<SUBMISSION>
<ACCESSION-NUMBER>0001206774-08-000770
<TYPE>DEF 14A
<PUBLIC-DOCUMENT-COUNT>3
<PERIOD>20080530
<FILING-DATE>20080411
<DATE-OF-FILING-DATE-CHANGE>20080411
<EFFECTIVENESS-DATE>20080411
<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>DEF 14A
<ACT>34
<FILE-NUMBER>001-11290
<FILM-NUMBER>08752335
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>450 S ORANGE AVE
<STREET2>SUITE 900
<CITY>ORLANDO
<STATE>FL
<ZIP>32801
<PHONE>407-666-7348
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>450 SOUTH ORANGE AVE
<STREET2>SUITE 900
<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>DEF 14A
<SEQUENCE>1
<FILENAME>nationalretail_def14a.htm
<DESCRIPTION>DEFINITIVE PROXY STATEMENT
<TEXT>

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<P align=center><B><FONT face=serif size=2>UNITED STATES<BR></FONT></B><B><FONT face=serif size=2>SECURITIES AND EXCHANGE COMMISSION<BR>WASHINGTON, D.C.
20549</FONT></B></P>
<P align=center><B><FONT face=serif size=2>SCHEDULE 14A<BR>(Rule 14a-101)
</FONT></B></P>
<P align=center><B><FONT face=serif size=2>SCHEDULE 14A
INFORMATION</FONT></B><FONT face=serif size=2> </FONT></P>
<P align=center><B><FONT face=serif size=2>Proxy Statement Pursuant to Section
14(a)<BR>of the Securities Exchange Act of 1934 </FONT></B></P>
<P align=justify><FONT face=serif size=2>Filed by the Registrant
[X]<BR></FONT><FONT face=serif size=2>Filed by a Party other than the Registrant
[_] </FONT></P>
<P align=justify><FONT face=serif size=2>Check the appropriate box: </FONT></P>
<P align=justify><FONT face=serif size=2>[_] Preliminary Proxy
Statement<BR></FONT><FONT face=serif size=2>[_]</FONT><B><FONT face=serif size=2> Confidential, For Use of the Commission Only (as Permitted by Rule
14a-6(e)(2))<BR></FONT></B><FONT face=serif size=2>[X] Definitive Proxy
Statement<BR>[_] Definitive Additional Materials<BR></FONT><FONT face=serif size=2>[_] Soliciting Material Pursuant to &#167;240.14a-12 </FONT></P>
<DIV align=center>
<TABLE cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR style="PADDING-BOTTOM: 4pt; PADDING-TOP: 4pt" vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt dashed" align=center width="100%"><B><FONT face=serif size=2>National Retail Properties,
      Inc.</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD align=center width="100%"><FONT face=serif size=2>(Name of Registrant
      as Specified in Its Charter)</FONT> </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt dashed" width="100%">&nbsp;&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="100%"><FONT face=serif size=2>(Name of
      Person(s) Filing Proxy Statements, if Other Than the
      Registrant)</FONT>&nbsp; </TD></TR></TABLE></DIV><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD align=left width="100%" colSpan=3><FONT face=serif size=2>Payment of
      Filing Fee (Check the appropriate box):</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="96%"><FONT face=serif size=2>[X] No fee
      required.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="2%"></TD>
    <TD align=left width="2%"></TD>
    <TD align=left width="96%"><FONT face=serif size=2>[_] Fee computed on
      table below per Exchange Act Rules 14a-6(i)(1) and 0-11.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="2%"></TD>
    <TD align=left width="2%"></TD>
    <TD align=left width="96%"><FONT face=serif size=2>(1) Title of each class
      of securities to which transaction applies:</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="2%"></TD>
    <TD align=left width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt dashed" align=left width="96%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="2%"></TD>
    <TD align=left width="2%"></TD>
    <TD align=left width="96%"><FONT face=serif size=2>(2) Aggregate number of
      securities to which transaction applies:</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="2%"></TD>
    <TD align=left width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt dashed" align=left width="96%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="2%"></TD>
    <TD align=left width="2%"></TD>
    <TD align=left width="96%"><FONT face=serif size=2>(3) Per unit price or
      other underlying value of transaction computed pursuant to Exchange Act
      Rule 0-11</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="2%"></TD>
    <TD align=left width="2%"></TD>
    <TD align=left width="96%"><FONT face=serif size=2>(set forth the amount
      on which the filing fee is calculated and state how it was
      determined):</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="2%"></TD>
    <TD align=left width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt dashed" align=left width="96%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="2%"></TD>
    <TD align=left width="2%"></TD>
    <TD align=left width="96%"><FONT face=serif size=2>(4) Proposed maximum
      aggregate value of transaction:</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="2%"></TD>
    <TD align=left width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt dashed" align=left width="96%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="2%"></TD>
    <TD align=left width="2%"></TD>
    <TD align=left width="96%"><FONT face=serif size=2>(5) Total fee
      paid:</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="2%"></TD>
    <TD align=left width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt dashed" align=left width="96%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="2%"></TD>
    <TD align=left width="2%"></TD>
    <TD align=left width="96%"><FONT face=serif size=2>[_] Fee paid previously
      with preliminary materials.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="2%"></TD>
    <TD align=left width="2%"></TD>
    <TD align=left width="96%"><FONT face=serif size=2>[_] Check box if any
      part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and
      identify the filing for which the offsetting fee was paid previously.
      Identify the previous filing by registration statement number, or the Form
      or Schedule and the date of its filing.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="2%"></TD>
    <TD align=left width="2%"></TD>
    <TD align=left width="96%"><FONT face=serif size=2>(1) Amount Previously
      Paid:</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="2%"></TD>
    <TD align=left width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt dashed" align=left width="96%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="2%"></TD>
    <TD align=left width="2%"></TD>
    <TD align=left width="96%"><FONT face=serif size=2>(2) Form, Schedule or
      Registration Statement No.:</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="2%"></TD>
    <TD align=left width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt dashed" align=left width="96%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="2%"></TD>
    <TD align=left width="2%"></TD>
    <TD align=left width="96%"><FONT face=serif size=2>(3) Filing
    Party:</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="2%"></TD>
    <TD align=left width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt dashed" align=left width="96%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="2%"></TD>
    <TD align=left width="2%"></TD>
    <TD align=left width="96%"><FONT face=serif size=2>(4) Date
    Filed:</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="2%"></TD>
    <TD align=left width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt dashed" align=left width="96%">&nbsp;</TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=center><B><FONT face=serif size=4>NATIONAL RETAIL PROPERTIES, INC.
<BR></FONT></B><B><FONT face=serif size=2>450 South Orange Avenue, Suite
900<BR>Orlando, Florida 32801<BR>Tel: 407-265-7348 </FONT></B></P>
<P align=center><B><FONT face=serif>April 11, 2008</FONT></B></P>
<P align=justify><FONT face=serif size=2>To Our Stockholders: </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>You are
cordially invited to attend the annual meeting of stockholders of National
Retail Properties, Inc. (the &#147;Company&#148;) on May 30, 2008 at 8:30 a.m. local time,
at 450 South Orange Avenue, Suite 900, Orlando, Florida 32801. Our directors and
officers look forward to greeting you personally. Enclosed for your review are
the Proxy Card, Proxy Statement and Notice of Meeting for the Annual Meeting of
Stockholders, which describe the business to be conducted at the meeting. The
matters proposed for consideration at the meeting are:</FONT></P>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top noWrap><FONT face=serif size=2>1.</FONT></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top width="100%"><FONT face=serif size=2>The election of eight
      directors;</FONT></TD></TR>
  <TR>
    <TD noWrap></TD>
    <TD vAlign=top width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face=serif size=2>2.</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><FONT face=serif size=2>The ratification of
      the selection of our independent registered public accounting firm for
      2008; and</FONT></TD></TR>
  <TR>
    <TD noWrap></TD>
    <TD vAlign=top width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face=serif size=2>3.</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><FONT face=serif size=2>The transaction of
      such other business as may come before the meeting or any adjournment
      thereof.</FONT></TD></TR></TABLE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Whether
you own a few or many shares of stock of the Company, it is important that your
shares be represented. If you cannot personally attend the meeting, we encourage
you to make certain you are represented at the meeting by signing and dating the
accompanying proxy card and promptly returning it in the enclosed envelope. You
may also vote either by <U>telephone (1-800-690-6903) or on the Internet
(http://www.proxyvote.com)</U>. Returning your proxy card, voting by telephone
or voting on the Internet will not prevent you from voting in person, but will
assure that your vote will be counted if you are unable to attend the meeting.
</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="50%"></TD>
    <TD width="50%"><FONT face=serif size=2>Sincerely, </FONT></TD></TR>
  <TR>
    <TD width="50%"></TD>
    <TD width="50%"><IMG src="nationalretail_def14a1x1x1.jpg" border=0></TD></TR>
  <TR>
    <TD width="50%"></TD>
    <TD width="50%">
      <P align=justify><FONT face=serif size=2>Craig Macnab</FONT></P></TD></TR>
  <TR>
    <TD width="50%"></TD>
    <TD width="50%">
      <P align=justify><FONT face=serif size=2>Chief Executive Officer
      </FONT></P></TD></TR></TABLE>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=center><B><FONT face=serif size=4>NATIONAL RETAIL PROPERTIES,
INC.<BR></FONT></B><B><FONT face=serif size=2>450 South Orange Avenue, Suite
900<BR>Orlando, Florida 32801 </FONT></B></P>
<P align=center><B><FONT face=serif>NOTICE OF ANNUAL MEETING OF
STOCKHOLDERS<BR>TO BE HELD MAY 30, 2008 </FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face=serif size=2>NOTICE
IS HEREBY GIVEN </FONT></B><FONT face=serif size=2>that the annual meeting of
stockholders of </FONT><B><FONT face=serif size=2>NATIONAL RETAIL PROPERTIES,
INC.</FONT></B><FONT face=serif size=2> will be held at 8:30 a.m. local time, on
May 30, 2008, at 450 South Orange Avenue, Suite 900, Orlando, Florida 32801, for
the following purposes: </FONT></P>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top noWrap><FONT face=serif size=2>1.</FONT></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top width="100%"><FONT face=serif size=2>To elect eight
      directors;</FONT></TD></TR>
  <TR>
    <TD noWrap></TD>
    <TD vAlign=top width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face=serif size=2>2.</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><FONT face=serif size=2>To ratify the
      selection of the independent registered public accounting firm for 2008;
      and</FONT></TD></TR>
  <TR>
    <TD noWrap></TD>
    <TD vAlign=top width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face=serif size=2>3.</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><FONT face=serif size=2>To transact such other
      business as may properly come before the meeting or any adjournment
      thereof.</FONT></TD></TR></TABLE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face=serif size=2>Stockholders of record at the close of business on April 1, 2008, will be
entitled to notice of and to vote at the annual meeting or at any adjournment
thereof. </FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Stockholders are cordially invited to attend the meeting in person.
</FONT><B><FONT face=serif size=2>PLEASE VOTE, EVEN IF YOU PLAN TO ATTEND THE
MEETING, BY COMPLETING, SIGNING AND RETURNING THE ENCLOSED PROXY CARD, BY
TELEPHONE (1-800-690-6903) OR ON THE INTERNET (<U>http://www.proxyvote.com</U>) BY
FOLLOWING THE INSTRUCTIONS ON YOUR PROXY CARD.</FONT></B><FONT face=serif size=2> If you decide to attend the meeting you may revoke your Proxy and vote
your shares in person. It is important that your shares be voted. </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="50%"></TD>
    <TD width="50%"><FONT face=serif size=2>By Order of the Board of
      Directors,</FONT><FONT size=3>&nbsp;</FONT></TD></TR>
  <TR>
    <TD width="50%"></TD>
    <TD width="50%"><IMG src="nationalretail_def14a1x2x1.jpg" border=0></TD></TR>
  <TR>
    <TD width="50%"></TD>
    <TD width="50%">
      <P align=justify><FONT face=serif size=2>Christopher P. Tessitore<FONT size=3>&nbsp;</FONT></FONT></P></TD></TR>
  <TR>
    <TD width="50%"></TD>
    <TD width="50%">
      <P align=justify><FONT face=serif size=2>Executive Vice President,
      General Counsel and<FONT size=3>&nbsp;</FONT></FONT></P></TD></TR>
  <TR>
    <TD width="50%"></TD>
    <TD width="50%"><FONT face=serif size=2>Secretary</FONT><FONT size=3>&nbsp;</FONT></TD></TR>
  <TR>
    <TD width="50%">
      <P align=justify><FONT face=serif size=2>April 11, 2008<FONT size=3>&nbsp;</FONT></FONT></P></TD>
    <TD width="50%"></TD></TR>
  <TR>
    <TD width="50%"><FONT face=serif size=2>Orlando, Florida</FONT><FONT size=3>&nbsp;</FONT></TD>
    <TD width="50%"></TD></TR></TABLE>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=center><B><FONT face=serif size=4>NATIONAL RETAIL PROPERTIES,
INC.<BR></FONT></B><B><FONT face=serif size=2>450 South Orange Avenue, Suite
900<BR>Orlando, Florida 32801<BR>Tel: 407-265-7348 </FONT></B></P>
<P align=center><B><FONT face=serif>_______________</FONT></B></P>
<P align=center><B><FONT face=serif>PROXY STATEMENT<BR><B><FONT face=serif>_______________</FONT></B></FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT face=serif size=2>General.</FONT></I><FONT face=serif size=2> This Proxy Statement is
furnished by the Board of Directors of National Retail Properties, Inc. (the
&#147;Company&#148;) in connection with the solicitation by the Board of Directors of
proxies to be voted at the annual meeting of stockholders to be held on May 30,
2008, and at any adjournment thereof, for the purposes set forth in the
accompanying notice of such meeting. All stockholders of record at the close of
business on April 1, 2008 (the &#147;Record Date&#148;) will be entitled to vote. It is
anticipated that this Proxy Statement and the enclosed Proxy will be mailed to
stockholders on or about April 18, 2008. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT face=serif size=2>Voting/Revocation of Proxy.</FONT></I><FONT face=serif size=2> If you
complete and properly sign and mail the accompanying proxy card, it will be
voted as you direct. If you are a registered stockholder and attend the meeting,
you may deliver your completed proxy card in person. &#147;Street name&#148; stockholders
who wish to vote at the meeting will need to obtain a proxy from the institution
that holds their shares. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>If you
are a registered stockholder, you may vote by telephone (1-800-690-6903), or
electronically through the Internet <U>(http://www.proxyvote.com)</U>, by
following the instructions included with your proxy card. If your shares are
held in &#147;street name,&#148; please check your proxy card or contact your broker or
nominee to determine whether you will be able to vote by telephone or
electronically. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Any
proxy, if received in time, properly signed and not revoked, will be voted at
such meeting in accordance with the directions of the stockholder. If no
directions are specified, the proxy will be voted </FONT><B><FONT face=serif size=2>FOR</FONT></B><FONT face=serif size=2> each of the proposals contained
herein. Any stockholder giving a proxy has the power to revoke it at any time
before it is exercised. A proxy may be revoked (1) by delivery of a written
statement to the Secretary of the Company stating that the proxy is revoked, (2)
by presentation at the annual meeting of a subsequent proxy executed by the
person executing the prior proxy, or (3) by attendance at the annual meeting and
voting in person. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT face=serif size=2>Vote
Required for Approval; Quorum.</FONT></I><FONT face=serif size=2> The eight
nominees for director who receive the most votes will be elected. If you
indicate &#147;withhold authority to vote&#148; for a particular nominee by entering the
number of any nominee (as designated on the proxy card) below the pertinent
instruction on the proxy card, your vote will not count either for or against
the nominee. As of the Record Date, 72,979,640 shares of the common stock
of the Company (the &#147;Common Stock&#148;) were outstanding, of which 72,803,504 shares entitled the holder thereof to one vote on each of the matters to be voted upon
at the annual meeting. As of the Record Date, our executive officers and
directors had the power to vote approximately 1.29% of the outstanding shares of
Common Stock. Our executive officers and directors have advised us that they
intend to vote their shares of Common Stock </FONT><B><FONT face=serif size=2>FOR</FONT></B><FONT face=serif size=2> each of the proposals contained
herein.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Votes
cast in person or by proxy at the annual meeting will be tabulated and a
determination will be made as to whether or not a quorum is present. We will
treat abstentions as shares that are present and entitled to vote for purposes
of determining the presence or absence of a quorum, but as unvoted for purposes
of determining the approval of any matter submitted to the stockholders. If a
broker submits a proxy indicating that it does not have discretionary authority
as to certain shares to vote on a particular matter (broker non-votes), those
shares will not be considered as present and entitled to vote with respect to
such matter. Broker non-votes with respect to the election of directors will
have no effect on the outcome of the vote on this proposal.</FONT></P>
<P align=center><B><FONT face=serif size=2>YOUR VOTE AT THE ANNUAL MEETING IS
VERY IMPORTANT TO US.</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT face=serif size=2>Solicitation of Proxies</FONT></I><FONT face=serif size=2>. Solicitation
of proxies will be primarily by mail. However, our directors and officers may
also solicit proxies by telephone or telegram or in person. All of the expenses
of soliciting proxies, including preparing, assembling, printing and mailing the
materials used in the solicitation of proxies, will be paid by us. Arrangements
may be made with brokerage houses and other custodians, nominees and fiduciaries
to forward soliciting materials, at our expense, to the beneficial owners of
shares held of record by such persons. </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=center><B><FONT face=serif size=2>TABLE OF CONTENTS</FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD align=left width="97%" bgColor=#c0c0c0><FONT face=serif size=2>PROPOSAL I: ELECTION OF DIRECTORS</FONT> </TD>
    <TD align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>3</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="97%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Nominees</FONT> </TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="2%"><FONT face=serif size=2>3</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="97%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Corporate Governance</FONT> </TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>4</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="97%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Audit Committee</FONT> </TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="2%"><FONT face=serif size=2>5</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="97%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Governance and Nominating Committee</FONT> </TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>6</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="97%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Compensation Committee</FONT>
    </TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="2%"><FONT face=serif size=2>7</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="97%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Compensation Committee Interlocks and Insider Participation</FONT>
    </TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>8</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="97%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Director Compensation</FONT> </TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="2%"><FONT face=serif size=2>8</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="97%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Code of Business
      Conduct</FONT> </TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>9</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="97%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Executive Officers</FONT> </TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="2%"><FONT face=serif size=2>9</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="97%" bgColor=#c0c0c0><FONT face=serif size=2>AUDIT
      COMMITTEE REPORT</FONT> </TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>11</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="97%"><FONT face=serif size=2>EXECUTIVE
      COMPENSATION</FONT> </TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="2%"><FONT face=serif size=2>12</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="97%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Compensation Discussion and Analysis</FONT> </TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>12</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="97%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Executive Compensation Tables</FONT> </TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="2%"><FONT face=serif size=2>16</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="97%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Summary Compensation Table</FONT> </TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>16</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="97%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Grants of Plan-Based Award</FONT> </TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="2%"><FONT face=serif size=2>17</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="97%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Outstanding Equity Awards at Fiscal Year End</FONT> </TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>18</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="97%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Option Exercises and Stock Vested</FONT> </TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="2%"><FONT face=serif size=2>19</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="97%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Potential Payments Upon Termination or Change of Control</FONT> </TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>19</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="97%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Termination Upon Death or Disability</FONT> </TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="2%"><FONT face=serif size=2>21</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="97%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Termination by the Company without Cause; Termination by Executive
      for Good Reason</FONT> </TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>22</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="97%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Termination upon Expiration of
      the Employment Agreement</FONT> </TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="2%"><FONT face=serif size=2>22</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="97%" bgColor=#c0c0c0><FONT face=serif size=2>COMPENSATION COMMITTEE REPORT</FONT> </TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>23</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="97%"><FONT face=serif size=2>PROPOSAL II: PROPOSAL
      TO RATIFY INDEPENDENT REGISTERED PUBLIC ACCOUNTING</FONT>&nbsp;<FONT face=serif size=2>FIRM</FONT> </TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="2%"><FONT face=serif size=2>24</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="97%" bgColor=#c0c0c0><FONT face=serif size=2>SECURITY OWNERSHIP</FONT> </TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>26</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="97%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Section 16(a) Beneficial Ownership Reporting Compliance</FONT> </TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="2%"><FONT face=serif size=2>27</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="97%" bgColor=#c0c0c0><FONT face=serif size=2>CERTAIN
      RELATIONSHIPS AND RELATED TRANSACTIONS</FONT> </TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>28</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="97%"><FONT face=serif size=2>OTHER
      MATTERS</FONT>&nbsp; </TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="2%"><FONT face=serif size=2>28</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="97%" bgColor=#c0c0c0><FONT face=serif size=2>PROPOSALS FOR NEXT ANNUAL MEETING</FONT> </TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>28</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="97%"><FONT face=serif size=2>ANNUAL
      REPORT</FONT>&nbsp; </TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="2%"><FONT face=serif size=2>28</FONT>
</TD></TR></TABLE><BR>
<P align=center><FONT face=serif size=2>2</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=center><B><FONT face=serif size=2>PROPOSAL I </FONT></B></P>
<P align=center><B><FONT face=serif size=2>ELECTION OF DIRECTORS </FONT></B></P>
<P align=justify><B><FONT face=serif size=2>Nominees </FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
persons named below have been nominated by the Board of Directors of the Company
(the &#147;Board of Directors&#148; or the &#147;Board&#148;) for election as directors to serve
until the next annual meeting of stockholders or until their successors shall
have been elected and qualified. The table sets forth each nominee&#146;s name, age,
principal occupation or employment during at least the last five years, and
directorships in other public corporations. </FONT></P>
<P align=center><B><I><FONT face=serif size=2>THE BOARD OF DIRECTORS RECOMMENDS
A VOTE &#147;FOR&#148; ALL OF THE NOMINEES<BR>DESCRIBED BELOW FOR ELECTION AS
DIRECTORS.</FONT></I></B></P>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=middle noWrap width="3%"><FONT face=serif size=2>Name and Age</FONT></TD>
    <TD vAlign=middle noWrap width="2%"></TD>
    <TD vAlign=middle noWrap width="3%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp; &nbsp; &nbsp;</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=middle width="4%"><FONT face=serif size=2>Background</FONT></TD>
    <TD vAlign=top width="87%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap width="5%"  bgColor=#c0c0c0 colSpan=2></TD>
    <TD vAlign=top noWrap width="3%"  bgColor=#c0c0c0></TD>
    <TD vAlign=top width="91%"  bgColor=#c0c0c0 colSpan=2></TD></TR>
  <TR>
    <TD vAlign=top noWrap width="5%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=2>Dennis E. Gershenson, 65</FONT></TD>
    <TD vAlign=top noWrap width="3%" bgColor=#c0c0c0></TD>
    <TD vAlign=top width="91%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=2>Mr. Gershenson is President and Chief Executive Officer and serves
      as Chairman of the Board of Trustees for Ramco-Gershenson Properties
      Trust. Mr. Gershenson has held the position of President and CEO since May
      1996. Prior to that he served as Vice President - Finance and Treasurer of
      Ramco-Gershenson, Inc. from 1976 to 1996. Mr. Gershenson currently serves
      on the Board of Directors of Hospice of Michigan, the Cranbrook Academy of
      Arts, the Metropolitan Affairs Coalition and Oakland Family Services. He
      is also an active member of the International Council of Shopping Centers
      (ICSC) and the National Association of Real Estate Investment Trusts
      (NAREIT).</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap width="5%" colSpan=2>&nbsp;</TD>
    <TD vAlign=top noWrap width="3%"></TD>
    <TD vAlign=top width="91%" colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap width="5%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=2>Kevin B. Habicht, 49</FONT></TD>
    <TD vAlign=top noWrap width="3%" bgColor=#c0c0c0></TD>
    <TD vAlign=top width="91%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=2>Mr. Habicht has served as a director of the Company from June 2000
      to the present, as Executive Vice President and Chief Financial Officer of
      the Company since December 1993 and as Treasurer of the Company since
      January 1998. Mr. Habicht served as Secretary of the Company from January
      1998 to May 2003. Since 2000, Mr. Habicht has served as a director of
      Orange Avenue Mortgage Investments, Inc., a commercial real estate lending
      company. Mr. Habicht is a Certified Public Accountant and a Chartered
      Financial Analyst.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap width="5%" colSpan=2></TD>
    <TD vAlign=top noWrap width="3%"></TD>
    <TD vAlign=top width="91%" colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap width="5%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=2>Clifford R. Hinkle, 59</FONT></TD>
    <TD vAlign=top noWrap width="3%" bgColor=#c0c0c0></TD>
    <TD vAlign=top width="91%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=2>Mr. Hinkle has served as a director of the Company since 1993.
