Global Select Market was
    $17.49 per share.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We had 76,523,139&#160;shares of Class&#160;A common stock,
    $0.001&#160;par value, outstanding as of June&#160;1, 2009. The
    Company&#146;s Class&#160;B common stock is not publicly traded
    and is held of record by members of the Reilly family and the
    Reilly Family Limited Partnership of which, Kevin P.
    Reilly,&#160;Jr., our President and Chief Executive Officer, is
    the managing general partner.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>HOLDERS ARE URGED TO OBTAIN CURRENT MARKET QUOTATIONS FOR OUR
    CLASS&#160;A COMMON STOCK AND THE NOTES&#160;PRIOR TO MAKING ANY
    DECISION WITH RESPECT TO THE OFFER.</B>
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    15
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<A name='110'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">MATERIAL
    U.S. FEDERAL INCOME TAX CONSEQUENCES</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following is a summary of the material U.S.&#160;federal
    income tax consequences of the tender of Notes pursuant to the
    Offer and the receipt of the Consideration and Accrued Interest.
    This summary is based upon the Internal Revenue Code of 1986, as
    amended (the &#147;<I>Code</I>&#148;), existing, temporary and
    proposed Treasury regulations promulgated thereunder, and
    rulings and administrative and judicial decisions now in effect,
    all of which are subject to change (possibly on a retroactive
    basis). This summary assumes that the beneficial owners of the
    Notes have held their Notes as &#147;capital assets,&#148; as
    defined in the Code.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This summary does not discuss all aspects of U.S.&#160;federal
    income taxation that may be relevant to a particular beneficial
    owner of Notes in light of the beneficial owner&#146;s
    individual circumstances or to certain types of beneficial
    owners subject to special tax rules (<I>e.g.</I>, financial
    institutions, broker-dealers, pass-through entities, insurance
    companies, beneficial owners liable for alternative minimum tax,
    expatriates, tax-exempt organizations, beneficial owners who
    hold their Notes as part of a hedge, straddle or conversion or
    other integrated transaction and beneficial owners that actually
    or constructively own 10% or more of our common stock), nor does
    it address state, local or foreign tax consequences. The Company
    has not sought a formal ruling from the Internal Revenue Service
    (the &#147;<I>IRS</I>&#148;) or an opinion from its tax counsel
    regarding the material U.S.&#160;federal income tax consequences
    under the Code of tendering Notes pursuant to the Offer in
    exchange for the Consideration and Accrued Interest, and there
    is no assurance that the IRS will not disagree with the
    conclusions reached herein.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If a partnership holds Notes, the U.S.&#160;federal income tax
    treatment of a partner will generally depend on the status of
    the partner and the activities of the partnership. Each partner
    of a partnership holding Notes should consult its own tax
    advisors regarding the U.S.&#160;federal, state, local and
    foreign tax consequences to it of tendering the Notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>TO ENSURE COMPLIANCE WITH INTERNAL REVENUE SERVICE CIRCULAR
    230, HOLDERS ARE HEREBY NOTIFIED THAT: (A)&#160;ANY DISCUSSION
    OF FEDERAL TAX ISSUES IN THIS OFFERING MEMORANDUM IS NOT
    INTENDED OR WRITTEN BY US TO BE RELIED UPON, AND CANNOT BE
    RELIED UPON BY HOLDERS FOR THE PURPOSE OF AVOIDING PENALTIES
    THAT MAY BE IMPOSED ON HOLDERS UNDER THE INTERNAL REVENUE CODE;
    (B)&#160;SUCH DISCUSSION IS WRITTEN TO SUPPORT THE PROMOTION OR
    MARKETING OF THE TRANSACTIONS OR MATTERS ADDRESSED HEREIN; AND
    (C)&#160;HOLDERS ARE URGED TO CONSULT THEIR OWN INDEPENDENT TAX
    ADVISORS WITH RESPECT TO THE PARTICULAR U.S.&#160;FEDERAL
    INCOME, ESTATE AND GIFT TAX CONSEQUENCES TO THEM OF THE TENDER
    OF THE NOTES&#160;AND THE TAX CONSEQUENCES UNDER FEDERAL, STATE,
    LOCAL, AND
    <FONT style="white-space: nowrap">NON-U.S.&#160;TAX</FONT>
    LAWS AND THE POSSIBLE EFFECTS OF CHANGES IN TAX LAWS.</B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">U.S.
    Holders</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For purposes of this summary, a
    &#147;<I>U.S.&#160;Holder</I>&#148; is a beneficial owner of a
    Note that is for U.S.&#160;federal income tax purposes:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    an individual citizen or resident of the United States,
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a corporation (or any other entity treated as a corporation)
    organized under the laws of the United States, any state of the
    United States or the District of Columbia,
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    an estate, the income of which is subject to U.S.&#160;federal
    income tax regardless of its source&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a trust, if (i)&#160;a court within the United States can
    exercise primary supervision over the administration of the
    trust and one or more United States persons has authority to
    control all substantial decisions of the trust or (ii)&#160;the
    trust was in existence on August&#160;20, 1996, and validly
    elected to continue to be treated as a U.S.&#160;trust.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Sale of Notes Pursuant to the Offer.</I>&#160;&#160;The
    receipt of the Consideration and Accrued Interest by a
    U.S.&#160;Holder in exchange for the Notes will be a taxable
    transaction. A U.S.&#160;Holder will recognize gain or loss in
    an amount equal to the difference between (i)&#160;the gross
    amount of the Consideration paid to such U.S.&#160;Holder in
    respect of its tendered Notes and (ii)&#160;the
    U.S.&#160;Holder&#146;s adjusted tax basis in its tendered
    Notes. A U.S.&#160;Holder&#146;s adjusted tax basis in a Note
    generally will equal the U.S.&#160;Holder&#146;s initial cost of
    the Note, increased by any original issue discount or market
    discount previously included in income by the U.S.&#160;Holder
    and decreased by the amount of any bond premium
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    16
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    previously amortized by the U.S.&#160;Holder. Except to the
    extent it is subject to the market discount rules discussed
    below, such gain or loss generally will be capital gain or loss
    and will be long-term capital gain or loss if such
    U.S.&#160;Holder has held such Notes for more than one year.
    Accrued Interest generally will be treated as ordinary income to
    the extent not previously included in income.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    An exception to the capital gain treatment described in the
    preceding paragraph applies to a U.S.&#160;Holder who holds a
    Note with &#147;market discount.&#148; Market discount is the
    amount by which the adjusted issue price of the Note exceeded
    the U.S.&#160;Holder&#146;s tax basis in the Note immediately
    after its acquisition at a time other than the Note&#146;s
    original issuance by the Company. A Note will be considered to
    have no market discount if this excess is less than
    <FONT style="vertical-align: text-top; font-size: 70%;">1</FONT>/<FONT style="font-size: 70%;">4</FONT>
    of 1% of the adjusted issue price of the Note multiplied by the
    number of complete years from the U.S.&#160;Holder&#146;s
    acquisition date of the Note to its maturity date. The gain
    realized by a U.S.&#160;Holder of a Note with market discount
    will be treated as ordinary income to the extent that market
    discount has accrued (on a straight line basis or, at the
    election of the U.S.&#160;Holder, on a constant-yield basis)
    from the U.S.&#160;Holder&#146;s acquisition date to the date of
    sale, unless the U.S.&#160;Holder has elected to include market
    discount in income currently as it accrues. Gain in excess of
    accrued market discount will be subject to the capital gains
    rules described above.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Information Reporting and Backup
    Withholding.</I>&#160;&#160;A U.S.&#160;Holder may be subject to
    backup withholding, currently at a rate of 28% (the
    &#147;<I>Applicable Backup Withholding Rate</I>&#148;), with
    respect to the receipt of the Consideration and Accrued Interest
    in exchange for the Notes. The payor of the Consideration and
    Accrued Interest will be required to deduct and withhold at the
    Applicable Backup Withholding Rate from these payments if:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the payee fails to furnish its correct Taxpayer Identification
    Number (&#147;<I>TIN</I>&#148;) to the payor in the prescribed
    manner or fails to establish that it is entitled to an exemption;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the IRS notifies the payor that the TIN furnished by the payee
    is incorrect;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the payee has failed properly to report the receipt of
    reportable payments and the IRS has notified the payee or payor
    that backup withholding is required;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the payee fails to certify under penalties of perjury that such
    payee is not subject to backup withholding.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If any one of these events occurs with respect to a
    U.S.&#160;Holder, the Company or its paying or other withholding
    agent generally will be required to withhold at the Applicable
    Backup Withholding Rate from any payments of the Consideration
    and Accrued Interest in exchange for the Notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Any amount withheld from a payment to a U.S.&#160;Holder under
    the backup withholding rules will be allowable as a refund or
    credit against such U.S.&#160;Holder&#146;s U.S.&#160;federal
    income tax liability, so long as the required information is
    timely provided to the IRS. The Company, its paying agent or
    other withholding agent generally will report to a
    U.S.&#160;Holder and to the IRS the amount of any reportable
    payments made in respect of the Notes and the amount of tax
    withheld, if any, with respect to those payments.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times"><FONT style="white-space: nowrap">Non-U.S.</FONT>
    Holders</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For purposes of this summary, a
    &#147;<I><FONT style="white-space: nowrap">Non-U.S.&#160;Holder</FONT></I>&#148;
    is a beneficial owner of a Note that is
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a nonresident alien individual,
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a foreign corporation,&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    an estate or trust that in either case is not subject to
    U.S.&#160;federal income tax on a net income basis on income or
    gain from a Note.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Sale of Notes Pursuant to the Offer.</I>&#160;&#160;Subject
    to the discussion of backup withholding below, any gain realized
    by a
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder</FONT>
    on the exchange generally will not be subject to
    U.S.&#160;federal income tax, unless:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    that gain is effectively connected with the conduct by such
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder</FONT>
    of a trade or business within the United States (and, if a tax
    treaty applies, is attributable to a permanent establishment in
    the United States);
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder</FONT>
    is an individual who is present in the United States for
    183&#160;days or more in the taxable year of disposition and
    certain other conditions are satisfied;&#160;or
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    17
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    we have been a United States real property holding corporation
    (a &#147;<I>USRPHC</I>&#148;) at some time during the shorter of
    (i)&#160;the five year period preceding the exchange or
    (ii)&#160;your holding period for the notes you exchanged.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Gain that is effectively connected to a U.S.&#160;trade or
    business generally will be subject to U.S.&#160;federal income
    tax in the same manner as gain recognized by a U.S.&#160;Holder
    (unless an applicable income tax treaty provides otherwise) and,
    if the
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder</FONT>
    is a corporation, will be subject to a branch profits tax equal
    to 30% of the
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder&#146;s</FONT>
    effectively connected earnings and profits (unless an applicable
    income tax treaty provides otherwise). Gain described in the
    second bullet point generally will be subject to a 30% tax
    (unless an applicable treaty provides otherwise). Gain described
    in the third bullet point generally will be taxed in the same
    manner as gain described in the first bullet point (except that
    the branch profits tax will not apply)&#160;&#151; however, we
    believe that we are not and have not been a USRPHC at any time
    during the relevant period.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Subject to the discussion of backup withholding below, Accrued
    Interest payable to a
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder</FONT>
    that is not effectively connected with the conduct of a
    U.S.&#160;trade or business will be exempt from
    U.S.&#160;federal income tax, if (i)&#160;you do not own
    (actually or constructively) 10% or more of the voting power of
    our outstanding stock, (ii)&#160;you are not a controlled
    foreign corporation that is related to us and (iii)&#160;you
    certify your
    <FONT style="white-space: nowrap">non-U.S.&#160;status</FONT>
    on an applicable IRS
    <FONT style="white-space: nowrap">Form&#160;W-8</FONT>
    (generally an IRS
    <FONT style="white-space: nowrap">Form&#160;W-8BEN).</FONT>
    If you cannot satisfy the foregoing requirements, Accrued
    Interest payable to you will be subject to a 30% withholding tax
    unless such tax is reduced or eliminated by an applicable income
    tax treaty.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Accrued Interest that is effectively connected with the conduct
    of a U.S.&#160;trade or business generally will be subject to
    U.S.&#160;federal income tax in the same manner as Accrued
    Interest payable to a U.S.&#160;Holder (unless an applicable
    income tax treaty provides otherwise) and, if the
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder</FONT>
    is a corporation, may also be subject to a branch profits tax
    equal to 30% of the
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder&#146;s</FONT>
    effectively connected earnings and profits (unless an applicable
    income tax treaty provides otherwise).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Backup Withholding and Related Information
    Reporting.</I>&#160;&#160;If you are a
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder,</FONT>
    you are generally exempt from backup withholding and related
    information reporting requirements with respect to:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    payments of Accrued Interest, and payments of the Consideration
    effected at a U.S.&#160;office of a broker, as long as the payor
    or broker does not have actual knowledge or reason to know that
    you are a U.S.&#160;person and (a)&#160;you have furnished to
    the payor or broker:
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="2%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    an IRS
    <FONT style="white-space: nowrap">Form&#160;W-8BEN</FONT>
    or an acceptable substitute form upon which you certify, under
    penalties of perjury, that you are a
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder,&#160;or</FONT>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    other documentation upon which it may rely to treat the payments
    as made to a
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder</FONT>
    in accordance with U.S.&#160;Treasury regulations, or
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    or (b)&#160;you otherwise establish an exemption.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Payment of the Consideration effected at a foreign office of a
    broker generally will not be subject to information reporting or
    backup withholding. However, payment of the Consideration that
    is effected at a foreign office of a broker will be subject to
    information reporting and backup withholding if:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the proceeds are transferred to an account maintained by you in
    the United States,
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the payment of proceeds or the confirmation of the sale is
    mailed to you at a U.S.&#160;address,&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the sale has some other specified connection with the United
    States as provided in U.S.&#160;Treasury regulations,
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    unless the broker does not have actual knowledge or reason to
    know that you are U.S.&#160;Holder and the documentation
    requirements described above are met or you otherwise establish
    an exemption.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Payment of the Consideration effected at a foreign office of a
    broker will be subject to information reporting if the broker is:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a U.S.&#160;person, as defined in U.S.&#160;Treasury regulations,
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a controlled foreign corporation for U.S.&#160;tax purposes,
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    18
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a foreign person 50% or more of whose gross income is
    effectively connected with the conduct of a U.S.&#160;trade or
    business for a specified three-year period,&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a foreign partnership, if at any time during its tax year:
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="2%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    one or more of its partners are &#147;U.S.&#160;persons&#148;,
    as defined in U.S.&#160;Treasury regulations, who in the
    aggregate hold more than 50% of the income or capital interest
    in the partnership,&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    such foreign partnership is engaged in the conduct of a United
    States trade or business,
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    unless the broker does not have actual knowledge or reason to
    know that you are a U.S.&#160;Holder and the documentation
    requirements described above are met or you otherwise establish
    an exemption. Backup withholding will apply if the sale is
    subject to information reporting and the broker has actual
    knowledge that you are a U.S.&#160;Holder.
</DIV>
<A name='111'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">DEALER
    MANAGERS, INFORMATION AGENT AND DEPOSITARY</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have retained J.P.&#160;Morgan Securities Inc. and Wachovia
    Capital Markets, LLC to act as the Dealer Managers in connection
    with the Offer. In their roles as Dealer Managers,
    J.P.&#160;Morgan Securities Inc. and Wachovia Capital Markets,
    LLC may contact brokers, dealers and similar entities and may
    provide information regarding the Offer to those that they
    contact or persons that contact them. J.P.&#160;Morgan
    Securities Inc. and Wachovia Capital Markets, LLC will receive
    reasonable and customary compensation for their services. We
    also have agreed to reimburse the Dealer Managers for reasonable
    <FONT style="white-space: nowrap">out-of-pocket</FONT>
    expenses incurred in connection with the Offer, including
    reasonable fees and expenses of counsel, and to indemnify them
    against certain liabilities in connection with the Offer,
    including certain liabilities under the federal securities laws.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Dealer Managers and their affiliates have provided
    investment banking and commercial services to us in the past for
    which they have received customary compensation. JPMorgan Chase
    Bank, N.A., an affiliate of J.P.&#160;Morgan Securities Inc., is
    the administrative agent and a lender under Lamar Media
    Corp.&#146;s senior credit facility. Wachovia Bank, National
    Association, an affiliate of Wachovia Capital Markets, LLC, is
    the co-syndication agent and a lender under Lamar Media
    Corp.&#146;s senior credit facility. Each of J.P.&#160;Morgan
    Securities Inc. and Wachovia Capital Markets, LLC served as an
    initial purchaser in the private placement by Lamar Media Corp.
    of senior notes in March 2009. The Dealer Managers and their
    affiliates may continue to provide various investment and
    commercial banking services to us in the future, for which we
    would expect they would receive customary compensation from us.
    In the ordinary course of their respective businesses, including
    in their trading and brokerage operations and in a fiduciary
    capacity, the Dealer Managers and their affiliates may hold
    positions, both long and short, for their own accounts and for
    those of their customers, in our securities, including the Notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Global Bondholder Services Corporation has been appointed the
    Information Agent for the Offer. We will pay the Information
    Agent customary fees for its services and reimburse the
    Information Agent for its reasonable
    <FONT style="white-space: nowrap">out-of-pocket</FONT>
