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<SEC-DOCUMENT>0000003453-08-000023.txt : 20080430
<SEC-HEADER>0000003453-08-000023.hdr.sgml : 20080430
<ACCEPTANCE-DATETIME>20080430081110
ACCESSION NUMBER:		0000003453-08-000023
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20080430
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20080430
DATE AS OF CHANGE:		20080430

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ALEXANDER & BALDWIN INC
		CENTRAL INDEX KEY:			0000003453
		STANDARD INDUSTRIAL CLASSIFICATION:	WATER TRANSPORTATION [4400]
		IRS NUMBER:				990032630
		STATE OF INCORPORATION:			HI
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-00565
		FILM NUMBER:		08787902

	BUSINESS ADDRESS:	
		STREET 1:		822 BISHOP STREET
		STREET 2:		PO BOX 3440
		CITY:			HONOLULU
		STATE:			HI
		ZIP:			96801
		BUSINESS PHONE:		8085256611

	MAIL ADDRESS:	
		STREET 1:		822 BISHOP STREET
		STREET 2:		PO BOX 3440
		CITY:			HONOLULU
		STATE:			HI
		ZIP:			96801
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>form8-k_q1.htm
<DESCRIPTION>FORM 8-K, ALEXANDER & BALDWIN EARNINGS RELEASE
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<div style='border:none;border-bottom:solid .25em;padding:0in 0in 1.0pt 0in'><p>&nbsp;</p> </div> </div> <BR>

<p style=' margin-bottom:0pt; margin-top:6pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=4>UNITED STATES</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=4>SECURITIES AND EXCHANGE COMMISSION</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>Washington, D. C. 20549</font></b></p>


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<HR noshade align="center" Width="120" >

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><B><font SIZE=4>FORM 8-K</font></B></p>


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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=2>CURRENT REPORT</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>Pursuant to Section 13 or 15(d) of the</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>Securities Exchange Act of 1934</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>Date of Report (Date of earliest event reported):  April 30, 2008 </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=5>ALEXANDER &amp; BALDWIN, INC.</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=1>(Exact name of registrant as specified in its charter)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Hawaii</font></u><u></u></p> </td>
        <td width="197" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><font size=2>0-565</font></u><u></u></p> </td>
        <td width="197" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><font size=2>99-0032630</font></u><u></u></p> </td> </tr>
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        <td width="197" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><font size=2>(State or other jurisdiction of incorporation)</font></u><u></u></p> </td>
        <td width="197" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><font size=2>(Commission File Number)</font></u><u></u></p> </td>
        <td width="197" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><font size=2>(I.R.S. Employer</font></u></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Identification No.)</font></u><u></u></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>822 Bishop Street, P. O. Box 3440</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><u><font size=2>Honolulu, Hawaii 96801</font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>(Address of principal executive office and zip code)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><u><font size=2>(808) 525-6611</font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>(Registrant&#146;s telephone number, including area code)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><u><font size=2>Not Applicable</font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>(Former Name or Former Address, if Changed Since Last Report)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:6pt;text-align:justify;'><font size=2>Check the appropriate box below if the Form&nbsp;8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.): </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:162%'><font face=Wingdings>o</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:162%'><font size=2>Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425) </font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:162%'><font face=Wingdings>o</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:162%'><font size=2>Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12) </font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face=Wingdings>o</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.25in; text-indent:-0.25in;text-align:justify;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face=Wingdings>o</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </font></p> </td> </tr></table>
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<p>&nbsp;</p> </div> </div> <BR>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><u><font size=2>Item 2.02.  Results of Operations and Financial Condition.</font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Alexander&nbsp;&amp; Baldwin, Inc. issued a press release on April 30, 2008, announcing its 2008 first quarter earnings.  This information, attached as Exhibit&nbsp;99.1, is being furnished to the SEC pursuant to Item&nbsp;2.02 of Form&nbsp;8-K.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><u><font size=2>Item 9.01.  Financial Statements and Exhibits.</font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(d)</font></p> </td>
        <td width="73" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Exhibits</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>99.1</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Press Release announcing 2008 first quarter earnings issued on April 30, 2008.</font></p> </td> </tr></table>
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<U><font SIZE=2>SIGNATURE</font></U></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Date:  April 30, 2008</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.99in;text-align:left;'><font size=2>ALEXANDER &amp; BALDWIN, INC.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.99in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.99in;text-align:left;'><u><font size=2>/s/ Christopher J. Benjamin</font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.99in;text-align:left;'><font size=2>Christopher J. Benjamin</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.99in;text-align:left;'><font size=2>Senior Vice President, </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.99in;text-align:left;'><font size=2>Chief Financial Officer and</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.99in;text-align:left;'><font size=2>Treasurer</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>For further information, contact:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Kevin L. Halloran, Vice President, Corporate Development and Investor Relations</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:129.6%'><font size=2>Phone 808-525-8422</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:129.6%'><font size=2>E-mail: khalloran@abinc.com</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=5>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:129.6%'><font SIZE=2>HOLD FOR RELEASE:</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in; text-indent:0.5in;text-align:left;'><font size=2>8:00 A.M. EASTERN DAYLIGHT TIME</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:129.6%'><font size=2>Wednesday, April 30, 2008</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><u><b><font size=2>A&amp;B BEGINS 2008 WITH FIRST QUARTER INCOME OF $42.1 MILLION </font></b></u><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>Honolulu Condo Closings Spur Earnings, but Rising Fuel Costs </font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2> and Lower Volume Temper Transportation Results</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;line-height: 150%;'><font size=2>Honolulu (April 30, 2008)&#151;Alexander &amp; Baldwin, Inc. (NASDAQ:ALEX) today reported that net income for the first quarter of 2008 was $42.1 million, or $1.01 per diluted share. Net income in the first quarter of 2007 was $24.7 million, or $0.58 per diluted share. Revenue for the first quarter of 2008 was $582.1 million compared to revenue of $383.1 million for the first quarter of 2007.   </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:6pt;text-align:left;line-height: 150%;'><font SIZE=2>COMMENTS ON QUARTER</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;line-height: 150%;'><font size=2>&#147;We started the year with a strong first quarter, led by a large number of closings at a key residential project and continued stability in our other core businesses,&#148; said W. Allen Doane, A&amp;B&#146;s chairman and chief executive officer. &#147;As importantly, we made considerable progress in our priority growth initiatives and continued to pursue our company-wide cost containment efforts.&#148; </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.58in;text-align:left;line-height: 150%;'><font size=2> &#147;The Ocean Transportation segment posted nearly $16 million in operating profit in the first quarter, which is seasonally our weakest quarter, despite a more challenging economic climate in Hawaii and an increase of 60 percent in our average fuel cost from a year ago. Lower Hawaii volume was offset, to a large degree, by improvements in yields and cargo mix, and by savings from efficient fleet deployment and other cost reduction initiatives. The China service continued to grow, with full ships and trade lane profitability expanding on stronger yields, better cargo mix and improved equipment control. We expect to realize gains in our annual contract rates in the next few months. In Guam, higher terminal handling and outside transportation costs impacted trade lane margins for the quarter, but we expect modest volume growth in the balance of the year.&#148;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>- 1 -</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.58in;text-align:left;line-height: 150%;'><font size=2> &#147;Matson Integrated Logistics (MIL) continues to experience volume moderation, in line with recent economic and industry trends, as the impact of rapidly rising fuel costs has affected cargo volume. For the quarter, MIL posted operating profit of $4.7 million on stable revenue and gross margin bases. Favorable efforts to streamline outside purchased transportation offset, to some degree, the impact of lower volume and increases in operating expenses attributable to our year-old Matson Global Distribution Services (MGDS) subsidiary. We are pleased to note that MGDS recently signed a multi-year contract with a major toy manufacturer at our Savannah facility, which provides future momentum.&#148;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.58in;text-align:left;line-height: 150%;'><font size=2> &#147;Operating profit for Agribusiness improved in the first quarter to nearly $5 million as higher volume and prices were realized for power sales to local utilities. The higher power prices are attributable to the utilities&#146; increased cost of fuel, and as such provide a natural hedge against the impact of rising fuel costs in the Agribusiness segment. Although sugar production increased from the year earlier period, mostly the result of differences in harvest scheduling, it is expected that annual production will approximate 2007 levels.&#148; </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.58in;text-align:left;line-height: 150%;'><font size=2> &#147;The Real Estate Leasing segment posted operating profit of nearly $14 million this quarter, a decline of $1.1 million from the year earlier period, due chiefly to higher depreciation associated with recent acquisitions and a modest reduction in occupancy levels in our mainland portfolio. While year-over-year results declined by 7 percent, we are encouraged by the stability of this well-diversified portfolio, the high occupancy levels, the strong tenant base, and by the performance at recent additions to our industrial portfolio in Dallas and Savannah.&#148; </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;line-height: 150%;'><font size=2>&#147;Our very strong Real Estate Sales result in the first quarter is principally attributable to 300 closings at Keola La&#146;i, representing 85 percent of the units at this residential condominium project in Honolulu. The closings drove this segment&#146;s operating profit to over $41 million, which also included earnings from joint ventures at Kai Malu and in Valencia, and an insurance settlement. Despite the success at Keola La&#146;i, we do expect real estate markets to continue to soften, which will impact sales and closings at on-going developments.&#148;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;line-height: 150%;'><font size=2>&#147;In the first quarter 2008, we repurchased 1,124,449 shares of the Company&#146;s common stock. And on April 23<sup>rd</sup>, we increased our annual dividend by 10 cents per share. Both actions are consistent with our commitment to return cash to shareholders, and reflect the confidence we have in the Company&#146;s future.&#148; </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>- 2 -</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:6pt;text-align:left;'><font size=2>TRANSPORTATION&#151;OCEAN TRANSPORTATION</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="585" style='border-collapse:collapse'>
    <tr style='page-break-inside:avoid'>
        <td width="255" valign=top style='border-top:solid black 1.0pt; '>