      Since 1991, Mr. Hinkle has been a founder, director and executive officer
      of Flagler Holdings, Inc., a merchant banking company, and related
      companies. Since 2000, Mr. Hinkle has been a Vice President and Director
      of Murphy, Middleton, Hinkle &amp; Parker (formerly known as Murphy
      Investment Management Company), a registered investment advisor. Mr.
      Hinkle previously served as Executive Director and Chief Investment
      Officer of the State Board of Administration of Florida.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap width="5%" colSpan=2></TD>
    <TD vAlign=top noWrap width="3%"></TD>
    <TD vAlign=top width="91%" colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap width="5%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=2>Richard B. Jennings, 64</FONT></TD>
    <TD vAlign=top noWrap width="3%" bgColor=#c0c0c0></TD>
    <TD vAlign=top width="91%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=2>Mr. Jennings has served as a director of the Company since 2000.
      Mr. Jennings currently serves as President of Realty Capital International
      Inc. and Realty Capital International LLC, real estate investment banking
      firms, which he founded in 1991 and 1999, respectively. Mr. Jennings
      served as President of Jennings Securities LLC from 1995 through October
      2006. From 1969-1991, Mr. Jennings held senior management positions at
      Landauer Real Estate Counselors, Drexel Burnham Lambert Incorporated, and
      Goldman, Sachs &amp; Co. Mr. Jennings also serves as a director of
      Alexandria Real Estate Equities, Inc. and Cogdell Spencer,
  Inc.</FONT></TD></TR></TABLE>
<P align=center><FONT face=serif size=2>3</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top noWrap width="5%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=2>Ted B. Lanier, 73 </FONT></TD>
    <TD vAlign=top noWrap width="3%" bgColor=#c0c0c0><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;</FONT> </TD>
    <TD vAlign=top width="91%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=2>Mr. Lanier has served as a director of the Company since 1988.
      Since his retirement in 1991 as Chairman and Chief Executive Officer of
      Triangle Bank and Trust Company, Raleigh, North Carolina, Mr. Lanier has
      managed his personal investments and managed investment accounts for
      various individuals and trusts.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap width="5%" colSpan=2>&nbsp;</TD>
    <TD vAlign=top noWrap width="3%"></TD>
    <TD vAlign=top width="91%" colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap width="5%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=2>Robert C. Legler, 64</FONT></TD>
    <TD vAlign=top noWrap width="3%" bgColor=#c0c0c0></TD>
    <TD vAlign=top width="91%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=2>Mr. Legler has served as a director of the Company since 2002. From
      1973 until 1990, Mr. Legler was the founder and chairman of privately-held
      First Marketing Corporation, America&#146;s largest publisher of newsletters
      serving nearly 500 clients in the commercial banking, brokerage, health
      care, cable television, travel and retail industries. Upon the sale of the
      company to Reed (now Reed Elsiever) in 1990, Mr. Legler served as
      non-executive Chairman of the Board of First Marketing until his
      retirement in September 2000. Mr. Legler has served as a director of
      Ligonier Ministries of Lake Mary, Florida for more than 20 years. From
      October 1999 through October 2001, he served as director of the Indian
      River Hospital Foundation of Vero Beach, Florida.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap width="5%" colSpan=2></TD>
    <TD vAlign=top noWrap width="3%"></TD>
    <TD vAlign=top width="91%" colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap width="5%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=2>Craig Macnab, 52</FONT></TD>
    <TD vAlign=top noWrap width="3%" bgColor=#c0c0c0></TD>
    <TD vAlign=top width="91%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=2>Mr. Macnab has served as Chief Executive Officer of the Company
      since February 2004. Prior to joining the Company, Mr. Macnab was the
      Chief Executive Officer of JDN Realty Corporation (&#147;JDN&#148;), a publicly
      traded real estate investment trust, from April 2000 through March 2003.
      Mr. Macnab also served as a director of JDN from December 1993 until March
      2003 and as a director of Per Se Technologies, Inc. from 2002 to 2007. Mr.
      Macnab is currently a director of Developers Diversified Realty
      Corp.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap width="5%" colSpan=2></TD>
    <TD vAlign=top noWrap width="3%"></TD>
    <TD vAlign=top width="91%" colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap width="5%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=2>Robert Martinez, 73</FONT></TD>
    <TD vAlign=top noWrap width="3%" bgColor=#c0c0c0></TD>
    <TD vAlign=top width="91%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=2>Mr. Martinez has served as a director of the Company since 2002.
      From 1987 until 1991, Mr. Martinez served as the fortieth governor of the
      state of Florida and, from 1991 to 1993, served as the Director of the
      Office of National Drug Control reporting to the President of the United
      States. From 1999 to 2007, he served as managing director for Carlton
      Fields Government Consulting. In 2007, he assumed the position of Senior
      Policy Advisor at Holland and Knight LLP. From 1997-2001, Mr. Martinez
      also served as director of PRINEX Technologies, a manufacturer of
      ordinances and aerospace products for the United States Department of
      Defense and commercial enterprises.</FONT></TD></TR></TABLE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>In the
event that any nominee(s) should be unable to accept the office of director,
which is not anticipated, it is intended that the persons named in the Proxy
will vote </FONT><B><FONT face=serif size=2>FOR </FONT></B><FONT face=serif size=2>the election of such other person in the place of such nominee(s) for the
office of director as the Board of Directors may recommend. </FONT></P>
<P align=justify><B><FONT face=serif size=2>Corporate Governance</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT face=serif size=2>General.</FONT></I><FONT face=serif size=2> We are currently managed by
an eight-member Board of Directors that consists of Messrs. Gershenson, Habicht,
Hinkle, Jennings, Lanier, Legler, Macnab, and Martinez, with Mr. Macnab serving
as Chairman. Mr. Hinkle served as Chairman during 2007 and in February 2008, Mr.
Hinkle was appointed Lead Director and Mr. Macnab was appointed
Chairman.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The Board
has adopted a set of corporate governance guidelines, which, along with the
written charters for our Board committees described below, provide the framework
for the Board&#146;s governance of the Company. Our corporate governance guidelines
are available both on our website at http://www.nnnreit.com and in print to any
stockholder who requests it.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT face=serif size=2>Independence and Composition.</FONT></I><FONT face=serif size=2> Our
corporate governance guidelines and the rules and regulations of the New York
Stock Exchange, which we refer to as the NYSE listing standards, each require
that a majority of our Board of Directors are &#147;independent&#148; directors, as that
term is defined in the NYSE listing standards. </FONT></P>
<P align=center><FONT face=serif size=2>4</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The Board
of Directors has determined that Messrs. Gershenson, Hinkle, Jennings, Lanier,
Legler and Martinez, representing a majority of our Board of Directors, qualify
as independent directors (the &#147;Independent Directors&#148;) as that term is defined
in the NYSE listing standards. The Board made its determination based on
information furnished by all directors regarding their relationships with us and
our affiliates and research conducted by management. In addition, the Board
consulted with our outside counsel to ensure that the Board&#146;s determination
would be consistent with all relevant securities laws and regulations as well as
the NYSE listing standards. In early 2006, the Board of Directors determined
that G. Nicholas Beckwith III, who served on our Board of Directors until our
2007 annual meeting of stockholders held on May 16, 2007, was an Independent
Director.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT face=serif size=2>Meetings and Attendance.</FONT></I><FONT face=serif size=2> The Board of
Directors met 12 times in the fiscal year ended December 31, 2007. Each of the
nominees serving on the Board of Directors in 2007 attended 95% of the meetings
of (i) the Board of Directors and (ii) the committees of the Board of Directors
on which he served. Our corporate governance guidelines provide that it is the
responsibility of individual directors to make themselves available to attend
scheduled and special Board meetings on a consistent basis. All of our directors
as of the date of the 2007 annual meeting of the Company&#146;s stockholders were in
attendance for the 2007 annual meeting, except for Mr. Beckwith, whose term
expired on that date. In addition, non-management members of the Board of
Directors met in executive session four times in the fiscal year ended December
31, 2007. Pursuant to our corporate governance guidelines, the Chairman of the
Board, if not one of our officers, presides at all executive sessions of the
Board of Directors, except for executive sessions to discuss the compensation of
our chief executive officer, which are chaired by the chairman of the
Compensation Committee. If the Chairman of the Board is an officer, the Board of
Directors will annually appoint a Lead Director, and in the absence of such
appointment, the chairman of the Governance and Nominating Committee will serve
as Lead Director to preside when the Board of Directors meets in executive
session. As a result, in 2007, Mr. Hinkle, as a non-officer Chairman of the
Board, presided over all four executive sessions. In 2008, Mr. Hinkle will
continue to preside over executive sessions in his capacity as Lead
Director.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT face=serif size=2>Interested Party Communications.</FONT></I><FONT face=serif size=2> The
Board of Directors has adopted a process whereby stockholders and other
interested parties can send communications to our directors. Anyone wishing to
communicate directly with one or more directors may do so in writing addressed
to the director or directors, c/o National Retail Properties, Inc., 450 South
Orange Avenue, Suite 900, Orlando, Florida 32801, attention: Secretary of the
Company. All correspondence will be reviewed by the Secretary of the Company and
forwarded directly to the addressee so long as, in the Secretary&#146;s discretion,
such correspondence is reasonably related to protecting or promoting legitimate
interests of interested parties or the reliability of the financial
markets.</FONT></P>
<P align=justify><B><FONT face=serif size=2>Audit Committee </FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT face=serif size=2>General.</FONT></I><FONT face=serif size=2> The Board of Directors has
established an Audit Committee, which is governed by a written charter, a copy
of which is available both on our website at http://www.nnnreit.com and in print
to any stockholder who requests it. Among the duties, powers and
responsibilities of the Audit Committee as provided in its charter, the Audit
Committee: </FONT></P>
<UL>
  <LI><FONT face=serif size=2>has sole power and authority concerning the
  engagement and fees of independent registered public</FONT> <FONT face=serif size=2>accounting firms;<BR>&nbsp;</FONT>
  <LI><FONT face=serif size=2>reviews with the independent registered public
  accounting firm the plans and results of the audit</FONT> <FONT face=serif size=2>engagement;<BR>&nbsp;</FONT>
  <LI><FONT face=serif size=2>pre-approves all audit services and permitted
  non-audit services provided by the independent registered</FONT> <FONT face=serif size=2>public accounting firm;<BR>&nbsp;</FONT>
  <LI><FONT face=serif size=2>reviews the independence of the independent
  registered public accounting firm;<BR>&nbsp;</FONT>
  <LI><FONT face=serif size=2>reviews the adequacy of our internal control over
  financial reporting; and,<BR>&nbsp;</FONT>
  <LI><FONT face=serif size=2>reviews accounting, auditing and financial
  reporting matters with our independent registered public</FONT> <FONT face=serif size=2>accounting firm and management.</FONT></LI></UL>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT face=serif size=2>Independence and Composition.</FONT></I><FONT face=serif size=2> The
composition of the Audit Committee is subject to the independence and other
requirements of the Securities Exchange Act of 1934 and the rules and
regulations promulgated by the SEC thereunder, which we refer to as the Exchange
Act, and the NYSE listing standards.</FONT></P>
<P align=center><FONT face=serif size=2>5</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<PAGE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The Board
of Directors, upon the unanimous recommendation of the Governance and Nominating
Committee, has determined that all current members of the Audit Committee meet
the audit committee composition requirements of the Exchange Act and the NYSE
listing standards and that each of Messrs. Jennings and Lanier qualifies as an
&#147;audit committee financial expert&#148; as that term is defined in the Exchange
Act.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT face=serif size=2>Meetings.</FONT></I><FONT face=serif size=2> The Audit Committee met
eight times in the fiscal year ended December 31, 2007. During fiscal year 2007
and as of February 13, 2008, Messrs. Lanier, Jennings and Martinez were the
members of the Audit Committee, with Mr. Lanier serving as Chairman. </FONT></P>
<P align=justify><B><FONT face=serif size=2>Governance and Nominating Committee
</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT face=serif size=2>General.</FONT></I><FONT face=serif size=2> The Board of Directors has
established a Governance and Nominating Committee, which is governed by a
written charter, a copy of which is available both on our website at
http://www.nnnreit.com and in print to any stockholder who requests it. As
provided in the Governance and Nominating Committee charter, the Governance and
Nominating Committee: </FONT></P>
<UL>
  <LI><P align=justify><FONT face=serif size=2>identifies and recommends to the Board of
  Directors individuals to stand for election and reelection to the Board at our annual meeting of stockholders and to fill
  vacancies that may arise from time to time;</FONT></P>
  <LI><P align=justify><FONT face=serif size=2>develops and makes recommendations to the Board
  for the creation, and ongoing review and revision of, a set of effective corporate governance principles that promote our
  competent and ethical operation and a policy
  governing ethical business conduct of our employees and Directors; and,</FONT></P>
  <LI><P align=justify><FONT face=serif size=2>makes recommendations to the Board of Directors as
  to the structure and membership of committees of</FONT> <FONT face=serif size=2>the Board of Directors.</FONT></P></LI></UL>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT face=serif size=2>Selection of Director Nominees.</FONT></I><FONT face=serif size=2> Our
corporate governance guidelines provide that the Governance and Nominating
Committee will endeavor to identify individuals to serve on the Board who have
expertise that is useful to us and complimentary to the background, skills and
experience of other Board members. The Governance and Nominating Committee&#146;s
assessment of the composition of the Board includes (a) skills &#150; business and
management experience, real estate experience, accounting experience, finance
and capital markets experience, and an understanding of corporate governance
regulations and public policy matters, (b) character &#150; ethical and moral
standards, leadership abilities, sound business judgment, independence and
innovative thought, and (c) composition &#150; diversity, age and public company
experience. The principal qualification for a director is the ability to act in
the best interests of the Company and its stockholders. Each of the candidates
for director named in this proxy statement have been recommended by the
Governance and Nominating Committee and approved by the Board of Directors for
inclusion on the attached proxy card.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
Governance and Nominating Committee also considers director nominees recommended
by stockholders. See the section of this proxy statement entitled &#147;PROPOSALS FOR
NEXT ANNUAL MEETING&#148; for a description of how stockholders desiring to make
nominations for directors and/or to bring a proper subject before a meeting
should do so. The Governance and Nominating Committee evaluates director
candidates recommended by stockholders in the same manner as it evaluates
director candidates recommended by our directors, management or
employees.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT face=serif size=2>Independence and Composition.</FONT></I><FONT face=serif size=2> The NYSE
listing standards require that the Governance and Nominating Committee consist
solely of independent directors. The Board of Directors, upon the unanimous
recommendation of the Governance and Nominating Committee, has determined that
all current members of the Governance and Nominating Committee are &#147;independent&#148;
as that term is defined in the NYSE listing standards.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT face=serif size=2>Meetings.</FONT></I><FONT face=serif size=2> The Governance and
Nominating Committee met four times in the fiscal year ended December 31, 2007.
Between January 1, 2007, and May 15, 2007, Messrs. Hinkle, Jennings and Beckwith
were the members of the Governance and Nominating Committee, with Mr. Hinkle
serving as Chairman. Following May 15, 2007, and as of February 13, 2008, the
Governance and Nominating Committee consisted of Messrs. Jennings, Legler, and
Martinez, with Mr. Jennings serving as Chairman.</FONT></P>
<P align=center><FONT face=serif size=2>6</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>

<P align=justify><B><FONT face=serif size=2>Compensation Committee
</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT face=serif size=2>General.</FONT></I><FONT face=serif size=2> The Board of Directors has
established a Compensation Committee, which is governed by a written charter, a
copy of which is available both on our website at http://www.nnnreit.com and in
print to any stockholder who requests it.</FONT></P>
<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;</FONT><EM>Processes and Procedures for Executive and
Director Compensation Determinations</EM></FONT></P>
<UL>
  <LI><P align=justify><I><FONT face=serif size=2>Role of Compensation Committee</FONT></I><FONT face=serif size=2>. The Compensation Committee is responsible for discharging
  the responsibilities of the Board of Directors
  with respect to approving and evaluating compensation plans, policies and programs for our executive officers and
  directors and approving all awards to any executive officer, director or associate under our equity incentive plans. The
  Compensation Committee also serves as the
  administrator of our 2007 Performance Incentive Plan.</FONT></P>
  <LI><P align=justify><I><FONT face=serif size=2>Role of Management in Compensation
  Determinations</FONT></I><FONT face=serif size=2>. The Compensation Committee
  considers the recommendations of Mr. Macnab
  when determining the base salary and incentive performance compensation levels of the executive officers. Similarly,
  the Compensation Committee also considers the recommendations of Mr. Macnab when setting specific Company and
  individual incentive performance targets. In
  addition, officers may be invited to attend committee meetings but are not
  present for any discussion of their own
  compensation. Management generally does not have a role in the setting of
  director compensation.</FONT></P>
  <LI><P align=justify><I><FONT face=serif size=2>Role of Independent Compensation
  Consultants</FONT></I><FONT face=serif size=2>. In November 2006, the
  Compensation Committee</FONT> <FONT face=serif size=2>retained Gressle &amp;
  McGinley LLC, a compensation consultant focused on the REIT industry
  (&#147;G&amp;M&#148;), to assist the Compensation
  Committee in evaluating executive and director compensation programs</FONT>
  <FONT face=serif size=2>and in setting executive officers&#146; and directors&#146;
  compensation. G&amp;M also assisted in setting executive officers&#146; and directors&#146; compensation during 2007. The use
  of independent consultants provides additional assurance that our executive compensation programs are reasonable,
  consistent with Company objectives, and
  competitive with executive compensation with companies in our peer group.
  G&amp;M reports directly to the Compensation
  Committee and regularly participates in committee meetings.</FONT></P>
  <LI><P align=justify><I><FONT face=serif size=2>Delegation of Authority by the
  Committee</FONT></I><FONT face=serif size=2>. The Committee may delegate its
  authority to make and administer awards under
  our equity incentive plans to another committee of the Board of Directors
  or, except for awards to individuals subject to
  Section 16 of the Securities Exchange Act of 1934, to one or more of our officers. On an annual basis, the Committee
  typically authorizes a limited number of shares of restricted stock to be awarded by the Chief Executive Officer to
  such of our non-executive associates as he
  determines, in consultation with our other executive officers. In connection
  with such grants, the Committee typically
  authorizes a tax gross-up cash payment to each recipient representing 25% of
  the fair market value of the stock award on the
  date of grant. The restricted stock typically vests 20% annually over a five-year period.</FONT></P></LI></UL>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Our
executive compensation programs and philosophy are described in greater detail
under the section entitled &#147;Compensation Discussion and Analysis.&#148; </FONT></P>
<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><EM>Independence and
Composition.</EM></FONT><FONT face=serif size=2> The NYSE listing standards
require that the Compensation Committee consist solely of independent directors.