    expenses in connection therewith. We have also agreed to
    indemnify the Information Agent for certain liabilities under
    U.S.&#160;federal or state law or otherwise caused by, relating
    to or arising out of any Offer. Requests for additional copies
    of documentation may be directed to the Information Agent at the
    address and telephone numbers set forth on the back cover of
    this Offer to Purchase.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Global Bondholder Services Corporation has been appointed the
    Depositary for the Offer. We will pay the Depositary customary
    fees for its services and reimburse the Depositary for its
    reasonable
    <FONT style="white-space: nowrap">out-of-pocket</FONT>
    expenses in connection therewith. We have also agreed to
    indemnify the Depositary for certain liabilities under
    U.S.&#160;federal or state law or otherwise caused by, relating
    to or arising out of any Offer. All deliveries and
    correspondence sent to the Depositary should be directed to the
    address set forth on the back cover of this Offer to Purchase.
</DIV>
<A name='112'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">SOLICITATION
    AND EXPENSES</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In connection with the Offer, the Company&#146;s directors and
    officers and its respective affiliates may solicit tenders by
    use of the mails, personally or by telephone, facsimile,
    telegram, electronic communication or other similar methods. The
    Company may, if requested, pay brokerage houses and other
    custodians, nominees and
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    19
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    fiduciaries the customary handling and mailing expenses incurred
    by them in forwarding copies of this Offer to Purchase and
    related documents to the beneficial owners of the Notes and in
    handling or forwarding tenders of Notes by their customers.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We will not pay any fees or commissions to brokers, dealers or
    other persons (other than fees to the Dealer Managers and the
    Information Agent as described above) for soliciting tenders of
    Notes pursuant to the Offer. Holders and owners holding Notes
    through banks, brokers, dealers, trust companies or other
    nominees are urged to consult them to determine whether
    transaction costs may apply if they tender the Notes through
    banks, brokers, dealers, trust companies or other nominees and
    not directly to the Depositary. We will, however, upon request,
    reimburse banks, brokers, dealers, trust companies or other
    nominees for customary mailing and handling expenses incurred by
    them in forwarding the Offer to Purchase and related materials
    to the beneficial owners of the Notes held by them as a nominee
    or in a fiduciary capacity. No bank, broker, dealer, trust
    company or other nominee has been authorized to act as our agent
    or the agent of any Dealer Manager, the Information Agent or the
    Depositary for purposes of the Offer. None of the Dealer
    Managers, the Information Agent or the Depositary assumes any
    responsibility for the accuracy or completeness of the
    information concerning the Company or incorporated by reference
    in this Offer to Purchase or for any failure by the Company to
    disclose events that may have occurred which may affect the
    significance or accuracy of such information.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Tendering Holders will not be obligated to pay brokerage fees or
    commissions to or the fees and expenses of any Dealer Manager,
    the Information Agent or the Depositary.
</DIV>
<A name='113'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">MISCELLANEOUS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Securities
    Ownership</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Neither the Company nor any of its majority-owned subsidiaries
    beneficially own any Notes. In addition, based on the
    Company&#146;s records and on information provided to the
    Company by its directors and executive officers, to the
    Company&#146;s knowledge, none of its directors or executive
    officers beneficially own any Notes.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Recent
    Securities Transactions</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Except as set forth below, neither the Company nor any of its
    majority-owned subsidiaries have effected any transactions
    involving the Notes during the 60&#160;days prior to the date of
    this Offer to Purchase. In addition, based on the Company&#146;s
    records and on information provided to the Company by its
    directors and executive officers, to the Company&#146;s
    knowledge, none of the directors or executive officers of the
    Company has effected any transactions involving the Notes during
    the 60&#160;days prior to the date of this Offer to Purchase.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On April&#160;20, 2009, the Company purchased an aggregate of
    $153,633,000 principal amount of the Notes at a purchase price
    of $920 per $1,000 principal amount of notes plus accrued and
    unpaid interest on such Notes pursuant to a publicly announced
    tender offer. The Notes purchased by the Company were cancelled.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Other
    Material Information</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are not aware of any jurisdiction where the making of the
    Offer is not in compliance with applicable law. If we become
    aware of any jurisdiction where the making of the Offer or the
    acceptance of Notes pursuant thereto is not in compliance with
    applicable law, we will make a good faith effort to comply with
    the applicable law. If, after such good faith effort, we cannot
    comply with the applicable law, the Offer will not be made to
    (nor will tenders be accepted from or on behalf of) the Holders
    of Notes in such jurisdiction. In any jurisdiction where the
    securities, blue sky or other laws require the Offer to be made
    by a licensed broker or dealer, the Offer shall be deemed to be
    made on behalf of us by the Dealer Managers or one or more
    registered brokers or dealers licensed under the laws of that
    jurisdiction.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    20
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
<A name='114'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">WHERE YOU
    CAN FIND ADDITIONAL INFORMATION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are required to file annual, quarterly and current reports,
    proxy statements and other information with the Commission. You
    may read and copy any documents filed by us at the
    Commission&#146;s public reference room at
    100&#160;F&#160;Street, N.E., Washington,&#160;D.C. 20549.
    Please call the Commission at
    <FONT style="white-space: nowrap">1-800-SEC-0330</FONT>
    for further information on the public reference room. Our
    filings with the Commission are also available to the public
    through the Commission&#146;s Internet site at
    <FONT style="white-space: nowrap">http://www.sec.gov.</FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company has filed with the Commission a Tender Offer
    Statement on Schedule&#160;TO (the
    &#147;Schedule&#160;TO&#148;), pursuant to Section&#160;13(e) of
    the Exchange Act and
    <FONT style="white-space: nowrap">Rule&#160;13e-4</FONT>
    promulgated thereunder, furnishing certain information with
    respect to the Offer. The Schedule&#160;TO, together with any
    exhibits or amendments thereto, may be examined and copies may
    be obtained at the same places and in the same manner as set
    forth above.
</DIV>
<A name='115'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">INCORPORATION
    OF CERTAIN DOCUMENTS BY REFERENCE</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company hereby incorporates by reference into this Offer to
    Purchase the following documents that we have filed with the
    Commission (together with any other documents that may be
    incorporated herein by reference as provided herein, the
    &#147;<I>Incorporated Documents</I>&#148;):
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="2%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended December&#160;31, 2008;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Quarterly Report on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended March&#160;31, 2009;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Definitive Proxy Statement on Schedule&#160;14A filed on
    April&#160;24, 2009;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Current Reports on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed on March&#160;6, 2009, March&#160;19, 2009 (with respect
    to Item&#160;8.01 only), March&#160;20, 2009 (with respect to
    Item&#160;8.01 only), March&#160;27, 2009, April&#160;8, 2009
    and May&#160;29, 2009.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The information incorporated by reference into this Offer to
    Purchase is considered to be a part of this Offer to Purchase
    and should be read with the same care. Any statement contained
    in an Incorporated Document shall be deemed to be modified or
    superseded for the purpose of this Offer to Purchase to the
    extent that a statement contained herein (or in any later-filed
    Incorporated Document) modifies or supersedes such statement.
    Any such statement or statements so modified or superseded shall
    not be deemed, except as so modified or superseded, to
    constitute a part of this Offer to Purchase. All information
    appearing in this Offer to Purchase is qualified in its entirety
    by the information and financial statements (including notes
    thereto) appearing in the Incorporated Documents, except to the
    extent set forth in the immediately preceding sentence.
    Statements contained in this Offer to Purchase as to the
    contents of any contract or other document referred to in this
    Offer to Purchase do not purport to be complete and, where
    reference is made to the particular provisions of such contract
    or other document, such provisions are qualified in all respects
    by reference to all of the provisions of such contract or other
    document. References herein to the Offer to Purchase includes
    all Incorporated Documents as incorporated herein, unless the
    context otherwise requires.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Certain sections of this Offer to Purchase are incorporated by
    reference in and constitute part of the Schedule&#160;TO filed
    by the Company with the Commission on June 11, 2009 pursuant to
    Section&#160;13(e) of the Exchange Act and
    <FONT style="white-space: nowrap">Rule&#160;13e-4</FONT>
    promulgated thereunder. The sections so incorporated are
    identified in the Schedule&#160;TO.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company will provide without charge to each person to whom
    this Offer to Purchase is delivered, upon written or oral
    request, copies of any or all documents and reports described
    above and incorporated by reference into this Offer to Purchase
    (other than exhibits to such documents, unless such documents
    are specifically incorporated by reference). Written or
    telephone requests for such copies should be directed to the
    Information Agent at the address and telephone numbers set forth
    on the back cover of this Offer to Purchase.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    21
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
<A name='116'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">FORWARD-LOOKING
    STATEMENTS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This Offer to Purchase and the Incorporated Documents contains
    forward-looking statements within the meaning of
    Section&#160;27A of the Securities Act and Section&#160;21E of
    the Exchange Act. These are statements that relate to future
    periods and include statements regarding our anticipated
    performance. Forward-looking statements made in connection with
    the offer are not subject to the safe harbor protections under
    the Private Securities Litigation Reform Act of 1995. Generally,
    the words &#147;anticipates,&#148; &#147;believes,&#148;
    &#147;expects,&#148; &#147;intends,&#148; &#147;estimates,&#148;
    &#147;projects,&#148; &#147;plans&#148; and similar expressions
    identify forward-looking statements. These forward-looking
    statements involve known and unknown risks, uncertainties and
    other important factors that could cause our actual results,
    performance or achievements or industry results, to differ
    materially from any future results, performance or achievements
    expressed or implied by these forward-looking statements. These
    risks, uncertainties and other important factors include, among
    others:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="2%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the severity and length of the current economic recession and
    its effect on the markets in which we operate;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the levels of expenditures on advertising in general and outdoor
    advertising in particular;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    risks and uncertainties relating to our significant indebtedness;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the demand for outdoor advertising;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our need for and ability to obtain additional funding for
    operations or acquisitions;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    increased competition within the outdoor advertising industry;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the regulation of the outdoor advertising industry by federal,
    state and local governments;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our ability to renew expiring contracts at favorable rates;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the integration of companies that we acquire and our ability to
    recognize cost savings or operating efficiencies as a result of
    these acquisitions;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our ability to successfully implement our digital deployment
    strategy; and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    changes in accounting principles, policies or guidelines.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For additional information on these and other risks, please see
    the disclosure under the caption &#147;Risk Factors&#148; in the
    Company&#146;s Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the fiscal year ended December&#160;31, 2008 and future
    filings the Company makes with the Commission. Although we
    believe that the statements contained in this Offer to Purchase
    are based on reasonable assumptions, we can give no assurance
    that our goals will be achieved. We caution that you should not
    place undue reliance on any of our forward-looking statements.
    Further, any forward-looking statement speaks only as of the
    date on which it is made. New risks and uncertainties arise from
    time to time, and it is impossible for us to predict those
    events or how they may affect us. Except as required by law, we
    have no duty to, and do not intend to, update or revise the
    forward-looking statements in this Offer to Purchase after the
    date of this Offer to Purchase.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    22
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">The
    Depositary for the Offer is:</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Global
    Bondholder Services Corporation</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">By Mail,
    Overnight Courier or by Hand or<BR>
    by Facsimile Transmission (for Eligible Institutions only)
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">65
    Broadway&#160;&#151; Suite&#160;723<BR>
    New York, NY 10006<BR>
    Attn: Corporate Actions
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">Phone:
    <FONT style="white-space: nowrap">(866)&#160;857-2200</FONT><BR>
    Fax:
    <FONT style="white-space: nowrap">(212)&#160;430-3775</FONT>
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Any questions or requests for assistance may be directed to the
    Dealer Managers or the Information Agent at the addresses and
    telephone numbers set forth below. Requests for additional
    copies of this Offer to Purchase, the Letter of Transmittal or
    the Incorporated Documents may be directed to the Information
    Agent. Beneficial owners may also contact their broker, dealer,
    commercial bank, trust company or other nominee for assistance
    concerning the Offer.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">The
    Information Agent for the Offer is:</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Global
    Bondholder Services Corporation</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">65
    Broadway&#160;&#151; Suite&#160;723<BR>
    New York, NY 10006<BR>
    Banks and Brokers Call
    <FONT style="white-space: nowrap">(212)&#160;430-3774</FONT><BR>
    All Others Call Toll Free
    <FONT style="white-space: nowrap">(866)&#160;857-2200</FONT>
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">The
    Dealer Managers for the Offer are:</FONT></I>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="50%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="48%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR valign="bottom">
<TD nowrap align="center" valign="top">
    <B>J.P. Morgan</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    <B>Wachovia Securities</B>
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="top">
    383 Madison Avenue, 4th&#160;Floor<BR>
    New York, NY 10179<BR>
    Telephone:
    <FONT style="white-space: nowrap">(800)&#160;261-5767</FONT>
    (toll free)
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    375 Park Avenue<BR>
    New York, NY 10152<BR>
    Telephone: (800) 367-8652 (U.S. toll free)<BR>
    (212) 214-6077 (direct)
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(A)(1)(II)
<SEQUENCE>3
<FILENAME>d68026exv99wxayx1yxiiy.htm
<DESCRIPTION>EX-99.(A)(1)(II)
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99wxayx1yxiiy</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Exhibit
    (a)(1)(ii)</FONT></B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Lamar
    Advertising Company<BR>
    <FONT style="font-size: 14pt">Letter of Transmittal<BR>
    to Tender
    2<FONT style="vertical-align: text-top; font-size: 70%;">7</FONT>/<FONT style="font-size: 70%;">8</FONT>%
    Convertible Notes&#160;Due 2010&#160;&#151; Series&#160;B<BR>
    </FONT></FONT><FONT style="font-family: 'Times New Roman', Times">(CUSIP
    No.&#160;512815AH4)<BR>
    (the &#147;Notes&#148;)<BR>
    <FONT style="font-size: 14pt">Pursuant to the Offer to Purchase
    dated June&#160;11, 2009</FONT></FONT></B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 12pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
<DIV style="width: 100%; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 12pt">THE OFFER WILL EXPIRE AT 12:00
    MIDNIGHT, NEW YORK CITY TIME, AT THE END OF JULY&#160;9, 2009,
    UNLESS EXTENDED (SUCH TIME AND DATE, AS THE SAME MAY BE
    EXTENDED, THE &#147;<I>EXPIRATION TIME</I>&#148;). <B>HOLDERS
    MUST VALIDLY TENDER THEIR NOTES&#160;PRIOR TO THE EXPIRATION
    TIME TO BE ELIGIBLE TO RECEIVE THE CONSIDERATION</B>. TENDERS OF
    NOTES&#160;MAY BE WITHDRAWN PRIOR TO THE EXPIRATION TIME.
    </FONT>
</DIV>
</DIV><!-- End box 1 -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">The
    Depositary for the Offer is:<BR>
    <BR>
    </FONT></I><B><FONT style="font-size: 12pt"><FONT style="font-family: 'Times New Roman', Times">Global
    Bondholder Services Corporation<BR>
    <BR>
    </FONT></FONT></B><FONT style="font-family: 'Times New Roman', Times">By
    Registered or Certified Mail, Hand, Overnight Courier or<BR>
    by Facsimile Transmission (for Eligible Institutions only)<BR>
    <BR>
    65 Broadway&#160;&#151; Suite&#160;723<BR>
    New York, NY 10006<BR>
    Attn: Corporate Actions<BR>
    <BR>
    Phone:
    <FONT style="white-space: nowrap">(866)&#160;857-2200</FONT><BR>
    Fax:
    <FONT style="white-space: nowrap">(212)&#160;430-3775</FONT>
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Delivery of this Letter of Transmittal (this &#147;Letter of
    Transmittal&#148;) to an address other than as set forth above,
    or transmission of instructions via a fax number other than as
    listed above, will not constitute a valid delivery. The method
    of delivery of this Letter of Transmittal, Notes and all other
    required documents to the Depositary, including delivery through
    DTC and any acceptance or Agent&#146;s Message delivered through
    ATOP (as defined below), is at the election and risk of
    Holders.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Capitalized terms used herein and not defined herein shall have
    the meanings ascribed to them in the Offer to Purchase dated
    June&#160;11, 2009 (as the same may be amended or supplemented
    from time to time, the &#147;Offer to Purchase&#148;) of Lamar
    Advertising Company, a Delaware corporation (the
    &#147;Company&#148;).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This Letter of Transmittal is to be completed by a Holder (as
    defined herein) desiring to tender Notes unless such Holder is
    executing the tender through the Automated Tender Offer Program
    (&#147;ATOP&#148;) of The Depository Trust&#160;Company
    (&#147;DTC&#148;). <B>This Letter of Transmittal need not be
    completed by a Holder tendering Notes through ATOP.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For a description of certain procedures to be followed in order
    to tender Notes (through ATOP or otherwise), see
    &#147;Procedures for Tendering and Withdrawing the Notes&#148;
    in the Offer to Purchase and the instructions to this Letter of
    Transmittal.
</DIV>