            <p style='margin-left:.25in;text-indent: -.25in;text-align:justify;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="21" valign=bottom style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td colspan="10" valign=bottom style=' border-top:solid black 1.0pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt'><font size=2>Quarter Ended March 31,</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="255" valign=top style='border-top:solid black 1.0pt; '>
            <p style='margin-left:.25in;text-indent: -.25in;text-align:justify;margin-top:2pt;margin-bottom:0pt'><font size=2>(dollars in millions)</font></p> </td>
        <td width="21" valign=bottom style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-top:solid black 1.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=2>2008</font></b></p> </td>
        <td width="26" valign=bottom style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="36" valign=top style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-top:solid black 1.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><font size=2>2007</font></p> </td>
        <td width="25" valign=bottom style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td colspan="3" valign=top style=' border-top:solid black 1.0pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>Change</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="255" valign=top style='border-top:solid black 1.0pt; '>
            <p style='margin-left:.25in;text-indent: -.25in;text-align:justify;margin-top:2pt;margin-bottom:0pt'><font size=2>Revenue</font></p> </td>
        <td width="21" valign=bottom style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><b><font size=2>$</font></b></p> </td>
        <td width="51" valign=bottom style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><b><font size=2>243.0</font></b></p> </td>
        <td width="26" valign=bottom style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="36" valign=top style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="51" valign=bottom style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>231.6</font></p> </td>
        <td width="25" valign=bottom style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="36" valign=top style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="30" valign=bottom style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>5</font></p> </td>
        <td width="20" valign=bottom style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>%</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="255" valign=top >
            <p style='margin-left:.25in;text-indent: -.25in;text-align:justify;margin-top:2pt;margin-bottom:0pt'><font size=2>Operating profit</font></p> </td>
        <td width="21" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><b><font size=2>$</font></b></p> </td>
        <td width="51" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><b><font size=2>15.9</font></b></p> </td>
        <td width="26" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="36" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="51" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>18.8</font></p> </td>
        <td width="25" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="36" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="30" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>-15</font></p> </td>
        <td width="20" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>%</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="255" valign=top style='border-bottom:solid black 1.5pt; '>
            <p style='margin-left:.25in;text-indent: -.25in;text-align:justify;margin-top:2pt;margin-bottom:0pt'><font size=2>Operating profit margin</font></p> </td>
        <td width="21" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="51" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><b><font size=2>6.5</font></b></p> </td>
        <td width="26" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><b><font size=2>%</font></b></p> </td>
        <td width="36" valign=top style='border-bottom:solid black 1.5pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="51" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>8.1</font></p> </td>
        <td width="25" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>%</font></p> </td>
        <td width="36" valign=top style='border-bottom:solid black 1.5pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="30" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="20" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="255" valign=top >
            <p style='margin-left:.25in;text-indent: -.25in;text-align:justify;margin-top:2pt;margin-bottom:0pt'><font size=2>Volume (Units)</font></p> </td>
        <td width="21" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="51" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="26" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="36" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="51" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="25" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="36" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="30" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="20" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="255" valign=top >
            <p style='margin-left:18.7pt;text-indent:-9.35pt;text-align:justify;margin-top:2pt;margin-bottom:0pt'><font size=2>Hawaii containers</font></p> </td>
        <td width="21" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="51" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><b><font size=2>37,900</font></b></p> </td>
        <td width="26" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="36" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="51" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>40,700</font></p> </td>
        <td width="25" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="36" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="30" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>-7</font></p> </td>
        <td width="20" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>%</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="255" valign=top >
            <p style='margin-left:18.7pt;text-indent:-9.35pt;text-align:justify;margin-top:2pt;margin-bottom:0pt'><font size=2>Hawaii automobiles</font></p> </td>
        <td width="21" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="51" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><b><font size=2>25,600</font></b></p> </td>
        <td width="26" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="36" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="51" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>22,900</font></p> </td>
        <td width="25" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="36" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="30" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>12</font></p> </td>
        <td width="20" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>%</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="255" valign=top >
            <p style='margin-left:18.7pt;text-indent:-9.35pt;text-align:justify;margin-top:2pt;margin-bottom:0pt'><font size=2>China containers</font></p> </td>
        <td width="21" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="51" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><b><font size=2>11,700</font></b></p> </td>
        <td width="26" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="36" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="51" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>11,700</font></p> </td>
        <td width="25" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="36" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="30" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>--</font></p> </td>
        <td width="20" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>%</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="255" valign=top style='border-bottom:solid black 1.5pt; '>
            <p style='margin-left:18.7pt;text-indent:-9.35pt;text-align:justify;margin-top:2pt;margin-bottom:0pt'><font size=2>Guam containers</font></p> </td>
        <td width="21" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="51" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><b><font size=2>3,400</font></b></p> </td>
        <td width="26" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="36" valign=top style='border-bottom:solid black 1.5pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="51" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>3,400</font></p> </td>
        <td width="25" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="36" valign=top style='border-bottom:solid black 1.5pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="30" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>--</font></p> </td>
        <td width="20" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>%</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;line-height: 150%;'><font size=2>For the first quarter of 2008, higher revenues from fuel surcharges, favorable yields, and improved cargo mix were offset by reduced Hawaii container volume, which was down 7 percent from the first quarter of 2007, resulting in lower operating profit. The volume reduction is attributable to: lower westbound freight (which comprise the majority of Matson&#146;s Hawaii volume); the cessation of Matson&#146;s lower-margin Pacific Northwest barge service in 2007; and the loss of eastbound pineapple carriage stemming from the shutdown of a primary manufacturer, also in 2007. Total Hawaii automobile volume increased 12 percent for the quarter due predominantly to the timing of the movement of autos, which had most recently been slowed by softened retail and fleet sales velocity. As mentioned above, average bunker fuel costs increased 60 percent, from $48.36 to $77.58 per barrel,
in the first quarter from the year earlier period. The increase impacted China trade lane profitability, as there is not currently a recovery mechanism in place in this trade lane.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:6pt;text-align:left;'><font size=2>TRANSPORTATION&#151;LOGISTICS SERVICES</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="603" style='border-collapse:collapse'>
    <tr style='page-break-inside:avoid'>
        <td width="274" valign=top style='border-top:solid black 1.0pt; '>
            <p style='margin-left:.25in;text-indent: -.25in;text-align:justify;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="22" valign=bottom style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td colspan="9" valign=bottom style=' border-top:solid black 1.0pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt'><font size=2>Quarter Ended March 31,</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="274" valign=top style='border-top:solid black 1.0pt; '>
            <p style='margin-left:.25in;text-indent: -.25in;text-align:justify;margin-top:2pt;margin-bottom:0pt'><font size=2>(dollars in millions)</font></p> </td>
        <td width="22" valign=bottom style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td colspan="3" valign=bottom style=' border-top:solid black 1.0pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt'><b><font size=2>2008</font></b></p> </td>
        <td width="39" valign=top style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td colspan="3" valign=bottom style=' border-top:solid black 1.0pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt'><font size=2>2007</font></p> </td>
        <td colspan="2" valign=bottom style=' border-top:solid black 1.0pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>Change</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="274" valign=top style='border-top:solid black 1.0pt; '>
            <p style='margin-left:.25in;text-indent: -.25in;text-align:justify;margin-top:2pt;margin-bottom:0pt'><font size=2>Intermodal revenue</font></p> </td>
        <td width="22" valign=bottom style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><b><font size=2>$</font></b></p> </td>
        <td width="43" valign=bottom style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><b><font size=2>65.0</font></b></p> </td>
        <td width="26" valign=bottom style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="39" valign=top style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="43" valign=bottom style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>65.7</font></p> </td>
        <td width="26" valign=bottom style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="75" valign=bottom style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>-1</font></p> </td>
        <td width="20" valign=bottom style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>%</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="274" valign=top >
            <p style='margin-left:.25in;text-indent: -.25in;text-align:justify;margin-top:1.0pt;margin-bottom: 0in'><font size=2>Highway revenue</font></p> </td>
        <td width="22" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom style='border-bottom: solid black 1.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><b><font size=2>$</font></b></p> </td>
        <td width="43" valign=bottom style='border-bottom: solid black 1.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><b><font size=2>37.6</font></b></p> </td>
        <td width="26" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="39" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom style='border-bottom: solid black 1.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="43" valign=bottom style='border-bottom: solid black 1.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>37.2</font></p> </td>
        <td width="26" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="75" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=2>1</font></p> </td>