The Board of Directors, upon the unanimous recommendation of the Governance and
Nominating Committee, has determined that all current members of the
Compensation Committee are &#147;independent&#148; as that term is defined in the NYSE
listing standards.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT face=serif size=2>Meetings.</FONT></I><FONT face=serif size=2> The Compensation Committee
met five times in the fiscal year ended December 31, 2007. Between January 1,
2007, and May 15, 2007, Messrs. Beckwith, Legler and Martinez were the members
of the Compensation Committee, with Mr. Legler serving as Chairman. Following
May 15, 2007 and as of February 13, 2008, the Compensation Committee consisted
of Messrs. Legler, Jennings and Martinez, with Mr. Legler serving as
Chairman.</FONT></P>
<P align=center><FONT face=serif size=2>7</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><FONT face=serif size=2>Compensation Committee Interlocks
and Insider Participation</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>No member
of the Compensation Committee is or was previously an officer or employee of the
Company, and no executive officer of the Company serves on the board of
directors of any company at which any member of the Compensation Committee is
employed. </FONT></P>
<P align=justify><B><FONT face=serif size=2>Director Compensation</FONT></B></P>
<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The following table shows the
compensation paid to our non-employee directors during fiscal year 2007.
</FONT></P>

<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="61%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%">&nbsp; </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"></TD>
    <TD noWrap align=center width="1%">&nbsp; </TD>
    <TD noWrap align=center width="5%">&nbsp; </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%">&nbsp; </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><B><FONT face=serif size=1>Change
      in</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%">&nbsp; </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="1%">&nbsp; </TD>
    <TD noWrap align=center width="3%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%">&nbsp; </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"></TD>
    <TD noWrap align=center width="1%">&nbsp; </TD>
    <TD noWrap align=center width="5%">&nbsp; </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%">&nbsp; </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><B><FONT face=serif size=1>Pension</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%">&nbsp; </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="1%">&nbsp; </TD>
    <TD noWrap align=center width="3%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=1>Fees</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"></TD>
    <TD noWrap align=center width="1%">&nbsp; </TD>
    <TD noWrap align=center width="5%">&nbsp; </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%">&nbsp; </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><B><FONT face=serif size=1>Value
      and</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%">&nbsp; </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="1%">&nbsp; </TD>
    <TD noWrap align=center width="3%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=1>Earned or</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"></TD>
    <TD noWrap align=center width="1%">&nbsp; </TD>
    <TD noWrap align=center width="5%">&nbsp; </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><B><FONT face=serif size=1>Non-Equity</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><B><FONT face=serif size=1>Nonqualified</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%">&nbsp; </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="1%">&nbsp; </TD>
    <TD noWrap align=center width="3%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=1>Paid in</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2>&nbsp;<B><FONT face=serif size=1>Stock</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp; </TD>
    <TD noWrap align=center width="5%"><B><FONT face=serif size=1>Option</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><B><FONT face=serif size=1>Incentive
      Plan</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><B><FONT face=serif size=1>Deferred</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><B><FONT face=serif size=1>All
      Other</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="1%">&nbsp; </TD>
    <TD noWrap align=center width="3%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=1>Cash</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=1>Awards</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp; </TD>
    <TD noWrap align=center width="5%"><B><FONT face=serif size=1>Awards</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT face=serif size=1><STRONG>Compensation</STRONG><FONT size=3> </FONT></FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="5%"><STRONG><FONT size=1>&nbsp;Compensation</FONT></STRONG> </TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="5%"><STRONG><FONT size=1>&nbsp;Compensation</FONT></STRONG> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=1>Total</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><B><FONT face=serif size=1>Name</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="60%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=1>($)</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=1>($)</FONT></B><B><FONT face=serif size=1>(1)</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%"><B><FONT face=serif size=1>($)</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%"><B><FONT face=serif size=1>($)</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%"><B><FONT face=serif size=1>Earnings</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%"><B><FONT face=serif size=1>($)</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=1>($)</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%" colSpan=2><B><FONT face=serif size=1>(a)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=1>(b)</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=1>(c)</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="5%"><B><FONT face=serif size=1>(d)</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="5%"><B><FONT face=serif size=1>(e)</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="5%"><B><FONT face=serif size=1>(f)</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="5%"><B><FONT face=serif size=1>(g)</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=1>(h)</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=2>G. Nicholas Beckwith III</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=2>&#151;</FONT><FONT style="BACKGROUND-COLOR: #c0c0c0" size=3>&nbsp;
      </FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>45,141</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=2>&#151;<FONT style="BACKGROUND-COLOR: #c0c0c0" size=3> </FONT></FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=2>&#151;<FONT style="BACKGROUND-COLOR: #c0c0c0" size=3> </FONT></FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=2>&#151;<FONT style="BACKGROUND-COLOR: #c0c0c0" size=3> </FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT size=2>&#151;</FONT><FONT size=3> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>45,141</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%" colSpan=2><FONT face=serif size=2>Clifford R. Hinkle</FONT>&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>24,500</FONT>&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>91,201</FONT>
</TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=center width="5%"><FONT size=2>&#151;</FONT><FONT size=3>
      </FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT size=2>&#151;</FONT><FONT size=3>
      </FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT size=2>&#151;</FONT><FONT size=3>
      </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT size=2>&#151;</FONT><FONT size=3>
      </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT>&nbsp;
</TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>115,701</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=2>Richard B. Jennings(2)</FONT>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp; 3,750</FONT>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>91,201</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=2>&#151;<FONT style="BACKGROUND-COLOR: #c0c0c0" size=3> </FONT></FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=2>&#151;<FONT style="BACKGROUND-COLOR: #c0c0c0" size=3> </FONT></FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=2>&#151;<FONT style="BACKGROUND-COLOR: #c0c0c0" size=3> </FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT size=2>&#151;</FONT><FONT size=3> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>94,951</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%" colSpan=2><FONT face=serif size=2>Ted B.
      Lanier</FONT>&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>12,500</FONT>&nbsp; </TD>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>91,201</FONT>
</TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=center width="5%"><FONT face=serif size=2>&#151;<FONT size=3>
      </FONT></FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT face=serif size=2>&#151;<FONT size=3>
      </FONT></FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT face=serif size=2>&#151;<FONT size=3>
      </FONT></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT size=2>&#151;</FONT><FONT size=3>
      </FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT>&nbsp;
</TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>103,701</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=2>Robert C. Legler(2)</FONT>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp; 8,000</FONT>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>91,201</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=2>&#151;</FONT> </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=2>&#151;<FONT style="BACKGROUND-COLOR: #c0c0c0" size=3> </FONT></FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=2>&#151;<FONT style="BACKGROUND-COLOR: #c0c0c0" size=3> </FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT size=2>&#151;</FONT><FONT size=3> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>99,201</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%" colSpan=2><FONT face=serif size=2>Robert
      Martinez(2)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT size=2>&#151;</FONT><FONT size=3>&nbsp;
      </FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>91,201</FONT>
</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=center width="5%"><FONT size=2>&#151;</FONT><FONT size=3>
      </FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT size=2>&#151;</FONT><FONT size=3>
      </FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT face=serif size=2>&#151;<FONT size=3>
      </FONT></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT size=2>&#151;</FONT><FONT size=3>
      </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT>&nbsp;
</TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>91,201</FONT>
  </TD></TR></TABLE>

____________________<BR><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>(1)</FONT></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD width="100%">
      <P align=justify><FONT face=serif size=2>With the exception of Mr.
      Beckwith, the awards shown in column (c) represent annual grants made to
      directors of the Company. The grant to Mr. Beckwith represents a pro rata
      portion of the annual grant made to directors of the Company through the
      end of his term as a member of the Board of Directors on May 15,
      2007.</FONT></P></TD></TR>
  <TR>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>(2)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%">
      <P align=justify><FONT face=serif size=2>The cash fees and stock awards
      earned by Messrs. Jennings, Legler, and Martinez are deferred into shares
      of our common stock under our Deferred Fee Plan, which is described in
      greater detail below.</FONT></P></TD></TR></TABLE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
Company only compensates non-employee directors for services provided as
directors of the Company. Each non-employee director received 4,000 shares of
unrestricted stock. Additionally, the Chairman of the Board, the Chairman of the
Audit Committee, the Chairman of the Compensation Committee and the Chairman of
the Governance and Nominating Committee received $25,000, $15,000, $10,000 and
$7,500 respectively.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>A
Deferred Fee Plan was established by the Company for the benefit of its
directors and their beneficiaries. A director may elect to defer all or part of
his or her director&#146;s fees to be earned in any calendar year by filing a
deferred fee agreement with the Company no later than December 15 of the
previous year. A director has the option to have deferred fees paid in cash, in
shares of common stock or in a combination of cash and common stock. If the
director elects to have the deferred fees paid in stock, the number of shares
allocated to the director&#146;s stock account is determined based on the market
value of the common stock on the day the deferred director&#146;s fees were earned. A
director is entitled to receive the vested portion of the amounts credited to
his or her deferred fee account or the earlier of a change of control or the
time specified in such director&#146;s fee agreement.</FONT></P>
<P align=center><FONT face=serif size=2>8</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
following table sets forth fees deferred into shares of common stock by
directors under the Deferred Fee Plan. </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=center width="7%" colSpan=3><B><FONT face=serif size=1>Number of Shares</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=center width="7%" colSpan=3><B><FONT face=serif size=1>Credited to</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=center width="7%" colSpan=3><B><FONT face=serif size=1>Deferred Fee</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" colSpan=2>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="7%" colSpan=3><B><FONT face=serif size=1>Account</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=middle noWrap align=left width="1%"><B><FONT face=serif size=1>Name</FONT></B> </TD>
    <TD noWrap align=left width="91%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"><B><FONT face=serif size=1>2007</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"><B><FONT face=serif size=1>Total</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=2>Richard B. Jennings</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0>&nbsp;<FONT face=serif size=2>4,650</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>13,565</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" colSpan=2><FONT face=serif size=2>Robert
      C. Legler</FONT> </TD>
    <TD noWrap align=right width="3%">&nbsp; <FONT face=serif size=2>5,059</FONT> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>17,455</FONT>
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=2>Robert Martinez</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0>&nbsp;<FONT face=serif size=2>4,689</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>16,753</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" colSpan=2><FONT face=serif size=2>G.
      Nicholas Beckwith III</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%">&nbsp;<FONT face=serif size=2>1,948</FONT> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>1,948</FONT> </TD></TR>
  <TR>
    <TD noWrap align=left width="92%"  colSpan=2>&nbsp; </TD>
    <TD noWrap align=right width="3%" ></TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=right width="3%" ></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=2>Total</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>16,346</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>49,721</FONT>
</TD></TR></TABLE><BR>
<P align=justify><B><FONT face=serif size=2>Code of Business Conduct
</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Our
directors, as well as our officers and employees, are also governed by our code
of business conduct. Our code of business conduct is available both on our
website at http://www.nnnreit.com and in print to any stockholder who requests
it. Amendments to, or waivers from, a provision of the code of business conduct
that applies to our directors, executive officers or employees will be posted to
our website promptly following the date of the amendment or waiver.</FONT></P>
<P align=justify><B><FONT face=serif size=2>Executive Officers</FONT></B></P>
<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Our executive officers are listed
below. </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="90%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=middle noWrap align=left width="1%"><B><FONT face=serif size=1>Name</FONT></B></TD>
    <TD noWrap align=left width="21%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=right width="37%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=middle noWrap align=right width="1%"><STRONG><FONT size=1>Position</FONT></STRONG></TD>
    <TD noWrap align=right width="37%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="22%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=2>Craig
      Macnab</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="75%" bgColor=#c0c0c0 colSpan=3><FONT face=serif size=2>Chief Executive
      Officer</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="22%" colSpan=2><FONT face=serif size=2>Julian E. Whitehurst</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="75%" colSpan=3><FONT face=serif size=2>President and Chief Operating
      Officer</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="22%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=2>Kevin B.
      Habicht</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="75%" bgColor=#c0c0c0 colSpan=3><FONT face=serif size=2>Executive Vice
      President, Chief Financial Officer, Assistant Secretary and Treasurer<FONT style="BACKGROUND-COLOR: #c0c0c0" size=3> </FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="22%" colSpan=2><FONT face=serif size=2>Christopher P. Tessitore</FONT>
    </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="75%" colSpan=3><FONT face=serif size=2>Executive Vice President, General
      Counsel and Secretary</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="22%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=2>Paul E.
      Bayer</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="75%" bgColor=#c0c0c0 colSpan=3><FONT face=serif size=2>Executive Vice
      President</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
background of Messrs. Macnab and Habicht are described at &#147;PROPOSAL I&#151;ELECTION
OF DIRECTORS&#151;Nominees.&#148; </FONT></P>
<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><EM>Julian E.
Whitehurst,</EM></FONT><FONT face=serif size=2> age 50, has served as President
of the Company since May 2006 and as Chief Operating Officer of the Company
since June 2004. He also previously served as Executive Vice President of the
Company from February 2003 to May 2006, as Secretary of the Company from May
2003 to May 2006 and previously served as General Counsel from 2003 to 2006.
Prior to February 2003, Mr. Whitehurst was a partner at the law firm of Lowndes,
Drosdick, Doster, Kantor &amp; Reed, P.A. He is a member of ICSC, NAREIT, and
the Association of Corporate Counsel.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT face=serif size=2>Christopher P. Tessitore, </FONT></I><FONT face=serif size=2>age 40, has
served as Executive Vice President of the Company since January 2007, as General
Counsel since February 2006 and as Secretary since May 2006. He also previously
served as Senior Vice President and Assistant General Counsel of the Company
from 2005 to 2006. Prior to March 2005, Mr. Tessitore was a partner at the law
firm of Lowndes, Drosdick, Doster, Kantor &amp; Reed, P.A. Mr. Tessitore has
served on the board of directors and executive committee of BETA Center, Inc. He
is a member of ICSC, NAREIT, and the Association of Corporate Counsel.
</FONT></P>
<P align=center><FONT face=serif size=2>9</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT face=serif size=2>Paul
E. Bayer, </FONT></I><FONT face=serif size=2>age 46, has served as Executive
Vice President of the Company since January 2007. He also previously served as
Senior Vice President of the Company from September 2005 to December 2006. From
September 1999 through September 2005, he served as Vice President of Leasing of
the Company. Prior to September 1999, Mr. Bayer was a leasing agent at J.
Donegan Company from 1994 through 1999. Mr. Bayer also previously served as a
leasing agent for Combined Properties from 1992 until 1993 and as a marketing
principal at Trammell Crow Company from 1988 until 1991. He is a member of ICSC.
</FONT></P>
<P align=center><FONT face=serif size=2>10</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=center><B><FONT face=serif size=2>AUDIT COMMITTEE REPORT</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT face=serif size=2>The
information contained in this report shall not be deemed to be &#147;soliciting
material&#148; or to be &#147;filed&#148; with the SEC, nor shall such information be
incorporated by reference into any previous or future filings under the
Securities Act of 1933 or the Securities Exchange Act of 1934 except to the
extent that the Company incorporated it by specific reference.</FONT></I></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Management is responsible for the Company&#146;s financial statements,
internal controls and financial reporting process. The independent registered
public accounting firm is responsible for performing an independent audit of the
Company&#146;s consolidated financial statements in accordance with auditing
standards generally accepted in the United States of America and to issue a
report thereon. The Audit Committee&#146;s responsibility is to monitor and oversee
these processes. The Audit Committee is governed by a charter, a copy of which
is available both on our website at http://www.nnnreit.com and in print to any
stockholder who requests it. The Audit Committee charter is designed to assist
the Audit Committee in complying with applicable provisions of the Exchange Act
and the NYSE listing standards, all of which relate to corporate governance and
many of which directly or indirectly affect the duties, powers and
responsibilities of the Audit Committee. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT face=serif size=2>Review
and Discussions with Management and Independent Registered Public Accounting
Firm.</FONT></I><FONT face=serif size=2> In this context, the Audit Committee
has met and held discussions with management and the independent registered
public accounting firm. Management represented to the Audit Committee that the
Company&#146;s consolidated financial statements were prepared in accordance with
accounting principles generally accepted in the United States of America, and
the Audit Committee has reviewed and discussed the audited consolidated
financial statements with management and the independent registered public
accounting firm. The Audit Committee discussed with the independent registered
public accounting firm matters required to be discussed by Statement on Auditing
Standards No. 61 (Codification of Statements on Auditing Standards, AU &#167; 380),
issues regarding accounting and auditing principles and practices and the
adequacy of internal control over financial reporting that could significantly
affect the Company&#146;s financial statements.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
Company&#146;s independent registered public accounting firm also provided to the
Audit Committee the written disclosures required by Independence Standards Board
Standard No. 1 (Independence Discussions with Audit Committees), and the
Committee discussed with the independent registered public accounting firm that
firm&#146;s independence. The Audit Committee has reviewed the original proposed
scope of the annual audit of the Company&#146;s financial statements and the
associated fees and any significant variations in the actual scope of the audit
and fees.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT face=serif size=2>Conclusion.</FONT></I><FONT face=serif size=2> Based on the review and
discussions referred to above, the Audit Committee recommended that the Board of
Directors include the audited consolidated financial statements in the Company&#146;s
Annual Report on Form 10-K for the year ended December 31, 2007 filed with the
SEC.</FONT></P>
<DIV align=right>
<TABLE cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=serif size=2>AUDIT
      COMMITTEE</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="100%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=serif size=2>Ted B. Lanier,
      Chairman</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=serif size=2>Richard B.
      Jennings</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=serif size=2>Robert
      Martinez</FONT>&nbsp; </TD></TR></TABLE></DIV><BR>
<P align=center><FONT face=serif size=2>11</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=center><B><FONT face=serif size=2>EXECUTIVE COMPENSATION
</FONT></B></P>
<P align=justify><B><FONT face=serif size=2>Compensation Discussion and
Analysis</FONT></B></P>
<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;</FONT><EM>Objectives of Compensation
Program</EM></FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>We
believe our success is largely attributable to the talent and dedication of our
employees (whom we refer to as associates) and to the management and leadership
efforts of our executive officers. Our goal is to establish a compensation
program that will attract and retain talented corporate officers, motivate them
to perform to their fullest potential, and align their long-term interests with
the interests of our stockholders. </FONT></P>
<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;</FONT><EM>What Our Compensation Program is Designed to
Reward and Other Policies</EM></FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>We
believe that the most effective compensation program is one that is designed to
reward the achievement of specific annual, long-term and strategic goals, and
which aligns executives&#146; interests with those of the stockholders by rewarding
performance that meets or exceeds established goals, with the ultimate objective
of improving stockholder value. Our Compensation Committee (for purposes of this
discussion and analysis, the &#147;Committee&#148;) evaluates both performance and
compensation to ensure that we maintain our ability to attract and retain
superior executive officers and that compensation provided to our executive
officers remains competitive relative to the compensation paid to similarly
situated executives of our peer companies. In making compensation decisions, the
Committee considers the compensation practices and financial performance of REIT
and other industry participants and from time to time receives assessments and
advice regarding compensation practices from independent compensation
consultants. In evaluating performance, the Committee considers quantitative and
qualitative improvement in factors such as funds from operations (FFO) per share
based metrics, capital structure, absolute and relative stockholder returns and
individual performance and contribution to corporate goals and objectives.
Additionally, the Committee makes a subjective assessment of our general
performance, the executive officer&#146;s contribution to our performance, the
executive officer&#146;s anticipated performance and contribution to our achievement
of our long-term goals and the position, level and scope of the executive
officer&#146;s responsibility.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>We
believe that our compensation for executive officers, which includes the use of
restricted stock awards, results in a significant alignment of interest between
these individuals and our stockholders. In addition, under our Corporate
Governance Guidelines, executive officers are strongly encouraged to own our
common stock (including restricted stock) equal to a minimum of two times their
annual base salary.</FONT></P>
<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;</FONT><EM>Accounting and Tax
Considerations</EM></FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>We select
and implement the elements of compensation for their ability to help us achieve
the objectives of our compensation program and not based on any unique or
preferential financial accounting or tax treatment. However, when awarding
compensation, the Committee is mindful of the accounting impact that will be
caused as a result of the compensation expense related to the Committee&#146;s
actions. In addition, Section 162(m) of the Internal Revenue Code provides that
public companies cannot deduct for federal income tax purposes non-performance
based compensation paid to certain named executive officers in excess of $1.0
million per year. While we have not adopted a policy requiring that all
compensation be deductible and expect that we may pay compensation that is not
deductible when necessary to achieve our compensation objectives, we consider
the consequences of Section 162(m) and under our 2007 Performance Incentive
Plan, a portion of our future restricted stock awards are intended to be
performance-based grants which are exempt from the deduction limits of Section
162(m).</FONT></P>
<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;</FONT><EM>Timing of Restricted Stock
Awards</EM></FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Restricted stock awards to our executive officers are typically made
annually in conjunction with the review of the individual performance of our
executive officers. The review and the annual restricted stock awards typically
occur at the regularly scheduled February meeting of the Committee. For
corporate and accounting measurement purposes, the date of grant of the
restricted stock awards is the date of the meeting or such later date as
specified by the Committee. However, the number of shares of restricted stock
granted is based on our closing stock price on the last trading day of the
preceding fiscal year for which the restricted stock was earned.</FONT></P>
<P align=center><FONT face=serif size=2>12</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<PAGE>

<P align=justify><FONT face=serif size=2><EM>&nbsp;&nbsp; 2007 Executive
Compensation Components and How They Relate to Our Objectives</EM></FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>For the
fiscal year ended December 31, 2007, base salary, non-equity incentive
compensation (in the form of a cash bonus) and equity incentive compensation (in
the form of restricted and non-restricted stock) were the principal components
of compensation for the named executive officers. Executives also receive
certain benefits and other perquisites. We believe that these compensation
components provide an appropriate mix of fixed and variable pay, balances
short-term operational performance with long-term shareholder value, and
encourages executive recruitment and retention.</FONT></P>
<P align=justify><I><FONT face=serif size=2>&nbsp;&nbsp; Base
Salary</FONT></I></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Base
salary is intended to provide executive officers with a base level of
compensation that is comparable to the base salaries awarded by comparable
companies, with the understanding that a significant portion of each executive&#146;s
total compensation will be incentive based. In 2005, the Committee undertook an
extensive review of the compensation of our executive officers as compared to
the compensation of executive officers of companies in our peer group (the &#147;2005
Review&#148;). In connection with the 2005 Review, the Committee, with the assistance
of The Schonbraun McCann Group, LLC, an independent compensation consultant
focusing on the REIT industry (&#147;SMG&#148;), determined that our peer group included
Realty Income Corporation, Lexington Corporate Properties, Inc., Capital
Automotive REIT, Entertainment Properties Trust, Equity One, Inc., Developers
Diversified Realty Corporation and Regency Centers Corporation. The Committee
was provided with a detailed analysis of the compensation of our executive
officers as compared to the executive officers of companies in our peer group,
with the overall strategy of benchmarking base salary comparable to the peer
group. As a result of the 2005 Review, the Committee set base salaries for
executive officers in 2005. The Committee expects to undertake similar peer
group compensation reviews every two or three years. In 2007, upon the
recommendation of management, the Committee approved an approximately 4%
inflationary increase to the base salaries of Messrs. Macnab, Whitehurst, and
Habicht. Messrs. Bayer and Tessitore became executive officers on January 2,
2007. </FONT></P>
<P align=justify><I><FONT face=serif size=2>&nbsp;&nbsp; Non-Equity Incentive
Compensation (Cash Bonuses)</FONT></I></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT face=serif size=2>Bonus
Plan.</FONT></I><FONT face=serif size=2> As described above, we believe that a
significant portion of each executive officer&#146;s total compensation should be
provided in the form of incentive compensation. Thus, in consultation with
G&amp;M, in November 2006, the Committee approved a non-equity incentive
compensation plan (the &#147;Bonus Plan&#148;) for executive officers. The bonus potential
for executive officers under the Bonus Plan was based 75% upon our achievement
of certain FFO per share based targets in 2007 (the &#147;2007 Earnings Targets&#148;),
while 25% was based on individual performance as evaluated by the Committee, in
the case of Mr. Macnab and as evaluated by Mr. Macnab, in the case of Messrs.