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">TENDER OF
    NOTES</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;
</TD>
    <TD align="left">    CHECK HERE IF CERTIFICATES REPRESENTING TENDERED NOTES&#160;ARE
    ENCLOSED HEREWITH.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;
</TD>
    <TD align="left">    CHECK HERE IF TENDERED NOTES&#160;ARE BEING DELIVERED BY
    BOOK-ENTRY TRANSFER MADE TO THE ACCOUNT MAINTAINED BY THE
    DEPOSITARY WITH DTC AND COMPLETE THE FOLLOWING:
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="23%"></TD>
    <TD width="77%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    Name&#160;of&#160;Tendering&#160;Institution:&#160;</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=125 iwidth=385 length=0 -->
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="18%"></TD>
    <TD width="82%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    DTC&#160;Account&#160;Number:&#160;</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=125 iwidth=412 length=0 -->
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="21%"></TD>
    <TD width="79%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    Transaction&#160;Code&#160;Number:&#160;</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=125 iwidth=398 length=0 -->
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="12%"></TD>
    <TD width="88%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    Date&#160;Tendered:&#160;</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=125 iwidth=442 length=0 -->
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    List below the Notes to which this Letter of Transmittal
    relates. If the space provided below is inadequate, list the
    certificate numbers and principal amounts on a separately
    executed schedule and affix the schedule to this Letter of
    Transmittal. Tenders of Notes will be accepted only in principal
    amounts equal to $1,000 or integral multiples thereof. No
    alternative, conditional or contingent tenders will be accepted.
    <B>This Letter of Transmittal need not be completed by Holders
    tendering Notes by ATOP.</B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">DESCRIPTION
    OF NOTES&#160;TENDERED<BR>
    2<FONT style="vertical-align: text-top; font-size: 70%;">7</FONT>/<FONT style="font-size: 70%;">8</FONT>%
    Convertible Notes due 2010&#160;&#151; Series&#160;B<BR>
    (CUSIP Nos. 512815AH4)</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="68%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B>Name(s) and Address(es) of Holder(s) or<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Aggregate<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B>Name of DTC Participant and<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Principal<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B>Participant&#146;s DTC Account Number in<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Certificate<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Amount<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Principal Amount<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>which Notes are Held (Please fill in, if blank)</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Number(s)*</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Represented</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Tendered**</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 11%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=504 length=60 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
</TD>
</TR>



