<SUBMISSION>
<ACCESSION-NUMBER>0000950133-06-002338
<TYPE>424B3
<PUBLIC-DOCUMENT-COUNT>2
<FILING-DATE>20060508
<DATE-OF-FILING-DATE-CHANGE>20060508
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>NATIONAL RETAIL PROPERTIES, INC.
<CIK>0000751364
<ASSIGNED-SIC>6798
<IRS-NUMBER>561431377
<STATE-OF-INCORPORATION>MD
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>424B3
<ACT>33
<FILE-NUMBER>333-132103
<FILM-NUMBER>06817884
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>450 S ORANGE AVE
<STREET2>SUITE 900
<CITY>ORLANDO
<STATE>FL
<ZIP>32801
<PHONE>4074237348
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>455 S ORANGE AVE STE 700
<STREET2>400 E SOUTH ST STE 500
<CITY>ORLANDO
<STATE>FL
<ZIP>32801
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>COMMERCIAL NET LEASE REALTY INC
<DATE-CHANGED>19930510
</FORMER-COMPANY>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>CNL REALTY INVESTORS INC /DE/
<DATE-CHANGED>19930429
</FORMER-COMPANY>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>CNL REALTY INVESTORS INC
<DATE-CHANGED>19920831
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>424B3
<SEQUENCE>1
<FILENAME>w20951e424b3.htm
<DESCRIPTION>424(B)(3)
<TEXT>
<HTML>
<HEAD>
<TITLE>e424b3</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="RIGHT" style="font-size: 10pt; margin-top: 6pt">Filed
pursuant to Rule&nbsp;424(b)(3)<br>Registration Number&nbsp;333-132103</div>


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

<DIV align="center" style="font-size: 12pt; margin-top: 6pt"><B>NATIONAL
RETAIL PROPERTIES, INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><IMG src="w20951w2095101.gif" alt="(NATIONAL RETAIL PROPERTIES LOGO)">
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>DIVIDEND REINVESTMENT AND STOCK PURCHASE PLAN<BR>
12,057,976&nbsp;Shares of Common Stock</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The dividend reinvestment and stock purchase plan of
National Retail Properties, Inc. (formerly known as Commercial
Net Lease Realty, Inc.) provides an economical and convenient way
for current stockholders and other interested new investors to invest in our common stock. Through
participation in the plan, you will have the opportunity to:
</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Arrange to have dividends on all or a portion of your shares of common stock
reinvested in common stock at a discount (currently 1%).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Make optional cash payments of $100 to $10,000 per month to purchase common
stock at market price.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Make automatic monthly investments of $100 to $10,000 by authorizing
automatic deductions from your banking or checking accounts to purchase shares
of common stock at market price.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In some instances, subject to our approval, make optional cash payments in
excess of $10,000 to purchase common stock, at a discount of 0% to 5% as we
determine in our sole discretion.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our shares of common stock are quoted on the New York Stock Exchange under the symbol &#147;NNN.&#148; On
May&nbsp;5, 2006, the closing sales price of our common stock as reported on the New York Stock
Exchange was $21.17 per share.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES<BR>
COMMISSION HAS APPROVED OR DISAPPROVED OF THESE SECURITIES OR<BR>
DETERMINED IF THIS PROSPECTUS IS TRUTHFUL OR COMPLETE. ANY<BR>
REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>The
date of this prospectus is May&nbsp;8, 2006.</B>
</DIV>



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

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




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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This prospectus is part of a registration statement on Form S-3 that we filed with the
Securities and Exchange Commission. This prospectus does not contain all of the information set
forth in the registration statement, portions of which we have omitted as permitted by the rules
and regulations of the Commission. Statements contained in this prospectus as to the contents of
any contract or other document are not necessarily complete. If the Commission&#146;s rules and
regulations require that a contract or document be filed as an exhibit to the registration
statement, we refer you to the copy of the contract or document filed as an exhibit to the
registration statement for a complete description. You should rely only on the information in our
prospectus and the documents that are incorporated by reference. We have not authorized anyone
else to provide you with different information. We are not offering these securities in any state
where the offer is prohibited by law. You should not assume that the information in our prospectus
or any incorporated document is accurate as of any date other than the date of the document.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;References to &#147;we,&#148; &#147;us&#148; or &#147;our&#148; refer to Commercial Net Lease Realty, Inc. and its directly
or indirectly owned subsidiaries and joint ventures, unless the context otherwise requires.
</DIV>


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


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

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




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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following summary of our dividend reinvestment and share purchase plan may omit
information that may be important to you. You should carefully read the entire text of the plan
contained in this prospectus before you decide to participate in the plan.
</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="20%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="75%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Participation:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Participation in the plan allows you to
purchase our common stock, in some cases,
at a discount from the market price of
the stock.</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>Enrollment if You Own Shares of
Stock:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">You can participate in the plan if you
currently own our common stock by
submitting a completed authorization form
to the plan&#146;s administrator, American Stock Transfer &#38; Trust
Company. You may obtain an
authorization form from the plan
administrator or by completing the
enrollment procedures specified on the
website of the plan administrator at
<U>www.amstock.com</U>. You
may participate directly in the plan only
if you hold common stock in your own
name. If you hold shares through a
brokerage or other custodial account, you
may arrange to have your broker or other
custodian participate on your behalf.</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>Initial Investment if You Do
Not Own Shares of Stock:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">If you do not own any common stock, you
can participate in the plan by making an
initial investment in shares of common
stock through the plan, with a minimum
initial investment of $100 at market
price and without paying fees.</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>Reinvestment of Dividends:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">You can reinvest your cash dividends on
some or all of your common stock. You
will be able to purchase additional
shares of common stock by reinvesting
your dividends at a discount (currently
1%) and without paying fees. Stock
purchased under the plan will be
purchased on the &#147;investment date&#148; in
each month. The investment date for
stock purchased pursuant to dividend
reinvestments generally will be the
quarterly dividend payment date declared
by our Board of Directors. To commence
dividend reinvestments for any particular
quarterly dividend, the plan
administrator must receive a completed
authorization form at least one business
day before the record date for such
quarterly dividend. We may offer a
discount of up to 5% of the average of
the high and low sales prices of the
common stock on the applicable investment
date.</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>Optional Cash Payments:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">After you enroll in the plan, you can buy
common stock at market price without
paying fees. You can invest a minimum of
$100 to a maximum of $10,000 in any one
month. The investment date for stock
acquired pursuant to optional cash
payments will generally be the 15th of
each month or, if such date is not a
business day, the second business day
thereafter. The deadline for submitting
optional cash payments is two business
days before the relevant investment date.
Payment may be by check or money order.
We may offer a discount of up to 5% of
the average of the high and low sales
prices of the common stock on the
applicable investment date. See &#147;Purchase
Price&#148; below.</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>Waivers of Maximum Monthly
Limit on Optional Cash
Payments:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Under some circumstances, we may approve
a written request to waive the $10,000
per month limit on optional cash
payments. These requests must be
submitted to us by facsimile at least
four business days prior to the deadline
for submitting optional cash payments.
We will accept or reject the request no
later than two business days prior to the
deadline for submitting optional cash
payments. If we grant the waiver, you
must submit our written waiver along with
payment no later than the deadline for
submitting optional cash payments.</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>Source of Shares:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The administrator of the plan will
purchase common stock in one of the
following ways: (i)&nbsp;directly from us as
newly issued common stock, or (ii)&nbsp;from
parties other than us, either in the open
market or in privately negotiated
transactions.</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>Purchase Price:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The purchase price of common stock under
the plan depends on how you purchase the</TD>
</TR>
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</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">-1-
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<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="5%">&nbsp;</TD>
    <TD width="65%">&nbsp;</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">stock and on whether we issue new shares
of common stock to you or the plan
obtains your shares of common stock by
purchasing them in the open market.</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><I>Reinvested Dividends and
Optional Cash Payments of
$10,000 or Less</I></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Purchased from Us:</I> With respect to
reinvested dividends, the purchase price
for common stock that the plan
administrator purchases directly from us
initially will be 99% of the market price
of the common stock. With respect to
optional cash payments of $10,000 or
less, the purchase price for common stock
that the plan administrator purchases
directly from us initially will be 100%
of the market price of the common stock.
We determine the market price of the
common stock by taking the average of the
daily high and low sales prices of our
common stock on the New York Stock
Exchange over a period of five trading
days preceding the relevant investment
date. With respect to reinvested
dividends, the discount from the market
price for common stock that the plan
administrator purchases directly from us
may be changed by us from time to time,
provided that in no event will the
discount exceed 5% of the average of the
high and low trading prices on the
applicable investment date. If you are a
participant in the plan, you will be
provided with at least 30&nbsp;days prior
written notice of any change in this
discount. With respect to optional cash
payments of $10,000 or less, we may offer
a discount to the market price for common
stock that the plan administrator
purchases directly from us, provided that
in no event will the discount exceed 5%
of the average of the high and low
trading prices on the applicable
investment date. If you are a participant
in the plan, you will be provided with at
least 30&nbsp;days&#146; prior written notice of
any adoption of, or change in, this
discount.</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">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Purchased from Parties Other than Us:</I>
The purchase price for common stock that
the plan administrator purchases from
parties other than us, either in the open
market or in privately negotiated
transactions, will be 100% of the average
price per share actually paid by the plan
administrator, excluding any brokerage
commissions. If you are a participant in
the plan during a time when we are
offering a discount from the market price
for common stock purchased directly from
us, you will be provided with at least 30
days&#148; prior written notice of a purchase
from parties other than us.</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><I>Optional Cash Payments
Greater than $10,000:</I></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Purchased from Us:</I> The purchase price
for common stock that the plan
administrator purchases directly from us
will be the market price of the common
stock less a discount that we may elect
to offer in connection with a waiver of
the $10,000 limit, provided that in no
event will the discount exceed 5% of the
average of the high and low trading
prices on the applicable investment date.
The market price for optional cash
payments in excess of $10,000 is
determined in the same manner as for
optional cash payments of less than
$10,000, except that we may set a
threshold price that the average of the
daily high and low prices of our common
stock on the New York Stock Exchange over
a period of five trading days preceding
the relevant investment date must exceed.
We will set the threshold price and the
applicable discount, if any, five
business days before the deadline for
submitting optional cash payments.
Written notice of the threshold price and
the applicable discount at any time will
not be provided to you. You must call our
Investor Relations department at
800-666-7348 to obtain the threshold
price and applicable discount, if any.</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">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Purchased from Parties Other than Us:</I> The purchase price for common stock that
the plan administrator purchases from
parties other than us, either in the open
market or in privately negotiated
transactions, will be 100% of the average
price per share actually paid by the plan
administrator, excluding any brokerage
commissions.</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>Tracking Your Investment:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">You will receive periodic statements of
the transactions made in your plan
account. These statements will provide
you with details of the transactions and
will indicate the share balance in your
plan account.</TD>
</TR>
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</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">-2-
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<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="20%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="75%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Administration and Plan
Administrator:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">American Stock Transfer &#038; Trust Company initially will serve
as the plan administrator of the plan.
You should send all correspondence with
the administrator to:</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">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">American Stock Transfer &#038; Trust Company</TD>
</TR>
<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">Wall Street Station</TD>
</TR>
<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">P.O. Box 922</TD>
</TR>
<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">New York, NY 10269</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">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Please mention National Retail Properties, Inc. and this plan in all
correspondence. In addition, you may
call the plan administrator at
800-278-4353 or contact the plan
administrator via the Internet at
<U>www.amstock.com</U>.</TD>
</TR>
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</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You may also request that any or all shares held in the plan be sold by the plan administrator
on your behalf for a nominal fee. This fee, any brokerage costs and any applicable stock transfer
taxes on the sale of such shares all will be deducted by the plan administrator, and the balance
will be sent to you.
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statements contained in this prospectus, including the documents that are incorporated by
reference, that are not historical facts are forward-looking statements within the meaning of
Section&nbsp;27A of the Securities Act of 1933, as amended, and Section&nbsp;21E of the Securities Exchange
Act of 1934, as amended. Also, when we use any of the words &#147;anticipate,&#148; &#147;assume,&#148; &#147;believe,&#148;
&#147;estimate,&#148; &#147;expect,&#148; &#147;intend,&#148; or similar expressions, we are making forward-looking statements.
Forward-looking statements in this prospectus include statements regarding the security of our
rental income and our leases, possible property acquisitions and dispositions, our access to
capital, expansion of our portfolio, our ability to pay distributions, policies and plans regarding
investments, our tax status as a real estate investment trust and the ability of our properties to
compete effectively. In part, we have based these forward-looking statements on possible or
assumed future results of our operations. These are forward-looking statements and not guaranteed.
They are based on our present intentions and on our present expectations and assumptions. These
statements, intentions, expectations and assumptions involve risks and uncertainties, some of which
are beyond our control, that could cause actual results or events to differ materially from those
we anticipate or project, such as:
</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the ability of our tenants to make payments under their respective leases,
including our reliance on certain major tenants and our ability to re-lease
properties that are currently vacant or that become vacant;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our ability to locate suitable tenants for our properties;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>changes in real estate market conditions;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the inherent risks associated with owning real estate (including: local
real estate market conditions, governing laws and regulations and illiquidity
of real estate investments);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our ability to sell properties at an attractive price;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the ability of borrowers to make payments of principal and interest under
structured finance investments we make to such borrowers;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our ability to gain access to the underlying collateral for any structured
finance investments to borrowers;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our ability to repay debt financing obligations;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our ability to refinance amounts outstanding under our credit facilities at
maturity on terms favorable to us;</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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the loss of any member of our management team;</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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our ability to be in compliance with certain
debt covenants;</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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our ability to integrate acquired properties and operations into existing operations;</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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>continued availability of proceeds from our debt
or equity capital;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the availability of other debt and equity financing alternatives;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>market conditions affecting our equity capital;</TD>
</TR>