Whitehurst, Habicht, Bayer, and Tessitore. The 2007 Earnings Targets were fixed
by the Committee. FFO is generally considered by industry analysts and investors
to be the most appropriate measure of performance of real estate investment
companies. Total bonus potential for each of our executive officers in 2007 was
based on the following percentages of their respective base salaries:
</FONT></P>
<DIV align=center>
<TABLE cellSpacing=0 cellPadding=0 width="95%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" colSpan=2></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="23%" colSpan=11><B><FONT face=serif size=1>Achievement of 2007 Earnings
      Targets<SUP>(1)</SUP></FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" colSpan=2></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=2><B><FONT face=serif size=1>Threshold</FONT></B> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=2><B><FONT face=serif size=1>Target</FONT></B> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=2><B><FONT face=serif size=1>Maximum</FONT></B> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=2><B><FONT face=serif size=1>Outperform</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="9%"><B><FONT face=serif size=1>Named Executive
      Officer</FONT></B> </TD>
    <TD noWrap align=left width="67%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=2><FONT face=serif size=1><STRONG>Performance</STRONG><FONT size=3>
      </FONT></FONT></TD>
    <TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=2><FONT size=1><STRONG>Performance</STRONG></FONT><FONT size=3> </FONT></TD>
    <TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=2><FONT size=1><STRONG>Performance</STRONG></FONT><FONT size=3> </FONT></TD>
    <TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=2><STRONG><FONT size=1>Performance</FONT></STRONG> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=2>Craig
      Macnab</FONT>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>50</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>100</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>150</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>200</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" colSpan=2><FONT face=serif size=2>Julian E. Whitehurst</FONT> </TD>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>50</FONT> </TD>
    <TD noWrap align=left width="2%"><FONT face=serif size=2>%</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>100</FONT> </TD>
    <TD noWrap align=left width="2%"><FONT face=serif size=2>%</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>125</FONT> </TD>
    <TD noWrap align=left width="2%"><FONT face=serif size=2>%</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>150</FONT> </TD>
    <TD noWrap align=left width="2%"><FONT face=serif size=2>%</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=2>Kevin
      B. Habicht</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>50</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>100</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>125</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>150</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" colSpan=2><FONT face=serif size=2>Paul
      E. Bayer</FONT>&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>60</FONT> </TD>
    <TD noWrap align=left width="2%"><FONT face=serif size=2>%</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>80</FONT> </TD>
    <TD noWrap align=left width="2%"><FONT face=serif size=2>%</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>100</FONT> </TD>
    <TD noWrap align=left width="2%"><FONT face=serif size=2>%</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>120</FONT> </TD>
    <TD noWrap align=left width="2%"><FONT face=serif size=2>%</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=2>Christopher P. Tessitore</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>60</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>80</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>100</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>120</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT>
</TD></TR></TABLE></DIV>____________________<BR><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>(1)</FONT></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD width="100%"><FONT face=serif size=2>An interpolation provision
      applied in the event that actual results in 2007 fell between any of the
      2007 Earnings Targets.</FONT></TD></TR></TABLE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>In
addition, the Committee reserved the right, in its sole discretion, to make
further modifications to the Bonus Plan, to terminate the Bonus Plan or to elect
not to make any awards under the Bonus Plan.</FONT></P>
<P align=center><FONT face=serif size=2>13</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT face=serif size=2>Awards
under Bonus Plan</FONT></I><FONT face=serif size=2>. In February 2008, the
Committee met to consider awards to executive officers under the Bonus Plan.
Based on the Company&#146;s 2007 FFO per share of $1.87, and thus, achievement of the
outperform 2007 Earnings Target, a review of Mr. Macnab&#146;s performance in 2007
and a report from Mr. Macnab on the performance of the other executive officers
in 2007, the Committee approved a cash bonus to Mr. Macnab equal to 200% of his
base salary in 2007, a cash bonus to each of Messrs. Whitehurst and Habicht
equal to 150% of such officer&#146;s base salary, and a cash bonus to each of Messrs.
Bayer and Tessitore equal to 120% of each of such officer&#146;s base salary.
</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
February 2008 bonus awards are reflected in the &#147;Non-Equity Incentive Plan
Compensation&#148; column of the Summary Compensation Table below.</FONT></P>
<P align=justify><I><FONT face=serif size=2>&nbsp;&nbsp; Equity Incentive Plan
Compensation (Restricted Stock Awards)</FONT></I></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Restricted stock grants are intended to provide the named executive
officers with a significant interest in the long-term performance of our stock.
The Committee has elected to use awards of restricted stock instead of other
equity awards, such as stock options, because, as a REIT, which pays a large
portion of its annual earnings to stockholders in the form of dividends, we
believe that restricted stock provides a better incentive and alignment of
interest than stock options. The Committee has determined that our desired
compensation objectives are better achieved by awarding restricted stock that is
earned based on achievement of specified financial performance
targets.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT face=serif size=2>Restricted Stock Plan.</FONT></I><FONT face=serif size=2> Thus, in
consultation with G&amp;M, in November 2006, the Committee approved an equity
incentive compensation plan (the &#147;Restricted Stock Plan&#148;) for executive
officers. The Restricted Stock Plan provided for grants of restricted stock
based on our achievement of the 2007 Earnings Targets. In addition, the
Committee reserved the right, in its sole discretion, to make further
modifications to the Restricted Stock Plan, to terminate the Restricted Stock
Plan or to elect not to make any awards under the Restricted Stock Plan. The
Restricted Stock Plan has two components: a &#147;retention&#148; component and a
&#147;performance&#148; component. Each of the components provides for a restricted stock
grant potential for our executive officers in 2007 based on the percentages of
their respective base salaries set forth on the chart set forth above under
&#147;Non-Equity Incentive Compensation (Cash Bonuses) - Bonus Plan.&#148; </FONT></P>
<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><EM>Retention
Component.</EM></FONT><FONT face=serif size=2> The retention restricted stock
will, if awarded, vest 20% per year over a five-year period. In addition, the
executive officers would be entitled to receive dividends on unvested shares of
retention restricted stock. </FONT></P>
<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><EM>Performance
Component.</EM></FONT><FONT face=serif size=2> The performance restricted stock
will, if awarded, fully vest as follows:</FONT></P>
<UL style="TEXT-ALIGN: justify">
  <LI><FONT face=serif size=2>if we have satisfied a cumulative total return
  target during the period beginning January 1, 2008 and ending after January 1, 2010 and before January 1, 2013,
  or<BR>&nbsp;</FONT>
  <LI><FONT face=serif size=2>if we have achieved an annual FFO per share based
  target at December 31, 2009, 2010 or 2011.</FONT></LI></UL>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>In
addition, the awards will vest 50% upon the achievement of a lower set of
annualized total return and FFO per share targets. On January 1, 2013, an
interpolated number of shares of performance restricted stock will vest if we
have achieved the 50% vesting targets, but not the 100% vesting targets. Unlike
the retention restricted stock, the executive officers would not be entitled to
dividends on unvested shares of performance restricted stock. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT face=serif size=2>Awards
under Restricted Stock Plan.</FONT></I><FONT face=serif size=2> In February
2008, based on achievement of the outperform 2007 Earnings Target, pursuant to
each of the components of the Restricted Stock Plan, the Committee approved
grants of restricted stock to Mr. Macnab with a value equal to 200% of his base
salary in 2007, grants of restricted stock to each of Messrs. Whitehurst and
Habicht equal to 150% of such officer&#146;s base salary and grants of restricted
stock to each of Messrs. Bayer and Tessitore equal to 120% of such officer&#146;s
base salary.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Although
the grant date of the restricted stock for corporate and accounting measurement
purposes was February 12, 2008, the date of the Committee meeting at which the
grants were approved, the number of shares of restricted stock granted was based
on our closing stock price of $23.38 per share on December 31, 2007.</FONT></P>
<P align=center><FONT face=serif size=2>14</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT face=serif size=2>Other.</FONT></I><FONT face=serif size=2> In recognition of their
exceptional performance during 2007, in February 2008, the Committee approved a
2,600 share grant of stock to each of Mr. Bayer and Mr. Tessitore. In connection
with these grants, the Committee authorized a tax gross up cash payment to
Messrs. Bayer and Tessitore equal to 25% of the market value at the date of
grant.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Although
the February 2008 stock grants were intended to reward our executive officers
for 2007 performance, the February 2008 stock awards are not reflected in the
Equity Compensation Tables below because there was no impact of these grants for
FAS 123R reporting purposes on our consolidated financial statements for the
year ended December 31, 2007. These grants will first be reflected in the Equity
Compensation Tables included in our proxy statement for the 2009 annual meeting
of stockholders.</FONT></P>
<P align=justify><I><FONT face=serif size=2>&nbsp;&nbsp; Benefits and Other
Perquisites</FONT></I></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>We
provide benefits to our executive officers under the National Retail Properties,
Inc. Retirement Plan. We do not sponsor a defined benefit pension plan for our
executive officers or any other associates. Our executive officers are eligible
to receive, on the same basis as other associates, employer matching
contributions under the plan. This allows our executive officers to save for
their retirement on a tax-deferred basis through the Section 401(k) savings
feature of the plan, with the Company-funded portion of these benefits based on
matching the contributions of the executive officers.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Our
executive officers are also eligible to participate in the other employee
benefit and welfare plans that the Company maintains on similar terms as
associates who meet applicable eligibility criteria, subject to any legal
limitations on the amounts that may be contributed or the benefits that may be
payable under such plans.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>We do not
consider perquisites to be a principal component of our executive officers&#146;
compensation. Costs attributed to the perquisites and other personal benefits
afforded to the named executive officers for the fiscal year ended December 31,
2007 are shown in the &#147;Other Compensation&#148; column of the Summary Compensation
Table below.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>We
believe that our executive officer benefit and perquisite programs provided are
reasonable and competitive with benefits and perquisites provided to executive
officers of other REITs, and are necessary to sustain a fully competitive
executive compensation program.</FONT></P>
<P align=justify><I><FONT face=serif size=2>&nbsp;&nbsp; New Employment
Agreements</FONT></I></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Historically, because the employment agreements of most of our executive
officers provided for automatic renewal, the Committee reviews the terms of the
employment agreements periodically and before a renewal occurs to determine
whether the terms of the agreements continue to further our goals. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Effective
January 2, 2007, in connection with their promotions to the position of
Executive Vice President, the Committee approved new employment agreements with
each of Mr. Bayer and Mr. Tessitore. A description of the terms of Mr. Bayer&#146;s
and Mr. Tessitore&#146;s employment agreements, including post-employment payments
and triggers, can be found under &#147;Potential Payments Upon Termination or Change
of Control&#148; below.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>We
believe that the protections provided to our executive officers in their
employment agreements, particularly the post-employment payments, should help us
achieve our goal of retaining our executive officers and are customary in
industry practice.</FONT></P>
<P align=center><FONT face=serif size=2>15</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><FONT face=serif size=2>Executive Compensation Tables
</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
following table shows total compensation paid or earned by the named executive
officers for the fiscal years ended December 31, 2007 and 2006.</FONT></P>
<P align=center><B><FONT face=serif size=2>Summary Compensation
Table</FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="54%" colSpan=2></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="4%"><B><FONT face=serif size=1>Change in</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="54%" colSpan=2></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="4%"><B><FONT face=serif size=1>Pension</FONT></B>&nbsp;
    </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="54%" colSpan=2></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="4%"><B><FONT face=serif size=1>Value and</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="54%" colSpan=2></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="4%"><B><FONT face=serif size=1>Nonqualified</FONT></B>
    </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="54%" colSpan=2></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=2><B><FONT face=serif size=1>Non-Equity</FONT></B> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="4%"><B><FONT face=serif size=1>Deferred</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="54%" colSpan=2></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=1>Stock</FONT></B> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="3%"><B><FONT face=serif size=1>Option</FONT></B> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=2><STRONG><FONT size=1>Incentive Plan</FONT></STRONG> </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=center width="4%"><STRONG><FONT size=1>Compensation</FONT></STRONG> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=2><B><FONT face=serif size=1>All
      Other</FONT></B> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="54%" colSpan=2></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=1>Salary</FONT></B> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="3%"><B><FONT face=serif size=1>Bonus</FONT></B> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2><STRONG><FONT size=1>Awards</FONT></STRONG> </TD>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD noWrap align=center width="3%"><STRONG><FONT size=1>Awards</FONT></STRONG> </TD>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD noWrap align=center width="5%" colSpan=2><STRONG><FONT size=1>Compensation</FONT></STRONG> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="4%"><B><FONT face=serif size=1>Earnings</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD align=center width="5%" colSpan=2><B><FONT face=serif size=1>Compensation</FONT></B>
    </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="12%"><B><FONT face=serif size=1>Name and Principal
      Position</FONT></B> </TD>
    <TD noWrap align=left width="42%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"><B><FONT face=serif size=1>Year</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=1>($)</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"><B><FONT face=serif size=1>($)</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><FONT face=serif size=1><STRONG>($)</STRONG><STRONG>(1)</STRONG></FONT>
    </TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"><B><FONT face=serif size=1>($)</FONT></B> </TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=2><FONT face=serif size=1><STRONG>($)</STRONG><STRONG>(2)</STRONG></FONT>
    </TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%"><B><FONT face=serif size=1>($)</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=2><B><FONT face=serif size=1>($)(3)</FONT></B> </TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=2><B><FONT face=serif size=1>Total ($)</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="54%" colSpan=2><B><FONT face=serif size=1>(a)</FONT></B> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="3%"><B><FONT face=serif size=1>(b)</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=1>(c)</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"><B><FONT face=serif size=1>(d)</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=1>(e)</FONT></B> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="3%"><B><FONT face=serif size=1>(f)</FONT></B> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=2>&nbsp;<B><FONT face=serif size=1>(g)</FONT></B> </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=center width="4%"><B><FONT face=serif size=1>(h)</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=2><B><FONT face=serif size=1>(i)</FONT></B> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=2><B><FONT face=serif size=1>(j)</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="54%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=2>Craig
      Macnab</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="3%" bgColor=#c0c0c0><FONT face=serif size=2>2007</FONT> </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>506,000</FONT> </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="3%" bgColor=#c0c0c0><FONT face=serif size=2>&#151;</FONT> </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>666,118</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="3%" bgColor=#c0c0c0><FONT face=serif size=2>&#151;</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;</FONT>$</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=2>1,012,000</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="4%" bgColor=#c0c0c0><FONT face=serif size=2>&#151;</FONT> </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;<FONT size=3>&nbsp;</FONT>$</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=2>123,572 </FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=2>2,307,690</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="54%" bgColor=#c0c0c0 colSpan=2>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Chief Executive Officer</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="3%" bgColor=#c0c0c0><FONT face=serif size=2>2006</FONT> </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>486,720</FONT> </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="3%" bgColor=#c0c0c0><FONT face=serif size=2>&#151;</FONT> </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>979,413</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="3%" bgColor=#c0c0c0><FONT face=serif size=2>&#151;</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;</FONT>$</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=2>973,440</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="4%" bgColor=#c0c0c0><FONT face=serif size=2>&#151;</FONT> </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;<FONT size=3>&nbsp;</FONT>$</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=2>231,036 </FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=2>2,670,609</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="54%" colSpan=2><FONT face=serif size=2>Julian E. Whitehurst</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="3%"><FONT face=serif size=2>2007</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>298,000</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"><FONT face=serif size=2>&#151;</FONT> </TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>407,736</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="3%"><FONT face=serif size=2>&#151;</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=2><FONT size=3>&nbsp;</FONT>$</FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=2>447,000</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="4%"><FONT face=serif size=2>&#151;</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=2>&nbsp;<FONT size=3>&nbsp;</FONT>$</FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=2>25,013 </FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=2>1,177,749</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="54%" colSpan=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>President and Chief</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=center width="3%"><FONT face=serif size=2>2006</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>286,520</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"><FONT face=serif size=2>&#151;</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>625,213</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="3%"><FONT face=serif size=2>&#151;</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=2><FONT size=3>&nbsp;</FONT>$</FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=2>429,780</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="4%"><FONT face=serif size=2>&#151;</FONT> </TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=2>&nbsp;<FONT size=3>&nbsp;</FONT>$</FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=2>134,761 </FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=2>1,476,274</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="54%" colSpan=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Operating Officer</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="4%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="54%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=2>Kevin
      B. Habicht</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="3%" bgColor=#c0c0c0><FONT face=serif size=2>2007</FONT> </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>295,000</FONT> </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=center width="3%" bgColor=#c0c0c0><FONT face=serif size=2>&#151;</FONT> </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>309,453</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=center width="3%" bgColor=#c0c0c0><FONT face=serif size=2>&#151;</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;</FONT>$</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=2>442,500</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="4%" bgColor=#c0c0c0><FONT face=serif size=2>&#151;</FONT> </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;<FONT size=3>&nbsp;</FONT>$</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=2>25,225 </FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=2>1,072,178</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="54%" bgColor=#c0c0c0 colSpan=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Executive Vice President,</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="3%" bgColor=#c0c0c0><FONT face=serif size=2>2006</FONT> </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>280,800</FONT> </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="3%" bgColor=#c0c0c0><FONT face=serif size=2>&#151;</FONT> </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>301,809</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="3%" bgColor=#c0c0c0><FONT face=serif size=2>&#151;</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;</FONT>$</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=2>421,200</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="4%" bgColor=#c0c0c0><FONT face=serif size=2>&#151;</FONT> </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;<FONT size=3>&nbsp;</FONT>$</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=2>142,545 </FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=2>1,146,354</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="54%" bgColor=#c0c0c0 colSpan=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Chief Financial Officer,</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="54%" bgColor=#c0c0c0 colSpan=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Assistant Secretary &amp;</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="54%" bgColor=#c0c0c0 colSpan=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Treasurer</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="54%" colSpan=2><FONT face=serif size=2>Paul
      E. Bayer</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="3%"><FONT face=serif size=2>2007</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>170,000</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"><FONT face=serif size=2>&#151;</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>77,709</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="3%"><FONT face=serif size=2>&#151;</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=2><FONT size=3>&nbsp;</FONT>$</FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=2>204,000</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="4%"><FONT face=serif size=2>&#151;</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=2>&nbsp;<FONT size=3>&nbsp;</FONT>$</FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=2>28,930 </FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=2>480,639</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="54%" colSpan=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Executive Vice President</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="4%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="54%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=2>Christopher P. Tessitore</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="3%" bgColor=#c0c0c0><FONT face=serif size=2>2007</FONT> </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>170,000</FONT> </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="3%" bgColor=#c0c0c0><FONT face=serif size=2>&#151;</FONT> </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>68,641</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="3%" bgColor=#c0c0c0><FONT face=serif size=2>&#151;</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;</FONT>$</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=2>204,000</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="4%" bgColor=#c0c0c0><FONT face=serif size=2>&#151;</FONT> </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;<FONT size=3>&nbsp;</FONT>$</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=2>12,404 </FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=2>455,045</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="54%" bgColor=#c0c0c0 colSpan=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Executive Vice President,</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="54%" bgColor=#c0c0c0 colSpan=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Secretary</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
    </TD></TR></TABLE>____________________<BR><BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>(1)</FONT></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD width="100%"><FONT face=serif size=2>The amounts in column (e)
      represent the expense recognized for financial statement reporting
      purposes with respect to the fiscal year in accordance with Financial
      Accounting Standards Board Statement of Financial Accounting Standards No
      123 (revised 2004) Share-Based Payment (FAS 123R). Our calculations in
      accordance with FAS 123R were made with the assumptions and other
      criteria, as set forth in the notes to our consolidated financial
      statements in our Annual Report on Form 10-K for the year ended December
      31, 2007. The awards for which expense is shown in this table include the
      awards described in the Grants of Plan-Based Awards Table below as well as
      awards granted in previous years for which we recognized expense in 2007
      and 2006, respectively.</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>(2)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"><FONT face=serif size=2>The amounts in column (g)
      represent the cash bonuses awarded to the named executive officers, which
      are discussed on page 11 under &#147;Compensation Discussion and Analysis -
      2007 Executive Compensation Components and How They Relate to Our
      Objectives - Non-Equity Incentive Compensation (Cash
  Bonuses).&#148;</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>(3)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"><FONT face=serif size=2>The amounts in column (i)
      represent:</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%">
      <UL style="MARGIN-BOTTOM: 0px; MARGIN-LEFT: 16px; TEXT-ALIGN: justify">
        <LI><FONT face=serif size=2>reimbursement payments for taxes incurred in
        connection with the vesting of restricted stock awards during 2007 and
        2006 ($114,750 and $198,450, respectively, for Mr. Macnab, $16,191 and
        $126,184, respectively, for Mr. Whitehurst, $16,403 and $134,025,
        respectively, for Mr. Habicht, $18,819 during 2007 for Mr. Bayer, and
        $2,754 during 2007 for Mr. Tessitore);<BR>&nbsp;</FONT>
        <LI><FONT face=serif size=2>the Company&#146;s contribution to the Company&#146;s
        401(k) plan on behalf of each of the named executive officers in an
        amount of $8,525 in 2006 and $8,250 in 2007;<BR>&nbsp;</FONT>
        <LI><FONT face=serif size=2>life insurance premiums paid by the Company
        with respect to life insurance for the benefit of the named executive
        officers during 2007 and 2006 ($297 and $270, respectively, for each of
        Messrs. Macnab, Whitehurst, and Habicht, and $202 during 2007 for each
        Messrs. Bayer and Tessitore); and</FONT></LI></UL></TD></TR></TABLE>
<P align=center><FONT face=serif size=2>16</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<UL style="TEXT-ALIGN: justify">
  <LI><FONT face=serif size=2>with respect to Mr. Macnab, a payment of $18,066
  in 2006 for legal services provided to Mr. Macnab in connection with the
  negotiation of his employment agreement with the Company.</FONT></LI></UL>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
following table sets forth certain information with respect to grants of
plan-based awards to the named executive officers of the Company during or for
the fiscal year ended December 31, 2007. </FONT></P>
<P align=center><B><FONT face=serif size=2>Grants of Plan-Based
Award</FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="46%" colSpan=2></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="4%"><B><FONT face=serif size=1>All Other</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%" colSpan=2></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="4%"><B><FONT face=serif size=1>All Other</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%"><B><FONT face=serif size=1>Option</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%" colSpan=2></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="4%"><B><FONT face=serif size=1>Stock</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="4%">&nbsp;<B><FONT face=serif size=1>Awards:</FONT></B> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="3%"><STRONG><FONT size=1>Exercise</FONT></STRONG> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%" colSpan=2></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="4%"><B><FONT face=serif size=1>Awards:</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%"><B><FONT face=serif size=1>Number of</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"><B><FONT face=serif size=1>or Base</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=2><B><FONT face=serif size=1>Grant
      Date</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%" colSpan=2></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="13%" colSpan=8><B><FONT face=serif size=1>Estimated
      Possible Payouts Under</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="12%" colSpan=5><B><FONT face=serif size=1>Estimated
      Future Payouts Under</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%"><B><FONT face=serif size=1>Number of</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%"><B><FONT face=serif size=1>Securities</FONT></B>
</TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"><B><FONT face=serif size=1>Price of</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=2><B><FONT face=serif size=1>Fair
      Value</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%" colSpan=2></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="13%" colSpan=8><B><FONT face=serif size=1>Non-Equity Incentive Plan Awards (1)</FONT></B>
    </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="12%" colSpan=5><B><FONT face=serif size=1>Equity Incentive Plan Awards</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%"><B><FONT face=serif size=1>Shares of</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%"><B><FONT face=serif size=1>Underlying</FONT></B>
</TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"><B><FONT face=serif size=1>Option</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=2><B><FONT face=serif size=1>of