<TR>
    <TD align="right" valign="top">
    * </TD>
    <TD></TD>
    <TD valign="bottom">
    Need not be completed by Holders tendering by book-entry
    transfer or in accordance with DTC&#146;s ATOP procedure for
    transfer (see below).</TD>
</TR>




<TR>
    <TD align="right" valign="top">
    ** </TD>
    <TD></TD>
    <TD valign="bottom">
    Unless otherwise specified, it will be assumed that the entire
    aggregate principal amount represented by the Notes described
    above is being tendered. Only Holders may validly tender their
    Notes pursuant to the Offer.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If not already printed above, the name(s) and address(es) of the
    registered Holder(s) should be printed exactly as they appear on
    the certificate(s) representing Notes tendered hereby or, if
    tendered by a participant in DTC, exactly as such
    participant&#146;s name appears on a security position listing
    as the owner of the Notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>No Offer is being made to, nor will tenders of Notes be
    accepted from or on behalf of, Holders in any jurisdiction in
    which the making or acceptance of any Offer would not be in
    compliance with the laws of such jurisdiction.</B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTE:
    SIGNATURES MUST BE PROVIDED BELOW.</FONT></B>
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    2
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">PLEASE
    READ THE ACCOMPANYING INSTRUCTIONS&#160;CAREFULLY.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Ladies and Gentlemen:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The undersigned hereby tenders to Lamar Advertising Company, a
    Delaware corporation, upon the terms and subject to the
    conditions set forth in this Letter of Transmittal and the Offer
    to Purchase (collectively, the &#147;Offer Documents&#148;),
    receipt of which is hereby acknowledged, the principal amount or
    amounts of Notes indicated in the table above under the caption
    heading &#147;Description of Notes Tendered&#148; under the
    column heading &#147;Principal Amount Tendered&#148; within such
    table (or, if nothing is indicated therein, with respect to the
    entire aggregate principal amount represented by the Notes
    described in such table). The undersigned represents and
    warrants that the undersigned agrees to all of the terms and
    conditions in the Offer Documents.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Subject to, and effective upon, the acceptance for purchase of,
    and payment for, the principal amount of Notes tendered herewith
    in accordance with the terms and subject to the conditions of
    the Offer, the undersigned hereby:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="2%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    sells, assigns and transfers to, or upon the order of, the
    Company, all right, title and interest in and to all of the
    Notes tendered hereby;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    waives any and all other rights with respect to such Notes
    (including, without limitation, any existing or past defaults
    and their consequences in respect of such Notes and the
    indenture under which the Notes were issued);
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    releases and discharges the Company from any and all claims the
    undersigned may have now, or may have in the future arising out
    of, or related to, such Notes, including, without limitation,
    any claims that the undersigned is entitled to receive
    additional principal or interest payments with respect to such
    Notes, to convert the Notes into Class&#160;A common stock, cash
    or a combination thereof or be entitled to any of the benefits
    under the indenture under which the Notes were issued;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    irrevocably constitutes and appoints DTC, in the case of Notes
    tendered by book-entry transfer, or the Depositary, in the case
    of Notes tendered in the form of physical certificates, as the
    true and lawful agent and attorney-in-fact of the undersigned
    (with full knowledge that the Depositary also acts as the agent
    of the Company) with respect to such Notes, with full powers of
    substitution and revocation (such power of attorney being deemed
    to be an irrevocable power coupled with an interest), to:
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    deliver certificates representing such Notes, or transfer
    ownership of such Notes on the account books maintained by DTC,
    together, in any such case, with all accompanying evidences of
    transfer and authenticity, to the Company;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    present such Notes for transfer on the relevant security
    register;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    receive all benefits or otherwise exercise all rights of
    beneficial ownership of such Notes (except that the Depositary
    will have no rights to, or control over, funds from the Company,
    except as agent for the tendering Holders, for the Consideration
    and Accrued Interest for any tendered Notes that are purchased
    by the Company);&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    deliver to the Company the Letter of Transmittal, all upon the
    terms and subject to the conditions of the Offer.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    all in accordance with the terms and conditions of the Offer as
    described in the Offer to Purchase.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If the undersigned is not the holder of record of the Notes
    (each, a &#147;<I>Holder</I>&#148;, and collectively,
    &#147;<I>Holders</I>&#148;) listed in the box above under the
    caption &#147;Description of Notes Tendered&#148; under the
    column heading &#147;Principal Amount Tendered&#148; or such
    Holder&#146;s legal representative or attorney-in-fact (or, in
    the case of Notes held through DTC, the DTC participant for
    whose account such Notes are held), then the undersigned has
    obtained a properly completed irrevocable proxy that authorizes
    the undersigned (or the undersigned&#146;s legal representative
    or attorney-in-fact) to tender such Notes on behalf of the
    Holder thereof, and such proxy is being delivered with this
    Letter of Transmittal.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The undersigned acknowledges and agrees that a tender of Notes
    pursuant to any of the procedures described in the Offer to
    Purchase and in the instructions hereto and an acceptance of
    such Notes by the Company will constitute a binding agreement
    between the undersigned and the Company upon the terms and
    subject to the conditions of the Offer to Purchase and this
    Letter of Transmittal.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The undersigned understands that, under certain circumstances
    and subject to the certain conditions specified in the Offer
    Documents (each of which the Company may waive, other than those
    dependent upon the receipt of necessary government approvals,
    prior to the Expiration Time), the Company may not be required
    to accept for payment any of the Notes tendered.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    3
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Any Notes not accepted for payment will be returned promptly to
    the undersigned at the address set forth above unless otherwise
    listed in the box below labeled &#147;A. Special
    Issuance/Delivery Instructions.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The undersigned hereby represents and warrants and covenants
    that:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="2%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the undersigned has full power and authority to tender, sell,
    assign and transfer the Notes tendered hereby;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    when such tendered Notes are accepted for payment and paid for
    by the Company pursuant to the Offer, the Company will acquire
    good title thereto, free and clear of all liens, restrictions,
    charges and encumbrances and not subject to any adverse claim or
    right;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the undersigned will, upon request, execute and deliver any
    additional documents deemed by the Depositary or by the Company
    to be necessary or desirable to complete the sale, assignment
    and transfer of the Notes tendered hereby.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    No authority conferred or agreed to be conferred by this Letter
    of Transmittal shall be affected by, and all such authority
    shall survive, the death or incapacity of the undersigned, and
    any obligation of the undersigned hereunder shall be binding
    upon the heirs, executors, administrators, trustees in
    bankruptcy, personal and legal representatives, successors and
    assigns of the undersigned and any subsequent transferees of the
    Notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In consideration for the purchase of the Notes pursuant to the
    Offer, the undersigned hereby waives, releases, forever
    discharges and agrees not to sue the Company, and its former,
    current or future directors, officers, employees, agents,
    subsidiaries, affiliates, stockholders, predecessors,
    successors, assigns or other representatives as to any and all
    claims, demands, causes of action and liabilities of any kind
    and under any theory whatsoever, whether known or unknown
    (excluding any liability arising under U.S.&#160;federal
    securities laws in connection with the Offer), by reason of any
    act, omission, transaction or occurrence, that the undersigned
    ever had, now has or hereafter may have against the Company as a
    result of or in any manner related to:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="2%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the undersigned&#146;s purchase, ownership or disposition of the
    Notes pursuant to the Offer;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any decline in the value thereof.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Without limiting the generality or effect of the foregoing, upon
    the purchase of Notes pursuant to the Offer, the Company shall
    obtain all rights relating to the undersigned&#146;s ownership
    of Notes (including, without limitation, the right to all
    interest payable on the Notes) and any and all claims relating
    thereto.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Unless otherwise indicated herein under &#147;A.&#160;Special
    Issuance/Delivery Instructions&#148;, the undersigned hereby
    requests that any Notes representing principal amounts not
    tendered or not accepted for purchase be issued in the name(s)
    of, and be delivered to, the undersigned (and, in the case of
    Notes tendered by book-entry transfer, by credit to the account
    of DTC). Unless otherwise indicated herein under &#147;B.
    Special Payment Instructions&#148;, the undersigned hereby
    request(s) that any checks for payment to be made in respect of
    the Notes tendered hereby be issued to the order of, and
    delivered to, the undersigned.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the event that the &#147;A.&#160;Special Issuance/Delivery
    Instructions&#148; box is completed, the undersigned hereby
    request(s) that any Notes representing principal amounts not
    tendered or not accepted for purchase be issued in the name(s)
    of, and be delivered to, the person(s) at the address(es)
    therein indicated. The undersigned recognizes that the Company
    has no obligation pursuant to the &#147;A. Special
    Issuance/Delivery Instructions&#148; box to transfer any Notes
    from the names of the registered Holder(s) thereof if the
    Company does not accept for purchase any of the principal amount
    of such Notes so tendered. In the event that the &#147;B.
    Special Payment Instructions&#148; box is completed, the
    undersigned hereby request(s) that checks for payment to be made
    in respect of the Notes tendered hereby be issued to the order
    of, and be delivered to, the person(s) at the address(es)
    therein indicated, subject to provision for payment of any
    applicable taxes being made.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    4
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">


</DIV>
<DIV style="width: 100%; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>A.&#160;&#160;SPECIAL ISSUANCE/DELIVERY<BR>
    INSTRUCTIONS<BR>
    (See Instructions&#160;1 and 2)</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To be completed ONLY if Notes in a principal amount not tendered
    or not accepted for purchase are to be issued in the name of
    someone other than the person(s) whose signature(s) appear
    within this Letter of Transmittal or sent to an address
    different from that shown in the box entitled &#147;Description
    of Notes&#160;Tendered&#148; within this Letter of Transmittal.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    Name:&#160;</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=125 iwidth=451 length=0 -->
</TD>
</TR>

</TABLE>

<DIV align="center" style="margin-left: 6%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 8pt">(Please Print)</FONT></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    Address:&#160;</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=125 iwidth=442 length=0 -->
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 12pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=480 length=0 -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 8pt">(Zip Code)</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 12pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=480 length=0 -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 8pt">(Tax Identification or Social
    Security Number)</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;</TD>
    <TD align="left">
    Check here to direct a credit of Notes not tendered or not
    accepted for purchase delivered by book-entry transfer to an
    account at DTC.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 12pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=480 length=0 -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    DTC Account No.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="23%"></TD>
    <TD width="77%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    Number of Account Party:&#160;</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=125 iwidth=369 length=0 -->
</TD>
</TR>

</TABLE>

<DIV align="left" style="margin-left: 23%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
</DIV><!-- End box 1 -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">


</DIV>
<DIV style="width: 100%; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>B.&#160;&#160;SPECIAL PAYMENT<BR>
    INSTRUCTIONS<BR>
    (See Instructions&#160;1, 2 and 3)</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To be completed <B>ONLY </B>if checks are issued payable to
    someone other than the person(s) whose signature(s) appear(s)
    within this Letter of Transmittal or sent to an address
    different from that shown in the box entitled &#147;Description
    of Notes&#160;Tendered&#148; within this Letter of Transmittal.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    Name:&#160;</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=125 iwidth=451 length=0 -->
</TD>
</TR>

</TABLE>

<DIV align="center" style="margin-left: 6%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 8pt">(Please Print)</FONT></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    Address:&#160;</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=125 iwidth=442 length=0 -->
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 12pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=480 length=0 -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 8pt">(Zip Code)</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 12pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=480 length=0 -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 8pt">(Tax Identification or Social
    Security Number)</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 8pt">(See Substitute
    <FONT style="white-space: nowrap">Form&#160;W-9</FONT>
    herein)</FONT></B>
</DIV>