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

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<H5 align="left" style="page-break-before:always">&nbsp;</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">



</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>changes in interest rates under our current credit facilities and under any
additional variable rate debt arrangements that we may enter into in the
future;</TD>
</TR>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our ability to successfully implement our selective acquisition strategy or to fully realize
the anticipated benefits of renovation or development projects;</TD>
</TR>
<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our ability to integrate office properties into existing operations that historically have
been primarily focused on retail properties;</TD>
</TR>



<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our ability to maintain internal controls and processes to ensure all
transactions are accounted for properly, all relevant disclosures and filings
are timely made in accordance with all rules and regulations, and any potential
fraud or embezzlement is thwarted or detected;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>changes in general economic conditions;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>changes in federal or state tax rules or regulations that could have adverse tax consequences; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our ability to qualify as a real estate investment trust for federal income tax purposes.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You should not place undue reliance on these forward-looking statements, as events described
or implied in such statements may not occur. We undertake no obligation to update or revise any
forward-looking statements as a result of new information, future events or otherwise.
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are a fully integrated real estate investment trust (&#147;REIT&#148;) for federal income tax
purposes, formed in 1984. Prior to our name change on May&nbsp;1,
2006, National Retail Properties,
Inc. was known as Commercial Net Lease Realty, Inc. Our operations are divided into two primary business segments: (i)
investment assets, including real estate assets, structured finance investments and mortgage
residual interests, and (ii)&nbsp;inventory real estate assets (&#147;Inventory Assets&#148;). The real estate
investment assets and structured finance investments (included in mortgages and notes receivable on
the balance sheet), are operated through us and our wholly owned qualified REIT subsidiaries. We
directly and indirectly, through investment interests, acquire, own, invest in, manage and develop
primarily retail properties that are generally leased to established tenants under long-term
commercial net leases (&#147;Investment Properties&#148;). As of December&nbsp;31, 2005, we owned 524 Investment
Properties, with an aggregate gross leasable area of 9,227,000 square feet, located in 41 states
and leased to established tenants, including Academy, Barnes &#038;
Noble, Best Buy, Susser (Circle K), CVS, Eckerd, OfficeMax, The Sports Authority and the United States of America. In addition to the
Investment Properties, as of December&nbsp;31, 2005, we had $27,805,000 and $55,184,000 in structured
finance investments and mortgage residual interest assets, respectively.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Inventory Assets are operated through our wholly owned qualified REIT subsidiaries as well
as our taxable REIT subsidiaries and their majority-owned and controlled subsidiaries (the &#147;TRS&#148;).
The TRS, directly and indirectly, through investment interests, owns real estate primarily for the
purpose of selling the real estate to purchasers who are looking for replacement like-kind exchange
property or to other purchasers with different investment objectives (&#147;Inventory Properties&#148;). The
TRS develops Inventory Properties (&#147;Development Properties&#148;) and also acquires existing Inventory
Properties (&#147;Exchange Properties&#148;). As of December&nbsp;31, 2005, the TRS owned 17 Development
Properties (one completed, 12 under construction, and four land parcels) and 46 Exchange
Properties.
</DIV>


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

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<H5 align="left" style="page-break-before:always">&nbsp;</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;&nbsp;Our address and phone number are:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt">National
Retail Properties, Inc.<BR>
450 S. Orange Avenue<BR>
Suite&nbsp;900<BR>
Orlando, Florida 32801<BR>
(407)&nbsp;265-7348
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will receive proceeds from the sale of common stock that the plan administrator purchases
directly from us. We will not receive proceeds from the sale of common stock that the plan
administrator purchases in the open market or in privately negotiated transactions. We intend to
use the net proceeds from our sale of common stock that the plan administrator purchases directly
from us for future acquisitions of properties, repayment of debt and general corporate purposes.
We cannot estimate either the number of shares of common stock or the prices of the shares that we
will sell in connection with the plan.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>TERMS AND CONDITIONS OF THE PLAN</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following questions and answers explain and constitute our Dividend Reinvestment and Stock
Purchase Plan, which we refer to as the &#147;plan,&#148; as in
effect beginning May&nbsp;8, 2006. If you
decide not to participate in the plan, you will receive cash dividends, as declared and paid in the
usual manner.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>PURPOSE</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="4%" nowrap align="left"><B>1.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>What is the purpose of the plan?</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The primary purpose of the plan is to provide current stockholders and interested new
investors with an economical and convenient way to increase their
investment in National Retail Properties. Current stockholders are permitted to invest cash dividends in common stock without
paying any brokerage commission or service charge and at a discount from the market price. Current
stockholders and new investors also may invest optional cash payments in common stock at market
price and without paying any brokerage commission or service charge.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may also use the plan to raise additional capital through the sale each month of a portion
of the shares available for issuance under the plan to purchasers of shares (including brokers or
dealers) who, in connection with any resales of such shares, may be deemed to be underwriters.
These sales will be made through our ability to waive limitations on the maximum amount of any
optional cash payments.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The plan is primarily intended for the benefit of long-term investors, and not for the benefit
of individuals or institutions which engage in short-term trading activities that could cause
aberrations in the overall trading volume of our common stock. From time to time, financial
intermediaries may engage in positioning transactions in order to benefit from the discount from
the market price for common stock acquired through the reinvestment of dividends under the plan.
These transactions may cause fluctuations in the trading volume of our common stock. We reserve
the right to modify, suspend or terminate participation in this plan by otherwise eligible holders
of common stock in order to eliminate practices which are not consistent with the purposes of the
plan.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>OPTIONS AVAILABLE TO PARTICIPANTS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Information on how to participate in the plan is set forth in Questions 5 through 13.</I></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="4%" nowrap align="left"><B>2.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>What are my investment options under the plan?</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Once enrolled in the plan, you may purchase common stock through the following investment
options.
</DIV>


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

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<H5 align="left" style="page-break-before:always">&nbsp;</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Dividend Reinvestment Program</I></B><B>. </B>Current holders of common stock and interested new investors
that are not currently stockholders and who agree to make an initial investment in common stock,
may elect to have all, a portion or none of their cash dividends paid on their common stock
automatically reinvested in common stock through the dividend reinvestment program. Cash dividends
are paid on common stock when and as declared by our Board of Directors, generally on a quarterly
basis. Subject to the availability of common stock registered for issuance under the plan, there
is no limitation on the amount of dividends you may reinvest under the dividend reinvestment
program.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Share Purchase Program</I></B><B>. </B>Each month, current holders of common stock, and interested new
investors that are not currently stockholders and who agree to make an initial investment in common
stock, may elect to invest optional cash payments in common stock, subject to a minimum monthly
purchase limit of $100 and a maximum monthly purchase limit of $10,000. You may elect to make
optional cash payments through automatic deductions from your banking or checking accounts. We
may, at our discretion, waive the maximum limit upon your written request. See Question 20 to
learn how to request a waiver. You may make optional cash payments each month even if dividends on
your shares are not being reinvested and even if a dividend has not been declared. You may, but
are not required to, enroll any common stock purchased through the plan into the dividend
reinvestment program. (To designate these shares for participation in the dividend reinvestment
program, make the appropriate election on the authorization form described in Question 12.)
</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="4%" nowrap align="left"><B>3.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>How can I change my investment options?</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You may change your investment options at any time by requesting a new authorization form and
returning it to the plan administrator at the address set forth in Question 7. Any authorization
form which is returned to the plan administrator to change your investment options will be
effective in accordance with the schedule described in Question 11.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>ADVANTAGES AND DISADVANTAGES</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="4%" nowrap align="left"><B>4.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>What are the advantages and disadvantages of the plan?</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before deciding whether to participate in the plan, you should consider the following
advantages and disadvantages of the plan.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Advantages.</I></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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The plan provides you with the opportunity to reinvest cash dividends paid
on all or a portion of your common stock toward the purchase of additional
common stock at a discount from the market price of the common stock (currently
1%).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The plan provides you with the opportunity to make monthly investments of
optional cash payments, subject to a minimum of $100 and a maximum of $10,000
(unless the maximum limit is waived by us), for the purchase of common stock at
the market price. In addition, you have the flexibility to make these optional
cash investments on a regular or occasional basis.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>There are no costs associated with the plan that you must pay, except for
certain costs if you decide to sell common stock you purchased through the plan
(see Question 26 for a description of these costs). You will not pay brokerage
commissions or service fees to purchase common stock through the plan.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As noted above, you will have the convenience of having all or a portion of
your cash dividends automatically reinvested in additional common stock. In
addition, since the plan administrator will credit fractional common stock to
your plan account, you will receive full investment of your dividends. (See
Questions 16 and 23.)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>You will have the option of having your stock certificates held for
safekeeping by the plan administrator, insuring your protection against loss,
theft or destruction of the certificates representing your common stock.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>You will simplify your record keeping by receiving periodic statements which
will reflect all current activity in your plan account, including purchases,
sales and latest balances. (See Question 22.)</TD>
</TR>