      Stock</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%" colSpan=2></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=1>Grant</FONT></B> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=1>Threshold</FONT></B> </TD>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD noWrap align=center width="3%" colSpan=2><STRONG><FONT size=1>Target</FONT></STRONG> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2>&nbsp;<B><FONT face=serif size=1>Maximum</FONT></B> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="3%"><STRONG><FONT size=1>Threshold</FONT></STRONG> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="3%"><STRONG><FONT size=1>Target</FONT></STRONG> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="4%"><STRONG><FONT size=1>Maximum</FONT></STRONG> </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=center width="4%"><B><FONT face=serif size=1>Stock</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%"><B><FONT face=serif size=1>Options</FONT></B> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=center width="3%"><STRONG><FONT size=1>Awards</FONT></STRONG> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=2><FONT size=1><STRONG>and Option</STRONG></FONT><FONT size=3> </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%"><B><FONT face=serif size=1>Name</FONT></B> </TD>
    <TD noWrap align=left width="44%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=1>Date</FONT></B> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=1>($)</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%" colSpan=2><B><FONT face=serif size=1>($)</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=1>($)</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"><B><FONT face=serif size=1>(#)</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"><B><FONT face=serif size=1>(#)</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%"><B><FONT face=serif size=1>(#)</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%"><B><FONT face=serif size=1>or Units (#)</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%"><B><FONT face=serif size=1>(#)</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"><B><FONT face=serif size=1>($/Sh)</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=2><B><FONT face=serif size=1>Awards</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%" colSpan=2><B><FONT face=serif size=1>(a)</FONT></B> </TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=1>(b)</FONT></B> </TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=1>(c)</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="3%" colSpan=2><B><FONT face=serif size=1>(d)</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=1>(e)</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="3%"><B><FONT face=serif size=1>(f)</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="3%"><B><FONT face=serif size=1>(g)</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="4%"><B><FONT face=serif size=1>(h)</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="4%"><B><FONT face=serif size=1>(i)</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="4%"><B><FONT face=serif size=1>(j)</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="3%"><B><FONT face=serif size=1>(k)</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="5%" colSpan=2><B><FONT face=serif size=1>(l)</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>Craig
      Macnab</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>02/05/07</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>(2)</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;<FONT size=3>&nbsp;</FONT></FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;<FONT size=3>&nbsp;</FONT>21,208 </FONT>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>42,416</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="4%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT> </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="4%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT> </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="4%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT> </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=center width="3%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT> </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>548,863</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%" bgColor=#c0c0c0 colSpan=2></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>02/05/07</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>(3)</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;<FONT size=3>&nbsp;</FONT></FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>&#151; </FONT>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>42,416</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="4%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT> </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="4%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT> </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="4%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT> </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="3%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT> </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>1,047,675</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%" bgColor=#c0c0c0 colSpan=2></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>253,000<FONT size=3>&nbsp;</FONT></FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT> </TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>506,000</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,012,000</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>&#151; </FONT>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="4%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT> </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="4%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT> </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="4%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT> </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="3%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT> </TD>
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    <TD noWrap align=left width="46%" colSpan=2><FONT face=serif size=1>Paul
      E. Bayer</FONT>&nbsp; </TD>
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</TD>
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    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
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  <TR vAlign=bottom>
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    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="4%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT> </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="4%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT> </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="4%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT> </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="3%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT> </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT>
  </TD></TR></TABLE>____________________<BR><BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>(1)</FONT></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD width="100%"><FONT face=serif size=2>The amounts shown in columns
      (c)-(e) reflect the bonus potential under the Bonus Plan. The actual bonus
      amounts earned by each named executive officer in 2007 are reported under
      the &#147;Non-Equity Incentive Plan Compensation&#148; column in the Summary
      Compensation Table. For a detailed discussion of the Bonus Plan, see
      &#147;Compensation Discussion and Analysis - 2007 Executive Compensation
      Components and How They Relate to Our Objectives - Non-Equity Incentive
      Compensation (Cash Bonuses)&#148; above.</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>(2)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"><FONT face=serif size=2>The amounts shown in columns (i)
      and (j) reflect the performance restricted stock issued under our
      Restricted Stock Plan in 2007. The performance restricted stock was issued
      because of the Company&#146;s achievement of its 2006 earnings targets. The
      performance restricted stock issued in 2007 will fully vest (as shown in
      column (g)) as follows:</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%">
      <UL style="MARGIN-BOTTOM: 0px; MARGIN-LEFT: 16px; TEXT-ALIGN: justify"><LI><FONT face=serif size=2>if we have satisfied a cumulative total
        return target during the period beginning January 1, 2007 and ending
        after January 1, 2009 and before January 1, 2012, or<BR>&nbsp;</FONT>
        <LI><FONT face=serif size=2>if we have achieved an annual FFO per share
        based target at December 31, 2009, 2010 or 2011.</FONT></LI></UL></TD></TR>
  <TR>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD></TD>
    <TD width="100%"><FONT face=serif size=2>In addition, the awards would 50%
      vest upon the achievement of a lower set of annualized total return and
      FFO per share targets. On January 1, 2012, an interpolated number of
      shares of performance restricted stock will vest if we have achieved the
      50% vesting targets, but not the 100% vesting targets. For a detailed
      discussion of the Restricted Stock Plan, see &#147;Compensation Discussion and
      Analysis - 2007 Executive Compensation Components and How They Relate to
      Our Objectives - Equity Incentive Compensation (Restricted Stock Awards)&#148;
      above.</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>(3)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"><FONT face=serif size=2>The amounts shown in column (g)
      reflect the retention restricted stock issued under our Restricted Stock
      Plan in 2007. The retention restricted stock was issued because of the
      Company&#146;s achievement of its 2006 earnings targets. These shares vest 20%
      per year over a five-year period.</FONT></TD></TR></TABLE>
<P align=center><FONT face=serif size=2>17</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
following table sets forth certain information with respect to equity awards
outstanding as of December 31, 2007 for each of the named executive
officers.</FONT></P>
<P align=center><B><FONT face=serif size=2>Outstanding Equity Awards at Fiscal
Year End</FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="55%" colSpan=2></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="21%" colSpan=10><B><FONT face=serif size=1>Stock Awards</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="55%" colSpan=2></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="5%"><B><FONT face=serif size=1>Equity</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="55%" colSpan=2></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="5%"><B><FONT face=serif size=1>Incentive</FONT></B>
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="55%" colSpan=2></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="5%"><B><FONT face=serif size=1>Plan Awards:</FONT></B>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="55%" colSpan=2></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="21%" colSpan=9><B><FONT face=serif size=1>Option Awards</FONT></B> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=2><B><FONT face=serif size=1>Equity</FONT></B> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="5%"><B><FONT face=serif size=1>Market or</FONT></B>
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="55%" colSpan=2></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="4%"><B><FONT face=serif size=1>Equity</FONT></B>&nbsp;
    </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=2><B><FONT face=serif size=1>Incentive</FONT></B> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="5%"><B><FONT face=serif size=1>Payout</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="55%" colSpan=2></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="4%"><B><FONT face=serif size=1>Incentive</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=1>Market</FONT></B> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=2><STRONG><FONT size=1>Plan Awards:</FONT></STRONG> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="5%"><B><FONT face=serif size=1>Value of</FONT></B>
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="55%" colSpan=2></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="4%"><B><FONT face=serif size=1>Plan Awards:</FONT></B>
    </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=1>Value
      of</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=2><B><FONT face=serif size=1>Number
      of</FONT></B> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="5%"><B><FONT face=serif size=1>Unearned</FONT></B>
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="55%" colSpan=2></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="3%"><B><FONT face=serif size=1>Number of</FONT></B> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="4%"><STRONG><FONT size=1>Number of</FONT></STRONG> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="4%"><B><FONT face=serif size=1>Number of</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=1>Number
      of</FONT></B>&nbsp;</TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2><STRONG><FONT size=1>Shares or</FONT></STRONG> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=2><STRONG><FONT size=1>Unearned</FONT></STRONG> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="5%"><B><FONT face=serif size=1>Shares,</FONT></B>
</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="55%" colSpan=2></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="3%"><B><FONT face=serif size=1>Securities</FONT></B>
</TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%"><B><FONT face=serif size=1>Securities</FONT></B>
</TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%"><B><FONT face=serif size=1>Securities</FONT></B>
</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=1>Shares
      or</FONT></B>&nbsp;</TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2><STRONG><FONT size=1>Units of</FONT></STRONG> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=2><STRONG><FONT size=1>Shares, Units</FONT></STRONG> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="5%"><B><FONT face=serif size=1>Units or</FONT></B>
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="55%" colSpan=2></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="3%"><B><FONT face=serif size=1>Underlying</FONT></B>
</TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%">&nbsp;<STRONG><FONT size=1>Underlying</FONT></STRONG>
    </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%"><STRONG><FONT size=1>Underlying</FONT></STRONG> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2>&nbsp;<B><FONT face=serif size=1>Units of</FONT></B> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=1>Stock</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=2><B><FONT face=serif size=1>or
      Other</FONT></B> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="5%"><B><FONT face=serif size=1>Other</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="55%" colSpan=2></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="3%"><B><FONT face=serif size=1>Unexercised&nbsp;</FONT></B> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=center width="4%"><STRONG><FONT size=1>Unexercised</FONT></STRONG> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=center width="4%"><STRONG><FONT size=1>Unexercised</FONT></STRONG> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=center width="3%"><STRONG><FONT size=1>Option</FONT></STRONG> </TD>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=1>Stock That</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT size=1><STRONG>That Have</STRONG></FONT><FONT size=3>
      </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=2><STRONG><FONT size=1>Rights That</FONT></STRONG>&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="5%"><STRONG><FONT size=1>Rights That</FONT></STRONG>&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="55%" colSpan=2></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="3%"><B><FONT face=serif size=1>Options</FONT></B> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=center width="4%"><B><FONT face=serif size=1>Options</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%"><B><FONT face=serif size=1>Unearned</FONT></B> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=center width="3%"><STRONG><FONT size=1>Exercise</FONT></STRONG> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=center width="3%"><B><FONT face=serif size=1>Option</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2>&nbsp;<B><FONT face=serif size=1>Have Not</FONT></B> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=1>Not</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=2><B><FONT face=serif size=1>Have
      Not</FONT></B> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="5%"><B><FONT face=serif size=1>Have Not</FONT></B>
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="55%" colSpan=2></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="3%"><B><FONT face=serif size=1>(#)</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%"><B><FONT face=serif size=1>(#)</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%"><B><FONT face=serif size=1>Options</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"><B><FONT face=serif size=1>Price</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"><B><FONT face=serif size=1>Expiration</FONT></B>
</TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2><STRONG><FONT size=1>Vested</FONT></STRONG> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=1>Vested</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=2><B><FONT face=serif size=1>Vested</FONT></B> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="5%"><B><FONT face=serif size=1>Vested</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%"><B><FONT face=serif size=1>Name</FONT></B> </TD>
    <TD noWrap align=left width="52%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"><B><FONT face=serif size=1>Exercisable</FONT></B> </TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%"><STRONG><FONT size=1>Unexercisable</FONT></STRONG> </TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%"><B><FONT face=serif size=1>(#)</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"><B><FONT face=serif size=1>($)</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"><B><FONT face=serif size=1>Date</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=1>(#)</FONT></B> </TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=1>($)</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=2><B><FONT face=serif size=1>(#)</FONT></B> </TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%"><B><FONT face=serif size=1>($)</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="55%" colSpan=2><B><FONT face=serif size=1>(a)</FONT></B> </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=center width="3%"><B><FONT face=serif size=1>(b)</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%"><B><FONT face=serif size=1>(c)</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%"><B><FONT face=serif size=1>(d)</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"><B><FONT face=serif size=1>(e)</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"><B><FONT face=serif size=1>(f)</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=1>(g)</FONT></B> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=1>(h)</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=2><B><FONT face=serif size=1>(i)</FONT></B> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="5%"><B><FONT face=serif size=1>(j)</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="55%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>Craig
      Macnab</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=1><FONT face=serif>&#151;</FONT>&nbsp;&nbsp;&nbsp;</FONT>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="4%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT> </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=center width="4%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT> </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;<FONT size=3>&nbsp;</FONT></FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>74,774</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>(1)<FONT size=3>&nbsp;</FONT></FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,748,216</FONT> </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;<FONT size=3>&nbsp;</FONT>12,092</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0><FONT face=serif size=1>(4)
      &nbsp;</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;<FONT size=3>&nbsp;</FONT>$282,706&nbsp;&nbsp;<FONT size=3>&nbsp;</FONT></FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="55%" bgColor=#c0c0c0 colSpan=2></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;<FONT size=3>&nbsp;</FONT>42,416</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0><FONT face=serif size=1>(5)</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>$991,686&nbsp;&nbsp;<FONT size=3>&nbsp;</FONT></FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="55%" colSpan=2><FONT face=serif size=1>Julian E. Whitehurst</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>&#151;&nbsp;&nbsp;&nbsp;<FONT size=3>&nbsp;</FONT></FONT> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=center width="4%"><FONT face=serif size=1>&#151;</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%"><FONT face=serif size=1>&#151;</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>&#151;</FONT> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>&#151;<FONT size=3>&nbsp;</FONT></FONT>
</TD>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>56,810</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>(2)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>$</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>1,328,218</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>5,436</FONT> </TD>
    <TD noWrap align=left width="2%"><FONT face=serif size=1>(4)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="5%"><FONT face=serif size=1>$127,094&nbsp;&nbsp;<FONT size=3>&nbsp;</FONT></FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="55%" colSpan=2></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>&nbsp;&nbsp;<FONT size=3>&nbsp;</FONT>18,727</FONT> </TD>
    <TD noWrap align=left width="2%"><FONT face=serif size=1>(5)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="5%"><FONT face=serif size=1>$437,837&nbsp;&nbsp;<FONT size=3>&nbsp;</FONT></FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="55%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>Kevin
      B. Habicht</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;<FONT size=3>&nbsp;</FONT>23,000 &nbsp;&nbsp;</FONT>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="4%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT> </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="4%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT> </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$10.625</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1><FONT size=3>&nbsp;</FONT>6/16/2010</FONT>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>36,612</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>(3)</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>855,989</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>5,436</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0><FONT face=serif size=1>(4)</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>$127,094&nbsp;&nbsp;<FONT size=3>&nbsp;</FONT></FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="55%" bgColor=#c0c0c0 colSpan=2></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;<FONT size=3>&nbsp;</FONT>18,353</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0><FONT face=serif size=1>(5)</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>$429,093&nbsp;&nbsp;<FONT size=3>&nbsp;</FONT></FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="55%" colSpan=2><FONT face=serif size=1>Paul
      E. Bayer</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT size=1><FONT face=serif>&#151;</FONT>&nbsp;&nbsp;&nbsp;</FONT>&nbsp;</TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=center width="4%"><FONT face=serif size=1>&#151;</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%"><FONT face=serif size=1>&#151;</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>&#151;</FONT> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>&#151;<FONT size=3>&nbsp;</FONT></FONT>
</TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>15,054</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>(6)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>$</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>351,963</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>&#151;</FONT> </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="5%"><FONT face=serif size=1>&#151;&nbsp;&nbsp;<FONT size=3>&nbsp;</FONT></FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="55%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>Christopher P. Tessitore</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=1><FONT face=serif>&#151;</FONT>&nbsp;&nbsp;&nbsp;</FONT>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="4%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT> </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="4%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT> </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;<FONT size=3>&nbsp;</FONT></FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>16,129</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>(7)</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>377,096</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT size=1><FONT face=serif>&#151;</FONT>&nbsp;&nbsp;</FONT>&nbsp;</TD></TR></TABLE>____________________<BR><BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>(1)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"><FONT face=serif size=2>The restricted shares vest as
      follows: 19,269 in 2008; 19,269 in 2009; 19,270 in 2010; 8,483 in 2011;
      and 8,483 in 2012.</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>(2)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"><FONT face=serif size=2>The restricted shares vest as
      follows: 21,728 in 2008; 12,730 in 2009; 12,718 in 2010; 5,889 in 2011;
      and 3,745 in 2012.</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>(3)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"><FONT face=serif size=2>The restricted shares vest as
      follows: 9,130 in 2008; 9,128 in 2009; 11,013 in 2010, 3,670 in 2011; and
      3,671 in 2012.</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>(4)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"><FONT face=serif size=2>The restricted shares vest 20%
      annually from 2008 through 2010 provided that the Company meets certain
      total shareholder return thresholds.</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>(5)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"><FONT face=serif size=2>The amounts shown in columns (i)
      and (j) reflect the performance restricted stock issued under our
      Restricted Stock Plan in 2007. The performance restricted stock was issued
      because of the Company&#146;s achievement of its 2006 earnings targets. The
      performance restricted stock issued in 2007 will fully vest (as shown in
      column (g)) as follows:</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%">
      <UL style="MARGIN-BOTTOM: 0px; MARGIN-LEFT: 16px; TEXT-ALIGN: justify"><LI><FONT face=serif size=2>if we have satisfied a cumulative total
        return target during the period beginning January 1, 2007 and ending
        after January 1, 2009 and before January 1, 2012, or</FONT><BR>&nbsp;
        <LI><FONT face=serif size=2>if we have achieved an annual FFO per share
        based target at December 31, 2009, 2010 or 2011.</FONT></LI></UL></TD></TR>
  <TR>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD width="100%"><FONT face=serif size=2>In addition, the awards would 50%
      vest upon the achievement of a lower set of annualized total return and
      FFO per share targets. On January 1, 2012, an interpolated number of
      shares of performance restricted stock will vest if we have achieved the
      50% vesting targets, but not the 100% vesting targets. For a detailed
      discussion of the Restricted Stock Plan, see &#147;Compensation Discussion and
      Analysis - 2007 Executive Compensation Components and How They Relate to
      Our Objectives - Equity Incentive Compensation (Restricted Stock Awards)&#148;
      above.</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>(6)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"><FONT face=serif size=2>The restricted shares vest as
      follows: 3,851 in 2008; 4,051 in 2009; 3,250 in 2010; 2,551 in 2011; and
      1,351 in 2012.</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>(7)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"><FONT face=serif size=2>The restricted shares vest as
      follows: 2,665 in 2008; 3,667 in 2009; 3,665 in 2010; 3,667 in 2011; and
      2,465 in 2012.</FONT></TD></TR></TABLE>
<P align=center><FONT face=serif size=2>18</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
following table sets forth certain information with respect to exercised stock
options and vested restricted stock of the named executive officers during the
fiscal year ended December 31, 2007. </FONT></P>
<P align=CENTER><B><FONT face=serif size=2>Option Exercises and Stock
Vested</FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="75%" colSpan=2></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="11%" colSpan=3><B><FONT face=serif size=1>Option Awards</FONT></B> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="11%" colSpan=4><B><FONT face=serif size=1>Stock Awards</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="75%" colSpan=2></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="5%"><B><FONT face=serif size=1>Number of
      Shares</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="5%"><B><FONT face=serif size=1>Number of
      Shares</FONT></B> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="75%" colSpan=2></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="5%"><B><FONT face=serif size=1>Acquired on</FONT></B>
    </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><B><FONT face=serif size=1>Value
      Realized</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><B><FONT face=serif size=1>Acquired on</FONT></B>
    </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=2><B><FONT face=serif size=1>Value
      Realized</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%"><B><FONT face=serif size=1>Name</FONT></B> </TD>
    <TD noWrap align=left width="73%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%"><B><FONT face=serif size=1>Exercise (#)</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%"><B><FONT face=serif size=1>on Exercise ($)</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%"><B><FONT face=serif size=1>Vesting (#)</FONT></B> </TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=2><B><FONT face=serif size=1>on Vesting ($)</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="75%" colSpan=2><B><FONT face=serif size=1>(a)</FONT></B> </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=center width="5%"><B><FONT face=serif size=1>(b)</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><B><FONT face=serif size=1>(c)</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><B><FONT face=serif size=1>(d)</FONT></B> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=2><B><FONT face=serif size=1>(e)</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="75%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=2>Craig
      Macnab</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=2>&#151;</FONT>&nbsp;<FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT size=2><FONT face=serif>&#151;</FONT>&nbsp;</FONT>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=3>&nbsp;</FONT>38,847 &nbsp; &nbsp; </FONT>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp; <FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=2>891,539 </FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="75%" colSpan=2><FONT face=serif size=2>Julian E. Whitehurst</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="5%"><FONT face=serif size=2>&#151;</FONT>&nbsp;<FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&nbsp;</TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="5%"><FONT size=2><FONT face=serif>&#151;</FONT>&nbsp;</FONT>&nbsp;</TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="5%"><FONT size=2><FONT face=serif>14,107</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&nbsp;</TD>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD noWrap align=right width="1%">&nbsp;&nbsp; <FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="4%"><FONT size=2>323,756 </FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="75%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=2>Kevin
      B. Habicht</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=3>&nbsp;</FONT>20,000</FONT>&nbsp;<FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=2>$156,180 </FONT>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT size=2><FONT face=serif>11,941</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp; <FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=2>274,046 </FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="75%" colSpan=2><FONT face=serif size=2>Paul
      E. Bayer</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="5%"><FONT face=serif size=2>&#151;</FONT>&nbsp;<FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&nbsp;</TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="5%"><FONT face=serif size=2>&#151;</FONT>&nbsp;<FONT size=2>&nbsp;</FONT>&nbsp;</TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="5%"><FONT size=2><FONT face=serif>4,000</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%">&nbsp;&nbsp; <FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=2>91,800 </FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="75%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=2>Christopher P. Tessitore</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=2>&#151;</FONT>&nbsp;<FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=2>&#151;</FONT>&nbsp;<FONT size=2>&nbsp;</FONT>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT size=2><FONT face=serif>1,272</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp; <FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=2>29,192 </FONT>&nbsp;
  </TD></TR></TABLE><BR>
<P align=justify><B><FONT face=serif size=2>Potential Payments Upon Termination
or Change of Control</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
Company entered into an employment agreement with Mr. Macnab in May 2006, into
employment agreements with Messrs. Habicht and Whitehurst in August 2006, and
into employment agreements with Messrs. Bayer and Tessitore in January 2007.