        <td width="20" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=2>%</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="274" valign=top style='border-bottom:solid black 1.0pt; '>
            <p style='margin-left:.25in;text-indent: -8.65pt;text-align:justify;margin-top:2pt;margin-bottom:0pt'><font size=2>Total Revenue</font></p> </td>
        <td width="22" valign=bottom style='border-bottom: solid black 1.0pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom style='border-bottom: solid black 1.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><b><font size=2>$</font></b></p> </td>
        <td width="43" valign=bottom style='border-bottom: solid black 1.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><b><font size=2>102.6</font></b></p> </td>
        <td width="26" valign=bottom style='border-bottom: solid black 1.0pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="39" valign=top style='border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom style='border-bottom: solid black 1.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="43" valign=bottom style='border-bottom: solid black 1.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>102.9</font></p> </td>
        <td width="26" valign=bottom style='border-bottom: solid black 1.0pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="75" valign=bottom style='border-bottom: solid black 1.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>--</font></p> </td>
        <td width="20" valign=bottom style='border-bottom: solid black 1.0pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>%</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="274" valign=top >
            <p style='margin-left:.25in;text-indent: -.25in;text-align:justify;margin-top:2pt;margin-bottom:0pt'><font size=2>Operating profit</font></p> </td>
        <td width="22" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><b><font size=2>$</font></b></p> </td>
        <td width="43" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><b><font size=2>4.7</font></b></p> </td>
        <td width="26" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="39" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="43" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>5.6</font></p> </td>
        <td width="26" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="75" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>-16</font></p> </td>
        <td width="20" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>%</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="274" valign=top style='border-bottom:solid black 1.5pt; '>
            <p style='margin-left:.25in;text-indent: -.25in;text-align:justify;margin-top:2pt;margin-bottom:0pt'><font size=2>Operating profit margin</font></p> </td>
        <td width="22" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="43" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><b><font size=2>4.6</font></b></p> </td>
        <td width="26" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><b><font size=2>%</font></b></p> </td>
        <td width="39" valign=top style='border-bottom:solid black 1.5pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="43" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>5.4</font></p> </td>
        <td width="26" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>%</font></p> </td>
        <td width="75" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="20" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="321" style='border-collapse:collapse'>
    <tr >
        <td width="275" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>- 3 -</font></p> </td> </tr></table>
</div>
<!-- EEDocs PBStart-->
<p style='page-break-before:always'></p><PAGE>
<!-- EEDocs PBEnd-->

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;line-height: 150%;'><font size=2>Logistics operating profit fell by $0.9 million compared to the first quarter of 2007 as a 7 percent decrease in volume, principally in the intermodal sector, impacted earnings. Despite the volume reduction, the revenue and gross margin base was essentially flat for the quarter versus the prior year, as higher rates in all service lines were realized. The reduction in intermodal volume reflects industry consolidation, moderation in general activity and the continued strategic shift of the segment&#146;s business lines to higher margin highway brokerage services. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:6pt;text-align:left;line-height: 150%;'><font size=2>REAL ESTATE&#151;INDUSTRY</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;line-height: 150%;'><font size=2>Real estate leasing and sales revenue and operating profit are analyzed before discontinued operations are removed. This is consistent with how the Company evaluates and makes decisions regarding capital allocation. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>REAL ESTATE&#151;LEASING</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="595" style='border-collapse:collapse; '>
    <tr style='page-break-inside:avoid'>
        <td width="299" valign=top style='border-top:solid black 1.0pt; '>
            <p style='margin-left:.25in;text-indent: -.25in;text-align:justify;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="21" valign=bottom style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td colspan="9" valign=bottom style=' border-top:solid black 1.0pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt'><font size=2>Quarter Ended March 31,</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="299" valign=top style='border-top:solid black 1.0pt; '>
            <p style='margin-left:.25in;text-indent: -.25in;text-align:justify;margin-top:2pt;margin-bottom:0pt'><font size=2>(dollars in millions)</font></p> </td>
        <td width="21" valign=bottom style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td colspan="3" valign=bottom style=' border-top:solid black 1.0pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt'><b><font size=2>2008</font></b></p> </td>
        <td width="35" valign=top style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td colspan="3" valign=bottom style=' border-top:solid black 1.0pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt'><font size=2>2007</font></p> </td>
        <td colspan="2" valign=bottom style=' border-top:solid black 1.0pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>Change</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="299" valign=top style='border-top:solid black 1.0pt; '>
            <p style='margin-left:.25in;text-indent: -.25in;text-align:justify;margin-top:2pt;margin-bottom:0pt'><font size=2>Revenue</font></p> </td>
        <td width="21" valign=bottom style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=bottom style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><b><font size=2>$</font></b></p> </td>
        <td width="39" valign=bottom style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><b><font size=2>28.8</font></b></p> </td>
        <td width="22" valign=bottom style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="35" valign=top style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=bottom style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="39" valign=bottom style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>28.8</font></p> </td>
        <td width="24" valign=bottom style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="66" valign=bottom style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>--</font></p> </td>
        <td width="18" valign=bottom style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>%</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="299" valign=top >
            <p style='margin-left:.25in;text-indent: -.25in;text-align:justify;margin-top:2pt;margin-bottom:0pt'><font size=2>Operating profit</font></p> </td>
        <td width="21" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="39" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><b><font size=2>13.9</font></b></p> </td>
        <td width="22" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="35" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="39" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>15.0</font></p> </td>
        <td width="24" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="66" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>-7</font></p> </td>
        <td width="18" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>%</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="299" valign=top style='border-bottom:solid black 1.5pt; '>
            <p style='margin-left:.25in;text-indent: -.25in;text-align:justify;margin-top:2pt;margin-bottom:0pt'><font size=2>Operating profit margin</font></p> </td>
        <td width="21" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="39" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><b><font size=2>48.3</font></b></p> </td>
        <td width="22" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><b><font size=2>%</font></b></p> </td>
        <td width="35" valign=top style='border-bottom:solid black 1.5pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="39" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>52.1</font></p> </td>
        <td width="24" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>%</font></p> </td>
        <td width="66" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="18" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="299" valign=top >
            <p style='margin-left:.25in;text-indent: -.25in;text-align:justify;margin-top:2pt;margin-bottom:0pt'><font size=2>Occupancy Rates:</font></p> </td>
        <td width="21" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="39" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="22" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="35" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="39" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="66" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="18" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="299" valign=top >
            <p style='margin-left:22.0pt;text-indent:-12.65pt;text-align:justify;margin-top:2pt;margin-bottom:0pt'><font size=2>Mainland</font></p> </td>
        <td width="21" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="39" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><b><font size=2>96</font></b></p> </td>
        <td width="22" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><b><font size=2>%</font></b></p> </td>
        <td width="35" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="39" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>97</font></p> </td>
        <td width="24" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>%</font></p> </td>
        <td width="66" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>-1</font></p> </td>
        <td width="18" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>%</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="299" valign=top style='border-bottom:solid black 1.5pt; '>
            <p style='margin-left:22.0pt;text-indent:-12.65pt;text-align:justify;margin-top:2pt;margin-bottom:0pt'><font size=2>Hawaii</font></p> </td>
        <td width="21" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="39" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><b><font size=2>98</font></b></p> </td>
        <td width="22" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><b><font size=2>%</font></b></p> </td>
        <td width="35" valign=top style='border-bottom:solid black 1.5pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="39" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>98</font></p> </td>
        <td width="24" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>%</font></p> </td>
        <td width="66" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>--</font></p> </td>
        <td width="18" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>%</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="299" valign=top >
            <p style='margin-left:.25in;text-indent: -.25in;text-align:justify;margin-top:2pt;margin-bottom:0pt'><font size=2>Leasable Space (million sq. ft.):</font></p> </td>
        <td width="21" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="39" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="22" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="35" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="39" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="66" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="18" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="299" valign=top >
            <p style='margin-left:22.0pt;text-indent:-12.65pt;text-align:justify;margin-top:2pt;margin-bottom:0pt'><font size=2>Mainland</font></p> </td>
        <td width="21" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="39" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><b><font size=2>5.2</font></b></p> </td>
        <td width="22" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="35" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="39" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>3.9</font></p> </td>
        <td width="24" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="66" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>33</font></p> </td>
        <td width="18" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>%</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="299" valign=top style='border-bottom:solid black 1.5pt; '>
            <p style='margin-left:22.0pt;text-indent:-12.65pt;text-align:justify;margin-top:2pt;margin-bottom:0pt'><font size=2>Hawaii</font></p> </td>
        <td width="21" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="39" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><b><font size=2>1.4</font></b></p> </td>