<DIV style="margin-top: 100pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
</DIV><!-- End box 1 -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    5
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">PLEASE
    COMPLETE AND SIGN BELOW<BR>
    </FONT></B><FONT style="font-family: 'Times New Roman', Times">(This
    page is to be completed and signed by all tendering Holders
    except Holders executing the<BR>
    tender through DTC&#146;s ATOP system.)
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    By completing, executing and delivering this Letter of
    Transmittal, the undersigned hereby tenders the principal amount
    of the Notes listed in the box above labeled &#147;Description
    of Notes&#160;Tendered&#148; under the column heading
    &#147;Principal Amount Tendered&#148; (or, if nothing is
    indicated therein, with respect to the entire aggregate
    principal amount represented by the Notes described in such box).
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="11%"></TD>
    <TD width="89%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    Signature(s):&#160;</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=125 iwidth=426 length=0 -->
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (Must be signed by the registered Holder(s) exactly as the
    name(s) appear(s) on certificate(s) representing the tendered
    Notes or, if the Notes are tendered by a participant in DTC,
    exactly as such participant&#146;s name appears on a security
    position listing as the owner of such Notes. If signature is by
    trustees, executors, administrators, guardians,
    attorneys-in-fact, officers of corporations or others acting in
    a fiduciary or representative capacity, please set forth the
    full title and see Instruction&#160;1.)
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    Dated:&#160;</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=125 iwidth=451 length=0 -->
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="8%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    Name(s):&#160;</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=125 iwidth=440 length=0 -->
</TD>
</TR>