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

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<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">



</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At any time, you may direct the plan administrator to sell or transfer all
or a portion of the common stock held in your plan account. (See Question 26.)</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Disadvantages.</I></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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No interest will be paid by us or the plan administrator on dividends or
optional cash payments held pending reinvestment or investment. In addition,
optional cash payments of less than $100 and that portion of any optional cash
payment which exceeds the maximum monthly purchase limit of $10,000 (unless
this upper limit has been waived), are subject to return to you without
interest. Moreover, purchases above the $10,000 limit that have been granted a
waiver will also be subject to return to you without interest in the event that
the threshold price, if any (see Question 20), is not met.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>You may not know the actual number of shares of common stock that you have
purchased until after the investment date.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Your participation in the dividend reinvestment program will result in your
being treated, for federal income tax purposes, as having received a
distribution equal to the fair market value (and not the market price, whether
or not discounted) of the common stock on the date actually acquired from us.
In addition, you will be treated as having received a distribution equal to
your <I>pro rata </I>share of any brokerage commissions paid by us in connection with
the purchase of common stock by the plan administrator from parties other than
us. Such distributions will be taxable as dividends to the extent of our
earnings and profits. These dividends may give rise to a liability for the
payment of income tax without providing you with the immediate cash to pay the
tax when it becomes due.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If you elect to make optional cash payments, you will be treated, for
federal income tax purposes, as having received a distribution equal to the
excess, if any, of the fair market value of the common stock on the date
actually acquired from us over the amount of your optional cash payment. In
addition, you will be treated as having received a distribution equal to your
<I>pro rata </I>share of any brokerage commissions paid by us in connection with the
purchase of common stock by the plan administrator from parties other than us.
Such distributions will be taxable as dividends to the extent of our earnings
and profits. These dividends may give rise to a liability for the payment of
income tax without providing you with the immediate cash to pay the tax when it
becomes due.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Sales of common stock credited to your plan account will involve a nominal
fee per transaction to be deducted from the proceeds of the sale by the plan
administrator (if you request the plan administrator to make such sale), plus
any brokerage commission and any applicable stock transfer taxes on the sales.
(See Question 26.)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Sales of common stock credited to your plan account may take up to 10
business days to process.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>You cannot pledge common stock deposited in your plan account until the shares are withdrawn from the plan.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>ADMINISTRATION AND PLAN ADMINISTRATOR</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="4%" nowrap align="left"><B>5.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Who administers the plan?</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have appointed American Stock Transfer &#38; Trust Company to be the plan administrator.
</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="4%" nowrap align="left"><B>6.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>What are the responsibilities of the plan administrator?</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The plan administrator&#146;s responsibilities include:
</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>administration of the plan;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>acting as your agent;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>keeping records of all plan accounts;</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">-7-
</DIV>

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<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">



</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>sending statements of activity to each participant;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>purchasing and selling, on your behalf, all common stock under the plan; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the performance of other duties relating to the plan.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Holding Shares. </I></B>If you purchase shares through optional cash payments and do not choose to
have the dividends that are paid with respect to these shares reinvested, you must indicate that
the shares are not to be reinvested and request a stock certificate. The plan administrator will
hold any shares you choose to enroll in the dividend reinvestment program and will register them in
the plan administrator&#146;s name (or that of its nominee) as your agent.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Receipt of Dividends. </I></B>As record holder for the plan shares, the plan administrator will
credit the dividends accrued on your plan shares as of the dividend record date to your plan
account on the basis of whole or fractional plan shares held in such account and will automatically
reinvest such dividends in additional common stock. Any remaining portion of cash dividends not
designated for reinvestment will be sent to you.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Other Responsibilities. </I></B>The plan administrator also acts as dividend disbursing agent,
transfer agent and registrar for our common stock. If the plan administrator resigns or otherwise
ceases to act as plan administrator, we will appoint a new plan administrator to administer the
plan.
</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="4%" nowrap align="left"><B>7.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>How do I contact the plan administrator?</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You should send all correspondence with the administrator to:
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">American
Stock Transfer &#38; Trust Company<BR>
Wall Street Station<BR>
P.O. Box 922<BR>
New York, NY 10269

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>PARTICIPATION</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please
mention National Retail Properties, Inc. and this plan in all correspondence. In
addition, you may call the plan administrator at 800-278-4353 or contact the plan administrator via
the Internet at <U>www.amstock.com</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Existing stockholders are either &#147;record owners&#148; or &#147;beneficial owners.&#148; You are a record
owner if you own common stock in your own name. You are a beneficial owner if you own common stock
that is registered in a name other than your own name (for example, the shares are held in the name
of a broker, bank or other nominee). A record owner may participate directly in the plan. If you
are a beneficial owner, however, you will either have to become a record owner by having one or
more shares transferred into your name or coordinate your participation through the broker, bank or
other nominee in whose name your shares are held.
</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="4%" nowrap align="left"><B>8.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Who is eligible to participate?</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following persons are eligible to participate in the plan:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Record Owners. </I></B>All record owners (stockholders whose shares are held in their name on the
records kept by our transfer agent) of common stock are eligible to participate directly in this
plan.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Beneficial Owners</I></B><B>. </B>Beneficial owners (stockholders whose shares are held in the name of a
broker, bank or other nominee on the records kept by our transfer agent) of common stock may
participate in two ways. A beneficial owner may participate directly by becoming a record owner by
having one or more shares transferred into his or her name from that of
</DIV>



<P align="center" style="font-size: 10pt">-8-
</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the applicable broker, bank or other nominee. Alternatively, a beneficial owner may seek to
arrange with the broker, bank or other nominee that is the record owner of his or her shares to
participate on the beneficial owner&#146;s behalf.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Non-Stockholders</I></B><B>. </B>Individuals who do not presently own any common stock (as either a record
owner or beneficial owner) may participate in the plan by making an initial cash purchase of common
stock through the plan&#146;s stock purchase program.
</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="4%" nowrap align="left"><B>9.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Are there limitations on participation in the plan other than those described above?</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Foreign Law Restrictions</I></B><B>. </B>You may not participate in the plan if it would be unlawful for you
to do so in the jurisdiction where you are a citizen or reside. If you are a citizen or resident
of a country other than the United States, you should confirm that by participating in the plan you
will not violate local laws governing, among other things, taxes, currency and exchange controls,
stock registration and foreign investments.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>REIT Qualification Restrictions</I></B><B>. </B>In order for us to maintain our qualification as a REIT, not
more than 50% in value of any class or series of our outstanding capital stock may be owned,
directly or indirectly, by five or fewer individuals (as defined in the Internal Revenue Code). We
may terminate, by written notice at any time, any participant&#146;s individual participation in the
plan if such participation would be in violation of the restrictions contained in our Articles of
Incorporation or Bylaws, as amended from time to time. These restrictions prohibit any
stockholder, directly or indirectly, from beneficially owning more than 9.8% in value of our
outstanding capital stock. Any attempted transfer or acquisition of capital stock that would
create a direct or indirect ownership of capital stock in excess of this limit or otherwise result
in our disqualification as a REIT will be null and void. Our Articles of Incorporation provide
that capital stock subject to this limitation is subject to various rights that we have to enforce
this limitation, including conversion of the shares into nonvoting stock and transfer to a trust.
This summary of the ownership limitation is qualified in its entirety by reference to our Articles
of Incorporation. We reserve the right to invalidate any purchases made under the plan that we
determine, in our sole discretion, may violate the 9.8% ownership limit. Any grant of a request
for waiver of the maximum monthly optional cash purchase will not be deemed to be a waiver of such
ownership limits.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Exclusion from Plan for Short-Term Trading or Other Practices</I></B><B>. </B>You should not use the plan to
engage in short-term trading activities that could change the normal trading volume of the common
stock. If you do engage in short-term trading activities, we may prevent you from participating in
the plan. We reserve the right to modify, suspend or terminate participation in the plan, by
otherwise eligible holders of common stock, in order to eliminate practices which we determine, in
our sole discretion, are not consistent with the purposes or operation of the plan or which may
adversely affect the price of the common stock.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Restrictions at Our Discretion</I></B><B>. </B>In addition to the restrictions described above, we reserve
the right to prevent you from participating in the plan for any other reason. We have the sole
discretion to exclude you from or terminate your participation in the plan.
</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="4%" nowrap align="left"><B>10.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>How do I enroll in the plan?</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Record Owners. </I></B>Record owners may join the plan by completing and signing an authorization
form (see Question 12) and returning it to the plan administrator, or by following the enrollment
procedures specified on the plan administrator&#146;s website at
<u>www.amstock.com</u>.
Authorization forms may be obtained at any time by written request, by telephoning the plan
administrator at the address and telephone number provided in Question 7, or via the Internet at
the plan administrator&#146;s website at
<u>www.amstock.com</u>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Beneficial Owners. </I></B>Beneficial owners who wish to join the plan must instruct their broker,
bank or other nominee to arrange participation in the plan on the beneficial owner&#146;s behalf. The
broker, bank or other nominee should then make arrangements with its securities depository and the
securities depository will provide the plan administrator with the information necessary to allow
the beneficial owner to participate in the plan.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To facilitate participation by beneficial owners, we have made arrangements with the plan
administrator to reinvest dividends and accept optional cash payments under the stock purchase
program by record holders such as brokers,
</DIV>