Messrs. Macnab, Habicht, Whitehurst, Bayer, and Tessitore are collectively
referred to herein as the &#147;Executives&#148; and each, an &#147;Executive.&#148; Each agreement
contains severance provisions that provide for payment to the Executive upon the
occurrence of certain events, including death or disability, termination by the
Company for &#147;cause&#148; or by the Executive without &#147;good reason,&#148; termination by
the Company without &#147;cause&#148; or by the Executive with &#147;good reason,&#148; and
termination upon expiration of the employment agreement. In the event the
Executive is unable to perform his job duties due to death or disability, the
agreement provides for payment of his accrued salary, a prorated performance
bonus and, for a period of one year following termination of the agreement due
to death, health benefits under the Company&#146;s health plans and programs to the
Executive&#146;s dependents. In the event the Executive is terminated by the Company
for &#147;cause&#148; or the Executive terminates the agreement without &#147;good reason,&#148; the
Executive is entitled to his accrued salary and benefits prior to the date of
termination.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
agreement also contains severance provisions that call for payment to the
Executive of the following amounts in the event that he is terminated without
&#147;cause&#148; or he resigns for &#147;good reason&#148;:</FONT></P>
<UL style="TEXT-ALIGN: justify">
  <LI><FONT face=serif size=2>accrued and unpaid salary through the date of
  termination;<BR>&nbsp;</FONT>
  <LI><FONT face=serif size=2>a cash payment equal to 200% (with respect to
  Messrs. Bayer and Tessitore), 250% (with respect to Messrs. Habicht and
  Whitehurst), and 300% (with respect to Mr. Macnab) of his respective annual
  salary;</FONT><BR>&nbsp;
  <LI><FONT face=serif size=2>a cash payment equal to 200% (with respect to
  Messrs. Bayer and Tessitore), 250% (with respect to Messrs. Habicht and
  Whitehurst), and 300% (with respect to Mr. Macnab) of his respective average
  bonus for the last three years of employment under the
  agreement;<BR>&nbsp;</FONT>
  <LI><FONT face=serif size=2>immediate vesting of his restricted stock awards,
  stock options and other equity awards;<BR>&nbsp;</FONT>
  <LI><FONT face=serif size=2>for a period of one year after termination (but in
  no event after the Executive becomes eligible to receive benefits of the same
  type from another employer), health benefits under the Company&#146;s health plans
  and programs generally available to senior executives of the Company;
  and<BR>&nbsp;</FONT>
  <LI><FONT face=serif size=2>in the event of such a termination upon or after a
  &#147;change of control,&#148; a prorated annual bonus at the target level for the year
  in which termination occurred.</FONT></LI></UL>
<P align=center><FONT face=serif size=2>19</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>In the
event that the employment agreement naturally terminates at the end of its term
because the Company elects not to renew, the Executive will be entitled to the
following severance payments: </FONT></P>
<UL style="TEXT-ALIGN: justify">
  <LI><FONT face=serif size=2>accrued and unpaid salary through the date of
  termination;<BR>&nbsp;</FONT>
  <LI><FONT face=serif size=2>a cash payment equal to 200% of his annual salary
  if the non-renewal is at the end of the initial term and 100% of his annual salary if the non-renewal is at the end
  of any subsequent renewal term;<BR>&nbsp;</FONT>
  <LI><FONT face=serif size=2>if the non-renewal is at the end of the term,
  immediate vesting of his restricted stock awards, stock options and other equity awards that are exclusively time-based
  vesting;<BR>&nbsp;</FONT>
  <LI><FONT face=serif size=2>for a period of one year after termination (but in
  no event after the Executive becomes eligible to receive benefits of the same type from another employer), health
  benefits under the Company&#146;s health plans and programs generally available to senior executives of the Company;
  and<BR>&nbsp;</FONT>
  <LI><FONT face=serif size=2>a prorated annual bonus at the target level for
  the year in which termination occurred.</FONT></LI></UL>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>In
addition to the foregoing payments, each Executive shall be entitled to gross-up
payments to the extent such payments result in the imposition of excise tax,
interest or penalties.</FONT></P>
<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&#147;Cause&#148; is defined in each
Executive&#146;s agreement as the Executive&#146;s:</FONT></P>
<UL style="TEXT-ALIGN: justify">
  <LI><FONT face=serif size=2>conviction of (or pleading nolo contendere to) an
  indictment or information that is filed against Executive and is not discharged or otherwise resolved within 12 months
  thereafter, and said indictment of information charged Executive with a felony, any crime of moral turpitude, or any
  crime which is likely to result in material
  injury to the Company;<BR>&nbsp;</FONT>
  <LI><FONT face=serif size=2>the continued failure by Executive substantially
  to perform his duties or to carry out the lawful directives of the Board of Directors;<BR>&nbsp;</FONT>
  <LI><FONT face=serif size=2>material breach of a fiduciary duty relating to
  Executive&#146;s employment with the Company, or otherwise engaging in gross misconduct or willful or gross neglect (in connection
  with the performance of his duties) which is
  materially injurious to the Company; or<BR>&nbsp;</FONT>
  <LI><FONT face=serif size=2>material breach of the non-competition and
  confidentiality clauses set forth in his employment agreement.</FONT> </LI></UL>
<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&#147;Good reason&#148; is defined in each
agreement, unless otherwise consented to by Executive, as: </FONT></P>
<UL style="TEXT-ALIGN: justify">
  <LI><FONT face=serif size=2>a material reduction in Executive&#146;s position,
  authority, duties or responsibilities;<BR>&nbsp;</FONT>
  <LI><FONT face=serif size=2>a reduction in the annual salary of
  Executive;<BR>&nbsp;</FONT>
  <LI><FONT face=serif size=2>the relocation of Executive&#146;s office to more than
  50 miles from the Company&#146;s principal place of business in Orlando, Florida;<BR>&nbsp;</FONT>
  <LI><FONT face=serif size=2>the Company&#146;s material breach of his employment
  agreement;<BR>&nbsp;</FONT>
  <LI><FONT face=serif size=2>the Company&#146;s failure to obtain an agreement from
  any successor to the business of the Company by which the successor assumes and agrees to perform his employment agreement;
  or<BR>&nbsp;</FONT>
  <LI><FONT face=serif size=2>with respect to Mr. Macnab, a change in
  Executive&#146;s reporting responsibilities such that he is no longer reporting directly to the Board.</FONT></LI></UL>
<P align=center><FONT face=serif size=2>20</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>

<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&#147;Change of control,&#148; as defined in
each agreement, means:</FONT></P>
<UL style="TEXT-ALIGN: justify">
  <LI><FONT face=serif size=2>a &#147;person&#148; or &#147;group&#148; (which terms shall have the
  meaning they have when used in Section 13(d) of the Securities Exchange Act of 1934 (the &#147;Exchange Act&#148;)) (other than the
  Company, any trustee or other fiduciary holding
  securities under an employee benefit plan of the Company, any corporation
  owned directly or indirectly, by the
  stockholders of the Company in substantially the same proportions as
  their ownership of voting securities of the
  Company) becomes (other than solely by reason of a repurchase of voting securities by the Company), the &#147;beneficial owner&#148;
  (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of 40% or more of the combined voting
  power of the Company&#146;s then total outstanding
  voting securities, provided, however, that in no event shall a change of
  control for purposes of each agreement be
  deemed to have arisen merely by virtue of a &#147;person&#148; or &#147;group&#148; having become
  a direct or indirect owner of Company
  securities (such that a change of control would otherwise have been
  deemed to have occurred), if the Executive is a
  member of such person or group; or<BR>&nbsp;</FONT>
  <LI><FONT face=serif size=2>the Company consolidates with or merges with or
  into another corporation or partnership or conveys, transfers or leases, in any transaction or series of transactions, all
  or substantially all of its assets to any corporation or partnership, or any corporation or partnership
  consolidates with or merges with or into the Company, in any event pursuant to a transaction in which the
  outstanding voting stock of the Company is
  reclassified or changed into or exchanged for cash, securities or other
  property, other than any such transaction where
  (i) the outstanding voting securities of the Company are changed into or
  exchanged for voting securities of the
  surviving corporation and (ii) the persons who were the beneficial owners of
  the Company&#146;s voting securities immediately
  prior to such transaction beneficially own immediately after such transaction 50% or more of the total outstanding voting
  power of the surviving corporation, or the Company is liquidated or dissolved or adopts a plan of liquidation or
  dissolution.</FONT></LI></UL>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
amount of compensation payable to each Executive upon any termination is shown
below. All estimates are based on an assumed termination date of December 31,
2007. The actual payments due on terminations occurring on different dates could
materially differ from the estimates in the table.</FONT></P>
<P align=center><B><FONT face=serif size=2>Termination Upon Death or Disability
</FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" colSpan=2></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"></TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"></TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="5%" colSpan=2><B><FONT face=serif size=1>Early Vesting
      of</FONT></B> </TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%"><B><FONT face=serif size=1>Name</FONT></B> </TD>
    <TD noWrap align=left width="67%">&nbsp;</TD>
    <TD noWrap align=left width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=1>Salary(1)</FONT></B> </TD>
    <TD noWrap align=center width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=1>Bonus</FONT></B> </TD>
    <TD noWrap align=center width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=2><B><FONT face=serif size=1>Stock Awards</FONT></B> </TD>
    <TD noWrap align=center width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%" colSpan=2><B><FONT face=serif size=1>Other</FONT></B><FONT face=serif size=1><STRONG>(2)</STRONG><FONT size=3></FONT></FONT> </TD>
    <TD noWrap align=center width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=2><B><FONT face=serif size=1>Total</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=2>Craig
      Macnab</FONT> </TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>84,334</FONT> </TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>506,000</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp; &nbsp;$</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=2>1,748,216&nbsp;&nbsp;&nbsp;</FONT> </TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>15,124</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=2>2,353,674</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" colSpan=2><FONT face=serif size=2>Julian E. Whitehurst</FONT> </TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>49,667</FONT> </TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>298,000</FONT> </TD>
    <TD noWrap align=left width="2%">&nbsp;</TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=2>1,328,218&nbsp;&nbsp;&nbsp;<FONT size=3> </FONT></FONT></TD>
    <TD noWrap align=right width="2%">&nbsp;</TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=2>15,810</FONT> </TD>
    <TD noWrap align=left width="2%">&nbsp;</TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=2>1,691,695</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=2>Kevin
      B. Habicht</FONT> </TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>49,167</FONT> </TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>295,000</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=2>855,989&nbsp;&nbsp;&nbsp;<FONT size=3> </FONT></FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>15,810</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=2>1,215,966</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" colSpan=2><FONT face=serif size=2>Paul
      E. Bayer</FONT> </TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>28,333</FONT> </TD>
    <TD noWrap align=right width="2%">&nbsp;</TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>170,000</FONT> </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=2>351,963&nbsp;&nbsp;&nbsp;<FONT size=3> </FONT></FONT></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=2>15,124</FONT> </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=2>565,420</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=2>Christopher P. Tessitore</FONT> </TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>28,333</FONT> </TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>170,000</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=2>377,096&nbsp;&nbsp;&nbsp;<FONT size=3> </FONT></FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>15,810</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=2>591,239</FONT>
  </TD></TR></TABLE>____________________<BR>&nbsp;<BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD width="100%"><FONT face=serif size=2>Payable in the case of death only
      and represents payment of two months of the Executive&#146;s
  salary.</FONT></TD></TR>
  <TR>
    <TD colSpan=2>&nbsp; </TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>(2)</FONT></TD>
    <TD width="100%"><FONT face=serif size=2>Represents payment of health
      benefits for spouse and dependents of Executive for one year following the
      event of death.</FONT></TD></TR></TABLE>
<P align=center><FONT face=serif size=2>21</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=center><B><FONT face=serif size=2>Termination by the Company without
Cause; Termination by Executive for Good Reason</FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="66%" colSpan=2></TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=1>Severance</FONT></B> </TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="5%" colSpan=2><B><FONT face=serif size=1>Early Vesting
      of</FONT></B> </TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"></TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="5%" colSpan=2><B><FONT face=serif size=1>Change of
      Control</FONT></B> </TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%"><B><FONT face=serif size=1>Name</FONT></B> </TD>
    <TD noWrap align=left width="64%">&nbsp;</TD>
    <TD noWrap align=center width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=1>Amount</FONT></B> </TD>
    <TD noWrap align=center width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=2><B><FONT face=serif size=1>Stock Awards</FONT></B> </TD>
    <TD noWrap align=center width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><FONT face=serif size=1><STRONG>Other(4)</STRONG><FONT size=3>
      </FONT></FONT></TD>
    <TD noWrap align=center width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=2><B><FONT face=serif size=1>Payment(5)</FONT></B> </TD>
    <TD noWrap align=center width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=2><B><FONT face=serif size=1>Total</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=2>Craig
      Macnab</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>4,088,440</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>(1)</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;$</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=2>3,022,608&nbsp;&nbsp;&nbsp;</FONT> </TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>15,124</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>506,000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> </TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=2>7,632,172</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%" colSpan=2><FONT face=serif size=2>Julian E. Whitehurst</FONT> </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>1,705,233</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>(2)</FONT> </TD>
    <TD noWrap align=left width="2%">&nbsp;</TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=2>1,893,149&nbsp;&nbsp;&nbsp;<FONT size=3> </FONT></FONT></TD>
    <TD noWrap align=right width="2%">&nbsp;</TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>15,810</FONT> </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>298,000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=3>
      </FONT></FONT></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=2>3,912,192</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=2>Kevin
      B. Habicht</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>1,682,250</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>(2)</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=2>1,412,175&nbsp;&nbsp;&nbsp;<FONT size=3>
</FONT></FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>15,810</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>295,000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=3>
      </FONT></FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=2>3,405,235</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%" colSpan=2><FONT face=serif size=2>Paul
      E. Bayer</FONT> </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>748,000</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>(3)</FONT> </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=2>351,963&nbsp;&nbsp;&nbsp;<FONT size=3> </FONT></FONT></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>15,124</FONT> </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>170,000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=3>
      </FONT></FONT></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=2>1,285,087</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=2>Christopher P. Tessitore</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>748,000</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>(3)</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=2>377,096&nbsp;&nbsp;&nbsp;<FONT size=3> </FONT></FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>15,810</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>170,000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=3>
      </FONT></FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=2>1,310,906</FONT>
  </TD></TR></TABLE>____________________<BR>&nbsp;<BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD width="100%"><FONT face=serif size=2>Represents a cash payment of 300%
      of annual salary payable in equal installments over a 12 month period,
      provided that if Mr. Macnab is terminated following a &#147;change of control&#148;
      the amount is payable in one lump sum no more than ten days following
      delivery of the release and a cash payment of 300% of Mr. Macnab&#146;s average
      annual bonus for the three contract years preceding termination, payable
      in equal installments over a 12 month period, provided that if Mr. Macnab
      is terminated following a change of control the amount is payable in one
      lump sum no more than ten days following delivery of a
  release.</FONT></TD></TR>
  <TR>
    <TD colSpan=2>&nbsp; </TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>(2)</FONT></TD>
    <TD width="100%"><FONT face=serif size=2>Represents a cash payment of 250%
      of annual salary payable in equal installments over a 12 month period,
      provided that if Messrs. Habicht or Whitehurst are terminated following a
      &#147;change of control&#148; the amount is payable in one lump sum no more than ten
      days following delivery of the release and a cash payment of 250% of Mr.
      Habicht&#146;s and Mr. Whitehurst&#146;s average annual bonus for the three contract
      years preceding termination, payable in equal installments over a 12 month
      period, provided that if Messrs. Habicht or Whitehurst are terminated
      following a change of control the amount is payable in one lump sum no
      more than ten days following delivery of a release.</FONT></TD></TR>
  <TR>
    <TD colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>(3)</FONT></TD>
    <TD width="100%"><FONT face=serif size=2>Represents a cash payment of 200%
      of annual salary payable in equal installments over a 12 month period,
      provided that if Messrs. Bayer or Tessitore are terminated following a
      &#147;change of control&#148; the amount is payable in one lump sum no more than ten
      days following delivery of the release and a cash payment of 200% of Mr.