        <td width="22" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="35" valign=top style='border-bottom:solid black 1.5pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="39" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>1.5</font></p> </td>
        <td width="24" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="66" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>-7</font></p> </td>
        <td width="18" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>%</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.52in;text-align:left;line-height: 150%;'><font size=2>In the first quarter of 2008, Real Estate Leasing revenue was unchanged while operating profit trailed 7% lower as a result of higher depreciation and property taxes associated with recent property acquisitions and, to a lesser degree, modestly lower Mainland U.S. occupancy. Gross Mainland U.S. leasable square feet increased 33 percent, or 1.2 million square feet, from the year earlier period as a result of the November 2007 acquisition of the 1.3 million square foot Heritage Business Park in Dallas, Texas, and to the net effect of the Company&#146;s other acquisitions and dispositions. In September 2007, the Company sold a ground lease in Honolulu at a very favorable price that, while contributing directly to operating profit in the leasing </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="321" style='border-collapse:collapse'>
    <tr >
        <td width="275" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>- 4 -</font></p> </td> </tr></table>
</div>
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<p style='page-break-before:always'></p><PAGE>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;line-height: 150%;'><font size=2>segment, was not reflected in the gross leasable square feet calculation and did not incur depreciation expenses.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:6pt;text-align:left;'><font size=2>REAL ESTATE&#151;SALES</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="595" style='border-collapse:collapse; '>
    <tr style='page-break-inside:avoid'>
        <td width="299" valign=top style='border-top:solid black 1.0pt; '>
            <p style='margin-left:.25in;text-indent: -.25in;text-align:justify;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="21" valign=bottom style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td colspan="9" valign=bottom style=' border-top:solid black 1.0pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt'><font size=2>Quarter Ended March 31,</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="299" valign=top style='border-top:solid black 1.0pt; '>
            <p style='margin-left:.25in;text-indent: -.25in;text-align:justify;margin-top:2pt;margin-bottom:0pt'><font size=2>(dollars in millions)</font></p> </td>
        <td width="21" valign=bottom style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td colspan="3" valign=bottom style=' border-top:solid black 1.0pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt'><b><font size=2>2008</font></b></p> </td>
        <td width="35" valign=top style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td colspan="3" valign=bottom style=' border-top:solid black 1.0pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt'><font size=2>2007</font></p> </td>
        <td colspan="2" valign=bottom style=' border-top:solid black 1.0pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>Change</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="299" valign=top style='border-top:solid black 1.0pt; '>
            <p style='margin-left:.25in;text-indent: -.25in;text-align:justify;margin-top:2pt;margin-bottom:0pt'><font size=2>Improved property sales</font></p> </td>
        <td width="21" valign=bottom style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=bottom style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><b><font size=2>$</font></b></p> </td>
        <td width="39" valign=bottom style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><b><font size=2>--</font></b></p> </td>
        <td width="22" valign=bottom style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="35" valign=top style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=bottom style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="39" valign=bottom style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>--</font></p> </td>
        <td width="24" valign=bottom style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="66" valign=bottom style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font SIZE=2>N</font></p> </td>
        <td width="18" valign=bottom style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font SIZE=2>M</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="299" valign=top >
            <p style='margin-left:.25in;text-indent: -.25in;text-align:justify;margin-top:2pt;margin-bottom:0pt'><font size=2>Development sales</font></p> </td>
        <td width="21" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="39" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><b><font size=2>186.5</font></b></p> </td>
        <td width="22" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="35" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="39" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>--</font></p> </td>
        <td width="24" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="66" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font SIZE=2>N</font></p> </td>
        <td width="18" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font SIZE=2>M</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="299" valign=top >
            <p style='margin-left:.25in;text-indent: -.25in;text-align:justify;margin-top:1.0pt;margin-bottom: 0in'><font size=2>Unimproved/other property sales</font></p> </td>
        <td width="21" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=bottom style='border-bottom: solid black 1.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="39" valign=bottom style='border-bottom: solid black 1.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><b><font size=2>0.9</font></b></p> </td>
        <td width="22" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="35" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=bottom style='border-bottom: solid black 1.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="39" valign=bottom style='border-bottom: solid black 1.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>6.5</font></p> </td>
        <td width="24" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="66" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=2>-86</font></p> </td>
        <td width="18" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=2>%</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="299" valign=top style='border-bottom:solid black 1.5pt; '>
            <p style='margin-left:22.0pt;text-indent:-12.65pt;text-align:justify;margin-top:2pt;margin-bottom:0pt'><font size=2>Total revenue</font></p> </td>
        <td width="21" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><b><font size=2>$</font></b></p> </td>
        <td width="39" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><b><font size=2>187.4</font></b></p> </td>
        <td width="22" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="35" valign=top style='border-bottom:solid black 1.5pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="39" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>6.5</font></p> </td>
        <td width="24" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="66" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>29</font></p> </td>
        <td width="18" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font SIZE=2>X</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="299" valign=top >
            <p style='margin-left:.25in;text-indent: -.25in;text-align:justify;margin-top:2pt;margin-bottom:0pt'><font size=2>Operating profit before joint ventures</font></p> </td>
        <td width="21" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><b><font size=2>$</font></b></p> </td>
        <td width="39" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><b><font size=2>25.5</font></b></p> </td>
        <td width="22" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="35" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="39" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>4.4</font></p> </td>
        <td width="24" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="66" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>6</font></p> </td>
        <td width="18" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font SIZE=2>X</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="299" valign=top >
            <p style='margin-left:22.0pt;text-indent:-22.0pt;text-align:justify;margin-top:2pt;margin-bottom:0pt'><font size=2>Gain on insurance settlement</font></p> </td>
        <td width="21" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="39" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><b><font size=2>7.7</font></b></p> </td>
        <td width="22" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="35" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="39" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>--</font></p> </td>
        <td width="24" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="66" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font SIZE=2>N</font></p> </td>
        <td width="18" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font SIZE=2>M</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="299" valign=top >
            <p style='margin-left:22.0pt;text-indent: -22.0pt;text-align:justify;margin-top:1.0pt;margin-bottom: 0in'><font size=2>Earnings from joint ventures</font></p> </td>
        <td width="21" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=bottom style='border-bottom: solid black 1.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="39" valign=bottom style='border-bottom: solid black 1.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><b><font size=2>8.2</font></b></p> </td>
        <td width="22" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="35" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=bottom style='border-bottom: solid black 1.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="39" valign=bottom style='border-bottom: solid black 1.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>4.4</font></p> </td>
        <td width="24" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="66" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=2>2</font></p> </td>
        <td width="18" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font SIZE=2>X</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="299" valign=top style='border-bottom:solid black 1.5pt; '>
            <p style='margin-left:22.0pt;text-indent:-12.65pt;text-align:justify;margin-top:2pt;margin-bottom:0pt'><font size=2>Total operating profit</font></p> </td>
        <td width="21" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><b><font size=2>$</font></b></p> </td>
        <td width="39" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><b><font size=2>41.4</font></b></p> </td>
        <td width="22" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="35" valign=top style='border-bottom:solid black 1.5pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="39" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>8.8</font></p> </td>
        <td width="24" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="66" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>5</font></p> </td>
        <td width="18" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font SIZE=2>X</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;line-height: 150%;'><font size=2>First quarter 2008 Real Estate Sales revenues and operating profit were significantly higher than the first quarter of 2007 as a result of condominium residential unit sales at the Company&#146;s Keola La&#146;i project and increased earnings from joint ventures. Earnings from joint ventures, while not reflected in revenues, included sales at a residential development on Maui, a residential development on Kauai, and the sale of several buildings at a commercial development in Valencia, California. Operating profit for the quarter also included a final $7.7 million insurance settlement stemming from a 2005 fire at Kahului Shopping Center.  </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:6pt;text-align:left;'><font SIZE=2>AGRIBUSINESS </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="588" style='border-collapse:collapse; '>
    <tr style='page-break-inside:avoid'>
        <td width="259" valign=top style='border-top:solid black 1.0pt; '>
            <p style='margin-left:.25in;text-indent: -.25in;text-align:justify;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="22" valign=bottom style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td colspan="9" valign=bottom style=' border-top:solid black 1.0pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt'><font size=2>Quarter Ended March 31,</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="259" valign=top style='border-top:solid black 1.0pt; '>
            <p style='margin-left:.25in;text-indent: -.25in;text-align:justify;margin-top:2pt;margin-bottom:0pt'><font size=2>(dollars in millions)</font></p> </td>
        <td width="22" valign=bottom style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td colspan="3" valign=bottom style=' border-top:solid black 1.0pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt'><b><font size=2>2008</font></b></p> </td>
        <td width="39" valign=top style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td colspan="3" valign=bottom style=' border-top:solid black 1.0pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt'><font size=2>2007</font></p> </td>