</TABLE>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 8pt">(Please Print)</FONT></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 12pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=480 length=0 -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="18%"></TD>
    <TD width="82%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    Capacity (Full Title):&#160;</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=125 iwidth=391 length=0 -->
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    Address:&#160;</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=125 iwidth=442 length=0 -->
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 12pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=480 length=0 -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 8pt">(Including Zip Code)</FONT></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="30%"></TD>
    <TD width="70%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    Area Code and Telephone Number&#160;</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=125 iwidth=335 length=0 -->
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="39%"></TD>
    <TD width="61%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    Tax Identification or Social Security Number:&#160;</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=125 iwidth=290 length=0 -->
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">(REMEMBER
    TO COMPLETE ACCOMPANYING SUBSTITUTE
    <FONT style="white-space: nowrap">FORM&#160;W-9)</FONT></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">MEDALLION
    SIGNATURE GUARANTEE<BR>
    (ONLY IF REQUIRED&#160;&#151; SEE INSTRUCTIONS&#160;1 AND
    2)</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="30%"></TD>
    <TD width="70%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    Authorized Signature of Guarantor:&#160;</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=125 iwidth=333 length=0 -->
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="13%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    Name of Firm:&#160;</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=125 iwidth=417 length=0 -->
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    Address:&#160;</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=125 iwidth=442 length=0 -->
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="30%"></TD>
    <TD width="70%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    Area Code and Telephone Number:&#160;</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=125 iwidth=332 length=0 -->
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">[Place Seal
    Here]
    </FONT>
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    6
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">INSTRUCTIONS</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Forming
    Part of the Terms and Conditions of the Offer</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    1.&#160;<I>Signatures on Letter of Transmittal, Instruments of
    Transfer and Endorsements</I>.&#160;&#160;If this Letter of
    Transmittal is signed by the registered Holder(s) of the Notes
    tendered hereby, the signatures must correspond with the name(s)
    as written on the face of the certificates, without alteration,
    enlargement or any change whatsoever. If this Letter of
    Transmittal is signed by a participant in DTC whose name is
    shown on a security position listing as the owner of the Notes
    tendered hereby, the signature must correspond with the name
    shown on the security position listing as the owner of such
    Notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If any of the Notes tendered hereby are registered in the name
    of two or more Holders, all such Holders must sign this Letter
    of Transmittal. If any of the Notes tendered hereby are
    registered in different names on several certificates, it will
    be necessary to complete, sign and submit as many separate
    Letters of Transmittal as there are different registrations of
    certificates.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If this Letter of Transmittal or any Notes or instrument of
    transfer is signed by a trustee, executor, administrator,
    guardian, attorney-in-fact, agent, officer of a corporation or
    other person acting in a fiduciary or representative capacity,
    such person should so indicate when signing, and proper evidence
    satisfactory to the Company of such person&#146;s authority to
    so act must be submitted.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    When this Letter of Transmittal is signed by the registered
    Holders of the Notes tendered hereby, no endorsements of Notes
    or separate instruments of transfer are required unless payment
    is to be made, or Notes not tendered or purchased are to be
    issued, to a person other than the registered Holders, in which
    case signatures on such Notes or instruments of transfer must be
    guaranteed by a Medallion Signature Guarantor.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Unless this Letter of Transmittal is signed by the Holder(s) of
    the Notes tendered hereby (or by a participant in DTC whose name
    appears on a security position listing as the owner of such
    Notes), such Notes must be endorsed or accompanied by
    appropriate instruments of transfer, and be accompanied by a
    duly completed proxy entitling the signer to tender such Notes
    on behalf of such Holder(s) (or such participant), and each such
    endorsement, instrument of transfer or proxy must be signed
    exactly as the name or names of the Holder(s) appear on the
    Notes (or as the name of such participant appears on a security
    position listing as the owner of such Notes); signatures on each
    such endorsement, Instrument of transfer or proxy must be
    guaranteed by a Medallion Signature Guarantor, unless the
    signature is that of an Eligible Institution.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    2.&#160;<I>Signature Guarantees</I>.&#160;&#160;Signatures on
    this Letter of Transmittal must be guaranteed by a Medallion
    Signature Guarantor, unless the Notes tendered hereby are
    tendered by a Holder (or by a participant in DTC whose name
    appears on a security position listing as the owner of such
    Notes) that has not completed the box entitled &#147;A. Special
    Issuance/Delivery Instructions&#148; or the box entitled
    &#147;B. Special Payment Instructions&#148; on this Letter of
    Transmittal. See Instruction&#160;1.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    3.&#160;<I>Transfer Taxes</I>.&#160;&#160;If Notes not tendered
    or purchased are to be registered in the name of any persons
    other than the Holders, the amount of any transfer taxes
    (whether imposed on the Holder or such other person) payable on
    account of the transfer to such other person will be deducted
    from the payment unless satisfactory evidence of the payment of
    such taxes or exemption therefrom is submitted.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    4.&#160;<I>Requests for Assistance or Additional
    Copies</I>.&#160;&#160;Any questions or requests for assistance
    or additional copies of the Offer to Purchase or this Letter of
    Transmittal may be directed to the Information Agent at its
    telephone number set forth on the back cover of the Offer to
    Purchase. A Holder may also contact either of the Dealer
    Managers at the respective telephone numbers set forth on the
    back cover of the Offer to Purchase or such Holder&#146;s
    broker, dealer, commercial bank, trust company or other nominee
    for assistance concerning the Offer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    5.&#160;<I>Partial Tenders</I>.&#160;&#160;Tenders of Notes will
    be accepted only in integral multiples of $1,000 principal
    amount. If less than the entire principal amount of any Note is
    tendered, the tendering Holder should fill in the principal
    amount tendered in the fourth column of the box entitled
    &#147;Description of Notes&#160;Tendered&#148; above. The entire
    principal amount of Notes delivered to the Depositary will be
    deemed to have been tendered unless otherwise indicated. If the
    entire principal amount of all Notes is not tendered, then
    substitute Notes for the principal amount of Notes not tendered
    and purchased pursuant to the
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    7
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Offer will be sent to the Holder at his or her registered
    address, unless a different address is provided in the
    appropriate box on this Letter of Transmittal promptly after the
    delivered Notes are accepted for partial tender.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    6.&#160;<I>Special Payment and Special Delivery
    Instructions</I>.&#160;&#160;Tendering Holders should indicate
    in the applicable box or boxes the name and address to which
    Notes for principal amounts not tendered or not accepted for
    purchase or checks for payment of Consideration and unpaid
    accrued interest are to be sent or issued, if different from the
    name and address of the Holder signing this Letter of
    Transmittal. In the case of payment to a different name, the
    taxpayer identification or social security number of the person
    named must also be indicated. If no instructions are given,
    Notes not tendered or not accepted for purchase will be
    returned, and checks for payment of Consideration and unpaid
    accrued interest will be sent, to the Holder of the Notes
    tendered.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    7.&#160;<I>Waiver of Conditions</I>.&#160;&#160;The Company
    reserves the right, in its sole discretion, to amend or waive
    any or all of the conditions to the Offer, other than those
    dependent upon the receipt of necessary government approvals,
    prior to the Expiration Time.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    8.&#160;<I>Backup Withholding and Source
    Withholding</I>.&#160;&#160;<B>U.S. INTERNAL REVENUE SERVICE
    CIRCULAR 230 NOTICE: TO ENSURE COMPLIANCE WITH INTERNAL REVENUE
    SERVICE CIRCULAR 230, HOLDERS ARE HEREBY NOTIFIED THAT:
    (A)&#160;ANY DISCUSSION OF U.S. FEDERAL TAX ISSUES CONTAINED OR
    REFERRED TO IN THIS DOCUMENT OR ANY DOCUMENT REFERRED TO HEREIN
    IS NOT INTENDED OR WRITTEN TO BE USED, AND CANNOT BE USED BY
    HOLDERS FOR THE PURPOSE OF AVOIDING PENALTIES THAT MAY BE
    IMPOSED ON THEM UNDER THE U.S. INTERNAL REVENUE CODE;
    (B)&#160;SUCH DISCUSSION IS WRITTEN FOR USE IN CONNECTION WITH
    THE PROMOTION OR MARKETING OF THE TRANSACTIONS OR MATTERS
    ADDRESSED HEREIN; AND (C)&#160;HOLDERS SHOULD SEEK ADVICE BASED
    ON THEIR PARTICULAR CIRCUMSTANCES FROM AN INDEPENDENT TAX
    ADVISOR.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Federal income tax law imposes &#147;backup withholding&#148;
    unless a surrendering U.S. holder, and, if applicable, each
    other payee, has provided such holder&#146;s or payee&#146;s
    correct taxpayer identification number (&#147;<I>TIN</I>&#148;)
    which, in the case of a holder or payee who is an individual, is
    his or her social security number, and certain other
    information, or otherwise establishes a basis for exemption from
    backup withholding. Completion of the attached Substitute
    <FONT style="white-space: nowrap">Form&#160;W-9</FONT>
    should be used for this purpose. If the Depositary is not
    provided with the correct TIN, the holder or payee may be
    subject to a $50 penalty imposed by the Internal Revenue Service
    (&#147;<I>IRS</I>&#148;). Exempt holders and payees (including,
    among others, all corporations and certain foreign individuals)
    are not subject to these backup withholding and information
    reporting requirements, provided that they properly demonstrate
    their eligibility for exemption. Exempt U.S. holders should
    furnish their TIN, check the exemption in Part&#160;2 of the
    attached Substitute
    <FONT style="white-space: nowrap">Form&#160;W-9,</FONT>
    and sign, date and return the Substitute
    <FONT style="white-space: nowrap">Form&#160;W-9</FONT>
    to the Depositary. In order for a
    <FONT style="white-space: nowrap">non-U.S.</FONT>
    holder to qualify as an exempt recipient, that
    <FONT style="white-space: nowrap">non-U.S.</FONT>
    holder should submit the appropriate IRS
    <FONT style="white-space: nowrap">Form&#160;W-8</FONT>
    (which is available from the Depositary) signed under penalties
    of perjury, attesting to that
    <FONT style="white-space: nowrap">non-U.S.</FONT>
    holder&#146;s foreign status. A
    <FONT style="white-space: nowrap">non-U.S.</FONT>
    holder&#146;s failure to submit the appropriate
    <FONT style="white-space: nowrap">Form&#160;W-8</FONT>
    may require the Depositary to backup withhold 28% on any
    payments made pursuant to the Offer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Failure to complete the Substitute
    <FONT style="white-space: nowrap">Form&#160;W-9</FONT>
    may require the Depositary to backup withhold at 28% (or such
    other rate specified by the Internal Revenue Code of 1986, as
    amended (the &#147;<I>Code</I>&#148;)) of the amount of any
    payments made pursuant to the Offer. Backup withholding is not
    an additional federal income tax. Rather, the federal income tax
    liability of a person subject to backup withholding will be
    reduced by the amount of tax withheld. If withholding results in
    an overpayment of taxes, a refund may be obtained, provided that
    the required information is furnished to the IRS on a timely
    basis.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A U.S. holder (or other payee) should write &#147;Applied
    For&#148; in the space for the TIN provided on the attached
    Substitute
    <FONT style="white-space: nowrap">Form&#160;W-9</FONT>
    and must also complete the attached &#147;Certificate of
    Awaiting Taxpayer Identification Number&#148; if such U.S.
    holder (or other payee) has not been issued a TIN and has
    applied for a TIN or intends to apply for a TIN in the near
    future. If the Depositary is not provided with a TIN by the time
    of payment, the Depositary shall backup withhold 28% on payments
    made pursuant to the Offer. A U.S. holder who writes
    &#147;Applied For&#148; in the space in Part&#160;1 in lieu of
    furnishing his or her TIN should furnish the Depositary with
    such holder&#146;s TIN as soon as it is received.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For further information concerning backup withholding and
    instructions for completing the Substitute
    <FONT style="white-space: nowrap">Form&#160;W-9</FONT>
    (including how to obtain a TIN if you do not have one and how to
    complete the Substitute
    <FONT style="white-space: nowrap">Form&#160;W-9</FONT>
    if the Notes are held
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    8
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    in more than one name), consult the enclosed <I>Guidelines for
    Certification of Taxpayer Identification Number on Substitute
    <FONT style="white-space: nowrap">Form&#160;W-9</FONT></I>.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Accrued Interest payable to a
    <FONT style="white-space: nowrap">non-U.S.</FONT>
    holder will be subject to U.S. federal withholding tax of 30%
    unless the
    <FONT style="white-space: nowrap">non-U.S.</FONT>
    holder provides an applicable IRS
    <FONT style="white-space: nowrap">Form&#160;W-8</FONT>
    or otherwise establishes an exemption from (or entitlement to a
    reduction in) such withholding.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    9.&#160;<I>Irregularities</I>.&#160;&#160;All questions as to
    the validity, form, eligibility (including time of receipt) and
    acceptance for payment of Notes pursuant to the procedures
    described in the Offer to Purchase and this Letter of
    Transmittal and the form and validity of all documents will be
    determined by the Company in its sole discretion, which
    determination will be final and binding on all parties. The
    Company reserves the absolute right to reject any or all tenders
    that are not in proper form or the acceptance of or payment for
    which may, upon the advice of counsel for the Company, be
    unlawful. The Company also reserves the absolute right to waive
    any of the conditions of the Offer and any defect or
    irregularity in the tender of any particular Notes. The
    Company&#146;s interpretation of the terms and conditions of the
    Offer (including, without limitation, the instructions in the
    Letter of Transmittal) will be final and binding. The Company is
    not obligated and does not intend to accept any alternative,
    conditional or contingent tenders. Unless waived, any
    irregularities in connection with tenders must be cured within
    such time as the Company shall determine. None of the Company or
    any of its affiliates or assigns, the Depositary, the
    Information Agent, the Dealer Managers or any other person will
    be under any duty to give notification of any defects or
    irregularities in such tenders or will incur any liability to a
    Holder for failure to give such notification. Tenders of Notes
    will not be deemed to have been made until such irregularities
    have been cured or waived. Any Notes received by the Depositary
    that are not properly tendered and as to which the
    irregularities have not been cured or waived will be returned by
    the Depositary to the tendering Holders, unless otherwise
    provided in this Letter of Transmittal, as promptly as practical
    following the Expiration Time.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    10.&#160;<I>Mutilated, Lost, Stolen or Destroyed Certificates
    for Notes</I>.&#160;&#160;Any Holder whose certificates for
    Notes have been mutilated, lost, stolen or destroyed should
    contact the Depositary at the address or telephone number set
    forth on the back cover of this Letter of Transmittal to receive
    information about the procedures for obtaining replacement
    certificates for Notes.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    9
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="26%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterright -->
    <TD width="40%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="30%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="6" align="center" valign="bottom">
    <B><FONT style="font-size: 10pt">PAYER&#146;S NAME: Global
    Bondholder Services Corporation</FONT></B>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="top" style="font-size: 8pt; border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
    <B><FONT style="font-size: 10pt">SUBSTITUTE</FONT></B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD colspan="3" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="top" style="font-size: 8pt; border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt">
    <B>Name (as shown on your income tax
    return)<DIV style="font-size: 18pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=201 iwidth=348 length=0 --></B>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="top" style="font-size: 8pt; border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B><FONT style="white-space: nowrap">Form&#160;W-9</FONT></B>
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt">
    <B>Business Name, if different from
    above<DIV style="font-size: 18pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=201 iwidth=348 length=0 --></B>
</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="top" style="font-size: 8pt; border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B>Department of the Treasury <BR>
    Internal Revenue Service</B>
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt">
    <B>Check appropriate box:<BR>
    </B><FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;Individual/Sole
    proprietor
    <FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;Corporation
    <FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;Partnership
    <FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;Other&#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT><!-- callerid=201 iwidth=348 length=0 -->
</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="top" style="font-size: 8pt; border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <BR>
    <B>Payer&#146;s Request for Taxpayer <BR>
    Identification Number (&#147;TIN&#148;) <BR>
    and Certification</B>
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt">
    <BR>
    <B>Address<DIV style="font-size: 24pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=201 iwidth=348 length=0 -->City,
    state, and ZIP
    code<DIV style="font-size: 18pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=201 iwidth=348 length=0 --></B><FONT style="font-size: 3pt">&#160;
    </FONT>
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="center" valign="top" style="font-size: 8pt; border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD colspan="3" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="top" style="font-size: 8pt; border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <B>Part&#160;1&#160;&#151; </B>Taxpayer Identification
    Number&#160;&#151; Please provide your TIN in the box at right
    and certify by signing and dating below. If awaiting TIN, write
    &#147;Applied For.&#148;
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt">
    <DIV style="font-size: 12pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=2083 iwidth=144 length=0 -->Social
    Security Number<BR>
    OR<DIV style="font-size: 12pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=2083 iwidth=144 length=0 -->Employer
    Identification Number
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="center" valign="top" style="font-size: 8pt; border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD colspan="3" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="top" style="font-size: 8pt; border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt">
    <B>PART 2&#160;&#151; </B>For Payees Exempt from Backup
    Withholding&#160;&#151; Check the box if you are NOT subject to
    backup withholding
    <FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="center" valign="top" style="font-size: 8pt; border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="top" style="font-size: 8pt; border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt">
    <B>PART 3&#160;&#151; Certification&#160;&#151; Under penalties
    of perjury, I certify that:</B>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="top" style="font-size: 8pt; border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt">
<DIV style="text-indent: -16pt; margin-left: 16pt">
    (1)&#160;The number shown on this form is my correct taxpayer
    identification number (or I am waiting for a number to be issued
    to me),
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="top" style="font-size: 8pt; border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt">
<DIV style="text-indent: -16pt; margin-left: 16pt">
    (2)&#160;I am not subject to backup withholding because: (a) I
    am exempt from backup withholding, or (b) I have not been
    notified by the Internal Revenue Service (IRS) that I am subject
    to backup withholding as a result of a failure to report all
    interest or dividends, or (c) the IRS has notified me that I am
    no longer subject to backup withholding, and
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="top" style="font-size: 8pt; border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt">
<DIV style="text-indent: -16pt; margin-left: 16pt">
    (3)&#160;I am a U.S. person (including a U.S. resident alien).
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="top" style="font-size: 8pt; border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt">
    <BR>
    <U><FONT style="font-size: 10pt">Certification
    Instructions</FONT></U><FONT style="font-size: 10pt">.&#160;&#151;
    You must cross out item 2 above if you have been notified by the
    IRS that you are currently subject to backup withholding because
    you have failed to report all interest and dividends on your tax
    return. However, if after being notified by the IRS stating that
    you were subject to backup withholding you received another
    notification from the IRS stating you are no longer subject to
    backup withholding, do not cross out item 2.
    </FONT>
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-size: 8pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>The Internal Revenue Service does not require your consent to
    any provision of this document other than the certifications
    required to avoid backup withholding.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="12%"></TD>
    <TD width="88%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B>SIGNATURE</B></TD>
    <TD align="left">
    <FONT style="word-spacing: 280pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT><!-- callerid=125 iwidth=422 length=0 --><B>&#160;&#160;DATE&#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT><!-- callerid=125 iwidth=422 length=120 --></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CERTIFICATE
    OF AWAITING TAXPAYER IDENTIFICATION NUMBER</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    I certify under penalties of perjury that a taxpayer
    identification number has not been issued to me, and either
    (1)&#160;I have mailed or delivered an application to receive a
    taxpayer identification number to the appropriate Internal
    Revenue Service Center or Social Security Administration Office,
    or (2)&#160;I intend to mail or deliver an application in the
    near future. I understand that if I do not provide a taxpayer
    identification number by the time of payment, 28% of all
    reportable payments made to me will be withheld.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    Signature</TD>
    <TD align="left">
    <FONT style="word-spacing: 280pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT><!-- callerid=125 iwidth=442 length=0 -->&#160;&#160;Date<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT><!-- callerid=125 iwidth=442 length=120 -->,
    2009
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    10
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">GUIDELINES
    FOR CERTIFICATION OF TAXPAYER IDENTIFICATION<BR>
    NUMBER ON SUBSTITUTE
    <FONT style="white-space: nowrap">FORM&#160;W-9</FONT></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Guidelines For Determining the Proper Identification Number
    to Give the Payer&#160;&#151; </B>Social Security Numbers
    (&#147;<I>SSNs</I>&#148;) have nine digits separated by two
    hyphens: <I>i.e.</I>,
    <FONT style="white-space: nowrap">000-00-0000.</FONT>
    Employer Identification Numbers (&#147;<I>EINs</I>&#148;) have
    nine digits separated by only one hyphen: <I>i.e.</I>,
    <FONT style="white-space: nowrap">00-0000000.</FONT>
    The table below will help determine the number to give the
    payer. All &#147;section&#148; references are to the Code.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="4%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterright -->
    <TD width="45%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="46%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
    <B>GIVE THE NAME AND SOCIAL SECURITY NUMBER or<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="4" align="left" valign="bottom">
    <B>For this type of account:</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>EMPLOYER IDENTIFICATION NUMBER of&#160;&#151;</B>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="border-top: 1px solid #000000">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    1.
</DIV>
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="border-top: 1px solid #000000">
    Individual
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="border-top: 1px solid #000000">
    The individual
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    2.
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Two or more individuals (joint account)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    The actual owner of the account or, if combined funds, the first
    individual on the account(1)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    3.
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Custodian account of a minor (Uniform Gift to Minors Act)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    The minor(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    4.
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    a.&#160;The usual revocable savings trust (grantor is also
    trustee)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    The grantor-trustee(1)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    b.&#160;So-called trust account that is not a legal or valid
    trust under state law
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    The actual owner(1)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    5.
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Sole proprietorship or single-owner LLC
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    The owner(3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    6.
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Disregarded entity not owned by an individual
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    The owner
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="6%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterright -->
    <TD width="44%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="45%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
    <B>GIVE THE NAME AND EMPLOYER<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="4" align="left" valign="bottom">
    <B>For this type of account:</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>IDENTIFICATION NUMBER of&#160;&#151;</B>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="border-top: 1px solid #000000">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    7.
</DIV>
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD align="left" valign="top" style="border-top: 1px solid #000000">
    A valid trust, estate, or pension trust
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="border-top: 1px solid #000000">
    Legal entity(4)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    8.
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Corporation or LLC electing corporate status on Form 8832
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    The corporation
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    9.
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Association, club, religious, charitable, educational or other
    tax-exempt organization
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    The organization
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    10.
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Partnership or multi-member LLC
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    The partnership or LLC
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    11.
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    A broker or registered nominee
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    The broker or nominee
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    12.
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Account with the Department of Agriculture in the name of a
    public entity (such as a state or local government, school
    district, or prison) that receives agricultural program payments
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    The public entity
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    List first and circle the name of the person whose SSN you
    furnish. If only one person on a joint account has an SSN, that
    person&#146;s number must be furnished.</TD>
</TR>