      Bayer&#146;s and Mr. Tessitore&#146;s average annual bonus for the three contract
      years preceding termination, payable in equal installments over a 12 month
      period, provided that if Messrs. Bayer or Tessitore are terminated
      following a change of control the amount is payable in one lump sum no
      more than ten days following delivery of a release.</FONT></TD></TR>
  <TR>
    <TD colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>(4)</FONT></TD>
    <TD width="100%"><FONT face=serif size=2>Represents payment of health
      benefits, health plans and other perquisites.</FONT></TD></TR>
  <TR>
    <TD colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>(5)</FONT></TD>
    <TD width="100%"><FONT face=serif size=2>Represents a cash payment of
      prorated annual bonus at the &#147;target&#148; level for the year of termination,
      payable if the Executive is terminated upon or following a change of
      control.</FONT></TD></TR></TABLE>
<P align=center><B><FONT face=serif size=2>Termination upon Expiration of the
Employment Agreement</FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="68%" colSpan=2></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=center width="5%" colSpan=2><B><FONT face=serif size=1>Severance</FONT></B> </TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="5%" colSpan=2><B><FONT face=serif size=1>Early Vesting
      of</FONT></B> </TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"></TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%"><B><FONT face=serif size=1>Name</FONT></B> </TD>
    <TD noWrap align=left width="66%">&nbsp;</TD>
    <TD noWrap align=left width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=2><B><FONT face=serif size=1>Amount(1)</FONT></B> </TD>
    <TD noWrap align=center width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=2><B><FONT face=serif size=1>Stock Awards</FONT></B> </TD>
    <TD noWrap align=center width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%" colSpan=2><B><FONT face=serif size=1>Other</FONT></B><FONT face=serif size=1><STRONG>(2)</STRONG><FONT size=3> </FONT></FONT></TD>
    <TD noWrap align=center width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=1>Bonus</FONT></B><FONT face=serif size=1><STRONG>(3)</STRONG><FONT size=3> </FONT></FONT></TD>
    <TD noWrap align=center width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=2><B><FONT face=serif size=1>Total</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=2>Craig
      Macnab</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=2>1,012,000</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;$</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=2>1,748,216&nbsp;&nbsp;&nbsp;</FONT> </TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>15,124</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>506,000</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=2>3,281,340</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%" colSpan=2><FONT face=serif size=2>Julian E. Whitehurst</FONT> </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=2>596,000</FONT> </TD>
    <TD noWrap align=left width="2%">&nbsp;</TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=2>1,328,218&nbsp;&nbsp;&nbsp;<FONT size=3> </FONT></FONT></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=2>15,810</FONT> </TD>
    <TD noWrap align=left width="2%">&nbsp;</TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>298,000</FONT> </TD>
    <TD noWrap align=left width="2%">&nbsp;</TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=2>2,238,028</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=2>Kevin
      B. Habicht</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=2>590,000</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=2>855,989&nbsp;&nbsp;&nbsp;<FONT size=3> </FONT></FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>15,810</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>295,000</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=2>1,756,799</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%" colSpan=2><FONT face=serif size=2>Paul
      E. Bayer</FONT> </TD>
    <TD noWrap align=left width="2%">&nbsp;</TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=2>340,000</FONT> </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=2>351,963&nbsp;&nbsp;&nbsp;<FONT size=3> </FONT></FONT></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=2>15,124</FONT> </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>170,000</FONT> </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=2>877,087</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=2>Christopher P. Tessitore</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=2>340,000</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=2>377,096&nbsp;&nbsp;&nbsp;<FONT size=3> </FONT></FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>15,810</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>170,000</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=2>902,906</FONT>
  </TD></TR></TABLE>____________________<BR>&nbsp;<BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD width="100%"><FONT face=serif size=2>Represents cash payment of 200%
      of annual salary payable in equal installments over a 12 month
      period.</FONT></TD></TR>
  <TR>
    <TD colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>(2)</FONT></TD>
    <TD width="100%"><FONT face=serif size=2>Represents payment of health
      benefits, health plans and other perquisites for one year following
      termination.</FONT></TD></TR>
  <TR>
    <TD colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>(3)</FONT></TD>
    <TD width="100%"><FONT face=serif size=2>Represents a cash payment of
      prorated annual bonus at the &#147;target&#148; level for the year of
      termination.</FONT></TD></TR></TABLE>
<P align=center><FONT face=serif size=2>22</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=center><B><FONT face=serif size=2>COMPENSATION COMMITTEE REPORT
</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT face=serif size=2>The
information contained in this report shall not be deemed to be &#147;soliciting
material&#148; or to be &#147; filed&#148; with the SEC, nor shall such information be
incorporated by reference into any previous or future filings under the
Securities Act of 1933 or the Securities Exchange Act of 1934 except to the
extent that the Company incorporated it by specific reference.</FONT></I></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
Compensation Committee of the Company has reviewed and discussed the
Compensation Discussion and Analysis required by Item 402(b) of Regulation S-K
with management. Based on such review and discussions, the Compensation
Committee recommended to the Board of Directors that the Compensation Discussion
and Analysis be included in this Proxy Statement and in the Company&#146;s Annual
Report on Form 10-K for the fiscal year ended December 31, 2007, both filed with
the SEC.<BR>&nbsp;</FONT></P>

<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="50%"></TD>
    <TD width="50%">
      <P align=justify><FONT face=serif size=2>COMPENSATION COMMITTEE
    </FONT></P></TD></TR>
  <TR>
    <TD width="50%"></TD>
    <TD width="50%">&nbsp;</TD></TR>
  <TR>
    <TD width="50%"></TD>
    <TD width="50%">
      <P align=justify><FONT face=serif size=2>Robert C. Legler,
      Chairman<BR>Richard B. Jennings<BR>Robert
Martinez</FONT></P></TD></TR></TABLE>
<P align=center><FONT face=serif size=2>23</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=center><B><FONT face=serif size=2>PROPOSAL II</FONT></B></P>
<P align=center><B><FONT face=serif size=2>PROPOSAL TO
RATIFY<BR></FONT></B><B><FONT face=serif size=2>ERNST &amp; YOUNG LLP AS THE
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>In June
2006, the Audit Committee engaged Ernst &amp; Young LLP to serve as the
Company&#146;s principal independent registered public accounting firm to audit the
Company&#146;s financial statements for the year ending December 31, 2006 and to
review quarterly interim results beginning with the third quarter ending
September 30, 2006. KPMG LLP (&#147;KPMG&#148;) was dismissed as the Company&#146;s auditors
effective with the completion of the review of the interim financial information
included in the Company&#146;s Form 10-Q for the quarter ended June 30,
2006.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>KPMG&#146;s
reports on our consolidated financial statements for the fiscal year ended
December 31, 2005 did not contain an adverse opinion or disclaimer of opinion,
nor were they qualified or modified as to uncertainty, audit scope, or
accounting principles. During our two most recent fiscal years and through the
date of KPMG&#146;s dismissal, there were no disagreements with KPMG on any matter of
accounting principles or practices, financial statement disclosure, or auditing
scope or procedure which, if not resolved to KPMG&#146;s satisfaction, would have
caused them to make reference to the subject matter of the disagreement in
connection with their reports. During that period and through the date hereof,
there were no &#147;reportable events,&#148; as defined in Item 304(a)(1)(v) of Regulation
S-K. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>During
our two most recent fiscal years and prior to Ernst &amp; Young LLP&#146;s
engagement, we did not consult Ernst &amp; Young LLP with respect to the
application of accounting principles to a specified transaction, either
completed or proposed, or the type of audit opinion that might be rendered on
our consolidated financial statements, or any other matters or reportable events
required to be disclosed under Items 304(a)(2)(i) and (ii) of Regulation
S-K.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The Audit
Committee currently believes that we should continue our relationship with Ernst
&amp; Young LLP and have appointed Ernst &amp; Young LLP to continue as our
independent accountants for the fiscal year ending December 31, 2008. In the
event that the stockholders do not ratify this appointment by the requisite
vote, the Audit Committee will reconsider its appointment of Ernst &amp; Young
LLP. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>A
representative of Ernst &amp; Young LLP will be present at the annual meeting
and will be provided with the opportunity to make a statement if desired. Such
representative will also be available to respond to appropriate questions.
</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT face=serif size=2>Fiscal
2007 and 2006 Audit Firm Summary</FONT></I><FONT face=serif size=2>. During the
fiscal years ended December 31, 2007 and 2006, we retained Ernst &amp; Young LLP
and KPMG LLP to provide services in the following categories and
amounts:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="79%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=1>Fiscal Year 2007</FONT></B> </TD>
    <TD noWrap align=center width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="12%" colSpan=7><B><FONT face=serif size=1>Fiscal Year 2006</FONT></B>
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=1>Ernst &amp;</FONT></B> </TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=1>Ernst &amp;</FONT></B> </TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"></TD>
    <TD noWrap align=center width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%"></TD>
    <TD noWrap align=left width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=1>Young LLP</FONT></B> </TD>
    <TD noWrap align=center width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=1>Young LLP</FONT></B> </TD>
    <TD noWrap align=center width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=1>KPMG LLP</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%" bgColor=#c0c0c0><FONT face=serif size=2>Audit
      Fees(1)</FONT> </TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>$939,214</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>$261,199</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>$342,766</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%"><FONT face=serif size=2>Audit Related
      Fees(2)</FONT> </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>&#151;</FONT> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>&#151;</FONT> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>5,750</FONT> </TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%" bgColor=#c0c0c0><FONT face=serif size=2>Total
      Audit and Audit Related Fees</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>939,214</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>261,199</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>348,516</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%"><FONT face=serif size=2>Tax Fees(3)</FONT> </TD>
    <TD noWrap align=left width="2%">&nbsp;</TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>17,295</FONT> </TD>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>&#151;</FONT> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>77,450</FONT> </TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%" bgColor=#c0c0c0><FONT face=serif size=2>Total
      Fees</FONT> </TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>$956,509</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>$261,199</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>$425,966</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR></TABLE>____________________<BR>&nbsp;<BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD width="100%"><FONT face=serif size=2>Audit fees include the audit fee
      and fees for comfort letters, attest services, consents and assistance
      with and review of documents filed with the SEC.</FONT></TD></TR>
  <TR>
    <TD colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>(2)</FONT></TD>
    <TD width="100%"><FONT face=serif size=2>Audit related fees consist of
      fees incurred for consultation concerning financial accounting and
      reporting standards, performance of agreed-upon procedures, and other
      audit or attest services not required by statute or
  regulation.</FONT></TD></TR>
  <TR>
    <TD colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>(3)</FONT></TD>
    <TD width="100%"><FONT face=serif size=2>Tax fees consist of fees for tax
      compliance services.</FONT></TD></TR></TABLE>
<P align=center><FONT face=serif size=2>24</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT face=serif size=2>Policy
on Audit Committee Pre-Approval of Audit and Permissible Non-Audit Services of
Independent Accountants.</FONT></I><FONT face=serif size=2> Consistent with SEC
policies regarding auditor independence, the Audit Committee has responsibility
for appointing, setting compensation and overseeing the work of the independent
accountants. In recognition of this responsibility, the Audit Committee has
established a policy to pre-approve all audit and permissible non-audit services
provided by the independent accountants. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Prior to
engagement of the independent accountants for the next year&#146;s audit, management
will submit to the Audit Committee for approval an aggregate of services
expected to be rendered during that year for each of the services described
above in the captions Audit Fees, Audit Related Fees and Tax Fees.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Prior to
engagement, the Audit Committee pre-approves these services by category of
service. The fees are budgeted and the Audit Committee requires the independent
accountants and management to report actual fees versus the budget periodically
throughout the year by category of service. During the year, circumstances may
arise when it may become necessary to engage the independent accountants for
additional services not contemplated in the original pre-approval. In those
instances, the Audit Committee requires specific pre-approval before engaging
the independent accountants.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>For the
fiscal years ended December 31, 2007 and 2006, the Audit Committee pre-approved
100% of services described above in the captions Audit Related Fees and Tax
Fees. For the fiscal year ended December 31, 2007, no hours expended on Ernst
&amp; Young LLP&#146;s engagement to audit our financial statements were attributed
to work performed by persons other than full-time, permanent employees of Ernst
&amp; Young LLP.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Pursuant
to our Audit Committee charter, the Audit Committee may delegate pre-approval
authority to the chairman of the Audit Committee, who shall promptly advise the
remaining members of the Audit Committee of such approval at the next regularly
scheduled meeting. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face=serif size=2>The
Board of Directors unanimously recommends that you vote FOR ratification of the
appointment of Ernst &amp; Young LLP as our independent registered public
accounting firm for our fiscal year ending December 31, 2008.</FONT></B></P>
<P align=center><FONT face=serif size=2>25</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=center><B><FONT face=serif size=2>SECURITY OWNERSHIP</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
following table sets forth, as of February 14, 2008 (except as described in the
footnotes), the number and percentage of outstanding shares beneficially owned
by all persons known by the Company to own beneficially more than five percent
of the Company&#146;s Common Stock, by each director and nominee, by each of the
persons named in the Summary Compensation Table under &#147;Executive Compensation,&#148;
above, and by all officers and directors as a group, based upon information
furnished to the Company by such stockholders, officers and directors. Unless
otherwise noted below, the persons named in the table have sole voting and sole
investment power with respect to each of the shares beneficially owned by such
person. </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" colSpan=2></TD>
    <TD noWrap align=center width="3%"></TD>
    <TD noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=1>Number of Shares</FONT></B> </TD>
    <TD noWrap align=left width="5%">&nbsp;</TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=center width="3%"><B><FONT face=serif size=1>Percent</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="10%"><B><FONT face=serif size=1>Name and Address of Beneficial
      Owner</FONT></B> </TD>
    <TD noWrap align=left width="72%">&nbsp;</TD>
    <TD noWrap align=center width="3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=1>Beneficially Owned</FONT></B> </TD>
    <TD noWrap align=left width="5%">&nbsp;</TD>
    <TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"><B><FONT face=serif size=1>of Shares</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>Bank of New York Mellon Corp.<SUP>(1)</SUP></FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>4,322,650</FONT> </TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0 colSpan=2>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>5.96%<FONT size=3> </FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0 colSpan=2>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>One Wall
      Street, 31</FONT><SUP><FONT face=serif size=1>st </FONT></SUP><FONT face=serif size=1>Floor</FONT> </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0 colSpan=2></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>New York,
      NY 10286</FONT> </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0 colSpan=2></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" colSpan=2><FONT face=serif size=1>Barclays Global Investors, NA</FONT> </TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>5,199,069</FONT>
    </TD>
    <TD noWrap align=left width="6%" colSpan=2></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>7.17%<FONT size=3> </FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" colSpan=2><FONT face=serif size=1>Barclays Global Fund Advisors</FONT> </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="6%" colSpan=2></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" colSpan=2><FONT face=serif size=1>Barclays Global Investors, Ltd.</FONT> </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="6%" colSpan=2></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" colSpan=2><FONT face=serif size=1>Barclays Global Investors Japan</FONT> </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="6%" colSpan=2></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" colSpan=2><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Trust and Banking Company
      Limited</FONT> </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="6%" colSpan=2></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" colSpan=2><FONT face=serif size=1>Barclays Global Investors Japan Limited<SUP>(2)</SUP></FONT> </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="6%" colSpan=2></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" colSpan=2><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Ebisu Prime Square Tower
      8</FONT><SUP><FONT face=serif size=1>th </FONT></SUP><FONT face=serif size=1>Floor</FONT> </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="6%" colSpan=2></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" colSpan=2><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>1-1-39 Hiroo Shibuya-Ku</FONT> </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="6%" colSpan=2></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" colSpan=2><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Tokyo 150-0012 Japan</FONT> </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="6%" colSpan=2></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>The Vanguard Group, Inc.<SUP>(3)</SUP></FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>4,626,500</FONT> </TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0 colSpan=2></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>6.38%<FONT size=3> </FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>100
      Vanguard Blvd.</FONT> </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0 colSpan=2></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Malvern, PA
      19355</FONT> </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0 colSpan=2></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" colSpan=2><FONT face=serif size=1>Paul
      E. Bayer<SUP>(5)</SUP></FONT> </TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>43,137</FONT>
</TD>
    <TD noWrap align=left width="6%" colSpan=2><FONT face=serif size=1><SUP>(6)</SUP></FONT> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>*<SUP>(16)</SUP><FONT size=3> </FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" colSpan=2><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>450 South Orange Avenue, Suite
      900</FONT> </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="6%" colSpan=2></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" colSpan=2><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Orlando, FL 32801</FONT> </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="6%" colSpan=2></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>Dennis E. Gershenson<SUP>(4)</SUP></FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT> </TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0 colSpan=2></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>*<SUP>(16)</SUP><FONT size=3> </FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>31500
      Northwestern Highway, Suite 300</FONT> </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0 colSpan=2></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Farmington
      Hills, MI 48334</FONT> </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0 colSpan=2></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" colSpan=2><FONT face=serif size=1>Kevin
      B. Habicht<SUP>(4)(5)</SUP></FONT> </TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>320,542</FONT>
    </TD>
    <TD noWrap align=left width="6%" colSpan=2><FONT face=serif size=1><SUP>(7)</SUP></FONT> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>*<SUP>(16)</SUP><FONT size=3> </FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" colSpan=2><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>450 South Orange Avenue, Suite
      900</FONT> </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="6%" colSpan=2></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" colSpan=2><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Orlando, FL 32801</FONT> </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="6%" colSpan=2></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>Clifford R. Hinkle<SUP>(4)</SUP></FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>106,450</FONT> </TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1><SUP>(8)</SUP></FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>*<SUP>(16)</SUP><FONT size=3> </FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>111 South
      Monroe Street, Suite 2000B</FONT> </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0 colSpan=2></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>Tallahassee, FL 32301</FONT> </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0 colSpan=2></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" colSpan=2><FONT face=serif size=1>Richard B. Jennings<SUP>(4)</SUP></FONT> </TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>31,117</FONT>
</TD>
    <TD noWrap align=left width="6%" colSpan=2><FONT face=serif size=1><SUP>(9)</SUP></FONT> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>*<SUP>(16)</SUP><FONT size=3> </FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" colSpan=2><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>845 Third Avenue,
      6</FONT><SUP><FONT face=serif size=1>th </FONT></SUP><FONT face=serif size=1>Floor</FONT> </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="6%" colSpan=2></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" colSpan=2><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>New York, NY 10022</FONT> </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="6%" colSpan=2></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>Ted B. Lanier<SUP>(4)</SUP></FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>60,300</FONT> </TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1><SUP>(10)</SUP></FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>*<SUP>(16)</SUP><FONT size=3> </FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>1818
      Windmill Drive</FONT> </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0 colSpan=2></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Sanford, NC
      27330</FONT> </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0 colSpan=2></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" colSpan=2><FONT face=serif size=1>Robert
      C. Legler<SUP>(4)</SUP></FONT> </TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>30,283</FONT>
</TD>
    <TD noWrap align=left width="6%" colSpan=2><FONT face=serif size=1><SUP>(11)</SUP></FONT> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>*<SUP>(16)</SUP><FONT size=3> </FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" colSpan=2><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>946 Painted Bunting Way</FONT> </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="6%" colSpan=2></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" colSpan=2><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Vero Beach, FL 32963</FONT> </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="6%" colSpan=2></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>Craig Macnab<SUP>(4)(5)</SUP></FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>345,385</FONT> </TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1><SUP>(12)</SUP></FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>*<SUP>(16)</SUP><FONT size=3> </FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>450 South
      Orange Avenue, Suite 900</FONT> </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0 colSpan=2></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Orlando, FL
      32801</FONT> </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0 colSpan=2></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" colSpan=2><FONT face=serif size=1>Robert
      Martinez<SUP>(4)</SUP></FONT> </TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>26,147</FONT>
</TD>
    <TD noWrap align=left width="6%" colSpan=2><FONT face=serif size=1><SUP>(13)</SUP></FONT> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>*<SUP>(16)</SUP><FONT size=3> </FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" colSpan=2><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>100 North Tampa Street, Suite
      4100</FONT> </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="6%" colSpan=2></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" colSpan=2><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Tampa, FL 33602</FONT> </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="6%" colSpan=2></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>Christopher P. Tessitore<SUP>(5)</SUP></FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>33,797</FONT> </TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1><SUP>(14)</SUP></FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>*<SUP>(16)</SUP><FONT size=3> </FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>450 South
      Orange Avenue, Suite 900</FONT> </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0 colSpan=2></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Orlando, FL
      32801</FONT> </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0 colSpan=2></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" colSpan=2><FONT face=serif size=1>Julian
      E. Whitehurst<SUP>(5)</SUP></FONT> </TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>180,592</FONT>
    </TD>
    <TD noWrap align=left width="6%" colSpan=2><FONT face=serif size=1><SUP>(15)</SUP></FONT> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>*<SUP>(16)</SUP><FONT size=3> </FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" colSpan=2><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>450 South Orange Avenue, Suite
      900</FONT> </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="6%" colSpan=2></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" colSpan=2><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Orlando, FL 32801</FONT> </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="6%" colSpan=2></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>All directors and executive officers as a group (11
      persons)</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,225,693</FONT> </TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1><SUP>(6)(7)(8)(9)(10)(11)(12)(13)(14)(15)</SUP></FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1.53%<FONT size=3> </FONT></FONT></TD></TR></TABLE>

<BR>
<P align=center><FONT face=serif size=2>26</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
____________________<BR>&nbsp;<BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>
  <TR>
    <TD vAlign=top align=left><FONT face=serif size=2>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD width="100%"><FONT face=serif size=2>This information is based solely on a Schedule 13G filed
      with the SEC on February 14, 2008, in which it was reported that as of
      December 31, 2007, the beneficial owner had sole or shared power to vote
      or direct the voting of a combined 4,154,035 shares and the sole shared
      power to dispose of 4,321,650 shares.</FONT></TD></TR>
  <TR>
    <TD align=left colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=left><FONT face=serif size=2>(2)</FONT></TD>
    <TD width="100%"><FONT face=serif size=2>This information is based solely on a Schedule 13G filed
      with the SEC on February 5, 2008, in which it was reported that as of
      December 31, 2007, the various entities noted above had sole power to vote
      or direct the voting of a combined 4,157,728 shares, and the sole power to
      dispose or to direct the disposition of a combined 5,199,069 shares.