        <td colspan="2" valign=bottom style=' border-top:solid black 1.0pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>Change</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="259" valign=top style='border-top:solid black 1.0pt; '>
            <p style='margin-left:.25in;text-indent: -.25in;text-align:justify;margin-top:2pt;margin-bottom:0pt'><font size=2>Revenue</font></p> </td>
        <td width="22" valign=bottom style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><b><font size=2>$</font></b></p> </td>
        <td width="43" valign=bottom style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><b><font size=2>22.5</font></b></p> </td>
        <td width="26" valign=bottom style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="39" valign=top style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="44" valign=bottom style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>17.2</font></p> </td>
        <td width="26" valign=bottom style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="75" valign=bottom style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>31</font></p> </td>
        <td width="20" valign=bottom style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>%</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="259" valign=top >
            <p style='margin-left:.25in;text-indent: -.25in;text-align:justify;margin-top:2pt;margin-bottom:0pt'><font size=2>Operating profit</font></p> </td>
        <td width="22" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><b><font size=2>$</font></b></p> </td>
        <td width="43" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><b><font size=2>4.8</font></b></p> </td>
        <td width="26" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="39" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="44" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>3.6</font></p> </td>
        <td width="26" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="75" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>33</font></p> </td>
        <td width="20" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>%</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="259" valign=top style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:.25in;text-indent: -.25in;text-align:justify;margin-top:2pt;margin-bottom:0pt'><font size=2>Operating profit margin</font></p> </td>
        <td width="22" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="43" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><b><font size=2>21.3</font></b></p> </td>
        <td width="26" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><b><font size=2>%</font></b></p> </td>
        <td width="39" valign=top style='border-bottom:solid black 1.5pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>20.9</font></p> </td>
        <td width="26" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>%</font></p> </td>
        <td width="75" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="20" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="259" valign=top style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:.25in;text-indent: -.25in;text-align:justify;margin-top:2pt;margin-bottom:0pt'><font size=2>Tons sugar produced</font></p> </td>
        <td width="22" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="43" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><b><font size=2>14,200</font></b></p> </td>
        <td width="26" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="39" valign=top style='border-bottom:solid black 1.5pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>9,200</font></p> </td>
        <td width="26" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="75" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>54</font></p> </td>
        <td width="20" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>%</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;line-height: 150%;'><font size=2>First quarter 2008 Agribusiness revenue and operating profit improved from the year earlier period as a result of higher power prices and sales volume, a reflection of the higher cost of fuel. Sugar production was higher in the quarter as a result of an increase in the number of </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="321" style='border-collapse:collapse'>
    <tr >
        <td width="275" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>- 5 -</font></p> </td> </tr></table>
</div>
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<p style='page-break-before:always'></p><PAGE>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;line-height: 150%;'><font size=2>acres harvested. However, we expect flat year-over-year production levels resulting in, at best, breakeven performance for the segment.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="251" style='border-collapse:collapse; '>
    <tr >
        <td width="251" nowrap valign=top style='padding:6.0pt 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:162%'><font SIZE=2>CORPORATE EXPENSE, OTHER</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;line-height: 150%;'><font size=2>First quarter 2008 corporate expenses of $5.7 million were $1.2 million, or 17 percent, lower than the first quarter of 2007. The improvement is due to lower long-term compensation liabilities and lower professional fees. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:6pt;text-align:left;'><font SIZE=2>CONDENSED CASH FLOW TABLE </font></p>

<p style=' margin-bottom:0pt; margin-top:6pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="588" style='border-collapse:collapse'>
    <tr style='page-break-inside:avoid'>
        <td width="250" valign=top style='border-top:solid black 1.0pt; '>
            <p style='margin-left:.25in;text-indent: -.25in;text-align:justify;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="21" valign=bottom style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td colspan="9" valign=bottom style=' border-top:solid black 1.0pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt'><font size=2>Year-to-Date March 31,</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="250" valign=top style='border-top:solid black 1.0pt; '>
            <p style='margin-left:.25in;text-indent: -.25in;text-align:justify;margin-top:2pt;margin-bottom:0pt'><font size=2>(dollars in millions, unaudited)</font></p> </td>
        <td width="21" valign=bottom style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td colspan="3" valign=bottom style=' border-top:solid black 1.0pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in'><b><font size=2>2008</font></b></p> </td>
        <td width="37" valign=top style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td colspan="3" valign=bottom style=' border-top:solid black 1.0pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in'><font size=2>2007</font></p> </td>
        <td colspan="2" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>Change</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="250" valign=top style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Cash Flow from Operating Activities</font></p> </td>
        <td width="21" valign=bottom style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><b><font size=2>$</font></b></p> </td>
        <td width="52" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><b><font size=2>160</font></b></p> </td>
        <td width="25" valign=bottom style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="37" valign=top style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="52" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>26</font></p> </td>
        <td width="25" valign=bottom style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=2>6</font></p> </td>
        <td width="20" valign=bottom style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font SIZE=2>X</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="250" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="21" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="52" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="25" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="37" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="52" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="25" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="20" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="250" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Capital Expenditures (1)</font></p> </td>
        <td width="21" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="52" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="25" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="37" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="52" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="25" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="20" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="250" valign=top >
            <p style='margin-left:0pt;text-indent:12.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Transportation</font></p> </td>
        <td width="21" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="52" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><b><font size=2>(4</font></b></p> </td>
        <td width="25" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><b><font size=2>)</font></b></p> </td>
        <td width="37" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="52" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(7</font></p> </td>
        <td width="25" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>)</font></p> </td>
        <td width="73" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>-43</font></p> </td>
        <td width="20" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>%</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="250" valign=top >
            <p style='margin-left:0pt;text-indent:12.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Real Estate</font></p> </td>
        <td width="21" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="52" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><b><font size=2>(46</font></b></p> </td>
        <td width="25" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><b><font size=2>)</font></b></p> </td>
        <td width="37" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="52" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(3</font></p> </td>
        <td width="25" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>)</font></p> </td>
        <td width="73" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>15</font></p> </td>
        <td width="20" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font SIZE=2>X</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="250" valign=top >
            <p style='margin-left:0pt;text-indent:12.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Agribusiness and other</font></p> </td>
        <td width="21" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom style='border-bottom: solid black 1.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="52" valign=bottom style='border-bottom: solid black 1.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><b><font size=2>(5</font></b></p> </td>
        <td width="25" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><b><font size=2>)</font></b></p> </td>
        <td width="37" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom style='border-bottom: solid black 1.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="52" valign=bottom style='border-bottom: solid black 1.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(4</font></p> </td>
        <td width="25" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=2>)</font></p> </td>
        <td width="73" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=2>25</font></p> </td>
        <td width="20" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=2>%</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="250" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Total Capital Expenditures</font></p> </td>
        <td width="21" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="52" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><b><font size=2>(55</font></b></p> </td>
        <td width="25" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><b><font size=2>)</font></b></p> </td>
        <td width="37" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="52" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(14</font></p> </td>
        <td width="25" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>)</font></p> </td>
        <td width="73" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>4</font></p> </td>
        <td width="20" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font SIZE=2>X</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="250" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="21" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="52" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="25" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="37" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="52" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="25" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="20" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="250" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Other Investing Activities, Net</font></p> </td>
        <td width="21" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="52" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><b><font size=2>1</font></b></p> </td>
        <td width="25" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="37" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="52" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>--</font></p> </td>
        <td width="25" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font SIZE=2>N</font></p> </td>
        <td width="20" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font SIZE=2>M</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="250" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Cash Used in Investing Activities</font></p> </td>