<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    Circle the minor&#146;s name and furnish the minor&#146;s SSN.</TD>
</TR>




<TR>
    <TD align="right" valign="top">
    (3) </TD>
    <TD></TD>
    <TD valign="bottom">
    You must show your individual name and you may also enter your
    business or &#147;doing business as&#148; name. You may use
    either your SSN or EIN (if you have one). If you are a sole
    proprietor, the Internal Revenue Service encourages you to use
    your SSN.</TD>
</TR>




<TR>
    <TD align="right" valign="top">
    (4) </TD>
    <TD></TD>
    <TD valign="bottom">
    List first and circle the name of the legal trust, estate or
    pension trust. (Do not furnish the Taxpayer Identification
    Number of the personal representative or trustee unless the
    legal entity itself is not designated in the account title).</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    NOTE: If no name is circled when more than one name is listed,
    the number will be considered to be that of the first name
    listed.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    11
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">GUIDELINES
    FOR CERTIFICATION OF TAXPAYER IDENTIFICATION<BR>
    NUMBER ON SUBSTITUTE
    <FONT style="white-space: nowrap">FORM&#160;W-9</FONT><BR>
    Page&#160;2</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Purpose
    of Form</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A person who is required to file an information return with the
    Internal Revenue Service (the &#147;<I>IRS</I>&#148;) must get
    your correct Taxpayer Identification Number
    (&#147;<I>TIN</I>&#148;) to report, for example, income paid to
    you, real estate transactions, mortgage interest you paid,
    acquisition or abandonment of secured property, cancellation of
    debt, or contributions you made to an individual retirement
    account. Use Substitute
    <FONT style="white-space: nowrap">Form&#160;W-9</FONT>
    to give your correct TIN to the requester (the person requesting
    your TIN) and, when applicable, (1)&#160;to certify the TIN you
    are giving is correct (or you are waiting for a number to be
    issued), (2)&#160;to certify you are not subject to backup
    withholding, or (3)&#160;to claim exemption from backup
    withholding if you are an exempt payee. The TIN provided must
    match the name given on the Substitute
    <FONT style="white-space: nowrap">Form&#160;W-9.</FONT>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">How to
    Get a TIN</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If you do not have a TIN, apply for one immediately. To apply
    for an SSN, obtain
    <FONT style="white-space: nowrap">Form&#160;SS-5,</FONT>
    Application for a Social Security Card, at the local office of
    the Social Security Administration or get this form on-line at
    <I><U><FONT style="white-space: nowrap">www.ssa.gov/online/ss-5.pdf</FONT></U></I>.
    You may also get this form by calling
    <FONT style="white-space: nowrap">1-800-772-1213.</FONT>
    You can apply for an EIN online by accessing the IRS website at
    <I><U><FONT style="white-space: nowrap">www.irs.gov/businesses</FONT></U>
    </I>and clicking on Employer ID Numbers under Related Topics.
    Use
    <FONT style="white-space: nowrap">Form&#160;W-7,</FONT>
    Application for IRS Individual Taxpayer Identification Number,
    to apply for an ITIN, or
    <FONT style="white-space: nowrap">Form&#160;SS-4,</FONT>
    Application for Employer Identification Number, to apply for an
    EIN. You can get
    <FONT style="white-space: nowrap">Forms&#160;W-7</FONT>
    and SS-4 from the IRS by calling 1-800-TAX-FORM
    <FONT style="white-space: nowrap">(1-800-829-3676)</FONT>
    or from the IRS web site at www.irs.gov.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If you do not have a TIN, write &#147;Applied For&#148; in
    Part&#160;1, sign and date the form, and give it to the payer.
    For interest and dividend payments and certain payments made
    with respect to readily tradable instruments, you will generally
    have 60&#160;days to get a TIN and give it to the payer. If the
    payer does not receive your TIN within 60&#160;days, backup
    withholding, if applicable, will begin and continue until you
    furnish your TIN.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Note: Writing &#147;Applied For&#148; on the form means that you
    have already applied for a TIN OR that you intend to apply for
    one soon. As soon as you receive your TIN, complete another
    <FONT style="white-space: nowrap">Form&#160;W-9,</FONT>
    include your TIN, sign and date the form, and give it to the
    payer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>CAUTION:</B>&#160;&#160;A disregarded domestic entity that
    has a foreign owner must use the appropriate
    <FONT style="white-space: nowrap">Form&#160;W-8.</FONT>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Payees
    Exempt from Backup Withholding</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Individuals (including sole proprietors) are NOT exempt from
    backup withholding. Corporations are exempt from backup
    withholding for certain payments, such as interest and dividends.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Note: If you are exempt from backup withholding, you should
    still complete Substitute
    <FONT style="white-space: nowrap">Form&#160;W-9</FONT>
    to avoid possible erroneous backup withholding. If you are
    exempt, enter your correct TIN in Part&#160;1, check the
    &#147;Exempt&#148; box in Part&#160;2, and sign and date the
    form. If you are a nonresident alien or a foreign entity not
    subject to backup withholding, give the requester the
    appropriate completed
    <FONT style="white-space: nowrap">Form&#160;W-8,</FONT>
    Certificate of Foreign Status.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following is a list of payees that may be exempt from backup
    withholding and for which no information reporting is required.
    For interest and dividends, all listed payees are exempt except
    for those listed in item (9). For broker transactions, payees
    listed in (1)&#160;through (13)&#160;and any person registered
    under the Investment Advisers Act of 1940 who regularly acts as
    a broker are exempt. Payments subject to reporting under
    sections&#160;6041 and 6041A are generally exempt from backup
    withholding only if made to payees described in items
    (1)&#160;through (7). However, the following payments made to a
    corporation (including gross proceeds paid to an attorney under
    section&#160;6045(f), even if the attorney is a corporation) and
    reportable on
    <FONT style="white-space: nowrap">Form&#160;1099-MISC</FONT>
    are not exempt from backup withholding: (i)&#160;medical and
    health care payments, (ii)&#160;attorneys&#146; fees, and
    (iii)&#160;payments for services paid by a federal executive
    agency. Only payees described in items (1)&#160;through
    (5)&#160;are exempt from backup withholding for barter exchange
    transactions and patronage dividends.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="5%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (1)&#160;&#160;
</TD>
    <TD align="left">
    An organization exempt from tax under section&#160;501(a), or an
    individual retirement plan (&#147;<I>IRA</I>&#148;), or a
    custodial account under section&#160;403(b)(7), if the account
    satisfies the requirements of section&#160;401(f)(2).
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    12
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="5%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (2)&#160;&#160;
</TD>
    <TD align="left">
    The United States or any of its agencies or instrumentalities.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (3)&#160;&#160;
</TD>
    <TD align="left">
    A state, the District of Columbia, a possession of the United
    States, or any of their subdivisions or instrumentalities.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (4)&#160;&#160;
</TD>
    <TD align="left">
    A foreign government, a political subdivision of a foreign
    government, or any of their agencies or instrumentalities.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (5)&#160;&#160;
</TD>
    <TD align="left">
    An international organization or any of its agencies or
    instrumentalities.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (6)&#160;&#160;
</TD>
    <TD align="left">
    A corporation.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (7)&#160;&#160;
</TD>
    <TD align="left">
    A foreign central bank of issue.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (8)&#160;&#160;
</TD>
    <TD align="left">
    A dealer in securities or commodities registered in the United
    States, the District of Columbia, or a possession of the United
    States.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (9)&#160;&#160;
</TD>
    <TD align="left">
    A futures commission merchant registered with the Commodity
    Futures Trading Commission.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (10)&#160;
</TD>
    <TD align="left">
    A real estate investment trust.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (11)&#160;
</TD>
    <TD align="left">
    An entity registered at all times during the tax year under the
    Investment Company Act of 1940.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (12)&#160;
</TD>
    <TD align="left">
    A common trust fund operated by a bank under section&#160;584(a).
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (13)&#160;
</TD>
    <TD align="left">
    A financial institution.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (14)&#160;
</TD>
    <TD align="left">
    A middleman known in the investment community as a nominee or
    custodian.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (15)&#160;
</TD>
    <TD align="left">
    An exempt charitable remainder trust, or a non-exempt trust
    described in section&#160;4947.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Exempt payees described above should file
    <FONT style="white-space: nowrap">Form&#160;W-9</FONT>
    to avoid possible erroneous backup withholding. <B>FILE THIS
    FORM&#160;WITH THE PAYER, FURNISH YOUR TAXPAYER IDENTIFICATION
    NUMBER, CHECK THE &#147;EXEMPT&#148; BOX IN PART&#160;2 ON THE
    FACE OF THE FORM&#160;IN THE SPACE PROVIDED, SIGN AND DATE THE
    FORM&#160;AND RETURN IT TO THE PAYER.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Certain payments that are not subject to information reporting
    are also not subject to backup withholding. For details, see
    sections&#160;6041, 6041A, 6042, 6044, 6045, 6049, 6050A and
    6050N, and their regulations.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Privacy Act Notice.</I></B>&#160;&#160;Section&#160;6109
    of the Internal Revenue Code requires you to give your correct
    TIN to persons who must file information returns with the IRS to
    report interest, dividends, and certain other income paid to
    you, mortgage interest you paid, the acquisition or abandonment
    of secured property, cancellation of debt, or contributions you
    made to an IRA or Archer MSA or HSA. The IRS uses the numbers
    for identification purposes and to help verify the accuracy of
    your tax return. The IRS may also provide this information to
    the Department of Justice for civil and criminal litigation and
    to cities, states, and the District of Columbia to carry out
    their tax laws. The IRS may also disclose this information to
    other countries under a tax treaty, or to federal and state
    agencies to enforce federal nontax criminal laws and to combat
    terrorism.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    You must provide your TIN whether or not you are required to
    file a tax return. Payers must generally withhold 28% of taxable
    interest, dividends, and certain other payments to a payee who
    does not give a TIN to a payer. The penalties described below
    may also apply.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Penalties</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Failure to Furnish TIN.</I></B>&#160;&#160;If you fail to
    furnish your correct TIN to a payer, you are subject to a
    penalty of $50 for each such failure unless your failure is due
    to reasonable cause and not to willful neglect.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Civil Penalty for False Information With Respect to
    Withholding.</I></B>&#160;&#160;If you make a false statement
    with no reasonable basis which results in no imposition of
    backup withholding, you are subject to a penalty of $500.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Criminal Penalty for Falsifying
    Information.</I></B>&#160;&#160;Willfully falsifying
    certifications or affirmations may subject you to criminal
    penalties including fines
    <FONT style="white-space: nowrap">and/or</FONT>
    imprisonment.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Misuse of TINs.</I></B>&#160;&#160;If the payer discloses
    or uses TINs in violation of federal law, the payer may be
    subject to civil and criminal penalties.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    13
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>FOR ADDITIONAL INFORMATION, CONTACT YOUR TAX ADVISOR OR THE
    INTERNAL REVENUE SERVICE.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In order to tender, a Holder should send or deliver a properly
    completed and signed Letter of Transmittal, certificates for
    Notes and any other required documents to the Depositary at the
    address set forth below or tender pursuant to DTC&#146;s
    Automated Tender Offer Program.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">The
    Depositary for the Offer is:</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Global
    Bondholder Services Corporation</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">By Mail,
    Overnight Courier or by Hand or<BR>
    by Facsimile Transmission (for Eligible Institutions only)
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">65
    Broadway&#160;&#151; Suite&#160;723<BR>
    New York, NY 10006<BR>
    Attn: Corporate Actions
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">Phone:
    <FONT style="white-space: nowrap">(866)&#160;857-2200</FONT><BR>
    Fax:
    <FONT style="white-space: nowrap">(212)&#160;430-3775</FONT>
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Any questions or requests for assistance may be directed to
    either of the Dealer Managers at the addresses and telephone
    numbers set forth below. Additional copies of the Offer to
    Purchase or this Letter of Transmittal may be obtained from the
    Information Agent at the address, email address or telephone
    numbers set forth below. A Holder may also contact such
    Holder&#146;s broker, dealer, custodian bank, depository, trust
    company or other nominee for assistance concerning the Offer.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">The
    Information Agent for the Offer is:</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Global
    Bondholder Services Corporation</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">65
    Broadway&#160;&#151; Suite&#160;723<BR>
    New York, NY 10006<BR>
    Banks and Brokers Call
    <FONT style="white-space: nowrap">(212)&#160;430-3774</FONT><BR>
    All Others Call Toll Free
    <FONT style="white-space: nowrap">(866)&#160;857-2200</FONT>
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">The
    Dealer Managers for the Offer are:</FONT></I>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="50%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="48%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR valign="bottom">
<TD nowrap align="center" valign="top">
    <B>J.P. Morgan</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Wachovia Securities</B>
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="top">
    383 Madison Avenue, 4th&#160;Floor<BR>
    New York, NY 10179<BR>
    Telephone:
    <FONT style="white-space: nowrap">(800)&#160;261-5767</FONT>
    (toll free)
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="bottom">
    375 Park Avenue<BR>
    New York, NY 10152<BR>
    Telephone: (800) 367-8652 (U.S. toll free)<BR>
    (212) 214-6077 (direct)
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(A)(5)
<SEQUENCE>4
<FILENAME>d68026exv99wxayx5y.htm
<DESCRIPTION>EX-99.(A)(5)
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99wxayx5y</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Exhibit
    (a)(5)</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="d68026d6802600.gif" alt="(LAMAR LOGO)"><B> </B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">5551
    Corporate Boulevard<BR>
    Baton Rouge, LA 70808</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 14pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Lamar
    Advertising Company Announces<BR>
    Tender Offer For
    2<FONT style="vertical-align: text-top; font-size: 70%;">7</FONT>/<FONT style="font-size: 70%;">8</FONT>%&#160;Convertible
    Notes Due 2010&#160;&#151; Series&#160;B</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Baton Rouge, LA&#160;&#151; June&#160;11, 2009&#160;&#151; Lamar
    Advertising Company (NASDAQ: LAMR), a leading owner and operator
    of outdoor advertising and logo sign displays, today announced
    that it has commenced a tender offer to purchase for cash any
    and all of its outstanding
    2<FONT style="vertical-align: text-top; font-size: 70%;">7</FONT>/<FONT style="font-size: 70%;">8</FONT>%&#160;Convertible
    Notes due 2010&#160;&#151; Series&#160;B. The full terms and
    conditions of the tender offer are set forth in the Offer to
    Purchase, Letter of Transmittal and related materials to be
    distributed to holders of notes and to be filed with the SEC as
    exhibits to Lamar&#146;s Schedule&#160;TO on or about the date
    hereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Lamar is offering to purchase the notes at a price of $960 for
    each $1,000 principal amount of notes tendered. The tender offer
    for the notes will expire at 12:00 midnight, New York City time,
    at the end of July&#160;9, 2009, unless earlier terminated or
    extended pursuant to the terms of the tender offer. Tendered
    notes may be withdrawn at any time prior to the expiration time.
    Payments of the purchase price and accrued interest up to but
    not including the payment date for the notes validly tendered
    and not withdrawn on or prior to the expiration time and
    accepted for purchase will be made promptly after the expiration
    time. The tender offer will not be contingent upon any minimum
    number of notes being tendered. However, the tender offer will
    be subject to certain conditions, which are described in the
    Offer to Purchase. Subject to applicable law, Lamar may waive
    conditions applicable to the tender offer or extend, terminate
    or otherwise amend the tender offer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The purpose of the offer is to purchase the notes in order to
    retire the debt associated with the notes. In accordance with
    the terms and subject to the conditions of the tender offer,
    Lamar will fund purchases pursuant to the tender offer from
    available cash. As of June&#160;11, 2009, $133,567,000 aggregate
    principal amount of the notes was outstanding.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The dealer managers for the tender offer are J.P.&#160;Morgan
    Securities Inc. and Wachovia Capital Markets, LLC. Global
    Bondholder Services Corporation is acting as depository and
    information agent in connection with the tender offer. Any
    questions regarding procedures for tendering the notes or
    requests for additional copies of the Offer to Purchase, Letter
    of Transmittal and related documents, which are available for
    free and which describe the tender offer in greater detail,
    should be directed to Global Bondholder Services Corporation,
    whose address and telephone number are as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Global Bondholder Services Corporation
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    65 Broadway&#160;&#151; Suite&#160;723
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    New York, New York 10006
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Holders call toll-free:
    <FONT style="white-space: nowrap">(866)&#160;857-2200</FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Banks and Brokers call:
    <FONT style="white-space: nowrap">(212)&#160;430-3774</FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Fax:
    <FONT style="white-space: nowrap">(212)&#160;430-3775</FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    None of Lamar, its board of directors, the dealer managers, the
    information agent or the depository is making any recommendation
    to holders of notes as to whether or not they should tender any
    notes pursuant to the tender offer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This press release is for informational purposes only and shall
    not constitute an offer to purchase nor a solicitation for
    acceptance of the tender offer described above. The tender offer
    is being made only pursuant to the Offer to Purchase, Letter of
    Transmittal and related materials that Lamar will distribute to
    holders of the notes after these documents are filed with the
    SEC as exhibits to its Schedule&#160;TO. Holders of notes should
    read the Offer to Purchase, Letter of Transmittal and related
    tender offer materials when they become available because they
    contain important information. Holders of notes can obtain a
    copy of the Offer to Purchase, Letter of Transmittal and other
</DIV>