      According to the Schedule 13G filing, these shares are held in trust
      accounts for the economic benefit of the beneficiaries of those
      accounts.</FONT></TD></TR>
  <TR>
    <TD align=left colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=left><FONT face=serif size=2>(3)</FONT></TD>
    <TD width="100%"><FONT face=serif size=2>This information is based solely on a Schedule 13G filed
      with the SEC on February 12, 2008, in which it was reported that as of
      December 31, 2007, the beneficial owner had sole power to vote or direct
      the voting of a combined 92,391 shares and the sole power to dispose of
      4,626,500 shares.</FONT></TD></TR>
  <TR>
    <TD align=left colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=left><FONT face=serif size=2>(4)</FONT></TD>
    <TD width="100%"><FONT face=serif size=2>A director of the Company.</FONT></TD></TR>
  <TR>
    <TD align=left colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=left><FONT face=serif size=2>(5)</FONT></TD>
    <TD width="100%"><FONT face=serif size=2>An executive officer of the Company.</FONT></TD></TR>
  <TR>
    <TD align=left colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=left><FONT face=serif size=2>(6)</FONT></TD>
    <TD width="100%"><FONT face=serif size=2>Includes 19,928 restricted shares for which Mr. Bayer
      has sole voting power.</FONT></TD></TR>
  <TR>
    <TD align=left colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=left><FONT face=serif size=2>(7)</FONT></TD>
    <TD width="100%"><FONT face=serif size=2>Includes 23,000 shares subject to currently exercisable
      options and 87,311 restricted shares, 46,408 for which Mr. Habicht holds
      sole voting power and 40,903 for which Mr. Habicht has no voting
      power.</FONT></TD></TR>
  <TR>
    <TD align=left colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=left><FONT face=serif size=2>(8)</FONT></TD>
    <TD width="100%"><FONT face=serif size=2>Includes 12,500 shares subject to currently exercisable
      options, 3,650 shares held by Mr. Hinkle&#146;s spouse and 50,000 shares held
      by Flagler Holdings, Inc., in which Mr. Hinkle has a 27% interest and
      holds sole voting and investment power over Company shares.</FONT></TD></TR>
  <TR>
    <TD align=left colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=left><FONT face=serif size=2>(9)</FONT></TD>
    <TD width="100%"><FONT face=serif size=2>Includes 7,500 shares subject to currently exercisable
      options and 14,867 phantom shares credited under the Deferred Fee Plan for
      Directors.</FONT></TD></TR>
  <TR>
    <TD align=left colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=left><FONT face=serif size=2>(10)</FONT></TD>
    <TD width="100%"><FONT face=serif size=2>Includes 10,000 shares held by Mr. Lanier&#146;s spouse,
      12,500 shares subject to currently exercisable options and 5,000 shares
      held in a trust in which Mr. Lanier is the sole Trustee and for which Mr.
      Lanier disclaims any beneficial ownership.</FONT></TD></TR>
  <TR>
    <TD align=left colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=left><FONT face=serif size=2>(11)</FONT></TD>
    <TD width="100%"><FONT face=serif size=2>Includes 2,400 shares held by Mr. Legler&#146;s spouse, 2,500
      shares subject to currently exercisable options, 2,500 shares held in
      trust in which Mr. Legler is the sole Trustee and for which Mr. Legler
      disclaims any beneficial ownership and 18,883 phantom shares credited
      under the Deferred Fee Plan for Directors.</FONT></TD></TR>
  <TR>
    <TD align=left colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=left><FONT face=serif size=2>(12)</FONT></TD>
    <TD width="100%"><FONT face=serif size=2>Includes 192,552 restricted shares, 98,790 for which Mr.
      Macnab has sole voting power and 93,762 for which Mr. Macnab has no voting
      power.</FONT></TD></TR>
  <TR>
    <TD align=left colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=left><FONT face=serif size=2>(13)</FONT></TD>
    <TD width="100%"><FONT face=serif size=2>Includes 6,125 shares held in trust in which Mr.
      Martinez is the sole Trustee and for which Mr. Martinez disclaims any
      beneficial ownership and 18,022 phantom shares credited under the Deferred
      Fee Plan for Directors.</FONT></TD></TR>
  <TR>
    <TD align=left colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=left><FONT face=serif size=2>(14)</FONT></TD>
    <TD width="100%"><FONT face=serif size=2>Includes 22,189 restricted shares for which Mr.
      Tessitore has sole voting power.</FONT></TD></TR>
  <TR>
    <TD align=left colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=left><FONT face=serif size=2>(15)</FONT></TD>
    <TD width="100%"><FONT face=serif size=2>Includes 95,671 restricted shares, 54,201 for which Mr.
      Whitehurst has sole voting power and 41,470 for which Mr. Whitehurst has
      no voting power.</FONT></TD></TR>
  <TR>
    <TD align=left colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=left><FONT face=serif size=2>(16)</FONT></TD>
    <TD width="100%"><FONT face=serif size=2>Less than one percent.</FONT></TD></TR></TABLE>
<P align=justify><B><FONT face=serif size=2>Section 16(a) Beneficial Ownership
Reporting Compliance </FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Section
16(a) of the Securities Exchange Act of 1934 requires the Company&#146;s officers and
directors, and persons who own more than ten percent of a registered class of
the Company&#146;s equity securities, to file reports of ownership and changes in
ownership on Forms 3, 4 and 5 with the SEC and the New York Stock Exchange.
Officers, directors and greater than ten percent stockholders are required by
SEC regulation to furnish the Company with copies of all Forms 3, 4 and 5 they
file. </FONT></P>
<P align=center><FONT face=serif size=2>27</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Based
solely on the Company&#146;s review of the copies of such forms it has received,
written representations from certain reporting persons that they were not
required to file Forms 5 for the last fiscal year and other information known to
the Company, the Company believes that all its officers, directors and greater
than ten percent beneficial owners complied with all filing requirements
applicable to them with respect to transactions filed during fiscal year 2007.
</FONT></P>
<P align=center><B><FONT face=serif size=2>CERTAIN RELATIONSHIPS AND RELATED
TRANSACTIONS </FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The Audit
Committee is charged with monitoring and reviewing the material facts of any
transactions with related parties and either approving or disapproving the entry
into such transactions. The Audit Committee has adopted a written policy
governing transactions with related parties. In determining whether to approve
or ratify a transaction with a related party, the Audit Committee will take into
account, among other factors it deems appropriate, whether the transaction is on
terms no less favorable than terms generally available to an unaffiliated
third-party under the same or similar circumstances and the extent of the
related party&#146;s interest in the transaction.</FONT></P>
<P align=center><B><FONT face=serif size=2>OTHER MATTERS</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The Board
of Directors does not know of any matters to be presented at the annual meeting
other than those stated above. If any other business should come before the
annual meeting, the person(s) named in the enclosed Proxy will vote thereon as
he or they determine to be in the best interests of the Company. </FONT></P>
<P align=center><B><FONT face=serif size=2>PROPOSALS FOR NEXT ANNUAL
MEETING</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Any
stockholder proposal to be considered for inclusion in the Company&#146;s proxy
statement and form of proxy for the annual meeting of stockholders to be held in
2009 must be received at the Company&#146;s office at 450 South Orange Avenue, Suite
900, Orlando, Florida 32801, no later than December 20, 2008. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Stockholders desiring to make nominations for directors and/or to bring a
proper subject before a meeting should do so by notice delivered to the
Secretary of the Company. The proxy for the 2009 annual meeting will grant
discretionary authority to vote with regard to nominations and proposals unless
(a) notice is received by December 20, 2008, and (b) the conditions set forth in
Rule 14a-4(c)(2)(i)-(iii) under the Securities Exchange Act of 1934 are met. The
Company requests that such stockholder notice set forth (a) as to each nominee
for director, all information relating to such nominee that is required to be
disclosed in solicitations of proxies for election of directors under the proxy
rules of the SEC; (b) as to any other business, a brief description of the
business desired to be brought before the meeting, the reasons for conducting
such business at the meeting and any material interest in such business of such
stockholder; and (c) as to the stockholder, (i) the name and address of such
stockholder, (ii) the class or series and number of shares of stock of the
Company which are owned beneficially and of record by such stockholder, and
(iii) the date(s) upon which the stockholder acquired ownership of such shares.
</FONT></P>
<P align=center><B><FONT face=serif size=2>ANNUAL REPORT</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>A copy of
the 2007 Annual Report of the Company on Form 10-K, which contains all of the
financial information (including the Company&#146;s audited financial statements and
financial statement schedules) and certain general information regarding the
Company, may be obtained without charge by writing to Christopher P. Tessitore,
Secretary, National Retail Properties, Inc., 450 South Orange Avenue, Suite 900,
Orlando, Florida 32801.</FONT></P>
<P align=center><FONT face=serif size=2>28</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<PAGE>
<P align=left><B><FONT face=serif>NATIONAL RETAIL PROPERTIES, INC. <BR>450 SOUTH
ORANGE AVENUE, SUITE 900 <BR>ORLANDO, FL 32801 </FONT></B></P>
<P align=left><B><FONT face=serif size=2>VOTE BY INTERNET -
www.proxyvote.com</FONT></B><FONT face=serif size=2> <BR></FONT><FONT face=serif size=2>Use the Internet to transmit your voting instructions and for electronic
delivery of information up until 11:59 P.M. Eastern Time the day before the
cut-off date or meeting date. Have your proxy card in hand when you access the
web site. You will be prompted to enter your 12-digit Control Number which is
located below to obtain your records and to create an electronic voting
instruction form. </FONT></P>
<P align=left><B><FONT face=serif size=2>ELECTRONIC DELIVERY OF FURTHER
SHAREHOLDER COMMUNICATIONS <BR></FONT></B><FONT face=serif size=2>If you would
like to reduce the costs incurred by National Retail Properties, Inc. in mailing
proxy materials, you can consent to receiving all future proxy statements, proxy
cards and annual reports electronically via e-mail or the Internet. To sign up
for electronic delivery, please follow the instructions above to vote using the
Internet and, when prompted, indicate that you agree to receive or access
shareholder communications electronically in future years.</FONT></P>
<P align=left><B><FONT face=serif size=2>VOTE BY PHONE -
1-800-690-6903</FONT></B><FONT face=serif size=2> <BR></FONT><FONT face=serif size=2>Use any touch-tone telephone to transmit your voting instructions up
until 11:59 P.M. Eastern Time the day before the cut-off date or meeting date.
Have your proxy card in hand when you call. You will be prompted to enter your
12-digit Control Number which is located below and then follow the simple
instructions the Vote Voice provides you. </FONT></P>
<P align=left><B><FONT face=serif size=2>VOTE BY MAIL</FONT></B><FONT face=serif size=2> <BR></FONT><FONT face=serif size=2>Mark, sign, and date your proxy card
and return it in the postage-paid envelope we have provided or return it to
National Retail Properties, Inc., c/o ADP, 51 Mercedes Way, Edgewood, NY
11717.</FONT><FONT face=serif> </FONT></P><!-- MAIN Proxy card HERE --><BR clear=all>&nbsp;
<TABLE style="FONT-SIZE: 8pt; FONT-FAMILY: serif; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="71%">TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK.</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">
      <DIV style="WIDTH: 30pt"></DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="26%">KEEP THIS PORTION FOR YOUR RECORDS</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" colSpan=3>&nbsp;</TD>
    <TD noWrap align=right width="26%">DETACH AND RETURN THIS PORTION
  ONLY</TD></TR>
  <TR>
    <TD style="FONT-SIZE: 8pt; BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: serif" noWrap align=center width="99%" colSpan=4><B>THIS PROXY CARD IS VALID ONLY
      WHEN SIGNED AND DATED.</B></TD></TR></TABLE>
<DIV style="BORDER-RIGHT: #ffffff 2.25pt solid; PADDING-RIGHT: 4pt; BORDER-TOP: #ffffff 2.25pt solid; PADDING-LEFT: 4pt; FONT-SIZE: 8pt; PADDING-BOTTOM: 4pt; BORDER-LEFT: #ffffff 2.25pt solid; WIDTH: 100%; PADDING-TOP: 4pt; BORDER-BOTTOM: #ffffff 2.25pt solid; FONT-FAMILY: serif; TEXT-ALIGN: justify">
<TABLE style="FONT-SIZE: 8pt; FLOAT: left; FONT-FAMILY: serif; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="49%" border=0>

  <TR vAlign=bottom>
    <TD noWrap width="100%" colSpan=7><B>NATIONAL RETAIL PROPERTIES,
    INC.</B></TD></TR>
  <TR>
    <TD vAlign=top width="1%">&nbsp;</TD>
    <TD width="99%" colSpan=6></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top width="89%" colSpan=5><B>Vote on Directors</B></TD>
    <TD vAlign=top width="10%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="89%" colSpan=5>&nbsp;</TD>
    <TD vAlign=top width="10%"></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap width="1%"></TD>
    <TD vAlign=top noWrap width="2%">1. &nbsp; </TD>
    <TD vAlign=top width="97%" colSpan=5>To elect eight directors to serve
      until the next annual meeting of stockholders or until their successors
      shall have been elected or qualified.</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap width="1%"></TD>
    <TD noWrap width="2%"></TD>
    <TD noWrap width="97%" colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap width="1%"></TD>
    <TD noWrap width="2%"></TD>
    <TD noWrap width="97%" colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=left width="1%">01)&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap width="42%">Dennis E. Gershenson</TD>
    <TD noWrap width="1%">05)&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap width="43%">Ted B. Lanier</TD>
    <TD noWrap width="10%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=left width="1%">02)</TD>
    <TD noWrap width="42%">Kevin B. Habicht</TD>
    <TD noWrap width="1%">06)&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap width="43%">Robert C. Legler</TD>
    <TD noWrap width="10%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=left width="1%">03)</TD>
    <TD noWrap width="42%">Clifford R. Hinkle</TD>
    <TD noWrap width="1%">07)</TD>
    <TD noWrap width="43%">Craig Macnab</TD>
    <TD noWrap width="10%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=left width="1%">04)</TD>
    <TD noWrap width="42%">Richard B. Jennings</TD>
    <TD noWrap width="1%">08)</TD>
    <TD noWrap width="43%">Robert Martinez</TD>
    <TD noWrap width="10%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap width="96%" colSpan=4></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap width="96%" colSpan=4>&nbsp;</TD></TR></TABLE>
<TABLE style="FONT-SIZE: 8pt; FLOAT: right; WIDTH: 49%; FONT-FAMILY: serif; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR style="FONT-SIZE: 6pt" vAlign=bottom>
    <TD vAlign=top noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top width="92%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="3%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=center width="1%"><BR><BR><BR>&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top width="92%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="PADDING-RIGHT: 4pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt" vAlign=top noWrap align=center width="1%" rowSpan=2><B>For<BR>All</B></TD>
    <TD style="PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt" vAlign=top noWrap align=center width="1%" rowSpan=2><B>Withhold<BR>All</B></TD>
    <TD style="PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt" vAlign=top noWrap align=center width="1%" rowSpan=2><B>For
      All<BR>Except</B></TD>
    <TD vAlign=top noWrap align=left width="1%" rowSpan=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top width="92%" rowSpan=2>To withhold authority to vote for any
      individual nominee, mark &#147;For All Except&#148; and write the nominee&#146;s number
      on the line below.</TD>
    <TD vAlign=top noWrap width="1%" rowSpan=2>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top noWrap width="3%" rowSpan=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </TD></TR>
  <TR>
    <TD></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom align=center width="1%"><FONT style="LINE-HEIGHT: 9pt" face=WINGDINGS size=2>o</FONT></TD>
    <TD vAlign=bottom align=center width="1%"><FONT style="LINE-HEIGHT: 9pt" face=WINGDINGS size=2>o<FONT face=Arial size=1></FONT></FONT></TD>
    <TD vAlign=bottom align=center width="1%"><FONT style="LINE-HEIGHT: 9pt" face=WINGDINGS size=2>o<FONT face=Arial size=1></FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="92%">
      <P><BR>&nbsp; </P></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="3%"></TD></TR></TABLE>
<TABLE style="FONT-SIZE: 8pt; FONT-FAMILY: serif; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="1%"></TD>
    <TD width="99%" colSpan=6>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD width="93%" colSpan=2><B>Vote On Proposals</B></TD>
    <TD noWrap width="3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt" noWrap align=center width="1%"><B>For</B></TD>
    <TD style="PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt" noWrap align=center width="1%"><B>Against</B></TD>
    <TD style="PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt" noWrap align=center width="1%"><B>Abstain</B></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="99%" colSpan=6>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap width="1%">&nbsp;</TD>
    <TD vAlign=top noWrap width="1%">2.&nbsp;&nbsp; </TD>
    <TD vAlign=top width="92%">To ratify the selection of the independent
      registered public accounting firm for 2008.</TD>
    <TD noWrap width="3%"></TD>
    <TD noWrap align=center width="1%"><FONT face=WINGDINGS size=2>o</FONT></TD>
    <TD noWrap align=center width="1%"><FONT face=WINGDINGS size=2>o</FONT></TD>
    <TD noWrap align=center width="1%"><FONT face=WINGDINGS size=2>o</FONT></TD></TR>
  <TR>
    <TD noWrap width="1%"></TD>
    <TD vAlign=top noWrap width="1%">&nbsp;</TD>
    <TD vAlign=top width="92%">&nbsp;</TD>
    <TD noWrap width="3%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="1%"></TD></TR>
  <TR>
    <TD noWrap width="1%"></TD>
    <TD vAlign=top noWrap width="1%">3.&nbsp;&nbsp; </TD>
    <TD vAlign=top width="92%">To transact such other business as may properly
      come before the meeting or any adjournment thereof.</TD>
    <TD noWrap width="3%"></TD>
    <TD noWrap align=center width="1%"><FONT face=Wingdings size=2>o</FONT></TD>
    <TD noWrap align=center width="1%"><FONT face=Wingdings size=2>o</FONT></TD>
    <TD noWrap align=center width="1%"><FONT face=Wingdings size=2>o</FONT></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="99%" colSpan=6>&nbsp;</TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="99%" colSpan=6>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="1%"></TD>
    <TD width="99%" colSpan=6>NOTE: Please sign as name appears hereon. Joint
      owners should each sign. When signing as attorney, executor,
      administrator, trustee, custodian, guardian or corporate officer, please
      give your full title as such. If a corporation, please sign in full
      corporate name by authorized officer. If a partnership, please sign in
      partnership name by authorized person. The proxies are authorized in their
      discretion, to vote such shares upon any other business that may properly
      come before the meeting and all adjournments and postponements
  thereof.</TD></TR></TABLE>
<TABLE style="FONT-SIZE: 8pt; FONT-FAMILY: serif; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>
  </TABLE>
<TABLE style="FONT-SIZE: 8pt; FONT-FAMILY: serif; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="1%"></TD>
    <TD width="48%" colSpan=3>&nbsp;&nbsp; </TD>
    <TD noWrap width="1%"></TD>
    <TD width="49%" colSpan=3></TD></TR>
  <TR style="HEIGHT: 20pt">
    <TD width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-RIGHT: #ffffff 1pt solid; BORDER-TOP: #000000 1pt solid; PADDING-LEFT: 2.5in; BORDER-LEFT: #ffffff 1pt solid; BORDER-BOTTOM: #000000 1pt solid" width="1%"><BR></TD>
    <TD style="BORDER-RIGHT: #ffffff 1pt solid; BORDER-TOP: #000000 1pt solid; PADDING-LEFT: 0.5in; BORDER-LEFT: #ffffff 1pt solid; BORDER-BOTTOM: #000000 1pt solid" width="1%"></TD>
    <TD width="46%">&nbsp;</TD>
    <TD style="PADDING-LEFT: 2%" noWrap width="1%"></TD>
    <TD style="BORDER-RIGHT: #ffffff 1pt solid; BORDER-TOP: #000000 1pt solid; PADDING-LEFT: 2.5in; BORDER-LEFT: #ffffff 1pt solid; BORDER-BOTTOM: #000000 1pt solid" width="1%"></TD>
    <TD style="BORDER-RIGHT: #ffffff 1pt solid; BORDER-TOP: #000000 1pt solid; PADDING-LEFT: 0.5in; BORDER-LEFT: #ffffff 1pt solid; BORDER-BOTTOM: #000000 1pt solid" width="1%"></TD>
    <TD width="47%">&nbsp;</TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%">Signature [PLEASE SIGN WITHIN BOX]</TD>
    <TD width="1%">Date</TD>
    <TD width="46%"></TD>
    <TD noWrap width="1%"></TD>
    <TD width="1%">Signature (Joint Owners)</TD>
    <TD width="1%">Date</TD>
    <TD width="47%"></TD></TR></TABLE></DIV><BR>

<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR>
<HR align=center width="100%" noShade SIZE=2>

<P align=center><B><FONT face=serif>PROXY </FONT></B></P>
<P align=center><B><FONT face=serif>NATIONAL RETAIL PROPERTIES, INC.
</FONT></B></P>
<P align=center><B><FONT face=serif size=2>THIS PROXY IS SOLICITED ON BEHALF OF
THE BOARD OF DIRECTORS</FONT></B><FONT face=serif> </FONT></P>
<P align=left><FONT face=serif size=2>The undersigned hereby appoints Craig
Macnab, Julian E. Whitehurst, and Kevin B. Habicht, and either of them,
attorneys and proxies, with full power of substitution and revocation, to vote,
as designated on the reverse side, all shares of common stock that the
undersigned is entitled to vote, with all powers that the undersigned would
possess if personally present at the annual meeting (including all adjournments
thereof) of stockholders of National Retail Properties, Inc. (the &#147;Meeting&#148;) to
be held on May 30, 2008, at 8:30 a.m. local time, at 450 South Orange Avenue,
Suite 900, Orlando, Florida 32801.</FONT></P>
<P align=left><FONT face=serif size=2>The shares represented by this proxy when
properly executed will be voted in the manner directed herein by the undersigned
stockholder. If no direction is given, the shares represented by this Proxy will
be voted </FONT><B><FONT face=serif size=2>FOR</FONT></B><FONT face=serif size=2> the proposals. In addition, the proxies may vote in their discretion on
such other matters as may properly come before this Meeting.</FONT></P>
<P align=left><FONT face=serif size=2>THE UNDERSIGNED HEREBY ACKNOWLEDGES
RECEIPT OF THE PROXY STATEMENT OF NATIONAL RETAIL PROPERTIES, INC. </FONT></P>
<P align=center><B><FONT face=serif>PLEASE MARK, SIGN, DATE AND RETURN THE PROXY
CARD <BR>PROMPTLY USING THE ENCLOSED ENVELOPE. </FONT></B></P>

<HR align=center width="100%" noShade SIZE=2>

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