        <td width="21" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom style='border-bottom: solid black 1.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><b><font size=2>$</font></b></p> </td>
        <td width="52" valign=bottom style='border-bottom: solid black 1.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><b><font size=2>(54</font></b></p> </td>
        <td width="25" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><b><font size=2>)</font></b></p> </td>
        <td width="37" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom style='border-bottom: solid black 1.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="52" valign=bottom style='border-bottom: solid black 1.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(14</font></p> </td>
        <td width="25" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=2>)</font></p> </td>
        <td width="73" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=2>4</font></p> </td>
        <td width="20" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font SIZE=2>X</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="250" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="21" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="52" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="25" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="37" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="52" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="25" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="20" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="250" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Net Debt Proceeds</font></p> </td>
        <td width="21" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="52" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><b><font size=2>33</font></b></p> </td>
        <td width="25" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="37" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="52" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>1</font></p> </td>
        <td width="25" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>33</font></p> </td>
        <td width="20" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font SIZE=2>X</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="250" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Repurchase of Capital Stock</font></p> </td>
        <td width="21" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="52" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><b><font size=2>(50</font></b></p> </td>
        <td width="25" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><b><font size=2>)</font></b></p> </td>
        <td width="37" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="52" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>--</font></p> </td>
        <td width="25" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font SIZE=2>N</font></p> </td>
        <td width="20" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font SIZE=2>M</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="250" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Dividends Paid</font></p> </td>
        <td width="21" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="52" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><b><font size=2>(12</font></b></p> </td>
        <td width="25" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><b><font size=2>)</font></b></p> </td>
        <td width="37" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="52" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(11</font></p> </td>
        <td width="25" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>)</font></p> </td>
        <td width="73" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>9</font></p> </td>
        <td width="20" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>%</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="250" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Other Financing Activities, Net</font></p> </td>
        <td width="21" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="52" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><b><font size=2>1</font></b></p> </td>
        <td width="25" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="37" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="52" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>2</font></p> </td>
        <td width="25" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=2>-50</font></p> </td>
        <td width="20" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=2>%</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="250" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Cash Used in Financing Activities</font></p> </td>
        <td width="21" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom style='border-bottom: solid black 1.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><b><font size=2>$</font></b></p> </td>
        <td width="52" valign=bottom style='border-bottom: solid black 1.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><b><font size=2>(28</font></b></p> </td>
        <td width="25" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><b><font size=2>)</font></b></p> </td>
        <td width="37" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom style='border-bottom: solid black 1.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="52" valign=bottom style='border-bottom: solid black 1.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(8</font></p> </td>
        <td width="25" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=2>)</font></p> </td>
        <td width="73" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=2>4</font></p> </td>
        <td width="20" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font SIZE=2>X</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="250" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="21" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="52" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="25" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="37" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="52" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="25" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="20" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="250" valign=top style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Net Increase in Cash</font></p> </td>
        <td width="21" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="52" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><b><font size=2>78</font></b></p> </td>
        <td width="25" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="37" valign=top style='border-bottom:solid black 1.5pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="52" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>4</font></p> </td>
        <td width="25" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="73" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>20</font></p> </td>
        <td width="20" valign=bottom style='border-bottom: solid black 1.5pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font SIZE=2>X</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:6pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>(1) Excludes non-cash 1031 transactions and real estate development activity.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><i><font size=2>Alexander &amp; Baldwin, Inc., headquartered in Honolulu, is engaged in ocean transportation and integrated logistics services, through its subsidiaries, Matson Navigation Company, Inc. and Matson Integrated Logistics, Inc.; in real estate, through A&amp;B Properties, Inc.; and in agribusiness, through Hawaiian Commercial &amp; Sugar Company and Kauai Coffee Company, Inc. Additional information about A&amp;B may be found at its web site: </font></i><u><font size=2>www.alexanderbaldwin.com.</font></u><i><font size=2> </font></i></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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<table border="0" cellspacing=0 cellpadding=0 width="321" style='border-collapse:collapse'>
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        <td width="275" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>- 6 -</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Statements in this press release that are not historical facts are &#147;forward-looking statements,&#148; within the meaning of the Private Securities Litigation Reform Act of 1995, that involve a number of risks and uncertainties that could cause actual results to differ materially from those contemplated by the relevant forward-looking statement. These forward-looking statements are not guarantees of future performance. This release should be read in conjunction with our Annual Report on Form 10-K and our other filings with the SEC through the date of this release, which identify important factors that could affect the forward-looking statements in this release.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

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    <tr >
        <td width="275" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>- 7 -</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'>
<font size=2>ALEXANDER &amp; BALDWIN, INC.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>2008 and 2007 First-Quarter Results (Condensed)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>(In Millions, Except Per Share Amounts, Unaudited)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="586" style='border-collapse:collapse'>
    <tr style='page-break-inside:avoid'>
        <td width="364" valign=top >
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td colspan="3" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt'><u><font size=2>2008</font></u><u></u></p> </td>
        <td width="42" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td colspan="3" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt'><u><font size=2>2007</font></u><u></u></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="364" valign=top >
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><u><font size=2>Three Months Ended March 31:</font></u><u></u></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="15" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="50" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="42" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="15" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="50" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="364" valign=top >
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Revenue</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="15" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="50" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>582.1</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="42" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="15" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="50" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>383.1</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="364" nowrap valign=top >
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Income From Continuing Operations</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="15" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="50" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>41.7</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="42" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="15" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="50" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>24.0</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="364" nowrap valign=top >
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Discontinued Operations: Properties<sup>1</sup></font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="15" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="50" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>0.4</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="42" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="15" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="50" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>0.7</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="364" nowrap valign=top >
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Net Income</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="15" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="50" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>42.1</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="42" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="15" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="50" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>24.7</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="364" nowrap valign=top >
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Basic Share Earnings</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="15" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="50" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="42" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="15" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="50" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="364" valign=top >
            <p style='margin-left:26.0pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Continuing Operations</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="15" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="50" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>1.01</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="42" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="15" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="50" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>0.56</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="364" valign=top >