<P align="center" style="font-size: 10pt">-9-
</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">banks and other nominees, on behalf of beneficial owners. If you are an interested beneficial
owner, be sure that your broker, bank or other nominee passes along the proceeds of any applicable
discount to your account.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alternatively, a beneficial owner may simply request that the number of shares the beneficial
owner wishes to be enrolled in the plan be reregistered by the broker, bank or other nominee in the
beneficial owner&#146;s own name as record owner in order to participate directly in the plan.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Non-Stockholders. </I></B>Non-stockholders may join the plan as a record owner by making an initial
investment in an amount of at least $100 and up to a maximum of $10,000 (unless we specifically
waive the maximum limit). The non-stockholder should complete the portions of the authorization
form for a non-stockholder wishing to become a participant and should designate the amount of the
initial purchase of common stock. At the same time, the new participant may designate all or none
of the purchased shares to be enrolled in the dividend reinvestment program. The authorization
form should be returned to the plan administrator, with payment, on or before the applicable dates
described in Question 11. The non-stockholder may also follow the enrollment procedures
specified on the plan administrator&#146;s website at <U> www.amstock.com</U> to join the
plan. Online enrollment should be completed on or before the applicable dates described in
Question 11.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Optional Cash Payments through Automatic Deductions. </I></B>You may elect to have optional cash
payments made through electronic fund transfers by completing an automatic cash investment
application, which is available from the plan administrator at the address and telephone number
provided in Question 7, or by logging on to <U>www.amstock.com</U>, and providing both
your bank account number and your bank&#146;s routing number. The automatic cash investment application
must be accompanied by a voided bank check or deposit slip for the account from which you authorize
the plan administrator to draw the funds. Once the application is received and processed (which
normally takes approximately two business days) funds will automatically be deducted from the
designated account on the tenth business day prior to each investment date and will be invested on
such investment date. In addition, you can also choose to invest monthly through automatic
deductions. Automatic deductions are subject to the same monthly dollar maximum and minimum as
other optional cash payments.
</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="4%" nowrap align="left"><B>11.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>When will my participation in the plan begin?</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you are a current stockholder and your authorization form (see Question 12) is received by
the plan administrator at least two business days before the record date established for a
particular dividend, reinvestment will commence with that dividend. If your authorization form is
received less than two business days before the record date established for a particular dividend,
reinvestment will begin on the dividend payment date following the next record date if you are, or
your broker, bank or other nominee is, still a record owner. Additionally, if you have submitted
your authorization form and thus, are enrolled in the plan and you wish to make optional cash
payments to purchase shares under the stock purchase program, the plan administrator must receive
full payment by one business day before the relevant investment date.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the case of current non-stockholders making an initial investment, both the authorization
form and full payment of their designated initial investment must be received by three business
days before the relevant investment date.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Once you enroll in the plan, you will remain enrolled in the plan until you withdraw from the
plan, we terminate your participation in the plan or we terminate the plan.</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="4%" nowrap align="left"><B>12.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>What does the authorization form provide?</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The authorization form appoints the plan administrator as your agent and directs us to pay to
the plan administrator, on the applicable record date the cash dividends on your common stock that
are enrolled in the dividend reinvestment program, including all whole and fractional common stock
that are subsequently credited to your plan account, as they are added with each reinvestment or
optional cash purchase designated for reinvestment. These cash dividends with respect to shares
enrolled in the dividend reinvestment program will be automatically reinvested by the plan
administrator in common stock. Any remaining cash dividends not enrolled in the dividend
reinvestment program will be paid directly to you.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additionally, the authorization form directs the plan administrator to purchase common stock
with your optional cash payments, if any, and whether to enroll all or none of such purchased
shares in the dividend reinvestment program.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The authorization form provides for the purchase of initial or additional common stock through
the following investment options:
</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Full Dividend Reinvestment&#148; &#151; If this option is elected, the plan
administrator will apply all cash dividends on all common stock then or
subsequently registered in your name, and all cash dividends on all plan shares
(except as otherwise directed under &#147;Optional Cash Payments&#148; below), together
with any optional cash payments, toward the purchase of additional plan shares.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Partial Dividend Reinvestment&#148; &#151; If this option is elected, the plan
administrator will apply all cash dividends on only the number of shares of
common stock then or subsequently registered in your name and specified on the
authorization form and all cash dividends on all plan shares (except as
otherwise directed under &#147;Optional Cash Payments&#148; below), together with any
optional cash payments, toward the purchase of additional plan shares.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Optional Cash Payments&#148; &#151; If this option is elected, the plan
administrator will apply any optional cash payments made by you to the purchase
of additional shares of common stock in accordance with the plan and will apply
dividends on such additional plan shares.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Unless you designate all or none of your new plan shares for enrollment in the dividend
reinvestment program, you will be enrolled as having selected the full dividend reinvestment
option. In addition, if you return a properly executed authorization form to the plan
administrator without electing an investment option, you will be enrolled as having selected the
full dividend reinvestment option.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You may select any one of the options desired, and the designated options will remain in
effect until you specify otherwise by indicating a different option on a new authorization form, by
withdrawing some or all shares from the plan in favor of receiving cash dividends or in order to
sell your common stock, or until the plan is terminated.
</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="4%" nowrap align="left"><B>13.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>What does the plan administrator&#146;s website provide?</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Instead of submitting an authorization form (see Question 12), you can participate in the plan
by accessing the plan administrator&#146;s website at
<U>www.amstock.com</U>. You may do
the following online:
</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>enroll or terminate your participation in the plan,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>make initial and additional purchases of common stock,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>sell shares of common stock,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>request a stock certificate for non-fractional shares of common stock held
in your plan account, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>view your account history and balances</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>PURCHASES AND PRICES OF SHARES</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="4%" nowrap align="left"><B>14.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>How does the stock purchase program work?</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All current record owners and non-stockholders who have timely submitted signed authorization
forms or online requests via <U>www.amstock.com</U> indicating their intention to
participate in this program of the plan, and beneficial owners whose brokers, banks or other
nominees have timely submitted authorization forms or online requests via
<U>www.amstock.com</U> indicating their intention to participate in this program, are
eligible to make optional cash payments during any month, whether or not a dividend is declared.
Each month the plan administrator will apply any optional cash payment received from a participant
by the deadline described below to the purchase of additional common stock for the account of the
participant on the following investment date and will enroll all such shares in the dividend
reinvestment program unless the participant requests that such shares not be subject to the
dividend reinvestment program.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Deadline for Submitting Optional Cash Payments. </I></B>Optional cash payments will be invested every
month on the related investment date, which will generally be the 15th of each month or, if such
date is not a business day, the first busi-
</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">ness day thereafter (See Question 18). The deadline for submitting optional cash payments is
two business days prior to the relevant investment date.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each month the plan administrator will apply an optional cash payment for which funds are
timely received to the purchase of common stock for your account on the next investment date. In
order for funds to be invested on the next investment date, the plan administrator must have
received a check, money order or wire transfer by the deadline for submitting optional cash
payments. Checks and money orders are accepted subject to timely collection as funds and
verification of compliance with the terms of the plan. Checks or money orders should be made
payable to &#147;American Stock Transfer &#38; Trust Company &#151; National
Retail Properties, Inc. DRSPP.&#148; Checks returned for
any reason will not be resubmitted for collection.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>No Interest on Optional Cash Payments. </I></B>No interest will be paid by us or the plan
administrator on optional cash payments pending investment. Since no interest is paid on cash held
by the plan administrator, it normally will be in your best interest to defer optional cash
payments until shortly before the deadline described above. Generally, optional cash payments
received after the deadline will be held by the plan administrator and invested on the next
investment date.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Refunds of Uninvested Optional Cash Payments</I></B><B>. </B>Upon written request to the plan administrator
received at least five business days prior to the deadline for submitting optional cash payments
for the investment date with respect to which optional cash payments have been delivered to the
plan administrator, your optional cash payments will be returned to you as soon as practicable.
Requests received less than five business days prior to such date will not be returned but instead
will be held by the plan administrator and invested on the next investment date.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additionally, optional cash payments will be returned by check, without interest, as soon as
practicable after the applicable period in which the price of the common stock is determined if the
threshold price, if any, applicable to optional cash payments made pursuant to requests for waiver
of the maximum limit on optional cash payments shall not have been met. (See Question 20.)
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Also, each optional cash payment, to the extent that it does not conform to the limitations
described in Question 19 will be subject to return to you as soon as practicable.
</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="4%" nowrap align="left"><B>15.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>What will be the price of shares purchased under the plan?</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Purchase Price and Discounts</I></B>. The purchase price of common stock under the plan depends on
how you purchase the shares and on whether we issue new shares to you or the plan obtains your
shares by purchasing them in the open market.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to reinvested dividends, the purchase price for common stock that the plan
administrator purchases directly from us initially will be 99% of the &#147;market price&#148; of the common
stock. With respect to optional cash payments of $10,000 or less, the purchase price for common
stock that the plan administrator purchases directly from us initially will be 100% of the market
price of the common stock. With respect to reinvested dividends, the discount from the market
price for common stock that the plan administrator purchases directly from us may be changed by us
from time to time, provided that in no event will the discount exceed 5% of the average of the high
and low trading prices on the applicable investment date. If you are a participant in the plan, you
will be provided with at least 30&nbsp;days&#146; prior written notice of any change in this discount. With
respect to optional cash payments of $10,000 or less, the administrator may offer a discount to the
market price for common shares that the plan administrator purchases directly from us, provided
that in no event will the discount exceed 5% of the average of the high and low trading prices on
the applicable investment date. If you are a participant in the plan, you will be provided with at
least 30&nbsp;days&#146; prior written notice of any adoption of, or change in, this discount.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to reinvested dividends and optional cash payments of $10,000 or less, the
purchase price for common stock that the plan administrator purchases from parties other than us,
either in the open market or in privately negotiated transactions, will be 100% of the &#147;average
price per share&#148; actually paid by the plan administrator, excluding any brokerage commissions. If
you are a participant in the plan during a time when we are offering a discount from the market
price for common stock purchased directly from us, you will be
provided with at least 30&nbsp;days&#146; prior written notice of a purchase from parties other than us.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to optional cash payments greater than $10,000, the purchase price for common
stock that the plan administrator purchases directly from us will be the market price of the common
stock less a discount that we may elect to offer, provided that in no event will the discount
exceed 5% of the average of the high and low trading prices on the applicable investment date. The
market price for optional cash payments in excess of $10,000 is determined in the same manner as
for optional cash payments of less than $10,000, except that we may set a threshold price that the
market price of our common stock must exceed. We will refund the investment if the market price
does not equal or exceed the threshold price. We will set the threshold price and any applicable
discount, if any, five business days before the deadline for submitting optional cash purchases.
Written notice of the threshold price and the applicable discount, if any, at any time will not be
provided to you. You must call us to obtain the threshold price and applicable discount, if any.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to optional cash payments greater than $10,000, the purchase price for common
stock that the plan administrator purchases from parties other than us, either in the open market
or in privately negotiated transactions, will be 100% of the average price per share actually paid
by the plan administrator, excluding any brokerage commissions.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Optional cash investments of less than $100 and that portion of any optional cash investment
in excess of the maximum monthly purchase limit of $10,000, unless we have waived such maximum
limit, will be returned to you without interest.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of the discounts, if any, is subject to change from time to time (but will not vary from
the range of 0% to 5%) and is also subject to discontinuance at our discretion at any time based on
a number of factors, including current market conditions, the level of participation in the plan
and our current and projected capital needs. Except with respect to the discount applicable to
optional cash payments in excess of the $10,000 limit, we will provide participants with at least
30&nbsp;days&#146; prior written notice of a change in the applicable discount.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Determination of &#147;Market Price&#148; and &#147;Average Price Per Share.&#148; </I></B>For purposes of the
calculation of the purchase price for shares purchased directly from us, &#147;market price&#148; is equal to
the average of the daily high and low trading prices, computed to three decimal places, of the
common stock on the New York Stock Exchange or other securities exchange where the common stock is
traded, as reported in The Wall Street Journal, during the five (5)&nbsp;days on which the New York
Stock Exchange or such other securities exchange is open and for which trades in our common stock
are reported immediately preceding the relevant investment date, or, if no trading occurs in our
common stock on one or more of such days, for the five (5)&nbsp;days immediately preceding the
investment date for which trades are reported.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of the calculation of the purchase price for shares purchased from parties other
than us, either on the open market or in privately negotiated transactions, &#147;average price per
share&#148; is equal to the weighted average of the actual prices paid, computed to three decimal
places, for all of the common stock purchased with all participants&#148; reinvested dividends and
optional cash payments for the related month.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Plan Administrator&#146;s Control of Purchase Terms</I></B>. When open market purchases are made by the
plan administrator, these purchases may be made on any securities exchange where common stock is
traded, in the over-the-counter market or by negotiated transactions, and may be subject to the
terms with respect to price, delivery and other matters to which the plan administrator agrees. We
do not, and you will not, have any authorization or power to direct the time or price at which
shares will be purchased or the selection of the broker or dealer through or from whom purchases
are to be made by the plan administrator; however, if you are a participant in the plan during a
time when we are offering a discount from the market price for common stock purchased directly from
us, you will be provided with at least 30&nbsp;days&#146; prior written notice of a purchase from parties
other than us. However, when open market purchases are made by the plan administrator, the plan
administrator shall use its best efforts to purchase the shares at the lowest possible price.
</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="4%" nowrap align="left"><B>16.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>How will the number of shares purchased for my account be determined?</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Your account will be credited with the number of shares, including fractions computed to three
decimal places, equal to the total amount to be invested on your behalf, divided by the applicable
discounted price per share, calculated pursuant to the methods described above, as applicable.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The total amount to be invested will depend on the amount of any dividends paid on the number
of shares you own and have designated for reinvestment, and the amount of any optional cash
payments you have made and available for in-
</DIV>