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    tender offer related materials free of charge from the
    SEC&#146;s website at <I>www.sec.gov </I>once Lamar files them
    with the SEC, which it expects to do on or about June&#160;11,
    2009.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">About
    Lamar</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Lamar Advertising Company is one of the largest outdoor
    advertising companies in the United States based on number of
    displays and has operated under the Lamar name since 1902. As of
    April&#160;30, 2008, Lamar owned and operated approximately
    155,000 billboard advertising displays in 44&#160;states, Canada
    and Puerto Rico, approximately 96,000 logo advertising displays
    in 19&#160;states and the province of Ontario, Canada, and
    operated over 27,000 transit advertising displays in
    16&#160;states, Canada and Puerto Rico. Lamar offers its
    customers a fully integrated service, satisfying all aspects of
    their billboard display requirements from ad copy production to
    placement and maintenance. Lamar&#146;s corporate headquarters
    is located in Baton Rouge, Louisiana.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Forward-Looking
    Statements</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This press release contains forward-looking statements that
    involve risks and uncertainties, including statements concerning
    Lamar&#146;s expectations regarding the terms of the offer and
    timing for filing its Schedule&#160;TO, Offer to Purchase,
    Letter of Transmittal and other offer related documents, and the
    commencement and completion of Lamar&#146;s tender offer for the
    notes. There can be no assurance that the tender offer will be
    completed or that it will not be amended or withdrawn.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">Contact:
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Lamar Advertising Company
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Keith A. Istre, 225-926-1000
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    ki@lamar.com
</DIV>

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>d68026d6802600.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 d68026d6802600.gif
M1TE&.#EA"0$G`,00`!%P2O#V]*#&MV&@A]#CVS&#8N#LZ"%Y5I"\JW&IDU&6
M>[#0PT&,;L#9SX"SGP%F/O___P``````````````````````````````````
M`````````````````````````"'Y!`$``!``+``````)`2<```7_("2.9"D:
M#O.L;.N^<"S/=&W?>*[O?.^O!83!1"R.!(6?<LEL.I_0J&LP-%H%AQ>`X1`T
MON"P>$PNF\_HM'K-;KO?\+AZX5``7`"$E4A(MH($>X*#A(6&AXB)BHN,C58-
M`RX*`80.4X$C`0T.#@,,GZ"AHJ.DI::GJ*FJJZRMKJ^PL:><`E40!I$L!916
M`2HL5",+"5E2QL?(R<I.!PE5#7<K"E8$Q0\'#2(!#M;+WM_@X<L)E`9^#WI\
MT0\#E-OK-@.<\_2_QP7TW3\)]+E,_/0X-<$W[UP/>0$3*DRAK\>!0`:B`>!%
M(B(+`2(:-*Q!T<1&)P-*(&#"P(3!'@"R_YD(P*0="0$_`#0R@.`C#@"!%K!P
M4"+`.8P0$O"85J0!L@0F#"P!8&N$T1\/BRY!VA.>#JHF8#XH``I!QQ+^>A00
M\4LF"7\8`RCH`91(6"AM2ZS]D<[$7!Z[C(S\$?>LCZ8D3J[`622`U1UZGCY8
M(&PG!)\HC;"4DM*(5K%&E`[]6L(22L9%=/(H240S#*)$[#D448SGXVBDW^8(
M660O%,)6#N/`5$2H#MI65.?`;<3FC+XC?,,@G7K)D%RD/3.%X+F'2B*"E^05
M`=J$[!NN)>N6@9R(<1D%;'4OH?QF<1EU33#)YKFDX14\"4`UHA\*`XHC\49"
M?SH<P)D)U=$`0/]<@)&`%T4PK3>":3A@58)B6AP(P64_9/-427M-!(%P5QGQ
MW0_`09"+A22<!\-U`6@(@8O$;9CB@#NDF,N-(V0W0X,BG/A`>8^Y:(.'*Y3D
M!T\8\@#D:T_4Y0L+!]3V&PD)\'@$#>GY%1\)HN$0GEHLF)55#LQ5!<.")C9!
M7Y*F47(77I8]T98Y+@@XX7`4:?;DB.A1-.4#UW660UN0M:"G-H<6P>$*S3R)
M9Q.!^#;`7M-,YL.7@35!'`&'L3C"G#2L]XN6&<60XJ0/M&E#92*`^H*H(I`J
M@YDFT#%/`T\&L("0/)CE!P*YZ/'H#I(V$94(`NA6)1''QI`FAH6"]4+_>!#(
M"H01)*[)&S0P/)OK#;0*TD`"GXRG1*8L$/!+-NWM@)H)\8H%X`R+BJ!NF4UU
MDV8)%`[YTA1&V+#=AO@6L2\+3R8Q+PGW'8.15E7Z019?1BQLPR0C$+#0KD4`
MNT)\QU9+@G2%)K@"D9K*P+$V'W-BL@CUOO!O)BQ(V+'&JT&P)`0L7(R2AM%>
MZ0@$3;XP5B:'B;O2`<L^]EV^2-.`*B($DN<HE40;@^0#(A8C-`]7VZI#6[K&
MS`FG(Q@GH,H7&=&`H#[J-4-='JL]CQ$^#N;J"N5"8)L31!5#U2^U^J#S"3&U
M570,3\+MV)XQ.,W?1S>/(/G*.^.PN.`S!&X5_]4J/I&7=+S,]28/EI_L`W&/
MQ\#V+95W!"RV1"R@;N#=?LHS,(7]6$36V_+M:2"*U;57?CT$;B0,!?`6>PQ+
M-_="H4GC(>/T1,ZH-&_:NE>$V0]D+H+DLS_6]TV!:)NF9L]V6P/5Q.-P\/0R
M/'GLC?*W@/L((GL`Z91&D?#E@&I%ZU[O_F3`'1`F4=/IE,#J5X/J+:(;+F'6
MI@H##Q%MJ081S$3_6L"?*13P=[/*F!8DX[)'^"`OB5K,F:Y!"?RY('V$X)"%
M;-C"D+5@/0%XWJK6QP+S02!,[!@0"E_0.@"F,#0S^)P&=^"::L0-.])@%@H1
MHK>/68,@G*B9#CYV%\T`!(1\,:#'[\"8$'NPT0%+A,''9,/%-L[`C#%[W@J"
ML:%U=(]`M#'`",5!R$(:\I`M```?R71%N\$I5@.((R(G2<E*ZD"1`J`(',O4
M/;\,Q@$%3%L71TG*4IKRE*A,I2I7R4I6\@IBW/@#Z;R3R`3,\FBXS*4N=\G+
M7CK"``*P%3D.T2P7'$`!#EB`');)S&8Z\YG0C.8S!5"'C3#@EID)H"6WR<UN
IZH`!,SL$+B3IS7*:$Y%!^),B"$#-5KKSG?",ISSG24^%(&!NB@@!`#L_
`
end
</TEXT>
</DOCUMENT>
</SUBMISSION>