            <p style='margin-left:26.0pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Net Income</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="15" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="50" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>1.02</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="42" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="15" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="50" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>0.58</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="364" nowrap valign=top >
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Diluted Share Earnings</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="15" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="50" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="42" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="15" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="50" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="364" valign=top >
            <p style='margin-left:26.0pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Continuing Operations</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="15" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="50" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>1.00</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="42" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="15" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="50" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>0.56</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="364" valign=top >
            <p style='margin-left:26.0pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Net Income</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="15" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="50" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>1.01</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="42" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="15" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="50" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>0.58</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="364" nowrap valign=top >
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Weighted Average Basic Shares Outstanding</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="15" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="50" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>41.4</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="42" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="15" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="50" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>42.5</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="364" nowrap valign=top >
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Weighted Average Diluted Shares Outstanding</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="15" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="50" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>41.7</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="42" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="15" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="50" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>42.9 </font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2><sup>1</sup> "Discontinued Operations: Properties" consists of sales, or intended sales, of certain lands and</font></p>


<div align=left>

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    <tr >
        <td width="16" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="512" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>buildings that are material and have separately identifiable earnings and cash flows.</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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<table border="0" cellspacing=0 cellpadding=0 width="321" style='border-collapse:collapse'>
    <tr >
        <td width="275" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>- 8 -</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'>
<font size=2>Industry Segment Data (Condensed)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>(In Millions, Except Per Share Amounts, Unaudited)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="575" style='border-collapse:collapse; '>
    <tr style='page-break-inside:avoid'>
        <td width="349" valign=top >
            <p style='margin-left:30.0pt;text-indent:-30.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td colspan="7" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt'><u><font size=2>Three Months Ended</font></u><u></u></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="349" valign=top >
            <p style='margin-left:30.0pt;text-indent:-30.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td colspan="7" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt'><u><font size=2>March 31,</font></u><u></u></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="349" valign=top >
            <p style='margin-left:30.0pt;text-indent:-30.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td colspan="3" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt'><u><font size=2>2008</font></u><u></u></p> </td>
        <td width="53" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td colspan="3" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt'><u><font size=2>2007</font></u><u></u></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="349" valign=top >
            <p style='margin-left:30.0pt;text-indent:-30.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><u><font size=2>Revenue:</font></u><u></u></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="349" valign=top >
            <p style='margin-left:30.0pt;text-indent:-30.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Transportation</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="349" valign=top >
            <p style='margin-left:30.0pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Ocean Transportation</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>243.0</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>231.6</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="349" valign=top >
            <p style='margin-left:31.0pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Logistics Services</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>102.6</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>102.9</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="349" valign=top >
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Real Estate</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="349" valign=top >
            <p style='margin-left:31.0pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Leasing</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>28.8</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>28.8</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="349" valign=top >
            <p style='margin-left:30.0pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Sales</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>187.4</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>6.5</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="349" valign=top >
            <p style='margin-left:31.0pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Less Amounts Reported In Discontinued Operations</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(0.7</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>)</font></p> </td>
        <td width="53" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(1.9</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>)</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="349" valign=top >
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Agribusiness</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>22.5</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>17.2</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="349" valign=top >
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=2>Reconciling Items</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="7" valign=bottom style='border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom style='border-bottom: solid black 1.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(1.5</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=2>)</font></p> </td>
        <td width="53" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7" valign=bottom style='border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom style='border-bottom: solid black 1.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(2.0</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=2>)</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="349" valign=top >
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:1.5pt;margin-bottom: 0in'><font size=2>Total Revenue</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="7" valign=bottom style='border-bottom:double black 2.25pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="53" valign=bottom style='border-bottom: double black 2.25pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>582.1</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7" valign=bottom style='border-bottom:double black 2.25pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="53" valign=bottom style='border-bottom: double black 2.25pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>383.1</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="349" valign=top >
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="349" valign=top >
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><u><font size=2>Operating Profit, Net Income:</font></u><u></u></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="349" valign=top >
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Transportation</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="349" valign=top >
            <p style='margin-left:30.0pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Ocean Transportation</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>15.9</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>18.8</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="349" valign=top >
            <p style='margin-left:31.0pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Logistics Services</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>4.7</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>5.6</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="349" valign=top >
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Real Estate</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="349" valign=top >
            <p style='margin-left:31.0pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Leasing</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>13.9</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>15.0</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="349" valign=top >
            <p style='margin-left:30.0pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Sales</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>41.4</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>8.8</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="349" valign=top >
            <p style='margin-left:31.0pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Less Amounts Reported In Discontinued Operations</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(0.6</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>)</font></p> </td>
        <td width="53" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(1.2</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>)</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="349" valign=top >
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=2>Agribusiness</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="7" valign=bottom style='border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom style='border-bottom: solid black 1.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>4.8</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7" valign=bottom style='border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom style='border-bottom: solid black 1.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>3.6</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="349" valign=top >
            <p style='margin-left:30.0pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Total Operating Profit</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>80.1</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>50.6</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="349" valign=top >
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Interest Expense</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(6.1</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>)</font></p> </td>
        <td width="53" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(4.3</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>)</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="349" valign=top >
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=2>General Corporate Expenses</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="7" valign=bottom style='border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom style='border-bottom: solid black 1.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(5.7</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=2>)</font></p> </td>
        <td width="53" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7" valign=bottom style='border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom style='border-bottom: solid black 1.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(6.9</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=2>)</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="349" valign=top >