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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">vestment on the related investment date. Subject to the availability of common stock
registered for issuance under the plan, there is no total maximum number of shares available for
issuance pursuant to the reinvestment of dividends.
</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="4%" nowrap align="left"><B>17.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>What is the source of common stock purchased under the plan?</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The plan administrator will purchase common stock either directly from us or from parties
other than us, either on the open market or through privately negotiated transactions, or by a
combination of the foregoing. We will determine the source of the common stock to be purchased
under the plan after a review of current market conditions and our current and projected capital
needs. We and the plan administrator are not required to provide any written notice to you as to
the source of the common stock to be purchased under the plan.
</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="4%" nowrap align="left"><B>18.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>What are investment dates and when will dividends or other money be invested?</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares purchased under the plan will be purchased on the &#147;investment date&#148; in each month. The
investment date with respect to the common stock acquired pursuant to dividend reinvestments will
be (i)&nbsp;if acquired directly from us, the quarterly dividend payment date declared by our Board of
Directors or (ii)&nbsp;in the case of open market purchases, as soon as practicable following the date
or dates of actual investment. The investment date for shares acquired pursuant to optional cash
payments will be (i)&nbsp;if acquired directly from us, generally the 15th of each month or, if such
date is not a business day, the first business day thereafter or (ii)&nbsp;in the case of open market
purchases, as soon as practicable following the date or dates of actual investment.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the reinvestment of dividends, the record date is the record date declared by our Board of
Directors for that dividend. Likewise, the dividend payment date declared by the Board of
Directors constitutes the investment date. In the past, record dates for dividends generally have
preceded the dividend payment dates by approximately 15&nbsp;days. We historically have paid dividends
on or about the 15<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> day of each February, May, August and November. We cannot assure
you that we will pay dividends according to this schedule in the future, and nothing contained in
the plan obligates us to do so. Neither we nor the plan administrator will be liable when
conditions, including compliance with the rules and regulations of the Securities and Exchange
Commission, prevent the plan administrator from buying common stock or interfere with the timing of
purchases. We pay dividends as and when declared by our Board of Directors. We cannot assure you
that we will declare or pay a dividend in the future, and nothing contained in the plan obligates
us to do so. The plan does not represent a guarantee of future dividends.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares will be allocated and credited to your plan accounts on the appropriate investment
date.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>No interest will be paid on cash dividends pending investment or reinvestment under the terms
of the plan.</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="4%" nowrap align="left"><B>19.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>What limitations apply to optional cash payments?</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For any investment date that you choose to make an optional cash payment, you must invest at
least $100 but not more than $10,000. For purposes of these limitations, all plan accounts under
common control, management or representation by a broker, bank or other nominee will be aggregated.
Optional cash payments of less than $100 and that portion of any optional cash payment which
exceeds the maximum monthly purchase limit of $10,000, unless we have waived such maximum limit,
will be returned to you without interest after the applicable period in which the price of the
common stock is determined.
</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="4%" nowrap align="left"><B>20.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>How do I make optional cash payments over the $10,000 maximum monthly amount?</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Request for Waiver</I></B><B>. </B>Optional cash payments in excess of $10,000 per month may be made only
pursuant to a request for waiver approved by us. If you wish to submit an optional cash payment in
excess of $10,000 for any investment date, you must obtain our prior written approval, and a copy
of such written approval must accompany any such optional cash payment.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At least five (5)&nbsp;business days prior to the applicable deadline for optional cash payments
for an investment date, we will determine whether to establish a threshold price (as described
below) and/or a discount applicable to optional cash payments in excess of the maximum. We will
make this determination in our discretion after a review of such considera-

<P align="center" style="font-size: 10pt">-14-
</DIV>

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

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">tions as transaction costs, current market conditions, the level of participation in the plan,
and current and projected capital needs. You may ascertain whether a threshold price has been set
or waived, and obtain the applicable discount, for the given month by telephoning our Investor
Relations Department at (407)&nbsp;650-3679.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A request for waiver must then be received by us by U.S. mail or facsimile at (407)&nbsp;650-1044
for that month at least four (4)&nbsp;business days before the deadline for submitting optional cash
payments. We will notify you if the request for waiver has been approved no later than two
business days prior to the deadline for submitting optional cash payments. Please refer to
Question 14 for further procedural details with respect to submitting timely payments.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Threshold Price</I></B><B>. </B>We may establish, for any period in which the price of the common stock is
determined, a minimum price applicable to optional cash payments made pursuant to requests for
waiver of the $10,000 limit on optional cash payments. We will state any threshold price as a
dollar amount that market price of the common stock on the New York Stock Exchange as described in
Question 16 must equal or exceed. If the threshold price is not satisfied, optional cash payments
made pursuant to a request for waiver of the $10,000 limit on optional cash payments will be
returned to you by check, without interest, as soon as practicable after the applicable period in
which the price of the common stock is determined.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The establishment of a threshold price and the possible return of the investment applies only
to optional cash payments made pursuant to a request for waiver of the $10,000 limit on optional
cash payments. Setting a threshold price for a period will not affect the setting of a threshold
price for any subsequent period. We and the plan administrator are not required to provide any
written notice to you as to the threshold price for any period, although we will respond to your
request for that information as described above.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Waiver Discount</I></B><B>. </B>Each month we may establish a discount from the market price applicable only
to optional cash payments made pursuant to a request for waiver of the $10,000 limit on optional
cash payments. This discount may be between 0% and 5% of the purchase price and may vary each
month. Once established for a particular month, this discount will apply uniformly to all optional
cash payments made pursuant to an approved request for waiver of the $10,000 limit on optional cash
payments for that month. Setting such a discount for a particular month will not affect the
setting of a discount for any subsequent month. This discount will apply to the entire optional
cash payment and not just to the portion that exceeds $10,000.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The establishment of such a discount applies only to optional cash payments made pursuant to a
request for waiver of the $10,000 limit on optional cash payments. All other optional cash
payments will currently be made at the market price subject to any discount offered as described in
Question 15 and shall not be subject to any discount established pursuant to the preceding
paragraph.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Our Rights Regarding Approval of Waiver Requests</I></B><B>. We have sole discretion whether to grant
any approval for optional cash payments in excess of the allowable maximum amount</B>. In deciding
whether to approve your request for a waiver, we will consider a variety of relevant factors
including, but not limited to:
</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>transaction costs;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>whether, at the time of the request, the plan administrator is acquiring
newly issued shares directly from us or acquiring shares in the open market;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our need for additional funds;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the attractiveness of obtaining these additional funds through the sale of
common stock as compared to other sources of funds;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the purchase price likely to apply;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the extent and nature of your prior participation in the plan;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the number of shares of common stock you hold of record or beneficially; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the aggregate amount of optional cash payments in excess of $10,000 for
which requests for waiver have been submitted.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">-15-
</DIV>

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<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">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If requests for waiver are submitted for any investment date for an aggregate amount in excess
of the amount we are then willing to accept, we may honor these requests in order of receipt, <I>pro
rata </I>or by any other method that we determine to be appropriate. There is no pre-established
maximum limit applicable to optional cash payments that may be made pursuant to approved requests
for waiver.
</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="4%" nowrap align="left"><B>21.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Will I incur expenses in connection with my participation under the plan?</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You will not pay brokerage commissions or service fees to purchase common stock through the
plan. We will pay all other costs of administration of the plan. Additionally, if you elect to
send certificates for any other of our common stock that you own to the plan administrator for
safekeeping, you must include a letter of instruction stating such, there is no fee for this
service. However, if you request that the plan administrator sell all or any portion of your
shares, you will incur fees as described under Question 26 below.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>REPORTS TO PARTICIPANTS</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="4%" nowrap align="left"><B>22.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>How will I keep track of my investments?</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You will receive a statement of your account following each purchase of additional shares,
whether by reinvestment of dividends or by optional cash payments. This detailed statement will
provide you with the following information with respect to your plan account:
</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>total number of shares of common stock purchased, including fractional shares;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>price paid per share of common stock;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>date of stock purchases; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>total number of shares of common stock in your plan account.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You should retain these statements to determine the tax cost basis of the shares purchased for
your account under the plan. In addition, you will receive copies of other communications sent to
our stockholders, including our annual report to stockholders, the notice of annual meeting and
proxy statement in connection with our annual meeting of stockholders and Internal Revenue Service
information for reporting dividends paid.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You can also view your account history and balance online by accessing the plan
administrator&#146;s website at <U>www.amstock.com</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>DIVIDENDS ON FRACTIONS OF SHARES</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="4%" nowrap align="left"><B>23.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Will I be credited with dividends on fractions of shares?</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes. Any fractional share held in your plan account (see Question 16) that has been
designated for participation in the dividend reinvestment program of the plan will receive a
proportionate amount of any dividend declared on our common stock.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>CERTIFICATES FOR SHARES</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="4%" nowrap align="left"><B>24.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Will I receive certificates for shares purchased?</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Safekeeping of Certificates</I></B><B>. </B>Normally, common stock purchased for you under the plan will be
held in the name of the plan administrator or its nominee. The plan administrator will credit the
shares to your plan account in &#147;book-entry&#148; form. This service protects against loss, theft or
destruction of certificates evidencing common stock.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You may also elect to deposit with the plan administrator certificates for other shares of
common stock that you own and that are registered in your name for safekeeping under the plan
without charge. The plan administrator will credit the common stock represented by the
certificates to your account in &#147;book-entry&#148; form and will combine the shares with any whole and
fractional shares then held in your plan account. In addition to protecting against the loss,
theft or destruc-
</DIV>


<P align="center" style="font-size: 10pt">-16-
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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">tion of your certificates, this service is convenient if and when you sell common stock
through the plan. Because you bear the risk of loss in sending certificates to the plan
administrator, you should send certificates by registered mail, return receipt requested, and
properly insured to the address specified in Question 7 above.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Issuance of Certificates</I></B><B>. </B>No certificates will be issued to you for shares in the plan unless
you submit a written request to the plan administrator or until your participation in the plan is
terminated. At any time, you may request the plan administrator to send a certificate for some or
all of the whole shares credited to your account. This request should be mailed to the plan
administrator at the address set forth in the answer to Question 7 or made via the Internet at
<U>www.amstock.com</U>. There is no fee for this service. Any remaining whole shares
and any fractions of shares will remain credited to your plan account. Certificates for fractional
shares will not be issued under any circumstances.
</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="4%" nowrap align="left"><B>25.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>In whose name will certificates be registered when issued?</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Your plan account will be maintained in the name in which your certificates were registered at
the time of your enrollment in the plan. Stock certificates for those shares purchased under the
plan will be similarly registered when issued upon your request. If your shares are held through a
broker, bank or other nominee, such request must be placed through your broker, bank or other
nominee.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>SALE OF SHARES</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="4%" nowrap align="left"><B>26.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>How do I sell shares held in my plan account?</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You may contact the plan administrator to sell all or any part of the shares held in your plan
account. After receipt of your request, the plan administrator will sell the shares through a
designated broker or dealer. The plan administrator will mail to you a check for the proceeds of
the sale, less applicable brokerage commissions, service charges and any taxes. The plan
administrator will sell shares within ten business days of receipt of the sale request, at then
current market prices through one or more brokerage firms. If you sell or transfer only a portion
of the shares in your plan account, you will remain a participant in the plan and may continue to
make optional cash investments and reinvest dividends. The plan administrator will continue to
reinvest the dividends on the shares credited to your account unless you notify the plan
administrator that you wish to withdraw from the plan.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The plan requires you to pay all costs associated with the sale of your shares under the plan.
You will receive the proceeds of the sale, less a $15 service fee per transaction and a $0.10 per
share brokerage commission paid to the plan administrator and any other applicable fees.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the plan administrator sells all shares held in your plan account, the plan administrator
will automatically terminate your account. In this case, you will have to complete and file a new
Authorization Form to rejoin the plan.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WITHDRAWALS AND TERMINATION</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="4%" nowrap align="left"><B>27.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>When may I withdraw from the plan?</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You may withdraw from the plan with respect to all or a portion of the shares held in your
plan account at any time. If the request to withdraw is received prior to a dividend record date
set by our Board of Directors for determining stockholders of record entitled to receive a
dividend, the request will be processed on the first business day following receipt of the request
by the plan administrator.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the request to withdraw is received by the plan administrator on or after a dividend record
date, but before the payment date, the plan administrator, in its sole discretion, may delay the
withdrawal until after the payment date, at which time the dividend will be reinvested in shares
for your plan account. The request for withdrawal will then be processed as promptly as possible
following the dividend payment date. All dividends paid subsequent to that dividend payment date
will be paid in cash unless you re-enroll in the plan, which you may do at any time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any optional cash payments which have been sent to the plan administrator prior to a request
for withdrawal will also be invested on the next investment date unless you expressly request
return of that payment in the request for with-
</DIV>


<P align="center" style="font-size: 10pt">-17-
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<DIV style="font-family: 'Times New Roman',Times,serif">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">drawal, and the request for withdrawal is received by the plan administrator at least five
business days prior to the business day before the start of the five-day period in which the price
of the common stock is determined.
</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="4%" nowrap align="left"><B>28.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>How do I withdraw from the plan?</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you wish to withdraw from the plan with respect to all or a portion of the shares in your
plan account, you must notify the plan administrator in writing at its mailing address or via its
Internet address specified in the answer to Question 7. Upon your withdrawal from the plan or our
termination of the plan, certificates for the appropriate number of whole shares credited to your
account under the plan will be issued free of charge. A cash payment will be made for any fraction
of a share.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon withdrawal from the plan, you may also request in writing that the plan administrator
sell all or part of the shares credited to your plan account. (See Question 26.)
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>OTHER 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="4%" nowrap align="left"><B>29.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>What are some of the tax consequences of my participation in the plan?</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You are encouraged to consult your personal tax advisor with specific reference to your own
tax situation and potential changes in the applicable law as to all federal, state, local, foreign
and other tax matters in connection with the reinvestment of dividends and purchase of shares under
the plan, your tax basis and holding period for shares acquired under the plan and the character,
amount and tax treatment of any gain or loss realized on the disposition of shares. The following
is a brief summary of the material federal income tax considerations applicable to the plan, is for
general information only, and does not constitute tax advice.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Tax Consequences of Dividend Reinvestment Program</I>. The following discussion summarizes
certain federal income tax considerations that may be relevant to a person who elects to
participate in the dividend reinvestment program under the plan.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you participate in the dividend reinvestment program under the plan, you will be treated
for federal income tax purposes as having received, on the investment date, a distribution in an
amount equal to the fair market value of the shares on the date the shares were acquired with
reinvested dividends. You will also be treated as having received an additional distribution equal
to your <I>pro rata </I>share of any brokerage commissions paid by us in connection with the purchase of
common stock by the plan administrator from parties other than us, either on the open market or in
privately negotiated transactions. Such shares will have a tax basis equal to the fair market
value of the shares on the date the shares were acquired plus your <I>pro rata </I>share of any brokerage
fees paid by us. For federal income tax purposes, the fair market value of shares acquired under
the plan will likely be treated as equal to the average of the high and low sale prices of shares
on the related investment date. The trading value on that specific date may vary from the market
price determined under the plan for such shares.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Such distributions will be taxable as dividends to the extent of our current or accumulated
earnings and profits. To the extent the distributions are in excess of our current or accumulated
earnings and profits, the distributions will be treated first as a tax-free return of capital,
reducing the tax basis in your shares, and the distributions in excess of your tax basis, if any,
will be taxable as gain realized from the sale of your shares. In addition, if the Company
designates part or all of its distributions as capital gain distributions, those designated amounts
will be treated by you as long-term capital gains.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Example 1:</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following example may be helpful to illustrate the federal income tax consequences of the
reinvestment of dividends at a 1% discount from the market price where the fair market value for
tax purposes is the same as the market price determined under the plan for such shares.

<P align="center" style="font-size: 10pt">-18-
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</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="89%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash dividends reinvested</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">100.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Assumed Market Price per share*</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">20.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Less: 1% discount per share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(0.20</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net purchase price per share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">19.80</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Number of shares purchased ($100.00/$19.80)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.0505</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total taxable distributions resulting from transaction and tax
basis (20.00 X 5.0505)**</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">101.01</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>This price is assumed for illustrative purposes only, and will vary with the market price
of the common stock.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">**</TD>
    <TD>&nbsp;</TD>
    <TD>Assumes fair market value (average trading price) on investment date also equals $20.00.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Tax Consequences of the Stock Purchase Program</I>. If you participate in the stock purchase
program under the plan, you will be treated for federal income tax purposes as having received, on
the investment date, a distribution equal to the excess, if any, of the fair market value of the
common stock on this date over the amount of your optional cash payment. In addition, you will
be treated as having received a distribution equal to your <I>pro rata </I>share of any brokerage commissions
paid by us in connection with the purchase of common stock by the plan administrator from parties
other than us. These distributions will be taxable as dividends to the extent of our earnings and
profits. Shares acquired through the stock purchase program under the plan should have a tax basis
equal to the amount of the payment plus the <I>pro rata </I>amount of any brokerage commissions paid by us
that is includible in your taxable income and the excess, if any, of the fair market value of the
shares purchased over the amount of the payment, but only to the extent such excess is treated as a
distribution taxable as a dividend. The fair market value on an investment date may differ from the
market price determined under the plan for such shares.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Example 2:</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following example may be helpful to illustrate the federal income tax consequences of the
optional cash payment feature at a 0% discount from the market price where the fair market value
for tax purposes differs from the market price determined under the plan for such shares and where
you also re-enrolled in the dividend reinvestment program.
</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="91%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Optional cash payment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">100.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Assumed Market Price per share*</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">20.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Less: 0% discount per share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(0.00</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net purchase price per share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">20.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Number of shares purchased ($100.00/$20.00)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total taxable dividend resulting from transaction (5.00 X $20.50 - $100.00)**</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2.50</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>This price is assumed for illustrative purposes only, and will vary with the market price
of common stock.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">**</TD>
    <TD>&nbsp;</TD>
    <TD>This example assumes a fair market value (average trading price) on the investment date of
$20.50.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Your holding period for shares acquired pursuant to either program under the plan will begin
on the day following the investment date. Dividends received by corporate stockholders will not be
eligible for the dividends received deduction.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You will not realize any taxable income upon receipt of certificates for whole shares credited
to your account, either upon your request for certain of those shares or upon termination of
participation in the plan.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You will realize gain or loss upon the sale or exchange of shares
acquired under the plan. You will also realize gain or loss upon receipt, following termination of
participation in the plan, of a cash payment for any fractional share equivalent credited to your
account. The amount of any such gain or loss will be the difference between the amount that you
received for the shares or fractional share equivalent and the tax basis thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Income Tax Withholding and Administrative Expense</I>. If you are a foreign shareholder whose
dividends are subject to United States income tax withholding or a domestic shareholder whose
dividends are subject to backup withholding taxes, the plan administrator will reinvest an amount
equal to the dividend less the amount of any tax required to be withheld. Amounts withheld from
dividends will be paid to the United States Treasury and the affected participants will be advised
of the amount withheld.
</DIV>