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Income From Continuing Operations</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="349" valign=top >
            <p style='margin-left:26.0pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Before Income Taxes</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>68.3</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>39.4</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="349" valign=top >
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Income Taxes</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(26.6</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>)</font></p> </td>
        <td width="53" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(15.4</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>)</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="349" valign=top >
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Income From Continuing Operations</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>41.7</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>24.0</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="349" valign=top >
            <p style='margin-left:30.0pt;text-indent:-.25in;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=2>Income from Discontinued Operations: Properties</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="7" valign=bottom style='border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom style='border-bottom: solid black 1.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>0.4</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7" valign=bottom style='border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom style='border-bottom: solid black 1.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>0.7</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="349" valign=top >
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:1.5pt;margin-bottom: 0in'><font size=2>Net Income</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="7" valign=bottom style='border-bottom:double black 2.25pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="53" valign=bottom style='border-bottom: double black 2.25pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>42.1</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7" valign=bottom style='border-bottom:double black 2.25pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="53" valign=bottom style='border-bottom: double black 2.25pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>24.7</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="349" valign=top >
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="349" valign=top >
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Basic Earnings Per Share, Continuing Operations</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>1.01</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>0.56</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="349" valign=top >
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Basic Earnings Per Share, Net Income</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>1.02</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>0.58</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="349" valign=top >
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="349" valign=top >
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Diluted Earnings Per Share, Continuing Operations</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>1.00</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>0.56</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="349" valign=top >
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Diluted Earnings Per Share, Net Income</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>1.01</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>0.58</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="349" valign=top >
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="349" valign=top >
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Weighted Average Basic Shares Outstanding</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>41.4</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>42.5</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="349" valign=top >
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Weighted Average Diluted Shares Outstanding</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>41.7</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>42.9</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>
</p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="321" style='border-collapse:collapse'>
    <tr >
        <td width="275" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>- 9 -</font></p> </td> </tr></table>
</div>
<!-- EEDocs PBStart-->
<p style='page-break-before:always'></p><PAGE>
<!-- EEDocs PBEnd-->

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>Condensed</font><font size=2> </font><u><font size=2>Consolidated Balance Sheet</font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><u><font size=2>(In Millions)</font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="576" style='margin-left:.5pt;border-collapse:collapse'>
    <tr style='page-break-inside:avoid'>
        <td width="317" valign=top >
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td colspan="3" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt'><u><font size=2>March 31,</font></u><u></u></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td colspan="3" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt'><u><font size=2>December 31,</font></u><u></u></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="317" valign=top >
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td colspan="3" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt'><u><font size=2>2008</font></u><u></u></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td colspan="3" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt'><u><font size=2>2007</font></u><u></u></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="317" valign=top >
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td colspan="3" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt'><font size=2>(Unaudited)</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td colspan="3" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="317" valign=top >
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font SIZE=2>ASSETS</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="317" valign=bottom >
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Current Assets</font></p> </td>
        <td valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><b><font size=2>$</font></b></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><b><font size=2>390</font></b></p> </td>
        <td valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><b><font size=2>$</font></b></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>421</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="317" valign=bottom >
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Investments</font></p> </td>
        <td valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><b><font size=2>181</font></b></p> </td>
        <td valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>184</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="317" valign=bottom >
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Real Estate Developments</font></p> </td>
        <td valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><b><font size=2>80</font></b></p> </td>
        <td valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>99</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="317" valign=bottom >
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Property, Net</font></p> </td>
        <td valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><b><font size=2>1,618</font></b></p> </td>
        <td valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>1,582</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="317" valign=bottom >
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=2>Other Assets</font></p> </td>
        <td valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom style='border-bottom: solid black 1.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom style='border-bottom: solid black 1.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><b><font size=2>189</font></b></p> </td>
        <td valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom style='border-bottom: solid black 1.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom style='border-bottom: solid black 1.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>193</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="317" valign=bottom >
            <p style='margin-left:42.0pt;text-indent:-.25in;text-align:left;margin-top:1.5pt;margin-bottom: 0in'><font size=2>Total</font></p> </td>
        <td valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom style='border-bottom: double black 2.25pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><b><font size=2>$</font></b></p> </td>
        <td width="53" valign=bottom style='border-bottom: double black 2.25pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><b><font size=2>2,458</font></b></p> </td>
        <td valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.5pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom style='border-bottom: double black 2.25pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><b><font size=2>$</font></b></p> </td>
        <td width="53" valign=bottom style='border-bottom: double black 2.25pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>2,479</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="317" valign=bottom >
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="317" valign=bottom >
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>LIABILITIES &amp; EQUITY</font></p> </td>
        <td valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="317" valign=bottom >
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Current Liabilities</font></p> </td>
        <td valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><b><font size=2>$</font></b></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><b><font size=2>373</font></b></p> </td>
        <td valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><b><font size=2>$</font></b></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>322</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="317" valign=bottom >
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Long-Term Debt</font></p> </td>
        <td valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><b><font size=2>401</font></b></p> </td>
        <td valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>452</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="317" valign=bottom >
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Liability for Benefit Plans</font></p> </td>
        <td valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><b><font size=2>50</font></b></p> </td>
        <td valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>50</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="317" valign=bottom >
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Other Long-Term Liabilities</font></p> </td>
        <td valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><b><font size=2>56</font></b></p> </td>
        <td valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>57</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="317" valign=bottom >
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Deferred Income Taxes</font></p> </td>
        <td valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><b><font size=2>466</font></b></p> </td>
        <td valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>468</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="317" valign=bottom >
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=2>Shareholders&#146; Equity</font></p> </td>
        <td valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom style='border-bottom: solid black 1.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom style='border-bottom: solid black 1.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><b><font size=2>1,112</font></b></p> </td>
        <td valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom style='border-bottom: solid black 1.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom style='border-bottom: solid black 1.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>1,130</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="317" valign=bottom >
            <p style='margin-left:42.0pt;text-indent:-.25in;text-align:left;margin-top:1.5pt;margin-bottom: 0in'><font size=2>Total</font></p> </td>
        <td valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom style='border-bottom: double black 2.25pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><b><font size=2>$</font></b></p> </td>
        <td width="53" valign=bottom style='border-bottom: double black 2.25pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><b><font size=2>2,458</font></b></p> </td>
        <td valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.5pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom style='border-bottom: double black 2.25pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><b><font size=2>$</font></b></p> </td>
        <td width="53" valign=bottom style='border-bottom: double black 2.25pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>2,479</font></p> </td>
        <td width="17" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="325" style='border-collapse:collapse'>
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        <td width="271" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>- 10 -</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>



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