<P align="center" style="font-size: 10pt">-19-
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign stockholders who elect to make optional cash payments only will continue to receive
regular cash dividends on shares registered in their names in the same manner as if they were not
participating in this plan. Funds for optional cash payments must be in United States dollars and
will be invested in the same way as payments from other participants.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on a series of recent private rulings issued by the IRS, we intend to take the position
that administrative expenses of the plan paid by us are not considered to be distributions to
participants.
</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="4%" nowrap align="left"><B>30.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>May shares in my account be pledged?</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You may not pledge any of the common stock in your plan account. Any attempted pledge of
these shares will be void. If you wish to pledge shares, you must first withdraw them from the
plan.
</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="4%" nowrap align="left"><B>31.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>If we issue rights to purchase securities to the holders of common stock, how will the rights
on plan shares be handled?</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event that we make available to the holders of our common stock rights to purchase
additional shares of common stock or any other securities, the plan administrator will sell these
rights (if the rights are saleable and detachable from the common stock) accruing to common stock
held by the plan administrator for you and invest the proceeds in additional shares of common stock
on the next dividend payment date for the common stock. In the event these rights are not saleable
or detachable, the plan will hold the rights for your benefit. If you wish to receive directly any
of these rights, you may do so by sending to the plan administrator, at least five business days
before the rights offering record date, a written request that certificates for shares in your
account be sent to you.
</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="4%" nowrap align="left"><B>32.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>What happens if we declare a dividend payable in shares or declare a share split?</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any dividend payable in shares and any additional shares distributed by us in connection with
a share split in respect of shares credited to your plan account will be added to that account.
Share dividends or split shares which are attributable to shares registered in your own name and
not in your plan account will be mailed directly to you as in the case of stockholders not
participating in the plan.
</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="4%" nowrap align="left"><B>33.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>How will shares held by the plan administrator be voted at meetings of stockholders?</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you are a record owner, you will receive a proxy card covering both directly held shares
and shares held in the plan. If you hold your shares through a broker, bank or other nominee, you
should receive a proxy covering shares held in the plan from your broker, bank or other nominee.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a proxy is returned properly signed and marked for voting, all of the shares covered by the
proxy will be voted as marked. If a proxy is returned properly signed but no voting instructions
are given, all of your shares will be voted in accordance with recommendations of our Board of
Directors, unless applicable laws require otherwise. If the proxy is not returned, or if it is
returned unexecuted or improperly executed, shares registered in your name may be voted only by you
and only in person.
</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="4%" nowrap align="left"><B>34.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>What are our responsibilities and those of the plan administrator under the plan?</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We, any of our agents and the plan administrator, will not be liable in administering the plan
for any act done in good faith or required by applicable law or for any good faith omission to act,
including, without limitation, any claim of liability (i)&nbsp;arising out of failure to terminate your
account upon your death or judgment of incompetence prior to the plan administrator&#146;s receipt of
notice in writing of such death or judgment of incompetence, (ii)&nbsp;with respect to the price at
which shares are purchased and/or the times when such purchases are made, or (iii)&nbsp;relating to any
fluctuation in the market value of the common stock.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We, any of our agents and the plan administrator, will not have any duties, responsibilities
or liabilities other than those expressly set forth in the plan or as imposed by applicable laws,
including federal securities laws. Since the plan administrator has assumed all responsibility for
administering the plan, we specifically disclaim any responsibility for any of

<P align="center" style="font-size: 10pt">-20-
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the plan administrator&#146;s actions or inactions in connection with the administration of the
plan. None of our directors, officers, employees or stockholders will have any personal liability
under the plan.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We, any of our agents and the plan administrator, will be entitled to rely on completed forms
and the proof of due authority to participate in the plan, without further responsibility of
investigation or inquiry.
</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="4%" nowrap align="left"><B>35.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>What will be my responsibilities under the plan?</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Your plan shares may revert to the state in which you live in the event that the shares are
deemed, under your state&#146;s laws, to have been abandoned by you. For this reason, you should notify
the plan administrator promptly in writing of any change of address. The plan administrator will
address account statements and other communications to you at the last address of record you
provide to the plan administrator.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You will have no right to draw checks or drafts against your plan account or to instruct the
plan administrator with respect to any common stock or cash held by the plan administrator except
as expressly provided herein.
</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="4%" nowrap align="left"><B>36.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>May the plan be changed or discontinued?</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes. We may suspend, terminate, or amend the plan at any time. Notice will be sent to you of
any suspension or termination, or of any amendment that alters the plan terms and conditions, as
soon as practicable after we take such an action. We may also substitute another agent in place of
the current plan administrator at any time; you will be promptly informed of any such substitution.
We will determine any questions of interpretation arising under the plan and any such
determination will be final.
</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="4%" nowrap align="left"><B>37.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Are there any risks associated with the plan?</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Your investment in shares held in your plan account is no different from your investment in
shares held directly. Neither we nor the plan administrator can assure you a profit or protect you
against a loss on the shares that you purchase. You bear the risk of any loss and enjoy the
benefits of any gain from market price changes with respect to such shares.
</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="4%" nowrap align="left"><B>38.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>How will you interpret and regulate the plan?</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will interpret, regulate and take any other action in connection with the plan that we deem
reasonably necessary to carry out the plan. We may adopt rules and regulations to facilitate the
administration of the plan. As a participant in the plan, you will be bound by any actions taken
by us or the plan administrator.
</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="4%" nowrap align="left"><B>39.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>What law governs the plan?</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The terms and conditions of the plan and its operation will be governed by the laws of the
State of Maryland.
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except to the extent the plan administrator purchases common stock in the open market or in
privately negotiated transactions with third parties, the common stock acquired under the plan will
be sold directly by us through the plan. We may sell our common stock to owners of shares
(including brokers or dealers) who, in connection with any resales of such shares, may be deemed to
be underwriters. These shares, including shares acquired through waivers granted with respect to
the stock purchase program of the plan, may be resold in market transactions (including coverage of
short positions) on any national security exchange or automated quotation system on which our
common stock are traded or are quoted, or in privately negotiated
transactions. Our common stock are currently listed on the New York Stock Exchange. Under certain circumstances, it is expected that
a portion of the common stock available for issuance under the plan will be issued pursuant to
waivers granted with respect to the stock purchase program of the plan. The difference between the
price owners who may be deemed to be underwriters pay us for our common stock acquired
under the plan, after deduction of the appli-
</DIV>


<P align="center" style="font-size: 10pt">-21-

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">cable discount from the market price, and the price at which such shares are resold, may be
deemed to constitute underwriting commissions received by these owners in connection with such
transactions.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the availability of common stock registered for issuance under the plan, there is
no total maximum number of shares that can be issued pursuant to the reinvestment of dividends.
From time to time, financial intermediaries may engage in positioning transactions in order to
benefit from the discount from the market price acquired through the reinvestment of dividends and
optional cash payments under the plan.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except with respect to sales of common stock relating to reinvested dividends, we will pay any
and all brokerage commissions and related expenses incurred in connection with purchases of common
stock under the plan. Upon your withdrawal from the plan by the sale of common stock held under
the plan, you will receive the proceeds of such sale less a $15 service fee per transaction and a
$0.10 per share brokerage commission to the plan administrator and any other applicable fees.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock may not be available under the plan in all states. This prospectus does not
constitute an offer to sell, or a solicitation of an offer to buy, any common stock or other
securities in any state or any other jurisdiction to any person to whom it is unlawful to make such
offer in such jurisdiction.
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain legal matters in connection with any offering of securities made by this prospectus
will be passed upon for us by Pillsbury Winthrop Shaw Pittman LLP, a limited liability partnership
including professional corporations. In addition, the description of federal income tax
consequences contained in this prospectus under &#147;Other Information &#151;What are some of the tax
consequences of my participation in the plan?&#148; is, to the extent that it constitutes matters of
law, summaries of legal matters or legal conclusions, the opinion of Pillsbury Winthrop Shaw
Pittman LLP.
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The consolidated financial statements and schedules of Commercial Net Lease Realty, Inc. as of
December&nbsp;31, 2005 and 2004, and the related consolidated statements of earnings, stockholders&#146;
equity and cash flows for each of the years in the three-year period ended December&nbsp;31, 2005, and
management&#146;s assessment of the effectiveness of internal control over financial reporting as of
December&nbsp;31, 2005 have been incorporated by reference herein, and in the registration statement in
reliance upon the reports of KPMG LLP, independent registered public accounting firm, incorporated
by reference herein, and upon the authority of said firm as experts in accounting and auditing.
Our report with respect to the consolidated financial statements refers to the implementation Financial Accounting
Standards Board Interpretation No.&nbsp;46, revised December&nbsp;2003, &#147;Consolidation of Variable Interest
Entities&#148; (FIN 46R).
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>WHERE YOU CAN FIND MORE INFORMATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We file annual, quarterly and current reports, proxy statements and other information with the
SEC. Our SEC filings are available to the public at the SEC&#146;s website at http://www.sec.gov. You
may also read and copy any document we file at the SEC&#146;s Public Reference Room at 100 F Street,
N.E., Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 for further information on the
operation of the Public Reference Room.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The SEC allows us to &#147;incorporate by reference&#148; the information we file with them, which means
we can disclose important information to you by referring you to those documents. The information
that we incorporate by reference is an important part of our prospectus, and all information that
we will later file with the SEC will automatically update and supersede this information. We
incorporate by reference the documents listed below as well as any future filings made with the SEC
under Sections&nbsp;13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934 (Exchange Act File
No.&nbsp;001-11290) from the date of this prospectus until we sell all of the securities under this
prospectus as supplemented until we sell all of our common stock under our prospectus.
Notwithstanding the foregoing, we do not incorporate any document or portion of a document that is
&#147;furnished&#148; to the SEC.
</DIV>


<P align="center" style="font-size: 10pt">-22-
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Annual Report on Form 10-K for the fiscal year ended December&nbsp;31, 2005,
filed with the SEC on February&nbsp;27, 2006.</TD>
</TR>

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


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Quarterly Report on Form 10-Q for the quarter ended
March&nbsp;31, 2006,
filed with the SEC on May&nbsp;4, 2006.</TD>
</TR>


<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Current Report on Form 8-K dated February&nbsp;3, 2006, filed with the SEC on
February&nbsp;8, 2006 (File No.&nbsp;001-11290).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Current Report on Form 8-K dated February&nbsp;8, 2006, filed with the SEC on
February&nbsp;14, 2006 (File No.&nbsp;001-11290).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Current Report on Form 8-K dated February&nbsp;9, 2006, filed with the SEC on
February&nbsp;15, 2006 (File No.&nbsp;001-11290).</TD>
</TR>

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


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Current Report on Form 8-K dated May&nbsp;1, 2006,
filed with the SEC on May&nbsp;1, 2006 (File No. 001-11290).</TD>
</TR>



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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The description of the capital stock contained in the Registration Statement
on Form 8-A filed with the SEC on July&nbsp;22, 1992 (File No.&nbsp;001-11290).</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You may request a copy of these filings at no cost, by writing or telephoning us. Those
copies will not include exhibits to those documents unless the exhibits are specifically
incorporated by reference in the documents or unless you specifically request them. You may also
request copies of any exhibits to the registration statement. Please direct your request to:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 9%; margin-top: 6pt">
National Retail Properties, Inc.<BR>
450 South Orange Avenue, Suite&nbsp;900<BR>
Orlando, Florida 32801<BR>
Attention: Kevin B. Habicht<BR>
(407)&nbsp;265-7348
</DIV>


<P align="center" style="font-size: 10pt">-23-
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><IMG src="w20951w2095101.gif" alt="(National Retail Properties Logo)"></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If you need assistance, please call American Stock Transfer &#038; Trust Company at the number listed below.<BR>
Return the completed form to:
</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="5%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
    <TD width="34%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>American Stock Transfer &#038; Trust Company</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><B>Toll Free 1-800-278-4353</B></TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Wall Street Station P.O. Box 922</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>New York, NY 10269</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</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="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Please complete all sections that apply:</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">Make initial investment: 1, 2, 3 &#038; 5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Current Shareholders:</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Purchase additional shares: 3, 5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">I am already a shareholder of record.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Enroll/change participations: 3, 5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">My account number is # &#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;
&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Certify tax ID number: 2</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Please take the action requested in any and all</TD></TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Direct deposit/Draft bank account: 4, 5</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">completed sections below.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Change address: 1, 5</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>1. Initial Investment (or Address Change)</B><BR>
I wish to enroll in the National Retail Properties Dividend Reinvestment and Stock Purchase Plan
(Plan) by enclosing an initial cash investment of $&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;($100 min./$10,000 max.). Enclosed is my
check/money order made payable to American Stock Transfer &#038; Trust Company. I certify that I am of
legal age and that I reside in one of the 50 states or the District of Columbia.
</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="45%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Name(s) on Registration (Please Print)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Address: (Or Address Change)</TD>
</TR>

<tr>
    <TD>&nbsp;</TD>
</tr>

<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<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">(Street Name &#038; Number)</TD>
</TR>

<tr>
    <TD>&nbsp;</TD>
</tr>

<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<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">(City, State, Zip)</TD>
</TR>

<tr>
    <TD>&nbsp;</TD>
</tr>

<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<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">(Daytime Phone Number)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Type of Account: Please check one box and provide all requested 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="1%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>INDIVIDUAL/JOINT &#151; </B>Joint accounts will be presumed to be joint tenants (with right of
survivorship) and not as Tenants in Common. The social security number of the first owner
listed should be provided.</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="1%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>CUSTODIAL &#151; </B>A minor is the beneficial owner of the account with one adult custodian
managing the account until the minor becomes of age, as specified in the Uniform
Transfer/Gifts to Minors Act in the minor&#146;s state of residence. The minor&#146;s social security
number must be provided.</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="1%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>TRUST &#151; </B>An account is established in accordance with the provisions of a trust
agreement. Please include a copy of the first and last pages of trust agreement, which include
name of trust, trustees, and date.</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="1%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>OTHER &#151; </B>Corporation/Partnership/Other Entity &#151; A corporate resolution or agreement
naming an authorized person to act on behalf of the entity must be provided with initial
enrollment and for any future transactions.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>2. Substitute Form&nbsp;W-9<BR>
Under penalty of perjury, I certify that:</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="1%" nowrap align="left"><B>1.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The number shown on this form is my correct taxpayer identification number (or I am waiting
for a number to be issued to me); and</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="1%" nowrap align="left"><B>2.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>I am not subject to backup withholding because: (a)&nbsp;I am exempt from backup withholding, or
(b)&nbsp;I have not been notified by the Internal Revenue Service that I am subject to backup
withholding as a result of a failure to report all interest or dividends, or (c)&nbsp;the IRS has
notified me that I am no longer subject to backup withholding; and</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>3.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>I am a U.S. person (including a U.S resident alien).

</TR>
</TABLE>
</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="45%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Name (Please Print)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Social Security # or Employer Identification #</TD>
</TR>

<tr>
    <TD>&nbsp;</TD>
</tr>

<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Signature</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
</DIV>


<P align="center" style="font-size: 10pt">
</DIV>
</DIV>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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

<TR>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="42%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="44%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B><FONT size="2">3.</FONT></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <B><FONT size="2">Dividend Reinvestment Participation</FONT></B></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <B><FONT size="2">Social Security # or Taxpayer ID</FONT></B></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <B><FONT size="2">Optional Cash Investment&nbsp;&#151; No
    2-party checks accepted</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <B><FONT size="2">$</FONT></B><FONT size="2">______________($100
    minimum - $10,000 maximum)
    </FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
    <TD colspan="3" align="left" valign="top">
    <B><FONT size="2">Method of Participation:</FONT></B></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <B><FONT size="2">Partial Withdrawal:</FONT></B></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <FONT size="2"><FONT face="wingdings">&#111;</FONT>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Full Dividend Reinvestment, Reinvest <B>ALL
    </B>shares
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2"><FONT face="wingdings">&#111;</FONT>
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Issue a stock certificate
    for _______ whole
    shares
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <FONT size="2"><FONT face="wingdings">&#111;</FONT>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Partial Dividend Reinvestment, Receive <B>CASH
    </B>on _________ whole
    shares and reinvest all remaining shares
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2"><FONT face="wingdings">&#111;</FONT>
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Sell ______ shares
    from my account
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <FONT size="2"><FONT face="wingdings">&#111;</FONT>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">NO Dividend Reinvestment, Receive <B>CASH </B>for
    all shares
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <B><FONT size="2">Complete Termination From the Plan:<BR>
    </FONT></B><FONT size="2"><FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp;Issue a stock certificate for my full shares and a check
for the fractional share<BR>

</FONT><FONT size="2"><FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp;Sell
    all of my shares, full and fractional
    </FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
    <TD colspan="3" align="left" valign="top">
    <B><FONT size="2">Other:</FONT></B></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <FONT size="2"><FONT face="wingdings">&#111;</FONT>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="5" align="left" valign="top">
    <FONT size="2">Issue a stock certificate for my full shares and
    a check for the fractional share
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <FONT size="2"><FONT face="wingdings">&#111;</FONT>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="5" align="left" valign="top">
    <FONT size="2">Deposit enclosed certificate(s) in my Plan
    account (suggest certified or registered mail)
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7" align="left"><HR size="1" noshade></TD>

</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B><FONT size="2">4.</FONT></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="5" align="left" valign="top">
    <B><FONT size="2">Electronic Funds Transfer
    </FONT></B><FONT size="2">(You may select one or both.)
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <FONT size="2"><FONT face="wingdings">&#111;</FONT>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <B><FONT size="2">Direct Deposit:</FONT></B></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2"><FONT face="wingdings">&#111;</FONT>
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <B><FONT size="2">Monthly Bank Draft:</FONT></B></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Deposit my dividends to my bank account by
    electronic transfer (in lieu of receiving a dividend check).
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Draft my bank account each month for investment
    in Plan Shares. (Deductions to be on or about the 10th of each
    month.) Amount _________ ($100
    minimum - $10,000 maximum)
    </FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
    <TD colspan="3" align="left" valign="top">
    <B><FONT size="2">Type of
    Account:&nbsp;&nbsp;</FONT></B><FONT size="2"><FONT face="wingdings">&#111;</FONT>&nbsp;Checking&nbsp;&nbsp;&nbsp;
   </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <FONT size="2"><FONT face="wingdings">&#111;</FONT>&nbsp;Savings
    (Verify ABA# with your bank.)</FONT></TD>

<FONT size="2"><FONT face="wingdings">&#111;</FONT>&nbsp;Savings
    (Verify ABA# with your bank.)
    </FONT></TD>
</TR>

<tr>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</tr>

<TR>
    <TD colspan="3" align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left"><HR size="1" noshade></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <FONT size="2">Name(s) on Bank Account (Please Print)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <FONT size="2">Bank Account Number
    </FONT></TD>
</TR>

<tr>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</tr>

<TR>
    <TD colspan="3" align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left"><HR size="1" noshade></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <FONT size="2">Bank Contact&nbsp;&#151; Telephone Number
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <FONT size="2">ABA Routing Number
    </FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
    <TD colspan="7" align="left" valign="top">
    <B><FONT size="2">Please enclose a copy of a voided check or
    savings deposit slip to verify banking information.<BR>
    </FONT></B><FONT size="2">I (We) hereby authorize American Stock
    Transfer &#38; Trust Company (the Agent), to make automatic
    electronic deposits of dividends to the checking or savings
    account indicated and/or to make automatic monthly transfers of
    funds from said account, in the amount stated, which will be
    used to purchase shares of National Retail Properties common
    stock for deposit into my (our) Dividend Reinvestment and Stock
    Purchase Plan account.
    </FONT></TD>
</TR>

<tr>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</tr>

<TR>
    <TD colspan="7" align="left" valign="top">
    <FONT size="2">I (We) also authorize the Agent to make debit or
    credit entries, if necessary, for any amounts credited or
    debited in error.<BR>
    I (We) also authorize the financial institution above, to credit
    and/or debit the same to such account.
    </FONT></TD>
</TR>

<tr>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</tr>

<TR>
    <TD colspan="7" align="left" valign="top">
    <FONT size="2">This authority is to remain in full force and
    effect until the Agent has received written notification from me
    (us) of its termination in such time and in such a manner as to
    afford the Agent a reasonable opportunity to act.
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7" align="left"><HR size="1" noshade></TD>

</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B><FONT size="2">5.</FONT></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="5" align="left" valign="top">
    <B><FONT size="2">Signatures</FONT></B></TD>
</TR>

<TR>
    <TD colspan="7" align="left" valign="top">
    <FONT size="2">By signing this form, I request action on all
    areas completed. I also realize that by filling out
    section&nbsp;(1)&nbsp;Initial Investment, and (3)&nbsp;Dividend
    Reinvestment Participation, that I request enrollment in the
    Plan, certify that I have read the Plan Prospectus describing
    National Retail Properties Dividend Reinvestment and Stock
    Purchase Plan (the Plan), and agree to abide by the terms and
    conditions of the Plan. I hereby appoint American Stock Transfer
    &#38; Trust Company (the Agent) to apply dividends as I may
    instruct and any cash investments I may make to the purchase of
    Shares under the Plan. I understand that I may revoke this
    authorization at any time by written notice to the Agent. All
    Registered Owners must
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left"><HR size="1" noshade></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <FONT size="2">Signature
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <FONT size="2">Date
    </FONT></TD>
</TR>

<tr>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</tr>

<TR>
    <TD colspan="3" align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left"><HR size="1" noshade></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <FONT size="2">Signature
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <FONT size="2">Date
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="7" align="left"><HR size="1" noshade></TD>

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end
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